Full text of Federal Reserve Bulletin : December 1948
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FEDERAL
it)
A
ESERV
A
V
IN
DECEMBER 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
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
Credit Developments and the Government Security Market.
1455-1463
New Currency System in Israel.
1464-1469
Law Department:
Consumer Instalment Credit. .
1470-1472
Amendments to Regulation J.
1472-1473
Current Events and Announcements. .
1474
National Summary of Business Conditions. .
1475-1476
Financial, Industrial, Commercial Statistics, U. S. (See p. 1477 for list of tables)
1477-1532
International Financial Statistics (See p. 1533 for list of tables).
1533-1551
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council .
1552
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Publications..
1553
1554-1557
Map of Federal Reserve Districts. .
Index to Volume 34.
1558
1559-1582
Subscription Price of BULLETIN
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$1.50 for 12 months.
FEDERAL
RESERVE
December
VOLUME 34
BULLETIN
1948
NUMBER
12
CREDIT DEVELOPMENTS AND THE GOVERNMENT
SECURITY MARKET
Expansion of loans at commercial banks,
which had been at about the same rate in
the July-September period as in the same
months of last year, slackened considerably
in October and November, following an increase in reserve requirements at member
banks. Bank lending to businesses, real estate buyers, and consumers was generally
curtailed and showed little growth in October and November compared with a very
large expansion during the same period in
1947. Reduced expansion in total consumer
instalment credit in October reflected in part
the reimposition by the Board of Governors
of controls on the terms of such loans, effective September 20.
Business loans of nonbank lenders, particularly insurance companies, continued at
an accelerated rate in October in amounts
considerably in excess of newly accruing
funds. This excess was financed by heavy
sales of United States Government securities
to the Federal Reserve Banks and, consequently, was reflected in a growth in the
demand deposits and in the required reserves of member banks. In November this
latter source of credit expansion also diminished considerably.
Although banks received a substantial volume of new reserves in October as a result
of continued Federal Reserve purchases of
securities from nonbank investors, these
DECEMBER
1948
funds were used to rebuild the banks' holdings of short-term Government securities at
the somewhat higher interest rates established on these issues. Additions to holdings
of these assets in October largely offset reductions made to meet increased reserve requirements in September, and restored the
banks' portfolios of short-term Government
securities to near-midyear levels. In November sales of Government securities by nonbank investors practically ceased, and these
PRINCIPAL ASSETS AND LIABILITIES
OF ALL COMMERCIAL BANKS
1945
1946
1947
1945
1946
1947
1948
Figures for U. S. Government securities, other securities,
loans, and cash assets are for June and December through 1946
and monthly thereafter. Figures for deposits are monthly.
All figures for dates other than June and December are partly
estimated. Latest figures are for October 1948.
1455
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
investors in the aggregate appear to have in- have encouraged some holders to put temcreased their holdings slightly. Banks in porarily available funds into short-term Govleading cities reduced their holdings of Gov- ernment securities rather than holding them
ernment securities somewhat and increased in cash or placing them in other uses. Intheir loans, principally to dealers in securities. vestors generally have shortened materially
Federal Reserve holdings of Government se- the average maturity of their Government
curities showed little change in November. security portfolios. General increases in inRecent slackening in the rate of bank credit terest rates and bond yields on various types
expansion and in Federal Reserve purchases of obligations have induced shifts in the
of Government securities followed a period composition of investor portfolios.
Reserve requirements of member banks
of about a year during which lending institutions liquidated substantial amounts of have been raised by action of the Board of
United States Government securities to ob- Governors. Increases for central reserve city
tain funds for extension of credit to other banks in New York and Chicago in Februborrowers. Insurance companies and other ary and June and for all member banks in
nonbank investors reduced their portfolios September raised the amount of reserves reof Government securities and reinvested the quired to be held by member banks by approceeds in higher yielding assets offered by proximately 3 billion dollars. Thus a corborrowers in the private sector of the econ- responding amount of additional reserve
omy. Commercial banks also reduced their funds made available during the past year
holdings of Government securities and, with by gold inflow and by Federal Reserve purthe additional reserve funds, were able to chases of securities from nonbank investors
expand their loans and also their holdings was immobilized in the banks.
of State and local government securities.
SHIFTS IN OWNERSHIP OF GOVERNMENT
In view of the large volume of sales and
SECURITIES
the limited demand in the market, the Federal Reserve Banks purchased Government
United States Government security portbonds in order to maintain order and sta- folios of each of the major classes of institubility in the market and thus supplemented tional investors, as well as of other investors,
current savings as a source of new funds for showed marked changes in the 12-month
private borrowers. Measures have been period ending October 1948. These changes
adopted by the Federal Reserve, however, to reflected in varying degrees the impact of
offset the effect on bank reserves of System several important developments. The total
purchases of bonds and therefore to restrain volume of Government securities outstandmultiple credit expansion.
In addition, ing, particularly of marketable issues, deTreasury receipts of cash in excess of expendi- clined substantially as the Treasury applied
tures and the use of these funds to retire a large cash surplus to debt retirement. The
securities held by Federal Reserve Banks have demand for investment funds was strong,
drained reserves from commercial banks.
and financial institutions and others sold
Upward adjustments in interest rates on large amounts of long-term Government
short-term securities over the past year and bonds in order to obtain money for reinvesta half have increased the attractiveness of ment elsewhere. At the same time there
these issues both to banks and to others and was a widespread movement by investors to
1456
FEDERAL RESERVE BULLETIN
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
increase their holdings of short-term Government securities, either by shifting from
longer-term securities or through investment
of idle cash balances.
Commercial banks reduced their holdings
of United States Government securities by
7 billion dollars during this 12-month
period, as is shown in the table. In general,
this reduction in holdings was made in order
to meet the loss of reserve funds arising from
the Treasury's use of its current cash surplus
to retire securities held by the Federal Reserve
Banks. Receipts of funds by commercial
banks from sources other than sales of their
Government securities, that is, from gold
and currency inflow as well as from net purchases of Government securities by the Reserve Banks from nonbank investors, corresponded approximately to the amount absorbed by higher legal reserve requirements
applicable to member banks.
Most of the decline in commercial bank
portfolios occurred in medium- and long-
term bonds, reflecting in part the approach
of issues toward maturity, as well as net
sales in the market. Banks increased considerably their holdings of Treasury bills,
while their holdings of certificates and notes
declined about 1 billion dollars. About
4 billion of maturing bonds held by banks
was refunded into these securities over the
period.
Insurance companies, mutual savings
banks, and savings and loan associations,
which had largely maintained or expanded
their portfolios of Government securities in
the early postwar period, reduced them substantially during the 12 months ending October 1948. Each type of institution sold
long-term securities throughout most of this
period. Holdings of short-term issues were
increased somewhat.
Other nonbank investors, including nonfinancial corporations, State and local governments, brokers and dealers, and individuals,
about maintained their combined ownership
ESTIMATED CHANGES IN OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES BY TYPES OF SECURITIES AND GROUPS OF
INVESTORS
Net increase ( + ) , or net decrease (—), in holdings, October 31, 1947 through October 27, 1948
[In billions of dollars]
Type of security
All securities
.
All
investor
groups
-6.8
Marketable securities—total
-9.2
Treasury bills
Certificates and notes
Treasury bonds, due or callable
Within 5 years
5 years or over
Nonmarketable securities—total
-3.1
Savings bonds
Savings notes
Special issues
Allother?
+ .5
+2.8
-9.4
+2.4
+2.9
-1.2
+ 1.8
-1.1
Federal
agencies
& trust
funds
Federal
Reserve
Banks
Commercial
banks
Mutual
savings
banks
+2.9
+1.1
+1.1
+1.1
-7.0
-.5
-.3
-2.8
-.2
-7.3
-.7
-.3
-3.1
0)
+ .1
C1)
-8.0
-.9
+2.3
0)
0)
-.1
+2.7
+7.2
-.6
-8.2
+ .1
+ .1
+ .3
+ 1.2
+1.8
(0
0)
+1.8
0)
-1.2
+ .3
+ .2
+ .3
()
+ .2
0)
Savings
& loan
associations
0)
0)
0)
1
C)
0)
Insurance
cos.
All
other
investors
+ .3
+ .4
+2.1
+ 1.7
+ .1
+ .4
-4.2
-3.9
+ .3
-.2
+ .3
0)
+2.1
-1.2
-1.1
1
Less than 50 million dollars.
2
Includes a decline of 0.5 billion dollars in noninterest-bearing securities held by the International Monetary Fund and the International Bank and a decline of 0.4 billion dollars in armed forces leave bonds.
NOTE. —Figures for Federal Reserve Banks and Government agencies and trust funds are actual. Estimates for commercial banks are
based on reports for member banks on total holdings of Government securities, on breakdown of portfolios for weekly reporting banks,
and on preliminary data of issues held as of the end of October by about 7,000 commercial banks reporting to the U. S. Treasury Department. Holdings of savings and loan associations are based on data of the Home Loan Bank Board. Portfolios of insurance companies
and mutual savings banks are estimated from Treasury ownership figures. Breakdown by types of securities for nonbank holders 13
based on Treasury ownership figures through September and partial information from scattered sources for October.
DECEMBER
1948
1457
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
of Government securities. Long-term bond
holdings of this group were reduced substantially. Some of the proceeds of such
sales, however, were apparently reinvested in
short-term Governments and, in addition,
large amounts of short-term issues were purchased with temporarily idle cash, particularly by corporations.
Most of the long- and medium-term Government bonds sold by both bank and nonbank investors were acquired by the Reserve
Banks, which purchased them in order to
maintain an orderly and stable market for
Government securities. The Treasury also
purchased some long-term bonds late in
1947 and early in 1948 for the accounts of
Government agencies and trust funds. Federal Reserve holdings of Treasury bills were
greatly reduced, partly by Treasury cash retirements but largely through net market
sales to banks, corporations, and State and
local governments.
Total nonmarketable Government securities held by nonfinancial investors showed
little change over the 12-month period. The
value of their savings bonds increased over
2 billion dollars through interest accruals and
an excess of new purchases over redemptions.
This increase was somewhat greater than redemptions of armed forces leave bonds and
tax savings notes. Redemptions of savings
bonds continued to be an important source
of funds to a large segment of consumers.
Redemptions of Series E savings bonds
amounted to about 4 billion dollars, and
an additional billion dollars of Series F and
G bonds was cashed. As a group, however,
individuals and personal trust funds purchased more savings bonds than they cashed
during the period.
NONBANK CREDIT
The extent to which the demand for credit
1458
by private borrowers has brought about shifting of United States Government securities
from nonbank holders is illustrated by the
activities of selected important lending institutions. During the 12-month period ending last October, life insurance companies,
mutual savings banks, and savings and loan
associations increased their credit to private borrowers by about 9 billion dollars,
as is shown in the table. This credit was
AMOUNT AND SOURCE OF CREDIT EXTENDED PRIVATE BORROWERS BY SELECTED FINANCIAL INSTITUTIONS
October 1947 to- October 1948
[In billions of dollars, partly estimated]
Fortynine life
All
insur- mutual
ance
savings
combanks
panies
All
savings
and
loan
associations
Total
Type of borrowers:
Businesses
Property owners
Other borrowers
4.1
1.6
0.1
0)
0.7
0.5
0)
(2)
4.1
4.0
0.6
Increase in total credit extended to private borrowers
5.8
1.2
1.7
8.7
Sources of funds:
Reduction in U. S. Government security portfolios
Other sources
3.2
2.6
0.5
0.7
0.2
1.5
3.9
4.8
1.7
1
Data on change in business security holdings are not available
but the amounts involved are small.
2
Less than 50 million dollars.
NOTE.—Data for life insurance companies are compiled by the
Life Insurance Association of America and cover 49 companies
with 90 per cent of total life insurance company assets. Figures for
mutual savings banks are estimated from data of the National Association of Mutual Savings Banks. For savings and loan associations estimates are for all operating associations, based on data
for insured associations compiled by the Home Loan Bank Board
through September 1948.
Figures for U. S. Government securities are on a book basis and
may differ from those shown in the previous table, which are on a
par basis.
extended largely to finance the purchase
of houses and other private construction and
to provide businesses with funds for carrying
out capital expansion programs. For each of
these savings institutions, the amount of
private credit extended was substantially
greater than it had supplied to these borrowers in past years and, particularly for insurance companies, was much larger than
its receipts of new funds for investment.
FEDERAL RESERVE BULLETIN
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
About 4 billion dollars of the funds for in the level of money rates and some shifts
new private credits was obtained by sale of in the structure of rates. Interest rates on
long-term Government securities that had short- and medium-term paper, both Governbeen acquired largely to help finance the ment and private, rose in general about %
recent war. For life insurance companies to l/2 percentage point from levels that had
such liquidation of Governments supplied prevailed in October 1947. Long-term bond
over half of the funds advanced during this yields increased less than l/4 percentage
period to real estate buyers and businesses. point, reflecting the influence of Federal
Since these Government securities were sold Reserve support of the 2l/2 per cent rate on
when there were no other major buyers in long-term Government bonds. As a consethe market, the Federal Reserve System had quence, there has been some narrowing of
to buy them to support their market price. the wide spread that had prevailed between
These sales, therefore, not only made addi- short- and long-term rates during the late
tional funds available to borrowers and in- 1930's and throughout the war period.
creased the volume of deposits at banks but
Upward adjustment in interest rates in the
also supplied banks with additional reserves postwar period began in mid-1946 with elimithat could be used as a basis for further credit nation by the Reserve Banks of the preferexpansion.
ential rate on borrowings collateraled by
Government securities. This action was
READJUSTMENTS IN INTEREST RATE STRUCTURE
followed by higher market quotations on
Large shifts in Government security port- bankers' acceptances and commercial paper,
folios of major investor groups over the past but only a small volume of transactions was
year were associated with upward movements affected by the changes. Bond yields, as
shown in the chart, rose somewhat from
MONEY RATES
the exceptionally low levels to which they
had fallen in early 1946, when the wide
spread between short- and long-term rates
had induced a substantial amount of shifting
by banks and others from short-term to
longer-term securities.
In the latter part of 1946 and first half of
1947 the short-term rate structure was stable
at levels related to the pegged rates of % per
cent on 90-day Treasury bills and % per cent
on one-year certificates, and long-term bonds
were also stable around average yields of 2%
per cent for Treasury bonds and 2l/2 per cent
for high-grade corporate issues.
Major upward adjustments in the rate
For Treasury bills, rate is average discount on new issue structure began in mid-1947, when the rate
during week. Federal Reserve discount rate is for the Federal
Reserve Bank of New York. Rate on business loans at banks
is revised average for loans made at banks in 19 selected cities on Treasury bills was permitted to rise
in the first 15 days of March, June, September, and December;
the revised series will be described in detail in an article sharply and when shortly thereafter rates
scheduled to appear in the BULLETIN early in 1949. Latest
figures are for week ended Dec. 4, 1948.
on one-year certificates were allowed to inDECEMBER 1948
1459
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
crease gradually from % to 1 per cent. Increased demand for investment funds also
caused corporate bond yields to rise.
In September and October 1947 further upward adjustments in rates on short-term
Government securities and continued large
offerings of new long-term securities began
to be reflected in a rapid rise in yields on
medium- and long-term securities—Government as well as corporate. Subsequently,
sales of Government bonds accelerated and
the Federal Reserve Banks began buying
bonds in substantial amounts in order to
cushion the price decline and maintain
orderliness in the market. On December 24,
in order that Federal Reserve credit might
not be obtained through the sale of securities
at premium prices previously prevailing,
prices of Government bonds were permitted
to decline to a pattern in line with a 2l/2 per
cent yield on the longest-term issues and a
rate on one-year certificates of 1% per
cent. The System purchased bonds aggressively at this level in order to assure confidence in the stability of bond prices.
In the first half of 1948, yields on long-term
Government bonds remained at the 2l/2 per
cent support rate, while yields on mediumterm issues declined somewhat. The volume
of Federal Reserve purchases of bonds slackened considerably after February. Corporate bond yields also reacted from the high
points reached late in 1947. The spread
between yields on long-term Government
bonds and on high-grade corporate bonds,
which during the war period had been relatively narrow but had gradually widened
after the war to about 0.30 percentage point
in the first half of 1947, widened further
in the last half of 1947 to 0.50 point. During
1948 this spread has fluctuated between 0.30
and 0.45. For slightly lower-grade corporate securities, rated by Moody's as Aa and
1460
A, the yield margin over Government bonds
has amounted to about l/2 and 2/$ percentage point, respectively. Margins similar to
these constituted an inducement to insurance companies and other investors to sell
long-term Government bonds in order to
buy corporate bonds.
While many investors have sold long-term
Government bonds, some of these sellers, as
well as other investors, have purchased large
amounts of short-term Government securities, as was pointed out above. As the rate
on these securities advanced, they became
more attractive to holders of large amounts
of temporarily idle cash. Over the first half
of 1948, nonfinancial investors as a group
increased their holdings of short-term Governments by a substantially greater amount
than they reduced their portfolios of Government bonds. The high rates may also
have encouraged banks and others to hold
short-term Government securities rather than
other types of earning assets. The amount
of short-term Government securities held by
others than the Federal Reserve Banks has
expanded further since midyear.
Further readjustments in short-term rates
were begun in August when the Treasury
announced an offering of 1*4 per cent oneyear certificates for the certificates and notes
maturing on October 1 and 1% per cent 18month notes in exchange for notes maturing
on September 15. This action was followed
by an increase in Federal Reserve Bank discount rates from 1*4 to ll/2 per cent. Rates
on Treasury bills and other short-term market rates moved into alignment. Yields on
medium-term Government bonds and on
lower-grade corporate securities advanced
somewhat during the autumn months in
keeping with the upward movement of shortterm rates. Long-term Government bonds
were held at support levels and prices of
FEDERAL RESERVE BULLETIN
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
high-grade corporate and municipal securities
remained firm.
Along with the increase in other money
rates in late 1947 and 1948, banks increased
interest rates charged on their loans to customers. In October last year the established
rate for short-term loans by large banks to
prime business customers was V/2 per cent.
In late December this was increased to 1%
per cent and in August 1948 to 2 per cent.
Rates on other business loans also increased.
The average rate on all types of business loans
at banks in 19 selected money centers increased from about 2.1 per cent in the first
15 days of December 1947 to 2.6 per cent for
the same period in September 1948. It appears from scattered reports that rates on
mortgage loans by banks and other lenders
have likewise advanced about l/2 percentage
point over the past year.
its deposits at commercial banks to retire bills
held by the Reserve Banks, an action that
tended to reduce bank reserves. Treasury
operations over the period July through November drained from banks about one billion dollars of reserve funds.
To meet the need for reserve funds arising
out of actions by the Federal Reserve and the
Treasury, as well as from an increase in deposits, banks augmented their receipt of
funds from the sources discussed above by
selling Government securities. In the period
from June 30 to October 27, as shown in the
table, banks reduced their holdings of Government bonds about one billion dollars.
Holdings of short-term Government securities, which were temporarily drawn down
in late September in connection with immediate adjustment to higher reserve requirements, were nearly restored to the mid-
BANKING DEVELOPMENTS SINCE MID-1948
SELECTED ASSETS AND LIABILITIES OF ALL COMMERCIAL
BANKS, OCTOBER 27, 1948
Since mid-1948 banks have received large
amounts of additional reserve funds, particularly as a result of a heavy volume of net sales
by nonbank investors of Government securities to the Federal Reserve Banks. In the
five months July through November about
1.5 billion dollars of reserves was made available to banks through these transactions. In
addition, banks were supplied with over
600 million dollars of reserves by gold inflows, offset in part by a 400 million dollar
outflow of currency into circulation.
In order to prevent these additional reserves from becoming the basis for additional
bank credit expansion and to apply further
restraint on such expansion, the Board of
Governors in September raised member bank
reserve requirements. This action absorbed
about 2 billion dollars into required reserves
of member banks. In July and August and
again in November the Treasury drew upon
DECEMBER 1948
[Partly estimated, in billions of dollars]
Amount
outstanding
Oct. 27.
1948, all
commercial
banks
Change, June 30-Oct. 27, 1948
Class of member bank
All
commer- Cen- Recial tral reCounbanks1 serve serve try
city city
Assets
Loans and investments
—total
114.1
Loans
41.6
U. S. Gov't securities—
total
63.3
Bills
3.4
Certificates and
notes
13.3
Bonds
46.6
Other securities
9.2
Reserves with F. R. Banks. 19.9
Balances with banks
8.7
Liabilities
Demand deposits adjusted 85.0
Time deposits
35.7
U. S. Gov't deposits
2.3
Interbank deposits
11.4
+0.2
-0.4
+0.2 +0.2
+0.1 +0.8 +0.6
-0.4
-0.6 -0.4
+1.0 +0.6 +0.3 +0.2
-1.6 -0.4 -0.6 -0.4
-0.9 -0.6 -0.3 -0.2
-0.1
(
+2.5 +0.7 +O.9 +0.8
-0.1
(2)
(
(2)
-1.5
+2.3 +0.3 +0.7 +1.0
-0.1 - 0 . 1
(2)
(2)
+0.1 +0.2
()
-0.1
+0.2 - 0 . 1 +0.2 +0.1
1
Nonmember banks included in total but not shown separately.
Less than 50 million dollars.
NOTE.—Figures for security holdings are on a book value basis.
2
1461
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
1948 volume in October as banks invested
newly acquired funds in these securities.
Total earning assets of banks were slightly
larger at the end of October than at midyear.
Over this four-month period banks expanded
their loans by more than enough to offset the
decline in their portfolio of Government securities, as is shown in the table. Demand
deposits held by businesses and individuals
increased 2.3 billion dollars over the period,
reflecting in part liquidation of Government
securities held by nonbank investors. During November banks in leading cities
showed an increase in loans, mostly to dealers in Government securities, and a decline
in their holdings of Government securities.
rowers. Consumer instalment credit, which
was brought under regulation of the Federal
Reserve System again in September, increased
much less rapidly in October than in preceding months or in October last year. Credit
extended both for purchase of automobiles
and of other consumer durable goods showed
sharply reduced growth, although output of
new automobiles was at postwar high and
sales of other durable goods were maintained
in large volume.
LOANS AT BANKS IN LEADING CITIES
BANKS IN NEW YORK CITY
BILLIONS OF DOLLARS
BANKS OUTSIDE NEW YORK CITY
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
CURRENT TENDENCIES IN BANK LENDING
Lending activities of commercial banks
slackened abruptly in October and November and total bank loans showed little change,
compared with a substantial increase in the
same months of last year. This slackening
followed a rapid loan growth in the third
quarter of the year, when bank loans increased nearly 2 billion dollars, about comparable with the large expansion of the
same period in 1947.
t Change in all series.
Figures on commercial loans include commercial, industrial,
In October total loans at all commercial and agricultural loans, open-market paper, and acceptances.
to
are
figures are
banks declined slightly, as compared with Loans for banks Yorknot shown. LatestDec. 1, 1948,for Dec. 8,
1948,
New
City banks and
for banks
outside New York City.
a 1.3 billion dollar increase in October 1947.
The reduction in loans in October of this
Bank loans to real estate buyers, which had
year reflected in part a substantial decline expanded somewhat less rapidly over the
in loans for purchasing securities at New first nine months of the year than previYork and Chicago banks. It also reflected, ously, showed further moderate increases in
however, a marked slowing down in the rate October and November at banks in leading
of lending at other banks. Loans at banks cities. Diminished growth in credit to real
outside reserve cities, for example, rose in estate buyers and consumers probably acOctober only one-third as much as in Sep- counted in large part for the reduced loan
tember, or as in October a year ago.
expansion in October at banks outside leadSlackening in bank loan expansion has ing cities, where mortgage and consumer
been the result of a reduced volume of addi- loans are particularly important in bank porttional credit extended to all types of bor- folios.
1462
FEDERAL RESERVE BULLETIN
CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET
Most striking of recent bank credit developments, however, has been the relatively
modest expansion in bank loans to businesses.
Over the postwar period most of the very
large growth in business loans has been concentrated in the second half of each year, as is
shown in the chart on the preceding page.
In the third quarter of 1948, this pattern
appeared again to be repeating; although
the expansion was not as rapid as in the
same period in previous years, business loans
increased nearly 1 billion dollars at banks
in leading cities. Subsequently, in October
and November, the increase in business
loans was less than one-third that shown
in the same months in previous postwar
years.
At banks in New York City, loans to businesses expanded less than 100 million dollars in October and November, as compared
with over 600 million last year. Last year
the loan growth in these months reflected
credit extended broadly to manufacturers
in all major lines and to the trade, public
DECEMBER
1948
utility, service, finance, and construction industries. This year the bulk of the loan
expansion at New York banks was to the
petroleum and apparel industries and to public utilities and retailers. Loans to sales finance companies declined somewhat.
Business demand for commercial bank
credit has been less active, in part as a result
of the increased volume of funds obtained
from other sources. Businesses, because of
record high profits, have been able to finance
a greater portion of their large capital expansion programs out of retained earnings.
In addition, a substantial amount of funds
has been obtained from flotations of securities
and loans from nonbank lenders. Included
in these were large private placements of
securities with, and long-term loans from, insurance companies. These investors in turn
obtained funds by selling Government securities to the Federal Reserve Banks. This has
increased the money supply, like direct business borrowings from commercial banks.
1463
NEW CURRENCY SYSTEM IN ISRAEL
Two ordinances of the Provisional Government the war it became the largest banking institution
of Israel, dated August 16, 1948, established a new operating in Palestine. Under an agreement with
currency and granted the Anglo-Palestine Ban\ the Provisional Government, the Ban\ has estabLimited the sole right of issuing ban\ notes. Up lished an Issue Department in Tel-Aviv, completely
to that date, the legal tender currency of Israel separated from its Banking Department and manwas the Palestine pound, issued by the Palestine aged by a special committee of directors appointed
Currency Board under the Palestine Currency by the directors of the Ban\. The operations of
Order of 1927. The Palestine pound is at par with the Issue Department and its profits and losses
the pound sterling and covered by a 100 per cent are solely on Government account. The Ban\ also
sterling reserve. Until February 22, 1948, Pales- acts as the sole banker and financial agent of the
tine was part of the sterling area.
Government, without receiving any remuneration
The new currency is called the Israel pound and for these services and without paying any interest
—li\e the Palestine pound—is divided into 1,000 on Government credit balances. The Agreement
mils. Palestine currency notes were convertible into with the Government will remain in force until
Israel pounds at par until September 15, 1948; June 30, 1951, unless terminated at an earlier date
since that date, conversion has been possible only by the Government.
at the discretion of the Ban\. Palestine coins con- The Palestine currency continues to circulate for
tinue to circulate at par. The new ban\ notes the time being in the Arab portions of the country
are to be covered by gold, balances in foreign cur- and in Trans-Jordan. The Trans-Jordan Governrencies approved by the Finance Minister, and ment, however, is reported to be planning the estabPalestine currency notes, as well as by short-term lishment of its own currency.
Treasury obligations and commercial paper re disThe Ban\ Notes Ordinance, the Agreement becounted or acquired from other ban\s. The first tween the Government and the Ban\, and the Curthree of these items must cover at least half of the rency Ordinance are given below in English transtotal note circulation.
lation*
The Anglo-Palestine Ban\ Limited was originally
incorporated in England, on February 27, 1902, * This translation was received from the Anglo-Palestine
Bank under the title "Supplement A to the Official Gazette of
by the Jewish Colonial Trust Limited. During the Government of Israel," dated Aug. 17, 1948.
BANK NOTES ORDINANCE—NO. 18 OF THE YEAR 5708—1948
The Provisional Council of State hereby enacts
as follows:
1. Interpretation. In this Ordinance every expression shall have the same meaning as it has in the
text of the Agreement set out in the Schedule to
this Ordinance.
2. Authority to execute the Agreement. The Provisional Government and the Bank shall be authorised to execute the Agreement in accordance with
the text set out in the Schedule to this Ordinance
(the signed text is hereinafter called "the Agreement").
3. Proof of signature and date. A notice by the
Finance Minister in the Official Gazette as to the
1464
signing of the Agreement and the date of the signing, shall be conclusive evidence of the contents of
the notice.
4. Confirmation of the Agreement. The Agreement
and all its provisions shall be lawful in every respect and each of the parties thereto shall be deemed
to be empowered to do everything which he is required or authorised to do in accordance therewith,
and any provision of law which is inconsistent with
the provisions of this Ordinance shall not apply to
the Agreement and to the parties thereto.
5. Effect of charge and exemption from registration,
Cap. 22. The charge which is created by the Bank
by virtue of the Agreement shall be deemed to be
FEDERAL RESERVE BULLETIN
NEW CURRENCY SYSTEM IN ISRAEL
13. Commencement. This Ordinance shall come
a floating charge which is registered in accordance
with the Companies Ordinance, but the Bank shall into force immediately after midnight on the 12th
be exempt from the duty, imposed upon it by the day of Ab, 5708 (August 17, 1948).
14. Title. This Ordinance may be cited as the
said Ordinance, to register the charge.
6. Exemption from stamp duty. The Agreement Bank Notes Ordinance, 5708—1948.
and the bank notes shall be exempt from all stamp
SCHEDULE
duty.
7. Exchange of bank notes for currency notes. UnAN AGREEMENT made between the Provisional
til the 11th day of Elul, 5708 (September 15, Government of the one part, and The Anglo1948), inclusive, every person shall be entitled to Palestine Bank Limited of the other part.
deliver to the Issue Department currency notes in
1. (a) In this Agreement the following expresPalestine pounds and mils which have been issued
by the Palestine Currency Board, and to receive sions shall have the following meanings:
in exchange therefor from the Issue Department,
(1) "man" or "person" shall be construed as
bank notes for the same amount in Israel pounds including any legal person;
and mils. After the expiration of the said day, the
(2) "the Bank" means the said Anglo-Palestine
Issue Department shall no longer be liable to ex- Bank Limited, a company which was incorporated
change bank notes for currency notes as aforesaid, on February 27, 1902, in England in accordbut it shall be entitled to do so in such cases and to ance with the English Companies Acts of the years
such extent as the Committee shall deem fit at any 1862—1900, and registered as a foreign company
time and from time to time.
in Palestine in accordance with the Companies Ordi8. Mutilation of bank notes. Every person who nance (Cap. 22) and deemed to be registered in the
wilfully defaces or tears or cuts or otherwise muti- State of Israel in accordance with sub-section (a)
lates any bank note, shall be guilty of a misde- of section 20 of the Law and Administration Ordimeanour, and shall be liable to imprisonment for nance, 5708—1948, and includes every successor
three months or a fine of one hundred Israel pounds in title;
or to both such penalties.
(3) "other bank" means a company limited by
9. Barring of plea. No person shall be permitted shares which is recognized as a bank in accordance
to plead that he did not know of the existence or with the Banking Ordinance, 1941, or any other
the provisions of the Agreement and of this Ordi- Ordinance which is substituted therefor or is supnance.
plementary thereto and any other person recognized
10. Proof of bank notes. A certificate which pur- as such by the Finance Minister for the purpose
ports to have been given by the Finance Minister of this Agreement, provided that its paid up capital
or a person authorised by him in writing in that is not less than fifty thousand Israel pounds;
behalf and which states that any document whatso(4) "Committee" means a committee which is
ever which is attached to that certificate is a bank appointed in accordance with the provisions of
note or a forged bank note shall in every civil or clause 11 (a);
criminal proceeding and in every quasi-judicial pro(5) "Banking Department" means the departceeding be conclusive evidence of that fact, unless ment of the Bank in which all the banking business
it is proved that the certificate was not given by the of the Bank, except the business of the Issue DeFinance Minister or a person authorised by him partment, is carried on;
in writing in that behalf, or that the certificate was
(6) "Issue Department" means the department
not given in respect of that bank note.
for the issue of bank notes which is set up by the
11. Inapplicability. The provisions of section 9(b) Bank in accordance with the provisions of this
of the Law and Administration Ordinance, 5708— Agreement;
1948, shall not apply to this Ordinance.
(7) "director" and "manager" shall have the
12. Enforcement and rules. The Finance Minister meanings assigned to those expressions in the
is charged with the enforcement of this Ordinance, Hebrew text of the Companies Ordinance (Cap.
and he may make rules in respect of any matter 22);
relating to its enforcement.
(8) "bank note" means a promissory note which
DECEMBER
1948
1465
NEW CURRENCY SYSTEM IN ISRAEL
is issued by the Bank in accordance with the provisions of this Agreement and according to which
the Bank will pay to bearer the amount mentioned
therein.
(b) In this Agreement, the use of the singular
shall be deemed to include the plural and vice versa,
unless the context otherwise requires.
2. At any time and from time to time the Bank
shall be authorised—
(a) to issue and re-issue bank notes in such form
and with such contents as the Bank shall from time
to time determine, with the approval of the Finance
Minister, for the following amounts:—
(1) five hundred mils;
(2) one Israel pound;
(3) five Israel pounds;
(4) ten Israel pounds;
(5) fifty Israel pounds;
(6) any other amount in Israel pounds or mils
or both, but not less than five hundred mils, which
may be fixed by the Bank from time to time, with
the approval of the Finance Minister, and which is
notified by the Finance Minister in the Official
Gazette.
(b) To use, for the purpose of carrying out the
provisions of this clause, the bank notes which were
prepared by the Bank before the establishment of
the State of Israel and in which the unit of currency
mentioned is "Palestine Pound" in Hebrew and
corresponding expressions in the Arabic and English
languages.
3. During the continuance in force of this Agreement—
(a) no person other than the Bank shall be permitted to issue any bank note, and
(b) the Government shall not issue currency
notes in amounts of R\c hundred mils or any larger
amount.
4. The Government shall use its best endeavours
to ensure that during the continuance in force of
this Agreement, tender of a bank note shall be legal
tender, for the amount stated therein, for the payment of any amount and for any purpose, and also
that, from the expiration of the 11th day of Elul,
5708 (September 15, 1948) and so long as this
Agreement remains in force, tender of a bank note
shall be the sole legal tender (except for the tender
of coins and currency notes for amounts less than
five hundred mils to the extent to which it is legal
tender).
1466
5. The Bank shall separate completely the issue
of bank notes from the other business of the Bank
and shall carry on the management thereof separately and distinctly from the other business of the
Bank in a special department therefor, which the
Bank shall set up in Tel-Aviv and which shall be
called "The Issue Department of the Anglo-Palestine Bank Limited." The Bank shall keep special
accounts in respect of everything concerning the
business of the Issue Department, and such accounts
shall be completely separated from the accounts of
the Banking Department.
6. Except for the liabilities under the bank notes,
the Bank shall not take upon itself any liability
whatsoever in the Issue Department.
7. In order to secure the rights of the holders of
the bank notes, the Bank hereby charges by way of
a floating charge in favour of the holders of the
bank notes for the time being all the assets which
are in the hands of the Issue Department at any
time and from time to time in accordance with
Clause 8. The Bank shall not pay out of those
assets any other debt whatsoever, and the Bank
shall not be liable to pay any bank note whatsoever
from the rest of its assets.
8. The Bank shall keep in the Issue Department
assets of any of the following descriptions, and only
of such descriptions, namely—
(a) gold, in bars or coins, which is situate in the
State of Israel or in any other country approved by
the Finance Minister for this purpose, and which is
in the hands of any depositee approved by the
Finance Minister for this purpose;
(b) balances in such foreign currencies and with
such persons as may be approved by the Finance
Minister for this purpose;
(c) currency notes issued by the Palestine Currency Board;
(d) Treasury bills and other securities of the
Government which are due for redemption within
one year from the date of their acquisition by the
Issue Department;
(e) promissory notes and bills of exchange which
are acquired from another bank in the State of
Israel and rights arising out of loans granted to
another bank in the State of Israel, provided that
those promissory notes and bills of exchange and
loans comply in all their details with the special
regulations for rediscounting and granting of loans
FEDERAL RESERVE BULLETIN
NEW CURRENCY SYSTEM IN ISRAEL
which may be prescribed by the Committee with
the approval of the Finance Minister:
Provided that—
(1) the aggregate price of the assets which the
Bank actually holds of the descriptions of assets
which the Bank is authorised to hold as aforesaid,
shall be not less than the aggregate amount of all
the bank notes which are then in circulation, and
(2) the aggregate price of the assets which the
Bank actually holds of the descriptions of assets
specified in sub-clauses (a), (b) and (c), which
the Bank is authorised to hold as aforesaid, shall
not be less than half the aggregate amount of all
the bank notes which are then in circulation.
9. For the purposes of this Agreement the Issue
Department and the Banking Department of the
Bank shall be deemed to be separate and distinct
legal persons. Furthermore, the Banking Department shall be deemed, for the purpose of Clause
8(e), to be another bank.
10. The Bank shall draw up each week, in a
form to be fixed by the Bank with the approval of
the Finance Minister, a statement of the assets and
liabilities of the Issue Department showing the
state thereof at the close of business on Wednesday
of each week, and shall cause it to be published on
Thursday in each week in such manner as may be
prescribed by the Finance Minister from time to
time:
Provided that, in the event that Wednesday or
Thursday, or both of them, in any week is or are a
day or days of rest fixed by law in the State of
Israel, the time for the drawing up of the statement
and its publication shall be extended by the period
of those days of rest.
11. (a) Upon the coming into force of this
Agreement, and before the Issue Department begins to operate, the directors of the Bank shall appoint a committee of directors which shall manage
the Issue Department throughout the time during
which this Agreement is in force, in compliance
with all the provisions of this Agreement which
apply thereto. The Committee shall at any time
be constituted of all the directors of the Bank resident during that time in the State of Israel or in
any other place which is approved for that purpose
by the Finance Minister.
(b) The Committee may not deal with any matters other than the matters of the Issue Department.
(c) The Finance Minister may appoint two perDECEMBER
1948
sons (who shall not at the time of their holding
office be directors, managers or employees of the
Bank or of any other bank) as he shall deem fit,
for the period of one year from the date of their
appointment, and, after they have been appointed,
those persons shall be invited to all the meetings
of the Committee and they may take part in all
its meetings, but they shall not have the right to
vote thereat.
(d) The Finance Minister may, at any time and
from time to time, cancel any appointment made
by him in accordance with the provisions of this
clause, and at the termination of the appointment
for any reason whatsoever, he may renew the appointment or appoint another person (who shall
not at the time of his holding office be a director
or manager or employee of the Bank or of any
other bank) in place of the person whose appointment is terminated.
(e) The names of the members of the Committee
and of all persons who are appointed by the Finance
Minister in accordance with the provisions of this
clause and every change in the Committee and of
the appointees, shall be published by the Finance
Minister in the first Official Gazette to appear
after the appointments.
(f) In connection with such matters as the
Finance Minister and the Committee shall recognize as being matters of major policy, the Committee shall be guided in its decisions by the opinion
of the Government, which shall be determined after
consultation between the Finance Minister and the
Committee.
12. (a) The Committee shall appoint two persons to be in charge of rediscounting in the Issue
Department and also two substitutes for each of
them:
Provided that, as one of the two appointees and
as the two substitutes, there shall be appointed
the persons whom the Finance Minister directs the
Committee to appoint, and the Finance Minister
may, at any time and from time to time, direct
the Committee to cancel any of the said appointments and to appoint other persons who shall be
determined by him.
(b) The persons for whose appointment the
Finance Minister has given directions in accordance with this clause shall not, at the time of their
holding office, be directors, managers or employees
of the Bank or of any other bank.
1467
NEW CURRENCY SYSTEM IN ISRAEL
(c) The task of the persons in charge of the rediscounting in the Issue Department shall be to
decide on every proposal for rediscounting or a
loan which shall be made to the Issue Department
and they shall be obliged to decide upon each such
proposal not later than at the end of the second
business day immediately following the day on
which the proposal is made to the Issue Department. The agreement of both persons in charge
together shall be necessary for each positive decision, and each person in charge who does not give
his decision in time shall be deemed to have agreed
to the proposal. In fulfilment of their task the
persons in charge shall act at their discretion in
each and every case, but within the scope of such
restrictions as may be imposed by the special regulations mentioned in clause 8(e).
13. (a) The operations of the Issue Department,
and its profits and losses, shall be solely on Government account.
(b) At the end of the year 1948, and at the end
of each year thereafter during the period of the
Agreement and also at the end of the period of the
Agreement, the Committee shall determine the
profit or the loss of the Issue Department and the
Bank shall transfer it to the credit or debit of the
account of the reserve of the Issue Department
which shall be kept in the Banking Department,
(c) The Finance Minister, after consultation with
the Committee, shall decide on the forms of investment of the amounts of the reserve and of the use
thereof.
14. The Government, after consultation with the
Committee, shall appoint an auditor, whose duty it
shall be to audit the accounts of the Issue Department, and it shall give, from time to time, in consultation with the Committee, written instructions
to the auditor. The Committee shall place at the
disposal of the auditor, for the purpose of perusal
and audit, all the books and documents of the
Issue Department.
15. The Bank shall be the sole banker and finan-
cial agent of the Government and all its ministries
and departments. The Bank shall not receive any
remuneration from the Government for its said
services, and the Government shall not receive from
the Bank any interest on any credit balances in the
accounts of the Government and all its ministries
and departments.
16. This Agreement shall remain in force until
the 26th day of Sivan, 5711 (June 30, 1951) inclusive, provided that the Government may terminate it before then at the end of every quarter by
giving to the Bank prior written notice of not less
than half a year.
17. Upon the termination of this Agreement the
Bank shall forthwith transfer, without any payment,
to the Government or to a person appointed in
that behalf by the Finance Minister—
(a) all the assets which are then in the hands
of the Issue Department, and
(b) all the assets and moneys which the Banking
Department then holds against the reserve as provided above:
Provided that at the time of the transfer as aforesaid or before then the Government or a person
appointed by the Finance Minister shall take upon
itself or himself, as the case may be, all the liabilities
of the Bank in respect of the bank notes which are
then in circulation, and provided also that if there
is then a debit balance in the reserve the Government will see to it that such debit balance is paid
to the Bank at the time of the transfer or before
then.
18. The Bank shall not transfer to another person all or any of its rights or powers under this
Agreement.
19. The residence of the Bank for the purposes of
jurisdiction in connection with this Agreement shall
be at the seat of the Government.
IN WITNESS WHEREOF the parties hereto have
set their hands in Tel-Aviv on the 12th day of
Ab, 5708 (August 17, 1948).
CURRENCY ORDINANCE—NO. 19 OF THE YEAR 5708—1948
The Provisional Council of State hereby enacts
as follows:—
1. Unit of currency. The unit of currency shall
be the Israel pound divided into one thousand mils.
2. Adaptation of currency expressions. Wherever
1468
for any purpose, in the past or in the future, a
reference to a pound or Palestine Pound or Lirah
Eretz Israelith or Lirah E.I. or LP. or Lirah is, or
has been, made, in writing or orally, or implied,
such reference shall be deemed to be a reference to
FEDERAL RESERVE BULLETIN
NEW CURRENCY SYSTEM IN ISRAEL
an Israel pound, unless the provisions hereof are
expressly excluded.
3. Tender of bank notes—legal tender. Tender of
a bank note issued in accordance with the Bank
Notes Ordinance, 5708—1948 shall be legal tender,
for the amount stated therein, for the payment of
any amount and for any purpose.
4. Tender of currency notes—temporarily legal tender. Tender of a currency note issued by the Palestine Currency Board shall continue to be legal
tender until the 12th day of Elul, 5708 (September
15, 1948) inclusive, for the amount stated therein,
for the payment of any amount and for any purpose
at the rate of one Palestine pound for one Israel
pound.
5. Discontinuance of tender of currency notes as
legal tender. Immediately after the expiration of
the day mentioned in section 4, tender of the currency notes mentioned therein shall cease to be
legal tender and those currency notes shall thereafter be deemed to be foreign currency for all intents and purposes.
DECEMBER
1948
6. Palestine Currency Order to cease to have effect;
coins. The Palestine Currency Order, 1927, shall
cease to have effect in any place in which this Ordinance applies, but tender of coins issued thereunder
shall continue to be legal tender as if each mil of the
amount of mils stated on each of them constituted
a thousandth part of an Israel pound and the provisions of section 3 of the said Order shall continue
to apply to them for all intents and purposes except
for the changes which ensue from the provisions of
the Law and Administration Ordinance, 5708—
1948.
7. Enforcement and rules. The Finance Minister
is charged with the enforcement of this Ordinance
and may make rules in respect of every matter relating to its enforcement.
8. Commencement. This Ordinance shall come
into force immediately after midnight on the 12th
day of Ab, 5708 (August 17, 1948).
9. Title. This Ordinance may be cited as the
Currency Ordinance, 5708—1948.
1469
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Consumer Instalment Credit
No Registration if Credits Exempt
A person need not register as required under
Section 2(b) of Regulation W if every extension
of consumer instalment credit made by him is
exempt from the provisions of the regulation by
Section 7.
Table Model Roasters and Cookers
The classification "Cooking stoves and ranges,
designed for household use" listed in Group B of
Part 1 of the Supplement to Regulation W includes
automatic electric table model roasters and cookers
if the cash price as defined in Section 8 (h)(7) is
$50.00 or more.
Articles Not Designed Exclusively for Commercial Use
Where the specifications of a "Commercial
Model" automatic washer, as set forth by the distributor, did not indicate that the washer was clearly
designed for commercial use only, or that it was of
a design not readily usable in households, the Board
expressed the view that the washer was a "listed
article" under Group B of the Supplement to Regulation W, notwithstanding the equipment of the
washer with certain "heavy duty" features and a
coin-operating device. The same view was applied
in the case of an automatic record player designed
to play up to 200 records in a vertical position without repeating or changing and incorporating other
unusual technical features, since there appeared to
be no basic distinction between such a record player
and other high-priced record players commonly used
in homes, and the manufacturer's advertisement
described its use in the home as well as in factories,
clubs, department stores, etc. In both of these
cases, the controlling consideration was that the
article involved was not designed exclusively for
commercial use but was of a type readily adaptable
for household use.
Automobile Demonstrators
Questions have been raised concerning the exemption under Section 7(b) of Regulation W of
1470
credit extended to an automobile salesman to
finance the purchase of a new automobile for use
principally as a demonstrator. The questions relate to the circumstances under which the exemption
is applicable.
The Board's view is that (a) the salesman must
be a bona fide salesman of new automobiles of the
same make and year as the automobile purchased
as a demonstrator—the exemption is not applicable
to salesmen whose sales are confined to used cars
nor to persons who are not employed principally as
salesmen, such as mechanics, parts clerks, office
workers, etc.; (b) the phrase "used by him principally as a demonstrator" is not intended to require
that the automobile be used principally for the
transportation of his prospective purchasers, since
the phrase may also include the salesman's use of
the automobile for other bona fide demonstration
practices.
From a practical administrative standpoint, although not specifically required by the regulation,
it would be desirable in all such cases for the Registrant, whether the dealer or a financing institution,
to have in his or its records a statement or other
record of the facts establishing the exemption of
any such paper.
Final Instalment Less Than Minimum
The Board of Governors has received an inquiry
as to whether an instalment credit which qualifies
for a maturity of over 15 months under Part 2 to
the Supplement to Regulation W may have a final
monthly instalment of less than $70.
In a ruling, published on page 1112 of the September 1948 Federal Reserve BULLETIN, concerning
Part 2 of the Supplement, and particularly the inclusion of interest or finance charge in determining
the application of the $70 monthly payment requirement, there were certain illustrative examples using
equal monthly payments and explaining the use of
payment charts containing precalculated equal
monthly payments. It is the Board's view, however,
that the $70 monthly payment requirement in Part
2 of the Supplement does not prevent the last inFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
stalment payment of a regulated obligation from
being less than $70. Thus, if the amount of the
total obligation, including interest or finance charge,
should be $1,220.80, repayment could be arranged
so that there would be 17 monthly payments of $70
each, and an eighteenth or final instalment of $30.80,
rather than 17 monthly payments of $71.81 plus.
Similarly, the $5 monthly payment requirements
of Sections 3(b), 4(V) and 5(a) of the regulation
do not prevent the last instalment payment of a
regulated obligation from being less than $5.
Rental-Purchase Arrangements
In order to increase the sale of a certain type of
listed article, a company proposes to rent and deliver to interested persons for use in their homes,
such articles for one month at a charge of $5 under
a written rental agreement which contains no obligation or option for the purchase of the article.
However, before the expiration of the 30-day period,
either there would be a sale of an article of the type
delivered, or the article that was delivered would
be returned to, and reconditioned by, the company
for sale elsewhere. In the event of a completed
sale, the lessee-purchaser could either retain the
article previously delivered to him or receive a new
article. If the former should occur, the regular
retail purchase price would be reduced by $5; but if
the latter should occur, no such reduction in price
would be made. The reduced purchase price or
the regular purchase price, as the case may be,
would be treated as the selling price subject to the
down payment, maturity and monthly payment provisions of Regulation W.
The absence from the written rental agreement
of an obligation or option to buy would not be
deemed to be of controlling significance in circumstances such as these. Viewed in their entirety, the
transactions in question look toward the completion
of a sale and, at the outset, should comply with the
regulation either as an ordinary extension of instalment credit or as a delivery in anticipation of an
instalment sale under Section 6(g) of the regulation.
In this connection it is to be noted that Amendment No. 1 to the regulation amended Section
6(g) thereof to provide that, if certain specified
conditions are followed, the seller may allow a trial
period of not more than 10 days without previously
obtaining the required deposit or the down payment
DECEMBER
1948
necessary in an instalment sale. However, the company's proposed plan would have to be modified in
order to qualify for the benefits of the amendment.
Curtail and Renewal of Pre-September 20 Credits
An inquiry was received by the Board as to
whether curtail and renewal effected subsequent to
September 20, 1948, pursuant to an agreement or
understanding therefor at the time of an extension
of credit which appears on its face to be an extension of a single payment credit made prior to September 20, would constitute a "renewal" or "revision" within the meaning of Section 5(a) of Regulation W.
The original extension of credit, including the
commitment for curtail and renewal, would constitute an instalment loan, if made today, within the
meaning of the summary interpretation entitled
"Single payment or instalment credit" appearing
at pages 1366-1367 of the November 1948 Federal
Reserve BULLETIN. This being the case, the obligation, in its entirety, is substantially the same as the
more usual instalment payment obligation. In
either case, the fact that payment or liquidation
arrangements occur after September 20 does not
affect the exemption of the transaction from the
regulation where the original contract was made
and the funds were disbursed or credited to the
borrower before September 20. The Board stated,
therefore, that the curtail and renewal in question
would not constitute a "renewal" or "revision"
within the meaning of Section 5(a), even though
payment or liquidation in such a manner would
involve the substitution of new or different paper
for the original evidence of debt. Section 5(a)
would become effective only if the original loan
contract, including the agreement or understanding
for curtail and renewal, were the subject of a "renewal" or "revision."
In conclusion, the Board stated that the foregoing
would not seem to find widespread application,
however, because of the necessary underlying factual
situation. For example, it would seem especially
unusual for a balloon note to be subject to an agreement or understanding of the kind in question
which would be of sufficient defmiteness to justify
the view that subsequent refinancing or revision
would be a part of the original loan contract. The
solution in each case must depend on the particular
facts and circumstances involved.
1471
LAW DEPARTMENT
Refinancing of Credit Originally Exempt
relating to the collection of cash items to conform
The Board received a question concerning the to the amendments to the regulation. In effect,
applicability of Regulation W to the instalment the amendments to the regulation and to the operrefinancing by a finance company, on terms more ating circulars or letters of the Federal Reserve
liberal than provided by the regulation, of the Banks authorize the Federal Reserve Banks to
balloon balance of an instalment note made payable accept, as conditional, payment for checks and
to the vendor by the purchaser of an unlisted other cash items made on the day such items are
article and endorsed by the vendor to the finance received by a drawee bank and to permit the
drawee bank to return items as unpaid, for credit
company.
or refund, at any time up to midnight of the
Under summary interpretation entitled "Obligation payable to seller orfinancialinstitution" appear- drawee's next business day following receipt of
ing at page 1367 of the November 1948 Federal and remittance for such items.
It should be noted that adoption of these amendReserve BULLETIN, the original sale and financing
would be of the type exempted as an instalment ments does not mean that any bank is required
sale of an unlisted article. However, the Board to follow the practice of delaying the return of
expressed the view that the refinancing by the unpaid cash items; and any bank may continue
finance company would constitute a new extension to return unpaid cash items with its remittance on
of credit in the form of an unclassified instalment the day of receipt.
It is also to be noted that the procedure provided
loan subject to Section 4(£) of the regulation unless,
for example, such refinancing was effected subse- for in these amendments for the return of unpaid
quent to September 20, 1948, pursuant to an agree- items on the day after presentment and remittance
ment or understanding therefor at the time of the applies only to checks and other items handled
original extension of credit before that date, and by the Reserve Banks as "cash items" and does
the agreement or understanding was binding on the not apply to items handled by them as "noncash
items" under the Board's Regulation G.
subsequent holder as well as the original payee.
In May 1948 the American Bankers Association
transmitted to banks which are members of the
Amendments to Regulation J
Association a suggested form of collection agreeDelayed Return of Unpaid Items
ment with depositors, for use by banks on deposit
Several months ago, the American Bankers tickets, signature cards, and the like, in order
Association recommended that the Board of that the banks may be afforded adequate protection
Governors of the Federal Reserve System amend with respect to the collection of items in accordits Regulation }, relating to the clearing and ance with such conditional payment procedure.
collection of checks by Federal Reserve Banks, The Association has also drafted a model statute
in order to authorize a procedure for the condi- authorizing a procedure of this kind and has intional payment of cash items presented by Federal formed the Board of Governors that it will send a
Reserve Banks subject to the right of a drawee copy of the proposed statute, together with an
bank to return unpaid items for credit or refund explanatory statement, to the State Bankers Assoon the next business day after their receipt by ciation of each State, urging its adoption.
the drawee. The recommendation was made in the
The text of the amendments to Regulation J
light of the fact that in recent years many banks is set forth below.
have adopted the practice of "delayed posting"
Amendments to Regulation J
which involves a procedure of this kind with
Effective January 1, 1949, Regulation J, "Check
respect to the return of unpaid items and that the
Clearing and Collection," is amended in the followpractice has been recognized by the enactment of
statutes in a number of States and by rules adopted ing respects:
by numerous clearing house associations.
1. Paragraph (1) of Section 5 is amended by
The Board has now adopted amendments to adding at the end of such paragraph the following
Regulation }, to become effective January 1, 1949. sentence:
It is contemplated that the Federal Reserve Banks
A Federal Reserve bank, or any agent to which
will amend their operating circulars or letters
such checks are forwarded by a Federal Reserve
1472
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
bank, may present such checks pursuant to any
special collection agreement not inconsistent with
the terms of this regulation or may present them
through a clearing house subject to the rules
and practices thereof.
2. Section 5 is amended by inserting therein a
new paragraph (4) reading as set forth below and
by changing the designations of present paragraphs
(4) to (8), inclusive, so that such paragraphs
will be designated (5) to (9), inclusive:
(4) Any check which a Federal Reserve
bank or an agent thereof presents to the drawee
bank for payment or sends to the drawee bank
for collection, and for which remittance or
settlement is made by the drawee bank on the
day on which it receives3 such check, may be
returned for credit or refund at any time prior
3
A check received by a drawee bank on a day other than
its business day, or received on a business day after its
regular business hours or during afternoon or evening periods when it has reopened (or remained open) for limited
functions, shaH be deemed to have been received on its next
succeeding business day.
DECEMBER
1948
to midnight of the drawee's next business day
following such day of receipt or prior to fche
time provided by applicable clearing house
rule or special collection agreement, whichever is
earlier, except that this paragraph shall not apply
to checks presented over the counter.
3. Section 6 amended to read as follows:
Each Federal Reserve bank may also promulgate rules not inconsistent with the terms of the
law or of this regulation, governing the details
of its operations in clearing and collecting checks
and other cash items. Such rules shall be set
forth by the Federal Reserve bank in its letters
of instruction to its member and nonmember
clearing banks and shall be binding upon any
member or nonmember clearing bank which
sends any check or other cash item to such
Federal Reserve bank for collection or to any
other Federal Reserve bank for the account of
such Federal Reserve bank for eollection.
1473
CURRENT EVENTS AND ANNOUNCEMENTS
Changes in Board's Organization and Staff
Federal Reserve Meetings
On December 6, 1948, the title of J. Leonard
Townsend, formerly Associate General Counsel of
the Board's Legal Division, was changed to that
of Solicitor. Mr. Townsend will assume charge
of a separate division in the Board's organization
which will be responsible for the representation of
the Board in all litigation to which the Board may
be a party, and for the institution and conduct of
all formal proceedings by or on behalf of the
Board to enforce provisions of law or of the
Board's regulations. As Solicitor, Mr. Townsend
will also continue to handle questions arising in
connection with the proposed legislation relating
to the regulation of bank holding companies.
Prior to his association with the Board's legal
staff Mr. Townsend had been Assistant Solicitor of
the Securities and Exchange Commission. Before
entering Government service Mr. Townsend had
been engaged in the general practice of law in
Washington with the Honorable A. Mitchell
Palmer, former Attorney General of the United
States, and with the Honorable James M. Beck,
former Solicitor General of the United States.
Effective December 12, Mr. Clarence C. Hostrup
was appointed by the Board of Governors as an
Assistant Director of the Division of Examinations.
Mr. Hostrup became associated with the Board on
October 1, 1933, and had been a Federal Reserve
Examiner since January 1, 1934.
The Federal Advisory Council held a meeting
in Washington on November 14-16, 1948, and met
with the Board of Governors of the Federal Reserve System on November 16, 1948.
Meetings of the Federal Open Market Committee
were held in Washington, D. C , on November 15
and 30, 1948.
The Conference of Presidents of the Federal
Reserve Banks met in Washington on November
29, 1948. The Presidents met with the Board of
Governors of the Federal Reserve System on December 1, 1948.
The Conference of Chairmen of the Federal Reserve Banks met in Washington, D. C, on December 9 and 10, 1948.
1474
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period October 16, 1948 to November 15, 1948:
Pennsylvania
Duquesne—Duquesne City Bank
Texas
Houston—Almeda State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled November 29 and released for publication November 30]
Industrial production increased somewhat in
October. Value of department store sales showed
less than the usual seasonal rise in October and
the early part of November. Prices of foods and
some other products declined while prices of metal
products advanced further. Growth of bank loans
has slackened considerably since September, and in
November sales of Government bonds by nonbank
investors declined sharply. Bond prices advanced
somewhat in November while common stock prices
declined sharply.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production increased 3 points in October to
a rate of 195 per cent of the 1935-39 average, owing
mainly to a substantial gain in output of durable
goods.
Activity in durable goods industries in October
was at a new high rate for the postwar period,
reflecting in large part a record volume of iron
and steel output. Steel mill activity advanced 4 per
cent in October to a rate of close to 100 per cent
of capacity, and operations continued at about this
level during November. Output of automobiles
likewise showed a significant increase in October
and reached a new postwar peak rate. Production
of copper and railroad freight cars declined. Activity in most other durable industries in October
was somewhat above the September rate.
Output of nondurable goods showed a slight
further gain in October. Production of petroleum
products recovered to the August level, reflecting
settlement of labor disputes at West Coast refineries.
Activity in the paper and publishing industries
expanded moderately. Production of textile and
leather products, on the other hand, declined in
October, according to preliminary reports. Output
of most other nondurable goods was maintained
at about the September rate.
Minerals production recovered from the decline
in September, which had reflected mainly a temporary curtailment of crude petroleum output.
Bituminous coal production declined further in
October and was 7 per cent below the same month
a year ago. Output of metals was maintained at
about the September rate.
CONSTRUCTION
Construction contracts awarded, as reported by
the F. W. Dodge Corporation, increased slightly
in October, reflecting chiefly large awards for publicly-financed housing projects and hospitals.
Awards for private residential building and public
works and utilities continued to decline. The
number of new housing units started, according
to Department of Labor estimates, dropped further
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
MILLIONS OF PERSONS
INDUSTRIAL PRODUCTION
1948
Federal Reserve indexes. Monthly figures, latest shown are
for October.
DECEMBER
1948
1942
1944
1946
1943
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic
servants are excluded. Midmonth figures, latest shown are
for October.
1475
NATIONAL SUMMARY OF BUSINESS CONDITIONS
in October to 72,000. This compares with 81,000
in the preceding month and 94,000 in October of
last year.
DISTRIBUTION
Department store sales in October and the early
part of November were below the advanced level
of the preceding six months, after allowance is
made for the usual seasonal changes. Value of sales
in the first three weeks of November was 8 per cent
less than during the corresponding period last year.
Shipments of most classes of railroad revenue
freight in October and the early part of November
were maintained at about the September level, after
adjustment for seasonal changes. Total carloadings
during this period were 4 per cent below the same
period a year ago, reflecting mainly a smaller
volume of shipments of coal and manufactured
goods.
COMMODITY PRICES
The general level of wholesale commodity prices
decreased somewhat further from the middle of
October to the third week of November, reflecting
mainly additional marked declines in prices of
meat and livestock. Prices of grains and cotton
strengthened in this period. Further advances were
reported in metal prices.
Decreases in retail food prices lowered the consumers' price index by one-half per cent from
September to mid-October. Retail prices of most
other groups of items showed further small advances.
BANK CREDIT
Federal Reserve support purchases of long-term
Treasury bonds from nonbank investors declined
sharply in early November, following substantial
purchases in October. In mid-November, as prices
of Treasury bonds advanced somewhat, Reserve
Bank holdings were reduced slightly. During October and the first three weeks of November the
System sold a larger amount of short-term Government securities to banks and to other investors than
it purchased of Treasury bonds, and total Government security holdings at the Reserve Banks declined.
Following the increase in reserve requirements
in the latter part of September, total loans of all
member banks showed little change in October.
Loans to businesses increased further at banks in
leading cities during October and the first three
weeks of November, but the increase was considerably smaller than in the corresponding period
last year. Holdings of short-term Government securities rose substantially over the period. Demand
deposits at member banks increased sharply in October, as the result of Federal Reserve purchases of
securities from nonbank investors, but declined
somewhat early in November at banks in leading
cities.
SECURITY MARKETS
Trading in Government bonds was in small
volume in the first three weeks of November.
Prices of high-grade corporate and municipal bonds
advanced slightly. On November 16, the Treasury
announced a one-year 1% per cent certificate issue
in exchange for issues maturing in December and
January.
Common stock, prices declined about 10 per cent
in early November, canceling the advance that
began in late September.
CONSUMERS' PRICES
PER
1935-39< 100
CE NT
PER
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
i
180
PS
180
160
160
APPAREL
i /ALL
140
120
/
J
\-«,
~r
—»x
-
ITEMS
"
-
.
/ *
^"
.
—
RENT
100
-
80
Bureau of Labor Statistics' indexes. "All items" includes
hous'efurnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for October.
1476
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday, figures, latest shown are for November 24.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends
Treasury finance
Government corporations and credit agencies
Business indexes
Department store statistics
Cost of living
Wholesale prices
Gross national product, national income, and income payments....
Consumer credit statistics
Current statistics for Federal Reserve chart books
November crop report, by Federal Reserve districts
Number of banking offices on Federal Reserve par list and not on par list
1479
1480
1481-1484
1485
1485-1486
1487-1488
1488
1489
1490-1491
1492-1493
1494-1497
1498
1499
1500-1501
1502
1503-1505
1506
1507-1516
1517-1520
1520
1521
1522-1523
1524-1526
1527-1531
1531
1532
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity 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.
DECEMBER 1948
1477
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILL10N3 OF DOLLARS
30
1941
1942
1943
1944
1945
1946
1947
1948
30
TOTAL RESERVE BANK HOLDINGS
- OF U. S. GOVERNMENT SECURITIES -
25
20
20
10
yV v-
1940
1941
1942
1943
1944
1945
1946
1947
5
1948
Wednesday figures, latest shown are for November 24. See page 1479.
1478
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Total
Treasury
bills
and
certificates
All
otheri
Gold
stock
Total
All
other
Treasury
currency
outstanding
Money
in circulation
Treasury
cash
holdings
Treasury deposits
with
Federal
Reserve
Banks
Member
bank reserve
balances
Nonmember deposits
Other
Federal
Reserve
accounts
Total
Excess 2
Monthly averages of
daily figures:
1947—Aug
Sept
Oct
1948—Aug
Sept
Oct
165 22,055 20,964 1,091
163 22,067 20,886 1,181
208 22,092 20,847 1,245
321 21,411 12,225 9,186
383 21,632 11,353 10,279
357 23,168 12,272 10,896
302
386
498
310
394
412
22,521 21,648
22,616 21,866
22,798 22,149
23,700
22,409 23,829
23,937 23,958
4,551
4,551
4,551
4,564
4,570
4,574
28,252
28,654
28,598
27,977
28,152
28,188
1,326
1,315
1,327
1,323
1,320
1,319
957 1,079
553 1,007
945
908
1,834
912
927
1,321
958
1,598
624
638
647
568
578
588
16,481
16,866
17,073
17,690
18,509
19,818
End-of-month figures:
1947—Aug. 3 0 . .
Sept. 3 0 . .
Oct. 3 1 . .
1948—Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 0 . .
122,192
185
!22,329
92
296 22,168
;21,577
3,413
339 23,042
21,103
21,138
20,650
11,988
12,199
11,246
1,089
1,191
1,518
9,589
11,214
11,796
382
308
442
207
333
494
22,759 21,766
22,730 21,955
22,906 22,294
22,107 23,725
24,071 23,872
23,875 24,004
4,553
4,552
4,554
4,571
4,575
4,580
28,434
28,567
28,552
28,055
28,118
28,176
1,323
1,309
1,330
1,321
1,321
1,321
751 1,343
842
1,091
884
1,400
864
1,919
843
1,664
1,610 1,074
626
643
631
565
585
542
16,601
828
16,784
841
864
16,956
837
17,679
19,986 1,038
742
19,736
Wednesday figures:
1948—Jan.
7..
Jan. 1 4 . .
Jan. 2 1 . .
Jan. 2 8 . .
164 21,683
165 21.896
168 21,540
281 21,987
17,148
17,018
16,311
15,904
4,536
4,878
5,229
6,082
473 22,320 22,762
507 22,568 22,790
22,829
518
391 22,658 22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
1,340
1,333
1,323
1,332
562 1,009
959
819
913
1,268
888
1,945
569
568
565
555
17,503 1,166
17,863 1,537
17,334
993
17,305 1,040
Feb. 4. .
Feb. 1 1 . .
Feb. 1 8 . .
Feb. 2 5 . .
240 20,523
578 20,817
295 20,943
279 21,034
13,882
13,815
13,704
13,645
6,641
7,002
7,240
7,389
413
337
543
394
21,175 22,934
21,732 22,933
21,782 22,981
21,707 23,028
4,560 28,124
4,559 28,189
4,557 28,053
4,557 28,054
1,309
1,308
1,335
1,326
616
1,187
1,725
1,656
974
944
899
901
562
559
558
557
17,084
913
17,037 1,001
16,750
765
16,799
964
Mar.
Mar.
Mar.
Mar.
Mar.
3..
10..
17..
24..
31..
257 21,071
298 20,678
363 20,373
447 20,607
430 20,887
13,575
13,145
12,956
13,168
13,332
7,496
7,532
7,417
7,439
7,555
523
350
451
375
291
21,851 23,036
21,326 23,083
21,187 23,119
21,429 23,135
21,607 23,137
4,559
4,559
4,559
4,557
4,559
28,024
28.006
27,920
27,851
27,781
1,333
1,331
1,325
1,336
1,325
954 1,027
955
751
677 1,006
,458 1,018
,972
999
557
559
586
589
588
17,552 1.157
17,366
977
17,351
904
684
16,870
655
16,639
Apr.
7..
Apr. 1 4 . .
Apr. 2 1 . .
Apr. 2 8 . .
260 20,477
221 20,593
234 20,394
259 20,440
12.816
12,832
12,537
12,400
7,662
7,762
7,857
8,040
347
315
338
253
21,085 23,147
21,130 23,152
20,966 23,159
20,952 23,167
4,558
4,558
4,557
4,561
27,833
27,774
27,718
27,682
1,329
1,320
1,336
1,326
,140
,177
,283
,185
994
929
911
856
590
590
590
587
16,905
17,050
16,845
17,043
822
894
701
879
May 5 . .
May 1 2 . .
May 1 9 . .
May 2 6 . .
230 20,251
250 20,348
225 20,098
321 20,592
12,085
12.110
11,823
12,323
8,166
8,238
8,275
8,270
374
440
351
287
20,856 23,176
21,038 23,225
20,674 23,245
21,201 23,295
4,561
27,762
27,762
27,690
27,700
1,329
1,319
1,329
1,333
,114
,319
,612
,788
810
792
795
788
545
544
546
547
17,033
17,087
16,506
16,901
817
884
294
723
June 2 . .
June 9. .
June 1 6 . .
June 2 3 . .
June 3 0 . .
239 20,683
312 20,349
294 20,749
353 21,010
265 21,366
12,543
12,224
12,638
12.900
13,193
8,141
8,125
8,112
8,110
8,173
369
294
476
358
268
21,292 23,343
20,955 23,362
21,519 23,515
23,523
21,900 23,532
27,895
27,864
27,808
27,792
4,565 27,903
1,335
1,337
1,331
1,317
1,327
1,567
1,144
984
1,863
1,928
754
828
879
827
859
551
551
593
598
592
17,094
941
17,154
908
17,999 1,132
17,408
728
17,389
742
July
7..
July 1 4 . .
July 2 1 . .
July 2 8 . .
398 21,535
21,521
21,326
327 21,209
13,367
13,243
12,919
12,692
8,168
8,278
8,407
8,517
310 22,243 23,584
302 22,139 23,593
23,650
277
187 21,723 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 17,584 1.0C3
613 17,631
937
723
611 17,503
17,534
759
Aug. 4 . .
Aug. 1 1 . .
Aug. 1 8 . .
Aug. 2 5 . .
282 21,378
293 21,566
301 21,551
324 21,460
12,510
12,486
12,283
12,064
8.868
9,081
9,267
9,396
237
205
273
210
21,897 23,679
22,064 23,688
22,125 23,708
21,993 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
730
17,834 1,003
17,603
729
811
17,668
Sept.
Sept.
Sept.
Sept.
Sept.
1..
8..
15..
22..
29..
318 21,411
310 21,240
283 21,205
309 21,860
357 23,282
11,818
11,588
10,963
11,072
12,137
9,594
9,652
10,242
10,788
11,145
208
284
433
376
314
21,937 23,725
21,834 23,793
21,921 23,850
22,545 23,865
23,953 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
853
17.817
926
18,737 1,647
979
18,694
940
19,884
Oct. 6..
Oct. 13..
Oct. 20. .
Oct. 27..
296 23,143
500 23,303
289 23,192
300 23,242
12,747
12,655
12,158
11,680
10,396
10,648
11,034
11,562
268
164
388
254
23,707 23,888
23,967 23,965
23,869 23,983
23,797 23,996
4,572 28,202
4,572 28,284
4,574 28,157
4,575 28,091
1,324
1,317
1,326
1,322
1,596
1,551
1,530
1,524
867
916
913
888
19,584
596 19,840
590 19,910
583 19,960
Nov.
Nov.
Nov.
Nov.
320 23,239
326 23,144
282 22,930
582 22,993
11,270
11,097
10,975
11,046
11,969
12,047
11,955
11,947
170
458
622
366
23,729 24,007
23,929 24,097
23,834 24,110
23,941 24,150
4,578
4,579
4,579
4,580
1,317
1,317
1,324
1,317
1,473
1,553
1,591
1,650
886
912
901
922
539
539
539
542
3..
10..
17..
24..
28,254
28,337
28,215
28,305
19,846
19,947
19,953
19,934
800
931
954
837
884
815
607
929
870
874
858
922
P876
P905
r
P Preliminary.
Revised.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
a
DECEMBER
1948
1479
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect November 30. 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
Rate
Boston
New York. . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Other secured advances
[Sec. 10(b)]
Rate
Effective
Aug. 13,
Aug. 13,
Aug. 23,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 19,
Aug. 13,
Aug. 16,
Aug. 13,
Aug 13,
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
2
2
2
2
2
2
2
2
2
2
2
2
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
Effective
Aug. 13,
Aug. 13,
Aug. 23,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 19,
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,
Rate
Effective
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
Jan.
Apr.
Aug.
Aug.
Mar.
Jan.
Aug.
Jan.
Aug.
Jan.
Feb.
Apr.
14, 1948
6. 1946
23,
13,
16,
24,
13,
12,
23,
19,
14,
25,
1948
1948
1946
1948
1948
1948
1948
1948
1948
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
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
RATES ON BANKERS' ACCEPTANCES
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
[Per cent per annum]
Maturities not exceeding five years
Maturity
Rate on
Nov. 30
In effect beginning—
Previous
rate
[In effect November 30.
To industrial or
commercial
businesses
i Aug. 13, 1948
i Aug. 13, 1948
1
Aug. 13, 1948
1- 90 days. .
91-120 d a y s . .
121-180 days. .
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
Central
reserve
city
banks
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
Feb.
June
Sept.
1917-Aug. 15, 1936. .
1936-Feb. 28, 1937. .
1937-Apr. 30, 1937. .
1937-Apr. 15, 1938..
1938-Oct. 31, 1941..
1941-Aug. 19, 1942. .
1942-Sept. 13, 1942. .
1942-Oct. 2, 1942 . .
1942-Feb. 26, 1948 . .
1948-June 10, 1948..
1948-Sept. 15, 1948. .
24, 1948 and after 2 ...
26
22
26
24
22
20
22
24
26
Reserve
city
banks
10
15
1734
20
17 X
20
20
20
20
20
20
22
Per cent per annum]
On discounts or
purchases
Federal
Reserve
Bank
On
loans *
On
commitments
l
Time
deposits
(all
Country member
banks
banks)
12
14
12
14
14
14
14
14
14
16
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U.2 S. Government demand accounts Apr. 24. 1917-Aug. 23, 1935).
Change effective Sept. 16 at country banks; Sept. 24 at other classes.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
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.
1480
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis. .
Minneapolis. . . .
Kansas City
Dallas
San Francisco...
1
8
1
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the
discount rate.
1
Charge of \£ per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
To financing institutions
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
Nov. 24
Assets
Gold certificates
Redemption fund for
F. R. notes
Total gold certificate reserves. . .
Nov. 10
Nov. 17
Oct. 27
Nov. 3
22,215,428 22,195,429 22,116,429 22,098,431
22,255
627
627.249
630,303
629,302
630,960
Oct. 20
255,486
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
350 789
51,078
95,327
75,493
231 075
231,075
231,075
244,575
581,864
282,153
326,402
320,068
253,921
277,472
630,961
628,181
630.961
620,870
457,153
168,665
260,485
115,576
93,946
293,068
221,075
244,575
37,800
338,521
330,868
1,116
4,627
476
55,739
42,714
253,432
244,575
246,275
246.275
336,651
253,319
,191,508 23,302,
387,267
5,175,794 5,098,305 12,557,968
,051,119 6,147,469 7,255,405
797,950
871,100 1,424,750
970,508
.180,973 10,925,036
23 205,836 23,041,910 22,208,631
337,516
163,
Total Reserve Bank
credit outstanding 23,940,650 23,833,768 23,928,679 23,728,861 23,796,771 23,868,893
682,867
278,757
243,537
257,832
22,929,772 23,144,151 23,239,197 23,242,002
629,501
.888.612 22,725,933 21,363,037
267,173
Industrial loans
980
1,136
1,129
973
1,110
931
Acceptances purchased.
U. S. Govt. securities:
Bills
5,025,794 4,941,444 4,977,244 5,130,589 5,518,151 5,947,342 6,444,346
Certificates:
Special
,210,169 6,210,469
Other
6,020
6,033,819 6,119,819 6,139,819 6,162,069
Notes
901,600
823,600
879,100
912,100
780
832,100
798,200
Bonds
,132,397 9,735,954
11,165
11,156,309 11,223,488 11,136,689 10,682,682
Total U. S. Govt.
22,993
securities
Other Reserve Bank
364,
credit outstanding. . .
Nov.
,078,431 22,058,433 22 260,431 22,096,432 20,680,170
300,314
Total discounts and
advances
250,935
Oct.
Nov.
