Full text of Federal Reserve Bulletin : December 1949
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FEDERAL
ESERVE
BULLETIN
DECEMBER 1949
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
RALPH A. YOUNG
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
Banking and Monetary Developments in 1949. .
1431-1441
A Study of Instalment Credit Terms, by Milton Moss.
1442-1449
Current Events and Announcements. .
1449
National Summary of Business Conditions. .
1450-1451
Financial, Industrial, Commercial Statistics, U. S. (See p. 1453 for list of tables)
1453-1511
International Financial Statistics (See p. 1513 for list of tables) .
1513-1531
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council. .
1532
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
1533
Federal Reserve Publications.
1534-1537
Map of Federal Reserve Districts.
Index..
1538
1539-1559
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FEDERAL
RESERVE
December 1949
VOLUME 35
BULLETIN
NUMBER
12
BANKING AND MONETARY DEVELOPMENTS IN 1949
Banking and monetary developments during 1949 followed a pattern first of moderate
contraction and then of renewed expansion.
Contraction of bank credit occurred in the
winter and spring, accompanying a downward readjustment in industrial production,
employment, and prices. Under these circumstances restrictive monetary measures
previously imposed were relaxed. Money
rates, which during the first part of 1949 had
remained at levels reached during the period
of inflationary pressures, declined after midyear. As downward economic readjustment
slackened and was succeeded by moderate
recovery, bank credit growth was resumed
and subsequently gained somewhat in momentum. The privately held money supply
declined sharply in the first part of the year
but increased steadily thereafter, reflecting in
part usual seasonal factors and in part bank
credit movements related to the fluctuations
in business activity. At the beginning of
December total currency and deposits of individuals and businesses was at about the
same level as a year ago.
The economy emerged from the war with
a supply of money and other liquid assets
vastly increased in relation to the then current volume of expenditures at existing
prices. Demand for goods and services was
exceptionally large as buyers were in a strong
financial position to satisfy not only their
current requirements but also substantial deDECEMBER
1949
ferred demands. Banks and other financial
institutions, which were likewise in extremely liquid positions, were in a position
to increase their credits to private borrowers.
As long as inflationary pressures continued
strong, a primary concern of the Federal Reserve System was to restrain further credit
and monetary expansion. Actions taken to
accomplish this purpose were limited, however, by the necessity for an orderly transition to more stable holdings under peacetime
conditions of the exceptionally large volume
of Government securities sold under the pressures of war finance.
By late 1948 expansion in bank credit had
slackened considerably and other evidences
of the abatement of inflationary pressures began to appear. With the subsequent declines
in economic activity and prices, the Federal
Reserve System took steps to relax credit restrictions. Large-scale selling of Government
securities in connection with the broad asset
readjustments by institutional investors that
followed the war largely came to an end, and
during 1949 Government securities have been
in strong demand. In view of these developments, the Federal Open Market Committee
announced on June 28, 1949, after consultation with the Treasury, that the situation
would permit open market policy to be formulated on a more flexible basis than formerly.
1431
BANKING AND MONETARY DEVELOPMENTS IN 1949
MONETARY AND CREDIT CONTRACTION, FIRST
H A L F OF
1949
Substantial bank credit contraction and a
decline in the volume of privately held deposits and currency accompanied the downward adjustment in economic activity and
prices over the first half of 1949. In part the
credit and monetary contraction was due to
factors that usually operate to reduce the
private money supply during that time of
year, including large income tax payments
by both individuals and businesses and seasonal repayment of bank loans by businesses.
To an important extent, however, credit and
monetary developments in the first half of
this year were related to the reduction in
inventories and other aspects of receding
business activity.
Bank credit expansion to private borrowers, which had contributed to postwar
inflationary pressures, slackened significantly
toward the end of 1948, partly as a result of
restrictive, anti-inflationary actions adopted
over a period of time by the monetary authorities, as well as of restraint exercised by banks.
Early in 1949 total bank loans began a sustained and rapid decline, reflecting a large
contraction in loans to businesses.
Business borrowing at banks was reduced
2.5 billion dollars, with most of the decline
in the second quarter of the year, as is shown
in the chart. Some reduction in bank loans
to business usually occurs at this season, but
the reduction in 1949 appears to have been
considerably greater than normal seasonal
factors would explain. The high level of business profits and retained earnings in late 1948,
together with some curtailment and postponement of business capital expenditures
and a reduction in inventories and other
business working capital requirements in the
1432
first half of 1949, undoubtedly permitted substantial liquidation of loans. In addition,
businesses made large repayments of bank
credits with proceeds of security flotations, including both public offerings in the market
and private placements with insurance companies.
COMMERCIAL BANK LOANS
ALL
INSURED BANKS
MEMBER BANKS
IN LEADING CITIES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1948
1949
All insured commercial banks in the United States. Commercial loans include commercial and industrial loans, open
market commercial paper, and acceptances. Latest figures are
for June 30, 1949.
For member banks in leading cities figures on commercial
loans include commercial, industrial, and agricultural loans,
open market commercial paper, and acceptances. Latest figures
are for November 23, 1949.
Growth in other major types of credit
slackened considerably in the first half of
1949. Loans to real estate owners continued
to increase, but the growth was less rapid
than in the corresponding period of earlier
postwar years. Mortgage portfolios of commercial banks increased about one-fourth as
much as in the first half of 1948. Mortgage
lending by life insurance companies and
savings and loan associations, while more
fully sustained than at banks, was also less
active than previously.
FEDERAL RESERVE BULLETIN
BANKING AND MONETARY DEVELOPMENTS IN 1949
Expansion in consumer instalment credit
of banks and other lenders was interrupted
early in 1949 and some decline occurred in
the first three months of the year, as is shown
in the chart. Growth in such credit was
quickly resumed, but over the first half of
1949 the increase was about half as large as
in the same period of 1948. Automobile sale
credit outstanding showed a more rapid expansion than in the preceding year, but the
outstanding volume of credit due to the sale
of other consumer goods declined somewhat,
in contrast with an increase in the first six
months of 1948.
CONSUMER INSTALMENT CREDIT
1945
Estimates.
1946
1947
1948
1949
Latest figures are for October.
Credit continued to be readily available to
qualified borrowers throughout the first half
of 1949, although there was some tendency
for loan terms to tighten for certain kinds
of credit. Rates charged businesses for bank
credit advanced slightly. Mortgage loan appraisal practices and down-payment and loanvalue requirements appear to have stiffened
somewhat. Four per cent guaranteed mortgage loans were not generally regarded by
lenders as attractive, and a substantial volume
DECEMBER
1949
of such loans was sold to the Federal National
Mortgage Association, which is authorized
by Congress to serve as a secondary market
for home mortgages guaranteed by the Federal Housing Administration and the Veterans Administration. The yields on securities
sold by State and local governments to finance their expanding construction and capital improvement programs increased somewhat in the late spring and early summer due
mainly to the heavy volume of new issues,
and some important issues were postponed
awaiting more favorable terms.
With the uncertainty then prevailing regarding the economic outlook, the existing
yields on Government securities, particularly
the long-term issues, became attractive to
many investors as compared with the other
outlets for funds. Throughout the first half
of the year yields on short-term and the
longest-term marketable Government securities were maintained close to the highest
levels reached in the preceding period of
inflation. Under the pressure of demands by
commercial banks, yields on medium-term,
bank eligible issues declined considerably
from the level reached in the autumn of 1948.
Investors other than commercial banks purchased as a group over 2 billion dollars of
long-term restricted issues from the Federal
Reserve Banks. Much of the demand for
long-term marketable securities came from
savings banks and private pension and trust
funds, whose purchases represented in part
new funds invested in Government securities
and in part a shift from medium-term Government issues which were sold to commercial banks. Insurance companies also reduced
their portfolios of medium-term Government
securities, but funds thus acquired were used
to expand their mortgage and business
credits. Nonbank investors as a group also
1433
BANKING AND MONETARY DEVELOPMENTS IN
increased somewhat their holdings of shortterm Government securities over the first
half of 1949.
CREDIT EASING ACTIONS OF FEDERAL RESERVE
In view of the changing credit situation
and the receding volume of general economic
activity, the Federal Reserve System began
to relax measures of monetary and credit restraint adopted earlier to combat postwar inflation. Early in 1949 maximum terms for
consumer instalment credit were liberalized
and margin requirements on listed stocks
were lowered. Beginning in May reserve requirements of member banks were reduced
in several stages, and in June a change was
made in System open market policy.
Weakness in demand for consumers' durable goods other than automobiles, which was
developing in late 1948 and early 1949, was
an important factor in the general business
decline. In recognition of the situation in this
critical area the Board, in two actions effective on March 7 and April 27,1949, increased
the maximum maturity on consumer instalment credit to 24 months and cut in half the
minimum down-payment requirements on
all regulated items except automobiles.
These relaxations were followed by a general easing of requirements on the part
of instalment financing agencies but, as
discussed in an article, "A Study of Instalment Credit Terms," pages 1442 to 1449 of
this BULLETIN, terms on most instalment
transactions did not go to the limits permitted under Regulation W. After the
Board's authority expired on June 30, however, there was a considerable further easing
of down-payment and maturity terms in
all areas of instalment financing.
In view of the general credit situation in
early 1949 and the small volume of loans
1434
1949
outstanding on securities, the Board took
action to increase the availability of credit
for use in stock transactions. On March 30
margin requirements for purchasing or carrying listed stocks were lowered from 75 to 50
per cent. The 50 per cent requirement is
the same as that in effect during the first half
of 1945 and is only moderately above the 40
per cent requirement effective during the
period 1938-44.
Continuing downward readjustment in
production and general business activity, together with rapid contraction in bank credit
over the first four months of the year made it
desirable for the Federal Reserve System to
take broader action to increase the availability of bank credit. In late April the Board
announced the first reduction in member
bank reserve requirements which released
about 1.2 billion dollars of reserve funds effective early in May. Most of these funds
went into the Government securities market,
where banks purchased large amounts of
both short-term and medium-term issues.
The short-term Government securities were
supplied to the market by the Reserve Banks,
which sold them in order to prevent any substantial decline in short-term yields. Mediumterm issues added to bank portfolios were
acquired primarily from other institutional
investors which in turn used the proceeds to
buy bank restricted, long-term Government
securities from the System. The principal
effect of the reduction in reserve requirements in May and the related transactions in
Government securities was to promote the
availability of bank credit by increasing the
liquidity positions of member banks, particularly to the extent that bank portfolios
of short-term Government securities were
expanded.
With the expiration at the end of June
FEDERAL RESERVE BULLETIN
BANKING AND MONETARY DEVELOPMENTS IN 1949
demands, discontinued sales for a short
period.
Prices and yields on Government securities
reacted sharply to the changed circumstances.
The average yield on the long-term Government bonds declined from 2.38 per cent for
June to 2.27 per cent for July and 2.24 per
cent for August, and yields on medium-term
securities declined even more sharply, as is
shown on the chart. Market rates on Treasury bills fell over a period of a few days from
1.16 per cent to considerably below 1 per cent,
The Federal Open Market Committee, and a similar sharp drop occurred in yields
after consultation with the Treasury, anon certificates. In order to maintain orderly
nounced today that with a view to increasing the supply of funds available in the conditions in the money market under these
market to meet the needs of commerce, circumstances, the Federal Reserve began to
business, and agriculture it will be the sell from its portfolio to meet the demand
policy of the Committee to direct pur- for short-term securities. Rates on short-term
chases, sales, and exchanges of Government Government securities subsequently adjusted
securities by the Federal Reserve Banks upward somewhat.
with primary regard to the general busiWhen member bank reserve requirements
ness and credit situation. The policy of were further reduced in August and early
maintaining orderly conditions in the GovSeptember, the Federal Reserve made availernment security market, and the confidence of investors in Government bonds
YIELDS ON U.S. GOVERNMENT SECURITIES
will be continued. Under present conditions the maintenance of a relatively fixed
pattern of rates has the undesirable effect
of absorbing reserves from the market at
a time when the availability of credit
should be increased.
of the temporary authority granted to the
Board by Congress the previous year, reserve
requirements of reserve city and country
member banks were further reduced by 800
million dollars. Subsequently, the Board announced another reduction in reserve requirements effective in steps during August and
early September which released an additional
1.8 billion dollars of reserve funds.
On June 28 the Federal Open Market
Committee made the following statement:
DECLINE IN SECURITY YIELDS
Reserves freed by the reduction in reserve
requirements at the end of June stimulated
member banks to expand further their holdings of short-term and medium-term Government securities. Demand by nonbank
investors for long-term, restricted Government bonds also continued active. At the
same time, however, the Federal Reserve
Banks, which since late 1948 had supplied
Government securities in response to market
DECEMBER 1949
1945
1947
* Changes in issues included.
For Treasury bills, rate is average discount on new issue
offered during week. Latest figures are for week ended November 30, 1949.
1435
BANKING AND MONETARY DEVELOPMENTS IN 1949
able in the market an additional supply of
short-term Government securities at prevailing yields in order to provide outlets for any
excess reserve funds that banks were unable
to utilize elsewhere at that time. While these
sales absorbed the additional reserves made
available, the effect of the combination of
policies was to increase the liquidity of
banks.
Reductions in yields on Government securities were accompanied by declines in
yields on corporate and municipal securities.
High-grade corporate bond yields, which had
averaged (Moody's Aaa series) about 2.70
per cent during the first half of the year,
declined over July and August to about 2.60
per cent. Yields on municipal securities,
which had increased somewhat in June, returned by August to about the level that prevailed during the early spring.
In June prices of common stocks averaged
lower than at any previous period during
the year. Late in the month stock prices
began to advance. By the end of November,
after five months of steady advance, stock
prices were nearly one-fifth higher than at
midyear.
The policy announcement by the Federal
Open Market Committee in late June was
followed by important developments in the
Government securities market other than the
declines in yields. T h e System discontinued
the practice of selling Government bonds
freely, and since June market prices and
yields of Government bonds have reflected
fully the interplay of private purchases and
sales. During the period August-November,
Government bond yields moved within narrow ranges at levels about comparable with
those prevailing in late 1946 and the first nine
months of 1947.
Treasury bill and certificate rates fluctu1436
ated during the last half of 1949 largely in
accordance with day-to-day and week-toweek changes in the money market. Rates
for new Treasury bills varied between 0.92
and 1.11 per cent, and yields on 9-12 month
certificates in general moved at a slightly
higher level and within a somewhat narrower range. During this period the spread
between the yield on longer-term certificates
and that on 90-day bills was generally narrower than had previously been customary.
At times when conditions in the money
market were less easy and yields on bills and
certificates were at or near the upper end of
the rate ranges mentioned above, the System
purchased short-term Government securities
in order to facilitate adjustment by banks of
their reserve positions. During periods when
there were surplus funds in the short-term
money market and yields declined to the
lower area of these yield ranges, the System
made Treasury bills and certificates available
to the market, or allowed bills to run off
from the System portfolio.
LIQUIDITY POSITION OF BANKS
Actions of the Board of Governors in reducing member bank reserve requirements
and the change in System open market policy
have had an important effect on the liquidity
of member banks. Member bank holdings
of cash, excess reserves, and short-term Government securities have increased 5 billion
dollars since the end of April, when the first
reduction in reserve requirements was announced, as is shown in the table. T h e increase has been almost entirely in short-term
Government securities, which were purchased largely from the Federal Reserve with
funds released by the reduction in reserve requirements.
At the same time yields on liquid types of
FEDERAL RESERVE BULLETIN
BANKING AND MONETARY DEVELOPMENTS IN 1949
investments, primarily short-term Government securities, have declined somewhat. Accordingly banks not only have had more
money for lending, but they have found the
MEMBER
BANK
HOLDINGS
SHORT-TERM
OF
CASH,
EXCESS RESERVES, AND
GOVERNMENT
SECURITIES
[In billions of dollar 3, partly estimated]
Amount held
Asset
Apr. 27,
1949
Oct. 26,
1949
Change
during
period
12.4
Total
Cash in vault
Excess reserves
Treasury bills and certificates. .
17 6
+5.2
1.7
0.5
10.2
1 7
0 8
15 1
+0.3
+4.9
holding of funds in liquid forms less profitable than was the case early last spring. These
developments have tended to promote the
availability of credit to private borrowers and
to State and local governments.
RECENT CREDIT DEVELOPMENTS
Bank loans to businesses expanded over the
second half of 1949, largely in response to a
seasonal revival in credit demand, accompanying a change in the general trend of
economic developments. The seasonal increase in business loans this year began in
August, somewhat later than usual, but since
then the growth has followed about the usual
pattern and the total volume has increased
more than 1 billion dollars. Information on
changes in business loans at banks in New
York City indicates that expansion this year
has been important to trade, manufacturers
of soft goods lines, and food industries, which
customarily seek bank credit in the fall season
to finance inventory expansion. Interest rates
charged by banks on business loans averaged
about one-tenth of one per cent lower in September than in June. This decline corresponds approximately to that in yields on
DECEMBER 1949
short-term Government securities over the
same period.
Expansion in consumer instalment credit
was resumed after March and accelerated
during the late summer and early autumn.
The monthly growth averaged approximately 250 million dollars in the period
April-October. The outstanding amount of
both automobile sale credit and other types
of instalment credit reached new highs, and
at the end of October total consumer instalment indebtedness exceeded 10 billion
dollars.
Mortgage loans held by banks and other
institutional lenders have shown further substantial growth since June. At weekly reporting banks in leading cities, the expansion
in mortgage portfolios was about 200 million
dollars during the five-month period JulyNovember. This was about the same increase as occurred in the corresponding
period last year and was more than twice
as large as that in the first half of 1949.
Savings and loan associations also increased
the tempo of their mortgage lending during
the third quarter of 1949. Insurance companies and savings banks increased their
mortgage holdings in the third quarter of
1949 at about the same rate as earlier in the
year.
The reductions in member bank reserve
requirements, particularly at mid-1949 and
thereafter, and the decline in yields on Government securities reacted on the market for
municipal securities. These issues, which
had been moving rather slowly into investor
portfolios, became relatively attractive outlets for investment funds, and banks increased their holdings about 700 million dollars in the third quarter of the year.
Since the relaxation of margin requirements there has been a moderate increase in
the volume of credit extended for purchasing
1437
BANKING AND MONETARY DEVELOPMENTS IN 1949
or carrying listed stocks, but the total of such
loans remains small. There have been wide
fluctuations in loans to dealers in Government securities, which were in large part
related to the refinancing of maturing issues.
AVAILABILITY OF BANK RESERVES
Over the first eleven months of 1949, the
principal factor influencing member bank
reserve positions was the series of reductions
in reserve requirements made by the Board of
Governors. Additional reserves were made
MAJOR FACTORS AFFECTING MEMBER BANK RESERVES
JANUARY-NOVEMBER, 1949
[In billions of dollars]
Oct.-
Factor
Jan.- April- July- Nov.(2
Mar. June Sept.
mos.)
Total,
Jan.Nov.
(Sign indicates effect on
bank reserves)
Golf inflow
Return of currency from
circulation
Treasury cash transactions1.
Federal Reserve purchases
(+) or sales ( - ) of U. S.
Govt. securities in the
open market, net2
Other factors, net
+ -1 + .2 + .1 - .1 + .3
- . 2 + .7
+ .7
- 1 . 1 + .6 - .7 + .8 - .5
-
.6
.3
-2.21 - 1 . 5
+ .2
Changes in member bank
— 1.2 - 1 . 5
reserves, total
-
.2
.3
-1.9
-4.5
-4.5
2
Excess reserves
-
.4
+ .1
- .1
Required reserves:
-
.8
-1.6
-1.8
+ .2 -4.0
Reduction in reserve
requirement
percentages
Effect
of deposits
changes
-
-1.5
-2.2
-3.7
.8
-
+ .4 + .2 - .3
.1
- .5
1
Change in Treasury deposits at Reserve Banks and retirement
of securities held by Reserve Banks, including 700 million dollars
of 2Treasury bills retired in the period January-April.
Loss on Treasury bills on exchanges taken into account as
market sale, except when net retirement of bills was effected.
NOTE.—Changes are based on figures for Dec. 31, 1948, Apr. 6,
1949, June 30, 1949, Sept. 28, 1949, and Nov. 23, 1949. Figures
may not add to totals because of rounding.
available to banks by return of currency from
circulation and a moderate gold inflow, as
is shown in the table. Federal Reserve sales
of Government securities over the period
1438
were sufficient to absorb whatever volume of
free reserves banks chose not to hold and
for which they did not find other suitable use.
In the first quarter of 1949 banks were supplied with reserve funds primarily from a
return flow of currency, and in addition a
substantial amount of reserve funds was freed
by a decline in the volume of deposits subject to reserve requirements. These funds,
however, were not sufficient to meet a drain
on reserves that resulted from the disposition
of a Treasury cash surplus and the sale by
the Federal Reserve Banks of long-term Government securities to nonbank investors.
Banks sold short-term Government securities,
in part to the System.
Reductions in reserve requirements and a
net payment of funds out of Treasury deposits at Reserve Banks into private accounts
held at commercial banks supplied banks
with a substantial amount of free reserve
funds in the second quarter of the year.
These were used by banks to purchase shortterm Government securities, which directly
or indirectly came from the Federal Reserve
System portfolio. In the third quarter additional reserves were freed by further reductions in reserve requirements. These were
more than sufficient to meet a drain on bank
reserves from Treasury cash transactions and
to supply the additional reserves needed to
cover the expansion in deposits. Again, the
surplus volume of free reserve funds was absorbed by sales of Government securities
from the Federal Reserve portfolio. During
October and November Treasury operations
tended to supply banks with reserve funds
in sufficient volume to offset a flow of currency into circulation and permit a further
reduction in System holdings of Government
securities.
FEDERAL RESERVE BULLETIN
BANKING AND MONETARY DEVELOPMENTS IN 1949
CHANGES IN MONEY SUPPLY
The privately held money supply contracted sharply in early 1949 and subsequently expanded. Total currency and deposits, adjusted to exclude Government and
interbank deposits and cash items in process
of collection, declined over 5 billion dollars
in the first quarter of the year and thereafter
showed a fairly sustained increase through
November, as is shown on the chart. At the
end of November the total was about the
same as on the corresponding date a year ago.
BANK DEPOSITS AND CURRENCY
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
y ^ T O rAL DEPO SITS ADJL STED
AND CURRENCY
-
/
-
-
A/
DEMAND DEPOSITS
ADJUSTED
~r
-
1
~ ^
S
TIME DEPOSIT . _ — — —
.«———
^
-
CURRENCY OUTSIDE BANKS
_
_
.
—
•
'
-
-
Figures are partly estimated. Deposits are for all banks in
Demand deposits adjusted exclude U. S.
Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings
System and in mutual savings banks. Figures are for December 1941; June and December, 1942; end of month, 1943-46; last
Wednesday of month 1947-49. Figures subsequent to June
1949 are preliminary; latest figures are for October.
th e United States.
Currency held by individuals and businesses declined in 1949 for the third successive
year. The total amount of currency outside
banks at the end of November was 800 million dollars less than a year earlier and 1.5
billion dollars below November 1946. The
total still exceeded 25 billion dollars, however, about three times the amount outstanding at the end of 1940. The return of currency from circulation since 1946 has been
DECEMBER
1949
primarily in bills of 10 and 20 dollar denominations, but there has also been considerable
return of bills of 50 dollar denomination or
larger, particularly in 1949.
Privately held demand deposits declined
somewhat over the first eleven months of
1949, but not as much as in the same period
last year. All of the contraction occurred in
the first quarter, reflecting the heavy tax payments of that period and a decline in bank
loans; during the remainder of the year
demand deposits showed a steady growth,
A substantial increase in privately held
deposits generally occurs in December.
Time deposits increased further in 1949As in 1948, the growth amounted to about
1 billion dollars and occurred largely in the
first half of the year. Mutual savings banks,
which are important in the northeastern part
of the country, received most of the total
increase. Liquid assets held by individuals
and businesses in the form of shares in savings and loan associations and of United
States Government securities also increased
during the year.
Although changes in total private holdings
of currency and deposits in 1949 were similar
to those in the preceding year, the factors
that operated to bring them about contrasted
sharply. In 1948 a small net decline in the
private money supply reflected a balancing
of large movements in various factors, some
tending to increase and others to decrease it.
This year the magnitude of both the expansive and the contractive forces was much
reduced.
In the first eleven months of 1949, growth
in bank loans was small, and the total increase in all bank credit to borrowers other
than the United States Government, including both loans and investments, was only
about 2 billion dollars, as is shown in the
1439
BANKING AND MONETARY DEVELOPMENTS IN 1949
1949 the Treasury increased its cash balance
somewhat and retired for cash nearly one
billion dollars more of bank-held securities
than it sold in new securities to banks. The
contractive influences of Treasury transactions were felt in the first quarter when income tax and other receipts exceeded expenditures considerably, and again in the
third quarter of the year, when sales of
savings notes were exceptionally heavy. During other periods of the year Treasury
operations tended to increase rather than reduce private holdings of money. In the first
eleven months of 1948 the contractive impact of Treasury transactions on the money
supply was greater and more continuous.
table. In the corresponding period last year
banks increased their credits to such borrowers by more than 5 billion dollars. Gold
inflow was moderate during the first three
quarters of 1949, and a small outflow occurred following currency devaluations by
many foreign countries beginning in September. For the period January-November
the gold inflow this year amounted to less
than one-fourth of that in 1948. Market
transactions in Government securities by nonbank investors had little net effect on the
money supply in the first eleven months of
both 1949 and 1948. This year, however,
nonbank investors bought long-term securities and sold short- and medium-term issues
on balance, whereas last year the situation
was the reverse.
The principal factor contracting the private
money supply in both years was Treasury
transactions. Over the first eleven months of
REGIONAL CHANGES IN DEPOSITS
No striking changes took place over 1949
in the regional distribution of the private
money supply. In general, deposits in north-
MAJOR"FACTORS A F F E C T I N G DEPOSITS AND CURRENCY
[In billions of dollars, partly estimated]
1949, by periods
Factor
Jan.March
April-
June
JulySept.
Jan.-Xov. (11 mos.)
Oct.Nov.
(2 mos.)
1949
1948
(Sign indicates effect on deposits and currency)
Gold inflow
Loans—commercial and mutual savings banks
Securities of State and local governments, and corporations held
by commercial and mutual savings banks
Treasury deposits, decrease ( + ) or increase ( —)
Treasury sale ( + ) of new U. S. Govt. securities to, or retirement
(—) of maturing securities held by, banking system, 1 net... .
Market transactions in U. S. Govt. securities:
Long-term restricted issues purchased ( + ) or sold (—) by
mutual savings banks and Federal Reserve Banks, net..
Medium-term and short-term issues purchased ( + ) or sold
(—) by the banking system, 1 net
Other factors, net
Changes in deposits and currency held by individuals and
businesses, total
Demand deposits adjusted
Time deposits 8
Currency outside banks
+ .1
+ .2
+ .1
+ .4
+ 1.7
-
.8
Q
-
.3
2
+ .1
+1.0
+ .7
-2.2
i
+1."2
•"+":8"
+ .8
-
+ .3
+ 1.1
+ 1.2
-
+ -5
-
.7
- .8
.i
- .4
.6
+ 1.4
+4.9
— .9
+5.3
.9
.7
+ .5
+ 1.1
+ -4
c
+ 1.1
-2.2
-5.7
-1.9
-5.1
+1.6
+ 1.0
+ .5
+ .1
+1.0
+ 1.4
+1.7
+1.5
-
-
+ .2
- .6
-
-4.6
+ .4
-
.9
-
.3
.4
- .8
-1.9
.7
-1.9
+ 9
-1.0
+ .6
-
.6
1
Includes commercial banks, mutual savings banks, and Federal Reserve Banks.
Includes changes in deposits at commercial banks, mutual savings banks and the Postal Savings System.
NOTE.—Changes are based on figures for Dec. 31, 1947, Dec. 31, 1948, Apr. 6, 1949, June 30, 1949, Sept. 28, 1949, and Nov. 23, 1949.
Figures for the first Wednesday in April 1949 are used because of the large temporary deposit withdrawals made over the end of March
to avoid tax assessment in Illinois. Figures for July-November 1949 are preliminary. Figures by periods may not add to totals because
of rounding.
2
1440
FEDERAL RESERVE BULLETIN
BANKING AND MONETARY DEVELOPMENTS IN 1949
eastern, northcentral, and southwestern Federal Reserve districts showed a moderate expansion in the twelve-month period ending
October 1949; there was some deposit decline
in the southeastern districts and in the far
west. Outstanding note obligations declined
at all Federal Reserve Banks. Likewise, there
were no marked changes in deposits by
groups of cities; small declines occurred at
central reserve city banks, reserve city banks,
and at other commercial banks.
The absence of a pronounced general
movement of funds among major areas of
the country in 1949 is in sharp contrast with
the situation during the war and in the
early postwar period. In those years funds
were flowing into the southern and western
areas, and deposits at banks in these sectors
of the country expanded considerably more
rapidly than elsewhere. Deposits at country
banks generally increased more than those
at city banks. These movements continued
through 1948, but appear to have been reversed slightly in 1949. The change from
the early postwar period probably reflects
among other things a change in the relation-
DECEMBER
1949
ships of agricultural and industrial prices and
production.
OUTLOOK FOR DEPOSITS
Developments that now appear likely in
1950 indicate that in the early part of the
year there may be a smaller contraction in
privately held deposits than has occurred at
the corresponding season in recent years.
Prospects for large Treasury expenditures in
the first quarter, including the payment of
National Service Life Insurance dividends to
veterans, make it likely that Treasury transactions will cause a substantially smaller reduction in deposits of individuals and businesses in early 1950 than in the corresponding
periods of 1947, 1948, or 1949.
For the year as a whole the outlook is for
a Treasury cash deficit, some part of which
may be financed through bank credit. State
and local governments may also continue to
use bank credit to finance a part of their
projected capital outlays. Unless there is
a marked decline in over-all credit demands
of businesses, farmers, real estate owners,
and consumers, total bank credit may increase and expansion in the total money
supply may be resumed.
1441
A STUDY OF INSTALMENT CREDIT TERMS1
by
MILTON MOSS
Before Federal regulation of instalment buying expired on June 30, 1949, valuable data on
terms of actual contracts were obtained as a byproduct of the regular enforcement procedure.
These data throw considerable light on the pattern
of down payments and maturities on instalment
sales of various commodities, and also provide
interesting perspective on the operation of consumer credit regulation in a period when inflationary tendencies were becoming less pronounced.
Data for this study cover instalment contracts
negotiated from September 20, 1948 through June
30, 1949, the period of renewed regulation authorized by Congress in August 1948. This period was
unique in the history of Federal regulation of consumer credit. From the beginning of regulation
in the fall of 1941 throughout the war and most
of the postwar period the Board of Governors
exercised its authority under Regulation W to
dampen inflationary tendencies. Relatively stringent down-payment terms (typically one-third) and
maturity requirements (typically 15 months) helped
to restrain the volume of instalment credit creation
and to keep it from adding excessively to purchasing power. In the early part of 1949 the need
for inflationary safeguards became less important
and consumer credit regulation had to be considered from the standpoint of possible deflationary
developments.
This study examines the pattern of down payments and maturities that developed during the
first half of 1949, largely as a consequence of the
successive relaxations of Regulation W on March 7
and April 27. In order to determine the changes
in actual terms which followed these amendments,
instalment contracts were sampled to represent the
following three intervals: September 20, 19481
Acknowledgment is extended to the Regulation W departments of the Federal Reserve Banks for making the basic
data for this article available. These data were obtained by
the Reserve Banks in the course of their regular review of
instalment contracts subject to Regulation W. Responsibility
for initiating the investigation was shared by Dale M. Lewis,
formerly with the Board's Division of Bank Operations and
now with the Federal Reserve Bank of St. Louis, and Francis
R. Pawley, Clarke L. Fauver, and Milton Moss of the Board's
Division of Research and Statistics.
1442
March 6, 1949; March 7-April 26; and April 27June 30.2
The commodities reviewed were all subject to
Regulation W and included new and used automobiles, mechanical refrigerators, automatic washing machines, television sets, and console radios.
These higher priced types of consumer durable
goods were selected because most of the lower
priced items were removed from control when the
exemption limit was raised on April 27 from $50
to $100.
Some of the conclusions of the study are summarized briefly below:
1. Relaxations of Regulation W were followed
by a substantial easing of actual terms, which probably contributed materially to high-level sales of
automobiles and other durable goods during the
second and third quarters of this year.
2. Despite the easing of terms, however, a large
proportion of instalment contracts specified terms
much stricter than required by Regulation W. In
part this reflected the strong financial position of
instalment buyers during the period under review.
It also emphasized the point that, within the limits
set by the regulation, retailers and lenders had
discretion to offer terms that in their judgment
were reasonable and in line with sound business
principles.
3. Credit terms varied widely by commodity,
particularly with respect to maturities. After the
relaxations of Regulation W, terms tended to go
much further toward the permissible limits for '
new passenger cars and refrigerators than for used
automobiles and radios. Evidently considerations
such as durability and resale value were among the
factors which prevented terms in most cases from
going to the limits permitted by the regulation.
4. Considerable variation in credit terms among
2
It is believed that the sample of instalment sales contracts
drawn for this study is representative of transactions negotiated during the various periods, although it was not designed
to produce a precise cross section in the sense of strict sampling procedure. The contracts obtained depended on the
particular retailers and lenders visited by the Federal Reserve
Bank staff.
FEDERAL RESERVE BULLETIN
A STUDY OF INSTALMENT CREDIT TERMS
Federal Reserve districts was also evident. It is
difficult to assess the significance of this variation,
however. The period studied was relatively short,
2nd part of the divergence among districts may
have disappeared after June 30, as relaxation of
terms became more widespread.
5. Instalment credit terms have been further
eased since Federal regulation was discontinued on
June 30. The most favorable down-payment and
maturity terms now prevailing are more lenient
than the limits set by Regulation W. Although it
is probable that the majority of borrowers do not
receive the most liberal terms, the tendency seems
to be toward progressively easier terms for all
borrowers.
EASING OF CREDIT TERMS
3
Changes in the distribution of actual contract
terms following relaxation of requirements under
Regulation W are summarized in Table 1. This
table indicates that most contracts in the periods
under study specified less lenient terms than those
permitted by the regulation. At the same time,
each easing of the regulation was followed by a
marked general relaxation.
The large proportion of contracts with maturity
terms more stringent than the permissible limits is
evident for every commodity, both before and after
each amendment to the regulation. In the period
from September 20, 1948 to March 6, 1949, when
the legal limit for repayment was 15-18 months, a
significant proportion of the contracts for each commodity specified maturities shorter than the legal
maximum. Contracts with maturities of 12 months
or less, for example, accounted for at least 31 per
cent of new car sales, and as much as 64 per cent of
sales of console radios. In each of the two ensuing
periods, namely March 7-April 26 when 21 months
to pay was the legal maximum and April 27-June
30 when the 24-month maximum was in effect, the
3
Effective March 7, 1949, maximum maturities prescribed
by Regulation W were extended to 21 months from 15
months in the case of credits of $1,000 or less and from 18
months for those of more than $1,000. Minimum down
payments on articles other than automobiles were lowered
to 15 per cent from the previous minimum of 20 per cent.
The April 27 amendment increased the maximum maturity
on all regulated articles to 24 months and reduced the minimum down payment on articles other than automobiles to
10 per cent. The 3 3 ^ per cent down payment for automobiles was retained throughout the period of Regulation W.
All articles priced at less than $100 were exempted by the
April 27 amendment, whereas prior to that date the exemption limit was $50.
DECEMBER
1949
bulk of contracts for each commodity carried maturities shorter than the legal limit.
A similar pattern is evident for down payments.
As shown in Table 1, the bulk of contracts for each
commodity, after each relaxation, specified initial
equities in excess of the minimum amounts required
by regulation. Thus, within the regulatory limits,
a substantial amount of discretion was exercised by
lenders and retailers in setting instalment contract
down payments and maturities.
Notwithstanding the general tendency for the
bulk of credit to specify terms less lenient than the
permissible limits, it is nevertheless important to
emphasize the fact that there was a substantial
relaxation of credit terms during the first half of
1949. A quantitative appraisal of the general relaxation which took place in the periods of this study
can be made by an analysis of the changes in the
percentage of contracts at or near the regulatory
limits.
This can be done by first bearing in mind that
the easing of credit terms which took place during
the first half of 1949 conceivably could have arlected
two groups of potential instalment buyers. One
group may have consisted of those who could have
bought on terms in effect prior to the relaxations
but who nevertheless wished to take advantage of
the most lenient terms available. On the other
hand, some people who were unable to meet the
terms in effect prior to the relaxations may have
been brought into the market by the easing of
terms. In so far as relaxations of credit terms affected only the first group, the proportion of contracts at or near the regulatory limits should not
have changed significantly. But to the extent that
easing of terms affected the second group as well
as the first, the proportion of contracts specifying
lenient terms should have increased.
Table 1 shows that after each amendment to
Regulation W there were significant increases in
the proportion of contracts at or near the most
lenient permissible term limits, implying that the
relaxation of down payments and maturity requirements widened the market in addition to enabling
a given group of buyers to take advantage of easier
terms.
An examination of data on new car contracts, as
shown in Table 1, provides a specific illustration
of the significance of the changes occurring during
the period under review.
1443
A STUDY OF INSTALMENT CREDIT TERMS
TABLE
1
INSTALMENT CONTRACTS DURING THREE PERIODS OF REGULATION, BY MATURITY AND DOWN
PAYMENT
[Percentage distribution of. contracts]
Used Automobiles
New Automobiles
Sept. 20,
1948Mar. 6,
1949
Mar. 7Apr. 26,
1949
Apr. 27June 30,
1949
31.0
68.9
0.1
0.0
22.2
28.8
48.8
0.2
19.9
22.5
11.1
46.5
Maturity under contract:
12 or less
13-18
19-23
24
Total
100.0
100.0
Average maturity
Regulation W maximum
15.3
i 15-18
17.4
21
100.0
19.6
24
26.0
19.8
17.1
37.1
24.6
19.8
18.4
37.2
28.0
21.2
17.4
33.4
Total
100.0
100.0
Average down payment
Regulation W minimum
45.9
33.3
46.1
33.3
100.0
45.0
33.3
15,451
Maturity (in months) and
down payment (as percentage of selling price)
Maturity under contract:
12 or less
13-18
19-23
24
Down payment under contract:
33 H
34-39
40-49
50 or over
Number of contracts
2
9,501
9,400
Sept. 20,
1948Mar. 6,
1949
Mar. 7Apr. 26,
1949
Apr. 27June 30,
1949
49.4
50.5
0.1
0.0
40.9
39.1
19.9
0.1
43.3
35.3
8.5
12.9
Total
100.0
100.0
100.0
Average maturity
Regulation W maximum
13.3
i15-18
14.6
21
15.2
24
34-39 .
40-49
50 or over
30.5
27.0
19.9
22.6
32.6
29.0
18.9
19.5
34.0
29.0
19.2
17.8
Total
100.0
100.0
100.0
Average down payment
Regulation W minimum
42.7
33.3
41.8
33.3
41.4
33.3
15,364
17,004
26,487
Maturity (in months) and
down payment (as percentage of selling price)
Down payment under contract:
33K
Number of contracts
Mechanical Refrigerators
Maturity under contract:
12 or less
.
13-18
19-23
24
. . . .
Total
.
Automatic Washing Machines
30.8
33.9 *
35.1
0.2
...
45.0
54.8
0.2
0.0
.
100.0
100.0
12.8
i 15-18
15.2
21
....
.
Average maturity.
Regulation W maximum
Down payment under contract:
10-12
13-17
18-22
23 or over
25.5
24.4
15.2
34.9
Maturity under contract:
12 or less
13-18
19-23
24
100.0
17.8
24
3
0.3
0.6
53.8
45.3
0.8
38.0
28.6
32.6
36.9
20.8
18.0
24.3
Total
100.0
100.0
Average down payment
Regulation W minimum
22.8
20
20.1
15
100.0
16.7
10
16,788
Number of contracts 2
6,961
2
8,068
58.1
41.8
0.1
0.0
43.9
33.0
23.1
0.0
39.6
26.8
12.3
21.3
Total
100.0
100.0
100.0
Average maturity
Regulation W maximum
12.1
1
15-18
14.0
21
15.7
24
0.2
0.9
56.2
42.7
0.7
37.6
30.9
30.8
34.3
21.2
21.7
22.8
Total
100.0
100.0
100.0
Average down payment
Regulation W minimum
22.7
20
20.0
15
16.8
10
4,407
3,750
6,047
63.9
36.0
0.1
0.0
55.3
30.5
14.2
0.0
48.2
28.0
9.6
14.2
Total
100.0
100.0
100.0
Average maturity
Regulation W maximum
11.8
i 15-18
12.9
21
14.4
24
0.4
1.4
52.6
45.6
0.4
32.0
32.7
34.9
28.7
17.5
22.2
31.6
Down payment under contract:
10-12
13-17
18-22
23 or over
Number of contracts
2
Television Sets
Maturity under contract:
12 or less
13-18
19-23
24
.
3
Console Radios
Maturity under contract:
12 or less
.
13-18
19-23
.
24
43.4
55.8
0.6
0.2
31.9
42.2
25.7
0.2
25.7
29.9
18.1
26.3
Total
100.0
100.0
Average maturity
Regulation W maximum
12.8
i 15-18
14.7
21
100.0
17.2
24
0.0
2.0
47.9
50.1
0.4
22.5
34.8
42.3
19.1
23.9
22.4
34.6
Total
100.0
103.0
100.0
100.0
100.0
23.0
20
21.2
15
100.0
18.7
10
Total
Average down payment
Regulation W minimum
Average down payment
Regulation W minimum
22.8
20
20.4
15
18.0
10
2,905
2,641
3,859
Number of contracts 2
3,344
2,027
2,657
Down payment under contract:3
10-12
13-17
18-22
23 or over
Number of contracts 2
1
2
3
. . .
...
Down payment under contract:3
10-12
13-17 . . .
18-22
23 or over
Maximum of 18 months when principal amount was more than $1,000, provided monthly payment was not less than $70.
Does not necessarily represent the relative importance to instalment selling of any one commodity in any period.
Percentage of selling price after deduction of amount allowed for any trade-in.
1444
FEDERAL RESERVE BULLETIN
A STUDY OF INSTALMENT CREDIT TERMS
The important point in analysis of this table is
to assess the changes in the proportion of contracts
at or near the regulatory limit. In comparing the
distribution of contract maturities before and after
each of the amendments it is necessary to refer to
the class intervals which included the earlier as well
as the amended term limits. Thus, with respect to
new automobiles, in comparing the March 7April 26 period with the pre-March 7 period we
note that the percentage of contracts specifying 13
months or more rose from 69 to 78. In comparing
the March 7-April 26 and the April 27-June 30
periods, the proper comparison must refer to contracts with maturities of 19 months or longer; the
percentage of contracts with such maturities rose
from 49 to 58 per cent. After each amendment,
therefore, there was a significant increase in the
percentage of contracts at or near the maximum
repayment period.
Data in Table 1 for commodities other than
automobiles likewise reveal a marked increase after
each amendment in the percentage of contracts
specifying the most liberable terms allowable.
The degree of actual relaxation of terms differed
for the various commodities. Increases in the percentage of long-term contracts were more evident
in credit sales of new automobiles and refrigerators,
somewhat less marked for used cars and console
radios. Down payments were eased considerably
on contracts for commodities other than automobiles. They changed little on automobile transactions, largely as a result of the retention of the
one-third requirement throughout the period of
Regulation W. Smaller down payments after relaxations of Regulation W were more frequent in
the case of refrigerators and washing machines than
for console radios and television sets.
Many factors account for the variation in terms
among the different commodities. A more detailed
discussion of such factors follows in connection
with an analysis of data for the April 27-June 30
period.
COMMODITY VARIATIONS IN CREDIT TERMS
The period after the April 27 relaxation of Regulation W provides an excellent opportunity to study
forces at work in setting the terms available on instalment buying of various commodities. In the
first place, a wider range of variation became possible because of the extension of regulatory limits:
maximum maturities were permitted to go to 24
DECEMBER
1949
months, and required down payments were lowered
to 10 per cent on all commodities except automobiles. Secondly, differences in strength of demand
for various commodities were probably more pronounced during these months than during most of
the postwar period. In consequence, a commodity
comparison of credit terms during the April 27June 30 interval is especially appropriate.
One of the patterns observed on contracts analyzed in this period is the variation in maturities,
despite the fact that the 24-month regulatory maximum applied uniformly to all the articles studied.
According to the chart, for example, instalment
sales of new automobiles carried an average maturity of approximately 20 months, compared with
an average of about 15 months for used cars.
AVERAGE MATURITY ON CONTRACTS
COMPARED WITH REGULATORY MAXIMUM
SELECTED ARTICLES, APRIL 27 - JUNE 30, 1949
Since in instalment sales the commodity purchased is traditionally the security for the credit
advanced, durability and resale value of the commodity are likely to be decisive factors in setting
credit terms. Such considerations help explain the
differences in contract maturities between new and
used cars, and also to some extent among the other
commodities financed.
In the case of goods other than automobiles, instalment sales of mechanical refrigerators exhibited
the longest average maturity. Console radios, at the
other extreme, represented the transactions with the
shortest average maturity. Several factors combine
1445
A STUDY OF INSTALMENT CREDIT TERMS
to lower the resale value, or hasten the depreciation
of console radios, such as competition with television, the technological changes occurring in radiophonograph combinations, and the fact that there
has been an earlier satisfaction of backlog demands
for radios than for most consumer durable goods.
Down-payment averages, shown in the second
chart, illustrate a basic difference between automobiles and other articles, resulting largely from
the much greater prevalence of trade-ins in the case
of automobile purchases and the fact that Regulation W prescribed different minimum requirements.
Average down payments on automobiles ranged
from 41 per cent for used models to 45 per cent for
new models. This compared with much lower
averages of around 17 and 18 per cent for other
articles.
A minor complicating factor in these data relates to a provision of Regulation W which specified
AVERAGE DOWN PAYMENT
COMPARED WITH REGULATORY MINIMUM
SELECTED ARTICLES, APRIL 2 7 - JUNE 30, 1949
PER CENT OF
RETAIL PRICE
PER CENT OF
RETA1IL PRICE
50
50
AUTOMOBILES
TABLE 2
AVERAGE TERMS OF INSTALMENT CONTRACTS ON SELECTED ARTICLES AND PROPORTION OF CONTRACTS AT REGULATORY LIMITS
BY FEDERAL RESERVE DISTRICTS, APRIL 2 7-JUNE 30,
Articles and terms
New automobiles—
Maturity:
Average (in months)
Percentage at maximum
Down payment:
Average (percentage of retail price)
Percentage at minimum
Used automobiles—
Maturity:
Average (in months)
Percentage at maximum
Down payment:
Average (percentage of retail price)
Percentage at minimum
Mechanical refrigerators—
Maturity:
Average (in months)
Percentage at maximum
Down payment:
Average (percentage of net price) ..
Percentage at minimum
Automatic washing machines—
Maturity:
Average (in months)
Percentage at maximum
Down payment:
Average (percentage of net price) ..
Percentage at minimum
Television sets—
Maturity:
Average (in months)
Percentage at maximum
Down payment:
Average (percentage of net price) ..
Percentage at minimum
Console radios—
Maturity:
Average (in months)
Percentage at maximum
Down payment:
Average (percentage at net price) ..
Percentage at minimum
1446
1949
Chicago
MinSt.
Louis neapolis
Kansas
City
Dallas
San
Francisco
19.5
56.5
18.7
44.1
18.8
43.9
17.2
23.6
16.9
27.3
20.5
61.8
44.1
38.5
42.9
41.9
46.3
25.4
42.0
35.9
42.3
44.0
44.0
26.9
20.4
57.7
40.4
56.0
15.5
16.5
14.7
9.9
14.9
10.2
15.1
14.1
15.6
16.7
13.6
3.6
13.7
5.0
15.3
13.6
15.2
14.9
42.1
26.3
41.0
40.6
41.5
31.6
40.9
38.0
40.4
35.1
41.5
45.1
41.7
35.1
39.3
55.1
40.8
31.1
16.3
25.6
18.2
39.4
15.6
17.6
16.8
26.6
19.6
49.0
18.6
40.3
17.2
33.6
19.2
45.8
14.9
50.1
15.8
21.6
17.1
34.5
16.2
21.8
17.3
32.5
17.9
27.7
17.0
35.4
17.9
30.0
17.3
31.9
14.6
49.7
16.4
37.4
15.7
14.1
13.7
8.9
14.3
13.9
16.5
27.6
13.6
8.7
15.5
22.6
13.4
8.1
13.1
7.3
17.9
35.8
16.9
33.0
16.6
36.6
17.3
30.4
17.3
30.0
15.0
48.2
18.4
22.2
16.3
39.1
19.5
19.8
18.8
25.5
15.2
44.1
17.2
34.5
16.9
25.0
18.9
33.8
13.6
5.2
17.4
27.0
15.3
18.8
15.2
18.9
16.1
20.9
13.3
0.0
13.3
0.0
15.8
22.2
17.2
29.8
18.4
26.3
19.3
17.0
18.7
15.1
20.2
11.1
17.0
24.5
18.0
31.3
18.3
24.6
19.3
18.9
17.5
0.0
24.0
0.0
16.2
33.3
18.3
18.8
14.4
14.2
16.6
25.2
16.5
28.5
13.2
5.2
13.3
4.1
13.5
8.0
13.3
5.9
13.8
11.1
13.3
6.7
14.0
13.2
17.3
33.3
14.2
33.8
18.0
28.7
18.9
21.3
16.7
37.4
13.6
5.7
18.3
23.6
19.2
20.7
19.5
15.8
44.8
19.8
16.7
18.0
28.1
17.6
35.6
18.4
28.7
14.8
53.2
17.9
26.0
All
districts
Boston
New
York
PhilRich- Atadel- Cleve- mond lanta
phia land
19.6
46.5
18.6
37.1
19.0
43.0
18.5
38.1
18.0
46.1
19.3
49.5
45.0
28.0
44.2
35.0
46.1
19.5
47.4
15.7
47.3
17.1
15.2
12.9
15.9
15.7
16.1
16.6
41.4
34.0
41.8
41.8
42.9
27.0
14.7
7.7
42.1
24.4
17.8
34.9
18.4
37.7
18.0
37.4
18.2
33.7
16.7
36.9
16.9
35.5
17.0
33.2
15.7
21.3
17.1
26.2
16.8
34.3
16.7
32.4
16.6
27.2
16.5
34.3
17.2
26.3
16.8
22.9
18.7
19.1
45.5
22.8
FEDERAL RESERVE BULLETIN
A STUDY OF INSTALMENT CREDIT TERMS
that the down payment on an automobile purchase
might include a trade-in allowance, whereas it had
to be entirely cash for other goods. Thus for nonautomobile goods the down payment was computed
as a percentage of the net price after deduction of the
amount allowed for the trade-in. Although tradeins play a relatively small role in the sale of nonautomobile goods, it is probable that the average
down payment on these goods would have been
slightly larger than indicated in the chart if the
trade-in allowance had been included in the down
payment.
Analysis by Federal Reserve districts reveals considerable divergence in the pattern of credit terms.
These variations are shown in Table 2.
The acceptance of 24-month maximum maturities
on new car contracts, for example, varied widely
among the different sections of the country, ranging from about one-fourth of all new car transactions in the Minneapolis and Kansas City Districts to more than three-fifths in San Francisco.
On console radios and television sets an even greater
divergence was evident.
This lack of uniformity probably reflected in part
adjustments to regional conditions of standards set
by finance companies and trade associations operating on a nation-wide basis. It is also possible,
however, that the district variations reflect temporary conditions to some extent and that the differences later became less marked.
Further detail on credit terms during the April
27-June 30 period for each of the selected com-
TABLE
3
RELATION BETWEEN DOWN PAYMENTS AND MATURITIES OF INSTALMENT CONTRACTS ON SELECTED ARTICLES
[Percentage distribution of contracts, April 27-June 30, 1949]
New Automobiles
Down payment
(Percentage
of retail price)
Used Automobiles
Matur ities (in months)
12 or less
331^2
34-39
40-49
50 and over
13-18
19-23
24.
Total
28.0
21.2
17.4
33.4
100.0
2.9
3.3
4.7
4 1
3.1
2.3
8.6
2.4
16.7
11.2
8.5
10.1
19.9
Total
5.1
2.2
2 5
12.3
22.5
11.1
46.5
13-18
19-23
24.
Total
Down payment
(Percentage
of net price)
6.7
5.7
6 1
4.8
5.2
21.0
6.1
5.9
2.9
2.3
3.6
4.2
36.9
20.8
18 0
24.3
10-12 3
13-17
18-22
23 and over
25.5
Total
24.4
15.2
34.9
100.0
Total
10-12
Maturities (in months)
5.3
5.7
19.1
23.9
22.4
34.6
10-12 3
13-17
18-22
23 and over
26.3
100.0
13-18
19-23
3.5
3.7
3.7
5.8
8.4
6.9
14.4
3.5
7.5
8.2
10.7
4.8
3.8
25.7
29.9
18.1
n-17
18-22
4.1
23 and over
Total
1
2
3
Total
Down payment
(Percentage
of net price)
12 or less
3
3 1
2.8
1 6
5.0
1.0
1.6
34 0
29.0
19 2
17.8
35.3
8.5
12.9
100.0
24.
5 0
4.2
2 1
Total
Maturities (in months)
12 or less
13-18
19-23
24 !
Total
9.2
6 7
10 0
13.7
8.2
7 5
6 5
4.2
3 5
2 7
12.7
3 5
2 5
4.6
1.9
2.6
34.3
21 2
21 7
22.8
39.6
26.8
12.3
21.3
100.0
Console Radios
Television Sets
Down payment
(Percentage
of net price)
12 1
11.3
6 9
43.3
4.4
3 8
5 4
11.9
10-12 3
13-17
18-22
23 and over
19-23
13.8
10.7
8 6
10.2
Total
13-18
Automatic Washing Machines
Maturities (in months)
12 or less
:
12 or less
33 H 2
34-39
40-49
50 and over
Mechanical Refrigerators
Down payment
(Percentage
of net price)
Maturities (in months)
Down payment
(Percentage
of retail price)
24.
Total
Maturities (in months)
12 or less
13-18
19-23
24 1
Total
10.5
6 8
11.0
19.9
7.2
6 9
7 0
3.5
2 0
1 9
7.5
1 8
2 3
6.9
2.2
2.6
28.7
17 5
22 2
31.6
48.2
28.0
9.6
14.2
100.0
Regulation W maximum.
Regulation W minimum.
Regulation W minimum was 10 per cent.
DECEMBER
1949
1447
A STUDY OF INSTALMENT CREDIT TERMS
modities is presented in the series of cross classifications given in Table 3, which show the interrelation between down payments and maturities.
Analysis of these tables indicates that a preponderance of contracts for the articles investigated
carried either a down payment or a maturity more
stringent than required by Regulation W. In the
case of new automobiles, only 17 per cent of all
contracts indicated both the minimum down payment of one-third and the maximum maturity of
24 months. It follows that 83 per cent of the contracts specified either a down payment or a maturity
less liberal than the regulatory limits. Of the contracts for used cars, 95 per cent were in the category
having either a down payment or a maturity more
strict than required by Regulation W. For the
other commodities, this proportion was also quite
high, varying from about 92 per cent for console
radios to approximately 80 per cent for mechanical
refrigerators.
The large proportion of terms that were more
strict than the regulatory limits bears testimony to
the strong financial position of instalment buyers as
well as to the policy of instalment financing agencies
in the period surveyed. The fact that consumers
were able to make down payments much higher
than the required minimum implies a strong asset
position, and their agreement to repay the unpaid
balance in a much shorter time than the maximum
implies a strong income position. With respect to
maturities it is well to bear in mind that the figures
pertain to original contract terms. There is no information on the extent to which these terms have
been either shortened via prepayment or lengthened
as a result of refinancing or delinquency in meeting
payments.
TABLE 4
CONTRACTS WITH M I N I M U M D O W N PAYMENTS AS PERCENTAGE
OF A L L CONTRACTS IN EACH MATURITY G R O U P , BY SELECTED
ARTICLES, A P R I L 2 7 - J U N E 30,
1949
Maturity (in months)
Article
New automobiles
Used automobiles
Mechanical refrigerators
Automatic washing machines
Television sets
Console radios
12 or
less
13-18 19-23
14.6
31.9
17.3
23.2
13.6
21.8
22.7
34.3
27.5
30.6
11.7
25.7
29.7
36.5
31.6
34.1
20.4
36.5
24
35.9
38.8
60.2
59.6
31.9
52.8
NOTE.'—Minimum down payments for new and used automobiles
were 33 }{ per cent, and for all other articles 10 per cent.
1448
Another interesting point brought out by the
data in Table 3 is that contracts with maturities of
19-23 months constituted the smallest percentage of
the total for every commodity investigated. It is
probable that in consumer instalment financing
there is a preference by credit agencies and/or consumers for evenly spaced maturities such as 12, 18,
and 24 months.
Further examination of the interrelation between
down payments and maturities indicates that long
repayment periods tend to be associated with small
down payments. This tendency is illustrated in
Table 4, which shows that the percentage of contracts with minimum down payments is highest
in the longer maturity classifications. All commodities exhibited this tendency but refrigerators
offer the clearest illustration. Among the refrigerator contracts specifying 24-month maturities, 60
per cent specified the 10 per cent minimum down
payment, whereas among the contracts for 12
months or less, only 17 per cent specified the minimum down payment.
APPRAISAL AND OUTLOOK
The nature of the role played by down-payment
and maturity terms for consumer instalment credit
in the postwar period was brought into sharp
focus in the first half of 1949. Throughout most of
the postwar period, relatively stringent credit terms
exercised restraint on the extent to which credit
might augment the pent-up demand for durable
goods. In the first half of 1949, when inflationary
demand appeared to be ebbing, the easing of credit
terms first on March 7 and again on April 27 probably helped to maintain a high level of expenditures
for consumer durable goods.
It has been commonly supposed that consumer
credit regulation is more effective in restraining
upswings in business activity than in moderating
downturns. In a period of business decline, most
consumers who suffer reduced incomes are unlikely
to buy expensive goods regardless of terms. In the
period under consideration, however, adjustments
in some lines of activity did not result in widespread declines in income. At such times, when
weakening demand coincides with sustained rather
than declining incomes, the easing of credit terms
should be especially effective in stimulating consumer demand.
A further easing of terms has unquestionably
occurred since the termination of Regulation W.
FEDERAL RESERVE BULLETIN
A STUDY OF INSTALMENT CREDIT TERMS
It is difficult to appraise the extent of this relaxation because of a lack of quantitative information
similar to the data of this study. Nevertheless,
available evidence indicates that instances of instalment terms more lenient than those permitted by
Regulation W have arisen in all areas of instalment
financing, among banks, finance companies, and
major retailers, in nearly all commodity lines, and
in all sections of the country.
This study seems to suggest that the bulk of
consumer instalment credit is not generally advanced on the most lenient terms available. The
study also shows, however, that instalment credit
terms are usually eased all along the line when the
most lenient terms in use are further relaxed. This
seems to be the present tendency of consumer instalment credit.
CURRENT EVENTS AND ANNOUNCEMENTS
Death of Member of the Board
The Board of Governors announces with the
•deepest regret the death of Mr. Lawrence Clayton
on December 4, 1949. Mr. Clayton had been a
member of the Board of Governors since February
1947. Previously he had been in both the commercial and investment banking business. He was
Vice President of the First National Bank of Ogden,
Utah, at the time he first became associated with
the Board of Governors in December 1934, as
Assistant to the Chairman of the Board, which
position he held until he resigned to enter investment banking in the beginning of 1945.
Federal Reserve Meetings
A meeting of the Federal Open Market Committee was held in Washington on December 13, 1949.
The Conference of Presidents of the Federal
Reserve Banks met with the Board of Governors
of the Federal Reserve System in Washington on
December 14, 1949.
the June 1949 issue of a meeting of the Chairmen
of the Federal Reserve Banks, also attended by
members of the Board of Governors, which was
held on May 28-30, 1949.
Correction for "Measurements of Savings"
November 1949 BULLETIN
On page 1312 of the November Federal Reserve
BULLETIN, Table 1 should be corrected as follows:
The subtotals given in line N for "Financial Uses
(net)" in the years 1939 and 1946 should be
changed to 4.8 and 15.4, respectively.
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, 1949 to November 15, 1949:
California
Lynwood—First State Bank of Lynwood
Chairmen's Conference
In preparing the annual index for the BULLETIN
it has been noticed that mention was not made in
PECEMBER 1949
West Virginia
Ranson—Blakeley Bank and Trust Company
1449
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled November 25 and released for publication November 28]
Output and employment at factories and mines
decreased in October but increased in the latter
part of November. New construction activity was
maintained at a high rate in October and the first
half of November. Department store sales showed
a less than seasonal increase. Commodity price
changes continued to be relatively small. Prices
of common stocks and bonds generally advanced.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production was 166 per cent of the 1935-39
average in October as compared with 174 in September and 170 in August. Following settlement
of the steel labor dispute and resumption of operations at bituminous coal mines, total industrial production has increased in November.
Activity in durable goods industries declined
about 12 per cent in October. The decrease reflected mainly sharp curtailment in output at blast
furnaces, steel works, and rolling mills. Steel ingot
production was reduced from a rate of 84 per cent
of capacity in September to 11 per cent in October.
Since early November, however, ingot production
has increased again and during the fourth week
was scheduled at 78 per cent of capacity. Activity
in iron and steel fabricating industries declined only
slightly in October, but in early November apparently was reduced considerably mainly as a
result of temporary steel shortages. Owing in part
to model changeovers the number of passenger cars
and trucks assembled was reduced from the record
September rate by about one-tenth in October and
by one-fifth in the first three weeks of November.
Deliveries of copper to fabricators increased sharply
in October, and output of furniture, electrical appliances, and most building materials continued to
advance.
Output of nondurable goods showed a further
rise in October as a result mainly of substantial increases in the textile, paper, and printing industries.
Activity in these lines in October was generally at
about the high levels prevailing last autumn. Output of petroleum products also increased in October
but in early November was curtailed because of
large stocks. Activity in most other nondurable
goods industries in October showed little change.
As a result of work stoppages at bituminous coal
and iron mines, minerals output declined considerably further in October. Anthracite production, however, increased substantially and crude
petroleum output continued to expand. In November, bituminous coal production has advanced
sharply.
CONSTRUCTION
Value of construction contracts awarded in October, according to the F. W. Dodge Corporation,
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
PHYSICAL VOLUME,SEASONALLY
ADJUSTED, 1 9 3 5 "
DOLLAR VOLUME. SEASONALLY ADJUSTED, 1935-39-100
39
1941
Federal Reserve indexes. Monthly figures, latest shown are for
October.
1450
1942
1943
1944
1945
1946
1947
1948
1949
Federal Reserve indexes. Monthly figures,, latest shown are for
October.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
was maintained at the exceptionally high September
level. Increases in public awards, following declines in August and September, offset small declines in awards for most types of private construction. The number of residential units started in
October, as estimated by the Bureau of Labor Statistics, was 100,000, the same number as in September and 27,000 more units than in October 1948.
EMPLOYMENT
declined somewhat further from mid-October to
the third week of November, reflecting chiefly
seasonal decreases in prices of livestock and meats.
Spot prices of apparel wool, lead, and tin also declined owing in part to earlier reductions in foreign
markets, while coflee prices showed a sharp increase. Steel scrap prices rose above pre-strike
levels and prices of some additional domestic industrial products were advanced in November.
Employment in nonagricultural establishments
declined 2 per cent in October owing mainly to reductions in durable goods manufacturing, mining,
and transportation industries as a result of the steel
and coal labor disputes. Unemployment rose onequarter million in early October.
BANK CREDIT
Business loans at banks in leading cities continued
to expand seasonally during October and the first
half of November. Loans on real estate and loans
to consumers also increased. Holdings of U. S.
.Government securities rose during October but
subsequently declined early in November.
DISTRIBUTION
A small reduction in gold stock and a seasonal
Department store sales were 275 per cent of the outflow of currency into circulation tended to reduce
1935-39 average in October, according to the Board's member bank reserves in the first three weeks of
seasonally adjusted index, as compared with 289 November. Federal Reserve Bank credit expanded,
in September and an average of 286 for the first however, reflecting primarily purchases of Governnine months. In the first three weeks of November ment securities by the System.
sales were 6 per cent below year-ago levels when
the sales index for the month was 290.
SECURITY MARKETS
Shipments of railroad revenue freight declined
A steady rise in prices of most long-term Governconsiderably in October reflecting chiefly sharply
ment bonds during the first three weeks of Novemcurtailed shipments of coal, iron ore, and steel prodber has been accompanied by a moderate increase
ucts. Loadings increased in the middle of Novemin prices of high-grade corporate bonds. Common
ber, reflecting mainly sharp gains in coal shipments;
stock prices have fluctuated around the new high
loadings of miscellaneous freight showed a moderate
level for the year reached in early November. New
expansion.
corporate security issues have continued in small
COMMODITY PRICES
volume.
The average level of wholesale commodity prices
SECURITY MARKETS
WHOLESALE COMMODITY PRICES
COMMON STOCK PRICES
1926-100
N
n
r
BOND YIELDS
^-**—
1942
1943
1944
1945
1946
Bureau of Labor Statistics' indexes.
shown are for week ending Nov. 29.
DECEMBER
1949
1947
1948
1949
Weekly figures, latest
1
CORPORATE1
y
*>—
Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; U. S. Government
bond yields, U. S. Treasury Department. Weekly figures, latest
figures are for Nov. 23.
1451
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; rates on
time deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics
Deposits and reserves of member banks; bank suspensions. .
Money in circulation
Bank debits and deposit turnover; Postal Savings System...
All banks and the money supply
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Number of banking offices on Federal Reserve par list and not on par list
Commercial paper, bankers' acceptances, and brokers' balances.. , .
Money rates; bank rates on business loans; bond yields...
Security prices and new issues
Corporate sales, profits, and dividends. .
Treasury
finance
Government corporations and credit agencies...
Business indexes
Department store statistics. ..
Cost of living
Wholesale prices
Gross national product, national income, and personal income. .
Consumer credit statistics
Current statistics for Federal Reserve chart books..
November crop report, by Federal Reserve districts
1455-1456
1456-1457
1458-1462
1462-1463
1464-1465
1465
1466
1467-1469
1470-1471
1472-1475
1476
1477
1478
1479-1480
1481-1482
1483-1485
1486
1487-1496
1497-1500
1500
1501
1502-1503
1504-1506
1507-1511
1511
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
DECEMBER 1949
1453
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
BtLLlONS OF DOLLARS
1941
1942
1943
1944
1945
BILLIONS OP D0U.AS3
1946
1947
1948
1949
1948
1949
TOTAL RESERVE BANK HOLDINGS
OF U S. GOVERNMENT SECURITIES
1941
1942
1943
1944
1945
1946
1947
Wednesday figures, latest shown are for Nov. 23. See page 1455.
