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 A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. 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 copy. No charge for individual sections (uncents per cloth-bound copy; in quantities of 10 bound). 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. Includes translation of laws, accompanying reports, and introduction reviewing the monetary history of Paraguay. July 1946. 170 pages. $1.00 per copy. OF BANK REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. PERIODICAL RELEASES RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve System). September 1946. 31 pages. T H E FEDERAL RESERVE ACT, as amended to Novem- ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. 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 PUBLICATIONS SEMIANNUAL MONTHLY FEDERAL RESERVE BULLETIN. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ALL BANKS IN THE UNITED STATES AND POSSESSIONS —PRINCIPAL ASSETS AND LIABILITIES ANNUAL ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXCEPT INTERBANK ACCOUNTS IRREGULAR ASSETS AND LIABILITIES OF MEMBER BANKS (Con- densed) RATES, AND BUSINESS. $9.00 per annum, or $1.00 MEMBER BANK CALL REPORT (Detailed) SURVEYS OF CONSUMER FINANCES per copy. In quantities of 10 or more copies of a particular issue for single shipment, 75 cents each. (From Federal Reserve Bulletin unless preceded by asterisk) 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- cerpts from the Board's 1938 Annual 33 pages. CEPT INTERBANK ACCOUNTS BUSINESS INDEXES MONETARY MEASURES AND OBJECTIVES. CONSUMER CREDIT CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS CONSUMER INSTALMENT BANKS CONSUMER INSTALMENT LOAN COMPANIES CREDITS OF INDUSTRIAL CREDITS OF INDUSTRIAL CONSUMER INSTALMENT LOANS DEPARTMENT STORE SALES (Indexes and Compari- sons with Previous Year) DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS DEPARTMENT STORE STOCKS FOREIGN EXCHANGE RATES INTERDISTRICT SETTLEMENT FUND NATIONAL SUMMARY OF BUSINESS CONDITIONS OPEN-MARKET MONEY RATES IN N E W YORK CITY RETAIL FURNITURE REPORT RETAIL INSTALMENT CREDIT SALES FINANCE COMPANIES 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