Oct. 13
22,882,681 22,842,677 22,825,732 22,745,731 22,729,391 22,709,392 22,689,394
Other cash
260,700
1947
1948
1948
493,415
430,423
,184 23,880,977 23,874,962 22,975,025
Liabilities
Federal Reserve notes. . 24,166,269 24,089,861 24,181,645 24,113,495 23,998,911 24,041,356 24
,187 24,172,325 24,062,288 24,651,452
Deposits:
Member bank — reserve account
19,934,421 19,952,523 19,947,180 19,846,044 19,959,966 19,910,036 19,839,603 19,894,128 19,735,971 16,973,803
U. S. Treasurer—general account
530,366 1,551,
601,124 1,609,957 1,277,228
1,650,
1,590,887 1,553,156 1,472,593 1,524,372
Foreign
446,435
446,052
480,055
465,
454,873
440,554
455
434,392
463,134
471,726
Other
733,517
452,161
456,
627,631
447,007
458,375
460,
477,877
422,701
428,980
Total deposits
22,506,858 22,444,116 22,412,605 22,204,472 22,371,899 22,353,650 22,306,983 22,427,468 22,419,994 19,430,600
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per c e n t ) . . .
49.0!
49.1
49.0
49.1
48.9
49.0
49.1
48.9
48.5
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Industrial loans:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
U. S. Government securities:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Ncv. 24
DECEMBER
1948
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months
days
6 months to 1 year
300,314
320,068
326,402
282,153
581,864
69,083
81,747
87,342
73,357
456,298
14,334
109,196
128,155
97.566
19,723
133,237
36,697
40,410
60,610
56,403
53,659
83,648
70,495
50,620
42,200
1,136
931
973
973
980
917
716
765
780
798
7
15
7
35
39
63
114
131
86
73
1 year to 2 years to Over
2 years
5 years
5 years
67
2
23,242,002
23,239,197
23,144,151
22,929,772
22,993,190
2
2
724,491 1,269,795 2,012,716 1,798,099
,113,982 897,866 2,313,462 1,123,579
809,837 1,367,657 2,410,927 698,623
,299,621
996,691 2,248,800 706,132
,332,857 982,651 1,942,899 1,107,187
30,001
8,780
7,240
45
43
15
15
879,900 5,233,769
761,200 5,246,869
745,700 5,242,369
736,200 5,165,869
736,200 5,134,669
640,550
645,550
645,550
620,150
590,900
2
2
1,908,241 8,774,441
1,965,491 9,171,198
1,966,392 9,257,096
1,963,917 9,192,392
1,963,917 9,201,910
1481
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
Assets
Gold certificates:
Oct. 27.
22,098,43
798,781
Nov. 3 .
22,116,42< 768,81
Nov. 10.
22,195,429 772,925
Nov. 17.
22,215,428 807,931
Nov. 24
22,255,43
820,906
Redemption fund
for F. R. notes
630,960
Oct. 27
52,93629,302
Nov. 3
52,745
Nov. 10
630,303
52,745
Nov. 17
627,249
52,588
52,588
Nov. 24
627,250
Total gold certifr
cate reserves:
22,729,391 851,715
Oct. 27
22,745.731 821,559
Nov. 3
22,825,732 825,670
Nov. 10
22,842,677 860,519
Nov. 17
22,882,681 873,494
Nov. 24
Other cash:
Oct. 27
277,472
28,329
253,92
Nov. 3
27,967
250,935
Nov. 10
25,854
Nov. 17
260,700
25,391
24,479
Nov. 24
255,486
Discounts & advances:
Secured by
U. S. Govt.
securities:
Oct. 2 7 . .
'55,370
3,211
Nov. 3 . .
75,165
1,971
Nov. 10..
95,122
3,896
Nov. 17..
50,753
2,750
Nov. 24. .
350,469
6,285
Other:
Oct. 2 7 . . ••244,944
15,408
244,903
Nov. 3 . .
15,408
231,280
Nov. 10..
14,558
231,400
Nov. 17. .
14,558
Nov. 2 4 . .
231,395
14,558
Industrial loans:
1,136
Oct. 27
931
Nov. 3
973
Nov. 10
973
Nov. 17
980
Nov. 24
U. S. Govt.
securities:
Bills:
5,518,151 357,946
Oct. 27
Nov,, 3....5,130,589 322,479
4,977,244 334,590
Nov. 10
4,941,444 330,373
Nov. 17
5,025,794 335,205
Nov. 24
Certificates:
6,162,069 414,238
Oct. 27
6,139,819 412,743
Nov. 3
6,119,819 411,399
Nov. 10
6,033,819 405,617
Nov. 17
6,020,619 404,731
Nov . 24
Notes:
879,100
59,097
Oct. 27
832,100
55,937
Nov,. 3
823,600
55,366
Nov . 10
798.200
53,658
Nov , 17
780,950
52,498
Nov . 24
Bonds:
Oct. 27.... 0,682,682 718,133
1,136,689 748,653
Nov, 3
Nov, 10.... 1,223,488 754,487
1,156,309 749,972
Nov, 17
Nov. 24.... 1,165,827 750,611
Total U. S. Govt.
securities:
13,242,002 1,549,414
Oct. 27
!3,239,197 1,539,812
Nov. 3
Nov. 10
13,144,151 1,555,842
12,929,772 1,539,620
Nov. 17
Nov. 24
12,993,190 1,543,045
Total loans and
securities:
23,543,452 1,568,033
Oct. 27
23,560,196 1,557,191
Nov. 3
Nov. 10
23,471,526 1,574,296
Nov. 17
23,212,898 1,556,928
Nov. 24
13,576,034 1,563,888
D u e from foreign
banks:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
r
1
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
7,136,517
7,018,849
7,142,410
7,008,306
7,053,420
1,023,698
1,033,987
1,043,843
1,030,343
1,048,666
59,149
58,376
58,376
57,734
57,734
57,836
57,514
58,514
58,239
58,239
7,195,666
7,077,225
7,200,786
7,066,040
7,111,154
1,081,534
1,091,501
,102,35
1,088,582
1,106,905
47,839
40,548
42,813
39,365
34,876
12,535
11,320
11,17
12,204
10,843
24,498
20,36:
20,647
18,863
20,088
17,99
17,778
16,269
17.23
18,745
21,062
20,525
18,547
22,561
20,834
42,363
38,244
36,182
38,167
36,163
9,115
6,491
22,35.
5,515
205,795
5,275
5,910
2,825
3,080
18,600
2,640
8,640
20,093
6,360
16.50J
'6,670
11,695
3,345
2,295
18,535
2,690
4,640
5,620
7,520
12,162
78,264
78,264
73,944
73,944
73,944
19,811
19,811
18,717
18,717
18,717
22,518
22,514
21,267
21,266
21,266
r 12,080
12,080
11,419
11,419
11,419
10,205
10,198
9,574
9,645
9,640
900
879
935
935
944
187
1,323,152
1,230,221
1,193,454
1,184,870
1,205,096
394,161
366,478
355,524
352,967
358,993
529,026
491,870
477,168
473,736
481,823
1,477,554
1,472,218
1,467,423
1,446,801
1,443,636
440,157 590,758
438,567 588,625
437,138 586,708
430.996 578,462
430,053 577,196
1,405,910 1,040,645
1,431,100 1,055,352
1,413,56" 1,037,302
1,436,49: 1,021,559
1,422,963 1,012,707
St.
Louis
1,021,611 4,371,939 642,109
1,034,878 4,364,825 663,554
1,054,106 4,318,611 654,81
1,079,839 4,376,053 663,835
1,071,988 4,412,234 655,879
Minneapolis
Kansas
City
Dallas
San
Francisco
473,693 798,912
468,000 825,340
502,15" 819,987
486,825 843,340
483,254 822,745
584,246
595,981
601,391
627,542
616,078
2,800,370
2,855,749
2,834,318
2,833,363
2,834,591
26,991
26,929
26,929
26,882
26,882
47,109
46,959
46,959
46,842
46,843
45,219
45,141
45,141
45,082
45,082
23,285
23,257
23,25
23,235
23,235
36,466
36,405
36,406
36,360
36,360
1,066,904 4,476,670 687,328
1,079,976
708,695
1,099,204 4,423,073 699,953
1,124,795
708,917
1,116,944 4,516,470 700,961
496,978
491,257
525,414
510,060
506,489
835,378
861,745
856,393
879,700
859,105
12,365
10,541
15,490
17,648
20,562
13,482
14,548
13,358
13,997
13,557
11,879
10,29
10,092
11,367
11,469
13,141
13,321
12,813
13,415
13,744
31,984
28,470
27,693
30,490
30,126
4,360
19,410
8,740
1,190
24,380
6,811
8,135
3,330
7,035
14,810
298
248
248
248
198
7,170
7,395
8,040
8,030
28,569
280
280
2,280
280
1,280
6,850
350
14,350
6,450
3,350
33,262
33,262
31,426
31,426
31,426
8,805
8,805
8,319
8,319
8,319
6,114
6,114
5,777
5,777
5,777
8,610
8,610
8,088
8,138
8,138
8,345
8,315
7,857
7,857
7,857
21,522
21,522
20,334
20,334
20,334
811,213 272,485
736,558 254,730
714,768 247,320
709,681 252,205
728,482 250,883
168,904
157,041
152,348
151,252
153,834
257,205
239,141
231,994
230,326
234,258
250,076 518,964
232,512 509,138
225,564 471,747
223,941 463,446
227,763 471,103
340,226
338,998
337,894
333,146
332,416
188,615
187,933
187,321
184,689
184,285
287,220
286,183
285,251
281,242
280,627
279,259 559,374
278.250 557,355
277.343 555,538
273.446 547,732
272,849 546,534
124,910
118,231
117,024
113,415
110,964
48,538
45,943
45,473
44,071
43,119
26,908
25,470
25,210
24,432
23,904
40,976
38,785
38,389
37,205
36,401
2,561,515 763,064 ,024,149 693,776 535.555 ,517,881
2,670,377 795,494 ,067,674 723,261 558,316 ,582,390
2,691,190 801,694 ,075,995 728,898 562,668 ,594,723
2,675,082 796,895 ,069,555 724,535 559,299 ,585,178
2,677,364 797,575 ,070,468 725,154 559,777 ,586,530
589,823
614,890
619,682
615,973
616,499
326,986 497,930 484,128 969,742
340,883 519,092 504,704 ,010,955
343,540 523,138 508,638 ,018,835
341,484 520,007 505,593 ,012,736
341,775 520,450 506,024 ,013,600
5,573,013
5,572,339
5,549,551
5,498,147
5,513,354
,660,176
,659,976
,653,186
,637,873
,642,404
,228,212
,227,942
,218,829
,198,277
,204,357
,509,434
,509,253
,503,074
,489,151
,493,271
,165,193 3,329,559
,165,053 3,309,574
,160,287 3,296,068
,149,539 3,265,607
,152,718 3,281,433
,251,072
,254,561
,250,369
,245,395
,242,917
711,413
711,327
708,419
701,857
703,798
,083,331
,083,201
,078,772
,068,780
,071,736
,053,303
,053,176
,048,870
,039,154
,042,028
,127,882
,152,983
,120,884
,096,372
,102,129
5,660,392
5,657,094
5,645,850
5,577,606
5,793,093
,686,162
1,686,576
',675,663
,660,605
,680,665
,253,557
,259,096
,260,189
,225,903
,242,128
,528,233
,533,080
,517,876
,502,903
,523,261
,178,088 3,367,181
,179,891 3,362,246
,175,481 3,336,234
,166,704 3,298,223
,174,520 3,337,239
,266,688
,271,501
,262,018
,260,749
,266,046
717,825
717,689
714,444
707,882
709,773
,099,111
,099,206
,094,900
,084,948
,108,443
,061,928
,061,771
,059,007
,047,291
,051,165
,156,254
,174,855
,155,568
,123,156
,125,813
210,792
199,523
197,484
191,394
187,258
1
1
62,794
59,437
58,830
57,015
55,783
73,700
73,429
73,429
73,209
73,209
58,24
58,98
58,98
57,886
57,886
,479,610 1,098,89:
,504,529 ,114,339
,486,996 1,096,289
,509,701 1,079,445
,496,172 1,070,593
84.279
79,773
78,958
76,524
74,870
45,293
45,098
45,098
44,956
44,956
104,731
104,46:
104,46:
104,236
104,236
611,237 2,847,479
622,910 2,902,708
628,320 2,881,277
654,424 2,880,205
642,960 2,881,434
49
52
38
38
36
358,376 276,643
333,207 257,214
323,242 249,525
320,917 247,730
326,396 251,958
400,190
398,745
397,446
391,861
391,003
57,092
54,040
53,488
51,838
50,718
308.923 875,555
307,807 872,395
306,805 869,553
302,494 857,333
301,832 855,457
44,072
41,716
41,289
40,016
39,151
39,840
37,710
37,325
36,174
35,392
79,802
75,535
74,764
72,458
70,892
16
16
U6
1
16
1
16
Revised.
After deducting $33,000 participations of other Federal Reserve Banks on Oct. 27; Nov. 3; Nov. 10; Nov. 17; and Nov. 24.
1482
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Federal Reserve
notes of other
Banks:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Uncollected
items:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Bank premises:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Other assets:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Total assets:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Liabilities
Federal Reserve
notes:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Deposits:
Member bank
reserve
account:
Oct. 2 7 . .
Nov. 3 . .
Nov. 1 0 . .
Nov. 1 7 . .
Nov. 24. .
U. S. Treasurer-general
account:
Oct. 2 7 . .
Nov. 3 . .
Nov. 10. .
Nov. 1 7 . .
Nov. 24. .
Foreign:
Oct. 2 7 . .
Nov. 3 . .
Nov. 10. .
Nov. 1 7 . .
Nov. 2 4 . .
Other:
Oct. 2 7 . .
Nov. 3 . .
Nov. 10. .
Nov. 1 7 . .
Nov. 24. .
Total deposits:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Deferred availability items:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Other liab. incl.
accrued div.:
Oct.
Nov.
Nov.
Nov.
Nov.
27....!.
3
10
17
24
New
York
Philadelphia
Cleveland
150,89
128,78,
127,56:
136,38.
135,941
5,32C
4,70 =
6,46
5,11
3.74C
17,176
14,005
15,49.
18,02'
12,968
5,55.
4,051
7,141
7,285,21'
2,666,20C
2,555,47
2,785,13.
3,733,911
2,761,92
199,05
207,284
207,132
307,818
205,30'
484,854
445,972
529,697
716,707
536,80'
174,86'
181,263
177,16.
250,847
184,964
32.26
32,22.
32,22.
32,23i
32,24(
1,194
1,194
1,191,194
1,19-
8,085
8,063
8,063
8,063
8,063
3,064
3,064
3,064
3,064
3,058
4,803
4,801
4,801
4,798
4,798
194,758
205,59
212,124
217,344
223,088
13,122
13,903
14,382
15,518
15,153
46,233
48,664
50,658
51,513
53,432
13,488
14,268
14,709
14,997
15,420
18,875
20,187
20,497
21,00
21,594
49,594,486
49,481,976
49,705,28"
50,436,199
49,867,442
2,666,762,633,806
2,654,993
2,772,486
2,687,258
23,998,911
24,113,495
24,181,645
24,089,861
24,166,269
1,406,27
1,406,125
1,413,048
,411,502
,424,264
19,959,966
19,846,04
19,947,180
19,952,523
19,934,421
857,584
852,642
858,788
877,331
836,975
1,524,372
1,472,593
1,553,156
1,590,887
1,650,293
136,57
128,01
132,394
137,466
151,452
248,093
208,744
279,40
250,760
318,841
144,681
139,881
131,730
125,743
139,036
440,554
463,134
434,392
471,726
465,940
22,78
24,551
22,031
29,138
28,388
1194,533
1198,067
1196,517
U57.185
1159,490
447,007
422,701
477,877
428,980
456,204
2,862
3,765
3,804
4,83
4,174
12,371,899
12,204,472
12,412,605
:2,444,116
12,506,858
,019,810
,008,97
,017,017
,048,772
,020,989
2,412,930
2,386,861
2,328,031
3,113,089
2,397,357
189,093
169,214
175,052
261,860
191,277
15,288
12,912
12,779
12,418
14,503
743
675
683
713
734
8,799,028
8,717,740
t8,935,060
19,659,484
t9,084,987
,615,918
,584,989
,605,800
,722,847
,637,264
27
3
10
17
24
Oct.
Nov.
Nov.
Nov.
Nov.
Boston
13,460,261 2,977,211
13,291,587 2,992,054
13,493,376 2,991,287
13,477,339 3,037,587
13,550,409 3,007,078
Richmond
7,838
8,899
6,382
7,240
7,473
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
23,41:
20,62
20,17
20,31.
23,16
10,901
8,470
10,626
11,369
13,770
18,543
18,626
14,822
15,255
14.769
8,456
6,47
7,304
8,086
8,216
15,173
15,259
10,544
11,824
12,030
9,953
7,903
7,650
8,76
9,794
8,144
6,728
8,121
7,810
7,822
20,426
13,036
12,840
15,293
16,975
255,039 229,354
253,069 223,817
267,836 232.01
391,492 313,976
275,081 235,07
171,61
172,720
178,68
223,514
174,451
423.18:
391,760
437,030
588,420
438,616
124,098
110,258
142,585
165,97~
122.164
78,970
81,89.
79,41
97,758
72,474
153,718
152,952
158,012
190,144
154,812
125,120
108,572
131,250
177,539
137,756
246,331
225,915
244,310
309,718
224,419
2,571
2,571
2,571
2,571
2,564
1,574
1,574
1,574
1,586
1,581
3,028
3.021
3,021
3,025
3,048
1,952
1,94'
1,949
1,949
1,948
,18
,182
,18
,18:
,18
2,399
2,392
2,39:
2,392
2,392
764
761
761
761
761
1,651
1,651
1.651
1,651
1,651
12,491
13,199
13,694
13,952
14,375
9,763
10,339
10,675
10,879
11,173
27,729
29,093
29,975
30,658
31.513
11,006
11,541
11.938
12.164
12,511
5,969
6,299
6,500
6,599
6,79:
9,107
9,602
9,963
10,152
10,457
9,115
9,560
9,561
9,936
10,123
17,860
18,936
19,572
19,972
20,545
4,044,224 2.912,950 2,459,906 8,358,703 2,111,895
4,070,94r 2,925,413 2,473,497 8,312,284 2.120,959
4,067,35: 2,898.886 2,494,796 8,280,344 2,141.239
4,179,005 2,950,394 2,561,410 8,454,044 2,175,492
4,067,338 2,887,777 2.513,275 8,377,825 2,132,410
1,329,580 21,121,547
1,328,130 2 ,144,099
1,350,860 2,139.404
1,349,303 2,187,472
1,322.298 2,156,474
1,829,451 5,321,989
5,365,575
1,823.625!
1,849,835 5,342,935
'
.
,911,178 5,380,489
,864,333 5,300,967
123,451
125,061
132,145
125,835
131,587
1,683.665
,689,59'
1,688,193
,677,246
,673,638
1,333,097 4,559,503
1,343.438 4,574,507
4,574,50
1,346,191 4,587,066
1,337,769 4,573,097
4,573,09
1,331,534 4,586,343
,119,165
,134,624
,137,599
,133,837
,131,634
630,956
633,498
635,290
633,639
633,780
932.679
940,267
940,513
937,763
936,458
624,257 2,482,998
630,063 2,499,285
631,663 2,509,418
629,064 2,490,200
628.282 2,484,593
6,509,347 953,00: 1,413,842
6,384,20: 933,619 1,471,203
6,451,894 964,685 1,445,894
6,399,62^ 950,208 1,475,147
6,469,639 946,668 1,425,597
846,42.
843,807
855,040
839,290
839,665
827,358 3,088,755
826,374 3,030,950
842,757 3,018,792
835,680 3,065,064
836,600 3,056.773
712,609
724,875
744,057
731,526
736,644
506,960
507,669
519,680
498,766
496,795
921,508
940,918
927,262
939,524
949,560
946,761 ,375,815
937,747 ,392,038
970,034 ,348,297
984,161 ,356,199
965,699 2,373,806
154,814
140,505
159,388
149,564
144,725
105,182
95,316
97,762
93,22
96,251
76,862
89,419
91,769
124,885
121,964
168,166
168,833
158,292
164,852
190,894
112,892
103,158
84,690
102,560
97,521
91,122
89.784
95,892
101,578
95,670
85,785
83,752
92,126
108,807
96,572
97,321
91,721
90,776
106,558
99,926
102,877
133,463
138,935
124,887
97,441
29,298
31,566
28,326
37,462
36,499
33,276
35,852
32,173
42,550
41,455
17,723
19,095
17,135
22,663
22,079
14,830
15,978
14,338
18,962
18,475
49,191
52,999
47,559
62,900
61,282
13,021
14,029
12,589
16,650
16,222
9,043
9,743
8,743
11,563
11,265
12,659
13,639
12,240
16,188
15,771
12,298
13,250
11,890
15,725
15,320
31,895
34,365
30,851
40.740
39,694
385,099
357,114
414,282
365,900
391,079
1,096
1,648
1,454
1,515
2,693
6,449
6,109
5,597
6,411
6,070
1,976
2,963
2,894
2,174
1,747
1,396
398
600
618
1,417
3,219
3,774
2,114
2,610
2.346
5,227
7,041
8,290
6,363
6,106
2,323
1,862
2,057
1,321
2,268
247
741
246
266
430
453
677
897
278
426
36,660
36.609
35,642
36,687
37,448
7,337,072
7,148,127
7,342,095
7,173,472
7,339,049
1,128,077
,106,714
,126,195
1,114,928
1,124,896
,608,381
,653,669
,643,052
,673,672
,617,847
971,306 920,446 3,309,331
961,181 932,169 3,256,556
972,831 949,464 3,226,757
957,354 980,145 3,295,426
959,742 978,456 3,311,295
843,749
849,103
849,626
857,099
856,493
609,448
609,058
626,372
613,228
605,998
,020,199 1,056,833
,039,050 1,043,395
,031,874 1,073,597
,064,785 1,106,722
,062,333 1,081,371
,547,247
,596,475
,553,725
,558,513
,548,389
237,277 215,858 171,275 378,746
220,153 234,684 164,459 374,919
219,812 197,485 165,404 359,369
306,430 275,070 209,443 477,474
244,100 213,228 168,890 371,074
117,442
107,490
123,887
154,142
113,533
67,479
64,841
68,338
81,408
61,266
137,777
135,430
137.322
154,998
127,403
2,340
1,917
1,945
1,980
2,251
616
550
540
535
526
417
421
364
348
393
553
528
486
512
540
,425,491 1,249,920
,440,594 8,207,899
,461,594 8,175,137
,527,892 8,347,977
,479,478 8,270,963
,080,972
,091,767
,111,652
,145,613
,102,186
,308,300
,307,818
,330,364
,328,623
,301,437
,091,208
,115,275
,110,195
,158,058
,126,734
5,466,035
5,494,013
5,508,885
5,493,755
5,542,835
1,636,833
1,643,01
1,651,634
1,646,154
1,661,321
412,183 147,865
413,150 180,294
404,522 150,983
570,859 213,601
426,786 157,480
4,452
3,221
3,387
3,329
4,448
918
784
795
779
841
1,549
1,512
1,208
1,325
1.545
749
624
660
607
668
3,219,742 ,913,693 ,970,658
3.058,511 ,930,809 ,000,395
3,258,889 ,929,607 ,996,217
3,241,415 ,975,462 ,107,262
3,313,118 ,944,538 ,995,079
2,871,578
2,886,086
,859,169
,910,277
,847,276
673
528
535
535
598
118,406 219,529
121,647 200,580
115,924 209,933
146,396 261,408
125,342 196,978
648
617|
483
548
623
1.630
1,535
1,693
1,207
1,336
,800,144 5,251,404
,795,722 5,297,875
,821,667 ,274,769
,882,730 ,311,328
,835,618 5,231,296
1
After deducting $245,956,000 participations of other Federal Reserve Banks on Oct. 27; $264,996,000 on Nov. 3; $237,796,000 on Nov. 10; $314,500,000 on Nov. 17; and $306,408,000 on Nov. 24.
DECEMBER 1948
1483
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
New
York
Boston
Total
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
Capital Accts.:
Capital paid in:
Oct. 27
200.017
Nov. 3
200,091
Nov. 1 0 . . . .
200,116
Nov. 17
200,124
Nov. 24
200,184
Surplus:
(section 7):
Oct. 27
448,189
Nov. 3
448,189
Nov. 10
448,189
Nov. 1 7 . . . .
448,189
Nov. 24
448,189
(section 13b):
Oct. 27
27,543
Nov. 3 . . . .
27,543
Nov. 10
27,543
Nov. 17
27,543
Nov. 2 4 . . . .
27,543
Other cap. accts.:
Oct. 27
119,709
Nov. 3
88,413
Nov. 10
94,379
Nov. 17
100,859
Nov. 24
106,539
Total liabilities
and cap. accts.:
Oct. 27
49,594,486
Nov. 3
49,481,976
Nov. 10
49,705,287
Nov. 17
50,436,199
49,867,442
Nov. 24
Contingent liability on bills
purchased for
foreign correspondents:
Oct. 27
1,674
1,846
Nov. 3
Nov. 10
1,858
1,858
Nov. 17
Nov. 24
1,850
Commit, to make
indus. loans:
Oct. 27.
6,070
6,072
Nov. 3 . ! . .
6,104
Nov. 10
6,104
Nov. 1 7 . . . .
6,097
Nov. 24
11,340
11,340
11,341
11,340
11,350
68,986
68,994
69,002
68,975
68,979
14,640
14,642
14,642
14,642
14,643
19,008
19,019
19,022
19,014
19,018
8,529
8,530
8,534
8,534
8,540
7,830
7,831
7,831
7,847
7,844
25,218
25,216
25,218
25,235
25,266
6,601
6,601
6,601
6,602
6,602
4,407
4,414
4,414
4,419
4,420
6,887
6,888
6,891
6,895
6,895
7,778
7,793
7,796
7,797
7,803
18,793
18,823
18,824
18,824
18,824
28,117
28,117
28,117
28,117
28,117
138,596
138,596
138,596
138,596
138,596
35,350
35,350
35,350
35,350
35,350
42,173
42,173
42,173
42,173
42,173
21,210
21,210
21,210
21,210
21,210
19,110
19,110
19,110
19,110
19,110
66,217
66,217
66,217
66,217
66,217
16,972
16,972
16,972
16,972
16,972
11,233
11,233
11,233
11,233
11,233
16,148
16,148
16,148
16,148
16,148
14,111
14,111
14,111
14,111
14,111
38,952
38,952
38,952
38,952
38,952
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
8,383
6,349
6,724
7,171
7,516
25,618
18,167
19,570
21,034
22,397
9,039
6,764
7,199
7,644
8,058
11,379
8,354
8,934
9,550
10,062
8,284
6,238
6,624
7,024
7,402
6,713
5,200
5,499
5,799
6,081
15,919
11,523
12,343
13,186
13,950
6.829
5,098
5,493
5,784
6,129
4,567
3,592
3,776
3,955
4,135
6,167
4,651
5,033
5,234
5,560
6,111
4,692
4,954
5,233
5.494
10,700
2,666,769
2,633,806
2,654,993
2 772,486
2,687,258
13,460,261
13,291,587
13,493,376
13,477,339
13,550,409
2,977,211
2,992,054
2,991,287
3 037,587
3,007,078
4,044,224
4,070,947
4,067,352
4,179,005
4,067,338
2,912,950
2,925,413
2,898,886
2,950,394
2,887,777
2,459,906
2,473,497
2,494,796
2 561,410
2,513,275
8,358,703
8,312,284
8,280,344
8 454,044
8,377,825
2,111,895
2,120,959
2,141,239
2,175,492
2,132,410
1,329,580
1,328,130
1,350,860
1,349,303
1,322,298
2,121,547
2,144,099
2,139,404
2,187,472
2,156,474
1,829,451
1,823,625
1,849,835
1,911,178
1,864,333
5,321,989
5,365,575
5,342,915
5,380,489
5,300,967
105
116
117
117
116
1536
1591
1595
1595
1592
135
150
150
150
150
154
170
171
171
170
82
90
91
91
91
69
76
76
76
76
228
251
253
253
252
60
66
67
67
66
42
46
46
46
46
59
65
65
65
65
63
63
63
63
57
147
162
164
164
163
165
186
210
210
201
1,075
1,057
1,057
1,057
1,057
121
121
132
132
135
288
288
288
288
288
486
485
485
485
484
75
7c
75
75
75
7,785
8,230
9,245
9,755
3 750
3,750
3,750
3,750
3,750
110
110
107
107
107
1
After deducting $1,138,000 participations of other Federal Reserve Banks on Oct. 27; $1,255,000 on Nov. 3; $1,263,000 on Nov. 10; $1,263,000
on Nov. 17; and $1,258,000 on Nov. 24.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank):
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Collateral held against
notes outstanding:
Gold certificates:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Eligible paper:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
U. S. Govt. s e c :
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Total collateral:
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Boston
New
York
Cleveland
460,000 4,770,000
460,000 4,770,000
460,000 4,770,000
460,000 4,770,000
460,000 4,770,000
550,000
550,000
550,000
550,000
550,000
625,000
625,000
625,000
625,000
625,000
575,000 2,600,000
575,000 2,600,000
575,000 2,600,000
575,000 2,600,000
575,000 2,600,000
8,315
5,841
21,855
5,340
192,925
5,275
5,910
2,825
3,080
18,600
3,211
1,971
3,896
2,750
6,285
735,000
735,000
735,000
735,000
735,000
,200,000 1,500,000
12,300,000 ,100,000 1,000,000 1,:
12,300,000 100,000 1 1
,,000,000 1,200,000 1,500,000
,200,000 1,500,000
12,300,000 100,000 1,000,000 1,;
1
12,300,000 ,100,000 1,000,000 11,200,000 1,500,000
1. .
12,300,000 ,100,000 1,000,000 1,200,000 1,500,000
Chicago
1,386,697 4,665,442
1,391,224 4,658,
,143
1,396,968 4,665,906
1,391,579 4,664,831
1,389,640 4,670,373
13,279,000
13,279,000
13,279,000
13,279,000
13,279,000
1484
Atlanta
,729,503
,729,332
,734,817
,725,369
,722,105
1,470,063 5,650,471
1,471,728 5,653,962
1,473.349 5,654,302
,468,288 5,647,415
,476,984 5,686,689
25,622,850
25,620,195
25,635,989
25,613,878
25,861,722
Richmond
,685,354 2,185,517
,678,508 2,188,088
,700,146 2,
,196,811
,693,238 2,193,778
,701,.
,336 2,192,248
24,800,033
24,801,369
24,869,635
24,828,174
24,875,853
43,850
41,195
56,989
34,878
282,722
Philadelphia
5,870
11.295
2,445
1,895
17,935
1,150,000
1,150,000
1,150,000
1,150,000
1,150,000
St.
Louis
Minne- Kansas
City
apolis
1,158,519
1,164,803
1,178,999
1,174,556
1,170,193
,563,211 5,778,315 ,755,275 2,235,000 1,780,870 ,425,000 4,700,000
561,971 5,775,841 ,755,910 2,235,000 1,786,295 ,425,000 4,700,000
755,910
,791,855 ,752,825 2,235,000 1,777,445 ,425,000 4,700,000
,563,896 5
,562,750 5,775,340 753,080 2,235,000 1,776,895 ,425,000 4,700,000
,566,285 5,962,925 768,600 2,235,000 1,792,935 425,000 4,700,000
San
Francisco
960,451 662,618 2,600,742
960,737 662,731 2,596,612
964,559 662,410 2,594,975
964,708 659,236 2,599,116
961,453 666,222 2,592,656
315,000 200,000 280,000 169,000 2,000,000
315,000 200,000 280,000 169,000 2,000,000
315,000 200,000 280,000 169,000 2,000,000
315,000 200,000 280,000 169,000 2,000,000
315,000 200,000 280,000 169,000 2,000,000
6,811
8,135
3,330
7,035
14,810
850,000 2,100,000
:
2,100,000
850,000 2,:
850,000 2,100,000
850,000 2,100,000
850,000 2,100,000
644,656
645,501
646,393
646,060
645,954
Dallas
298
248
248
248
198
950,000 450,000
950,000 450,000
950,000 450,000
950,000 450,000
950,000 450,000
7,220
7,445
8,040
8,080
28,619
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
6,850
350
14,350
6,450
3,350
800,000
800,000
800,000
800,000
800,000
1,271,811 650,298 987,220 669,000 2,806,850
1,273,135 650,248 987,445 669,000 2,800,350
1,268,330 650,248 988,040 669,000 2,814,350
1,272,035 650,248 988,080 669,000 2,806,450
1,279,810 650,
»,198 1,008,619 669,000 2,803,350
FEDERAL RESERVE BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
End of month
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942—June...
Dec
565
2,665
310,680
2,688,397
1943—June...
Dec...
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
1944—June...
Dec...
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
1945—June..
Dec...
8,422
8,757
10,149,351 1,386,851 1,190,944 3,694,618
966,595
10,339,40C
510,270 435,345
1946—June...
Dec...
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
1947—June...
Dec...
8,771
8,771
10,344,018
10,344,018
3,589
2,412
3,218
2,183
6,726
1948—Jan
8,771
Feb.. . . 8,771
Mar.... 8,771
A p r . . . . 8,771
M a y . . . 8,771
June... 8,771
J u l y . . . 8,771
Aug
8,771
Sept.. . 8,771
O c t . . . . 8,771
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
2,357
1,959
1,835
1,787
1,761
1,609
1,605
1,414
1,332
l,33i
2,133
1,777
1,666
1,623
1,599
1,463
1,460
1,282
1,208
1,207
Total
amount
81,108
803,720
69,674
137,888
632,474 1,430,121
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Applications
approved
to date
Number
Amount
Ap-
proved
Loans Commitbut not
outments
com- standing 2
outpleted i (amount) standing
(amount)
(amount)
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3,471
3,489
3,511
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
525,532
544,961
1946
June 2 9 . . . 3,524
Dec. 3 1 . . . 3,542
552,711
565,913
4,577
984
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
4,248
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Participations
outstanding
(amount)
320
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
14,126
10,532
3,894
1,995
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
10,661
9,270
4,165
1,644
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17,930
2,706
1,086
615
1,210
554
5,366
8,309
3,555
1 574
572,836
586,726
195
945
1,778
1,387
7,018
7,434
4,043
4,869
1948
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30.. .
Oct. 3 0 . . .
3,576
3,582
3,587
3,593
3,595
3,599
3,600
3,603
3,604
3,606
589,986
596,048
600,322
604,623
606,305
610,956
611,694
612,099
613,820
614,402
1,025
1,972
4,906
3,785
1,394
7,077
7,918
7,700
6,646
6,612
6,482
6,417
6,187
6,246
6,085
5,213
6,770
5,109
4,234
3,272
3,238
3,346
3,353
4,212
4,153
145
45
70
120
1,045
620
65
45
185
916
851
802
883
1,011
1,116
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.
DECEMBER
1948
Chicago
4,270
4,324
5,037
5,331
,001
,024
,207
,298
6,688
6,781
6,869
7,435
4,906
4,944
5,396
5,753
5,358
5,357
5.240
5,382
5,365
5,289
5,295
5,252
,284
,303
1,293
1,303
1,300
1,297
1,289
1,308
7,357
7,452
7,397
7,445
7,434
7,448
7,503
7,471
5,683
5,765
5,751
5,804
5,714
5,735
5,825
5,839
24
60
63
46
256
263
249
226
646
618
566
537
102
51
15
98
32
31
25
194
290
205
226
196
217
241
183
465
549
538
578
503
520
591
P606
44
70
55
30
59
66
32
45
28
26
27
25
197
5
113
55
43
72
29
29
61
52
48
40
20
30
23
26
26
21
26
P779
133
171
128
111
328
68
258
52
76
87 '
78
120
P Preliminary.
1
Weekly figures of excess reserves pf all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures.
In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
Oct. 1947
Sept. 1948
15,880
16,637
8,532
8,796
12,422
12,293
6,092
6,074
Oct. 1948. .
16,696
1947
Dec. 31
June 3 0 . . .
New
York
768
902
761
909
739
777
857
Borrowings a t Federal
Reserve B a n k s :
1947—September. . . .
October
1948—September. . . .
October
1,110
2,670
926
1,295
Country
banks x
931
954
884
815
30
7
14
21
28
4
11
18
30
7
14
21
28
4
11
18
Reserve
city
banks
19,681
19,878
19,681
19,935
19,813
19,770
19,913
19,870
30
7
14
21
28
4
11
18
Excess reserves:
1947—September. . . .
October
1948—September. . . .
October
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Central reserve
city banks
16,866
17,073
18,509
19,818
Total reserves h e l d :
1947—September. .
October
1948—September. .
October
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
All
member
banks »
Month, or
week ending Thursday
8,806
12,360
6,076
Boston
New York
Philadelphia
Cleveland
1,943
2,993
1,290
1 ,335
862
2,221
817
903
359
1,096
937
1,062
235
1,168
904
816
Richmond
Atlanta
Chicago
St. Louis
1,148
1,533
2,249
666
400
477
1,590
339
915
652
1,714
985
474
216
964
277
Minneapolis
Kansas City
Dallas
San Francisco. . .
620
570
1,031
1,318
297
105
147
649
830
1,662
1,590
557
452
205
65
299
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
1485
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
DeNet
de-
Total
Interbank
Other
mand
deposits 2
Time
de-
posits
Reserves with Federal
Reserve Banks
mand
balances
3
due
from
domestic
banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of October 1948
All member banks
Central reserve city banks:
New York
Chicago
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
89 859
10 ,978
78,881
78,864
28,812
5,277
19 ,794
18 ,952
842
155
21 393
5 180
3 ,967
1 ,063
17,425
4,116
19,775
4,689
1,654
948
45
122
5 ,301
1 ,302
5 ,265
1 ,290
36
11
55
20
33 341
1 904
585
2 157
4 023
2 130
2 012
3 , 907
2 , 020
1, 116
2 , 775
2 , 474
8 , 238
5 ,074
269
27
335
467
352
412
444
571
329
769
544
555
28,267
1,635
28,782
1,735
11,327
1,692
7 ,428
7 ,182
246
1,905
3,544
1,832
1,695
3,341
1,696
2,006
1,930
7,684
2,271
2,063
7,271
33
25
72
163
111
120
264
97
64
244
236
262
412
138
448
916
457
426
913
417
220
554
515
396
135
438
890
435
403
883
398
215
527
482
2 ,013
1 ,979
16
3
10
27
21
23
30
18
5
27
33
34
55
3
1,822
3,556
1,778
1,599
3,463
1,450
190
294
254
29, 945
2 , 364
4 , 185
2 , 256
2 , 420
2 , 172
2 , 346
4 , 045
1, 697
1, 522
2 , 297
2 , 726
1, 914
873
80
86
17
21
114
157
71
51
70
61
116
30
29,073
2,284
4,099
2,239
2,399
2,059
2,189
3,974
1,646
1,453
2,237
2,610
1,884
25,619
2,054
3,681
1,980
2,100
1,804
1,986
3,473
1,448
1,280
1,928
2,230
1,654
5 ,764
446
919
491
521
401
407
829
303
292
372
420
362
5 ,215
411
843
446
465
354
370
747
278
261
332
373
336
548
35
76
45
56
47
37
82
25
31
41
47
26
25
2
69
558
787
511
918
1,469
431
405
1,975
334
180
358
380
5,058
14,883
1,098
3,389
1,722
1,721
873
692
2,554
616
749
309
211
949
3,418
182
303
206
258
272
291
484
217
202
349
451
204
13
6
3
14
2
5
2
1
Second half of October 1948
All m e m b e r banks
90 ,668
11 ,071
79,597
79,285
28,813
5,298
19 ,841
19 ,051
789
Central reserve city banks:
New York
Chicago
21,746
5,230
3 ,977
1 ,062
17,769
4,168
19,930
4,705
1,641
952
52
129
5 ,360
1 ,295
5 ,305
1 ,295
55
1
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
33 ,766
1,951
28,620
1,675
29,020
1,763
11,338
1,725
1,872
3,634
1,769
1,618
3,507
1,493
1,932
3,567
1,829
1,716
3,350
1,755
189
294
248
2,056
1,967
7,682
2,307
2,098
7,295
7 ,442
419
137
453
928
453
423
912
414
215
554
521
2 ,014
7 ,235
402
134
444
895
435
408
885
412
211
534
490
1 ,985
207
17
3
9
33
18
15
27
3
3
20
31
28
35
2,206
4,096
2,122
2,043
3,945
2,093
1,092
2,835
2,537
8,260
5 ,146
276
27
334
462
353
425
438
600
303
780
570
578
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
29,926
2,396
4,166
2,232
2,416
2,183
2,342
4,023
1,707
1,515
2,292
2,755
1,899
885
77
87
16
21
116
160
71
52
69
62
123
31
29,041
2,319
4,079
2,216
2,395
2,067
2,182
3,952
1,655
1,446
2,229
2,632
1,868
25,629
2,068
3,670
1,961
2,098
1,815
1,989
3,468
1,451
1,291
1,930
2,235
1,653
5 ,744
451
910
487
518
397
403
825
303
293
372
426
359
5 ,217
413
841
443
465
356
370
746
278
263
332
374
336
527
37
69
45
53
40
33
79
25
31
40
52
23
25
2
7
3
1
2
2
2
2
587
560
789
509
899
5,069
35
28
74
173
100
123
272
99
60
254
245
262
14,882
3,392
1,096
3,388
1,721
1,719
194
292
200
253
274
287
466
224
188
343
477
195
1,471
430
405
1,975
339
180
358
380
875
692
2,554
616
749
310
214
948
1
3
9
1
3
6
1
'7
1
1
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e.t gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process
of collection) of all member banks estimated at 71,000 million dollars in the first half and 71,500 million in the second half of October.
I486
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars)
End of year or
month
Total
in circulation 1
Coin and small denomination currency 2
Large denomination currency
1947—July
August. . . .
September.
October. . .
November.
December.
1948—January. ..
February..
March
April
May
June
July
August.. . .
September.
October. . .
$2
$5
$10
$20
5,519
4,167
5,536
4,292
5,882
4,518
5,021
6,543
5,015
6,550
5,147
6,856
5,553
7,598
6,247
8,732
8,120
11,160
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
3 $1
442
402
452
423
478
460
517
499
505
537
524
550
559
590
610
648
695
751
801
880
909
1,019
987
1,156
1,274 1,039
1,361 1,029
33
32
33
35
33
34
36
39
44
55
70
81
73
67
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
364
1,360
618
1,254
337
577
1,369
358
627
1,530
399
707
1,542
387
710
1,714
409
770
2,048
460
919
2,489
538 1,112
3,044
724 1,433
3,837 1,019 1,910
5,580 1,481 2,912
7,730 1,996 4,153
7,834 2,327 4,220
8,518 2,492 4,771
125
112
122
135
139
160
191
227
261
287
407
555
454
438
237
216
239
265
288
327
425
523
556
586
749
990
801
783
28,149 19,622
28,434 19,837
28,567 19,881
28,552 19,833
28,766 20,008
28,868 20,020
1,356
1,362
1,375
1,385
1,396
1,404
980
990
1,010
1,011
1,020
1,048
63
64
64
63
64
65
2,058
2,092
2,085
2,078
2,102
2,110
6,230
6,308
6,270
6,233
6,303
6,275
8,935
9,020
9,077
9,064
9,123
9,119
,529 2,453 4,824
,600
477 4,874
,689
503 4,941
,721
499 4,986
,760
513 5,023
,850 2,548 5,070
428
428
428
427
426
428
28,111
28,019
27,781
27,716
27,812
27,903
27,866
28,055
28,118
28,176
1,382
984
972
975
976
994
1,000
994
1,006
1,020
1,026
63
63
62
61
62
63
62
63
63
63
2,017
2,005
1,986
1,991
2,015
2,017
2,010
2,023
2,031
2,037
6,064
6,084
6,013
6,017
6,054
6,085
6,059
6,099
6,090
6,087
858
826
8,738
700
8,724
8,737
762
8,827
8,844
8,867
,745
,687
,614
,574
,555
,581
,559
,607
,632
,647
424
421
416
412
410
407
404
403
402
401
Total
19,369
19,335
19,169
19,144
19,259
19,323
19,309
19,450
19,488
19,531
Coin
,385
,394
,399
1,409
1,421
1,422
1,432
1,442
1,451
Total
$50
2,511
2,492
2,470
2,456
2,453
2,465
2,452
2,464
2,466
2,467
$100
5,022
4,996
4,962
4,951
4,943
4,945
4,940
4,977
5,011
5,035
2
$500 $1,000 $5,000 $10,000
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
26
8
10
5
8
7
5
2
4
4
3
2
3
2
3
806
804
800
793
782
782
12
12
12
11
11
17
2
2
2
3
3
3
771
762
749
739
735
749
748
748
739
730
12
12
11
10
10
10
9
11
10
9
3
3
1
1
2
2
2
2
2
3
5
7
7
6
17
20
30
24
9
9
10
7
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
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation x
Money leld in the Treasury
Total outstanding, As security
Oct. 31,
against
Treasury
1948
gold and
cash
silver
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—Oct. 31, 1948
Sept. 30, 1948
Oct. 31, 1947
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
22,770
2,270
41
493
1,966
304
1,966
26
3
(4)
(4)
4
()
1 234
46
2 270
968
364
347
343
98
19,910
Oct. 31,
1947
44
23 872
4,260
45
23,820
4,254
47
24,283
4,221
3
160
160
152
214
2 055
937
353
318
338
2 053
930
352
319
342
2,030
895
339
315
387
1
97
97
104
3,981
3,978
3,945
28,176
23
8
26
4
(5)
1,321
1,321
1,330
2,815
887
279
8
4
2
1
25,040
24,913
23,331
Sept. 30,
1948
2
24 004
22,770
24 804
4,580
3
Oct. 31,
1948
19,910
19,788
18,229
28,118
28,552
id
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes anc Treasury notes of 1890—$156,039,431 in gold
llion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollar
DECEMBER
1948
1487
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945.....
1946
1947
Amount—
adjusted for
seasonal
variation
[In millions of dollars]
Change In
seasonally
adjusted
series *
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
-84
Monthly averages of daily
figures:
1947—October
November
December
28,598
28,648
28,937
28,598
28,562
28,650
—113
-36
1948—January
February
March
April
May
June
July
August
September
October
November
28,394
28,096
27,941
27,766
27,749
27,846
27,955
27,977
28,152
28,188
28,277
28,309
28,096
28,025
27,990
27,945
27,986
28.011
28,118
28,208
28,188
28,192
-341
-213
-71
-35
-45
+88
+41
+25
+107
+90
-20
+4
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
...
.
Domestic
gold
production1
Increase
in gold
stock
*12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
22,754
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
-553.9
464.0
•2,224.9
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
311.5
1.866.3
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
210.0
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
75.8
22,614
22,754
22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
23,872
24,004
P24.165
320.1
139.5
180.7
101.5
100.4
32.2
135.2
228.5
146.4
46.2
147.2
131.9
P161.1
265.7
178.2
235.0
159.4
99.9
234.2
151.3
177.7
266.7
39.1
53.3
P121.6
(4)
-82.8
-44.6
-14.9
-72.2
-63.4
-111.5
-2.8
81.7
-188.4
59.5
98.1
1.0
6
99.7
5.8
6.8
6.0
5.5
6.4
5.7
6.1
5.7
6.2
7.7
7.4
6.5
(4)
Period
1937
1938
1939
1940
1941
1942
1943
1944..
1945
1946
1947
EarNet
marked
gold
gold: deimport
crease
or export
or increase (—)
Gold
stock
at end
of
period
. .
1947—November..
December..
1948—January
February...
March
April
May
June
July
August
September..
October
November..
P Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 1535.
* Includes gold in the Inactive Account amounting to 1,228 million
dollars on Dec. 31, 1937.
* Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
* Not yet available.
1
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions,
amounted to 3,731.7 million dollars on Nov. 30, 1948. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
l
Debits 1 o total deposit accounts , except
interbank accounts
Year and month
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers
New
York
City *
140
other
centers *
Other
reporting
centers *
New
York
City
Other
reporting
centers
New
York
City*
Other
leading
cities»
New
York
City*
Other
leading
cities»
641,778
792,937
891,910
974,102
}l,050,021
1,125,074
226,865
296,368
345,585
404,543
417,475
405,929
347,837
419,413
462,354
479,760
527,336
599,639
67,074
77,155
83,970
89,799
105,210
119,506
16.1
16.5
17.1
18.3
19.0
21.0
13.1
11.7
10.8
200,337
258,398
298,902
351,602
374,365
407,946
400,468
308,913
369,396
403 400
412,800
449,414
522,944
598,445
18.0
20.5
22.4
24.2
25.5
25.2
24.1
18.4
17.4
17.3
16.1
16.9
16.5
18.0
1947—October
November
December
105,290
92,910
118,382
37,504
31,738
46,225
56,554
51,002
60,295
11,232
10,169
11,862
21.8
21.6
27.2
12.4
13.1
13.5
35,162
33,531
44,131
55,025
51,621
59,878
23.9
26.5
29.9
18.2
19.8
20.0
1948—January
February
March .
April
May
105,193
90,273
107,636
102,349
97,603
108,639
102,940
97,940
104,754
107,141
37,615
32,271
39,587
37,955
35,429
40,633
35,832
33,031
37,531
38,169
56,355
48,507
56,900
53,685
51,807
56,667
55,972
54,118
••55,980
57,413
11,223
9,495
11,148
10,708
10,367
11,339
11,136
10,791
11,243
11.559
22.3
22.1
23.4
23.7
23.0
25 4
22.5
20.9
24.6
24.0
12.7
12.6
12.7
12.5
12.4
13 0
12.8
12.3
13.2
12.9
38,286
32,298
38,648
36,880
37,060
38,942
36,350
32,540
36,354
38,014
55 902
47,890
56,372
52,740
51,557
55 442
55 233
53,757
54,635
56,905
26 2
25.6
26.4
26 5
27 9
28 0
26 6
23 9
27.5
27.9
18 7
18.6
19.1
18 6
18 7
19 1
19 1
18 5
19.4
19.3
1942 «
1943
1944
1945
1946—old series «
1946—new series *
1947
June...
July
August
September
October
9.7
10.0
12.0
|
'Revised.
National series for which bank debit figures are available beginning with 1919.
Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
city.
• Weekly reporting member bank series.
* Total deposits, except interbank accounts, and debits to those deposits at all reporting centers are partly estimated for first four months.
1
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ
slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation.
1
1
1488
FEDERAL RESERVE BULLETIN
DEPOSITS ANE) CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS ANE CURRENCY OUTSIDE BANKS
[Figures partly estimated . In millions of dollars
Total
deposits
adjusted
and
currency
outside
banks
End of month
1929—June
December . .
1933—June
December
1940—June
December
1941—June
December
1942—June
December
1943_j u n e
December
1944—June
December
1945—j u n e
December
1946—june .
December
1947—j u n e
..
Total
aemana
deposits
adjusted
and
currency
outside
banks
deposits
adjusted
Demand
deposits
adjusted1
55,171
54,713
41,680
42,548
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
165,455
26,179
26,366
19,172
19,817
38,661
42,270
45,521
48,607
52,806
62,868
71.853
79,640
80,946
90,435
94,150
102,341
105,992
110,044
108,433
51,532
51,156
36,919
37,766
60,253
63,436
65,949
68,616
71 027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
140,377
139,156
22,540
22,809
14,411
15,035
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60 065
66,930
69,053
75,851
79,476
83,314
82.134
169.700
170,300
171,446
170,200
168,900
166,400
167,500
167,600
167,875
168,600
169,100
169,700
170,300
111,600
112,400
113,599
112,400
110,300
107,100
108,100
108,200
108,335
108,900
109,400
109,600
110,700
143,500
143,800
144,970
144,400
143,200
140,800
142,100
142,200
142,237
143,100
143,500
144,000
144,600
85,400
85,900
87,123
86,600
84,600
81,500
82,700
82,800
82,697
83,400
83,800
83 ,900
85,000
...
..
1947—October (Oct. 29)...
November (Nov. 26)
December (Dec. 31).
1948—January (Jan. 2 8 ) . . .
February (Feb. 25)..
March (Mar. 3 1 ) . . .
April (Apr. 28)
May (May 26)
June (June 30)
July (July 28) P
August (Aug. 25)P..
September (Sept 29) P
October (Oct. 27) P . .
Time deposits
Total
United
States
Government
deposits *
Currency
outside
banks
Total
Commercial
banks»*
Mutual
savings
banks««
381
158
852
1,016
828
753
753
1,895
1,837
8.402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
3,103
1,367
28,611
28,189
21,656
21,715
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
55,655
19,557
19,192
10,849
11,019
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
34,835
8,905
8,838
9,621
9.488
10,631
10,658
10,648
10 532
10,395
10,664
11,141
11,738
12,471
13.376
14,426
15,385
16,281
16,869
17,428
2,032
2,340
2,657
2,932
3,119
3,283
3,392
3,639
3,557
4,761
4,782
6,699
7,325
8,204
9,615
10,936
13!946
15,814
18,837
20,881
23.505
25,097
26,490
26,516
26,730
26,299
1,800
1,900
1,452
1,300
1,800
2.400
2,500
2,400
2,180
2,400
2,400
2,800
2,300
56,300
56,000
56,395
56,500
56,800
56,900
56,900
57,000
57,360
57,300
57,300
57,300
57,300
35,200
35,000
35,233
35,200
35,500
35,500
35,500
35,500
35,788
35,700
35,700
35,700
35,700
17,700
17,600
17.746
17,900
17,900
18,000
18,000
18,100
18,194
18,200
18,200
18,300
18,300
3,400
3,400
3,416
3,400
3,400
3,400
3,400
3,400
3,378
3,400
3,400
3,300
3,300
26,200
26,500
26,476
25,800
25,700
25,600
25,400
25.400
25,638
25,500
25,600
25 ,700
25,700
Postal
Savings
System «
149
159
1 186
1,208
1,292
,303
1,303
,313
i,315
,415
1,576
7Krf
P Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks.
* Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
6
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
• Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
1
1
1
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
Total,
all
banks
U. S. Government
securities
Total
1,192
1,224
1,274
1,345
1,716
2,252
2,837
3,182
Direct
1,046
1.078
1.128
1,220
1,716
2,252
2,837
3,182
Cash
reserve
Guar- funds,
etc.'
anteed
74
88
95
102
118
152
179
200
1939—Dec.. 1,279
1,304
1940—Dec..
1,314
1941—Dec.
1,417
1942—Dec.
1943—Dec.. . 1,788
1944—Dec.. . 2,342
1945—Dec.. . 2,933
1946—Dec.. . 3,284
1,319
1,348
1,396
1,464
1,843
2.411
$,022
J.387
1947—Dec...
3,417
5,525
6
3,308 3,308
212
1948—Jan.. .
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct.. .
3,432
3,441
3,435
3,415
3,395
3,379
3,368
3,356
3,348
P3,337
5,541
5,551
5,546
5.528
5,509
*
1,494
,483
,472
,464
6
6
6
6
6
6
6
6
7
3,332
3,336
3,346
3,316
3,291
3,291
3.275
3,260
3,260
3,332
3,336
3,346
3,316
3,291
3,291
3,275
3,260
3,260
204
209
194
205
211
196
202
206
198
53
36
26
16
10
8
6
6
146
146
146
126
» 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
1
DECEMBER
1948
Number of banks suspended:
1934-40
1941
1942..
1943
1944 .
1945
1946
1947
1948—Jan.-Nov
1
Nonmember
banks
Member
banks
National
NonInState sured insured
313
16
207
84
8
9
4
3
6
4
1
2
2
1
1
3
6
0
0
1
Deposits of suspended banks
(in thousands of dollars) :*
1934-40
131,934 14,872 26,548 49,689 40.825
1941
1942
1943
1944
1945..
1946
1947 .
1948—Jan.- Nov
3,726 3,144
1,702
6,223 4,982
405
0
0
167
503
1,375
1,241
405
79
327
167
1
Represents banks which, during the period? 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).
8
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.
1489
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
Invesi,ments
Class of bank
and date
Total
Other
Cash
assets l
U. S.
Loans
Total i
Total
All banks:
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec
1947—June
Dec.
1948—Apr.
May
June
July
Aug.
30
31
31
31
31
30
31
31
30 * .
31
Government
obligations
Other
securities
28, 719
30 422
19, 417
70 972
9,302
9,449
23 292
78 090
76 615 34 S11
?S 511
61
78, 147 73 916 S4, 231 4S 951
73 365 6S 932
96,966 73 601
8S 885
119 461 76 015 93, 446
30 362 109 865 101 288
140
648 96, 050 86 558
131 698
131 096 38 365 9? 730 8? 679
91 909
81 186
134 908 4? 999
89, 480
78 330
133 430 43 950
8 ,999
8 ,280
7,433
7 ,561
8 ,577
9 ,491
10 ,051
10 ,723
11 ,150
11 ,140
11 ,208
11 ,330
11 ,420
11 ,520
11 ,340
77 344
78 701
50 884
54, 177
133 690
133 081
134 090
134
2 5 «!'.'. '. '. 440
132 890
Sept. 2 9 "
133 400
Oct. 27 «
26 •
30
22, 165
73 756
44
45
45
46
47
680
099
440
000
140
47 140
All commercial banks:
40 668 17 ?38
1939—Dec. 30
43 979 18 800
1940—Dec. 31
1941—Dec. 31
50 746
714
1942—Dec. 31
67 .39.3 19
1943—Dec. 31
85 09 S 19 117
644
1944—Dec. 30 ... 105 530
1945—Dec 31
124 019 76 083
1946—Dec. 31
113 993 31 122
1947—June 30 2
11? 756 33 679
116 768 38 055
Dec. 31
1948—Apr. 28 e .... 114 340 38 850
114 570 39 520
May 26*
113 8SS 39 865
June 30
114 760 40 140
July 28 «
115 100 40 630
Aug. 2 5 *
Sept. 29«
Oct. 27 •
All member banks:
1939—Dec 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31 ....
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—Apr. 28 •
May 26 •
June 30
July 28« .
Aug. 25 •
Sept. 29*
Oct. 27 •
All mutual savings
banks:
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec. 31. ...
1943—Dec. 31
1944—Dec 30
1945—Dec. 31
1946—Dec. 31
1947—June 3 0 2
31
1948—Apr.* 28 •
May
June 30.'.'.!!!
July 28 «
Aug. 25 •
Sept. 29"
Oct. 27«
113 600
114 100
41 720
41 620
33 941
13 962
15 371
37
43 521 18 ,021
59 763 16 088
74 758 16 788
91 S69
107 183
96 ,36?
94 80?
97 846
18 ,676
,775
76 ,696
78 ,655
3? ,628
95 847 33 ,018
96 ,052 33 ,614
95 ,449 33 871
34 ,087
96
96 ,475 34 ,495
94 .895 35 ,453
95 ,452 35 ,310
10
10,248
10 ,379
10 ,754
11 871
13 ,931
16 708
17 704
18,339
18,641
19,090
19,120
19,226
19,330
19,340
19,290
19,300
4 ,927
4 ,956
4 ,901
4 ,695
4 ,484
4 ,370
4 ,279
4 ,526
4 ,686
4 ,944
5 ,100
5 ,160
5 ,234
s ,300
5 ,370
5 ,420
5 ,520
89, 010
87 98?
88 650
88, 440
85 750
86 260
77
76
77
77
74
74
73 430
16 316
179
79 032
48 17?
65 978
83 886
97 936
8? 871
79 077
78 213
17 757
490
050
990
620
470
71 880
72 480
75
75
73
74
74
19 979
805
75
43
57
7?
500
175
970
893
84 408
69 666
66 ,146
6S ,218
6? ,829
62 ,438
61 578
6? ,126
61 ,980
59 ,442
60 ,142
S ,289
s,292
s,478
6 ,059
7,387
9 ,560
11 ,928
13 ,179
13 ,653
13 .696
13 ,990
13 ,960
13 ,992
14 ,030
13 ,970
13 ,870
13 ,780
870
774
320
020
7.30
920
808
41 379
S9 842
77 5S7
90 606
74 780
70 5.39
69 207
66
65
64
65
65
62
63
270
870
798
310
100
460
260
7 ,114
7 ,372
7 ,225
6 ,793
6 ,136
6 ,329
7,331
8 ,091
8 ,538
9 ,005
9 ,220
9 ,180
9 ,192
9 ,310
9 ,370
9 ,420
9 ,220
78
30
35
35
33
38
33
32
35
33
33
36
37
475
790
41 S
041
544
387
380
940
000
970
850
880
560
7? 474
77 174
76 551
78 039
34 773
37 704
37 501
32
32
34
33
3.3
36
36
630
180
168
240
110
000
720
14 328
,651
19 78?
S,982
s,961
S ,629
73 963
73 123
74 780
5 ,022
S ,208
(\
,070
,625
e,948
,304
1 ,446
I,383
,439
.551
7,609
7,653
7,462
73 ,790
75 860
79 845
79 ,587
78 ,694
3? 84S
78 ,858
28 ,609
30 ,303
79 ,407
29 ,300
32 ,021
32 ,677
3 ,101
3 ,215
3 ,704
4 ,572
6 ,090
8 ,328
10 ,682
11 778
12 ,140
11 ,978
12 ,060
12 ,000
11 ,976
1? ,010
11 ,920
11 ,770
11 ,660
2,188
2 - 078
1
1,774
1 ,487
L
L.297
,232
1,246
L,400
L,513
1,718
1,930
,960
>,016
> 020
2,050
2,100
2,120
81, 816
99 803
117 661
141 448
165 617
1SS 902
1S3 349
161 850
54,970
9,874
10 934
Total
capital
accounts
Demand
25, 852
76, 499
76, 479
058
31 081
37, 551
37 ,513
38 ,558
44 ,349
.308 61 ,431
003 7S ,569
235 91 ,653
065 10S ,921
9? ,446
656
679
89 ,281
13 032
9S ,711
10 900 90 ,400
10 640 90 ,330
1 435 90 ,806
1
11 290 90 ,790
11 220 91 ,120
11 780 97 ,130
11 650 93 ,140
1S 331
10 900
10 640
1 436
1
11 290
11 220
1 280
1
1 650
1
57 718
9 874
10 9.34
139
1.35
144
136
136
138
137
1.38
139
140
033
907
087
910
550
142
880
110
240
600
49 340
56 430
61 717
78 777
9?
110
179
118
767
917
670
170
115 435
17? ,528
116 713
116 ,049
117 45?
117 ,128
117 ,274
118 ,191
119 ,529
10
11
11
1?
14
1?
11
9
982
410
10 4?3
10 525
11 000
10 555
11 884
13 640
1? 060
11 ,041
,403
10 332
10,107
10 833
10 ,701
10,624
10,669
1 ,025
1
15 844
1S 952
16 395
19 350
74 184
30 241
33 930
34 947
35 344
35
35
3S
35
35
35
35
610
580
900
800
770
830
810
8 566
8 996
9 643
10
11
11
11
542
360
721
946
1? 110
12 220
241
12 300
12 360
1? 400
12 450
6
7
7
7
7
8
8
9
9
10
885
010
173
330
719
265
950
577
880
057
baiaks
4
6
6
8
10
14
16
839
886
750
760
832
730
740
880
840
17,442
17,763
18,060
18,090
18,211
18,210
18,230
18,280
18,290
14
17
20
20
17
20
20
20
20
014
340
566
567
823
733
713
746
748
10 655
10,527
10,662
11 ,730
13 366
is,371
16 ,853
17,428
17,745
18,040
18,070
18.193
18 190
18,210
18,260
18,270
14,484
14, 345
14,^78
14, 136
14 034
13, 99?
14 011
14,044
14 183
14, 181
14 188
14,180
10,521
3
10,659
10,533
10,668
11 ,738
13 ,376
77 190
14,727
14 719
14,717
14,719
14 7?0
14,712
10 420
10 460
s 698
s 886
78
78
78
28
78
78
28
28
28
1 1896
4
14,198
14,194
1 187
4
14,185
14 187
s
15 268
19 759
74 210
15,035
14, 876
14.682
14, S79
14 535
14,553
14 585
14 716
14, 714
14 731
10 200
10 290
10 287
10 340
10 390
1? 178
1? 347
1? 754
10,524
1
1
1
1
1
093
53, 990
53, 980
54 090
54 080
8 302
8 414
11 699
966
793
663
797
584
609
818
is,385
45, 613
SO, 784
375
S3 089
, 3 650
S
53, 650
8, 194
78 ,231
33 ,829
38 ,846
S4 ,523
66 ,438
79 ,774
91 ,820
78 ,920
76 ,380
81 ,785
77,315
77 ,375
77 ,796
77 ,694
77 ,937
78 ,776
79 ,756
818
16 ,869
Nu tnber
cf
Time
32 ,516
38 ,562
44 ,355
61 ,437
75 ,577
91 ,663
OS ,935
99 ,462
89 ,295
95 ,727
90 ,420
90 ,350
90 ,823
90 ,810
91 ,140
9? ,150
93 ,160
10 982
11 308
11 003
235
14 065
656
11 679
13 033
154, 640
156 .353
156 090
156,340
157 570
158 890
65 337
71 783
89 135
77 677 10S 923
30 706 178 07?
34 806 1S0 227
15 87.3
19 539
37 546
57 948
67 685
78 ,338
63 ,047
59 ,198
S7 ,914
55 383
55 ,055
54 ,139
54,575
54 ,371
51 ,789
52 ,680
68, 242
75 996
Interbank i
522
6 101
6 475
6 968
7 589
8 09 S
8 ,315
8 ,464
8 ,573
8,638
8,624
8 ,657
8,698
8.724
8,765
1,309
1 292
1,241
1,236
1,276
1 378
1,592
1,784
1 ,842
1 ,889
1,910
1 ,930
1 ,955
1 ,960
1 ,970
1 ,980
1 ,990
6,36?
6
6
6
6
6
6
6
6
6
6
486
619
679
738
814
884
900
978
923
9.3 S
6 932
6 975
6 919
6 919
6 923
6 920
SSI
551
548
546
S4S
543
542
S41
533
533
533
533
532
532
532
532
532
• 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 liability data are not available.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
1490
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]
Deposits
Loans and investments
Investments
Class of bank
and date
Other
Total
Total
All insured commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
U.S.
Government
obligations
Other
securities
Loans
Total
Interbank
83,507
103,382
121,809
112,178
110,682
114.274
111,794
18,841
21,352
25,765
30,733
33,250
37,583
39,372
64,666
82,030
96,043
81,445
77,433
76,691
72,421
58,683
75,875
88,912
73,554
69,136
67,941
63,490
5,983
6,155
7,131
7,891
8,297
8,750
8,931
27,183
29,733
34,292
33,694
32,190
36,926
33,699
104,094
125,714
147,775
136,990
133,659
141,851
135,945
National member
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31.
1947—June 30.
Dec. 31
1948—June 30.
47,499
58,308
69,312
63,723
62,982
65.280
63,638
10,116
11,480
13,925
17,272
18,764
21,428
22,243
37,382
46,828
55,387
46,451
44,218
43,852
41,395
34,065
43,292
51,250
41,658
39,271
38,674
36,091
3,318
3,536
4,137
4,793
4,947
5,178
5,303
16,017
17,570
20,114
20,012
19,342
22,024
20,415
59,961
71,858
84,939
78,775
77,146
82,023
78,753
7,159
8,056
9,229
8,169
7,432
8,410
7,305
State member banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
26,759
33,261
37,871
32,639
31,820
32,566
31,811
6,171
7,196
8,850
9,424
9,891
11,200
11,628
20,588
26,065
29,021
23,216
21,928
21,365
20,183
18,883
24,393
27,089
21,384
19,927
19,240
18,048
1,705
1,672
1,933
1,832
2,001
2,125
2,135
7,773
8,290
9,731
9,575
9,353
10.822
9,888
32,302
39,059
44,730
39,395
38,289
40,505
38,699
Insured nonmember
commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec 31
1947—June 30
Dec. 31
1948—June 30
9,258
11,824
14,639
15,831
15,896
16,444
16,360
2,556
2,678
2,992
4,040
4,597
4,958
5,504
6,702
9,146
11,647
11,791
11,299
11,486
10,856
5,739
8,197
10,584
10,524
9,949
10.039
9,362
962
949
1,063
1,268
1,350
1.448
1,494
3,395
3,875
4,448
4,109
3,498
4.083
3,397
Noninsured nonmember commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
Dec. 31
1948—June 30
1,588
2,148
2,211
1,815
2,074
1,993
2,062
276
292
318
389
430
472
493
1,312
1,856
1,893
1,426
1,645
1.521
1,569
1,1601,682
1,693
1,226
1,403
1.266
1,308
153
174
200
200
241
255
261
All nonmember commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
1948—June 30
10,847
13.972
16,849
17,646
17,970
18,438
18,422
2,832
2,971
3,310
4,429
5,027
5 430
5,997
8,014
11,002
13,539
13,217
12,943
13.008
12,425
6,899
9,880
12,277
11,749
11,352
11.305
10,670
Insured mutual savings
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30
7,525
9,223
10,846
11,891
12,375
12.683
13,142
3,073
3,110
3,081
3,250
3,370
3.560
3,769
4,452
6,113
7,765
8,641
9,005
9.123
9,373
4,345
4,708
5,361
5,813
5,964
5,957
6,084
1,411
1.260
1,198
1,275
1,316
1,384
1,465
2,935
3,448
4,163
4,538
4,649
4.573
4,619
Noninsured mutual
savings banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
Dec. 31
1948—June 30
Total Number
capital
of
accounts banks
Cash
Demand
Time
19,081
23,879
29,876
33,526
34,486
34,882
35,418
7,453
7,989
8,671
9,286
9,558
9,734
9,955
13,270
13,263
13,297
13,354
13,386
13,398
13,415
42,605
50,900
59,486
52,194
50,694
54,335
51,921
10,196
12,901
16,224
18,412
19,020
19,278
19,528
3,950
4,265
4,644
5,138
5,296
5,409
5,533
5,040
5,025
5,017
5,007
5,012
5,005
4,998
3,397
3,827
4,411
3,890
3,609
3,993
3,529
23,833
28,874
32,334
26,726
25,686
27,449
25,875
5,072
6,357
7,986
8,779
8,994
9,062
9,295
2,525
2,703
2,945
2,957
3,019
3,055
3,091
1,698
1,789
1,867
1,893
1,916
1,918
1,927
11,842
14,809
18,119
18,836
18,240
19,340
18,509
149
190
244
260
201
266
202
7,870
9,987
12,196
12,225
11,550
12,515
11,695
3,823
4,632
5,680
6,351
6,488
6.558
6,611
979
1,022
1,083
1,193
1,245
1,271
1,333
6,535
6,452
6,416
6,457
6,461
6,478
6,493
494
473
514
530
514
575
469
1,829
2,358
2,452
2,043
2,248
2.236
2,197
299
161
181
336
436
363
400
1,261
1,892
1,905
1,302
1,351
1.411
1,315
270
305
365
404
461
462
482
267
276
279
290
322
324
331
764
729
714
690
797
783
772
1,115
1,122
1,262
1,468
1,591
1.703
1,755
3,889
4,348
4,962
4,639
4,013
4.658
3,867
13,671
17,168
20,571
20,879
20,488
21.575
20,706
448
351
425
597
638
629
602
9,131
11,879
14,101
13,526
12,901
13.926
13,010
4,092
4,938
6,045
6,756
6,949
7,021
7,093
1,245
1,298
1,362
1,483
1,566
1,595
1,664
299
181
130
7,147
258
261
7,265
3,844
5,509
7,160
7,946
8,216
8,165
8,169
608
604
606
695
789
958
1,204
559
400
429
612
658
675
644
7,534
8,910
10,363
11,428
11,901
12,207
12,581
7,527
8,902
10,351
11,415
11,889
12,192
12,566
892
,034
,173
,218
,252
,302
184
192
192
191
191
194
193
2,246
2,819
3,522
3,833
3,924
3,813
3,808
689
629
641
705
724
760
811
238
184
180
206
181
211
188
4,204
4,466
5,022
5,442
5,541
5,556
5,630
4,203
4,464
5,020
5,439
5,539
5,553
5,627
468
485
558
611
624
637
653
361
351
350
350
342
339
339
10,705 74,309
12,074 89,761
13,883 104,015
12,320 91,144
11,243 87,930
12,670 94,300
11,035 89,491
2
June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
DECEMBER
1948
1491
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
m
LOANS AND INVESTMENTS
[In millions of dollars]
Lo ans 1
Class of bank
and
call date
Total
loans
and
invest- Total*
ments
Investments
ComLoans for
purchasing
meror carrying
cial,
inAgri- securities Real
cludCon- Li
cules- sumer Utner Total
ing
To
tate loans loans
open- tur- brokal*
loans
ers
'ke't"
and othpaers
dealper*
ers
All insured commercial banks:
4 , 545
28 ,031
1941—Dec. 3 1 . . 49.290 21,259 9,214 1,450 614 662 4,773
1943—Dec, 3 1 . . 83,507 18,841 7,777 1,505 1,414 922 4,437 1 ,868 918 64 ,666
1944—Dec. 30 . 103,382 21.352 7,920 1,723 2,269 2 ,265 4,343 1 ,888 944 82 ,030
1945—Dec. 3 1 . . 121,809 25.765 9.461 1,314 3,164 3 ,606 4,677 2 ,361 1 f 181 96 ,043
1946—Dec. 31. . 112,178 30,733 14.016 1,358 1,517 1 ,609 7,103 4 ,031 098 81 ,445
1947—June 3 0 . . 110,682 33,250 14.765 1,549 1,517 1 ,278 8,201 4 ,893 047 77 ,433
Dec. 31. . 114 274 37.583 18.012 1,610 823 1 ,190 9.266 5 .654 028 76 .691
1948—June 3 0 . . 111.794 39,372 17,834 1,976 1,183 1 ,077 10,101 6 ,412 1 , 119 72 ,421
Member b a n k s ,
total:
3 , )92
25 ,500
1941—Dec. 31. . 43 521 18,021 8,671 972 594 598 3,494
1943—Dec. 31. . 74,258 16,288 7,421 1,023 1,398 839 3,274 1 ,484 848 57 ,970
1944—Dec. 30. . 91,569 18,676 7,531 1,198 2,249 2 ,108 3,209 1 ,505 877 72 ,893
1945—Dec. 3 1 . . 107,183 22,775 8,949 855 3,133 3 .378 3,455 1 ,900 1 104 84 ,408
1946—Dec. 31. . 96.362 26,696 13.154 884 1,506 1 ,467 5,358 3 ,308 1 020 69 ,666
1947—June 30.. 94,802 28.655 13,820 972 1,507 1 ,154 6 240 3 ,998 965 66 ,146
Dec. 3 1 . . 97,846 32,628 16,962 1,046 811 1 ,065 7,130 4 ,662 952 65 ,218
62 ,834
1948—Apr. 12.. 95.896 33,062
June 30.. 95,449 33.871 16,734 1,241 1,171 956 7,777 5 ,249 1 040 61 ,578
New York City*
8
412
169
123
5 54
8 ,823
1941—Dec. 3 1 . . 12,896 4,072 2,807
24 1,054
323
107
252
153 15 ,566
1943—Dec. 3 1 . . 19,994 4,428 2,515
30 1,742
859
86
253
179 18 ,243
1944—Dec. 3 0 . . 24,003 5,760 2,610
80
287
298 18 ,809
1945—Dec. 3 1 . . 26,143 7,334 3,044
2,453 1 ,172
99
455
250 14 ,465
1946—Dec< 3J #
20,834 6,368 4,078
1,096 389
1,196 286 104 500 291 13 ,784
1947—June 3 0 . . 20,332 6,548 4,171
545
267
111
330 13 ,214
564
Dec. 3 1 . . 20,393 7,179 5,361
1948—A nr 12
12 ,378
19.547 7,169
963
372 11 ,469
250
161
616
June 30.. 19,019 7,550 5,275
Chicago.*
954
6
48
732
52
22
9 >
1 ,806
1941—Dec. 3 1 . . 2,760
6
102
763
52
22
45
14 3 ,550
1943—Dec. 31. . 4,554 1 004
34 4 ,258
17
738
24
45
163
163
1944—Dec. 30. . 5,443 1,184
2
211
760
36
51
40 4 ,598
233
1945—Dec. 3 1 . . 5,931 1,333
3
117
101
51
105
29 3 ,266
1946—Dec. 3 1 . . 4,765 1,499 1,094
«
100
84
42
130
29 3 ,237
1 9 4 7 _ j u n e 3 0 . . 4.802 1,565 1,178
26 3 ,287
73
87
149
3
46
Dec. 3 1 . . 5,088 1,801 1,418
1948—Apr. 12. . 4,681 1.663
3,018
2
61
47
156
32 3 ,028
4,742 1,714 1,357
75
June 30
Reserve city banks:
8 ,243
1941—Dec. 3 1 . . 15,347 7,105 3,456 300 114 194 1,527
1 1 512
1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21 ,321
660
313 26 ,781
311
348
777 1,379
1944—Dec. 30. . 33,603 6,822 3,034
1945—Dec. 3 1 . . 40,108 8,514 3,661 205 427 1 ,503 1,459 855 404 31 ,594
1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1 ,436 435 24 ,527
1947—June 3 0 . . 34,611 11,441 5,726 197 185 540 2,713 1 ,675 405 23 ,170
Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1 ,969 366 22 ,591
21 ,617
1948—Apr. 12. . 34,969 13,352
June 3 0 . . 35,065 13,373 6,823 260 "126 *428 3,333 2 4 5 8 369 21 ,692
Country banks:
20
183 1,823
1, 0
6 .628
1941—Dec. 3 1 . . 12,518 5,890 1,676 659
381 17 ,534
25
197 1,725
528
1943—Dec. 31. . 22,188 4,654 1,084 713
32
310 1,719
547
351 23 ,610
1944—Dec. 3 0 . . 28,520 4,910 1,149 802
42
707
363 29 ,407
471 1,881
1945—Dec. 3 1 . . 35,002 5,596 1,484 648
29
273 2,970 1 ,312
306 27 ,408
1946—Dec. 3 1 . . 35,412 8,004 2,433 681
1 .693
240 25 ,955
244 3,381
26
1947—June 30.. 35,057 9,102 2,744 774
229 26 ,125
23
227 3,827 I ,979
Dec. 3 1 . . 36,324 10,199 3,096 818
25 .822
1948—Apr. 1 2 . . 36.609 10.877
'22
204 4,236 2 ,318
267 25 ,389
June 3 0 . . 36,623 11,234 3,279 979
Insured nonmember commercial banks:
1941—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 3 1 . .