1454
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
reserve balances
Reserve Bank credit outstanding
U. S. Government
securities
Date or period
Discounts
and
advances Total
Wednesday
figures:
1948—Oct. 6 . .
Oct. 13. .
Oct. 20. .
Oct. 27. .
Nov.
Nov.
Nov.
Nov.
3. .
10..
17..
24..
296 23,143
500 23,303
289 23,192
300 23,242
All 1 Total
Bills,
certifi- other
Bonds cates,
and
notes
9,483 13,660
9,736 13,567
10,132 13,060
10,683 12,559
Gold
stock
TreasTreasury deury
Money Treas- posits
curury
with
rency in circash
culaouthold- Federal
tion
Restandings
serve
ing
Banks
Other
Non- Fedmem- eral
Reber de- serve
posits acTotal
counts
Required2
Ex-
268
164
388
254
23,707 23,888
23,967 23,965
23,869 23,983
23,797 23,996
4,572
4,572
4,574
4,575
28,202
28,284
28,157
28,091
,324
,317
,326
,322
1,596
1,551
1,530
1,524
867
916
913
888
596
596
590
583
19,584
19,840
19,910
19,960
18,977
18,911
19,040
19,086
607
929
870
874
539
539
539
542
19,846
19,947
19,953
19,934
18,988
19,025
19,138
19,104
858
922
815
830
320 23,239 11,137
326 23,144 11,223
•
282 22,930 11,156
!
582 22,99311,166
12,102
11,921
11,774
11,827
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
28,254
28,337
28,215
28,305
,317
,317
,324
,317
1,473
1,553
1,591
1,650
886
912
901
922
Dec. 1. .
Dec. 8 . .
Dec. 15. .
Dec. 22. .
Dec. 2 9 . .
306 23,165
399 23,004
266 22,993
426 22,845
255 23,347
11,168
11,110
11,112
11,057
11,001
11,997
11,894
11,881
11,788
12,346
312
324
659
950
512
23,783 24,165
23,727 24,218
23,919 24,230
24,221 24,234
24,113 24,236
4,583
4,585
4,585
4,584
4,585
28,322
28,415
28,369
28,560
28,325
,338
,314
,327
,326
,329
1,527
1,540
969
1,575
1,283
927
986
994
,033
,106
541 19,877
548 19,727
640 20,435
647 19,899
653 20,238
19,094
783
19,067
660
19,219 1,216
19,237
662
19,180 1,058
1949—Jan. 5. .
Jan. 12..
Jan. 19..
Jan. 2 6 . .
229 22,919
364 22,465
241 22,117
458 22,039
10,907
10,772
10,603
10,265
12,012
11,693
11,514
11,774
579
364
640
463
23,727 24,249
23,193 24,253
22,999 24,264
22,960 24,268
4,586
4,586
4,586
4,587
28,151
27,919
27,717
27,561
,322
,323
,327
,333
951
939
804
1,135
,167
,145
,267
,138
597 20,375
600 20,105
602 20,133
613 20,035
19,244 1,131
19,118
987
19,183
950
19,113
922
Feb. 2 . .
Feb. 9 . .
Feb. 16. .
Feb. 2 3 . .
297 22,215
251 22,350
238 22,303
303 22,358
10,191 12,024
10,105 12,245
9,993 12,310
9,922 12,436
314
235
385
186
22,827 24,279
22,836 24,279
22,926 24,284
22,847 24,290
4,588
4,587
4,586
4,586
27,556
27,557
27,480
27,551
,327
,327
,323
,326
1,284
1,430
1,754
1,591
,203
,176
,177
,193
613
614
615
621
19,711
19,597
19,447
19,441
19,072
18,921
18,841
18,754
639
676
606
687
Mar. 2 . .
Mar. 9 . .
Mar. 16. .
Mar. 23. .
Mar. 30. .
241 21,837
203 21,529
429 21,500
594 21,675
298 21,828
9,868
9,737
9,588
9,458
9,277
11,969
11,792
11,912
12,217
12,551
343
271
419
244
252
22,422 24,290
22,003 24,295
22,348 24,305
22,512 24,307
22,378 24,311
4,587
4,587
4,588
4,588
4,591
27,557
27,577
27,500
27,423
27,403
,320
,320
,324
,327
,320
877
711
591
1,432
1,678
,233
,223
,227
,197
,190
628
631
663
669
671
19,684
19,424
19,936
19,360
19,019
18,872
18,787
18,946
18,655
18,503
812
637
990
705
516
Apr. 6. .
Apr. 13. .
Apr. 20..
Apr. 27. .
213 21,597
1,491
453 21,288
266 21,208
9,151
9,064
8,989
8,905
12,446
12,427
12,299
12,303
334
333
309
231
22,143 24,317
22,056 24,321
22,050 24,324
21,705 24,329
4,591
4,592
4,589
4,592
27,514
27,507
27,408
27,356
,329
,318
,333
,330
1,116
1,028
1,054
1,146
,104
,110
,094
,093
676
678
678
679
19,311
19,327
19,398
19,020
18,479
18,505
18,519
18,492
832
822
879
528
May 4. .
May 11..
May 18. .
May 2 5 . .
480 20,839
202 20,130
773 19,706
171 19,691
8,671
8,581
8,440
8,371
12,168
11,549
11,266
11,320
258
226
256
186
21,576 24,334
20,559 24,335
20,735 24,338
20,048 24,339
4,592
4,592
4,591
4,591
27,447
27,452
27,392
27,367
,324
,314
,313
,312
990
913
1,026
668
,045
,017
,005
978
623
625
627
627
19,073
18,164
18,302
18,027
18,161
912
17,285
879
17,248 1,054
17,305
722
June 1..
June 8..
June 15..
June 22..
June 29..
158 19,767
157 19,594
139 19,461
670 19,166
150 19,517
8,274
8,202
8,051
7,932
7,780
11,493
11,392
11,410
11,234
11,737
220
205
311
277
209
20,145 24,342
19,956 24,381
24,423
20,113 24,421
- -"
19,875 24,466
4,595
4,596
4,596
4,596
4,597
27,515
27,484
27,391
27,345
27,426
,321
,315
,309
,304
,324
622
378
9
508
497
911
946
906
943
959
637
639
708
715
719
18,076
18,170
18,606
18,314
18,013
788
17,288
921
17,249
17,387 1,219
966
17,348
679
17,334
July 6 . .
July 13. .
July 20..
July 27..
114 19,343
140 18,842
360 18,474
417 18,490
7,780 11,563
7,780 11,062
7,780 10,694
7,780 ,710
321 19,779 24,471
19,279 24,513
19,096 24,518
169 19,075 24,520
4,597
4,596
4,595
4,594
27,659
27,480
27,366
27,333
,306
,317
,310
,307
262
371
449
447
898
973
930
877
741
741
740
740
17,980
17,506
17,415
17,486
16,518 1,462
16,493 1,013
16,522
893
16,586
900
Aug. 3 . .
Aug. 10..
Aug. 17..
Aug. 24..
Aug. 3 1 . .
298
137
240
115
531
7,780
7,775
7,775
7,775
7,775
10,913
10,831
10,451
10,028
9,749
19,213 24,562
181 18,924 24,568
228 18,694 24,608
163 18,081 24,610
18,225 24,607
4,593
4,592
4,592
4,591
4,593
27,419
27,409
27,383
27,328
27,389
,312
,314
,313
,321
,310
411
370
444
485
610
918
956
970
948
914
689
691
688
691
690
17,619
17,347
17,096
16,509
16,512
16,490 1,129
16,513
834
15,799 1,297
15,596
913
15,337 1,175
Sept. 7..
Sept. 14..
Sept. 21. .
Sept. 28. .
17,413 7,775 9,638
123 17,250 7,775 9,475
146 17,154 7,538 9,616
300 17,852 7,538 10,314
251 17,780 24,647
431 17,804 24,649
333 17,633 24,691
18,397 24,602
4,592
4,592
4,591
4,590
27,589
27,454
27,365
27,348
,317
,312
,314
,311
472
955
334
931
801
962
1,170 1,029
691
691
713
715
15,995
16,322
15,760
16,016
15,064
931
15,207 1,115
15,244
516
15,139
877
Oct.
Oct.
Oct.
Oct.
5..
12..
19..
26..
112
109
122
138
17,961
17,779
17,666
17,403
7,538
7,538
7,538
7,538
10,423
10,241
10,128
9,865
332
414
369
292
18,406 24,604
18,301 24,604
18,157 24,585
17,833 24,584
4,593
4,592
4,591
4,591
27,476
27,546
27,427
27,328
,321
,296
310
,313
612
554
317
374
1,075
1,247
1,142
1,163
734 16,384
734 16,119
732 16,405
732 16,098
15,242 1,142
15,211
908
15,330 1,075
15,314
784
Nov.
Nov.
Nov.
Nov.
2..
9..
16..
23..
611
319
124
135
17,533
17,706
17,789
17,669
7,536
7,535
7,532
7,513
9,997
10,171
10,257
10,155
272
160
438
289
18,416 24,583
18,185 24,532
18,351 24,530
18,091 24,530
4,591
4,592
4,592
4,596
27,382
27,528
27,397
27,508
318
312
323
,315
545
415
408
410
1,219
1,220
1,224
1,306
690
690
690
691
18,693
18,606
18,226
17,803
17,524
16,437
16,145
16,432
15,987
15,319 1,118
15,262
883
P15.296 1,136
*>15,323 P664
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
1
DECEMBER 1949
1455
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Member bank
reserve balances
Reserve Bank credit outstanding
Lf. S. Government
securities
Date or period
Discounts
and
advances Total
All
Bills, other1 Total
certifiBonds cates,
Gold
stock
TreasTreasury deury
Money Treas- posits
curury
with
rency in circash Federal
culaholdoutRetion
ings
standserve
ing
Banks
Nonmem:>er deposits
Other
Federal
Reserve
ExReTotal Quired* cess*
accounts
notes
End of period:
29...
30...
30...
30...
31...
30...
31. . .
29. . .
31. . .
30...
31. . .
30...
1929—June
1933—June
1939—Dec.
1941—June
Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
1948—June
1,037
216
1, 998
164
7 2 , 484
2
3
46
249
157
163
70
85
265
2 , 184
2 , 254
2 1 , 792
2 4 , 262
2 3 , 783
2 3 , 350
2 1 , 872
2 2 , 559
2 1 . 366
71
145
441 1, 557
1, 351 1, 133
1, 364
820
787
1, 467
1, 113 20, 679
947 2 3 , 315
755 2 3 , 028
753 2 2 , 597
727 2 1 , 145
2 , 853 19, 706
6 , 206 15, 160
1948—Oct..
Nov.
Dec.
339 2 3 , 042 10, 925 12, 117
337 2 3 , 206 1 1 , 181 12, 025
223 2 3 , 333 10, 977 12, 356
1949—Jan..
Feb..
Mar.
Apr.
456
251
245
303
247
103
316
531
109
283
May
June
July
Aug.
Sept.
Oct..
Averages of
daily figures:
1943—Oct..
Nov.
Dec.
1949—Jan..
Feb.
Mar.
Apr.
May
June
July
Aug.
Seot
Oct..
22
22
21
21
19
19
18
17
18
17
109 10 224 11 885
342 9 883 12 459
688 9 241 12 447
094 8 902 L2 192
704 8 356 11 348
343 7 780 11 563
529 7 780 10 749
524 7 775 9 749
010 7 538 10 472
316 7 536 9 780
357 23 168 9 994 13 174
353 23 028 11 172 11 856
330 23 002 11 085 11 917
347
284
302
249
303
191
202
190
16^
136
22 289 10 ,620 11 ,669
22 320 10 ,032 12 ,288
21 ,615 9 ,588 12 ,027
21 ,361 9 ,049 12 ,312
19 ,974 8 ,511 11 ,463
19 ,377 8 ,046 11 ,331
18 ,797 7 ,780 11 ,017
18 ,147 7 ,777 10 ,370
17 441 7 649 9 ,792
17 ,643 7 ,538 10 ,105
147
58
102
81
104
466
580
516
581
228
536
268
1, 400
2 , 220
2 , 593
2 , 267
2 , 361
2 2 , 304
2 5 , 091
2 4 , 456
2 4 , 093
2 2 , 170
2 3 , 181
2 1 . 900
204
264
2 ,356
2 ,292
11 ,653
13 ,051
12 ,450
14 ,920
15 ,915
16 ,123
16 ,139
16 ,112
17 ,899
17 ,389
25
2 ,333
1 ,817
475
6 ,444 5 2 0 9
7 ,841 5 2 1 0
9 ,365 3 085
13 ,335 1 585
14 ,457 1 45S
15 ,011 1 112
15 ,577
562
15 ,374
73S
16 ,400 1 4 9 9
742
16 ,647
037
031
644
624
737
213
065
270
529
266
754
532
2 , 019
2 , 286
2 , 963
3 , 149
3 , 247
4 , 145
4 , 339
4 539
4 , 562
4 , 552
4 562
4 565
4 459
5 , 434
7, 598
9 612
11 160
2 6 , 746
28 515
28 245
28 952
28 297
28 868
27 903
5,409
5,275
5,215
5,279
5,287
?,251
2,272
1,314
1,336
1,327
1,928
494 23 875 24 004
339 2 3 , 881 24 166
542 2 4 , 097 24 244
4 580
4 585
4 589
28 176
28 331
28 224
1,321
1,332
1,325
,610
,601
,123
1,074
349
262
333
340
141
250
393
171
297
261
4
4
4
4
4
4
4
4
4
4
580
557
439
417
507
493
394
393
412
407
1,336
1,323
1,309
1,324
1,315
1,307
1,298
1,308
1,311
1,307
,514
,423
.482
1,194
1,194
,154
,243
4 ,574 28 ,188
4 ,580 28 ,277
4 ,584 28 ,423
1,319
1,321
1,319
1.598
958
1,563
984
1,398 1,051
588 19 ,818 19 ,001
540 19 ,835 19 ,061
600 19 ,990 19 ,193
817
4 ,587
4 ,587
4 ,588
4 ,591
4 ,592
4 ,596
4 ,595
4 ,592
4 5Q2
1,327
1,321
1,319
1,318
1,312
1,311
1,306
1,312
1,310
1,305
1,014
1.539
1^009
1,109
603
616
652
671
593
680
736
690
703
727
19 ,153
18 ,860
18 ,723
18 ,479
17 ,369
17 ,310
16 ,539
15 ,918
15 ,161
15 ,251
838
710
22
22
22
21
20
19
19
18
18
17
914
855
267
737
092
696
238
225
415
860
4
4
17
22
22
20
20
20
20
21
22
23
24 271
24 290
24 314
24 332
24 ,342
24 ,466
24 ,520
24 ,608
24 602
24 ,584
412 23 937 23 ,958
449 23 830 24 ,110
645 23 978 24 ,218
513
350
353
407
298
328
343
245
351
361
23 ,150
22 953
22 ,270
22 ,017
20 ,575
19 ,896
19 ,342
18 ,583
17 ,957
18 ,139
24 ,259
24 ,283
24 ,301
24 ,322
24 ,304
24 ,404
24 ,502
24 ,588
24 ,637
24 ,596
589
588
592
593
596
597
593
593
593
592
4,592
27
27
27
27
27
27
27
27
27
27
27 ,850
27 ,545
27 ,508
27 ,462
27 ,438
27 ,432
27 ,472
27 .397
27 ,451
27 ,456
36
35
634
980
867
599
977
833
393
756
870
984
628
438
514
610
1,176
595
28
166
653
L.831
L.360
1,668
1,308
L,250
822
881
961
859
932
L.189
930
941
1,018
914
1,051
1,187
1,211
1,233
1,255
1,185
914 1,067
421
391
521
649
555
984
977
970
990
1,171
374
346
251
290
291
450
495
561
607
629
563
592
542 19 ,736 18 ,994
541 [9 ,894 19 ,085
590 20 ,479 19 ,277
611
618
670
618
628
713
690
690
713
690
19 ,540
19 ,617
19 ,118
19 ,076
18 ,024
17 ,867
17 ,437
16 ,512
15 ,947
15 ,850
19 ,063
18 ,809
18 ,432
18 ,438
17 ,230
16 ,919
16 ,685
15 ,337
15 ,176
15 ,261
19 ,991
19 ,570
19 ,417
19 ,185
18 ,146
18 ,068
17 ,558
16 ,873
16 ,083
16 .113
742
809
1 202
477
80S
686
638
794
94S
752
1 ,175
771
589
773
797
694
706
777
758
1 ,019
955
922
862
For footnotes see preceding page.
MARGIN REQUIREMENTS i
MAXIMUM RATES ON TIME DEPOSITS
[Per cent of market value]
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
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
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.
1456
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Jan. 21, Feb. 1,
Effec19471946tive
Jan. 31, Mar. 29, Mar. 30 r
1949
1949
1947
100
100
75
75
50
50
100
75
50
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a)i
Rate on
Nov. 30
Boston.......
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)l
Rate on
Nov. 30
13,1948
13,1948
23, 1948
13,1948
13,1948
13,1948
13,1948
19,1948
13,1948
16,1948
13,1948
13, 1948
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Rate on
Nov. 30
Previous
rate
13,1948
13,1948
23, 1948
13,1948
13,1948
13,1948
13,1948
19,1948
13,1948
16,1948
13,1948
13,1948
In effect
beginning—
Jan.
2 Oct.
Aug.
Aug.
2
Oct.
Jan.
Aug.
Jan.
Aug.
Jan.
Feb.
2
Oct.
Previous
rate
14,
1948
1942
30,
23, 1948
13, 1948
1942
28,
1948
24,
1948
13,
1948
12,
23, 1948
1948
19,
14,1948
1942
28,
2
4
2
I"
I"
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
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.
8
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
RATES ON BANKERS* ACCEPTANCES
[Per cent per annum]
Rate on
Nov. 30
Maturity
iS
1- 90 days
91-120 days
121-180 days
In effect beginning—
i Aug. 13, 1948
» Aug. 13, 1948
i Aug. 13, 1948
To financing institutions
On discounts or
purchases
On
loans *
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas C i t y . . . .
Dallas
San Francisco...
1
2
1
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.
6
Charge of }4 P e r cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118.
pp. 446-447.
DECEMBER
1949
Net demand deposits i
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
1917—June 2 1 . .
13
19
22
26
15
17^
20
17}*
14
12
1941—Nov.
1942—Aug.
Sept.
Oct.
1.
20.
14.
3.
26
24
22
20
20
14
1948—Feb.
June
Sept.
Sept.
27.
11.
16.
24.
Time
deposits
(all
member
banks)
10
1936—Aug. 16.
1937—Mar. 1.
May 1.
1938—Apr. 16.
22
24
it
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect November 30. Per cent per annum]
Federal
Reserve
Bank
[Per cent of deposits!
Previous
rate
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.
To industrial or
commercial
businesses
MEMBER BANK RESERVE REQUIREMENTS
1949—May 1.
May 5.
June 30.
July 1.
Aug. 1.
Aug. 11.
Aug. 16.
Aug. 18.
Aug. 25.
Sept. 1.
In effect Dec. 1, 1949
Country
banks
16
24
21
20
15
14
13
18
6
5
•It
*7
»7
•6
12
23
19
18
18
18
1
Demand deposits subject to reserve requirements, i.e., total demand
deposits minus cash items in process of collection and demand balances
due from domestic banks (also minus war loan and series E bond
accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S.
Government demand accounts Apr. 24, 1917-Aug. 13, 1935).
2
Requirement became effective at country banks.
1
Requirement became effective at central reserve and reserve city
banks.
1457
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1949
Nov. 30
Nov. 23
Nov. 16
Nov. 9
Nov. 2
Oct. 26
Nov.
Oct. 19
Oct.
Nov.
Assets
Gold certificates
22,677,431 22,724,432 22,714,430 22,716,429 22,767,431 22,774,431 22,776,429 22 677,431 22,772,430 22,260,431
Redemption fund for
F. R. notes
549,568
545,887
554,485
554,485
548,743
548,554
547,888
628,181
547,484
550,743
Total gold certificate reserves. . . . 23,231,916 23,271,916 23,265,173 23,265,172 23,316,999 23,320,318 23,324,983 23,231,916 23,320,318 22,888,612
Other cash
Discounts and advances
For member b a n k s . . .
For nonmember
banks, etc
237,434
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds
253,185
243,742
271,128
279,043
266,674
237,434
270,594
63,653
40,454
235,505
524,277
51,837
29,913
250,584
196,839
115,576
71,000
69,100
83,600
83,600
86,500
86,000
92,000
71,000
86,000
221,075
321,584
132,753
124,054
319,105
610,777
137,837
121,913
321,584
282,839
336,651
1,843
Total discounts and
advances
238,868
250,584
1,846
1,298
909
913
969
951
1,843
960
974
243,537
3,999,928 4,034,328 4,103,496 4,030,996 3,902,196 3,794,924 4,053,424 3,999,928 3,710,196 5,175,794
5,870,900 5,822,900 5,854,900 5,841,900 5,796,900 5,771,900 5,775,900 5,870,900 5,771,900 6,051,119
298,100
797,950
298,100
298,100
298,100
298,100
298,100
298,100
298,100
298,100
7,513,300 7,513,300 7,532,300 7,534,700 7,536,200 7,538,200 7,538,200 7,513,300 7,536,200 11,180,973
Total U. S. Govt.
17,682,228 17,668,628 17,788,796 17,705,696 17,533,396 17,403,124 17,665,624 17,682,228 17,316,396 23,205,836
securities
Other Reserve Bank
270,850
159,487
337,516
261,437
287,384
437,237
261,437
260,216
290.882
368,105
credit outstanding....
Total Reserve Bank
credit outstanding 18,267,092 18,090,611 18,351,385 18,185,197 18,415,936 17,832,812 18,156,593 18,267,092 17,860,411 23,880,977
Liabilities
Federal Reserve notes. . 23,373,496 23,326,678 23,241,041 23,321,430 23,224,227 23,192,446 23,268,708 23,373,496 23,246,586 24,172,325
Deposits:
Member bank — reserve account
16,038,122 15,986,805 16,431,845 16,144,755 16,437,000 16,098,000 16,405,087 16,038,122 15,850,238 19,894,128
U. S. Treasurer—gen544,854
415,162
373,541
316,887
eral account
409,642
407,714
595,151 1,601,124
516,836
516,836
660,802
613,617
575,585
Foreign
745,340
693,228
688,811
726,097
643,838
480,055
726,097
557,988
549,701
566,458
511,809
Other
560,814
530,604
543,221
452,161
511,809
530,955
Total deposits
17,792,864 17,702,601 18,063,391 17,779,683 18,200,644 17,634,859 17,864,017 17,792,864 17,632,448 22,427,468
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent).. .
56.4
56.7
56.3
56.6
56.3
57.1
56.7
56.4
57.0
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Industrial loans:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
U. S. Government securities:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
1458
Within
15 days
137 ,837
610 ,777
319 ,105
124 ,054
132 ,753
52,451
521,326
291,283
96,860
61,237
969
913
909
1 ,298
1 ,846
934,603
915,875
581,650
942,567
950,815
31 to 60
days
813
758
744
778
1,077
17,403 ,124
17,533 ,396
17,705 ,696
17,788 ,796
17,668 ,628
16 to 30
days
62,741
63,566
9,887
9,306
12,738
61 to 90 91 days to 6 months 1 year to 2 years to Over
6 months to 1 year 2 years
5 years
5 years
days
444,850 1,686,609
596,517 2,352,101
970,283 2,386,054
,108,469
866,
939,026 1,841,662
8,974
11,250
8,176
8,140
4,623
225
526
1,518
18
45,016
5
5
5
5
5
3
3
3
3
13,441
14,104
8,236
9,725
9,134
6
6
6
16
29
36
38
46
73
97
1,705,662
1,014,503
1,167,409
1,259,975
1,377,225
1,055,100 4 302,200
1,055,100 4 327,200
957,500 4 372,200
1,074,2
385,200
1,069,200 4 358,200
37
32
32
75
126
77
76
78
353
514
1,826,100 5,448,000
1,826,100 5,446,000
1,826,100 5,444,500
1,709,400 5,442,100
1,709,400 5,423,100
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
697,300
724,787
713,095
703,265
703,239
443,105
450,853
459,548
436,431
446,926
804,426
805,204
801,615
789,595
822,605
631,419 2,721,092
657,756 2,696,366
679,879 2,734,206
668,212 2,724,955
684,576 2,716,893
83,888
83,668
83,551
83,551
83,350
43,190
43,127
43,092
43,092
43,036
22,445
22,423
22,409
22,409
22,389
34,969
34,914
34,885
34,885
34,843
1,020,139 4,500,415
1,035,310 4,511,608
1,045,005 4,465,615
1,025,261 4,514,796
1,024,078 4,486,996
740,490
767,914
756,187
746,357
746,275
Atlanta Chicago
Assets
Gold certificates:
Oct. 26.
22,774,431
Nov. 2
22,767,431
Nov. 9
22,716,429
Nov. 16
22,714,430
Nov. 23
22,724,432
Redemption fund
for F. R. notes:
Oct. 26
545,887
Nov. 2
549,568
Nov. 9
548,743
Nov. 16
550,743
Nov. 23
547,484
Total gold certificate reserves:
Oct. 26
23,320,318
Nov. 2
23,316,999
Nov. 9
23,265,172
Nov. 16
23,265,173
Nov. 23
23,271,916
Other cash:
Oct. 26
279,043
Nov. 2
271,128
Nov. 9
243,742
Nov. 16
253,185
Nov. 23
238,868
Discounts & a.dvances:
Secured by
U. S. Govt.
securities:
Oct 26
51,632
Nov. 2 . '. 524J04
'
Nov. 9. .
235,342
Nov. 16. .
40,402
Nov. 23. .
63,566
Other:
Oct. 26..
86,205
Nov. 2. .
86,673
Nov. 9. .
83,763
Nov. 16. .
83,652
Nov. 23...
69,187
Industrial loans:
Oct. 26
969
Nov. 2
913
Nov. 9
909
Nov. 16
1,298
Nov. 23
1,846
U. S. Govt.
securities:
Bills:
Oct. 26
3,794,924
Nov. 2.... 3,902,196
Nov. 9
4,030,996
Nov. 16. . . 4,103,496
.
Nov. 23.... 4,034,328
Certificates:
Oct. 26.... 5,771,900
Nov. 2
5,796,900
Nov. 9
5,841,900
Nov. 16. . . 5,854,900
.
Nov. 23
5,822,900
Notes:
Oct. 26
298,100
Nov. 2
298,100
Nov. 9. . . . 298,100
Nov. 16
298,100
Nov. 23
298,100
Bonds:
Oct. 26.... 7,538,200
Nov. 2....7,536,200
Nov. 9.... 7,534,700
Nov. 16
7,532,300
Nov. 23.... 7,513,300
Total U. S. Govt.
securities:
Oct. 26
17,403,124
Nov. 2
17,533,396
Nov. 9
17,705,696
Nov. 16
17,788,796
Nov. 23
17,668,628
DECEMBER
1949
855,739
856,198
846,618
850,367
861,668
7,352,626
7,237,189
7,175,721
7,310,616
7,261,148
1,183,441
1,215,197
1,222,009
1,175,530
1,203,085
1,589,143
1,601,448
1,593,142
1,547,187
1,560,541
50,068
51,916
51,829
51,829
51,683
42,571
46,889
46,525
46,525
45,864
45,158
44,871
45,703
45,703
45,425
60,060
59,837
59,693
59,693
59,485
52,646
51,352
50,632
52,632
51,269
905,807
908,114
898,447
902,196
913,351
7,395,197
7,284,078
7,222,246
7,357,141
7,307,012
1,228,599
1,260,068
1,267,712
1,221,233
1,248,510
1,649,203
1,661,285
1,652,835
1,606,880
1,620,026
1,152,636
1,150,899
1,154,445
1,144,684
1,127,437
31,077
30,928
27,231
27,256
24,165
50,463
45,742
41,348
46,304
41,237
13,960
14,049
12,151
13,586
11,003
25,806
22,538
24,247
21,929
22,067
19,314
19,439
18,675
18,963
17,433
19,580
20,386
17,928
20,124
18,974
36,690
35,761
32,618
32,823
29,578
14,398
13,444
11,890
13,188
15,472
6,003
6,934
5,543
6,053
5,436
11,363
11,892
10,956
11,801
11,912
13,667
14,119
10,693
10,700
11,083
36,722
35,896
30,462
30,458
30,508
1,250
10',150
3,650
1,175
2,450
5,865
338,600
130,695
4,430
14,495
1,078
1,945
2,290
1,405
1,730
15,255
21,540
30,015
10,130
6,130
7,520
19^980
8,260
2,266
14,466
1,029
5^486
1,076
326
2,250
2 575
100]060
39,460
3,510
110
6 500
8]450
5,410
3,300
7,130
2,265
3,265
1,950
5,350
4,110
9,253
8,471
10,910
5,855
1,250
'250
50
5,200
6,125
2,700
1,000
3,600
5,418
5,450
5,267
5,267
4,353
27,176
27,334
26,418
26,418
21,836
6,880
6,920
6,688
6,688
5,528
7,912
7,958
7,691
7,691
6,357
4,214
4,239
4,096
4,096
3,386
3,526
3,546
3,427
3,427
2,833
11,905
11,974
11,574
11,574
9,573
3,096
3,114
3,010
3,010
2,488
2,150
2,163
2,090
2,090
1,727
3,096
3,114
3,010
3,010
2,538
3,178
3,163
3,052
2,941
2,419
7,654
7,698
7,440
7,440
6,149
164,149
168,790
174,361
177,497
174,505
336,261
345,766
357,179
363,603
357,474
1,099,990 979,623 4,416,527
1,099.547 994,946 4,427,940
1,103,813 1,004,719 4,382,064
1,092,052 984,975 4,431,245
1,076,168 983,937 4,403,646
836
781
767
1,151
1,700
40,516
40,364
40,286
40,286
40,141
465,550 839,395
473,276 840,118
481,957 836,500
458,840 824,480
469,315 857,448
27,351
27,301
27,277
27,277
27,230
43,025
42,906
42,861
42,861
42,769
658,770 2,764,117
685,057 2,739,272
707,156 2,777,067
695,489 2,767,816
711,806 2,759,662
43
42
44
45
45
89
89
97
101
100
261,804
269,205
278,090
283,092
278,320
899,359
924,781
955,306
972,487
956,096
258,503
265,809
274,583
279,522
274,810
350,010 243,623
359,904 250,509
371,783 258,778
378,470 263,432
372,090 258,992
203,457 566,267 205,085
209,208 582,274 210,883
216,114 601,493 217,843
220,001 612,311 221,761
216,293 601,990 218,023
122,853
126,326
130,495
132,842
130,603
183,553
188,741
194,971
198,478
195,132
398,193
399,917
403,022
403,918
401,711
1,367,882
1,373,807
1,384,471
1,387,551
1,379,968
393,170
394,875
397,939
398.824
396,644
532,348
534,653
538,804
540,003
537,051
370,538
372,143
375,033
375,867
373,813
309,450
310,790
313,201
313,899
312,183
861,265 311,926
864,996 313,276
871,711 315,708
873,651 316,411
868,875 314,681
186,854
187,664
189,120
189,541
188,506
279,174 249,664 511,436
280,383 250,745 513,651
282,561 252,692 517,638
283,190 253,254 518,791
281,642 251,870 515,956
20,565
20,565
20,565
20,565
20,565
70,647
70,647
70,647
70,647
70,647
20,306
20,306
20,406
20,306
20,306
27,494
27,494
27,494
27,494
27,494
19,137
19,137
19,137
19,137
19,137
15,982
15,982
15,982
15,982
15,982
520,045
519,907
519,804
519,638
518,327
1,786,478
1,786,004
1,785,649
1,785,082
1,780,577
513,487
513,350
513,249
513,085
511,792
695,256
695,072
694,933
694,711
692,960
1,200,607
1,209,594
1,221,481
1,227,213
1,218,923
4,124,366
4,155,239
4,196,073
4,215,767
4,187,288
1,185,466
1,194,340
1,206,077
1,211,737
1,203,552
1,605,108
1,617,123
1,633,014
1,640,678
1,629,595
44,482
44,482
44,482
44,482
44,482
16,110
16,110
16,110
16,110
16,110
9,650
9,650
9,650
9,650
9,650
14,419
14,419
14,419
14,419
14,419
483,930 404,145 1,124,828
483,802 404,038 1,124,529
483,705 403,958 1,124,305
483,551 403,829 1,123,947
482,331 402,810 1,121,113
407,379
407,271
407,190
407,060
406,034
244,034
243,969
243,921
243,844
243,227
364,608
364,512
364,438
364,322
363,403
326,065 667,945
325,978 667,768
325,913 667,635
325,809 667,422
324,988 665,738
933,034 2,596,842 940,500
940,018 2,616,281 947,540
949,255 2,641,991 956,851
953,711 2,654,391 961,342
947,268 2,636,460 954,848
563,391
567,609
573,186
575,877
571,986
841,754
848,055
856,389
860,409
854,596
752,772
758,407
765,860
769,454
764,257
1,117,228
1,125,591
1,136,653
1,141,987
1,134,273
12,894
12,894
12,894
12,894
12,894
26,414
26,414
26,414
26,414
26,414
1,542,056
1,553,599
1,568,866
1,576,230
1,565,582
1459
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
17,541,930
18,145,086
18,025,710
17,914,148
17,803,227
1,207,275
1,225,194
1,230,398
1,233,655
1,225,726
4,157,407
4,521,173
4,353,186
4,246,615
4,223,619
1,194,260
1,203,986
1,215,822
1,220,981
1,212,510
1,628,276
1,646,622
1,670,721
1,658,500
1,642,083
1,129,051
1,149,899
1,149,106
1,148,450
1,152,225
937,589
949,050
953,758
957,464
952,351
35
35
35
35
35
2
2
2
2
2
i 11
i 11
i 11
i 11
i 11
3
3
3
2
3
3
3
2
2
2
2
2
2
2
2
2
2
2
2
127,096
111,199
97,449
124,399
118,728
7,881
4,774
5,000
5,235
5,102
21,177
20,300
17,504
23,072
20,467
4,187
4,368
2,788
5,057
3,777
6,784
6,570
5,647
6,593
6,371
12,224
12,442
11,453
14,349
14,954
2,556,203
2,568,631
2,339,716
3,613,221
2,581,687
194,389
209,017
180,719
295,391
207,299
470,707
457,904
405,015
703,048
463,861
157,002
164,914
152,943
240,370
172,806
235,860
223,837
195,722
294,554
233,345
32,965
32,972
33,084
33,106
33,178
1,143
1,138
1,138
1,138
1,138
7,927
7,909
7,909
7,909
7,914
2,998
2,998
2,998
2,998
2,992
4,733
4,731
4,731
4,728
4,728
124,386
128,757
133,691
138,676
142,400
8,728
8,998
9,136
9,416
9,740
43,981,976
44,574,807
44,138,596
45,341,943
44,190,039
2,356,302
2,388,165
2,352,071
2,474,289
2,386,523
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
2,611,322
2,728,315
2,693,025
2,669,475
2,646,143
950,096
959,104
965,271
967,652
964,466
565,584
572,079
578,585
579,962
579,108
848,960
860,422
867,870
874,329
862,989
757,200
761,820
768,962
772,395
766,676
1,554,910
1,567,422
1,579,006
1,584,670
1,575,331
s
5
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
3
3
3
3
12,247
8,712
7,924
11,668
9,917
17,419
16,149
14,698
15,383
15,683
7,089
5,579
5,846
7,724
7,396
5,185
6,112
3,670
4,362
4,389
8,025
6,016
5,060
7,191
6,928
6,096
5,851
5,216
6,899
5,217
18,782
14,326
12,640
16,866
18,527
222,670
212,346
206,215
305,075
200,955
162,481
170,481
170,199
233,112
171,064
408,023
412,761
370,732
594,760
403,171
154,679
149,705
144,421
201,946
153,020
76,576
78,216
75,863
95,478
77,979
144,200
145,659
134,458
184,851
145,559
117,898
119,700
96,035
175,381
132,134
211,718
224,091
207,394
289,255
220,494
2,484
2,484
2,489
2,489
2,477
1,530
1,531
1,531
1,530
1,529
3,167
3,166
3,166
3,166
3,166
19,305
11,598
7,837
6,527
8,210
28,727
29,576
8,401
12,381
8,138
19,665
6,818
31,237
8,729
12,568
8,514
20,468
7,067
32,290
9,044
13,226
8,754
21,237
7,325
33,342
9,225
13,501
9,006
21,746
7,553
12,131,616 2,609,219 3,562,263 2,546,218 2,160,095 7,596,346
12,366,693 2,658,787 3,577,967 2,555,649 2,192,290 7,727,430
12,078,456 2,663,146 3,566,474 2,550,899 2,203,414 7,600,327
12,416,390 2,713,272 3,606,413 2,642,766 2,256,486 7,851,645
12,097,463 2,660,826 3,542,124 2,524,489 2,185,468 7,606,488
1,906
1,956
1,956
1,956
1,955
1,153
1,151
1,151
1,151
1,151
2,346
2,332
2,332
2,332
2,332
726
723
723
723
723
2,852
2,853
2,960
2,986
3,073
7,770
7,938
8,225
8,479
8,713
3,856
4,017
4,143
4,297
4,429
5,764
6,044
6,275
6,493
6,683
5,317
5,542
5,645
6,054
6,088
10,747
11,239
11,684
12,061
12,374
1,876,429
1,905,641
1,893,797
1,947,303
1,897,298
1,123,908
1,141,786
1,150,913
1,150,144
1,141,808
1,860,054
1,872,484
1,863,452
1,911,478
1,893,852
1,271,922 4,472,431
1,282,795 4,469,063
1,284,834 4,470,450
1,277,494 4,465,252
1,276,230 4,477,191
1,073,715
1,077,317
1,082,730
1,082,555
1,083,468
610,147
609,581
610,028
608,756
608,908
907,931
913,541
914,302
911,007
911,437
623,173
629,452
638,229
637,983
640,073
2,361,924
2,365,547
2,386,583
2,362,766
2,353,074
Atlanta
Chicago
Assets (cont.):
Total loans and
securities:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Due from foreign
banks:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Federal Reserve
notes of other
Banks:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Uncollected
items:
Oct. 26
Nov. 2
Nov. 9
Nov. 16.
Nov. 23
Bank premises:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23.
Other assets:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total assets:
Oct. 26
Nov. 2
Nov, 9
Nov. 16
Nov. 23
c
c
1,559,675 4,599,851
1,592,813 4,595,102
1,594,431 4,621,216
1,667,642 4,704,115
1,633,728 4,619,972
Liabilities
Federal Reserve
notes:
23,192,446
Oct. 26
Nov. 2
23,224,227
Nov. 9
23,321,430
Nov. 16
23,241,041
Nov. 23
23,326,678
Deposits:
Member bank
—reserve
account:
Oct. 26. . 16,098,000
Nov. 2. . 16,437,000
Nov. 9. . 16,144,755
Nov. 16. . 16,431,845
Nov. 23. . 15,986,805
U. S. Treasurer-general
account:
373,541
Oct. 26. .
544,854
Nov. 2. .
415,162
Nov. 9. .
Nov. 16. . 407,714
Nov. 23. . 409,642
Foreign:
613,617
Oct. 2 6 . .
Nov. 2. .
660,802
Nov. 9. .
688,811
Nov. 16. .
693,228
Nov. 23. .
745,340
Other:
549,701
Oct. 2 6 . .
Nov. 2. .
557,988
Nov. 9 . .
530,955
Nov. 16. .
530,604
Nov. 23. . 560,814
1,592,049 2,028,705
1,589,822 2,021,607
1,603,772 2,021,032
1,596.314 2,016,100
1,611,335 2,020,366
1,574,481
1,580,775
1,578,417
1,576,061
1,569,645
742,304
762,521
745,182
760,309
743,324
1,165,040
1,157,113
1,183,070
1,166,823
1,137,494
660,854
670,306
664,397
688,068
654,069
637,439
649,545
651,504
649,655
641,085
2,525,537
2,591,129
2,572,863
2,625,421
2,506,148
581,412
591,739
585,339
589,570
580,976
387,460
397,615
403,799
389,024
397,178
741,013
740,726
736,665
755,325
762,264
741,828
775,677
757,855
791,604
790,403
1,841,054
1,833,690
1,836,836
1,854,279
1,869,376
67,108
100,851
52,453
56,588
60,913
25,721
43,583
30,546
28,396
28,075
34,200
57,891
35,574
29,288
35,099
23,459
25,919
27,174
28,828
29,906
25,485
34,418
38,078
35,690
27,671
21,988
40,830
32,570
26,782
26,859
16,267
26,045
28,359
25,845
23,970
19,104
22,915
33,376
25,992
28,952
27,432
24,042
29,619
24,614
22,139
39,110
37,129
45,989
58,505
42,289
38,222
41,530
42,752
43,357
46,677
2198,614
2209,890
2224,629
2222,479
2238,545
48,536
52,736
54,288
55,056
59,272
55,817
60,646
62,431
63,315
68,163
29,728
32,301
33,251
33,722
36,304
24,875
27,027
27,823
28,216
30,377
21,841
23,731
24,430
24,775
26,672
15,168
16,480
16,965
17,205
18,523
21,841
23,731
24,430
24,775
26,672
21,235
23,072
23,751
24,087
25,932
54,015
58,688
60,414
61,269
65,959
4,166
4,735
5,199
5,438
4,137
490,971
490,718
465,747
468,273
500,082
1,225
1,401
1,310
1,182
1,916
4,654
5,444
5,376
6,362
7,583
2,190
6,305
3,272
3,938
2,608
834
579
593
39,718
88,490
24,455
41,186
48,966
83,725
90,970
93,647
94,972
102,244
2,945
2,583
1,747
1,892
2,038
5,820
6,838
6,853
5,376
5,797
1,329
1,836
1,064
1,078
1,100
896
4,041
3,360
596
592
586
440
528
34,075
32,916
35,848
34,652
32,948
1,367,095
1,365,688
1,371,575
1,370,948
1,383,681
5,308,873
5,319,039
5,359,478
5.335,805
5,391,270
675,247
685,202
673,433
702,641
667,850
5,398,812
5,581,737
5,333,812
5,459,126
5,236,638
33,949
42,741
36,969
26,000
34,803
1,353
1,728
620
349
1
2
After deducting $24,000 participations of other Federal Reserve Banks on Oct. 26; Nov. 2; Nov. 9; Nov. 16; and Nov. 23.
After deducting $414,983,000 participations of other Federal Reserve Banks on Oct. 26; $450,893,000 on Nov. 2; $464,162,000 on Nov. 9; $471,729,000 on Nov. 16; and $506,776,000 on Nov. 23.
1460
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.):
Total deposits:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
17,634,859
18,200,644
17,779,683
18,063,391
17,702,601
bility items:
Oct. 26
Nov. 2 . . . .
Nov. 9
Nov. 16
Nov. 23
Other liabilities
including accrued
dividends:
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Total liabilities:
Oct. 2 6 . . . .
Nov. 2
Nov. 9
Nov. 16
Nov. 2 3 . . . .
751,584
774,208
758,353
777,436
753,467
6,155,505
6,383,196
6,076,641
6,206,466
6,036,178
817,786
860,241
831,326
844,943
832,587
1,259,711
1,281,094
1,286,451
1,265,788
1,248,339
716,231
734,831
728,094
754,556
722,887
688,633 2,651,925
711,569 2,773,172
717,998 2,692,712
714,914 2,763,471
700,861 2,659,396
631,061
663,138
649,192
646,503
640,304
420,224
441,976
450,187
433,152
440,771
782,854
791,413
797,831
806,712
818,237
791,091
823,383
811,811
840,745
839,002
1,968,254
1,962,423
1,979,087
2,008,705
2,010,572
2,265,356
2,297,816
2,180,264
3,176,019
2,294,338
180,811
193,869
167,434
270,872
194,097
403,068
409,744
386,258
616,807
411,875
129,768
141,622
160,575
204,315
148,844
191,955
196,572
180,173
245,192
193,556
208,365
195,159
199,195
266,788
186,221
160,066
160,451
162,805
226,133
170,124
349,227
367,936
319,042
504,133
350,317
136,090
131,640
128,066
184,281
139,254
69,259
67,180
67,504
84,943
68,655
134,507
134,598
118,079
160,372
130,529
111,993
108,207
112,391
156,675
122,175
190,247
190,838
178,742
255,508
178,691
12,884
11,438
12,411
12,831
13,346
694
674
734
742
744
4,007
2,979
3,443
3,777
3,632
686
665
763
719
762
1,427
1,507
1,280
1,446
1,566
621
590
657
612
692
517
507
559
526
595
2,012
1,872
2,073
2,123
2,230
512
487
486
466
531
377
344
363
357
371
479
471
478
512
502
521
399
450
529
582
1,125
1,022
1,139
43,105,545
43,734,125
43,293,788
44,493,282
43,336,963
2,300,184
2,334,439
2,298,096
2,419,998
2,331,989
11,871,453 2,540,289 3,481,798 2,499,698 2,121,138
12,114,958 2,592,350 3,500,780 2,511,355 2,155,322
11,825,820 2,596,436 3,488,936 2,506,363 2,166,196
12,162,855 2,646,291 3,528,526 2,598,017 2,219,067
11,842,955 2,593,528 3,463,827 2,479,445 2,147,810
7,475,595
7,612,043
7,484,277
7,734,979
7,489,134
1,841,378
1,872,582
1,860,474
1,913,805
1,863,557
1,100,007
1,119,081
1,128,082
1,127,208
1,118,705
1,825,771
1,840,023
1,830,690
1,878,603
1,860,705
1,031
943
1,526,778 4,521,456
1,561,441 4,519,751
1,562,881 4,545,537
1,635,932 4,628,001
1,601,832 4,543,476
Capital Accts.:
Capital paid in:
Oct. 2 6 . . . .
207,175
Nov. 2
207,288
Nov. 9 . . . .
207,444
Nov. 16
207,587
Nov. 23
207,571
Surplus:
(section 7):
Oct. 26
466,711
Nov. 2 . . . .
466,711
Nov. 9
466,711
Nov. 1 6 . . . .
466,711
Nov. 23
466,711
(section 13b):
Oct. 26
27,543
Nov. 2 . . . .
27,543
Nov. 9
27,543
Nov. 16
27,543
Nov. 23
27,543
Other cap. accts.:
Oct. 2 6 . . . .
175,002
Nov. 2
139,140
Nov. 9
143,110
Nov. 16
146,820
Nov. 23
151,251
Total liabilities
and cap. accts.:
Oct. 26
43,981,976
Nov. 2
44,574,807
Nov. 9
44,138,596
Nov. 16
45,341,943
Nov. 23
44,190,039
Contingent liability on acceptances purchased for foreign
correspondents:
Oct. 26
3,153
Nov. 2 . . . .
4,119
Nov. 9 . . . .
4,534
Nov. 16
5,669
Nov. 23
6,731
Commitments to
make industrial
loans:
Oct. 2 6 . . . .
1,877
Nov. 2 . . . .
1,835
1^834
Nov! 9'. . '. '.
Nov. 16. '. . .
1,835
Nov. 2 3 . . . .
1,829
11,527
11,539
11,538
11,539
11,539
71,011
71,013
71,013
71,011
70,946
15,012
15,006
15,013
15,021
15,023
19,353
19,353
19,354
19,357
19,362
9,162
9,171
9,171
9,141
9,148
8,140
8,142
8,188
8,188
8,189
26,080
26,084
26,176
26,218
26,237
6,835
6,838
6,840
6,840
6,841
4,574
4,576
4,576
4,577
4,577
7,232
7,233
7,235
7,235
7,244
8,354
8,370
8,376
8,380
8,385
19,895
19,963
19,964
20,080
20,080
29,347
29,347
29,347
29,347
29,347
143,019
143,019
143,019
143,019
143,019
36,704
36,704
36,704
36,704
36,704
43,968
43,968
43,968
43,968
43,968
22,417
22,417
22,417
22,417
22,417
20,028
20,028
20,028
20,028
20,028
68,842
68,842
68,842
68,842
68,842
17,974
17,974
17,974
17,974
17,974
11,797
11,797
11,797
11,797
11,797
17,008
17,008
17,008
17,008
17,008
14,954
14,954
14,954
14,954
14,954
40,653
40,653
40,653
40,653
40,653
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
12,233
9,829
10,079
10,394
10,637
38,814
30,384
31,285
32,186
33,224
12,725
10,238
10,504
10,767
11,082
16,138
12,860
13,210
13,556
13,961
11,592
9,357
9,599
9,842
10,130
10,027
8,036
8,240
8,441
8,679
24,400
19,032
19,603
20,177
20,846
9,721
7,726
7,988
8,163
8,405
6,457
5,259
5,385
5,489
5,656
8,906
7,083
7,382
7,495
7.758
8,282
6,741
6,913
7,069
7,250
15,707
12,595
12,922
13,241
13,623
2,356,302
2,388,165
2,352,071
2,474,289
2,386,523
12,131,616
12,366,693
12,078,456
12,416,390
12,097,463
2,609,219 3,562,263
2,658,787 3,577,967
2,663,146 3,566,474
2,713,272 3,606,413
2,660,826 3,542,124
2,546,218
2,555,649
2,550,899
2,642,766
2,524,489
2,160,095
2,192,290
2,203,414
2,256,486
2,185,468
7,596,346
7,727,430
7,600,327
7,851,645
7,606,488
1,876,429
1,905,641
1,893,797
1,947,303
1,897,298
1,123,908
1,141,786
1,150,913
1,150,144
1,141,808
1,860,054
1,872,484
1,863,452
1,911,478
1,893,852
199
245
286
357
415
i 996
11,459
il,433
11,792
12,223
129
159
186
232
270
435
537
626
782
910
114
140
163
204
237
79
97
113
142
165
114
140
163
204
237
60
252
311
363
454
527
290
358
417
522
606
154
191
222
278
323
861
908
908
874
868
845
834
834
869
869
15
15
15
15
15
26
8
7
7
7
1,559,675 4,599,851
1,592,813 4,595,102
1,594,431 4,621,216
1,667,642 4,704,115
1,633,728 4,619,972
110
136
159
198
231
281
346
403
504
587
70
70
70
70
70
i After deducting $2,157,000 participations of other Federal Reserve Banks on Oct. 26; $2,660,000 on Nov. 2; $3,101,000 on Nov. 9; $3,877,000
on Nov. 16 and $4,508,000 on Nov. 23.
DECEMBER
1949
1461
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank):
23,970,663
Oct. 26
23,962,494
Nov. 2
24,023,658
Nov. 9
24,020,258
Nov. 16
24,043,015
Nov. 23
Collateral held against
notes outstanding:
Gold certificates:
14,279,000
Oct. 26
14,279,000
Nov. 2
14,279,000
Nov. 9
14,289,000
Nov. 16
14,289,000
Nov. 23
Eligible paper:
30,373
Oct. 26
395,993
Nov. 2
164,741
Nov. 9
26,396
Nov. 16
52,476
Nov. 23
U. S. Govt. s e c :
10,800,000
Oct. 26
10,800,000
Nov. 2
10,800,000
Nov. 9
10,800,000
Nov. 16
10,800,000
Nov. 23
Total collateral:
25,109,373
Oct. 26
25,474,993
Nov. 2
25,243,741
Nov. 9
25,115,396
Nov. 16
25,141,476
Nov. 23
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
1,423,109
1,426,022
1,423,014
1,421,886
1,425,880
5,477,279
5,470,997
5,504,807
5,506,249
5,507,343
1,635,526
1,631,933
1,650,967
1,646,247
1,647,261
2,109,729
2,105,981
2,102,216
2,102,131
2,111,537
1,622,258
1,626,728
1,621,823
1,622,374
1,617,039
1,324,231
U 8
1,333,5'
,333,321
1,330,393
1,337,074
4,563,265
4,558,708
4,551,912
. .
4,557,866
4,565,515
1,109,581
1,108,270
1,118,003
1,114,343
1,115,330
440,000
440,000
440,000
440,000
440,000
4,670,000
4,670,000
4,670,000
4,670,000
4,670,000
750,000
750,000
750,000
750,000
750,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
650,000
650,000
650,000
650,000
650,000
675,000
675,000
675,000
675,000
675,000
3,020,000
3,020,000
3,020,000
3,020,000
3,020,000
1,250
10,150
3,650
1,175
2,450
4,715
337,825
130,695
4,390
11,845
1,078
1,945
2,290
1,405
1,730
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,150,000
1,150,000
1,150,000
1,150,000
1,150,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
700,000
700,000
700,000
700,000
700,000
1,600,000
1,600,000
1,600,000
1,600,000
1,600,000
800,000 450,000
800,000 450,000
800,000 450,000
800,000 450,000
800,000 450,000
1,541,250
1,550,150
1,543,650
1,541,175
1,542,450
5,674,715
6,007,825
5,800,695
5,674,390
5,681,845
1,751,078 2 ,150,000
1,751,945 2,150,000
1,752,290 2 ,150,000
1,751,405 2,150,000
1,751,730 2 ,150,000
1,657,520
1,669,980
1,658,260
1,652,266
1,664,466
1,375,000
1,375,000
1,375,000
1,375,000
1,375,000
4,620,000
4,620,000
4,620,000
4,620,000
4,620,000
1,206,500 660,000
1,208,450 662,265
1,205,410 663 ,265
1,203,300 661 ,950
1,207,130 665,350
622,336
620,557
620,711
619,542
620,529
400,000 210,000
400,000 210,000
400,000 210,000
400,000 210,000
400,000 210,000
7,520
19,980
8,260
2,266
14,466
6,500
8,450
5,410
3,300
7,130
2,265
3,265
1,950
5,350
Dallas
San
Francisco
937,104 659,663
938,558 660,657
938,704 672,321
938,469 672,181
937,518 679,477
2,486,582
2,480,925
2,485,859
2,488,577
2,478,512
280,000
280,000
280,000
280,000
280,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
184,000
184,000
184,000
194,000
194,000
5,200
6,125
2,700
1,000
3,600
4,110
9,253
8,471
10,910
5,905
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
984,110
989,253
988,471
990,910
985,905
684,000
684,000
684,000
694,000
694,000
800,000
800,000
800,000
800,000
800,000
2,805,200
2,806,125
2,802,700
2,801,000
2,803,600
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
MEMBER BANK RESERVES AND BORROWINGS
[Amounts in thousands of dollars]
[Averages of daily figures. In millions of dollars]
Date (last
Wednesday
or last day
of period)
1939
1940
1941
1942
1943
1944
1945
1946
1947
ParticiAppations
proved
Loans Commit- of financments ing instibut not
outcom- standing 2 j.
tutions
pleted i (amount) standing out(amount)
(amount) standing
Amount
(amount)
Applications
approved
to date
All
member
banks *
Month, or
week ending Wednesday
2,781
2,908
3,202
3,423
. . . . 3,471
3,489
3,511
3,542
3,574
188,222
212,510
279,860
408,737
491,342
525,532
544,961
565,913
586,726
2,659
13,954
8,294
4,248
320
13,683
9,152
10,337
14,126
10,532
3,894
1,995
945
1,387
620
65
45
185
802
883
1948
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 0 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
3,600
3,603
3,604
3,606
3,606
3,607
611,694
612,099
613,820
614,402
614,725
615,653
1949
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 0 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
3,607
3,608
3,610
3,613
3,614
3,615
3,617
3,623
3,630
3,637
615,893
616,340
620,192
620,595
620,984
621,297
621,601
622,327
625,301
626,273
926
1,295
4,577
85
335
85
45
45
152
245
205
220
545
912
1,514
554
1,011
1,116
1,151
995
1,005
907
906
819
753
614
660
662
1,016
1,075
9,220
5,226
14,597
10,661
9,270
4,165
1,644
8,309
7,434
10,981
6,386
19,600
17,305
17,930
2,705
1,086
2,670
4,869
6,417
6,187
6,246
6,085
6,099
1,643
3,346
3,353
4,212
4,153
4,166
1,990
1,677
1,624
3,270
2,399
2,349
2,278
2,263
2,072
1,958
1,820
2,077
2,042
3,677
2,811
2,737
2,619
2,563
1,926
2,023
1,965
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.
1462
Reserve
city
banks
Country
banks1
New
York
Chicago
19,818
16,083
16,113
5,331
4,508
4,444
1,298
1,122
1,127
7,435
6,026
6,152
4,428
4,391
16,264
16,083
15,971
16,084
16,212
16,164
4,474
4,447
4,387
4,387
4,400
4,434
1,129
1,124
1,122
1,118
1,110
1,112
6,211
6,169
6,128
6,164
6,214
6,197
4,450
4,343
4,334
4,415
4,487
4,421
'817
922
862
46
42
47
6
2
4
r228
184
188
537
694
622
1,010
778
673
811
P929
P842
116
47
-16
29
8
—1
214
164
133
164
672
568
559
619
192
52
~1
174
P683
*>617
Borrowing a t Federal
Reserve B a n k s :
1948—October
1949—September
October
111
75
46
30
35
12
11
6
1
45
22
20
25
12
12
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
22
39
222
117
47
50
121
44
26
21
11
27
56
42
31
35
11
12
19
10
16
15
J~
Number
Central reserve
city banks
T o t a l reserves held:
1948—October
1949—September
October
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov 23
Excess reserves:
1948—October
1949—September
October
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
19
26
2
9
16 .
23
19
26
2
9
16
23
p Preliminary.
1
r
i
-2
54
5,753
Revised.
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
FEDERAL RESERVE
BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Centra reserve
city 1janks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
First half of October 1949
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deposits adjusted
Time deposits 4
34,156
5,250
28,906
29,668
29,815
1,683
1,053
11,646
14,888
5,662
35
122
1,722
4,462
4 403
1,132
1,119
59
13
21
Borrowings at Federal Reserve Banks
5,340
1,140
4,200
4,849
949
Reserves with Federal Reserve Banks:
Total
Required
Excess
21,213
3,871
17,343
19,631
16,154
15,205
Demand balances due from domestic b a n k s . . .
New
York
Chicago
Reserve
city
banks
Country
banks
Second half of October 1949
90,524
11,157
79,368
79,279
70,700
29,270
8
Central reserve
city banks
90, T44
11,078
79,866
79,829
71,250
29,256
21,180
3,832
17,348
19,584
5,365
1,135
4,230
4,873
34,602
5,218
29,384
30,099
29,797
1,658
1,054
11,668
14,877
3,783
5,540
34
115
1,727
3,663
6,137
5,923
4,423
3,760
16,075
15,294
4,427
4,391
1,121
1,125
6,165
6,001
215
663
781
36
-3
164
4,361
3,777
1
10
10
69
22
3
30
896
28,918
25,130
893
28,905
25,273
584
15
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3
Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) 4 are estimated for all member banks, but not by class of bank.
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in Member Bank Call Report.
BANK SUSPENSIONS 1
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
Demand
deposits
except
interbank
Time
deposits
16,624
16,682
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
8,796
8,806
12,306
••12,374
6,074
6,076
16,651
16,850
8,809
8,810
11,932
12,061
6,072
6,072
Boston
New York
Philadelphia
Cleveland
1,961
3,074
1,284
1,342
829
2,198
812
915
360
1,100
932
1,021
234
1,162
899
812
Richmond
Atlanta
Chicago
St. Louis
1,143
1,521
2,333
674
412
463
1,606
344
863
640
1,689
984
Minneapolis
Kansas City
Dallas
San Francisco
634
580
1,029
1,276
301
107
159
665
795
1,606
1,553
518
1948
September
October
r
1949
September
October
By districts,
October 1949
r
1
480
216
957
285
449
210
71
294
Revised.
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
DECEMBER
1949
Total,
all
banks
Number of banks suspended:
1934-42
1943
1944
1945
1946
1947
1948
1949—Jan.-Nov
Nonmember
banks
Member
banks
National State
330
20
4
1
0
0
1
0
4
2
6
Insured
216
Noninsured
88
2
1
1
4
Deposits of suspended banks
(in thousands of dollars) :2
1934-42
. .
137,362 18,016 26,548 51,567 41,231
1943
1944
1945
1946
1947
1948
1949—j a n -Nov
6,223 4,982
405
0
0
167
0
2 443
1,241
405
167
2,443
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
1463
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circulation 1
End of year or
month
Coin and small denomination currency
8
In millions of dollars]
Large denomination currency 2
2
Total
Coin
1933
1934
1935
1936...
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
5,519
4,167
4,292
5,536
5,882
4,518
5,021
6,543
6,550
5,015
6 856 5,147
7,598
5,553
8,732
6,247
11,160
8,120
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
28,868 20,020
442
452
478
517
402
423
460
499
33
32
33
35
537
550
590
505
524
559
33
34
36
648
610
751
695
801
880
1,019
909
987
1,156
1,274 1,039
1,361 1,029
1,404 1,048
39
44
55
70
81
73
67
65
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
1948—juiy
August
September...
October
November...
December. . .
27,866
28,055
28,118
28,176
28,331
28,224
19,309
19,450
19,488
19,531
19,680
19,529
1,422
1,432
1,442
1,451
1,464
1,464
994
1,006
1,020
1,026
1,042
1,049
62
63
63
63
64
64
2,010
2,023
2,031
2,037
2,054
2,047
6,059
6,099
6,090
6,087
6,137
6.060
8,762
8,827
8,844
8,867
8,918
8,846
27,580
27,557
27,439
Inarch
27,417
April
27,507
May
27,493
June ..
27,394
July
27,393
August
September... 27,412
27,407
October
19,003
19,029
18,930
18,925
18,993
18,982
18,908
18,901
18,917
18,915
1,441
1,441
1,445
1,450
1,456
1,459
1,457
1,462
1,468
1,474
1,000
996
992
994
1,011
1,008
1,001
1,003
1,018
1,031
62
63
61
60
1,972
1,976
1,965
1,967
1,986
1,971
1,959
1,958
1,970
1,973
5,892
5,929
5,913
5,913
5,934
5,931
5,901
5,900
5,905
5,891
8,636
8,625
8,555
8,541
8,544
8,551
8,529
1949—January
February
$10
$1
$2
$5
719
771
815
906
61
61
60
61
60
60
905
946
$20
Total
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
6,275
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
9,119
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
538
724
1,019
1,481
1,996
2,327
2,492
2,548
8,559
8,607
8,632
8,647
8,654
8,698
8,579
8,531
8,510
8,493
8,515
8,513
8,488
8 , 5 1 7 8,494
8,496 8,498
8,486 8,494
$50
$100
$500 $1,000 $5,000 $10,000
Unassorted
60
46
25
22
24
24
26
17
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
5
5
5
5
5
5
9
11
10
9
9
17
2
2
2
3
3
3
689
679
696
700
5
5
5
5
10
10
10
9
712
712
717
5
5
4
9
9
9
3
3
1
1
1
2
2
2
2
2
364
337
358
399
618
577
627
707
125
112
122
135
237
216
239
265
8
5
7
7
10
7
16
18
387
409
460
710
770
919
288
327
425
6
17
20
227
261
287
407
555
454
438
428
523
556
586
749
990
801
783
782
30
24
9
9
10
7
8
5
12
32
32
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
139
160
191
2,452
2,464
2,466
2,467
2,475
2,494
4,940
4,977
5,011
5,035
5,048
5,074
404
403
402
401
400
400
748
748
739
730
717
707
2,459
2,444
2,428
2,421
2,422
2,426
2,410
2,406
2,401
2,392
5,020
5,000
4,980
4,970
4,980
4,974
4,964
4,980
4,996
5,007
396
394
392
390
388
387
385
383
382
381
712
705
701
4
4
4
9
9
9
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 held in the Treasury
Total outstanding, As security
Oct. 31,
against
gold and Treasury
1949
cash
silver
certificates
24,584
23,362
23,985
4,592
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, 1949
Sept. 30, 1949
Oct 31 1948
....
. . .
23,362
21,221
*2,301
43
42
493
1,997
3 2,301
990
374
347
300
91
304
1,997
Money
held by
Federal
For
Reserve
Federal
Reserve Banks and
agents
Banks and
agents
19
I
20,505
1,307
1,311
1,321
Oct. 31,
1949
Sept. 30,
1949
Oct. 31,
1948
42
23,085
4,280
42
23,101
4,269
23,872
4,260
44
3
20,505
20,535
19,910
167
166
160
196
30
9
28
3
1
12
6
4
25,663
25,684
25,040
2,815
856
271
Money in circulation x
2,105
948
359
315
296
90
2,096
943
358
315
299
91
2,055
937
353
318
338
97
3,942
3,910
3,981
27,407
27,412
28,176
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals
for other end-of-month dates shown in table above, totals by weeks in table on p. 1455 and seasonally adjusted figures in table on p. 1465.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
1464
FEDERAL RESERVE BULLETIN
POSTAL SAVINGS SYSTEM
[In millions of dollars]
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Assets
Amount—
unadjusted
for seasonal
variation
Date
End of period:
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
1
series
+742
+1.134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
-644
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
Averages of daily figures:
1948—November
December
28,277
28,423
28,192
28,142
1949—January
February
March
April
May
June
July
August
September
October
November
27,850
27,545
27,508
27,462
27,438
27,432
27,472
27,397
27,451
27,456
27,477
27,767
27,545
27,591
27,683
27,631
27,570
27,527
27,535
27,506
27,456
27,395
+4
-50
-375
-222
+46
+92
-52
-61
-43
+8
—29
-50
-61
1
For end-of-year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year end, adjustment factors have been revised somewhat
for dates affected, beginning with December 1942.
Depositors'
balances l
Total
1943—December
1944—December
1945—December
1946—December
1947—December....
1,788
2,342
2,933
3,284
3,417
1948—May
June
July
August
September. . .
October
November....
December
1949—January
February....
March
April
May
June
July
August
September
October . . . .
End of month
Cash
in
depository
banks
U. S.
Government
securities 2
Cash
reserve
funds,
etc.*
1,843
2,411
3,022
3,387
3,525
10
8
6
6
6
1,716
2,252
2,837
3,182
3,308
118
152
179
200
212
3,395
3,379
3,368
3,356
3,348
3,342
3,336
3,330
3,509
3,494
3,483
3,472
3,464
3,459
3,454
3,449
6
6
6
6
7
7
7
7
3,291
3,291
3,275
3,260
3,260
3,244
3,244
3,244
211
196
202
206
198
208
203
198
3,334
3,333
3,327
3,314
3,294
3,277
3,266
3,248
3,454
3,454
3,447
3,435
3,418
3,403
3,393
3,375
7
7
7
7
7
7
6
6
3,244
3,244
3,254
3,239
3,212
3,188
3,187
3,172
203
202
186
188
198
209
199
196
P3,228
P3,211
» Includes working cash with postmasters, 5 per cent reserve tund
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.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Total, all
reporting
centers
New
York
Cityi
140
other
centers l
Annual rate of
turnover of total
deposits, except
interbank
Other
reporting
centers 2
New
York
City
Other
reporting
centers
11.7
10.8
9.7
10.0 I
Debits to demand
deposit accounts,
except interbank
and Government
New
York
City*
Annual rate of
turnover of demand
deposits, except interbank and Government
Other
leading
cities*
New
York
City*
Other
leading
cities*
369,396
403,400
412,800
449,414
522,944
598,445
660,155
20.5
22.4
24.2
25.5
25.2
24.1
27.2
17.4
17.3
16.1
16.9
16.5
18.0
19.2
792,937
1943
891,910
1944
974,102
1945
1946—old series *
Jl,050,021
1946—new series *
1,125,074
1947
1948 .