1948—June 3 0 . .
5,776
9,258
11,824
14,639
15,831
15,896
16,444
16,360
3.241
2,556
2,678
2,992
4,040
4,597
4,958
5,504
543
356
389
512
862
945
1,049
1,101
478
482
525
459
474
576
563
735
20
16
21
31
12
11
13
12
64
82
156
228
142
125
125
121
854
1,282
1,165 385
1,136 383
1,224 460
1,748 723
1,963 895
2,139 992
2,328 1 ,163
70
67
77
79
82
76
79
LF. S. Government obligations
Total
21 046
58 683
75 875
88 912
73 ,554
69 ,136
67 941
63 490
19 ,539
52 ,948
67 ,685
78 ,338
63 .042
59 ,198
57 ,914
55 ,364
54 ,139
Obligations
Direct
of
States Other
and secuCertifiGuar- polit- rities
cates
an- ical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
988
3,159 12.797 4,102 3,651
4 ,636 13^218 7,672 30,656 2,501 3,287
978 3,422
22 3,873
15 4,298
,271 12.288 6,780 53,200
835 9,441 5,341 53,505
14 4,826
2 ,124 7.552 5,918 52.334
14 5,129
2 ,327 9,451 5,069 46,630
12 5,434
3 ,971 15,300 15,778 39,848
2 ,455 19,071 16,045 51,321
971
4 .360
3 ,748
2 ,275
1 .167
773
1 ,987
11.729 3.832 3,090 2 ,871
27,265 2,345 2.729 2 .294
34,927 902 2,857 2 .350
16 3,254 2 ,815
44,792
11 3,548 3 ,077
46,219
10 3,982 2 ,966
46,502
10 4,199 3 105
45,286
4,452 ,018
2 ,188 7,597 4,104 40,242
8 4,436 3 ,003
12.071
13,982
16,985
10,043
7,544
5,816
3.007
6,906
14.127
14,271
5,602
4,369
4,815
7 ,265
311
1,623 3,652 1,679
14 ,563 1 ,328 3,409 1,829 7,014
984
17 ,179
913 3,740 3,745 8,592
189
17 ,574
477 3,433 3,325 10,337
1
13 ,308
387 1,725
992 10 202
<
137 1,103
12 ,571
775 10,555
1
11 ,972 1 ,002
558 9,771
640
11 129
693
983
10 ,358
520 8,162
1 ,430
3 ,238
3 .913
4 ,213
2 ,912
2 ,890
2 ,890
2 ,620
2 ,667
3 .333
2 ,696
2 ,733
3 ,258
3 ,592
3 .471
3 ,621
3 ,497
256
199 " 877
250 1,045
133 1,467
60
498
106
368
235
132
153
484
779
749
146
132
248
1,602
1,809
1,864
2,207
2,284
2,274
160
214
2,043
250
903
119
74
31
729
444
468
606
557
631
638
721
583
830
558
596
629
601
582
604
528
528
182
158
160
181
167
175
213
223
185
193
155
185
204
187
173
185
174
176
6 ,467
295
751 4,248 1,173
956
820
19 ,682 1 ,802 4,691 2,497 9,943
749
726
913
25 ,042 1 ,704 5,730 5,181 11,987
740
440 1,000
29 ,552 1 ,034 6,982 5,653 15,878
916
5 1.126
22 ,250
441 3,799 1,993 16,013
4 1,272 1 ,004
20 ,845
334 3,038 1,503 15,967
962
3 1,364
20 ,196
373 2,358 1,901 15,560
3 1,342 1 ,053
19 ,234
1,343 1 ,039
19 ,222
783 3,244 1,501 13,692 " 3 1,446 1 ,024
4 ,377
110
481 2,926
15 ,465 1 ,032 3,094 2,096 8,705
21 ,552
882 3,466 4,422 12,540
630 5,102 4,544 16,713
26 ,999
24 ,572
279 4,020 2,470 17,797
197 3,035 1,960 17,696
22 ,893
22 ,857
480 2,583 2,108 17.681
22 ,381
552 3,121 1,868 16,345 "
21 ,892
2 ,535 1 ,509
6 ,702 5 ; 739
9 ,146 8 ,197
11 ,647 10 .584
11 ,791 10 ,524
11 ,299 9 .949
11 ,486 10 ,039
10 ,856 9 ,362
17
276
223
180
104
62
136
138
1.147
1 319
2,087
2.247
1,897
1,736
1,855
152 1,069
766 3.395
1,652 4,928
1,774 6,538
1,179 6,991
972
7,013
1,104 7.058
966
6,399
861
538
241
9
6
5
6
1,222
1,214
1,230
1,342
1,551
1,813
2.006
2,165
' 5 2,223
271
156
76
6
4
4
4
563
560
566
619
752
845
931
999
1 ,028
855
829
1 .067
1 ,285
1 ,250
1 ,262
I ,277
1 ,275
462
403
383
443
516
505
517
494
* 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.
2
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. 1 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
1492
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
Cash
with
Federal in
vault
Reserve
Banks
Class of bank
and
call date
All insured commercial banks:
1941—Dec 31. ..
1943—Dec. 31.
1944—Dec. 30 .
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30..
BalDeances mand
with
dedoposits
mestic
ad4
banks justed*
1 2 , 396
12, 834
14, 260
15, 810
16, 013
16, 039
17, 796
17, 355
1 ,358
1 ,445
1 ,622
1 ,829
2 ,012
1 ,804
2 ,145
2 ,063
8,570
8,445
9,787
11,075
9,481
8,498
9,736
8,238
Member banks
total:
31. . 12 396
1941—Dec. 3 1 . . 12 835
1943—Dec.
1944—Dec. 30. . 14 261
1945—Dec. 3 1 . . 15 811
1946—Dec. 3 1 . . 16 015
1947—June 30.. 16 040
Dec. 3 1 . . 17 797
1948—Apr. 12.. 16 750
June 30.. 17 356
,087
,132
,271
1,438
1,576
1,409
1,672
1,563
1,606
Interbank
deposits
Time deposits
Certified
U. S. States and
and
Gov- political Offiern- subdi- cers'
ment visions checks,
etc.
DoFormestic1 eign
845
921
960
722
085
869
751
420
9,
9
11
12
10
9
11
9
823
743
063
566
888
807
236
628
673 1, 761
893 9 , 950
948 19, 754
1,248 2 3 , 740
1,364 2 , 930
1,372 1, 247
1.379 1 325
1,357 2 , 052
3, 677
4, 352
4, 518
5, 098
5, 967
6, 495
6, 692
7, 132
1
1
1
2
2
2
2
2
6,246
5,450
6,354
7,117
5,936
5,521
6,270
5,375
5,419
33 754
52 642
57 308
64 184
70 243
69 595
73 528
69 ,781
70 ,051
9
9
10
12
10
9
10
9
9
714
603
881
333
644
612
978
133
433
671 1
891 9
945 18
L.243 22
1,353 2
L.369 1
L.375 1
1,375 2
1,353 1
3
3
3
4
4
066
602
744
240
915
5 376
5 504
570
5 873
1 ,009
1 ,573
1 ,251
2 ,450
2 ,207
1 ,976
2 ,401
1 ,755
1 ,873
319
252
199
237
218
260
290
232
272
450
710
361
127
37
59
65
74
82
80
85
81
709
444
509
179
672
095
176
115
846
U. S.
IndiIndiGov- States viduals, Bor- Capividuals,
tal
ernand
partner- Inter- ment polit- partner- row- acships, bank and
ships, ings counts
ical
and corPostal subdi- and corporaSav- visions porations
tions
ings
077 36,544
669 58,338
354 64,133
585 72,593
361 79,887
111 78,077
559 83,723
020 78,287
158
68
64
70
68
64
54
50
59
124
109
103
119
111
111
111
33,061
51,820
56,270
62,950
69,127
67,933
72,704
68,093
68,204
140
62
58
64
62
60
50
42
47
50
120
105
99
114
106
105
102
106
1 ,338
942
915
1 ,105
725
748
11,282
14,373
14,448
15,712
17,216
17,202
17,646
16,345
16,306
6
4
11
17
20
22
12
10
15
New York City:*
1941—Dec. 31
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
Dec. 3 1 . .
1948—Apr. 12..
June 30..
5 105
3 596
3 766
4 015
4 046
4 ,166
4 639
4 481
4 ,883
93
92
102
111
131
123
151
141
122
141
61
76
78
87
50
70
46
46
10 ,761
13 ,899
14 ,042
15 ,065
16 ,429
16 ,494
16 ,653
15 ,701
15 ,592
3 ,595
2 ,867
3 ,179
3 ,535
3 ,031
2 ,898
3 ,236
2 ,776
2 ,830
1,105
1,195
1,228
1,217
1,220
1,183
866
3 ,395
6 ,722
6 ,940
651
179
267
375
333
Chicago:*
1941—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—Apr.
June
1 ,021
821
899
942
928
973
1 ,070
1 ,051
1 ,144
43
38
43
36
29
36
30
26
28
298
158
177
200
172
162
175
146
152
2 ,215
3 ,050
3 ,041
3 453
3 ,356
3 ,427
3 ,737
3 ,432
3 ,505
1 ,027
972
1 ,132
1 ,292
1 ,130
1 ,056
1 ,196
1 ,004
1 ,055
8
14
16
20
24
24
21
24
22
1 ,400
1 ,552
152
181
72
102
105
233
174
167
237
228
304
285
251
320
34
44
33
66
47
55
63
37
47
2,152
3,097
3,100
3,160
3,495
3,417
3,853
3,489
3,539
4 ,060
5 ,116
5 ,687
6 ,326
6 ,337
6 ,274
7 ,095
6 ,403
6 ,462
425
391
441
494
532
470
562
511
521
2,590
1,758
2,005
2,174
1,923
1,864
2,125
1,791
1,852
11 ,117
18 ,654
20 ,267
22 ,372
24 ,221
24 ,166
25 ,714
24 ,182
24 ,316
4 ,302
4 ,770
5 ,421
6 ,307
5 ,417
4 ,773
54
491
63 3 ,373
70 6 ,157
110 8 ,221
127
991
109
311
131
405
124
793
140
728
1 ,144
1 ,448
1 ,509
1 ,763
2 ,077
2 ,301
2 ,282
2 ,314
2 ,442
286
475
488
611
693
554
705
524
562
11,127
18,790
20,371
22,281
24,288
23,934
26,003
24,123
24,198
2 ,210
3 ,303
3 ,909
4 ,527
4 ,703
4 ,628
4 ,993
4 ,815
4 ,866
526
611
684
796
883
780
929
884
934
3,216
3,474
4,097
4,665
3,753
3,444
3,900
3,391
3,369
9 ,661
17 ,039
19 ,958
23 ,595
26 ,237
25 ,508
27 ,424
26 ,466
26 ,639
790
994
1 ,149
1 ,199
1 ,067
885
1 ,049
814
798
225
1 ,962
4 ,230
5 ,465
877
424
432
844
680
1 ,370
1 ,727
1 ,868
2 ,004
2 ,391
2 ,511
2 ,647
2 ,772
2 ,839
239
344
369
435
524
451
528
468
516
271
313
352
39"
437
395
473
2,325
2,996
3,43'
3,959
3,547
2,979
3,466
2,820
4 ,092
108
141
182
23^
24^
194
258
195
53
506
1 ,245
1 ,560
258
152
149
207
611
750
68
96
10;
135
15^
135
158
147
31. .
31. .
30. .
31.
31..
30. .
31..
12. .
3ft
Reserve city banks
1941—Dec. 3 1 .
1943—Dec. 3 1 .
1944—Dec. 3 0 .
1945—Dec. 3 1 .
1946—Dec. 3 1 . .
1947—June 3 0 .
Dec. 3 1 . .
1948—Apr. 12
June 3 0 .
Country banks:
1941—Dec. 3 1 . .
1943—Dec. 3 1 .
1944—Dec. 3 0 .
1945—Dec. 3 1 .
1946—Dec. 3 1 .
1947—June 3 0 .
Dec. 3 1 .
1948—Apr. 12.
June
30.
5 ,497
4 ,539
4 ,751
607
810
851
2
c
*
8
8
8
r
t
8
9
713
5
7
10
15
14
12
14
14
15,146
18,561
23,347
29,277
32,742
33,604
33.946
1,061 34,246
492
395
423
496
664
771
826
418
327
347
399
551
649
693
872
912
29
26
17
20
39
17
14
54
41
11,878
14,822
18,807
23,712
26,525
27,259
27,542
27,616
27,805
778
816
977
1,206
1,395
1,407
1,418
1.460
1,621
]
6
(
1(
11
476
505
619
719
823
864
902
908
940
104
41
33
30
25
21
22
17
18
20
56
40
38
43
41
45
40
42
243
151
154
160
235
319
332
455
496
4,542
5,902
7,561
9,563
10,580
10,888
11,045
10,792
10,771
8,500
15,561
18,350
21,797
24,128
23,380
25,203
24,136
24,161
3(
31
56
146
149
57
52
55
49
45
46
49
175
219
272
308
337
354
364
6,082
7,599
9,650
12,224
13,727
14,101
14,177
14,456
14,473
3,483
6,51*
7,86;
9^64:
10,761
10,14-?
11,019
10,083
u
(
(
2
2
\
U
1
1
10
46
122
215
39
60
61
63
6 ,844
7 ,453
7 ,989
8 ,671
9 ,286
9 ,558
9 ,734
9 ,955
4 5 ,886
39 6 ,475
111 6 ,968
208 7 ,589
30 S ,095
50 8 ,315
54 8 ,464
235 8 ,610
53 8 ,624
1 ,648
I ,862
1 ,966
2 ,120
2 ,205
2 ,234
30 2 ,259
119 2 ,268
26 2 ,262
29
96
195
.
288
326
354
377
404
416
426
426
436
1
't
•
i
li
d
6(
1,967
2,135
2,327
2,566
2,729
2,796
2,844
2,869
2,870
<
t
10
16
11
26
38
23
55
24
A
d
d
!
L.982
2,153
2,321
2,525
2,757
2,869
2,934
5,048
J,056
Insured non-
member com-
mercial banks:
1941—Dec. 31.
1943—Dec. 3 l !
1944—Dec! 3 0 .
1945—Dec. 3 1 .
1946—Dec. 3 1 .
1947—j u n e 3 0 .
Dec. 3 1 .
1948—June 3 0 .
457
7 ,279
s ,652
10 ,537
11 ,842
11 ,274
12 ,223
11 ,368
r
-.
C
11
775
858
1 ,052
1 ,119
1 188
1 ,259
I
4.
t
t
t
t
6
6
4
74
6]
76
97
11K
122
132
149
3,276
3^75(
4,55c
5*579
6,232
6,36:
6 420
6^457
(
(
959
979
022
,083
]l93
[245
*271
10 U333
(
K
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.
1
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.
DECEMBER
1948
1493
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars
Investments
Loans
Date or month
Total
loans
and
investments
Total*
Commercial,
industrial,
and
agricultural
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S.
U. S.
Govt. Other Govt. Other
seseob- curi- ob- curiliga- ties liga- ties
tions
tions
U. S. Government obligations
Real Loans
estate to Other Total
loans banks loans
Total
CerOther
tifisecucates
rities
8
Bills of in- Notes Bonds
debtedness
Total—
Leading Cities
1947—October
194g_june
JulyAugust
September...
October
64,840 22,220 13,432
23,646
23,917
24,013
24.472
24,605
Sept. 1
Sept. 8
Sept 15
Sept. 22
Sept 29
62,993
62,930
63,211
63.033
62,256
63,231
63,291
63,718
63,020
61,905
24,095
24,223
24,499
24,643
24,899
14,223
14,469
14,790
15,088
15,388
14,887
14,931
15,183
15,201
15,239
Oct. 6
Oct. 13
Oct. 20
Oct. 27
62,174
62,114
62,296
62,441
24,531
24,714
24,539
24,635
Nov.
Nov.
Nov.
Nov.
3
10
17
24
3,271 42,620 38,340
680
35,134
34,709
34,822
34.118
33,300
34,714
34,652
34,744
33,921
32,559
1,995
1,848
2,222
1,969
2,071
2,148
2,084
2,488
1,980
1,142
4,814
4,478
4,225
4.060
4,441
4,164
4,181
4,174
4,037
3,745
494
546
492
487 3,278
220
580
547
291
466
489
467
278
272
251
336
384
400
432
407
379
235
218
243
242
497 3,787
503 3,842
500 3,891
405
388
234
3,655 39,347
3,744 39,013
3,781 39,198
265 3.846 38,561
215 3,873 37,651
239 3,813 39,136
282 3,830 39,068
241 3,850 39,219
246 3,867 38,377
315 3,870 37,006
208
293
284
4,034 2 , 5 7 6 31,050 4,280
2,600
2,608
2,670
2,592
2,442
25,925
25,934
25,829
25,507
25,089
25,802
25,779
25,412
25,312
25,230
4,422
4,416
4,475
4,456
4,447
2,400
2,449
2,546
2,582
1,699
4,213
4,304
4,376
4.443
4,351
525
592
376
451
229
225
490 3.944
488 3,993
494 3,920
486 3,933
492 3,951
486 3,957
492 3,961
15,311
15,458
15,374
15,410
269
309
194
213
410
464
414
439
225
220
216
209
489
487
485
490
3,970
3,989
4,002
4,010
239
171
224
226
3,866
3,865
3,877
3,886
37,643
37,400
37,757
37,806
33,235
33,022
33,416
33,526
1,827
1,698
2,257
2,503
4,475
4,456
4,444
4,389
1,718
1,717
1,683
1,678
25,215
25,151
25,032
24,956
4,408
4,378
4,341
4,280
62,232 24,730 15,418
62,378 24,863 15,583
62,647 24,944 15,568
62,462 25,212 15,545
223
315
392
624
439
397
410
455
207
200
202
198
488
478
476
506
4,021
4,028
4,035
4,045
295
237
228
198
3,887
3,874
3,882
3,892
37,502
37,515
37,703
37,250
33,268
33,319
33,525
33,073
2,378
2,454
2,511
2,090
4,423
4,420
4,515
4,457
1,673
1,658
1,678
1,692
24,794
24,787
24,821
24,834
4,234
4,196
4,178
4,177
448
246
New York City
1947—October
194g—j u n e
July
August
September...
October
20,036
6,840 4,815
412
368
82
189
102
161
711 13,196 11,965
250
724
618
18,865
18,648
18,621
18,541
18,199
7,314
7,412
7,285
7.503
7,463
5,117
5,190
5,336
5,464
5,609
521
479
249
345
363
325
45
45
34
195
200
199
143
158
171
173
236
235
1,069
892
821
545
509
499
Sept. 1
Sept, 8
Sept. 15
Sept, 22
Sept. 29 . . .
18,617
18,520
18,878
18,561
18,127
7,288
7,362
7,523
7,546
7,794
5,367
5,394
5,543
5,489
5,527
389
207
289
334
280
311
283
267
29
27
32
31
192
193
195
191
184
199
176
182
221
178
209
223
793 11,551 10,476
855
826 11,236 10,108
771
821 11,336 10,184 1,040
520
291
521
509
354
453
515
272
266
313
27
27
27
194
188
193
185
188
187
203
187
282
831 11,355 10,122 1,173
834 11,015 9,793
848
835 10,333 9,115
401
769
851
806
802
794
804
638
554
538
476
Oct. 6
Oct. 13
Oct 20
Oct. 27
18,259
18,037
18,197
18,302
7,478
7,533
7,393
7,447
5,585
5,663
5,585
5,601
232
254
290
329
27
26
192
193
191
197
215
126
299
327
28
26
190
197
205
204
185
185
832 10,781 9,613
853
831 10,504 9,364 665
9,690 1,024
9,799 1,198
818 10,804
820 10,855
867
824
291
293
169
173
865
846
Nov.
Nov.
Nov.
Nov.
18,098
18,081
18,181
18,244
7,473
7,560
7,596
7,841
5,606
5,671
5,639
5,621
195
276
354
567
321
289
296
325
26
27
28
28
193
187
186
219
205
207
208
209
206
189
175
150
807
800
796
808
9,607 1,040
9,507 973
9,575 923
9,397
767
870
852
948
925
44,804
15,380 8,617
82
178
410
298 3,176
59
2,560 29,424 26,375
44,128
44,282
44,590
44,492
41,057
9,106
9,279
9,454
9,624
9,779
9,520
9,537
9,640
9,712
9,712
59
68
42
121
126
142
233
227
217
35
57
49
47
50
124
112
206
191
211
211
302 3,644
303 3,684
301 3,720
51
116
110
138
207
202
198
3,760
3,794
3,744
3,751
298 3,766
298 3,769
299 3,774
2,862
2,918
2,960
3,016
3,048
2,991
3,004
3,019
3,033
120
198
3
10
17
24
830
825
822
826
11,038 9,835
10,736 9,617
877
935
11,329 10,157 1,057
11,158 9,987 908
10,625
10,521
10,585
10,403
10,373 1,231
8,007
7,936
7,824
7.669
7,540
7,773
7,768
7,601
7,603
7,600
1,075
1,128
1,152
1,203
1,119
294
286
7,602
7,582
7,507
7,469
1,168
1,140
1,114
1,056
269
268
273
261
7,428
7,414
7,431
7,444
1,018
1,014
1,010
1,006
1,172
1,171
1,233
1,222
1,218
Outside
New York City
1947—October. . . .
1948—j u n e
July
August
September...
October
27,796
27,777
27,862
27,523
26,915
24,658
24,601
24,638
24.283
23,683
27,807
27,910
27,864
27,362
33 3,035 26,673
24,557
24,665
24,622
24,128
23,444
430
1,140
1,077
1,182
1,092
1,136
1,091
1,176
1,315
1,132
3,310 1,958 20,677 3,049
3,745
3,586
3,404
3.291
3,590
Sept. 1
Sept. 8
Sept 15
Sept. 22
Sept. 29
44,614
44,771
44,840
44,459
43,778
16,332
16,505
16,728
16,969
17,142
16,807
16,861
16,976
17,097
17,105
Oct. 6
Oct. 13
Oct. 20
Oct. 27
43,915
44,077
44,099
44,139
17,053
17,181
17,146
17,188
9,726
9,795
9,789
9,809
37
55
25
40
135
115
112
194
188
183
297 3,779
294 3,792
295 3,797
293 3,806
3,233
3,107
24 3,034 26,862 23,622
974 3,608
45 3,034 26,896 23,658 1,033 3,632
39 3,059 26,953 23,726 1,233 3,579
41 3,066 26,951 23,727 1,305 3,543
Nov.
Nov.
Nov.
Nov.
44,134
44,297
44,466
44,218
17,257
17,303
17,348
17,371
9,812
9,912
9,929
9,924
28
39
38
57
118
108
114
130
181
173
174
170
295 3,816
291 3,821
290 3,827
287 3,836
89
48
53
48
3
10
17
24
59
39
72
77
120
121
298
295
299
295
44
37
30
59
38
59
3,080
3,074
3,086
3,084
26,877
26,994
27,118
26,847
23,661
23,812
23,950
23,676
3,358
3,379
3,380
741
1,338
1,481
1,588
1,323
3,553
3,568
3,567
3,532
1,855
1,940
2,047
2,062
1,408
2,079
2,099
2,116
2,054
1,966
17,918
17,998
18,005
17,838
17,549
1.427
1,424
1,389
1,392
17,613
17,569
17,525
17,487
3,240
3,238
3,227
3,224
1,404
1,390
1,405
1,431
17,366
17,373
17,390
17,390
3,216
3,182
3,168
3,171
3,138
3,176
3,224
3.240
3,232
18,029 3,250
18,011 3,245
17,811 3,242
17,709 3,234
17,630 3,229
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.
1494
FEDERAL RESERVE BULLETIX
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
ReDeBalserves
with Cash ances mand
deFedwith
in
eral vault do- posits
Remestic ad- 5
serve
banks justed
Banks
Date or month
Individuals, States Certiand
fied
part- politand
nerical
Offiships, subcers'
and
divicor- sions checks,
etc.
porations
Time deposits,
except interbank
IndividU. S.
uals, States Govand
U. S. part- polit- ernGov- nerical ment
ern- ships, suband
ment and
divi- Postal
cor- sions Savporaings
tions
Interbank
deposits
Demand
Domestic
Bor- Cap- Bank
row- ital
debacings counts its"
Time
Foreign
TotalLeading Cities
1947—October... . 12,432
790 2,452 47,197 47,804
2,978
1,513
1,380 14,167
328
9,978 1,410
231
5,810 90,187
1948—June
12,883
12,989
July
August. . . 13,072
September 13,624
October... 14,521
783
812
778
803
834
2,331
2,299
2,226
2,259
2,261
46,792 46 ,973
46,559 46 ,831
46,822 46 ,881
46,987 47 ,439
46,864 47,711
3,442
3,333
3,305
3,251
3,141
1,463
1,390
1,214
1,350
1,291
1,182
1,202
1,355
1,355
1,532
14,333
14,352
14,293
14,301
14,330
515
535
544
540
535
8,777
8,920
8,840
9,034
9,046
,329
,371
,386
,413
,417
123
230
187
165
169
5,916
5,908
5,932
5,949
5,976
94,384
91.583
86,297
90,989
94,919
13,099
13,200
13,709
13,487
14,625
748
815
803
813
833
2,167
2,209
2,540
2,259
2,122
47,056
46,932
47,446
46,838
46,660
46,919
46,993
49 ,078
47 ,263
46,940
3,370
3,264
3,208
3,171
3,241
1,255
1,099
1,717
1,399
1,281
1,217
1,204
1,234
1,416
1,704
14,271
14,277
14,315
14,322
14,317
539
539
534
548
541
8,777
9,094
9,805
8,896
8,599
,408
,422
,420
,416
,396
107
178
87
169
285
5,953
5,956
5,941
5,942
5,954
19,717
15,451
22,415
24,048
22,000
Oct. 6... 14,273
Oct. 13... 14,538
Oct. 20... 14,585
Oct. 27... 14,687
788
886
820
842
2,208
2,315
2,318
2,201
46
5,441 46,491
46
5,593 48,385
46,998 47 ,951
47,422 48,019
3,202
3,124
3,055
3,182
1,122
1,431
1,248
1,361
1,590
1,581
1,498
1,459
14,337
14,335
14,324
14,321
541
532
536
533
9,024
9,127
9,126
8,907
1,407
1,425
1,429
1,406
127
284
121
143
5,978
5,973
5,970
5,982
22,721
17,710
24,696
22,685
Nov. 3... 14,530
813
850
825
817
2,250 46,607
2, 208 46,929
2,350 46 ,907
2,107 47,301
47,474
47,446
48,270
47,801
3,299
3,20^
3,141
3,170
1,315 1,513 14,323
1,264 1,389 14,321
1,441 1,580 14,302
1,425 1,374 14,287
536
527
518
509
9,225
9,252
9,538
8,762
1,423
1,405
1,416
1,421
212
205
139
425
6,006
5,994
5,992
5,988
21,789
20,594
21,489
22,490
Sept.
Sept.
Sept.
Sept.
Sept.
1...
8...
15...
22...
29...
Nov. 10... 14,584
Nov. 17... 14,557
Nov. 24... 14,688
New York City
1947—October...
4,315
130
15,834 16,390
241
810
481 1,376
1948—June
July
August. . .
September
October...
4,761
4,856
4,838
5,067
5,293
122
126
118
122
131
15,484
15,207
15,286
15,313
15,153
16,135
15,813
15,761
15,932
15,782
219
246
252
264
274
781
718
569
669
634
300
319
368
350
490
1,497
1,532
1,498
1,498
1,491
2,824
2,823
2,741
2,833
2,779
1,164
1,197
1,209
,232
,234
64
154
82
98
69
2,205
2,210
2,218
2,216
2,222
38,942
36,350
32,540
36,354
38,014
4,843
4,939
5,195
5,004
5,355
113
126
121
121
130
15,389
15,267
15,523
15,236
15,155
15,831
15,767
16,493
15,793
15,778
308
230
269
245
268
572
474
982
697
620
315
306
322
371
436
1,492
1,495
1,497
1,502
1,505
2,733
2,767
3,174
2,818
2,671
,227
,248
,235
,234
,218
28
114
32
111
203
2,222
2,220
2,218
2,211
2,210
7,696
5,436
9,107
9,839
9.123
Oct. 6...
Oct. 13...
Oct. 20...
Oct. 27...
5,082
5,313
5,400
5,375
124
143
123
13
14,984
14,912
15,258
15,457
15,444
15,652
15,941
16,091
277
270
268
280
466
803
586
680
529
516
469
447
1,501
1,493
1,484
1,485
2,749
2,814
2,838
2,715
,230
,245
,244
,218
65
100
22
87
2,225
2,225
2,221
2,219
9,394
6,816
9,652
9,374
Nov. 3...
5,249
5,306
5,263
5,366
134
149
129
141
14,918 15,582
368
28
303
272
634
614
718
757
480
438
1,485
1,477
1,471
1,486
2,842
2,766
2,850
2,648
,236
,218
,228
,233
118
109
91
272
2,234
2,233
2,233
2,227
8,688
7,703
7,770
8,541
1947—October...
8,117
660 2,413 31,363 31,414 2,737
1948—June
July
August. . .
September
October...
8,122
8,133
8,234
8,557
9,228
661 2,298
686 2,265
660 2,195
681 2, 224
703 2,224
8,256
8,261
8,514
8,483
9,270
635 2 ,136 31,667
689
,178 31,665
682 2,503 31 ,923
692 2,22031 ,602
703 2,085 31 ,505
Oct. 6...
Oct. 13...
Oct. 20...
Oct. 27...
9,191
9,225
9,185
9,312
664
743
697
707
2,166
2,285
2,274
2,167
Nov.
Nov.
Nov.
Nov.
9,281
9,278
9,294
9,322
679
701
696
676
Sept.
Sept.
Sept.
Sept.
Sept.
1...
8...
15...
22...
29...
Nov. 10...
Nov. 17...
Nov. 24...
34 15,112 15,651
15,048 15,844
15,297 15,888
3,047 1,257
2,195 35,162
Outside
New York City
Sept.
Sept.
Sept.
Sept.
Sept.
1...
8...
15...
22...
29...
3....
10....
17....
24
899
12,791
313
6,931
3,223
3,087
3,053
2,987
2,867
682
672
645
681
657
882
883
987
1,005
1,042
12,836
12,820
12,795
12,803
12,839
474
502
516
513
512
5,953
6,097
6,099
6,201
6,267
165
174
177
181
183
59
76
105
67
100
3,711
3,698
3,714
3,733
3,754
55,442
55,233
53,757
54,635
56,905
31,088
31,226
32,585
31,470
31,162
3,062
3,034
2,939
2,926
2,973
683
625
735
702
661
902
898
912
1,045
1,268
12,779
12,782
12,818
12,820
12,812
512
511
508
522
515
6,044
6,327
6,631
6,078
5,928
181
174
185
182
178
79
64
55
58
82
3,731
3,736
3,723
3,731
3.744
12,021
10,015
13,308
14.209
12,877
31,04
32,733
32 ,010
31,928
2,925
2,854
2,787
2,902
656
628
662
681
1,061
1,065
1,029
1,012
12,836
12,842
12,840
12,836
514
511
513
510
6,275
6,313
6,288
6,192
177
180
185
188
62
184
99
56
3,753
3,748
3,749
3,763
13,327
10,894
15,044
13,311
2,217 31,689 31,89:
2,174 31,817 31,795
2,426
2,312
004 31,913
2,073
2,931
2,918
2,838
2,898
681 1,03 12,838
650
951 12,844
723 1,094 12,831
668
966 12,801
51
504
500
491
6,383
6,486
6,688
6,114
187
187
188
188
94 3,772
96
48
153 3,761
13,101
12,891
13,719
13,949
30,838
31,308:
31.352 31,018
•
,120
31,536 31,
31,6
31,674 31,50'
31,711 31,929
31,457
31,681
31,740
31 965
89
3,615 55,025
» 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 Monetary Statistics, pp. 127-227.
DECEMBER
1948
1495
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans l
Federal Reserve
district and date
Total
loans
and
invest- Total
ments
Boston
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
New York*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Philadelphia
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Cleveland
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Richmond
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Atlanta
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Chicago*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
St. Louis
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Minneapolis
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Kansas City
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dallas
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
San Francisco
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
City of Chicago*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Commercial,
industrial
and
agricultural
1,110
1,168
,811 1,105
,811 1,103
,793 1,107
8,200
8,225
8,322
8,355
8,596
5,961
5,964
6,031
5,998
5,978
,570
,581
,581
,597
,572
928
925
927
923
926
,334
,322
319
330
,323
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S.
U. S.
Govt. Other Govt. Other
seseob- curi- ob- curiliga- ties liga- ties
tions
tion*
743
742
746
736
734
,45:
,260
,245
,346
,403
Investments
Real Loans
estate to Other Total
loans banks loans
Total
1,705
1,714
1,706
1,708
1,686
1,572
1,586
1,590
1,597
1,580
9
10
8
7
11
13
13
13
13
12
17
17
16
17
17
132
132
132
134
134
9
65
2
5
9
173
195
281
356
567
330
325
293
300
329
32
32
33
34
34
216
212
206
205
238
402
405
410
411
413
187
206
189
175
150
539
535
537
536
535
1
1
1
1
1
17
16
16
16
16
3
3
3
3
3
9
9
9
90
90
91
91
91
5
6
5
1
5
271
272
272
274
275
1,642
1,656
1,654
1,674
1,646
1,365
1,381
1,385
1,403
1,373
1,477
1,477
1,477
1,483
1,487
914
918
924
928
922
10
8
7
7
6
12
12
11
12
12
41
41
34
34
34
21
21
21
21
21
273
274
275
275
276
1
1
218
215
218
219
219
2,857
2,845
2,842
2,847
2,836
533
519
534
537
512
876
874
873
875
874
417
414
414
415
416
6
6
5
5
5
16
16
16
16
16
23
23
22
23
22
200
202
203
203
203
214
215
215
215
214
272
287
313
312
293
853
865
879
871
872
538
551
561
555
557
6
6
8
7
6
19
18
18
18
18
35
36
36
36
36
66
66
65
65
65
,499
,466
,558
,595
,518
2,768
2,762
2,792
2,802
2,807
1,912
1,900
1,918
1,912
1,912
32
37
28
35
48
26
26
25
25
25
65
66
64
64
63
,091
,092
,108
,141
,132
1,007
1,007
1,008
1,027
1,029
614
611
617
635
636
5
5
5
5
5
13
12
11
11
11
,188
,204
,186
,188
,180
434
434
435
435
435
251
250
252
251
252
2
1
2
2
2
,376
,355
,377
,408
,403
884
884
885
889
578
579
578
579
580
,281
295
303
313
321
1,085
1,096
1,098
1,106
1,110
030
969
043
069
012
313
277
350
369
298
202
204
201
201
199
Bills
Certificates
of indebtedness
Other
secuNotes Bonds rities
2
1,105
1,104
1,103
1,101
1,102
141
162
167
174
154
237
231
231
231
234
89
89
89
91
90
10,993 1,227
10,815 1,082
10,710 1,008
10,779 962
10,598 806
928
95
93
1,029
1,007
349
332
331
335
321
107
136
140
158
132
124
124
131
136
132
70
75
70
75
77
1,064
1,046
1,044
1,034
1,032
277
275
269
271
273
2,514
2,504
2,500
2,511
2,498
178
178
175
181
150
236
236
229
234
241
146
145
145
145
153
1,954
1,945
1,951
1,951
1,954
343
341
342
336
338
,657
,645
,661
,662
,638
1,525
1,515
1,532
1,533
1,509
55
55
72
73
57
205
203
203
203
199
60
60
61
61
59
1,205
1,197
1,196
1,196
1,194
132
130
129
129
129
192 ,419
190 ,422
193 1,434
191 1,441
192 1,421
1,229
1,232
1,243
1,252
1,232
25
28
39
50
40
282
283
283
279
273
69
72
72
73
69
853
849
849
850
850
190
190
191
189
189
335
336
336
336
338
406
409
407
407
406
5,731
5,704
5,766
5,793
5,711
5,109
5,080
5,143
5,173
5,087
272
262
311
332
234
581
595
601
593
588
370
378
386
386
401
3,886
3,845
3,845
3,862
3,864
622
624
623
620
624
13
12
12
12
12
156
158
158
158
159
209
211
208
209
209
1,084
1,085
1,100
1,114
1,103
945
947
962
976
967
83
88
90
93
82
146
147
157
157
152
67
66
62
66
72
649
646
653
660
661
139
138
138
138
136
7
7
7
7
6
5
6
6
6
6
62
62
62
61
62
110
112
110
112
111
754
770
751
753
745
677
689
671
673
667
48
75
61
61
56
139
138
131
132
129
31
34
34
34
36
459
442
445
446
446
77
81
80
80
78
4
4
4
4
4
6
6
6
6
6
12
12
12
12
12
127
127
127
127
128
160
159
160
160
159
1,492
1,471
1,493
1,523
1,514
1,286
1,267
1,289
1,320
1,308
147
129
149
174
166
274
274
277
278
272
87
87
87
90
91
778
777
776
778
779
206
204
204
203
206
753
759
764
771
773
5
6
6
5
5
15
15
16
16
16
42
42
42
42
42
89
89
87
89
187
191
189
189
192
1,196
1,199
1,205
1,207
1,211
1,076
1,079
1,084
1,087
1,090
30
33
45
49
55
219
229
232
233
230
76
76
69
69
68
751
741
738
736
737
120
120
121
120
121
5,013
5,013
5,063
5,079
5,080
2,190
2,195
2,241
2,252
2,250
11
11
11
12
12
18
18
18
19
17
32
32
32
30
30
,078
,080
,082
,085
,088
719
724
723
730
730
6,017 5,235
5,956
,173
5,980
,210
5,990 5,221
5,932 5,164
190
150
197
204
158
1,018
1,008
1,008
1,010
1,000
264
259
252
253
255
3,763
3,756
3,753
3,754
3,751
782
783
770
769
768
1,878
1,870
1,899
1,908
1,912
1,483
1,472
1,488
1,481
1,480
28
32
24
30
43
21
21
20
20
20
57
57
55
55
55
72
73
73
73
74
217
220
218
219
218
3,435
3,407
3,451
3,461
3,386
211
188
220
223
141
322
317
323
328
330
267
264
272
272
281
2,240
2,237
2,237
2,241
2,234
395
401
399
397
400
998 12,252
985 12,035
978 11,923
975 11,991
986 11,807
3,040
3,006
3,052
3,064
2,986
133
128
116
111
106
489 1,259
8, 446 1,220
8,434 ,213
8,453 1,212
8,464 1,209
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
For other footnotes see preceding table.
1496
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
New York*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24.
Philadelphia
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Cleveland
Oct. 27.
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Richmond
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Atlanta
Oct. 27
Nov. 3 .
Nov. 10
Nov. 17
Nov. 24
Chicago*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
SL Louis
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Minneapolis
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Kansas City
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dallas
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
San Francisco
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
City of Chicago*
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Reserves
BalDeIndiwith Cash ances mand vid- States CertiFedwith
de;
uals,
in
and
eral vault do- posits part- polit- fied
and
Remestic adnerOffiserve
banks justed* ships, ical
sub- cers'
Banks
and
cor- divi- checks,
pora- sions etc.
tions
584
555
577
591
565
62
60
59
61
59
5,719
5,578
5,643
5,579
5,697
183
181
198
177
187
554
538
562
551
555
46
47
45
46
45
853
896
871
892
869
104
100
99
120
99
2,408
2,449
2,407
2,421
2,385
2,388
2,367
2,364
2,429
2,366
171
216
192
177
170
17,406
16,920
16,965
17,178
17,204
517
605
564
545
506
719
690
657
768
800
107
115
104
114
99
2,093
2,082
2,107
2,090
2,105
2,194
2,210
2,176
2,225
2,176
89
80
106
91
100
92
87
90
89
84
155
156
138
156
141
3,082
3,069
3,018
3,044
3,061
3,169
3,132
3,084
3,179
3,145
550
549
559
541
551
69
66
65
67
63
173
158
168
161
141
2,065
2,030
2,053
2,028
2,024
2,064
2,065
2,062
2,060
2,036
489
500
499
501
498
46
41
46
44
44
175
187
183
190
166
2,096
2,022
2,005
2,055
2,067
105
108
109
105
104
338
347
333
347
330
6,155
5,994
6,105
6,103
6,194
444
456
467
454
466
30
30
31
30
30
127
125
125
123
111
255
257
261
243
244
13
12
13
14
13
94
91
88
96
86
560
579
569
570
594
U. S.
Government
51
47
48
51
44
120 16,935
128 16,400
123 16,601
132 16,519
116 16,765
Time deposits,
except interbank
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Interbank
deposits
Demand
U. S.
Government Doand
Postal mes- Fortic
eign
Savings
484
483
482
482
482
287
286
282
297
269
23
24
22
23
23
495
528
483
537
2,336
2,336
2,326
2,319
2,329
2,782
2,911
2,836
2,923
2,712
1,221
1,239
1,221
1,231
1,236
28
35
27
34
29
89
93
82
92
77
410
410
419
417
415
340
351
349
377
326
192
189
184
185
175
50
50
50
61
52
117
126
116
135
119
1,309
1,309
1,309
1,308
1,306
191
185
177
172
176
37
44
54
45
54
52
50
59
51
1,764 1,665
1,756 1,662
1,759 1,675
1,767 1,714
1,758 1,671
292
290
292
279
273
24
26
23
23
22
6,193
6,148
6,130
6,245
6,230
542
546
520
514
531
1,378 1,481
1,351 1,472
1,364 1,480
1,370 1,510
1,399 1,493
Time
CapBor- ital Bank
debrow- acings counts its*
321
322
322
322
322
890
910
805
870
887
91
121
114
91
289
2,412
2,428
2,427
2,427
2,421
9,957
9,220
8,250
8,360
9,117
12
12
12
12
12
11
10
3
1
22
304
306
305
306
306
804
797
768
809
862
428
449
451
480
426
5
5
5
5
5
1
13
28
5
16
461
462
463
463
460
1,212
1,261
1,166
1,287
1,250
580
578
578
574
571
405
406
427
432
390
6
5
6
7
5
7
10
2
1
16
218
818
218
775
219
773
821
219
219 1,122
33
37
37
39
36
524
525
526
525
524
473
510
533
523
488
11
13
11
13
11
1
3
3
7
10
188
185
185
185
185
699
753
661
739
702
108
109
104
111
104
289
311
277
323
272
2,412
2,416
2,415
2,415
2,418
1,409
1,428
1,433
1,496
1,352
30
28
30
30
30
11
38
21
12 j
30j
689
693
693
693
693
3,058
2,936
2,884
3,140
3,045
105
110
110
113
110
22
28
20
20
20
55
50
46
50
47
463
463
463
462
462
605
648
673
673
632
2
2
2
1
3
6
10
175
176
175
175
175
662
687
680
674
668
314
325
325
325
300
4
3
3
3
3
98
98
98
97
98
436
465
435
452
434
2;
n
16
863
864
846
835
847
818
796
807
814
801
175
179
165
159
166
14
16
13
14
14
24
24
23
28
25
248
248
248
248
247
32
28
30
30
30
273 1,827
291 1,811
298 ,827
306 ,849
276 ,874
1,858
1,867
1,874
1,941
1,917
212
206
197
196
209
25
26
26
29
26
55
52
48
54
48
374
374
374
374
374
4
4
4
4
4
791
822
831
842
791
1
1
1
1
1
192
192
192
192
193
833
731
765
888
928
558
553
574
577
564
35
34
35
33
35
272 ,928
271 ,911
281 ,935
315 ,964
273 1,96V
1,900
1,910
1,900
1,968
1,928
188
205
207
205
202
38
37
34
39
41
343
344
344
344
344
64
67
66
64
63
602
625
640
655
617
4
4
5
5
4
195
195
195
195
196
705
704
670
731
783
2,025
2,047
1,997
2,003
2,018
129
119
129
129
123
263
281
268
290
269
6,924
6,890
6,907
6,917
6,928
6,883
6,925
6,929
7,007
6,834
508
488
491
505
552
194
214
218
237
228
150 4,838
149 4,837
138 4,837
161 4,834
154 4,815
267
273
271
271
269
471
464
472
515
459
87
87
87
729
731
720
718
720
2,611
2,550
2,737
2,718
2,692
1,416
1,373
1,353
1,418
1,428
38
40
40
36
39
158
167
161
167
152
3,955
3,857
3,932
3,941
3,974
4,048
4,018
4,018
4,105
4,079
285
288
277
277
279
51
54
48
50
52
39
39
39
39
40
1,031
1,039
1,050
1,098
1,004
464
467
467
466
466
1,940
1,864
1,810
1,991
1,952
172
182
161
185
153
,234
,237
,235
,236
,236
For footnotes see opposite page and preceding table.
DECEMBER
1948
1497
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Commercial
paper
Total
out- 1
outstanding standing
Held by
Accepting banks
Total
1947—September
October
November
December
Own
bills
Federal
Reserve
Banks
Others
Bills
(for own
bought account)
242
283
287
287
April
May
June
July
August
SeDtember
October
219
237
245
261
168
180
188
197
83
83
76
88
85
97
112
109
290
301
311
275
254
270
284
309
305
285
February
March
Based on
262
253
241
242
256
253
235
221
214
221
188
174
162
151
161
142
134
122
120
125
85
79
70
71
71
61
67
60
65
67
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
47
55
56
64
140
144
147
159
42
54
61
63
2
4
3
3
24
23
25
25
11
10
9
11
74
79
79
91
95
111
102
99
94
96
103
94
92
80
90
81
67
62
55
58
4
2
168
168
151
143
155
155
151
143
136
140
53
43
48
54
57
56
47
40
37
42
1
2
2
4
3
2
1
1
27
24
23
19
19
19
19
20
20
20
13
17
17
22
21
20
18
17
20
17
1
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net) 1
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed*
Free
Other
(net)
Other credit balances
In partners' In firm
investment investment In capita]
and trading and trading accounts
(net)
accounts
accounts
1939—June
December...
1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
834
906
653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
25
16
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
73
78
58
99
89
86
86
154
190
188
253
260
333
413
399
312
333
178
207
223
204
186
211
180
160
167
181
196
209
220
313
370
456
395
570
637
376
427
395
368
309
378
529
557
619
726
853
795
498
218
223
230
266
267
281
255
289
240
270
334
354
424
472
549
654
651
694
650
70
69
62
54
65
63
56
54
66
65
95
96
121
112
120
120
162
21
23
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
6
7
5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
280
277
269
247
222
213
189
182
212
198
216
227
264
299
314
290
271
1947—November. .
December...
•593
578
7
315
393
•247
240
•617
612
176
23
15
273
1948—January
February. . .
March
April
May
June
July
August
September...
October
•568
•537
•550
•572
•615
619
•608
•573
3 570
3 580
•217
•208
•229
•241
•258
283
3
288
•252
3 238
3
252
•622
•596
•592
•614
•619
576
•577
•551
3
55O
3
540
145
20
11
291
7
326
332
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.
* Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
» As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): August, 54; September, 47; October, 45.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
1498
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
U. S. Government
security yields
Prime Stock
exPrime bankchange
com9-to 12ers'
mercial accept- call
month 3- to 5loan
paper, ances,
certifi3re4- to 6-1 90
year
month cates taxable
newmonths days 1
bills « of in- issues
als 2
debtedness
Year,
month, or
week
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
Total
19 cities
New
York
City
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.03
.44
.61
.87
1.00
1.16
1.38
.375
.375
.604
.81
.82
.88
1.18
1.16
1.32
1.06
1.19
.94
1.03
L.38
L.38
.932
.950
.99
1.04
1.47
1.54
2.33
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
L.50
L.50
L.50
L.50
L.50
L.50
L.50
L.63
L.63
L.63
.977
.996
.996
.997
.997
.998
.997
1.053
1.090
1.120
1.144
.09
L.10
L.09
L .10
L.09
L.09
L.10
L.15
L.18
1.23
1.22
.63
L.63
L.60
L.58
1.51
L.49
L.56
L.65
L.69
L.71
L.69
1944—September
December.
2.69
2.39
2.18
1.93
2.82
2.61
3.14
2.65
1945—March
June
September
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March. . .
June
September
December.
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1.129
1.138
1.141
1.147
1.150
1.23
L.23
L.23
L.22
1.22
L.72
L.72
L.71
1.67
1.69
1947—March. . .
June
September
December.
2.31
2.38
2.21
2.22
1.82
1.83
1.77
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
1948—March
June
September.
2.46
2.59
2.70
2.09
2.10
2.26
2.52
2.71
2.76
2.83
3.03
3.13
1945 average
1946 average
1947 average . . .
1947—November.
December..
1948—January. . .
February..
March
April
May
June
..
July
August....
September.
October. . .
November .
1.31
1.38
.75
.81
.38
L.38
1.38
I 38
L.38
L.44
L .56
L .56
1.56
Week ending:
Oct. 30
1^-1 ^
Nov. . 6 . . . .
Nov. 1 3 . . . . 1^-1 6^
Nov. 2 0 . . . .
Nov.
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
21....
1.06
1.06
1.06
1.06
1.06
1 06
1.06
1.13
1.19
1.19
1.19
13/16
13/16
13/16
13/16
13/16
1.63
\y2-\zA
1^_13^
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
3
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
average1
average
average
average
average
average.
average
average
average.
average
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND Y I E L D S 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
and
Corporate (Moody's)4
Municipal
(highgrade)2
Corporate
(highgrade) 3
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-8
15
10
120
30
30
30
30
40
40
40
1945 average
1946 average
1947 average.
1.60
1.45
1.59
2.37
2.19
2.25
1.67
1.64
2.01
2.54
2.44
2.57
2.87
2.74
2.86
2.62
2.53
2.61
2.71
2.62
2.70
2.87
2.75
2.87
3.29
3.05
3.24
2.68
2.60
2.67
3.06
2.91
3.11
2.89
2.71
2.78
1947—November
December.
1.72
1.86
2.36
2.39
2.18
2.35
2.75
2.86
3.02
3.12
2.77
2.86
2.85
2.94
3.01
3.16
3.44
3.52
2.84
2.92
3.30
3.42
2.93
3.02
1948—January.. .
February..
March...,
April
May
June
July
August
September
October. . ,
November.
2.09
2.08
2.03
1.99
1.89
1.89
1.96
2.05
2.04
2.05
2.00
2.45
2.45
2.44
2.44
2.42
2.41
2.44
2.45
2.45
2.45
2.44
2.45
2.55
2.52
2.38
2.31
2.26
2.33
2.45
2.46
2.45
2.42
2.85
2.84
2.81
2.77
2.74
2.73
2.80
2.86
2.85
2.85
2.86
3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
3.09
3.11
3.12
2.86
2.85
2.83
2.78
2.76
2.76
2.81
2.84
2.84
2.84
2.84
2.94
2.93
2.90
2.87
2.86
2.85
2.89
2.94
2.93
2.94
2.92
3.17
3.17
3.13
3.08
3.06
3.03
3.07
3.13
3.13
3.15
3.18
3.52
3.53
3.53
3.47
3.38
3.34
3.37
3.44
3.45
3.50
3.53
2.91
2.90
2.89
2.85
82
2.80
2.84
2.89
2.88
2.90
2.89
3.44
3.43
3.40
3.34
3.27
3.23
3.26
3.31
3.32
3.35
3.37
3.03
3.03
3.01
2.97
2.95
2.96
3.02
3.07
3.07
3.07
3.09
Week ending:
Oct. 30. ..
Nov. 6. . .
Nov. 13 . . .
Nov. 2 0 . . .
Nov. 2 7 . . .
2.08
2.06
2.01
1.95
1.99
2.45
2.45
2.45
2.43
2.44
2.45
2.48
2.44
2.39
2.37
2.88
2.88
2.86
2.85
2.84
3.13
3.14
3.13
3.12
3.10
2.86
2.87
2.86
2.83
2.81
2.95
2.95
2.95
2.92
2.90
3.17
3.19
3.18
3.17
3.17
3.52
3.53
3.53
3.54
3.53
2.92
2.92
2.92
2.89
2.87
3.36
3.37
3.38
3.37
3.36
3.09
3.11
3.10
3.09
3.08
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, Aa, and A groups from 10 to 5, 6, and 8 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
DECEMBER
1948
1499
SECURITY MARKETS 1
Bond prices
Stock prices*
Corporate 4
U. S.
Government2
Year, month, or week
Number of issues
1-8
Municipal
(highgrade) 3 Highgrade
1945 average....
1946 average
1947 average
102.04
104.77
103.76
15
139.6
140.1
132.8
1947—November
December.
102.11
101.59
1948—January..
February.
March
April
May
June
July
August
September
October. .
November
Week ending:
Oct. 30. .
Nov. 6. .
Nov. 13. .
Nov. 20. .
Nov. 27. .
Medium-grade
Industrial
Total
Railroad
Public
utility
Common (index, 1935-39=100) Volume
of trading* (in
thouPresands of
ferred*
Indus- Rail- Public shares)
Total
trial
road utility
15
189.1
198.5
184.7
416
365
20
31
122
140
123
123
143
128
137
143
105
106
120
103
1,443
1,390
953
174.5
172.1
124
122
130
129
100
104
97
94
862
1,170
97.5
94.5
92.7
102.6
100.7
99.7
88.2
129.4
126.2
103.2
99.6
97.9
84.7
82. t
102.8
99.3
97.6
100.70
100.70
100.78
100.84
101.20
101.23
100.82
100.73
100.70
100.60
100.79
124.5
122.6
123.1
125.7
127.1
127.8
126.6
124.4
124.0
124.5
125.0
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
97.8
97.9
91.2
90.5
90.7
91.4
92.8
94.4
94.6
93.2
92.9
91.9
91.1
96.5
94.3
94.5
94.9
96.8
98.2
99.3
98.1
97.5
'95.7
94.5
82.1
82.2
82.2
83.5
87.2
89.8
89.1
86.9
86.8
85.8
85.1
96.0
96.0
96.3
96.7
95.0
95.6
95.6
95.0
94.6
94.4
93.6
169.5
167.5
170.1
169.9
171.1
173.4
170.8
166.9
166.5
163.8
166.2
120
114
116
125
130
135
132
127
126
128
120
126
119
122
131
137
143
139
134
132
134
126
107
102
105
115
123
126
125
120
120
121
109
95
93
93
96
99
101
100
97
97
97
94
895
857
974
1,467
1,980
1,406
1,171
100.69
100.70
100.74
100.91
100.76
124.4
123.8
124.6
125.5
125.9
97.4
97.3
97.6
98.1
98.4
91.5
91.2
91.0
91.1
91.1
95.1
94.6
94.4
94.4
94.6
85.6
85.3
85.1
85.1
85.1
93.6
93.7
93.4
93.8
93.8
164.3
163.6
164.7
168.3
168.3
130
125
118
120
118
137
131
124
126
124
123
116
106
108
105
98
96
93
94
93
999
2,135
1,585
959
1,039
684
836
929
1,375
* Corrected.
1
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.
* Prices derived from average yields, as computed by Standard and Poor's Corporation.
• Standard and Poor's Corporation.
1
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
T
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Total
(new
and
refunding)
5,790
4,803
5,546
2 114
2,169
4,216
8,006
8,645
8
9,611
For refunding
Domestic
Total
(domestic
and
forTotal
eign)
2,277
1,951
2,854
1,075
2,239
1,948
2,852
1,075
642
640
State
and
municipal
931
751
518
342
176
235
913
896
471
1,772 1,761
952
4,635
4,645
«7,451 7,139 2,228
Federal
agencies1 Total
383
736
1,062
108
90
624
374
15
26
127
203
114
101
99
541
1948—January..
February.
837
March. . . 1,374
April
936
652
May
954
June . . . .
763
July
706
August...
660
September
October . .
733
495
495
782
781
1,222 1,221
769
768
591
591
888
888
114
217
630
156
182
283
39
31
50
35
21
118
237
67
35
571
652
679
528
569
651
118
273
Corporate
924
461
713
713
571
571
1,029 1,024
679
531
Domestic
1,272
813
705
1,160
1947—October. .
November
December
*
Foreign2
Bonds
and Stocks
notes
287
601
889
506
282
97
135
173
118
92
646
422
224
1,264
607
657
3,556 2,084 1,472
4,708 3,493 1,215
599
470
925
16
410
336
780
189
134
144
365
526
560
562
374
584
323
348
531
432
293
436
41
178
29
131
81
149
494
256
484
194
10
61
450
4 378
364
328
87
50
38
2
1
2
17
12
10
68
5
1
2
2
3
2
* 1
Total
(domestic
and
forTotal
eign)
3,513 3,465
2,852 2,852
2,693 2,689
1,039 1,039
1,527 1,442
3,303 3,288
6,234 6,173
4,000 3,895
2,160 1,983
State
and
municipal
Federal
agencies1
195
482
435
181
259
1,537
404
324
418
912
208
44
734
422
344
698
440
497
Corporate
Foreign1
Bonds
Total
and Stocks
notes
1,733
2,026
1,557
1 596
1,834
1,430
418
685
407
603
2,466 2,178
4 937 4 281
2,953 2 352
1,517 1 236
101
134
130
101
134
130
5
2
2
20
48
45
76
84
83
51
78
80
46
56
152
166
61
66
46
56
152
166
61
66
2
3
1
1
8
3
42
39
54
114
49
34
3
14
97
50
4
29
3
13
87
50
3
29
85
175
85
175
89
81
68
123
15
2
89
81
2
50
13
19
48
4
86
288
656
15
61
601
281
105
177
15
2
26
19
137
193
126
11
82
1
6
62
56
25
6
3
1
10
1
13
lot shown separately.
* ign issue by the DeMonthly figures
1500
FEDERAL RESERVE
BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollarsj
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
Retirement of securities
Plant and Working
equipment capital
Bonds and
notes
Total
Preferred
stock
Repayment
of
other debt
Other
purposes
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
'6,577
57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
'4,591
32
111
380
574
504
170
424
661
287
141
252
638
2,115
'3,409
26
96
478
417
177
155
145
207
187
167
405
442
1,164
a , 182
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
'1,352
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
71
226
190
87
59
128
100
30
72
351
438
476
'196
84
170
154
111
215
69
174
144
138
73
49
134
379
'356
11
23
49
36
7
26
19
28
35
27
47
133
231
'168
'636
.
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
-"6,466
'19
7
2
'18
'19
'43
'25
'7
'33
26
22
30
104
20
45
91
11
«28
18
14
1
6
25
18
5
40
1
24
2
1947—October,
November
December
••1,170
•-62 7
'528
'1,155
'549
425
'1,026
'395
354
'905
'154
71
'121
'36
'76
'53
'17
'69
'51
1948—January
February
March
April
May
June
July
August
September
October
346
613
688
636
405
654
574
244
473
683
340
594
679
626
395
642
564
238
465
675
294
546
560
434
356
563
424
222
399
644
193
309
343
334
297
449
307
164
293
526
101
237
217
100
60
114
117
58
106
118
6
26
84
62
1
29
8
4
«14
10
6
14
83
62
1
4
8
4
10
10
••542
n"
l
26
C
4
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
Real estate and financial
All
Total
Retire- All Total
Retire- All Total
Total
RetireRetireAll
net
net
New ment of other
New ment of other
New ment of other
net
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purposes ceeds
poses ceeds
ceeds
poses ceeds
ties
ties
ties
ties
poses4
172
120
774
338
54
182
319
361
47
160
602
1,436
704
283
21
57
139
228
24
85
115
253
32
46
102
115
129
240
120
54
558
110
30
97
186
108
15
114
500
1,320
571
35
1947—October
November..
December. .
35
37
20
31
37
20
4
1948—January
February...
March
April
May
June
July
August
September..
October... .
23
34
80
51
24
83
68
30
41
62
23
34
42
32
24
69
68
29
41
62
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
Industrial
Public utility
Railroad
31
10
77
1
11
130
30
1,250
63
1,987
89
751
180
1,208
43
1,246
245
18 1,180
317
1,340
464 145
22
469
40
1,400
69
2,291
785
3 2,129
'3,212 '2,188
8
'307 '282
'278 '246
'510 '498
37
19
14
1
164
119
320
265
216
403
176
75
262
232
149
106
281
233
209
363
149
73
226
224
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,252
'939
42
30
27
50
86
47
13
30
27
25
17
63
93
'84
'9
31
rg
16
1
'4
'270
'193
'593
'228
'127
'497
6
12
34
14
9
1
5
17
7
11
27
95
425
123
269
152
93
275
123
118
372
70
390
83
154
120
70
168
113
108
351
29
2
14
7
"23'
1
62
25
774
74
1,280
439
1,079
616
831
469
584
188
961
167
828
244
527
293
497
228
1,033
454
1,969
811
3,601 2,201
'2,686 '1,974
34
550
761
373
226
353
738
463
89
199
504
1,010
981
'353
2
150
80
90
136
43
56
121
146
71
76
148
419
'359
20
122
390
71
16
102
155
94
4
21
107
206
323
'286
46
218
57
8
9
42
55
4
13
61
85
164
'189
'23
'45
'43
'19
'21
'53
16
21
'33
'8
15
'11
25
21
27
91
31
23
104
10
10
19
57
16
157
41
4
62
45
10
43
9
52
15
153
15
3
60
39
8
25
8
14
13
24
1
3
3
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
42
65
64
r
24
4
3
56
95
•73
1
'3
8
5
19
5
5
1
3
21
2
6
2
19
1
taxes.
imounts or number of units by offering price.
net proceeus are equai to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
xpenses.
* mciuues repayment 01 otner aeDt ana otner 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.
DECEMBER
1948
1501
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total
Other
durable
goods
Oil
Foods,
produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Net
profits1
Preferred
Common
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,769
1 800
1,896
1,965
3
2 552
3,671
Annual
. .
146
278
325
226
204
115
158
193
159
165
223
242
274
209
201
102
173
227
182
180
119
133
153
138
128
222
151
148
159
151
162
175
199
357
354
98
112
174
152
186
220
224
281
480
186
194
207
164
170
187
187
275
345
134
160
187
136
149
147
155
302
370
122
132
152
161
171
184
202
324
293
847
1,028
1,137
888
902
970
996
3
1,144
1,786
90
90
92
88
86
86
85
81
88
564
669
705
552
556
174
70
88
113
90
83
88
90
163
239
13
35
41
56
65
74
95
124
56
62
77
86
63
66
67
79
61
73
116
250
312
417
20
20
20
21
146
154
91
82
81
95
66
149
213
194
190
115
3
241
131
207
129
109
135
437
334
417
205
198
22
67
-3
31
-34
22
33
855
96
97
43
100
-5
<50
4
40
4
44
20
26
705
871
3
4
164
171
340
586
Quarterly
1946—1
2
1947—i
2
3
4
NonOther
transMaAu- porta- ferrous
metals
chin- tomo- tion
and
biles equip- prodery
ment
ucts
629
Number of companies.
1939
1940
1941
1942
1943
1944
1945
1946
1947
Iron
and
steel
Dividends
Miscellaneous
services 2
126
189
282
. . . .
r
l
r
,023
l,101
1,178
3
62
70
4
83
77
105
89
'92
93
150
3
628
662
841
49
53
57
46
47
46
45
59
51
58
59
71
98
64
85
108
89
110
121
160
88
87
81
88
96
92
93
90
63
71
80
80
421
432
432
501
20
23
22
23
192
190
283
64
46
••53
59
64
r71
78
77
r86
91
192
194
186
91
r9g
103
101
100
107
57
•77
80
••523
'559
610
22
22
22
207
218
223
"•151
r
3
77
611
4
105
103
115
114
'•110
40
49
3
4
4
4
4
94
100
100
112
866
900
1,033
194g—i
2
3
3
129
4 68
163
177
PUBLIC.UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Annual
1939 . . . .
1940
1941
1942
1943
1944
1945 . . .
1946
1947
1946—1
2
3
4
1947—i
2
3
4
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685
Quarterly
. . .
.
Operating
revenue
. . .
*
1948—1
2
3
Electric power 6
5
Income
before
Net
income income *
tax 8
126
249
674
1,658
2,211
1,972
756
273
778
Dividends
Operating
revenue
Income
before
Net
income income l
tax s
236
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,244
961
93
189
500
902
873
667
450
289
126
159
186
202
217
246
246
235
480
629
692
774
847
913
902
905
970
Telephone 7
Dividends
Operating
revenue
Income
before
Net
income income 1
tax s
470
1.067
1,129
1,235
1,362
1,537
1,641
1,803
.992
2,149
227
248
271
302
374
399
396
277
535
548
527
490
502
507
534
647
652
444
447
437
408
410
398
407
456
192
Dividends
191
194
178
163
180
174
177
200
175
178
172
163
168
168
174
171
131
133
1,869
1,703
2,047
2,008
39
14
56
967
303
475
84
54
43
-45
128
191
52
41
85
919
931
998
225
212
229
196
151
143
157 <
107
-57
161
130
109
109
130
497
502
519
75
56
62
53
44
49
43
43
42
2,039
2,111
2 177
2,357
166
189
184
239
89
121
112
157
44
52
38
103
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
2,243
2,363
2,555
144
285
395
72
185
245
57
56
53
1,202
1,118
1,146
284
233
211
186
156
143
131
115
115
607
627
641
64
71
64
43
48
44
39
44
47
r
1
2
Revised.
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
3
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following amounts (in millions6 of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
6
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
8
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
1502
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]
Total
interestbearing
direct
Total
debt
Total
gross
direct
debt
End of month
Marketable public issues 1
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total
indebtnotes
bonds
bills
edness
2
Special
U. S. Treasury issues
savings tax and
bonds savings
notes
2
Noninterestbearing
direct
debt
Fully
guaranteed interestbearing
securities
57,938 57,451
1941—Dec
72,422
1942—June
71,968
Dec, , . . 108,170 107,308
136,696 135,380
1943—June
165,877 164,508
Dec
201,003 199,543
1944—June
230,630 228,891
Dec
258,682 256,357
1945—June
278,115 275,694
Dec
269,422 268,111
1946—June
259,149 257,649
Dec
258,286 255,113
1947—June
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
168,702
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17,033
15,775
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
6,317
4,549
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
1947—Nov
Dec
258,212 255,591
256,900 254,205
166,404
165,758
15,335
15,136
24,501
21,220
7,840
11,375
118,564 59,670
117,863 59,492
52,008
52,053
5,534
5,384
29,517
28,955
2,621
2,695
83
76
1948—Jan
Feb
Mar
Apr
May. . . .
June....
July
Aug
Sept
Oct
Nov
256,574
254,605
252,990
252,240
252,236
252,292
253,374
253,049
252,687
252,460
252,506
164,917
162,759
161,339
160,875
160,888
160,346
159,560
159,132
158,319
157,920
157,731
14,838
14,438
13,945
13,748
13,761
13,757
13,266
12,838
12,628
12,607
12,418
20,677
18,920
20,331
20,065
20,065
22,588
22,294
22,294
22,294
26,008
26,008
11,375
11,375
11,375
11,375
11,375
11,375
11,375
11,375
11,223
7,131
7,131
117,863
117,863
115,524
115,524
115,524
112,462
112,462
112,462
112,011
112,011
112,011
52,479
52,793
52,988
53,065
53,143
53,274
54,607
54,704
54,776
54,860
54,944
5,403
5,327
5,100
4,886
4,741
4,394
4,386
4,340
4,404
4,517
4,552
29,148
29,246
29,272
29,201
29,323
30,211
30,787
30,887
31,221
31,223
31,400
2,616
2,505
2,356
2,320
2,278
2,229
2,206
2,175
2,170
2,161
2,115
72
74
73
70
70
69
51
47
46
48
53
253,958
252,100
250,634
249,920
249,958
250,063
251,168
250,875
250,518
250,300
250,391
59,893
60,095
60,023
59,843
59,747
59,506
60,822
60,856
60,978
61,157
61,261
1
2
Including amounts held by Government agencies and trust funds, which aggregated 5,501 million dollars on Oct. 31, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary, Armed Forces Leave bonds, and 23^ per cent Treasury investment bonds, series A-1965, not shown separately.
Backfigures.—SeeBanking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING NOVEMBER 30, 1948
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treasury bills *
Dec. 2, 1948
Dec. 9, 1948
Dec. 16, 1948
Dec. 23, 1948
Dec. 30, 1948
Jan. 6, 1949
Jan. 13, 1949
Jan. 20, 1949
Jan. 27, 1949
Feb. 3, 1949
Feb. 10, 1949
Feb. 17, 1949
Feb. 24, 1949
Cert, of
Jan.
Feb.
Mar.
Apr.
June
July
Oct.
1,001
1,002
1,101
1,001
1,102
1,101
902
901
901
801
901
803
900
indebtedness
1949
1949
1949
1949
1949
1949
1949
i
\
\
\
i
1
Treasury notes
Jan. 1, 1949
Apr. 1, 1950
iy8
1H
2,592
2,189
3,553
1,055
4,301
5,783
6,535
3,535
3,596
In millions
Issue and coupon rate
Treasury
June 15,
Sept. 15,
Sept. 15,
Dec. 15,
Dec. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
June 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
bonds—Cont.
1951-54 2.2%
1951-53
2
1951-552...3
1951-53 2 .2H
1951-55
2
1952-54. . 2 H
1952-54
2
1952-55..2 34
1952-54
2
1953-55 2. . . 2
1954-56 2 . 2 ^
1955-60 2.2 %
1956-58. . 2 Vi
1956-59 2.2%
1956-59..2 K
1958-63 2.2%
1959-62 3.2 24
1959-62 3.2 34
1960-65 2.2%
1962-67 3.2 Yi
1963-68 3.2 Yi
1964-693.2H
1964-69 3 .2H
1965-70 3 .2 y2
1966-71 3.2H
1967-72«.2H
1967-72. .iy2
1967-72 3.2 3^
Postal savings
bonds
Treasury
Dec. 15,
June 15,
Sept. 15,
Dec. 15,
Dec. 15,
Dec. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Dec. 15,
*571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
2,635
Panama Canal Loan. 3
Total direct issues
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
113
50
157,731
Guaranteed securities
Federal Housing Admin.
Various
14
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 1499.
* Partially tax exempt.
* Restricted.
* Called for redemption on Dec. 15, 1948.
DECEMBER
1948
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Fiscal year
ending:
June—1941. .
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1947—Nov....
Dec... .
1948—Jan
Feb
Mar....
Apr.. . .
May...
June...
July...
Aug....
Sept....
Oct.. . .
Nov....
RedempAmount Funds received from sales during tions and
1UU
outmaturities
standing
at end of
All
All
Series Series Series
month series
F
G
E
series
203
4,314 1,492
10,188 5,994 3,526
21,256 11,789 8,271
34,606 15,498 11,820
45,586 14,891 11,553
49,035 9,612
6,739
51,367 7,208 4,287
53,274 6,235 4,026
412
263
52,008
487
325
52,053
770
52,479
479
607
367
52,793
588
383
52,988
468
320
53,065
432
305
53,143
497
341
53,274
379
54,607 1,673
473
334
54,704
412
304
54,776
415
305
54,860
419
308
54,944
67
435
758
802
679
407
360
301
17
24
44
40
30
20
17
19
246
18
14
14
15
395
2,032
2,759
2,876
2,658
2,465
2,561
1,907
148
207
848
2,371
4,298
6,717
5,545
5,113
131
137
248
201
175
128
110
136
357
434
454
364
462
452
428
465
438
442
407
393
406
1,048
122
94
96
95
Maturities and amounts outstanding November 30, 1948
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
Unclassified. .
Total
All
series
151
823
995
1 552
4,076
7,164
9,288
8,081
5,931
5,814
5,834
2,450
2,812
Series
Series
Series
G
1 118
4,076
5,870
6,684
5,363
2,802
3,043
3,110
202
518
636
509
291
317
456
Series
C-D
1,092
2,086
2,161
2,493
2,262
2,433
2,133
2,356
3,487
17,015
E
F
151
823
995
434
558
-26
54,944
2,402
32,067
1503
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Gross debt
Held by banks
End of
month
Total
interestbearing
securities
Total
Held ay nonbank investors
Commerical
banks *
Total
Federal
Reserve
Banks
Total
Insurance
companies
Individuals
Mutual
savings
banks
Other
corporations
and
associations 2
State
and
local
governments
U. S. Government agencies
and trust funds
Special
issues
Public
issues
2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,397
5,613
5,556
5,538
5,580
5,568
5,606
1940—June...
1941—June...
1942—June...
1943—June...
1944—June...
1945—June...
1946—June...
Dec.. . .
1947—June...
Dec...
47,874
54,747
76,517
139,472
201,059
256,766
268,578
257,980
255,197
254,281
48,496
55,332
76,991
140,796
202,626
259,115
269,898
259,487
258,358
256,981
18,566
21,884
28,645
59,402
83,301
105,992
108,183
97,850
91,872
91,259
16,100
19,700
26,000
52,200
68,400
84,200
84,400
74,500
70,000
68,700
2,466
2,184
2,645
7,202
14,901
21,792
23,783
23,350
21,872
22,559
29,930
33,448
48,346
81,394
119,325
153,123
161,715
161,637
166,486
165,722
10,300
11,500
18,400
31,700
46,500
59,800
64,100
64,900
67,100
66,600
6,500
7,100
9,200
13,100
17,300
22,700
25,300
25,300
25,000
24,300
3,100
3,400
3,900
5,300
7,300
9,600
11,500
11,800
12,100
12,000
2,500
2,400
5,400
15,500
25,900
30,900
25,300
22,400
22,300
21,200
1,500
3,200
5,300
6,500
6,300
7,100
7,300
4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955
1948—Apr
May...
June...
July. . .
Aug
Sept.. .
249,990
250,028
250,132
251,219
250,921
250,564
252,315
252,311
252,366
253,429
253,101
252,738
••86,440
'86,262
'85,966
'•86,525
'86,477
85,913
'66,100
'65,600
'64,600
'65,200
'64,900
62,500
20,340
20,662
21,366
21,325
21,577
23,413
'165,875
'166,049
'166,400
'166,904
'166,624
166,825
'67,000
'67,000
'67,200
'67,500
'67,500
67,500
23.500
23,400
23,200
23,000
22,600
22,300
12,000
12,000
12,000
12,000
11,900
11,700
21,200
21,600
21,000
20,700
20,800
21,100
7,300
7,300
7,200
7,400
7,400
7,300
29,201
29,323
30,211
30,787
30,877
31,221
400
600
900
' Revised.
Including holdings by banks in territories and insular posessions, which amounted to 400 million dollars on June 30, 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.
1
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]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
ance
Resav- com- Other
cies
cial
and serve banks ings panies
banks
trust Banks (0
funds
End of month
Type of
security:
Within 1 year:
1946—June....
1947—June
Dec
1948—June
1948—Aug
Sept
1-5 years:
1946—June....
1947—June....
Dec
1948—June....
1948—Aug
Sept
5-10 years:
1946—June....
1947—June
Dec
1948—June
1948—Aug
Sept
10-20 years:
1946—June
1947—June....
Dec
1948—June
1948—Aug
Sept.. . .
After 20 years:
1946—June
1947—June....
Dec
1948—June
1948—Aug
Sept.
U. S.
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
ance
Recial
sav- com- Other
cies
and serve banks ings panies
banks
trust Banks
funds
Treasury bonds
Total:*
1946—June
1947—June....
Dec
1948—June
1948—Aug
Sept.. . .
Treasury bills:
1946—June
1947—June
Dec
1948—June
1948—Aug
Sept.. . .
Certificates:
1946—June
1947—June....
Dec
1948—June....
1948—Aug
Sept
Treasury notes:
1946—June
1947—June
Dec
1948—June....
1948—Aug
Sept.*. . .
Treasury bonds:
1946—June....
1947—June
Dec
1948—June....
1948—Aug
Sept
Total
outstanding
and notes, due
or callable:
76,578
62,961
61,370
57,599
57,461
55,318
11,220
11,845
11,552
11,522
11,303
11,148
17,039
15,775
15,136
13,757
12,838
12,628
2 14,466 1,142
787
11 14,496
18 11,433 2,052
15 8,577 2,345
46 7,029 2,836
78 7,024 2,191
3
1
25
58
35
69
1 1,425
1
479
154 1,454
112 2,650
58 2,834
274 2,992
34,804
25,296
21,220
22,588
22,294
22,294
58
48
30
14
24
24
16,676
8,536
6,538
8,552
7,920
7,474
243
249
200
317
245
240
576 10,438
362 9,821
269 7,386
479 8,610
502 8,645
572 8,808
18,261
8,142
11,375
11,375
11,375
11,223
9
1,748 11,396
369 4,855
1,477 5,327
1,968 4,531
1,808 4,626
1,954 4,341
227
183
98
98
106
165
623
285
245
223
253
262
119,323
119,323
117,863
112,462
112,462
112,011
6,654
5,306
5,173
5,336
5,336
5,343
189,649
168,740
165,791
160,373
159,146
158,333
6,768
5,409
5,261
5,402
5,442
5,481
7
4
23,783
21,872
22,559
21,366
21,577
23,413
6,813
6,280
6,797
4,616
4,958
5,176
24,285
23,969
22,895
21,705
20,894
20,642
47,015
42,684
42,154
42,779
42,469
42,331
4,258
2,443
4,224
4,555
4 582
4,501
755 47,335 10,743 23,073 30,763
727 48,756 11,407 23,305 29,822
2,853
6,206
7,781
9,260
47,424
42,146
42,061
41,292
11,226
11,047
10,916
10,673
22,213
20,880
20,074
19,526
28,974
26,847
26,294
25,917
10,119
11,255
14,263
13,411
13,411
10,505
35,055
42,522
49,948
46,124
46,124
48,428
32,847
18,932
10,270
10,464
10,464
10,464
4 1,431 5,655
251 6,936
83
69 1,693 8,244
19 2,070 5,922
19 1,911 6,019
19 1,662 4,219
443
469
344
318
797 25,285
698 29,917
716
423
370
314
135 21,933
40 11,577
426 6,090
546 6,251
539 6,277
529 6,275
1,377
2,636
318 2,775
318 3,316
314
314
33,415
30,580
30,572
31,468
116
374
266
171
177
236
709
1,574
1,876
1,829
1,826
1,853
495 2,418
420 3,191
316 3,675
273 4,956
303 4,982
276 4,093
1,506
2,671
3,046
2,790
2,708
2,686
1,609 2,822 5,632
1,245 2,002 3,645
576
880 1,928
506
911 1,936
520
915 1,899
922 1,899
525
83 3,308 (3,026 12,547
37,189 3,400
78 2,587 (3,751 15,137
40,352 3,374
834 5,003 IJ.606 18,211
54,757 4,393
53,838 4,685 2,921 3,922 I5,639 17,129
53,838 4,685 4,365 3,819 5,499 16,400
53,838 4^692 5^707 3',672 i1 ',224 15',905
22,372 2,103
964
14,405
57 2,550
29 2,593
6,315
7,193
9,890
7,971
7,925
8,787
11,825
12,425
17,710
16,542
16 070
15',638
2,510 6,325 8,827
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 and the residual "other"'are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1504
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
On basis of daily statements of United States Treasury
Increase ( + ) or
decrease (—)
during period
year or
month
Net Budget surplus
exre(+) or
ceipts 1 pendi- deficit
tures
(-)
Fiscal year:
1946
1947
1948......
1947—Nov. .
Dec...
1948—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov...
43 038 63 714
43,259 5 42 505
44,746 39,326
2,743 2,194
4,246 3.224
4,275 2,879
4,336 2,402
6,334 3,546
2,806 3,109
2,707 2,604
5,102 5 7,261
2,236 6 3,698
2,569 2,207
4,589 2,915
2,140 2,724
2,583 2,859
Trust Clearing
acaccounts
etc.* count 2
—20 676
—524
•+•754 —1,103
4-5,419 +2,706
+549
+265
+1,022
+1,396
+1,934
+2,788
-302
+103
-2,159
-1,462
+362
+1,674
-584
-275
Gross
debt
General
fund
balance
+10 740 —10,460
— 11,136 —10,930
- 5 , 9 9 4 +1,624
-859
-172
-468
-1,312
-838
- 3 2 6 +1,551
+259
-194
-1,969
-330
-86
- 1 , 6 1 5 +1,035
+86
-750
-741
-3
+378
+334
+2,315
+56
-14
-178
+1,082
+141
+10
-324
-241
-570
-362
+751
+9
-144 +174
-227
-781
-30 -158
+46
-417
+555
—507
-127
-80
+222
-101
-53
+226
-144
-226
« +700
-289
Cash operating
income and outgo *
Genera 1 fund of the Treasury (end of period)
Assets
Balance
in
general
fund
14,238
3,308
4,932
3,935
3,097
4,648
4,318
5,353
4,612
4,946
4,932
5,074
4,832
5,583
4,802
4,385
Deposits in
Total
liaOther biliassets ties
Fed- Speeral
cial
Reserve 3 deposBanks itaries
Total
7O8
1 006 12 993
962 t 565
1,202
1,928 1.773 L,67O
,585
1,290 1,417
968 1,621
866
959 1,828
2,256
,571 1,434
,658
,972 1,972 1,749
,236 2,156
,645
,714 2,007 1,606
,928 1,773
,670
1,755 2,081 1,671
,919 1,741 1,568
,664 2,703
,653
,608 1,976
,621
1,601 1,621 1.591
14 708
3,730
5,370
4,292
3,454
5,042
4,664
5,692
5,037
5,327
5,370
5,506
5,229
6,020
5,205
4,813
Cash Cash
income outgo
Excess
income
(+) or
outgo
(-)
470 47 784 65 683 —17 899
422 46 637 39 978 +6 659
438 47,680 r38,744 r + 8 936
357 3,345 2,530
+816
357 4,037 3,526
+510
394 4,552 2,566 + 1,986
346 4,727 2,903 +1,824
339 6,479 3,877 +2,601
425 2,969 2,965
+4
381 3,334 2,871
+462
438 5,105 ••4,357
-•+748
433 2,404 2,765
-361
397 3,227 3,005
+221
437 4,713 3,275 +1,438
403 2,319 2,835
-516
428
DETAILS OF TREASURY RECEIPTS
Jnited States Treasury
On basis of daily statements of 1
Income taxes
Fiscal year
or month
Miscellaneous
internal
revenue
Total Withreheld
ceipts * by em- Other
ployers
Fiscal year:
1946
1947
1948
1947—New
Dec
1948—j a n
Feb
Mar
Apr
May
June . .
July
Aug. . • . .
Sept
Oct
Nov.
44,276 9,392 21,493
44,718 10,013 19,292
46,362 11,436 19,735
350
3 054 1,315
880
1,889
4,260
624 2,613
4,310
1,597
4,614 1,563
998 4,168
6,365
684 1,174
2,881
428
3,083 1,358
5,119
695 3,006
719
2,300
535
403
2,948 1,165
694 2,939
4,597
2,199
537
643
2,941 1,198
385
Social Surplus Other
Secu- property
re- 7
rity
taxes receipts ceipts
7,725
8,049
8,301
1,714
2,039
2,396
501
2,886
1,929
695
767
329
145
192
420
656
629
739
662
51
423
180
83
53
241
108
86
673
401
694
677
742
676
768
768
On basis of reports by collectors of internal revenue
145
67
410
130
65
386
49
364
71
51
41
32
26
Individual
income taxes
Withheld
3,452 9,858
2,439 9,842
2,565 11,534
171
1,491
Other
8,847
9,501
9,464
67
408
Corporation income
and profits taxes
Excise
and
Estate other
and
miscelgift
laneous
taxes
Normal Excess Other
and
surtax profits profits
4,640
6,055
9,852
249
1,463
473
326
2,276
376
7,822
3,566
305
22
24
91
55
677
779
18
2
1
899
54
65
1
4
72
56
125
118
159
36
313
162
173
192
645
2,250
279
1,165
1,670
154
849
1,543
133
2,338
1,004
2,034
602
1,111
228
101
1,016
1,877
432
283
1,947
268
17
16
17
13
19
2
1
2
1
61
95
56
59
808
157
448
16
1
61
175
215
231
178
118
153
178
167
17
22
20
13
1
1
75
7,036
7,285
7,412
627
691
562
586
603
578
584
629
608
674
660
655
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1946
1947
1948
1947—Nov
Dec
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
5
InternatVetIntererans' ional
fiest on National Addebt defense r minis- nance
tration and r
aid
63,714
42,505
39,326
2,194
3,224
2 879
2 402
3,546
3 109
2,604
57,261
6
3,698
2,207
2,915
2,724
2,859
4,722
4,958
5,211
127
972
401
142
608
154
124
1,508
286
114
570
212
122
48,870 2,871
16,766 6,442
11,364 6,317
506
927
987
545
1 063
516
846
845
903
930
929
s 1,155
800
715
931
?l,O25
518
579
571
530
559
«772
530
481
482
612
Aid
to
agriculture
Trust accounts, etc
Social Security
accounts
Other
TransExpend it
Refers
funds
to
Other Net
Inof
trust
InExRe- vest- Foreign
taxes
acrevest- pendi- ceipts ments Economic Other
counts
ceipts ments tures
Cooperation
727 —203 3,034 1,927 1,766 2,978 1,261 1,656 4,735 2,407
4,928 1,229 3,050 5 1,361 3,772 3,235 1,785 1,509 5 3,009 1,577
812 2,326 4,178 4,975 3,918 2,210 1,640 5,598
4,143
850
104
42
20
524
159
311
274
108
160
17
226
24
53
80
333
119
116
153
25
83
66
78
254
21
453
68
126
313
228
73
11
134
182
364
433
230
149
69
28
269
17
92
110
465
321
51
152
185
28
600
7
-34
150
162
71
173
42
555
475
338
1
352
577
106
142
101
10
388
28
251
491
348
553
174 «3,475
349
233 63,077
31
433
611
609
455
276
142
362
250
152
155 - 4 3
13
430
607
100
186
100
21
72
110
138
6
38
304
140
135
23
53
256
552
'282
80
159 - 1 2
132
128
18
46
275
524
174
6
585
144
49
P563
105
20
P225 P255
137
2,912
2,476
2,109
20
441
93
384
183
192
196
226
133
125
43
432
145
198
80
67
347
72
r
1
Revised.
P Preliminary.
Net receipts are total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors
2
insurance trust fund.
Excess of receipts ( + ) or expenditures ( —).
* Excluding items in process of collection beginning with July 1947.
4
For description, see Treasury Bulletin for September 1947.
6
Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months.
8
Change in classification.
7
Including receipts from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 1,063; 279, and 161 million dollars,
respectively.
DECEMBER
1948
1505
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES *
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
Corporation or agency
Total
All agencies:
June 30, 1947.
Sept. 30, 1947.
Dec. 31, 1947.
Mar. 31, 1948.
329,666
31,037
30,966
31,107
CommodiLoans ties,
supreCash ceiv- plies,
and
able
materials
1,792
1,556
1,481
1,369
7,662
851
9,212 1,093
9,714
822
10,134
570
Mar. 31, 1948 4
19,912
646 10,134
20,120 1,042 10,373
June 30, 1948 *
Classification by agency,
June 30, 1948 *
Department of Agriculture:
Farm Credit Administration:
229
288
Banks for cooperatives
513
576
Federal intermediate credit banks
99
Production credit corporations. . .
2
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
2 ()
80
127
Federal Farm Mortgage Corp.. . .
44
854
891
Rural Electrification Administration
27
139
1,054
Commodity Credit Corp
619
266
18
345
Farmers' Home Administration....
25
30
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration and
affiliate:
Public Housing Administration...
Defense Homes Corp
Federal Housing Administration.
Federal National Mortgage Association
667
1,617
3,565
3,553
3,539
3,526
12,691
12,662
12,600
12,535
1,845 3,524 2,723
1,684 3,531 2,458
221
()
26,763
28 ,005
28,015
28 ,233
269
138
143
150
101
11
781 1,142 17,764
863 1,187 17,875
150
154
272
43
98
2
16
479
771
2,045
2,144
2,037
1.868
()
36
(*)
164
542
4
191
12
307
101
10
27
(*)
909
()
142
3
1,017
"(I)"'
120
138
507
53
48
48
120 1,497
108
2,229
()
88
2
3,809
2
123
891
476
341
29
191
433
202
136
129
506
667
689
781
529
282
2,253
1,023
226
797
8,638
165 1,163
283 953
247 879
245 882
31
421
517
53
217
51
Reconstruction Finance Corp.6
1,777
1,725
1,685
1,845
475
26
196
452
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
All other
462
251
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenernstruc- and Other tures payable Other ment owned
tures, undis- asliabil- inter- interU. S.
est
and
Fully
ities
sets guarest
Govt. Other equip- tribsecuuted
secu- rities2 ment
anteed Other
charges
rities
by U.S.
Investments
136
774
1,339
3,385
175 2,078
1,018
226
782
41 8,597
44
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1948*
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural FarmElecFarm medi- for co- modity trifica- ers'
Home
Mort. ate opera- Credit
tion
Corp. credit tives Corp. Adm. Adm.
banks
94
513
232
144
854
Total loans receivable (net)...
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
(8)
135
543
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
Less: Reserve for losses
Home
Owners'
Loan
Corp.
424
All
other
Mar. 31,
1948,
All
all
agen- agencies
cies
4
6 2,386
633
75
3
147
36
260
2,399
623
475
13
80
(6)
513
144
224
1
4
5
5
481
227 2,236 3,750 6,214
220
109
611
47
8
364
7
5
379
6,093
613
384
475
909 2,229 3,975 10,373
10,134
282
3
5
1
277
3
229
139
854
266
421
282
147
258
* Includes certain business type activities of the U. S. Government.
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 2,750 million subscribed to the International Monetary Fund.
8
Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947.
4
Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly dates
shown above, are as of Mar. 31, 1947. Inclusion of current data for the Commission will be resumed when available.
6
6
Less than $500,000.
Includes War Damage Corp. (in liquidation).
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the
BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
1
2
1506
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)*
1923-25 = 100
Industrial production
(physical volume)*1
1935-39 = 100
Year and month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment •
1939 = 100
All
other
Nonagricultural
Factory
DepartFacFreight ment
tory carload- store
pay
sales
rolls » ings*
(val1939 = 1935-39 ue)**
= 100 1935-39
100
= 100
AdAdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
72
75
58
Adjusted
WholeConsale
sumers' comprices modity
1935-39 prices8
= 100
1926
= 100
Unadjusted
Unadjusted
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
122
44
30
44
68
81
95
124
79
90
65
88
86
94
120
103.7
104.1
79 7
88.2
100.9
93 7
97.0
103 9
124.2
80 2
86 0
109 1
101 8
107 3
120
129
110
121
142
139
146
83
99
92
94
105
105
110
123
143
127
119
121
122
125
8
3
7
7
9
2
4
138
154
97
96
100
98
103
6
4
6
7
6
1
5
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142
125
J02.5
96.2
98.9
96.7
96 9
103.1
89.8
110 5
108 5
109 8
117 1
94.8
152
147
148
152
131
113
114
115
117
108
126 4
124 0
122 6
122 5
119.4
100
95
96
95
86
0
4
7
3
4
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
13
11
12
21
84
40
37
48
50
87.1
77.2
77.5
84.9
88 5
75.8
64.4
71 3
83.1
88 7
71 8
49.5
53 1
68 3
78 6
105
78
82
89
92
97
75
73
82
88
108
97
92
95
98
7
6
4
7
1
73
64
65
74
80
0
8
9
9
0
1936
1937
1938
1939
1940
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70
74
80
81
89
95.1
101.4
95.4
100.0
105.8
96.4 91.1
105 8 108 9
90.0 84 7
100.0 100.0
107 5 114 5
107
111
89
101
109
100
107
99
106
114
99
102
100
99
100
1
7
8
4
2
80
86
78
77
78
8
3
6
1
6
1941
1942
1943
1944
1945
162
199
239
235
201
279
360
353
125
129
132
140
122
166
68
41
203
166
137
68
89
82
40
16
149
235
92
61
274
142
158
176
171
119 4
131.1
138 8
137.0
102 132.3
132 1
154.0
177 7
172 4
151.8
167 5
245 2
334 4
345 7
293.4
130
138
137
140
133
150
168
187
135
207
105 2
116 5
123 6
125 5
128.4
87 3
98 8
103 1
104 0
105.8
1946
1947
170
192
165
134
153
143
264
220
172
149
157
142
143.4 269 6
157 3 332 1
132
187
161 137.0
169 145 2
143
286
139 3
159 2
121 1
152 1
152
143.0 154.1 154.5 303.9
163 143.5 155.1 155.5 312.6
137
271
152.2
153.3
139 7
140.9
153 3
153.2
156 3
156.2
156.0
157 1
158 4
160 3
163 8
163 8
164 9
167.0
142 0
145 2
150 0
148 0
147 3
147 7
150 6
153 7
157 4
158 5
159 6
163.2
168 8
167 5
166 9
169.3
170 5
171 7
173 7
174.5
174.5
173.6
165 7
160 9
161 4
162.8
163 9
166 2
168 7
169 5
r
168 6
165.0
1919
1920
1921
1922
1923
1924
1925
1946
November
December.........
183
214
173
136
139
122
182
180
211
174
137
154
143
189
185
221
176
146
146
144
189
190
187
185
184
176
182
186
191
192
1947
January
February
March
April
May
June
July
August
September
October
November
December
1948
January
February
March
April
May
June
July . .
August
September
October
26
185
187
185
186
185
178
185
190
194
193
223
225
222
218
219
208
211
216
223
224
176
175
172
170
168
163
169
172
176
179
151
132
133
127
136
155
166
183
184
193
152
129
123
110
116
136
150
168
170
163
190
230
173
146
148
143
151
148
140
150
153
155
155
197
161
183
192
156
193
229
178
154
191
152
190
188
180
177
186
192
226
229
188
192
155
142
187
181
181
188
152
148
154
165
192
186
191
192
193
187
194
197
222
219
179
169
P195
.
189
194
191
*198
'223
224
'177
178
P179
159
153
159
156
P158
201
205
201
193
184
177
187
177
165
157
217
221
P230
177
178
147
162
140
156.2
156.9
156.7
156.8
155.0
155.2
154.5
156.3
158.9
160.0
160.4
161.1
155.6
156.6
157.0
155.9
153.8
154.7
153 3
157.8
160.2
160 4
160.8
161.9
314.2
317.6
320.9
317.6
319.3
327.2
321 8
331.5
345.3
350 1
353.4
365.7
150
223 148.6 161.2
215 147.8 159.8
208 147.9 160.1
202 147.2 157.1
206 147.7 156.7
220 148.8 158.8
219 149.5 159.7
220 149.6 160.1
216 150.8 163.1
206 P151.1 *>162.7
160 5
159.5
160 3
156.1
155.5
158 2
158.5
161.7
164.5
^163.2
358 7
354 1
358 4
347.1
346 7
359 0
360.0
374.8
381.7
276
145
148 143.5
149 144.1
134 144.2
142 143.4
140 143.5
152 144.8
170 144.8
179 145.2
195 146.2
196 147.1
217 147.3
227 147.9
142
146
137
142
137
135
143
142
145
147
266
267
r
27l
r
291
r
286
278
288
284
294
279
302
149
303
286
139
130
r
139
138
142
139
140
'312
130
141
286
284
306
r
311
312
316
312
305
p
r
* Average per working day.
Preliminary.
Revised.
1
For indexes by groups or industries, see pp. 1508-1511. For points in total index, by major groups, see p. 1530.
1
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1515 of this BULLETIN.
1
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. 1517-1520.
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.
DECEMBER
1948
1507
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1947
Industry
Oct.
1948
Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct
Industrial Production—Total.
191
192
192
193
194
191
188
192
192
Manufactures—Total
197
199
198
201
201
200
195
197
198
223
224
230
229
226
229
217
221
222
205
203
206
203
203
207
177
208
198
226
185
517
197
223
183
510
228
186
524
197
225
182
527
196
226
180
553
190
234
184
589
151
208
154
593
193
236
183
608
280
281
288
285
284
283
275
273
277
r
232
234
244
244
232
240
237
218
222
r
206
192
202
197
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth..
Electric
Machinery
186
191
192
197
199
202
219
223
224
•230
208
201
207
214
221
196
236
181
630
186
228
176
597
200 '205
235 243
179 185
635 ••658
210
252
192
678
269
•271
273
233
229
226
>237
179
185 '202
197
191
•201
195
1
Manufacturing Arsenals and Depots ...
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government)l
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) *
.... *
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products
198
179
185
189
195
199
201
200
196
194
185
186
192 P193
176
177
183
188
190
192
203
203
194
188
190
193
191
180
188
192
198
202
194
193
184
185
192
195
143
150
153
155
150
151
145
142
140
142
148
143 P146
128
172
137
176
139
181
143
179
135
178
137
178
132
169
131
163
129
161
135
157
140
163
132 P135
165 P167
201
201
205
202
207
211
211
206
207
200
210
207
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products l.
210
156
229
174
161
230
224
207
143
229
178
162
236
226
199
141
218
196
166
236
244
187
149
200
199
179
246
215
197
166
208
208
168
246
242
205
160
219
196
176
248
248
212
165
227
193
173
249
244
201
152
218
187
172
241
199
170
208
190
176
238
249
185
123
206
188
168
•237
248
207
172
218
186
175
•247
207
152
226
225
183
184
169 P172
237 P242
248 P251
Nondurable Manufactures.
176
179
173
178
180
177
177
178
179
169
177
178
164
172
163
179
179
175
175
177
174
154
166
169
152
139
280
159
149
290
149
131
287
165
153
300
166
153
296
161
147
303
147
298
163
147
308
159
140
313
138
115
323
152
127
318
132
'321
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
212
192
172
152
200
175
185
212
202
176
154
206
181
177
216
190
166
144
196
171
179
227
196
164
146
190
171
179
226
191
163
145
189
172
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
178
150
'139
166
160
166
226
174
149
138
165
157
126
124
114
120
123
115
110
108
109
96
113
121
136
94
100
112
128
122
141
88
93
108
126
113
129
83
89
101
116
132
85
96
101
122
116
133
80
95
100
127
102
115
69
92
92
123
105
119
78
91
91
113
109
124
82
91
93
107
107
121
80
89
94
110
95
109
65
80
84
96
105
120
78
'76
'100
156
158
158
160
158
157
159
163
160
140
134
122
134
139
138
139
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..
Leather 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 l
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
114
143
P179
129
321
119 P113
108
123
80
83
99
126
119
158
136
•248
P210
r
156
163 P162
133
143
P147 P140 P138 P139 P139 P145 P149 P 1 5 1 P152 P152 P154 *>150 P148
r
75
66
66
67
65
71
69
72
71
72
75
73
75
163
151
148 156
150 159
170 171
171
168
171
160
162
157
137
130 127
134 158 175
185
192 195
181
167
198
Ice cream
r
P Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
1508
FBDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1947
Industry
Oct.
1948
Nov. Dec
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
142
141
146
171
109
170
185
159
190
114
160
173
154
149
107
150
156
154
128
98
147
161
141
115
102
131
140
131
98
91
125
136
122
102
83
127
145
116
104
74
152
176
135
134
94
135
149
124
140
89
126
128
125
147
92
133
136
133
146
101
141
157
127
140
112
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
161
134
134
172
160
129
144
171
164
138
150
173
165
141
144
174
168
144
149
177
167
155
143
174
166
147
138
176
168
150
138
178
169
159
124
179
167
142
117
182
'162
107
119
183
172
162
121
183
P171
229
219
167
167
198
191
182
167
170
173
179
189
186
204
71
323
468
203
1
119
562
165
5
94
376
169
37
220
264
171
115
431
310
157
152
526
239
153
160
383
255
141
157
294
245
145
114
393
243
155
86
402
242
165
73
346
274
176
91
211
336
156
95
244
398
175
169
149
153
155
164
183
163
166
148
178
168
174
126
229
80
124
224
68
100
201
61
104
204
69
113
203
70
102
225
67
101
257
75
105
222
68
108
226
68
98
200
63
113
242
75
127
218
78
122
230
78
163
165
158
163
163
166
168
169
165
150
165
166
172
'160
'193
122
110
328
'148
155
184
83
160
161
'153
96
160
183
116
107
301
145
156
189
83
161
163
148
93
167
195
117
111
330
153
162
193
A Uoholic Beverages. .
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Industrial Alcohol from Beverage Plants l . .
Tobacco Products. . .
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products. . .
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp.
Sulphite pulp
Paper
Paperboard
Fine 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 l
Coke
By-product coke
Beehive coke
Chemical Products. . .
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1. . . .
Other chemical products l
157
177
105
107
275
154
154
184
89
167
152
141
91
160
182
97
112
281
159
156
186
89
168
158
146
90
153
168
96
107
255
148
150
177
86
162
158
139
157
174
88
109
276
151
155
187
86
162
163
145
82
158
177
94
110
269
161
155
179
88
170
161
150
83
160
178
90
103
285
153
157
192
85
161
161
148
82
163
180
97
108
293
151
160
192
87
166
171
151
89
164
187
104
112
309
151
160
191
86
169
169
150
95
159
183
106
111
301
146
156
187
86
168
157
145
94
146
172
117
96
283
135
142
165
74
150
160
135
93
152
152
146
148
157 150
154
156
157
147
155
154
164
138
137
131
134
139
143
143
146
145
149
147
155
>213 P220 P220 v217 v221
v207
P204 P205 P208 P214 P215
P211
in'
170
157
96
162
187
160
177
159
186
162
178
160
193
170
187
159
201
163
199
155
206
164
213
154
200
164
210
164
194
158
197
170
196
159
187
173
194
155
196
170
192
154
193.
173
194
162
182
165
180
157
184
P170
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
237
137
135
186
174
166
421
175
168
407
170
166
318
178
170
447
181
173
444
181
173
451
248
251
254
255
252
250
249
249
256
251
259
152
138
294
427
155
148
297
431
155
150
299
438
158
151
298
437
158
147
301
434
154
140
303
433
150
123
305
439
151
124
304
436
154
124
309
449
161
121
312
433
256
P256
161
127
312
450
158
135
305
P308
P210
r
Rubber Products
223
225
230
223
215
205
200
201
205
200
207
206
Minerals—Total...
155
155
156
154
155
142
147
162
159
153
159
156
Fuels
162
163
162
160
161
146
149
168
164
160
166
162
156
163
126
166
159
169
119
165
153
164
111
152
161
112
165
148
155
118
167
99
97
108
169
103
102
105
171
160
171
116
172
147
157
105
173
134
143
100
172
150
158
117
174
148
156
119
170
107
109
117
117
120
118
137
128
128
113
115
145
146
159
159
163
161
193
179
179
155
158
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Z i n c ) 1 . . . . . . . .
Gold
Silver
P118
P175
P114
P165
P157
r
:
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
N O T E . — F o r description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
DECEMBER
1948
1509
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1948
Industry
Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct
Industrial Production—Total.
194
193
190
189
190
188
186
192
193
187
194
197
198
Manufactures—Total
200
200
197
197
197
197
193
197
199
193
200
203
205
224
224
228
226
224
228
217
222
223
220
224
226
P232
205
203
206
203
203
207
177
208
208
201
207
'214
221
198
226
185
517
197
223
183
510
196
228
186
524
197
225
182
527
196
226
180
553
190
234
193
236
183
608
196
236
181
630
186
228
176
597
200
235
179
589
151
208
154
593
'205
243
185
r
658
210
252
192
678
280
281
288
285
284
283
275
273
277
r
271
273
P279
232
234
244 244
232
237
218
222
•233
229
226
P237
198
200
206
192
197
179
185
"202
•197
191
P201
179
185
189
195
199
201
200
196
193
185
186
176
178
183
188
190
193
203
203
193
187
190
192
198
202
204
199
194
193
184
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth. ..
Electric
Machinery
Manufacturing Arsenals and Depots
269
r
J
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products. .
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) 1
180
Lumber and Products
150
148
140
138
137
143
144
Lumber.. .
Furniture.
138
172
133
176
119
181
117
179
116
178
125
178
131
169
134
163
141
161
148
'194
193
192
P195
'158
148
157
153
156
'163
147
165
P145
210
206
200
190
193
201
208
211
209
r
201
218
215
P220
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos productsl .
Other stone and clay products .
215
156
236
202
169
236
224
209
143
231
192
169
240
226
187
141
203
178
172
242
244
184
149
196
161
166
236
215
193
166
201
158
160
235
242
205
160
219
160
169
238
248
212
165
227
183
168
246
244
212
152
233
196
171
243
244
197
170
206
203
175
243
249
179
123
198
207
r
168
'237
248
213
172
227
210
180
r
248
210
152
230
213
175
242
248
231
214
P182
P248
P251
Nondurable Manufactures.
181
180
171
173
176
173
174
177
179
171
180
185
164
172
163
179
179
175
175
177
174
154
166
169
152
139
280
159
149
290
149
131
287
165
153
300
166
153
296
161
147
303
162
147
298
163
147
308
159
140
313
138
115
323
152
127
318
154
132
'321
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
212
192
172
152
200
175
185
212
202
176
154
206
181
177
216
190
166
144
196
171
179
227
196
164
146
190
171
179
226
191
163
145
189
172
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
178
150
139
166
160
166
226
174
149
138
165
157
Stone, Clay, and Glass Products.
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.
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
126
113
120
126
114
110
108
108
94
112
118
126
146
91
90
114
126
112
129
82
90
96
114
117
135
83
96
94
122
124
144
84
99
110
127
101
115
68
91
89
123
105
119
74
94
89
113
109
124
78
89
100
105
117
81
90
93
110
90
103
64
79
79
96
103
117
82
r
74
103
106
121
78
84
97
126
P117
167
161
154
146
144
141
143
163
172
'174
188
P!74
132
140
136
120
128
132
137
141
140
P87
55
116
103
P99 P119 P155
63
58
72
143
123
176
155
120
197
P224
P223
52
106
100
98
242
265
207
226
153
Wheat flour
Cane sugar meltings :
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
P151
129
321
123
137
96
100
112
128
107
Manufactured Food Products.
-•248
144
P121
64
147
127
P91
50
113
99
134
93
229
257
82
191
204
P158 ^122
65
'70
145
163
135
167
P Preliminary.
' Revised.
Series included in total and group indexes but not available for publication separately.
1
1510
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board D Governors
f
1935-39 average = 100]
1948
1947
Industry
Manufactured
Mar. Apr.
June July Aug. Sept. Oct.
Jan. Feb.
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
175
204
157
119
103
141
158
130
101
103
121
130
119
92
89
116
124
115
100
80
127
145
116
108
76
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
179
173
176
181
167
118
170
180
161
108
152
176
152
92
148
167
152
91
151
168
149
85
133
167
148
90
114
169
152
97
106
175
160
122
92
181
174
184
96
185
183
203
129
186
207
316
156
187
P190
196
146
142
176
172
178
173
186
188
184
195
203
190
157
132
139
154
146
160
161
183
194
189
145
71
837
468
251
562
5
103
376
37
143
264
115
259
310
152
342
239
160
230
255
157
177
245
114
243
243
86
233
242
178
73
187
274
91
289
336
95
631
398
181
172
139
153
147
155
173
163
173
154
184
178
180
126
124
100
104
113
102
101
105
98
238
85
228
70
185
54
239
75
237
70
210
63
127
190
68
209
67
113
204
67
222
68
108
255
73
233
83
239
84
163
165
157
163
163
167
169
170
165
149
165
165
172
157
177
97
107
275
154
154
160
182
103
112
281
159
156
152
168
97
107
255
148
150
157
174
91
109
276
151
155
159
178
98
110
269
161
156
163
182
107
108
293
151
160
164
188
112
112
309
151
160
160
183
107
111
301
146
156
145
170
104
96
283
135
141
160
191
107
110
328
148
155
159
181
103
107
301
145
156
167
194
109
111
330
153
163
184
89
186
89
177
86
192
85
192
87
191
86
184
83
170
167
161
161
166
173
189
83
193
162
161
169
169
187
86
162
153
179
88
167
154
168
158
187
86
160
179
96
103
285
153
157
141
91
146
91
139
87
145
82
150
83
148
82
151
91
156
158
150
144
155
153
145
149
138
125
141
145
May
Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
Processed fruits and vegetables ..
Confectionery
Other food products . .
Alcoholic Beverages
^^alt licjuor
Whiskey
Other distilled spirits
Rectified licjuors
. .
Industrial A Icohol from Beverage Plants
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
...
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
...
Sulphite pulp
Paper
Paper board
Fine paper 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
P204
Petroleum refining 2
Gasoline.
Fuel oil
Lubricating oil
Kerosene .. . .
Other petroleum products 1 . . . . .
Coke
By-product coke
Beehive coke
P192
P205 P208 P214 P215
162
159
160
187
160
177
186
162
183
193
168
192
165
74
168
160
150
153
160
161
150
95
145
95
135
91
159
159
156
151
149
144
161
163
172
172
153
95
148
93
157
96
137
147
155
167
125
134
149
163
P211 P213 P220 P220 P217
159
155
154
164
170
173
201
158
203
206
163
224
200
162
214
194
164
201
196
166
189
194
155
184
179
122
170
192
152
179
P221
P207 P221
173
165 ?'17O
180 P198
157
182
194
160
174
177
179
170
414
171
442
171
421
166
137
171
440
164
237
135
186
166
421
168
407
166
318
170
447
178
181
173
252
255
253
253
252
251
249
253
'247
255
257
152
145
294
1
177
169
449
251
.
Paints
Soap
Rayon
Industrial chemicals . .
Explosives and ammunition
Other chemical products x
P206
l
Tobacco Products
Chemical Products
Nov. Dec.
252
Food
Oct.
153
149
297
155
150
299
155
148
298
157
146
301
154
140
303
151
120
305
156
120
304
158
122
309
160
120
312
159
129
312
427
431
438
437
434
433
439
436
449
433
450
157 P158
140 P141
305 P 3 0 8
448 P451
178
174
175
170
181
173
451
v259
Rubber Products
223
225
230
223
215
205
200
201
205
200
207
206
Minerals—Total
158
155
151
149
149
136
145
164
163
158
164
160
P161
Fuels
162
163
162
160
161
146
149
168
164
160
166
162
P165
Coal
P210
156
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
159
153
152
148
99
103
160
147
134
150
P145
169
119
165
164
111
166
161
112
165
155
118
167
97
108
169
102
105
171
171
116
172
157
105
173
143
100
172
148
163
126
166
158
117
174
156 P152
119 P118
170 P175
132
Bituminous coal
Anthracite
Crude petroleum
106
85
81
83
82
126
144
153
147
149
149
P134
213 P212
324 314
P186
254
183
257
136
159
101
76
97
70
103
73
62
63
62
73
57
78
56
68
53
65
103
77
178
228
210
302
226
331
'214
325
si
51
68
50
67
52
63
55
56
61
60
59
62
r
1
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
5
DECEMBER
1948
1511
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
1947
Sept.
Oct.
Factory pay rolls
1948
June
July
Aug.
1948
Sept.
Oct.
Aug.
Sept.
Oct.
June
July
Aug.
Sept.
Total
Durable goods
Nondurable goods...
160.2 160.4 158.2 155.5 7 6 / 7 164.5 163.2 331.5 345.3 350.1 359.0 360.0 374.8 381.7
183.6 185.0 184.5 185.0 185.8 188.1 188.6 366.8 382.2 389.9 401.3 403.0 418.9 422.6
141.8 141.1 137.5 137.7 142.7 145.9 143.1 297.0 309.2 311.2 317.6 318.0 331.6 341.7
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
161.7
130
207
152
138
184
162.3
130
207
148
141
185
162.4
135
217
141
140
160
161 A
136
213
149
138
158
164.5
138
216
154
141
171
166.3 166.5
138
221
157
143
178
316.8
254
397
335
292
356
327.7
255
414
349
308
399
331.6
252
423
332
321
418
340.5
268
470
311
319
360
336.9
270
441
353
304
352
361.1
295
473
364
326
396
366.1
300
479
391
334
407
190
194
191
195
187
188
176
186
187
184
191
183
366
415
394
437
403
445
410
439
397
429
423
444
434
430
170
168
168
167
172
174
348
345
329
365
353
Electrical Machinery
Electrical equipment
Radios and phonographs
223.0 226.9 211.1 206.6 207.7 211.5 214.9
212
201
198
199
211
202
237
202
195
226
198
204
428.1 450.5 464.6 440.0 436.3
405
423
418
430
419
460
502
459
457
533
454.8 466.9
444
435
489
469
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
228.8 229.7 230.4 228.8 227.4 228.7 228.5
434.5
458.0 480.7 473.6
482.3 484.0
249
287
183
237
143
217
305
225
249
286
185
237
142
215
298
227
247
280
193
267
128
215
281
241
244
281
195
263
128
201
276
240
242
276
192
255
131
214
273
234
245
271
189
255
131
215
278
233
479
597
307
472
254
363
623
409
495
591
322
494
257
381
642
427
497
576
333
505
258
379
627
447
520
601
356
595
243
384
617
509
508
585
369
574
239
362
605
486
520
599
369
559
247
401
605
491
523
587
361
577
248
394
615
492
Transportation Equipment, except Autos
Aircraft, except aircraft engines... .
Aircraft engines
Shipbuilding and boatbuilding
260.7
327
299
134
269.2
337
295
145
273.7
322
291
157
270.6
329
287
149
260.8
336
243
144
276.3 281.4
349
300
141
492.4
638
487
242
509.8
623
501
262
541.5
664
500
290
561.2
649
518
322
552.4
661
533
305
547.7
698
454
291
581.8
746
570
283
Automobiles
190.5 190.0 183.6 195 .5 189.6 193.0 192.1
345.1 380.6 385.8 385.7 423.3
417.1 415 .4
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
174.7 176.3 173.9 169.2 172.4 173.9 175.9
152
144
144
150
146
335.3 349.5 359.3 368.2 360.6
292
339
303
296
330
379.3 386.3
342
346
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
177.3 178.6 190.0 197.3 200.8 200.6 198.9
197
209
217
221
196
220
184
188
170
193
167
192
429.7 427.4 427.2 488.5 502.9
563
485
480
476
543
377
455
380
395
456
538.8 523.3
584
605
481
485
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
141.9 144.8 139.8 137.8 140.5 142.0 143.1
137
140
139
142
139
143
311.6 324.3 338.8 326.0 320.4
302
318
317
335
326
339.7 344.5
344
335
152.3
167
152
130
165
152 A
168
151
130
166
156.0
163
155
138
170
153.2
156
156
138
164
157.0
162
156
140
173
158.1 159.2
166
153
140
174
315.5
334
297
289
330
320.2
343
298
294
327
328.2
351
295
300
343
347.1
349
324
330
355
334.2
317
329
327
337
359.4
357
332
350
374
361.4
370
319
346
364
Textile-Mill and Fiber Products
Cotton goods except small wares. . .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
106.9
119
88
107
83
126
109.2
122
90
108
85
129
113.2
126
96
110
87
132
108.7
122
92
106
81
129
111.4
125
96
108
86
130
110.3
124
97
105
84
129
246.2
306
224
234
170
267
262.9
317
236
269
179
289
271. <
329
244
270
190
291
304.6
366
292
312
200
321
285.4
342
277
296
184
300
298.2
357
295
298
203
309
295.5
355
301
286
202
311
Apparel and Other Finished Textiles. . . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
138.9
130
104
158
93
142.7
134
107
162
99
138.6
137
108
152
78
135.6
129
103
153
87
146.9
139
106
168
98
149.0 149.1
139
108
172
98
288.4
265
226
323
171
303.8
285
243
335
173
320.5
304
259
350
195
303.6
313
259
311
132
303.6
294
247
327
165
343.4
324
256
382
200
349.4
324
263
392
204
Leather and Leather Products.
Leather
Boots and shoes
112.2 113.2 107.4 108.1 110.4 109.3 106.5
94
100
96
95
96
100
104
103
104
108
106
107
Food and Kindred Products
Slaughtering and meat packing.
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
173.6
143
148
126
134
206
282
Tobacco Manufactures
Cigarettes
Cigars
137
180
i
137
183
158.3
144
151
129
150
202
176
136
180
147.1
148
149
130
114
206
124
134
167
159.7
149
154
131
111
218
183
136
168
166.0
146
152
132
126
217
217
140
164
251
312
179.9 165.0
145
149
133
144
214
295
92.3 95.1 90.6 88.8 92.5 93.9
122
121
122
126
127
119
84
78
75
79
81
82
96.3
258
326
261
346
278
339
284
317
235.8 248.1 251.8 233.4 236.5
212
203
204
213
205
244
231
231
247
225
349.3
285
351
238
254
397
721
356.1
288
352
244
296
404
755
332.8
288
355
252
341
377
484
328.3
329
340
271
259
390
315
352.2
319
368
274
253
436
469
203.0 205.3 214.5 205.8 205.5
244
270
249
253
263
185
179
196
176
171
299
333
307
326
248.3 246.9
207
207
241
243
351.3
296
369
274
296
420
525
389.8
304
361
283
347
420
833
218.3 214.8
268
288
187
181
NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for October
1948 are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.
1512
FEDERAL RESERVE BULLETIN
FACTORY
EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =100]
Factory pay rolls
Factory employment
Industry group or industry
1947
1948
1947
1948
Sept.
Paper and Allied Products
Paper and pulp
Paper goods, n e.c. .
Paper boxes
Printing and Publishing.
Newspaper periodicals
Book and job
July
Aug.
Sept.
Oct.
Aug.
Sept.
Oct.
June
July
Aug.
Sept.
147.8
145
167
142
146.9
148
164
134
146.1
149
160
131
147.4
150
156
137
148.7
150
158
140
149.4
307.2
317
314
280
315.5
311
334
292
320.5
323
344
304
337.8
348
358
305
341.7
358
355
295
349.6
364
347
319
352.5
363
354
328
133.2
122
146
...
June
146.2
145
163
139
. .
Oct.
134.6
122
148
132.3
124
145
131.1
124
143
131.8
124
144
133.0
126
145
134.1
240.0
214
267
249.7
111
279
252.8
111
286
264.9
238
299
260.1
236
296
264.8
241
298
273.6
254
305
199 2 196 6 203 3 207 1 208 5 390 2 403 1 409 6 434.9
485
499
487
232
231
230
233
470
280
134
260
133
133
252
258
132
614
302
297
289
552
552
555
302
432.7
481
290
600
450.6
485
303
629
462.5
491
298
642
and Allied
Products......... 199 9 203 2
Drugs, medicines, and insecticides. 244
144:
Rayon and allied products .
. . 128
130
Chemicals, n.e.c
292
292
Explosives and safety fuses
325
331
Ammunition small arms
164
167
Cottonseed oil
120
157
Fertilizers
155
156
Chemicals
376
381
379
595
608
612
738
760
798
796
182
83
144
180
82
136
174
94
143
174
153
154
207
222
388
381
316
428
393
443
410
411
228
415
421
230
397
403
262
410
411
459
442
160.3
159
146
160.7
160
147
160.3
158
149
159.1
156
149
302.1
289
286
307.5
294
280
301.8
287
288
366
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
156.4
155
135
342.2
331
330
353.4
345
330
358.2
346
351
345.6
326
353
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
168 1 171 7 161 6 157 7 160 9 162 8 163 9 337 6 348 3 354 4 330.2
322
168
169
355
169
169
356
355
185
188
344
352
153
322
338
158
156
160
162
158
329.7
330
332
347.2
341
356
344.9
326
372
Miscellaneous industries
Instruments, scientific
Photographic apparatus
182.8
245
187.5
247
175.7
245
386.7
491
411.8
532
219
217
375.0
487
397.4
506
216
444
457
Oct.
155.8
154
137
173.9
247
221
180.1
249
225
188.4
355.9
460
378.2
469
385
184.2
257
225
158.4
394
394.1
478
405
444
439
For footnote, see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =100]
1947
Group
1948
Sept.
Preliminary.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
158.9
183.2
139.7
Total
Durable
Nondurable
Oct.
160.0
184.8
140.4
160.4
186.8
139.7
161.1
188.6
139.3
161.2
188.7
139.4
159.8
186.4
138.7
160.1
188.4
137.7
157.1
185.5
134.7
156.7
184.1
135.1
158.8
184.0
138.9
159.7
185.1
139.8
160.1
184.9
140.6
163.1 P162.7
187.7 P188.4
143.8 P142.4
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1947
Average hourly earnings (dollars)
1948
1947
1948
Aug. Sept. M a y June July Aug. Sept. Aug.
Sept.
All manufacturing
39. i
40.4
39.9
40.2
39.8
40.1
39.1
1.236
1.249
Durable goods
40.0
40.6
40.1
40.5
40.0
40.7
40.0
1.312
1.331
1.366
39.6
39.2
40.5
39.6
37.2
39.5
43.3
41.2
40.6
40.3
40.4
41.1
39.7
39.2
40.2
42.8
41.5
40.4
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
39.6
39.4
40.6
39.2
38.5
40.1
41.9
40.3
39.4
40.4
40.0
41.0
39.7
38.8
40.8
43.1
41.0
40.9
39.8
40.0
40.6
39.1
36.8
40.9
41.8
40.8
40.1
1.376
1.314
1.377
1.406
1.500
1.294
1.048
1.070
1.208
1.396
1.325
1.395
1.424
1.515
1.309
1.062
1.093
1.227
39.5
40.2
39.6
39. i
39.5
39.5
39.6
1.158
38
35
38
43
39.5
36.0
39.1
43.4
39.2
42.9
40.2
'41.0
41.0
39.9
40.2
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
42.8
37.8
42.8
39.1
41.4
40.7
39.7
40.3
38.6
35.8
37.4
42.6
38.0
42.5
38.9
41.1
40.8
39.7
39.4
38
36
37.9
41.0
39.0
43.2
39.1
41.0
41.2
40.3
40.3
38.0
36.2
37.3
42.5
38.0
42.7
39.3
41.2
40.4
39.5
40.5
1.032
1.038
1.057
1.140
.951
1.196
1.508
1.252
1.494
1.445
1.177
Iron and steel and products. . .
Electrical machinery
Machinery except electrical
Transportation equipment, except autos.. .
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products....
Stone, clay, and glass products
Nondurable goods
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied industries...
Chemicals and allied products.
Products of petroleum and coal
Rubber products
Miscellaneous industries
39
42
39.4
40.9
40.6
38.7
39.3
June
July
Aug.
Sept.
1.316
1.332
1.349
1.362
1.385
1.407
1.431
1.450
1.423
1.357
1.441
1.481
1.548
1.355
1.115
1.136
1.286
1.431
1.372
1.461
1.489
1.624
1.369
1.457
1.407
1.473
1.503
1.649
1.404
1.149
1.149
1.307
1.503
1.439
1.499
1.525
1.662
1.424
1.176
1.163
1.321
1.531
1.450
1.512
1.557
1.681
1.436
1.181
1.181
1.344
1.165
1.230
1.242
1.252
1.262
1.271
1.048
1.046
1.072
1.129
.952
1.210
1.534
1.263
1.509
1.447
1.191
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
1.145
1.081
1.114
1.215
1.014
1.317
1.675
1.390
1.703
1.472
1.269
1.170
1.105
1.128
1.213
1.008
1.320
1.684
1.407
1.716
1.500
1.271
.188
.117
.151
.214
.998
.335
.711
.411
.698
.504
.279
May
NOTE.—Preliminary October 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 1.366; Durable,
40.9 and 1.453; Nondurable 39.0 and 1.272, respectively. Back figures are available from the Bureau of Labor Statistics.
DECEMBER
1948
1513
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Trade
Finance
Service
Federal,
State, and
local
government1
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,060
6,705
,055
7,567
7,481
7,322
7,399
7,685
8,820
9,450
,382
,419
,462
,440
,401
,374
,394
,586
.656
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449
1,969
1,999
2,006
2,018
4,128
4,101
4,080
4,089
9,542
9,613
9,636
9,679
,676
,688
,690
.693
4,634
4,662
4,670
4,688
5,383
5,414
5,405
5,441
927
920
930
820
936
947
915
944
945
947
2,056
1,945
1,941
1,972
2,032
2 110
2.093
2.106
2.093
2,111
4,075
4,071
4,069
3,995
4,028
4,056
4,078
4,078
4.086
4,100
9,694
9,664
9,634
9,721
9,689
9,779
9,791
9,805
9.806
9,829
,688
,698
,697
,696
,699
,700
,737
,752
.741
1,738
4,723
4,730
4,729
4,768
4,738
4,663
4,645
4,622
4,647
4,692
5,524
5,519
5,545
5,567
5,586
5,626
5,710
5,727
5,781
5,788
16,175
16,209
16,256
16,354
921
922
923
925
2,107
2,099
2,046
1,978
4,134
4,097
4,077
4,071
9,471
9,684
9,886
10,288
,668
,671
,673
,676
4,634
4,662
4,670
4,688
5,403
5,414
5,387
5,638
16,267
16,183
16,269
15,950
15,892
16,115
16.172
16,443
16,704
16,595
922
914
924
817
935
950
922
952
948
949
1,871
1,731
1,805
1,933
2,052
2,173
2,219
2,253
2,240
2,217
4,020
4,019
4,032
3,974
4,042
4,105
4,136
4,139
4,093
4,096
9,622
9,520
9,598
9,576
9,617
9,670
9,646
9,660
9,733
9,902
,680
,690
,697
,704
,716
,726
,754
,761
,732
1,721
4,723
4,730
4,729
5,498
5,492
5,546
5,577
5,624
5,607
Total
Manufacturing
Mining
30,287
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901
845
916
947
983
917
883
826
852
911
1,150
1,294
1,790
2,170
1,567
1,094
1,132
1,661
1,921
1947—September
October
November
December
44,291
44,557
44,625
44,800
16,039
16,161
16,216
16,266
918
919
922
926
1948—January
February
March
April
May
June
July
August
September
October
45,019
44,755
44,791
44,584
44,726
45,053
45,271
45,314
45,662
45,751
16,332
16,208
16,246
16,045
16,018
16,172
16,302
16,280
16.563
16,546
1947—September
October
November
December
44,513
44,758
44,918
45,618
1948—January
February
March
April
May
June
July
August
September
October
44,603
44,279
44,600
44,299
44,616
45,009
45,098
45,480
45,898
45,961
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Contract
construction
Transportation and
public
utilities
SEASONALLY ADJUSTED
UNADJUSTED
768
738
663
645
622
4,647
4,692
5,604
5,650
801
5,789
1
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 ot the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
October 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
{Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Employed x
Total noninstitutional
population
Total
labor
force
Total
1940 *
1941
1942 . . .
1943
1944
1945
1946
1947
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608
1947—October
November
December
107,755
107,839
107,918
1948—January
107,979
108,050
108,124
108,173
108,262
108,346
108,597
108,660
108,753
108,853
Year or month
March
June
July
.. .
August
September
October
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027
37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266
8,120
5,560
2,660
1,070
670
1,040
2,270
2,142
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
62,219
61,510
60,870
60,892
60,216
59,590
59,204
58,595
57,947
50,583
50,609
50,985
8,622
7,985
6,962
1,687
1,621
1,643
45,535
46,330
47,047
60,455
61,004
61,005
61,760
61,660
64,740
65,135
64,511
63,578
63,166
59,214
59,778
59,769
60,524
60,422
63,479
63,842
63,186
62,212
61,775
57,149
57,139
57,329
58,330
58,660
61,296
61,615
61,245
60,312
60,134
50,089
50,368
50,482
50,883
50,800
51,899
52,452
52,801
51,590
51,506
7,060
6,771
6,847
7,448
7 861
9,396
9,163
8,444
8,723
8,627
2,065
2 639
2,440
2,193
1 761
2,184
2,227
1 941
1,899
1,642
47,524
47 046
47,119
46,414
46 602
43,605
43,462
44,149
45,176
45,685
1
J
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.
1514
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported oy the F. W. Dodge Corporation. Value of contracts in millions of dollars)
Nonresidential building
Residential
building
Total
Month
1947
January
February
March....
April
May.
June
July
August
September
October
November
December
1948
1947
1948
571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
650.0
793.3
715.1
625.4
615.2
682.0
689.8
873.9
970.8
935.2
962.7
854.1
762.2
778.6
257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268.5
349.5
290.2
226.8
238.1
232.3
276.5
351.6
369.8
355.3
349.7
337.6
279.7
296.8
....
Year
7,759.9
1947
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
3,153.8
54.1
71.9
55.3
82.2
91.9
103.8
72.9
77.7
53.6
70.7
941.4
38.3
46.4
52 6
66.3
59.2
58 4
81.6
77.2
75.9
80.0
84.3
65.3
74.5
75.5
78 5
88.8
103.3
83 1
106.3
77.8
80.4
83.8
785.5
1948
19 7
13.5
21 4
22.7
47.7
40 1
38.5
45.6
42.8
41.1
27.2
31.5
58 7
37.8
50.3
55.4
83.8
63 5
103.1
55.8
54.5
48.4
391.9
1948
1947
1947
1948
53 3
87.2
65 0
111 2
117.0
113 8
112.8
97.4
91.3
113.5
113 9
90.5
122 0
161 4
184.7
185 7
165.9
223.5
141.5
165.9
181.5
154.1
136 6
177.3
164 3
184.7
205.0
215 7
217.9
207.8
202.7
165.5
55 9
9.4
35 8
29 6
57.7
44 7
51.2
80.0
47.4
61.3
59.8
64.1
596.9
1,890.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars}
1947
1948
1946 1947
358
387
698
735
952
808
718
680
620
573
504
457
572
442
597
602
675
605
660
823
650
793
715
625
Year.... 7,490 7,760
19481946 1947
19481946 1947
1948
615
682
690
874
971
935
963
854
762
197
248
181
236
298
324
335
276
259
419
434
509
638
673
611
628
579
503
47
56
146
127
197
215
202
205
187
134
130
109
167
96
143
177
234
226
203
218
193
209
224
207
... 1,754 2,296
311
331
551
608
756
593
516
475
433
439
373
348
405
346
453
425
441
379
458
605
457
584
492
418
5,735 5,464
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
Total
1,172
1941
1,137
1942
935
1943
875
1944
666
1945
755
1946
1,787
1947
244
1947—October...
192
November.
228
December.
224
1948—January...
228
February..
272
March....
292
April
265
May
329
June
286
July
277
August
277
September..
318
October
1
Property
improvement1
Small
home
construction
249
141
87
114
171
321
534
46
47
68
56
45
49
63
54
59
50
51
48
52
21
15
1
(')
(»)
(8)
(«)
(8)
(»)
2
8
(«)
(3)
(8)
Mortgages on
1- to 4- Rental
and
family
houses group
housing
(Title
(Title
II)
II)
877
691
245
216
219
347
446
48
39
48
48
45
53
51
53
72
71
76
92
98
13
6
(»)
4
3
War and
Veterans'
housing
(Title
VI)*
13
284
603
537
272
85
808
150
106
112
120
137
170
177
158
197
164
149
136
168
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.
»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.
r
DECEMBER
1947
1948
Public works
and public
utilities
Other
Public ownership Private ownership
Total
January...
February. .
March
April
May
June
July
August
September.
October. . .
November.
December .
Educational
1947
1948
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
Factories
1948
Federal Reserve district
Oct.
Sept.
Oct.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
47,565
142,747
52,610
73,953
79,420
77,599
144,907
47,883
27,856
24,943
59,123
42.286
127.629
59,392
67.943
82,564
80,170
132.387
51,508
40,975
34.215
43,123
49,166
143,463
41,969
73,665
72,369
84,807
137,322
50,402
31,026
33,091
76,006
Total (11 districts)
778,606
762,192
793,286
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
Savings
Com- Mutual
and
mer- savloan
cial
ings associbanks banks
ations
Insur- Fed2
ance
eral
com- agen- Other
panies cies *
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
118
110
212
149
342
192
542
224
789
254
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
2,988
1,402
251
245
973
7
110
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
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.
1515
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports 2
Merchandise exports l
Excess of exports
Month
1944
1945
1946
1947
1,114 Pl,092
1,146 Pl,086
1,326
301
314
358
334
325
365
394
318
385
'531
437
445
P546
P582
P666
823
793
839
569
561
665
405
352
431
1,295 P 1 , 1 2 2
1,414 Pl,103
1,235 Pl,014
361
366
406
512
372
393
474
P528
P549
763
332
360
382
463
P616
870
1,069
965
639
386
878
826
883
643
1,155 P1.O22
145
P988
1,112
P927
294
304
282
356
360
335
431
422
377
450
400
473
P559
J»598
329
323
336
344
322
297
394
478
529
P492
P455
P603
2,931
3,172
3,507
4,184
1944
1945
1946
January
February
March
1,124
1,107
1,197
903
887
1,030
798
670
815
April
May
June
1,231
1,455
1,296
1,005
1 ,135
870
757
851
July
August
September
1,197
1,191
1,194
893
737
514
October
November
December
1,144
1 185
455
639
938
736
10,992
7,976
Jan -Sept
1947
1948
537 Pl.235
986 P 1 , 1 3 8
1 097 Pl 114
7,120
10,941
,9,494
1948
1944
' 1945
1947
1946
1948
351
782
457
940
P594
P554
511
496
772
P398
903
887
912
537
378
180
395
461
266
705
745
639
P390
111
317
142
508
602
P5.202
»546
P504
P475
815
862
P558
>-583
709
882
439
567
P744
P683
P511
8,061
4,804
3,613
6,757 P 4 , 2 9 2
r
P Preliminary.
Revised.
1
Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars (preliminary).
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
FREIGHT CARLOADING BY CLASSES
[Index numbers, 1935-39 average =100]
ForLive- est
Total Coal Coke Grain stock products
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947 .
101
109
130
138
137
140
135
132
143
98
111
123
135
138
143
134
130
147
102
137
168
181
186
185
172
146
182
107
101
142
137
135
143
142
145
147
149
145
139
130
130
141
139
138
142
139
140
155
141
115
146
153
156
160
155
155
150
185
174
170
184
180
144
142
140
148
153
156
150
139
1948—January
133
February
129
March
122
April .
128
143
May
June
144
143
July. .
146
August
September... 150
October
151
155
141
115
146
153
156
160
155
155
150
Ore
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
96
96
91
104
117
124
125
129
107
100
114
139
155
141
143
129
143
153
110
147
183
206
192
180
169
136
181
101
110
136
146
145
147
142
139
148
97
96
100
69
63
67
69
78
75
138
140
168
162
137
104
107
107
184
145
142
143
149
192
152
104
195
191
183
178
162
137
185
145
138
132
105
96
84
76
79
105
152
146
150
145
143
140
141
145
144
145
69
66
158
144
127
150
195
195
213
213
191
185
182
182
166
76
74
71
73
73
75
75
74
68
71
72
70
96
86
86
80
85
93
148
145
152
152
149
147
150
158
153
140
146
141
139
150
165
162
152
149
121
143
201
175
153
152
142
130
132
101
100
108
113
147
189
156
142
150
94
87
87
87
139
161
133
92
81
61
62
94
86
74
66
76
113
143
154
151
153
160
161
155
147
141
137
135
146
141
145
156
165
171
164
158
267
286
311
284
272
235
163
60
45
49
57
212
277
296
296
273
273
240
146
146
145
150
157
163
158
147
139
137
142
143
144
144
142
146
156
159
76
73
71
73
77
78
77
71
65
69
73
70
69
66
63
67
70
71
112*
120
146
139
151
138
150
SEASONALLY
ADJUSTED
1947—May .
June... .
July
August
September...
October
November...
December. . .
1948—January
February....
March
April
May . . . .
June
July
August
September...
October
98
105
163
153
144
153
149
147
187
183
194
192
194
103
109
123
129
144
92
105
184
194
190
181
163
163
192
180
145
149
151
156
64
66
66
68
UNADJUSTED
1947—May
June
July
August
September...
October
November...
December. . .
98
105
163
153
144
153
149
147
183
170
165
177
178
188
195
201
192
188
163
134
183
183
177
187
190
190
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
1516
[In millions of dollars]
Mis- Mercel- chanlane- dise
ous l.c.1.
Total
railway
operating
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
Net
Total
railway
railway
expenses operating
income
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
P8,685
Net
income
P7,904
589
682
998
1,485
1,360
1,106
852
620
»781
93
189
500
902
873
667
450
289
*480
731
683
719
716
739
786
806
649
634
655
681
696
708
722
82
48
64
36
43
78
83
49
18
31
4
9
47
50
767
781
761
726
795
856
819
842
836
707
710
705
684
701
719
727
744
737
60
71
55
42
94
137
92
99
99
28
38
22
9
62
102
57
65
1947—June
July
August
September.
October.. .
November.
December.
698
706
746
727
794
755
807
637
645
665
679
718
690
727
61
61
81
48
76
66
80
43
34
'53
20
49
43
60
1948—January...
February..
March....
April
May
June
July
August
September.
751
716
777
729
796
838
842
868
845
709
676
716
676
706
713
737
752
734
41
39
61
53
90
125
105
116
111
19
18
35
27
64
94
76
86
SEASONALLY
ADJUSTED
1947—June.
•Jun
Jul]
August....
September.
October.. .
November.
December.
1948—January...
February..
March....
April
May
June
July
August
,
September.
P65
UNADJUSTED
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
Year or month
United
States
Phila- Cleve- Richdelphia land mond 1
San
Francisco
Atlanta
Chicago
St.
Louis
109
120
144
170
194
215
236
292
303
113
123
145
162
204
244
275
345
360
107
116
135
149
161
176
193
250
275
111
119
143
158
179
200
227
292
314
106
109
123
129
148
164
185
247
274
105
110
127
149
184
205
229
287
311
112
116
138
157
212
245
275
352
374
109
119
139
171
204
224
248
311
336
271
296
309
'303
310
'326
348
383
394
266
298
293
308
339
337
'275
281
277
'319
335
334
360
415
389
'342
348
361
272
280
263
278
284
283
288
289
295
307
284
284
270
295
320
306
313
308
316
316
'288
'307
r303
'327
'318
'327
'521
'319
'338
328
355
359
368
390
394
397
392
402
402
396
271
281
274
289
289
299
312
29*5
299
292
291
307
318
343
340
346
355
354
362
338
286
267
278
283
306
291
294
292
'291
312
306
292
307
337
336
328
322
336
329
343
390
368
384
448
418
406
436
419
423
388
348
327
339
362
365
372
365
383
355
336
'252
323
408
280
370
460
290
371
479
'325
394
542
372
460
619
284
364
455
330
428
516
'303
335
424
'335
392
505
396
507
633
'352
421
571
170
174
228
231
240
242
176
175
'260
258
192
202
234
237
252
246
181
187
257
280
204
216
284
262
287
266
207
217
295
322
216
233
284
280
304
288
244
268
320
338
214
245
317
295
311
294
235
260
357
359
284
316
387
367
375
333
314
354
410
424
217
225
266
283
289
290
243
248
305
313
239
258
318
326
333
311
277
305
3*6
362
214
206
263
284
294
277
238
261
'316
344
245
254
301
320
326
301
270
303
343
360
316
324
384
399
393
345
331
365
444
427
281
295
326
333
339
338
311
338
355
346
102
108
131
180
155
162
166
213
255
99
105
124
165
142
147
153
182
202
97
102
123
181
143
150
160
195
225
96
99
119
167
141
148
150
191
220
99
106
130
182
144
151
156
205
243
107
113
139
191
175
190
198
250
289
107
115
140
178
161
185
188
258
306
103
111
134
186
160
161
159
205
246
102
108
134
176
152
159
166
225
274
103
110
138
171
151
169
165
211
266
99
105
125
159
152
157
158
210
259
106
113
130
161
159
177
190
250
321
106
115
137
190
174
178
183
238
300
1947—October
November
December
252
273
284
211
219
224
224
228
232
231
238
245
238
268
272
281
310
323
300
337
344
245
259
264
274
290
297
251
281
306
'240
266
300
306
357
397
293
327
353
1948—January
February
March
April
May
June
July
August
September
October.
289
303
312
308
297
285
275
268
'275
282
224
227
240
238
228
212
204
204
215
220
233
240
247
244
243
241
242
242
243
236
243
253
261
264
257
248
238
236
'238
244
277
286
298
286
277
273
257
254
261
265
332
339
334
340
337
304
308
289
297
311
345
378
370
379
368
343
333
330
348
362
274
290
304
293
289
275
264
257
264
276
309
331
329
331
313
302
293
292
302
317
310
324
343
363
333
325
321
310
316
309
316
329
353
325
315
300
265
262
274
277
385
424
420
422
417
396
358
364
'378
370
360
377
388
386
347
335
328
302
312
329
1947—October
November
December
284
296
244
239
249
201
253
263
211
263
262
208
274
283
225
320
329
269
336
354
289
275
285
238
307
310
250
279
303
268
'273
284
246
345
382
333
325
346
289
1948—January
February
March
April
May
June
July
August
September
October
253
279
303
308
297
278
274
287
304
318
199
214
233
233
226
204
198
215
232
249
205
232
254
251
247
228
215
242
256
267
211
246
261
270
259
235
226
245
243
266
287
295
280
262
257
275
290
305
283
320
333
342
330
291
304
325
333
355
311
352
370
376
357
346
343
356
383
406
236
264
294
293
289
270
258
275
293
309
265
298
319
331
313
302
305
318
336
355
282
309
345
347
331
315
326
329
'341
344
273
296
317
315
309
300
295
293
307
316
346
377
399
409
396
384
387
411
'423
419
317
331
360
381
360
341
347
332
352
364
Boston
New
York
106
114
133
150
168
187
207
264
286
104
108
126
140
148
162
176
221
234
101
106
119
128
135
150
169
220
239
104
111
129
143
151
167
184
235
261
106
114
138
153
167
182
201
257
281
1947—October
November
December
279
302
303
211
244
239
225
248
241
'264
280
277
1948—January
February
March
April
May
June
July
August
September
October
286
286
'284
306
r
311
312
316
'312
312
305
224
226
228
243
242
252
255
237
252
232
240
241
229
255
268
265
266
256
252
250
1947-October
November
December
'300
376
485
234
306
419
1948—January
February
March
April
May
June
July
August
September
October. .
225
238
285
288
300
289
243
259
319
329
SALES 2
1939
1940
1941
1942
1943
1944
1945
1946
1947
Minne- Kansas
Dallas
apolis
City
SEASONALLY ADJUSTED
UNADJUSTED
STOCKS -
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADJUSTED
UNADJUSTED
'•262
279
' Revised.
Sales indexes revised beginning January 1944; back figures available from Richmond Federal Reserve Bank.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
2
DECEMBER 1948
1517
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Department
Number of
stores
reporting
GRAND TOTAL—entire store 3
353
MAIN STORE—total
353
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
I Stocks
'end of September
mo.)
Sales during
period
Sept.
1948
Nine
mos.
1948
185
218
628
581
-27
-2
+11
+15
+17
+ 11
+ 15
+9
+3
+33
211
236
237
410
206
203
168
256
173
676
664
222
808
278
809
749
260
810
487 1,059 1,239
687
188
651
623
199
599
640
167
590
553
209
525
640
227
609
611
709
575
915
592
575
632
420
628
+1
+6
+9
+3
+2
+ 15
3.4
3.4
3.0
3.4
3.9
4.3
2.8
6.9
3.6
3.4
3.2
3.5
3.4
3.2
2.7
3.6
3.8
3.7
2.8
6.8
3.7
3.7
3.4
3.8
178
213
241
141
198
146
162
190
122
163
174
220
233
139
192
623
715
723
485
781
582
643
686
466
728
604
789
620
505
718
177
180
155
187
150
139
126
132
168
172
148
179
640
623
501
663
614
558
428
577
637
625
619
536
2.1
2.7
2.1
4.2
0.7
5.1
2.7
2.5
3.2
2.9
3.3
3.3
2.5
2.0
3.3
2.7
3.4
1.7
1.4
1.5
1.3
1.5
1.2
1.9
1.4
1.1
1.6
1.5
2.2
4.9
2.0
2.3
1.8
5.1
0.7
4.7
2.3
1.4
2.8
2.4
2.8
3.3
2.1
1.8
2.9
2.5
3.0
.7
.6
.6
.4
.4
.2
.8
.2
.2
.3
.6
2.0
3.7
253
227
261
142
299
143
252
160
198
229
192
170
329
209
260
189
161
156
125
130
68
208
120
181
202
174
147
239
132
175
237
230
293
135
277
156
259
173
194
212
192
175
348
202
257
541
612
554
595
209
722
684
403
633
670
627
559
838
426
505
566
470
510
217
644
660
359
545
552
539
449
825
388
841
469
526
515
670
199
727
611
252
545
501
533
573
720
369
743
281
354
219
252
244
282
469
521
438
471
405
452
367
389
367
241
288
306
275
172
315
319
331
216
554
463
697
333
518
428
638
292
478
409
596
279
327
153
134
244
155
182
276
143
165
491
334
651
502
308
630
452
286
576
4.4
5.0
4.4
3.3
5.0
3.4
2.8
3.9
2.9
4.6
186
184
155
267
184
136
124
126
184
141
202
220
165
269
186
817
924
692
883
911
737
842
613
846
870
682
622
652
789
847
3.5
3.6
1.5
4.3
3.8
3.8
4.5
4.1
3.3
6.3
1.9
3.2
4.7
3.3
2.7
6.0
3.1
3.2
1.2
3.8
3.0
3.1
2.4
3.7
3.1
5.8
1.4
3.0
5.2
3.7
3.6
4.4
243
212
221
229
226
194
854
773
822
759
709
613
247
211
233
944
703
202
214
165
413
292
158
164
146
389
245
823
779
194
695
195
646
150 1,035 1,014
790
387
755
942
283
884
724
615
856
534
829
3.9
3.6
5.7
6.2
4.9
3.2
1.3
181
153
120
172
194
167
144
114
159
236
182
709
161 1,079
990
131
923
176
751
203
649
920
841
931
655
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
0
-1
+4
-5
_2
+1
-2
-4
i
+6
+1
+1
-2
0
-9
0
+2
+8
+9
+3
+5
+5
+4
+1
+7
+3
+1
+1
+15
+26
+30
+ 18
+ 17
+22
+11
+ 11
+18
+5
+19
+7
+ 10
+ 14
+19
+6
+11
+ 13
+7
+9
+14
+4
+14
+9
325
248
309
293
190
-8
-17
-6
-1
-1
-2
-1
-2
-2
-2
Housef urnishings
Furniture and bedding
Mattresses, springs and studio beds4
Upholstered and other furniture4
Domestic floor coverings
Rugs and4 carpets4
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
Gift shop4
Radios, phonographs, records, and instruments4.
Radios and phonographs4
Records, sheet music, and instruments4
313
237
152
161
269
149
101
293
240
242
237
246
150
222
168
137
+7
+9
+ 14
+8
+6
+8
+9
+13
+15
+ 12
+ 13
+15
+4
+ 10
+9
+7
+3
+14
+ 17
+29
+2
+9
+9
+ 11
+5
+12
+4
+7
Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy4
309
-1
-5
-9
-2
-4
-2
-1
0
-4
284
221
132
251
183
Sept.
227
298
271
546
188
195
164
207
221
350
350
304
282
174
332
334
347
341
246
279
243
325
332
247
205
213
350
340
215
209
256
287
312
340
250
259
338
287
272
-16
668
1947
Aug
226
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories. .
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's shoes
Children's shoes4
Women's shoes4
Women's and misses' ready-to-wear apparel
Women's and misses' coats and suits
Coats4
Suits4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
Inexpensive dresses*
Better dresses4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
-9
Sept.
2.7
2.5
2.4
2.0
3.2
2.9
3.7
2.0
2.8
+3
-19
Sept.
2.7
341
204
236
324
317
200
257
74
238
268
135
225
-1
1948
Aug.
3.0
2.7
2.8
1.9
3.7
3.2
3.9
2.7
2.9
Small wares
Laces, trimmings, embroideries, and ribbons.
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery
0
-3
-6
Sept.
+ 15
+4
+6
+2
+3
+ 11
+2
+1
-8
-3
-7
1948
Sept.
1948
2.6
+2
+7
+4
+ 12
+5
+8
Stocks at end
of month
3.0
310
285
183
158
173
298
264
232
233
-1
-11
Sales during
period
2.8
+5
+5
+3
+2
+3
+3
+4
+3
+6
+5
+5
+4
+7
Index numbers
without seasonal adjustment
1941 average monthly sales = 1002
+ 15
+5
+4
0
-2
-2
-1
-3
Ratio of
stocks to
sales l
-5
-4
0
-14
0
+3
0
-12
0
-4
+8
+ 19
+2
+4
+4
-2
-2
-2
+16
+16
+7
-14
+9
-2
+13
+60
+17
+31
+ 17
-3
+ 16
+ 17
+ 17
+14
+17
+ 15
+ 15
+ 19
+ 12
+19
+22
+17
+23
+ 15
+26
+10
+17
+6
+20
+47
+7
+ 12
+6
+20
+26
+43
+23
+34
+32
+64
+ 13
+14
+19
+46
+ 13
+4
+5
-1
+14
+9
+ 17
+22
+7
+14
-6
7.1
8.3
5.4
3.9
1.3
596
856
743
802
700
For footnotes see following page.
1518
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Ratio of
stocks xto
sales
Per cent change
from a year ago
(value)
Number of
stores
reporting
Department
Sales during
period
Sept.
1948
Stocks
(end of
mo.)
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
1948
Nine
mos.
1948
Sept.
1948
1948
Stocks at end
of month
Sales during
period
September
1947
1948
1947
1947
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
219
172
200
466
429
423
BASEMENT STORE—total. .
198
+9
+10
+10
2.1
2.1
Domestics and blankets4
132'
+4
+4
+7
2.3
2.2
195
166
176
169
150
119
112
+15
+9
+22
+24
+25
+ 13
+4
+14
+ 16
+14
+17
+16
+10
+8
+12
+16
+7
+15
1.7
2.2
1.7
1.4
1.7
1.7
1.7
230
176
201
391
349
349
+16
+20
1.7
2.3
1.5
1.3
1.4
1.7
2.0
Men's and boys' wear
Men's wear4
4
160
141
93
112
113
+2
+10
+11
+21
+5
+5
2.8
3.0
3.2
2.9
2.2
2.6
2.7
2.6
2.7
2.2
164
214
614
561
562
+6
+9
+9
+ 13
+7
+7
218
0
0
0
Housef urnishings
102
+4
+5
+9
2.5
2.4
192
156
186
489
472
431
Shoes
132
+6
+6
+9
3.0
3.0
175
130
165
531
504
494
NONMERGHANDISE—total4
173
+10
+8
(5)
(5)
(5)
82
+ 15
+7
(5)
(5)
(5)
Women's and misses' ready-to-wear
Intimate apparel^
Coats and suits4
Dresses4
Blouses, skirts, and sportswear4
Girls wear4 4
Infants' wear
M e n ' s clothing
M e n ' s furnishings 4
Boys' wear 4
Barber a n d b e a u t y shop 4
0
lonth by sales during t h e m o n t h a n d hence indicates t h e n u m b e r
858 were reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 1517.