.
. . . 1,249,630
296,368
345,585
404,543
417,475
405,929
449,002
419,413
462,354
479,760
527,336
599,639
667.934
77,155
83,970
89,799
105,210
119,506
132,695
16.5
17.1
18.3
19.0
21.0
23.7
12.0
12.9
258,398
298,902
351,602
374,365
407,946
400,468
445,221
1948—October
November
107,141
102,887
122,277
38,169
34,754
46,194
57,413
56,815
63,714
11,559
11,318
12,368
24.0
23.7
28.6
12.9
13.8
14.1
38,014
34,988
44,861
56,905
56,977
62,745
27.9
27.8
32.1
19.3
20.8
21.0
1945)—January
February
March
April
May
June
July
August
September
October
105,192
89,850
109,741
99,703
99,280
109,067
98,500
99,055
101,082
101,848
38,429
31,982
39,698
35,832
36,974
42,890
36,467
36,070
37,191
36,334
55,651
48,198
58,637
53,374
51,995
55,386
51,886
52,466
53,076
54,458
11,112
9,669
11,407
10,497
10,311
10,792
10,147
10,518
10,814
11,056
25.0
23.0
24.1
22.7
24.6
26.9
23.7
21.9
24.1
22.4
12.9
12.2
12.8
12.2
12.3
12.5
12.2
11.4
12.4
12.1
38,767
32,226
37,788
36,887
36,444
40,617
37,129
34,940
36,130
36,683
55,348
47,968
56,737
52,869
50,768
53,769
51,276
51,421
52,364
54,488
29.3
27.1
27.2
27.6
28.3
29.8
28.7
25.5
28.0
27.3
19.3
18.6
19.2
18.6
18.5
18.7
18.5
17.1
18.6
18.5
1
2
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
8
Weekly reporting member bank series.
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June
1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935.
city. 4
DECEMBER
1949
1465
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Total
assets,
Bank credit
u.
Treas-
Date
Gold
1929—June 29
1933—j u n e 30
1939—Dec. 31
1941—June 30
Dec. 31
1945—June 30
Dec. 31
1946—june 29
Dec. 31
1947—June 30
Dec. 31
1948—jUne 30
4,037
4,031
17,644
22,624
22,737
20,213
20,065
20,270
20,529
21,266
22,754
23,532
1948—Oct 27
Nov. 24
Dec. 31
1949—j a r u 26
Feb. 23
Mar. 30 .
Apr. 27
May 25
June 30
July 27 P
Aug. 31P
Sept. 2 8 P
Oct. 2 6 P
24,000
24,200
24,244
24,300
24,300
24,300
24,300
24,300
24,466
24,500
24,600
24,600
24,600
currency
?
,019
7 ,286
7 ,963
3 ,149
3 ,247
4 ,145
4 ,339
4 ,539
4 ,562
4 ,552
Total
58 ,642
47 ,148
54 ,564
61 ,387
64 ,653
153 ,992
167 ,381
,485
158 ,366
156 ,297
4 ,562 160 ,832
4 ,565 157 ,958
4 ,600 160 ,000
4 ,600 159 ,900
4 ,589 160 ,457
4 ,600 159 ,400
4 ,600 158 ,700
4 ,600 157 ,300
4 ,600 156 ,800
4 ,600 156 ,200
4 ,597 156 ,491
4 ,600 156 ,500
4 ,600 1S8 ,700
4 ,600 160 ,000
4 ,600 160 ,700
Loans,
net
S. Government obligations
Total
,.
Commercial
and
savings
banks
Federal
Reserve
Banks
41 082
71 957
157
7 5 305
605
?7 948
30 387
570
35 765
38 373
741
10 328
?3 105
984
7 9 049
118 041
1 7 8 417
1 ? ? 740
113 110
107 873
5,499
8,199
19,417
23 539
25,511
93,655
101,288
95,911
86,558
82,679
81,199
76,774
1,998
2,484
2,184
2,254
21,792
24,262
23,783
23,350
21,872
22,559
21,366
47 300
101 400
74,900
74,300
74,097
23,200
23,000
23,333
74,600
73,900
72,600
73,600
74,800
74,877
76,100
78,300
78,400
79,200
22,000
22,400
21,800
21,200
19,700
19,343
18,500
17,500
17,900
17,400
43 023 107 086
45 299 101 451
48 000 100 600
48 341 100 694
48
47
48
47
46
47
200
800
100
100
700
148
46 500
47 200
48 000
48 300
99
99
97
98
97
97
900
500
700
100
800
428
97 800
99 100
9 9 400
99 800
216
Other
26
131
1 ,204
1 ,261
1 ,284
,594
2 ,867
3 ,046
3 ,202
3 ,322
3 ,328
3 ,311
3 ,300
3 ,300
3 ,264
3 ,300
3 ,300
3 ,300
3 ,300
3 ,200
3 ,208
3 ,200
3 ,200
3 ,200
3 ,100
Other
securities
Total
liabilities
and
capital,
net
Capital
Total
and
deposits misc.
and
accurrency counts,
net
11,819 64 698
9,863 48 465
75 171
9,302
9,098 87 160
8,999 9 0 637
8,003 178 350
8,577 191 785
9,175 188 294
9,491 183 457
10,051 187 115
10,723 188 148
11,208 186 055
55,776
42,029
68,359
79 357
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
8,922
6,436
6,812
7,803
7,826
10,310
10,979
12,079
11,800
12,882
12,800
13,200
11,300
11,300
11,422
188 600
175,100
175,200
176,121
13,500
13,400
13,168
11,300
11,400
11,500
11,600
11,700
11,915
12,300
12,500
12,600
12,600
188
187
186
185
185
185
174,900
174,400
172,600
172,000
171,300
171,602
185 700 171,500
187 900 173,800
189 200 174,700
189 800 175\3OO
13,400
13,200
13,600
13,700
13,800
13,952
14,200
14,200
14,500
14,600
188 600
189 290
200
600
200
700
100
554
Deposits and Currency
U. S. Government balances
Date
Total
1929—June
1933—June
1939—Dec.
1941—j u n e
Dec.
1945—June
Dec
1946—June
Dec.
1947—j u n e
Dec.
1948—June
Foreign
bank
deposits, Treasnet
ury
cash
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Adjus ted deposits and currency
Time deposits3
Total
Demand
deposits2
Total
Commercial
banks
Mutual
savings
banks 4
Postal
Savings
System
Currency
outside
banks
29
30
31
30
31
30
31
29
31
30
31
30
55,776
42,029
68,359
79,357
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
50
1 ,217
1 ,949
1 ,498
,378
2 ,141
1 ,894
1 ,885
1 ,657
1 ,682
1 ,727
264
2 ,409
,275
2 ,215
7 ,279
,287
2 ,251
2 ,272
1 ,314
1 ,336
1 ,327
381
852
846
753
1 ,895
?4 ,381
7 4 ,608
,416
3 ,103
1 ,367
1 ,452
2 ,180
36
54,790
35 40,828
634 63,253
980 73,400
867 76,336
599 138,403
977 150 793
833 157,821
393 164 004
756 164,140
870 170,008
1 ,928 165,695
22,540
14,411
29,793
37,317
38,992
69,053
75,851
79,476
83,314
82,186
87,121
82,697
?8 ,611
21 ,656
27 ,059
77 ,879
27 ,729
44 ,253
48 ,452
51 ,829
53 ,960
55 ,655
56 ,411
57 ,360
19,557
10,849
15,258
15,928
15,884
27,170
30,135
32,429
33,808
34,835
35,249
35,788
8 ,905
9 ,621
10 ,523
10 ,648
10 ,532
14 ,426
15 ,385
16 ,281
16 ,869
17 ,428
17 ,746
18 ,194
1,186
1,278
1,303
1,313
2,657
2,932
3,119
3,283
3,392
3,416
3,378
149
3,639
4,761
6,401
8,204
9,615
25,097
26 490
26,516
26,730
26,299
26,476
25,638
1948—Oct 27
Nov. 24
Dec. 31
175,100
175,200
176,121
1 ,800
1 ,900
2 ,103
1 ,300
1 ,300
1 ,325
2 ,300
2",200
2 ,451
1 ,500 168,100
1 ,700 168,100
1 ,123 169,119
85,100
85,200
85,520
57 ,300
57 ,000
57 ,520
35,700
35,500
35,804
18 ,300
18 ,200
18 ,387
3,300
3,300
3,329
25,700
25,900
26,079
1949—Jan. 26
Feb 23
Mar. 30
Apr. 27
May 25
June 30
July 27?
Aug. 31 P
Sept. 2SP
Oct. 26P
174,900
174,400
172,600
172,000
171,300
171,602
171,500
173,800
174,700
175,300
2 ,200
2 ,200
2 ,100
2 ,000
,800
1 ,927
1 ,900
1 ,900
I .900
2 ,000
1 ,300
1 ,300
1 ,300
1 ,300
1 ,300
1 ,307
1 ,300
1 ,300
1 ,300
1 ,300
2 ,000
3 ,000
3 ,400
2 ,100
1 ,900
2 ,304
1 ,500
3 ,100
3 ,700
3 ,600
1 ,100
1 ,600
1 ,700
1 ,100
700
438
400
600
1 ,200
400
85,400
83,400
81,100
82,400
82,500
81,877
83,100
83,400
83,300
84,600
57 ,600
57 ,800
58 ,000
58 ,100
58 ,200
58 ,483
58 ,400
58 ,400
58 ,400
58 ,400
35,800
35,900
36,000
36,100
36,100
36,292
36,200
36,100
36,100
36,100
18 ,500
18 ,600
18 ,700
18 ,700
18 ,800
18 ,932
19 ,000
19 ,000
19 ,100
19 ,100
3,300
3,300
3,300
3,300
3,300
3,259
3,300
3,200
3,200
3,200
25,200
25,100
25,100
24,900
25.000
25,266
24,900
25,100
24,900
24,900
....
365
204
168,200
166,300
164,200
165,500
165,600
165,626
166,300
166,900
166,600
168,000
p Preliminary.
Treasury funds included are the gold account. Treasury currency account, and Exchange Stabilization Fund.
Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection.
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted
against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to
nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits
and currency.
1
2
3
4
1466
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates.
Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Deposits
Investments
Total
Loans
Total
U. S.
Government
obligations
Other
Cash
assets 1
Total i
Other
securities
Interbank i
Demand
Total Number
capital
of
accounts banks
Time
All banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 312
1948—June 30
Dec. 31
1949—Apr. 27
May 25
June 30
July 27P
Aug. 31 P
Sept. 28P
Oct. 26P
50,884
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133,081
133,693
132,440
133,450
133,868
134,960
138,170
139,060
140,140
22,165 28.719
19.417
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
35,648 96,050 86,558
43,002 91,923 81,199
45,099 87,982 76,774
48,174 85,519 74,097
47,230 85,210 73,630
46,910 86,540 74,830
47,076 86,792 74,877
46,610 88,350 76,080
47,360 90,810 78,340
48,050 91,010 78,390
48,290 91,850 79,230
9,302
8,999
8,280
7,433
7,561
8,577
9,491
10,723
11,208
11,422
11,580
11,710
11,915
12,270
12,470
12,620
12,620
23,292
27,344
28,701
28,475
30,790
35,415
35,041
38,388
35,000
39,474
34,760
33,550
34,966
33,370
32,700
32,410
33,230
68,242
81,816
99,803
117,661
141,448
165,612
155,902
161,865
156,353
161,248
154,660
154,460
156,470
155,470
157,860
158,470
160,600
9,874 32,516
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
13,033 95,727
11,436 90,823
12,269 94,671
10,310 89,420
10,430 89,010
10,938 90,145
10,960 89,220
11,260 91,290
11,290 91,850
11,740 93,510
25,852
26,479
27,058
31,081
37,551
45,613
50,784
53,105
54,093
54,308
54,930
55,020
55,386
55,290
55,310
55,330
55,350
8,194
8,414
8,566
8,996
9,643
10,542
11,360
11,948
12,241
12,479
12,680
12,700
12,845
12,830
12,920
12,980
13,040
15,035
14,826
14,682
14,579
14,535
14,553
14,585
14,714
14,719
14,703
14,692
14,691
14,680
14,684
14,687
14,690
14,690
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 312
1948—June 30
Dec. 31
1949—Apr. 27
May 25
June 30
July 27P
Aug. 31 P
Sept. 28P
Oct. 26P
40,668
50,746
67,393
85,095
105,530
124,019
113,993
116,284
113,855
114,298
112,510
113,440
113,773
114,770
117,930
118,750
119,810
17,238
21,714
19,221
19,117
21,644
26,083
31,122
38,057
39,865
42,488
41,320
40,930
41,025
40,510
41,190
41,780
41,930
23,430
29,032
48,172
65,978
83,886
97,936
82,871
78,226
73,990
71,811
71,190
72,510
72,748
74,260
76,740
76,970
77,880
16,316
21,808
41,379
59,842
77,557
90,606
74,780
69,221
64,798
62,622
61,950
63,170
63,220
64,440
66,710
66,800
67,710
7,114
7,225
6,793
6,136
6,329
7,331
8,091
9,006
9,192
9,189
9,240
9,340
9,528
9,820
10,030
10,170
10,170
22,474
26,551
28,039
27,677
30,206
34,806
34,223
37,502
34,168
38,596
34,030
32,820
34,166
32,600
31,920
31,630
32,450
57,718
71,283
89,135
105,923
128,072
150,227
139,033
144,103
138,142
142.843
135,910
135,650
137,520
136,480
138,830
139,390
141,480
9,874 32,513
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,656 92,446
13,032 95,711
11,435 90,806
12,269 94,654
10,310 89,400
10,430 88,990
10,938 90,128
10,960 89,200
11,260 91,270
11,290 91,830
11,740 93,490
15,331
15,952
16,395
19,350
24,184
30,241
33,930
35,360
35,900
35,921
36,200
36,230
36,455
36,320
36,300
36,270
36,250
6,885
7,173
7,330
7,719
8,265
8,950
9,577
10,059
10,287
10,480
10,650
10,660
10,780
10,760
10,830
10,880
10,930
14,484
14,278
14,136
14,034
13,992
14,011
14,044
14,181
14,187
14,171
14,162
14,161
14,150
14,154
14,157
14,160
14,159
AH member banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
1949—Apr. 27
May 25
June 30
July 27P
Aug. 31 P
Sept. 28P
Oct. 26P
33,941
43,521
59,263
74,258
91,569
107,183
96,362
97,846
95,449
95,616
93,993
94,964
95,315
96,266
99,179
99,830
100,771
13,962
18,021
16,088
16,288
18,676
22,775
26,696
32,628
33,871
36,061
34,855
34,470
34,456
33,933
34,519
35,078
35,136
19,979
25,500
43,175
57,970
72,893
84,408
69,666
65,218
61,578
59,557
59,138
60,494
60,859
62,333
64,660
64,752
65,635
14,328
19,539
37,546
52,948
67,685
78,338
63,042
57,914
54,139
52,154
51,644
52,917
53,132
54,319
56,462
56,435
57,333
5,651
5,961
5,629
5,022
5,208
6,070
6,625
7,304
7,439
7,403
7,494
7,577
7,727
8,014
8,198
8,317
8,302
19,782
23,123
24,280
23,790
25,860
29,845
29,587
32,845
30,303
34,203
30,140
29,011
30,423
28,862
28,218
27,819
28,497
49,340
61,717
78,277
92,262
110,917
129,670
118,170
122,528
117,452
121,362
115,212
115,064
116,980
115,916
118,046
118,382
120,215
9,410
10,525
11,000
10,555
11,884
13,640
12,060
12,403
10,833
11,641
9,765
9,900
10,374
10,378
10,686
10,698
11,130
28,231
38,846
54,523
66,438
79,774
91,820
78,920
81,785
77,796
80,881
76,370
76,066
77,342
76,381
78,248
78,585
80,011
11,699
12,347
12,754
15,268
19,259
24,210
27,190
28,340
28,823
28,840
29,077
29,098
29,264
29,157
29,112
29,099
29,074
5,522
5,886
6,101
6,475
6,968
7,589
8,095
8,464
8,624
8,801
8,929
8,939
9,022
9,018
9,072
9,101
9,140
6,362
6,619
6,679
6,738
6,814
6,884
6,900
6,923
6,925
6.918
6,914
6,911
6,903
6,902
6,901
6,902
6,901
10.216
10 379
10 754
11,871
13,931
16 208
17,704
18,641
19 226
19,395
19,930
20,010
20,094
20,190
20,240
20,310
20,330
4,927
4 901
4 695
4 484
4,370
4 279
4,526
4,944
5 234
5,686
5,910
5,980
6,050
6,100
6,170
6,270
6,360
5 289
5 478
6 059
7387
9,560
11 928
13,179
13,696
13 992
13,709
14,020
14,030
14,044
14,090
14,070
14,040
13,970
3 101
3 704
4 572
6 090
8,328
10 682
11,778
11,978
11 976
11,476
11,680
11,660
11,657
11,640
11,630
11,590
11,520
2 188
1 774
1 487
1 297
1,232
1 246
1,400
1,718
2 016
2,233
2,340
2,370
2,387
2,450
2,440
2,450
2,450
818
793
663
797
584
609
818
886
832
878
730
730
800
770
780
780
780
10 524
10 533
10 668
11 738
13,376
15 385
16,869
17,763
18 211
18,405
18,750
18,810
18,949
18,990
19,030
19,080
19,120
1
1
3
6
6
8
10
14
16
17
17
17
20
20
17
20
20
20
20
10,521
10,527
10,662
11,730
13,366
15,371
16,853
17,745
18,193
18,387
18,730
18,790
18,932
18,970
19,010
19,060
19,100
1,309
1,241
1,236
1,276
1,378
1,592
1,784
1,889
1,955
1,999
2,030
2,040
2,065
2,070
2,090
2,100
2,110
551
548
546
545
543
542
541
533
532
532
530
530
530
530
530
530
531
All m u t u a l savings
banks:
1939—Dec. 30
1941—Dec. 31. . .
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec 3i
1946—Dec. 31
1947—Dec. 312
1948—June 30
Dec. 31
1949—Apr. 27
May 25
June 30
July 27P
Aug. 31 P
Sept. 28P
Oct. 26P
Preliminary.
* "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.
For other footnotes see following two pages.
DECEMBER
1949
1467
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—D ec 30 .
1941—Dec. 31
1942—Dec. 31
I943—Dec. 31
1944—Dec. 30
1945—D ec . 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
1949—Apr 27
May 25
June 30
July 2 7 P
Aug. 3 1 P
Sept. 2 8 P
Oct.
26P3
Chicago:
1939—Dec 30
1941—Dec. 31
1942—Dec. 31
I943—Dec 31
I944—Dec. 3 0 . .
1945—Dec. 31
1946—Dec. 31 . .
1947—Dec. 31
1948—J un e 30
Dec. 31
1949—Apr 27
May 25
June 30
July 2 7 P
Aug. 31 P
Sept. 2 8 P ,
Oct. 2 6 P
Reserve city member
banks:
1939_Dec. 30
1941—Dec. 31
1942—Dec. 31
I943—Dec. 31.
1944—Dec. 30 . . . .
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
I949—Apr 27
May 25
June 30
July 27P
Aug. 31 P
Sept. 28P
Oct.
26P3. . . .
Country member
banks:
1939_Dec. 30
1941—Dec. 31
1942—Dec. 31.
1943—Dec. 31
1944_Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—JUI1e 30
Dec. 31
1949—Apr. 27 . . .
May 25
June 30
July 27P
Aug. 3 1 P
Sept. 28P
Oct. 26?
Total
U. S.
Government
obligations
Loans
Other
Cash
assetsl
Other
securities
Total 1
Interbank 1
Demand
Total
Number
capital
of
accounts banks
Time
9,339
12,896
17,957
19,994
24,003
26,143
20,834
20,393
19,019
18,759
18,314
18,668
19,103
18,926
19,652
19,674
19,341
3,296
4,072
4,116
4,428
5,760
7,334
6,368
7,179
7,550
8,048
7,595
7,598
7,689
7,060
7,421
7,644
7,216
6,043
8,823
13,841
15,565
18,243
18,809
14,465
13,214
11,469
10,712
10,719
11,070
11,413
11,866
12,231
12,030
12,125
4.772
7,265
12,547
14,563
17,179
17,574
13,308
11,972
10,358
9,649
9,626
9,993
10,278
10,589
10,891
10,666
10,893
L272
L,559
L.294
L.002
L.066
,235
L ,158
1,242
,110
L.063
1,093
1,077
1,135
1,277
L.340
,364
1,232
6,703
6,637
5,864
5,197
4,921
6,439
6,238
7,261
6,798
7,758
6,699
6,171
7,109
6,448
6,526
6,078
6,288
14,509
17,932
22,078
23,256
26,773
30,121
24,723
25,216
23,362
24,024
22,364
22,225
23,619
22,466
23,107
22,931
23,062
4,238
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,027
4,213
3,666
3,700
3,920
3,856
3,856
3,808
3,920
9,533
12,917
17,399
18,729
21,730
24,227
19,028
19,307
17,659
18,131
17,082
16,904
18,004
16,983
17,631
17,494
17,591
1,002
1,236
1,449
1,445
1,676
L.680
1,616
L ,621
1,695
1,627
L.620
L.629
L ,551
2,105
2,760
3,973
4,554
5,443
5,931
4,765
5,088
4,742
4,799
4,669
4,832
4,841
4,942
5,184
5,181
5,271
569
954
832
t,004
L,184
L.333
L,499
L.801
L,714
L ,783
1,60.5
1,569
L,537
1,523
1,526
1,521
L ,553
1,536
1,806
3,141
3,550
4,258
4,598
3,266
3,287
3,028
3,016
3,066
3,263
3,303
3,419
3,658
3,660
3,718
1,203
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,667
2,633
2,651
2,831
2,888
2,985
3,211
3,204
3,261
333
376
352
312
345
385
355
397
361
383
415
432
415
434
447
456
457
J 44rt
1,566
1,352
1,283
1,378
1,489
1,545
1,739
1,726
1,932
1,715
1,639
L,7O2
1,687
L.654
1,695
1,637
3,330
4,057
5,040
5,523
6,468
7,046
5,905
6,402
6,039
6,293
5,940
5,985
6,087
6,116
6,322
6,358
6,437
888
1,035
L.117
985
1,148
1,312
L, 153
1,217
L,O77
1,064
959
981
1,008
1,061
1,085
1,084
1,123
1,947
2,546
3,468
4,029
4,700
5,015
3,922
4,273
4,011
4,227
3,940
3,960
4,020
3,995
4,180
4,222
4,261
1,749
1,776
tS.785
17,741
22,313
28,700
35,070
41,804
49,085
44,477
46,467
44,149
45.943
43,469
43,450
43,852
43,908
44,705
44,887
46,135
*.686
4,460
4,957
4,874
5,524
6,448
5,570
5,649
4,909
5,400
4,377
4,465
4,665
4,686
4,943
4,962
5,195
13,762
17,415
22,459
28,414
35,871
43,418
43,066
44,443
43,903
45,102
43,439
43,404
43,422
43,426
43,912
44,206
44,581
598
822
12,272
15,347
20,915
27,521
33,603
40,108
35,351
36,040
35,065
35,332
34,638
34,952
35,034
35,817
37,005
37,268
38,161
1
>.329
7,105
6,102
6,201
6,822
8,514
10,825
13,449
13,373
14,285
13,640
13,384
13,261
13,328
13,423
13,672
13,957
6,944
8,243
14,813
21,321
26,781
31,594
24,527
22,591
21,692
21,047
20,998
21,568
21,772
22,489
23,582
23,596
24,204
5,194
6,467
13,038
19,682
25,042
29,552
22,250
20,196
19,222
18,594
18,446
18,948
19,076
19,680
20,706
20,674
21,207
1,639
1,739
5,042
5,276
5,396
r
5,470
5,453
5,552
5,620
5,696
5,809
5,876
.,922
J.997
8,518
9,426
9,327
10,238
11,286
11,654
13,066
11,729
13,317
11,688
11,344
11,618
10,951
10,541
10,530
10,954
10,224
12,518
16,419
22,188
28,520
35,002
35,412
36,324
36,623
36,726
36,372
36,512
36,338
36,581
37,338
37,707
37,998
4,768
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,234
11,945
12,017
11,919
11,968
12,022
12,149
12,241
12,410
5,456
6,628
11,380
17,534
23,610
29,407
27,408
26,125
25,389
24,782
24,355
24,593
24,370
24,559
25,189
25,466
25,588
3,159
4,377
9,172
15,465
21,552
26,999
24,572
22,857
21,892
21,278
20,921
21,145
20,889
21,065
21,654
21,891
21,972
5,297
5,250
5,208
\
5,069
*
.,058
.,408
,836
5,268
1,497
1,504
5,434
•3
5,448
5,481
5,494
5,535
5,575
5,616
4,848
6,402
7,638
7,983
9,323
10,632
10,151
10,778
10,050
11,196
10,038
9,857
9,994
9,776
9,497
9,516
9,618
L ,775
<•
r
080
1
1,015
1,171
1,223
1,091
821
964
763
754
781
775
802
844
892
736
807
734
1,592
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,262
2,306
2,316
2,326
2,340
2,336
2,357
2,338
2,312
35
35
34
25
495
476
455
508
620
719
829
913
951
1,001
J .041
L,044
L.059
1,060
1,057
1,052
1,053
250
288
304
326
354
377
404
426
436
444
445
453
462
459
464
461
465
14
13
13
13
13
12
14
14
14
13
13
13
13
13
13
13
13
9,439
13,047
18,747
24,086
28,525
32,877
28,049
29,395
27,930
29,153
27,556
27,428
27,560
27,650
28,194
28,377
29,332
t t.616
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,310
11,391
11,536
11,557
11,627
11,572
11,568
11,548
11,608
1,828
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,870
2,928
2,973
2,972
3,005
3,004
3,031
3,045
3,088
346
7,312
10,335
14,909
19,594
24,818
29,700
27,921
28,810
28,196
29,370
27,792
27,774
27,758
27,753
28,243
28,492
28,827
5,852
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,886
14,768
14,884
14,876
14,883
14,898
14,867
14,870
14,862
1,851
1,982
2,042
2,153
2,321
2,525
2,7'57
2,934
3,056
3,123
3,195
3,188
3,215
3,219
3,220
3,257
3,275
847
36
36
37
37
37
37
37
37
35
35
35
35
35
351
354
357
356
359
355
353
335
335
336
334
336
334
333
333
342
5,966
6,219
6,275
6,331
6,408
6,476
6,494
6,519
6,541
6,535
6,530
6,529
6,519
6,520
6,520
6,522
6,521
reserve city banks. Loans,
million dollars, respectively.
For other footnotes see preceding and opposite page.
1468
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Depc>sits
Investments
Class of bank
and date
Other
Cash
assets1
Total
Total
U. S.
Government
obligations
Other
securities
Loans
Total*
All insured commercial
banks:
1941—Dec 31
1945—Dec. 31
1946—Dec 31
1947—Dec. 31
1948—June 30
Dec. 31
1949—June 30
49,290
121,809
112,178
114,274
111,794
112,286
I11,746
21,259
25,765
30,733
37,583
39,372
41,968
40,524
28,031
96,043
81,445
76,691
72,421
70,318
71,222
21,046
88,912
73,554
67,941
63,490
61,388
61,970
6,984
7,131
7,891
8,750
8,931
8,929
9,252
25,788
34,292
33,694
36,926
33,699
38,087
33,720
69,411
147,775
136,990
141,851
135,945
140,642
135,375
National member
banks:
1941—Dec. 31. .
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—jUne 30 . . .
Dec. 31
1949—j u n e 30
27,571
69,312
63,723
65,280
63,638
63,845
63,517
11,725
13,925
17,272
21,428
22,243
23,752
22,505
15,845
55,387
46,451
43,852
41,395
40,093
41,012
12,039
51,250
41,658
38,674
36,091
34,852
35,487
3,806
4,137
4,793
5,178
5,303
5,241
5,525
14,977
20,114
20,012
22,024
20,415
22,974
20,324
39,458
84,939
78,775
82,023
78,753
81,407
78,219
State m e m b e r
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—June
Dec.
1949—June
15,950
37,871
32,639
32,566
31,811
31,771
31,798
6,295
8,850
9,424
11,200
11,628
12,308
11,951
9,654
29,021
23,216
21,365
20,183
19,463
19,847
7,500
27,089
21,384
19,240
18,048
17,301
17,645
2,155
1,933
1,832
2,125
2,135
2,161
2,202
8,145
9,731
9,575
10,822
9,888
11,228
10,099
Insured nonmember
commercial banks:
1941—Dec. 31
I945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—jUne 30 . . .
Dec. 31
1949—June 30
5,776
14,639
15,831
16,444
16,360
16,685
16,447
3,241
2,992
4,040
4,958
5,504
5,911
6,071
2,535
11,647
11,791
11,486
10,856
10,774
10,376
1,509
10,584
10,524
10,039
9,362
9,246
8,849
1,025
J .063
1,268
1,448
1,494
1,528
L.527
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec 31
1947—Dec. 31 2
1948—June 30
Dec. 31
1949—June 30.
1,457
2,211
1,815
2,009
2,062
2,013
2,027
455
318
389
474
493
J .009.
502
1,893
1,426
1,535
1,569
L.493
1.526
761
1,693
1,226
1,280
1,308
1,234
1,250
All n o n m e m b e r commercial b a n k s :
1941—Dec. 31.
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—June 30 . .
Dec 31
1949—june 30
7,233
16,849
17,646
18,454
18,422
18,698
18,474
3,696
3,310
4,429
5,432
5,997
6,431
6,573
3,536
13,539
13,217
13,021
12,425
12,267
11,901
Insured m u t u a l savings
banks:
1941—Dec. 31 . .
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
1949—j u n e 30
1,693
10,846
11,891
12,683
13,142
13,312
13,880
642
3,081
3,250
3,560
3,769
4,109
4,397
Noninsured m u t u a l
savings b a n k s :
1941—Dec. 31
1945—Dec. 31
1946—Dec 31 2
I947—Dec 31 . .
1948—Tune 30
Dec 31
1949—June 30
8,687
5,361
5,813
5,957
6,084
6,083
6,214
4,259
1,198
1,275
1,384
1,465
1,577
1,654
banks:
31
31
31
31
30
31
30
520
Interbank^
Demand
Total
Number
capital
of
accounts banks
Time
10,654 43,059
13,883 104,015
12,320 91,144
12,670 94,300
11,035 89,491
11,900 93,300
10,578 88,830
15,699
29,876
33,526
34,882
35,418
35,441
35,966
6,844
8,671
9,286
9,734
9,955
10,158
10,452
13,426
13,297
13,354
13,398
13,415
13,413
13,417
6,786
9,229
8,169
8,410
7,305
7,842
6,945
24,350
59,486
52,194
54,335
51,921
54,020
51,420
8,322
16,224
18,412
19,278
19,528
19,545
19,854
3,640
4,644
5,138
5,409
5,533
5,657
5,814
5,117
5,017
5,007
5,005
4,998
4,991
4,987
22,259
44,730
39,395
40,505
38,699
39,955
38,761
3,739
4,411
3,890
3 993
3,529
3 799
3,429
14,495
32,334
26,726
27,449
25,875
26,862
25,922
4,025
7,986
8,779
9,062
9,295
9,295
9,410
2,246
2,945
2,957
3,055
3,091
3,144
3,208
1,502
1,867
1,893
1,918
1,927
1,927
1,916
2,668
4,448
4,109
4,083
3,397
3,887
3,299
7,702
18,119
18,836
19,340
18,509
19,296
18,410
129
244
260
266
202
259
204
4,213
12,196
12,225
12,515
11,695
12,419
11,488
3,360
5,680
6,351
6,558
6,611
6,618
6,718
959
1.083
,193
,271
,333
.358
1,431
6,810
6,416
6,457
6,478
6,493
6,498
6,517
241
200
200
255
261
763
514
530
576
469
329
181
336
363
400
329
279
290
325
331
852
714
690
783
772
479
322
758
446
359
1,291
1,905
1,302
1,411
1,315
1,353
1,298
253
365
404
478
482
259
276
1,872
2,452
2,043
2,251
2,197
2,201
2,146
488
329
733
2,270
12,277
11,749
11,318
10,670
10,479
10,098
L.266
L.262
1,468
1,703
1,755
1,788
.803
3,431
4,962
4,639
4,659
3,867
4,396
3,745
9,574
20,571
20,879
21,591
20,706
21,497
20,556
457
425
597
629
602
628
563
5,504
14,101
13,526
13,926
13,010
13,772
12,786
3,613
6,045
6,756
7,036
7,093
7,097
7,207
1,288
1,362
1,483
1,596
1,664
1,680
1,760
7,662
7 130
7,147
7,261
7,265
7,256
7,250
1,050
7,765
8,641
9,123
9,373
9,202
9,484
629
7,160
7,946
8,165
8,169
7,795
7,940
421
606
695
151
429
612
958
1,204
1,407
1,544
675
644
684
629
1,789
10,363
11,428
12,207
12,581
12,772
13,241
14
15
14
13
1,789
10,351
11,415
12,192
12,566
12,757
13,226
164
1,034
1,173
1,252
1,302
1,334
1.381
4,428
4,163
4,538
4,573
4,619
4,506
4,560
3,075
3,522
3,833
3,813
3,808
3,680
3,718
1,353
641
705
760
811
826
843
642
180
206
211
188
194
171
8,744
5,022
5,442
5,556
5,630
5,633
5,709
6
2
3
3
2
3
4
8,738
5,020
5,439
5,553
5,627
5,631
5,705
1,077
558
611
637
653
665
683
509
368
1
1
1
1
12
13
52
192
191
194
193
193
191
496
350
350
339
339
339
339
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For
revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
DECEMBER 1949
1469
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
Total
loans
and
invest- Total 1
ments
Investments
Loans for
Compurchasing
meror carrying
cial,
securities
inAgriReal Conelud- culOther
esing
tate sumer loans Total
tur- To
open- al brokloans loans
To
marers
and othket
padeal- ers
per
ers
U. S. Government obligations
Total
Obligations
Direct
of
States Other
CertifiGuar- and secucates
an- polit- rities
ical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness
All i n s u r e d c o m mercial banks:
1941—Dec. 3i t m
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 30..
Dec. 3 1 . .
1949—June 30..
49,290
121,809
112,178
114,274
111,794
112,286
111,746
21,259
25,765
30,733
37,583
39,372
41,968
40,524
9,214
9,461
14,016
18,012
17,834
18,761
16,292
28,031
96,043
81,445
76,691
72,421
70,318
71,222
21,046
88,912
73,554
67,941
63,490
61,388
61,970
2,455
1,271
2,124
2,327
2,821
2,846
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 30..
Dec. 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
43,521
107,183
96,362
97,846
95,449
95,616
93,835
95,315
18,021
22,775
26,696
32,628
33,871
36,060
34,905
34,456
3 , >92
8,671 972 594 598 3,494
25,500
8,949 855 3,133 3,378 3,455 1,900 1,104 84,408
13,154 884 1,506 1,467 5,358 3,308 1,020 69,666
16,962 1,046 811 1,065 7,130 4,662 952 65,218
16,734 1,241 1,171 956 7,777 5,249 1,040 61,578
17,631 1,800 1,324 834 8,244 5,585 1,006 59,556
58,930
15,213 1,704 1,958 803 8,383 5,859 935 60,859
19,539
78,338
63,042
57,914
54,139
52,154
51,362
53,132
2,275
1,167
1,987
2,188
2,588
New York City:*
1941—Dec. 3 1 . ,
\Qd.K Dec 31
1946—Dec 31
X Zr^C §
1947 i—'v-\—• 31 , •
Dec %J X
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
12,896
26,143
20,834
20,393
19,019
18,759
18,065
19,103
4,072
7,334
6,368
7,179
7,550
8,048
7,546
7,689
Chicago:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
I949—Anr 11
June 3 0 . .
2,760
5,931
4,765
5,088
4,742
4,799
4,595
4,841
1,333
1,499
1,801
1,714
1,783
1,617
1,537
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
15,347
40,108
35,351
36,040
35,065
35,332
34,741
35,034
7,105
8,514
10,825
13,449
13,373
14,285
13,740
13,261
12,518
35,002
35,412
36,324
36,623
36,726
36,434
June 30.. 36,338
5,890
5,596
8,004
10,199
11,234
11,945
12,003
11,968
JL7TV/
X—'\—v»•
*S X •
•
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
954
1,450 614
1,314 3,164
1,358 1,517
1,610 823
1,976 1,183
2,775 1,336
2,734 1,972
2,807
3,044
4,078
5,361
5,275
5,642
545
963
3 1,102
4,710
8
662 4,773
3,606
1,609
1,190
1,077
4 , >45
4,677 2,361
7,103 4,031
9,266 5,654
10,101 6,412
939 10,666 6,804
901 10,887 7,170
1,181
1,098
1,028
1,119
1,095
1,022
267
250
225
123
80
99
111
161
224
5 54
287
455
564
616
643
1 1,701
248
209
650
1,094
1,418
1,357
1,412
6
2
3
3
2
4
48
211
117
73
61
71
52
233
101
87
75
63
22
36
51
46
47
51
95
51
105
149
156
176
1,178
6
83
60
48
156
732
760
412
169
2,453 1,172
1,096 389
8,823
18,809
14,465
13,215
11,469
10,712
10,519
268 11,413
298
250
330
372
306
1,806
4,598
3,266
3,287
3,028
3,016
2,978
26 3,303
40
29
26
32
27
114
194 1,527
1, 12
427 1,503 1,459
855
404
264
704 2,237 1,436
435
170
484 3,147 1,969
366
126
428 3,333 2,158
369
130
360 3,503 2,315
412
8,243
31,594
24,527
22,591
21,692
21,047
21,001
'6*,227 " 3 7 8 " 1 5 0 " 3 2 1 3',559 2 [408 " 3 8 5 21,772
3,456
3,661
5,548
7,088
6,823
7,282
300
205
201
225
260
437
1,823
1, 30
1,881 707 363
2,970 1,312 306
3,827 1,979 229
4,236 2,318 267
4,467 2,451 261
6,628
29,407
27,408
26,125
25,389
24,781
24,431
256 24,370
988
19,071
12,288
7,552
9,451
10,065
10,437
16,985
10,043
5,816
7,597
7,999
1,430
4,213
2,912
2,890
2,667
2,633
2,567
2,888
256
133
60
132
160
183
369
498
235
250
275
153
749
146
248
214
217
1,864
2,207
2,274
2,043
1,958
343
125
2,051
1,467
630
3,286
8 4
1,282
2,535 1,509
1,224 460
77 11,647 10,584
79 11,791 10,524
1,748 723
76 11,486 10,039
2,139 992
79 10,856 9,362
2,328 1,163
89 10,774 9,246
2,426 1,220
87 10,376 8,849
2,508 1,311
17
180
104
136
138
234
196
3,098 1,319
23
175 4,567 2,644
478
459
474
563
735
975
20
31
12
13
12
12
14
64
228
142
125
121
105
97
903
119
729
606
557
638
583
563
658
611
830
629
601
604
528
500
478
525
182
181
167
213
185
210
236
235
193
204
187
185
176
174
176
180
6,467 295
751 4,248 1,173
956
820
5 1,126
916
29,552 1,034 6^982 5,653 15,878
4 1,272 1,004
22,250 441 3,799 1,993 16,013
3 1,342 1,053
20,196 373 2,358 1,901 15,560
783 3,244 1,501 13,692
3 1,446 1,024
19,222
1 1,421 1,032
18,594 1,056 3,201 1,090 13,247
18,445
1,471 1,086
603 14 ",230
19,076 " 8 7 5 3,367
1,559 1,137
5,102
4,020
2,583
3,121
3,340
183
471
273
227
204
187
3,007
14,271
5,602
4,815
4,104
2,800
7,265 311
1,623 3,652 1,679
1
17,574 477 3,433 3,325 10,337
1
13,308 387 1,725
992 10,202
11,972 1,002
640
558 9,771
10,358 693
520 8,162
983
9,649 589 1,183
365 7,512
9,383
10,278
132 7,897
777 1,472
110
630
279
480
552
760
20
42
29
23
22
21
12,797 4,102 3,651 3,333
51,321
22 3,873 3,258
15 4,298 3,592
53,200
14 5,129 3,621
52,334
12 5,434 3,497
46,630
8 5,509 3,420
45,100
6 5,763 3,489
46,636
11,729 3,832 3,090 2 ,871
44,792
16 3^254 2]815
11 3,548 3,077
46,219
10 4,199 3,105
45,286
8 4,436 3,003
40,242
5 4,480 2,922
38,761
4 637 2 931
2,651 8,469 1,639 40,369
4 4 > 1 0 3',016
971
4,377
26,999
24,572
22,857
21,892
21,278
20,967
20,889
1,676 659
1,484 648
2,433 681
3,096 818
3,279 979
3,296 1,356
3,159
16,045
6,780
5,918
5,069
3,394
2,045
2,926
16,713
17,797
17,681
16,345
16,046
778 16,192
1,222
1,342
1,551
2,006
2,223
2,286
2,272
4 2,306
1,028
1,067
1,285
1,262
1,275
1,217
1 192
1474
152 1,069
2,087 1,774 6,538
2,247 1,179 6,991
1,736 1,104 7,058
966 6,399
1,855
594 6,349
2,066
406 6,277
1,968
271
563
6
619
3
752
4
931
4
999
3 1,030
2 1,054
462
443
516
517
494
498
473
481
4,544
2,470
2,108
1,868
1,128
861
9
6
6
5
4
Insured non-
member com-
mercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 30..
Dec. 3 1 . .
1949—June 30. .
5,776
14,639
15,831
16,444
16,360
16,685
16,447
3,241
2,992
4,040
4,958
5,504
5,911
6,071
543
512
862
1,049
1,101
1,131
1,079 1,030
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
Central reserve city banks.
1470
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
]Demand
Reserves
Cash
with
Federal in
vault
Reserve
Banks
Class of bank
and
call date
BalDeances mand
with
dedoposits
mestic
ad- 4
3
banks justed
Interbank
deposits
deposits
Time deposits
U. S.
CapiIndital
Gov- States viduals, Borrow- acpartner- ings
counts
ships,
and corSav- visions porations
ings
Certi-
Indi-
etc.
tions
3,677
5,098
5,967
6,692
7,132
7,182
7,337
1,077
2,585
2,361
2,559
2,020
2,113
2,352
36,544
72,593
79,887
83,723
78,287
81,682
77,005
158
70
68
54
50
69
146
59
103
119
111
111
117
163
492 15,146
496 29,277
664 32,742
826 33,946
1,061 34,246
1,080 34,244
1,243 34,560
10
215
39
61
63
54
27
6,844
8,671
9,286
9,734
9,955
10,158
10,452
1,009
2,450
2,207
2,401
1,873
1,962
1,462
2,222
33,061
62,950
69,127
72,704
68,204
70,947
66,766
67,157
140
64
62
50
47
63
67
141
50
99
114
105
106
111
123
157
11,878
23,712
26,525
27,542
27,805
27,801
1,030 27,885
1,069 28,038
4
208
30
54
53
45
199
21
5,886
7,589
8,095
8,464
8,624
8,801
8,949
9,022
450
1,201
11,282
15,712
17,216
17,646
16,306
16,695
15,526
15,986
6
17
20
12
15
31
37
90
10
15
12
14
14
18
25
29
20
39
14
41
20
28
33
2
2
1
1
2
3
4
9
11
11
11
12
1,022
1,044
fied viduals,
U.S. States and partnerand
ernand
Gov- political offi- ships, Inter- ment political
ern- subdi- cers' and cor- bank and
ment visions checks, poraPostal subdi-
ForDomestic3 eign
All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
1949—june 3 0 . .
12,396
15,810
16,013
17,796
17,355
20,404
17,807
673 1,761
1,358 8,570 37,845 9,823
1,829 11,075 74,722 12,566 1,248 23,740
2,012 9,481 82,085 10,888 1,364 2,930
2,145 9,736 85,751 11,236 1,379 1,325
2,063 8,238 81,420 9,628 1,357 2,052
1,939 8,947 84,211 10,344 1,488 2,323
2,036 7,777 80,613 9,058 1,374 2,135
Member banks
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
12,396
15,811
16,015
17,797
17,356
20,406
19,186
17,808
1,087
1,438
1,576
1,672
1,606
1,486
1,609
1,568
6,246
7,117
5,936
6,270
5,419
5,674
5,057
5,065
33,754
64,184
70,243
73,528
70,051
72,152
68,972
69,397
9,714
12,333
10,644
10,978
9,433
10,098
8,855
8,864
New York City:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
5,105
4,015
4,046
4,639
4,883
5,643
5,164
4,726
93
111
131
151
122
117
140
130
141
78
87
70
46
67
41
56
10,761
15,065
16,429
16,653
15,592
15,773
14,875
15,254
3,595
3,535
3,031
3,236
2,830
2,904
2,598
2,680
1,021
43
36
29
30
2?
27
25
298
200
172
175
152
143
129
149
2,215
3,153
3,356
3,737
3,505
3,604
3,291
3,470
1,027
1,292
1,130
1,196
1,055
1,038
Chicago:*
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
194g Tune
Dec.
1949—-Apr.
June
1,709
22,179
2,672
1,176
1,846
2,122
2,563
1,980
3,066
4,240
4,915
5,504
5,873
5,850
5,849
5,983
607
866
319
237
218
290
272
241
235
254
671
L,105 6,940
651
1,195
1,217
267
333
1,183
445
1,278
471
1,204
562
L.150
8
20
24
21
22
26
48
46
127
1,338
942
1,105
748
750
550
418
399
551
693
912
927
778
1,206
1,395
1,418
1,621
1,646
1,555
1,637
195
30
26
25
104
1,648
2,120
2,205
2,259
2,262
2,306
2,324
2,340
152
72
105
188
234
197
233
237
228
285
320
284
257
307
34
66
47
63
47
53
30
41
2,152
3,160
3,495
3,853
3,539
3,702
3,299
3,475
4,302
6,307
5,417
5,497
4,751
5,213
4,508
4,460
54
491
110 8,221
127
991
131
405
140
728
168
801
150 1,017
701
166
1,144
1,763
2,077
2,282
2,442
2,401
2,421
2,413
286
611
693
705
562
649
455
518
11,127
22,281
24,288
26,003
24,198
25,302
23,806
23,928
104
30
25
22
18
19
17
39
20
38
43
45
42
46
47
62
243
160
235
332
496
547
607
642
4,542
9,563
10,580
11,045
10,771
10,798
10,856
10,923
2
4
1
3
8
47
1
1,967
2,566
2,729
2,844
2,870
2,928
2,980
3,005
3,216
4,665
3,753
3,900
3,369
3,619
3,208
3,117
9,661
790
23,595 1,199
26,237 1,067
27,424 1,049
798
26,639
943
27,703
796
26,653
762
26,402
225
2
8 5,465
8
877
432
7
9
680
8
688
8
842
520
8
1,370
2,004
2,391
2,647
2,839
2,925
2,937
3,009
8,500
239
435 21,797
524 24,128
528 25,203
516 24,161
510 25,248
427 24,135
462 23,767
30
17
17
17
14
13
12
12
31
52
55
45
49
49
56
67
146
219
272
337
364
350
385
383
6,082
12,224
13,727
14,177
14,473
14,369
14,453
14,433
4
11
26
23
24
12
48
21
1,982
2,525
2,757
2,934
3,056
3,123
3,200
3,215
2,325
3,959
3,547
3,466
2,820
3,273
2,713
4,092
10,537
11,842
12,223
11,368
12,059
11,216
68
135
154
158
147
151
130
18
6
6
4
4
6
6
8
4
5
6
6
6
6
74
97
113
132
149
153
174
3,276
5,579
6,232
6,420
6,457
6,459
6,539
6
7
9
7
10
g
5
1,083
1 \ 193
1,271
1,333
1 ^358
31..
31.,
31..
31..
30
31..
It..
30..
1,070
1,14^
1,325
1,255
1.174
Reserve city banks
1941—Dec. 31. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
4,060
6,326
6,337
7,095
6,462
7,701
7,220
6,781
425
494
532
562
521
483
521
500
2,590
2,174
1,923
2,125
1,852
1,845
1,678
1,744
11,117
22,372
24,221
25,714
24,316
25,072
24,153
24,271
Country banks:
1941—Dec. 31. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
June 3 0 . .
2,210
4,527
4,703
4,993
4,866
5,736
5,547
5,127
526
796
883
929
934
858
922
913
271
391
437
473
457
453
468
942
928
,243
,353
,375
,353
1,480
1,411
1,369
954
962
1,552
476
719
823
902
940
989
288
377
404
426
436
444
445
462
Insured nonm e m b e r commercial b a n k s :
1941—Dec 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
1949—June 30..
108
233
244
258
195
246
194
2
5
11
4
4
8
4
53
1,560
258
149
207
201
155
611
858
1,052
1,188
1,259
1,332
1,354
3,483
9,643
10,761
11,019
10,083
10,736
9,848
959
3
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
DECEMBER
1949
1471
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans *
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
invest- Total*
ments
U. S. Government obligations
Commercial,
To brokers
indus- and dealers To others Real Loans Other
trial,
estate to loans Total
and
loans banks
agri- U.S. Other U.S. Other
culGovt. se- Govt. setural
obobliga- curi- liga- curitions ties tions ties
Total
CerOther
tifisecucates
rities
Bills of in- Notes Bonds*
debtedness
Total—
Leading Cities
1948—October
62,256 24,605 15,388
246
432
218
488 3,993
215 3,873 37,651 33,300 2,071 4,441 1,699 25,089 4,351
1949—August
September..
October
64,719 23,229 12,915
66,127 23,632 13,213
66,374 23,837 13,580
825
856
643
627
664
686
220
206
186
445 4,167
454 4,202
439 4,236
278 4,058 41,490 36,565 2,865 6,129 1,092 26,479 4 ,925
205 4,140 42,495 37,463 3,114 6,879 1,127 26,343 5,032
171 4,207 42,537 37,506 2,808 7,339 1,136 26,223 5,031
1949—Sept.
Sept.
Sept.
Sept.
7
14....
21
28....
65,689
66,294
66,463
66,062
23,343
23,662
23,527
23,998
13,007
13,171
13,289
13,384
859
857
716
991
671
646
660
677
218
215
196
195
442 4,186
488 4,202
444 4,211
443 4,207
147
248
187
239
3,217
3,229
3,400
2,608
6,476
6,633
7,227
7,181
1,133
1,129
1,123
1,124
26,552 4,968
26,603 5,038
26, 124 5 ,062
26,091 5,060
Oct. 5 . . . .
Oct. 12
Oct. 19
Oct. 26
66,077
66,207
66,439
66,772
23,760
23,875
23,791
23,921
13,425
13,566
13,647
13,680
758
730
521
564
706
658
664
716
190
186
185
184
445 4,212
442 4,233
448 4,244
420 4,253
155 4,179 42,317 37,261 2,717
165 4,206 42,332 37,300 2,716
42,648 37,625 2,817
182
182 4,234 42,851 37,838 2,982
7,290
7,276
7,399
7,391
1,128
1,125
1,140
1,150
26,126 5 ,056
26,183 5,032
26,269 5,023
26,315 5,013
Nov. 2
Nov. 9
Nov. 16
66,666
66,656
66,506
66,723
24,325
24,664
24,302
24,329
13,694
13,783
13,776
13,772
853
934
644
672
764
769
756
730
177
174
177
174
420 4,246
429 4,265
420 4,277
422 4,295
4,272 42,341 37,388
330 4,292 41,992 37,042
233 4,330 42,204 37,257
222 4,355 42,394 37,430
2,618
2,372
2,440
2,459
7,273
7,193
7,277
7,342
1,150
1,150
1,166
1,184
26,347 4,953
26,327 4,950
26,374 4 ,947
26,445 4,964
18,199 7,463
5,609
207
311
193
199
178
825 10,736 9,617
851
291
7,540 1,119
18,946 7,132
19,334 7,346
19,216 7,289
4,531
4,681
4,825
761
786
599
496
533
543
183
192
176
210
215
222
166
149
138
804 11,814 10,524
820 11,988 10,641
831 11,927 10,644
808 1,778
782 1,976
688 2,042
194
232
242
7,744 1,290
7,651 1,347
7,672 1,283
Nov. 23
4,119 42,346 37,378
4,140 42,632 37,594
4,133 42,936 37,874
4,172 42,064 37,004
New York City
1948—October
1949—August
September..
October
7
14
21
28
19,148
19,375
19,489
19,326
7,234
7,390
7,220
7,541
4,598
4,646
4,715
4,765
771
787
654
932
537
518
532
546
181
226
180
181
214
217
216
213
130
190
147
127
823
827
815
816
11,914
11,985
12,269
11,785
10,593 798 1,856
10,611 772 1,919
10,920 1,011 2,067
10,441 546 2,063
229
232
229
238
7,710
7,688
7,613
7,594
1,321
1,374
1,349
1,344
Oct. 5
Oct. 12
Oct. 19
Oct. 26
19,225
19,124
19,146
19,369
7,377
7,314
7,200
7,266
4,783
4,823
4,835
4,858
714
677
479
525
564
519
524
567
182
182
183
158
213
225
225
225
139
100
170
143
824
833
830
836
11,848
11,810
11,946
12,103
10,525
10,513
10,669
10,868
581
611
695
865
2,093
2,019
2,032
2,024
238
235
241
252
7,613
7,648
7,701
7,727
1,323
1,297
1,277
1,235
Nov.
Nov.
Nov.
Nov.
19,341
19,288
19,131
19,288
7,569
7,776
7,446
7,460
4,868
4,890
4,844
4,840
780
876
566
600
609
610
605
592
157
165
158
158
220
229
231
233
131
203
212
191
855 11,772 10,576
856 11,512 10,320
880 11,685 10,495
,828 10,633
614
434
559
640
1,948
1,914
1,940
1,960
256
256
273
286
7,758
7,716
7,723
7,747
1,196
1,192
1,190
1,195
1949—Sept.
Sept.
Sept.
Sept.
2
9
16
23
Outside
New York City
1948—October
44,057 17,142
9,779
121
191
295 3,794
1949—August
September. .
October
45,773 16,097
46,793 16,286
47,158 16,548
8,384
8,532
8,755
131
131
143
143
138
132
262 3,957
262 3,987
263 4,014
112 3,254 29,676 26,041 2,057 4,351
56 3,320 30,507 26,822 2,332 4,903
33 3,376 30,610 26,862 2,120 5,297
1949—Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.
46,541
46,919
46,974
46,736
16,109
16,272
16,307
16,457
8,409
8,525
8,574
8,619
134
128
128
131
141
139
137
136
17
58
40
112
Oct. 5.
Oct. 12.
Oct. 19.
Oct. 26.
46,852
47,083
47,293
47,403
16,383
16,561
16,591
16,655
8,642
8,743
8,812
8,822
142
139
140
149
134
132
132
131
261 3,972
262 3,985
264 3,995
262 3,994
263 3,999
260 4,008
265 4,019
262 4,028
Nov.
Nov.
Nov.
Nov.
47,325
47,368
47,375
47,435
16,756
16,888
16,856
16,869
8,826
8,893
8,932
8,932
155
159
151
138
129
128
128
128
263 4,026
264 4,036
262 4,046
264 4,062
2.
9.
16.
23.
37 3,048 26,915 23,683 1,136 3,590 1,408 17,549 3,232
898 18,735 3,635
895 18,692 3,685
894 18,551 3,748
3,296 30,432 26,785
3,313 30,647 26,983
3,318 30,667 26,954
3,356 30,279 26,563
2,419
2,457
2,389
2,062
4,620
4,714
5,160
5,118
904
897
894
886
18,842 3,647
18,915 3,664
18,511 3,713
18,497 3,716
16
65
12
39
3,355 30,469
3,373 30,522
3,381 30,702
3,398 30,748
26,736
26,787
26,956
26,970
2,136
2,105
2,122
2,117
5,197
5,257
5,367
5,367
890
890
899
898
18,513
18,535
18,568
18,588
80
127
21
31
3,417 30,569
3,436 30,480
3,450 30,519
3,456 30,566
26,812
26,722
26,762
26,797
2,004
1,938
1,881
1,819
5,325
5,279
5,337
5,382
894
894
893
898
18,589 3 ,757
18,611 3,758
18,651 3,757
18,698 3 ,769
3,733
3,735
3,746
3,778
r
1
8
Revised.
Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Including guaranteed obligations.
1472
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault doposits
Remestic ad- 3
serve
banks justed
Banks
Individuals, States Certiand
fied
part- politand
nerical
Offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States Govand
U.S. part- polit- ernGov- nerical ment
ern- ships, suband
ment and
Dodivi- Postal mes- Forcor- sions Saveign
poraings
tic
tions
Bor- CapBank
row- ital
debacings counts its»
Time
TotalLeading Cities
1948—October.... 14,521
834
2,261 46,846 47,711 3,141
1,532 14,330
535
84
9,046 1,417
1949—August
September
October
12,683
11,888
12,127
741
792
778
129 46,334 46,056 3,317
194 46,558 46,869 3.163
259 46,662 47,147 3,091
,190 2,074 14,505
,210 2,320 14 .495
,225 2,587 14,502
644
637
627
120
124
123
8,685 ,358
9,110 ,318
9,296 1,350
136
145
148
362 6,173 86,361
191 6,185 88,494
6,211 91,171
1949—Sept. 7 . . .
Sept. 14...
Sept. 2 1 . . .
Sept. 2 8 . . .
11,823
12,096
11,627
12,005
771
817
776
803
2,230 46 410 46,288
2,347 46,930 47 ,963
2,155 46, 436 46,761
2,043 46,457 46,465
3,239
3,170
3,080
3,165
1,267 1,949 14,500
1,255 2,186 14,485
1,240 2,508 14,493
1,078 2,636 14,501
640
640
637
632
126
126
122
122
9,268
9,471
9,065
8,634
1,365
1,335
1,289
1,284
139
146
147
147
75
188
140
359
6,188
6,174
6,182
6,196
16,923
20,445
23,397
20,135
Oct. 5 . . . 12,232
Oct. 12... 11,961
Oct. 19... 12,276
Oct. 2 6 . . . 12,040
738
804
780
791
2,261 46,286 46,355
272
2~~~ 46,283 47,212
2,319 46, 738 47,475
2,183 47,341 47,547
3,178
3,054
3,009
3,122
2,677
2,533
2,669
2,468
14,497
14,496
14,514
14,501
625
628
626
627
122
123
123
123
9,375
9,429
9,389
8,991
1,356
1,368
1,362
1,313
147
148
148
150
94
110
121
133
6,210
6,210
6,205
6,218
22,786
16,673
23,910
20,384
Nov.
Nov.
Nov.
Nov.
736
839
779
776
2,146 46,848
2,170 46 ,709
2,375 46,625
2,121 47,274
46,867
47,120
48,135
47,590
3,299
3,155
3,116
3,181
1,216
1,332
1,331
1,202
2,335
2,321
2,525
2,432
14,500
14,524
14,502
14,461
605
593
591
605
123
124
124
124
9,159
9,261
9,695
8,838
1,374
1,375
1,354
1,309
154
155
154
153
647
487
172
178
6,241
6,244
6,226
6,219
22,520
17,809
20,766
21,900
2...
9...
16...
23...
12,332
12,040
12,234
11,920
1,291
169 5,976 94,919
New York City
1948—October...
5,293
15,153 15,782
274
634
1,491
2,779 1,234
1949—August. . .
September
October...
4,806
4,434
4,571
114
123
126
14,768 15,267
14,918 15,526
14,906 15,539
210
220
225
614
598
633
951
932
953
1,463
1,474
1,472
2,648 1,143
2,717 1,118
2,782 1,144
90
100
103
274 2,293 34,940
94 2,284 36,130
42 2,289 36,683
1949—Sept. 7 . . .
Sept. 14...
Sept. 2 1 . . .
Sept. 2 8 . . .
4,321
4,576
4,292
4,546
121
128
116
127
14,767
15,088
14,909
14,909
15,331
15,866
15,462
15,443
199
246
212
224
675
626
603
489
823
882
992
1,032
1,470
1,468
1,472
1,488
2,749
2,780
2,729
2,608
1,158
1,129
1,094
1,092
94
101
102
102
17
108
27
225
2,289
2,283
2,285
2,281
7,137
8,195
9,436
8,067
Oct. 5 . . .
Oct. 1 2 . . .
Oct. 19...
Oct. 2 6 . . .
4,588
4,473
4,684
4,541
121
132
121
129
14,778
14,703
14,911
15,235
15,297
15,452
15,612
15,797
226
209
226
241
634
546
609
742
1,022
947
959
882
1,471
1,475
1,475
1,469
2,851
2,751
2,822
2,705
1,150
1,162
1,157
1,108
102
102
102
104
42
85
18
22
2,291
2.289
2,289
2,286
9,887
6,260
9.227
8,217
Nov. 2 . . .
Nov. 9 . . .
Nov. 16...
Nov. 2 3 . . .
4,726
4,469
4,505
4,378
121
158
127
140
14,947
14,735
14,719
15,056
15,422
15,479
15,706
15,710
318
245
228
203
606
731
652
567
824
816
883
840
1,467
1,482
1,479
1,468
2,711
2,719
2,860
2,608
1,166
1,161
1,136
1,084
109
109
109
109
444
364
2,299
2,299
58 2,294
2,288
9,582
6,731
8,219
8,677
69 2,222 38,014
Outside
New York City
1948—October...
9,228
703
2,22431,711 31,929 2,867
657
1,042
12,839
512
70
6,267
183
1949.—August. . .
September
October...
7,877
7,454
7,556
627 2,098 31,566 30,789 3,107
669 2,161 31,640 31,343 2,943
652 2,226 31,756 31 ,608 2,866
576
612
592
1,123 13,042
1,388 13,021
1,634 13,030
611
605
597
94
97
96
6,037
6,393
6,514
215
200
206
1949—Sept. 7 . . .
Sept. 14...
Sept. 2 1 . . .
Sept. 2 8 . . .
7,502
7,520
7,335
7,459
650
689
660
676
2,199
2,311
2,120
2,013
31,643 30 ,957
31,842 32,097
31 ,527 31,299
31, 548 31,022
3,040
2,924
2,868
2,941
592
629
637
589
,126
,304
,516
,604
13,030
13,017
13,021
13,013
609
608
605
601
100
99
95
96
6,519
6,691
6,336
6,026
207
206
195
192
58 3,899 9,786
80 3,891 12,250
113 3,897 13,961
3,915 12,068
Oct. 5 . . .
Oct. 12...,
Oct. 19...
Oct. 2 6 . . .
7,644
7,488
7,592
7,499
617
672
659
662
2,230
2,243
2,283
2,147
31,508 31 ,058
31, 580 31,760
31,827 31,863
32, 106 31,750
2,952
2,845
2,783
2,881
595
596
601
578
,655
,586
,710
,586
13,026
13,021
13,039
13,032
595
597
596
597
95
96
96
96
6,524
6,678
6,567
6,286
206
206
205
205
52
25
103
111
3,919
3,921
3,916
3,932
12,899
10,413
14,683
12,167
Nov. 2 . . .
Nov. 9
Nov. 16...
Nov. 2 3 . . .
7,606
7,571
7,729
7,542
615
681
652
636
2,113
2,140
2,342
2,088
31,901 31,445
31,974 31 ,641
31,906 32 ,429
32,218 31,
2,981
2,910
2,888
2,978
610
601
679
635
1,511
1,505
1,642
1,592
13,033
13,042
13,023
12,993
575
563
564
579
96
96
96
96
6,448
6,542
6,835
6,230
208
214
218
225
203
123
114
66
3,942
3,945
3,932
3,931
12,938
11,078
12,547
13,223
3,754 56,905
07
72
3,880 51.421
3.901 52.364
3,922 54,488
3
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.
4
DECEMBER
1949
1473
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loansl
Investments
For purchasing
or carrying securities
Federal Reserve
district and date
Boston
Oct. 26
Nov. 2
Nov. 9
N o v . 16
Nov. 23
3,023
3,017
3,013
2,993
3,019
1,004
1,022
1,045
1,025
1,016
Commercial,
industrial
and
agricultural
618
To brokers
and dealers
U. S. Government obligations
To others
U.S.
U. S.
Govt. Other Govt. Other
seseob- curi- ob- curiligaligations ties tions ties
9
7
11
18
Total
Bills
2,019
1,995
1,968
1,968
2,003
1,834
1,813
1,801
1,813
1,847
108
98
100
117
365
344
355
370
966
723
527
629
702
2,210
2 135
2,097
2,124
2,147
141
621
627
623
616
15
18
22
17
9
10
7
8
11
11
11
13
530
783
879
575
610
575
621
445
440
609
596
57
52
50
53
50
174
173
623
181
452
1
1
1
1
22
20
22
22
2
2
2
2
8
8
8
8
18
18
18
18
174
174
141
142
142
143
454
458
103
101
103
105
2,779
2,740
2,759
2,749
2,752
924
478
1
22
2
8
1,427
1,439
1,420
1,419
1,421
811
800
802
797
797
10
11
12
12
10
19
17
18
19
18
33
32
32
32
31
31
31
31
32
32
2,672
2,678
2,692
2,688
2,673
860
859
862
862
867
392
389
387
389
391
1
7
7
8
7
7
11
11
11
11
11
20
20
20
19
19
2,378
2,373
. . . 2,412
2,420
2,412
844
844
859
867
875
508
508
519
527
531
7
8
9
9
8
11
12
11
11
12
23
23
22
22
23
73
73
73
73
73
. . . . 9,440
9,455
9,411
9,341
9,414
2,519
2,534
2,557
2,517
2,521
1,634
1,618
1,629
1,622
1,609
54
354
30
38
2,232
2,212
2,242
2,249
2,251
1,274
1,268
1,270
1,263
1,263
949
956
980
980
985
424
433
435
429
429
532
534
545
556
560
1
1
1
1
1
2,537
2,539
2,563
2,574
2,550
San Francisco
Oct 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
City of Chicago*
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
480
477
481
484
4,678
4,652
4,622
4,625
4,634
. . .
908
903
929
925
2,452
2,465
2,470
2,503
2,493
11,626
11,611
11,604
11,687
11,686
5,849
5,852
5,804
5,734
5,799
1
7
38
21
48
45
20
20
54
55
47
20
54
5
5
5
5
5
9
9
9
9
9
221
220
223
223
224
2
2
2
2
2
901
909
924
921
923
576
584
591
593
594
1,083
1,099
1,111
1,124
1,134
749
38
20
16
212 1,078 13,198 11,798
191 1,096 13,344 11,941
185
182
167
155
156
288 8,739 1,445
292 8 764 1 408
292 8,727 1 403
309 8,736 1,400
322 8,770 1,403
158
196
288
288 ' " 2 6
1
289
291
1
292
5
201
1
1
201
203
1
203
1
203
1
255
254
255
255
256
3,251
3,213
3,202
3,206
3.213
2,877
2,843
2 830
2,833
2,839
149
123
113
103
108
405
395
393
400
405
100
100
100
101
101
2,223
2,225
2 224
2,229
2,225
374
370
372
373
374
236
239
241
241
243
L ,812
L 819
L.830
1,826
1,806
1,662
1 668
1,675
1,671
1,650
110
115
124
120
99
255
259
258
256
255
43
42
42
44
46
1,254
1 252
1,251
1,251
1,250
150
151
155
155
156
4
4
5
4
4
229
227
231
232
235
L 534
L, 529
L ,553
1,553
537
1,326
1,320
1,343
1,343
1,328
57
55
71
63
60
362
359
363
366
359
37
37
37
37
40
870
869
872
877
869
208
209
210
210
209
6 921
426 6,921
429 6,854
431 6,824
437 6,893
6,185
6,189
6,123
6,092
6,159
720
660
726
1,184
1,194
1,189
1,205
1,251
232 4 043
234 4,041
233 4,041
232 4,050
230 4,078
736
732
731
732
214
217
217
219
218
1 283
1,256
1,262
1,269
1,266
1,115
1,086
1,092
1,097
1,093
8
1
131
132
133
132
132
850
835
835
834
834
6
176
176
177
177
177
200
108
355
357
359
10
18
8
35
1
68
68
67
69
69
5
5
5
5
4
5
5
5
5
5
11
11
11
11
11
133
133
134
135
136
7
11
6
6
6
6
10
10
10
9
37
89
5
4
22
16
10
10
3
16
10
32
42
40
43
32
1 296
1,297
1,316
1 315
1,317
185
192
191
193
5
5
5
5
5
7
38
20
12
24
43
43
43
43
43
210
175
170
158
3
3
3
3
3
1,658
1,677
1,674
1,651
1,644
374
1,540
1,509
1,502
1 491
1,494
2
5
16
2
3
18
16
297
301
303
304
121
Other
securities
Notes Bonds
2
1,871
1,837
1,830
1 824
306 1,828
6
4
20
10
185
185
186
186
188
17
2
220
220
221
219
143 1,031 13,648 12,203
131 1 051 13 322 11 914
11
10
11
11
11
39
39
38
38
219
211 1,053 13,046 11,643
5
4,969 1,967
4,993 1,984
4,990 1,991
5,017 1,999
5,002 2,004
55
1
7
19
1
2
360
762
771
788
797
1,268
1,256
1,266
1,259
1,248
20
Certificates
of indebtedness
Real Loans
estate to Other Total
loans banks loans
21,681 8,033 5,192
21,656 8,334 5,197
21,598 8,552 5,217
21,414 8,216 5,175
21,576 8,232 5,171
. . . .
New York*
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 2 3 . .
Philadelphia
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Cleveland
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Richmond
Oct 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Atlanta
Oct. 26
Nov 2
Nov. 9
Nov 16
Nov. 23
Chicago*
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
St. Louis
Oct. 26
Nov. 2
Nov. 9
Nov 16
Nov. 23
Minneapolis
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Kansas City
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Dallas
Oct. 26
Nov. 2
Nov. 9
N o v . 16
N o v 23
Total
loans
and
investments Total1
9
1
89
88
89
91
10
9
28 2,173
28 2,172
28 2,171
28 2,171
28 2,174
16
15
15
15
15
47
47
48
47
47
426
8
78
17
78
8
78
12
79
79 ""2
600
1,114
1 111
1,110
1 109
31 1,109
331
328
328
333
334
734
260
244
241
241
237
41
39
39
38
38
769
770
773
781
786
168
170
170
172
173
738
725
724
723
722
45
33
39
37
32
60
43
41
41
41
178
180
180
179
178
21
22
22
22
22
479
480
481
481
481
112
110
111
111
112
1,636
1 630
1,639
1,653
1,627
1,400
1,396
1,404
1,421
1,392
159
162
174
191
173
354
348
342
339
327
68
68
68
66
66
819
818
820
825
826
236
234
235
232
235
1 369
1,366
1,359
1,379
1,359
1 243
1,238
1,228
1,248
1,227
113
355
113
111
125
110
353
349
356
353
44
731
126
820 6,657
826 6 618
826 6,614
837 6,670
833 6 684
5,715
5 687
5,677
5,727
5 738
266
248
244
268
259
1,269
1 249
1,246
1,263
1 264
202 3,978
198 3 992
199 3 988
200 3,996
202 4 013
942
931
215
215
217
218
219
3,700
3,687
3,642
3,594
3,666
463
444
404
353
355
742
747
742
746
811
179
181
180
179
177
491
488
488
489
489
203
207
203
203
7
16
605
31
31
31
31
4,191
4,175
4,130
4,083
4,155
44
44
43
43
728
724
724
721
2,316
2 315
2,316
2,316
2,323
128
131
131
132
937
943
946
* 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.
1474
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Interbank
deposits
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Oct. 26
Nov. 2
. . . .
Nov. 9
Nov. 16
Nov. 23 . . .
New York*
Oct. 26
. .
Nov. 2
Nov 9
Nov 16
Nov. 23 . .
Philadelphia
Oct 26
Nov 2
Nov. 9
Nov 16
Nov 23
Cleveland
Oct. 26
Nov. 2
Nov 9
Nov. 16
Nov. 23
Richmond
Oct. 26
Nov. 2
Nov. 9
Nov 16
Nov 23
Atlanta
Oct 26
Nov. 2
Nov 9
Nov. 16
Nov 23
Chicago*
Oct. 26
Nov 2
Nov. 9
Nov. 16
Nov 23
St. Louis
Oct. 26
Nov. 2
Nov. 9
Nov 16
Nov. 23.
Minneapolis
Oct. 26
Nov 2
Nov. 9
Nov 16
Nov 23
Kansas City
Oct 26
Nov. 2
Nov 9
Nov. 16
Nov 23
Dallas
Oct. 26
Nov. 2
Nov 9
Nov. 16
Nov 23
San Francisco
Oct. 26
Nov 2
Nov. 9
....
Nov 16
Nov 23
City of Chicago*
Oct. 26
Nov 2
Nov 9
Nov 16
Nov 23
Reserves
BalDewith Cash ances mand
with
Feddein
doeral
vault mestic posits
Readbanks usted 3
serve
Banks
Time deposits,
except interbank
Individ- States
Certiuals,
and
fied
U. S.
part- politand
nerGovical
Offiships, suberncers'
and
divi- checks, ment
corsions
etc.
porations
Individ- States U. S.
Govuals,
and
ernpart- politment
nerical
and
ships suband
divi- Postal
Savcor- sions
ings
porations
194
220
217
211
223
42
40
48
52
45
96
91
95
104
107
473
472
473
473
472
17,132
16,752
16,831
17,084
17,055
481
587
503
475
444
787
653
780
702
615
938
880
872
945
900
2,307
2,304
2 318
2,313
2,297
103
98
97
120
101
2,068 2,146
2,056 2 125
2,066 2,168
2,059 2,199
2,102 2,164
88
108
97
102
109
19
27
23
23
26
188
171
167
173
166
81
75
80
79
77
138
155
131
155
137
3,156
3,139
3,108
3,085
3,130
3,201
3,144
3,110
3,186
3,180
180
181
171
182
175
48
53
46
49
44
442
444
436
465
438
66
61
67
65
62
158
158
176
167
154
2,030
2,015
2,037
2,043
2,026
2,042
2,030
2,065
2,087
2,043
155
156
156
148
151
386
389
392
388
383
41
37
43
40
41
167
167
170
183
161
1,712
1,690
1,727
1,725
1,726
1,619
1 ,629
1,634
1,685
1,647
1,753
1,805
1,788
1,828
1,731
100
92
102
97
96
367
380
373
375
367
457
460
454
488
461
51
49
52
53
46
88
87
91
101
94
4,785
4,966
4,709
4,802
4,622
175
165
209
174
186
110
125
118
140
110
447
465
443
458
449
44
42
49
44
43
727
723
744
719
705
2,449 2,397
2,438 2,374
2,436 2,349
2,429 2,419
2,441 2,371
Demand
Time
Domestic
276
277
279
297
273
26
26
26
26
26
34
34
33
31
30
36
36
37
37
37
2,776
2,788
2,791
2,939
2,674
1,111
1,170
1,165
1,139
1,087
403
401
402
400
397
37
38
29
28
28
1
1
1
1
1
357
373
376
408
347
11
11
11
11
11
186
172
172
186
178
1,328
1,327
1,326
1,325
1,322
35
35
37
37
38
3
3
3
3
3
440
451
444
475
421
9
8
41
43
34
55
42
83
84
84
92
86
568
568
568
564
562
29
29
28
28
28
20
20
20
20
20
274
257
282
274
276
19
22
27
24
22
59
54
45
50
49
532
532
533
532
531
6
6
6
6
6
346 6,378 6,304
306 6,276 6,181
309 6,257 6,153
359 6,207 6,345
309 6,331 6,288
586
577
561
544
555
88
94
90
97
94
429
432
430
474
445
2,546
2,550
2,553
2,552
2,556
30
27
32
29
29
129
122
127
140
125
1,412
1,382
1,403
1,389
1,411
1,490
1,462
1,483
1,531
1,500
103
107
102
102
109
22
20
20
23
21
53
51
53
58
56
473
473
473
472
471
194
205
209
196
205
14
12
13
12
12
93
88
91
106
81
857
845
856
845
847
811
804
815
835
815
158
158
149
143
146
13
12
13
13
13
52
46
45
50
49
247
247
248
247
247
463
459
461
474
484
32
27
32
29
29
267
274
274
295
262
1 ,864
1,847
1,865
1,884
1,882
1,882
1,864
1,883
1,971
1,914
202
207
193
184
199
25
26
26
27
26
66
71
73
79
76
383
383
384
383
381
2
2
2
2
438
470
447
465
470
37
33
37
35
35
323
306
311
330
323
1,960
1,959
1,946
1,983
1,993
1,913
1,892
1,929
1,977
1,949
208
233
238
250
239
40
39
29
34
32
45
41
43
47
47
353
357
357
357
357
96
77
75
74
89
1,581
1,566
1,584
1,576
1,605
120
116
123
122
120
261 6,712
260 6,724
275 6,743
279 6,731
264 6,825
6,610
6,610
6,700
6,816
6,664
493
508
486
501
555
176
187
196
232
222
273
242
242
267
273
4,888
4,886
4,889
4,884
4,868
1,197
1,247
1 226
1 ,243
1,178
35
33
38
35
36
157
136
144
173
137
4,029
3,963
3,955
4,065
4,040
320
313
300
291
298
40
44
42
41
44
242
214
210
236
222
1,331
1,334
1,337
1,337
1,334
4,011
3,959
3,952
3,901
3,993
accounts
Bank
debits <
Foreign
6
6
6
6
6
16,743
16,477
16,265
16,245
16,560
Capital
Borrowings
9
2
6
105
110
111
111
111
326
327
327
327
326
876
944
836
830
952
38 2,484 8,720
445 2,498 10,157
368 2,498 7 198
101 2,493 8,823
118 2,487 9,242
20
4
7
2
5
314
316
316
316
316
709
811
623
793
840
7
2
2
2
2
2
19
21
27
12
8
473
474
475
475
472
1,042
1,190
924
1,136
1,077
395
405
424
430
382
4
4
5
5
5
1
1
1
1
1
10
17
6
5
17
228
229
229
229
229
730
807
681
696
768
6
6
6
6
6
469
488
513
524
489
12
11
11
11
11
4
3
3
3
3
1
4
1
1
3
195
196
196
196
196
672
661
666
708
709
30
27
27
27
27
18
18
18
18
18
1,467
1,487
1,510
1,585
1,419
43
42
43
43
45
1
1
1
1
1
17
117
62
9
728
730
731
731
731
2,623
2,988
2,452
2,635
2,881
12
12
12
12
12
1
1
1
1
1
622
637
648
674
631
3
3
3
5
5
7
8
5
8
6
181
182
182
182
182
632
638
589
624
666
1
1
1
1
1
308
322
322
319
299
2
3
2
3
2
4
4
4
4
4
3
2
3
5
10
102
102
102
102
102
357
396
362
385
393
3
3
785
793
804
818
778
1
1
1
1
1
1
1
1
1
1
4
8
6
11
8
202
202
203
204
205
792
745
688
774
874
6
6
6
6
6
609
653
657
685
646
8
9
8
9
10
1
1
1
1
1
1
207
207
207
207
208
704
681
536
707
804
346
345
344
345
345
22
22
22
22
22
487
485
493
541
479
S3
86
93
94
99
31
31
31
30
29
13
12
778
778
778
764
765
2,527
2,502
2,254
2,655
2,694
30
26
26
26
26
4
1,087
1,095
1,100
1,158
1,050
38
37
37
38
39
491
492
493
493
492
1,623
1,904
1,565
1,695
1,784
1
i
L
7
12
2
12
117
62
1
For footnotes see opposite page and preceding table.
DECEMBER 1949
1475
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 on
which checks are
drawn, and their
branches and offices
Federal Reserve
district or State
Total
Member
Banks 1
United
Dec
Dec
Dec
Oct
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,043
14,078
14,072
14,060
3,981
4,148
4,333
4,523
11,957
12,037
12,061
12,184
3,654
3,823
4,015
4,253
6,894
6,917
6,912
6,894
2 913
3 051
3,197
3 352
5,063
5,120
5,149
5,290
488
900
836
States total:
31 1946 . . . .
31 1947
31 1948
31 1949P
Not on par list
(nonmember)
Nonmember
313
883
148
288
496
193
593
140
110
10
47
488
900
836
313
883
148
288
373
157
593
79
69
10
38
330
774
640
700
479
349
232
816
111
249
242
139
239
42
26
6
24
158
126
196
425
325
225
Branches
and offices
741
772
818
901
Banks
2 086
2 041
2,011
1 876
Branches
and offices
327
325
318
270
By districts a n d
by States
Oct. 31, 1949P
District
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
l^Iinneapolis
Kansas City
Dallas
San Francisco
1,125
1,012
1,189
J.492
1,469
1,279
1,748
.021
1,125
804
574
2,492
1,134
1,003
1,489
1,226
638
200
984
290
234
81
67
37
39
131
18
354
37
43
4
14
76
501
1,302
913
501
1,302
496
478
755
623
267
225
10
231
196
144
23
51
21
946
1
129
10
109
196
144
23
51
6
946
1
91
5
68
119
92
23
38
2
901
1
38
5
41
77
52
112
38
19
184
32
15
41
3
112
38
19
121
32
15
41
3
17
104
33
66
32
38
1
43
53
43
53
25
48
18
3
99
164
885
488
665
607
3
99
164
505
236
163
214
3
43
380
252
502
393
40
71
69
114
169
382
59
63
164
178
40
48
69
114
169
112
46
38
77
142
25
42
37
77
153
270
13
25
87
36
15
6
32
37
16
441
680
202
593
111
225
6
63
441
266
40
527
111
225
6
12
231
207
31
180
84
173
6
5
210
59
9
347
27
52
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
408
8
75
329
2
18
2
150
408
8
75
329
2
18
2
150
12
49
12
2
17
1
135
266
2
23
48
49
142
6
52
281
33
2
16
New York
North Carolina
North Dakota
Ohio
644
744
644
744
564
690
80
54
97
74
43
36
61
41
56
164
382
162
63
164
178
335
601
9
108
5
887
488
665
609
123
36
15
10
3
37
38
3
48
21
3
48
397
64
17
16
73
208
615
.
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia...
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
. .
!Michigan
\f innesota
Mississippi
..
.
....
Montana
211
22
212
63
661
1
377
69
972
18
96
178
43
151
170
294
....
1,739
150
661
385
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Texas
Utah
193
678
. .
Virginia
West Virginia
Wisconsin
899
55
69
312
122
180
551
54
54
38
1
225
186
1
96
178
43
29
742
10
87
150
31
6
212
43
424
69
972
18
40
48
63
70
36
23
87
5
201
74
23
11
108
131
151
33
62
30
20
58
20
237
ii
4
30
8
7
4
103
23
414
162
66
51
114
119
16
1
1
15
10
6
26
87
s
9
28
12
6
3
88
100
4
25
93
57
13
5
21
2
59
119
16
571
31
40
204
271
24
29
103
2
9
49
122
179
551
54
131
53
107
164
40
124
69
72
387
14
21
63
293
2
5
23
11
108
151
15
2
842
55
69
307
82
96
122
45
152
40
230
8
9
5
7
I
130
1
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 BULLETIN for February 1949, p. 191, footnote 3).
Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.
2
1476
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Bills
bought
Others
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1948—September
October
November
December
305
285
287
269
214
221
239
259
120
125
141
146
65
67
71
71
55
58
70
76
94
96
99
112
136
140
152
164
37
42
48
57
1
1
1
1
20
20
24
25
20
17
15
12
1949—January
February
March
April
May
June
July
August
September
October
268
268
257
249
219
199
211
230
265
278
262
228
215
204
195
198
194
189
207
215
137
114
98
88
84
87
90
85
94
104
66
65
58
59
58
54
57
53
54
57
70
49
40
28
27
33
33
32
40
47
126
114
117
116
110
111
104
104
113
110
156
134
127
119
118
121
117
117
133
140
57
11
6
2
2
2
25
23
22
20
17
17
19
18
21
23
13
14
14
17
12
13
13
16
14
12
51
51
46
44
47
44
37
37
39
1
2
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Backfigures.—SeeBanking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Debit balances
End of month
Credit balances
Customers'
credit balances 1
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)*
accounts
accounts
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
7
7
58
99
89
86
86
154
190
188
253
260
333
413
399
312
333
315
326
223
204
186
211
180
160
167
181
196
209
220
313
370
456
395
393
332
376
427
395
368
309
378
529
557
619
726
853
795
498
218
223
240
283
267
281
255
289
240
270
334
354
424
472
549
654
651
694
650
612
576
62
54
65
63
56
54
66
65
95
96
121
112
120
120
162
176
145
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
23
20
5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
15
11
269
247
222
213
189
182
212
198
216
227
264
299
314
290
271
273
291
1948—November. .
December...
8 551
550
10
312
349
3 244
257
563
586
112
28
5
278
1949—January. . . .
February . . .
March
April
May
June
July
August
September. .
October
8 537
3 527
«53O
»626
3 660
681
3 690
3 699
3 740
3
783
247
3225
3 254
3 329
3 355
493
3 399
«404
3 418
3416
3 573
129
20
9
260
5
419
280
3
3
3
3
565
551
542
535
528
3 530
3 548
3 580
3 586
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) ©
f
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): August, 75; September, 73; October, 72.
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.
Backfigures.—SeeBanking 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.
DECEMBER
1949
1477
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK
[Per cent per annum]
Year,
month, or
week
Stock
Prime
exPrime
bank- change
comers'
call
mercial
accept- loan
paper,
ances,
re4- to 6-1
90
newmonths days 1
als2
U. S Government
security yields
Size of loan
9-to 12month
certifi- 3- to 53year
cates
month
of in- taxable
bills «
issues
debted-
ness
1946 average
1947 average
1948 average . . . .
.81
1.03
1.44
.61
.87
1.11
1.16
L.38
L .55
.375
.604
1.043
.82
.88
1.14
1.16
L.32
L.62
1948—November .
December..
1.56
1.56
1.19
1.19
L.63
L.63
1.144
1.154
1.22
1.21
L.69
L.64
\949—January...
February. .
March
April
1.56
1.56
1.56
1.56
1.56
1.56
1 56
1.44
1.38
1.38
1.38
L.19
L.19
L.19
L.19
L.19
L.19
L 06
L.06
L.06
.06
L.06
L.63
L.63
L.63
L.63
L.63
L.63
L.63
L.63
L.63
L.63
L.63
1.160
1.163
1.162
1.155
1.156
1.158
0.990
1.027
1.062
1.044
1.073
L.22
L.22
L.22
L.20
1.19
L.20
L.04
L.07
L.08
L.09
1.09
L.59
L.57
L.54
L.53
L.49
L.42
L.26
L.26
1.37
L.38
1.37
1.063
1.074
1.056
1.052
1.108
1.09
1.10
1.10
1.08
1.09
1.38
1.37
1.36
1.36
1.38
May
June
Tulv
August....
September.
October. . .
November..
Week ending:
Oct. 2 9 . . .
Nov. 5 . . .
Nov. 1 2 . . .
Nov. 19. . .
Nov. 2 6 . . .
1 /i*
1%
1 5^
i «
lVn
lVit
11^—i ^
\\^,—\%
lVl6
11/16
Annual averages:
19 cities:
1939
1940
1941
1942
1943
1944 .
1945
1946
1947
1948
Quarterly:
19 cities:
1948—Dec
1949—Mar
June
Sept
New York City:
1948—Dec
1949—Mar
June
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.25
per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16,
1948; and 1.63 per cent beginning Aug. 17, 1948.
3
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
All
loans
Area and period
2.1
2.1
2.0
2.2
2.6
2.4
2.2
2.1
2.1
2.5
3.1
3 0
3.0
3.2
3 4
3.3
3.2
3.1
3.1
3.5
2.1
20
1.9
2.2
2.5
2.6
2.3
2.2
2.5
2.8
1.8
1 8
1.8
2.0
2.4
2.2
2.0
1.7
1.8
2.2
2.64
2.70
2.74
2.63
....
4.4
4 3
4.3
4.4
4.4
4.3
4.3
4.2
4.2
4.4
4.50
4.62
4.63
4.62
3.58
3.64
3 70
3.64
2.97
2.89
3 04
2.98
2.M
2.42
2 44
2.31
2.34
2.42
2.35
2.32
4 23
4.22
4.22
4.23
3 40
3.42
3.43
3.41
2 70
2.66
2.78
2.74
2.16
2.25
2.17
2.13
4.51
4 63
4.67
4.71
3.60
3 66
3.64
3.63
2.97
2 89
2.98
2.93
2.44
2.44
2.66
2.39
4.62
4.79
4.80
4.74
3 68
3.75
3.89
3.79
3.14
3.04
3.26
3.18
2 57
2.71
2.69
2.58
Sept
7 Northern and Eastern cities:
1948—Dec
2.68
1949—Mar
2 68
June
2.86
2.64
Sept
11 Southern and
Western cities:
1948—Dec
3.02
3.12
1949—Mar
3.17
June
3.07
Sept
NOTE.—For
pp. 228-237.
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
description of series see BULLETIN for March
1949,
BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
15
7 to 9
years
years
or
more
Corporate (Moody's) 4
Municipal
(highgrade)2
Corporate
(highgrade)8
By ratings
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-8
15
10
120
30
30
30
30
40
40
40
1946 average
1947 average
1948 average
1.45
1.59
2.00
2.19
2.25
2.44
1.64
2.01
2.40
2.44
2.57
2.81
2.74
2.86
3.08
2.53
2.61
2.82
2.62
2.70
2.90
2.75
2.87
3.12
3.05
3 24
3.47
2.60
2 67
2.87
2.91
3 11
3.34
2.71
2.78
3.03
1948—November
December
2 00
1.94
2.44
2.44
2.42
2.26
2.86
2.81
3.12
3.09
2.84
2.79
2.92
2.88
3.18
3.16
3 53
3.53
2 89
2.85
3 37
3.36
3.09
3.06
1949—January
February
March
April
1.88
1.83
1.80
1.77
1.72
1.66
1.55
1.49
1.72
1.72
1.70
2.42
2.39
2.38
2.38
2.38
2.38
2.27
2.24
2.22
2.22
2.20
2.15
2.23
2.21
2.20
2.20
2.28
2.26
2.20
2.22
2.21
2.17
2.73
2.73
2.71
2.70
2.71
2.72
2.66
2.60
2.59
2.59
2.56
3.02
3.00
3.00
3.00
3.00
3.00
2.98
2.92
2.90
2.90
2.89
2.71
2.71
2.70
2.70
2.71
2.71
2.67
2.62
2.60
2 61
2.60
2.81
2.80
2.79
2.79
2.78
2 78
2.75
2.71
2.69
2 70
2.68
3.08
3.05
3 05
3.05
3.04
3.04
3.03
2 96
2.95
2 94
2.93
3 46
3.45
3 47
3 45
3.45
3 47
3.46
3 40
3.37
3 36
3.35
2 80
2.79
2 78
2 78
2.78
2 78
2.75
2 70
2.68
2 68
2.67
3 26
3.24
3 27
3 27
3.26
3 29
3.29
3 21
3.19
3 20
3.20
2.99
2.99
2 97
2 96
2.95
2 93
2.89
2 86
2.84
2 83
2.81
1.72
1.71
1.70
1.68
1.69
2.22
2.21
2.20
2.18
2.19
2.19
2.19
2.19
2.16
2.14
2.58
2.58
2.56
2.56
2.56
2.90
2.90
2.90
2.89
2,89
2.61
2.61
2.61
2.60
2.59
2.70
2.70
2.69
2.68
2.68
2.94
2.94
2.93
2.93
2.93
3.35
3.36
3.36
3.35
3.35
2.69
2.69
2.68
2.67
2.66
3.20
3.20
3.20
3.20
3.21
2.82
2.82
2.81
2.81
2.80
May
June
July
August . .
September
October
November
Week ending:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
8
Standard and Poor's Corporation.
U. S. Treasury Department.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, OD. 483-490, and October
1947, pp. 1251-1253.
1478
FEDERAL RESERVE BULLETIN
SECURITY MARKETS *
Stock prices 5
Bond prices
Corporate
Year, month, or week
U. S. Municipal
Gov(high-8
ernment 2 grade) Highgrade
Number of issues
1-8
15
4
Medium-grade
5
4
Industrial
416
365
20
31
140
123
124
143
128
131
143
105
115
120
103
96
1,390
953
1,144
Public
utility
5
Total
15
Railroad
14
12
Preferred6
Industrial
Total
Volume
of trading7 (in
thousands of
Public shares)
utility
Common (index, 1935-35 = 100)
Railroad
1946 average
1947 average
1948 average
104.77 140.1
103.76 132.8
100.84 125.3
103.2
98.7
97.5
92.1
102.6
96.3
88 2
85.4
102.8
95.2
198.5
184 7
168.7
1948—November
December
100.79 125.0
100.89 127.8
97.9
98.9
91.1
90.9
94.5
94.7
85.1
84.5
93.6
93.6
166.2
168.7
120
119
126
126
109
106
94
93
1,375
1,155
1949—January
February
]March
April
May
June . . . .
July
August
September
October
November
101.16
101.51
101.67
101 65
101.62
101.72
103.29
103.63
103 86
103.90
104.22
129.9
128 6
128.8
129 1
129.1
127.5
127 9
129.1
128 6
128.8
129.6
100.5
100.5
100.7
101 0
101.0
100.9
102.0
103.0
103 1
102.8
103.2
92.1
92.7
91.9
91.7
91.9
91.7
91.8
92.6
93 3
93.7
93.5
96.1
97.0
97.1
98.0
98.9
98.7
98.6
98.2
99 0
99.9
100.3
86.4
86.6
83.1
81.6
81.2
80.0
79.9
81.9
82.1
82.0
80.8
93.8
94.7
95.5
95.6
95.7
96.3
96.9
97.7
98 8
99.2
99.5
171.4
173.2
172.2
172 2
173.2
176.1
176 6
179.5
182 1
180.3
179.8
121
117
118
119
118
112
118
127
123
124
124
124
117
124
106
100
97
97
96
88
91
94
94
95
96
95
93
95
833
850
859
878
819
808
938
122
124
127
128
130
134
94
95
98
99
100
101
129
137
96
103
1,135
1,313
1,323
Week ending:
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
103 91
104.01
104 23
104.41
104.29
129 2
129.2
129 2
129.8
130.1
102 9
102.9
103 2
103.2
103.4
93.6
93.5
93 4
93.6
93.6
99.9
99.9
99 9
100.4
100.6
81 6
81.3
80 9
80.9
80.4
99 2
99.3
99 3
99.5
99.7
179 5
180.0
179 5
180.0
180.0
129
130
129
128
130
136
138
137
135
137
97
97
97
96
96
102
102
102
102
103
1 ,427
1,338
1 ,270
1,374
1,297
947
1
2
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 or more.
3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on 8
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.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
4
6
7
NEW SECURITY ISSUES
[In millions of dollars]
?or new capital
Total
(new
and
refunding)
Year or month
1940 .
1941
1942
1943
1944
1945 .
1946
1947
1948
4,803
5,546
2,114
2,169
4,216
8,006
8,645
39,691
9,933
. .
Domestic
Total
(domestic
and
forTotal
eign)
State
and
municipal
Federal
agencies1 Total
Domestic
Corporate
Foreign2
Bonds
and Stocks
notes
736
601
1,951 1,948
751
461
135
518 1,272
1,062
889
173
2,854 2,852
342 108
624
506
1,075 1,075
118
282
92
640
176
90
374
642
422
235
646
224
913
896
15
607
471
1,772 1,761
657
26 1,264
952 127 3,556 2,084 1,472
4,645 4,635
3
7,566 7,255 2,228 239 4,787 3,567 1,219
906
8,806 8,796 2,604 294 *5,898 44,992
360
60
57
57
231
383
681
225
311
514
6
72
168
65
96
45
65
96
45
79
583
150
433
753
753
126
627
675
1949—January..
510
February.
679
March
949
April
761
May
1,629
June .
765
July
613
August...
707
September
787
October. .
618
618
192
7
445
584
904
445
584
904
200
174
190
685
685
1,535 1,535
339
315
14
26
33
685
684
244
174
314
639
234
69
3
419
583
831
291
510
78
81
73
78
64
656
639
81
24
4628
309
519
1
564
273
9
2
17
12
10
68
10
2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,948
1,127
409
901
295
1,196
193
1,084
431
382
405
323
117
127
63
84
73
102
113
49
54
43
82
State
and
municipal
2,852
2,693
1,039
1,527
3,303
6,234
4,000
2,125
1,128
2
1
49
902
51
24
4
Total
(domestic
and
forTotal
eign)
578
983
1948—October ..
November
December.
For refunding
76
94
2
18
10
304
188
148
Federal
agencies1 Total
Foreign'
Corporate
Bonds
and Stocks
notes
698
440
497
418
912
734
422
768
2 026
1,557
418
685
2,466
4 937
2,953
1,482
277
1 834
1,430
407
603
2,178
4 281
2,352
1,199
251
6
56
19
2
56
16
193
19
16
482
435
181
259
404
324
208
44
82
344
72
3
2
1
55
39
1
38
62
31
31
11
30
79
56
22
26
7
39
1
76
94
53
55
44
4
86
15
61
105
177
1
4
1
7
126
11
82
288
656
601
283
22
204
188
148
4
4
195
146
8
38
53
91
2
20
8
38
1
69
22
101
1
2
3
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
< Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
DECEMBER
1949
1479
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds 2 proceeds»
Year or month
Retirement of securities
New money
Repayment
of
other debt
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
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
7,113
194g—October
November
December
791
Working
capital
Total
Bonds and
notes
Preferred
stock
57
208
858
991
681
325
569
868
32
111
380
574
504
170
424
661
26
96
478
417
177
155
145
207
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
231
1,794
3,143
911
1,119
1,637
1,726
1,483
226
190
87
59
128
100
287
30
138
308
657
1,080
3,279
4,591
5,964
734
782
739
2,389
4,555
2,868
1,352
307
240
559
175
24
23
463
677
314
586
336
318
403
688
380
1,244
312
220
319
553
340
1,074
274
172
253
402
254
958
468
430
393
168
171
445
140
118
272
149
91
2
7
37
1
18
44
18
4
14
7
25
44
126
15
116
16
66
3
7
7
9
5
4
1
7
19
58
7
39
59
3
26
70
2
18
21
31
43
168
234
22
7
37
1
13
40
37
356
488
8
3
7
38
48
66
151
85
116
119
87
229
8
10
73
49
134
379
196
67
667
2,038
4,117
2,392
1,155
501
771
173
174
451
72
351
438
476
11
23
49
36
7
26
19
28
35
27
47
133
231
71
366
396
167
405
442
1,164
1,182
1,722
475
May.
June
July
August
September
October
187
141
252
638
2,115
3,409
4,242
507
783
345
321
411
698
388
1,257
1949—January... .
February
March
Other
purposes
84
170
154
111
215
69
174
144
474
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
6,994
Plant and
equipment
8
12
4
12
84
17
2
29
20
1
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
21
57
139
228
24
85
115
253
32
46
102
115
129
240
546
120
54
558
110
30
97
186
108
15
114
500
1,320
571
35
56
31
10
77
1
18
3
8
15
130
11
1,250
30
1,987
63
751
89
180
1,208
1,246
43
1,180
245
1,340
317
464
145
469
22
1,400
40
2,291
69
2,129
785
3,212 2,188
3,039 2,744
1948—October
November
December. .
64
64
268
246
73
73
45
45
228
209
1949—January
February...
March
36
36
54
87
17
49
50
87
17
49
May. . . .
July
August
September..
October
Real estate and financial
Retire- All
Retire- All Total
Total
Retire- All Total
Retire- All Total
net
New ment of other
net
New ment of other
net
net
New ment of other
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purceeds
ties
poses ceeds
poses ceeds
ties
ties
poses*
ties
poses ceeds
172
120
774
338
54
182
319
361
47
160
602
1,436
704
283
617
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Industrial
Public utility
45
51
20
16
41
45
51
13
16
41
489
461
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1 252
939
146
21
8
2
118
4
7
102
125
270
171
2
36
856
134
93
54
108
39
1
1
36
44
1
11
25
118
104
179
276
192
42
30
27
50
86
47
13
30
27
25
17
63
93
84
149
916
136
97
97
199
16
21
20
122
390
71
16
102
155
94
4
21
107
206
323
286
587
45
218
57
8
9
42
55
4
13
61
85
164
189
485
42
19
36
56
9
35
34
25
62
550
74
774
761
439
1,280
373
616
1,079
226
831
469
188
353
584
167
738
961
244
463
828
293
89
527
228
199
497
454
504
1,033
811 1,010
1,969
3 601 2 201
981
353
2,686 1,974
75
2,751 2,189
2
150
80
90
136
43
56
121
146
71
76
148
419
359
486
3
6
2
21
20
19
2
87
29
121
6
32
23
58
39
29
21
51
28
406
383
164
145
228
166
162
139
18
6
5
128
114
336
100
39
85
215
92
20
1
3
6
48
207
249
46
35
163
113
236
28
27
118
2
4
1
2
16
90
12
18
7
30
76
33
6
23
41
46
5
60
9
5
22
5
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
4
42
65
64
24
30
3
56
95
73
72
3
i'
3
1
1
3
1
7
11
1
16
15
7
1
1
36
1
2
3
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors.
1480
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars sind over
(200 corporations)
Year or quarter
Profits
before
taxes
Profits
after
taxes
Dividends
10,591
13,006
18,291
21,771
28,240
30,348
26,531
21,562
31,144
37,182
1,209
1,844
3,156
3,395
3,683
3,531
2,421
2,033
4,099
5,315
997
1,273
1,519
1,220
1,260
1,255
1,129
1,202
2,521
3,310
722
856
947
760
777
848
861
943
1,167
1,403
7,020
7,649
7,694
8,781
999
978
604
598
246
271
989
614
265
1,133
706
386
8,660
9,003
9,314
10,204
1,218
1,242
1,331
1,523
751
285
770
311
832
958
307
499
9,398
'9,441
9,502
1,341
'1,220
1,313
823
343
'750
799
'354
332
Sales
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
..
.
1947—i
2
3
4
Quarterly
. ...
1948—i
2
3
4
. . .
1949—i
2
3
....
Assets of 50 million dollars jind over
(82 corporations)
Profits
before
Profits
after
taxes
Dividends
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,651
26,015
31,465
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
656
772
854
672
688
755
764
804
1,000
1,210
5,828
6,362
6,412
7,412
843
807
509
495
216
235
819
508
226
954
593
7,270
7,559
7,877
8,759
1,050
1,058
1,146
1,339
8,086
'8,187
8,224
1,202
'1,101
1,181
Sales
taxes
Assets of 10-50 million dollars
(118 corporations)
Sales
1,583
1,869
2,600
3,227
4,080
4,497
4,253
3,912
5,129
5-717
Profits
before
Profits
after
taxes
taxes
Dividends
139
206
114
146
378
519
571
549
445
460
676
190
164
164
164
165
271
416
93
88
88
93
98
139
167
721
450
192
156
171
67
83
95
104
30
35
170
105
322
1,192
1,287
1,282
1,369
179
112
38
649
247
1
1,390
168
102
38
657
269
184
113
186
184
115
120
42
717
838
739
'677
715
265
429
303
312
293
1,445
1,437
1,445
1,312
L.254
L ,277
63
43
78
139
84
'119
132
40
'73
84
'42
39
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power
Railroad
Year or quarter
Operating
revenue
. . .
1947—i
2
3
4
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
126
249
674
1,658
2,211
1,972
756
271
777
1,148
2,040
2,113
2,178
2,354
Annual
1939
1940
1941
1942. .
1943
1944
1945
1946
1947
1948
Profits
before
taxes
Profits
after
taxes
93
189
500
902
873
Dividends
126
159
186
202
217
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Telephone
Operating
revenue
444
447
437
408
227
248
271
302
191
194
178
163
175
178
172
163
374
180
168
399
396
277
193
269
174
177
200
131
183
168
174
171
134
181
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,244
4,708
629
692
774
847
535
548
527
490
913
502
410
902
905
964
961
983
507
534
638
652
661
398
407
458
494
492
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
2,149
2,541
Profits
before
taxes
Profits
after
taxes
Dividends
Dividends
1948—i
2
3
4
1949—i
2
3
. .
246
246
235
236
289
167
92
42
191
115
527
67
44
40
123
104
160
50
37
106
1.075
L,028
1
1,024
L ,118
289
190
177
242
247
196
228
166
135
160
115
111
129
478
555
589
29
38
58
21
27
39
32
32
30
2,243
2,363
2,555
2,510
Quarterly
667
450
287
479
700
144
286
395
323
72
185
246
197
57
56
53
122
1,202
1,118
.146
1,242
186
156
143
176
131
115
115
132
607
627
641
666
64
71
64
69
43
48
44
47
39
44
47
50
2,145
2,224
2,138
120
184
175
58
115
105
69
55
50
1,307
'1,218
1,218
284
233
211
255
316
272
259
206
180
173
124
136
142
670
695
711
62
75
84
42
50
55
50
51
54
r
Revised.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are
obtained from the Federal Communications Commission, except for dividends, which are from published company reports.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power).
DECEMBER
1949
1481
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Annual
Industry
1946
1947
Quarterly
1947
1948
1948
1
3
2
2
1949
3
4
1
3
2
Nondurable goods industries
Total (94 corps.)1
Sales
8,940 11,313 13,364 2,816 3 ,161 3 ,?19 3,289 3 ,3?4 3,532 3,245 r 3,049 3,179
490
S46
S43
1,426 1,787 2,208
437
553
565
501
'400
451
287
362
295
908 1,167 1,474
333
356
362
394
325
'259
183
157
141
449
551
656
123
133
148146
'166
225
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
792
98
254
259
257
915
IIS
59
2,715 3,231 3,447
435
421
410
73
135
29
43
2,550 3,108 3,563
775
83?
655
129
140
105
Chemicals and allied products (26 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
463
128
547
408
254
80
54
2,080 2,906 3,945
721
269
456
214
548
350
92
172
127
741
120
91
21
283
180
Petroleum refining (14 corps.)
Sales
Profits before taxes
Profits after taxes .
Dividends. •.
337
215
89
59
8S8
147
118
835
96
61
29
861
104
64
32
846
99
60
32
904
111
71
42
804
85
52
30
'792
89
54
31
837
100
63
29
848
1S1
91
53
875
155
95
58
904
166
104
59
936
183
119
85
896
174
105
64
8S7
'87
66
895
178
109
68
947
195
141
33
942
182
133
45
978
171
132
?9
1,077
173
141
66
993
161
119
934
119
92
47
942
114
8631
Durable goods i n d u s t r i e s
Total (106 corps.)2
Sales
Profits before taxes
Profits after taxes
Dividends
S 440 5,714
12,623 19,831 23,818 4,878 S
672
688
607 2,312 3,107
552
643
39S
408
295 1,355 1,836
327
373
494
615
203
152
154
746
141
Selected industries:
Primary metals and products (39 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
......
.
5,429 7,545 9,066 1,831
451
891 1,174
201
270
545
720
122
211
.
247
270
57
.
84
060 2,100
248
237
ISO
145
60
60
991 6,673 6,153 '6,392 6,323
862
788
958
840
'820
470
504
564
491
498
166
184
274
196
188
306 2,601 2,431 ' 2 , 1 7 5
304
385
370
'269
18S
240
220
'161
60
90
71
64
2,050
228
130
61
984 1 ,165 1 ,091 1,198 1 ,140 1,351 1,138 1 , 1 8 1 1,122
136
131
144
118
177
115
110
126
'113
75
71
88
83
105
71
67
72
'70
37
27
28
31
26
33
32
28
42
2,310 3,963 4,781
443
569
37
-9
270
334
97
113
126
Automobiles and equipment (15 corps.)
Sales
Profits before taxes
Profits after taxes
..
.
Dividends
077
227
141
s
3,725 6,692 8,093 1,653 1 9?S 1 ,865 1,951
?47
37
809 1,131
236
200
445
142
639
114
118
146
-8
195
56
136
53
51
282
47
,056 2,221 2,151 2,601 2,708
462
305
327
387
301
267
175
176
180
229
112
8065
79
76
' Revised.
1
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied productsCIS);2 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other than automobile (6); and miscellaneous (7).
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]
Year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Profits
before
taxes
6.5
9.3
17.2
21.1
25 1
24.3
19 7
23.6
31.6
34.8
Income
taxes
1.5
2.9
7.8
11.7
14 4
13.5
11 2
9 6
12.5
13.6
Profits
after
taxes
5.0
6 4
9.4
9.4
10 6
10.8
8 5
13.9
19.1
21.2
Cash
dividends
Undistributed
profits
4 0
4 5
3.8
1 2
2 4
4 9
4.3
5.1
4
4
4
5
5
7
7
8
7.0
7.9
6 2
6 1
3 8
8 1
12 1
13.2
Quarter
1947—3
4
1948—i
2
3
4
1949—i
2
3i
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
31 3
32 8
12 3
13 0
19 0
19 8
7 1
7 3
11 9
12 5
33.0
35 0
36 6
34 5
12
13
14
13
8
7
4
6
20.2
21 3
22 2
20 9
7
7
7
8
6
7
9
3
12 6
13 6
14 3
12 6
29.4
26.4
26.0
11 5
10.6
10.4
17 9
15.8
15.6
8 4
'8.4
8.4
95
'7.4
7.2
Undistributed
profits
' Revised.
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
1
1482
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
1942—June
Dec,
1943—June....
Dec
1944—June
Dec
1945—June
Dec
1946—June
Dec
1947—June. . . .
Dec
1948—June
Dec
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900
252,292
252,800
71,968 50,573
107,308 76,488
135,380 95,310
164,508 115,230
199,543 140,401
228,891 161,648
256,357 181,319
275,694 198,778
268,111 189,606
257,649 176,613
255,113 168,702
254,205 165,758
250,063 160,346
250,579 157,482
1949—Tan
Feb
Mar .
Apr
May
June
July
Aug
Sept
Oct
Nov
252,620
252,721
251,642
251,530
251,889
252,770
253,877
255,852
256,680
256,778
256,982
250,435
250,603
249,573
249,509
249,890
250,762
251,880
253,921
254,756
254,876
255,124
End of month
Total 2
Nonmarketable public issues
Special
U. S. Treasury issues
savings tax and
bonds savings
notes
CertifiTreasury cates of Treasury Treasury Total 2
bills
indebtnotes
bonds
edness
Noninterestbearing
direct
debt
Fully
guaranteed interestbearing
securities
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17,033
15,775
15,136
13,757
12,224
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375
11,375
7,131
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863
112,462
111,440
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,211
31,714
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
2,220
4,549
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
76
69
51
156,960 12,133
156,766 12,134
155,648 11,648
155,450 11,542
155,452 11,544
155,147 11,536
154,959 11,531
155,552 12,124
155,647 12,315
155,362 12,317
155,365 12,320
29 630
29,^4
28,803
28,710
28,710
29,427
29,246
29,246
30,441
30,155
30,155
3,596
3,596
3,596
3,5Q6
3,596
3,596
3,596
3,596
3,596
3,596
3,596
111,440
111,440
111,440
111,440
111.440
110,426
110,426
110,426
109,133
109,133
109,133
61,714
62,033
61,999
62,227
62,523
62,839
63,872
65,011
65,195
65,705
65,929
55,352
55,663
55,893
56,019
56,116
56,260
56,453
56,537
56,600
56,670
56,717
4,618
4,641
4,383
4,488
4,692
4,860
5,705
6,768
6,897
7,345
7,527
31,760
31,804
31,926
31 ,833
31,914
32,776
33,049
33,358
33,914
33,810
33,829
2,186
2,118
2,068
2,021
2,000
2,009
1,996
1,931
1,923
1,901
1,858
32
22
20
19
20
24
2?
24
26
25
26
1
2
Including amounts held by Government agencies and trust funds, which aggregated 5,355 million dollars on Oct. 31, 1949.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary bonds, Armed Forces Leave bonds, and 2 ^ per cent Treasury investment bonds, series A-1965, not shown separately.
Backfigures.—SeeBanking and Monetary Statistics, Tables 146-148 pp. 509-512.
UNITED STATES SAVINGS BONDS
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
[In millions of dollars]
SECURITIES OUTSTANDING NOVEMBER 30, 1949
On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Treasury
Dec. 1
Dec. 8,
Dec. 15,
Dec. 22,
Dec. 29,
Jan. 5
Jan. 12,
Jan. 19,
Jan. 26
Feb. 2,
Feb. 9,
F e b 16
Feb. 23,
bills l
1949 . .
1949
1949
1949
1949
1950
1950
1950
1950
1950
1950
1950
1950
Amount
In millions
Issue and coupon rate
Treasury bonds—Cont.
June 15, 1951-54 3. .2M
Sept. 15, 1951-53
2
905
Sept. 15, 1951-55 3
3
901
Dec. 15, 1951-53 3..2M
902
Dec. 15, 1951-55
2
900
Mar. 15, 1952-54... 2 }4
901
June 15, 1952-54
2
903
June 15, 1952-55... 2M
901
Dec. 15 1952-54
2
1,001
June 15, 1953-55 3 . . . . 2
1,002
June 15, 1954-56 ».. 2H
1,001
Mar. 15, 1955-60 3,. 2H
Mar. 15, 1956-58... 2 y2
1,003
Sept. 15, 1956-59 3..2M
Sept. 15, 1956-59... 2M
June 15, 1958-63 3.. 2%
June 15, 1959-62 4..2M
519 Dec. 15, 1959-62 4 . . 2 ^
5,695 Dec. 15, 1960-65 3..2M
June 15, 1962-67 4 . 2 ^
1,993
Dec. 15, 1963-68 4..2H
2,922
June 15, 1964-69 4..2H
963
Dec. 15, 1964-69 4..2H
5,019
Mar. 15, 1965-70 4..2H
5,601
Mar. 15, 1966-71 4.. 2 ^
1,197
6,248 June 15, 1967-72 4..2H
Sept. 15, 1967-72... ?H
Dec. 15, 1967-72 *.. 2)4
1,002
1,000
Cert. of indebtedness
1}4
Dec. 15 1949
1 1950
iM
Jan
Feb. 1 1950
Mar 1 1950
Apr. 1 1950
June 1 1950
July 1 1950
Sept. 15 1950
Oct. 1 1950
'.1*1
'IS
Treasury notes
Apr. 1, 1950 . . . AH
3,596
Postal Savings
bonds
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
bonds
1949-51.. .2
1949-52 3.
1949-53 3.
1950-52.. .2
1950-52 ».
1950-52.. .2
1950
.1H
1949
10,188 5,994 3,526
21,256 11,789 8,271
34,606 15,498 11,820
45,586 14,891 11,553
6,739
49,035 9,612
51,367 7,208 4,287
53,274 6,235 4,026
56,260 7,141 4,278
1948—Nov....
54,944
50
207
848
435
758
802
679
407
360
301
473
2,032
2,759
2,876
2,658
2,465
2,561
1,907
2,390
2,371
4,298
6,717
5,545
5,113
5 067
D e c . . . 55,051
419
540
308
399
15
22
95
120
406
432
55,352
55,663
55,893
56,019
56,116
June... 56,260
J u l y . . . 56,453
Aug
56,537
Sept.... 56,600
O c t . . . . 56,670
Nov
56,717
647
599
590
454
433
485
511
449
398
388
383
438
386
415
3^1
322
359
378
329
299
2S9
286
29
32
26
19
18
20
17
16
13
13
14
180
182
149
104
93
107
115
104
86
86
84
476
369
440
398
415
451
425
439
411
396
415
1949—Jan
Feb.. . .
Mar....
Apr.. . .
May...
Maturities and amounts outstanding November 30, 1949
All
series
Series
D
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
Unclassified. .
233
1,004
1,554
3,989
6,842
8,810
7,655
5,630
5,446
5,788
5,440
2,931
1,436
233
1,004
Total....
56,717
Series
E
Series
F
Series
G
200
505
539
616
493
273
298
473
205
1,061
2,018
2,080
2,408
2,186
2,337
2,041
2,458
1,231
3,602
17,819
111
"2,098
155,365
Total direct issues
2491
21,786
1,963
1.186 Guaranteed securities
4 939 Federal Housing Admin.
15
2,635
Various
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 2 1478.
Called for redemption on Dec. 15, 1949.
* Partially tax exempt.
* Restricted.
DECEMBER
Fiscal year
ending:
June—1942..
1943..
1944..
1945..
1946 .
1947..
1948..
1949..
Year of
maturity
2 -^
Panama Canal Loan. 3
Treasury
Dec. 15,
Dec. 15,
Dec. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Dec. 15,
Month
RedempAmount Funds received from sales during tions and
maturities
period
outstanding
at end of
All
All
Series Series Series
month
G
series
F
series
E
440
1,114
3,989
5,582
6,287
5,036
2,605
2,767
3,178
3,102
-40
1,677
33,659
1483
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
Com- Federal
mercial Reserve
banks i Banks
Total
Held by nonbank investors
Total
Insurance
companies
Individuals
Mutual
savings
banks
Other
corporations
and
associations 2
State
and
local
governments
400
600
900
1940—June...
1941—June...
1942—June...
1943—June...
1944—June...
1945—June...
1946—June...
Dec....
1947—June...
Dec...
1948—June...
Dec...
47 ,874
54 ,747
76 ,517
139 ,472
201 ,059
256 ,766
268 ,578
257 ,980
255 ,197
254 ,281
250 ,132
250 ,630
48 ,496
55 ,332
76 ,991
140 ,796
202 ,626
259 ,115
269 ,898
259 ,487
258 ,376
256 ,981
252 ,366
252 ,854
18 ,566
21 ,884
28 ,645
59 ,402
83 ,301
105 ,992
108 ,183
97 ,850
91 ,872
91 ,259
85 ,966
85 ,833
16 ,100
19 ,700
26 ,000
52 ,200
68 ,400
84 ,200
84 ,400
74 ,500
70 ,000
68 ,700
64 ,600
62 ,500
2 ,466
2 ,184
2 ,645
7 ,202
14 ,901
21 ,792
23 ,783
23 ,350
21 ,872
22 ,559
21 ,366
23 ,333
29 ,930
33 ,448
48 ,346
81 ,394
119 ,325
153 ,123
161 ,715
161 ,637
166 ,486
165 ,722
166 ,400
167 ,021
10 ,300
11 ,500
18 ,400
31 ,700
46 ,500
59 ,800
64 ,100
64 ,900
67 ,100
66 ,600
67 ,000
67 ,600
6 ,500
7 ,100
9 ,200
13 ,100
17 ,300
22 ,700
25 ,300
25 ,300
25 ,000
24 ,300
23 ,200
21 ,500
3 ,100
3 ,400
3 ,900
5 ,300
7 ,300
9 ,600
11 ,500
11 ,800
12 ,100
12 ,000
12 ,000
11 ,500
2 500
2 400
5 400
15 500
25 900
30 900
25 300
22 400
22 300
21 ,200
20 700
21 ,400
1949—June...
July...
Aug....
Sept...
250 ,785
251 ,903
253 ,945
254 ,783
252 ,798
253 ,902
255 ,879
256 ,709
82 ,543
83 ,429
84 ,224
84 ,710
63 ,200
64 ,900
66 ,700
66 ,700
19 ,343
18 ,529
17 ,524
18 ,010
170 ,255
170 ,473
171 ,655
171 ,999
68 ,800
68 ,900
69 ,100
69 ,100
20 ,900
20 ,700
20 ,600
20 ,500
11 ,600
11 ,600
11 ,600
11 ,600
22 ,500
22 ,600
23 ,300
23 ,000
1,500
3,200
5,300
6,500
6,300
7,100
7,300
7,800
7,900
8,200
8,200
8,300
8,300
U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,049
33,358
33,914
2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,397
5,538
5,603
5,498
5,471
5,492
5,500
1
Including holdings by banks in territories and insular possessions, which amounted to 350 million dollars on Dec. 31, 1948.
Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury
Bulletin because of rounding.
2
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- sav- ance Other
cies
Recial
comand serve banks 1 ings panies
trust Banks
banks
funds
Type of
security:
U.S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- sav- ance Other
Recies
cial
comand serve banks1 ings panies
trust Banks
banks
funds
Treasury bonds
and notes, due
or callable:
2
Total:
1947—Dec
1948—June....
Dec
1949—June....
Aug
Sept
Treasury bills:
1947—Dec
1948—June
Dec
1949—June....
Aug
Sept....
Certificates:
1947—Dec
1948—June....
Dec
1949—June....
Aug
Sept.. . .
Treasury notes:
1947—Dec
1948—June....
Dec
1949—June....
Aug
Sept.. . .
Treasury bonds:
1947—Dec
1948—June
Dec
1949—June....
Aug
Sept
End of month
Total
outstanding
165 ,791
160 ,373
157 ,496
155 ,160
155 ,565
155 ,661
15 ,136
13 ,757
12 ,224
11 ,536
12 ,124
12 ,315
5,261
5,402
5,477
5,374
5,370
5,378
22 ,559
21 ,366
23 ,333
19 ,343
17 ,524
18 ,010
61 ,370
57 ,599
55 ,353
56 ,237
59 ,496
59 ,476
18 11 ,433 2 ,052
15 8 ,577 2 ,345
69 5 ,487
63 4 ,346
3 ,485
4 ,342
59
69
2 ,794
2 ,817
4 ,219
3 ,730
21 ,220
22 ,588
26 ,525
29 ,427
29 ,246
30 ,441
25
25
5 958 10 857
5 ,832 11 965
11 ,375
4
1 477 5 327
1 968 4 531
11 ,375
7 ,131
3 ,596
3 ,596
3 ,596
117 ,863
112 ,462
111 ,440
110 ,426
30 6 ,797 6 ,538
14 4 ,616 8 552
24 6 078 9 072
26 6 ,857 9 561
7
47
791 3 099
359 1 801
305
298
43
41
5,173
5,336
5,340
5,201
110 ,426 5,206
109 ,133 5,207
2
6
10
7
853
206
977
780
1 894
1 909
47
42
40
42
424
146
371
042
42 ,154 Within 1 year:
1947—Dec
42 ,779
1948—June
42 ,637
Dec
44 ,087
1949—June
43 ,471
July....
43 ,238
Aug
Sept.. . .
154 1 ,454
25
58
112 2 ,650
84 3 ,740 1-5 years:
50
1947—Dec
60 4 ,237
13
1948—June
19
40 4 ,302
Dec
18
51 4 ,105
1949—June....
July....
200
269 7 ,386
Aug
317
479 8 ,610
Sept
672 10 ,423
256
207
602 12 ,174
5—10 years:
179
589 11 ,638
1949—Dec
187
597 11 ,835
1948—June....
Dec
98
245 4 ,224
1949—June....
98
223 4 ,555
July....
84
166 2 ,984
Aug
41
104 1 ,244
Sept.. . .
39
99 1 ,216
38
98 1 ,212 After 10 years:
1947—Dec
226 22 213 28 ,974
1948—June
047 20 880 26 847
Dec
486 18 891 25 375
1949—June
768 18 315 26 320
July....
727 18 004 26 209
Aug
680 17, 880 25 976
Sept
11 ,552
11 ,522
10 ,877
11 ,029
10 ,964
10 ,924
11
11
10
10
7 775 42 505 10
7 538 41 852 10
22 ,895
21 ,705
19 ,819
19 ,090
18 ,740
18 ,635
14 ,263
13 ,411
10 ,216
11 ,226
11 ,226
11 226
16 ,059
69 1 ,693 8 ,244
19 2 ,070 5 ,922
861 5 ,571
98
982 7 ,021
49
976 7 ,129
47
922 7 ,218
46
64 1 ,142 10 ,409
49 948
46 124
39 175
39 175
33 049
344 1 ,377 33 ,415
318 2 ,636 30 ,580
226 3 ,258 28 ,045
212 2 ,121 26 304
212 2 121 26 414
212 2 121 26 518
187 1 658 22 636
10
10
10
15
270
464
464
067
370
314
314
532
15 067
15 067
15 067
532
531
531
5 4 , 757
53, 838
5 3 , 838
4 8 , 554
4 8 , 554
4 8 , 554
4 8 , 554
4,393
4,685
4,710
4,455
4,455
4,461
4,467
44 053
39 175
426
546
434
584
6
6
6
6
5
3
3
3
3
3
4
003
922
541
933
957
993
023
325
3 ,675
4 ,956
3 ,125
2 ,553
2 ,485
2 ,468
616 3 ,503
316
273
329
385
354
344
1 ,876 3 ,046 9 ,890
1 ,829 2 ,790 7 ,971
1 ,769 2 ,501 8 ,254
1 ,279 2 ,124 7 ,135
1 ,259 2 ,104 7 ,065
1 ,277 2 ,030 7 ,017
1 ,144 1 ,633 5 ,791
090
251
314
587
834
921
215
452
266
171
232
236
235
228
576
506
520
1 ,928
1 ,936
1 ,885
1 ,732 3 ,630
880
911
997
2 ,002
584 6 650 2 010 1 ,742 3 ,549
584 6 670 1 988 1 ,753 3 ,541
584 6 693 1 ,972 1 ,749 3 ,538
2
7
4
4
4
4
452
452
452
17 ,710
16 ,542
15 ,094
14 ,242
7 277 14 ,038 14 ,375
7 273 13 ,977 14 ,398
7 278 13 ,981 14 ,353
8
8
8
7
606
639
048
293
18 ,211
17 ,129
15 ,230
14 ,179
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
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.
1484
FEDERAL RESERVE BULLETIN.
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
On basis of daily statements of United States Treasury
year or
month
Net Budget
exreceipts penditures
Budget Trust Clearsurplus
acing
acdeficit counts count1
etc.i
Fiscal year:
40,043 39,289
1947
1948
42,211 * 36,791
1949
38.246 37,057
1948—Nov... 2,540 2,815
Dec... 4,014 3,603
1949—Jan... 3,579 2,968
Feb.. . 3,381 2,646
M a r . . 5,435 3,621
Apr... 1,340 2,748
M a y . . 1,945 2,822
J u n e . . 4,767 4,579
J u l y . . 1,946 3,434
Aug... 2,479 3,585
Sept.. 4,832 3,995
Oct. . . 1,881 3,111
Nov... 2,344 3,127
Increase (+) or
decrease ^ —/
during period
Gross
debt
General
fund
balance
+754 —1,103 +555 —11,136
+5,419 +2,706 —507 —5,994
+478
+1,189 —3 495 +366
-30
+46
-275
-158
-718 -163
+294
+410
-179
+611 - 3 2 1 +340
-51
+101
+736 - 1 5 4
+1,814 - 3 4 5 +87 - 1 , 0 8 0
-111
-1,408 - 4 6 5 +213
-877
+9 - 3 2 4
+359
+188 - 5 8 8 - 1 7 3
+881
-1,488
+30 +218 +1,107
-1,106
+345 - 1 3 3 +1,975
+837 - 4 0 4 +20
+828
-1,230
-783
+10
+299
+ 160
-36
-10,930
+1,624
— 1,462
-417
-177
+451
+631
+476
-1,771
-833
+308
-133
+1,081
+ 1,281
+98
-962
-315
+204
Cash operating
General fund of the Treasury (end of period)
Balance
in
general
fund
3,308
4,932
3,470
4,385
4,208
4,659
5,291
5,767
3,995
3,163
3,470
3,337
4,418
5,699
4,737
4,422
Assets
Deposits in
Total
Fed- Speeral
cial
Reserve 2 depositaries
Banks
3,730
5,370
3 #862
4,813
4,630
5,042
5,719
6,123
4,428
3,526
3,862
3,699
4,767
6,080
5,080
4,789
Total
liaOther biliassets ties
962
1,202
1,928 1,773
438
1,771
1,601 1,621
1,122 1,909
1,514 1,735
1,423 >,688
1,482 2,924
1,226 1,563
628
1,313
438 1,771
529 1,485
610 2,513
1,176 3,226
595 2,831
517 2,632
J.SfiS
1,670
1,653
1,591
1,599
.793
L,6O7
L,717
1,639
1,586
1,653
1,684
1,644
1,679
1,654
L,641
422
438
392
428
422
383
428
357
433
363
392
362
349
381
343
367
Cash Cash
income outgo
43,591
45,400
41,628
3,190
4,106
3,683
3,893
5,555
1,430
2,595
4,798
2,081
3,150
4,915
2,046
36,931
36,496
40,577
3,474
4,235
2,855
3,259
3,850
3,130
3,709
4,550
P2.965
*>3,715
P3.848
P3.268
Excesa
income
(+) or
out*,
+6,659
+8,903
+1,051
-283
-128
+829
+635
+1,704
-1,699
-1,114
+248
P-884
P-565
p+1,067
p-1,222
DETAILS OF TREASURY RECEIPTS
On ba sis of daily statements of United States Treasury
Income taxes
Fiscal year
or month
Miscella- Social Other Total
Withneous Secure- 6 reheld
rity
by em- Other internal taxes ceipts ceipts
revenue
ployers
Fiscal year:
1947
. .
1948
1949
1948—Nov...
Dec...
1949—Jan. . .
Feb...
Mar...
Apr...
May...
June.. .
July...
Aug.. . .
Sept
Oct....
Nov....
10,013 19,292
11,436 19,735
9,842 19,641
385
1,198
714 2,328
609 2,152
1,276 1,414
757 4,342
747
424
562
1,119
674
554
1,161
657
564
3,145
655
407
3,237
496
355
1,134
On basis of reports by collectors of internal revenue
Individual
Corporation income
Excise
Esincome taxes and profits taxes
and
Social
Net
tate
other
Refunds Security reand miscelExcess
Normal
employ- ceipts With- Other
of
gift
and
and
ment
held
taxes laneous
taxes
other
surtax
taxes
taxes 8
profits
8,049 2,039 5,115 44,508
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
386
204 2,941
768
702
134
184 4,062
56
220 3,675
638
654
438
152 3,935
720
170
143 6,133
644
81
273 2,306
410
141 2,751
656
704
139
266 4,928
653
65
135 2,061
749
404
196 2,917
714
147
131 4,885
114 1,993
753
65
722
356
161 2,727
Deduct
3,006
2,272
2,838
43
41
58
273
672
891
414
155
57
57
45
49
46
1,459 40,043
1,616 42,211
1,690 38,246
358 2,540
7 4,014
38 3,579
280 3,381
26 5,435
75 1,340
391 1,945
6 4,767
58 1,946
381 2,479
7 4,832
62 1,881
337 2,344
9,842 9,501
11,534 9,464
10,056 7,996
1,564
85
34
640
1,922
156
908
1,465
33
828
1,556
26
952
6,055
9,852
11,343
3,622
263
16
18
19
33
24
10
10
12
8
7
11
8
343
1,960
1,913
905
391
292
1,846
2,529
406
232
286
140
975
167
99
991
122
2,159
485
270
2,256
348
323
211
779
899
797
58
65
64
53
105
63
66
53
48
61
73
53
7,285
7,412
7,585
693
678
547
596
646
537
645
647
587
713
645
688
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:
1947
1948
1949
1948—Nov
Dec
1949—j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Trust accounts, etc
Other
InterExpendit
natVetAid Transfers
ional erans'
to
to
fiInAdagri- trust Other Net
InExRe- vest- Foreign
nance minis- culvest- pendi- ceipts ments Economic Other
reacand tration ture counts
Cooperceipts ments tures
aid
ation
Social Security
accounts
4
39,289
36,791
37,057
2 815
3,603
2,968
2,646
3,621
2,748
2,822
4,579
3,434
3,585
3 995
3,111
3,127
InterNational est on
defense debt
16,766 4,958
11,364 5,211
11,809 5,339
957
122
930
141
589
178
125
1,017 1,112
319
1,043
1,109
1 043
950
1,159 1,570
987
322
1,134
125
985
544
959
255
P948
306
4,928 6,442 1,226 4 1,361 3,607 3,235 1,785 1,509 4 3,009 1,577
850
782 4,178 4,797 3,918 2,210 1,640 5,598
4,143 6,317
832
916 6,530 3,722 1,479 2.252 1.992
3,011 6,791 2,661
6
144
137
105
20
585
612
590
321
206
1
292
105
8
554
208
158
482
285
153
22
189
99
536
139 - 4 2
200
527
269
73
11
114
2
24
545
614
195
276
137
430
1
252
115
12
88
516
57
639
261
505
—92
9
103
182
235
189
75
592
125
547
18
233
120
38
592
272
584
30
423
438
254
504
392
385
517
161
630
270
524
19
100
24
199
243
64
489
413
681
489
478
46
262
395
265
327
730
637
421
518
330
151
265
513
657
37
440
495
419
425
455
114
-92
232
6
242
389
504
85
676
172
97
9
P7
13
256
*>7O5
562
540
P212
P410
2,476
2,109
3,000 1,646
347
72
499
74
237
153
326
141
30
135
403
196
282
132
253
77
93
114
113
129
82
* Estimated.