For movemei.
4
Index n u m b e of sales and stocks for this department are not available for publication separately; the department, however, is included
bers
5
al indexes.
Data not available.
ities throughout the country. In 1947, sales and stocks
Not all stores report data for all of the
that for the total.
WEEKLY INDEX OF SALES
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *
[Weeks ending on dates shown.
Without seasonal adjustment
Amount
(In millions of dollars)
194;r
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
1939 average
1940 average
1941 average.
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
128
136
156
179
204
227
255
318
336
344
353
419
599
508
534
563
714
823
108
194
263
530
560
729
909
553
1947—October. . .
November.
December.
367
416
584
'913
941
770
••664
605
544
1948—January...
February.
March. . . .
April
May
June
July
August
September,
October. . .
271
263
355
331
339
336
268
295
357
789
878
941
938
919
859
827
893
944
Pl.052
633
575
420
356
339
462
551
545
539
*>512
1935-39 average = 100J
4 . . . . . 1 8 8 Jan. 3 . : : ..204 July 5 . . . .208
11.. ...232
1 0 . . : ..251
1 2 . . . . .228
18.. . . . 2 2 3
1 7 . . : ..232
19
.217
2 4 . . . ..226
2 6 . . . . .213
25.. ...220
Feb. 1 . . . . . 2 1 7
3 1 . . . ..233 Aug. 2 . . . . .220
8 . . . . . 2 1 9 Feb. 7 . . . ..240
9 . . . . .223
15.. . . . 2 4 6
1 4 . . . ..238
16
.225
22.. ...216
2 1 . . . ..249
2 3 . . . . .243
2 8 . . . ..248
3 0 . . . . .277
1.. ...238
Mar.
8 . . . . . 2 5 4 Mar. 6 . . . ..266 Sept. 6 ; ; : . .265
15.. ...267
1 3 . . . ..279
13
.291
22.. ...286
2 0 . . . ..313
2 0 . . . .301
29.. ...283
2 7 . . . ..331
2 7 . . . . .316
Apr. 5 . . : . . 3 1 9 Apr. 3 . . . ..280 Oct. 4 . . . 326
12.. :..265
1 0 . . . ..298
1 1 . . . . 304
19.: :..271
1 7 . . . ..294
1 8 . . ; . .299
2 4 . . . ..296
26.. :..267
2 5 . . . .306
M a y 3 . . : . . 2 7 9 M a y 1 . . . ..300 Nov. 1 . . . .313
1 0 . ; : . .311
8 . . . . .330
8 . . . . .347
1 5 . . . ..293
17.: :..273
1 5 . . . . 380
2 2 . . . ..295
24.: :..277
2 2 . . . . .395
2 9 . . . ..297
31.: ...250
2 9 . . . . .367
June 7.. S . . 2 9 3 June 5 . . . ..282 Dec. 6 . . . .508
12. . .304
1 4 . . : . 300
1 3 . : ; : 570
21 " - 256
19 ! !31C
20 *' 576
28!.' !!.*245
26!!. '..262
27!!!! .358
NOTE.—Revised series.
1948
1947
1948
Jan.
July
Aug.
Sept.
Oct.
Nov.
Dec.
3...
10...
17...
24...
31...
7...
14...
21...
28...
4...
11...
18...
25...
2...
9...
16...
23...
30...
6...
13...
20...
27...
6...
11
18
25
..265
..217
..236
..231
..235
..261
..258
..271
..255
..308
..285
..337
..319
..327
..336
..331
..344
..319
. .320
. .346
. .371
. .347
..485
For description and back figures see pp.
874-875 of BULLETIN for September 1944.
r
v Preliminary.
Revised.
i These figures are not estimates for all department stores in the
United States.
Backfigures.-—Divisionof Research and Statistics.
DECEMBER
1948
1519
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Oct. Sept. Ten
1948 1948 mos.
1948
United States.. *+7| +6 +8 Cleveland-cont.\
1
j + 17| +9; + 13
Boston
P+7\
+5j +3 Erie
l
New Haven.. . .
+5| +17 +3 Pittsburgh .. . .! + 10i + 5 +9
j + 14j +9, +9
Portland
+ 121 - 1 +2 Wheeling 1
Boston Area. . .
+6 +3 +3 Richmond
j + io! +11| + 7
Downtown
l
Boston
+7 +4 +3 Washington .. . | + 10 +5| +5
! +9 +9| +4
Springfield
+ 10 + 12 +8 Baltimore
+ 10 +4 +3 Raleigh, N. C. . I + 13) -4-121 +6
Worcester
+ 10 +8 +3 Winston-Salem. j +20 +13 +9
Providence
Charleston, S.C. + 12 +16| +5
New York l
+U
+ 6 +7 Greenville, S. C; + 15 +21! + 12
Bridgeport ... .
0 Lynchburg
-2\ +12
i + 9 + 7 | +8
Newark l
+3| +5
Norfolk
I + 13' +13; + 14
Albany
+ 13! +9 +8 Richmond
j + l! +26' + 10
Binghamton.... + 111 +14| + 13 Roanoke
j +5; + 1 +5
Buffalo i
+ 10 -4-14 + 11 Charleston,
'
Elmira
+4 +4! + 10 W. Va
i +24; +13 + 18
Niagara Falls.. 1
.
+7 +18!
Huntington. . . . i + 151 +13! + 16
New York City
+5 +4! +5
Poughkeepsie.. . +20 +9| + 12 Atlanta
+10\ +11 +10
+ 19 +10| + 12 Birmingham 1. . \ + 13 -4-13; + 14
Rochester 1
Schenectady. . . + 16 +11! + 11 Mobile
!
12
+ 12 + 3 +6 Montgomeryx1. . j + 1 + 1 3 | ++ 7
Syracuse *
Utica
+ 12 +6 +9 Jacksonville . . .
+9J +5| +3
r
Miami
j + 71 +9|
Philadelphia. . +11 +11 +11 Orlando
! + l! +22; +25
Trenton l
+ 12 ++4 + 16 Tampa x1
+6
I
-4!
+ 14! 2 8 +9
Lancaster 1
\ + 14; +9! +9
+ 7 + 11 +8 Atlanta
Philadelphia *. .
0 +2
! +6j
+ 16 +9 + 11 Augusta
Reading l
Columbus
I +8J +19: + 17
Wilkes-Barre1. . + 14
+ 12
- l
- 1 ! +3
+21 + ll| + 11 Rome l
York i
-1
Macon
+
+12 +9 + 10 Savannah
Cleveland
6i r ~ 6 ' +10
1
+ 11 + 14 +9 Baton Rouge l. . +20! +io ! + 10
Akron 1
+ 14 +23 + 13 New Orleans : . .
Canton
+8 +17! + 13
Cincinnati l . . . . + 10| +8 +8 Jackson x
+22 +22; + 11
l
Cleveland 1
+8 + 10 Meridian
+8i - 1
-6
Columbus . . . .
+ 13 Bristol, Tenn.. .
+5
+
17
Springfield 1
+i +2J +5 Chattanooga l. . ++3 +7 +5
x
Toledo 1
+38 +24
+ 17 + 14 + 11 Knoxville 1
J
Youngstown . . + 13 + 16 + 12 Nashville
+ 7 +8|
+\i
Oct. Sept. Ten
1948 1948 mos.
1948
Oct. Sept. T e n
1948 1948 mos.
1948
; 1948 I 1948*1 ^ 4 8
Chicago l
Chicago . . . .
Peoria l
Fort Wayne l.
Indianapolis V
Terre Haute 1 .
Des Moines. .
Detroit l
Flint 1
Grand Rapids
Lansing
Milwaukee x ..
Green Bay *..
Madison
St. Louis
Fort Smith...
Little Rock 1.
Evansville. . .
Louisville J . . .
Quincy
East St. LOUJS
St. Louis x . . .
St. Louis Area
Springfield...
Memphis x . . .
Minneapolis. l
Minneapolis .
St. Paul 1
DuluthSuperior l..
Kansas City.
Denver
Pueblo
Hutchinson. .
Topeka
Wichita
Kansas City.
Joplin
St. Joseph . . .
Lincoln
+8 Kansas City—
+ 6 cont.
+7
+ 9 Omaha
+ 8 Oklahoma City .
+ 10
+ 5 Tulsa
+ 11
+4
+ 14 Dallas
+23
+ 9 Shreveport
0
+ 7 Corpus1 Christi..
0
+ 9 Dallas
4-1
Fort Worth
+7
1
4-10
+ 12 Houston
4-1
+ 13 San Antonio... .
+ 13
San Francisco
P-4
+10 Phoenix l
0
+ 8 Tucson
—2
+ 10 Bakersfield 1....
_2
l
+24 Fresno
—6
+ 11 Long Beach l. . . — 7
+10 Los Angeles l. . .
+ 19 Oakland and
+9
Berkeley 1
0
+ 9 Riverside and
+ 6 San Bernardino —3
+ 7 Sacramento 1. .
+5
San Diego x . . .
+ 7 San Francisco 1 P -4-5
0
+ 8 San Jose x
4-7
+ 4 Santa Rosa 1
+2
P -j-3
Stockton
+1 +13 Vallejo and
Napa 1
:F - 24
4
+ 2 +7
+ 1 +4 Boise and
!
I
+ 7 3+15
Nampa
I —4
+5 +6 Portland
—V
+7 +9 Salt Lake City K\ - 1
+7 +10 Bellingham *•. . . j - 1 3
+3! +8 Everett11
\P —10
+ 14
Seattle x
\ -2
-8
Spokane1
i 4-1
+4! +9 Yakima
1 -3
+3
+7 +2
+9 +3
+7 + 13
+ 8 +5
P + 2 7 + 11
-j-7
+5
+8 +6
+ 14 +7
P+7
+2
2
+ 11
+ 10 +5
+ 14 +7
P + 1 2 + 10
+7 +8
+ 17 + 14
+ 7 + 12
+20 +20
+9 +10
+ 12 +24
+ 14 + 10
+6 +5
+ 6 +5
-4
+2
+6 + 10
+2
P+9
+8 + 5
0
+5
p+7
+20
P+5
S6
+8
+ 10
+1
+1
+3
—4
+2
+6
+9
+ 16
+ 15 +11
+ 12 +20
+ 8 +2
4-6
+5
+4 +9
+43 +27
+ 11 +9
+7
+3 +9
+5 + 4
+ 10 + 13
4-5
+7
+3 +5
4-2
-3
+ 10
0
+8
+4
0
+ 10 + 11
+ 8 + 11
+ 10 + 5
+9 +3
+8 +7
+9 + 4
-15!
-3
+6
+2
+9
+3
-6
-5
-5
0
+6 +4
oi +3
—3!
+4
+ 13
* Preliminary.
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.
2
Data not available.
3 xine months 1948.
r
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]
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
141.4
112.5
111.7
104.6
100.7
100.0
84.2
98.4
102.8
102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
100.9
104.1
104 3
104.6
106.2
108 5
108.0
108.2
108.3
108 6
111.2
100 2
99.9
99 0
99.7
102.2
105 4
107 7
109.8
110.3
112 4
121.2
104.3
103.3
101.3
100.5
107.3
122 2
125.6
136.4
145.8
159 2
184.4
101.0
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
201.6
202.7
206.9
189.0
190.2
191.2
114.9
115.2
115.4
125 2
126.9
127.8
187.8
188.9
191.4
141.8
143.0
144.4
209.7
204.7
202.3
207.9
210.9
214.1
216.8
216.6
215.2
211.5
192.1
195.1
196.3
196.4
197.5
196.9
197.1
199 7
201.0
201.6
115.9
116.0
116.3
116.3
116.7
117 0
117.3
117 7
118 5
118.7
129.5
130 0
130 3
130.7
131.8
132 6
134.8
136 8
137 3
137.8
192.3
193 0
194.9
194.7
193.6
194 8
195.9
196 3
198.1
198.8
146.4
146.4
146.2
147.8
147.5
147.5
150.8
152.4
152.7
153.7
All items
Food
Apparel
Rent
1929
122.5
132.5
115.3
1933
92.4
84.1
87.9
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2
105.3
97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
163.8
164.9
167.0
168.8
167.5
166.9
169.3
170.5
171.7
173.7
174 5
174 5
173.6
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945 . .
1946 .
1947
.
1947—October
November
December
1948—January
February
March
April
May
June
July
August
September
October
.
.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1520
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
1947—October...
November.
December.
1948—January..,
February..
March....
April
May
June
July
August. . .
September
October. ..
Week ending:
1948—Sept. 4. .
Sept. 1 1 . .
Sept. 18. .
Sept. 25. .
Oct. 2 . . .
Oct. 9 . . .
Oct. 16...
Oct. 2 3 . . .
Oct. 30...
Nov. 6.
Nov. 13. .
Nov. 16 l .
Nov. 23 i. .
All
commodities
Farm
products
Foods
95.3
104.9
86.4
88.3
73.0
64.8
64.8
48.2
65.9
51.4
74.9
65.3
80.0
78.8
80.8
80.9
86.3
86.4
78.6
68.5
77.1
65.3
78.6
67.7
87.3
82.4
98.8
105.9
103.1
122.6
104.0
123.3
105.8
128.2
121.1
148.9
152.1
181.2
158.5 j 189.7
159.6
187.9
163.2
196.7
199.2
165.7
185.3
160.9
186.0
161.4
186.7
162.8
189.1
163.9
196.0
166.2
195.2
168.7
191.0
169.5
189.1
168.6
182.2
165.0
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
177.7
177.9
178.4
179.9
172.4
173.8
176.7
177.4
181.4
188.3
189.5
186.3
177.3
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2
140.1
142.1
145.5
148.3
147.6
147.7
148.7
149.1
149.5
151.1
153.1
153.3
153.1
167.4
168.0
169.2
168.7
167.1
164.6
164.8
165.3
163.8
162.7
162.6
164.3
164.9
184.0
185.9
189.9
187.8
183.9
178.0
178.0
178.8
174.8
171.6
170.4
177.5
177.1
153.3
153.6
153.5
153.3
153.4
153.3
153.5
153.4
153.4
153.4
153.5
153.2
153.5
187.8
188.1
190.1
190.8
186.4
181.5
182.2
183.8
180.7
178.9
179.5
175.2
177.6
Hides
Fuel Metals
and
Textile a n d
leather- prod- lighting metal
products
mate- products
rials
ucts
90.4
109.1
83.0 100.5
100.0
80.3
78.5
92.1
86.1
66.3
67.5
84.5
72.9
54.9
70.3
80.2
80.9
64.8
66.3
79.8
86.6
72.9
73.3
86.9
89.6
70.9
73.5
86.4
95.4
71.5
76.2
87.0
104.6
76.3
77.6
95.7
92.8
66.7
76.5
95.7
95.6
69.7
73.1
94.4
100.8
73.8
71.7
95.8
108.3
84.8
76.2
99.4
117.7
96.9
78.5 103.8
117.5
97.4
80.8 103.8
116.7
98.4
83.0 103.8
118.1 100.1
84.0 104.7
137.2 116.3
90.1 115.5
182.4 141.7 108.7 145.0
193.1 143.4 116.1 i 150.5
202.5 145.2 118.2 j 150.8
203.4 148.0 124.6 j 151.5
200.3 148.4 130.0 154.3
192.8 148.9 130.8 155.3
185.4 149.8 130.9 155.9
186.1 150.3 131.6 157.2
188.4 150.2 132.6 157.1
187.7 149.6 133.1 158.5
189.2 149.4 135.7 162.2
188.4 148.9 136.6 '•170.9
187.5 147.8 136.7 171 .9
185.5 146.8 137.2 172.4
and
Total
189.2
188.8
188.2
187.9
187.9
187.8
187.6
186.0
187.4
185.7
186.5
147.5 j 137 .6
147.5 137 .6
147.2 137 .7
146.7 137 .8
146.5 138 .2
146.9 138 .3
146.8 138 .1
146.2 138 .1
145.7 138 .0
145.7 138.0
145.7 138 2
147.0 136 .8
147.1 136 .8
172.0
172.0
171.5
171.8
171.8
171.9
172.5
172.6
172.7
173.0
173.1
173.1
173.8
ChemiBuild- cals and Housefuring
nishallied
mateing
prodrials
goods
ucts
Raw
materials
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7
185.8
187.7
191.0
193.3
192.7
193.1
195.0
196.4
196.8
199.9
203.6
203.9
203.3
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
127.3
128.6
135.8
135.0
138.8
134.6
136.1
136.2
134.7
135.8
134.4
132.0
133.3
134.4
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
132.4
137.5
139.4
141.3
141.8
142.0
142.3
142.6
143.2
144.5
145.4
146.6
147.4
203.2
203.1
203.2
202.9
203.1
202.7
203.6
203.7
203.5
203.6
203.3
202.4
203.3
132.1
133.2
132.5
133.5
133.6
133.5
134.4
133.2
134.3
135.0
132.7
2
146.9
147.7
147.8
147.8
147.9
148.5
148.6
148.9
149.2
149.3
149.9
118.5
119.9
120.3
119.3*
119.1
118.4
118.7
118.6
119.0
118.5
119.2
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
151.2
152.4
154.9
157.8
154.5
155.8
157.6
158.5
159.6
162
164
163
180.7
180.9
182.0
182.4
179.7
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
117.1
118.8
121.5
123.6
120.1
120.8
121.8
121.5
121.5
120.3
119.7
119.9
119.0
82.6
Manufactured
products
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
175.2
175.5
182.0
183.9
174.9
174.7
175.5
177.6
182.6
184.3
182.0
180.5
176.2
Miscellaneous
163.0
163.9
165.5
164.4
163.1
160.5
160.6
160.9
159.4
158.1
157.8
176
177.2
178.2
176.2
175.1
175.4
()
(2)
I
1947
1948
1948
Subgroups
Subgroups
Oct. i July
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods...
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1
241.
224.
153.
167.
166.
130,
230
157
180
243,
205,
139,
136,
204.
100
71.
37.
134,
175.
123.
172.
182.
64.
86.
96.
Aug.
Sept.
Oct
Metals and Metal Products:
190.6 179.2 176.9 170.4
Agricultural mach. & equip.. .
250.8 250.0 244.2 223.4
Farm machinery
161.9 157.8 158.2 159.6
Iron and steel
Motor vehicles
182.9 185.1 179.9 174.9
Nonferrous metals
154.5 154.0 153.3 149.6
Plumbing and heating
151.2 140.5 139.4 137.3 Building Materials:
263.8 273.7 266.5 239.8
Brick and tile
148.5 146.9 147.0 146.9
Cement
Lumber
186.3 189.4 190.0 189.7
Paint and paint materials....
220.3 212.1 210.6 202.0
Plumbing and heating
189.2 186.0 181.9 180.4
Structural steel
149.9 148.6 148.6 148.6
Other building materials
Chemicals and Allied Products:
148.3 148.3 148.1 148.3
Chemicals
209.3 205.3 199.8 195.0
Drugs and Pharmaceuticals . .
104.9 104.9 104.8 104.6
Fertilizer materials
46.4 46.4 46.4 46.4
Mixed fertilizers
40.7 41.6 41.8 41.8
Oils and fats
147.5 149.4 1 5 0 0 150.7 Housefumishing Goods:
184.5 186.6 189.3 190.5
Furnishings
Furniture
131.6 136.0 136.5 136.4 Miscellaneous:
193.1 194.6 195.1 195.1
Auto tires and tubes
212.3 217.4 217.5 218.7
Cattle feed
66.4 65.5
Paper and pulp
90.4 86.9 90.7
Rubber, crude
122.1 122.1 122.2
Other miscellaneous
July
Aug.
Sept
122
124
139
159
142
136
134.1
136.3
153.2
168.2
153.7
145.3
135.6 140.4
137.7 142.6
163.1 164.0
174.1 175.0
165.9| 166.4
153.91157.0
142.5
144.8
164.4
175.2
167.0
157.3
146
120
290
160
136
143
152
157.9
132.2
318.1
157.9
145.3
159.6
167.1
158.6; 158.9
133.2! 133.3
319.5 317.1
158.1 159.5
153.9 1 5 7 . 0
178.8 1/8.8
173.4 174.8
159.4
133.7
314.5
159.6
157.3
178.8
174.8
122
137.
Ill
97
193,
127.8,
153.61
115.01
104.4
193 .2|
126.3
153.3
114.9|
105.9;
180.3
127.6
152.6
117.2
107.9
189.4
139.
134,
148.6 149.3 151.5 152.3
140.4 141.6 141.6 142.5
60
280
159
43
126
66.2' 66.2 66.2 66.2
239.6 198.4! 201.7 195.4
166.8 169.0J 170.9 170.2
49.6 48.11 46.4 45.0
130.0 132.21 132.1 131.1
126.0
152.7
116.2
107.8
188.6
Oct.
New weekly indexes which are not compE
Back figures.—Bureau of Labor Statistics, Department of Labor.
DECEMBER
1948
1521
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
1947
1929
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1939
103.8
Gross national product
1933
55.8
90.4 125.3 212.2 209.3 231.6 228.3 227.9 243.8 244.9 250.4 255.9
8.8
7.0
6
- 1
7.2
7.1
.7
1.2
8.1
9.4
.5
.5
- 1
87 4
C1)
39.6
.5
72.5
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
2 6
1.5
1.3
.5
1.4
1.0
82.5 45.2
78.8 46.3
3.7 - 1 . 2
5.8
2.1
0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
1941
9.3
11.3
.5
.5
1944
11.9
14.0
.5
4.1
1946
11.8
17.5
.6
1.0
1947
13.3
18.5
.6
-3.4
13.3
18.1
.6
-2.7
13.4
18.4
.6
-5.4
13.8
19.4
.6
-3.3
14.0
19.1
.6
-4.2
14.3
19.7
.6
-6.0
-.4
.1
.7
-.1
.3
-.3
-.1
.9
-.2
103.8 182.4 179.3 202.5 199.3 200.6 212.8 215.1 221.7
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
14.6
20.1
.6
n.a.
+ .3
n.a.
25.2 24.3 27.5 26.2 30.9
24.0 16.8 24.7
n.a.
5.2
5.2
5.6
6.1
5.1
5.9
5.0
5.0
5.2
-.2
.0
.0
.0
.0
.0
.0
-.1
3.1 10.8 11.1
9.9
13.6 10.6 10.9 10.6 10.2
2.8
4.4
4.5
4.5
4.5
4.6
4.7
4.8
4.4
4.7
6.7
7.1
6.9
7.7
5.6
7.3
7.3
6.9
.5
.6
.6
.6
.6
.6
.6
.6
.6
164.5 178.1 195.2 189.6 196.7 203.1 207.3 209.0 213.9
22.2 23.2 20.8
20.2
18.9 18.9 21.6 21.4 21.7
17.5 17.2 19.7 19.4 19.8 20.2 21.1 18.7 18.1
2.0
2.0
2.1
2.1
2.1
1.4
2.0
1.9
1.7
145.6 159.2 173.6 168.2 175.0 180.9 184.1 188.2 193.7
110.4 147.4 164.8 164.2 165.6 171.1 172.1 176.5 178.5
15.2
34.2 11.8
4.1
8.8
9.4
9.7 12.0 11.7
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters
Annual totals
1929
1933
1939
,
87 4
39.6
72.5
Compensation of employees
Wages and salaries*
Private
Military
Government civilian
Supplements to wages and salaries
,
Proprietors' and rental income »
,
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valua
tion adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation a d j u s t m e n t . . . . . . . .
Net interest
50.8
50.2
45.2
.3
4.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
2 1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
National income
6
1941
103.8
1944
1946
1947
1947
1948
182.4 179.3 202.5 199.3 200.6 212.8 215.1 221.7
n.a.
64.3 121.1 117.3 127.5 125.3 127.6 132.2 133.7 134.2 140.6
61.7 116.9 111.7 122.2 119,6 122.5 127.1 128.8 129.3 135.6
51.5 83.3 91.0 104.7 102.3 105.3 109.5 111.1 111.2 116.4
3.7
3.6
3.7
3.6
3.5
7.8
3.9
3.9
1.9 20.7
8.3 12.8 12.9 13.6 13.4 13.5 14.0 14.2 14.5 15.6
5.0
5.0
5.1
5.0
4.9
4.2
5.6
5.7
5.3
2.6
50.6 51.8 50.2
44.4 48.6
44.6
20.8 34.1 41.8 46.0
25.0 25.4 24.8
23.0 24.7
22.7
9.6 15.4 20.4 23.2
6.9 11.9 14.6 15.6 14.9 14.3 16.5 18.0 18.9 17.9
7.5
7.6
7.4
7.5
6.7
7.1
6.7
7.1
7.0
4.3
14.6
17.2
7.8
9.4
-2.6
4.1
24.0
24.3
13.5
10.8
-.3
3.1
16.8 24.7
21.8 29.8
9.0 11.7
12.8 18.1
-5.0 -5.1
4.3
3 4
25.2
28.8
11.3
17.5
-3.6
4.2
24.3
29.1
11.4
17.7
-4.8
4.4
27.5
32.4
12.7
19.7
-4
4.5
26.2
31.4
12.2
19.2
-5.3
4.6
30.9
33.4
13.0
20.4
-2.5
4.7
n.a.
n.a.
n.a.
n.a.
-3.9
4.8
1
Less than 50 million dollars.
n.a. Not available.
Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
NOTE.—-'Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period
1929-43, and quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown
in that issue of the BULLETIN have since been revised.
2
3
1522
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
Annual totals
Seasonally adjusted annual rates by quarters
1947
1929
1939
1933
1941
1944
1946
2
212.2 209.3 231.6
103.8
Gross national product .
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction 1
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
War.
Nonwar
Less: Government sales 2
State and local
.
. .
55.8
90.4
125.3
78.8
9 4
37.7
31.7
15.8
7.8
6.4
1 6
.8
46.3
3 5
22 3
20.6
1.3
1.1
1.8
—1 6
.2
67.5
6.7
35.3
25.5
9.0
4.0
4.6
4
.9
82.3
9.8
44.0
28.5
17.2
5.7
7.7
3.9
1.1
111.4
6.9
67.5
37.0
6.4
2.3
5.4
— 1.4
-2.1
147.4
16.2
87.5
43.6
26.5
8.9
12.8
4 8
4.7
8.0
2.0
2.0
13.1
5.2
1.3
3.9
(3)
7.9
24.7
16.9
13.8
3.2
(3)
7.8
96.5
89.0
88.6
1.6
1.2
7.5
30.8
20.8
21.2
2.5
2.9
10.0
8.5
1.3
}l.3
(3)
7.2
(3)
5.9
1948
1947
3
4
1
2
3
228.3 227.9
243.8
244.9
250.4
255.9
164.8 164.2 165.6
21 1
21 0
21.1
96.8
96.5
96.3
47.7
47.3
46.7
25.6
30.0
26.4
11.7
11.6
10.3
17.8
17.6
17.9
6 —1 8 -3 5
8.4
8.9
10.2
171.1
22 1
100.2
48.8
35.4
14.0
18.9
2 5
8.2
172.1 176.5
21 2
22.6
101.2 103.2
49.7
50.6
38.7
37.6
14.3
14.4
19.8
20.9
4 6
2.3
3.9
2.9
178.5
23.6
102.9
51.9
39.0
14.8
21.4
2 8
.7
27.6
15.7
17.0
28.3
15.7
16.6
29.0
15.5
16.3
30.1
16.4
17.6
33.5
18.8
19.3
37.7
22.2
}l6.9
1.3
12.3
1.4
11.9
.9
12.6
.8
13.5
1.2
13.7
.5
14.7
.4
15.5
28.0
15.6
22.6
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and sa aries
Wage and s alary disbursements
Personal
income
Year or month
Total
receipts4
Total
disments
Commodity
producing industries
Distribtries
Service
industries
Government
Less employee
Other
contrilabor
butions income8
for
social
insurance
Dividends
Proand
prietors'
perand
sonal
rental
6
interest
income
income
i rangier
payments7
Nonagricultural
income8
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
74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.5
170.3
178.1
195.2
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.8
115.2
109.8
120.1
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.7
122.2
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
46.1
54.6
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
31.2
35.0
6.9
6.7
6.9
7.3
7.8
8.6
9.5
10.5
11.5
13.8
15.1
7.5
8.2
8.2
8.5
10.2
16.1
26.9
33.5
35.5
20.7
17.4
.6
.6
6
7
.8
1.2
1.8
2.2
2 3
2.0
2.1
.5
5
5
6
6
7
.9
L.6
L.6
L.8
15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0
10.3
8.7
9.2
9.4
9.9
9.7
10.0
10.6
11.4
13.5
15.6
2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
11.4
11.7
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.3
159.4
174.9
1947—September.
October...
November
December.
206.2
200.0
201.4
207.7
121.9
122.7
125.5
127.4
123.9
124.7
127.3
129.4
55.4
55.9
57.4
59.2
36.0
36 0
37.1
37.4
15 2
15.2
15.2
15.2
17.3
17.6
17.6
17.6
2 0
2.0
18
2.0
L.9
L.9
L.9
L.9
45.0
47.5
47.1
51.3
16.2
15.9
16.1
16.2
21.2
12.0
10.8
10.9
187.4
179.7
181.4
184.2
1948—January...
February..
March
April
!
May
June
July
August....
September
209.4
206.8
205.6
207.4
207.2
212.3
212.9
214.6
214.6
127.5
126.9
125.7
125.0
126.8
129.7
131.8
134.3
134.5
129.7
128.9
127.8
127.0
128.8
131.9
134.0
136.5
136.8
59.3
58.0
57.0
56.3
57.2
59.6
60.0
61.3
61.5
37.5
37.8
37.5
37.2
37.9
38.2
39.0
39.5
39.5
15.3
15.4
15.4
15.6
15.6
15.8
16.2
16.3
16.2
17.6
17.7
17.9
17.9
18.1
18.3
18.8
19.4
19.6
2.2
2.0
2.1
2.0
2.0
2.2
2.2
2.2
2.3
1.9
2.0
1.9
2 0
2.0
2.0
2.1
2.1
2.1
52 4
50.0
49.3
51.9
50.7
52.8
51.0
50.0
49.8
16.5
16.6
16.6
16.7
16.8
16.8
17.0
17.3
17.6
11.1
11.3
12.1
11.8
10.9
11.1
11.0
10.9
10.6
184.7
184.5
184.1
183.7
184.4
187.7
189.3
191.6
192.2
[.3
P Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials. *
3
Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries.
5
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
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 as consumer bad debts and other business transfers.
8
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as for preceding page.
1
2
DECEMBER
1948
1523
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts oustanding. In. millions of dollars]
End of year
or month
Total
consumer
credit l
Instalment credit
Total
instalment
credit
Total
Automobile
Singlepayment
loans 3
Charge
accounts
Service
credit
Other
Sale credit
Loans
2
1929...
7,628
3,158
2,515
1,318
1,197
643
2,125
1,749
596
1933...
3,912
1,588
1,122
459
663
466
776
1,081
467
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
7,481
7,055
7,982
9,131
9,878
6,461
5,315
5,754
6,613
10,135
13,428
3,961
3,603
4,437
5,433
5,903
2,931
1,938
2,012
2,340
3,944
6,189
2,752
2,313
2,792
3,450
3,744
1,491
814
835
903
1,558
2,839
1,384
970
1,267
1,729
1,942
482
175
200
227
544
1,151
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
1,688
1,209
1,290
1,645
1,983
2,159
1,440
1,124
1,177
1,437
2,386
3,350
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,255
1,520
2,263
2,707
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
557
523
533
560
610
648
687
729
772
874
920
1947—September
October. . .
November
December.
11,712
12,084
12,669
13,428
5,314
5,490
5,764
6,189
2,257
2,370
2,550
2,839
1,004
1,047
1,099
1,151
1,253
1,323
1,451
1,688
3,057
3,120
3,214
3,350
2,613
2,647
2,679
2,707
2,864
3,029
3,309
3,612
921
918
917
920
1948—January..
February.
March. . .
April
May
June
July
August. ..
September
OctoberP .
13,124
13,043
13,523
13,740
13,958
14,286
14,314
14,476
14,761
15,039
6,218
6,289
6,539
6,775
6,965
7,150
7,329
7,532
7,718
7,748
2,817
841
992
143
1,202
1,254
1,367
1,468
1,536
1,602
1,689
1,781
1,858
1,897
1,615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,916
1,922
3,401
3,448
3,547
3,632
3,700
3,778
3,849
3,907
3,944
3,929
2,742
2,765
2,783
2,795
2,816
2,839
2,840
2,847
2,856
2,872
3,240
3,061
3,275
3,236
,245
3,352
185
3,130
3,227
3,457
924
928
926
934
932
945
'960
967
960
962
3,372
3,480
3,625
3,774
3,819
1946
CONSUMER INSTALMENT LOANS
[Estimates.
In millions of dollars]
Loans made by principal lending institutions
(during period)
Amounts outstandin g
(end of period)
Year or month
Total
Commercial
banks 1
Small
loan
companies
Industrial
loan
com- 2
panies
Industrial
banks 2
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
banks 1
ization
loans3
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
38
1929
643
43
263
21 Q
23
95
463
41 3
1933
466
29
246
121
20
50
322
202
32
1937
1938
1939
1940
1941
1942...
1943
1944
1945
1946
1947
1,209
1,290
1,645
1,983
2,159
1,440
1,124
1,177
1,437
2,386
3,350
258
312
374
380
221
125
117
662
664
680
1,017
1,198
792
827
912
975
784
261
255
255
182
194
108
203
146
150
176
213
284
301
215
368
460
409
129
83
103
237
297
344
236
316
364
67
128
639
800
151
128
201
1947—September. .
October
November. .
December...
3,057
3,120
3,214
3,350
357
477
956
1,435
1,320
1,350
1,383
1,435
1948—January..
February. . .
March
April
May
June
....
July
August
September P .
October P
3,401
3,448
3,547
3,632
3,700
3,778
3,849
3,907
3,944
3,929
1,462
1,482
1,530
1,570
1,597
1,634
1,669
1,701
1,712
1,698
523
692
784
426
448
498
531
417
131
132
134
89
95
99
104
107
72
135
174
200
130
59
104
176
88
93
110
120
120
179
344
558
749
942
1,793
2,636
869
956
1,251
1,454
155
166
231
310
125
127
130
134
114
114
116
120
497
517
538
558
216
228
233
267
107
121
142
191
27
28
27
33
139
151
210
282
24
23
25
30
165
167
173
180
189
194
137
140
143
146
147
150
227
230
241
252
260
272
121
121
123
123
124
125
572
587
604
622
635
645
248
221
287
269
258
275
199
27
25
32
31
31
37
26
25
29
27
25
27
38
38
48
50
47
54
152
282
126
651
277
110
107
140
121
123
127
130127
122
117
26
52
68
76
117
166
60
70
98
134
643
647
670
712
154
157
162
166
717 *
721
733
739
748
758
775
783
776
86
238
100
103
153
225
204
208
215
225
384
439
608
712
770
96
99
102
91
148
154
203
206
204
154
155
155
291
300
302
127
127
127
656
661
667
270
254
223
33
32
31
28
27
26
24
198
199
286
428
35
39
39
46
52
51
45
p Preliminary,
1
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 October amounted to 107 million dollars
and loans made during October were 9 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
1524
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excludng automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
"ewelry
stores
All
other
retail
stores
1929
1,197
160
583
265
56
133
1933
663
119
299
119
29
97
1,014
1.688
314
302
377
439
466
252
172
183
198
337
650
469
485
536
599
619
391
271
269
283
366
528
307
266
273
302
313
130
29
13
14
28
52
68
70
93
110
120
77
66
70
74
123
192
210
220
246
271
284
159
101
100
107
160
266
1947
September.
October. . .
November.
December.
1,253
1,323
1,451
1,688
462
495
555
650
423
443
474
528
43
46
49
52
128
131
144
192
197
208
229
266
1948
January...
February..
March. . . .
April
May
June
July
August...
SeptemberP
October?. .
1,615
1,587
1,625
l f 675
1,729
1,770
1,791
1,844
1,916
1,922
632
624
653
680
703
720
732
759
786
797
502
492
497
511
528
541
545
560
586
583
52
52
54
60
65
68
72
76
81
81
175
169
165
160
161
162
160
158
161
158
254
250
256
264
272
279
282
291
302
303
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year anjl month
Outstanding at end
of period:
1945
1946
1947
1947 —September.
October
November..
December..
1948—January...
February...
March
April
May
June
July
August
SeptemberP.
October?9. . .
Volume extended
during month:
1947—September.
October...
November.
December.
1948—January. . .
February...
March
April
May
June
July
August. . . .
SeptemberP,
October?. . .
Total
Automobile
Other
Repair Personal
instaland
modern- ment
ization 2 cash
loans
loans *
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purPur- Direct chased
hased loans and
direct
Automobile
retail
Year or month
Outstanding at end of
period:
1945
1946
1947
1947—September. ..
October
November. . .
December . . .
1948—Januaiy . . . .
February....
March. . . . .
April
May
June
July
August
September?..
October?....
Volume extended during month:
1947—September. . .
October
November. . .
December. . .
1948—January
February....
March
April
May
June
July
August
September?..
October?....
Total
742
1,591
2,701
2,416
2,499
2,588
2,701
2,787
2,825
2,931
3,057
3,137
3,229
3,319
3,410
3,486
3,502
64
165
346
313
322
337
346
359
373
402
431
139
306
536
477
492
513
536
556
570
602
628
649
668
691
713
723
720
100
275
523
444
462
486
523
567
569
591
628
646
661
678
698
725
730
401
423
421
484
81
86
94
103
78
89
91
115
456
398
504
521
487
524
512
504
503
436
98
89
116
112
109
109
115
116
105
93
Repair
and
modernization
loans12
118
90
102
122
112
126
113
105
122
99
448
472
502
529
550
561
124
273
500
438
465
483
500
504
506
517
538
555
572
582
592
608
620
Personal
instalment
cash
loans
315
572
796
744
758
769
796
801
807
819
832
839
856
866
878
880
871
121
126
124
149
134
118
153
143
137
150
148
141
137
121
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
Outstanding at end
of period:
1945 . . . . .
1946,....
1947
Total
Repair Personal
and
instalmodern- ment
cash
ization
loans
loans 12
Automobile
Other
76.7
108.4
148.2
11.0
15.0
27.1
4.0
7.4
17.1
1.3
2.4
4.2
60.2
83.6
99.8
104.1
162.7
233.5
13.8
27.5
50.0
9.8
17.8
30.2
17.2
28.3
43.3
63.3
89.1
110.0
215.5
221.0
227.9
233.5
46.3
48.1
49.6
50.0
26.0
'27.0
28.5
30.2
39.4
41.2
42.5
43.3
103.8
104.7
107.3
110.0
1947—Septemter
October
November.
December. .
138.4
141.1
144.8
148.2
24.3
25.3
26.3
27.1
14.1
14.7
15.9
17.1
3.8
4.0
4.2
4.2
96.2
97.1
98.4
99.8
231.8
234.6
242.3
253.3
265.1
271.6
277.8
282.3
286.7
285.9
49.0
50.3
53.4
56.8
59.0
61.4
64.3
66.3
67.8
67.2
31.0
31.4
32.8
35.7
38.0
40.1
42.1
43.3
44.3
43.4
43.5
44.0
44.8
46.7
48.3
48.8
49.1
49.8
50.6
51.3
108.3
108.9
111.3
114.1
119.8
121.3
122.3
122.9
124.0
124.0
1948—January . . .
February...
March
April
May
June
July
August
September?
October?. . ,
151.7
154.6
158.2
161.8
163.1
166.0
168.0
170.1
171.8
171.7
28.0
28.7
29.9
31.1
31.9
33.3
34.9
36.2
37.4
37.5
17.7
18.0
19.0
20.1
20.5
21.2
21.0
21.7
22.6
22.7
4.2
4.2
4.3
4.4
4.5
4.5
4.6
4.6
4.8
4.9
101.8
103.7
105.0
106.2
106.2
107.0
107.5
107.6
107.0
106.6
27.1
27.1
28.1
31.4
5.2
5.5
5.2
5.2
3.0
3.3
3.3
3.7
0.5
0.5
0.5
0.3
18.4
17.8
19.1
22.2
28.3
26.6
32.1
30.5
27.7
30.6
29.1
28.6
28.1
25.4
5.7
5.3
6.9
6.9
5.7
7.1
6.7
6.0
6.1
5.1
2.8
2.8
3.4
3.8
3.7
3.5
3.3
3.6
3.8
3.1
0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.4
0.5
0.5
19.5
18.2
21.4
19.4
17.9
19.6
18.6
18.6
17.7
16.7
34.8
36.2
34.5
39.8
8.8
8.8
8.3
8.6
4.1
4.7
4.9
5.8
3.7
4.3
3.4
3.5
18.2
18.4
17.9
21.9
33.7
31.5
41.9
42.0
40.8
44.2
41.4
40.1
38.8
33.2
8.6
8.0
4.6
4.4
6.0
6.4
6.8
7.4
6.9
6.5
6.6
4.8
2.7
2.8
3.7
4.4
4.2
3.4
3.1
3.6
3.5
3.5
17.8
16.3
21.0
19.9
19.7
22.9
20.1
19.4
18.9
17.3
11.2
11.3
10.1
10.5
11.3
10.6
9.8
7.6
Volume extended
during month:
1947—September
October...
November..
December..
1948—January . . .
February...
March
April
May
June
July
August
September?
October?. . .
i Includes not only loans insured by Federal Housing Administration but also noninsured loans.
* Includes both direct loans and paper purchased.
DECEMBER
1948
1525
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
Percentage change
from preceding
month
Oct.
Item
Percentage change
from corresponding
month of preceding
year
Oct.
1948P
Net sales:
Total
-12
Sept.
1948
Aug.
1948
+4
1948P
Sept.
1948
-13
-25
-24
+5
+ 13
-11
-6
+ 17
-9
+27
+1
-20
+9
+11
-2
0
+5
+4
+3
+2
+40
+36
+46
+47
+46
+49
Collections during
month:
Total
Instalment
+5
+3
+1
+2
+1
-2
+8
+7
+4
+3
+13
+19
Inventories, end of
month, at retail value..
+5
+6
0
+17
+ 17
+15
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
-3
Year and month
-14
Preliminary.
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
1947
September...
October
November...
December...
31
31
30
29
24
23
23
20
39
40
39
39
25
23
24
31
53
57
55
54
1948
January
February... .
March
April
May
June
July
August
September..,
Octobers
24
23
27
25
24
24
23
23
24
24
18
17
19
19
19
20
18
18
17
18
36
32
35
33
34
33
34
33
32
32
19
18
19
19
19
19
19
19
19
19
53
49
53
52
52
52
51
51
53
54
Aug.
1948
+9
+4
+12
+4
+4
Charge
accounts
Instalment accounts
Department
stores
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
D E P A R T M E N T STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
48
56
61
64
64
59
43
38
34
32
32
55
9
6
5
4
4
4
6
37
39
Total
1942
1943
1944
1945
1946
1947
average
average
average
average
average
average
..
1947—September
October
November
December
1948—Tanuarv
February
IVtarch
April
May
June
JulyAugust
September
October?
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
114
130
145
162
202
100
131
165
188
211
242
100
82
71
65
67
101
100
102
103
112
125
176
100
78
46
38
37
50
100
91
79
84
94
138
237
154
100
110
107
112
127
168
214
200
100
103
80
70
69
91
r217
'234
••235
'25O
157
»179
••208
87
166
138
167
54
6
40
266
373
285
408
224
282
226
253
351
95
111
136
181
204
263
147
152
170
203
214
235
53
53
54
7
7
40
40
39
174
168
226
213
218
217
173
188
228
248
189
177
235
220
228
228
187
196
230
255
142
142
196
191
186
178
160
192
215
204
164
162
222
208
213
211
158
177
228
249
127
124
129
131
134
136
138
144
151
155
205
181
190
191
192
192
167
165
188
206
160
177
171
172
176
169
173
186
196
299
217
207
211
214
217
213
184
188
220
54
53
52
51
52
52
54
52
50
51
7
7
7
39
40
41
41
41
41
38
39
42
42
88
174
198
133
174
.
7
8
7
7
8
9
8
7
r
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. 1517.
1526
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
1948
Chart
book
page
Oct.
27
Nov.
Nov.
10
Nov.
Nov.
In billions of dollars
WEEKLY FIGURES'
Oct.
27
Nov.
10
Nov.
Nov.
24 1
Nov.
In unit indicated
MONEY RATES, ETC.-—Cont.
Reserve Bank credit, total
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits. . . 2
Member bank reserves
2, 4
Required reserves
4
Excess reservese
Excess reserves (weekly avg.):
Total*
.
5
New York City
5
Chicago
5
Reserve city banks
i
23 73 23 93 23.83 23.94 Stock prices (1935-39 = 100):
23 24 23 14 22.93 22.99
Total
5 .13 4 98 4.94 5.03
Industrial
6 .14 6 12 6.03 6.02
Railroad
.80
.82
.83
.78
Public utility
11 .14 11 .22 11.16 11.17 Volume of trading (mill, shares)
24 .01 24 .10 24.11 24.15
28 .25 28 .34 28.22 28.31
2 .79 2 .87 2.92 2.97
BUSINESS CONDITIONS
19 .85 19.95 19.95 19.93
18 .99 19 .02 P19.08 P19.03 Wholesale prices:
.86
.92 P.88 P.91
Indexes (1926= 100) :4
.87
23.80
23.24
5.52
6.16
.88
10.68
24.00
28.09
2.85
19.96
19.09
.74
.78
.03
.01
.22
.52
.86
.03
)
.24
.59
P.80
(3)
.01
.18
P.61
P. 71
.03
.01
.20
.50
62.44
33.53
24.96
4.39
1.68
2.50
4.28
47.42
1.54
24.64
15.41
4.01
62 .23
33.27
24 .79
4 .42
1 .67
2 38
4 .'23
46 .61
1 .60
2 1.73
*
15 .42
4 .02
62 .38
33 .32
24 .79
4 .42
1 .66
2 .45
4 .20
46 .93
1 .47
24 .86
15 .58
4 .03
62.65
33.53
24.82
4.52
1.68
2.51
4.18
46.91
1.66
24.94
15.57
4.04
62.46
33.0'
24.83
4.46
1.69
2.09
4.18
47.30
1.46
25.21
15.55
4.05
1.35
.42
.93
4.11
1 .36
.43
.93
4 .18
1 .39
.52
.88
4 .11
1.48
.59
.89
4.11
1.78
.8
.96
4.09
f
.02
.01
.18
P. 49
MEMBER BANKS IN LEADING CITIES
AH reporting banks:
Loans and investments
16
U. S. Govt. securities, total. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities... 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On L\ S. Govts
21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
Certificates
Notes
Bills
Demand deposits adjusted.
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
21
Real estate
21
For purchasing securities. 21
All other.
21
Total
Farm products
Other than farm and foods.
Selected farm products:
Wheat (cents per bushel).
Corn (cents per bushel)..
Cotton (cents per pound).
Hogs (dollars per 100
pounds)
Butter (cents per pound).
Eggs (cents per dozen)...
Production:
Steel (% of capacity)
Automobile (thous. c a r s ) . . .
Paper board (thou. tons)
Crude petroleum (thous.
bbls.)
Electric power (mill. kw.
hrs.)
Basic commodity prices
(Aug. 1939=100)
Total freight carloadings
(thous. cars)
Department store sales
(1935-39=100)
18.30 18 .10 18 .08 18.18 18.24
9.80 9 .61 9 .51 9.58 9.40
7 .43 7 .41 7.43 7 .44
7.47
.95
.85
.85
.87
.93
.27
.27
.27
.29
.26
.92
.97
1.20 1 .04
.7
MONTHLY FIGURES
15.46 14 .92 15 .11 15.05 15.30
.49
.50
.45
.42
.46
RESERVES AND CURRENCY
3.93 4 .08 3 .98 4.08 3.88
1.54 Reserve Bank credit
1.54 1 .54 1 .53 1.52
7.45 7 .47 7.56 7.60 7.84 Gold stock
5.60 5 .61 5 .67 5.64 5.6: Money in circulation
.17
.33
.22
1.21
.20
.32
.22
1 .22
.28
.29
.21
1 .20
35
.30
.21
1.18
44.14
23.73
17.49
3.54
1.39
1.31
31.97
1.08
6.38
13.36
17.19
9.81
3.81
.63
3.11
44 .13
23 .66
17 .37
3 .55
1 .40
1 .34
31 .69
1 .10
6 .57
13 .37
17 .25
9 .81
3 .82
.62
3 .17
44 .30
23 .81
17 .37
3 .57
1 .39
1 .48
31 .82
1 .02
6 .67
13 .37
17 .30
9 .91
3 .82
.61
3 .12
44.47
23.95
17.39
3.57
1.41
1.59
31.86
1.16
6.88
13.35
17.35
9.93
3.83
.62
3.14
Deposits and currency : 6
Total*.
Excluding eU. S. Govt.
deposits
Demand deposits adjusted e ..
Time deposits adjusted6 e
Currency outside banks
U. S. Govt. depositse
35
35
34
34
36
35
35
35
.129 1.138 1 141 1 .147 1.150
1 22 1.2.
1 ,23 1 23 1 .23
1 .67 1.69
1.72
1 .72 1 .71
1.99
1.95
2.08 2.06 2 .01
2 AS
2 45 2 .45 2 .43 2.44
1.50
ALL COMMERCIAL BANKS
1.50 1 .50 1 .50 1.50
1.56
1 .56 1 .56 1 .56 1.56
1.19 Cash assets6
1.19
1.19
1 .19 1.19
6
36
36
36
2 86
3.52
2.88
2 87
3 .53
2 .88
2 .86
3 .53
2 .86
2.83
3.54
2.85
40
40
40
40
40
2.81
3.53
2.84
Loans and investments, total
Loans 6
U. S. Govt. securities6
Other securities6
130
137
123
98
1.00
125
131
116
96
2.14
118
124
106
93
1.59
120
126
108
94
.96
118
124
105
93
1.04
73 163.8 164.2 164.2 164.3 164.9
73 180.7 176.5 176.3 175.2 177.6
73 153.4 153.1 153.2 153.2 153.5
78 223.6 223.4 225.9 230.5 231.1
78 140.1 138.5 138.6 139.1 141.2
78 31.0 31.1 31.4 31.6 31.7
78 25.75 24.52 23.20 21.76 23.25
78 59.4 60.8 62.9 63.6 62.9
78 49.4 49.0 51.6 54.1 54.3
80
80
81
98.9
117
194
98.9
118
190
99.4
116
190
99.0
121
196
99.2
89.5
183
81 5,604 5,627 5,626 5,659 5,617
82 5,555 5,564 5,571 5,627 5,338
82 305.0 305.0 306.6 307.6 307.7
83
932
843
872
857
723
83
319
320
346
371
347
Treasury cash
Treasury deposits
.57 Member bank reserves:
Total
4, 7, 1
.33
.25 Central reserve city banks... 1
Reserve city banks
1
1.17
Country banks
1
44.2 Required reserves:
Total
23.68
Country banks
1
17.39
3.53 Excess reserves:
Total
4,
1.43
New York City
1.32
Chicago
32.00
Reserve city banks
1.04
6.30 Country banks
Money in circulation, total. . .
13.31
Bills of $50 and over
9
17.37
$10 and $20 bills
9
9.92
Coins, $1, $2, and $5 bills....
3.84
.64
3.13 ALL BANKS IN THE UNITED STATES
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
34,
Certificates
34,
3-5 years
7-9 years
15 years or more
34,
F. R. Bank discount rate
Commercial paper
Bankers' acceptances
Corporate bonds:
Aaa
Baa
High-grade (Treas. series)...
1948
WEEKLY FIGURES*—Cont.
RESERVES AND CURRENCY
Country banks e
Chart
book
page
1948
Oct. 1
Sept.
Aug.
In billions of dollars
22.04
23.70
27.98
1.32
1.83
22.41
23.83
28.15
1.32
1.32
23.94
23.96
28.19
1.32
1.60
17.69
6.09
6.63
4.97
18.51
6.24
6.87
5.40
19.82
6.63
7.43
5.75
16.85
4.41
17.63
4.83
.84
.05
.01
.22
.56
28.06
8.61
14.93
4.52
.06
.01
.25
.57
28.12
8.63
14.93
4.56
19.00
5.22
.81
.05
.01
.23
.54
28.18
8.65
14.95
4.58
P169.10
P169.70
P17O.3O
P166.70
P83.80
P57.30
P25.60
P2.40
P166.90
P83.90
P57.30
P25.7O
P2.80
P168.00
P85.00
P57.3O
P25.7O
P2.3O
P33.10
P115.10
P36.00
P113.60
P41.70
P62.50
P9.40
P36.70
P114.10
P41.60
P63.30
P9.20
P40.60
P65.10
P9.40
For footnotes see p. 1530.
DECEMBER
1948
1527
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
Aug.
Sept.
Oct
In billions of dollars
MONTHLY FIGURES—Cont.
1948
Aug.
Sept.
Oct. 1
In billions of dollars
MONTHLY FIGURES—Cont.
MEMBER BANKS
TREASURY FINANCE—Cont.
All m e m b e r b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted«
Time deposits
Balances due to banks
Balances due from banks
Central reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits.
Balances due to banks
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted'
Time deposits
Balances due from banks
14
14
14
14
14
14
14
14
96.48
34.50
54.37
7.61
71.01
28.76
10.77
5.30
94.90
35.45
51.79
7.65
71.02
28.80
11.00
5.33
94.95
35.31 Ownership of U. S. Govt. securities—Cont.
52.
Marketable public issues—Cont.
7.46
By earliest callable or due date:
72.05
Within 1 year-Total outstanding 31
28.80
Commercial bank and F. R.
11.02
Bank
31
5.29
F. R. Bank
31
14
14
14
14
14
14
14
23.88
9.26
13.07
1.56
19.31
2.59
5.01
23.23
9.78
11.87
1.59
19.03
2.61
5.09
23.40
9.35
12.61
1.44
19.36
2.59
5.04
15
15
15
15
15
15
15
15
35.56
13.74
19.27
2.55
24.80
11.30
4.92
1.71
34.83
13.94
18.34
2.55
24.61
11.31
5.04
1.73
35 .25
14.13
18.59
2.52
25.02
11.33
5.11
1.71
15
15
15.
15
15
15
15
37.03
11.50
22.03
3.50
26.90
14.87
3.42
36.84
11.73
21.58
3.52
27.38
14.89
3.42
22
22
22
22
22, 23
23
23
23
23
14.48
2.85
3.13
P14.76
P2.86
i»3.23
P. 96
CONSUMER CREDITe
Consumer credit, total 55
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
Chart
book
page
.97
7.53
3.91
3.63
1.78
1.84
vl .12
P3.94
P3.77
Pl.86
Pi .92
1-5 years—Total outstanding.
Commercial bank and F. R.
Bank
F. R. Bank
5-10 years—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Over 10 years-Total outstanding
Nonbank ( u n r e s t r i c t e d
issues only), commercial
bank, and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
36.81
MONEY RATES, ETC.
11.83
21.48
3.50
27.67 U. S. Govt. securities:
Bills (new issues)
14.88
Certificates
3.40
Bonds, 15 years or more
R. Bank discount rate
Commercial paper
P15.O4 Bankers' acceptances
P 2 . 87 "Corporate bonds:
P 3 . 46
Aaa
P . 96
Baa
P7 . 75
High-grade (Treas. series)
48.66
45.54
45.14
31
30.68
13.90
46.12
27.78
13.86
48.43
«26.77
11.82
48.43
31
31
31
33.35
2.77
10.46
34.78
3.32
10.46
«34.81
3.69
10.46
31
31
31
6.82
.54
53.89
6.73
.53
53.89
.51
53.89
31
9.43
10.71
31
31
8.19
4.37
9.45
5.71
'10.54
7.02
Per cent per annum
33, 35
35
36
33, 35
35
35
1.053
1.15
2.45
1.50
1.44
1.13
1 .090
1.18
2.45
1.50
1.56
1.19
1.120
1.23
2.45
1.50
1 .56
1.19
33,36
36
36
2.84
3.44
2.86
2.84
3.45
2.85
2.84
3.50
2.85
P3.93
P 3 . 82
Pi.90
Pi .92
In unit indicated
TREASURY FINANCE
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo. . .
U. S. Govt. securities outstanding:
Direct and guaranteed
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total:
Commercial banks 6
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals*
Corporations e
Insurance companies 6
Mutual savings banks«
State and local govts. e
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Certificates—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes—Total o u t s t a n d i n g . . . .
Commercial bank and F. R.
Bank
F. R. Bank
Bonds—Total outstanding....
Nonbank (unrestricted
issues only), commercial
bank, and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
27
27
27
28
28
28
28
28
29
29
29
29
29
29
29
29
Stock prices (1935-39 = 100):
3.23
4.71
2.32
Total
3.01
3.28
2.84
Industrial
+ .22 +1.44
-.52
Railroad
Public utility
250.92 250.56 250.35 Volume of trading (mill, shares)
112.46 112.01 112.01 Brokers' balances (mill, dollars):
46.51
46.14 45.75
Credit extended to customers
60.86 60.98 61.16
Money borrowed
30.89 31.22 31.22
Customers' free credit balances....
r
64.90 '62.50
36.46 36.83
21.58
23.41
'67.50 '67.50
20.80 21.10
22.60 22.30
11.90
11.70
r
7.40
7.3O
39
39
39
39
39
127
134
120
97
.68
126
132
120
97
.84
128
134
121
97
.93
41
41
41
573
252
551
570
238
550
580
252
540
63.10
36.85
BUSINESS CONDITIONS
23.04
67.50
21.20 Personal income (annual rate, bill,
dollars):e 6
21.90
Total
11.60
7.30
Total salaries and wages
52
52
214.6
134.3
214.6
134.5
52
52
r
30
12.84
12.63
12.61
30
30
30
9.87
7.03
22.29
9.22
7.02
22.29
P8 .48
5.10
26.01
30
30
30
12.88
4.96
11.37
12.65 Pll.86
6.15
5.18
7.13
11.22
30
30
30
6.43
6.30 P3.84
.87
1.81
1.95
112.63 112.17 112.17
30
68.16
69.00 «70.23
30
30
49.86
7.78
50.58 *51.7
9.26 10.9.
Proprietors' income, dividends, and
interest
All other
Labor force (mill, persons): e
Total
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagricultural 8establishments (mill, persons): 6
Total
Manufacturing and mining
Trade
Government. . ..,
Transportation and utilities
Construction
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (dollars)
Hours worked (per week)
67.3
13.0
67.4
12.7
53
53
53
53
53
64.5
63.2
1.9
61.2
52.8
63.6
62.2
1.9
60.3
51.6
63.2
61.8
1.6
60.1
51.5
54
54
54
54
54
54
45.3
17.2
9.8
5.7
4.1
2.1
45.7
17.5
9.8
5.8
4.1
2.1
P45.8
P17.5
P9.8
P5.8
P4.1
P2.1
55
55
55
54.07
1.349
40.1
54.18 P54.64
1.362 Pl.366
39.8 P40.0
For footnotes see p. 1530
1528
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page 7
MONTHLY FIGURES—Gont.
1948
Aug.
Sept.
Chart
book
page
Oct
In unit indicated
MONTHLY FIGURES—Cont.
1948
Aug.
Sept.
Oct
In unit indicated
BUSINESS CONDITIONS —Cont.
BUSINESS CONDITIONS—Cont.
Industrial production:
Total (1935-39 =100)
57, 58
Groups (points in total index):
Durable manufactures
57
Machinery and transportation
equipment
58
Iron and steel
58
Nonferrous metals, lumber, and
other durables
58
Nondurable manufactures
57
Textiles and leather
58
Food, liquor, and tobacco
58
Chemicals, petroleum, etc
58
Paper and printing
58
Minerals
57,58
Selected durable manufactures
(1935-39 = 100):
Nonferrous metals
59
Steel
59
Cement
59
Lumber
59
Transportation equipment
59
Machinery
59
Selected nondurable manufactures
(1935-39 = 100):
Apparel wo©l consumption
60
Cotton consumption
60
Manufactured food products
60
Paperboard
60
Leather
60
Industrial chemicals
60
Rayon
60
Orders, sales, and inventories:7
Sales (bill, dollars):
Manufacturing
61
Wholesale
61
Retail
61
Inventories (bill, dollars):
Manufacturing
61
Wholesale
61
Retail
61
New orders (1939=100):
Manufacturing, total
61
Durable
61
Nondurable
61
Construction contracts (3 mo. moving
avg., mill, dollars):
Total s
63
Resident! il
63
Other
63
6
Residential contracts (mill, dollars):
Total
64
Public
64
Private, total
64
1- and 2-family dwellings
64
Other
64
Value of construction activity (mill.
dollars):
Total*
65
Nonresidential:«
Public
65
Private
65
Residential:6
Public
65
Private
65
Freight carloadings:5
Total (1935-39 = 100)
67
Groups (points in total index):
Miscellaneous
67
Coal
67
All other
67
Department stores:
Indexes (1935-39= 100):«
Sales
68
Stocks
68
296 stores:
Sales (mill, dollars)
69
Stocks (mill, dollars)
69
Outstanding orders (mill, dollars)
69
Stocks-sales ratio(months' supply) 69
Consumers* prices (1935-39=100):
All items
71
Food
71
Apparel
71
Rent
71
Wholesale prices (1926 = 100):
Total
73
Farm products
73
Foods
74
'84.4
'43.6
22.8
43.6
23.5
P44,
'18.0
'82.8
'21.3
'22.5
23.9
15.1
24.1
17.9
83.4
21.6
23.3
23.4
15.1
23.7
P18. 2
P84. 2
9
24. 3
P21. 2
P23.3
7
9
P24.0
P23
190
235
186
140
'229
'271
193
243
183
132
226
273
252
184
135
P237
'178
127
'156
184
105
450
312
174
132
163
189
108
448
305
129
P162
193
P451
P308
30.7
8.3
14.7
P8.4
P15.2
272
309
249
823
326
497
793
305
327
19
309
247
61
286
5
281
214
67
248
214
34
1,799
1,782
1,705
440
659
445
647
438
613
695
5
685
4
650
142
'153.3
147.8
187.5
133.3
136.7
203.9
171.9
119.9
77
77
251
293
250
290
249
277
79
79
79
79
2,722
1,481
1,235
3,132
1,544
1,583
5
P3,714
Pi,572
P2.135
Exports and imports (mill, dollars):
Exports
85
Imports
85
Excess of exports or imports
85
Foreign exchange rates:
See p. 1549 of this BULLETIN
86-87
Short-term foreign liabilities and assets
reported by banks (bill, dollars) :8
Total liabilities
88
Official
88
Invested in U. S. Treasury bills
and certificates
88
Private
88
Total assets
88
6
140
79.1
31.6
28.2
153.1
146.8
185.5
134.4
137.2
203.3
172.4
119.0
P988
P598
P390
79.
31.2
29.2
312
275
305
282
295
'893
'545
3.0
357
944
539
2.6
386
1,052
512
2.7
174.5
215.2
201.0
118.5
173.6
211.5
201.6
118.7
169.5 '168.6
191.0 189.1
189.5 186.3
165.0
182.2
177.3
P927
P558
P368
P5.26
P2.17
P5.31
P2.23
P . 40
P3.08
Pl.09
PI.07
P. 45
P3.08
1948
Jan.
Mar
QUARTERLY FIGURES
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue
,
26
26
26
26
26
26
26
33
37
37
37
8.83
'2.76
14.95
13.69
8.55
3.14
2.00
12.97
'2.76
10.62
9.48
4.87
2.57
2.04
8.82
'2.67
9.39
8.74
3.87
2.71
2.15
2.46
2.09
2.52
2.83
2.70
2.26
2.76
3.13
2 .59
2 .10
2 .71
3 .03
In unit indicated
BUSINESS FINANCE
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):6
Public
Private
JulySept.
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
Apr.June
In billions of dollars
TREASURY FINANCE
'312
'268
174.5
216.6
199.7
117.7
153.1
148.9
188.4
132.0
136.6
203.6
'170.9
119.7
P8.4
Pll.6
251
287
230
79.4
32.6
29.7
73
74
74
75
75
75
75
74
INTERNATIONAL TRADE AND FINANCE
18.9
8.3
11.1
30.4
8.1
14.0
Wholesale prices (1926 = 100)—Cont.
Other than farm and foods, t o t a l . . .
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
42
42
1.61
1.40
1.66
1.35
1.27
1.05
42
42
42
1.13
.09
.18
'1.07
.18
.10
.91
.06
.08
43
43
43
43
844
531
97
212
1,079
803
126
149
765
442
138
185
43
43
43
43
555
5
3
331
274
2
280
6
195
204
42
42
.61
.72
'.88
.45
.64
.47
For footnotes see p. 1530.
DECEMBER
1948
1529
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1948
Jan.Mar.
Apr.June
Chart
book
page
JulySept.
In unit indicated
QUARTERLY FIGURES—Cont.
CALL DATE FIGURES w
BUSINESS FINANCE—Cont.
Corporate assets and liabilities (bill,
dollars):*
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts p a y a b l e . . . .
Federal income tax liabilities
Net working capital
Plant and equipment expenditures
(bill, dollars):*9
All business
..
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars):*
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) • . . . .
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars) .
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
ALL MEMBER
44
44
44
44
44
44
44
44
44
117.9
22.1
13.2
'42.3
'38.8
'55.3
'34.0
10.0
'62.6
118.4
22.4
12.6
43.0
38.7
54.5
33.8
10.2
63.9
45
4.2
4.8
5.0
45
45
2.8
2.0
3.3
2.3
3.4
2.4
46
31.4
46
46
19.2
11.9
20.4
13.1
47
4.8
5.1
47
1.3
1.4
1.5
47
'506
'546
611
47
461
478
48
47
47
229
72
204
185
187
245
Dec.
31
June
30
In billions of dollars
45.29
4.82
5.82
1.99
40.24
4.10
7.60
2.19
6.24
4.00
16.96
1.05
7.13
4.66
16.73
1.24
7.78
5.25
1.51
1.15
3.98
2.97
.81
1.07
4.20
3.11
1.17
.96
4.44
3.00
12
12
12
12
46.51
4.37
7.54
13
13
13
13
13.82
13
13
13
13
.77
.97
1946
FIGURES FOR SELECTED DATES
LIQUID ASSET HOLDINGS*
1948
Jan.Mar.
Apr.June
JulySept.
Individuals and business:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
Dec.
Dec.P
In billions of dollars
24
24
24
24
231.5
143*. 3
8.4
79.8
236.8
146.7
9.5
80.6
24
24
24
24
165.2
101.5
8.1
55.6
172.0
104.7
9.2
58.1
24
24
24
38.9
23.5
15.3
38.4
23.8
14.5
24
24
24
27.4
18.3
8.9
26.4
18.2
8.0
Annual rates
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
Gross national product6
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income, consumption, and
saving:6
Personal income
Disposable income
Consumption expenditures
Net personal saving
June
30
1948
BANKS
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:11
Commercial
'.
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers.
Toothers
State and local govt. securities
Other securities
33.4
1947
1947
Feb. 26
48
244.9
250.4
255.9
48
48
49
49
49
30.1
172.1
21.2
101.2
49.7
33.5
176.5
22.6
103.2
50.6
37.7
178.5
23.6 Individuals, partnerships, and corporations, total
25
102.9
Nonfmancial:
51.9
48
42.6
40.5
39.7
50
50
50
50
19.8
14.3
4.6
3.9
20.9
14.4
2.3
2.9
21.4
14.8
2.8
.7
51
51
51
51
207.3
184.1
172.1
12.0
209.0
188.2
176.5
11.7
213 9
193
178 5
15 2
OWNERSHIP
OF DEMAND
Jan. 30?
DEPOSITS*
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit assns. and other
3
Less than 5 million dollars.
4
New index based on abbreviated sample beginning Nov. 3, 1948. For
5
Estimates of single-payment loans revised beginning October 1946.
6
Adjusted for seasonal variation.
7
1948
In billions of dollars
77.8
82.4
25
25
25
25
25
37.2
16.0
12.5
4.2
4.5
39.8
17.3
13.4
4.1
4.9
25
25
25
6.5
2.1
4.5
7.4
2.7
4.7
25
25
25
25
28.9
22.0
6.9
5.2
30.1
22.9
7.2
5.1
further information, see footnotes 1 and 2, p. 1521.
The chart on "Sales and inventories of manufacturers, wholesalers, and retailers" previously shown on p. 61 is replaced in the December
issue8 of the Chart Book by a chart on "Business orders, sales, and inventories."
Figures for July are (in billions of dollars): Liabilities—Total, 5.17; Official, 2.10; Official, invested in bills and certificates, .39; Private, 3.07;
Assets—1.08.
11
beginning june sv, iy^», individual loan items are reported gross, I. e., oeiore ueaucuon oi valuation reserves; previously tney •
net of such reserves.
ties
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copi of monthly
issues at $1.00 each.
1530
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
1948
1948
Chart
book
page1
Aug.
Sept.?
Chart
book
page1
Oct.?
In millions of dollars
3
Consumer credit outstanding, t o t a l 2 . .
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans 2
3
Service credit
3
Consumer credit 3 outstanding, cumulative totals:*
Instalment credit
4
Charge accounts
4
Single-payment loans 2
4
Service credit
4
Consumer instalment sale credit outstanding, cumulative totals: 3
Automobile dealers
6
Sept.?
Aug.
Oct.?
In millions of dollars
14,476 14,761 15,039 Consumer instalment sale credit out7.532 7,718 7,748 standing, cumulative totals: 3 —Cont.
3,907 3,944 3,929
Furniture and household appli3,625 3,774 3,819
ance stores
3,130 3,227 3,457
Department stores and mail2,847 2,856 2,872
order houses
967
962
All other
960
Consumer instalment sale4 credit
granted, cumulative totals:
14,476 14,761 15,039 Consumer instalment loan credit outstanding, cumulative totals: 3
6,944 7,043 7,291
Commercial and industrial banks
3,814 3,816 3,834
962
Small loan companies
967
960
Credit unions
Miscellaneous lenders
Insured repair and modernization
3,625 3,774 3,819
loans
.
6
1,844
1,916
1,922
6
6
1,208
449
1,249
463
1,258
461
8
8
8
8
3,907
2,003
1,228
937
3,944
2,026
1,243
943
3,929
2,027
1,251
949
8
656
661
667
1
P Preliminary.
Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
Estimates of single-payment loans revised beginning October 1946.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
4
Figures for this series are in process of revision and will not be available for several months.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
3
NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1948
[In thousands of units]
Cotton
Federal Reserve district
Corn
Winter wheat
Estimate
Nov. 1, 1948
Production
1947
Estimate
Nov. 1, 1948
Production
1947
Bales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Production
1947
Bales
Bushels
Bushels
Bushels
1,121
2,185
33,210
44,960
274
4,084
983
290
4,114
1,229
11,857
Total
1,637
2,936
6,906
24,385
51,515
181,524
164,313
167,485
885,728
301,354
311,826
242,282
57,398
6,236
15,166
2,400,952
Oats
Federal Reserve district
Production
1947
Bushels
Tons
Bushels
Bushels
Estimate
Nov. 1, 1948*
Bushels
10,448
20,086
54,840
30,684
8,203
70,492
51,610
32,194
552,571
127,459
109,383
13,309
16,056
63,892
27,135
8,193
87,057
71,707
44,555
457,254
55,265
136,992
80
105
1,509
14
253,898
5,207
102
36,139
258,085
4,877
131
37,427
3,649,510
1,067,970
981,415
296,949
302,355
Tobacco
Production
Estimate
1947
Nov. 1, 19482
Tons
Pounds
1,713
17
White potatoes
Estimate
Nov. 1, 1948
Production
1947
Estimate
Nov. 1, 1948
Pounds
Bushels
Bushels
4,101
14,256
12,576
27 834
37,453
32,720
448,519
54,714
362,585
153,260
36,140
31,812
Boston
"New York
Philadelphia
Cleveland . . .
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas . .
San Francisco
Total
1
2
3
4
Bushels
Estimate
Production
Nov. 1, 19481
1947
6,389
32,247
58,272
264,740
185,098
200,738
1,478,125
483,417
447,239
429,832
57,036
6,377
Tame hay
Estimate
Production
Nov. 1, 19482
1947
Spring wheat
. . .
5,188
27,501
18,042
65 114
27,375
28,925
637,929
76 842
409,557
147,666
18,634
30,184
4 108
6,648
2,646
5 863
4,522
3,902
18,080
9,018
9,893
9,578
1,825
13,111
4 000
6,559
2,564
5 577
5 059
3,762
15,494
9,067
9,423
10,309
1,716
12,648
35,499
1,323
58,518
128,945
1,259,188
264,387
36,431
317,270
2,876
3,326
35,014
1,049
61,585
134,975
1,043,383
226,142
31,048
332,123
2,399
4,126
72,227
39,785
21.280
11,820
26,230
12,580
23,209
8,204
41,946
32.590
5,114
89,422
81,196
42,699
22,561
13,135
26,785
12.277
25,637
8,435
43,018
36,494
4,929
114,235
1,215,970
1,492,957
89,194
86,178
2,107,763
1,871,844
384,407
431,401
Estimate is for Aug. 1, 1948; no estimate made since that date.
Estimate is for Oct. 1, 1948; no estimate made since that date.
Includes 10,000 bales grown in miscellaneous territory.
Includes 15,000 bales grown in miscellaneous territory.
DECEMBER
1948
1531
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
On par list
Total banks, branches
and offices on which
checks are drawn
Federal Reserve
district or State
Member
Total
Not on par list
(Nonmember)
Nonmember
Banks 1
United
Dec.
Dec.
Dec.
Oct. 31
Branches
and offices
Banks
Branches
and offices
Banks
3,947
3,981
4,148
4,294
11,869
11,957
12,037
12,071
3,616
3,654
3,823
3,977
6,877
6,894
6,917
6,914
2,909
2,913
3,051
3,166
4,992
5,063
5,120
5,157
707
741
772
811
495
911
842
1948P
Banks
14,002
14,043
14,078
14,080
States total:
31, 1945
31, 1946 .
31, 1947
Branches
and offices2
495
911
842
1,136
301
855
138
269
336
785
646
706
221
792
101
231
159
126
196
430
80
63
37
38
477
346
322
209
Branches
and offices
Banks
Branches
and offices
2,133
2,086
2,041
2,009
331
327
325
317
121
17
323
33
212
622
54
343
120
36
24
60
By districts and
by States
Oct. 31, 1948?
District
Boston
New York
Philadelphia
Cleveland
1,136
301
855
138
269
Richmond
Atlanta
Chicago
St. Louis.. .
1,011
1,177
2,490
1,470
454
171
573
133
2,436
1,127
334
135
549
73
495
213
118
226
40
Minneapolis
Kansas City
Dallas
San Francisco
1,279
1,749
1,017
111
9
621
1,740
43
9
475
760
26
6
146
980
17
3
658
9
68
40
907
502
31
19
1,240
619
268
1,173
288
234
12
67
110
1
9
11
4
43
799
555
1,001
1,435
632
503
1,240
222
10
230
193
142
22
42
19
914
116
10
106
193
142
22
42
5
914
1
88
5
67
114
92
22
31
1
871
1
28
5
39
79
50
115
39
19
180
26
14
39
2
115
39
19
118
26
14
39
2
66
17
16
73
13
4
36
2
49
22
3
45
13
10
3
390
31
99
27
66
26
33
1
48
46
48
46
27
44
21
2
880
488
666
608
3
95
161
878
488
666
606
3
95
161
502
237
164
214
3
39
376
251
502
392
56
161
Kentucky
Louisiana
Maine
Maryland
Massachusetts
383
161
63
164
39
64
69
107
383
58
63
164
39
41
69
107
112
46
38
76
25
36
37
70
162
183
146
146
37
14
5
32
37
183
162
271
12
25
88
A^ichigan
Minnesota
Mississippi
Missouri
443
213
443
213
229
164
214
49
679
205
595
6
58
263
40
528
6
10
206
32
180
6
3
57
8
348
7
409
2
18
409
2
18
State
Alabama
Arizona
Arkansas . . .
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois.. . .
Indiana
Iowa..
Kansas
Nebraska
Nevada
New Hampshire
New Tersev
New Miexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
112
112
8
8
84
144
6
106
62
291
4
2
103
23
416
165
67
48
116
89
116
18
16
265
2
1
74
336
49
. ..
14
2
28
2
17
124
2
140
11
74
336
49
2
140
11
52
288
34
1
125
2
647
728
647
728
567
677
80
51
209
180
93
64
54
35
39
29
150
666
24
202
61
666
6
202
42
425
22
48
15
19
241
1
15
9
6
27
384
1
376
1
225
175
1
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
70
982
19
87
161
41
70
982
19
87
161
41
33
752
11
149
170
35
47
60
70
81
135
29
32
22
Tennessee
Texas
Utah
Vermont
Virginia . . . .
294
79
199
63
81
51
897
3
22
11
838
55
69
3
22
11
568
31
40
3
20
2
314
93
308
92
203
45
105
47
6
1
121
182
553
124
120
181
446
124
53
109
164
117
67
72
282
7
1
1
107
49
Washington
West Virginia
Wisconsin
Wyoming. . .
55
69
...
55
150
55
101
32
62
41
27
20
21
151
37
230
8
28
8
8
6
26
12
5
2
89
100
3
25
118
12
95
16
270
24
29
2
9
59
80
14
P Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities
at military reservations (see footnote 4, p. 241, of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1
2
1532
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Reported gold reserves of central banks and g o v e r n m e n t s . .
1534
Gold production .
1535
Gold m o v e m e n t s .
1535
International capital transactions of the U n i t e d States. . .
International Monetary F u n d and B a n k . ,
Central banks .
1536-1541
1542
1542-1546
Money rates in foreign countries. .
1547
Commercial b a n k s
1548
.
Foreign exchange rates. .
1549*
Price m o v e m e n t s :
Wholesale prices .
1550s
Retail food prices and cost of living. .
1551
Security prices .
1551*.
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.
DECEMBER 1948
1533;
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
Argentina!
Belgium
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Nov..
Dec...
1948—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
17,644
21,995
22,131
22,726
21,938
20,619
20,065
20,529
22,614
22,754
22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
23,872
24,004
474
416
497
614
838
992
1,197
1,072
609
734
734
735
734
End of month
India
Iran
Persia)
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Nov..
Dec...
1948—Jan.. .
Feb...
Mar..
Apr. .
May..
June..
July..
Aug...
Sept..
Oct...
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
264
264
264
26
26
26
34
92
128
131
127
127
127
127
127
127
127
127
127
127
127
124
Sweden
Switzerland •
308
160
223
335
387
463
482
381
549
502
665
824
« 965
,158
,342
,430
101
105
104
101
97
96
93
85
81
81
81
80
,372
,356
,352
,353
,353
,352
,351
,345
,322
,332
,371
End of month
1939—Dec..
1940—Dec..
1941—Dec..
1942—Dec..
1943—Dec..
1944—Dec..
1945—Dec..
1946—Dec..
1947—Nov..
Dec.
1948—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
323
322
313
296
266
229
214
202
201
196
166
Brazil Canada
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
317
214
27
5
6
5
6
2 361
2 543
Italy
Japan
Java
144
120
124
141
118
24
24
28
164
164
> 164
90
140
235
716
735
593
597
593
578
591
606
615
622
637
643
643
646
2
7
294
7
7
7
7
8
9
9
9
7
8
29
88
92
114
161
221
241
237
170
170
171
171
171
168
168
164
164
161
160
8
1
Cuba
30
30
31
36
54
79
82
65
45
45
45
45
45
45
46
46
44
44
44
44
21
17
16
25
59
92
127
145
1
1
1
16
46
111
191
226
279
279
279
279
279
279
84
83
84
85
86
81
Czecho- Denslomark
vakia
56
58
61
61
61
61
61
61
32
32
32
32
32
32
32
32
32
32
P69
P65
P63
289
New
Mexico Nether- Zealand
lands
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
Nor-
Peru
81
75
58
20
20
21
25
31
32
28
24
20
20
20
20
20
20
20
20
Uruguay
Venezuela
Yugoslavia
B.I.S.
Other
countries 7
68
90
100
89
121
157
195
200
175
175
189
200
200
203
203
203
198
187
181
52
29
41
68
89
130
202
215
215
215
215
230
240
243
263
263
304
304
304
304
59
82
7
12
12
21
45
37
39
32
30
30
33
35
40
39
32
30
31
31
38
37
178
170
166
185
229
245
247
240
240
240
241
242
242
243
244
244
244
P244
P244
P244
80
91
72
72
70
69
66
66
66
66
66
65
65
P Preliminary.
1
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos per U. S. dollar.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, and December, 1947 when gold holdings of Foreign Exchange
Control Board are included also.
8
Total gold holdings are not available. Beginning April 1946, the series is new and represents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
4
Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28. 1941.
8
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
• Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
* Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE^—For gold holdings of International Fund and Bank, see p. 1442. For back figures,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data,
see pp. 524-535 in the same publication.
1534
53
52
44
44
44
44
38
38
32
32
692
617
575
506
500
500
270
265
223
231
220
209
193
182
183
183
183
172
172
171
28
28
28
28
28
28
28
28
28
United
Kingdom
Colombia
32
47
47
39
203
222
294
181
100
100
96
86
87
86
78
71
43
44
28
28
Turkey
Chile
Egypt
France
55
52
52
52
52
52
52
53
53
53
53
53
53
53
53
53
53
53
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
548
548
548
29
29
29
29
29
29
28
28
28
28
28
28
Hungary
24
24
24
24
24
24
24
33
34
34
34
34
34
34
34
34
34
34
34
245
195
193
189
189
184
181
179
176
174
172
169
Rumania
South
Africa
Spain
152
158
182
203
260
267
269
*84
P20
P20
Greece
548
548
548
548
548
548
548
548
Poland Portugal 3
P20
Germany
249
367
366
634
706
814
914
939
796
762
764
448
438
446
388
373
338
307
269
42
42
91
105
110
111
111
111
111
111
111
111
111
111
111
P215
P215
P215
215
216
216
217
1
Government gold res srves not included in
previou s figures
United
End of month United King- France
States dom
1938—Dec
1939—Aug
Dec
1940—Aug
Dec
1941—Sept
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June....
Dec
1947—Mar
June....
Sept.. . .
Dec
1948—Mar
June
80
2 759
3 876
156
48
24
25
12
43
12
18
71
177
163
151
129
114
79
208
292
4 151
5 2,354
5 2,341
5 2,196
52,587
5 2,345
5 2,382
52,341
8
2,035
s 2,200
5 1,886
4
331
460
4 293
Belgium
44
17
17
214
457
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
8
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
6
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. 1539.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 1542, footnote 4, and p. 1543,
footnote 6. For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
world
production
Total
outside
reported
U.S.S.R.i monthly
Year or
month
Production reported monthly T
North and South America
Afr ica
South
Africa
Rhodesia
Belgian United
Congo3 States 4
West
Africa2
Canada
Mexico
Colombia
f
t5*/n grains of gold 9/io fin ?; i. e., at*i ounce o fine golc I
1,142,400 968,320 425,649 28,532 24,670 16,564 178,143 165,379 32,306 18,225
1,219,400 1,031,214 448,753 28,009 28,564 18,258 196,391 178,303 29,426 19,951
1,311,450 1,106,447 491,628 29,155 32,163 19,413 210,109 185,890 30,878 22,117
1,265,600 1,110,379 504,268 27,765 32,414 19,571 209,175 187,081 27,969 22,961
1,130,115 982,130 494,439 26,641 29,225 17,992 130,963 169,446 28,018 20,882
880,495 774,086 448,153 23,009 19,740 15,791 48,808 127,796 22,081 19,789
794,080 702,534 429,787 20,746 18,445 12,747 35,778 102,302 17,793 19,374
745,430 683,011 427,862 19,888 18,865 12,144 32,511 94,385 17,458 17,734
762,195 696,998 417,647 19,061 20,475 11,596 51,182 99,139 14,703 15,301
705,447 392,004 18,296 19.320 10,780 75,786 107,432 16,250 13,406
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—Sept. .
Oct
60,833
60,644
59,738
60,433
60,377
57,211
60,861
59,507
60,980
60,112
Nov
Dec
194g—j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
34,692
35,361
33,888
34,025
34,775
32,459
34,384
34,175
34,368
33,941
34,544
33,720
33,345
1,516
1,540
\ .513
1,489
1,504
1,442
1,431
1,477
1,539
L.462
.564
1,443
1,820
35
1,225
1,750
1,890
1,820
1,820
1,855
1,855
1,925
1,995
2,030
1,065
I
805
840
770
770
910
840
910
945
910
980
910
980
945
6,526
7,733
5,791
6,828
6,042
5,489
6,372
5,650
6,078
5,719
6,180
7,661
7,388
8,668
9,057
8,826
9,614
9,568
9,156
10,070
10,012
10,047
10,113
10,367
10,689
1,389
1,044
922
915
2,491
778
658
1,367
1,166
879
1,324
945
680
1,124
1,302
809
713
915
Other
Chile
Nica- Austraragua 5
lia«
India'
=$35.
10,290
11,376
11,999
9,259
6,409
6,081
7,131
6,282
8,068
5,908
1,557
3,506
5,429
7,525
8,623
7,715
7,865
6,985
6,357
7,403
55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
32,807
11,284
11 078
10,126
10 008
9,111
8,828
6,577
5,893
4 612
6,055
530
424
383
658
679
2,696
2,720
2,639
2,808
2,433
1,945
2,266
2,129
r
2,381
2,785
3,640
490
369
288
474
494
742
672
648
682
634
652
916
602
701
1,190
455
407
611
966
592
647
687
666
525
490
455
525
525
490
560
595
560
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.
T
l
Revised.
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.
8
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705
so that aggregate for the year is equal to the annual estimate compiled by the United States Mint.
5
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
7
Beginning 1946, subject to revision.
Monthly figures reported by the American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938,
p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for
these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year
or month
Total
net
imports
United
Kingdom
France
Belgium
Sweden
Canada
208,917
66,920
46,210
53,148
344,130
-6
3 27^990 445,353
1,955
315,678
88
68,938
-845,392 -695,483
160
-106,250
-14
458
311,494
488,433 162,941
1,866,348
1942
1943
1944
1945
1946
1947
Netherlands
Argentina
Mexico
Other
Latin
American Republics
Philippine
Republic
99 40,016 39,581
321
-10,817 - 3 , 2 8 7 24,306
-50,268 -109,695 -58,292
15,094 -41,743
103
3,591
-134,002
-403
-156
335,505 - 7 , 1 1 0 10,684 - 3 , 5 0 8
Australia
South
Africa
India
All
other
countries
528 4,119
129 20,013
307
152
-8,731
199 3,572
18,365
357
106
!-133,471
41 118,550 - 2 , 6 1 3 2 -18,083
3
124 410,691 -4,423
-337
1947
450,830
265,700
178,166
Oct
Nov
Dec
245,712 140,568
142,821
101,541
234,978
159,388
99,943
234,156
151,326
177,741
266.691
39,078
53,290
121,571
182,808
104,264
20,274
167,906
157,131
177,829
178,038
4,400
1,184
40,678
14,088
3
552
63,697
37,735
48,190
56,849
35,436
458
289
-19,660
-10,693
-29,635
—12,031
30,512
698
676
331
12,009
152
103
208
40
19
9
21
29
4 490
997
1,026
74
201 2,418
-289 ' " 2 2 7
211 1,102
271 2,673 - 1 , 2 7 9
6
-208
242 4,871
-228
161 6-24,092
97
-144
198 6-27,736
-53
3,904 6,523
4
-56
9,706 6-35,822
-272
57 3,068
-119 " 1 2 7
255 2,905
32,991
23,674
40,888
22,756
39,331
40,764
40,463
60,625
33,489
52,036
-5,950
-1,390
-5,161
5
-6,871
-1,106
-1,167
-1,078
-6,412
7
-24,991
7
-6,581
1,073
1,434
2,126
-56
-252
85
1948
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.P
9,970
31,301
61,931
20,023 6,132
5,523
26
1,437
-22
-21
5,159 11,212
5,695 5,746
29,998
4,145
6,942
5,937
23,730
20,519
l
P Preliminary.
Includes $133,980,000 to China and $509,000 from other countries.
Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries.
4 Includes $5,346,000 from U. S. S. R.
6
Includes $4,491,000 to U. S. S. R. and $2,380,000 to other countries.
6
Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000.
7
Includes exports to Switzerland as follows: September, $23,747,000; October, $6,360,000.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
2
3
DECEMBER
1948
1535
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
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935,
through—
Total
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1,440.7
2,667.4
3,501.1
3,933.0
631.5
989.5
1,259.3
1,513.9
38.0
140.1
334.7
327.0
593.5
849.4
924.6
1,186.9
361.4
431.5
449.1
510.1
125.2
316.2
583.2
641.8
316.7
917.4
1,162.0
1,219.7
6.0
12.9
47.5
47.6
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
! 5,607.4
: 5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
1943—Mar. 31 .
June 30.
Sept. 30.
Dec. 31.
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar. 31
June 30.
Sept. 30.
Dec. 31.
7,611.9
7,610.4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
1945—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
8,002.6
8,422.8
8,858.6
8,802.8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2,354.3
2,357.9
2,487.2
2,675.5
848.5
760.4
865.3
742.7
983.7
1,011.2
998.2
972.8
820.6
848.4
818.4
798.7
130.5
131.8
134.6
144.1
1946—Mar. 31.
June 30.
Sept. 30.
Dec. 31.
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427.2
1,073.0
1,103.9
1,170.7
1,237.9
645.1
615.0
478.3
464.5
139.9
141.4
150.4
153.7
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
8,077.3
9,959.9
,736.7
,771.5
,508.2
,440.8
9,443.6
9,516.8
9,018.6
8,693.5
8,551.9
8,323.2
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3
2,416.0
2,006.2
1,725.4
1,718.8
1,448.7
1,447.2
1,616.8
1,726.9
1,298.5
1,232.9
1,200.0
1,121.8
2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
3,144.7
3,086.4
3,143.5
3,157.5
3,091.2
3,062.4
2,998.5
449.0
2,705.6
2,707.0
2,702.5
2,819.4
2,694.3
2,861.1
2,758.0
2,655.4
2,481.4
2,380.4
2,242.0
404.8
380.9
337.1
333.6
255.3
202.5
156.3
168.2
178.3
172.1
211.6
174.6
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
1,177.3
1,193.6
1,230.3
1,243.6
1,254.5
1,276.9
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
338.8
310.0
290.0
•367.0
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159.9
162.2
153.1
142.4
1948—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31 P
Sept. 30^
8,174.2
8,216.1
8,159.7
7,950.1
7,858.0
•7,934.0
8,031.6
7,923.0
7,990.4
4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
'4,351.9
4,432.9
4,520.8
4,572.2
1,137.2
1,270.7
1,346.4
1,281.8
1,299.0
••1,352.3
1,389.3
1,461.3
1,518.9
2,957.6
2,964.3
3,024.2
2,968.3
2,986.9
'•2,999.6
3,043.6
3,059.5
3,053.3
2,185.0
2,124.6
1,985.3
1,955.2
1,935.1
1,907.7
1,909.1
1,898.9
1,901.5
106.5
88.7
51.7
22.0
-27.3
'23.7
56.6
41.4
61.9
1,287.7
1,292.4
1,296.4
1,304.3
1,304.0
1,304.5
1,309.8
1,159.1
1,165.4
*359.6
4340.3
4312.3
4
272.4
4
213.6
4 203.9
4
189.7
4
173.2
4
165.0
140.6
135.2
143.3
146.1
146.8
142.?
133.5
129.6
124.5
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Tan. 1, 1936).
30
29
(Jan. 4, 1939). |
i
1939—Mar. 29
I
(
June 28
Sept. 27
i
Dec. (Jan. 3, 1940).l
1940—Mar. (Apr. 3)
r
June (July 3)
i
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
1942- -Mar.
June
Sept.
Dec.
(Apr. 1).
30 2
30
31
122.2
126 3
r
P Preliminary.
Revised.
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 commerical banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
1
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
1
Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, and 79.5 million beginning June 30, 1948, resulting from
purchase of domestic securities by international institutions.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for December 1945, pp. 960-974.
1
1536
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
5,112.8
5,807.9
5,354.1
5,980.2
7,267.1
7,728.4
8,802.8
7,555.7
1947—Oct. 31
Nov. 30...
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
Tune 30
Tulv 3 1 . . .
Aug. 31 P..
Sept. 30-P .
,101.3
865.2
674.1
837.8
,257.7
,090.0
892.5
563.1
468.7
670.3
639.9
625.9
636.8
585.7
464.2
384.8
470.3
455.6
464.4
474.0
487.7
506.2
539.7
326.4
773.0
911.5
725.7
592.1
629.1
664.3
722.3
766.1
58.0
918.9 3,790.1 229.4 483.4
55.4 1,098.6 4,056.6 411.7 606.8
50.5
,071.7 3,626.3 340.5 567.5
48.1
,030.3 3,608.1 425.1 835.8
48.2
,133.3 4,192.8 760.3 951.0
63.1
,172.5 4,081.8 976.4 1,193.7
106.5
,311.8 4,037.0 1,395.7 1,338.4
287.5 ,246.3 3,574.2 979.7 1,474.0
6,212.1
6,171.5
6,081 .1
5,989.2
6,091.5
6,174.3
5,994.9
5,922.9
r
6,026.2
6,122.5
6,024.1
6,088.9
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
447.7
464.2
437.0
451.4
523.9
562.8
488.8
449.9
558.0
489.4
492 .5
467.7
359.6
318.8
234.3
153.1
161.8
127.8
97.9
64.8
59.5
51.6
51.7
42.1
258.7
240.4
213.8
189.2
188.7
186.2
150.0
125.2
120.1
102.1
92.3
85.2
810.6
820.5
839.3
836.2
840.0
841.2
850.6
860.9
858.3
863.4
853.1
831.5
139.8
140.4
150.1
160.1
180.7
187.0
205.8
216.6
210.2
238.7
270.1
307.1
,135.6
,124.7
,088.6
1,101.2
1,088.8
1,079.1
1,060.8
1,054.7
'991.4
992.6
963.6
993.5
3,152.0
3,109.0
2,963.1
2,891.1
2,983.9
2,984.1
2,853.9
2,772.2
r
2.797.4
2,737.7
2,723.3
2,727.0
Asia
All
other
87.4
90.2
128.6
178.3
201.4
203.0
247.5
269.6
,446.4
937.3
,406.1
981.0
,383.4
975.8
,338.2
946.3
,364.9
931.9
,368.0
938.9
,360.8
892.1
,329.5
893.6
,384.0
897.5
,381.1 1,009.8
,424.3
994.1
,443.
999.0
681.0
684.9
688.6
727.8
721.5
798.0
838.4
878.7
'911.2
938.2
821.0
855.3
522.6
642.6
691.1
932.9
1,161.6
1,273.6
1,784.1
1,258.3
-4.6
-9.4
70.2
385.9
389.3
3 85.3
3 49.7
349.0
3 36.1
3 55.7
361.5
3
63.8
3
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
19.7
-3.4
-6.2
-6.9
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
L.697.5 399.5
2,271.2 704.7
2,193.7 818.6
2,223.4 1,414.2
2,065.5 823.9
1,776.0
1,749.8
1,621.4
1,635.8
1,769.9
1,813.8
1,749.4
1,734.9
r 1,785.7
1,736.1
1,776.4
l,767".9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,272.3
1947—Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31 P. .
Sept. 30r.
376.1
293.3
328.6
493.3
939.4
804.4
646.4
397.6
256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8
190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2
362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0
50.1
247.6
449.9
580.8
538.0
479.8
565.3
611.2
745.8
687.2
4,324.1
4,262.4
4,120.3
4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
r
4,351.9
4,432.9
4,520.8
4,572.2
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
275.5
293.1
264.9
274.9
343.6
383.9
314.9
279.4
384.4
311.2
311.1
284.6
188.5
156.8
87.6
88.6
124.3
107.0
94.9
82.6
87.0
82.9
88.0
80.5
156.3
141.8
126.7
107.5
112.3
114.5
108.2
93.6
'96.3
93.9
106.1
97.8
392.2
405.9
432.8
435.7
446.7
454.2
471.1
515.8
527.1
534.9
535.9
514.0
126.3
125.6
132.8
143.1
163.4
167.0
184.1
195.5
192.4
216.7
251.0
285.2
637.2
626.5
576.6
586.0
579.5
587.3
576.1
568.0
»-498.4
496.5
484.3
505.8
-.9
7.0
Canada
319.2
319.3
301.6
327.0
322.7
400.0
429.0
462.6
r
483.6
508.7
547.1
578.0
Latin
America
Asia
All
other
215.1
417.0
326.4
531.2
296.7
541.4
482.8
743.9
578.7
928.2
794.7
888.6
924.9 1,369.1
983.3 1,135.7
60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9
877.0
883.5
877.3
846.3
840.3
842.4
783.7
809.6
804.1
914.5
889.4
923.5
235.6
228 5
224 9
238.0
234.5
227.5
190.7
193.3
174.5
192.3
199.5
199.6
1,116.3
1,081.3
1,095.0
1,047.8
1,067.5
1,087.0
1,097.3
1,085.5
1,104.0
1,081.2
1,108.4
1,103.2
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
( j a n , 3 f 1940)
(Jan 1 1941)
31
31
31
31 . . .
31
31
1947—Oct. 3i
Nov. 30
Dec. 31
1948—Tan 31
Feb. 29 .
Mar. 31
Apr. 30
May 31
June 30
July 3 1 . .
Aug. 31 P. .
Sept. 30*..
...
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
650.4
775.1
791.3
888.8
877.6
805.8
742.7
427.2
From Jan. 2, 1935, through—
252.2
269.2
271.2
279.4
272.1
266.1
266.6
244.3
73 8
74.6
76 9
77.8
77.9
77 7
78.0
73.4
12.9
2.9
17.7
6.5
17.6
5.4
18.1
6.6
18.3
5.1
18.3
6.8
-17.7
5.2
—132.3 - 1 . 7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
10.6
206 2
241.4
250.5
253.5
256.8
231.5
235.1
226.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
421.3
56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7
—21.5
34.8
64.7
93.8
102.7
77.7
99.2
29.9
172 1
211.6
174.6
106.5
88.7
51.7
22.0
—27 3
^23 7
56.6
41.4
61.9
258.9
260.2
262.8
269.5
273.1
273.5
268.5
266 7
270 4
270.3
268.4
271.1
61 5
64.1
55.7
-18.7
—34.6
-39.4
-36.9
—43 6
-47 9
-45.8
-44.1
-44.1
1 7
1.6
2.4
1.1
3.0
5.5
174.4
174.1
178.9
180.5
175 3
156.9
149.7
151 1
158 4
160.9
143.0
150.4
468.2
475.2
473.5
406.0
387.8
369.3
352.3
345.2
347.8
356.3
318.2
339.1
63.1
66.4
65.4
67.7
67.5
64.5
65.2
68.0
r
66.9
68.9
68.2
67.3
52.6
43.2
17.7
68.3
55.7
37.0
9.1
-58.8
-298.7
-309.5
-346.3
-351.3
-349.5
-369.3
-391.6
-413.7
-376.2
-356.1
-343.9
-323.0
—30.0
—28.6
-30.5
-32.5
—33 7
-32.7
-41.5
—40 6
-40 7
-40.3
-57.2
-51.6
1.8
2 1
1.7
1.9
2 2
1 7
1.1
.6
2.9
5.4
5 6
9.2
10.6
9 4
6 0
10.1
7.4
10.3
-35.5
1.4
2.0
2.4
—5.4
-2.0
7.6
-15.9
-4.4
-3.2
10.0
-12.0
All
other
— .8
2.1
—1.2
6.6
7.5
— .3
1.5
-5.8
—24.9
-21.9
—20.1
-18.3
-11 7
-10.8
-11.4
— 10.9
-10.3
-9.2
-11.1
-9.4
r
P Preliminary.
Revised.
1
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of
international institutions.
2
See Table 1, footnote 3.
» See Table 1, footnote 4.
DECEMBER 1948
1537
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1939—Dec.-(Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
Total
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
CanLatin
ada America
Asia
All
other
725.7 125.5
803.8 128.6
855.5 127.6
848.2 125.4
925.9 127.6
1,019.4 126.5
972.8 117.7
1,237.9 96.8
42.1
43.4
51.6
52.4
50.6
51.0
51.2
50.2
29.4
31.0
31.5
31.6
33.0
33.6
33.0
26.0
45.0
46.0
44.3
44.9
44.7
44.5
45.2
31.2
27.6
28.1
28.1
28.0
27.9
27.6
27.5
26.7
225.6
232.9
238.4
244.1
246.6
246.9
249.2
260.2
495.2
510.0
521.3
526.3
530.3
530.1
523.8
491.2
-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
236.6
184.0
202.3
221.1
245.4
272.3
302.0
317.1
448.4
42.8
53.0
61.2
61.5
62.2
61.3
60.8
61.1
99.1
96.9
94.9
93.2
93.3
92.0
90.7
89.0
87.7
87.5
87.3
86.5
47.5
47.2
47.1
46.8
46.6
46.1
45.2
44.4
43.5
43.3
43.2
43.2
-2.6
-3.3
-3.9
-4.4
-4.9
-5.9
-6.2
-6.6
-6.7
-8.1
-8.7
-8.8
22.7
18.8
16.3
13.7
10.7
26.6
26.5
26.5
26.4
26.4
26.5
26.5
26.5
26.5
26.5
26.5
26.6
267.8
267.9
275.8
276.7
277.1
277.8
278.4
278.3
279.3
280.0
280.6
281.1
461.1
453.9
456.7
452.5
449.3
443.9
438.2
426.8
421.6
418.5
415.1
413.4
421.9
427.2
441.8
451.3
454.6
458.6
467.0
469.9
472.7
477.4
327.7
331.8
523.3
534.0
537.6
542.1
546.2
549.3
552.9
559.6
561.9
565.2
567.3
570.7
61.3 -224.0
61.6 -222.3
61.6 -220.9
61.7 -219.8
61.7 -219.4
62.0
62.1 -215!8
62.2
62.3 -214!l
62.4 i-213. &
62.5 1-213.5
62.6 1-213.1
11,243.6
11,254.5
i1,276.9
11,287.7
U.292.4
11,296.4
11,304.3
11,304.0
il,304.5
11,309.8
il,159.1
11,165.4
1947—Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31P
Sept. 30^
United
King- France
dom
7.4
3.7
-4.8
-8.6
-10.7
-13.9
-15.2
ii.a
13.5
16.6.
18.0
19.9
21.0.
22.0.
.7
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
1947—Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31P
Sept. 30P
United
King- France
dom
Netherlands
Switzerland
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
464.5
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-194.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
74.9
227.7
233.2
236.7
236.9
239.9
239.0
233.5
207.0
344.7
348.1
336.4
360.5
367.3
368.5
355.4
337.9
310.0
290.0
2367.0
2359.6
2340.3
2312.3
2272.4
2
213.6
2 203.9
2
189.7
2173.2
2165.0
From Jan. 2, 1935, through-
-205.1
-205.7
-203.8
-203.7
-203.6
-204.4
-203.6
-202.9
-202.3
-197.0
-191.0
-191.2
42.9
31.5
24.7
17.3
118.0
113.9
108.7
106.2
102.9
96.7
78.0
66.5
58.8
45.7
41.2
38.3
Total
6.6
-4.7
-24.5
-37.0
-41.3
-46.9
-53.1
-54.7
Italy
Other
Europe
-4.9
2.7
-.1
-.1
.6
1.9
2.2
2.1
32.2
35.8
37.1
44.4
55.4
72.4
68.0
57.3
1,004.4
-2.6
851.3 - 1 8 . 4
615.0
-44.7
644.7
-45.1
645.7
-58.2
633.7
-28.1
582.9 -126.6
484.3 -143.0
30.1
25.6
28.1
35.2
40.5
54.9
81.3
87.6
87.6
17.6
17.5
27.7
62.5
240.5
251.3
26.8
352.0 -15.2
353.9 -15.2
350.9 -15.0
347.2 - 1 5 . 3
343.2 -15.2
336.7 -16.2
330.4 -16.2
304.2 -15.2
297.3 - 1 5 . 1
298.2 - 1 5 . 1
294.8 - 1 5 . 3
296.3 - 1 5 . 6
41.8
42.1
43.1
44.1
43.8
44.0
43.5
45.4
44.2
43.7
44.3
44.5
334.5 -142.6
320.5 -147.0
308.7 -139.8
295.7 -137.8
277.6 -142.3
252.1 -144.3
207.7 -142.0
161.0 -142.1
141.6 -132.6
128.5 -137.1
120.9 -141.3
117.6 -141.5
84.6
82.9
84.2
87.8
91.0
90.3
90.6
83.9
81.7
83.1
82.4
84.7
27.7
27.8
28.3
28.5
28.6
28.9
31.0
30.1
27.9
29.2
25.0
18.0
5.95.7
85.6.
285.4
2 85.3.
285.4
2
85.1
2 80.6.
2
85.4
2
85.9
2
86.1
2 86.2
CanLatin
ada America
Asia
All
other
Total
Europe
CanLatin
ada America
Asia
All
other
14.3
12.6
10.9
10.9
10.6
10.7
9 9>
8 8
2
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
1947—Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31 *
>
Sept. 30P
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
80.6
100.9
100.9
104.4
117.8
126.3
144.1
153.7
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2
20.1
19.9
19.9
20.7
21.5
23.1
23.4
20.5
9.3
13.4
17.6
17.5
19.9
22.3
26.0
17.5
17.8
16.2
13.5
13.7
19.3
23.0
30.3
39.6
4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.7
71.6
74.3
75.7
78.1
89.1
97.7
113.6
112.0
8.7
10.7
14.1
15.2
17.6
16.2
19.5
21.5
1.6
9.2
3.9
4.2
3.8
5.1
5.9
13.4
-3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.8
2.1
.7
.8
.9
1.3
1.8.
1.3
2.0
162.2
153.1
142.4
140.6
135.2
143.3
146.1
146.8
142.2
3
133.5
M29.6
M24.5
19.3
19.7
18.2
17.5
17.4
17.8
18.4
17.6
17.8
17.5
16.7
16.5
19.2
19.1
19.1
19.1
18.9
18.9
19.2
18.4
18.3
18.2
17.6
17.2
16.9
16
12
12.4
12.2
13.6
11.7
12.3
12.4
10.9
10.9
9.6
42.0
39.6
38.2
37.8
37.2
41.1
43.4
43.6
40.8
39.9
35.6
33.6
14.4
14.1
14.2
13.7
13.1
13.1
13.1
12.0
11.1
11.4
11.4
11.6
112.2
109.5
102.7
101.1
99.3
105.1
106.4
104.3
100.8
98.3
92.6
89.1
19.5
19.0
19.6
19.6
19.1
19.2
19.1
20.2
20.6
20.2
19.3
19.6
20.9
17.3
12.9
11.8
9.7
10.7
11.7
14.1
12.6
7.7
10.0
8.3
6.8
6.5
6.6
7.4
6.6
7.7
7.6
7.6
7.6
6.8
7.3
7.0
2.8
.7
.7
.7
.6.
.7
1.1
.6
.6
.5
.5
.5
p Preliminary.
1
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
2
Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948 ,and 79.5 million beginning June 30, 1948, resulting from*
purchase of domestic securities by international institutions.
3
Amounts outstanding (in millions of dollars): foreign brokerage balances in United States—July 31, 82.4; Aug. 31, 78.4; Sept. 30, 72.2;
United States brokerage balances abroad—July 31, 25.7; Aug. 31, 25.7; Sept. 30, 24.6.
1538
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
In-
ternational
institutions
Date
1938—Dec 3
3
1939—Dec.3
1940—Dec
1941—Dec. 3i
1942—Dec 31
1943—£)ec 31
1944—Dec. 31
1945—Dec 31
1946—Dec. 3 1 . . .
473.7
Total foreign
countries x
and
Switzerland
Italy
Other
Europe
473.8
436.1 187.4 101.8
781.0
448.2 288.2 204.9
1,418 9
365.5 490.1 174.3
400.8 448.6 174.9
1,314.9
2,244.4
554.6 432.3 186.6
3,320.3 1,000.8 439! 9 193 3
3,335.2
865.7 401.2 209.7
4,179 3
707 7 310 0 281.6
3,043.9
458.9 245.9 224.9
218 8
376.3
508.4
339!9
184.2
210^6
239.3
304.2
372.6
20.4
38! 5
17.9
15!4
12.1
ll!3
27.3
70 4
267!9
273.3
526.4
657.3
614.6
650.9
728 6
774^5
909 1
850! 5
1,943.2
1,910.3
1,832.1
1,847.5
1,981.0
2,056.7
1,992.1
2,009.3
'2,062.6
2,099.6
2,171.6
2,229.2
405.8
419.5
446.4
449.3
460.3
467.8
484.8
529.4
540.7
548.5
549.5
527.6
146.6 800.5
146.0 789.8
153.1 739.8
163.4 749.3
183.7 742.8
187.3 750.6
204.5 739.4
215.8 731.3
212.7 '661.7
237 .1 659.8
271.3 647.5
305.5 669.1
Total
Europe
Canada
Latin
America
All
Asia2 other *
Official
private
2,157.8
3,221.3
3,938 2
3,678.5
4,205 4
5,374.9
5,596.8
6,883 1
6,006.5
2,501.3 5,058.3
2,400.3 4,996.6
2,262.0 4,854.4
2,205.0 4,829.0
2,144.5 4,969.2
2,005.3 5,104.8
1,975.1 4,984.2
1,955.1 5,020.0
1,927.7 rS, 086.0
1,929.0 5,167.0
1,918.8 5,255.0
1,921.5 5,306.3
1947—Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 29...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 30...
July 3 1 . . .
Aug. 3 1 P . .
Sept. 30*\.
United
NethKing- France erdom
lands
Official
336.8
354.5
326.2
336.2
404.9
445.2
376.2
340.7
445.8
372.5
372.5
346.0
268.6
236.9
167.7
168.7
204.4
187.1
175.0
162.7
167.2
163.0
168.1
160.6
172.9
158.4
143.3
124.1
128.9
131.1
124.8
110.2
112.9
110.5
122.7
114.4
1,237.8 201 8
248 5
1,882.6 274.6
336.0
2,213.5 434.3
447 3
1,994.0 373.2
417.7
2,020.7 507.4
597.7
2,584!5 812 6
693!7
909.3
2,517.8 926.5
2,583.0 1,522.2 1,046.4
2,420.7 «931.8 1,104.8
435 5
655.7
769.9
780.0
930.0
1,108!8
1,069.2
1,549.7
1,316.4
34 1
72.5
73.3
113.6
149.6
175.3
174.0
181.8
232.8
2,131.2 427.1 1,237.9 1,057.7 204.4
2,105.0 427.2 1,202.8 1,064.2 197.3
1,976.7 409.6 1,216.6 1,057.9 193.7
1,991.1 434.9 1,169.3 1,026.9 206.8
2,125.2 430.6 1,189.0 1,021.0 203.4
2,169.0 507.9 1,208.5 1,023.0 196.3
2,104.6 537.0 1,218.8 964.4 159.5
2,090.1 570.6 1,207.0 990.2 162.1
'2,140.9 '591.5 1,225.6 984.7 143.3
2,091.4 616.7 1,202.7 1,095.2 161.1
2,131.6 655.1 1,230.0 1,070.0 168.3
2,123.2 686.0 1,224.7 1,104.1 168.4
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
650.9
728.6
774.5
909.1
850.5
121.8
122.9
124.3
185.0
159.5
17.7
13.9
14.8
25.9
66.5
7.9
7.7
7.1
5.5
1947—Oct. 3 1 . . . 800.5
Nov. 30. .. 789.8
Dec. 3 1 . . . 739.8
H 948—Jan. 3 1 . . . 749.3
Feb. 2 9 . . . 742.8
Mar. 3 1 . . . 750.6
Apr. 3 0 . . . 739.4
May 3 1 . . . 731.3
Tune 3 0 . . . '661.7
July 31. . . 659.8
Aug. 31*. . 647.5
Sept. 30*>. . 669.1
135.7
131.7
124.9
124.2
126.0
149.2
128.1
133.7
125.5
121.7
114.2
116.8
48.9
55.0
52.8
53.0
51.5
48.0
56.1
46.3
39.4
42.8
42.0
41.3
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31...
31...
31.. .
31...
31...
GerLuxemmany5 Greece bourg
Norway
Portugal
Rumania
Spain
22.2
7.5
6.5
6.8
7.0
7.1
39.3
43.5
48.7
70.8
49.3
18.3
18.4
18.6
22.3
22.6
132.4
158.9
220.8
216.1
123.5
35.7
53.4
54.5
47.9
39.0
9.4
9.3
9.5
9.3
8.9
17.5
31.8
43.4
31.7
16.4
153.5
163.2
152.1
210.1
172.6
14.3
12.3
16.1
28.0
60.5
39.2
39.2
30.5
31.1
29.3
27.7
30.9
29.0
29.3
26.7
25.4
22.1
74.9
79.1
89.5
96.8
103.7
103.5
106.1
107.1
83.7
72.7
76.9
102.0
48.5
45.7
34.7
38.8
41.9
38.0
39.9
36.3
34.2
32.3
25.0
22.1
19.2
22.5
21.7
22.0
20.2
19.9
18.9
17.5
16.8
16.0
15.7
14.8
76.2
70.7
56.2
54.7
50.5
54.7
54.4
55.7
'58.5
58.9
66.0
68.9
47.8
49.8
47.1
46.0
46.0
33.1
32.9
38.5
35.0
45.3
47 .4
39.7
8.7
8.3
8.7
8.9
7.7
7.9
7.9
7.7
7.5
7.6
7.0
7.2
10.1
11.9
12.8
16.2
17.2
19.4
19.7
20.8
17.8
17.3
16.1
15.7
86.8
72.9
58.6
56.8
52.4
53.4
50.3
42.0
38.2
48.1
45.7
48.8
64.1
69.4
73.7
74.8
66.1
72.6
74.0
73.7
54.1
55.7
45.0
40.5
10.6
12.1
10.6
20.5
24.0
23.9
22.0
17.1
11.7
14.6
10.6
Cuba
French
West
Indies
and
Gui-
Panama
Peru
Other
Vene- Latin
zuela America
All
Sweden USSR Yugo- other
slavia
17.7
9.9
5.7
5.7
12.4
9.4
57.9
76.9
52.1
43.7
89.9
130.8
122.9
116.5
115.4
109.8
99.1
96.4
101.1
104.8
102.9
106.7
118.4
Latin America
NethLatin
America
Date
Argentina
Bolivia
Brazil
Chile
Colombia
Costa
Rica
er-
Mexico
ana
lands
West
Indies
and
Surinam
597.7 67.6
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
693.7 69.8
1944—Dec. 3 1 . . .
909.3 93.9
1945—Dec. 3 1 . . . 1,046.4
77.3
1946—Dec. 3 1 . . . 1,104.8 112.6
10.8
12.6
17.7
14.5
14.0
67.7
98.7
140.8
195.1
174.0
34.5
54.0
55.0
66.3
50.7
43.4
67.1
83.6
79.2
57.8
12.4
12.2
245.7
240.5
236.2
196.1
213.0
204.4
202.4
185.2
187.3
189.8
190.8
208.2
22.4
20.6
17.8
16.1
14.3
15.1
15.7
13.5
14.3
12.1
13.0
12.5
103.6
97.4
104.7
110.6
123.2
124.5
112.3
125.1
115.8
113.8
117.5
117 A
38.3
41.8
46.3
43.1
41.1
43.9
50.5
48.6
53.0
60.2
56.0
52.9
39.1
42.4
46.1
49.2
43.4
27.2
26.9
40.2
48.4
48.7
46.5
37.5
7.9
7.0
7.3
9.2
9.8
9.8
1947—Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 31. . .
Aug. 31*> .
Sept. 30*>. .
1,237.9
1,202.8
1,216.6
1,169.3
1,189.0
1,208.5
1,218.8
1,207.0
1,225.6
1,202.7
1,230 0
1,224.7
7.4
6.9
7.7
10.4
12.2
10.0
9.0
8.6
7.2
100.3
70.4
139.3
128.3
153.5
4.9
2.6
4.4
7.1
5.4
95.7
70.4
83.1
116.4
152.2
20.7
41.2
36.0
28.2
16.1
36.9
57.6
69.1
88.7
77.2
17.7
17.4
27.7
43.9
40.9
20.9
24.2
31.5
49.7
74.0
64.2
95.4
119.8
144.8
168.7
256.6
249.4
234.7
217.3
225.5
259.7
272.6
255.3
228.8
225.6
237.5
231.2
2.5
2.8
2.4
2.7
1.8
1.9
1.7
1.3
.9
1.1
1.0
.8
148.7
140.5
139.2
132.7
131.7
132.4
119.6
134.2
126.2
135.4
152.6
150.7
14.7
18.4
14.9
17.2
18.3
17.4
17.2
19.3
18.1
18.4
17.8
21.5
72.6
70.9
70.3
71.7
72.9
78.2
79.2
80.3
79.7
73.1
70.7
67.7
40.9 73.4
41 0 61.1
41.8 78.0
39.2 89.1
40.0 75.3
37.8 65.5
33.6 84.5
39.5 58.8
38.4 110.3
45.1 76.0
48.4 76.7
50.4 88.7
171.5
169.0
176.8
175.1
178.7
190.7
192.2
193.6
194.3
194.5
193.0
178.0
For footnotes see following page.
DECEMBER
1948
1539
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Egypt
Neth- PhilChina French
Britand
Union
erand Indo- Hong India ish Japan lands ippine Tur- Other All Aus- New Anglo- French of
1
tra- ZeaMoOther
Man- China Kong
MaReEast public key Asia other lia land Egyp- rocco South
chulaya
tian
Africa
Indies
ria
Sudan
Date
Asia
1942—Dec. 3 1 . . .
1943—Dec. 31. . .
1944—Dec. 31.
1945—Dec. 31. . .
1946—Dec. 31 . . .
930 0
1,108.8
1,069 2
1,549.6
1,316.4
360 9
574.2
427.3
582.3
431.9
27 4
27.4
27.4
28.0
39.9
41 6
23.9
22 9
27.4
44.9
13.1 1 0
18.2
.9
22.1 1.3
33.4 1.2
43.5 17.3
4 8 160 4
4 . 1 110.1
4 0 110 5
4 . 1 113.7
16.6 127.1
254 7
259.1
365 8
629.1
446.6
29 9
35.4
23 7
52.5
54.7
36 2
55.5
64 2
78.0
93.8
149.6
175.3
174 0
181.8
232.8
23 1
25.3
52 9
28.9
45.5
1947—Oct. 31. . .
Nov. 3 0 . . .
Dec. 31. . .
1948—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31. . .
June 30. . .
July 31. . .
Aug. 31 P. .
Sept. 30P . .
1,057.7
1,064.2
1,057.9
1,026 9
1,021.0
1,023.0
964.4
990.2
984.7
1,095.2
1,070.0
1,104.1
263.3
250.2
229.9
213 5
188.7
173.8
150.2
156.4
142.8
158.2
140.4
181.7
8.7
43.6
41 8
39.8
41 1
41.6
38.8
37.6
46.1
48.1
49.7
47.2
49.0
55.0
56.7
62.4
67 7
57.8
53.1
41.9
56.0
73.4
63.5
51.3
44.8
25.5
28 9
31.3
37 1
53.8
85.4
76.3
82.4
79.1
79.2
76.8
74.2
470.9 39.7
476.0 39 2
488.6 37.6
466 9 34 2
484.7 34.6
476.4 30.0
474.2 25.7
474.8 23.5
464.6 23.1
517.4 21.1
521.7 72.4
496.1 24.4
78.9
79.7
81.5
82 7
83 4
86.3
89.6
85.9
104.3
152.3
153.1
161.9
204.4
197 3
193.7
206 8
203.4
196.3
159.5
162.1
143.3
161.1
168.3
168.4
43.8
34.8
30.6
26 2
9 3
6.5
6 2
6.3
4.9
4.8
5.4
5.2
5.3
6.0
5.3
12.4
16.5
11.0
11 8
13.1
13.9
12.3
10.6
9.6
15.6
15.3
15.8
59.7
65 9
69.3
65 7
57.0
60.5
51.8
49.0
34.7
32.9
35.9
51.0
24.8
19.7
21.0
18.7
23.8
22.0
18.7
4 8
6 8
5.1
6.1
3 5
7 3
18.9
20.8
4.3
8.0
6.5
6 5
5.9
5 4
6 1
6.1
4.6
5.0
3.6
3.7
5 5
6.9
25.8
26 9
25.0
37 6
42.7
36.4
31.3
29.2
27.3
33.2
42.6
36.3
12 1
10.3
4 3
10.0
14.9
11.4
10 2
10.1
9 4
9 2
8.6
8.2
8.5
8.9
11 0
4.5
8 3
6.4
47.2
43.3
46 3
46.4
55 1
41.5
44.8
21.0
26.6
9.3
10.9
11.5
11.0
15.7
12.4
8.6
91 8
124.1
97 6
113.4
96.4
73.6
72 7
75.8
73 1
75.2
75.6
74.7
71.9
75.5
73.7
74.2
86.9
P Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Footnotes to table on preceding page.
r
P Preliminary.
Revised.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3
Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
4
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
6
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970.
ASSETS
Date
1938—Dec
1939—Tjec
1940—Dec.
1941—£)ec
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan 4 1939)
(Jan. 3, 1940)
(Jan. 1, 1941)
3i
31
31
31
31
31..
1947—Oct. 31..
Nov. 30
Dec. 3 1 . . .
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31 . . .
June 30...
July 3 1 . .
Aug. 31 P. .
Sept. 30^.
Total
United
King- France
dom
Netherlands
Switzerland
13.5
11.8
594.0
508.7
384.0
367 8
246.7
257.9
329.7
392.8
708.3
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
47.7
10.3
24.2
4.9
4.2
1.8
1.3
1.1
1.4
1.1
5.7
5.7
.9
1.1
.5
.4
.3
36.3
151.0
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
9.8
963.4
923.9
960.9
1,029.0
1,046.8
1,083.8
. . . . 1,113.5
1,162.8
r
l ,111.8
1,078.9
1,094.1
1,073.6
33.1
31.8
29.2
22.5
18.9
18.5
23.5
25.3
21.6
21.7
23.6
20.9
17.6
14.9
23.4
97.8
113.7
118.5
116.0
122.7
127.0
124.9
123.1
123.2
48.6
47.2
49.1
51.1
52.3
51.3
60.2
59.2
59.3
58.9
75.9
70.2
6.4
5.7
7.0
6.3
6.0
6.4
6.2
6.0
6.5
7.0
7.5
5.2
Other
Total
Europe Europe
Canada
Latin
America
Asia 1
All
other l
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
312.9
60 4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
52.2
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
226.8
144 1
174.1
117.8
87 9
35.3
26.3
51.4
29.9
99.2
15 5
16.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
82.8
24.9
23.6
21.1
21.2
20.9
17.4
15.9
17.2
20.6
16.5
19.1
16.3
135.4
135.6
130.9
129.2
134.5
152.9
160.1
158.7
151.4
148.8
166.8
159.3
266.0
258.9
260.6
328.2
346.3
364.9
381.9
389.0
386.4
377.8
415.9
395.1
29.8
26.5
27.5
25.2
25.4
28.4
27.7
24.9
••26.0
23.9
24.7
25.6
466.7
477.5
514.3
519.3
517.5
537.3
559.6
581.7
544.2
524.1
511.9
491.0
164.6
127.7
127.0
126.6
134.4
131.1
121.5
145.0
133.5
132.3
119.1
141.0
Italy
2.0
1.5
.4
.4
.3
.3
9.3
6.4
9.7
4.8
3.9
11.7
9.9
17.2
36.3
33.3
31.5
29.7
23.1
22.1
22.8
22.3
21.7
20.6
22.5
20.8
r
P Preliminary.
Revised.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under
1
1540
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31 .
31
31. .
31
31.
1947—Oct. 31.
Nov. 30.
Dec. 31
1948—Jan. 31
Feb. 29,
Mar. 31 . .
Apr. 30 .
May 31. .
June 30..
Tuly 31.
Aug. 31 P.
Sept. 30*.
Belgium
56.3
52.9
78.3
74.6
82.8
.8
.7
135.4
135.6
130.9
129.2
134.5
152.9
160.1
158.7
151.4
148.8
166.8
159.3
.7
.6
7.5
13.2
12.9
15.0
12.7
11.3
24.2
20.7
18.8
18.6
18.5
20.0
17.7
Denmark
Finland
Germany
0)
0)
0)
C1)
5.6
7.6
34.0
33.9
33.9
33.9
30.4
.5
1.0
1.1
2.2
1.5
3.2
6.6
9.9
8.6
3.5
_7
.6
1.0
0)
C1)
6.2
13.1
11.9
Greece Luxembourg
1.1
.6
.6
.7
30.5
30.5
30.5
30.6
30.5
30.4
30.4
30.3
30.4
30.4
30.4
29.5
8.0
8.3
7.6
7.0
6.1
5.6
5.7
5.3
4.6
3.8
12.8
12.8
10.6
10.1
10.2
9.6
7.2
6.8
4.7
4.6
4.1
3.3
way
Portugal
3.3
10.3
C 1 )'
11.3
10.7
8.1
9.2
C)
0)
12.1
11.5
11.6
12.7
17.2
24.2
.3
USSR Yugo- All
slavia other
Sweden
C1)
C1)
0)
.1
.1
3.2
3.2
1.8
1.6
7.2
.4
2
.2
.9
4.9
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
1.3
1.4
.9
1.5
3.5
3.7
4.6
5.5
3.3
2.5
3.3
5.4
9.3
7.6
5.4
4.0
3.7
3.5
2.8
4.1
5.2
7.2
1.2
1 5
8.9
0)
0)
0)
0)
C1)
Spain
1.3
1.1
1.1
1.2
35.1
31.6
C1)
1
Ru-
mania
2.4
1.4
.8
.5
1.0
.2
.2
.1
.1
.1
.1
.1
12.4
Nor-
\A
1.1
1.0
.9
.8
.7
0)
0)
0)
0)
0)
C1)
0)
0)
0)
0)
0)
0)
C1)
0)
C1)
0)
0)
.1
.1
.1
C1)
0)
0)
0)
0)
0)
(1)
52
8.4
5.0
5.1
4.7
9.4
()
30.6
36.1
35.8
35.8
40.5
45.4
52.9
54.3
55.3
54.1
51.2
48. 1
0)
2.3
17.0
11.3
Peru
Other
Vene- Latin
zuela America
Latin America
Latin
BoAmer- Argen- livia
tina
ica
Brazil
Chile
31
31.
31
3]
31
99.7
112.2
131.0
158.9
226.8
15.3
16.6
21.0
41.8
16.7
18.9
25.3
24.7
49.8
1947—Oct. 31 .
Nov. 30.
Dec. 31
1948—Tan. 31.
Feb. 29.
Mar. 31.
Anr. 30.
Mav 31.
June 30.
July 31
Aug. 31*
Sept. 30*
466.7
477.5
514.3
519.3
517.5
537.3
559.6
581.7
544.2
524.1
511.9
491.0
67.4
66.4
65.2
60.0
60.3
57.2
50.5
52.6
58.7
62.2
61.2
62.0
162.3
162.0
165.8
169.8
175.2
185.9
194.5
209.7
187.6
179.1
178.7
2 .5 173.3
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
6.9
15.3
3.1
3.0
1.8
1.8
1.3
2.3
Colombia
Costa Cuba
Rica
NetherFrench
West
West
Indies Mexico Indies Panaand
ma
and
GuiSuriana
nam
.6
.7
1.2
1.2
2.9
20.1
47.4
33.3
25.7
0)
0)
14.6
20.7
12.2
15.5
16.8
26.4
22.8
22.3
27.8
29.3
27.1
24.9
21.9
20.4
21.6
18.7
17.5
19.0
32.0
31.2
32.6
35.7
36.9
39.3
50.5
47.9
48.0
45.6
42.5
39.6
4.0
3.6
3.5
3.3
3.5
3.2
3.1
2.9
2.2
1.8
1.5
2.8
73.8
91.5
108.6
113.4
106.4
109.1
124.1
110.1
90.5
78.7
67.6
59.9
0)
0)
(l)
9.0
6.6
4.2
2.9
2.0
2.4
2.3
2.3
2.2
3.1
2.5
3.6
3.0
.2
8.3
11.0
25.5
2.1
1.1
.8
1.1
1.3
2.8
1.4
1.2
1.9
3.7
3.9
3.8
5.1
6.1
8.7
11.7
33 4
23.1
39.5
38.3
52.2
51.8
52.7
59.9
58.3
75.8
73.4
72.4
76.1
70.6
1.2
1.2
L.I
.8
l.l
1.3
L.3
1.4
1.3
L.6
L.4
1.2
4.9
5.0
4.7
4.8
4.2
4.1
4.2
4.4
4.4
4.2
3.6
4.1
6.7
6.1
4.3
4.1
3.9
4.1
3.8
4.0
4.1
3.5
4.2
3.9
14.6
15.1
15.3
14.2
16.9
17.6
17.0
19.3
19.9
20.7
20.8
18.8
33.4
31.9
31.0
29.6
26.8
28.5
28.1
30.1
29.9
32.0
33.8
33.2
8.6
.1
.2
A
.1
.1
.1
0)
C1)
0)
0)
0)
14.2
.3
.5
.3
.5
.8
4.8
11.2
8.7
Asia and All Other
Egypt
China
Neth- PhilBritand French Union
and French
erAll Aus- New
ish
of
Asia Man- Indo- Hong India Ma- Japan lands ippine Tur- Other other tra- Zea- Anglo- Mo- South Other
Kong
Re- key Asia2
Egyp- rocco
chu- China
East
lia land tian
laya
Africa
ria
Indies public
Sudan
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31 .
31
31
31 .
31
35.3 11.1
1.7
26.3
1.5
51.4
1.0
29.9
99.2 53.9
1947—Oct. 31 .
Nov. 30
Dec. 31
1948—Jan. 31.
Feb. 29. .
Mar. 31
Apr. 30.
Mav 31 . .
June 30. .
July 31. .
Aug. 31 P.
Sept. 30P.
164.6
127.7
127.0
126.6
134.4
131.1
121.5
145.0
133.5
132.3
119.1
141.0
78.6
41.3
40.8
37.1
37.9
38.1
36.4
51.7
55.5
56.7
46.2
65.5
0)
0)
0)
(l)
(0
12.0
.7
.5
.1
.1
.2
.5
.5
.5
.5
.2
1.6
1.7
1.5
1.4
1.0
14.4
13.9
13.8
13.8
20.2
1.8
3.2
1.8
2.0
1.4
2.0
1.8
8.8
2.7
4.4
28.9
28.2
29.6
27.0
25.5
26.0
26.1
24.3
28.1
22.2
20.2
19.5
1.0
.8
.9
.7
.7
.6
.6
1.5
1.1
1.0
.8
1.0
.3
.3
.9
4.0
5.7
5.9
4.0
4.2
1.1
1.5
2.0
7.6
.4
.4
.5
.4
3.1
.6
.5
.6
.7
.9
.4
.5
27.7
29.0
27.4
29.3
31.0
31.1
33.7
42.7
31.7
32.4
33.2
29.5
13.1
12.9
17.7
17.6
18.6
15.5
9.1
9.6
6.3
2.2
2.0
.9
1.0
.9
.8
5.9
22.3
2.2
1.9
2.6
2.9
3.9
3.7
3.5
4.5
4.6
3.5
_ 2 3.9
. 1 3.5
3.3
3.3
.3
.2
.3
.3
.2
.6
.6
.4
7.5
7.3
6.1
2.0
2.5
2.0
1.8
7.4
7.7
9.4
9.3
8.7
8.0
11.3
10.3
11.9
4.8
3.9
11.7
9.9
17.2
36.3
33.3
31.5
29.7
23.1
22.1
22.8
22.3
21.7
20.6
22.5
20.8
.7
.2
.2
.7
1.1
.1
.1
.2
.3
.4
1
C1)
C)
0)
.1
0)
10.1
12.0 2 . 0
10.2 2 . 3
.2
.2
.1
.1
.1
.1
.2
.2
.1
.5
2.2
2
.6
.4
.5
.3
.5
.4
.3
.2
.2
'.2
14.5
14.2
14.4
14.3
10.0
10.1
11.7
11.8
12.0
11.1
1.0
.5
.6
1.7
3.4
9.0
8.5
6.4
4.7
4.3
3.4
2.2
2.2
3.6
3.8
1.5
1.4
1.1
.9
.7
.6
.7
.6
.7
1.1
.2
A
1.7
2.4
9.7
4.7
9.9
9.7
1.2
.7
1.0
2.5
2.2
7.0
6.0
6.0
5.0
5.0
6.0
5.6
6.1
6.5
6.0
5.9
5.9
P Preliminary.
Less than $50,000.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
1
2
DECEMBER
1948
1541
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions D dollars]
f
1947
1948
1948
International Fund
Oct. 1
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
Currency acquired 3
(Cumulative figures in dollars)
July*
Nov.
May
1 403 1 400 1,363 1 356
1,434 1,441 1,450 1,626
4 014 4,000 3,992 3,630
1,183 1,143 1,171 1,309
(2)
(2)
(2)
(2)
8,036 7,986 7,976 7,922
i
—1
1947
1948
Oct.
Sept.
Aug.
Aug.
33.0
8 8
6 0
10 2
33.0
8 8
6 0
10 2
33.0
8 8
10 2
3
Belgian francs
Chilean pesos
Czechoslovakian koruny
Danish kroner
..
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders . . .
Norwegian kroner
Turkish liras
Pounds sterling
3
3
Sept.
June
1947
Mar.
Sept.
(2)
4
Gold
Member currencies (balances with depositories and securities payable on
demand):
89
102
335
United States
165
927
918
914
873
Other members
Investment securities (U. S. Govt. obli420
407
422
410
gations)
4
5
5
5
45
Calls on subscriptions to capital stock ..
^501
497
497
455
Loans (incl. undisbursed portions)
9
3
Other assets
5
7
254
254
250
250
Bonds outstanding . . .
94
27
223
Loans—undisbursed
18
2
4
2
Other liabilities
2
4
3
2 (^)
Special 4
reserve
1,667 1,657 1,653 1,645
Capital
3
-2
1
5
Accumulated net income
r
Revised.
Quarterly statements on a new fiscal year basis.
2 Less than $500,000.
3 As of Oct. 31, 1948, the Fund had sold 622.4 million U. S. iollars;
in addition, the Netherlands received 1 .5 million pounds sterling in
May 1947 and 300 million Belgian francs in May 1948, and Norway
received 100 million Belgian francs in June 1948 and an additional
100 million in July 1948.
4
Excludes uncalled portions of capital subscriptions, amounting to
6,669 million dollars as of Sept. 30, 1948,of which 2,540 million represents the subscription of the United States.
5
Excludes 8 million dollars sold to others under the Bank's guarantee.
1
125 0 125 0 125 0 100 0
44 1 44 1 44 1
22 5 22 5 22 5 13 5
75 4 75 4 75 4 24 0
9 6
9 6
9.6
5 0
5 0
5 0
300.0 300.0 300.0
Total
International Bank
639.9 639.9 633.9 137.5
CENTRAL BANKS
Bank of E n g l a n d
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold*
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 3
Deposits
Bankers'
Public
E.C.A.
Other
Other
liabilities and
capital
25
30
29
28
27
25
31
30
29
27
26
25
200.1
313.7
326.4
326.4
* .2
.2
.2
.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
1,400.0
1,450.0
36.2
46.8
41.9
52.5
26.6
14.2
28.8
27.7
12.5
13.5
20.7
23.4
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
1947—Nov. 26
Dec. 31
.2
.2
1,450.0
1,450.0
111.2
100.8
4.5
15.2
302.1
331.3
1,340.5
1,349.7
292.5
315.1
14.0
18.6
93.3
95.5
18.0
18.1
1948—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
« 1,400.0
»1,350.0
6 1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
131.5
118.9
54.8
63.1
56.7
48.7
16.1
48.0
65.4
72.1
12.7
11.3
14.4
14.5
9.8
17.8
13.4
5.4
25.0
19.3
274.3
284.3
367.0
350.6
366.9
383.8
400.5
405.8
397.3
359.6
1,269.0
1,231.6
1,245.9
1,237.8
1,244.2
1,252.2
1,285.0
1,253.3
1,236 4
1,230.8
290.8
290.6
314.3
307.4
311.8
325.4
311.0
300.3
300.0
307.5
16.3
12.1
9.0
12.6
10.7
14.5
11.2
16.9
22.3
13.1
93.0
93.3
94.3
90.3
93.0
92.2
89.4
90.1
93.3
93.0
18.3
18.4
18.6
17.8
18.0
18.2
18.3
18.4
18.5
17.8
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
28
25
31
28
26
30
28
25
29
27
33.4
53.6
19.6
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
8
Notes issued less amounts held in banking department.
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 decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary
issue see BULLETIN for February 1948, p. 254.
NOTE.—For backfigureson Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-561 in same publication.
1542
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
and United
States
dollars
Gold
Dominion and provincial government
securities
Deposits
Other
assets
Short1
term
Note
circulation
1
Chartered
banks
Other
Dominion
government
Other
172.3
156.8
1.0
W
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
R74.4
1,036.0
1,129.1
1,186.2
200.6
217 0
217.7
232.0
259 .9
340 .2
401 7
521 .2
565 .5
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
1,039.9
1,022.0
820.6
858.5
46.2
43.7
1,182.3
1,211.4
536 . 7
536 ?
84.2
68.8
62.0
67.5
42.8
42.4
(1)
185.9
225. 7
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1.4
20
193g—Dec. 3 1 . . .
1939—Dec. 30. . .
1940—Dec. 31
1941—Dec. 3 1 . . .
1942—Dec. 31
1943_Dec. 3 1 . . .
1944_Dec. 3 0 . . .
1945—Dec. 31
1946—Dec. 3 1 . . .
931.3
974.4
985.2
1,124.1
1,179.7
1,152.9
1,145.2
1,155.2
1,216.3
1,279.6
863.2
825.7
806.7
767.8
775.0
790.9
773.6
778.1
757.2
741.3
48.2
47.2
62.7
60.5
51.6
56.8
39.2
50.2
55.3
57.7
1,157.5
1,156.3
1,180.8
1,183.0
1,195.7
L,206.5
1,220.3
1,226.9
.267 7
1,275.1
538
531 .8
519 .2
558 9
547 .3
517 .0
502 s
525 1
550 .9
581 .0
60.6
44.6
60.8
75.0
42.2
86.7
57.9
126.0
135.9
95.8
107.2
138.4
84.1
119.0
105.1
90.3
87.3
78.2
" 110.0 72.2
41.7
24.0
25.9
26.9
32.0
31.7
32.1
36.2
44.7
41.3
28.4
64.3
38.4
200 9
.5
.6
1947—Nov. 2 9 . . .
Dec. 3 1 . . .
t948—Jan. 31. . .
Feb 28
.6
.1
.2
.5
.2
.1
.1
.2
1.0
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept 3 0 . . .
Oct. 3 0 . . .
Assets
Bank of France
(Figures in
millions of francs)
Other
liabilities
and
capital 3
Liabilities
Domestic bills
Gold*
Foreign
exchange
Advances to
Government
Open
T
market 7 Special
Other
For occupation
costs "
7 ,422
11 ,273
43 ,194
42 ,115
43 ,661
44 ,699
47 ,288
23 ,038
77 ,621
1,797
2,345
661
12
169
29
48
303
3,135
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
20,627
34,673
72,317 63,900
142,507 69,500
210,965 68,250
326,973 64,400
426,000 15,850
426,000
426,000 67[966
Other »
87,265
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94.817
1947—Oct. 3 0 . . .
Nov. 2 7 . . .
Dec. 3 1 . . .
•
1948—Jan. 2 2 " . .
Mar. 2 5 . . .
Apr. 2 9 . . .
May 2 7 . . .
June 2 4 . . .
July 2 9 . . .
Aug. 2 6 . . .
Sept. 3 0 . . .
Oct. 2 8 . . .
52,817
65,225
65,225
10 108 ,050
13 111 ,368
12 137 ,397
250
285
64
132,913
150,065
117,826
426,000 127,800
426,000 116,000
426,000 147,400
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
9
15
17
22
21
45
50
60
35
145 ,814
157 ,997
15(5 ,424
149 ,849
141 ,276
148 ,812
147 ,288
160 ,930
151 ,954
64
12
55
27
55
156
544
4,808
9,901
125,687
147,841
149,341
165,265
165,984
169,674
163,109
161,571
197,297
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
112
42
38
37
37
42
68
7
Deposits
Other
assets •
1938—Dec. 2 9 . . .
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . .
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . .
1946—Dec. 2 6 . . .
821
3.1
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
Note
circulation
110,935
151,322
218,383
270,144
382,774
500,386
572,510
570,006
721,865
Govern- C.A.R.w
ment
5, 061
1, 914
984
1, 517
770
578
748
12, 048
765
41,400
64,580
16,857
10,724
Other
Other
liabilities
and
capital
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2 718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
"108,155 867,700
"110,303 879,492
"121,061 920,831
762
R46
733
81,030
87,513
82,479
6,502
11,408
10,942
120,700 "104,474 891,546
155,000 "108,979 773,199
129,500 "113,590 759,054
121,800 "113,938 768,567
122,800 "102,405 790,639
153,200 "113,212 836,662
156,800 "104,213 844,894
160,700 "138,910 910,633
158,000 "113,547 917,757
771
791
790
812
738
764
858
788
764
82,849
271,034
265,123
256,948
216,026
225,251
203,467
193,031
187,657
12,808
16,045
15,186
15,800
16,362
13,646
14,011
13,752
15,780
1
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
* On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
« Less than $50,000.
• Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations and other changes
in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937,
p. 853; and November 1936, pp. 878-880.
7
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
9
From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22 ,1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs by a payment from the State to the Bank
10
Central Administration of the Reichskreditkassen.
" Includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
u
Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
1
1
DECEMBER 1948
1543
CENTRAL
Central Bank
(Figures as of last report
date of month)
Oct.
Sept.
BANKS—Continued
Oct.
Oct.
( Central
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks1.
Other assets
Currency circulation *
Deposits—Member bank
Government
Nationalized *
Other
Other liabilities and capital
513
606
1,,689
1,761
873
873
17,389 17,515
3,249 3,127
6,437 6,233
14,506
339
963
,141
,465
947
,581
.713
.744
333
,627
,096
176
869
267,832
2,984
345,070 369,167
30,505 45,590
196,855 196,605
Bank of Chile—Cont.
Deposits—Bank
Other
Other liabilities and capital
147
1.028
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange 7 . . . .
Net claim on Int'l. Fund 6
Paid-in capital—Int'l. Bank. .. .
Loans and discounts
Government loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
49
89
444
7,340
4
5,132
593
483
1,718
48
96
263
7,337
5
4,914
641
461
1,733
721
311
537
153,617
21,867
1,230
157.94
123,359
56,846
300,421
168.103 171,796
43,S56 42.651
185,709
21,867
1,225
135,578
82,359
46,709
252,787
177,934
42,724
11 .539
5,538
11.685
9,309
11,467
9,703
30,321
86,634
17,282
6,428
99,898
50.783
7,061
48
41
7
,346
3
.219
National Bank of Czechoslovakia
(millions of koruny):
Gold and foreign exchange 8 . . . .
Loans and discounts
Other assets
Note circulation
Deposits
,818
Other liabilities and capital
,407
National Bank of Denmark
National Bank of Belgium 3
(millions of kroner):
(millions of francs):
Gold
28,235 28,190
Gold
26,260
Foreign exchange
Foreign claims and balances (net) 11,726 11,081
Contributions to Int'l. Fund and
3,590 4,206
Loans and discounts
to Int'l. Bank
Consolidated Government debt. . 35,000 35,000
Clearing accounts (net)
5,815 6,692
Government securities
Loans and discounts
136 2,047
Other assets
Securities
Note circulation
,773 82,359 81,014 78,402
Govt. compensation account....
Deposits-—Demand
. . . 2,691 2,996
Other assets
E. C. A
114
18
Note circulation
Other liabilities and capital
1,925 1,842
Deposits—Government
Other
Central Bank of Bolivia—MoneOther liabilities and capital
tary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange.
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
954
228
445
751
11
1,968
177
244
922
395
271
631
38
1,749
283
225
National Bank of Bulgaria *
Central Bank of Chile (millions
of pesos):
Gold &
Foreign exchange (net)
Net claim on Int'l. Fund 6
Discounts for member banks. . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Oct.
922
278
414
30,321
84,360
14,490
6,324
103,454
45,883
7,151
30,321
63,521
3,977
1,094
76,069
36.896
7,119
137,762
21,868
1,230
168,624
119,718
58,500
295, >
141.
21
1.
175.
120.
57.
310.
162.
44,
National Bank of Costa R i c a Issue dept. (thousands of colones):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Loans and discounts
268,345 269,920 252, 080
Securities
36,296 28,931 25. 885
Other assets
169,046 190,117 138, 308
Note circulation
Demand deposits
Other liabilities and capital. .. .
3,250
49
Aug.
903
280
379
415 128
15 395
195. 393
14.780
82
617
7,341
3
5,299
523
494
1,7
Sept.
.813
,330
1 .320 '1^841
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Central Bank
(Figures as of last report
date of month)
1,156
28
1
1,245
782
1,323
1,386
4,360
1,151
177
1
1,101
782
1,308
1,380
4,287
200
164
801
1,260
1,360
1,518
3,734
Central Bank of the Dominican
Republic (thousands of dollars):
Gold
Foreign exchange
Net claim on Int'l. Fund 6
Paid-in capital—Int'l. Bank
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 6
Net claim on Int'l. Fund ..
Loans and discounts.
Other assets
Note circulation
Demand deposits
,
Other liabilities and capital.
5,002
3 .505
3,922
9,019
22,119 20,685
50,579 50,418 57,765
65,153 64,018 50,933
844
1,094
7,657
9.746 13,195
10,374
70
117
70
116
71
93
14
16
127
5,720
270
1,513
1,934
2,700
164
65
-24
20
105
5,132
158
1,506
1,862
2,119
156
65
-7
23
96
5,161
179
1,465
1,809
2,256
155
65
5
16
82
5,190
171
1,428
1,722
2.362
154
4,000
12,691
1,250
40
4,766
765
17,348
6,003
161
000
375
250
40
000
143
115
538
156
4,000
15,611
1,250
40
4,000
122
19,131
5,738
154
277,299
29,595
16,882
217,057
113,237
340,322
237,389
76,359
277,
16,
16,
235,
111,
335,
250,
72,
5^428*
16
4,885
416
144
274,816
63,060
16,877
226,074
106,193
338,421
258,034
90,566
1
2
3
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.
5
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 7as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning May 31, 1948.
8
Gold not reported separately beginning Dec. 31, 1946.
1544
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
1947
Central Bank
(Figures as of last report
date of month)
Oct.
Sept.
Aug.
Oct.
309,953 303,071
21,428 26,549
127,308 136,043
71,381 92,531
145,475 111,591
9,441 16,545
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits. . .
Other liabilities and capital
36,375|
27 ,730
1,564]
2,971
5,326
1,584
48,407
21,261
5,881
36,423
28,808
1,564
2,007
5,319
1,574
48,921
20,920
5,854
36,471
35,790
1,564
1,335
5,319
1,549
49,847
26,378
5 ,803
36,931
28,269
1,563
4,555
5,510
1,737
48,476
24,492
5,597
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
3.621
3,389
29,012
5,832
31,171
43,343
28,704
978
3,24
3,179
31,183
5,832
29,626
43,399
28,704
964
2,891
2,782
32,570
5,832
29,459
43,899
28,704
930
29,665
2,832
21,360
41,435
21,350
22
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
268
268
268
-141
—57
-140
628
-2,792 -3,255 -4,051 -2,375
38,920 38,351 39,125 33,698
908
994
916
39
1,784
741
1,406
1,074
28,011 28,189 28,078 25,129
3,627
1,744
2,392
1,716
7,037
7,309
7,125
6,579
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Oct.
National Bank of Hungary—
Cont.
Note circulation
6,376
6,376
13,870 14.894
Demand deposits—Government
Other
1,978
5,821
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Bank of Greece (billions of drachmae) :
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Central Bank
(Figures as of last report
date of month)
641
20
1,164
1,272
244
1,049
169
647
23
729
1,053
125
822
75
268
324
1,7
118
262
1,742
1,47
403
93
760
340
,819
228
20.
27,228 27,229
17,267 20,136
1,250
1,250
2,707
2,922
11,970
8,391
30,692 29,240
2,951
2,876
4,551
7,64.
11,419 11,729
10,809
8,437
403
102
1,435
340
1,467
280
2 .413
1S2
2 72
1 .35 7
507
400
1 .869
115
101
383
444
427
11,353
578
3.543! 3.683
361
459|
452
12,048; 12.152 11,934
348
3.034
822;
4.015j
2 14-1
.061
4S
1
758
.062
1S2
803
3,915
979
,494
203
Central Bank of Ireland (thousands
of pounds):
Gold
2,646 2 .646 2 .646 2.646
Sterling funds
42,575 40.262 39 728 41,873
45.221 42,90S 42 .3/4 44,519
Note circulation
9,150
674
29
1,316
1,323
262
1,018
206
27.230
16,40
1,250
3,171
12,122
31,592
2,969
4,884
9,879
10,864
2 .507
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
Sterling securities
Indian Govt. securities . . . .
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Oct.
A
Se
393
98
1,398
340
238
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
523
-,048
17.331! 15
5.583
516,141
644.303J641
4,193
159.724 149, 776 137,013
165,618 157. 664 112,498
196,672 156. 891 47,408
809.189 796, 563 611,909
53,3 74 54. 2 74 68,242
28,962 9, 389
74,963 69 280 54',622
182.958 159, 939 68,560
34,728 32, 58 3 21,492
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds. .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
I
642 2,871
1 77,596 53,509
! 58,024 38,546
I 93,917 69,532
; 48,924 26,282
j 13,398 7,487
1254,209 167,665
i 8,808 6,393
I ll!560| 19,620
17.924 4! 549
Bank of Java 2
Bank of Mexico (millions of pesos):
Monetary reserve 3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
1,645 1.649
742 j
755
235
207
1,820 1,790
750
630
757
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
E. C. A
Other
Other liabilities and capital
452
3
459
148
3,300
345
114
3,014
347
91
140
663
338
612
635
455
1
452
148
3,300
361
116
3,035
504
78
107'
541
337
6 J> /
639
1.710
735
1S9
1 , 70S
751
721
1,495
627
138
1,654
902
343
4-5 Si
I1
45 7
147
3 .300
358
117
3,078
504
2
292
156
3,600
141
125
2,829
967
95
52i
63!
67:
534; ' " 4 6 7
336.
211
1
This figure represents the amount of the bank's subscription to the Fund less the bank's( local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
DECEMBER 1948
1545
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Oct.
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
,
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Sept.
1947
Aug
Oct.
2,802 2,802 2,802
53,671 63,537 76,608
36,082
13,124
21,778
48,096
74,370
4,990
32,605 33,440
9,916
3,868
1,087
21,301
48,446 47,725
76,772 65,197
4,944 4,884
1948
Central Bank
(Figures as of last report
date of month)
Oct.
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and advances to National Debt Office4
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
Swiss National Bank (millions of
339
francs):
564
Gold
67
Foreign exchange
73
Loans and discounts
8,103
Other assets
74
Note circulation
1,984
Other sight liabilities
3,994
Other liabilities and capital
1,283
861 Central Bank of t h e Republic of
Turkey (thousands of pounds):
339
Golds
761
Foreign exchange and foreign
clearings
Bank of Paraguay—Monetary
Loans and discounts
dept. (thousands of guaranies):
722
731
738
Securities
738
Gold
7,788 9,262 12,583 21,402
Other assets
Foreign exchange (net)
2,708
2,710 2,709 2,709
Note circulation
Net claim on Int'l. Fund *
3
-14
-14
Deposits—Gold
-16
Paid-in capital—Int'l. Bank. . . .
56,355 52,461 45,310 16,540
Other
Loans and discounts
5,238 5,374 5,569 9,249
Other liabilities and capital
Government loans and securities
586
2,578 2,401
1,861
Other assets
57,678 56,078 54,728 40,753 Bank of t h e Republic of Uruguay
Note and coin issue
(thousands of pesos):
12,532 12,567
Demand deposits
8,740 6,994
Gold
5,175 4,286 5,287 3,464
Other liabilities and capital
Silver
Paid-in capital—Int'l. Bank. . . .
Central Reserve Bank of Peru
Advances to State and govern(thousands of soles):
153,468
133,690
ment bodies
Gold and foreign exchange
20,491
20,496
Other loans and discounts
Net claim on Int'l. Fund i
2,480
2,356
Other assets
Contribution to Int'l. B a n k . . . .