P Preliminary.
2
Excess of receipts ( + ) or expenditures (—).
Excluding items in process of collection beginning with July 1947.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
4 Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months.
5
Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1947-1949 amounted to 2,886,
1,9298 and 589 million dollars and 279, 161 and 57 million, respectively.
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
1
3
DECEMBER 1949
1485
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 *
Corporation or agency
Total
All agencies:
Sept. 30,
Dec. 31,
Mar. 31,
June 30,
1948
1948
1949
1949
Cash
20,687
21,718
22,324
22,232
751
630
475
514
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ernstruc- Other
Other ment owned
tures,
liabil- inter- interand
est
ities
est
U. S.
sets Fully
guarGovi. Other equipanteed Other
secu- 2 ment
secu- rities
by
rities
U. S.
Invest-
CommodiLoans ties,
supreceiv- plies,
and
able
materials
ments
10,573
328
11,692
627
12,228
674
11,770 1,140
Classification by agency,
June 30, 1949
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act Revolving
Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation4
Farmers' Home Administration
Federal Crop Insurance Corp
308
640
64
750
363
211
342
,727
238
467
317
293
20
464
862
976
2,189
1,142
177
833
7,413
2
837
2,164
(3)
()
89
1
2
123 3,809
2,423 1,275
3,060
337
3,049
307
2,946
351
1,011
965
884
865
1
2
62
26 1,152
197 1,123
13
253
33
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 6
Federal Housing Administration
Federal National Mortgage Association
3,525
3,518
3,515
3,508
244
576
2
66
1,196
2,282
313
37
1,811
1,854
2 077
2,004
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
All other
1,239
1,663
1,927
1,487
159
166
170
172
289
29
63
1
606
25
18,225
18,886
19,320
19,682
17
2
64
1,196
764 1,508
2
311
4
32
()
360
258
234
207
10
1,401
1
166
188
610
1
1,134
155
862
896
120 2,069
7 1,134
9
168
13
820
24 7,389
)
74
811
44
3,385
103
5
205
13
327
19 1,708
174
50
9
458
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1949
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
70
576
248
Com- Rural Farm- Home
ElecOwnmodity trifica- ers'
ers'
Credit
Home Loan
tion
Corp. Adm. Adm. Corp.
1,270
1,153
Recon- ExPublic Fed. struc- portHous- home tion
ImFiloan
ing
port
Adm. banks nance Bank
Corp.
525
(3)
319
(3)
173
117
324
1
(3)
363
8
62
(3)
576
5
147
1
273
3
244
1,123
1,152
253
317
294
2
293
363
All
other
Mar. 31,
1949,
All
all
agen- agencies
cies
4 3,847
487
980
3
39
4,209
851
120
364
141
337
4
4
368
5
186 2,172 3,750 6,108
488
92
103
509
5
7
58
5
367
6,098
589
370
839 2,164 4,385 11,770
12,228
(3)
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development and its subscription of 2,750 million to the International Monetary Fund.
3
4
Less than $500,000.
Functions, assets, and liabilities of the Regional Agricultural Credit Corporation, which was dissolved pursuant
to Public Law 38, 81st Congress, are being administered by the Farmers' Home Administration.
5
Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing
program, and Public Housing Administration activities under the United States Housing Act, as amended.
6
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30,
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the
BULLETIN and Banking and Monetary Statistics, Table 152, p. 517.
1486
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial production
(physical volume)*1
1935-39 = 100
Year or month
Manufactures
Total
Durable
Nondurable
Min- Total
erals
Residential
Employment 8
1939 = 100
All
other
Nonagricultural
Factory
DepartFacWholetory Freight ment
Consale
pay- carload- sales sumers' comrolls « ings*
prices3 modity
(val- 1935-39 prices s
1939 = 1935-39 ue)* *
100
= 100 1935-39 = 100
1926
-=100
= 100
AdAd- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
72
75
58
73
88
82
90
1926
1927
1928 . .
1929
1930
96
84
93
53
81
103
95
107
114
62
60
57
67
72
69
76
71
83
66
71
98
89
92
79
100
63
63
56
79
84
94
122
129
103.9
124.2
80 2
86.0
109.1
101 8
107.3
120
129
110
121
142
139
146
97 5
98.0
98.1
142 102.5
125 96.2
98.9
96.7
96.9
103.1
89.8
110 5
108.5
109 8
117.1
94.8
152
75.8
64.4
71.3
83.2
88.7
121
135
107
117
83
85
100
99
129
135
117
126
110
132
91
98
93
87
75
58
69
75
87
103.7
104.1
79.7
88.2
100.9
93.7
97.0
79
90
65
88
86
94
120
95
99
1931
1932
1933
1934
1935
88.6
89.4
79.7
84.4
92.9
91.7
94.1
44
30
44
68
81
95
124
139
142
73 0
64 8
65 9
74 9
80.0
92
88
100
107
89
101
109
99
106
114
99.1
102 7
100 8
99 4
100 2
80.8
86 3
78 6
77 1
78 6
132.8
156.9
183.3
178.3
157.0
164.9
241.5
331 1
343.7
293.5
130
138
137
140
135
133
150
168
187
207
105 2
116.5
123 6
125 5
128 4
87 3
98 8
103 1
104 0
105.8
147.8 271.1
156.2 326 9
155.2 351.4
132
143
264
286
138
302
139.3
159 2
171.2
121.1
152 1
165 1
144.6 1 5 6 . 8 158.3 345.6
227 145.0 157.4 159.0 355.8
147
303
149
299
164 9
167.0
159 6
163.2
84
41
54
65
67
76
80
13
11
12
40
37
48
90
86
28
25
32
83
70
79
81
37
21
50
108
122
100
106
99
112
55
59
37
41
70 95.1
74 101.4
95.4
80
81 100.0
89 105.8
45
60
72
1941
1942
1943.
1944
1945
162
199
239
235
203
201
279
360
353
274
142
158
176
125
129
132
140
137
122
166
68
41
68
89
82
40
16
26
1946
1947...
1948
170
187
192
220
165
172
134
149
153
157
143
142
192
225
177
155
190
162
87.1
77 2
77.5
84.9
88.5
214
149
235
92
61
102
119.4
131.1
138.8
137.0
132.3
161 136.7
169 143.2
145.9
1947
November
December
193
224
179
193
190
230
155
173
156
197
163
161
217
192
1948
January
February
March
April
May
June
July
August
September
October
November
December
193
194
191
188
192
192
186
191
192
195
195
192
189
190
188
186
192
193
187
194
197
199
195
190
229
226
229
217
221
222
219
223
225
231
229
231
178
180
177
177
178
179
169
177
178
179
178
173
154
155
142
147
162
159
153
159
156
158
161
156
191
187
181
181
188
201
205
201
193
184
189
180
152
152
148
154
165
177
187
177
165
157
154
145
223
215
208
202
206
220
219
220
216
206
217
209
191
189
184
179
174
169
161
170
174
187
185
181
177
174
170
163
173
178
227
225
223
212
201
194
185
192
199
^175
175
173
168
162
161
161
154
165
172
Pi 75
149
149
136
148
145
133
123
129
119
P113
174
169
175
177
181
195
209
229
246
133
123
130
141
159
176
200
228
254
207
207
212
206
199
210
217
230
240
263
269
P\69
108 7
97 6
92 4
95 7
98.1
107
111
37
64
72
81
H66
100 0
95.4
96 7
95 3
86.4
96.4 91.1
105.8 108.9
90.0 84.7
100.0 100 0
107.5 113.6
63
97
106
117
June
126 4
124.0
122 6
122 5
119.4
75
73
82
80
95
109
115
July
August
September
October
113
6
4
6
7
6
1
5
97
79
78
109
139
...
138
154
97
96
100
98
103
8
3
7
7
9
2
4
78
82
89
67
89
109
125
March
April
May
123
143
127
119
121
122
125
105
92
103
113
1949
January . .
83
99
92
94
105
105
110
71 8
49 5
53 1
68.3
78.6
117
93
1936
1937
1938
1939
1940
192
Unadjusted
114
115
107
171
166
Unadjusted
147
148
152
131
84
50
Adjusted
117
108
145.5
'145.1
145.3
'•144.6
145 3
145.9
146.3
146 7
146.8
146.8
146 6
146.2
157.8
156.6
156.8
153.8
154 0
154.9
155.8
155 6
155.6
155.3
154 5
152.1
157.4
156.3
156.5
152.3
151 3
153.3
153.5
156 3
158.9
157.6
155 9
153.5
348 1
343.8
346 6
334.9
334 4
345.6
346.5
360 1
366.8
366.7
362 8
360.7
144
138
130
130
142
139
138
142
139
140
137
137
294
294
291
307
305
307
311
309
309
309
290
303
168 8
167.5
166.9
169.3
170.5
171.7
173.7
174 5
174.5
173.6
172 2
171.4
165.9
161.0
161 6
163.0
164 2
166.4
168.8
169 8
168.9
165.4
164 0
162.4
144.9
144 1
143.4
142.8
142.1
141.6
141.0
141.6
142 2
259 P139.6
149.3
147 6
145.6
143.4
140.8
139.9
138 9
139.6
141 2
P137.5
148.9
147.4
145.3
141.8
138.2
138.4
136.9
141.1
143.6
P139.7
345.9
340 4
332.8
319.2
312.8
315.7
r
312.8
'322.8
334 7
"323.0
131
126
120
127
124
115
110
115
106
295
282
278
294
292
285
279
283
289
92
275
170.9
169.0
169.5
169.7
169.2
169.6
168.5
168.8
169.6
168.5
160.6
158.1
158.4
156.9
155.7
154.5
153.5
152.9
153.7
152.2
e
r
* Average per working day.
Estimated.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 1488-1491. For points in total index, by major groups, see p. 1510.
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358.
For monthly data (dollar value) by groups see p. 1495.
* The unadjusted indexes of employment and payrolls, 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. 1497-1500.
Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
2
DECEMBER
1949
1487
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 averages 100J
1948
1949
Industry
Oct. Nov. Dec.
Industrial Production—Total.
.
.
Manufactures—'Total
Durable Manufactures
1
Iron and Steel
Steel
Electric
195
195
Jan. Feb.
June July Aug. Sept. Oct.
192
191
189
184
179
174
169
161
170
174 P166
196
193
184
179
176
168
177
184 P175
225
223
212
201
194
185
192
199 P175
156
178
179
101
189
182
167
293
158
162
148
259
170
191
165
376
171
193
168
373
23
38
21
163
202
201
199
198
231
229
231
227
221 224
Mar. Apr. May
223
228 232 233 219 204
209
252
193
670
212
255
194
685
212
254
194
682
218
260
197
711
220
267
199
755
221
264
202
706
217
240
196
551
209
218
187
438
177
277
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin)2
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products3
277
268
262
252
240
232
225
217
215
224 P227
238
246
244
241
240
235
220
240
249
244
252 P234
209
203
208
209
206
204
203
184
211
225
226
232
192
Automobiles (including parts)
(Aircraft; Railroad Equipment; Shipbuilding—Private
and Government) 2
276
243
187
184
183
185
183
167
145
133
127
141
157 vl65
191
175
183
186
200
210
209
200
193
180
174
175 P168
192
192
185
182
180
172
151
123
108
105
128
150 P164
143 129 123 129 126
P217
126
12J
115
126
133 P137
135
133
131
117
107
119
118
120
114
104
115
170
169
168
154
154
150
144
139
139
136
148
119 P122
159 P166
147 145
210
203
205
204
202
195
189
185
186
185
183
Glass products
212
185
182
183
179
173
172
181
193
"•202
192
184
P193
Cement
Clay products
224
184
171
189
195
172
184
212
173
189
208
180
184
222
176
178
208
171
179
213
164
189
196
157
206
195
152
223 204
190 183
140 145
195
189
146
P148
P175
184 P185
204
182
Textile fabrics
Cotton consumption
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Worsted yarn
Woolen and worsted cloth
Leather tanning
Cattle hide leathers
Calf and kip leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Butter
Cheese
Canned and dried milk
Ice cream 2
179
178
173
175
173
168
162
161
161
154
165
172
167
164
156
160
157
142
129
123
126
120
140
154 P164
153
129
319
148
122
322
140
114
317
144
123
313
142
125
305
130
120
275
119
111
240
114
103
214
116
105
217
107
87
238
127
111
259
168
247
160
148
141
159
157
162
233
143
144
140
149
156
151
206
139
133
127
143
148
150
225
136
125
122
130
149
143
214
130
121
118
126
141
122
198
107
105
100
112
113
112
171
92
97
101
92
107
118
163
99
106
112
98
116
120
127
110
115
118
111
126
109
91
109
108
113
102
118
134
141
134
129
132
126
136
113
Nondurable Manufactures
Textiles and Products
102
100
108
113
113
106
101
105
96
108
100
103
103
107
99
96
95
97
84
rllO
r
r
91
104
'69
r
72
'78
123
140 P 1 4 8
134
127
293 319
r
139
148
138
135
127
145
139
115 P108
100
121
110
114
114
122
110
108
109
110
98
82
90
95
117
80
89
87
104
89
82
87
97
88
85
93
111
85
89
86
117
80
90
78
123
74
80
76
113
76
79
69
105
75
80
79
110
55
71
70
104
161
159
158
160
162
162
162
163
165
161
'166
166 P166
130
133
128
135
127
113
103
105
120
112
109
110 P117
148
76
161
167
144
75
166
143
144
74
180
135
144
77
192
126
145
80
190
130
150
86
188
146
154
88
199
161
153
86
189
166
151
81
176
167
151
78
171
173
152
82
171
172
151 P146
86
84
167
158
158
140
112
77
83
87
125 P116
r
P Preliminary.
Revised.
Aspecial adjustment has been made in the iron and steel group index for October and in the over-all indexes, which include iron and steel.
This adjustment allows for the fact that iron and steel fabricating activities, which are usually represented by output of pig iron and steel ingots,
showed very little decline while pig iron and steel output was curtailed by about nine-tenths. If computed by the usual method, the total index
of industrial production for October would be 8 points lower, and the indexes for manufactures, durable manufactures, and iron and steel would
be reduced accordingly.
2
Series included in total and group indexes but not available for publication separately.
3
Because the basic data formerly used for measuring monthly changes in production are no longer available, the following separate series
have been discontinued: Stone, clay, and glass products—(1) gypsum and plaster products and (2) abrasive and asbestos products; Chemical
products—(1) soap and (2) explosives and ammunition.
1
1488
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average= 100]
1948
1949
Industry
Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June July Aug.
Sept. Oct.
Manufactured Food Products—Continued
141
.... 157
127
140
112
155
154
152
156
153
145
137
141
150
153
158
155
177
135
172
143
167
147
172
154
167
155
160
145
146
144
150
144
164
147
168
148
181
146
184
133
144
134
115
112
111
106
101
114
127
139
134
129
108
98
92
87
71
55
58
68
77
80
83
85
169
152
124
181
165
140
164
142
166
138
169
136
171
155
173
156
175
173
168
139
124
132
170
154
131
136
133
123
126
116
108
134
179
175
179
183
181
183
185
185
185
188
191
P186
186
217
197
181
177
187
164
174
169
165
172
174
167
.
156
95
244
398
181
112
334
443
185
131
278
287
168
119
328
235
156
118
294
283
176
106
249
295
152
91
271
247
163
84
285
270
161
60
277
267
171
42
200
246
169
44
292
257
166
69
182
314
143
72
194
369
. .
174
170
146
159
160
172
162
170
172
146
178
175
165
122
230
78
130
224
68
97
196
63
102
216
66
100
220
66
99
241
68
98
224
65
98
236
71
117
233
69
101
196
61
111
242
78
125
231
76
123
217
72
172
Pork and lard
Beef
Veal
L a m b and mutton
169
153
163
158
151
146
144
143
129
155
169
176
167
195
117
111
330
... 153
163
. . 193
163
150
158
154
147
141
139
137
125
148
160
188
104
107
317
173
105
104
285
188
101
107
327
183
96
108
309
175
95
106
291
166
88
100
274
165
90
97
273
159
94
80
275
147
99
87
256
171
99
99
302
179
104
102
149
159
137
146
145
153
145
149
142
143
135
138
135
135
122
134
104
122
124
144
168
192
104
112
340
144
164
206
.
Other manufactured foods
.
Processed fruits and vegetables
Confectionery
Other food products . . . .
.
.
. .
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
.
Tobacco Products
Cigars
.
.
Other tobacco products
Paper and Paper Products
Pulp
.
Soda pulp
Sulphite pulp . .
Paper
Paperboard
Fine paper a
.
.
174 P174 J>175
134 P159
150
r
315
133
157
195
167
182
174
163
162
162
164
142
184
172
170
157
100
165
160
157
158
155
151
149
142
133
150
162
150
158
142
161
151
157
147
160
138
152
123
142
115
139
117
141
109
144
123
161
157
136
98
100
99
98
99
97
100
99
97
97
94
168
170
150
96
164
156
154
155
153
153
152
155
149
144
151
159
165
155
148
148
153
149
151
154
161
156
156
151
156
162
217
227
231
228
221
213
209
207
202
198
203
206 P206
170
199
169
183
174
200
159
207
179
204
162
200
174
206
159
196
170
194
150
176
169
186
138
167
170
169
126
157
177
166
128
138
177
154
145
140
178
159
132
142
177
168
131
142
179
180
142
160
181
173
454
183
175
460
184
176
466
184
177
455
185
176
504
178
173
319
182
173
477
175
169
385
159
158
202
139
143
18
146
150
33
255
257
257
257
250
245
237
234
233
228
229
236 P239
..
156
304
446
153
306
449
148
311
450
149
309
447
143
309
435
139
300
427
139
265
417
135
259
406
134
249
404
133
252
392
137
256
388
140
275
404
..
176 P182
Tissue and absorbent paper
Newsprint
Paperboard containers (same as Paperboard)
Printing paper (same as shown under Paper)
. ..
Petroleum and Coal Products
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2
Coke
By-product coke
Beehive coke
Chemical Products 3
Paints
Rayon
Industrial chemicals
Other chemical products2
.
203
r
P183
P184
23
P139
P295
P410
205
203
200
193
188
182
177
178
178
175
178
Minerals -—Total
158
161
156
149
149
136
148
145
133
123
129
119 P113
Fuels
166
167
164
156
155
137
148
149
135
126
134
122 P123
145
152
118
147
155
116
137
145
103
133
145
88
129
142
74
85
93
52
133
144
88
136
144
105
99
104
78
83
80
93
102
108
82
177
177
167
168
163
156
155
153
147
149
154
113
121
110
104
113
129
145
126
124
105
102
98
157
175
158
149
161
184
209
176
175
144
140
133
48
69
43
60
39
59
39
55
44
58
50
62
53
67
55
68
52
62
51
56
48
52
50
Rubber Products
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)2 . . . .
Gold
Silver
..
58
60 P31
50 #118
p]CQ
P58
For other footnotes see preceding page.
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.
DECEMBER
1949
1489
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1949
1948
Industry
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct
Industrial Production—Total.
199
195
190
187
185
181
777
174
170
163
173
178
P169
Manufactures—Total
205
202
197
195
193
190
183
179
176
169
180
188
P178
232
229
229
225
223
221
212
202
195
186
194
200
P176
Durable Manufactures . . .
1
221
Pig iron
Steel
Open hearth.
Electric
Machinery
Transportation
Equipment.
Automobiles (including parts)
(Aircraft; Railroad equipment; Shipbuilding—
Private and Government)2
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin) 2 ,
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)2
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products 3 .
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2 .
Nondurable Manufactures..
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 . . .
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
Manufactured Food Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
2
224
223
228
232
233
219
204
177
156
178
179
209
252
193
670
212
255
194
685
212
254
194
682
218
260
197
711
220
267
755
221
264
202
706
217
240
196
551
209
218
187
438
189
182
167
293
158
162
148
259
170
191
165
376
171
193
168
373
277
Iron and Steel .
276
277
268
262
252
240
232
225
217
215
224
243
238
246
244
241
240
235
220
240
249
244
252
209
203
208
209
206
204
203
184
211
225
226
192
188
184
183
185
183
167
145
133
127
141
157 P165
200
192
179
174
175
108
105
128
150
176
183
186
200
210
209
185
191
182
180
172
151
23
38
21
163
P227
P234
P217
P164
154
142
132
118
115
124
126
129
129
121
134
141
145
170
128
169
113
168
100
154
96
154
110
150
116
144
124
139
124
139
113
136
126
148
•132 P132
159
220
208
199
192
187
185
186
190
188
187
191
192 P194
217
230
214
180
187
191
211
178
172
171
193
178
181
185
169
166
175
179
168
166
173
178
171
163
172
179
202
160
190
202
206
156
191
204
209
151
196
214
209
140
212
207
150
188
199
219
151
P197
210
211
183
179
171
170
168
164
159
160
161
156
170
178 P180
167
164
156
160
157
142
129
123
126
120
140
154
153
129
319
148
122
322
140
114
317
144
123
313
142
125
305
130
120
275
114
103
214
116
105
217
107
87
238
127
111
259
140
111
240
168
247
160
148
141
159
157
162
233
143
144
140
149
156
206
139
133
127
143
148
225
136
125
122
130
149
143
214
130
121
118
126
141
122
198
107
105
100
112
113
112
171
92
97
101
92
107
118
163
99
106
112
98
116
120
127
110
115
118
111
126
109
91
109
108
113
102
118
134
141
134
129
132
126
136
139
148
138
135
127
145
139
114
104
99
108
116
113
106
101
104
110
114
109
123
83
90
95
117
103
115
83
86
92
104
102
114
88
83
82
97
104
116
86
85
87
111
115
131
89
93
95
117
99
110
79
89
76
123
96
108
72
83
75
95
109
73
78
75
95
105
76
81
78
173
161
153
148
146
145
137
134
127
135
122
65
145
135
95
57
125
103
92
59
129
92
64
142
102
128
104
71
156
117
111
124
78
170
143
113
105
156
101
203
111
253
230
115
223
112
250
230
P108
98
110
76
84
86
125 P116
165
99
160
89
207
182
90
101
72
'70
'81
123
110
148
80
92
55
70
65
104
P148
134
319
188 vl78
172
111
108
120
222
96
210
201
197
90
191
177
159
'83
171
146
72
143
113
Ice cream
r
P Preliminary.
Revised.
A special adjustment has been made in the iron and steel group index for October and in the over-all indexes, which include iron and steel.
This adjustment allows for the fact that iron and steel fabricating activities, which are usually represented by output of pig iron and steel ingots,
showed very little decline while pig iron and steel output was curtailed by about nine-tenths. If computed by the usual method, the total index
of industrial production for October would be 8 points lower, and the indexes for manufactures, durable manufactures, and iron and steel would
be reduced accordingly.
2
Series included in total and group indexes but not available for publication separately.
3
Because the basic data formerly used for measuring monthly changes in production are no longer available, the following separate series
have been discontinued: Stone, clay, and glass products—(1) gypsum and plaster products and (2) abrasive and asbestos products; Chemical
products—(1) soap and (2) explosives and ammunition.
1
1490
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1949
1948
Industry
Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May
142
147
138
160
173
207
141
154
179
219
150
106
149
169
141
99
141
155
141
104
134
146
136
104
138
146
144
105
June July Aug.
Sept. Oct.
Manufactured Food Products—Continued
Beef ..
Veal
L a m b and mutton
.
181
226
143
126
139
150
142
114
140
144
149
127
134
129
149
136
145
143
158
148
89
155
173
145
147
88
116
108
96
98
87
70
53
59
63
74
78
188
172
161
152
153
151
152
157
165
176
203
197
162
129
146
111
134
90
135
86
137
85
123
94
102
102
97
133
86
181
89
285
144
190
188
179
172
174
173
176
181
187
189
191
195
P195
203
212
174
153
159
173
163
182
190
188
179
179
180
145
95
631
398
139
112
702
443
148
131
306
287
138
119
213
235
141
118
176
283
163
106
162
295
160
91
162
247
186
84
171
270
203
60
172
267
213
42
116
246
192
44
158
257
168
69
249
314
133
72
503
369
180
173
136
158
153
163
153
170
179
152
184
185
171
122
239
130
228
97
181
102
216
100
207
99
224
98
209
98
236
117
245
101
206
111
254
125
247
123
225
84
70
56
65
64
68
65
71
71
61
75
81
77
172
170
153
163
158
151
146
144
143
128
155
169
176
167
194
109
111
163
189
110
107
149
173
107
104
158
189
105
107
154
183
100
108
142
167
97
100
139
166
98
97
138
159
95
80
124
145
88
87
147
169
87
99
317
285
327
309
291
274
273
275
256
302
153
163
149
159
137
146
145
153
145
150
135
138
135
135
122
134
104
121
124
144
193
142
143
160
177
93
102
'315
133
157
168
191
97
112
330
148
176
102
106
195
167
182
174
163
162
162
164
142
184
203
206
172
165
160
157
158
155
151
149
142
133
150
i61
168
172
157
100
162
150
99
153
142
98
159
151
99
163
147
98
160
138
99
153
123
99
142
115
101
141
117
100
136
109
95
144
123
96
157
136
94
172
150
96
167
163
158
149
152
156
157
158
148
133
143
159
169
163
161
155
142
146
157
163
168
155
134
136
157
171
217
227
231
228
221
213
209
207
202
198
203
206 P206
170
199
169
183
174
200
159
213
179
204
161
206
174
206
154
200
170
194
148
185
169
186
136
170
170
169
132
160
177
166
133
140
177
154
145
132
178
159
131
132
177
168
129
136
179
180
142
159
181
173
454
183
175
460
184
176
466
184
177
455
185
176
504
178
173
319
182
173
477
175
169
385
159
158
202
139
143
18
146
150
33
"23'
258
258
25.?
255
251
248
239
233
230
225
226
237
156
304
446
151
306
449
148
311
450
146
309
447
141
309
435
139
300
427
140
265
417
139
259
406
138
249
404
132
252
392
135
256
388
138 P139
275 *>295
404
205
203
200
193
188
182
177
178
178
175
178
176 P182
161
160
151
143
143
131
146
148
137
128
134
123 P114
.
166
167
164
156
155
137
148
149
135
126
134
122
P123
. .. .
145
152
118
176
147
155
116
177
137
145
103
177
133
145
88
167
129
142
74
168
85
93
52
163
133
144
88
156
136
144
105
155
99
104
78
153
83
80
93
147
102
108
82
149
58
60
50
154
P118
P\S9
132
114
77
68
76
93
134
142
150
139
135
128
P62
186
254
160
225
100
93
88
74
101
81
126
110
194
260
207
302
222
340
204
324
195
305
179
267
20
56
69
49
60
40
59
38
56
39
59
44
64
47
67
48
68
49
60
50
55
53
51
57
.
Processed fruits and vegetables
Confectionery
Other food products
Malt liquor
Whiskey
Other distilled spirits
262 P206
Industrial Alcohol from Beverage Plants 2
Tobacco Products
Cigars
Cigarettes
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphite pulp
Paper
Paper board
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum refining2
Gasoline
Fuel oil
Lubricating oil
.
.
.
Other petroleum products 2
Coke
By-product coke .
Beehive coke
Chemical Products
Paints
Rayon
. .. .
...
.
Other chemical products 2
Rubber Products
... .
Minerals—Total
Fuels
Coal
. . .
Bituminous coal
Anthracite
Crude petroleum
Metals
. . . .
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)2
Gold
.
.
Silver
.
.
r
r
340
144
164
P183
P7
P243
P49
P3\
For other footnotes see preceding page.
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.
DECEMBER
1949
1491
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
1948
Industry group or industry
Oct.
Nov.
1949
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
ADJUSTED FOR SEASONAL
VARIATION
Manufacturing—Total
12,722 12,660
Durable goods
'6,931 6,908
1,094
Primary metal industries
1,091
812
Fabricated metal products
816
1,193
Machinery except electrical
1,196
640
Electrical machinery
641
1,046
Transportation equipment
1,041
754
Lumber and wood products
765
300
Furniture and fixtures
••302
455
Stone, clay, and glass products. .
456
Instruments and related prod196
ucts
199
Miscellaneous manufacturing in394
400
dustries
24
24
Ordnance and accessories
Nondurable goods
'5,791 '5,752
1,233
Textile-mill products
1,249
Apparel and other finished tex1,053
tiles
1,041
355
Leather and leather products.. .
367
Food and kindred products
'1,213 1,190
92
Tobacco manufactures
92
408
Paper and allied products
409
Printing, publishing and allied
503
industries
503
521
Chemicals and allied products. .
527
192
Products of petroleum and coal.
184
205
206
Rubber products
12,457 12,232 '12,093 11,924 11,746 11,535 '11,459 11,378 11,438 11,567 11,266
'6,783 6,626 6,508 6,392 6,260 6,092 '6,041 '5,978 5,985 6,043 5,707
1,072
585
1,090
1,085
1,057
1,028
1,001
940
976
937
'948
745
698
759
722
702
709
690
686
'698
'688
789
1,127
940
1,149
1,102
1,061
935
1,009
972
934
1,173
948
601
548
617
579
560
532
521
516
543
633
521
1,021
996
1,009
1,038
1,017
998 1,014 '1,013 1,011
958
1,042
668
686
666
678
677
666
679
'671
672
724
669
275
281
269
275
281
271
'261
'266
264
'293
'261
431
413
416
412
438
423
407
'410
416
449
'406
192
374
24
'5,674
1,218
1,020
350
'1,180
91
403
501
518
191
202
190
184
182
181
178
178
176
171
361
345
368
350
340
'351
342
328
23
24
23
21
21
18
19
23
'5,606 '5,585 '5,532 '5,486 '5,443 '5,418 '5,400 '5,453
1,172
1,188
1,095
1,092
1,083 '1,096 '1,115
1,133
1,024
1,005
1,029
999
1,020
1,001
992 1,030
352
350
'348
'344
348
'353
351
'349
'1,181 '1,175 '1,176 '1,180 1,189 '1,186 '1,175 '1,163
88
86
90
88
88
88
89
88
387
394
377
382
375
376
373
374
495
498
497
492
496
496
496
'492
505
511
493
470
473
503
481
467
191
190
191
185
187
190
188
185
196
199
190
'182
184
193
188
182
171
173
362
18
5,524
1,143
369
18
5,559
1,167
1,057
351
1,169
87
386
1,045
349
1,183
84
390
495
480
187
169
493
479
182
187
WITHOUT SEASONAL ADJUSTMENT
Manufacturing—Total
12,913 12,775 12,578 12,201 12,074 11,904 11,616 11,324 '11,337 11,211 -11,561 11,760 11,447
Durable goods
6,969 6,942 6,845 6,640 6,523 6,417 6,262 6,057 6,022 '5,894 '5,948 6,057 5,738
1,077
1,028
1,090
940
588
Primary Metal Industries
1,099
1,062
1,096
991
932
1,101
971
'934
Blast furnaces, steel works
553
545
500
551
550
552
498
and rolling mills
547
534
523
545
506
Nonferrous smelting and re46
47
46
41
42
46
47
47
45
fining, primary
45
46
42
Nonferrous rolling, drawing
82
86
71
85
64
64
and alloying
86
78
67
86
62
701
706
801
767
709
Fabricated Metal Products
816
729
'688
683
679
820
'671
752
Cutlery, hand tools and
121
135
131
111
113
hardware
134
125
117
114
132
109
128
Heating apparatus and
131
117
103
100
109
140
97
94
plumbers' supplies
108
143
92
112
Fabricated structural metal
163
157
155
156
169
165
160
156
156
170
products
171
155
1,133
935
1,066
1,179
925
930
Machinery except Electrical
1,155
1,108
1,014
1,187
977
1,190
939
Agricultural machinery and
154
151
155
155
140
140
148
tractors
154
153
145
152
140
175
167
146
179
171
161
Metalworking machinery...
185
156
186
'150
185
144
Special—Industry machin149
140
121
154
123
ery
152
135
155
156
124
Service — Industry and
137
127
102
147
98
household machines
140
108
152
154
135
105
99
607
560
529
553
538
506
Electrical Machinery
643
623
585
518
650
647
505
Electrical apparatus (gen220
201
233
209
'197
240
234
227
200
245
erating, etc.)
245
'196
189
207
173
181
226
217
196
226
181
Communication equipment.
222
176
185
1,012
999
Transportation Equipment
1,021
1,017
1,048
1,038
1,046
995 1,014 '1,000 1,018
1,045
955
Motor vehicles and equip649
690
ment
672
670
665
649
646
601
'680
669
646
670
192
Aircraft and parts
190
192
191
186
190
187
177
183
192
187
'185
Ship and boat building and
repairing
93
74
98
92
79
106
88
111
108
'86
659
685
689
Lumber and wood products
667
659
769
720
655
672
'688
754
686
676
389
417
Sawmills and planing mills..
420
387
380
399
452
443
'415
385
410
407
94
104
96
Millwork, plywood, etc
105
98
95
92
95
106
94
94
92
Furniture and fixtures
268
276
285
274
307
305
297
284
278
259
257
263
253
195
191
213
202
183
198
220
198
187
181
179
Household furniture
222
416
415
Stone, Clay, and Glass Products. .
457
451
414
436
429
423
414
'412
458
409
r400
105
107
Glass and glass products. . .
117
112
110
107
106
122
120
107
105
'101
73
72
Structural clay products. . .
79
79
76
73
73
72
79
73
75
72
Instruments and Related Products.
177
183
181
172
201
198
185
170
176
175
170
Miscellaneous Manufacturing Industries
380
412
343
333
406
'346
385
366
363
354
333
366
313
Ordnance and Accessories
24
24
23
18
24
21
18
18
24
23
21
23
19
' Revised.
NOTE.—Factory employment covers production (and related) workers only; data shown include all such workers employed full- and parttime during the pay period ending nearest the 15th of the month.
Figures for October 1949 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained
from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total may be obtained from the Division of Research
and Statistics.
1492
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Industry group or industry
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct
Nondurable goods.
5,944 5,833 5,733 5,561 5,551 5,487 5,354 5,267
5,315
Textile-mill Products
Yarn and thread mills
Broad-woven fabric mills
Knitting mills
1,249 1,245 1,236 1,200 1,190 1,150 1,100 1,087
159
157
158
153
150
144
134
133
610
610
607
590
582
558
530
526
226
225
220
212
214
211
207
202
1,083 r1,058 '1,093 1,132 1,167
139
133
132
127
531
547
525
518
211
219
203
200
Apparel and Other Finished Textiles
Mens' and boys' suits, coats and over
coats
Men's and boys' furnishings
Women's and misses outerwear
1,072 1,058 1,040 1,015 1,055 1,051 1,008
'5,317 '5,613 5,703 5,709
942 1,040 1,078 1,076
135
236
315
135
225
314
139
241
324
137
242
318
134
241
289
118
239
257
122
236
258
116
221
263
130
236
307
133
246
318
357
224
354
228
354
233
359
235
358
234
348
228
332
216
339
223
'342
226
355
234
353
230
1,311 1,226 1,171 1,097 1,073 1,069 1,071 1,095
247
226
235
240
226
217
231
221
100
108
104
99
103
108
100
115
147
258
173
118
110
125
108
131
196
203
197
190
185
186
189
188
157
167
167
146
149
140
145
148
Food and Kindred Products
Meat products
Dairy products
Canning and preserving
Bakery products
Beverage industries
959
135
246
315
369
233
Leather and Leather Products
Footwear (except rubber)
956
142
249
316
1,153
226
122
169
192
152
351
1,224 r1,348 1,332
230
227
228
111
122
116
315
220
339
196
191
194
157
169
165
Tobacco Manufactures
100
97
93
90
88
85
82
82
84
82
91
94
92
Paper and Allied Products
Pulp, paper and paperboard mills
411
211
412
211
409
210
398
208
391
204
386
201
377
196
372
194
369
192
365
188
371
191
384
197
392
Printing, Publishing and Allied
Newspapers
Commercial printing
508
137
168
508
138
167
509
139
170
500
136
169
497
137
166
496
139
164
495
140
163
494
141
162
494
142
164
'485
141
162
487
142
161
493
144
163
498
Chemicals and Allied Products
Industrial inorganic chemicals
Industrial organic chemicals
Drugs and medicines
532
56
165
60
529
56
166
60
526
56
165
60
519
56
163
62
513
55
162
62
511
55
157
61
495
53
148
61
476
53
142
60
464
52
139
60
453
51
136
59
458
50
135
60
478
50
140
61
484
Products of Petroleum, and Coal
Petroleum refining
184
140
192
149
189
149
187
149
188
150
187
149
188
149
188
149
189
150
189
150
190
150
190
150
182
Rubber Products
Tires and inner tubes
208
93
209
94
206
93
201
91
197
89
194
89
190
89
185
87
181
86
177
82
rJ80
169
64
189
Industries.
For footnotes see preceding page.
HOURS AND EARNINGS OF FACTORY EMPLOYEES
[Compiled by the Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
Average hours wTorked
(per week)
Average hourly earning
(dollars per hour)
1948
Sept.
Oct.
Oct.
Oct.
Aug.
Sept.
Oct.
Oct.
Aug.
Sept.
Oct.
Manufacturing—Total
55.60
55.72
55.26
40.0
39.1
39.6
39.7
1.390
1.398
1.407
1.392
Durable goods
59.50
'57.70
58.80
58.11
40.7
39.2
39.7
39.8
1.462
1.472
1.481
1.460
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Instruments and related products
Miscellaneous manufacturing industries
Ordnance and accessories
Nondurable goods
64.51
59.20
62.43
57.93
64.85
54.01
50.92
56.01
54.49
51.05
59.28
59.48
'57.99
59.82
'•56.92
'65.24
-•52.91
'49.73
'•54.17
'54.21
'48.76
58.52
60.62
58.85
60.60
57.92
67.21
52.79
51.01
54.83
55.00
50.75
59.76
58.69
58.27
60.40
57.89
64.10
54.17
51.41
55.83
56.02
51.41
60.18
40.6
40.8
41.1
40.2
39.3
42.0
41.6
41.4
39.8
41.0
42.1
37.6
'39.5
39.1
39.2
39.3
••40.7
'40.5
39.6
39.0
-"39.2
39.7
37.7
39.9
39.4
40.0
40.1
40.7
41.3
39.7
39.4
40.5
40.3
37.5
39.8
39.3
40.2
38.8
41.7
41.8
40.6
39.9
41.0
40.5
1.589
1.451
1.519
1.441
1.650
1.286
1.224
1.353
1.369
1.245
1.408
1.582
1.468
1.530
'1.452
'1.660
'1.300
1.228
'1.368
'1.390
'1.244
1.474
1.608
1.475
1.538
1.448
1.676
1.297
1.235
1.381
1.396
1.253
1.483
1.565
1.464
1.537
1.440
1.652
1.299
1.230
1.375
1.404
1.254
1.486
50.91
51.31
52.46
52.26
39.1
38.9
39.5
39.5
1.302
1.319
1.328
1.323
Textile-mill products
Apparel and other finished textiles
Leather and leather products
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
45.25
41.48
41.50
52.29
37.94
56.84
67.76
57.56
73.15
58.96
44.37
'•41.83
-•42.11
'52.96
'38.58
'56.40
-70.72
'58.73
72.22
'57.61
45.86
44.06
41.92
53.50
38.39
57.72
71.96
59.39
74.31
60.93
46.93
42.52
41.46
53.46
37.76
58.31
70.82
59.61
73.84
37.9
35.0
36.4
41.8
39.9
42.8
38.9
41.8
41.4
39.2
37.6
35.6
••37.3
41.7
-•38.7
41.9
'38.5
'40.5
'40.3
'38.2
38.6
36.9
36.8
41.7
38.9
42.6
39.0
41.3
41.1
40.3
39.4
36.4
36.4
41.6
38.1
43.1
38.2
41.8
41.0
1.194
1.185
1.140
1.251
.951
.328
.742
.377
.767
.504
1.180
'1.175
1.129
'1.270
r.997
'1.346
'1.837
'1.450
1.792
'1.508
1.188
1.194
1.139
1.283
.987
1.355
1.845
1.438
1.808
1.512
1.191
1.168
1.139
1.285
.991
1.353
1.854
1.426
1.801
r
Revised.
NOTE.—Data are for production and related workers.
Bureau of Labor Statistics.
DECEMBER
1949
Figures for October 1949 are preliminary.
Back data are available from the
1493
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Finance
Service*
Federal,
State, and
local
government
3,248
3,433
3,619
3,798
3,872
4,023
4,122
4,151
7,567
7,481
7,322
7,399
7,685
8,815
9,196
9,491
1,462
1,440
1,401
1,374
1,394
1,586
1,641
1,716
3,554
3,708
3,786
3,795
3,891
4,408
4,786
4,799
4,622
5,431
6,049
6,026
5,967
5,607
5,454
5,613
2,214
2,223
2,242
2,245
4,168
4,195
4,170
4,158
9,566
9,533
9,500
9,537
1,734
1,737
1,738
1,741
4,801
4,787
4,782
4,781
5,649
5,675
5,723
5,756
975
965
'936
'949
944
581
2,215
2,164
2,140
2,121
2,116
2,100
2,128
r
2,167
2,189
2,210
4,090
4,059
4,008
4,008
4,024
4,003
3,968
'3,949
3,944
3,880
9,479
9,465
9,497
9,516
9,475
9,456
'9,383
'9,425
9,456
9,391
1,740
1,744
1,749
1,748
1,754
1,756
'1,754
1,764
1,780
1,786
4,771
4,784
4,792
4,792
4,804
4,786
'4,779
'4,789
4,791
4,775
5,773
5,775
5,771
5,775
5,784
5,823
5,846
5,852
5,872
5,845
15,617
15,514
15,368
15,174
1,007
1,000
999
1,002
2,369
2,334
2,287
2,200
4,189
4,188
4,166
4,158
9,522
9,654
9,807
10,273
1,725
1,720
1,721
1,724
4,849
4,811
4,782
4,757
5,668
5,694
5,685
5,994
14,782
14,649
14,475
14,177
13,877
13,884
'13,757
'14,115
14,307
13,984
991
2,016
1,926
1,947
2,036
2,137
2,205
2,277
'2,340
2,342
2,321
4,054
4,024
3,975
3,991
4,021
4,031
4,007
'3,994
3,964
3,874
9,388
9,292
9,310
9,478
9,342
9,336
'9,220
'9,218
9,412
9,510
1,731
1,735
1,749
1,757
1,763
1,774
'1,780
1,782
1,771
1,768
4,723
4,712
4,720
4,768
4,804
4,834
'4,851
'4,837
4,839
4,799
5,764
5,737
5,761
5,775
5,813
5,803
5,738
5,763
5,893
5,866
Manufacturing
36,164
39,697
42,042
41,480
40,069
41,412
43,371
44,201
12,974
15,051
17,381
17,111
15,302
14,461
15,247
15,286
947
983
917
883
826
852
943
981
1,790
2,170
1,567
1,094
1,132
1,661
1,982
2,165
1948—September
October
November
December
'44,476
'44,468
'44,403
'44,276
'15,342
'15,320
'15,250
'15,055
1,002
998
998
1,003
1949—January
February
March. . .
April
'43,881
'43,657
'43,445
'43,263
'43,027
'42,896
'42,711
'42,877
43,082
42,266
'14,816
'14,671
'14,501
'14,316
'14,095
'14,007
'13,917
'13,982
14,106
13,798
997
995
987
1948—September
October
November
December
44,946
44,915
44,815
45,282
1949—January
February
March
April
]May
43,449
43,061
42,918
42,966
42,731
42,835
'42,573
'43,006
43,476
42,705
1941
1942.. .
1943
1944
1945. . . .
1946
1947
1948
Transportation and
public
utilities
Trade i
Total
Year or month
Mining
Contract
construction
SEASONALLY ADJUSTED
May
June
July
August
September
October
987
UNADJUSTED
June
July
August
September
October
986
981
984
974
968
'943
'957
948
583
' 1 Revised.
Data for the trade and service divisions, beginning with January 1947, are not entirely comparable with data shown for the earlier period
because of the shift of automotive repair services (230,000 employees in January 1947) from trade to services.
NOTE.—Data include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
October 1949 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures
beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed
Total
1
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1941
1942
1943
1944
1945
1946
1947
1948
101,370
102,460
103,510
104,480
105,370
106,370
107,458
108,482
57,380
60,230
64,410
65,890
65,140
60,820
61,608
62,748
55,910
56,410
55,540
54,630
53,860
57,520
60,168
61,442
50,350
53,750
54,470
53,960
52,820
55,250
58,027
59,378
41,250
44,500
45,390
45,010
44,240
46,930
49,761
51,405
9,100
9,250
9,080
8,950
8,580
8,320
8,266
7,973
5,560
2,660
1,070
670
1,040
2,270
2,142
2,064
43,990
42,230
39,100
38,590
40,230
45,550
45,850
45,733
1948—October
November
December
108,853
108,948
109,036
63,166
63,138
62,828
61,775
61,724
61,375
60,134
59,893
59,434
51,506
51,932
52,059
8,627
7,961
7,375
1,642
1,831
1,941
45,685
45,810
46,208
1949—January
February
March
April
May
June
July
August
September
October
109,117
109,195
109,290
109,373
109,458
109,547
109,664
109,760
109,860
109,975
61,546
61,896
62,305
62,327
63,452
64,866
65,278
65,105
64,222
64,021
60,078
60,388
60,814
60,835
61,983
63,398
63,815
63,637
62,763
62,576
57,414
57,168
57,647
57,819
58,694
59,619
59,720
59,947
59.411
59,001
50,651
50,174
50,254
49,999
49,720
49,924
50,073
51,441
51,254
51,290
6,763
6,993
7,393
7,820
8,974
9,696
9,647
8,507
8,158
7,710
2,664
3,221
3,167
3,016
3,289
3,778
4,095
3,689
3,351
3,576
47,571
47,298
46,985
47,046
46,006
44,683
44,385
44,655
45,638
45,953
1
Includes self-employed, unpaid family, and domestic service workers.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interv iews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
fr om the Bureau of the Census.
1494
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States eas* of che Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
1949
1948
January
February
March
April
May.
June
July
Year
1948
54 1
193.1
251.8
307.2
351.3
375 0
344 8
398 7
503 5
500 7
71 9
55 3
82
91.9
103 8
72 9
77 7
53 6
70 7
49 6
56 3
3,608.0
Commercial
1949
159 1
238 1
232.3
276.5
351 6
369.8
355 3
349.7
337 6
279.7
296 8
264.0
256.7
9,429.6
Factories
1949
1948
615 2 483. 0
682.0 568. 5
689.8 747 6
873.9 845. Q
970.8 885. 4
935 2 949. Q
962.7 947. 8
854 1 911 . 0
762.2 1,071. 7
778 6 1,061 8
611.2
694.0
August
September
October
November
December
Nonresidential building
Residential
building
Total
1948
43 6
37.8
66.2
43.8
51.5
45 4
41.5
41.1
38.0
48 9
74.5
75.5
78.5
88.8
103.3
83 1
106.3
77 8
80.4
83 8
60.2
62.9
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
58 7
37.8
50.3
55 4
83.8
63 5
103.1
55 8
54.5
48 4
47.0
66.2
62
58. 8
88. 4
92 0
68. 5
70 Q
73. 4
64 4
103. 9
82
1947 1948 1949 1947 1948 1949
1948
38 1
44. 7
60. 4
68. 4
76. 0
81 4
91.2
72 9
78. 6
83 6
724.6
1949
1948
1949
53 3
87.2
65.0
111.2
117.0
113 8
112.8
97 4
91.3
113 5
83.5
81.1
77 6
80.6
112.4
112 2
124.6
138 3
144.2
99 6
124.5
141 8
136 6
177.3
164.3
184.7
205.0
215 7
217.9
207 8
202.7
165 5
106.9
170.9
102. 0
153. 5
168. 4
222. 4
213 5
239 0
252. 7
234 ^
223 l
204 o
2,155.2
1,127.1
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership Private ownership
1947 1948 1949
1949
1948
975.0
839 8
Other
Educational
1949
Public works
and public
utilities
1949
Month
Oct.
January....
February. . .
March
April
May
June
July
August
September..
October
November. .
December...
Year
615 483
682 568
690 748
874 846
971 885
935 950
963 948
854 911
762 1,072
779
611
694
572
442
597
602
675
605
660
823
650
793
715
625
7,760 9,430
167
96
143
177
234
226
203
218
193
209
224
207
197
248
181
236
298
338
335
276
259
262
199
278
2,296 3,107
160
252
282
319
369
375
410
316
289
419
434
509
638
673
597
628
579
503
517
413
416
405
346
453
425
441
379
458
605
457
584
492
418
323
317
466
527
517
574
537
595
783
5,464 6,323
1948
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago...
St. Louis
Minneapolis
Kansas City
Dallas
Oct.
Sept.
74,620
181,790
100,301
106,814
150,067
87,684
171,597
64,121
32,952
39,640
62,088
47,565
142,747
52,610
73,953
79,420
77,599
144,907
47,883
27,856
24,943
59,123
1,061,751 1, 071,674
778,606
68,946
200,782
54,458
119,526
96,221
135,805
170,992
57,092
53,364
38,820
65,745
..
.
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
Total
1941
1,172
1,137
1942 .
935
1943
1944
875
666
1945
755
1946
1,787
1947
3,338
1948
318
1948—October
272
November. .
298
December. .
269
1949—January
279
February...
283
March
269
April
279
May
382
June
317
July
356
August
309
September. .
383
October
Property
improvement *
Small
home
construction
249
141
87
114
171
321
534
614
52
40
49
35
47
45
34
35
49
40
55
60
65
21
15
1
(8)
(8)
7
1
1
1
1
1
1
(*)
1
(3)
1
3
2
Mortgages on
l - t o 4 - Rental
and
family group
houses housing
(Title
(Title
ID
ID
877
691
245
216
219
347
446
880
98
105
117
128
123
135
127
130
151
143
172
163
188
13
6
8
()
4
3
7
(3)
Warand
Veterans'
housing
(Title
VI) 2
13
284
603
537
272
85
808
1,836
168
127
131
98
108
102
109
113
181
134
126
84
128
1
2
Net proceeds to borrowers.
Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3 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.
DECEMBER
1949
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
Savings
Com- Mutual
and
mer- savloan
cial
ings associbanks banks
ations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
228
430
634
902
1,162
1,465
1,669
1.705
8
27
38
71
130
186
236
256
56
41
110
118
149
212
192
342
224
542
254
789
276 1,032
292 1,134
5
32
77
153
201
234
245
79
27
53
90
133
150
179
163
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1.072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
End of month
Insur- Federal Other*
ance
com- agen1
panies cies
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
2
Including mortgage companies, finance companies, industrial bankf,
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.
1495
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports l
Excess of exports
Month
1945
1946
1947
1948
Pl.177
332
325
365
394
318
385
531
437
445
547
589
675
1,121
1,102
1,013
PI.165
P1,089
P1,104
366
372
360
406
393
382
512
474
463
532
554
625
P534
1,020
992
925
P898
P880
358
361
339
431
422
377
450
400
473
1,235 Pi,023
1,141
P823
1,114 Pi,317
P849
347
325
298
394
478
529
492
455
603
7,657 12,175 10,511 P10.213 3,524
3,901
4,676
1946
1947
1948
1949
903
887
. . 1,029
798
670
815
1,114
1,146
1,326
1,092
1,085
1,139
P1,104
PI.043
1,005
1 135
868
757
851
878
1,294
1,414
1,235
July
895
738
August
.
September. . . . 514
826
883
643
1,155
1,145
1,112
1945
January
February
March
April
May
June
October
November
December ...
455
639
737
Jan.-Oct
8,429
537
986
1,097
P904
1949
1945
1949
1946
1947
1948
571
561
664
405
352
431
583
709
882
545
496
464
P514
P477
P545
P540
P527
639
764
508
351
457
496
782
940
772
590
549
388
P630
P549
564
606
560
P456
P491
P530
536
378
175
395
461
266
705
745
639
456
387
365
P442
P389
P3 75
P600
P554
P559
109
314
439
142
508
567
743
687
511
P422
P269
P597
P290
5,850 ?5,426
4,906
3,756
7,499
4,661
*4,787
P590
P567
P632
P720
P577
P Preliminary.
1
Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars.
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. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
101
109
130
138
137
140
135
132
143
138
110
147
183
206
192
180
169
136
181
190
Miscellaneous
101
110
136
146
145
147
142
139
148
146
97
96
100
69
63
67
69
78
75
68
102
137
168
181
186
185
172
146
182
183
107
101
112
120
146
139
151
138
150
136
96
96
91
104
117
124
125
129
107
88
139 153 188
138 144 183
142 153 196
139 149 193
140 '146 '195
137 138 198
137 131 192
144
158
144
127
150
155
147
86
86
80
85
93
90
85
150 188 140
165 182 141
162 179 145
152 178 145
149 ••176 '146
144 178 144
139 201 148
67
64
66
66
68
66
62
189
187
174
188
173
150
118
123
130
54
125
113
139
138
150
156
177
138
125
153
79
75
77
76
73
70
70
77
79
85
129
112
117
119
123
122
117
125
121
124
175
185
236
215
215
182
177
160
145
28
141
136
138
132
126
122
120
127
125
111
60
61
60
59
59
58
55
57
52
54
144 153 184
1948—June
July
143 144 178
August
146 153 188
September. . . 150 149 191
October
151 146 »-191
November. . . 141 138 198
December. . . 128 131 201
147
189
156
142
150
152
138
75
66
76
113,
143
114
82
156 291
165 291
171 268
164 268
158 r235
141 196
123
62
145
142
147
156
159
149
139
66
64
67
70
71
68
60
1949—January
February....
March
April
May
June
July
August
September . . .
October . .
125
111
128
121
132
159
212
149
140
153
76
60
61
68
66
54
60
73
104
131
116
107
117
119
128
127
117
131
130
131
44
46
68
228
267
282
284
240
218
35
129
128
131
130
127
126
121
128
135
121
57
58
61
60
59
57
55
57
55
56
98
111
123
135
138
143
134
130
147
141
100
114
139
155
141
143
129
143
153
149
SEASONALLY
ADJUSTED
1948—June
July
August
September. . .
October
November. . .
December. . .
1949—January
131
F e b r u a r y . . . . 126
March
120
April
127
May
124
June
115
July
110
August
115
September. . . 106
October
92
130
124
79
129
130
98
79
95
68
42
UNADJUSTED
120
117
111
125
125
119
115
119
116
99
130
124
79
129
130
98
79
95
68
42
198
198
175
184
171
147
115
119
128
53
' Revised.
NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
1496
[In millions of dollars]
Merchandise
lcl
...
Total
Net
Net
railway
Total
railway
operating railway operating income
revenues expenses income
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
'8,685
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
7,904
P9,672
1948—August. . . .
September.
October... .
November..
December.,
1949—January
February.. ,
March
April
May
June
July
August
September.
P8,670
589
682
998
1,485
1,360
1,106
852
620
'781
PI,002
93
189
500
902
873
667
450
'287
'479
P700
842
836
845
833
811
744
737
756
752
739
99
99
89
81
72
65
65
56
49
40
768
740
722
742
737
748
701
697
685
703
688
663
689
676
677
650
659
633
64
51
59
53
61
71
51
38
52
34
20
26
19
5
P19
1948—August
September.
October...
November.
December.
868
845
878
825
807
752
734
767
741
742
116
111
111
84
65
86
83
84
62
50
1949—January...
February..
March... .
April
May
June
July
August.. . .
September.
731
676
739
747
741
735
701
743
695
697
646
674
682
683
674
650
677
631
33
30
65
65
58
61
50
66
64
12
5
41
40
32
42
27
39
39
,
SEASONALLY
ADJUSTED
21
29
38
UNADJUSTED
pPreliminary.
r
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 Re serve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
187
207
264
286
302
162
176
221
234
239
150
169
221
239
249
167
184
235
261
283
182
201
257
281
303
215
236
292
304
322
244
275
344
360
386
176
193
250
275
290
200
227
292
314
335
164
185
247
273
288
309
290
303
232
228
245
'253
229
247
302
268
284
319
293
300
337
314
331
404
374
378
298
278
295
338
321
338
295
282
278
294
292
285
279
. . .
283
289
J>275
246
234
208
251
243
242
227
234
241
P207
243
229
220
242
239
238
222
234
241
219
283
265
272
274
271
269
261
268
277
259
311
284
279
301
295
281
274
269
279
259
309
306
294
303
315
311
326
304
306
295
378
374
365
389
376
368
377
360
367
376
289
272
266
277
275
262
258
275
283
258
1948—October
November
December
'329
357
495
258
285
428
'281
298
414
323
356
480
338
366
491
359
388
575
424
434
635
1949—January
February
March
April
M^av
June
July
August
September
October
226
227
254
295
287
268
218
238
299
P292
187
180
194
256
241
232
155
173
248
?>230
194
192
209
237
230
224
155
171
243
243
209
199
249
284
277
256
188
201
280
277
230
254
304
292
265
214
234
282
274
224
239
274
309
310
287
236
243
328
314
162
166
213
255
291
147
153
182
202
223
150
160
195
225
241
147
150
191
220
251
151
156
205
243
277
1948—October
November
December
290
295
288
220
233
229
'237
242
236
249
253
248
1949—January
February.
March
April
May
June
July
August
September
October
278
276
283
278
273
265
256
253
264
P27O
221
214
226
223
219
207
193
183
195
206
228
224
232
230
224
218
213
204
213
216
1948—October
November
December
319
330
259
249
265
206
1949—January
February
.
. .
March
April
May
....
June
July
August
September
October
....
249
265
287
285
277
256
245
254
274
297
196
202
219
218
216
199
188
192
210
232
Dallas
San
Francisco
205
229
287
311
327
245
275
352
374
404
224
248
311
336
352
304
286
288
334
323
320
410
390
397
'344
343
358
290
310
309
321
335
314
325
326
332
309
265
274
267
292
273
266
261
269
276
P278
293
311
301
314
309
309
304
299
312
387
393
392
374
384
385
387
366
378
398
343
308
325
339
340
336
323
334
325
337
313
345
460
362
404
517
343
334
431
361
375
502
'426
475
648
346
391
582
287
314
339
393
365
323
294
324
381
395
216
212
239
280
277
262
212
228
297
271
238
261
287
327
328
283
254
280
335
331
203
202
241
295
279
255
211
242
307
P314
223
252
280
311
306
284
249
275
328
P326
306
315
353
377
373
331
310
333
404
414
271
266
289
331
322
314
280
313
'331
338
190
198
248
289
322
185
188
258
306
362
161
159
205
246
281
159
166
225
274
314
169
165
211
266
326
157
158
210
259
301
177
190
250
321
393
178
183
238
300
346
269
296
293
320
324
309
372
377
368
284
286
282
317
325
329
328
319
318
297
297
296
'399
391
382
346
340
321
241
236
238
244
240
232
224
216
232
230
274
275
285
260
267
249
228
229
242
252
294
295
305
315
304
311
302
295
305
360
340
348
335
336
325
319
319
337
347
271
268
264
266
265
257
253
250
252
265
303
313
323
321
296
280
267
264
280
298
307
306
300
305
301
301
283
290
'296
P298
291
282
287
283
276
268
263
264
258
P276
376
373
377
373
356
350
347
342
359
370
321
327
342
331
320
313
302
309
334
325
'268
278
215
287
291
218
305
319
245
355
360
279
406
422
320
309
326
265
355
347
276
345
347
294
318
327
264
'415
431
352
'369
377
292
201
218
238
237
227
206
189
204
225
244
210
231
250
254
245
218
202
212
241
265
240
255
282
265
269
244
228
242
264
287
269
287
314
329
309
280
282
298
309
339
324
343
365
352
332
312
300
316
347
379
244
260
275
273
268
247
233
242
259
288
260
282
314
321
296
280
278
287
311
333
283
294
312
310
302
291
290
287
'301.
265
276
293
292
281
268
257
259
263
^295
345
361
392
388
363
336
333
346
367
384
293
307
335
337
331
315
311
308
334
346
St.
Minne- Kansas
Louis
apolis
City
SALESi
1944
1945
1946
1947
1948
SEASONALLY ADJUSTED
1948—October
November
December
1949—January
March
April
May .
June
July
August .
September
October
..
UNADJUSTED
in
r
STOCKSi
1944
1945
1946
1947
1948
SEASONALLY ADJUSTED
UNADJUSTED
J'313
P Preliminary.
' Revised.
1
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.
DECEMBER
1949
1497
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Number of
stores
report-
Department
Ratio of
stocks lto
sales
Per cent change from
a year ago
(value)
Sales during
period
Sept.
1949
9 mos.
1949
Stocks
(end of
mo.)
Sept.
1949
September
1949
1948
Index numbers
without seasonal adjustment
1941 average monthly sales=100*
Sales during
period
1949
Sept.
Stocks at end
of month
1948
Aug. Sept.
1949
1948
Sept.
Aug.
Sept.
GRAND TOTAL—entire store *
358
-8
-6
-9
2.7
2.8
MAIN STORE—total
358
-8
-6
-10
2.9
3.0
209
173
226
603
550
668
318
295
195
171
193
310
280
248
-14
-22
-25
-18
-22
-9
-9
-15
-11
-11
-12
-3
-17
-13
-10
-17
3.0
2.7
2.7
2.0
3.6
3.2
3.9
2.7
194
232
204
448
147
178
150
177
194
184
180
313
171
202
166
257
602
725
655
557
690
648
676
808
749
-3
3.1
3.1
3.2
2.3
3.8
3.1
3.9
2.6
227
298
271
546
188
195
164
207
245
-10
— 17
-19
-17
-14
-4
—4
-4
-6
347
207
246
329
322
212
277
82
245
-4
-16
-5
-3
-10
-13
-6
-18
-5
-3
-17
-6
0
-3
-12
3.4
3.8
3.1
3.3
4.2
4.8
2.9
8.2
3.7
3.5
3.4
3.0
3.4
4.0
4.4
2.8
7.1
3.6
171
179
229
137
179
—3
-5
-6
-2
-6
-4
-5
-2
-6
-3
+6
+3
+7
0
-6
142
241
3.1
3.4
3.2
3.6
159
201
355
355
314
286
174
332
341
+3
— 16
+2
.
.
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles drug sundries
Silverware and jewelry 4
Silverware and clocks
Fine iewelrv and watches
Art needlework
Books and stationery
Books and magazines
Stationery
275
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
Milliner v
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
288
258
330
336
247
213
227
355
346
210
209
319
290
318
345
266
285
342
288
274
331
Men's clothing
IVten's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
.
Housefurnishlngs
Furniture and bedding
Mattresses, springs and studio beds 4
Upholstered and other furniture 4 . . . .
Domestic floor coverings
Rugs and 4carpets 4
Linoleum
Draperies curtains and upholstery
Lamps and shades
China and glassware
Major household appliances . .
Housewares (including minor appliances)
Gift shop 4
Radios, phonographs, television, records, etc. 4 .
Radios, phonographs, television 4
Records, sheet music, and instruments 4
Miscellaneous merchandise d e p a r t m e n t s . . . .
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
256
314
302
195
318
241
160
179
275
155
116
300
251
251
245
260
169
227
182
154
319
294
239
148
260
189
-1
-5
—9
-13
—4
-18
-11
—4
—3
-4
—3
-4
-13
-19
— 22
— 13
— 14
-20
— 16
-12
— 18
-8
-2
-6
-4
—7
-4
-6
—6
-3
-7
— 13
-14
—23
+1
+1
—4
-26
-5
—1
+1
-4
-2
— 10
-6
-15
-1
-30
-11
1.9
3.3
+2
+3
+3
-11
-5
—4
—1
-5
-10
-21
-12
—4-
— 12
—3
—4
- 6
—1
—7
c
-5
+2
4-7
+7
—1
—3
+1
2 9
3.6
3.0
2.3
2.0
3.5
2 9
3.7
1.8
1.9
2 1
1 4
1.7
1.4
1.9
1 5
1.2
1 8
1 4
2.1
42
1,049
1,191
1,059
565
542
579
459
547
489
504
393
687
623
640
553
146
140
190
125
154
178
213
241
141
198
594
676
719
458
755
548
589
666
434
697
623
715
723
485
781
167
190
145
151
177
180
620
591
584
515
640
623
2.1
2.7
2.1
4.2
0.7
5.1
2.7
230
215
268
119
305
141
240
175
157
157
119
139
64
207
253
227
261
142
299
143
252
505
557
475
520
219
615
678
447
499
388
422
188
537
628
541
612
554
595
209
722
684
2.4
3.2
146
173
219
109
175
216
160
198
229
281
562
635
562
455
735
258
465
511
462
335
694
403
633
670
2.9
403
885
350
843
426
868
245
286
193
189
281
354
448
552
389
463
469
521
452
554
3.2
3 2
1.3
3.8
3.6
3.5
4 3
3.6
2.9
6 7
1.8
3.0
4 6
1 8
1.4
4 7
3.6
6.4
7.2
5.2
4.0
1.2
3.4
3 6
1.5
4.3
3 8
3.7
42
4.1
3.2
6 3
1.9
3.2
4 5
3 3
2.7
6 0
—7
— 10
n
-6
-1
-13
-8
-7
501
663
209
260
-14
— 18
-16
-18
— 18
-18
—20
-10
-11
+1
389
541
640
129
174
-9
—6
2
y
— 16
-15
—21
-1
-2
—5
-31
-29
—27
-14
-12
-14
-9
-8
-5
463
636
509
203
250
4 4
4.9
4.4
3 3
4.9
—28
155
187
553
2.0
3.3
? 7
3.5
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
4.3
-28
-10
135
144
221
192
170
329
-8
-5
-10
— 10
-5
—1
m
160
141
236
-4
-7
-2
—4
-5
+2
173
157
151
316
— 10
—4
0
— 15
5.0
4.2
3 2
4.9
214
2 9
3.3
3.4
2.5
-6
—9
—4
— 11
—5
-12
— 15
+ 10
+ 17
-10
-12
-5
2.2
2.6
1.8
4.4
0.7
4.4
2.8
+40
-5
2.9
3.2
-7
-9
-14
-13
+33
rj
2.6
-5
-5
-6
-9
vOOOC
! 1 1
Women's shoes 4
Women's and misses' ready-to-wear a p p a r e l . . . .
Women's and misses' coats and suits
Coats 4
Suits 4
Juniors' and girls' wear
Juniors' coats suits and dresses
Girls' wear
Women's and misses' 4
dresses
Inexpensive dresses
Better dresses 4
Blouses skirts and sportswear
Aprons, housedresses, and uniforms
Furs
349
348
255
-9
+2
+6
-13
Cn Cn to
Small wares
.
4- 1 4-
Piece coods
Silks velvets and synthetics
Woolen yard goods
Cotton yard goods
. . .
..