107,783
105,544
Note circulation
,
Loans and discounts to banks.. .
818 684,984
740,765
Deposits—Government
Loans to Government
85,368
Other
Other assets
272 107,267
747,995
Other liabilities and capital
Note circulation
443 691,495
249,680 235 060 234,393
Deposits
111,321 86 194 130,808 Central Bank of Venezuela (thouOther liabilities and capital
sands of bolivares) :
Gold/
Bank of Portugal (millions of
escudos):
Foreign exchange (net)
4,028
Other assets
4,157 4,904
Gold
9,720 11,117
Note circulation—Central Bank.
9,311
Foreign exchange (net)
415
National banks.
Loans and discounts
424
386
1,278
Deposits
1,278
Advances to Government
1,2
533
Other liabilities and capital
520
Other assets
554
8,436
8,310 8,375
Note circulation
of
790
1,099
Demand deposits—Government
1,774 National Bank 2 t h e Kingdom
of Yugoslavia
5,348
5,713
Other
7,121
Other liabilities and capital
990
977
979
lank for I n t e r n a t i o n a l SettleNational Bank of R u m a n i a 3
m e n t s 7 (thousands of Swiss gold
francs):
S o u t h African Reserve Bank
Gold in bars
(thousands of pounds):
Cash on hand and on current
66,101 75,554 197,639
account with banks
Golds
54,381 53,561 39,169
Sight funds at interest
Foreign bills
95,176 86,886 8,085
Rediscountable bills and acceptOther bills and loans
6,891 11,650 11,580
ances (at cost)
Other assets
65,616 65,199 62,752
Time funds at interest
Note circulation
149,176 155,516 187,300
Sundry bills and investments. . .
Deposits
7,757 6,936 6,421
Funds invested in Germany
Other liabilities and capital
Other assets
Bank of Spain (millions of pesetas):
Demand deposits (gold)
Gold
1,217
1,215
Short-term deposits (various
Silver
500
522
currencies):
Government loans and securities.
15,817 15,855
Central banks for own acOther loans and discounts...
9,553 10,046
count
Other assets
3,566 3,478
Other
Note circulation
24,724 25,003
Long-term deposits: Special acDeposits—Government
932
2,461
counts
Other
4,422 3,039
Other liabilities and capital
Other liabilities and capital..
612
575
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account ( n e t ) . . . .
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities and capital...
298
387
36
56
7,924
71
2,081
3,816
1,181
762
257
676
298
450
55
58
7,924
63
2,080
3,875
1,174
767
284
669
Sept.
1947
Aug.
Oct.
177
250
178
206
178
176
223
390
3,314
99
734
2,935
636
240
763
,165
100
643
,884
616
108
683
3,277
51
619
2,824
595
218
662
2,865
89
323
2,694
558
279
359
5,754
186
115
91
4,334
1,268
544
5,774
174
145
97
4,322
1,326
542
5,607
145
126
92
4,246
1,179
545
5,374
32
133
101
4,192
1,098
351
448,583 450,689 473,960
,727 286,535
98,726
,917 615,955
744,254
,242 185,780
210,367
,901 40,175
41,061
914,719 896 ,419 948,511
,029 149,338
153,030
222,169 234 ,743 258,567
253,074
,285 245,990
274,741 283,880 268,125
12,339 12,315 12,922
314
318
314
61,356 60,416 36,574
230,534 218,128 170,532
293, 744 279,061 248,872
238,083 242,581 214,930
73,881 74,784 54,579
259,425 253,317 239,076
301,639 283,432 228,758
830, 243 830,044 557,408
99,140 61,496 61,117
80,033 85,761 92,099
625,397 630,618 494,675
3,054 3,153 4,277
362,197 325,394 160,508
18,768 18,136 51,165
94,137 85,919
29
935 10,360 18,523
3,572
497
500
17,
23,
93.
297,
1,
16.
19,414 30,338
31,529 16,129
136,900 61,172
297,201 291,160
7,373
1,243
17,743 17,721
94,958
1,123
7,818
6,472
228 909 228,909 228,909
249 731 248,547 253,265
r
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
8
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
Includes small amount of non-Government bonds.
* Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
6
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.
1
7
See BULLETIN for December 1936,
1546
p.
1025.
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
Ger- Bel- NethKing- France many gium er- Swedom
lands den
In effect Dec. 31,
1937
May 10, 1938. .
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939. .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940. .
Apr. 9
May 17
Mar. 17, 1941. .
May 29
June 27
Jan. 16, 1945. .
Jan. 20
Feb. 9
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947. .
Central
bank of—
Rate
Nov.
30
'2H
2*
Bulgaria.
Canada..
Chile
Colombia.
Costa Rica
Czechoslovakia
France...
Germany.
Gre
Hungary
India
2H
Central
bank of—
Date
effective
3
3
U-5
12
5
3
Ireland
Italy
Japan
Java
Latvia
Aug. 1, 1948
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Apr. 1, 1939
Oct. 28, 1945
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru
July
June
June
July
Jan.
Nov.
15,
4,
27,
26,
9,
13,
1939
1942
1941
1941
1946
1947
15, 1946
8, 1943
15, 1946
1, 1935
6, 1948
Portugal. . . .
Rumania....
South Africa.
Spain
Sweden
Jan.
Mar.
June
Oct.
Feb.
12,
25,
2,
27,
9,
1944
1948
1941
1947
1945
Oct. 1, 1948
June 28, 1948
July 12, 1948
Nov. 1, 1947
Nov. 28, 1935
Switzerland..
Turkey
United Kingdom
U. S. S. R . . . .
Yugoslavia. .
Nov. 26, 1936
July 1, 1938
SH
U-5
Rate
Nov.
30
Jan.
June
Oct.
Oct.
Feb.
3-4}|
Denmark. . .
Ecuador....
El Salvador.
Estonia
Finland.
IX
Date
effective
Mar. 21, 1940
Mar. 1, 1936
Aug. 3, 1945
Aug. 27, 1947
Feb. 4, 1948
Albania...
Argentina.
Austria...
Belgium. .
Bolivia.
3
&2
Aug. 27
Oct. 9
June 28, 1948...
Sept. 6
Oct. 1
In effect Nov. 30,
1048
Switzerland
Nov. 23, 1943
Sept. 6, 1947
5.11 July 5, 1948
Jan. 14, 1937
3
Feb. 17, 1940
5
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes since Oct. 31: None.
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land central banks.
2Y2
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Year and
month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
1932—Sept
1933—Sept
1934—Sept
1935—Sept
1936—Sept
1937—Sept
1938—Sept
1939—Sept
1940—Sept
1941—Sept
1942—Sept
1943—Sept
1944—Sept
1945—Sept
1946—Sept
1947—Sept
.64
.63
.61
.85
.65
.55
.53
.46
.38
.36
.40
.41
.58
.55
.55
.91
3.51
1.03
1.03
1.03
1.03
1.03
1.03
.53
.53
.55
.31
.61
.55
.53
.50
.86
3.23
1.03
1.01
1.00
1.00
1.01
1.00
.51
.51
1947—Oct
Nov
Dec
.41
.41
.41
.53
.53
.53
1948—Jan..
-Jan
.41
.41
.41
.41
.41
.41
.41
.41
.41
.54
.56
.56
.56
.56
.56
.56
.56
.56
.67
.44
.73
Feb
Mar
Apr
May
June
July
Aug
Sept
Day-today
money
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills
3 months
Day-today
money
.67
Switzerland
Loans
up to 3
months
Private
discount
rate
1.72
1.30
1.08
1 .08
1 .00
.75
1.50
1.50
1.50
2.40
1.98
1.00
1.00
1.25
1.50
1.25
1.25
1.25
1.25
1.25
1.25
1.25
.95
.93
1.13
.95
.74
.53
1.38
1.38
1.38
1.28
1.38
1.45
1.38
1.33
1.36
1.56
1.35
1.10
.57
.78
.99
.93
.94
.84
1 .35
1 .06
.84
1.50
1.50
1.50
1.50
1.50
1.50
1.63
1.63
1.63
.63
.78
.75
.75
.75
.75
2.72
1.00
1.00
1.05
1.07
1.13
1.13
Sweden
sy2sy2
France
3-5
.63
.63
3.60
2.31
1.75
1.84
1.72
1.66
1.61
1.73
1.41
1.32
1.44
.51
.51
.51
.63
.63
.63
1.64
2.12
2.04
.51
.50
.51
.51
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
.63
2.02
2.00
2.09
2.00
2.12
2.02
2.00
1.88
3-53^
3-53^2
3-53^
35^
y2
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
DECEMBER
1948
1547
COMMERCIAL BANKS
United Kingdom l
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Liabilitie:
Treasury
Money at
Loans to
call and Bills dis- deposit 2
counted receipts Securities customers
short
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
366
390
422
500
536
499
141
142
151
199
252
432
171
198
133
147
369
610
758
896
1,307
1,667
1,523
1,560
999
,120
,154
,165
,234
,427
823
794
761
772
827
994
324
325
349
347
374
505
3,329
3,629
4,032
4,545
4,850
5,685
2,168
2,429
2,712
3,045
3,262
3,823
1,161
1,200
1,319
1,500
1,588
1,862
253
236
245
250
265
342
1947—October
November.
December..
468
488
502
466
476
480
825
799
793
1,147
1,196
1,288
,500
,500
,483
.185
205
1,219
487
492
567
5,690
5,767
5,935
3,713
3,781
3,962
1,977
1,986
1,972
387
389
396
1948—January. . .
February. .
March
April
May
June
476
465
472
478
488
492
489
499
490
460
442
468
463
454
473
477
489
490
800
713
804
778
723
659
715
695
707
1,217
1,157
1,153
1,240
1,248
1,361
1,320
1,323
1,345
,480
,485
,486
,482
,477
,478
,478
1,474
1,472
1,231
1,280
1,308
1,315
1,334
1,354
1,335
1,334
1,349
513
500
507
509
547
530
487
477
485
5,776
5,642
5,794
5,861
5,869
5,955
5,909
5,903
5,950
3,821
3,700
3,686
3,744
3,832
3,872
3,834
3,829
3,844
1,955
1,942
2,108
2,117
2,037
2,083
2,075
2,074
2,106
401
400
404
404
401
393
390
388
387
July.......
August
September.
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
Security loans and due from
foreign
loans
discounts banks
Entirely in Canada
Cash
reserves
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
356
387
471
550
694
753
32
31
48
92
251
136
1,169
1,168
1,156
1,211
1,274
1,507
168
231
250
214
227
132
1,759
2,293
2,940
3,611
4,038
4,232
653
657
744
782
869
1,039
71
60
42
34
26
21
3,105
3,657
4,395
5,137
5,941
6,252
1,436
1,984
2,447
2,714
3,076
2,783
1,669
1,673
1,948
2,423
2,865
3,469
962
1,049
1,172
1,289
1,386
1,525
1947—October....
November.
December..
702
695
731
93
92
105
1,931
2,065
1,999
102
107
106
882
850
3,874
,156
,051
,159
19
18
18
6,283
6,279
6,412
2,531
2,569
2,671
3,753
3,710
3,740
1,563
1,562
1,544
1948—January. . .
February..
March
April
May
June
July
August
September.
698
679
698
710
728
685
671
712
734
77
70
65
76
80
84
77
77
76
1,953
1,933
1,922
1,930
1,925
1,930
1,948
1,958
2,023
97
108
106
108
127
135
128
144
136
3,972
3,968
4,036
4,072
4,066
4,143
4,154
4,209
4,185
,029
,017
,123
,114
,107
,129
,019
,082
,169
18
18
18
18
17
17
17
17
17
6,281
6,227
6,399
6,464
6,456
6,528
6,446
6,609
6,776
2,457
2,346
2,472
2,513
2,501
2,592
2,487
2,606
2,728
3,824
3,881
3,927
3,951
3,955
3,936
3,959
4,003
4,049
1,526
1,531
1,532
1,528
1,561
1,561
1,533
1,557
1,530
(4 large banks. End
of month figures in
millions of francs)
Liabilities
Assets
France
Cash
reserves
Due from
banks
Bills discounted
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
6,589
7,810
8,548
10,365
14,602
17,943
3,476
3,458
4,095
4,948
13,804
18,919
61,897
73,917
90,897
99,782
155,025
195,177
8,265
10,625
14,191
18,653
36,166
64,933
2,040
2,622
2,935
2,190
7,360
23,392
76,656
91,549
112,732
128,758
213,908
291,894
75,744
91,225
111,191
126,578
211,871
290,004
912
324
1,541
2,180
2,037
1,890
413
462
428
557
2,898
15,694
5,199
6,422
7,506
6,623
10,151
12,777
1947—September.
October. . .
November.
December.
20,950
19,696
21,597
22,551
20,451
19,018
20,691
19,410
209,323
211,760
205,314
219,374
85,712
86,269
92,010
86,344
31,391
32,338
33,482
37,291
331,219
330,949
333,858
342,166
328,438
327,997
331,059
338,710
2,781
2,952
2,799
3,457
23,149
23,304
23,632
25,175
13,459
14,830
15,603
17,628
1948—January.. .
February..
March. . . .
April
May
June
July
August. . . .
31,004
29,111
36,687
29,808
32,885
34,770
34,308
35,504
28,345
30,800
27,214
27,283
26,713
27,317
28,539
28,465
230,986
250,402
260,660
269,554
270,399
274,098
305,928
295,806
100,960
98,196
101,565
105,112
113,086
112,566
110,301
113,956
28,604
29,248
32,114
33,661
35,138
38,313
39,267
41,028
384,403
401,930
419,991
423,905
435,436
440,776
470,004
464,340
379,194
396,683
414,629
418,077
429,788
435,902
465,104
459,603
5,210
5,247
5,362
5,828
5,649
4,874
4,900
4,737
25,218
25,123
26,173
26,878
27,104
28,590
28,044
28,569
10,278
10,704
12,076
14,634
15,681
17,698
20,295
21,849
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.
2
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.
1548
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 i
"Nonregular"
products 2
29.773
29.773
29.773
29.773
29.773
29.773
23.704
24.732
25.125
25.125
25.125
25.125
1947—December
29.773
1948—January
February
March
April
May
June
July
August
September
October
November
29.773
29.773
29.773
29.773
29.773
7
29.773
7
29.773
29.773
29.773
29.773
29.773
Czechoslovakia
(koruna)
Denmark
(krone)
1942
1943
1944
1945
1946
1947
Year or month
1942
1943
1944
1945
1946
1947 .
Certain
industrial
products
Free
Brazil
(cruzeiro3)
Belgium
(franc)
Official
Free
Canada
(dollar)
Official
Free
Colombia
(peso)
90.909
90.909
90.909
90.909
95.198
100.000
88.379
89.978
89.853
90.485
93.288
91.999
57.052
57.265
57.272
57.014
57.020
57.001
322 80
321 50
322.80 4321.50
322 80
322.80
321.17
321. 34
321. 00
4 2.2860
2.2829
2.2817
6.0584
5.1427
6.0586
5.1280
6.0594
5.1469
6.0602
5.1802
* 6 0602
5.4403
25.125
321. 21
2.2789
5.4406
100.000
88.359
56.980
25.125
25.125
25.125
25.125
25.125
'25.125
'25.125
25.125
25.125
25.125
25.125
321. 16
321. 20
321. 21
321. 23
321. 21
321. 21
321. 23
321. 23
321. 23
321. 23
321. 23
2.2784
2.2789
2.2793
2.2796
2.2798
2.2805
2.2807
2.2830
2.2844
2.2850
2.2850
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
90.455
89.062
89.280
90.633
92.273
93.229
92.829
92.701
92.180
92.898
92.383
56.991
57.010
57.010
57.010
57.010
857.010
(8)
(8)
(8)
8
(8)
()
New
Zealand
(pound)
Norway
(krone)
Portugal
(escudo)
4
4
4
9
20.000
20.000
20.000
20.000
20.000
France
(franc)
Official
4
4 2.0060
2.0060
Official
In cents per unit of foreign currency]
4
20.876
20.864
India
(rupee)
Italy
(lira)
Mexico
(peso)
Free
1.9711
.8409
.8407
30.122
30.122
30.122
30.122
30.155
30.164
* .4434
20.569
20.577
20.581
20.581
20.581
20.577
Netherlands
(guilder)
4
37.933
37.813
37.760
322.78
324.20
324.42
323.46
322.63
322.29
20.176
20.160
4.0501
4.0273
1947—December
2.0060
20.860
.8 403
30.177
20.575
37.699
322.50
20.159
4.0088
1948—January
February
March
April
May
August
September
October
November
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.860
20.860
20.860
20.860
20.860
20.859
20.858
20.855
20.854
20.854
20.854
i°.S 400
10
.4671
i°.3270
.4671
.3270
.4671
.3277
.4671
.3272
.4671
.3268
.4671
.3265
.4671
.3268
.4671
.3213
14
.4671
14.3193
.4671
.3179
30.172
30.168
30.168
130.169
H30.169
H3.169
130.169
L
i30.169
"30.168
130.168
ll
30.168
20.576
20.575
20.575
20.578
20.574
20.573
1220.573
37.654
37.714
37.750
37.765
37.755
37.718
37.645
37.621
37.598
37.602
37.572
322.45
322.49
322.50
322.51
322.49
322.50
322.51
*3353.87
399.15
399.15
399.15
20.159
20.160
20.160
20.160
20.160
20.158
20.158
20.158
20.158
20.158
20.158
4.0043
3.9700
3.9856
3.9966
4.0334
4.0345
4.0329
4.0327
4.0319
4.0312
4.0316
Year or month
South
Africa
Spain
June
July
(pound)
(peseta)
Straits
Settlements
(dollar)
Sweden
(krona)
Switzerland
(franc)
(12)
(12)
1214.438
14.490
United
Kingdom
(pound)
Official
4
4 23.363
23.363
65.830
65.830
65.830
65.830
65.830
65.830
52.723
52.855
53.506
55.159
56.280
56.239
27.826
23.363
403 .13
65.830
56.204
27.825
27.826
27.826
27.826
27.825
27.824
27.824
27.824
27.823
27.823
27,823
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
403 .07
403 .11
403 .13
403 .15
403 .12
403 .13
403 .14
403 .15
403 .15
403 .14
403 .15
65.830
65.830
65.830
65.830
65.830
65.830
65.830
56.198
56.180
56.180
56.180
56.180
56.180
56.180
49.132
9.132
4 25.859
27.824
1947—December
400.75
9.132
1948—January
February
March
April
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
May
June
JulyAugust
September
October
November
Free
403.50
403.50
403.50 4 403.50
403.50
* 403.50 «403 02
403 .28
402 .86
46.919
398 00
398.00
398 00
399.05
400.50
400.74
1942
1943
1944
1945
1946
1947
Uruguay
(peso)
i5
(15)
(15)
65.830
65.830
(15)
(13)
i 5 56.180
56.180
1558.822
58.822
"53.191
53.191
1 Through June 22, 1948, shown as official rate.
Through June 22, 1948, shown as special export rate.
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
* At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
6
The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
7
8
Quotations not available June 23-July 14.
Quotations not available after June 10.
9
10
Based on quotations beginning July 15.
Quotations not available Jan. 24-Feb. 9.
11
12
Excludes Pakistan.
Quotations not available July 22-Oct. 12.
13 As of Aug. 19, the New Zealand Government increased the value of its currency, placing it on a par with the British pound.
xi
Quotations not available Oct. 16-31.
ifi Quotations not available Aug. 1-Oct. 15. Rates shown in the first two columns are comparable to those shown previously under "Controlled" and "Noncontrolled," respectively. The application of the new rates depends upon the type of merchandise. Averages for October are
based on quotations beginning Oct. 18.
2
8
4
DECEMBER
1948
1549
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
Mexico
(1929 =
100)
United
Kingdom
(1930 =
100)
Italy
(1938 =
100)
France
(1938 =
100)
i 124
106
85
79
75
83
90
96
100
103
104
109
129
95
95
101
119
126
127
128
136
148
182
227
247
286
302
88
89
94
109
101
103
137
153
159
163
166
169
175
192
58
52
63
89
100
105
139
171
201
234
265
375
648
989
5,159
160
163
143
144
306
303
203
204
1.211
1,217
166
161
147
147
302
304
212
217
161
163
164
166
169
170
169
165
147
149
150
152
152
158
158
159
303
303
313
321
326
331
328
331
217
219
220
222
222
221
220
1,463
1,537
1,536
1,555
1,653
1,691
1,698
P L.783
Pi,791
Pl,884
1926
100
100
1934
1935
1936
1937
1938.
1939
1940
1941
1942
1943
1944
1945
1946
1947
75
80
81
86
79
77
79
87
99
103
104
106
121
152
72
72
75
1947—November
194g—Tanuarv . . . .
February.......
April
May
July
August
SeDtember
October
P220
Netherlands
Sweden
(July 1938- (1935 =
June 1939
100)
= 100)
Japan
(1933 =
100)
Switzerland
(July 1914
= 100)
132
150
i 126
144
99
103
110
133
140
155
173
183
197
209
233
308
1,599
5,103
90
87
91
108
102
105
131
150
157
160
164
181
251
271
196
100
102
114
111
115
146
172
189
196
196
194
186
199
90
90
96
111
107
111
143
184
210
218
223
221
215
224
5,647
5,526
8,599
8,863
277
280
204
205
232
232
5,373
5,352
5,318
5,240
••5,184
5,142
5,139
9,144
9,288
9,485
9,537
9,634
10,007
14,043
16,916
18,182
279
279
207
209
279
279
279
280
279
280
210
213
214
216
215
217
217
234
234
65
72
80
94
100
104
121
136
153
P5,748
235
234
233
233
232
231
230
r
P Preliminary.
Revised.
i Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October
1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926 = 100)
Year or month
Farm
products
Foods
Canada
(1926 = 100)
Other
Farm
commod- products
ities
United Kingdom
(1930 = 100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
Netherlands
(July 1938-June 1939 = 100)
Foods
Industrial raw
products
Industrial
finished
products
1926
100
100
100
100
100
100
1934
1935
1936
1937
1938
1939
1940..
1941
1942
1943
1944
1945
1946
1947
65
79
81
86
69
65
68
82
106
123
123
128
149
181
71
84
82
86
74
70
71
83
100
107
105
106
131
169
78
78
80
85
82
81
83
89
96
97
99
100
110
135
59
64
69
87
74
64
68
73
85
98
107
112
118
126
64
66
71
84
73
67
75
82
90
99
104
106
110
131
73
73
74
81
78
75
82
89
92
93
94
94
99
117
85
87
92
102
97
97
133
146
158
160
158
158
158
165
90
90
96
112
104
106
138
156
160
164
170
175
184
207
103
121
140
157
157
159
172
200
214
112
163
177
175
174
179
193
282
328
104
126
148
154
159
163
184
261
276
1947—November.
December
188
197
178
178
142
146
133
137
143
145
131
132
171
172
221
222
227
236
341
342
279
279
199
180
148
141
148
148
149
148
137
139
138
141
147
147
150
137
137
137
174
340
279
149
144
1948—January
February
March
185
186
187
172
174
177
May
189
177
July
August
September
October
196
195
181
188
191
189
182
190
186
177
150
151
153
153
153
153
137
235
235
181
181
182
237
239
241
233
232
231
340
339
340
182
243
230
341
148
147
156
155
138
139
184
184
145
143
143
163
163
164
143
144
144
183
181
244
244
243
243
235
229
224
342
340
341
280
280
280
281
281
280
282
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1550
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
SwitzUnited
King- France Nether- erUnited
Canlands land
States
ada
dom
(1938
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100) = 100)
1947
= 100) 1914
= 100)
= 100)
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
101
105
98
95
97
106
124
138
136
139
160
194
98
103
104
101
106
116
127
131
131
133
140
160
130
139
141
141
164
168
161
166
168
170
169
1947-November.
December.
1948-January...
February..
March....
April
May ,
June
July
August
September
October...
203
207
174
179
103
103
210
205
202
208
211
214
217
217
215
212
182
186
186
187
191
194
201
203
204
205
104
108
109
109
108
113
108
107
107
U32
137
139
140
154
175
187
195
98
101
102
102
106
112
117
118
119
119
124
136
147
154
156
158
184
199
200
199
201
203
204
J
101
100
108
129
150
175
224
285
393
645
1.030
165
167
144
146
103
104
1.336
1,354
223
223
230 1948-January...
February..
230
March....
229
April
229
May
229
June
230
July
229
August
228
September.
229
October...
1,437
1,541
1,518
1.524
1,541
1,560
1,559
L ,716
V 1,842
p
004
120
127
130
130
150
177
191
198
99
103
101
99
100
105
117
124
126
128
139
159
230 1947-November.
December.
230
1,378
1,393
100
108
129
149
174
224
275
377
645
1.043
United
King- France NetherUnited
Canlands
dom
States
ada
(1938
(1935-39 (1935-39 (June 17 = 100) (1911-13
= 100)
1947
= 100) = 100)
= 100)
Year or
month
iifl'l
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
169
168
167
169
171
172
174
175
175
174
148
150
151
152
153
154
157
158
159
160
104
106
106
108
108
110
108
108
108
1,414
L.519
1,499
1,499
1,511
1,529
1,528
1,670
p L.783
V L.844
224
224
223
223
223
224
223
223
223
120
130
130
132
146
175
200
211
215
215
210
222
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
130
137
137
138
151
174
193
203
208
209
208
217
* Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
* This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
Sources.—See BULLETIN for July 1947. p. 935; May 1942. p. 451; October 1939, p. 943; and April 1937, p. 373.
1
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States *
(high
grade)
Number of issues...
12
United
Canada' Kingdom
(1935-39 (December
= 100)
1921=100)
(s)
87
Common stocks
France
(1938=
100)
Netherlands «
United
States
(1935-39
= 100)
50
13
416
113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
»103.2
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
114.2
T
114.2
•143.4
146.4
146.6
150.5
152.1
144.6
132.0
1947—November. .
December
99.6
97.9
118.5
117.9
128.2
130.1
121.4
122.2
1948—January
February....
March
April
May
June
July
August
September...,
October
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
97.8
108.6
108.6
103.4
103.6
104.9
104.8
104.6
104.0
104.1
103.8
130.5
130.6
130.0
129.1
129.1
129.5
129.3
129.7
130.1
118.9
119.1
119.0
119.1
118.2
118.6
117.8
119.3
P114.4
1939
1940
1941
1942
1943
1944
1945
1946
1947
109.0
105.6
104.0
103.7
108.3
107.3
107.6
107.6
r 107.3
108.0
105.6
106.3
NetherCanada *
United
France •
lands*
(1935-39 Kingdom (December
=100)
(1926=100) 1938= 100) (1938=100)
100
278
•295
37
77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
112
'140
•308
479
540
551
694
875
123.6
122.4
107.3
106.2
90.2
92.6
1
1,294
191.2
193.8
120.1
114.2
116.4
124.6
130.2
135.1
131.9
127.1
125.7
127.8
107.5
102.2
101.5
109.1
116.5
120.3
116.3
113.6
113.4
116.4
93.9
91.1
90.2
93.2
94.8
93.9
91.4
91.2
90.7
1,301
1,229
1,239
1,190
1,127
1,086
1,217
,208
,464
202.9
216.0
217.6
208.3
199.2
197.3
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
1,211
184.3
r
9 Preliminary.
Revised.
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 foi years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
• 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 15 th 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.
• This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
• In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
• This is a new index for 37 Netherlands issues(2 7 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.
• Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for June 1948, p. 747; March 1947. p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June
1935, p. 394; and February 1932, p. 121.
1
DECEMBER
1948
1551
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON,
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
CHESTER MORRILL, Special Adviser
WINFIELD W. RIEFLER, Assistant
to the Board
Assistant
to the Chairman
to the Board
OFFICE O F T H E SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant
Director
C. C. HOSTRUP, Assistant Director
DIVISION OF BANK OPERATIONS
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
J. LEONARD TOWNSEND, Solicitor
DIVISION O F RESEARCH A N D STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FRANK A. SOUTHARD, JR., Associate Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE
CLAYTON
ERNEST G.
DRAPER
EDWARD L. SMEAD, Director
ROBERT F. LEONARD, Associate Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant
Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
First Vice
BOSTON DISTRICT
President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
MARRINER S. ECCLES
R. M .
EVANS
R. R.
GILBERT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H . G. LEEDY
M . S. SZYMCZAK
JAMES K. V A R D A M A N , JR.
ALFRED H .
WILLIAMS
Second Vice President
J. T . BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
C. S. Y O U N G
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
WATROUS H . IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T. BRUCE ROBB, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
Account
1552
President
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Vice Pr contents
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
Robert B. Harvey1
E. G. Hult
E. 0. Latham
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning*
R. L. Cherry
Claude L. Guthrie8
E. A. Kincaid
Philadelphia....
Warren F. Whittier
Ray M. Gidney
Wm. H. Fletcher
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
P. M. Poorman1
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
Cleveland
George C. Brainard
Reynold E. Klages
Richmond
Hugh Leach
W. G. Wysor
Charles P. McCormick
J. S. Walden, Jr.
Atlanta
Frank H. Neely
J. F. Porter
Chicago
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
W. W. Turner
Paul E. Schroeder
0 . M. Attebery
Russell L. Dearmont
Chester C. Davis
William H. Stead
Wm. E. Peterson
Wm. H. Bryce
F. Guy Hitt
C. M. Stewart
C A. Schacht
R. E. Towle
H. G. McConnell
J. N. Peyton
Roger B. Shepard
Sigurd Ueland
A. W. Mills3
W. D. Cochran
0 . S. Powell
Harry I. Ziemer
Otis R. Preston
John Phillips, Jr.
L. H. Earhart
Robert B. Caldwell
H. G. Leedy
G. H. Pipkin
Robert L. Mehornay
Henry 0. Koppang Delos C. Johns
C. E. Sandy'
R. L. Mathes
D. W. Woolley
W. H. Holloway
E. B. Austin
J. R. Parten
R. R. Gilbert
Watrous H. Irons
R. B. Coleman
R. B. Anderson
W. D. Gentry
L. G. Pondrom1
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
W. L. Partner
Albert C. Agnew
Brayton Wilbur
C. E. Earhart
C. R. Shaw
W. N. Ambrose
Harry R. Wellman
H. N. Mangels
H. F. Slade
D. L. Davis
W. F. Volberg
J. M. Leisner*
0. P. Wheeler
PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Clarence W. Avery
Paul G. Hoffman
St. Louis
Minneapolis. . . .
Kansas City... .
Dallas
San Francisco...
VICE
Federal Reserve
Bank of
Branch
C. S. Young
Charles B. Dunn
Chief Officer
New York
Buffalo
I. B. Smith4
Cleveland.
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta.. .
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago...
Detroit
E. C. Harris
St. Louis..
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
1
Also Federal Reserve Agent.
DECEMBER
1948
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black8
Neil B. Dawes
W. R. Diercks
E. C. Harris
W. S. McLarin, Jr.
L. M. Clark
2
Cashier.
Federal Reserve
Bank of
Minneapolis
Branch
Helena
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
El Paso
Houston
San Antonio
Dallas.
3
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Chief Officer
R. E. Towle
G. H. Pipkin
R. L. Mathes
L. H. Earhart
C. M. Rowland
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
1553
FEDERAL RESERVE PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the
Federal Reserve System.
BOOKS
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
POSTWAR ECONOMIC STUDIES.
(8 pamphlets)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
banking, monetary, and other financial developT H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
ments. November 1943. 979 pages. $1.50 per
FUNCTIONS. November 1947. 125 pages. 75
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or more copies for single shipment, 50 cents each.
PROVISIONS OF STATE LAWS RELATING TO BANK R E Paper-bound copies available without charge.
SERVES as of December 31, 1944. 1945. 30 pages.
DISTRIBUTION
MONETARY AND BANKING REFORM IN PARAGUAY.
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DEPOSITS BY COUNTIES,
December 31, 1947. July 1948., 122 pages.
WEEKLY
CONDITION OF THE FEDERAL RESERVE BANKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES
DEPARTMENT STORE SALES, BY CITIES
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
WEEKLY DEPARTMENT STORE SALES
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
WEEKLY FOREIGN EXCHANGE RATES
DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND AND INTERPRETATION.
1554
October 1947.
50
WEEKLY REVIEW OF PERIODICALS
SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
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ANNUAL
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REPRINTS
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
ASSETS AND LIABILITIES OF A L L BANKS IN THE
IN THE UNITED STATES. November 1938. 20
UNITED STATES AND RELATED DEPOSIT AND CURpages.
RENCY ITEMS
^PROBLEMS OF BANKING AND BANK SUPERVISION. ExBANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX-
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BUSINESS INDEXES
MONETARY MEASURES AND OBJECTIVES.
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FOREIGN EXCHANGE RATES
INTERDISTRICT SETTLEMENT FUND
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SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
STATE BANK MEMBERS AND NONMEMBER BANKS THAT
MAINTAIN CLEARING ACCOUNTS WITH FEDERAL
RESERVE BANKS (Also annual list)
September
1937, April 1939, and May 1939. 8 pages.
T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser.
January 1940. 4 pages.
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -
DEPARTMENT STORE CREDIT
DECEMBER 1948
Report.
SERVE BANKS, by George B. Vest. February 1940.
8 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -
SERVE POLICY, by Arthur Hersey.
11 pages.
April 1940.
CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,
by E. A. Goldenweiser.
May 1940. 5 pages.
GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank
R. Garfield.
June 1940. 7 pages.
GOLD RESERVES OF CENTRAL BANKS AND GOVERN-
MENTS. September 1940. 18 pages.
MEASUREMENT OF PRODUCTION, by Woodlief Thomas
and Maxwell R. Conklin.
pages.
September 1940. 16
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.
February 1941. 2 pages.
ADJUSTMENT FOR SEASONAL VARIATION, by H . C.
Barton, Jr. Description of method used by Board
in adjusting economic data for seasonal variation.
June 1941. 11 pages.
1555
FEDERAL RESERVE
COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER
BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.
FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.
From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
REVISED INDEX OF DEPARTMENT STORE SALES.
1944.
June
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
MENT FINANCING, by Frieda Baird.
6 pages.
BRETTON WOODS AGREEMENTS, by E. A. Golden-
weiser and Alice Bourneuf.
21 pages.
INDEX
September 1944.
OF DEPARTMENT
STORE
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
MONETARY AND CREDIT AGREEMENTS ENTERED INTO
AT BRETTON WOODS, by Governor M. S. Szymczak.
April 1945. 7 pages.
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
REVISION
April 1947. 4 pages.
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
FOR MEMBER
June-July 1947.
9
pages.
SURVEY OF CONSUMER FINANCES—
MENTS; II. CONSUMER INCOMES AND LIQUID ASSET
HOLDINGS; III. CONSUMER SAVING IN 1946 AND
OWNERSHIP OF SELECTED NONLIQUID ASSETS. June,
July, and August 1947. 44 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28,
September 1945. 2 pages.
SURVEYS OF LIQUID ASSET HOLDINGS.
September
1945. 7 pages.
ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS.
April 1946. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
TISTICS.
September 1947. 12 pages.
STERLING IN MULTILATERAL
TRADE, by J. Burke
Knapp and F. M. Tamagna.
8 pages.
September 1947.
BANK LOANS TO FARMERS—
REVISED INDEX OF DEPARTMENT STORE STOCKS, by
Richard Youngdahl and John O. Bergelin. June
1946. 25 pages.
A NATIONAL SURVEY OF LIQUID ASSETS—
SUMMARY; DISTRIBUTION ACCORDING TO INCOME;
PROSPECTIVE SPENDING AND SAVING AND SUMMARY
OF SURVEY FINDINGS; LIQUID ASSETS AND EXPENDITURE PLANS OF FARM OPERATORS.
June,
July, August, and September 1946. 28 pages.
INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS.
March
I. EXPENDITURES FOR DURABLE GOODS AND INVEST-
SALES. September 1944. 2 pages.
by Mary S. Painter.
March 1947.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
DEBT BY BANKS.
20 pages.
REVISED WEEKLY
PUBLICATIONS
August 1946. 4 pages.
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45,
by Doris P. Warner and Albert R. Koch. September 1946. 8 pages.
BUSINESS LOANS OF MEMBER
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen; FARM MORTGAGE
LOANS AT COMMERCIAL BANKS, by Philip T .
Allen; FARM PRODUCTION LOANS AT COMMERCIAL
BANKS, by Herman Koenig and Tynan Smith;
T H E STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS, by Richard
Youngdahl.
pages.
October and December 1947. 36
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1947. October 1947. 4 pages.
THE
CURRENT INFLATION
PROBLEM—CAUSES AND
CONTROLS, by Governor Marriner S. Eccles. December 1947. 8 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
BANKS—
SUMMARY, by Albert R. Koch; TERM LENDING
TO BUSINESS BY COMMERCIAL BANKS IN 1946, by
Duncan McC. Holthausen; SECURITY PLEDGED ON
1929, by Morris A. Copeland and Daniel H.
Brill. January 1948. 9 pages.
PROPOSAL
FOR A SPECIAL
RESERVE
REQUIREMENT
MEMBER BANK LOANS TO BUSINESS, by Tynan
AGAINST THE DEMAND AND T I M E DEPOSITS OF
Smith; T H E STRUCTURE OF INTEREST RATES ON
BANKS, by Governor Marriner S. Eccles.
1948. 10 pages.
BUSINESS LOANS AT MEMBER BANKS, by Richard
Youngdahl;
MEMBER
BANK
LOANS
BUSINESS, by Charles H . Schmidt.
TO SMALL
March, May,
June, July, and August 1947. 80 pages.
1556
January
T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
BANK MANAGEMENT, by Charles H . Schmidt.
April 1948. 9 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
*STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Governor Marriner S. Eccles on
April 13, 1948. 7 pages.
NEW
COMMERCIAL BANKING OFFICES, 1936-1947,
by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. June 1948. 2 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE; with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING, by Charles H . Schmidt.
19 pages.
June 1948.
1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS; II. T H E
DISTRIBUTION OF CONSUMER INCOME IN 1947;
III. CONSUMER OWNERSHIP AND U S E OF LIQUID
AND NONLIQUID ASSETS; I V . CONSUMER SAVING
AND THE ALLOCATION OF DISPOSABLE INCOME;
V. HOUSING EXPENDITURES AND FINANCE. June,
July, August, and September 1948. 65 pages.
RETAIL CREDIT SURVEY—1947.
From July 1948
BULLETIN with supplementary information for
nine separate trades. 41 pages. (Also, RETAIL
CREDIT SURVEY—1943, 1944, 1945, 1946 from the
June 1944, May 1945, June 1946, and July 1947
BULLETIN with supplementary information.)
SALES FINANCE COMPANY OPERATIONS IN 1947, by
Milton Moss. July 1948. 6 pages.
* STEPS TO RESTORE POWERS OF STATES AND LOCALI-
TIES, by Frederic Solomon. Reprinted from the
July 1948 issue of the American Bar Association
Journal. 9 pages.
DECEMBER 1948
PUBLICATIONS
#
MEANS OF COMBATING INFLATION.
Statements of
Governor Marriner S. Eccles before House Banking and Currency Committee on August 3, 1948
and before the Senate Banking and Currency
Committee on July 29 and 30 on S. J. Res. 157.
2 pamphlets.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
RENCY COMMITTEE, by Chairman Thomas B. Mc-
Cabe on August 2, 1948. August 1948.
REGULATION
OF CONSUMER
INSTALMENT
8 pages.
CREDIT.
Statement by Governor R. M. Evans before the
House Banking and Currency Committee on
August 2, 1948. August 1948. 2 pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of
the Act, by David 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.
BANK CREDIT DEVELOPMENTS.
October 1948.
12
pages.
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.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
OF PAYMENTS PROBLEMS, by David L. Grove and
Gerald M. Alter.
November 1948.
11 pages.
1557
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
m
o
pi
?3
F=s
—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^f
I
d
I
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
4
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1948
•SERVB
SYSTEM:
INDEX TO VOLUME 34
Pages
Pages
54, 188, 294, 408, 524, 674, 820,
966, 1126, 1250, 1374, 1480
Open-market rates on....75, 207, 313, 427, 543, 695,
839, 985, 1145, 1269, 1395, 1499
Outstanding
74, 206, 312, 426, 542, 694, 838,
984, 1144, 1268, 1394, 1498
Addresses :
McCabe, Thomas B., on significance of membership in Federal Reserve System
1339
Admissions of State banks to membership in Federal
Reserve System
48, 169, 287, 402, 518, 668,
813, 1100, 1239, 1363, 1474
Agricultural commodities, exports of
1051
Agricultural loans:
Insured commercial banks
68, 200, 306, 420, 536,
688, 832, 978, 1138, 1262, 1388, 1492
Agriculture:
Balance sheet of, 1948, annual report issued by
the Department of Agriculture
1067
Conditions in mid-1948
1047
Credit extended to farmers
1207
Crop reports
107, 1017, 1177, 1301, 1427, 1531
National summary of business conditions.. .962, 1122
Prices of agricultural products
7
Recovery in Western Europe
135
Albania:
Discount rate of central bank
123, 259, 361, 477,
605, 743, 887, 1037, 1195, 1319, 1445, 1547
Alter, Gerald: (See Staff of Board)
Annual reports:
Balance sheet of agriculture, 1948
1067
Bank for International Settlements
1229
Bank of Canada
659
Board of Governors, publication of
518
International Bank for Reconstruction and Development
1220
International Monetary Fund, third
1217
National Credit Council of France
950
Argentina:
Central bank of:
Condition
120, 256, 358, 474, 602, 740, 884,
1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
34
Articles: (See Special articles)
Asia:
International capital transactions
113, 249, 351,
m 467, 595, 733, 877, 1027, 1185, 1309, 1435, 1537
Assets, liquid: (See Liquid assets)
Assets and liabilities:
Agriculture, 1948
1067
All banks in United States and possessions, by
States
1386
All member banks:
December 31, 1947, by class of bank
460
June 30, 1948, by class of bank
1302
Commercial banks, selected
1461
Commercial banks in United Kingdom, Canada,
and France
124, 260, 362, 478, 606, 744, 888,
Assets and liabilities—Continued.
Federal Reserve Banks:
All banks
55, 189, 295, 409, 525, 675, 821,
967, 1127, 1251, 1375, 1481
Each bank
56, 190, 296, 410, 526, 676, 822,
968, 1128, 1252, 1376, 1482
Foreign central banks
118, 254, 356, 472, 600,
738, 882, 1032, 1190, 1314, 1440, 1542
Government corporations and credit agencies
82,
214. 320, 434, 550, 702, 846,
992, 1152, 1276, 1402, 1506
Insured commercial banks in United States and
possessions
461, 1303
International capital transactions of United
States
115, 251, 353, 469, 597, 735, 879,
1029, 1187, 1311, 1437, 1539
Attorney General of United States:
Executive order transferring jurisdiction over
blocked assets to
1242
Australia:
Commonwealth Bank of:
Condition
120, 256, 358, 474, 602, 740, 884,
1034, 1192, 1316, 1442, 1544
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
Gold movements....Ill, 247, 349, 465, 593, 731, 875,
1025, 1183, 1307, 1433, 1535
Gold production....Ill, 247. 349, 465, 593, 731, 875,
1025, 1183, 1307, 1433, 1535
Austria:
Austrian National Bank:
Condition
1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Authorization of Bank of the German States to issue
notes and coins
1101
Automobile appraisal guides, designated under Regulation W
1240
Bank credit:
Current statistics for Federal Reserve Chart
Book
103, 235, 341, 455, 571, 723, 867, 1013,
1173, 1297, 1423, 1527
Developments discussed
1205
National summary of business conditions.... 50, 184,
289, 404, 520, 670, 815, 962,
1122, 1246, 1370, 1476
Bank debits: (See Debits to deposit accounts)
Bank deposits: (See Deposits)
Bank for International Settlements:
Annual report of
1221
Condition
122, 258, 360, 476, 604, 742,
886, 1036, 1194, 1318, 1444, 1546
Gold reserves
110, 246, 348, 464, 592, 730, 874,
1024, 1182, 1306, 1432, 1534
Bank loans: (See Loans; Loans and investments)
Bank management the Federal Reserve Chart Book
as an aid to
383
Bank premises:
Federal Reserve Banks...57, 191, 297, 411, 527, 677,
823, 969, 1129, 1253, 1377, 1483
Insured commercial banks in United States and
possessions
461, 1303
Member banks
460, 1302
Bank suspensions:
By geographic area
510
Number and deposits
63, 197, 303, 417, 533, 683,
829, 975, 1135, 1259, 1383, 1489
Bankers' acceptances: (See Acceptances, bankers')
Acceptances, bankers':
Buying rates
1038, 1196, 1320, 1446, 1548
DECEMBER
1948
1559
INDEX TO VOLUME 3 4
Pages
Bankers' balances:
Insured commercial banks....69, 201, 307, 421, 537,
689, 833, 979, 1139, 1263, 1389, 1493
Weekly reporting member banks:
By Federal Reserve districts.. .73, 205, 311, 425,
541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside... .71, 203, 309, 423,
539, 691, 835, 981, 1141, 1265, 1391, 1495
Banking:
Assets and the money supply since 1929
24
Funds, foreign, increase in United States... .112, 248,
350, 466, 594, 732, 876, 1026, 1184, 1308, 1434, 1536
Offices:
Changes in number of
241, 1179
New commercial, 1936-1947
505
Number of
108, 240, 346, 462, 590, 728, 872,
„ ,
1018, 1178, 1304, 1429, 1532
Banks:
'
Consolidations
241, 1179
Government securities held by....80, 212, 318, 432,
548, 700, 844, 990, 1150, 1274, 1400, 1504
Number of:
By districts and by States.... 108, 240, 346, 462,
590, 728, 872, 1018, 1178, 1304, 1429, 1532
Call dates
64, 198, 304, 418, 534, 684, 830,
976, 1136, 1260, 1384, 1490
Changes
241, 1179
Suspensions
63, 197, 303, 417, 533, 683, 829,
975, 1135, 1259, 1383, 1489
Banks for cooperatives:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Baumann, John C.: (See Staff of Board)
Belgian Congo:
Gold production
I l l , 247, 349, 465, 593, 731,
_ , .
875, 1025, 1183, 1307, 1433, 1535
Belgium:
'
'
'
'
Foreign exchange rates.. 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
34
Gold movements
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
National Bank of:
Condition
120, 256, 358, 474, 602, 740, 884,
1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Bills discounted by Federal Reserve Banks:
All banks combined
53, 187, 293, 407, 523, 673,
919, 965, 1125, 1249, 1373, 1479
Each bank
56, 190, 296, 410, 526, 676, 822,
968, 1128, 1252, 1376, 1482
Maturity distribution
55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Member and nonmember banks
55, 189, 295, 409,
525, 675, 821, 967, 1127, 1251, 1375, 1481
Bland, W. T., resignation as director of Jacksonville branch
168
Board of Governors:
Annual report, publication of
518
Assessment for expenses of
1022
Members:
Eccles, M. S.:
Correspondence with President on remaining as member of Board and as
Vice Chairman
168
1560
Pages
Board of Governors—Continued.
Members—Continued.
Eccles, M. S.—Continued.
Letter to President withdrawing name
from consideration for designation as
Vice Chairman
667
Proposal for special reserve requirement against demand and time deposits of banks
14
Evans, R. M., statement on regulation of
consumer instalment credit before House
Banking and Currency Committee
912
McCabe, Thomas B.:
Address at meeting of stockholders of
Federal Reserve Bank of Boston on
significance of membership in Federal
Reserve System
1339
Appointment for unexpired portion of
term and designation as Chairman of
the Board
402
Correction as to date of expiration of
term
518
Nominated for unexpired term of Mr.
Ransom
168
Statement before House Banking and
Currency Committee
904
Szymczak, M. S., renominated as Governor
for 14 years
168
Members and officers, list.... 128, 264, 366, 482, 610,
748, 892, 1042, 1200, 1324, 1450, 1552
Office of Solicitor, division established
1474
Publications of
130, 266, 368, 484, 612, 750, 894,
1044, 1202, 1326, 1452, 1554
Staff: (See Staff of Board)
Bolivia:
Central bank of:
Condition
120, 256, 358, 474, 602, 740, 884,
1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements
of central bank
34
Bond yields:
Government, municipal, and corporate.. .75, 207, 313,
427, 543, 695, 839, 985, 1145, 1269, 1395, 1499
National summary of business conditions.... 50, 184
Bonds:
New security issues
76, 208, 314, 428, 544, 696,
840, 986, 1146, 1270, 1396, 1500
Prices in principal countries
127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Prices in United States
76, 208, 314, 428, 544,
696, 840, 986, 1146, 1270, 1396, 1500
United States savings, sales, and redemptions.... 79,
211, 317, 431, 547, 699, 843,
989, 1149, 1273, 1399, 1503
(See also Government securities)
Borrowings:
Insured commercial banks
69, 201, 307, 421,
537, 689, 833, 979, 1139,
1263, 1389, 1493
Member banks at Federal Reserve Banks
59, 193,
299, 413, 529, 679, 825, 971,
1131, 1255, 1379, 1485
Weekly reporting member banks:
By Federal Reserve districts
73, 205, 311,
425, 541, 693, 837, 983, 1143, 1267, 1393, 1497
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
Borrowings—Continued.
Weekly reporting member banks—Continued.
New York City and outside
71, 203, 309,
423, 539, 691, 835, 981, 1141, 1265, 1391, 1495
Branch banks, domestic:
Changes in number of offices in United States..241,
1179
Commercial banks
509
Number in operation on December 31, 1947, by
States
588
Number of banking offices
108, 240, 346, 462,
590, 728, 872, 1018, 1178, 1304, 1429, 1532
Branch banks, Federal Reserve System:
Directors: (See Directors)
Managing officers
129, 265, 367, 483, 611,
749, 893, 1043, 1201, 1325, 1451, 1553
Brazil:
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
Gold reserves
110, 246, 348, 464, 592,
730, 874, 1024, 1182, 1306, 1432, 1534
Brehm, C. E., appointed director at Nashville
branch
47
Brill, Daniel H., article on banking assets and the
money supply since 1929
24
Broadbent, Smith, D., Jr., appointed director at
Louisville branch
813
Brokers and dealers in securities, loans to:
Insured commercial banks
68, 200, 306, 420,
536, 688, 832, 978, 1138, 1262, 1388, 1492
Weekly reporting member banks:
By Federal Reserve districts... 72, 204, 310, 424,
540, 692, 836, 982, 1142, 1266, 1392, 1496
New York City and outside... .70, 202, 308, 422,
538, 690, 834, 980, 1140, 1264, 1390, 1494
Brokers balances:
Movement to United States from abroad
112, 248,
350, 466, 594, 732, 876, 1026,
1184, 1308, 1434, 1536
Brown, Bonnar: (See Staff of Board)
Brown, Edward E., reelected President of Federal
Advisory Council
287
Bryce, William H., appointed Class C director at St.
Louis and designated Deputy Chairman
402
Bulgaria:
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
National Bank of:
Discount rate
123, 259, 361, 477, 605,
743, 887, 1037, 1195, 1319, 1445, 1547
Business conditions:
Current statistics for Federal Reserve Chart
Book
103, 235, 341, 455, 571, 723,
867, 1013, 1173, 1297, 1423, 1527
National summary of
49, 183, 288, 403, 519,
669, 814, 961, 1121, 1245, 1369, 1475
Business finance, recent developments in
615
Business indexes:
Monthly and yearly figures...83, 215, 321, 435, 551,
703, 847, 993, 1153, 1277, 1403, 1507
Cagle, Caroline: (See Staff of Board)
Canada:
Annual report of Bank of
659
Bank of:
Condition
119, 255, 357, 473, 601,
739, 883, 1033, 1191, 1315, 1441, 1543
Discount rate
123, 259, 361, 477, 605,
743, 887, 1037, 1195, 1319, 1445, 1547
DECEMBER 1948
Pages
Canada—Continued.
Bank of—Continued.
Gold reserves
110, 246, 348, 464, 592,
730, 874, 1024, 1182, 1306, 1432, 1534
Commercial banks, assets and liabilities... .124, 260,
362, 478, 606, 744, 888, 1038, 1196,
1320, 1446, 1548
Cost of living, index numbers
127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1553
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
Gold movements
Ill, 247, 349, 465, 593,
731, 875. 1025, 1183, 1307, 1433, 1535
Gold production
Ill, 247, 349, 465, 593,
731, 875, 1025, 1183, 1307, 1433, 1535
International capital transactions.. 113, 249, 351, 467,
595, 733, 877, 1027, 1185, 1309, 1435, 1537
Retail food prices
127, 263, 365, 481, 609,
747, 891, 1041, 1199, 1323, 1449, 1551
Wholesale prices in
126, 262, 364, 480, 608,
746, 890, 1040, 1198, 1322, 1448, 1550
Capital:
Movement to United States.. 112, 248, 350, 466, 594,
732, 876, 1026, 1184, 1308, 1434, 1536
Capital accounts:
Federal Reserve Banks
58, 192, 298, 412, 528,
678, 824, 970, 1130, 1254, 1378, 1484
Insured commercial banks
69, 201, 307, 421, 537,
689, 833, 979, 1139, 1263, 1389, 1493
Insured commercial banks in United States and
possessions
461, 1303
Member banks :
December 31, 1947
460
June 30, 1948
1302
Weekly reporting member banks:
By Federal Reserve districts.. .73, 205, 311, 425,
541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside. ...71, 203, 309, 423,
539, 691, 835, 981, 1141, 1265, 1391, 1495
Capital funds, cost of
269
Cash in vaults:
Insured commercial banks
69, 201, 307, 421,
537, 689, 833, 979, 1139, 1263, 1389, 1493
Weekly reporting member banks:
By Federal Reserve districts.. .73, 205, 311, 425,
541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside... .71, 203, 309, 423,
539, 691, 835, 981, 1141, 1265, 1391, 1495
Cash income and outgo of Treasury
81, 213, 319, 433,
549, 701, 845, 991, 1151, 1275, 1401, 1505
Central Banks:
Assets and liabilities
118, 254, 356, 472
600, 738, 882, 1032, 1190, 1314, 1440, 1542
Discount rates
123, 259, 361, 477,
605, 743, 887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements of
34
Gold reserves
110, 246, 348, 464,
592, 730, 874, 1024, 1182, 1306, 1432. 1534
Central reserve and reserve cities, classification of. .41, 284
Central reserve city member banks:
Assets and liabilities:
December 31, 1947
460
June 30, 1948
1302
Condition of insured commercial banks.. 68, 200, 306,
420, 536, 688, 832, 978, 1138, 1262, 1388, 1492
Deposits
60, 194, 300, 414,
530, 680, 826, 972, 1132, 1256, 1380, 1486
1561
INDEX TO VOLUME 34
Pages
Pages
Central reserve city member banks—Continued.
Charts—Continued.
Loans and investments of all commercial banks.... 15,
Earnings :
388, 487
1947
576
Loans at banks in leading cities
1462
First half of 1948
1363
Loans at member banks in leading cities
520,
Increase in required reserves, amendment to
1122, 1370
supplement to Regulation D
167
Long- and short-term interest rates
270
Reserves
60, 194, 300, 414,
Long-term interest rates
275
530, 680, 826, 972, 1132, 1256, 1380, 1486
Manufacturers orders, shipments, and inventories. .384
Reserves and borrowings
59, 193, 299, 413,
Means of financing United States net exports of
529, 679, 825, 971, 1131, 1255, 1379, 1485
goods and services
373
Chairmen of Federal Reserve Banks:
Member bank reserves and related items
50, 52,
Appointments for year
45
186, 289, 292, 388, 406, 522, 670, 672, 818,
List of
.
*
129, 265, 307, 483, 611,
964, 1124, 1246, 1248, 1372, 1476, 1478
749, 893, 1043, 1201, 1325, 1451, 1553
Member banks in leading cities
50, 184
Meetings:
Money rates.
388, 1459
May 29-31
667
New commercial banks and branches
506
December 9-10
1474
Nonfarm mortgage lending
763
Stevens, Robert T., designated at New York
667
Ownership of currency and deposits and of
Chart Books:
United States Government securities
29
Current figures on bank credit, money rates,
Ownership of demand deposits
497
and business
103, 235, 341, 455, 571,
Ownership of liquid assets
769
723, 867, 1013, 1173, 1297, 1423, 1527
Percentage change in outstanding farm mortgage
Federal Reserve, additions to May issue
668
debt
1080
Federal Reserve, as an aid to bank management,
Prices of selected farm products
1055
article by Charles H. Schmidt
382
Prices received by farmers
1053
Charts :
Principal assets and liabilities of all commercial
Agricultural production and prices
1048
banks
1455
All commercial banking offices in the United
Principal banking assets and member bank reStates
505
serves
27
Assets and indebtedness of United States agriPrincipal forms of consumer saving and dissaving
culture
1068
in 1947, by income groups
922
Balance of payments, Western European counProduction of major farm commodities
1049
tries with western hemisphere
145
Prospective buyers of consumer durable goods
Bank deposits and currency
494, 1208
and houses in 1948, by income groups
641
Business expenditures on new plant and equipRetail sales
787
ment
384, 617
Short-term interest rates
274
Classification of member bank loans and investTrade balances of Latin American Republics... .1346
ments
385
Treasury cash income and outgo
489
Commercial bank loans
492, 1207
Turnover of demand deposits
1210
Composition of consumer credit outstanding
898
Undistributed corporate prpfits
618
Construction contracts awarded
669, 961, 1369
United States exports and imports of goods and
Consumer instalment credit outstanding
900
services
372
Consumers' prices
184, 520, 962, 1246, 1476
United States merchandise exports
5
Corporate profits, taxes, and dividends
385
Value of new construction activity
759
Corporate security issues
385
Volume of world trade
1226
Corporate security issues for new capital
621
Wholesale prices
6, 289, 389, 815, 1122, 1370
Current assets and liabilities of corporations
385
Wholesale prices by major groups
1337
Demand deposits of rural banks, cash farm inWholesale prices of building materials
757
come, and rural retail sales, United States,
Yields on Treasury and corporate securities
11,
1929-47
1078
404, 962, 1213
Department store sales and stocks
49, 183, Chile:
403, 814, 1121
Central bank of:
Deposits and currency
388
Condition
120, 256, 358, 474, 602, 740, 884,
Distribution of spending units by income groups. .650
1034, 1192, 1316, 1442, 1544
Employment in nonagricultural establishments.. .288,
Discount rate
123, 259, 361, 477, 605, 743,
384, 519, 670, 1245, 1475
887, 1037, 1195, 1319, 1445, 1547
Expenditures for selected components of gross
Gold reserves
110, 246, 348, 464, 592, 730,
national product
1331
874, 1024, 1182, 1306, 1432, 1534
Farm machinery — purchases and depreciation
Foreign exchange rates
125, 261, 363, 479, 607,
United States, 1910-47.
1077
745, 889, 1039, 1197, 1321, 1447, 1549
Federal income, consumption, and saving
389
Gold and foreign exchange reserve requirements
Foreign short-term banking funds in the United
of central bank
34
States
377
Gold production
I l l , 247, 349, 465, 593, 731,
Foreign trade of Latin America
1345
875, 1025, 1183, 1307, 1433, 1535
Gross national product
389, 1330 China:
Industrial production
49, 183, 288, 384, 389, 403,
Foreign exchange rates
125, 261, 363, 479, 607,
519, 669, 814, 961, 1121, 1245, 1369, 1475
745, 889, 1039, 1197, 1321, 1447, 1549
1562
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
China—Continued.
Gold and foreign exchange reserve requirements
of central bank
34
Clearing and collection:
Delayed return of unpaid items, amendment to
Regulation J
1472
Number of banks on par list, by districts and
by States
108, 240, 346, 462, 590, 728, 872,
1018, 1178, 1304, 1429, 1532
Coins.
Circulation of
61, 195, 301, 415, 531, 681, 827,
973
Colombia:
> 1133' 1257' 1381' 1487
Bank of Republic of:
Condition
120, 256, 358, 474, 602, 740,
884, 1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rates
125, 261, 363, 479, 607,
m 745, 889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
34
Gold production
I l l , 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Commercial banks:
Assets and liabilities in United Kingdom, Canada,
and France
124, 260, 362, 478, 606, 744, 888,
1038, 1196, 1320, 1446, 1548
Assets and liabilities of insured in United States
and possessions
461, 1303
Changes in number of
241, 1179
Condition of insured in United States by classes..68,
200, 306, 420, 536, 688, 832,
978, 1138, 1262, 1388, 1492
Consumer instalment credits of
933
Consumer instalment loans....97, 229, 335, 453, 569,
721, 865, 1011, 1171, 1295, 1421, 1525
Insured home mortgages held
91, 223, 329, 443,
559, 711, 855, 1001, 1161, 1285, 1411, 1515
Commercial, industrial, and agricultural loans of
weekly reporting member banks:
By Federal Reserve districts
72, 204, 310, 424,
540, 692, 836, 982, 1142, 1266, 1392, 1496
New York City and outside.. .70, 202, 308, 422, 538,
690, 834, 980, 1140, 1264, 1390, 1494
Commercial loans :
All banks in United States and possessions, by
States
1386
Insured, by classes
68, 200, 306, 420, 536, 688,
832 978
Commercial paper:
> > 1138> 1262> 1388> 1 4 9 2
Open-market rates on....75, 207, 313, 427, 543, 695,
839, 985, 1145, 1269, 1395, 1499
Outstanding
74, 206, 312, 426, 542, 694, 838,
Committees:
984,1144,1268,1394,1498
Banking and Currency of House:
Statement filed by Chairman Eccles with
proposal for special reserve requirement
against demand and time deposits of banks. .14
Statement of Chairman McCabe before
904
Statement of Mr. Evans on regulation of
consumer instalment credit
912
Banking and Currency of Senate:
Housing situation, letters to Senator Tobey.. 764
Executive of Federal Open Market, members of.. 287
Federal Open Market: (See Federal Open Market Committee)
DECEMBER 1948
Pages
Commodity Credit Corporation:
Assets and liabilities
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Loans by
82, 214, 320, 434, 550, 702, 846,
992, 1152, 1276, 1402, 1506
Commodity prices:
National summary of business conditions
50, 184,
289, 404, 520, 670, 815, 962,
1122, 1246, 1370, 1476
Condition statements:
All member banks, by class of bank
460, 1302
Commercial banks in United Kingdom, Canada,
and France
124, 260, 362, 478, 606, 744, 888,
1038, 1196, 1320, 1446, 1548
Federal Reserve Banks:
All banks combined
55, 189, 295, 409, 525,
675, 821, 967, 1127, 1251, 1375, 1481
Each bank
56, 190, 296, 410, 526, 676, 822,
968, 1128, 1252, 1376, 1482
Foreign central banks... 118, 254, 356, 472, 600, 738,
882, 1032, 1190, 1314, 1440, 1542
Government corporations and credit agencies
82,
214, 320, 434, 550, 702, 846,
992, 1152, 1276, 1402, 1506
Insured commercial banks:
Classes of banks
68, 200, 306, 420, 536, 688,
832, 978, 1138, 1262, 1388, 1492
United States and possessions
461, 1303
Weekly reporting member banks:
By Federal Reserve districts
72, 204, 310,
424, 540, 692, 836, 982,
1142, 1266, 1392, 1496
New York City and outside... .70, 202, 308, 422,
538, 690, 834, 980,
1140, 1264, 1390, 1494
Conferences: (See Meetings)
Consolidations of banks
.. .241, 1179
Construction:
Developments during" year
755
National summary of business conditions... .49, 183,
404, 519, 669, 814, 961,
1121, 1245, 1369, 1475
Public
758
Residential building during year
759
Volume during year
757
Construction contracts awarded:
By districts
91, 223, 329, 443, 559, 711, 855,
1001, 1161, 1285, 1411, 1515
By public and private ownership.. .91, 223, 329, 443,
559, 711, 855, 1001, 1161, 1285, 1411, 1515
By type of construction
91, 223, 329, 443, 559,
711, 855, 1001, 1161, 1285, 1411, 1515
Index of value of...83, 215, 321, 435, 551, 703, 847,
993, 1153, 1277, 1403, 1507
Consumer credit:
Amendment to Regulation W on customer trials
of appliances
1364
Articles not designed exclusively for commercial
use....
1470
Automobile appraisal guides designated under
Regulation W
1240
Automobile demonstrators
1470
Chart book statistics... .107, 239, 345, 459, 575, 727,
871, 1017, 1177, 1301, 1427, 1531
Curtail and renewal of pre-September 20 credits.. 1471
Final instalments less than minimum
1470
Furniture store statistics
98, 230, 336, 454, 570,
722, 866, 1012, 1172, 1296, 1422, 1526
1563
INDEX TO VOLUME
Pages
Consumer credit—Continued.
Increase in
1207
Instalment buying terms
901
Instalment credits of commercial banks, by type
of credit
97, 229, 335, 453, 569, 721, 865,
1011, 1171, 1295, 1421, 1525
Instalment loans
96, 228, 334, 452, 568, 720,
864, 1010, 1170, 1294, 1420, 1524
Instalment loans made by principal lending institutions
96, 228, 334, 452, 568, 720, 864,
1010, 1170, 1294, 1420, 1524
Instalment sale credit, excluding automobile
credit
97, 229, 335, 453, 569, 721, 865,
1011, 1171, 1295, 1421, 1525
Interpretations of Regulation W
1364, 1470
Joint resolution of Congress giving Board of
Governors authority to exercise control of
1103
Ratio of collections to accounts receivable. .98, 230,
336, 454, 570, 722, 866, 1012,
1172, 1296, 1422, 1526
Refinancing of credit originally exempt
1472
Registration not required if credits exempt
1470
Regulation of instalment credit, statement by
Mr. Evans
912
Regulation W adopted
1104
Regulation W issued
1066
Rental purchase arrangements
1471
Restoration of controls
1214
Revised series
933
Statement of Chairman McCabe before House
Banking and Currency Committee
904
Status of rulings under previous regulation
1111
Table model roasters and cookers
1470
Total credit, by major parts
96, 228, 334, 452,
568, 720, 864, 1010, 1170, 1294, 1420, 1524
Transactions initiated before effective date of
regulation
1240
Volume of
897
Consumer finances, survey of, 1948:
Part I. Expenditures for durable goods
634
Part II. Distribution of consumer income in 1947. .649
Part III. Consumer ownership and use of liquid
and nonliquid assets
766
Part IV. Consumer saving and the allocation of
disposable income
914
Part V. Housing expenditures and
finance
1058
Consumers:
Financial position and buying plans of, July
1948
1355
Cooperatives:
Banks for, loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Copeland, Morris A., article on banking assets and
the money supply since 1929
24
Corporate bonds:
Yields on
75, 207, 313, 427, 543, 695, 839, 985,
1145, 1269, 1395, 1499
Corporate funds, uses and sources of
616
Corporate security issues:
Proposed use of proceeds:
All issuers
77, 209, 315, 429, 545, 697, 841,
987, 1147, 1271, 1397, 1501
Major groups of issuers
77, 209, 315, 429,
545, 697, 841, 987, 1147, 1271, 1397, 1501
Corporate stocks:
Holdings of all member banks
460, 1302
Prices in United States
76, 208, 314, 428,
544, 696, 840, 986, 1146, 1270, 1396, 1500
1564
34
Pages
Corporation financing, industrial differences in, article
by Charles H. Schmidt
623
Cost of credit and capital, discussion of
269
Cost of living:
Consumers price index for moderate income
families
99, 231, 337, 448,
564, 716, 860, 1006, 1166, 1290, 1416, 1520
Index for principal countries.... 127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Index, United States
83, 215, 321, 435,
551, 703, 847, 993, 1153, 1277, 1403, 1507
Costa Rica:
National Bank of:
Condition
120, 256, 358, 474, 602, 740,
884, 1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Cotton, Cecil W., appointed director at Oklahoma
City branch
47
Cotton, prices of
1054
Country member banks:
Assets and liabilities:
December 31, 1947
460
June 30, 1948
1302
Condition, call dates
68, 200, 306, 420,
536, 688, 832, 978, 1138, 1262, 1388, 1492
Deposits and reserves
60, 194, 300, 414,
530, 680, 826, 972, 1132, 1256, 1380, 1486
Deposits in large and small centers
59, 193, 299,
413, 529, 679, 825, 971, 1131, 1255, 1379, 1485
Earnings:
1947
576, 579
First half of 1948
1363
Ratios by Federal Reserve districts
586
Reserves and borrowings
59, 193, 299, 413, 529,
679, 825, 971, 1131, 1255, 1379, 1485
Court cases :
Suit regarding conditions of membership by
Peoples Bank of Lakewood Village, California,
decision of Supreme Court of United States
398
Credit:
Bank: (See Bank credit)
Consumer: (See Consumer credit)
Cost of
.'269
Developments, and the Government security
market
1455
Federal Reserve:
Chart
52, 186, 292, 406, 522,
672, 818, 964, 1124, 1248, 1372, 1478
End-of-month and Wednesday figures 53, 187,
293, 407, 523, 673, 919, 965,
1125, 1249, 1373, 1479
Nonbank, discussion of
1458
Restraint on voluntary basis discussed
495
Retail, survey for 1947
787
Credit unions:
Consumer instalment loans of
934
Criminal Code:
Act of Congress, revised and codified
1113
Crop production, increase in 1948
1049
Crop reports, by Federal Reserve districts
107, 1017,
1177, 1301, 1427, 1531
Currency:
Circulation, by denominations
61, 195, 301, 415,
531, 681, 827, 973, 1133, 1257, 1381, 1487
Increased use of
1210
Israel, new system adopted
1464
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 4
Pages
Pages
Department stores—Continued.
Currency—Continued.
Sales, accounts receivable, and collections... .98, 230,
Kinds of money in circulation
61, 195, 301, 415,
336, 454, 570, 722, 866, 1012,
531, 681, 827, 973, 1133, 1257, 1381, 1487
1172, 1296, 1422, 1526
Major factors affecting decline in
493
Sales and stocks:
Outside banks
63, 197, 303, 417,
By Federal Reserve districts.. .93, 225, 331, 445,
533, 683, 829, 975, 1135, 1259, 1383, 1489
561, 713, 857, 1003, 1163, 1287, 1413, 1517
Treasury, outstanding
53, 187, 293, 407,
By major departments
95, 227, 333, 446,
523, 673, 919, 965, 1125, 1249, 1373, 1479
562, 714, 858, 1004, 1164, 1288, 1414, 1518
Customers' debit balances
74, 206, 312, 426,
Revised table
396
542, 694, 838, 984, 1144, 1268, 1394, 1498
Sales, stocks, and outstanding orders...94, 226, 332,
Czechoslovakia:
447, 563, 715, 859, 1005, 1165, 1289, 1415, 1519
Foreign exchange rates
125, 261, 363, 479,
607, 745, 889, 1039, 1197, 1321, 1447, 1549 Deposits:
Adjusted, of all banks and currency outside
Gold and foreign exchange reserve requirements
banks
63, 197, 303, 417, 533,
of central bank
34
683, 829, 975, 1135, 1259, 1383, 1489
National Bank of:
All banks in United States, call dates...64, 198, 304,
Condition
120, 256, 358, 474,
418, 534, 684, 830, 976, 1136, 1260, 1384, 1490
602, 740, 884, 1034, 1192, 1316, 1442, 1544
All member banks:
Discount rate
123, 259, 361, 477,
December 31, 1947
460
603, 743, 887, 1037, 1195, 1319, 1445, 1547
June 30, 1948
1302
Gold reserves
110, 246, 348, 464,
Distribution by counties, publication of pamphlet. .667
592, 730, 874, 1024, 1182, 1306, 1432, 1534
Factors affecting
1209
David, Donald K., resignation as Class C director
Federal Reserve Banks:
at Boston
48
All banks combined
55, 189, 295, 409, 525,
Debit and credit balances of stock exchange firms....74.
675, 821, 967, 1127, 1251, 1375, 1481
206, 312, 426, 542, 694, 838,
Each bank
57, 191, 297, 411, 527,
984, 1144, 1268, 1394, 1498
677, 823, 969, 1129, 1253, 1377, 1483
Debits and clearing statistics, their background and
Foreign banks, held by banks on call dates.. .69, 201,
interpretation, copies of pamphlet available for
307, 421, 537, 689, 833, 979,
distribution
48
1139, 1263, 1389, 1493
Debits to deposit accounts:
Government:
Reporting centers, year and month
62, 196, 302,
Federal Reserve Banks, each bank
57, 191,
416, 532, 682, 828, 974, 1134, 1258, 1382, 1488
297, 411, 527, 677, 823, 969,
Weekly reporting member banks:
1129, 1253, 1377, 1483
By Federal Reserve districts.. .73, 205, 311, 425,
Insured commercial banks
69, 201, 307, 421,
541, 693, 837, 983, 1143, 1267, 1393, 1497
537, 689, 833, 979, 1139, 1263, 1389, 1493
New York City and outside.. .71, 203, 309, 423.
Weekly reporting member banks:
539, 691, 835, 981, 1141, 1265, 1391, 1495
By Federal Reserve districts. . .73, 205, 311,
Debt, Government:
425, 541, 693, 837, 983,
Volume and kind of securities.... 79, 211, 317, 431,
1143, 1267, 1393, 1497
547, 699, 843, 989, 1149, 1273, 1399, 1503
New York City and outside... .71, 203, 309,
Demand, production, and prices in 1947
1
423, 539, 691, 835, 981,
Denmark:
1141, 1265, 1391, 1495
Foreign exchange rates
63, 197, 303, 417,
Individuals and businesses, decline in
493
533,'683, 829, 975, 1135, 1259, 1383, 1489
Insured commercial banks
69, 201, 307, 421, 537,
Gold and foreign exchange reserve requirements
689, 833, 979, 1139, 1263, 1389, 1493
of central bank
34
Insured commercial banks in United States and
National Bank of:
possessions
461, 587, 1303
Condition
120, 256, 358, 474,
Member banks:
602, 740, 884, 1034, 1192, 1316, 1442, 1544
Classes of banks
60, 194, 300, 414, 530,
Discount rate
123, 259, 361, 477,
680, 826, 972, 1132, 1256, 1380, 1486
605, 743, 887, 1037, 1195, 1319, 1445, 1547
Country, in large and small centers
59, 193,
Gold reserves
110, 246, 348, 464,
299, 413, 529, 679, 825, 971,
592, 730, 874, 1024, 1182, 1306, 1432, 1534
1131, 1255, 1379, 1485
Department of Agriculture:
Mutual savings banks
65, 199, 305, 419, 535,
Balance sheet of agriculture, 1948, annual re685, 831, 977, 1137, 1261, 1385, 1491
port issued by
1067
National banks
64, 198, 304, 418, 534,
Department stores:
684, 830, 976, 1136, 1260, 1384, 1490
Sales:
Nonmember banks:
By Federal Reserve districts and by cities...94,
Chart
52, 186, 292, 406, 522,
226, 332, 448, 564, 716, 860, 1006,
672, 818, 964, 1124, 1248, 1372, 1478
1166, 1290, 1416, 1520
Commercial banks
65, 199, 305, 419, 535,
685, 831, 977, 1137, 1261, 1385, 1491
Index of value of
83, 215, 321, 435,
In Federal Reserve Banks
53, 187, 293, 407,
551, 703, 847, 993, 1153, 1277, 1403, 1507
523, 673, 919, 965, 1125, 1249, 1373, 1479
Weekly index of
94, 226, 332, 447,
Ownership of demand
497
563, 715, 859, 1005, 1165, 1289, 1415, 1519
DECEMBER
1948
1565
INDEX TO VOLUME 3 4
Pages
Pages
Deposits—Continued.
Postal savings:
Call dates
Directors, Federal Reserve Branch Banks—Continued.
Phillips, Howard, appointed at Jacksonville
169
69, 201, 307, 421,537,
Seacrest, Joseph W., appointed at Omaha
518
689, 833, 979, 1139, 1263, 1389,1493
Stebbins, A. Howard, Sr., appointed at Little
Depositors' balances and assets
63, 197,303,
Rock
169
417, 533, 683, 829, 975, 1135, 1259, 1383,1489
Stone, Rosco, resignation at Louisville
518
r
Rates on
54, 188, 294, 408,524,
Sw ift, Lewis B., appointed at Buffalo
169
674, 820, 966, 1126, 1250, 1374,1480
Voit, Alvin A., appointed at Louisville
169
Savings:
Directors, Foreign banks:
524,
Interest rate on
54, 188, 294, 408,
Amendment to Regulation L on interlocking bank
674,^820, 966, 1126, 1250, 1374,1480
directorates
810
Special reserve requirement against demand and
Directory:
time, statement filed by Chairman Eccles with
Board of Governors
128, 264, 366, 482, 610, 748,
Committee on Banking and Currency of House ..14
892, 1042, 1200, 1324, 1450, 1552
States and political subdivisions:
Federal Advisory Council... .128, 264, 366, 482, 610,
Insured commercial banks
69, 201, 307,421,
748, 892, 1042, 1200, 1324, 1450, 1552
537, 689, 833, 979, 1139, 1263, 1389,1493
Federal Open Market Committee. .128, 264, 366, 482,
Suspended banks
63, 197, 303, 417,533,
610, 748, 892, 1042, 1200, 1324, 1450, 1552
683, 829, 975, 1135, 1259, 1383,1489
Federal Reserve Banks and branches
129, 265,
Time, maximum rates on
54, 188, 294, 408,524,
367, 483, 611, 749, 893, 1043,
674, 820, 966, 1126, 1250, 1374,1480
1201, 1325, 1451, 1553
Treasury:
Discount rates:
Chart
52, 186, 292,406,
Federal Reserve Banks...54, 188, 294, 408, 524, 674,
522, 672, 818, 964, 1124, 1248, 1372,1478
820, 966, 1126, 1250, 1374, 1480
With Federal Reserve Banks..53, 187, 293,407,
Foreign central banks... 123, 259, 361, 477, 605, 743,
523, 673, 919, 965, 1125, 1249, 1373,1479
887, 1037, 1195, 1319, 1445, 1547
Turnover
62, 196, 302,416, Dividends:
532, 682, 828, 974, 1134, 1258, 1382,1488
All member banks by classes
576
Weekly reporting member banks:
Federal Reserve Banks during 1947
242
By Federal Reserve districts... 73, 205, 311,425,
Industrial corporations... 78, 210, 316, 430, 546, 698,
1497
541, 693, 837, 983, 1143, 1267, 1393,
842, 988, 1148, 1272, 1398, 1502
Insured commercial banks in United States and
New York City and outside. ...71, 203, 309,423,
539, 691, 835, 981, 1141, 1265, 1391,1495
possessions
587
Member banks:
Deputy Chairmen of Federal Reserve Banks:
..45
Appointments for year
1947
501
First half of 1948
1428
List df
129, 265, 367, 483,611,
Public utility corporations
78, 210, 316, 430, 546,
749, 893, 1043, 1201, 1325, 1451,1553
698, 842, 988, 1148, 1272, 1398, 1502
Directors, Federal Reserve Banks:
Dollar balances:
Bryce, William H., appointment at St. Louis and
402
Foreign countries June 30, 1947
164
designated Deputy Chairman
.45 Dominican Republic:
Class C, appointments for three year terms
170
Condition of central bank
1316, 1442, 1544
Classes of
Gold and foreign exchange reserve requirements
David, Donald K., resignation as Class C at
of central bank
34
Boston
.8
4
Earnings: (See also Earnings and expenses)
Hodgkinson, Harold D., appointed Deputy Chair.46
Corporations
78, 210, 316, 430, 546, 698, 842,
man for 1948 at Boston
988, 1148, 1272, 1398, 1502
Kline, Allan B., appointed Class C at Chicago. . .46
170
Production workers in manufacturing industries. .89,
List of
,960
221, 327, 441, 557, 709, 853,
Stevens, Ames, appointed Class C at Boston
999, 1159, 1283, 1409, 1513
Stevens, Robert T., appointed Class C at New
Earnings and dividends:
York and designated Chairman and Federal
Industrial corporations
78, 210, 316, 430, 546,
.667
Reserve Agent
698, 842, 988, 1148, 1272, 1398, 1502
Directors, Federal Reserve Branch Banks:
.46
Public utility corporations
78, 210, 316, 430, 546,
Appointments for year
168
698, 842, 988, 1148, 1272, 1398, 1502
Bland, W. T., resignation at Jacksonville
.47 Earnings and expenses:
Brehm, C. E., appointed at Nashville
Federal Reserve Banks:
Broadbent, Smith D., Jr., appointed at Louisville. 813
1947
242
Cotton, Cecil W., appointed at Oklahoma City.. .47
First half of 1948
1022
.47
Ebert, R. E., appointed at Charlotte
Faucett, J. Roy, appointed at Birmingham
.47
Insured commercial banks in the United States
Hale, Edward E., appointed at San Antonio.... .47
and possessions
587
Howell, Marshall F., appointed at Jacksonville.. .47
Member banks:
1947
501
168
Isaacson, Henry C, appointed at Seattle
813
Lee, Charles S., resignation at Jacksonville
1947, by classes
576
171
List of
First half of 1948
1360, 1428
Marsh, Ben R., appointed at Detroit
.47
Review of
,
1215
Miller, J. Hillis, appointed at Jacksonville
960 Ebert, R. E., appointed director at Charlotte branch
47
Moore, M. P., appointed at Memphis
.47 Eccles, M. S. (See Board of Governors, Members)
1566
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Pages
Economic progress in Western Europe
133
Economic survey for 1948, official summary of British Government
391
Ecuador:
Central bank of:
Condition
120, 256, 358, 474, 602, 740, 884,
1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements
of central bank
35
Egypt :
Gold and foreign exchange reserve requirements
of central bank
35
National Bank of:
Condition
120, 256, 358, 474, 602, 740, 884,
1034, 1192, 1316, 1442, 1544
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
El Salvador:
Central reserve bank of:
Condition
120, 256, 358, 474, 602, 740,
884, 1034, 1192, 1316, 1442, 1544
Discount rate
123, 259, 361, 477, 605, 743
887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements
of central bank
35
Employees of member banks, number of
576
Employment:
Construction
757
Factory employment:
Adjusted for seasonal variation
89, 221, 327,
441, 557, 709, 853, 999, 1159, 1283, 1409, 1513
Business index
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Factory employment and pay rolls by industries
88, 220, 326, 440, 556, 708,
852, 998, 1158, 1282, 1408, 1512
Labor force
90, 222, 328, 442, 558, 710,
854, 1000, 1160, 1284, 1410, 1514
National summary of business conditions... 183, 288,
403
Nonagricultural:
Business index
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Total in each classification
90, 222, 328, 442,
558, 710, 854, 1000, 1160, 1284, 1410, 1514
England: (See United Kingdom)
Erickson, Joseph A., appointment as President of Federal Reserve Bank of Boston
1363
Estonia:
Discount rate of central bank. 123, 259, 361, 477, 605,
743, 887, 1037, 1195, 1319, 1445, 1547
Ethiopia :
Condition of State B a n k . . . . 121, 257, 359, 475, 603,
741, 885, 1035, 1193, 1317, 1443, 1545
Gold and foreign exchange reserve requirements
of central bank
35
Europe:
International capital transactions. .113, 249, 351, 467,
595, 733, 877, 1027, 1185, 1309, 1434, 1536
Recovery in Western
133
Relations of individual Western European countries with the western hemisphere
148
Evans, R. M.: (See Board of Governors, Members)
Executive orders:
9989, transferring jurisdiction of blocked assets
to the Attorney General
1242
DECEMBER 1948
34
Pages
Expenditures:
Postwar period
Treasury
1329
81, 213, 319, 433, 549, 701,
845, 991, 1151, 1275, 1401, 1505
(See also Earnings and expenses)
Expenditures for goods and services during 1947
6
Export-Import Bank:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Exports:
Farm commodities, changes in
1051
Foreign trade in 1947
5
Surplus
1333
Western Europe and dependencies
144
Exter, John: (See Staff of Board)
Factory employment: (See Employment)
Farm Credit Administration:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Farm products:
Wholesale price indexes:
Principal countries
126, 262, 364, 480, 608,
746, 890, 1040, 1198, 1322, 1448, 1550
United States
100, 232, 338, 449, 565, 717,
861, 1007, 1167, 1291, 1417, 1521
Farm Security Administration:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402r 1506
Faucett, J. Roy, appointed director at Birmingham
branch
47
Fauver, Clarke L.: (See Staff of Board)
Federal Advisory Council
Meetings:
February 15-17
287
April 25-27
518
September 19-21
1239
November 14-16
1474
Members:
Brown, Edward E., reelected President
287
Fleming, Robert V., elected Second Vice
President
287
List of
128, 264, 366, 482, 610, 748,
892, 1042, 1200, 1324, 1450, 1552
Spencer, C. E., Jr., elected First Vice President
287
Resolution on housing situation
764
Staff:
Lichtenstein, Walter, reappointed Secretary. .287
Resignation as Secretary
518
Prochnow, Herbert V., appointed Associate
Secretary
287
Appointed Secretary
518
Federal Farm Mortgage Corporation:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Federal Home Loan Banks:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Federal Housing Administration:
Insured home mortgages held by banks and
others
91, 223, 329, 443, 559, 711,
855, 1001, 1161, 1285, 1411, 1515
Loans insured by
91, 223, 329, 443, 559, 711,
855, 1001, 1161, 1285, 1411, 1515
Federal Intermediate Credit Banks:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
1567
INDEX TO VOLUME 3 4
Pages
Federal Land Banks:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Federal National Mortgage Association:
Assets and liabilities
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Federal Open Market Committee:
Executive Committee, members of....
. . . 287
Meetings:
February 27 and March 1
287
May 20
667
October 4
1239
November 15 and 30
1474
Members:
Eccles, Marriner S., reelected Chairman
287
Election of
287
Sproul, Allan, reelected Vice Chairman
287
Members and officers, list... 128, 264, 366, 482, 610,
748, 892, 1042, 1200, 1324, 1450, 1552
Support of Government securities market
11
Federal Public Housing Authority:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Federal Register, announcement regarding
44
Federal Reserve Act:
Amendment to Section 24 on real estate loans.... 666
Amendments repealing certain criminal pro1113
m visions
Federal Reserve Bank notes:
Circulation and outstanding.. .61, 195, 301, 415, 531,
681, 827, 973, 1133, 1257, 1381, 1487
Federal Reserve Bank of Boston:
Staff:
Erickson, Joseph A., appointment as President
1363
Whittemore, Laurence F., resignation as
President
1239
Federal Reserve Bank of New York:
Staff:
Garvy, George, publication of technical study
on debits and clearings statistics, their
background and interpretation
48
Federal Reserve Banks:
Assets and liabilities of
55, 189, 295, 409, 525,
675, 821, 967, 1127, 1251, 1375, 1481
Branches: (See Branch banks, Federal Reserve
System)
Capital and surplus of each bank
58, 192, 298,
412, 528, 678, 824, 970, 1130, 1254, 1378, 1484
Chairmen: (See Chairmen)
Condition statement, each bank
56, 190, 296, 410,
526, 676, 822, 968, 1128, 1252, 1376, 1482
Directors: (See Directors)
Dividends during 1947
...242
Earnings and expenses:
1947
242
First half of 1948
1022
Government securities held by
80, 212, 318, 432,
548, 700/844, 990, 1150, 1274, 1400, 1504
Officers
129, 265, 367, 483, 611, 749
893, 1043, 1201, 1325, 1451, 1553
Federal Reserve Chart Book:
Additions to May issue
668
As an aid to bank management, article by
Charles H. Schmidt
382
Current statistics on bank credit, money rates and
business
1568
103, 235, 341, 455, 571, 723,
867, 1013, 1173, 1297, 1423, 1527
Pages
Federal Reserve districts, map of.. 132, 268, 370, 486, 614,
754, 896, 1046, 1204, 1328, 1454, 1558
Federal Reserve notes:
Circulation:
All banks combined... .55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Each bank, condition statement.... 57, 191, 297,
411, 527, 677, 823, 969, 1129, 1253, 1377, 1483
Each bank, Federal Reserve Agents' accounts
58, 192, 298, 412, 528, 678,
824, 970, 1130, 1254, 1378, 1484
Collateral security for....58, 192, 298, 412, 528, 678,
824, 970, 1130, 1254, 1378, 1484
Federal Reserve Agents' accounts.. 58, 192, 298, 412,
528, 678, 824, 970, 1130, 1254, 1378, 1484
Outstanding and in circulation... .61, 195, 301, 415,
531, 681, 827, 973, 1133, 1257, 1381, 1487
Redemption fund:
All banks combined... .55, 189, 295, 409, 525, 675,
• 821, 967, 1127, 1251, 1375, 1481
Each bank
56, 190, 296, 410, 526, 676,
822, 968, 1128, 1252, 1376, 1482
Federal Reserve System:
Map
132, 268, 370, 486, 614, 754,
896, 1046, 1204, 1328, 1454, 1558
Significance of membership in, address by
Mr. McCabe
1339
Finland:
Bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Foreign exchange rates... 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Fleming, Robert V., elected Second Vice President
of Federal Advisory Council
287
Food:
Retail prices, principal countries.. 127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Wholesale prices:
Principal countries
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
United States
100, 232, 338, 449, 565, 717,
861, 1007, 1167, 1291, 1417, 1521
Foreign banking:
Interlocking bank directorates, amendment to
Regulation L
810
Liquidation of funds in the United States
377
Foreign banks:
Anglo-Palestine Bank, Limited, granted sole
right to issue bank notes
1464
Bank Deutscher Laender, establishment of
279
Bank of Canada, annual report of
659
Bank of the German States, authorization to
issue notes and coins
1101
Commercial banks, condition of.. 124, 260, 362, 478,
606, 744, 888, 1038, 1196, 1320, 1446, 1548
Condition of central banks
118, 254, 356, 472, 600,
738, 882, 1032, 1190, 1314, 1440, 1542
Deposits held by member banks on call dates
69
201, 307, 421, 537, 689, 833, 979,
1139, 1263, 1389, 1493
Deposits of weekly reporting member banks:
By Federal Reserve districts. .73, 205, 311, 425.
541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside..71, 203, 309, 423,
539, 691, 835, 981, 1141, 1265, 1391, 1495
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
Foreign banks—Continued.
Discount rates of central banks.. 123, 259, 361, 477,
605, 743, 887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements of
33
Gold reserves of central banks... .110, 246, 348, 464,
592, 730, 874, 1024, 1182, 1306, 1432, 1534
Philippine Central Bank Act
938
Foreign deposits held by Federal Reserve Banks:
All banks combined
55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Each bank
57, 191, 297, 411, 527, 677,
823 9 6 9 1129 1 2 5 3 1 3 7 7 1 4 8 3
Foreign exchange:
>
'
>
'
'
Reserve requirements of foreign central banks
33
(See also Foreign funds control)
Foreign exchange rates
125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Foreign funds control:
Executive order transferring jurisdiction to
Attorney General
1242
Treasury Department releases
42, 285, 517,
810, 1120, 1243
Foreign trade in 1947
5
Fox, Charles: (See Staff of Board)
France:
Bank of:
Condition
119, 255, 357, 473, 601, 739,
883, 1033, 1191, 1315, 1441, 1543
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Commercial banks, assets and liabilities
124,
260, 362, 478, 606, 744, 888, 1038,
1196, 1320, 1446, 1548
Foreign exchange rates.. .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements of central bank
35
Gold movements
I l l , 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
International capital transactions.. .113, 249, 351, 467,
595, 733, 877, 1027, 1185, 1309, 1435, 1537
Relations with Western Hemisphere
148
Second annual report of the National Credit
Council
950
Security prices, index numbers.. 127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Freight carloadings:
Classes
Index of
92, 224, 330, 444, 560, 712,
856, 1002, 1162, 1286, 1412, 1516
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Furniture store statistics
98, 230, 336, 454, 570, 722,
866 1012 1172 1296
Germany:
>
>
>
> U22< ^26
Authorization of the Bank of German States to
issue notes and coins
1101
Cost of living, index numbers
127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Establishment of new central bank,
Bank Deutscher Laender
279
Foreign exchange rates.. 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
International capital transactions. .113, 249, 351, 467,
595, 733, &77, 1027, 1185, 1309, 1435, 1537
DECEMBER 1948
Pages
Germany—Continued.
Open-market rates
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Reichsbank:
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Relations with Western Hemisphere
149
Retail food prices
127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Security prices, index numbers... .127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Wholesale prices i n . . . . 126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Gold:
Earmarked
62, 196, 302, 416, 532, 682,
828, 974, 1134, 1258, 1382, 1488
Foreign, postwar drain on
371
Movements, United States... .111, 247, 349, 465, 593,
731, 875, 1025, 1183, 1307, 1433, 1535
Production:
United States
62, 196, 302, 416, 532, 682,
828, 974, 1134, 1258, 1382, 1488
World
I l l , 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Reserve requirements of foreign central banks
33
Reserves of central banks and governments. .110, 246,
348, 464, 592, 730, 874, 1024, 1182, 1306, 1432, 1534
Reserves of foreign central banks
376
Resources of foreign countries
164
Stock:
Chart
52, 186, 292, 406, 522, 672,
818, 964, 1124, 1248, 1372, 1478
End-of-month and Wednesday figures... 53, 187,
293, 407, 523, 673, 819, 965, 1125, 1249, 1373, 1479
United States, analysis of changes..62, 196, 302,
416, 532, 682, 828, 974, 1134, 1258, 1382, 1488
Subsidies, policy statement of International
Monetary Fund on
39
Gold certificates:
Federal Reserve Bank holdings:
All banks combined..55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Each bank
56, 190, 296, 410, 526, 676,
822, 968, 1128, 1252, 1376, 1482
Outstanding and in circulation. .61, 195, 301, 415, 531,
681, 827, 973, 1133, 1257, 1381, 1487
Government bonds: (See Government securities)
Government corporations and credit agencies:
Assets and liabilities
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Government debt:
Volume and kind of securities. .79, 211, 317. 431, 547,
699, 843, 989, 1149, 1273, 1399, 1503
Government employees, number of Federal, State,
and local
90, 222, 328, 442, 558, 710,
854, 1000, 1160, 1284, 1410, 1514
Government expenditures
1332
Government securities:
Bond prices
76, 208, 314, 428, 544, 696,
840, 986, 1146, 1270, 1396, 1500
Changes in holdings of
490, 1456
Direct obligations, volume and kind. .79, 211, 317, 431,
547, 699, 843, 989, 1149, 1273, 1399, 1503
1569
INDEX TO VOLUME 34
Pages
Government securities—Continued.
Federal Reserve Bank holdings:
All banks combined.. 55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Each bank
56, 190, 296, 410, 526, 676,
822, 968, 1128, 1252, 1376, 1482
End-of-month and Wednesday figures.. .53, 187,
293, 407, 523, 673, 919,
965, 1125, 1249, 1373, 1479
Maturity distribution. .55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Federal Reserve support of market
11, 15
Holdings of marketable securities, November 5December 24, 1947
12
Insured commercial banks. .68, 200, 306, 420, 536, 688,
832, 978, 1138, 1262, 1388, 1492
Investments by weekly reporting member banks:
By Federal Reserve districts. .72, 204, 310, 424,
540, 692, 836, 982, 1142, 1266, 1392, 1496
New York City and outside..70, 202, 308, 422,
538, 690, 834, 980, 1140, 1264, 1390, 1494
Nonbank sales
1212
Ownership of
1456
Ownership of direct and guaranteed. .80, 212, 318, 432,
548, 700, 844, 990, 1150, 1274, 1400, 1504
Ownership of marketable
23
Prices and yields
12
Savings bonds
79, 211, 317, 431, 547, 699,
843, 989, 1149, 1273, 1399, 1503
Savings bonds, valuation of assets in common
trust fund . . . .*
397
Yields on
75, 207, 313, 427, 543, 695,
839, 985, 1145, 1269, 1395, 1499
Government security market, review of
1455
Greece:
Bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rate... .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
35
Gross national product
101, 233, 339, 450, 566, 718,
862, 1008, 1168, 1292, 1418, 1522
Review of
1330
Grove, David L.: (See Staff of Board)
Guatemala:
Condition of Bank of... .121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Haiti:
Gold and foreign exchange reserve requirements of central bank
35
Hale, Edward E., appointed director of San Antonio
branch
47
Hodgkinson, Harold D., appointed Deputy Chairman
at Boston
46
Holthausen, Duncan Mc.C.: (See Staff of Board)
Home Owners Loan Corporation:
Loans by
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Hongkong:
Foreign exchange rate... 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Hostrup, Clarence C.: (See Staff of Board)
1570
Pages
Hours and earnings of production workers in manufacturing industries
89, 221, 327, 441, 557, 709,
853,999,1159,1283,1409,1513
Housing:
Statements by Board and Federal Advisory
Council on
764
Howell, Marshall F., appointed director at Jacksonville branch
47
Hungary:
Foreign exchange rate... .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements of central bank
35
National Bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874 1024 1182 1306 1432) 1 5 3 4
Iceland'
'
'
'
Gold and foreign exchange reserve requirements
of central bank
35
Imports:
Foodstuffs by Western European countries
142
Western European countries from Western
Hemisphere
150
Imports and exports:
Gold movements to and from United States
Ill,
247, 349, 465, 593, 731, 875, 1025,
1183, 1307, 1433, 1535
Merchandise
92, 224, 330, 444, 560, 712,
856, 1002, 1162, 1286, 1412, 1516
United States, dollar value of
372
Income:
Agriculture, 1948
1069
Cash, and outgo of U. S. Treasury
81, 213,
319, 433, 549, 701, 845, 991, 1151,
1275, 1401, 1505
Farmers
1056
National
101, 233, 339, 450, 566, 718,
862 1008 1168 1292 1418 1522
Payments:
' '
'
'
'
Index'value of
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Use of
101, 233, 339, 450, 566, 718.
862, 1008, 1168, 1292, 1418, 1522
Personal
101, 233, 339, 450, 566, 718,
862, 1008, 1168, 1292, 1418, 1522
Postwar period
1329
Railroads
92, 224, 330, 444, 560, 712.
856, 1002, 1162, 1286, 1412, 1516
Taxes, Internal Revenue collections
81, 213,
319, 433, 549, 701, 845, 991, 1151.
Index numbers:
1275,1401,1505
Bond prices
76, 208, 314, 428, 544, 696,
840, 986, 1146, 1270, 1396, 1500
Business indexes
83, 215, 321, 435, 551, 703.
847, 993, 1153, 1277, 1403, 1507
Construction contracts awarded. .83, 215, 321, 435, 551
703, 847, 993, 1153, 1277, 1403, 1507
Cost of living":
Consumers price index for moderate income
families
99, 231, 337, 448, 564, 716,
860, 1006, 1166, 1290, 1416, 1520
Principal countries... 127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
United States
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
Index numbers—Continued.
Department stores:
Sales, adjusted
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Sales, weekly
94, 226, 332, 447, 563, 715,
859, 1005, 1165, 1289, 1415, 1519
Sales and stocks, monthly. .94, 226, 332, 447, 563,
715, 859, 1005, 1165, 1289, 1415, 1519
Factory employment, business index
83, 215, 321,
435, 551, 703, 847, 993, 1153, 1277, 1403, 1507
Factory employment and pay rolls by industries
88, 220, 326, 440, 556, 708,
852, 998, 1158, 1282, 1408, 1512
Freight carloadings:
Adjusted
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Classes
92, 224, 330, 444, 560, 712,
856, 1002, 1162, 1286, 1412, 1516
Income payments
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Industrial production:
Adjusted for seasonal variation
84, 216, 322,
436, 552, 704, 848, 994, 1154, 1278, 1404, 1508
Physical volume
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Without seasonal adjustment... .86, 218, 324, 438,
554, 706, 850, 996, 1156, 1280, 1406, 1510
Retail food prices
127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Security prices in principal countries.. .127, 263, 365,
481, 609, 747, 891, 1041, 1199, 1323, 1449, 1551
Stock prices
76, 208, 314, 428, 544, 696,
840, 986, 1146, 1270, 1396, 1500
Wholesale prices:
Commodities
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
Groups of commodities.. 100, 232, 338, 449, 565,
717, 861, 1007, 1167, 1291, 1417, 1521
Principal countries.. .126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
India:
Foreign exchange rates.. .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements of central bank
35
Gold movements
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Gold production
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Reserve Bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Industrial advances by Federal Reserve Banks:
All banks combined
55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Commitments
58, 192, 298, 412, 528, 678,
824, 970, 1130, 1254, 1378, 1484
Each bank
56, 190, 296, 410, 526, 676,
822, 968, 1128, 1252, 1376, 1482
Maturity distribution
55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
Number and amount
59, 193, 299, 413, 529, 679,
825, 971, 1131, 1255, 1379, 1485
DECEMBER
1948
Pages
Industrial advances by Federal Reserve Banks—Continued.
Rates
54, 188, 294, 408, 524, 674,
820, 966, 1126, 1250, 1374, 1480
Industrial corporations:
Earnings and dividends.. .78, 210, 316, 430, 546, 698,
842, 988, 1148, 1272, 1398, 1502
Industrial differences in large corporation
financing
623
Industrial production:
Business index
S3, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
By industries:
Adjusted for seasonal variation
84, 216, 322,
436, 552, 704, 848, 994, 1154, 1278, 1404, 1508
Without seasonal adjustment. .86, 218, 324, 438,
554, 706, 850, 996, 1156, 1280, 1406, 1510
Charts
49, 183, 288, 384, 389, 403, 519,
669, 814, 961, 1121, 1245, 1369, 1475
National summary of business conditions.. .49, 183,
288, 403, 519, 669, 814, 961, 1121,
1245, 1369, 1475
Recovery in Western Europe
134
Review of 1947
2
Wholesale price index... 126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Inflation:
Latin American Republics
1346
Pressures in 1948
8
Statement of Chairman McCabe before House
Banking and Currency Committee
904
Instalment loans: (See Consumer credit)
Insurance companies:
Government securities held by. .80, 212, 318, 432, 548,
700, 844, 990, 1150, 1274, 1400, 1504
Insured home loans held..91, 223, 329, 443, 559, 711,
855, 1001, 1161, 1285, 1411, 1515
Insured commercial banks:
Assets and liabilities in United States and
possessions
587, 1303
Loans and investments
68, 200, 306, 420, 536, 688,
832, 978, 1138, 1262, 1388, 1492
Interest rates:
Commercial loan rates in principal cities
75, 207,
313, 427, 543, 695, 839, 985, 1145,
1269, 1395, 1499
Discussion of
269, 1459
National summary of business conditions
50, 184,
1122, 1246, 1370
Open-market rates in New York City.. .75, 207, 313,
427, 543, 695, 839, 985, 1145,
1269, 1395, 1499
Time deposits, maximum rates on
54, 188, 294,
408, 524, 674, 820, 966, 1126,
1250, 1374, 1480
Interlocking Bank Directorates, amendment to Regulation L
810
Internal Revenue collections... .81, 213, 319, 433, 549, 701,
845, 991, 1151, 1275, 1401, 1505
International Bank for Reconstruction and Development :
Activities of National Advisory Council relating to
157
Report of National Advisory Council
1098
Special report of National Advisory Council
796
Third annual report of
1220
International capital transactions of the United
States
112, 248, 350, 466, 594, 732,
876, 1026, 1184, 1308, 1434, 1536
1571
INDEX TO VOLUME 34
Pages
International Monetary Fund:
Activities of National Advisory Council relat.157
ing to
378
Dollar drawings on
1217
Policies and activities of, annual report
..39
Policy statement on gold subsidies
1098
Report of National Advisory Council
.800
Special report of National Advisory Council
Inventories:
.616
Manufacturing and trade
Investments:
199,
All banks in the United States, call dates
65, 1137
305, 419, 535, 685, 831, 977, 1491
1261, 1385, 688,
Insured commercial banks. .68, 200, 306, 420, 536,1492
832, 978, 1138, 1262, 1388,
Weekly reporting member banks:
310,
By Federal Reserve districts
72, 204,
1142,
424, 540, 692, 836, 982, 1496
1266, 1392, ,308,
New York City and outside
70, 202,
422, 538, 690, 834, 980, 1140,
1264, 1390, 1494
reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Ireland:
Central bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements of central bank
36
Isaacson, Henry C, appointed director at Seattle
branch
•
168
Israel, new currency system in
1464
Italy
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Foreign exchange rate... .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements of central bank
36
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
International capital transactions
113, 249, 351,
467, 595, 733, 877, 1027, 1185,
1309. 1435, 1537
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Japan:
Bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rates.. .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold movements
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Java: Bank of:
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
1572
Pages
Java—Continued.
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Kline, Allan B., appointed Class C director at
Federal Reserve Bank of Chicago
46
Knapp, J. Burke: (See Staff of Board)
Kolb, J. Raymond: (See Staff of Board)
Latin America's postwar inflation and balance of
payments problems
1344
Latin American Republics:
Gold movements
I l l , 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
International capital transactions.. .113, 249, 351, 467,
595, 733, 877, 1027, 1185,
1309, 1435, 1537
Latvia:
Discount rate of central bank
123, 259, 361,
477, 605, 743, 887, 1037, 1195,
1319, 1445, 1547
Leading articles:
Agriculture in mid-1948
1047
Bank credit developments
: . . . 1205
Consumer credit trends
897
Cost of credit and capital
269
Credit developments and the Government security market
1455
Demand, production, and prices in 1947
1
Expenditures and incomes in postwar period
1329
Postwar drain on foreign gold and dollar
reserves
371
Real estate and construction markets
755
Recent developments in business finance
615
Recovery in Western Europe
133
Treasury surplus, bank reserves, and the
money supply
487
Lee, Charles S., resignation as director at Jacksonville branch
813
Legislation:
Amendments to Federal Reserve Act repealing
certain criminal provisions
1113
Section 24 as to participation by RFC in real
estate loans
666
Consumer credit, Joint resolution of Congress
giving Board of Governors authority to exercise controls
1103
Housing, letter to Senator Tobey on
764
Philippine Central Bank Act
938
Reconstruction Finance Corporation Act, amendment as to participation in real estate loans
666
Reserve requirements, joint resolution of Congress giving Board of Governors authority to
increase for member banks
1103
Leonard, R. F.: (See Staff of Board)
Liquid asset holdings of individuals and businesses,
estimated
657
List of directors of Federal Reserve Banks and
branches
170
Lithuania:
Discount rate of central bank
123, 259, 361, 477,
605, 743, 887, 1037, 1195, 1319, 1445, 1547
Livestock:
Number on farms 1948
1050
Loans:
Agricultural:
Insured commercial banks..68, 200, 306, 420, 536,
688, 832, 978, 1138, 1262, 1388, 1492
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
Pages
Loans—Continued.
Brokers and dealers in securities by weekly
reporting member banks:
By Federal Reserve districts... 72, 204, 310, 424,
540, 692, 836, 982, 1142, 1266, 1392, 1496
New York City and outside
70, 202, 308, 422,
538, 690, 834, 980, 1140, 1264, 1390, 1494
Commercial, industrial, and agricultural by
weekly reporting member banks:
By Federal Reserve districts.. .72, 204, 310, 424,
540, 692, 836, 982, 1142, 1266, 1392, 1496
New York City and outside... .70, 202, 308, 422,
538, 690, 834, 980, 1140, 1264, 1390, 1494
Consumer instalment, made by principal lending institutions
96, 228, 334, 452, 568, 720,
864, 1010, 1170, 1294, 1420, 1524
Current tendencies in bank lending
1462
Federal Housing Administration, insured by
91,
223, 329, 443, 559, 711, 855, 1001, 1161,
1285, 1411, 1515
Government corporations and credit agencies
82,
214, 320, 434, 550, 702, 846, 992, 1152,
1276, 1402, 1506
Industrial: (See Industrial advances)
Instalment
96, 228, 334, 452, 568, 720,
v < +,
864, 1010, 1170, 1294, 1420, 1524
Real estate:
'
'
'
Amendment to Section 24 Federal Reserve
Act
666
Weekly reporting member banks:
By Federal Reserve districts... .72, 204, 310,
424, 540, 692, 836, 982, 1142,
1266, 1392, 1496
New York City and outside
70, 202, 308,
422, 538, 690, 834, 980, 1140,
1264, 1390, 1494
Slackened growth in bank loans
491
War production, guaranteed by War Department,
Navy Department, and Maritime Commission
59, 193, 299, 413, 529, 679,
825, 971, 1131, 1255, 1379, 1485
Loans and investments:
All banks in United States, call dates... .64, 198, 304,
418, 534, 684, 830, 976, 1136,
1260, 1384, 1490
Insured commercial banks. .68, 200, 306, 420, 536, 688,
832, 978, 1138, 1262, 1388, 1492
Member banks, call dates. .64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
Mutual savings banks, call dates... .65, 199, 305, 419,
535, 685, 831, 977, 1137, 1261, 1385, 1491
National banks
64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
Nonmember banks
65, 199, 305, 419, 535, 685,
831, 977, 1137, 1261, 1385, 1491
Weekly reporting member banks:
By Federal Reserve districts
72, 204, 310,
424, 540, 692, 836, 982, 1142,
1266, 1392, 1496
New York City and outside
70, 202, 308,
422, 538, 690, 834, 980, 1140,
Manufactures:
1264,1390,1494
Industrial production, index of. .83, 215, 321, 435, 551,
703, 847, 993, 1153, 1277, 1403, 1507
Manufacturing industries:
Hours and earnings of production workers..89, 221,
327, 441, 557, 709, 853, 999, 1159,
1283, 1409, 1513
DECEMBER 1948
Maps:
Federal Reserve System. .132, 268, 370, 486, 614, 754,
896, 1046, 1204, 1328, 1454, 1558
Margin accounts:
Statistics of stock exchange
firms
74, 206, 312,
426, 542, 694, 838, 984, 1144,
1268, 1394, 1498
Margin requirements:
Amendments to Regulations T and U on substitutions in undermargined accounts
284
* Ninety-day rule in special cash account
517
Substitutions in undermargined accounts
397
Table
, . .54, 188, 294, 408, 524, 674,
820, 966, 1126, 1250, 1374, 1480
Maritime Commission:
War production loans guaranteed by
59, 193, 299,
413, 529, 679, 825, 971, 1131,
1255, 1379, 1485
Marsh, Ben R., appointed director at Detroit branch... .47
Maturity distribution of loans and Government
securities
55, 189, 295, 409, 525, 675,
821, 967, 1127, 1251, 1375, 1481
McCabe, Thomas B.: (See Board of Governors,
Members)
Meetings:
Chairmen of the Federal Reserve Banks:
May 29-31
667
December 9-10
1474
Federal Advisory Council:
February 15-17
287
April 25-27
518
September 19-21
1239
November 14-16
1474
Federal Open Market Committee:
February 27 and March 1
287
May 20
667
October 4
1239
November 15 and 30
1474
Presidents of the Federal Reserve Banks :
February 25, 26, and 27
287
May 18 and 21
667
October 1, 2, and 5
1239
November 29 and December 1
1474
Member banks:
Assets and liabilities:
December 31, 1947, by class of bank
460
June 30, 1948, by class of bank
1302
Changes in number of banking offices in United
States
241, 1179
Deposits and reserves of
60, 194, 300, 414, 530 680
826, 972, 1132, 1256, 1380, 1486
Earnings:
1947, by classes
501,576
By size of bank
580
First half of 1948
1360, 1428
Loans and investments, call dates..64, 198, 304, 418,
534, 684, 830, 976, 1136, 1260, 1384, 1490
Number of:
Call dates
64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
In operation and branches on
December 31, 1947
588
Offices in United States.. .108, 240, 346, 462 590
728, 872, 1018, 1178, 1304, 1429, 1532
Officers and employees
576
Operating ratios 1947
1019
Par list
108, 240, 346, 462, 590, 728,
872, 1018, 1178, 1304, 1429, 1532
1573
INDEX TO VOLUME 34
Pages
Pages
Morocco :
Gold and foreign exchange reserve requirements
of central bank
^36
Mortgage debt, volume of
762
Mortgages:
Expansion in credit for
1207
Insured Federal Housing Administration mortgages held
91, 223, 329, 443, 559, 711,
855, 1001, 1161, 1285, 1411, 1515
Moss, Milton: (See Staff of Board)
Mutual savings banks:
Changes in number of banking offices in United
States
241, 1179
Deposits, call dates
65, 199, 305, 419, 535, 685,
831, 977, 1137, 1261, 1385, 1491
Government securities held by
80, 212, 318, 432,
548, 700, 844, 990, 1150, 1274, 1400, 1504
Insured home loans held
91, 223, 329, 443, 559,
711, 855, 1001, 1161, 1285, 1411, 1515
Loans and investments, call dates
65, 199, 305,
419, 535, 685, 831, 977, 1137, 1261, 1385, 1491
Number in operation and branches in 1947
588
National Advisory Council:
Report on international monetary and financial
problems:
April 1-September 30, 1947
152
October 1, 1947-March 31, 1948
1083
Special report of
794
Statement on gold subsidies
39
National Association of Bank Auditors and Comptrollers, article on Federal Reserve Chart Book as
an aid to bank management prepared at request of... 382
National bank notes, stock of
61, 195, 301, 415, 531,
National banks:. . 681 - 827> 973> 1133 - 1 2 5 7 . 1381 - 1 4 8 7
Assets and liabilities:
December 31, 1947
460
June 30, 1948
1302
Changes in number of banking offices in United
States
241, 1179
Deposits, call dates
64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
Earnings:
1947
576
By size of bank
581
First half of 1948
1428
Number of:
Call dates
64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
In operation and branches on December 31,
1947
588
Suspensions
63, 197, 303, 417, 533, 683,
818, 964, 1124, 1248, 1372, 1478
829, 975, 1135, 1259, 1383, 1489
Stock of......,,,
61, 195, 301, 415, 531, 681,
827, 973, 1133, 1257, 1381, 1487 National Credit Council of France, second annual
report of
950
Total
53, 187, 293, 407, 523, 673,
919, 965, 1125, 1249, 1373, 1479 National summary of business conditions.... 49, 183, 288,
Money rates:
403, 519, 669, 814, 961,
Commercial loan rates
75, 207, 313, 427, 543, 695, Navy Department:
1121,1245,1369,1475
839, 985, 1145, 1269, 1395, 1499
War production loans guaranteed by
59, 193, 299,
Current statistics for Federal Reserve Chart
413, 529, 679, 825, 971, 1131, 1255, 1379, 1485
Book
103, 235, 341, 455, 571, 723, Netherlands:
867, 1013, 1173, 1297, 1423, 1527
Bank:
Foreign countries
123, 259, 361, 477, 605, 743,
Condition
121, 257, 359, 475, 603, 741, 885,
887, 1037, 1195, 1319, 1445, 1547
1035, 1193, 1317, 1443, 1545
Increase in
1213
Discount rate
123, 259, 361, 477, 605, 743,
Open-market, New York City. .75, 207, 313, 427, 543,
887, 1037, 1195, 1319, 1445, 1547
695, 839, 985, 1145, 1269, 1395, 1499
Gold reserves
110, 246, 348, 464, 592, 730,
Moore, M. P., appointed Director at Memphis branch. .47
874, 1024, 1182, 1306, 1432, 1534
Member banks—Continued.
Ratios of earnings, by classes
583
Reserve requirements
54, 188, 294, 408, 524, 674,
820, 966, 1126, 1250, 1374, 1480
Reserves, reserve bank credit and related
items
53, 187, 293, 407, 523, 673,
919, 965, 1125, 1249, 1373, 1479
Membership in Federal Reserve System:
Admission of State banks. .48, 169, 287, 402, 518, 668,
813, 1100, 1239, 1363, 1474
Amendment to Regulation H to eliminate cer- •
tain conditions
1112
Conditions, suit of Peoples Bank of Lakewood
Village, California, decision of Supreme Court
of United States
398
Significance of, address by Mr. McCabe before
stockholders of Federal Reserve Bank of
Boston
1339
Merchandise:
Exports and imports
92, 224, 330, 444, 560, 712,
856, 1002, 1162, 1286, 1412, 1516
Mexico:
Bank of:
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1317, 1443, 1545
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rates.. .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
36
Gold movements
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Gold production
I l l , 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Military Government for Germany:
Establishment of new central bank in United
States and British zones
279
Millard, Edwin R.: (See Staff of Board)
Miller, J. Hillis, appointed director at Jacksonville
branch
960
Minerals:
Industrial production, index of. .83, 215, 321, 435, 551,
703, 847, 993, 1153, 1277, 1403, 1407
Money in circulation:
Adjustment for seasonal variation..62, 196, 302, 416,
532, 682, 828, 974, 1134, 1258, 1382, 1488
Chart
52, 186, 292, 406, 522, 672,
1574
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
Pages
Norway:
Netherlands—Continued.
Bank of:
Cost of living
127, 263, 365, 481, 609, 747, 891,
Condition .
121, 257, 359, 475, 603, 741,
1041, 1199, 1323, 1449, 1551
885, 1035, 1193, 1318, 1444, 1546
Foreign exchange rates
125, 261, 363, 479, 607,
Discount rate
123, 259, 361, 477, 605, 743,
745, 889, 1039, 1197, 1321, 1447, 1549
887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements
Gold reserves
110, 246, 348, 464, 592, 730,
of central bank
36
874, 1024, 1182, 1306, 1432, 1534
Gold movements
I l l , 247, 349, 465, 593, 731,
Foreign exchange rates.. .125, 261, 363, 479, 607, 745,
875, 1025, 1183, 1307, 1433, 1535
889, 1039, 1197, 1321, 1447, 1549
International capital transactions
113, 249, 351,
Gold and foreign exchange reserve require467, 595, 733, 877, 1027, 1185, 1309, 1434, 1536
ments of central bank
37
Open-market rates
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547 Obligations of Government, direct and guaranteed:
Maturities
79, 211, 317, 431, 547, 699,
Retail food prices
127, 263, 365, 481, 609, 747,
843, 989, 1149, 1273, 1399, 1503
891, 1041, 1199, 1323, 1449, 1551
Security prices, index numbers.... 127, 263, 365, 481, Open-market paper, insured commercial banks...68, 200,
306, 420, 536, 688, 832, 978, 1138,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
1262, 1388, 1492
Wholesale prices
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550 Open-market rates:
Foreign countries
123, 259, 361, 477, 605, 743,
Netherlands Indies:
887, 1037, 1195, 1319, 1445, 1547
Gold and foreign exchange reserve requirements
New York City
75, 207, 313, 427, 543, 695,
of central bank
36
839, 985, 1145, 1269, 1395, 1499
New York Stock Exchange:
1019
Volume of trading on... .76, 208, 314, 428, 544, 696, Operating ratios of member banks, 1947
497
840, 986, 1146, 1270, 1396, 1500 Ownership of demand deposits
Pamphlets: (See Publications)
New Zealand:
61, 195, 301, 415, 531,
Foreign exchange rates
125, 261, 363, 479, 607, Paper currency, circulation
681, 827, 973, 1133, 1257, 1381, 1487
745, 889, 1039, 1197, 1321, 1447, 1549
Par list:
Gold and foreign exchange reserve requirements
Number of banks, by districts and by States.. 108, 240,
of central bank
36
346, 462, 590, 728, 872, 1018,
Reserve Bank of:
1178, 1304, 1429, 1532
Condition
121, 257, 359, 475, 603, 741,
885, 1035, 1193, 1318, 1444, 1546 Paraguay:
Condition of central bank
122, 258, 360, 476, 604,
Discount rate
123, 259, 361, 477, 605, 743,
742, 886, 1036, 1194, 1318, 1444, 1546
887, 1037, 1195, 1319, 1445, 1547 Parry, Carl E.: (See Staff of Board)
Gold reserves
110, 246, 348, 464, 592, 730, Pay rolls, factory:
874, 1024, 1182, 1306, 1432, 1534
Business index of
83, 215, 321, 435, 551,
Nicaragua:
703, 847, 993, 1153, 1277, 1403, 1507
Gold production
Ill, 247, 349, 465, 593, 731,
By industry
88, 220, 326, 440, 556,
875, 1025, 1183, 1307, 1433, 1535
708, 852, 998, 1158, 1282, 1408, 1512
Nonmember banks:
Peoples Bank of Lakewood Village, suit regarding
Assets and liabilities of insured commercial
condition of membership, decision of Supreme
banks in United States and possessions.. .461, 1303
Court of United States
398
Changes in number of banking offices in United
Peru:
States
241, 1179
Central reserve bank of:
Deposits:
Condition
122, 258, 360, 476, 604,
Call dates
65, 199, 305, 419, 535, 685,
742, 886, 1036, 1194, 1318, 1444, 1546
831, 977, 1137, 1261, 1385, 1491
Discount rate
123, 259, 361, 477, 605,
Held by Federal Reserve Banks....53, 187, 293,
743, 887, 1037, 1195, 1319, 1445, 1547
407, 523,673,919,965, 1125,
Gold reserves
110, 246, 348, 464, 592,
1249, 1373, 1479
730, 874, 1024, 1182, 1306, 1432, 1534
Loans and investments... .65, 199, 305, 419, 535, 685,
Gold and foreign exchange reserve requirements
831, 977, 1137, 1261, 1385, 1491
of central bank
37
Number of:
Philippine Islands:
Call dates
65, 199, 305, 419, 535, 685,
Central Banking Act, article by David L. Grove
and John Exter
938
831, 977, 1137, 1261, 1385, 1491
Gold movements
I l l , 247, 349, 465, 593, 731,
In operation and branches on
875, 1025, 1183, 1307, 1433, 1535
December 31, 1947
588
Offices in United States.. 108, 240, 346, 462, 590, Phillips, Howard, appointed director at Jacksonville
branch
169
728, 872, 1018, 1178, 1304, 1429, 1532
Par list
108, 240, 346, 462, 590, 728, Poland:
Foreign exchange rates
125, 261, 363, 479, 607,
872, 1018, 1178, 1304, 1429, 1532
745, 889, 1039, 1197, 1321, 1447, 1549
Suspensions
63, 197, 303, 417, 533, 683,
Gold reserves
110, 246, 348, 464, 592, 730, 874,
829, 975, 1135, 1259, 1383, 1489
1024, 1182, 1306, 1432, 1534
DECEMBER 1948
1575
INDEX TO VOLUME 34
Pages
Portugal:
Bank of:
Condition
122, 258, 360, 476, 604, 742, 886,
1036, 1194, 1318, 1444, 1546
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
37
Postal saving deposits:
Depositors' balances and assets
63, 197, 303, 417,
533, 683, 829, 975, 1135, 1259, 1383, 1489
Insured commercial banks
69, 201, 307, 421, 537,
689, 833, 979, 1139, 1263, 1389, 1493
Interest rate on
54, 188, 294, 408, 524, 674, 820,
966, 1126, 1250, 1374, 1480
Weekly reporting member banks:
By Federal Reserve districts.. .73, 205, 311, 425,
541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside... .71, 203, 309, 423,
539, 691, 835, 981, 1141, 1265, 1391, 1495
Postwar drain on foreign gold and dollar reserves... .371
Postwar inflation problems of Latin America
1344
Postwar period, expenditures and incomes discussed. .1329
President of United States:
Correspondence with Mr. Eccles on status as
member of the Board
168
Letter from Mr. Eccles withdrawing name from
consideration for designation as Vice Chairman
of Board
667
Presidents of Federal Reserve Banks :
Erickson, Joseph A., appointment at Boston
1363
List of
129, 265, 367, 483, 611, 749, 893,
1 0 4 3 1201 1325
Meetings'
>
> 1451> 1 5 5 3
February 25, 26, and 27
287
May 18-21
667
October 1, 2, and 5
1239
November 29 and December 1
1474
Whittemore, Laurence F., resignation at Boston. .1239
Prices:
Agricultural products
7
Building materials and labor costs
756
Farm products
1053
In 1947, discussion of
1
Retail food
127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Securities in principal countries.. .127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Trend during 1948
1336
Wholesale commodity:
Business index
83, 215, 321, 435, 551, 703,
847, 993, 1153, 1277, 1403, 1507
By groups of commodities
100, 232, 338, 449,
565, 717, 861, 1007, 1167, 1291, 1417, 1521
Wholesale in principal countries, index of.. .126, 262,
364, 480, 608, 746, 890, 1040,
1198, 1322, 1448, 1550
Production in 1947, discussion of
1
Production workers in manufacturing industries,
hours and earnings of
89, 221, 327, 441, 557, 709,
853, 999, 1159, 1283, 1409, 1513
Profits of corporations
618
Public debt:
Volume and kind of securities
79, 211, 317, 431,
547, 699, 843, 989, 1149, 1273, 1399, 1503
1576
Pages
Public utility corporations:
Earnings and dividends of
78, 210, 316, 430, 546,
698, 842, 988, 1148, 1272, 1398, 1502
Publications:
Annual report of Board of Governors
,
518
Board of Governors, list
130, 266, 368, 484, 612,
750, 894, 1044, 1202, 1326, 1452, 1554
Debits and clearing statistics, their background
and interpretation, by George Garvy of Federal Reserve Bank of New York
48
Distribution of deposits, by counties
667
Federal Register, announcement regarding
44
Federal Reserve Chart Book, additions to May
issue
668
United States Government manual
1354
Railroads:
Revenues, expenses, and income of Class I . . . .92, 224,
330, 444, 560, 712, 856, 1002,
1162, 1286, 1412, 1516
Rates.
Acceptances, bankers' buying
54, 188, 294, 408,
524, 674, 820, 966, 1126, 1250, 1374, 1480
Bills, buying
54, 188, 294, 408, 524, 674, 820,
966, 1126, 1250, 1374, 1480
Commercial loan rates in principal cities
75, 207,
313, 427, 543, 695, 839, 985,
1145 1269 1395 1499
Discount:
'
'
'
Central banks
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Federal Reserve Banks...54, 188, 294, 408, 524,
674, 820, 966, 1126, 1250, 1374, 1480
Increase in
274
Foreign exchange
125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Industrial loans and commitments
54, 188, 294,
408, 524, 674, 820, 966, 1126, 1250, 1374, 1480
Interest, increase in
273
Money, current statistics for Federal Reserve
Chart Book
103, 235, 341, 455, 571, 723,
867, 1013, 1173, 1297, 1423, 1527
Open-market in certain foreign countries... 123, 259,
361, 477, 605, 743, 887, 1037,
1195, 1319, 1445, 1547
Open-market in New York City...75, 207, 313, 427,
543, 695, 839, 985, 1145, 1269, 1395, 1499
Postal savings deposits
54, 188, 294, 408, 524,
674, 820, 966, 1126, 1250, 1374, 1480
Time deposits, maximum interest on
54, 188, 294,
408, 524, 674, 820, 966, 1126, 1250, 1374, 1480
Ratios of all member banks:
By classes
583
By Federal Reserve districts
584
Ratios of country member banks by Federal Reserve
districts
586
Ratios of reserve city member banks by Federal
Reserve districts
585
Real estate:
Loans on:
Insured commercial banks
68, 200, 306, 420,
536, 688, 832, 978, 1138, 1262, 1388, 1492
Weekly reporting member banks:
By Federal Reserve districts.. .72, 204, 310,
424, 540, 692, 836, 982,
1142, 1266, 1392, 1496
New York City and outside
70, 202, 308,
422, 538, 690, 834, 980,
1140, 1264, 1390, 1494
Markets, developments during year
755
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 4
Pages
Receipts of Treasury:
Summary of operations
81, 213, 319, 433, 549,
701, 845, 991, 1151, 1275, 1401, 1505
Reconstruction Finance Corporation:
Loans by
82, 214, 320, 434, 550, 702, 846, 992,
1152, 1276, 1402, 1506
Participations in real estate loans, amendment
to law
666
Reconstruction Finance Corporation Mortgage Company :
Assets and liabilities
82, 214, 320, 434, 550, 702,
846, 992, 1152, 1276, 1402, 1506
Recovery in Western Europe
133
Regulations, Board of Governors :
D, Reserves of member banks:
Amendment to regulation and supplement increasing reserve requirements
1103
Amendment to supplement increasing requirements for central reserve city banks
167
Amendment to supplement increasing reserves of central reserve city banks
666
F, Trust powers of national banks:
Limitations on participation in common trust
funds
1113
H, Membership of State banks :..
Amendment to eliminate certain conditions. .1112
J, Check clearing and collection:
Amendments on delayed return of unpaid
items
1472
L, Interlocking bank directorates:
Amendment to
810
T, Extension and maintenance of credit by
brokers, dealers, and members of National Securities Exchanges:
Amendment No. 7 on substitutions in undermargined accounts
284
Ninety-day rule in special cash account
517
Substitutions in undermargined accounts
397
U, Loans by banks for the purpose of purchasing
or carrying stocks registered on a National
Securities Exchange:
Amendment No. 8 on substitutions in undermargined accounts
284
W, Consumer instalment credit:
Adoption of
1104
Amendment No. 1
1364
Articles not designed exclusively for commercial use
1470
Automobile appraisal guides
1240
Automobile demonstrators
1470
Curtail and renewal of pre-September 20
credits
1471
Final instalments less than minimum
1470
Interpretations of
1364, 1470
Issuance of
1066
Refinancing of credit originally exempt
1472
Registration not required if credits exempt. .1470
Rental purchase arrangements
1471
Status of rulings under previous regulation. .1111
Table model roasters and cookers
1470
Transactions initiated before effective date
of regulation
1240
Reil, Katharyne P.: (See Staff of Board)
Reports: (See also Annual reports)
National Advisory Council on international monetary and financial problems:
April _1-September 30, 1947
152
Biennial report to President
794
October 1, 1947-March 31, 1948
1083
DECEMBER
1948
Pages
Reserve and central reserve cities:
Classification of
40, 284
Increase in required reserves of central reserve
city banks, amendment to supplement to Regulation D
167, 666, 1103
Reserve city member banks:
Assets and liabilities:
December 31, 1947
460
June 30, 1948
.1302
Condition, call dates
68, 200, 306, 420, 536, 688,
832, 978, 1138, 1262, 1388, 1492
Deposits and reserves.... 60, 194, 300, 414, 530, 680,
826, 972, 1132, 1256, 1380, 1486
Earnings:
1947
576, 578
First half of 1948
1363
Ratios by Federal Reserve districts
585
Reserves
60, 194, 300, 414, 530, 680,
826, 972, 1132, 1256, 1380, 1486
Reserve requirements of member banks:
Gold and foreign exchange, of foreign central
banks
33
Increase in:
Discussion
1214
Joint resolution of Congress giving Board
of Governors authority
1103
Per cent of deposits
54, 188, 294, 408, 524, 674,
820, 966, 1126, 1250, 1374, 1480
Special, against demand and time deposits of
banks, statement by Chairman Eccles
14
Reserves:
Amendment to Regulation D and supplement to
increase for member banks
1103
Amendment to supplement to Regulation D increasing for central reserve city member
banks
167, 666
Bank, statement of Chairman McCabe before
House Banking and Currency Committee
904
Classification of reserve cities
40, 284
Dollar, postwar drain on
371
Factors affecting bank reserves
489
Federal Reserve Banks:
All banks combined
55, 189, 295, 409, 525,
675, 821, 967, 1127, 1251, 1375, 1481
Each bank
57, 191, 297, 411, 527, 677, 823,
969, 1129, 1253, 1377, 1483
Gold, of central banks and governments
110, 246,
348, 464, 592, 730, 874,
1024, 1182, 1306, 1432, 1534
Insured commercial banks with Federal Reserve
Banks
69, 201, 307, 421, 537, 689, 833, 979,
1139, 1263, 1389, 1493
Member banks:
Account with Federal Reserve Banks...57, 191,
297, 411, 527, 677, 823,
969, 1129, 1253, 1377, 1483
By classes of banks
60, 194, 300, 414, 530,
680, 826, 972, 1132, 1256, 1380, 1486
Chart
52, 186, 292, 406, 522, 672, 818,
964, 1124, 1248, 1372, 1478
Excess:
End-of-month and Wednesday figures... 53,
187, 293, 407, 523, 673, 919,
965, 1125, 1249, 1373, 1479
In classes of banks
59, 193, 299, 413,
529, 679, 825, 971, 1131, 1255, 1379, 1485
1577
INDEX TO VOLUME 34
Pages
Reserves—Continued.
Member banks—Continued.
Total held:
All banks, end-of-month and Wednesday
figures ...53, 187, 293, 407, 523, 673, 919,
965, 1125, 1249, 1373, 1479
Classes of banks
59, 193, 299, 413, 529,
679, 825, 971, 1131, 1255, 1379, 1485
Weekly reporting member banks:
By Federal Reserve districts.. .73, 205, 311, 425,
541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside. ...71, 203, 309, 423,
539, 691, 835, 981, 1141, 1265, 1391, 1495
Resignations:
Bland, W. T., as director at Jacksonville branch. .168
Brown, Bonnar, as Assistant Director of the
Division of Research and Statistics
1239
David, Donald K., as Class C director at Boston.. 48
Knapp, J. Burke, as Assistant Director of the
Division of Research and Statistics
667
Lee, Charles S., as director at Jacksonville
branch
813
Lichtenstein, Walter, as Secretary of Federal
Advisory Council
518
Stone, Rosco, as director at Louisville branch
518
Whittemore, Laurence F., as President of Federal Reserve Bank of Boston
1239
Resolutions:
Federal Advisory Council on housing situation.. .764
Retail credit survey, 1947
:
787
Retail'food prices
127, 263, 365, 481, 609, 747, 891,
1041, 1199, 1323, 1449, 1551
Retirements:
Parry, Carl E., as Director of Division of Security Loans
402
Revenues, expenses, and income of Class I railroads. .92,
224, 330, 444, 560, 712, 856,
1002, 1162, 1286, 1412, 1516
Review of the month: (See Leading articles)
Rhodesia:
Gold production ...111, 247, 349, 465, 593, 731, 875,
1025, 1183, 1307, 1433, 1535
Riefler, Winfield W.: (See Staff of Board)
Rumania:
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
National Bank of:
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Rural Electrification Administration:
Loans by
82, 214, 320, 434, 550, 702, 846,
992, 1152, 1276, 1402, 1506
Salaries of officers and employees:
Federal Reserve Banks:
1947
242
June 30, 1948
1022
Insured commercial banks in United States and
possessions
587
Member banks
576
Sales finance companies:
Operations in 1947, article by Milton Moss
781
Savings and loan associations:
Insured home mortgages held
91, 223, 329, 443,
559, 711, 855, 1001, 1161, 1285, 1411, 1515
1578
Pages
Savings bonds:
Sales and redemptions.... 79, 211, 317, 431, 547, 699,
843, 989, 1149, 1273, 1399, 1503
Valuation of assets in common trust fund
397
Savings deposits:
Interest rates on....54, 188, 294, 408, 524, 674, 820,
966, 1126, 1250, 1374, 1480
Schmidt, Charles H.: (See Staff of Board)
Sea crest, Joseph W., appointed director at Omaha
branch
518
Secretary of the Treasury:
Statement on behalf of National Advisory Council on gold subsidies
39
Securities:
Domestic, inflow of foreign funds
112, 248, 350,
466, 594, 732, 876, 1026, 1184, 1308, 1434, 1536
Foreign, return of United States funds
112, 248,
350, 466, 594, 732, 876, 1026, 1184,
1308, 1434, 1536
Loans for purchasing or carrying:
Insured commercial banks
68, 200, 306, 420,
536, 688, 832, 978, 1138, 1262, 1388, 1492
Weekly reporting member banks:
By Federal Reserve districts. ...72, 204, 310,
424, 540,692, 836,982,1142,1266,1392, 1496
New York City and outside.70, 202, 308, 422,
538, 690, 834, 980, ^ 1140, 1264, 1390, 1494
(See also Government securities)
Securities exchange administration:
Amendments to Regulations T and U on substitutions in undermargined accounts
284
Margin requirements under Regulations T and
U
54, 188, 294, 408, 524,
674, 820, 966, 1126, 1250, 1374, 1480
Ninety-day rule in special cash account
517
Substitutions in undermargined accounts
397
Security issues:
Corporate, for new capital
622
Corporate, proposed use of proceeds
77, 209, 315,
429, 545, 697, 841, 987, 1147, 1271, 1397, 1501
New and refunding
76, 208, 314, 428, 544,
696, 840, 986, 1146, 1270, 1396, 1500
Security markets:
Bond and stock prices
76, 208, 314, 428, 544,
696, 840, 986, 1146, 1270, 1396, 1500
National summary of business conditions
289, 520,
670, 815, 962, 1122, 1246, 1370, 1476
Security prices:
Principal countries
127, 263, 365, 481, 609,
747, 891, 1041, 1199, 1323, 1449, 1551
Silver and silver certificates, stock
61, 195, 301, 415,
531, 681, 827, 973, 1133, 1257, 1381, 1487
Smead, E. L.: (See Staff of Board)
Solomon, Frederic: (See Staff of Board)
South Africa:
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
37
Gold movements
I l l , 247, 349, 465, 593,
731, 875, 1025, 1183, 1307, 1433, 1535
Gold production
Ill, 247, 349, 465, 593,
731, 875, 1025, 1183, 1307, 1433, 1535
Reserve bank:
Condition
122, 258, 360, 476, 604,
742, 886, 1036, 1194, 1318, 1444, 1546
Discount rate
123, 259, 361, 477, 605,
743, 887, 1037, 1195, 1319, 1445, 1547
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 34
Pages
Pages
Special articles—Continued.
South Africa—Continued.
Report of National Advisory Council on interReserve bank—Continued.
national monetary and financial problems,
Gold reserves
110, 246, 348, 464, 592,
October 1, 1947-March 31, 1948
1083
730, 874, 1024, 1182, 1306, 1432, 1534
Retail credit survey, 1947. .#
787
Southard, Frank A., Jr.: (See Staff of Board)
Revised consumer credit series
933
Spain:
Sales finance company operations in 1947
.781
Bank of:
Second annual report of the National Credit
Condition
122, 258, 360, 476, 604,
Council of France
950
742, 886, 1036, 1194, 1318, 1444, 1546
Significance of membership in Federal Reserve
Discount rate
123, 259, 361, 477, 605,
System
,
. .1339
743, 887, 1037, 1195, 1319, 1445, 1547
Special report of the National Advisory Council.. 794
Gold reserves
110, 246, 348, 464, 592,
Statement of Chairman McCabe before the House
730, 874, 1024, 1182, 1306, 1432, 1534
Banking and Currency Committee
904
Foreign exchange rates
125, 261, 363, 479, 607,
745, 889, 1039, 1197, 1321, 1447, 1549 Spencer, C. E., Jr., elected First Vice President of
Federal Advisory Council
287
Special articles:
Annual report of the Bank for International
Staff of Board of Governors:
Alter, Gerald M., article on Latin America's postSettlements
1221
war inflation and balance of payments probAuthorization of Bank of German States to
lems
1344
issue notes and coins
1101
Baumann, John C, appointed Assistant General
Balance sheet of agriculture, 1948
1067
Counsel
960
Banking assets and the money supply since 1929.. .24
Brown, Bonnar, resignation as Assistant Director
Britain's economic survey for 1948, official sumof the Division of Research and Statistics.... 1239
mary
391
Cagle, Caroline H., article on new commercial
Estimated liquid asset holdings of individuals
banking offices, 1936-1947
505
and businesses
657
Exter, John, article on Philippine Central Bank
Federal Reserve Chart Book as an aid to bank
Act
938
management, article by Charles H. Schmidt.... 382
Fauver, Clarke L., article on 1948 survey of conFederal Reserve statements on housing situation.. 764
sumer finances, Part V—Housing expenditures
Federal Reserve support of Government securiand
finance
1058
ties market
11
Fox, Charles, article on ownership of demand
Financial position and buying plans of consumers,
deposits prepared by
^
497
July 1948 ..
1355
Grove, David L., article on Latin America's postGold and foreign exchange reserve requirements
war inflation and balance of payments probof foreign central banks
33
lems
1344
Industrial differences in large corporation financArticle on Philippine Central Bank Act
938
ing, article by Charles H. Schmidt
623
Holthausen, Duncan Me C.:
Latin America's postwar inflation and balance
Article on 1948 survey of consumer finances:
of payments problems
1344
Part I. Expenditures for durable goods. .634
Member bank earnings, 1947
501
Part II. Distribution of consumer income
Member bank earnings, first half of 1948
1360
in 1947
649
New central bank for United States and British
Part III. Consumer ownership and use
zones of Germany
279
of liquid and nonliquid assets
766
New commercial banking offices, 1936-1947
505
Part IV. Consumer saving and the alloNew currency system in Israel
1464
cation of disposable income
914
1948 survey of consumer finances:
Hostrup, Clarence C, appointed Assistant DiPart I. Expenditures for durable goods
634
rector of Division of Examinations
1474
Part II. Distribution of consumer income in
Knapp, J. Burke, resignation as Assistant Diin 1947
649
rector of Division of Research and Statistics... 667
Part III. Consumer ownership and use of
Kolb, Raymond C, article on new commercial
liquid and nonliquid assets
766
banking offices 1936-1947
505
Part IV. Consumer saving and the allocation
Leonard, Robert F., appointed Associate Director
of disposable income
914
of Division of Bank Operations
1100
Part V. Housing expenditures and finance.. 1058
Millard, Edwin R., appointed Director of the
Ownership of demand deposits
497
Division of Examinations
1100
Philippine Central Bank Act
938
Moss, Milton, article on sales finance company
Policies and activities of International Monetary
operations in 1947
781
Fund 1947-1948
1217
Parry, Carl E., retirement of
402
Proposal for a special reserve requirement against
Reil, Katharyne P., article on retail credit survey
the demand and time deposits of banks
14
in 1947
787
Regulation of consumer instalment credit
1066
m
Riefler, Winfield W., appointed Assistant to the
Regulation of consumer instalment credit, stateChairman of the Board
518
ment by Mr. Evans
912
Schmidt, Charles H.:
Relations of individual Western European counArticle on Federal Reserve Chart Book as
tries with the western hemisphere
148
an aid to bank management
382
Report of National Advisory Council on interArticle on industrial differences in large cornational monetary and financial problems, April
poration
financing
623
1-September 30, 1947
152
DECEMBER 1948
1579
INDEX TO VOLUME 3 4
Pages
Staff of Board of Governors—Continued.
Smead, Edward L., retirement of
1100
Solomon, Frederic, appointed Assistant General
Counsel
.
.960
Southard, Frank A., Jr., appointed Associate Director of Division of Research and Statistics... .813
Townsend, J. Leonard, designation changed to
Associate General Counsel
48
Designation changed to Solicitor
1474
Young, Ralph A., designation changed to Associate Director, Division of Research and Statistics
48
State member banks:
Admission to membership in Federal Reserve
System
48, 169, 287, 402, 518,
668, 813, 1100, 1239, 1363, 1474
Assets and liabilities:
December 31, 1947
460
June 30, 1948
.1302
Changes in number of banking offices in United
States
241,1179
Deposits, call dates
64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
Earnings:
1947
576
By size of bank
582
First half of 1948
1428
Number of:
Call dates
64, 198, 304, 418, 534, 684,
830, 976, 1136, 1260, 1384, 1490
Peoples Bank of Lakewood Village, suit regarding conditions of membership, decision of
Supreme Court of United States
398
Suspensions
63, 197, 303, 417, 533, 683,
829, 975, 1135, 1259, 1383, 1489
States and political subdivisions:
Deposits:
Insured commercial banks on call dates. .69, 201,
307, 421, 537, 689, 833, 979, 1139, 1263, 1389, 1493
Weekly reporting member banks:
By Federal Reserve districts. .73, 205, 311,
425, 541, 693, 837, 983, 1143, 1267, 1393, 1497
New York City and outside..71, 203, 309,
423, 539, 691, 835, 981, 1141, 1265, 1391, 1495
Investments of insured commercial banks in
obligations of ;
68, 200, 306, 420, 536, 688,
832, 978, 1138, 1262, 1388, 1492
Stebbins, A. Howard, Sr., appointed director at Little
Rock branch
169
m
Stevens, Ames, appointed Class C director at Boston.960
Stevens, Robert T., appointed Class C director at
New York and designated Chairman and Federal
Reserve Agent
667
Stock exchange:
Call loan renewals, open-market rates in New
York City
75, 207, 313, 427, 543, 695.
839, 985, 1145, 1269, 1395, 1499
Customers' debit balances, money borrowed and
principal related items of firms carrying margin accounts
74, 206, 312, 426, 542, 694,
838, 984, 1144, 1268, 1394, 1498
Volume of trading on New York market. .76, 208, 314,
428, 544, 696, 840, 986, 1146, 1270, 1396, 1500
Stocks:
New security issues
76, 208, 314, 428, 544, 696,
840, 986, 1146, 1270, 1396, 1500
Prices in principal countries.. 127, 263, 365, 481, 609,
747, 891, 1041, 1199, 1323, 1449, 1551
1580
Pages
Stocks—Continued.
Prices in United States..76, 208, 314, 428, 544, 696,
840, 986, 1146, 1270, 1396, 1500
Stone, Rosco, resignation as director at Louisville
branch
518
Straits Settlements:
Foreign exchange rates.. 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Studies:
Debits and clearing statistics, their background
and interpretation, by George Garvy of Federal
Reserve Bank of New York, publication of
48
Money flows, article on banking assets and the
money supply since 1929
24
Supreme Court of United States:
Decision in case of Peoples Bank of Lakewood
Village, California, regarding conditions of
membership
398
Surplus:
Federal Reserve Banks...58, 192, 242, 298, 412, 528,
678, 824, 970, 1130, 1254, 1378, 1484
Surveys:
Consumer finances, 1948:
Part I. Expenditures for durable goods
634
Part II. Distribution of consumer income in
1947
649
Part III. Consumer ownership and use of
liquid and nonliquid assets
766
Part IV. Consumer saving and the allocation
of disposable income
914
Part V. Housing expenditures and finance.. 1058
Economic survey for 1948, official summary of
British Government
391
Estimated liquid asset holdings of individuals and
businesses, conducted by survey research center,
University of Michigan
657
Financial position and buying plans of consumers
July 1948, by survey research center of University of Michigan
1355
Retail credit, 1947
787
Sales finance company operations in 1947, article
by Milton Moss
781
Suspension of banks:
Number and deposits
63, 197, 303, 417, 533, 683
829, 975, 1135, 1259, 1383, 1489
Sweden:
Bank of:
Condition
122, 258, 360, 476, 604, 742,
886, 1036, 1194, 1318, 1444, 1546
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Foreign exchange rates.. 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
37
Gold movements...Ill, 247, 349, 465, 593, 731, 875,
1025, 1183, 1307, 1433, 1535
Open-market rates
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Swift, Lewis B., appointed director at Buffalo branch. 169
Switzerland:
Cost of living, index numbers.. 127, 263, 365, 481, 609,
747, 891, 1041, 1199, 1323, 1449, 1551
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 4
Pages
Switzerland—Continued.
Foreign exchange rates.. 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
37
Gold movements
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
International capital transactions. .113, 249, 351, 467,
595, 733, 877, 1027, 1185, 1309, 1434, 1536
Open-market rates
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Retail food prices
127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Swiss National Bank:
Condition
122, 258, 360, 476, 604, 742, 886,
1036, 1194, 1318. 1444, 1546
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
Szymczak, M. S.: (See Board of Governors, Members)
Taxes:
Internal Revenue collections. .81, 213, 319, 433, 549,
701, 845, 991, 1151, 1275, 1401, 1505
Treasury bills:
Average rate on
75, 207, 313, 427, 543, 695,
839, 985, 1145, 1269, 1395, 1499
Buying rates on
54, 188, 294, 408, 524, 674,
820, 966, 1126, 1250, 1374, 1480
Federal Reserve Bank holdings... .53, 187, 293, 407,
523, 673, 919, 965, 1125, 1249, 1373, 1479
Insured commercial bank holdings. .68, 200, 306, 420,
536, 688, 832, 978, 1138, 1262, 1388, 1492
Investments in, by weekly reporting member
banks:
By Federal Reserve districts.. .72, 204, 310, 424,
540, 692, 836, 982, 1142, 1266, 1392, 1496
New York City and outside... 70, 202, 308, 422,
538, 690, 834, 980, 1140, 1264, 1390, 1494
Maturities of
79, 211, 317, 431, 547, 699,
843, 989, 1149, 1273, 1399, 1503
Treasury currency outstanding:
End-of-month and Wednesday figures.. .53, 187, 293,
407, 523, 673, 819, 965, 1125, 1249, 1373, 1479
Treasury Department:
Cash income and outgo...81, 213, 319, 433, 549, 701,
845, 991, 1151, 1275, 1401, 1505
Foreign funds control releases
42, 285, 517, 810,
1120, 1243
Treasury receipts and expenditures:
Summary of
81, 213, 319, 433, 549, 701
845, 991, 1151, 1275, 1401, 1505
Treasury surplus, discussion of
487
Townsend, J. Leonard: (See Staff of Board)
Trust funds, common:
Limitations on participation
1113
Valuation of United States Savings Bonds in
397
Turkey:
Central bank of the Republic of:
Condition
122, 258, 360, 476, 604, 742,
886, 1036, 1194, 1318, 1444, 1546
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
DECEMBER
1948
Pages
Union of the Soviet Socialist Republics:
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
United Kingdom:
Bank of England:
Condition
118, 254, 356, 472, 600, 738,
882, 1032, 1190, 1314, 1440, 1542
Discount rate
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Commercial banks, assets and liabilities. .124, 260, 362,
478, 606, 744, 888, 1038, 1196, 1320, 1446, 1548
Cost of living, index numbers.. 127, 263, 365, 481, 609,
747, 891, 1041, 1199, 1323, 1449, 1551
Economic survey for 1948, official summary of
British Government
391
Foreign exchange rates.. 125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
37
Gold movements
Ul, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
International capital transactions. .113, 249, 351, 467,
595, 733, 877, 1027, 1185, 1309, 1435, 1537
Open-market rates
123, 259, 361, 477, 605, 743,
887, 1037, 1195, 1319, 1445, 1547
Relations with western hemisphere
148
Retail food prices
127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Security prices, index numbers.. .127, 263, 365, 481,
609, 747, 891, 1041, 1199, 1323, 1449, 1551
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
United States:
Cost of living, index numbers. .127, 263, 365, 481, 609,
747, 891, 1041, 1199, 1323, 1449, 1551
Gold movements
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Gold production
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
Government securities: (See Government
securities)
Retail food prices
127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Security prices, index of. .127, 263, 365, 481, 609, 747,
891, 1041, 1199, 1323, 1449, 1551
Wholesale prices in
126, 262, 364, 480, 608, 746,
890, 1040, 1198, 1322, 1448, 1550
United States Government manual, announcement of
publication
1354
United States notes:
Stock
61, 195, 301, 415, 531, 681,
827, 973, 1133, 1257, 1381, 1487
Uruguay:
Bank of the Republic of:
Condition
122, 258, 360, 476, 604, 742,
886, 1036, 1194, 1318, 1444, 1546
Foreign exchange rates.. .125, 261, 363, 479, 607, 745,
889, 1039, 1197, 1321, 1447, 1549
Gold and foreign exchange reserve requirements
of central bank
38
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
1581
INDEX TO VOLUME 34
Pages
Venezuela:
Central bank of :
Condition
122, 258, 360, 476, 604, 742,
886, 1036 1194 1318 1444 1546
Gl r s r e . ^tf^^™^
o e e v s.
d
f$
^£ty&.°^
Voit, Alvin A., appointed director at Louisville
branch
169
War Department:
War production loans guaranteed by..59, 193, 299,
413, 529, 679, 825, 971, 1131, 1255, 1379, 1485
War loans:
Guaranteed by War Department, Navy Department, and Maritime Commission, number and
amount
59, 193, 299, 413, 529, 679,
825, 971, 1131, 1255, 1379, 1485
West Africa:
Gold production
Ill, 247, 349, 465, 593, 731,
875, 1025, 1183, 1307, 1433, 1535
1582
Pages
Whittemore, Laurence F., resignation as President of
Federal Reserve Bank of Boston
1239
Wholesale prices •
Gro
o f commodities. .100, 232, 338, 449, 565, 717.
Pnncipalcountnes
861, 1007, 1167, 1291 1417 ISjf
-890;
^X$[$&
Yields on Government securities:
Average
75, 207, 313, 427, 543, 695,
839, 985, 1145, 1269, 1395, 1499
Young-, Ralph A.: (See Staff of Board)
Yugoslavia:
Foreign exchange rates.. .125, 261, 363f 479, 607, 745,
&
RSQ m V 11Q7 ir?i 1447 m4Q
X • 1 T> i * u £• A
T
/'
National Bank of the Kingdom of:
Discount rate
123, 259, 361, 477, 605, 743,
887,1037,1195,1319,1445,1547
Gold reserves
110, 246, 348, 464, 592, 730,
874, 1024, 1182, 1306, 1432, 1534
FEDERAL RESERVE BULLETIN
@FedFRASER