Household textiles
Linen and towels
Domestics—muslins sheetings
Blankets comforters and spreads
3.9
7.0
8.3
5.2
3.9
1.2
627
559
838
312
342
256
273
261
367
389
367
465
661
379
540
204
157
241
308
236
333
316
239
327
471
459
291
550
263
527
491
746
652
316
141
130
175
152
145
130
153
134
186
537
463
697
334
651
817
113
124
175
141
184
155
267
184
861
621
795
861
228
199
209
222
243
212
214
180
247
204
216
158
307
278
158
164
141
299
241
202
736
677
823
214
616
580
695
165 1,057 1,035 1 03^
413
552
539
790
292
836
765
942
169
146
119
155
170
159
140
113
148
221
181
153
120
172
194
171
148
248
178
760
534
727
811
924
692
883
911
723
630
701
624
854
773
769
777
944
607
932
857
811
686
505
709
723 1,079
617
990
702
923
642
751
For footnotes see following page.
1498
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Number of
stores
reporting
Department
Per cent change from
a year ago
(value)
Stocks
(end of
mo.)
Sales during
period
Sept.
1949
Ratio of
stocks to
sales i
9
mos.
1949
Index numbers
without seasonal adjustment
1941 average monthly sales=100 a
September
Sales during
period
1949
Sept.
1949
1949
1948
Stocks at end
of month
1948
1949
1948
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
207
168
219
445
384
466
205
-5
-1
-5
2.1
2.1
Domestics and blankets* .
138
-7
-1
-10
2.2
2.3
Women's and misses' ready-to-wear
Intimate apparel *
.
.
198
173
185
177
158
126
120
rj
-1
-2
A
18
2.3
1.7
1.4
1.4
1.8
1.9
1.7
2.3
1 5
1.3
1.3
1.8
2.0
214
168
230
376
313
391
-7
-12
-14
-4
-5
2.8
209
167
218
571
487
614
2.5
192
155
192
460
413
489
3 1
171
131
175
537
506
531
BASEMENT STORE-Total .
D resses *
Blouses skirts and sportswear *
.
.
.
Infants' wear *
M e n ' s a n d boys* wear
+2
2
-1
-4
-2
0
0
+1
,
-
4
5
<-!
3
1
+1
+1
+1
+2
+2
-7
-8
-10
-6
-4
0
163
139
95
120
125
. . .
Men's wear *
Men's clothing *
lien's furnishings *
Bovs' wear*
'T
-2
-1
-6
0
Housefurnishinfis
104
Shoes
129
- 2
-5
NONMERCHANDISE—total 4
182
- 4
-1
(5)
+2
+5
(5)
Barber and beauty shop 4
80
2.7
2.9
3.0
2.8
2.2
2.4
3.1
5
()
(B)
3.0
3.1
2.9
2.3
(*)
(5)
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the
number of months' supply on hand at the end of the mcnth in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and
858 were reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 1497.
* Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country.
In 1947, sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *
Without seasonal adjustment
Amount
(In millions of dollars)
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
128
136
156
179
204
227
255
318
337
353
344
353
419
599
509
535
563
715
826
917
108
194
263
530
560
729
909
552
466
1948—October
November..
December. .
••389
415
599
1,011
1,058
821
507
379
292
1949—January
February...
March
A pril
May
June
July
August
September..
October . . . .
267
255
320
347
328
318
238
288
342
P351
790
852
918
907
894
824
775
817
881
P975
388
378
310
236
210
286
399
413
510
P454
Jan.
Feb.
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
1948 average
DECEMBER
1949
Apr.
May
r
p Preliminary.
Revised.
These figures are not estimates for all department stores
United States.
Back figures.—Division of Research and Statistics.
1
Mar.
June
1948
3 . . . ..204 Jan.
10... ..251
1 7 . . . ..232
2 4 . . . . .226
3 1 . . . ..233
7 . . . . .240 Feb.
14... ..238
2 1 . . . . .249
2 8 . . . ..248
6 . . . ..266 Mar.
1 3 . . . ..279
2 0 . . . ..313
2 7 . . . ..331
3 . . . ..280 Apr.
10... ..298
1 7 . . . ..294
2 4 . . . . .296
1 . . . ..300
8
. .330 M a y
1 5 . . . . .293
2 2 . . . ..295
2 9 . . . . .297
5 . . . ..282 June
12... . .304
. 310
19
2 6 . . . ..262
1949
1...
8...
15...
22...
29...
5...
12...
19...
26...
5...
12...
19...
26...
2...
9...
16...
23...
30...
7
14...
21...
28...
4...
11...
18
25...
1948
..204 July 3 . . . ..265 July
1 0 . . . . .217
. .272
1 7 . . . ..236
..244
24. .. ..231
. .230
3 1 . . . ..235
..218
..229 Aug. 7 . . . ..261 Aug.
14... ..258
. .238
2 1 . . . ..271
. .227
2 8 . . . . .255
..232
. .244 Sept 4 . . . ..308 Sept.
1 1 . . . ..285
..256
1 8 . . . ..337
. .261
2 5 . . . ..319
..277
..301 Oct. 2 . . . ..327 Oct.
9 . . . ..336
..320
16... ..331
..314
2 3 . . . ..344
..266
3 0 . . . ..319
. .286
.334 Nov. 6 . . . . .320 Nov.
1 3 . . . ..346
..285
2 0 . . . ..371
..280
2 7 . . . ..347
..275
..259 Dec. 4 . . . ..485 Dec.
1 1 . . . . .564
. .288
1 8 . . . ..576
285
2 5 . . . ..473
..247
1949
2 . . . ..238
9 . . . . .201
16... ..213
2 3 . . . ..207
3 0 . . . ..209
6 . . . ..228
1 3 . . . . .218
2 0 . . . . .252
2 7 . . . ..252
3 . . . ..295
10... ..273
17... ..315
2 4 . . . . .292
1.. . ..302
8 . . . ..297
1 5 . . . . .290
2 2 . . . ..296
2 9 . . . . >-298
5 . . 315
12... ..318
19... ..342
2 6 . . . ..330
3. . . ..448
10
17
24. .
r
Revised.
NOTE.—For description of series and for back figures, see BULLETIN
for September 1944, pp. 874-875.
the
1499
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
10
Oct. Sept. mos.
1949 1949 1949
United States.. p-11
Boston
New Haven
-14j
Portland
-13!
yj
Boston Area
Downtown
— 7j
Boston
Springfield
-15;
Worcester
Providence
New York 1
-13;
Bridgeport .... - 1 6 ;
-101
Newark l
Albany
— 19;
-17!
Binghamton
Buffalo i
-13!
o!
Elmira
Niagara Falls.. . — 12j
New York City * —14!
Poughkeepsie.. . - 1 4 j
-16!
Rochester 1
Schenectady. . . - 2 2 !
— 8'
Syracuse l
-14;
Utica
-14\
Philadelphia...
Trenton l
— 5!
Lancaster 1 l
-ni
Philadelphia . . - 1 3 !
— 16i
Reading i
Wilkes-Barre 1 .. - 1 8 1
York i
-16!
Cleveland
-29J
Akron *x
-18|
221
Canton
Cincinnati 1 . . . . i
J
Cleveland
|
Columbus i
j -14!
Springfield * . . . . - n !
Toledo i
| -211
Youngstown *. . | —3 7i
p
1
2
-6
-4!
-6j
-11|
7|
—7
-ll!
Oct. Sept. 10
1949 1949 mos.
1949
- : Cleveland-cont:
-8|
Erie 1
1 -12
-4
1
< — 23 -12
- 6 Pittsburgh
Wheeling 1
j - 2 5 -12
-7
! -12
- 1 Richmond
0
- 5
—7
- «
-5!
-9! -11
-4!
—8
g
-14!
-13= - 1 0
-3j
-3
i -9
—7
-15!
— 6i
-9
—4S —5
— 7| - 9
— 4i - 4
_L| j - 6
-9
-8!
-6J - 6
—4I
0
— l!
— 7' - 6
— 81 - 6
— 9! - 8
-2 1
-6
-151
-17!
-121
-10!
Washington *.. .|
Baltimore
\ -14
Hagerstown. . . . i — 9
Asheville, N. C. 1 - 1 3
o
Raleigh
|
Winston-Salem.! - 2 0
Charleston, S.C.; - 1 1
Columbia
! -13
Greenville, S. C. - 2 2
Lynchburg
! -21
Norfolk
! —6
-11
Richmond
Ch'ls'ton.W.Va.j - 9
Huntington. . . . i - 2 4
Atlanta
I P-7
Birmingham l . .! -20
Mobile
J -10
Montgomery *. .1 -21
Jacksonville l...! + 11
Miami l
+9
Orlandox
! + 14
Tampa 1
j +24
Atlanta
j -19
Augusta
j -16
Columbus
-11
Macon x
P-17
Rome
-11
Savannah
P-5
Baton Rougex 1.. -11
New Orleans
-3
1
Jackson
1
|
—I
Meridian
j
Bristol
I -16
Chattanooga 1..! -12
x
Knoxville
! -15
Nashville 1
i -13
+1
\Q
-2
-11
—1
—5
?2
-13
_7
+2
-16
-7
-8
-18
—6
—1
-4-7
1 '
-8
-9
-12
—9
-10
+ 11
0
-6
-4
-18
-10
-10
—8
Oct. Sept. 10
1949 1949 | mos.
1949
Oct. Sept. 10
1949 1949 mos.
1949
-3
Chicago.
p-13
-1
-12
Chicago l
-14
—7
Peoria 1.
l
-9
-19
Fort Wayne 1 ..
—3
-15
Indianapolis ..
-14
Terre Haute 1.. P - 1 6
Des Moines. . .
+2 +4
-4
Detroit x
'-14
1
- 4 + 11
— 6 Flint
— 16 - 1 5
0 Grand Rapids.
-3
-1=
- 1 2 Lansing
Milwaukee 1...
+3 Green Bay *... - 1 3 + 1
-13
—/
+1
-6
- 1 3 Madison
P-9
-8
- 1 2 St. Louis
-7
Fort Smith.... -11
-13 - 1 2
— 5 Little Rock 1. .
-19
2
Evansville....
+91 Louisville J . . . . P - 8 - 1 8
-13 - 1 0
Quincy
-4
East St. Louis.
+2
9
Louis 1. . .
-l! St. Louis Area.. — 5 -- 7
- 1 0 St.
-24
-8
Springfield....
-9
x
-12
-5
- 3 Memphis . . . .
-4
0 Minneapolis. .
l
+3
Minneapolis ..
-8
— 7 St. Paul 1
- 3 Duluthy
-14
l
-8
Superior ....
-11
-5
-10
- 1 2 Kansas City. .
-6
-10
+ 0 Denver
1 Pueblo
-22 -19
-8
2
)
+ 0 Topeka
1 Hutchinson. . . -( 1 2 - 1
-1
-7
- 1 3 Wichita
-7
-14
- 9 Kansas City...
-6
c^
- 9 Joplin
-9
_ 5 St. J o s e p h . . . .
-9
-17
- 8 Lincoln
-3
+8
Omaha
-7
-6
-6
-11
-5
-9
—1
Kansas City—
cont.
Oklahoma City.
Tulsa
-2
-12
-3
Dallas
-1
Shreveport
Corpus Christi.. +24
-6
Dallas 1
+9 Fort Worth
-5
-15
1
-12
— 6 Houston
— 7 San Antonio.... + 11
-V
_4|
-7
-9
-6
-1
+2
—8
—7
2
-6
-1
-6
-13
-5
—7
-3
—7
-6
-15
-2
-6
—3
-9
cj
-7
—7
-12
3 _4
-4
-2
-10
—9
-7
-10
+2
San Francisco.. P-2
-4
Phoenix l
-22
Tucson
+5
Bakersfield1
+7
Fresno l
2
Long Beach *...
Los Angeles 1... - 6
Oakland and
Berkeley 1
-4
Riverside and
San Bernardino +6
l
Sacramento . . .
San Diego l . . . . +3
San Francisco 1. + 1
San Jose l
0
Santa Rosa *. . .
y
Stockton
-13
Vallejo1 and
Napa
+ 18
Boise and
Nam pa
-12
Portland
Salt Lake City 1. +6
P-17
Bellingham x .
p-17
Everett 1
-1
Seattle 1 x
-2
Spokanex
Tacoma
(2)
Yakima 1
-10
-17i
-6
-7
-4
-8
-5
-7!
•-ll!
-26!
-7
-9
-16
-6|
-ll!
-11!
- 5
- 8
-10
-14J
- 7
- 4
- l l !
-5
— 5-3!
+1
ill -4
13i
3
- 4
-8
-16|
6
J
-91
-4
+3!
-11|
—6
-13
-10
-4
-9
-
-2
-2
-1
4 - 7
(2)
-13
-7
Preliminary.
r Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located,
Data not available.
3 Nine months 1949.
4 Seven months 1949.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
House
furnishings
Miscellaneous
1929
122.5
132.5
115.3
141.4
112.5
111.7
104.6
1933
92.4
84.1
87.9
100.7
100.0
84.2
98.4
1940
1941... .
1942
1943. . . .
1944
1945
1946
1947
1948 . . .
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2
171.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
104.6
106.2
108 5
108.0
108.2
108.3
108.6
111.2
117.4
99 7
102.2
105 4
107.7
109.8
110.3
112.4
121.2
133.9
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
149.9
1948—October
November
December
173.6
172.2
171.4
211.5
207.5
205.0
201.6
201.4
200.4
118.7
118.8
119.5
137.8
137.9
137.8
198.8
198.7
198.6
153.7
153.9
154.0
170.9
169.0
169.5
169.7
169.2
169.6
168.5
168.8
169.6
168.5
204.8
199.7
201.6
202.8
202.4
204.3
201.7
202.6
204.2
200.6
196.5
195.1
193.9
192.5
191.3
190.3
188 5
187.4
187.2
186.8
119.7
119.9
120.1
120.3
120.4
120.6
120.7
120.8
121.2
121.5
138.2
138.8
138.9
137 4
135.4
135.6
135 6
135.8
137.0
138.4
196.5
195.6
193.8
191.9
189.5
187.3
186.8
184.8
185.6
185.2
154.1
154.1
154.4
154.6
154.5
154.2
154.3
154.8
155.2
155.2
Year or month
1949—January
February
March
April
May
June
July
August
September
October
...
Back figures.—Bureau of Labor Statistics, Department of Labor.
1500
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
All
commodities
Farm
products
Foods
95 3
86 4
73.0
64.8
65.9
74.9
80 0
80.8
86 3
78 6
77.1
78 6
87.3
98 8
103.1
104.0
105.8
121.1
152.1
165.1
104 9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86 4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.2
188.3
99.9
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
179.1
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
151.0
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
182.4
188.8
100
116
141
149
194g—October
165.4
164.0
November
December . . . . 162.4
183.5
180.8
177.3
178.2
174.3
170.2
153.4
153.6
153.1
185.5
186.2
185.3
1949—January
February
!March
April
May
160.6
158.1
158.4
156.9
155.7
154.5
153.5
152.9
153.7
152.2
172.5
168.3
171.5
170.5
171.2
168.8
166.2
162.3
163.1
159.6
165.8 152.9
161.5 151.8
162.9 150.7
162.9 148.9
163.8 146.8
162.4 145.6
161.3 145.0
160.6 145.0
162.0 1 4 5 . 3
159.6 145.0
184.8
182.3
180.4
179.9
179.2
178.8
177.8
178.9
181.1
181.3
146
145
14T
14?
152 3
152 1
152.1
152 5
151.4
151.5
151.4
151.5
161 3
160 1
159.6
158 5
156.3
156.7
156.5
156.8
159.7
159 9
160.5
161 7
158.7
159.3
159.6
159.5
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
...
.
July
. ..
August
September
October
Week ending:1
Oct 4
Oct 11
Oct. 18
Oct 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Total
Fuel Metals Build- Chemi- HouseHides
and
and
Textile and
furing cals and nishleather prod- lighting metal mate- allied
mate- prodproducts
ing
prodrials
rials
ucts
ucts
goods
ucts
8
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
199.1
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
135.7
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
131.1
144.5
82 6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77 8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5
120.5
97 5
84.3
65.6
55.1
56 5
68.6
77 1
79.9
84 8
72.0
70.2
71 9
83.5
100.6
112.1
113.2
116.8
134.7
165.6
178.4
94 5
88 0
77 0
70.3
70 5
78.2
82 2
82.0
87 2
82.2
80.4
81 6
89.1
98 6
100.1
100.8
101.8
116.1
146 0
159.4
148 3
147 4
146 7
137.3
137.6
137.2
172.4
173.3
173.8
203.7
203.1
202.2
135.5
134.4
131.1
147.5 119.0
148.2 119.2
148.4 118.5
177.0
175.2
172.2
160.3
158 8
157.6
137.1
135.9
134.3
132.0
130.1
129.9
138.0 129.9
138 1
129.7
139 0 1 3 0 . 0
138 .1 130.6
175.6
175.5
174.4
171.8
168.4
167.5
167.9
168.2
168.3
167.3
202.3
201.5
200.0
196.5
193.9
191.4
189.0
188.2
189.4
189.2
126.3
122.8
121.1
117.7
118.2
116.8
118.1
119.7
117.7
116.0
148.1 117.3
148.3 115.3
148.0 115.7
147.0 115.6
146.2 113.5
145.1 111.0
143.0 110.3
142.9 109.8
142.9 109.6
143.0 i 109.0
169 2
169 2
169.2
169 0
168.8
169.3
169.4
169.2
189 5
189 4
189.3
188 8
188.4
189.3
189.5
189.4
116.7
116 4
116.5
116 1
115.7
115.7
115.9
9
8
9
9
5
3
7
69 .7
73 8
84 8
96 9
97 4
98 4
1
3
7
1
?,
8
?
140 .5
139 .2
137 7
137 .6
137 6
136 .6
136 .7
136 .8
137 .4
130.7
131 2
131.2
130 6
130.6
130.3
130.3
130.5
Subgroups
Oct.
July
170.4
223.4
162.C
154.1 150.4 156.4 155.3
188.5 186.3 186.6 177.7
155.0 150.1 149.8 148.8
174.9
149.6
173.1
239 8
150 4
149.2
146.1
145.4
212 2
130 5
152.7
142.8
130.3
210.7
136 5
153.5
143.7
126.9
215.1
137 8
154.6
144.6
128.1
205 0
137 4
189 7
202. C
180.4
148. 6
183 8
184.7
175.4
142.4
183.8
194.5
173.7
141.1
183.8
204.8
175.5
141.1
183.4
205.6
176.5
141.1
Clothint?
Cotton goods
Hosiery and undenivear
Silk
Rayon
Woolen and worste d goods.
Other textile produ cts
148 8
195. C
104.3
46.4
41 8
159.6
190.5
144 8
167.3
98.5
49.2
39 6
157.6
178.8
144 8
170.2
'98 A
49.2
39 6
152.6
180.9
144 8
174.8
'98.4
49.2
39 6
150.5
181.5
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
136.4 135.4 135.9 138.6
195 1 188 9 188.8 190 5
218.7 222.0 222.0 222.1
70.0 68.5
66.5
90 9
89.5 88.9 89^3
122.8 110.2 109.7 1 0 9 . 1
144 6
176.5
Drugs and phar maceuticals. .
98.4
Fertilizer mater als
49.2
Mixed fertilizers
39.6
Oils and fats . .
145.1 Housefurnis hing Goo ds:
175.6
Furnish ings
Furnitu re
139.1 Miscellaneotis:
191.2
Auto tires and tubes. . .
222.2
Cattle feed
Paper and pulp
Rubber, crude.
110.1
Other miscellan a ous...
Farm Products:
Grains
Livestock and poult rv
Other farm produc ts
Foods'
Dairy products
Cereal products..
Fruits and vegetab es
Meats
Other foods
Bides and Leather Product*-*
Shoes
Hides and skins
Leather
Other leather p r o d u c t s . . . .
Textile Products:
Fuel and Lighting Matet ials:
Sept.
Oct.
Metals and Metal Products:
Agricultural mach. & eauin.. .
Farm machinery
Iron and steel. .
Motor vehicles.
Nonferrous metals
Plumbine and heatinc .
Building Materials:
Rrirk and tile .
Cement
Lumber
Paint and paint materials
Plumbing and heating..
Structural steel
Other building materials
Chemicals and Allied Products:
169.3 156.2
165.8 154.0
167.3 154.1
165.8 153.0
165.9 151.5
164.5 150.7
163.2 149.7
161.3 149.4
162.0 1 5 0 . 1
160.3 149.1
I
1948
Subgroups
Aug.
Manufactured
products
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
163.6
4
3
3
1949
1948
Raw
materials
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
108.7
134.2
90
80
66
54
64
7?
70
71
76
66
1S8 4
145.0
145 0
144.9
144 8
144.6
144.8
144.8
145.0
Miscellaneous
1949
Oct.
July
Aug
142.5
144.9
164.5
175.3
167 0
157.3
144.2
146.6
164.2
177.2
132.1
154.7
144
146
163
177
160 1
133 6
315.4
160 1
157.3
178.8
174.8
161 5
133 6
277.4
145 2
154.7
178 8
168.8
128 S
152.7
117.2
107.9
194.5
118 1
124.7
120.7
108.3
118.5
Sept.
1
6
143.5
146.6
163.9
177.2
135 9 135 7
1S4 7 154.6
8
?
Oct.
144.0
146.7
163.3
177.2
131 5
154.6
161 s 161. S 161 8
1 3 3 0 1 3 3 C 134 5
? 7 7 4 '•279.7 281.9
143 8 143 S 141 1
1 S 4 7 154.6 154.6
178 8 178.? 178 8
167 .3 168.S 168.1
118 0
125.0
121.8
107.9
130
117 4
125.C
120.4
108.2
118.4
115 5
123.1
120.2
107.0
115.6
152.5 149.1 149 .1 149.1 149.2
142.5 136.8 136 .6 136.6 136.7
66.2 60.6 60 6 60.6
195.4 204.7 197 9 190.^
170.2 156.8 156 .8 156.=
45.0 35.1 35 6 37.2
131.1 121.6 121 .1 121.2
60.7
182.1
156.5
34.8
121.2
' Revised.
1
Weekly indexes are based on an abbreviated sample not comparable with monthly data
Back figures.—Bureau of Labor Statistics, Department of Labor.
DECEMBER 1949
1501
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
1949
1948
1929
Gross national product
1933
103.8
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: Goyernment transfer payments
Net interest paid by government
Dividends .
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
St^te and local
,
Equals: Disposable personal income.
Less: Personal consumption expenditures...
Equals: Personal saving . . . . ,
55.8
8.8
7.0
.6
-.1
7.2
7.1
.7
1.2
1939
1941
1944
1946
1947
1948
91.3 126.4 213.7 212.6 235.7 262.4 266.5 270.3 263.5 '259.6 256.3
8.1
9.4
.5
1.4
9.3
11.3
.5
1.6
11.9
14.1
.5
4.0
11.9
17.3
.6
4.2
13.7
18.7
.6
1.0
15.7
20.3
.6
-.3
15.9
20.6
.6
16.4 '16.2 '16.6
20.7 '20.6 '21.2
.6
.6
.6
-1.3
'.1 '-1.9
16.7
21.5
.6
n.a.
.3
n.a.
-.1
87.4
8,
.1
-.1
.1
'.3
.2
.4
.3
.5
.7
.9
72.5 103.8 183.8 179.6 201.7 226.2 230.4 234.3 226.3 '223.4
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-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
14.6 24.0 18.3 25.6
35.7
32.6 33.3
2.8
5.2
6.0
5.2
5.6
5.3
5.1
.0
-.2
.0
.1
.0
— .1
.0
3.1 10.8 11.1 10.5 10.4
2.6
9.9
2.8
4.4
4.5
1.3
4.5
4.4
4.4
4.7
4.5
5.8
7.9
8.3
7.0
7.9
.5
.5
.6
.6
.6
.6
.6
95.3 165.9 176.9 193.5 211.9 215.4 216.6
3.3
18.9 18.8 21.5 21.1 20.2 20.4
2.0 17.5 17.2 19.6 19.0 18.0 18.2
1.3
1.4
1.7
2.2
2.1
2.1
1.9
92.0 147.0 158.1 172.0 190.8 195.2 196.2
82.3 111.6 147.8 166.9 178.8 180.3 180.9
9.8 35.4 10.3
15.0 15.3
5.1 12.0
31.8 '30.9
n.a.
'5.4
5.2
5.6
-.3
.1
.0
11.1 11.5 11.6
4.6
4.6
4.5
'8.4
8.4
8.4
.6
.6
.6
213.7 '212.5 210.6
rl8.8
18.8
18.7
16.4 '16.4
2.3
2.4
194.9 '193.8 191.9
178.6 178.9 178.5
16.3 14.8 13.3
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1948
1929
National income
Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries
,
Proprietors' and rental income *
Business and professional
,
Farm
Rental income of persons
Corporate profits and inventory valua
tion adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1933
1939
1941
1944
1946
1947
1949
1948
87.4
39.6
72.5
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
64.3 121.2 117.0 127.6 140.3 143.3 144 9 142.5
61.7 116.9 111.4 122.3 135.3 138.3 139 8 137.5
51.5 83.4 90 5 104.8 116.1 118.6 119.6 117.2
4.1
1.9 20.6
4.1
3.9
3.9
4.0
8.0
8.3 12.8 12.9 13.6 15.2 15.7 16.1 16.2
4.2
5.0
2.6
5.0
5.0
5.0
5.3
5.6
20.8 35.5 41.2 45.1 49.5 49.9 49 7 47.8
9.6 17.2 20.8 23.1 24.5 24.5 24.5 24.0
6.9 11.8 14.2 15.4 18.4 18.8 18.5 17.1
6.2
6.7
6.6
6.6
6.5
4.3
6.7
6.5
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
14.6
17.2
7.8
9.4
103.8 183.8 179.6 201.7 226.2 230.4 234.3 226.3 '223.4
-2.6
4.1
24.0
24.3
13.5
10.8
-.3
3.1
18.3
23.6
9.6
13.9
-5.2
3.0
32.6
25.6
31.6 34.8
12.5 13.6
19.1 21.2
—6.0 - 2 . 2
3.8
3.4
33.3
36.6
14.4
22.2
-3.3
3.9
35.7
34.5
13.6
20.9
1.2
4.1
31.8
29.4
11.5
17.9
2.3
4.2
n.a.
'141.8 142.2
"136.5 136.6
'115.9 115.7
4.0
4.0
'16.6 16.8
5.6
'5.3
'46.5 44.5
24.1 24.2
'15.7 13.8
6.7
6.5
'30.9
26.4
10.6
15.8
'4.5
4.3
n.a.
n.a.
n.a.
n.a.
3.5
4.3
r
1
2
9
Revised.
n.a. Not available.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1939-48, see Survey of Current Business, July 1949. For a discussion of the revisions, together with annual data for the period
1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since
been revised.
1502
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters
Annual totals
1948
1929
1933
1939
1941
1944
1946
1947
3
Gross national product
1949
1948
1
4
55.8
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
9.9
4.9
4.6
.4
.9
82.3 111.6 147.8 166.9 178.8 180.3 180.9
9.8
7.1
16.5 22.0 23.5 24.8 22.9
44.0 67.1 86.8 96.2 102.2 101.8 103.3
28.5 37.4 44.5 48 8 53 1 53 7 54 8
18.3
7.7 29.5 31.1 45.6 47,1 48.0
6.8
2.8
10.3 13.8 17.9 18.7 17.9
7.7
5.7
12.5 17.2 20.7 21.0 21.2
3.9
— .8
6.7
6.5
7.4
.1
9.0
1.1 - 2 . 1
4.7
1.9
— .1
8.9
1 0
8.5
1.3
8 0
13.1
5.2
} 1.3
2.0
2.0
1.3
3.9
24.7
16.9
13.8
3.2
7.2
5.9
*?.•
96.5
89.0
88.6
1.6
1.2
7.8
7.5
Government purchases of goods and
services
Federal
War
Nonwar
Less* Government sales '
State and local
.
3
91.3 126.4 213.7 212.6 235.7 262.4 266.5 270.3 ^263.5 '259.6 256.3
103.8
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction *
Producers' durable equipment
Change in business inventories.
Net foreign investment
2
30.7
20.8
21.2
2.5
2.9
9.9
28.8
15.7
1.3
13.1
36.7
20.9
21.5
.6
15.8
39 2
22.8
23.1
.3
16.4
<178.6 '178.9 178.5
'23.1 '23 8 25 8
'100.1 '99.3 96.5
55 4 55 9 56 2
'41.6 '35.4 35.0
'16.8 '16.4
17.3
'21.2 '20.4
20.1
'3.6 ' - 1 . 4 - 2 . 4
Q
'1 2
'1 0
40 3 '42 3 r
'44 §
23.4 r25.2
26.2
23.8 '25.5 '26.5
'.3
.3
'.3
16.9 '17.0 '17.8
43 6
25.5
25.8
.3
18.1
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and ssilary disbursements
Total
receipts4
Total
disbursements
Commodity
producing industries
Distributive
industries
Service
industries
Government
DiviLess emProdends
ployee
and
Other prietors'
contriand
perlabor
butions income1 rental
sonal
for
income* interest
social
income
insurance
Transfer
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
74.0
68.3
72.6
78.3
95.3
122.7
150 3
165.9
171.9
176 9
193.5
211.9
45.4
42.3
45.1
48.9
60,9
80.7
103 6
114.9
115.3
109.4
120.2
133.1
45.9
42.8
45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.5
122.3
135.2
18.4
15.3
17 4
19.7
27.5
39,1
49 0
50.4
45.9
46 0
54.3
60.4
13.1
12.6
13 3
14.2
16 3
18.0
20 1
22.7
24.7
30 8
35.2
39.2
6.9
7.5
.6
.5
.6
.6
.7
8
.5
5
.6
6
,7
10.3
8.7
9.2
9.4
9.9
2.8
3.0
3.1
3.1
9 5
10.5
11.5
13.7
15.2
16.6
8.2
8.2
8.5
10.2
16.1
26 8
33.5
35.6
20.9
17.5
19.1
2.3
2 0
2.1
2.1
1.5
1.6
1.8
2.0
15.4
14.0
14 7
16.3
20 8
28.4
32 8
35.5
37.5
41 2
45.1
49.5
2.4
6.7
6.9
7.3
7.8
10 0
10.6
11.4
13.2
14.8
16.2
6.2
11.4
11.7
11.1
66.5
62.1
66.3
71.5
86 1
109.4
135 2
150.5
155.7
158.5
173.5
188.8
1948—September
October
November.. . .
December
216.3
216,3
216.6
217.0
137.7
138.1
137.5
137.1
139.9
140.3
139.7
139.4
62.8
62.7
62.7
62.3
40.4
40.4
39.8
40.0
16.7
16.9
16.9
16.9
20.0
20.3
20.3
20.2
2.2
2.2
2.2
2.3
2.0
2.0
2.0
2.0
494
49.0
49.8
50.3
16.5
16.8
16.9
16.9
10.7
10.4
10.4
10.7
193.3
192.9
192. S
193.6
1949—January
February
March.,
April
215.7
212.9
212.4
212.5
213.1
211 9
209.7
211.4
210.5
136.6
135,0
133.5
134.7
135.0
133 9
134.2
134.4
134.8
138.9
137.3
135.8
136.8
137.2
136.2
136.4
136.6
137.0
61.4
60.6
58.9
58.6
58.3
58 1
57.8
58.2
58.5
40 2
39 5
39 4
40 5
41.1
40 3
40.5
40.5
40.4
17 0
16.9
17.1
17.1
17.3
17.1
17.2
17.1
17.1
20 3
20.3
20.4
20.6
20.5
20.7
20.9
20.8
21.0
2.3
2.3
2.3
2.1
2.2
2.3
2 0
2.1
2.1
2.1
2.1
2 2
2.2
2.1
49 0
47.2
47.3
46.3
46.7
46.5
44.2
45.2
43.8
17 0
17.1
17.1
17.2
17.3
17.2
17.1
17.3
17 A
11.1
11 5
12 4
12 2
12.0
12.1
12.1
12.3
12.3
192.6
191.7
191.4
192.3
192.6
191 5
191 .2
192.2
193.1
1937. . .
1938
1939
1940
1941
1942
1943
1944 .
1945
1946
1947
1948
. .
.
May
June
July
August
September
8.6
1.2
1 8
2,2
2.2
2.2
9
1.3
2.2
2.2
9.7
3.2
3.0
3.6
' Revised.
1 Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
8
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.
8
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 8 consumer bad debts and other business transfers.
as
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 preceding page.
DECEMBER
1949
1503
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Ins talment credit
Total
consumer
credit
End of year
or month
Noninstalment credit
Sale credit
Total
instalment
credit
Total
Automobile
Other
Loans 1
Total
noninstalment
credit
Singlepayment
loans2
Charge
accounts
Service
credit
1929
7,628
3,158
2,515
1,318
1,197
643
4,470
2,125
1,749
596
1933
3,912
1,588
1,122
459
663
466
2,324
776
1,081
467
7,047
7,969
9,115
9,862
6,578
5,378
5,803
6,637
10,191
13,673
16,319
3,595
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
970
1,151
1,961
1,343
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
3,452
3,545
3,698
3,975
3,530
3,377
3,742
4,273
6,191
7,239
7,719
1,442
1,468
1,488
1,601
1,369
1,192
1,255
1,520
2,263
2,707
2,902
1.487
L.544
L.650
1,764
L,513
1,498
L.758
.981
3,054
3,612
3,854
920
963
1948—September
October
November
December
15,231
15,518
15,739
16,319
8,190
8,233
8,322
8,600
2,313
2,792
3,450
3,744
1,617
882
891
942
1,648
3,086
4,528
4,193
4,239
4,310
4,528
1,858
1,889
1,922
1,961
2,335
2,350
2,388
2,567
3,997
3,994
4,012
4,072
7,041
7,285
7,417
7,719
2,855
2,869
2,892
2,902
3,227
3,457
3,557
3,854
959
959
968
963
1949—January
February
March
April
May
15,748
15,325
15,335
15,595
15.843
16,124
16,198
16,453
16,799
17,187
8,424
8,339
8,429
8,630
8,888
9,123
9,335
9,622
9,893
10,171
4,370
4,306
4,364
4,517
4,718
4,870
5,010
5,223
5,438
5,678
1,965
1,996
2,105
2,241
2,386
2,499
2,610
2,761
2,876
3,002
2,405
2,310
2,259
2,276
2,332
2,371
2,400
2,462
2,562
2,676
4,054
4,033
4,065
4,113
4,170
4,253
4,325
4,399
4,455
4,493
7,324
6,986
6,906
6 965
6,955
7,001
6,863
6,831
6,906
7,016
2,904
2,865
2,816
2,764
2,739
2,752
2,768
2,799
2,808
2,854
3,457
3,169
3,121
3,232
3,235
3,274
3,123
3,064
3,130
3,192
963
952
969
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
. .
June
July
.. .
August
September?. . . .
October^
1,267
1,729
1,942
482
175
200
227
544
523
533
560
610
648
687
729
772
874
969
981
975
972
968
968
970
p Preliminary.
1
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Commercial
banksi
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
ization banks *
loans *
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
1929
643
43
263
21 9
23
95
463
41 3
1933
466
29
246
121
20
50
322
20?
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
I .7X7
312
523
692
380
448
498
129
131
132
95
99
104
103
135
174
117
96
99
59
60
70
98
134
160
1,632
1,967
',143
L ,431
1,119
1,170
.422
2,352
3,348
4,072
316
357
477
956
1,435
1,709
364
384
439
597
701
817
67
68
76
117
166
204
3,997
3,994
4,012
4,072
1,712
1,700
1,701
1,709
771
772
780
817
206
204
204
204
4,054
4,033
4,065
4,113
4,170
4,253
4,325
July
4,399
August
SeptemberP . 4,455
4,493
October?
1,705
1,695
1,720
1,749
1,788
1,836
1,866
1,897
1,922
1,937
812
806
807
815
818
. ..
1948—September..
October
November. .
December...
1949—January....
February. . .
March
April.
May
784
426
531
417
827
843
851
855
858
134
89
107
72
200
130
146
200
268
460
680
1,017
1,198
792
Credit
unions
38
32
664
827
912
238
261
255
255
182
203
146
344
236
800
869
956
128
139
151
210
282
319
201
198
199
286
428
975
784
176
194
198
176
237
297
102
91
285
206
104
100
103
153
225
312
86
88
93
109
119
131
123
113
164
322
568
739
1,793
2,636
3,069
1,231
1,432
1,534
151
155
166
231
310
376
155
155
156
160
300
302
304
312
126
126
127
131
727
735
740
739
254
222
237
251
122
116
134
180
31
29
31
37
26
24
26
31
51
44
46
57
202
201
203
207
213
159
159
161
163
165
309
308
315
323
333
130
130
130
131
131
737
734
729
725
722
236
215
287
278
288
112
109
142
146
135
219
167
31
28
36
33
35
346
132
303
140
42
44
58
58
60
726
38
26
25
30
29
28
28
28
29
27
26
225
230
235
239
169
171
172
172
357
369
379
385
133
134
135
135
732
747
757
767
639
749
942
282
294
278
272
155
143
128
134
35
37
34
34
577
68
59
66
65
59
P Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of October amounted to 95 million dollars,
and loans made during October were 11 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
3
Includes only loans insured by Federal Housing Administration.
1504
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estirnated amounts outstanding. In millions of dollars]
Department
HouseAll
Total,
stores
hold
FurniEnd of
other
excludand
appli- Jewelry
year or ing autoture
retail
stores
mailance
month
stores
mobile I order
stores
stores
houses
1929
1,197
1933
663
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1,343
1,525
1,721
1,802
1,135
160
583
265
56
133
119
299
119
29
97
302
377
1,104
1,935
2,567
466
252
172
183
198
337
650
874
485
536
599
619
440
289
293
296
386
587
750
266
273
302
313
188
78
50
51
118
249
387
70
93
110
120
76
57
56
57
89
144
152
220
246
271
284
179
111
109
113
174
305
404
2,335
2,350
2,388
2,567
786
797
812
.74
685
687
696
750
377
379
377
387
119
117
127
152
368
370
376
404
2,405
2,310
2,259
2,276
2,332
2,371
2,400
2,462
2,562
2,676
815
778
756
760
771
774
766
781
818
855
704
685
675
683
704
718
730
755
784
822
366
353
348
351
367
382
405
417
435
455
141
130
124
123
123
124
121
121
121
123
379
364
356
359
367
373
378
388
404
421
707
691
715
|
f
439
1948
September.
October. . .
November.
December.
1949
January...
February..
March....
April
May
June
July
August....
September?
October?. .
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
1946
1947
1948
Total
Retail instalment paper 2
Automobile
Other
Repair Personal
and
instalmodern- ment
ization 2 cash
loans * loans
162.7
233.5
286.2
27.5
50.0
66.6
17.8
30.2
43.4
28.3
43.3
51.7
89.1
110.0
124.5
1948—September .
October
November..
December..
286.7
285.9
285.5
286.2
67.8
67.1
66.8
66.6
44.3
43.5
43.3
43.4
50.6
51.3
51.6
51.7
124.0
124.0
123.8
124.5
1949—January
February...
March
April
May
Tune
July
August. . . .
September ?
October?...
283.4
280.8
282.9
287.6
294.7
303.4
309.4
317.4
323.3
328.8
66.1
66.0
67.7
70.7
73.3
76.1
78.8
82.9
85.3
88.7
42.3
41.5
41.6
43.1
45.8
48.7
50.3
52.3
54.5
56.7
51.0
50.3
49.5
49.5
50.0
51.2
51.4
52.9
53.6
54.2
124.0
123.0
124.1
124.3
125.6
127.4
128.9
129.3
129.9
129.2
38.8
33.5
35.1
39.0
9.8
7.6
8.1
7.9
6.6
4.9
4.6
5.4
3.5
3.5
3.4
3.0
18.9
17.5
19.0
22.7
33.1
31.2
41.6
41.5
43.7
47.0
41.9
47.7
43.5
45.4
7.6
7.6
11.3
12.0
11.9
12.3
11.3
14.1
12.5
13.7
4.3
4.3
5.8
6.8
7.8
8.2
7.5
8.2
7.8
8.6
2.3
2.2
2.6
2.8
3.6
4.4
3.2
4.7
4.3
4.6
18.9
17.1
21.9
19.9
20.4
22.1
19.9
20.7
18.9
18.5
Volume extended
during month:
1948—September .
October
November..
December..
1949—January. . .
February...
March
April
May
June
July
August. . . .
September?
October?...
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purchased
Pur- Direct and
chased
direct
Automobile
retail
Year or month
Total
Outstanding at end of
period:
1946
1947
1948
1948—September
October
November
December
1949—January
February
March
April
May
June
July
August
September?.. .
October?
Volume extended during month:
1948—September
October
November....
December. . . .
1949—January
February
March
April
May
June
July
August
September?.. .
October?
1,591
2,701
3,563
3,486
3,504
3,528
3,563
3,558
3.517
3,556
3,629
3,740
3,852
3,933
4,044
4,140
4,248
165
346
570
550
561
565
570
564
572
598
631
664
688
718
754
780
811
306
536
736
503
433
447
468
426
383
517
527
568
592
541
598
568
593
90
73
76
75
68
71
105
113
112
109
112
127
117
125
Repair
and
modernization
loans12
Personal
instalment
cash
loans
723
723
730
736
737
737
759
785
817
843
869
890
905
915
275
523
751
725
731
736
751
758
724
709
712
736
750
761
778
803
840
273
500
636
608
620
631
636
631
626
630
636
650
676
684
711
730
755
572
796
870
880
869
866
870
868
858
860
865
873
895
901
911
922
927
105
93
98
98
94
90
129
129
136
135
129
134
123
122
122
99
97
110
100
74
94
99
124
124
109
114
121
137
49
48
49
42
32
33
45
48
54
67
50
75
62
70
137
120
127
143
132
115
144
138
142
157
141
148
145
139
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
1946
1947
1948
1948—September..
October
November..
December..
1949—January....
February . .
March
April
May
June
July
August. . . .
September ?
October?...
Volume extended
during month:
1948—September..
October
November..
December..
1949—January....
February. .
March
April
May
June
July
August....
September ?
October?...
Total
Retail instalment paper 2
Repair Personal
and
instalmodern- ment
ization 8 cash
loans
loans *
Automobile
Other
108.4
148.2
177.1
15.0
27.1
38.3
7.4
17.1
23.7
2.4
4.2
5.0
83.6
99.8
110.1
171.8
171.8
173.5
177.1
37.4
37.5
38.3
38.3
22.6
22.7
23.4
23.7
4.8
4.9
4.9
5.0
107.0
106.7
106.9
110.1
176.0
176.1
178.1
180.9
183.0
185.7
187.9
190.1
190.9
191.0
37.9
38.0
38.4
39.4
40.3
41.2
41.6
42.3
43.0
44.2
23.2
22.9
23.4
24.1
25.9
26.7
28.5
29.6
30.0
30.2
5.0
4.9
4.8
4.9
5.1
5.3
5.3
5.8
5.7
6.0
109.9
110.3
111.5
112.5
111.7
112.5
112.5
112.4
112.2
110.6
28.1
25.4
27.7
30.7
6.1
5.1
6.0
5.3
3.8
3.0
3.4
3.4
0.5
0.5
0.4
0.5
17.7
16.8
17.9
21.5
25.7
25.1
31.8
31.4
32.0
31.1
30.8
31.1
27.9
28.1
4.9
4.8
6.9
7.1
7.3
6.7
6.7
6.6
6.1
7.1
2.7
2.8
3.8
4.0
5.2
4.8
5.2
4.7
3.9
3.9
0.3
0.3
0.4
0.4
0.6
0.6
0.5
0.8
0.5
0.5
17.8
17.2
20.7
19.9
18.9
19.0
18.4
19.0
17.4
16.6
P Preliminary.
* Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
DECEMBER 1949
1505
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Oct. Sept.
1949P 1949
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
+9
+9
+7
+ 12
Accounts receivable, end
of month:
Total. .
.
Instalment
+5
+5
Aug.
1949
Percentage change
from corresponding
month of preceding
year
Oct. Sept.
1949P 1949
+16
+15
+7
-15
-14
-20
-9
-19
+18
+13
+24
-12
-9
-17
0
-18
+3
+3
+3
+3
+12
+ 18
+7
+11
+8
+13
Collections during
month:
Total
...
Instalment.
+7
+9
-2
-3
+1
+5
Inventories, end of
month, at retail value.
+6
+5
-1
Year or month
Aug.
1949
-2
-4
0
-4
-8
0
-10
-6
-7
-17
-18
-19
—1
Charge
accounts
Instalment accounts
Household ap- Jewelry Department
pliance stores
stores
stores
Department
Furniture
stores
'23
r
23
14
14
14
14
16
16
15
15
16
16
17
20
12
12
14
13
13
12
12
12
11
12
15
14
15
14
14
14
13
14
12
12
14
13
14
14
14
14
13
14
13
14
stores
1948
September
October
November
December....,*
m
1949
January
February
March
April
May
June
July
August
September
October?
22
'21
nz
23
r
m
'21
ri9
'21
20
20
53
54
55
53
'51
'49
55
'53
'53
'53
r
r49
'51
52
53
r
P Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1
Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average =100
Accounts receivable
at end of month
Sales during month
Year or month
Total
Averages of monthly
data:
1941.
1942..
1943
1944
1945
1946
1947
1948
1940—January
June
July
100
114
130
145
100
131
165
188
100
82
71
65
100
102
103
112
100
78
46
38
37
50
94
138
200
88
174
162
202
211
242
67
101
214
237
154
225
229
'249
263
380
1948—September
October
November.
December,,
March
April .
May.
Cash
Instalment
236
'192
231
'256
272
407
216
'204
215
278
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
100
110
107
112
48
56
61
64
9
6
5
4
43
38
34
32
198
55
g
52
7
8
7
7
6
7
42
42
42
41
7
42
42
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
91
79
84
100
103
80
70
133
125
176
219
142
228
'249
263
370
151
155
160
176
198
69
91
127
168
64
59
181
222
188
206
219
281
186
196
204
212
188
220
243
252
50
51
51
53
173
«,
.
August
September
October?
182
136
171
163
219
212
162
203
314
168
208
131
171
52
162
204
157
152
187
180
194
210
235
227
51
51
223
207
200
149
179
214
220
231
210
205
157
181
210
215
188
182
168
147
195
223
243
221
210
201
141
173
217
221
152
153
152
151
155
165
175
190
191
187
163
161
182
190
196
196
194
179
188
191
202
209
220
222
202
184
185
214
51
50
51
52
50
49
48
4
4
7
S
8
7
9
10
9
10
32
37
39
41
41
41
42
42
39
40
42
42
P Preliminary.
' Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1497.
1506
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1949
Oct.
26
Nov.
17.83
17.40
3.79
6.07
7.54
24.58
27.33
1.69
16.10
4.45
1.12
6.17
4.34
15.31
.78
.05
18.42
17.53
3.90
6.10
7.54
24.58
27.38
1.86
16.44
4.39
1.12
6.13
4.33
15.32
1.12
-.02
.16
.57
.13
.56
66.77
37.84
26.32
'8.54
2.98
5.01
47.34
2.59
23.92
13.68
4.25
66.67
37.39
26.35
8.42
2.62
4.95
46.85
2.46
24.33
13.69
4.25
1.88
.75
1.14
4.23
2.21
1.03
1.18
4.27
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds
16
Notes and certificates. . . . 16
Bills
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. deposits
14
Loans, total
14
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities. . 18
Other securities
18
Other
18
New York City banks:
Loans and investments
15
U. S. Govt. securities, total. 15
Bonds, total holdings
17
Due or callable—5 years 17
Notes and certificates.... 17
Bills
1
Demand deposits adjusted.. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
For purchasing securities:
To brokers:
On U. S. Govts
19
On other securities... 19
To others
19
Real estate and other . . . . 19
Banks outside New York City:
Loans and investments
15
U. S. Govt. securities, total.
Bonds
Notes and certificates. . .
Bills
17
Demand deposits adjusted.. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities. 19
Other
19
MONEY RATES, ETC.
Nov.
Nov.
1949
Oct.
26
Nov.
In billions of dollars
WEEKLY FIGURES 2
RESERVE BANK CREDIT, ETC.
Reserve Bank credit, t o t a l . . . .
U. S. Govt. securities, total..
Bills
Notes and certificates....
Bonds
Gold stock
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves, total. .2, 4
New York City
5
Chicago
5
Reserve city banks
5
Country banks
5
Required reserves
4
Excess reserves, total e
4
New York City
5
Chicago
5
Reserve city banks
5
Country banks e
5
Nov.
Chart
book
page
WEEKLY FIGURES 2—Cont.
18.19 18.35 18.09
BUSINESS CONDITIONS
17.71 17.79 17.67
4.03 4.10 4.03 Wholesale prices:
6.14 6.15 6.12
Indexes (1926=100):
7.54 7.53 7.51
Total
65
24.53 24.53 24.53
Farm products
65
27.53 27.40 27.51
Foods
65
1.73 1.73 1.73
Other commodities
65
16.15 16.43 15.99 Basic commodities:
4.39 4.40 4.43
(Aug. 1939=100):
1.12 1.11 1.11
Total
67
6.16 6.21 6.20
Foodstuffs
67
4.42 4.49 4.42
Industrial materials
67
15.26 P15.30 P15.32 Selected farm products:
.88 Pi.14 P.66
Wheat (cents per bushel). 68
.05
.03
.05
Corn (cents per bushel)... 68
Cotton (cents per pound). 68
.16
.19
.17
Steers (dollars per 100
.62 P. 68 P. 62
pounds)
68
Hogs (dollars per 100
pounds)
68
Butter (cents per pound). 68
66.66 66.51 66.72
Eggs (cents per dozen)... 68
37.04 37.26 37.43
26.33 26.37 26.45 Production: of capacity)
Steel (%
71
8.34 8.44 8.53
2.37 2.44 2.46 Automobile (thous. cars). . . 71
Crude petroleum (thous.
4.95 4.95 4.96
bbls.)
72
46.71 46.63 47.27
Bituminous coal (mill, tons). 72
2.44 2.65 2.56
Paperboard (thous. t o n s ) . . . 73
24.66 24.30 24.33
Meat (mill, pounds)
73
13.78 13.78 13.77
Electric power (mill. kw. hrs.)
4.27 4.28 4.30 Freightcarloadings (thous. cars): 75
Total
74
2.31 2.00 2.00
74
.85 Miscellaneous
1.11
.82
Department store sales
1.20 1.18 1.15
(1935-39=100)
75
4.29 4.33 4.36
19.37 19.34 19.29 19.13 19.29
10.87 10.58 10.32 10.50 10.63
7.73 7.76 7.72 7.72 7.75
6.11 6.14 6.11 6.11 6.15
2.28 2.20 2.17 2.21 2.25
.64
.87
.61
.43
.56
15.24 14.95 14.74 14.72 15.06
MONTHLY FIGURES
.87
.91
.85
.84
.91
3.81 3.88 3.88 4.00 3.69
DEPOSITS AND CURRENCY
1.60 1.61 1.62 1.62 1.60
7.27 7.57 7.78 7.45 7.46
4.86 4.87 4.89 4.84 4.84 Deposits and currency: •
Total
Excluding U. S. Govt. deposits
.53
.78
.88
.57
.60
Demand deposits adjusted..
.59
.57
.61
.61
.61
.20 Time deposits adjusted
.21
.21
.21
.21
Currency outside b a n k s . . . .
1.06 1.08 1.09 1.11 1.13
U. S. Govt. deposits
Money in circulation, t o t a l . . .
47.40 47.33 47.37 47.38 47.44
Bills of $50 and over
26.97 26.81 26.72 26.76 26.80 $10 and $20 bills
18.59 18.59 18.61 18.65 18.70
Coins, $1, $2, and $5 bills...
6.27 6.22 6.17 6.23 6.28
2.12 2.00 1.94 1.88 1.82
32.11 31.90 31.97 31.91 32.22
1.68 1.61 1.60 1.74 1.69
6.49 6.66 6.76 7.05 6.46
13.68 13.65 13.65 13.63 13.62 Turnover of demand deposits: 5
16.66 16.76 16.89 16.86 16.87 New York City
8.82 8.83 8.89 8.93 8.93
Other leading cities
4.03 4.03 4.04 4.05 4.06
.60
.58
.62
.61
.62
3.40 3.42 3.44 3.45 3.46
Nov.
16
Nov.
In unit indicated
152.5
158.5
161.7
144.8
151.4
156.3
158.7
144.6
151.5
156.7
159.3
144.8
151.4
156.5
159.6
144.8
151.5
156.8
159.5
145.0
247.8 248.4 249.3 249.8 249.3
303.2 299.4 298.5 296.9 300.8
223.8 226.4 228.6 230.3 228.0
216.2 217.0 218.2 217.2 221.3
115.0 115.5 113.7 115.9 125.2
29.7 29.9 29.9 29.7 29.8
29.59 29.71 29.38 29.60 30.28
18.38 17.09 16.51 15.91 15.88
62.5 62.2 61.9 61.9 61.9
44.8 45.2 45.8 45.2 46.5
8.8
109
9.0
132
21.0
111
57.4
112
78.2
73
5,018 5,078 5,127 5,152 5,125
0.46 0.45 1.18 2.33 2.11
208
199
204
203
206
300
332
330
362
320
5,433 5,435 5,435 5,644 5,537
591
322
579
313
636
312
759
330
665
295
••298
315
318
342
330
1949
Aug.
Sept.
Oct. i
In billions of dollars
6
P170.00
P17O.3O
P171.6O
6
6
P166.90
P83.40
P58.4O
P25.10
P3.10
27.39
8.49
14.42
4.48
P166.60
P83.30
P168.00
P84.60
P58.40
P24.90
P 3 . 60
27.41
8.49
14.38
4.54
6
6
7
7
7
P58.40
P24.90
P3.70
27.41
8.50
14.40
4.52
Annual rate
30.4
19.0
29.5
19.0
29.4
19.1
In billions of dollars
COMMERCIAL BANKS
Per cent per annum
U. S. Govt. securities:
Bills (new issues)
30 1.063 1.074 1.056 1 052 1.108 Cash assets'
Certificates
30 1.09
1.10 1 .10 1.08 1.09 Loans and investments, total«.
3-5 years
30 1.38
1.37 1 .36 1.36 1.38
Loans*
7-9 years
30 1.72
1.71 1.70 1.68 1.69
U. S. Govt. securities'
15 years or more
30, 32 2.22 2.21 2.20 2 .18 2.19
Other securities •
Corporate bonds:
Holdings of U. S. Govt. seAaa
32 2.61 2.61 2.61 2 .60 2.59
curities:
Baa
32 3.35 3.36 3.36 3 .35 3.35
Bonds:
High-grade municipal bonds. . 32 2.19 2.19 2.19 2 .16 2.14
Total
Within 1 year
In unit indicated
1-5 years
Stock prices (1935-39=100):
5-10 years
Total
34
130
129
128
129
130
Over 10 years
Industrial
34
137 Notes and certificates
136
138
137
135
Railroad
34
96
97
97
97
96
Public utility
34
103 Bills
102
102
102
102
Volume of trading (mill, shares) 34 1.43 1.34 1.27 1.37 1.30 Guaranteed securities
Nov.
9
9
9
9
10
10
10
10
10
10
10
10
P31.90
P117.9O
P41.20
P66.70
PlO.OO
P31.60
P118.80
P41.80
P66.80
P10.20
P33.50
P119.80
P41.90
P67.7O
P10.20
42.52
5.34
26.52
6.67
4.00
41.87
8.51
22.64
6.69
4.02
13.87
3.73
•42.09
«8.57
«22.76
'6.71
"4.04
P14.12
P4.09
12.75
4.22
For footnotes see p. 1510.
DECEMBER
1949
1507
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1949
Aug.
Sept.
Oct.1
In billions of dollars
MONTHLY FIGURES—Cont.
12
12
12
12
12
12
12
12
12
99.18
34.52
56.46
8.20
70.84
29.26
10.51
5.25
16.87
99.83 100.
35.08 35.14
56.44 57.33
8.30
8.32
70.64 71.74
29.25 29.23
10.96 11.12
5.60
5.53
16.08 16.11
12
12
12
12
12
12
12
12
24.84
8.95
14.10
1.79
18.88
2.77
4.83
5.87
24.86
9.17
13.87
1.82
18.78
2.78
4.97
5.63
24.61
8.
14.15
1.69
18.81
2.71
4.99
5.57
13
13
13
13
13
13
13
13
13
37.01
13.42
20.71
2.88
24.94
11.61
4.88
1.62
6.36
37.27
13.67
20.67
2.92
24.76
11.59
5.14
1.68
6.03
38.16
13.96
21.21
3.00
25.5
11.65
5.23
1.72
6.15
13
13
13
13
13
13
13
13
37.34
12.15
21.65
3.54
27.02
14.88
3.47
4.64
37.71
12.24
21 .89
3.58
27.11
14.88
3.69
4.43
38.00
12.41
21.97
3.62
27.36
14.
3.72
4.39
Sept.
Oct.1
In billions of dollars
Consumer credit, total
20
Single-payment loans
20
Charge accounts
20
Service credit
20
Instalment credit, total
20, 21
Instalment loans
21
Instalment sale credit, total . . . .
21
Automobile
21
Other
21
.97
P.97
22
22
22
22
22
255.88 256.71
110.59 109.29
44.97 46.35
63.31 63.50
33.36 33.91
22
3.66
3.65
23
23
23
23
23
23
23
23
66.70
38.85
17.52
69.10
23.30
20.60
11.60
8.30
66.70
39.41
18.01
69.10
23.00
20.50
11.60
8.30
24
12.12
12.32
24
24
7.70
3.49
8.07
4.34
24
32.84
34.04
24
24
19.01
6.26
20.00
6.13
66.80
65.51
'65.51
50.29
7.78
52.71
49.41
7.54
«49.63
7.54
58.93
58.64
32.67
10.37
39.17
37.43
11.32
33.05
*37.40
10.62
33.05
28.64
2.12
15.07
24.29
1.66
15.07
1.66
15.07
10.37
10.37
*10.37
7.25
.58
7.28
.58
48.60
48.60
«7.30
.58
48.60
9.51
9.52
8.45
4.45
8.48
4.45
«8.49
4.45
3.15
'3.72
1--.57
+1.07
4.92
3.85
2.05
3.27
-1.22
Per cent
1.027
1.062
1.044
29
29
29
29
2.62
3.40
1.50
1.44
2.60
3.37
1.50
1.38
2.61
3.36
1.50
1.38
33
33
6.61
3.90
Margin requirements (per cent)
35
Stock prices (1935-39 = 100), total. . .
35
Stock market credit (mill, dollars):
Bank loans
35
Customers' debit balances
35, 36
Money borrowed
36
Customers' free credit balances....
36
256.81 Volume of trading (mill, shares)
35
109.29
BUSINESS CONDITIONS
46.07
64.01 Personal income (annual rates, bill,
dollars): • 5
33.81
Total
48
Total salaries and wages
48
3.62
Proprietors' income, dividends, and
interest
48
P67.60 All other
48
39.29 Labor force (mill, persons): e
17.32 Total
49
P69.2Q Civilian
49
P23.00
Unemployment
49
P2O.5O
Employment
49
Nonagricultural
49
Pll.50
P8.30 Employment in nonagricultural 5establishments (mill, persons):«
Total
50
Manufacturing and mining
50
Construction
50
50
P7.80 Transportation and utilities
Trade
50
3.71
Government
50
Hours and earnings at factories:
Weekly earnings (dollars)
51
P20.19 Hourly earnings (dollars)
51
Hours worked (per week)
51
6.07
50
122
50
124
50
127
444
699
404
548
.95
454
740
418
580
1.14
439
783
416
586
1.31
P.97
P9.89 P10.17
P4.46 P4.49
P5.44 P5.6S
P2.88 P3. 00
P2.56 P2.6S
GOVERNMENT FINANCE
110.59 109.29
29
16.45 P16.80 P17.19
2.80 P2.81 P2.85
3.06 P3.13 P3.19
9.62
4.40
5.22
2.76
2.46
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.
By class of security—Cont.
Bonds—Total outstanding....
24
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
24
Commercial bank and F. R.
Bank
24
F. R. B a n k . . ,
24
By earliest callable or due date:
Withinl year-Total outstanding 25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
1-5 years—Total outstanding.
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
5-10 years—Total outstanding 25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank.
25
Commercial Bank and F. R.
Bank
25
F. R. Bank
25
Over 10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
Cash income and outgo:
Cash income
26
Cash outgo
26
Excess of cash income or outgo. . . .
26
MONEY RATES, ETC.
CONSUMER CREDIT*
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks e
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals 6
Corporations and associations*..
Insurance companies e
Mutual savings banks e•
State and local govts.
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding
Commercial bank and F. R.
Bank
F. R. Bank
MONTHLY FIGURES—Cont.
Aug.
GOVERNMENT FINANCE—Cont.
MEMBER BANKS
AH member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Reserves
Central reserve city banks: 6
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted 8
Time deposits
Balances due to banks
Reserves
Reserve city banks:5
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Reserves
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted'
Time deposits
Balances due from banks
Reserves
Chart
book
page
Treasury bills (new issues)
Corporate bonds:
Aaa
Baa
F. R. Bank discount rate
Commercial paper
Stock yields:
Dividends/price ratio:
Common stock
Preferred stock
6.39
6.19
3.85
3.88
In unit indicated
211.4
134.4
'210.5 P208.4
1 3 4 . 8 P133.1
62.5
14.5
'61.2
14.5
P61.4
P13.9
65.1
63.6
3.7
59.9
51.4
64.2
62.8
3.4
59.4
51.3
64.0
62.6
3.6
59.0
51.3
42.88
14.93
2.17
3.95
9.43
5.85
43.08 P42.27
15.05 P14.38
2.19 P2.21
3.94 P3.88
9.46 P9.39
5.87 P5.85
54.66
1.398
39.1
55.72 P55.26
1.407 Pl.392
39.6 P39.7
For footnotes see p. 1510.
1508
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1949
Aug.
Oct.
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
Sept.
52
52
52
52
72.9
•77.5
19.6
53
53
53
177
192
165
184
199
172
54
54
54
54
54
54
174
191
183
115
244
215
175
193
189
119
252
224
55
55
55
55
55
55
55
55
55
55
134
111
123
184
151
166
168
177
388
256
138
127
125
203
156
166
180
179
404
275
75.3
80.6
18.1
P66.
P82.
P17.
P175
P175
P175
38
182
P122
P234
P227
134
P116
206
162
P166
^184
P183
M10
P295
56
56
56
57
57
57
57
57
57
18.9
8.0
11.0
7.7
1.
5.9
10.6
3.5
7.2
18.9
7.9
11.0
7.6
1.9
5.7
10.8
3.5
7.3
P16.7
P6.6
PlO.l
7.2
1.7
5.4
10.7
3.
7.1
56
56
56
57
57
31.6
14.7
16.9
9.0
13.9
31.1
14.3
16.8
9.2
14.4
P30.9
P14.0
P16.9
9.2
14.5
Aug. ! Sept.
Cont.
Consumers' prices (1935-39=100):
All items
,
Food
Apparel
Rent
Miscellaneous
Wholesale prices (1926=100):
Total
Farm products
Food
Other commodities
Textile products
Hides and leather p r o d u c t s . . . .
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
16 s <
*
2 0 J r,
IS" 4
no ^
65
65
65
65
66
66
66
67
67
67
66
69
69
243 j
245j
70
70
70
70
Govt. payments
2,417
1,249
1,162
6
168.5
200.6
186.8
121.5
155.2
152.2
159.6
159.6
145.0
138.1
181.3
116.0
130.6
189.2
167.3
109.0
2421
249|
2,608
1,274
1,327
I
7
240
243
3,139
1,354
1,773
12
INTERNATIONAL TRADE AND FINANCE
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports or imports
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Claims on foreigners
Foreign exchange rates:
See p. 1529 of this BULLETIN
76
76
76
P880
P9041
P491|
77
77
P530;
P389
P375
P5.60|
77
77
77
P5.67
P2.58
P849
P559
P290
P2.58
P3.02
p. 70
p. 76
J'3.09
P . 83
78, 79
1949
58
58
58
939
420
519
1,009
468
541
1,080
495
585
59
59
59
59
390
264
126
98
529
321
208
100
463
316
147
100
QUARTERLY FIGURES
GOVERNMENT FINANCE
60
1,903
1,922
60
60
537
668
527
658
509
628
60
60
23
675
27
710
27
725
106
92
61
69.6
20.2
25.4
68.2
14.4
23.
62
62
283
253
289
'264
63
63
63
288
817
413
342
881
510
63
63
169.6
204.2
187.2
121.2
155.2
153.7
163.1
162.0
145.3
139.0
181.1
117.7
r
130.0
189.4
168.3
109.6
64
64
64
64
64
56
56
56
61
61
61
Oct.i
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
Cont.
Industrial production: 5
Total (1935-39=100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
Manufacturing production
(1935-39=100), total
Durable
Nondurable
Selected durable manufactures
(1935-39=100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
Cotton consumption
Shoes
Paperboard
Newsprint conpumption
Manufactured food p r o d u c t s . . . .
Fuel oil
Gasoline
Industrial chemicals
Rayon
Sales, inventories, and5 orders:
Sales (bill, dollars):
Manufacturing, total
Durable
Nondurable
Wholesale, total
Durable
Nondurable
Retail, total
Durable
Nondurable
Inventories (bill, dollars): 5
Manufacturing, total
Durable
Nondurable
Wholesale
Retail
New orders (1939 = 100): 7
Manufacturing, total
Durable
Nondurable
Construction contracts (3 mo. moving
avg., mill, dollars): 5
Total
Residential
Other
Residential construction:
Contracts awarded (mill, dollars): 5
Total
1- and 2-family dwellings
Other
Dwellings started (thous. u n i t s ) . . .
Value of construction activity (mill,
dollars):
Total*
Nonresidential: e
Public
Private
Residential: «
Public
Private
Freight car loadings: 5
Total (1935-39=100)
Groups (points in total index): . . . .
Miscel aneous. . .
Coal
All other
Department stores:
Indexes (1935-39 =100): 5
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks
Chart
book
page
1
4.3
2.
4.1
2.6
60.8
8.9
22.4
I
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National defense
27, 28
Veterans' Administration
28
International aid
28
Interest on debt
28
Allother
28
Receipts:
Net receipts
27
Individual income taxes
28
Corporate income, etc
28
Miscellaneous internal revenue. . 28
All other
28
Tax refunds (deduct)
28
In billions of dollars
9 .23
3.08
1 .71
I .58
1 05
1 .74
12 . 40
7 .2(y
3 .29
2 .01
.84
t . 00
10 .15
3 .15
1 .65
1 .68
1 .87
1 .67
11.01
3.11
1.45
1.35
8 .05
3 .84
7 .83
2 .00
.84
1 .46
9.26
3.63
3.04
2.12
.99
2.95
.53
.16
MONEY RATES
Bank rates on loans to business:
All loans:
275
19 cities
New York City
270
7 Northern and Eastern cities. . .
11 Southern and Western cities..
351
975
Loans of $l,000-$10,000:
19 cities
454
New York City
7 Northern and Eastern cities...
4.1
11 Southern and Western cities..
2.8
31
31
31
31
31
31
31
31
For footnotes see p. 1510.
DECEMBER
1949
1509
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1949
JanMar.
Apr.June
JulySept.
Per cent per annum
QUARTERLY FIGURES—Cont.
Stock yields:
Earnings/price ratio, common
stocks
1949
Jan.Mar.
Apr.June
JulySept.
In unit indicated
QUARTERLY FIGURES—Cont.
BUSINESS FINANCE—Cont.
MONEY RATES—Cont.
Bank rates on loans to business—Cont.
Loans of $10,000-$100,000:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities..
Loans of $100,000-$200,000:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities. .
Loans of $200,000 and over:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities..
Chart
book
page
Plant and equipment expenditures
(bill, dollars):' 8
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
31
31
31
31
3.64
3.42
3.66
3.75
3.70
3.43
3.64
3.89
3.64
3.41
3.63
3.79
31
31
31
31
2.89
2.66
2.89
3.04
3.04
2.78
2.98
3.26
31
31
31
31
2.42
2.25
2.44
2.71
2.44
2.17
2.66
2.69
2.98
2.74
2.93
3.18 Individual savings:
Gross savings
Liquid savings
2.31
Cash
2.13
U. S. Govt. securities
2.39
Other securities
2.58
Insurance
Debt liquidation
33
4.28
42
42
42
In billions of dollars
43
43
43
43
43
43
43
+8.9
+1.0
+0.2
+1.4 +0.1
+0.8 +0.9
+ 1 3 + 14
.
+0.4 -1.6
+7.2
+0.7
-3.2
Annual rates,
in billions of dollars
13.80
GROSS NATIONAL PRODUCT, ETC.
In unit indicated
BUSINESS FINANCE
Corporate assets and liabilities (bill,
dollars):«
Current assets, total
Cash
U. S. Govt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
Corporate security issues:
Total (bill, dollars) *
New money, total (bill, dollars) e ...
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars): •
Public
Private
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)
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
37
37
37
37
37
37
37
37
37
125.0
23.4
14.0
48.5
37.5
59 2
34.6
11.2
65.8
123.3
24.3
14.8
45.7
37.1
56.6
32.7
10.6
66.7
38
38
1.06
2.31
1.97
.81
.69
.53
.06
.11
.85
38
38
38
.72
.05
.08
1.58
39
39
39
39
699
343
174
182
1,615
1,293
39
39
39
39
152
2
237
50
38
38
.58 « 1.15
.
.33
.74
.40
.24
81
.15
.25
111
182
599
277
80
241
353
4
Gross national product *
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income, consumption, and
saving: 5
Personal income
Disposable income
Consumption expenditures
Net personal saving
44
263.5
259.6
256.3
44
44
46
46
46
42.3
178.6
23.1
100.1
55.4
44.0
178.9
23.8
99.3
55.9
43.6
178.5
25.8
96.5
56.2
44
42.6
36.6
34.2
45
45
45
45
21.2
16.8
3.6
1.0
20.4
16.4
-1.4
1.2
20.1
"17.3
-2.4
-.8
47
47
47
47
213.7
194.9
178.6
16.3
212.5
193.8
178.9
14.8
210.6
191.9
178.5
13.3
89
4
29.4
26.4
40
40
17.9
9.5
15.8
'7.4
41
4.6
3.9
41
1.1
1.1
498
325
491
'259
248
58
230
115
30
Dec.
31
In billions of dollars
INSURED COMMERCIAL BANKS
11
11
11
11
2 .78
10.67
6 .80
16.29
2.73
10.89
7.17
1.34
0 .94
5 51
3 .42
1.97
0.90
5.76
3.49
18.76
504
295
41
41
June
1.1
41
41
Dec.
31
SEMIANNUAL FIGURES
Loans:
Commercial
Agricultural
Real estate
Consumer
15.6
For purchasing securities:
7.
To brokers and dealers
Toothers
State and local government securities
Other securities
40
1949
1948
228
105
11
11
11
11
p
c
* Estimated.
P Preliminary.
Revised.
Corrected.
For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because
the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, moat weekly charts and several monthly charts
include figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
3
8
Deficiency of less than 5 million dollars.
* Less than 5 million dollars.
Adjusted for seasonal variation.
6
Data not comparable with prior months due to reclassification on Oct. 6 of 9 central reserve city banks in New York City as reserve city
banks.
7
Revised series not yet available.
8
Expenditures anticipated by business during the fourth quarter of 1949 are (in billions of dollars): All business. 4.4; manufacturing and
mining, railroads and utilities, 3.1; manufacturing and mining, 1.9; and during the first quarter of 1950 are 3.8, 2.6, and 1.7, respectively.
* Monthly issues of this edition of the^Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues at $1.00 each.
1
1510
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT
1949
Chart
book
page1
Aug.
Sept.?
1949
Chart
book
page1
Oct.?
Aug.
In millions of dollars
3
Consumer credit outstanding, total...
instalment credit, total
3, 5
Instalment loans
5
c
Instalment sale credit
Charge accounts
3
3
Single-payment loans
3
Service credit
Consumer credit outstanding, cumulative totals: 2
4
Instalment credit
4
Charge accounts
4
Single-payment Ioan3
4
Srrvice credit
f '^nsumer instalment sale credit out2
standing, cumulative totals:
6
All other retailers
Department stores and mail-order
6
houses
Furniture and household appli6
ance stores. .
6
Automobile dealers
4,913
4,095
2,876
7
868
858
906
7
765
748
790
7
63 1
452
"-Q4
412
629
429
8
8
8
4 3QO
4- 4^S
1 4?1
? 298
1.443
1 ,064
4,493
2,317
1,459
1,074
8
1,052
8
,,,
767
5,134
3,933
2,761
Oct.?
In millions of dollars
16,453 16,799 17,187 Consumer instalment sale2 credit
9,622 9,893 10,171 granted, cumulative totals:
4,399 4,455 4,493
By all other retailers
5,223 5,438 5,678
By department stores and mail3,064 3,130 3,192
order houses
2 ,799 2,808 2,854
By furniture and household appli968
968
970
ance stores.
Bv automobile dealers
Consumer instalment loan credit out16,453 16,799 17,187 standing, cumulative totals: 2
6,831 6,906 7,016
Commercial and industrial banks.
3,767 3,776 3,824
Small loan companies
968
968
970
Credit unions
Miscellaneous lenders
Insured repair and modernization
5,223 5,438 5,678
loans
4,714
Sept.P
4,279
3,002
P Preliminary.
1
Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
2
The figures shown here are cumulative totals, cot aggregates for the individual components.
by subtracting from the figure shown, the total immediately following it.
Aggregates for each component may be derived
NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1949
[In thousands of units]
Cotton
Federal Reserve district
Corn
Production
1948
Estimate
Nov. 1, 1949
Production
1948
Estimate
Nov. 1, 1949
Production
1948
Bales
Bales
Buskels
Bushels
Bushels
310
4,065
1,263
448
6,482
1,727
6,295
32,179
58,168
269,198
179,076
199,109
1,483,210
482,769
455,941
422,894
55,486
6,223
14,868
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
15,524
3,650,548
i ,626
1,573
2,833
2,063
4
* 4,824
Total
3,784
Oats
Federal Reserve district
Spring wheat
Winter wheat
Estimate
Production
1948
Nov. 1, 19491
Bushels
Bushels
Estimate
Nov. 1, 19492
Buskels
6 708
31 ,552
56,547
255,200
186,760
202,303
1,335,659
431,668
381,668
396,716
65,990
6,847
13,501
16,435
62,707
26,259
7,975
87,609
71,271
41,336
477,649
57,486
127,870
13,235
18,576
64,307
25,514
6,997
88,155
71,757
25,540
368,214
106,885
105,694
256,343
5,314
87
34,460
191,918
6,128
132
31,497
3,357,618
990,098
894,874
298,308
231,352
Tame H a y
Tobacco
105
1,950
22
1,551
21
White potatoes
Estimate
Nov. 1, 1949
Production
1948
Estimate
Nov. 1, 1949
Production
1948
Estimate
Nov. 1, 1949
Production
1948
Estimate
Nov. 1, 1949
Bushels
Buskels
Tons
Tons
Pounds
Pounds
Bushels
Buskels
.
.
.
. .
. . .
Total
5,116
29,630
18,389
66,477
27,732
30,227
640,036
74,841
417,785
135,271
18 148
28,100
5,983
24,526
15,763
55,902
37,564
31,606
590,116
64,544
316,704
110,075
35 528
32,764
4,059
6,657
2,504
5,535
5,194
3,791
15,607
9,384
9,429
10,355
1,724
12,759
3,494
4,917
2,358
5,542
5,264
4,042
17,476
9,463
9,412
10,313
1,835
12,664
61,275
157,919
1,070,972
232,864
30,750
381,323
2,349
4,130
1,491,752
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
] f inneapolis
V
Kansas City
Dallas
San Francisco
Production
1948
39,227
1,321,075
86,998
86,780
1,981,730
921
57,775
153,089
1,091,077
254,661
30,209
370,815
2,189
4,366
83,328
44,911
22,533
12,866
27,291
12,174
28,286
8,418
46,070
37,722
4,888
117,363
74,449
32,283
18,914
12,222
22,821
13,764
29,210
7,231
39,135
30,293
4,135
102,375
2,004,358
445,850
386,832
39,262
915
1 Estimate is for Aug. 1; no estimate made since that date.
Estimate is for Oct. 1; no estimate made since that date.
Includes 15,000 bales grown in miscellaneous territory.
Includes 16,000 bales grown in miscellaneous territory.
2
3
4
DECEMBER
1949
1511
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
1514-1519
Gold production . .
1519
Reported gold reserves of central banks and governments. .
1520
Gold movements; gold stock of the United States. .
1521
International Monetary Fund and Bank. .
1522
Central banks . .
1522-1526
Money rates in foreign countries..
1527
Commercial banks
1528
Foreign exchange rates. .
1529
Price movements:
Wholesale prices .
1530
Retail food prices and cost of living. .
1531
Security prices .
1531
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 1949
1513
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
through—
Increase in foreign banking
funds in U. S.
Total
Total
Other
Official»
Increase in
banking
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds 2
Domestic
securities:
Inflow of
foreign
funds s
Inflow in
brokerage
balances
1935—Dec.
1936—Dec
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936).
30
29
(Jan. 4, 1939).
(Jan. 3, 1940).
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
631.5
989.5
1,259.3
1,513.9
2,522.4
38.0
140.1
334.7
327.0
634.1
593.5
849.4
924.6
1,186.9
1,888.3
361.4
431.5
449.1
510.1
650.4
125.2
316.2
583.2
641.8
725.7
316.7
917.4
1,162.0
1,219.7
1,133.7
12.9
47.5
47.6
80.6
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
(Jan. 1, 1941).
3i
31 3
3i
5,807.9
5,354.1
5,980.2
7,267.1
3,239.3
2,979 6
3,465.5
4,644.8
1,281.1
1,177.1
1,557.2
2,610.0
1,958.3
1,802 6
1,908.3
2,034.8
775.1
791 3
888.8
877.6
803.8
855 5
848 2
925.9
888.7
626 7
673.3
701.1
100.9
100.9
104.4
117.8
1044—Dec
1945—Dec
1946—Dec.
1947—Dec
31
3i
3i
31
7,728 4
8 802.8
8,009.5
8,335.2
4 865 2
6,14^ 5
5,272.3
4,120.3
2,624 9
3,469.0
2,333.6
1,121.8
2 240 3
2,675 5
2,938.7
2,998.5
805 8
742 7
427.2
186.5
1 019 4
972 8
1,237.9
1,276.9
911 8
798.7
464.5
367.0
126 3
144.1
153.7
142.4
8,075.6
8,251.2
8,560.6
8,653.0
8,715.5
8,643.0
8,606 8
8,483.8
8,577 5
8,468.8
8,520.7
8,480.9
4,651.7
4,782 3
5,119.5
5,220.2
5,298.9
5,212.7
5,151.9
4,953.8
5,008 8
4,868 7
4,866.4
4,935.2
1,685.0
1,796.9
2,126.0
2,221.2
2,294,2
2,236.6
2,128.1
1,941.6
2,015 0
1,864.6
1,866.3
1,872.6
2,966.7
2,985 4
2,993.6
2,999.0
3,004.7
2,976.1
3,023 8
3,012.2
2,993 8
3,004.1
3,000.0
3,062.6
69.6
103.8
116.8
139.3
138.4
152.5
190 0
261.4
287 0
298 2
345.3
308.8
1,170.7
1,178 0
1,182.1
1,186.9
1,188 2
1,170.5
1,176 1
1,180.5
1,190 5
1,199 6
1,206.7
1,127.2
162.6
181 8
174.8
72.2
79.8
87.4
89 7
98.7
100 2
123.3
216.5
260.5
121 5
124 6
123.1
120.3
118.1
122.6
118.9
115.1
116 3
119.5
121.2
127.0
194g—Oct 31
Nov 30
Dec 31
1949—j an 3i
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31P
Sept. 30?
. . . .
453.8
2 ?.*?. n
1,899.5
L.880 6
1,844.3
1,914.2
L,892 1
1,897.3
L 880 2
S74. 3
1 874 7
1,859 5
1,764.7
1,722.1
6.0
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,
through—
1941—Dec
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec
International institutions
31 . . . . . .
31
31
31
31
31
453.8
31
2,067.3
1948—Oct. 31
Nov. 30
Dec. 31
1949—j arx . 31
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31P
Sept. 30?
....
1,732.2
1,713 3
1,677 1
1,672.5
1,650 5
1,639.6
1,622.6
1,616 7
1,619.1
1,615 9
1,616.4
1,623.7
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
1.071 7
3,626.3
3,608.1
4,192.8
4,081.8
4,037.0
3,574.2
2,975.1
340.5
425.1
760.3
976.4
1,395.7
979 7
688.6
5,354.1
674.1
5,980.2
837.8
7,267.1 1.257.7
7,728 4 1,090.0
8,802.8
892.5
7?555 7 563 1
437.0
6,267.9
639.9
625.9
636.8
585 7
464.2
384.8
234.3
464.4
474.0
487.7
506 2
539.7
326 4
213.8
725.7
592.1
629.1
664.3
722.3
766 1
839.3
50.5
48.1
48.2
63 1
106.5
287.5
150.1
6,343.4
6,537 8
6 883 4
6,980.5
7.065 0
7,003.4
6,984.2
6,867 1
6,958.5
6,852 8
6,904.3
6,857.1
51.3
57.7
74 2
58.6
56.6
61.1
72.4
99 5
113.6
86.7
83.9
99.2
76.0
88.2
103 0
127.6
122.9
129.0
120.9
121 3
134.8
143.7
129 3
174.6
823 8
818 5
846 0
871.2
316.4 1,021.4
330.3 1,089.0
335 9
,122 2
383.7 L.145.8
403 7 L,192 9
396.8 L.167.9
389 5 t,164.9
372 8 L,116 7
376 5 L.092.1!
381 3 1,094 31
399.6 1,102.1
291.4 1,085.4
479.5
500.9
659 7
682.4
689.7
620.9
558.7
464.6
533.5
473.7
482.0
528.8
859 Q
883.3
925 5
918 0
910.5
885 6
898.3
907.9
1,030.3
1,133.3
1,172.5
1,311.8
1,246.3
1,100.6
Latin
America
Asia
All
other
691.1
932.9
1,161.6
1,273 6
1,784.1
1,258 3
975.8
128.6
178.3
201.4
203.0
247.5
269.6
244.9
868.0 1,464.2 1,001.8
2,768.3
2,884.5
930 3 1,448 5 1,044 1
3,141 1
947 3 1,503 6 1 056 7
970.0 1,524.0
3,269.3
990.6
3,325 9
996 4 1 541 9
963 4
3,258.9 1,006.4 1,508.3
983.4
3,231.9
996 4
953 3 1,573 2
3,092 9
942 3 1 621 4
966 4
3,161.0
925.4 1,660 8
955.5
3,065 3
909 3 1 689 4
940 0
3,095.2
904.7 1,710.7
954.5
3,087.3
892.6 1,677.9
942.2
241.1
230 5
234 9
226.7
237 5
246.4
229 5
244 1
255.7
248 9
239.2
257.2
567.5
835.8
951.0
1,193 7
1.338.4
1,47^ 0
1,383.4
9 Preliminary.
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central government*
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such institutions are included in foreign securities.
1
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, Thi«
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974. For revision of earlier figures to include movement in official Philippine accounts held with U. S.
Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported
by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes
in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been
adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591,
and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971.
1514
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—).
In millions of dollars]
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
International
institutions
1941- -Dec.
1942- -Dec.
1943- -Dec.
1944- -Dec.
1945- -Dec.
1946- -Dec.
1947- -Dec.
1948—Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1949—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 3 1 * .
Sept. 30P.
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
328.6
493.3
939.4
804.4
646.4
397.6
264.9
416.5
394.5
404.1
356.6
229.9
165.8
87.6
161.0
170.0
176.7
193.1
265.0
208.2
126.7
326.2
166.3
192.7
221.4
286.3
359.0
432.8
-3.4
-6.2
-6.9
7.0
50.1
247.6
132.8
538.0
479.8
565.3
611.2
745.8
687.2
576.6
1,766.9 273.1 296.7
541.4
1,697.5 399.5 482.8
743.9
2,271.2 704.7 578.7
928.2
2,193.7 818.6 794.7
888.6
2,223.4 ,414.2 924.9 1,369.1
2,065.5 823.9 983.3 1,135.7
1,621.4 301.6 1,095.0
877.3
1,899.5
1,880.6
1,844.3
1,914.2
1,892.1
1,897.3
1,880.2
1.874.3
1,874.7
1,859."
1,764.7
1,722.1
31..
31..
31..
31..
31..
31..
31..
United
King- France
dom
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
453.8 5,272.3
2,242.0 4,120.3
From Jan. 2, 1935,
through—
301.2
318.9
485.0
506.8
515.6
456.0
376.4
294.3
349.1
290.2
291.1
377.5
86.4
93.8
112.6
89.8
87.9
89.5
100.7
104.1
114.2
84.0
70.3
86.8
91.2
95.3
106.1
112.1
103.1
109.6
91.3
95.4
104.3
113.6
102.0
149.1
512.0
509.2
525.3
546.9
534.5
551.3
585.1
569.8
557.9
531.1
538.2
545.1
295.1
310.4
313.2
364.4
389.5
379.3
373.8
356.5
364.0
367.0
380.0
265.5
520.0
551.9
574.8
594.0
636.1
599.2
592.1
544.8
514.4
514.2
513.3
500.9
1,805.9
1,879.6
2,117.1
2,214.0
2,266.7
2,184.9
2,119.5
1,965.0
2,003.8
1,900.1
1,894.9
1,924.9
Total
4,651.7
4,782.3
5,119.5
5,220.2
5,298.9
5,212.7
5,151.9
4,953.8
5,008.8
4,868.7
4,866.4
4,935.2
Canada
Latin
America
,139.7
,106.2
,165.4
,173.9
,194.6
,147.8
,212.6
,191 7
,216.9
,230.8
,242.0
,196.6
593.8
657.1
667.2
727.8
750.3
763.3
708.3
688.5
671.8
640.7
636.0
719.6
Asia
All
other
101.6
141.9
162.0
169.7
212.9
263.9
224.9
904.6
940.8
971.2
913
889 2
909 7
921 1
903 5
900.7
888.3
897.0
878.4
207.8
198.6
198.6
190.8
198.2
207.0
190.4
205.1
215.6
208.8
196.4
215.7
AU
other
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Total
United
King- France
dom
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31.
791.3
888.8
877.6
805.8
742.7
427.2
186.5
271.2
279.4
272.1
266.1
266.6
244.3
262.8
1948—Oct. 31..
Nov. 30.,
Dec. 31.
1949—Jan. 3 1 .
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31 P
Sept. 30P
69.6
103.8
116.8
139.3
138.4
152.5
190.0
261.4
287.0
298.2
345.3
308.8
271.1
273.7
267.5
267.7
265.0
258.2
274.0
260.4
275.0
271.5
277.1
235.2
From Jan. 2, 1935, t h r o u g h -
Netherlands
76.9
17.6
77.8
18.1
77.9
18.3
77.7
18.3
78.0 -17.7
73.4 -132.3
55.7 -30.5
-43.9
-44.9
-39.9
-36.9
-37.3
-36.6
-35.3
-9.0
-7.9
-6.0
9.8
10.9
-51.2
—40.4
-32.7
-12.7
-6.8
-6.2
7.1
6.8
13.9
14.4
12.7
11.8
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
5.4
6.6
5.1
6.8
5.2
-1.7
1.1
25.8
26.2
26.2
26.2
26.2
10.6
5.5
250.5
253.5
256.8
231.5
235.1
226.9
190.9
647.4
661.5
656.5
626.6
593.4
421.3
485.5
62.7
58.6
55.1
64.8
39.5
40.7
65.4
17.7
68.3
55.7
37.0
9.1
-58.8
-346.3
93 8
102.7
77.7
99.2
29.9
2.0
-1.2
6.6
7.5
-.3
1.5
-5.8
-20.1
.8
1.6
1.2
1.3
1.7
.3
1.0
1.9
1.8
1.8
1.9
2.8
9.6
8.2
10.8
7.0
1.9
5.1
3.4
3.5
-.5
.1
5.5
11.2
161.5
184.9
203.5
207.8
212.5
224.3
226.8
225.7
226.2
228.6
235.8
221.4
347.9
383.0
410.3
434.2
437.0
445.1
477.0
489.3
508.5
510.5
542.8
493.3
63.6
52.9
53.0
52.2
54.4
53.4
58.7
57.8
59.0
60.3
58.5
57.5
-343.5
-342.4
-348.6
-338.7
-345.1
-337.1
-337.9
-265.8
-255.2
-250.8
-242.3
-233.9
11.7
22.0
10.3
.8
-1.5
-2.4
-.9
-12.4
-18.0
-14.2
-8.5
-1.6
-10.2
-11.7
-8.3
-9.1
-6 4
-6.6
-7.0
-7.6
-7.4
-7.7
-5.2
-6.5
64 7
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935,
through—
1941—DeCt
1942—Dec
1943—Dec.
1944—Dec.
1945—Dec>
1946—Dec.
1947—Dec.
3i
31
3i
3i
31
31
31
International
institutions
United
King- France
dom
-249.3
855.5
848.2
925.9
1,019.4
972 8
,237.9
,526.2
127.6
125.4
127.6
126.5
117.7
96.8
94.9
-249.3
-249.3
-249.3
—249.3
-249.3
-265.3
-265.3
-265.3
—265 3
-265.3
—265 3
-265.3
,420.0
L.427.3
L.431.3
L,436.1
1,437.5
1,435.8
1.441 4
1.445.8
1,455.8
1,464.8
1,472 0
1,392.5
86.0
85.6
84.9
84.8
82.5
82.0
81.8
80.9
80.9
81.4
81.8
80.6
, .
1948—Oct. 31
Nov 30
Dec. 31
1949—j an . 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30. .
July 31
Aug. 31P
Sept. 30P
Total
51.6
52.4
50.6
51.0
51.2
50.2
47.1
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
31.5
31.6
33 0
33.6
33.0
26.0
-3.9
44.3
44.9
44 7
44.5
45.2
31 2
16.3
28.1
28.0
27 9
27.6
27.5
26 7
26.5
238.4
244.1
246 6
246.9
249.2
260 2
275.8
521.3
526.3
530 3
530.1
523.8
491.2
456.7
35.4
-3.0
41 2
104.9
49.1
236.6
441.8
221.1
245.4
272.3
302.0
317.1
448.4
537.6
61.2
61.5
62.2
61.3
60.8
61.1
61.6
28.4
— 16 3
-17.4
-19.0
-18 7
-17.9
-17.0
-16.4
-15.7
— 15 4
-16.4
— 14.3
-12.5
26 5
26.5
26.5
26 6
26.6
26.7
27.0
26.9
27 0
27.1
27 1
26.9
283.8
284.4
287.2
288.1
289.0
289.5
290.1
290.5
295.0
295.4
296 2
306.1
414.5
413.6
413.3
414.3
413.8
415.0
415.7
415.5
420.3
421.1
424 9
435.4
334.6
338.8
339.7
341.5
341.6
336.3
337.0
342.1
344.4
350.3
352.3
260.5
571.8
575.4
578.3
580.0
581.5
583.4
586.9
586.4
588.8
591.0
591.8
593.5
62.6
63.0
63.2
63.2
63.2
63.3
63.8
63.7
63 9
63.9
63.9
63.9
36.5
36.6
36.9
37.1
37.4
37 8
38.0
38.1
38 4
38.6
39 1
39.1
43.0
—8 6
43.1
-8.7
-9.1
42.9
42.8
—9 3
42.9
-9.4
42.9
-9.0
42.9
-9.7
43.0 - 1 0 . 1
42.8 — 10 0
42.8
-9.2
42 9 —8 9
-9.0
43.2
Latin
Canada America
Asia
All
other
16.6
18.0
19 9
21.0
22.0
Preliminary.
DECEMBER 1949
1515
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, ( - ) . In millions of dollars]
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
International
institutions
From Jan. 2, 1935,
through—
Total
United
King- France
dom
Netherlands
Switzerland
Italy
-70.1
-77.6
-100.3
-125.4
-157.9
-194.9
-203.8
74.9
80.5
82.7
77.3
81.7
74.9
24.7
236.7
236.9
239.9
239.0
233.5
207.0
108.7
336.4
360.5
367.3
368.5
355.4
337.9
350.9
-.1
-.1
.6
1.9
2.2
2.1
-15.0
37.1
44.4
55.4
72.4
68.0
57.3
43.1
-195.5
-194.1
-194.7
-194.0
-190.4
-192.6
-190.3
-188.2
-188.7
-186.5
-185.1
-182.3
-51.2
-51.0
-58.1
-53.8
-53.3
-51.6
-52.6
-55.1
-51.9
-50.2
-55.2
-57.7
34.5
32.4
29.5
27.8
26.5
24.6
22.3
19.5
16.5
15.2
14.2
13.2
300.2
312.2
311.0
314.9
317.8
324.4
331.8
338.8
342.8
346.0
349.5
348.1
-15.3
-15.3
-15.0
-14.7
-14.7
-14.8
-15.2
-14.6
-14.4
-13.5
-13.5
-12.9
44.7
45.1
45.7
45.3
44.7
44.6
44.8
44.7
45.4
45.2
45.1
45.5
1941—Dec. 3 1 . . .
1942—Dec. 31. . .
1943—Dec. 3 1 . . .
1944—Dec. 3 1 . . .
1945—Dec. 31. . .
1946—Dec. 31. . .
1947—Dec. 3 1 . . .
74.5
626.7
673.3
701.1
911.8
798.7
464.5
292 A
1948—Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31 P
Sept. 30P
82.0
82.0
82.1
7.6
7.6
7.6
7.6
7.7
9.7
21.7
117.0
166.9
80.6
99.8
92.7
64.6
72.2
79.8
82.0
91.1
90.6
101.6
99.5
93.6
Canada
Latin
America
Asia
All
other
615.0
644.7
645.7
633.7
582.9
484.3
308.7
-44.7
-45.1
-58.2
-28.1
-126.6
-143.0
-139.8
28.1
35.2
40.5
54.9
81.3
87.6
84.2
17.5
27.7
62.5
240.5
251.3
26.8
28.3
10.9
10.9
10.6
10.7
9.9
8.8
11.0
117.5
129.3
118.4
125.5
130.5
134.7
140.9
145.1
149.7
156.3
155.1
154.0
-142.6 83.3
-137.2 89.7
-132.3 94.4
-171.0 97.1
-168.7 97.5
-165.8 98.7
-170.6 99.6
-166.2 99.6
-168.6 99.7
-162.5 104.9
-163.1 104.2
-166.0 102.8
15.9
11.3
-5.3
-5.1
-5.3
6.5
6.6
7.2
7.3
7.5
7.3
7.2
7.7
8.3
8.3
8.4
8.1
Asia
All
other
.9
1.3
1.8
1.3
2.0
.7
Total
Other
Europe Europe
5.1
5.7
5.4
4.9
5.0
5.0
1.5
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Total
Other
Europe Europe
Latin
Canada America
100.9
104.4
117.8
126.3
144.1
153.7
142.4
1948—Oct. 31...
Nov. 30...
Dec. 31...
1949—Jan. 31...
Feb. 28...
Mar. 31...
Apr. 30...
May 3 1 . . .
June 30...
July 31. . .
Aug. 31*..
Sept. 30P..
16.8
17.4
18.8
18.5
19.8
19.2
18.2
19.9
20.7
21.5
23.1
23.4
20.5
19.1
17.6
17.5
19.9
22.3
26.0
17.5
12.7
13.5
13.7
19.3
23.0
30.3
39.6
38.2
7.7
8.5
9.2
10.4
13.6
14.7
14.2
75.7
78.1
89.1
97.7
113.6
112.0
102.7
14.1
15.2
17.6
16.2
19.5
21.5
19.6
3.9
4.2
3.8
5.1
5.9
13.4
12.9
6.3
6.0
6.0
5.6
3.8
4.8
6.6
121.5
124.6
123.1
120.3
118.1
122.6
118.9
115.1
116.3
119.5
121.2
1
127.0
31...
31...
31...
31...
31...
31...
31...
16.6
16.8
17.0
17.0
17.0
17.3
16.8
17.2
17.2
17.1
17.1
17.7
17.0
16.6
16.7
16.8
16.5
16.8
16.6
16.5
16.4
16.1
16.1
16.0
10.0
9.5
9.3
9.8
9.5
10.1
9.9
9.7
10.0
9.6
9.3
9.6
27.0
24.6
27.5
26.8
23.8
24.3
24.0
23.1
23.5
23.2
22.8
24.4
11.4
10.9
11.0
10.5
10.7
10.3
11.1
11.0
11.1
10.9
11.7
11.4
82.6
78.9
81.9
81.3
77.9
79.3
78.8
78.0
78.7
77.3
77.5
79.7
18.4
18.6
19.6
19.6
18.8
19.2
19.9
20.1
18.9
20.5
20.9
21.0
13.0
19.7
14.0
11.7
13.4
15.4
11.9
9.5
10.5
13.5
14.9
18.8
6.9
7.0
7.0
.6
.4
.6
.5
.7
.8
.8
.8
.8
.8
.6
.7
7.2
7.2
7.8
7.4
6.7
7.4
7.3
7.2
6.8
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS
In-
ternational
institutions
Date
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—£>ec#
1946—Dec.
1947—Dec.
31
31
31
31
3i
3 1 . . . 473.7
3 1 . . . 2,262.0
1948—Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1949—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
Iune 3 0 . . .
July 3 1 . . .
Aug. 31»..
Sept. 30*\.
1,919.5
1,900.6
1,864.3
,934.1
L.912.1
1,917.2
1,900.2
1,894.2
1,894.6
1,879.5
1,784.6
1,742.1
Total foreign
countries 2
Official
and
private
Official
United
NethKing- France erdom
lands
Switzerland
Italy
Total
Other
Europe Europe
Canada
Latin
America
Asia
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5
4,854.4
1,314.9
2,244.4
3,320.3
3,335.2
4,179.3
3,043.9
1,832.1
400.8
554.6
1,000.8
865.7
707 7
458^9
326.2
448.6
432^3
439.9
401^2
310 0
245^9
167.7
174.9
186.6
193.3
209^7
281.6
224^9
143.3
339.9
184^2
210.6
239.3
304.2
372'.6
446.4
15.4
12! 1
11.3
27!3
70'4
267^9
153.1
614.6
650^9
728.6
774!5
909 1
850'. 5
739.8
1,994.0 373.2
417.7 780.0
2,020.7 507.4
597.7 930.0
2,584.5 812.6
693.7 1,108.8
909.3 1,069!2
2,517.8 926.5
2,583 0 1,522.2 1,046.4 1,549 7
2,420^7 931.8 1,104.8 1,316!4
1,976.7 409.6 1,216.6 1,057.9
5,385.9
5,516.5
5,853.7
5,954.3
6,033.1
5,946.9
5,886.1
5,687.9
5,743.0
5,602.9
5,600.5
5,669.4
2,395.3
2,507.2
2,836.3
2,931.5
3,004.5
2,946.9
2,838.4
2,651.9
2,725.3
2,574.9
2,576.6
2,582.9
362.5
380.3
546.3
568.2
576.9
517.3
437.8
355.6
410.5
351.6
352.4
438.9
166.5
174.0
192.8
169.9
168.0
169.7
180.9
184.3
194.3
164.1
150.4
166.9
107.8
111.9
122.8
128.7
119.7
126.2
107.9
112.0
120.9
130.2
118.7
165.7
525.6
522.8
538.9
560.5
548.1
564.9
598.7
583.4
571.5
544.7
551.9
558.7
315.4
330.7
333.5
384.7
409.8
399.6
394.1
376.8
384.3
387.3
400.3
285.8
683.2
715.2
738.1
757.3
799.4
762.5
755.4
708.1
677.6
677.4
676.6
664.2
2,161.1
2,234.9
2,472.4
2,569.3
2,621.9
2,540.2
2,474.7
2,320.2
2,359.1
2,255.3
2,250.2
2,280.2
701.8
765.1
775.2
835.7
858.2
871.2
816.2
796.4
779.7
748.7
743.9
82 7.5
1,261.2
1,227.7
1,287.0
1,295.4
1,316.1
1,269.4
1,334.2
1,313.3
1,338.5
1,352.3
1,363.5
1,318.2
1,085.2
1,121.5
1,151.8
1,094.4
1,069.8
1,090.3
1,101.8
1,084.1
1,081.3
1,068.9
1,077.6
1,059.1
All
other
113.6
149.6
175.3
174.0
181 8
232! 8
193.7
176.6
167.4
167.4
159.6
167.0
175.8
159.2
173.9
184.4
177 6
165.2
184.5
P Preliminary.
1
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 71.8; U. S. brokerage balances abroad, 21.7.
2
Country breakdown is for "Official and private."
1516
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA
Other Europe 1
Other
Europe
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31. . .
31...
31, . .
31...
31. .
31. . .
1948—Oct. 31 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1949—Jan. 31 . . .
Feb. 2 8 . . . .
Mar. 31 . . .
Apr. 30
May 3i....
June 30. . .
July 3 1 . . . .
Aue;. 31*. .
Sept. 30*. .
1
Belgium
Finland
121.8
122.9
124.3
185.0
159.5
124.9
650.9
728.6
774.5
909.1
850.5
739.8
Denmark
17.7
13.9
14 8
25.9
66.5
52.8
Portugal
Rumania
Spain
18.3
18 4
18.6
22.3
22.6
21.7
132.4
158.9
220.8
216.1
123.5
56.2
35.7
53 4
54.5
47 9
39.0
47.1
9.4
9.3
9.5
9.3
8.9
8.7
17.5
31.8
43.4
31.7
16.4
12.8
153.5
163.2
152.1
210.1
172.6
58.6
14.3
12.3
16.1
28.0
60.5
73.7
17.7
89.5
39 3
43 5
48.7
70.8
49.3
34.7
125.2
153.2
178 9
186 2
196.1
188.3
180.1
159.9
160.0
169.6
150.2
147.8
20.4
21.9
21.1
23.7
24.4
28.7
30.3
29.8
28.5
27.0
25.0
24.7
14.9
16.0
16 0
14.1
14.1
12.8
14.3
14.4
14.2
13.9
14.1
13.8
71.6
72.7
77 7
77 5
81.2
83.2
83.0
74.0
69.0
65.9
62.4
60.8
43.7
42.1
37.7
42.4
39.4
39.5
39.3
33.4
33.0
33.8
30.3
31.3
6.9
7.7
16.1
18.2
13.6
15.5
14.7
14.9
12.8
13.3
49.3
42.5
49 0
53 1
54.5
51.5
49.9
57.0
55.8
57.9
61 .0
62.0
32 8
28 5
21 3
22.7
20.2
13.3
13.7
10.7
12.4
19 4
24 8
19 9
14.9
13 3
12.0
French
West
Indies
and
Guiana
Mexico
Netherlands
West
Indies
and
Surinam
Panama
Peru
Other
Vene- Latin
zuela America
22.2
30.5
18 8
17 1
19.1
17 2
16.9
16.0
17.4
17.7
18.2
17.4
17.7
17.1
Norway
7.9
7.7
7.1
5.5
40 7
46 1
44.7
48 8
49,8
44.3
40.6
33.7
32.8
33.7
30.0
31.8
LuxemGermany2 Greece bourg
683.2 117.0
715 2
112.6
738.1 128.7
757.3 129.0
799.4 163.3
762.5 I 143.5
755 4 148.1
708.1 142.4
677.6 124.0
677.4 117.5
676.6 141.1
664.2
126.7
7.5
6.5
6.8
7.0
7.1
7
6
5
5
0
2
9
9
6.5
7.0
6.9
6.8
6.8
7.1
9.8
11.3
8.2
9.6
All
Sweden USSR Yugo- other
slavia
8.7
10.5
11.3
9.9
5.7
5.7
12.4
12.1
7.3
6.0
6.8
5.3
6.4
9.1
57.9
76.9
52.1
43.7
89.9
116.5
106.4
111.8
103.3
106.0
105.7
108.6
112 0
108.8
106.2
108.6
112.8
111.3
Latin America 1
Latin
America
Date
Argentina
Bolivia
Brazil
Chile
Colombia
Costa
Rica
Cuba
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
597.7 67.6
693.7 69.8
909.3 93.9
77.3
,046.4
,104.8 112.6
,216.6 236.2
10.8
12.6
17.7
14.5
14.0
17.8
67.7
98.7
140.8
195.1
174.0
104.7
34.5
54.0
55.0
66.3
50.7
46.3
43.4
67.1
83.6
79.2
57.8
46.1
12.4
12.2
100.3
70.4
139.3
128.3
153.5
234.7
4.9
2.6
4.4
7.1
5.4
2.4
95.7
70.4
83.1
116.4
152.2
139.2
20.7
41.2
36.0
28.2
16.1
14.9
36.9
57.6
69.1
88.7
77.2
70.3
17.7
17.4
27.7
43.9
40.9
41.8
20.9
24.2
31 5
49.7
74.0
78.0
64.2
95.4
119.8
144.8
168.7
176.8
194g—Oct. 31 . . .
Nov. 30. . .
Dec. 3 1 . . .
1949—Jan. 3 1 . . .
Feb. 28
Mar. 31 . . .
Apr. 30. . . .
May 3 1 . . . .
Tune 3 0 . . .
July 3 1 . . . .
Aug. 31*\ ,
Sept. 30*. .
,261.2 224.8
,227 7 210.0
,287 0 215.8
1,295.4 225.7
t,316 1 226 9
1,269.4 224.7
1,334.2 225.0
1,313.3 227.4
1,338.5 229.8
1,352.3 229.4
1,363.5 225.2
1.318.2 1 221.6
14.4
16.2
17.1
16.4
15 3
15.0
14.8
15.4
14.8
14.9
14.5
16.2
122.3
131.3
123.7
120.1
118 9
98.3
126.9
117.2
115.9
118.1
128.0
145.0
58.3
52.9
55.6
54.5
56.0
52.0
62.6
54.8
56.3
65.1
57.9
58.1
46.2
50.5
54.0
55.5
49.1
42.4
39.4
45.7
51.9
59.8
49.0
51.0
6.9
8.0
8.9
9.7
221.4
217.3
219.4
218.8
226.0
224.5
229.9
167.8
167.7
174.8
187.7
179.6
.8
1.2
1.2
.9
.9
.7
.7
.6
.6
.9
.5
1.3
148.9
145.7
146.7
142.9
138.6
144.9
138.4
157.5
162.6
163.3
175.5
184.2
23.3
22.3
24.3
24.8
25 5
23.9
24.8
24.8
24.1
24.3
29.1
27.8
71.0
69.8
71.8
72.2
72 8
78.8
77.1
73.4
70.0
63.1
64.6
69.0
52.1
50.5
52.6
51.0
50 4
46.0
50 6
53,0
52.9
55.9
57.3
59.4
97.5
77.9
121.7
122.4
129.6
113.4
137.1
171.3
187.5
162.0
161 .2
99.4
173 3
174.2
174.0
180.6
195 7
194.5
196.2
196.9
197.8
213.5
204.4
197.3
7.4
6.9
7.7
7.3
10.6
10.4
10.7
7.5
6.6
7.3
8.6
8.3
Asia and All Other J
Egypt
China
BritPhiland French Union
and French Hong
All Aus- New
ish
of
Man- Indo- Kong India Ma- Japan Indo- ippine Tur- Other other tra- Zea- Anglo- Mo- South Other
nesia Re- key Asia8
Egyp- rocco
chu- China
lia land tian
laya
public
Africa
ria
Sudan
Date
Asia
1942—Dec. 31. . .
1943—Dec. 3 1 . . .
1944—Dec. 31. . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 31. . .
930.0
1,108.8
1,069.2
1,549.6
1,316.4
1,057.9
360.9
574.2
427.3
582.3
431.9
229.9
27.4
27.4
27.4
28.0
39.9
1948—Oct. 31 . . .
Nov. 30. . .
Dec. 31. . .
1949—Jan. 31. . .
Feb. 28.. .
Mar. 3 1 . . .
Apr. 30 . . .
May 31....
June 30. . .
July 3 1 . . . .
Aug. 31*. .
Sept. 30*. .
1,085.2
1,121.5
1,151.8
1,094.4
1,069.8
1,090.3
1,101 8
1,084.1
1,081.3
1,068.9
1,077.6!
1 .059.11
!
154.6
194.1
216.2
190.1
182.2
179.0
161 9
147.0
119.2
125.3
123.7
124.1
6.4
5.7
7.8
8.2
8.3
7.7
41.6
23.9
22.9
27.4
44.9
6 . 5 39.8
8 0
5.5
6.1
5.0
5.5
5.1
43.3
48.7
51.1
57.3
52.9
53.4
52 6
55.7
67.7
78.9
80.9
82.3
13.1 1.0
.9
18.2
22.1 1.3
33.4 1.2
43.5 17.3
62.4 11.0
40.9
44.7
51.8
42.4
42.8
52.0
51 6
55.5
60.9
54.2
70.1
60.9
13.9
9.7
12.9
11.4
10.1
10.5
12.3
12.2
12.5
12.3
12.4
11.6
160.4
110.1
110.5
113.7
16.6 127.1
31.3 69.3
4.8
4.1
4.0
4.1
76.8
77.9
81.4
91.6
121.6
128.4
123.2
135.2
141.6
144.2
152.8
161.5
54.0
50.1
41.5
41.0
38.8
34.7
33 5
31.5
36.1
27.1
29.0
26.8
36.2
55.5
64.2
78.0
93.8
81.5
149.6
175.3
174.0
181.8
232.8
193.7
23.1
25.3
52.9
28.9
45.5
30.6
4.8
5.1
3.5
4.3
8.0
5.9
508.4 18.0 168.9
502.0 18.0 170.7
488.3 17.5 183.3
450.4 18.7 183.4
402.5 19.5 191.2
413.6 20.6 190.5
426.8 17.2 214 8
407.4 20.2 213.9
387.6 15.3 234.3
367.3 18.2 236.3
363.7 13.6 225.9
348.3 15.1 223.3
176.6
167.4
167.4
159.6
167.0
175.8
159.2
173.9
184.4
177.6
165.2
184.5
19.1
20.2
22.2
17.5
17.5
17.4
15.4
21.8
19.7
22.3
20.2
31.7
5.3
5.3
5.3
4.3
4.7
4.6
5.3
5.7
254.7 29.9
259.1 35.4
365.8 23.7
629.1 52.5
446.6 54.7
488.6 37.6
11.6
11.5
10.7
12.4
6.8
6.1
7.3
12.1
10.3
18.9
20.8
25.0
10.0
14.9
10.1
36.8
30.9
27.7
24.2
25.5
37.0
37.9
42.5
54.1
49.6
49.9
58.7
11.9
12.2
11.4
11.5
11.2
11.1
12.0
11.8
11.8
10.8
15.8
12.6
12.3
15.1
10.0
12.3
10.6
6.7
5.8
4.3
9.7
9.8
11.0
91.8
124.1
97.6
113.4
47.2 96.4
46.4 75.8
4.5
8.3
6.4
8.8
9.1
7.3
94.7
87.9
84.9
89.4
95.8
90.6
78.7
79.9
78.1
77.2
67.1
66.2
* Preliminary.
1
Breakdown not available for most of these countries until June 30, 1942.
2
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
3
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
DECEMBER
1949
1517
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continue**
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS
1941—Dec,
1942—Dec
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec.
United
King- France
dom
Total
Date
3i
31
31
31
31
31
31
Switzerland
Netherlands
367.8
246.7
257.9
329.7
392.8
708 3
948.9
1.1
5.7
23 A
36.3
151.0
49.1
20.9
18.3
24.5
24.3
27 0
33.8
18.0
31 6
17.0
20.5
14 9
56.8
123.0
124.0
119.0
116.0
116 4
115.7
114.4
88.1
86.9
85.0
69.3
68.2
69.8
59.1
51.4
31.4
25 4
24.9
11.5
11 8
1.4
1.1
Latin
America
Asia
All
other
.3
60.5
56.3
52.9
78.3
74.6
82.8
118.9
88.4
72.6
77.6
107.5
140.7
312.9
248.6
33.6
34.3
37.8
28.1
53.3
52.2
27.5
148.3
99.7
112 2
131.0
158.9
226.8
514.3
87.9
35.3
26 3
51.4
29.9
99 2
127.0
9.7
4.8
3.9
11.7
9.9
17.2
31.5
17.0
18.3
15.8
19.6
24.7
21.4
23.1
23.1
27.1
26.4
21.1
15.3
7.4
6.5
6.9
6.8
1.8
1.3
1.1
Canada
.3
16.0
21.1
2.9
9.8
1,065.9
1,031.7
1,018.7
996.1
997 1
983.0
945.5
874 1
848.5
837.3
790 2
826.7
1948—Oct. 31 . . .
Nov. 30
Dec. 31
1949—Jan. 3i
Feb 28
Mar. 31 .
Apr. 30
May 31
June 30 .
July 31
Aug. 31 P
Sept. 30?
20.9
12.6
19 9
25.9
25.4
47.7
29.2
Other
Total
Europe Europe
148.3
124.9
106.3
102.0
97 3
85.5
82.9
84.1
83.6
81.2
74 0
88.4
386.2
351.1
323.8
300.0
297 2
289.1
257.1
244 8
225.6
223.6
191.4
240.9
29.3
40.0
39.8
40.7
38 5
39.5
34.2
35 0
33.9
32.6
34 4
35.4
511.5
510.4
516.6
506.7
513.1
505.1
505.9
433 8
423.1
418.8
410 3
401.9
117.3
107.1
118.8
128.3
130 6
131.4
130.0
141 4
147.0
143.2
137 6
130.7
21.6
23.1
19.7
20.5
17.8
18.0
18.4
19.0
18.8
19.1
16.6
17.9
Italy
1.5
2.6
.5
.4
1.5
3 0
.3
.4
.4
1.3
7.0
6 4
4.7
4.2
7.8
7.1
6.2
6.3
6.4
6 0
6 2
6.9
5.3
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe 1
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31
31 .
31
31
31
31
1948—Oct. 31. . . .
Nov. 30
Dec. 31
1949—j an , 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31 P
Sept. 30P
BelOther
Europe gium
Denmark
Finland
Germany
.8
7
.7
.6
7.5
15.0
w
(2)
5.6
76
34.0
33 9
33.9
33.9
30.4
30.5
56.3
52 9
78 3
74.6
82.8
118 9
148 3 21.0
124.9 21.3
106 3 21 4
102 0 20.4
18.5
97.3
18.1
85.5
16.5
82.9
84 1 18 3
83 6 i 18.9
81.2
17.9
74.0
13.6
14.1
88.4
.5
2.2
6.2
8.0
1 1
3 4
1.1
6
1.5
3.3
1.3
1.7
1.4
9
1 1
.9
1.0
.7
3 4
3.8
4.2
3.0
3.9
49
4 8
4.9
5.5
6.6
33 6
30.4
30 5
29.6
29.5
29.8
29.6
29 8
29.8
29.9
29.7
30.3
1.1
.6
.6
.7
12.4
10.6
3.6
3.5
1.2
.9
.8
.9
1.0
8
1.0
Sweden
.1
(2)
.2
(2)
1.0
.7
.8
.1
.2
.1
2
Norway
Portugal
.2
.2
35.1
31.6
3.3
9.2
Greece Luxembourg
2.4
1 4
.5
1.0
1.1
.1
.1
(2)
1.6
7.2
.9
.9
4.9
5.4
27.3
14.9
8 4
14.8
14.9
8.7
8.3
8 7
.7
.5
.7
.7
(2)
(22
)
C)
5.5
2.7
2.9
1.2
1.6
1.0
(2)
1.5
4.8
4.2
1.4
1.5
All
slavia other
(2)
(2)
.8
.6
.6
.5
.5
.5
8.6
Ru :
mania
Spain
3.2
3.2
«
m
(2)
(2)
.4
2
1.8
USSR
w
.2
1.8
1.6
2.8
1.4
1.3
1.5
1.4
(2)
5.1
4.7
$
.1
11.1
7.5
6.0
m
(2)
(2)
(2)
$
1.5
1.4
2.8
1
NetherFrench
lands
West
West
Indies Mexico Indies P a n
and
and
GuiSuriana
nam
Peru
8.1
7.9
8.0
.5
.4
.4
.1
3.3
2.5
9.8
8.4
5.0
3.7
9.4
35.8
39.1
38.5
29.7
27.4
24.3
19.7
17.5
14 1
13.2
13.0
11.0
11.0
Latin America %
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31
31
31
31
31
31
1948—Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 3 1 P
Sept. 30P
Latin
BoAmer- Argen- livia
tina
ica
99.7
112.2
131.0
158.9
226.8
514.3
511.5
510.4
516.6
506.7
513.1
505.1
505.9
433.8
423.1
418.8
410.3
401.9
Brazil Chile
21.0
41.8
65.2
3.0
1.8
1.8
1.3
2.3
2.0
16.7
18.9
25.3
24.7
49.8
165.8
63.8
66.8
72.4
65.7
67.2
62.3
58.0
58.9
57.6
55.5
56.1
52.4
2.9
2.4
2.7
2.9
2.2
2.6
2.5
2.6
3.0
2.7
2.2
2.3
175.0
179.8
165.4
171.4
178.7
167.0
175.3
159.5
155.0
158.9
160.5
162.2
6.9
15.3
3.1
Colombia
Costa Cuba
Rica
.6
.7
1.2
1.2
2.9
3.5
20.1
47.4
33.3
25.7
108.6
(2)
(2)
14.6
27.8
20.7
12.2
15.5
16.8
26.4
32.6
21.0
18.8
15.2
15.4
16.0
15.4
15.0
12.5
12.2
10.9
11.8
11.4
39.8
33.7
32.6
31.2
29.3
30.0
32.0
37.9
37.7
32.1
24.4
22.6
1.1
1.5
1.9
2.3
2.2
2.8
2.9
2.6
2.5
2.9
3.0
3.7
65.5
72.5
83.1
84.0
81.9
84.9
79.3
20.6
21.0
20.3
17.6
17.5
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
15.3
16.6
9.0
6.6
.2
8.3
2.1
1.1
.8
1.1
1.3
4.7
76.6
70.4
73.8
70.5
71.8
75.8
74.7
69.6
68.3
67.2
68.0
64.1
L.3
L.O
L.5
L.4
t.2
L.2
L.3
L.3
L.I
L.I
L.I
L.I
4.0
3.9
4.6
4.3
4.3
4.3
4.4
4.4
4.5
4.5
4.6
4.6
8.6
.1
.2
(2)
(2)
11.0
25.5
52.2
.3
.5
.3
.5
.8
1.1
4.8
11.2
.6
Other
Vene- Latin
zuela America
3.9
3.8
5.1
6.1
8.7
15.3
2 8
1A
1.2
1.9
3.7
4.3
4.2
4.2
4.4
4.9
5.1
5.8
5.5
6.0
6.1
7.9
6.9
6.4
20.8
18.2
26.0
23.4
! 24.3
23.6
24.7
|
i
I
;
I
25.7
23.7
23.0
22.4
22.3
14.2
8.7
11.7
33.4
23.1
31.0
35.5
37.1
32.7
29.4
28.8
29.4
30.3
32.1
30.4
31.5
30.8
31.2
P Preliminary.
Breakdown not available for most of these countries until June 30, 1942.
Less than $50,000.
1
2
1518
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Asia and All Other l
Egypt
China
BritPhilUnion
and
and French Hong
ish Japan Indo- ippine Tur- Other All Aus- New Anglo- French
of
Asia Man- IndoIndia MaMoZeanesia
Re- key Asia2 other tra- land Egyp- rocco South Other
Kong
chu- China
lia
Africa
laya
public
tian
ria
Sudan
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
35.3
26.3
51.4
29.9
99.2
127.0
1948—Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31^
Sept. 30-"
53.9
40.8
117 3
107.1
118.8
128 3
130.6
131 4
130.0
141.4
147 0
143.2
137.6
130.7
31
31
31
31
31
31
39 0
25.2
24.2
22.7
21.6
19.7
18.2
18.0
18.4
16.8
17.8
18.0
11.1
(3)
(3)
1.7
1.5
1.0
(3)
(3)
.3
.l
!3
.1
z
(3)
.2
.4
.4
.2
.2
•i
'.2
.9
1.0
.9
.8
5.9
2.6
.7
2.2
2.0
.5
.1
.1
.2
.9
22.3
7.5
12.0
29.6
.4
5
A
6
.9
3.1 20 0
3 . 5 20.2
3 . 4 20.4
5 2 21 3
3 . 7 20.9
4 . 3 20.4
4 . 8 20.9
6 . 4 20.0
3 2 21 0
3 . 7 20.0
3 4 19.7
3 . 4 16. S
c
.7
.6
.7
.4
.5
.5
.5
.5
.5
.2
'.9
1.6
1.7
1.5
1.4
1.0
.5
14.4
13.9
13.8
13.8
20.2
27.4
6.1
7.8
.3
.4
1.9
3.2
1.1
34 2
36^3
37.3
33.8
33.8
31 7
30^5
31.9
30 2
25^3
27 5
24^6
15.9
22 9
27.7
34.9
34.3
37.4
39.4
33.8
21.8
9.6
1.1
1.2
1.5
1.1
1.2
.5
.4
1.8
3.2
1.8
2.0
1.4
2.0
1.8
8.8
2.7
4.4
6.3
17.7
1.6
l!7
1.4
1 4
1.6
1 i
l'.5
2.1
.9
12 .5
ii! i
13.8
16 7
19.1
17 2
17.'7
23.3
32 4
29.8
31 9
11.7
14 5
19*4 3 7 >
1.0
.5
.6
11.7
9 . 9 1.7
3.4
17.2
31.5 9 . 0
.7
2
.2
4.8
3.9
21 6
23 A
19.7
20 5
17.8
18 0
18^4
19.0
18 8
19.1
16 6
17'.9
.7
1.1
1.5
3 9
3^5
4.7
5.4
5.1
.6
.6
.5
1.1
.5
7
!8
5.3
.8
5 4 1.0
5 . 0 1.2
5 8
5.'5
4 5 1 4
46
,.0
(3)
(3)
(3)
.1
1.7
2.4
9.7
4.7
.5
.1
.1
.2
.3
.4
.1
10.1
14.4
.2
.3
2
.2
A
2
.3
.5
.2
.3
.4
.4
.3
.2
A
.5
A
3
'.S
A
.4
.6
.2
.4
111
ll!7
7.9
6.4
5.1
4.1
4.3
4.6
4.6
4.2
3.6
4.0
1.2
.7
1.0
2.5
2.2
6.0
5.5
6.8
6.1
6 9
6.3
6.9
7.0
7.4
72
7.7
6.5
7 5
P Preliminary.
Breakdown not available for most of these countries until June 30, 1942.
Beginning Tanuary 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Less than $50,000.
1
2
3
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
Estimated
world
Africa
outside
U.S.S.R.i
Total
reported
monthly
South
Africa
1,265.6
'....'.
1.125.7
r
871 5
r
784.0
r
738 5
.'.'.".'. \
'752.5
.1
^766.5
791.0
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
504.3
494.4
448.2
429.8
427.9
417.6
392.0
405.5
33.3
33.4
33.2
33.1
32.9
31.0
34.6
33.4
34.3
34 8
35.5
35.7
. . 1 34.8
1948—Sept.
Oct..
Nov..
Dec.
1949—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug
Sept.
61.6
61.1
60.5
60.2
'58.4
-56.3
62 2
'60.8
63.1
Rhodesia
West Belgian United
Africa2 Congo3 States4
I=l5'°/2i grains of gold 9 /10
32.4
27.8
19.6
29.2
26.6
18.0
23.0
19.7
15.8
20.7
18.4
12.7
19.9
18.9
12.1
19.1
20.5
11.6
18.3
19.3
10.8
18.0
23.4
11.1
1.5
1.6
1.5
1.6
1.5
1.5
1.6
1.7
1.6
1.5
1.6
Other
North and South America
2 .1
2 .0
2 .1
2 .0
2 .0
2 .0
2 .0
1 .9
1 .9
1 .9
1 .8
1 .9
.9
.9
.9
.9
1.0
1.1
1.1
1.0
1.1
1.1
1.1
1.2
1.1
Canada
Mexico
fine; i. e., an ounce of fine
28.0
187.1
209.2
28.0
131.0 169.4
22.1
48.8 127.8
17.8
102.3
35.8
17.5
94.4
32.5
14.7
99.1
51.2
16.3
75.8 107.5
12.9
70.9 123.5
7.2
6.3
5.1
4.8
3.9
3.9
5.5
5.7
5.6
5.5
5.7
6.5
6.2
10.3
10.7
10.9
11.4
10.8
10.8
12.0
11.4
11.6
12.0
11.4
12.6
1.1
.4
1.2
1.0
.7
1.0
.8
.6
1.8
Colombia
Chile
gold=$35.
23.0
20.9
19.8
19 A
17.7
15.3
13.4
11.7
1.0
1.0
1.2
.8
1.1
1.4
1.1
1.1
1.0
1 .0
1.1
1.0
Nica- Austra- India6
ragua5
lia
9.3
6.4
6.1
7.1
6.3
8.1
5.9
5.7
7.5
8.6
7.7
7.9
7.0
6.4
7.4
7.8
52 A
40.4
26.3
23.0
23.0
28.9
32.8
31.2
10.0
9.1
8.8
6.6
5.9
4.6
6.1
6.5
.4
.9
.5
.4
.7
.3
.5
.4
.5
.4
.7
.7
.6
.6
.7
.6
.6
.6
.6
.6
.6
2.5
2.6
2.7
2.8
2.4
.6
.6
.6
.6
.6
.5
.7
r
2.3
r
2 4
2.4
2.5
3.6
.5
.6
.6
.6
.6
.5
r
Revised.
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952
so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
5
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
Monthly figures reported by 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; and 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.
DECEMBER
1949
1519
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
End of month
Treas- Total i
ury
Argentina 2
Belgium
115
254
329
354
354
354
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
22,726
21,938
20,619
20,065
20,529
22,754
22,739
21,981
20,631
20,083
20,706
22,868
614
838
992
1,197
1,072
322
1948—Nov..
Dec...
1949—Jan...
Feb...
Mar..
Apr...
May..
24,166
24,244
24,271
24,290
24,314
24,332
24,342
24,466
24,520
24,608
24,602
24,584
24,353
24,399
24,448
24,464
24,468
24,461
24,511
24,637
24,705
24,771
24,728
24,688
140
634
624
633
635
641
647
665
704
720
718
715
720
July..
Aug...
Sept..
Oct...
End of month
Hungary
Italy
34
92
128
131
127
127
141
118
24
24
28
58
6 216
124
124
124
124
124
124
70
96
96
96
96
96
112
122
122
133
252
252
24
34
1948—Nov..
Dec..
1949- - J a n . . .
Feb...
Mar..
Apr...
May.
June.,
July..
Aug..
Sept..
Oct...
34
35
35
35
35
35
35
35
36
37
38
261
256
251
247
247
247
247
247
247
247
247
1948—Nov..
Dec,
1949—Jan.. .
Feb...
Mar..
Apr...
May.
June .
July..
Aug..
Sept..
Oct...
Sweden
Switzerland 6
Turkey
335
387
463
482
381
105
«?4.
6 965
,158
,342
,430
,356
114
161
221
241
237
170
81
81
80
80
80
80
71
71
71
71
70
70
,383
,387
,390
,394
,408
,412
,432
,419
,457
,503
.485
160
162
162
162
162
161
161
160
160
160
159
154
United
Kingdom 7
j
1
1
1
1
t
25
59
92
127
145
83
16
46
111
191
226
279
39
203
222
294
181
100
506
500
500
270
265
231
178
178
178
178
178
178
178
178
Uruguay
Venezuela
89
121
157
195
200
175
68
89
130
202
215
215
166
164
164
164
164
164
164
161
161
161
324
323
323
323
323
323
323
323
323
323
P373
23
23
23
23
23
23
170
166
166
166
166
166
166
166
166
161
161
161
B201
• 180
23
23
23
23
23
23
24
28
28
28
29
30
Bank
Inter- for In16
other national ternacoun- Mone- tional
tary
tries 8 Fund Settlements
'193
15
195
1,356
21
45
37
39
32
30
»-214
r21 7
'220
'228
r229
'231
'232
232
233
1,410
1,436
1,436
1,436
1,436
1,436
L,440
1,440
1,448
1,450
1.450
1,450
44
36
36
41
49
50
55
55
60
47
52
47
138
172
190
192
P235
P235
P255
r
v Preliminary.
Revised.
includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is
not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve
statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the
Treasury statement "United States Money, Outstanding and in Circulation, by Kinds."
2
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of
3.5447 pesos per U. S. dollar.
3
Figures as reported by Foreign Exchange Control Board and Minister of Finance.
4
Total gold holdings are not available. Beginning April 1946, the series is new and represents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
5
Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
8
These countries are: Algeria, Belgian Congo, Bolivia, Bulgaria, Costa Rica, Dominican
Republic. Ecuador, Eire, El Salvador, Ethiopia, Finland, Guatemala, Iceland, Nicaragua,
Pakistan beginning July 1948. and Thailand. Figures for certain of these countries have
been carried forward from last official reports.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555,
and for a description of figures, including details regarding special internal gold transfers
affecting the reported data, see pp. 524-535 in the same publication.
1520
Czecho- Denslomark
vakia
Egypt
France
Ger-
44
44
44
38
38
32
52
52
52
52
53
53
2,000
2,000
1,777
1,090
796
548
29
29
29
32
32
32
32
32
32
32
32
32
32
32
32
61
61
61
61
61
289
289
289
289
289
289
289
New
Mexico Nether- Zealand
lands
Java
274
274
274
274
274
274
Cuba
43
43
44
44
44
43
44
44
44
44
43
43
Iran
24
24
24
1942—Dec...
1943—Dec,
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
398
408
416
415
415
407
417
428
436
448
460
Colombia
36
54
79
82
65
45
India
1942- - D e c .
1943- -Dec..
1944- -Dec..
1945- - D e c .
1946- -Dec..
1947- - D e c .
End of month
716
735
597
161
230
300
361
543
294
317
317
317
317
317
317
317
317
317
317
317
735
734
June..
Brazil Canada8 Chile
53
53
53
53
53
53
53
53
53
53
53
548
548
548
548
548
548
523
523
523
523
523
523
Norway
Peru
80
91
72
25
31
32
28
24
20
52
52
52
52
52
52
52
52
52
52
51
Portugal*
Grcece
28
28
28
Rumania
South
Africa
Spain
203
260
267
269
634
706
814
914
939
762
42
91
105
110
111
111
194
183
187
182
166
175
166
149
149
135
121
111
111
111
111
101
96
88
85
85
85
85
245
193
20
20
20
20
20
20
20
20
20
20
163
158
154
150
146
gold reserves 1 not included
previous figures
End of month
United
Kingdom
1942—Dec. .
1943—Dec
2
1944—Dec
2,354
2
1945—Dec
2,341
2
1946—June. . .
2,196
2
Dec
2,587
2
1947—Mar
2,345
J u n e . . . . 2 2,382
2
Sept
2,341
2
Dec
2,035
2
1948—Mar
2,200
J u n e . . . . 2 1,886
2
Sept
1,733
21.822
Dec
1949—Mar
! 21.874
June. . . . 2 1.592
France
214
457
Belgium
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. K.—Exchange Equalization
Account; France—Exchange Stabilization Fund
and Rentes Fund; Belgium—Treasury.
2
Gross official holdings of gold and U. S.
dollars as reported by British Government;
total British holdings (official and private) of
U. S. dollars, as reported by banks in the United
States, are shown in table on p. 1516.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 1522, footnote 4, and p. 1523,
footnote 8. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for January 1949, p. 86; November
1947, p. 1433; June 1947, p. 755; and February
1945, p. 190.
FEDERAL RESERVE BULLETIN
NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES
[Net gold exports from United States (—). In millions of dollars]
Gold valued at approximately $35 a fine ounce
Total
40.7
66.2
21.5
19 8
13 6
1948—Oct
Nov
Dec
2.0
.1
-695.5
.2
.5
488.4
1,095.4
121.6
54 2
88.0
1942
1943
1944
1945
1946
1947
1948
United
Kingdom
315.7
68.9
-845.4
-106.3
311.5
1,866.3
1,680.4
Year
or
month
May
June
July
Aug
Sept
Netherlands
20.3
1949—Jan
Feb
Mar.
Belgium
France
Sweden
U.S.S.R. Canada
11.3
162.9
"135.5'
'**34T
5.7
33.7
27.9
-4.5
28.0
5 7
5 8
60.9
.3
8 8
.1
[Net gold exports from United States (—). In millions of dollars]
16.3
14.6
-10.8
7.0
-8.0
—17.1
7.3
1948—Oct....
Nov...
Dec.. .
.2
.5
.6
1949—Jan....
Feb...
Mar...
Apr
May. .
June..
July...
Aug...
Sept...
.7
.6
.4
.5
.4
.8
.6
.6
.5
.5
.5
.2
.2
.1
Philippine
Republic
.3
-9.5
-11.9
-134.0
-55.8
— 14.0
.6
.1
-.2
—3.5
-2.5
South
Africa
All
other
countries
4.1
.3
3.6
.4
118.6
410.7
491.5
8.9
.8
30.2
.5
1.3
-18.6
!-63.5
-.1
.1
52.0
57.3
47.1
.4
.2
-.2
— .2
.3
—1
— .2
46.7
21.1
21.3
19.4
6.3
9 5
12.7
22.3
9.5
12.7
.1
-5.2
-3.5
-1.6
-.1
2
-6.6
* -4.2
-3.0
-.2
-1.8
-4.3
-5.2
-.6
—4 5
-2.1
-10.9
-4.8
-1.1
P Preliminary.
1
Includes $39,190,000 to Switzerland, $10,691,000 to Greece,
$8,347,000 to French Indo-China, and $5,272,000 to other countries.
2
Includes exports to Switzerland as follows: October, $6,360,000;
and November, $3,488,000.
NOTE.—For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524
in the same publication.
DECEMBER
1949
20.5
8.7
7.5
7.7
7.4
7.3
7.6
7.9
4.0
2.2
-55.3
-56.1
.2
-.8
-136.1
.3
.3
.3
.7
.6
.6
-16.0
-20.0
.4
.4
.3
.4
.3
.4
.2
.5
-8.3
.4
.7
.6
.6
.6
.4
.6
.7
.7
.6
.5
40.0
-3.3
-109.7
15.1
3.6
21 !6
-7.1
15.8
25.1
2.0
1.0
1 .0
1.0
1.0
3.0
2.0
2.1
-4.0
-.1
j
2
Treasury
Earmarked
Net
Increase gold im- gold: de- Domesin total port or crease tic gold
gold
producor inexport
stock
tion"
crease
Total 1
22,726
21,938
20,619
20,065
20,529
22,754
24,244
22,739
21,981
20,631
20,083
20,706
22,868
24,399
—23.0
-757.9
—1,349.8
-547.8
623 1
«2,162.1
1,530.4
315.7
68.9
—845.4
— 106.3
311.5
1,866.3
1,680.4
24,166
24,244
24,271
24,290
24,314
24,332
24,342
24,466
24,520
24,608
24,602
24,584
^24,479
24,353
24,399
24,448
24,464
24,468
24,461
24,511
24,637
24,705
24,771
24,728
24,688
^24,626
149.1
46.2
49.5
16.2
54.2
88.0
66.2
21.5
19.8
13.6
Period
1942
1943
1944
1945
1946
1947
1948
-134.0
335.5
103.3
Venezuela
Nicaragua
Gold stock at
end of period
Gold valued at approximately $35 a fine ounce
China
10.6
Mexico
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
NET GOLD IMPORTS TO UNITED STATES,
BY COUNTRIES—Continued
Year or
month
.1
-10.8
-50.3
3
.3
5
.4
.3
3
.9
6
.7
6
-.1
121.8
243.6
101.5
40.7
Other
Latin
AusAmerican tralia
Republics
Colombia
5
9.5
6.9
131.1
257.4
98.1
56.1
208.9
66.9
46.2
53 1
344.1
445.4
-29.7
Argentina
1942
1943
1944
1945
1946
1947 . . .
1948
1948—Nov...
Dec...
1949—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug.. .
Sept...
Oct....
Nov.. .
3.6
-6.5
49.7
126.1
67.3
66.5
-43.1
-39.8
P— 62.0
9.5
6.9
131.1
257.4
98.1
P56.1
t4)
-458.4 125.4
-803.6 48.3
—459.8 35.8
—356.7 32.0
465.4 51 2
210.0 75.8
— 159.2 70.9
99.7
-45.9
-2.7
-22.2
— 16.7
-17.7
37.8
121.6
-19.9
-208.5
-154.8
-89.1
5 -63.9
5.1
4.8
3.9
3.9
5.5
5.7
5.6
5.5
5.7
6.5
6.2
(4)
(4)
1
P Preliminary.
See footnote 1 on opposite page.
Yearly figures are estimates of United States Mint. For explanation of monthly figures see table on p. 1519.
8
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 4,213.9 million dollars on Nov. 30, 1949. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
2
1521
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1949
1948
1949
International Fund
International Bank
July
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
Apr.
Jan,
July
1,448 1,436 1,436 1,400
1,340
4,185
1,070
1
8,047
1,341 1,391 1,441
4,186 4,024 4,000
1,069 1,181 1,143
0)
0)
0)
8,034 8,034 7,986
-1
-2
-2
1948;
Net currency purchased 2
(Cumulative—millions of dollars)
Oct.
Australian pounds
Belgian francs
Brazilian cruzeiros
Chilean pesos
Costa Rican colones
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders....
Nicaraguan cordobas. . . .
Norwegian kroner
South African pounds. . .
Turkish liras
Pounds sterling
Yugoslav dinars
20.0
32.1
15.0
8.8
.4
6.0
10.2
3.0
.6
125.0
100.0
22.5
75.4
Sept.
Aug.
32.1
15.0
32.1
15.0
Oct.
33.0
.4
6.0
6.0
6.0
10.2 10.2 10.2
3.0
3.0
.3 " ".3
.3
125.0 125.0 125.0
100.0 100.0 44.1
22.5 22.5 22.5
75.4 75.4 75.4
.5;
9.6
9.6
9.6
9.6
10.0 10.0 10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 300.0
3.0
9.0
Sept.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members.
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 3 . .
Loans (incl. undisbursed portions and
inch obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
Special reserve
Capital^
Accumulated net income
June
44
926
Mar,
Sept.
74
929
89
927
454
5
59
928
453
5
444
5
420
5
676
11
254
254
650
6
559
10
254
509
9
254
27
27
26
18
136
124
51
2
4
3
5
4
7
9
8
1,670 1,670 1,667 1,667
10
5
17
14
1 Less than $500,000.
2
As of Oct. 31, 1949, the Fund had sold 737.3 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, and
sold to Norway 200 million Belgian francs in June and July 1948.
Repurchases amounted to 2.3 million dollars.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,679 million dollars as of Sept. 30, 1949, of which 2,540 million represents the subscription of the United States.
752.5 726.2 723.7 639.9
Total.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
25
30
29
28
27
25.
31
30
29
27
26
25
31
Assets of issue
department
Assets of banking
department
Other
assets 3
200.1
313.7
326.4
326.4
< .2
.2
.2
.2
.2
.2
.2
.2
.2
Notes
and
coin
Discounts
and advances
Securities
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
1,400.0
L,450.0
,450.0
Gold*
36.2
46.8
41.9
52.5
26.6
14.2
28.8
27.7
12.5
13.5
20.7
23.4
100.8
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
15.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
331.3
Liabilities of banking department
Note
circulation •
Other
Other
liabilities and
capital
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
95.5
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
18.1
Deposits
Bankers'
Public
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
315.1
E.C.A.
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
18.6
1948—Nov. 24..
Dec. 29
.2
.2
i
L,300.0
1,325.0
70.2
36.1
28.9
16.7
347.4
401.1
1,233.1
1,293.1
302.7
314.5
12.3
11.7
14.3
17.4
99.2
92.1
17.9
18.1
1949—Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 26
.2
.2
.2
.2
.2
.2
.2
.2
.4
.4
,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
5 1,350.0
1,350.0
5 1,300.0
,300.0
79.9
76.0
53.0
24.2
36.3
26.7
49.9
80.4
41.4
47.3
26.0
32.1
19.9
13.7
25.9
27.0
15.3
10.4
23.6
23.3
326.1
325.1
362.1
379.3
381.4
372.0
381.6
354.1
368.7
429.7
1,224.5
1,228.0
1,250.6
1,280.3
1,267.9
1,277.9
1,305.1
1,275.0
1,264.5
1,258.7
294.7
295.7
294.0
289 9
299.9
294.5
294.0
277.6
295.7
298.5
21.4
10.9
25.6
16.8
12.0
8.6
11.2
15.9
9.1
14.0
8.4
17.6
6.7
.7
23.3
13.5
32.4
41.7
16.4
62.8
89.4
90.6
90.1
92.0
90.4
90.9
91.0
91.2
93.9
107.3
18.3
18.4
18.6
17.8
17.9
18.2
18.3
18.5
18.5
17.8
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. On June 9, 1945, the official buying price of the Bank of England for gold was raised
to 172 shillings and three pence, and on Sept. 19, 1949, it was raised to 248 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred
from 5 Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, decreased by 25 million on Jan. 5, 1949, increased by 50 million on July
6, 1949, and decreased by 50 million on Sept. 28, 1949. For details on previous changes see BULLETIN for April 1949, p. 450, and February 1948
p . 254.
NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
1522
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
Note
circulation2
Chartered Dominion
governbanks
ment
Other
liabilities
and
capital 3
Shortterm 1
Other
200.9
.5
.6
172.3
156.8
1.0
2.0
144.6
181.9
448.4
391.8
807,2
787.6
906.9
,157.3
,197.4
,022.0
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
19.1
17.8
27.7
29.8
93.8
67.5
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
1948—Nov. 30.
Dec. 31.
.1
.4
,222.1
,233.7
794.0
779.1
46.8
45.4
1,273.5
1,289.1
579.6
547.3
86.5
98.1
64.1
81.0
59.2
43.1
1949—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 30.
Aug. 31 .
Sept. 30.
Oct. 31 .
()
.4
82.3
61.1
56.4
62.7
52.9
55.7
60.1
64.9
,188.3
,180.5
,087.1
1,199.0
1,148.1
1,379.6
1,499.2
1,557.2
1,616.8
1,710.6
806.9
800.7
812.1
822.9
836.2
636.8
499.5
441.2
421.2
335.9
50.2
54.9
70.6
57.9
57.5
56.9
45.1
64.2
119.1
80.3
1,229.2
1,221.9
1,245.3
1,264.7
1,263.8
1,270.0
1,271.0
1,269.7
1,290.7
1,293.5
545.1
531.0
540.3
587.3
571.2
568.3
566.9
578.0
611.5
626.0
141.8
178.4
62.6
115.1
101.4
112.2
94.3
109.7
141.0
66.1
86.8
79.6
84.8
80.8
65.2
73.7
73.8
61.8
64.1
77.4
42.5
25.7
119.0
93.0
96.7
111.8
90.6
99.2
109.8
128.8
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
185.9
225.7
(
28.4
64.3
38.4
Assets
Bank of France
(Figures in
millions of francs)
Gold
Foreign
exchange
Domestic bills
Open
market8 Special
1938—Dec. 29..
1939—Dec. 28..
1940— Dec. 26..
1941—Dec. 31..
1942—Dec. 31..
1943—Dec. 30..
1944—Dec. 28..
1945—Dec. 27..
1946—Dec. 26..
1947—Dec. 31..
87,265
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94,817
65,225
821
112
42
38
37
37
42
68
7
12
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
1948—Nov. 25..
Dec. 30..
65,225
65,225
36
30
83,365
97,447
1949—Jan. 27.. 65,225
Feb. 24., 65,225
Mar. 31.. 65,225
Apr. 28., 65,225
May 25.
62,274
June 30.. 862,274
July 28.. 62,274
Aug. 25. 862,274
Sept. 29.
62,274
Oct. 27. 362,274
34
53
49
67
74
7,775
14,380
36,675
51,504
53,002
88,286
94,010
134,911
111,190
118,855
156,208
137,189
134,031
138,787
140,936
Other
Other
3.1
17.9
9.5
6.0
Liabilities
Advances to
Government'
Current
7,880
1,797
2,345
5,149
14,200
661
3,646 63,900
12
4,517
69,500
169
5,368 68,250
29
7,543 64,400
48 18,592 15,850
303 25,548
3,135
76,254 67,900
64 117,826 147,400
Other
assets 8
Note
circulation
Other
Other
Other
liabilities
and
capital
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
10,942
Deposits
GovernC.A.R.'
ment
30,627
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
14,028
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
110,935 5,061
1,914
151,322
984
218,383
270,144 1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
920,831
733
10,908 192,428 151,200 558,039
8,577 238,576 150,900 558,039
48,952
57,622
913,234
987,621
759
806
178,090
171,783
18,070
16,206
558,039 53,426
558,039 47,692
558,039 87,254
558,039 58,089
560,990 56,729
560,990 81,046
560,990 69,764
560,990 67,738
560,990 76,261
560,990 '81,425
972,604
991,334
1,045,053
1,047,277
1,043,180
1,115,608
1,134,440
1,133,129
1,210,606
1,218,697
822
765
750
440
890
286
195
292
201
202
163,513
171,921
180,103
179,099
170,018
162,969
157,714
136,331
140,548
142,845
18,062
17,260
12,784
13,693
14,409
15,518
15,661
16,199
15,757
18,522
4,996
4,816
2,523
2,235
1,876
894
4,486
4,144
15,092
23,486
238,795
257,345
233,189
290,365
272,698
258,294
296,228
255,099
298,005
305,454
146,200
154,100
157,500
155,300
155,000
166,900
162,700
165,000
164,200
152,700
41,400
64,580
16,857
10,724
1
2
8
4
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 61940, pp. 677-678).
Less than $50,000.
6
Composition of these items has been changed: Open market henceforth shows only open market portfolio proper and excludes 65 billion
francs advanced to the Treasury and 5 billion francs advanced to Caisse Autonome. Current advances represents working fund advances previously shown as "Other advances." Other advances includes advances for occupation costs and a number of perpetual and term loans to the
Government. Other assets were reduced through the transfer to "Other advances" of several loans to Government.
7
8 Central Administration of the Reichskreditkassen.
Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold
holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September
1937,9 p. 853; and November 1936, pp. 878-880.
Includes advance to Stabilization Fund, amounting to 20.9 billion francs on Oct. 27.
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.
DECEMBER
1949
1523
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks x.
Other assets
Currency circulation 2
Deposits—Government 1
Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (inch 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.....
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
E. C. A
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Bulgaria 3
Central Bank of Chile (millions
of pesos):
Gold ^
Foreign exchange (net) £
Net claim on Intl. Fund
Paid-in capital—Int'l. Bank
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange 6
Net claim on Intl. Fund 5
Paid-in capital—Intl. Bank
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
1949
Oct.
Sept.
1948
Aug.
507
507
,593
1,593
,730
1,714
,418 26,253
185
190
,540
8,405
19,619
650
1,582
378 ,375 381,915
3,209
3 ,127
361 ,741 325,592
32 ,025 47,777
215 ,063 213,313
308 670 320,670
34 318 28,532
217 216 195,977
50
145
1,474
6,489
16
5,490
359
1,099
1,227
31,542
9,901
2,540
34,991
5,500
6,698
85,995
1,827
797
2,553
50
155
,471
,804
9
,817
318
926
,430
50
165
1,476
7,134
11
5,957
335
888
1,655
346 31,449
419 13,375
076
2,273
991 34,991
622
6,264
459
2,338
570 85,830
142
2,228
528
398
672
2,233
956
207
825
749
68
2,330
221
254
1,353
180
1
,367
259
1
1,429
691
2,009
1,448
5,183
1,186
221
520
,311
692
,158
,486
,210
,347
217
501
1,374
278
1
1
1,183
692
2,220
1,452
5,152
1,321
226
502
164,889 153 429
24,367 24 366
1 370
1,370
211,336 202 564
135 973
135,399
57,976 57. 610
408,550 365 425
492
140,805
397
45,984
144,318
24,367
1,370
196,396
134,701
57,382
346,916
164,700
46,918
Oct.
Central Bank
(Figures as of last report
date of month)
1949
Oct.
Sept.
1948
Au
National Bank of Costa R i c a Issue dept. (thousands of colones):
11,545 11,545
Gold
17,063 18,019
Foreign exchange
Contributions to Intl. Fund and
30,321 30,321
to Intl. Bank
88,257 84,750
Loans and discounts
22,575 21,187
Securities
11,005 10,936
Other assets
101,113 101,344
Note circulation
72,697 68,697
Demand deposits
6,957 6,716
Other liabilities and capital
National Bank of Czechoslovakia
(millions of koruny):
312,293
2,964 2,983
Gold and foreign exchange 7
3,630
26,338 25,843
Loans and discounts
47,073 48,198
Other assets
359,756
65,688 65,559
Note circulation
27,144
581
549
Deposits
197,855
10,107 10,917
Other liabilities and capital
National Bank of Denmark
279,095
(millions of kroner):
29,357
69
70
70
Gold
196,516
310
363
328
Foreign exchange
Contributions to Intl. Fund and
65
65
65
to Intl. Bank
49
Clearing accounts (net)
82
30
32
31
Loans and discounts
617
108
92
101
Securities
7,341
,775 4,784 4,802
Govt. compensation a c c o u n t . . . .
3
213
128
213
Other assets..,
5,299
,506 1,470
1,432
Note circulation
523
,794 1,769 1,737
Deposits—Government
494
,093 2,214 2,199
Other
1,775
177
175
149
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of dollars):
28,235
,030 4,030 4,012
Gold
11,726
,355 10,812 11,581
Foreign exchange (net) 5
3,590
,250 1,250
1,250
Net claim on Intl. Fund
35,000
40
40
40
Paid-in capital—Intl. Bank
5,815
244
262
209
Loans and discounts
2,136
,974 4,974 4,974
Government securities
81,773
,361
834
792
Other assets
2,691
,358 18,013 18,327
Note circulation
114
,649 3,944 4,296
Demand deposits
1,925
248
246
235
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
954
278 518 278 ,479 278,415
Gold
237
-70 150
,234 -68,594
Foreign exchange (net)
577
,881 16,881
16 881
Net claim on Intl. Fund 8
750
,476 278,330
254 937
Credits—Government
20
,321 114,518
117 982
Other
,045
,452 116,535
130
Other assets
222
,699 371,992
377
Note circulation
272
,272 113,725
Demand deposits—Private banks 101
,544 91,327
99
Other
,860 159,041
150
Other liabilities and capital
National Bank of Egypt (thou1,157
sands of pounds):
107
6,376
Gold
1
15,323
Foreign exchange
2,655
Loans and discounts
V, 172
British, Egyptian, and other
773
312,083
Government securities
1,279
30,698
Other assets
1,381
135,799
Note circulation
4,274
82,507
Deposits—Government
938
139,203
Other
250
9,626
Other liabilities and capital
408 Central Reserve Bank of El Salvador (thousands of colones):
302 43,346 41,390
Gold
141,027
929 42,476 45,620
Foreign exchange (net) 6
21,868
564 1,564
1,564
Net claim on Intl. Fund
1,230
937 1,125
507
Loans and discounts
175,769
256 5,251 5,240
Government debt and securities..
120,058
445 1,512
1,643
Other assets
519 54,110 54,646
57,510
Note circulation
922 35,184 35,330
310,406
Deposits
992 5,979 5,989
162,517
Other liabilities and capital
433
1,622
866
17,751
3,422
6,658
421
15,552
176
1,286
Oct.
11,537
7,975
30,321
85,733
21,646
6,444
101,471
54,581
7,604
3,880
24,564
49,960
66,691
2,133
9,580
70
116
65
-24
20
105
5,132
158
1,506
1,862
2,119
156
4,000
12,691
1,250
40
4,766
765
17,348
6,003
161
277,486
51,361
16,882
127,968
130,482
114,680
386,486
131,338
58,984
142,051
6,376
13,188
7,298
325,922
24,856
147,693
89,346
130,648
9,952
36,375
27,730
1,564
2,971
5,326
1,584
48,407
21,261
5,881
44,540
1
2
3
4
5
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.
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
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.
8
Gold not reported separately beginning May 31, 1948.
7
Gold not reported separately beginning Dec. 31, 1946.
1524
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
Bank of Finland (millions of markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of G e r m a n S t a t e s 2
(millions of German marks):
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
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
Bank of Guatemala (thousands of
quetzales) :
Gold
Foreign exchange
Gold contribution to Int'l. F u n d . .
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
Note circulation
Demand deposits—Government. .
Other
Other liabilities and capital
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital
1948
1949
Oct.
Sept.
Aug.
(July)i
4,393
6,907
27,949
9,247
30,999
48,435
29,363
1,698
269
-2,613
-2,623
40,569
859
1,556
28,036
3,165
6,814
269
269
-831
-1,898
-2,897 - 2 , 0 5 8
39,725 39,904
868
859
1,766 1,045
28,389 28,677
2,503 2,040
6,931 8,480
1,127
1,878
8,209
2,009
7,157
1,313
1,199
238
3,316
218
84
2,980
1,776
742
1,404
354
1,108
746
2,187
27,229
8,247
1,250
5,453
16,167
34,137
3,108
3,203
8,078
9,821
152
88
3,224
1,729
794
1,356
492
1,068
691
2,381
27,229
10,525
1,250
4,662
15,182
33,641
3,068
3,132
9,238
9,769
27,229
12,528
1,250
3,433
14,902
33,294
3,064
3,545
9,398
10,040
445
115
3
304
8,113
157
3,175
1
5,336
624
432
166
3
307
7,547
199
3,176
1
4,872
605
400
400
6,003 6,103
4,153 4,188
516
529
10,799 10,854
287
1,891
17
2
1,056
3,048
204
353
1,691
8
1
993
2,873
173
Oct.
Central Bank
(Figures as of last report
date of month)
Central Bank of Ireland (thousands
of pounds):
3,621
Gold
3,389
Sterling funds
29,012
Note circulation
5,832 Bank of Italy (millions of lire):
31,171
Gold
43,343
Foreign exchange
28,704
Advances to Treasury
978
Loans and discounts
Government securities
Other assets
Bank of Italy notes
268
Allied military notes
-141
Deposits—Government
-2,792
Demand
38,920
Other
908
Other liabilities and capital
1,784
Bank of J a p a n (millions of yen):
28,011
Cash and bullion
3,627
Advances to Government
7,309
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds. . . .
764
Other assets
838
Note circulation
7,806
Deposits—Government
1,644
Other
5,885
Other liabilities
1,585 T h e Java Bank (millions of guilders):
1,037
Gold
224
Foreign bills
2,320
Loans and discounts
Advances to Government
Other assets
686
Note circulation
45
Deposits
1,298
Other liabilities and capital
1,382 Bank of Mexico (millions of pesos):
'378
Monetary reserve 3
1,028
"Authorized" holdings of secu196
rities, etc
Bills and discounts
245
Other assets
440
Note circulation
1,881
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
27,230 guilders):
Gold
16,734
Silver (including subsidiary coin).
1,250
Foreign assets (net) 5
3,573
Loans and discounts
11,529
Govt. debt and securities
31,299
Other assets
2,995
Note circulation—Old
5,535
New
10,292
Deposits—Government
10,193
Blocked
E. C. A
Other
403
Other liabilities and capital
113 Reserve Bank of New Zealand
173 (thousands of pounds):
340
Gold
3,750
Sterling exchange reserve
299
Advances to State or State un2,586
dertakings
10
Investments
1,807
Other assets
675
Note circulation
Demand deposits
Other liabilities and capital
Bank of Norway (millions of kroner):
427
Gold
7,966
Foreign assets (net)
3,543
Clearing accounts (net)
468
Loans and discounts
12,142
Securities
Occupation account (net)
262
Other assets
2,922
Note circulation
29
Deposits—Government
17
Banks
904
Blocked
3,921
Other
21
Other liabilities and capital
1949
Oct.
Sept.
2,646 2 646
47,328 44 721
49,973 47 367
4
15
667
199
230
430
923
30
170
119
248
55
1,218 1
99,694 98
105,871 90
109,413 91
34,384 46
14,142 26
306,252 298
27,455 27
18,797 19
12,219 8
471
71
61
1,052
73
902
757
69
224
857
753
618
771
714
885
802
337
998
508
408
1948
Aug.
Oct.
2,646 2,646
43,171 42,575
45,817 45,221
1,966
579
15,068 16,884
655,926 642,052
200,033 163,796
208,771 169,754
440,869 186,847
905,418 819,988
37,103 52,604
163,162 24,688
128,291 80,004
243,514 169,897
45,146 32,731
730
1,213
171
655 99,655 76,888
580 79,936 64,505
966 121,585 111.208
757 55,611 50,721
311 30,622 11,250
202 295,580 279,513
973 63,297 7,468
658 17,390 17,874
989 12,354 10,446
471
97
64
,019
71
894
761
67
471
90
64
1,009
69
887
751
65
692
711
680
612
2,689
112
171
2,049
720
896
,681
167
181
,002
841
897
2,569
178
184
2,015
707
890
1,645
742
207
1,820
630
757
612
10
707
163
3,300
633
72
3,007
548
36
539
845
378
9
519
143
,300
582
74
,966
381
85
351
937
372
426
9
462
163
3,300
542
75
3,029
435
30
297
756
280
452
3
459
148
3,300
345
114
3,014
347
91
140
663
338
502
571
940
094
733
891
622
326
253
115
-89
39
48
,114
113
,201
,90'
,375
603
4:
465
3,438 2,802
50,938 47,349
35,259
48,094
6,083
51,031
87,590
5,190
37,203
16,124
21,987
48,787
71,672
5,005
232
101
-93
40
48
7,713
8
2,198
3,294
1,303
611
181
53
299
-89
43
54
7,924
130
2,072
3,854
125
758
188
627
263
« Revised.
•
1 Latest month available.
2
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks.
8
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
4
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
B
Beginning January 1949, this figure represents a net of the Bank's foreign assets and is not strictly comparable with amounts shown for previous
months.
DECEMBER
1949
1525
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees) :l
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities. . . .
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. . .
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. .
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
Gold
Gol
Foreign exchange (net) 2
i
Net claim on Int'l.. Fund
,
l I l
Paid-in capital—Int'l. Bank
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Dem and deposits
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Note circulation
Demand deposits—U. S. dollars3.
Pesos
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
Other
Other liabilities and capital
National Bank of Rumania 4
South African Reserve Bank
(thousands of pounds):
Gold 5
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
1949
Oct.
Sept.
1948
Aug.
44
624
265
332
432
61
,700
57
584
105
292
946
94
60
699
106
1
132
913
85
600
-874
,710
-92
338
924
720
323
048
995
600
835
2,710
-92
100,607
8,916
2,293
83,208
27,527
5,134
44
831
8
332
431
59
1,644
600
-662
2,710
-92
96,464
3,464
8,946
83,188
22,771
5,470
275,511
20,495
2,238
167,706
715,982
60,259
839,414
316,251
86,525
2,721
524,931
7,501
85,521
38,729
133,836
581,358
226
115,357
96,299
2
555
7
50
20
133
533
721
414
501
569
033
627
957
148
139 132
96 628
2,721
567,088
7,501
10,000
18,287
149,965
502,949
11,700
145,049
95,865
180
052
517
247
534
140
210
759
421
3,105
7,606
501
1,248
517
8,249
203
3,480
1,045
3,130
8,979
512
1,244
544
8,073
221
3,672
2,443
,747
,900
,781
,137
,420
,984
,161
33,058
6,576
73,723
15,845
65,071
55,947
8,182
934
497
,766
,980
,263
934
497
15,761
8,467
3,932
Oct.
Central Bank
(Figures as of last report
date of month)
1949
Oct.
Sept.
1948
Aug.
Bank of Spain—Cont.
,062 25,339
Note circulation
,010
1,011
Deposits—Government
17
,780
2,668
Other
385
588
Other liabilities and capital. . .
573
50 Bank of Sweden (millions of kronor):
137
155
155
156
Gold
839
793
670
533
Foreign assets (net)
36
Swedish Govt. securities and ad- 6
1,398
,994
3,324
3,046
vances to National Debt Office
104
97
82
Other domestic bills and advances
472
66
467
355
Other assets
1,073
3,089
,028
2,980
Note circulation
114
566
600
563
Demand deposits—Government..
245
108
380
Other
56
669
648
527
Other liabilities and capital
1,289 Swiss National Bank (millions of
21
francs):
6,162
,158
6,237
Gold
254
188
327
Foreign exchange
114
731
110
108
Loans and discounts
72
7,788
70
72
Other assets
,371
2,710
4,356
4,313
Note circulation
,671
-14
1,838
1,941
Other sight liabilities
489
56,355
403
490
Other liabilities and capital
5,238 Central Bank of the Republic of
2,578
Turkey (thousands of pounds):
57,678
Gold'
430,571 446,348 447,018
12,532
Foreign exchange and foreign
5,175
81,238 89 079 65,396
clearings
882,617 847 927 808,084
Loans and discounts
63,725 78 323 78,819
Securities
171,078
67,290 63 666 72,431
Other assets
20,496
909,233 878 083 864,475
Note circulation
2,356
153,040 153 040 153,040
Deposits—Gold
288,240 296,469 290 ,009
112,615
Other
174,929 197,754 168,724
731,032
Other liabilities and capital
71,340 Bank of the Republic of Uruguay
748,425
(thousands of pesos):
264,312
244,276
Gold
96,180
12,142
Silver
313
Paid-in capital—Int'l. Bank
Advances to State and govern141,515
ment bodies
254,601
Other loans and discounts
253,436
Other assets
275,128
Note circulation
78,411
Deposits—Government
288,648
Other
264,096
Other liabilities and capital
Central Bank of Venezuela (millions of 8bolivares):
,041
889
Gold
27
224
Foreign exchange (net)
45
42
Other assets
4,028
712
729
Note circulation—Central Bank.
9,311
1
1
National banks..
415
202
200
Deposits
1,278
197
225
Other liabilities and capital
533 National Bank of the Kingdom
8,436
of Yugoslavia 4
790 Bank for International Settle5,348
ments 9 (thousands of Swiss gold
990
francs):
142,559 160 486 142,742
Gold in bars
Cash on hand and with banks. . . 29,705 49 788 45,864
3,462 3 385
3,836
Sight funds at interest
57,522
Rediscountable bills and accept50,801
21,229 19 077 20,820
ances (at cost)
96,847
26,073 26 060 32,208
Time funds at interest
8,318
Sundry bills and investments.... 201,127 170 574 216,474
66,143
297,201 297 201 297,201
Funds invested in Germany
139,337
1,554
2, 636
3,373
Other assets
8,009
13,879 13 879 12,823
Demand deposits (gold)
Short-term deposits:
1,217
999 261,556
Central banks—Own account.. 224,850
500
1,183
239
1,318
Other
15,922
228,909
909 228,909
Long-term deposits: Special
10,399
255,907 255,181 256,093
Other liabilities and capital
Oct.
25,818
556
4,593
639
177
250
3,314
99
734
2,935
636
240
763
5,754
186
115
91
4,334
1,268
544
448,588
90,625
784,682
198,361
43,990
953,115
153,035
213,183
246,913
261,032
12,290
317
62,895
236,496
284,848
242,416
65,757
252,309
297,396
830
126
84
631
3
384
21
114,667
41,671
502
15,117
26,231
112,404
297,201
977
15,994
112,499
1,391
228,909
249,977
3,568
1
2
Bank commenced operations July 1, 1948.
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.
3 Account of National Treasury.
4 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.
5
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
6
Includes small amount of non-Government bonds.
7
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
8
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.
s See BULLETIN for December 1936, p.
1526
1025.
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1938
Jan. 4, 1939. .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940..
Apr. 9
May 17
Mar. 17, 1941. .
May 29
June 27.
Jan. 16, 1945. .
Jan. 20
Feb. 9 . . . .
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947. .
Aug. 27 . . .
Oct. 9
June 28, 1948. .
Sept. 6
Oct. 1
May 27, 1949
July 14
Oct. 6
In effect Nov.30,
1949
2*
2
4
Central
bank of—
Date
effective
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru
6
Bulgaria
Canada
Chile
. . . 3-4}|
Colombia
Costa Rica
3
Czechoslovakia
2H
Aug.
Feb.
Dec.
July
Apr.
Oct.
1, 1948
8, 1944
16, 1936
18, 1933
1, 1939
28, 1945
Denmark....
Ecuador
El Salvador...
Estonia
Finland
4
3
Portugal. . . .
Jan. 15, 1946
June 8, 1943 R u m a n i a . . . .
South Africa.
Oct. 15, 1946
Spain
Oct. 1, 1935
July 1, 1949 Sweden
5
4
1940
1936
1945
1949
1948
Date
effective
Nov.
Apr.
July
5.11
Jan.
3
Feb.
5
21,
1,
3,
6,
4,
q •jy
Rate
Nov.
30
Ireland
Italy
Japan
Java
Latvia
Mar.
Mar.
Aug.
Oct.
Feb.
Albania
Argentina
Austria
Belgium
Bolivia
2
4
Rate
Nov.
30
Central
bank of—
United
SwitzGer- Bel- NethKing- France many gium er- Sweerdom
lands den land
23,
9,
5,
14,
17,
1943
1949
1948
1937
1940
3
3
2
3
2
3M
IX
3
July
June
June
July
Jan.
Nov.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
13, 1947
4 2
2H
Jan.
Mar.
Oct.
Mar.
Feb.
12,
25,
13,
18,
9,
4
Nov. 26, 1936
July 1, 1938
2
4
1-3
Oct. 26, 1939
July 1, 1936
Aug. 20, 1948
6
3
2i/
1V
iy*
2y2
3
7
4
2
5
1944
1948
1949
1949
1945
&2M
2M&3
1
France
Germany
Greece
Hungary
India
1-5
3
1J4V/
1
3
il-4
12
5
3
Oct.
July
July
Nov.
Nov.
1, 1948
14, 1949
12, 1948
1, 1947
28, 1935
1—4
Switzerland..
Turkey
United Kingdom
U. S. S. R.. . .
Yugoslavia. .
3M
2
3
.1-4
3M
2H
2H
IX
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since Oct. 31: None.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1942—Sept
1943—Sept
1944—Sept
1945—Sept
1946—Sept
1947—Sept
1948—Sept
.53
.46
.38
.36
.40
.41
.41
1.03
1.03
1.03
1.03
.53
.53
.56
1.00
1.00
1.01
1.00
.51
.51
.51
1.05
1.07
1.13
1.13
.63
.63
1948—Oct
Nov
Dec
.41
.41
.41
.56
.56
.56
.51
.51
.52
1949—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.41
.42
.42
.49
.50
.51
.51
.51
.51
.56
.56
.56
.58
.63
.63
.63
r
.67
.69
.52
.52
.52
.51
.52
.52
.52
.52
.52
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills 3
months
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
.63
1.66
1.61
1.73
1.41
1.32
1.44
2.84
1.72
1.30
1.08
1.10
1.08
1.00
.75
.84
1.25
1.25
1.25
1.25
1.25
1.25
1.63
.63
.63
.63
2.09
2.03
2.00
1.03
1.08
1.25
.78
.77
.96
1.63
1.63
1.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
2.09
2.08
1.23
1.39
1.38
1.29
1.28
1.32
1.43
1.25
1.15
1.13
.90
1.01
1.24
1.03
.83
.83
.91
1.01
1.63
1.63
1.63
1.63
1.63
1.50
1.50
1.50
1.50
2.10
2.12
2.43
r
Revised.
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 1949
1527
COMMERCIAL BANKS
Assets
United Kingdom »
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury Securities Loans to
deposit
counted receipts 2
short
customers
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
1947—December.
366
390
422
500
536
499
502
141
142
151
199
252
432
480
171
198
133
147
369
610
793
758
896
1,307
1,667
1,523
1,560
1,288
999
,120
,154
,165
,234
,427
,483
823
794
761
772
827
994
1,219
324
325
349
347
374
505
567
3,329
3,629
4,032
4,545
4,850
5,685
5,935
2,168
2,429
2,712
3,045
3,262
3,823
3,962
1,161
1,200
1,319
1,500
1,588
1,862
1,972
253
236
245
250
265
342
396
1948—October...
November
December.
485
495
502
497
482
485
802
793
741
1,313
1,332
1,397
,475
,480
,478
,365
,355
,396
497
516
621
6,040
6,057
6,200
3,927
3,958
4,159
2,113
2,099
2,041
393
396
429
1949—January...
February.
March... .
April
May
June
July
August. . .
September
532
481
474
500
487
481
492
492
490
481
491
482
481
498
500
492
498
518
795
860
870
799
816
786
788
797
971
1,267
989
956
1,025
1,037
1,142
1,160
1,088
903
,487
,487
,496
,501
,502
,502
,512
,511
,516
,383
,405
,429
,445
,436
,461
1,435
1,438
1,477
526
519
517
540
501
562
508
510
548
6,057
5,817
5,815
5,886
5,872
6,025
5,973
5,922
6,009
4,033
3,810
3,803
3,875
3,869
3,961
3,939
3,896
3,959
2,024
2,007
2,012
2,011
2,004
2,064
2,034
2,026
2,049
414
414
409
405
403
410
413
412
413
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
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..
1947—December..
356
387
471
550
694
753
731
32
31
48
92
251
136
105
,169
L.168
1,156
L,211
1,274
1,507
1,999
168
231
250
214
227
132
106
1,759
2,293
2,940
3,611
4,038
4,232
3,874
653
657
744
782
869
,039
,159
71
60
42
34
26
21
18
3,105
3,657
4,395
5,137
5,941
6,252
6,412
1,436
1,984
2,447
2,714
3,076
2,783
2,671
1,669
1,673
1,948
2,423
2,865
3,469
3,740
962
1,049
1,172
,289
,386
,525
,544
1948—October....
November.
December..
751
781
749
97
96
101
2,110
2,202
2,148
143
140
144
4,156
4,212
4,268
r067
,149
,169
17
16
16
6,798
7,020
7,027
2,758
2,935
2,970
4,040
4,086
4,057
,510
,542
,537
1949—January...
February. .
March
April
May
June
July
August
September.
740
711
718
760
776
734
751
789
789
90
108
81
90
74
72
77
78
103
2,131
2,119
2,129
2,199
2,202
2,195
2,188
2,174
2,304
4
131
136
136
149
154
141
143
132
190
4,311
4,322
4,285
4,267
4,342
4,396
4,460
4,527
4,463
,054
,070
,077
987
,056
,130
952
,035
,129
16
16
15
15
15
15
15
14
14
6,942
6,957
6,927
7,029
7,131
7,183
7,130
7,298
7,474
2,824
2,797
2,663
2,690
2,792
2,853
2,789
2,926
3,062
4,118
4,159
4,264
4,339
4,339
4,330
4,341
4,372
4,412
,500
,494
,484
,408
,459
,471
1,425
1,407
1,490
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Bills discounted
Liabilities
Cash
reserves
Due from
banks
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
1947—December.
6,589
7,810
8,548
10,365
14,602
17,943
22,551
3,476
3,458
4,095
4,948
13,804
18,919
19,410
61,897
73,917
90,897
99,782
155,025
195,177
219,374
8,265
10,625
14,191
18,653
36,166
64,933
86,344
1948—September
October.. .
November
December.
35,994
40,694
40,936
45,406
28,232
33,035
34,493
35,534
311,939
339,126
330,495
354,131
1949—January..
February.
March. . .
April
May
June
July
August.. .
44,404
44,191
38,024
39,482
42,636
39,514
46,205
41,276
34,369
32,048
33,720
36,469
36,346
36,995
38,626
36,888
345,914
343,684
330,902
368,937
346,974
363,168
407,822
395,351
Loans
Deposits
Other
assets
Own
acceptances
Other
liabilities
and
capital
Total
Demand
Time
2,040
2,622
2,935
2,190
7,360
23,392
37,291
76,656
91,549
112,732
128,758
213,908
291,894
342,166
75,744
91,225
111,191
126,578
211,871
290,004
338,710
912
324
1,541
2,180
2,037
1,890
3,457
413
462
428
557
2,898
15,694
25,175
5,199
6,422
7,506
6,623
10,151
12,777
17,628
111,682
116,174
127,147
125,154
41,525
43,542
45,913
50,780
478,129
516,691
520,412
548,796
473,217
510,425
514,284
542,113
4,912
6,267
6,128
6,683
27,739
27,987
28,687
30,641
23,504
27,893
29,887
31,568
133,550
141,296
135,617
129,306
137,906
134,226
124,098
128,804
36,083
37,362
39,720
40,846
44,346
41,466
43,852
45,310
548,335
551,673
528,241
561,787
551,958
562,038
601,745
587,137
541,420
544,466
520,846
554,453
544,870
555,184
595,063
580,010
6,916
7,207
7,394
7,333
7,088
6,854
6,682
7,127
30,697
31,876
32,127
32,208
33,376
28,384
29,700
29,105
15,287
15,033
17,615
21,047
22,874
24,948
29,157
31,387
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 1H per cent through Oct. 20, 1945, and at Y% per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
1528
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or
month
Basic »
Preferential
"A" i
Preferential
"B" 1
Australia
(pound)
Special i
1943
1944
1945
1946
1947
1948
29.773
29.773
29.773
29.773
29.773
29.773
24 732
25.125
25 125
25.125
25.125
25.125
1948—Dec...
29.773
25.125
1949—Jan...
29.773
Feb...
29.773
Mar...
29.773
Apr...
29 773
May. .
29.773
June. .
29.773
July...
29.773
29.773
Aug...
Sept... 129.773
Oct.. . 129.778
Nov...
29.778
i20!695'
20.695
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
125.125
U7.456
17.456
Colombia
(peso)
Czechoslovakia
(koruna)
Official
Denmark
Year or
month
Ceylon
(rupee)
1943
1944
1945
1946
1947
1948
57 265
57 272
57 014
57.020
57.001
57.006
In cents per unit of foreign currency]
Belgium
Brazil
(cruzeiro)
(franc)
"Bank
notes"
account
Free
Official
Canada
(dollar)
Free
Official
Free
2O!666
322.80
321.50
322.80
322 80
321.34
321.00
321.22
"2]2866 #
2.2829
2.2817
2.2816
6.0586
5.1280
6.0594
5.1469
6.0602
5.1802
6.0602
5.4 403
5.41406
90.909
90.909
90.909
95.198
100.000
100.000
89.978
89.853
90.485
93.288
91.999
91.691
20.000
321.23
2.2847
5.4 L406
100.000
92.250
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
120.000
113.896
13.896
321.22
321.23
321.21
321.12
321.15
321.00
321.10
321.03
274.39
223.16
223.16
2.2844
2.2847
2.2828
2.2752
2.2750
2.2750
2.2750
2.2750
2.1684
1.9960
1.9980
5.4 t406
5.4 1406
5.4t406
UOfi
5 4
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
95.909
90.909
90.909
92.444
92.668
93.261
93.566
95.150
95.521
94.545
95.248
92.724
90.431
89.864
France
(franc)
India *
Philippine
Republic
(krone)
(rupee)
Official
2 2.1000
2.1605
2.1791
2.2211
2.1752
2.1909
2.1115
1.9917
3 1.9969
NethNew
erlands Zealand
Mexico
(peso)
(guilder)
(pound)
Norway
(krone)
324.20
324 42
323.46
322.63
322.29
350.48
20.176
20.160
20.159
Free
1.9711
.8409
.8407
.4929
.3240
30.122
30.122
30.122
30.155
30.164
30.169
20.577
20.581
20.581
20.581
20.577
18.860
37.933
37.813
37.760
37.668
2.0060
2.0060
2.0060
20.876
20.864
20.857
1948—Dec
2.0060
20.854
.4671
.3154
30.168
14.527
37.615
399.15
20.158
1949—Jan. . . 530.117
Feb...
30.117
Mar...
30.117
Apr. . . 30.117
May. ,
30.117
June..
30.117
July.
30.117
Aug... 6 30.117
Sept...
30.117
Oct. . . « 20.804
Nov.
20 850
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.854
20.854
20.854
20.854
20.854
20.854
20.854
20.854
18.177
14.494
14.494
.4671
.4671
.4671
.4671
.4671
.4671
.4671
.4671
.4671
.3141
.3138
.3136
.3106
.3038
.3032
.3025
.3025
.2949
.2861
.2862
30.168
30.168
30.168
30.168
30.168
30.168
30.168
30.168
27.247
20.823
20.870
14.534
14.360
14.334
14.303
12.521
11.911
11.562
11.569
11.572
11.570
11.571
37.664
37.628
37.598
37.650
37.609
37.615
37.611
37.607
32.845
26.300
26.295
399.14
399.15
399.12
399.01
399.05
398.87
399.00
398.90
340.95
277.30
277.30
20.158
20.158
20.158
20.158
20.158
20.158
20.158
20.158
17.572
14.015
14.015
Spain
(peseta)
Straits
Settlements
(peso)
Year or
month
Portugal
(escudo)
South
Africa
(pound)
1943
1944
1945 . . .
1946
1947
1948
4.0501
4.0273
4.0183
398 00
398.00
399 05
400.50
400.74
400.75
1948—Dec...
4.0321
400.75
1949—Jan. . .
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct. . .
Nov...
4.0324
4.0327
4.0324
4.0326
4.0327
4.0327
4.0328
4.0169
3.7862
3.4875
3.4810
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
342.48
278.38
278.38
(dollar)
7
Sweden
(krona)
Switzerland
United
Kingdom
Uruguay
(peso)
(pound)
(franc)
Official
5 49.675
49.677
49.721
49.725
49.724
49.730
49.738
49.740
49.739
49.734
49.738
Free
9.132
9.132
9.132
25.859
27.824
27.824
23.363
23.363
23.363
403.50
403.50
403.50
403 02
403 50
403 .28
402 .86
403 .13
58.822
52.855
53.506
55.159
56.280
56 239
56.182
9.132
27.823
23.363
403 .15
65.830
58.822
56.180
53.191
27.823
27.823
27.823
27.823
27.823
27.823
27.823
27.823
24.003
19.333
19.333
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.283
23.085
23.176
403 .13
403 .14
403 .11
403 .00
403 .04
402 .85
402 .98
402 .89
344 .36
280 .09
280 .08
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
9
65.830
58.822
58.822
58.822
58.822
58.822
58.822
58.822
58.822
58.823
958.824
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
9
56.180
53.191
53.191
53.191
53.191
53.191
53.191
53.191
53.191
53.191
9
53.191
(10)
(10)
(10)
*
8
5 47.083
47.083
47.083
47.166
47.208
47.186
47.174
46.869
41.846
32.608
32.547
65.830
65.830
65.830
65.830
65.830
65.830
(10)
53.191
1
Beginning Oct. 11, 1949, new designations were given to the rates shown previously. Rates for these series shown in BULLETIN for Novem2
ber appeared in the wrong columns. Quotations not available from Sept. 17 through Oct. 10.
Based on quotations beginning Mar. 22, 1949.
3
Based on quotations through Nov. 10; rate abolished thereafter.
4
5
Excludes Pakistan, beginning April 1948.
Based on quotations beginning Jan. 24, 1949.
6
Quotations not available Sept. 17 through Oct. 10.
7
Average based on quotations through Sept. 16, 1949; official rate abolished thereafter.
8
Quotations not available after Dec. 17, 1948.
9
10
Based on quotations through Oct. 5.
Temporarily omitted.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1949, p. 1291; January 1949,
p. 101; July 1947, p. 933; and February 1944, p. 209.
DECEMBER
1949
1529
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
Kingdom
(1930 =
100)
United
States
Canada
(1926 =
100)
(1926 =
100)
1926
100
100
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
80
81
86
79
103
105
79
87
99
103
104
106
121
152
165
72
75
85
79
75
83
90
96
100
103
104
109
129
153
103
110
121
146
179
199
229
242
260
137
153
159
163
166
169
175
192
219
139
171
201
234
265
375
648
989
1,712
1948—October
November......
165
164
162
159
159
160
273
271
268
220
221
221
1949—January
February
March
April
May
161
159
158
158
158
156
156
157
156
155
157
270
221
271
275
280
284
285
289
288
294
221
221
227
231
232
229
229
230
PI.958
296
236
P2.000
Year or month
77
.
158
158
157
156
155
154
153
154
July
August
September
October
152
Mexico
(1939 =
100)
2
France
Italy
(1938 =
100)
(1938 =
100)
124
106
89
94
109
101
52
63
89
100
NetherJapan
lands
Sweden
(1934-36 (July 1938- (1935 =
100)
average June 1939
= 100)
= 1)!
150
1
1
1
1
72
80
94
100
2
Switzerland
(July 1914
= 100)
126
144
100
102
114
111
90
96
111
107
115
111
5,159
5,443
2
2
2
2
2
4
16
48
128
87
91
108
102
105
131
150
157
160
164
181
251
271
281
146
172
189
196
196
194
186
199
214
143
184
210
218
223
221
215
224
233
1,887
1,977
1,974
5,724
5,667
5,697
174
186
188
284
289
291
217
217
217
230
232
231
1,946
1,898
1,872
1,846
1,890
1,812
1,854
1,910
5,698
5,656
5,557
5,393
5,278
5,219
191
295
295
294
295
294
294
293
292
295
217
230
217
216
216
215
216
215
214
215
2
104
121
136
153
192
192
200
203
203
204
208
P211
229
227
224
221
220
221
220
218
P215
P Preliminary.
1
This index replaces the one formerly shown. It is a weighted index of wholesale prices in Tokyo covering 280 commodities and is computed
by the Bank of Japan. For a detailed description as to weights and techniques used see Japanese Economic Statistics Bulletin, No. 36-37, Section
III, August-September 1949, p. 19.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937,
p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Canada
(1926=100)
United Kingdom
(1930=100)
Raw and Fully and
Other
partly
Farm
commod- products manufactured
ities
goods
Farm
products
Foods
chiefly
manufactured
goods
Netherlands
(July 1938-June 1939=100)
Foods
Industrial raw
products
Industrial
finished
products
90
96
112
104
106
138
156
160
164
170
175
184
207
242
103
121
140
157
157
159
172
200
214
231
112
163
177
175
174
179
193
282
328
342
104
126
148
154
159
163
184
261
276
283
Foods
Industrial
products
87
92
102
97
97
133
146
158
160
158
158
158
165
181
1926
100
100
100
100
100
100
1935 . . .
1936
1937
1938 . . . .
1939
1940
1941
1942 .
1943
1944
1945 . .
1946
1947
1948
79
81
86
69
65
68
82
106
123
123
128
149
181
188
84
82
86
74
70
71
83
100
107
105
106
131
169
179
78
80
85
82
81
83
89
96
97
99
100
110
135
151
64
69
87
74
64
68
73
85
98
107
115
124
133
150
66
71
84
73
67
75
82
90
99
104
106
110
131
156
73
74
81
78
75
82
89
92
93
94
94
99
117
140
1948—October
November
December
184
181
177
178
174
170
153
154
153
149
150
149
164
164
164
144
144
144
180
181
178
243
244
246
224
238
241
343
348
349
288
291
294
1949—January
February
March
April
May
June
July
August
September
October
173
168
172
171
171
169
166
162
163
160
166
162
163
163
164
162
161
161
162
160
153
152
151
149
147
146
145
145
145
145
148
145
146
148
148
150
151
146
146
145
163
161
162
161
160
160
161
159
158
161
143
142
141
142
142
142
142
142
142
143
178
178
178
186
199
202
202
201
200
209
247
247
246
251
250
249
244
244
247
251
240
242
242
243
240
233
233
230
235
373
371
369
369
367
367
364
364
365
295
295
293
294
294
296
295
295
298
«
r
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1530
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
COST OF LIVING
[Index numbers]
SwitzUnited
King- France Nether- erUnited Candom
lands land
ada
States
(1938 (1938-39 (June
(1935-39 (1935-39 (June
= 100)i 1914
= 100) 17, 1947 = 100)
= 100)
= 100)
= 100)
Year or
month
1940
1941
1942
1943
1944
1945
1946
1947
1948
97
106
124
138
136
139
160
194
210
106
116
127
131
131
133
140
160
196
164
168
161
166
168
170
169
2
101
108
129
149
174
224
275
377
645
1,043
1,662
193
211
228
146
175
200
211
215
215
210
222
230
1948-October.. .
November.
December.
212
208
205
205
205
202
108
108
108
1,904
1,873
1,924
228
234
242
1949-January...
February..
March
April
May
June
July
August....
September.
October. . .
205
200
202
203
202
204
202
203
204
201
202
200
199
199
200
203
207
209
207
205
108
109
108
108
114
115
116
116
117
1,932
1,845
1,759
1,738
1,725
1,715
1,704
1,744
Pl.845
Pl 901
243
246
247
248
256
260
251
246
United
SwitzUnited CanKing- France Nether- erStates
ada
dom
lands land
(1938 (1938-39 (June
(1935-39 (1935-39 (June
= 100)
= 100) 17, 1947 = 100)
= 100)i 1914
= 100)
= 100)
Year or
month
1940 .
1941
1942
1943
1944
1945
1946
1947
1948
100
105
117
124
126
128
139
159
171
106
112
117
118
119
119
124
136
155
184
199
200
199
201
203
204
2
101
108
129
150
175
224
285
393
645
1,030
1,632
192
199
206
151
174
193
203
208
209
208
217
224
229 1948-October...
235
November.
232
December.
174
172
171
160
160
159
108
109
109
1,844
<=l,87O
1,928
205
208
214
223
226
225
231 1949-January...
February..
229
March....
228
April
227
May
227
June
228
July
228
August....
228
September.
229
October.. .
P229
171
169
170
170
169
170
169
169
170
169
160
160
159
159
160
161
162
163
162
162
109
109
109
109
111
111
111
111
112
1,935
1,857
1,781
1,757
1,738
1,726
1,715
1,752
P1,826
215
216
217
218
221
223
219
216
224
223
222
221
222
222
221
221
222
P221
Pl.884
c
P Preliminary.
Corrected.
1
This index replaces, but is not comparable with, that previously shown. It is a weighted consumer price index for six cities, based on the
pattern of consumption in 1935-36 of workers' families with an annual income of less than 1,800 guilders. For a detailed description of this index
see Maandschrift van het Centraal Bureau voor de Statistiek, March 1947, pp. 171-172.
2
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 166 for retail food prices and 203 for cost of living.
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States!
(high
grade)
Number of issues. . .
12
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 =100)
(2)
87
Common stocks
France
(1938 =
100)
Netherlands 3
United
States
(1935-39
= 100)
Canada 4
(1935-39
= 100)
50
14
416
106
278
6 295
27
109.0
105.6
107.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
124.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
121.5
72.5
75.3
84.5
88.6
92.4
96.2
94.6
92.0
1308
479
540
551
694
875
1,149
1,256
202.2
211.2
113.4
110.0
106.6
106.6
120.4
119.4
117.8
115.8
91.6
91.4
1,354
1,366
192.7
187.8
111.6
111.9
107.6
109.0
106.9
105.9
103.0
104.3
106.3
107.3
107.3
107.3
106.9
107.6
121.0
117.2
118.0
118.5
117.7
112.0
117.8
121.8
123.8
127.3
114.3
108.1
106.4
106.4
105.3
99.6
104.2
108.2
109.6
114.3
91.6
91.7
88.7
88.4
88.9
85.3
84.0
84.0
85.6
88.2
1,332
1,214
1,114
1,119
187.6
182.8
180.7
188.1
188.8
190.6
196.3
204.3
209.6
207.5
117.8
118.3
120.3
120.9
122.1
123.3
U03.2
98.7
99.4
100.7
102.6
103.0
105.2
117.2
118.5
105.0
123.8
127.3
127.8
127.5
128.3
132.1
130.8
129.9
M43.4
146.4
146.6
150.5
152.1
144.6
132.0
117.0
1948—November. . .
December
97.9
98.9
104.5
104.7
130.4
130.4
1949—January
February....
March
April
May
June
July
August
September. . .
October
100.5
100.5
100.7
101.0
101.0
100.9
102.0
103.0
103.1
102.8
104.8
105.0
105.6
105.9
105.9
105.9
106.6
107.9
108.9
112.2
131.0
131.0
130.8
130.9
130.4
129.3
127.1
123.6
122.7
121.7
1941
1942
1943
1944
1945
1946
1947
1948
NetherFrance *
United
lands 6
Kingdom (December
(1926=100) 1938=100) (1938=100)
107.9
107.3
108.4
P109.3
P109.3
1,042
1,122
1,168
Pl,148
Pl.110
P Preliminary.
1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter on the capitalized yield as calculated on the 15th of every month.
3
This index represents the reciprocals of average yields for 14 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; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949.
5
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique G6ne"rale," September-November 1946, p. 424.
6
This index is based on 27 Netherlands industrial 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 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.
DECEMBER
1949
1531
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
R. M. EVANS
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
JAMES K. VARDAMAN, JR.
CHESTER MORRILL, Special Adviser to
WOODLIEF THOMAS, Economic Adviser
the Board
to the Board
DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
OFFICE OF THE SOLICITOR
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
DIVISION OF PERSONNEL ADMINISTRATION
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF ADMINISTRATIVE SERVICES
RALPH A. YOUNG, Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS
B. MCCABE, Chairman
Vice Chairman
ALLAN SPROUL,
ERNEST G. DRAPER
C. E. EARHART
FRED A. NELSON, Director
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
First Vice President
W. RANDOLPH BURGESS, N E W YORK DISTRICT
FREDERIC A. POTTS,
PHILADELPHIA DISTRICT
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
MARRINER S. ECCLES
R. M. EVANS
RAY M. GIDNEY
HUGH LEACH
W. S. MCLARIN, JR.
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
Second Vice President
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. L. HEMINGWAY,
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
EARLE L. RAUBER, Associate Economist
DONALD S. THOMPSON, Associate Economist
O. P. WHEELER, Associate Economist
CHARLES W. WILLIAMS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
CHESTER MORRILL,
1532
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, A\ N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
Alfred H. Williams
Philadelphia.... Warren F. Whittier
C. Canby Balderston
W. J. Davis
Cleveland
George C. Brainard
A. Z. Baker
Ray M. Gidney
Wm. H. Fletcher
Richmond
Charles P. McCormick
J. B. Woodward, J r
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
Rufus C. Harris
W. S. McLarin, Jr.
L. M. Clark
C. S. Young
Chicago
Franklin J. Lunding
Russell L. Dearmont
Wm. H. Bryce
Chester C. Davis
F. Guy Hitt
Minneapolis... . Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
St. Louis
H. G. Leedy
Kansas C i t y . . . . Robert B. Caldwell
Robert L. Mehornay
Henry 0. Koppang
J. R. Parten
R. B. Anderson
Dallas
San Francisco... Brayton Wilbur
Harry R. Wellman
R. R. Gilbert
W. D. Gentry
C. E. Earhart
H. N. Mangels
XT*
TJ
Vice rresiaents
Robert B. Harvey2 Alfred C. Neal
Carl B. Pitman
E. G. Hult
0. A. Schlaikjer
E. 0 . Latham
R. F. Van Amringe
H. V. Roelse
H. H. Kimball
Robert G. Rouse
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
A. Phelan
Karl R. Bopp
E. C. Hill
Wm. G. McCreedy
L. E. Donaldson
Robert N. Hilkert P. M. Poor man3
Roger R. Clouse
A. H. Laning3
Martin Morrison
W. D. Fulton
Paul C. Stetzelberger
J. W. Kossin
Donald S. Thompson
C. B. Strathy
R. L. Cherry
K. Brantley Watson
R. W. Mercer8
Edw. A. Wayne
W. R. Milford
Charles W. Williams
Joel B. Fort, Jr.
P. L. T. Beavers
T. A. Lanford
V. K. Bowman
E. P. Paris
J. E. Denmark
S. P. Schuessler
2
John K. Langum
Allan M. Black
0. J. Netterstrom
Neil B. Dawes
A. L. Olson
W. R. Diercks
Alfred T. Sihler
E. C. Harris
W. W. Turner
Paul E. Schroeder
0. M. Attebery
Wm. E. Peterson William H. Stead
C. M. Stewart
C. A. Schacht
H. G. McConnell R. E. Towle
Sigurd Ueland
A. W. Mills'
Otis R. Preston
John Phillips, Jr.
L. H. Earhart
G. H. Pipkin
Delos C. Johns
C. E. Sandy2
R. L. Mathes
D. W. Woolley
W. H. Holloway
E. B. Austin
Watrous H. Irons
R. B. Coleman
L. G. Pondrom3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
W. L. Partner
Albert C. Agnew
C. R. Shaw
W. N. Ambrose
H. F. Slade
D. L. Davis 3
W. F. Volberg
J. M. Leisner
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
W. D. Fulton
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L/ Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
1
Also Federal Reserve Agent.
DECEMBER 1949
2
Cashier.
Branch
Chief Officer
Minneapolis.... Helena
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
8
R. E. Towle
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
1533
FEDERAL RESERVE PUBLICATIONS
The material listed below may be obtained from The price for the set of eight pamphlets is $1.25;
the Division of Administrative Services, Board of 25 cents per pamphlet, or, in quantities of 10 or
Governors of the Federal Reserve System, Wash- more for single shipment, 15 cents per pamphlet.
ington 25, D. C. Where a charge is indicated, T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
remittance should be made payable to the order
FUNCTIONS. November 1947. 125 pages. 75
of the Board of Governors of the Federal Reserve
cents per cloth-bound copy; in quantities of 10
System.
or more copies for single shipment, 50 cents each.
BOOKS
Paper-bound copies available without charge.
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES,
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
As of December 31, 1947. July 1948. 122 pages.
Board's staff. August 1941; reprinted March
As of June 30, 1949. December 1949. 122 pages.
1949. 496 pages. Paper cover. $1.00 per copy; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
in quantities of 10 or more copies for single shipCHARTS ON BANK CREDIT, MONEY RATES, AND
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BUSINESS. 72 pages. (Will be revised from time
BANKING AND MONETARY STATISTICS. Statistics of
to time.) Annual subscription to monthly chart
banking, monetary, and other financial developbook includes supplement; single copies, $1.00
ments. November 1943. 979 pages. $1.50 per
each (domestic rate). In quantities of 10 or
copy. No charge for individual sections (unmore copies for single shipment, 75 cents each.
bound).
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
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.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes aflecting the
Federal Reserve System. 372 pages. 50 cents per
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FEDERAL RESERVE SYSTEM. Individual regulations
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PERIODICAL RELEASES
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
WEEKLY DEPARTMENT STORE SALES
DEBITS AND CLEARINGS STATISTICS, THEIR BACK-
WEEKLY FOREIGN EXCHANGE RATES
October 1947. 50
pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
No. 1. Jobs, Production, and Living Standards.
No. 2. Agricultural Adjustment and Income.
No. 3. Public Finance and Full Employment.
No. 4. Prices, Wages, and Employment.
No. 5. Private Capital Requirements.
No. 6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
WEEKLY REVIEW OF PERIODICALS
GROUND AND INTERPRETATION.
1534
SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS
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 VeneFEDERAL RESERVE BULLETIN
FEDERAL RESERVE
PUBLICATIONS
ANNUAL
zuela is $2.00 per annum or 20 cents per copy;
elsewhere, $2.60 per annum or 25 cents per copy. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
Group subscriptions in the United States for 10
THE FEDERAL RESERVE SYSTEM
or more copies to one address, 15 cents per copy BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS E X per month, or $1.50 for 12 months.
CEPT INTERBANK ACCOUNTS
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
IRREGULAR
RATES, AND BUSINESS. $9.00 per annum, or $1.00
per copy, (domestic rates). In quantities of 10
or more copies of a particular issue for single
shipment, 75 cents each.
ASSETS AND LIABILITIES OF A L L BANKS IN THE
UNITED STATES
ASSETS AND LIABILITIES OF MEMBER BANKS (Con-
densed)
MEMBER BANK CALL REPORT (Detailed)
SURVEYS OF CONSUMER FINANCES
REPRINTS
ASSETS AND LIABILITIES OF A L L MEMBER BANKS,
BY DISTRICTS
(From Federal Reserve Bulletin unless preceded by an asterisk)
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX-
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
CEPT INTERBANK ACCOUNTS
IN THE UNITED STATES.
BUSINESS INDEXES
#
CONSUMER CREDIT
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS
CONSUMER
INSTALMENT
CREDITS
OF INDUSTRIAL
1938.
20
PROBLEMS OF BANKING AND BANK SUPERVISION.
Excerpts from the Board's 1938 Annual Report.
33 pages.
MONETARY MEASURES AND OBJECTIVES.
September
1937, April 1939, and May 1939. 8 pages.
BANKS
CONSUMER
November
pages.
INSTALMENT
CREDITS
OF INDUSTRIAL
T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser,
CONSUMER INSTALMENT LOANS OF THE PRINCIPAL
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -
January 1940. 4 pages.
LOAN COMPANIES
SERVE BANKS, by George B. Vest. February 1940.
8 pages.
TYPES OF FINANCIAL INSTITUTIONS
DEPARTMENT STORE CREDIT
DEPARTMENT STORE SALES (Indexes and Compari-
sons with Previous Year)
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL R E -
SERVE POLICY, by Arthur Hersey.
11 pages.
April 1940.
CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,
DEPARTMENTS
by E. A. Goldenweiser.
DEPARTMENT STORE STOCKS
May 1940. 5 pages.
GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank
FOREIGN EXCHANGE RATES
R. Garfield.
INTERDISTRICT SETTLEMENT FUND
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES IN N E W YORK CITY
RETAIL FURNITURE REPORT
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.
RETAIL INSTALMENT CREDIT
SALES FINANCE COMPANIES
September 1940. 16
FEDERAL RESERVE BANK LENDING POWER NOT D E -
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
PENDENT ON MEMBER BANK RESERVE BALANCES.
February 1941. 2 pages.
STATE BANK MEMBERS AND NONMEMBER
BANKS
ADJUSTMENT FOR SEASONAL VARIATION, by H . C.
THAT MAINTAIN CLEARING ACCOUNTS WITH FED-
Barton, Jr. Description of method used by Board
in adjusting economic data for seasonal variation.
June 1941. 11 pages.
ERAL RESERVE BANKS (Also annual list)
SEMIANNUAL
ALL BANKS IN THE UNITED STATES AND POSSESSIONS
—PRINCIPAL ASSETS AND LIABILITIES
DECEMBER 1949
COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER
BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.
1535
FEDERAL RESERVE
PUBLICATIONS
FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
REVISED INDEX OF DEPARTMENT STORE SALES.
1944.
June
20 pages.
weiser and Alice Bourneuf.
21 pages.
SALES.
Knapp and F. M. Tamagna.
8 pages.
September 1947.
BANK LOANS TO FARMERS—
BRETTON WOODS AGREEMENTS, by E. A. Golden-
REVISED WEEKLY
TISTICS. September 1947. 12 pages.
INDEX
September 1944.
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen; FARM MORTGAGE
LOANS AT COMMERCIAL
OF DEPARTMENT
STORE
BANKS,
by
Philip
T.
Allen; FARM PRODUCTION LOANS AT COMMERCIAL
BANKS, by Herman Koenig and Tynan Smith;
September 1944. 2 pages.
MONETARY AND CREDIT AGREEMENTS ENTERED INTO
THE
STRUCTURE OF INTEREST RATES ON COM-
AT BRETTON WOODS, by Governor M. S. Szym-
MERCIAL BANK LOANS TO FARMERS, by Richard
czak. April 1945. 7 pages.
Youngdahl.
pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28,
by Mary S. Painter.
September 1945. 2 pages.
SURVEYS OF LIQUID ASSET HOLDINGS.
September
1945. 7 pages.
ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
BANK MANAGEMENT, by Charles H . Schmidt.
April 1946. 12 pages.
REVISED INDEX OF DEPARTMENT STORE STOCKS, by
Richard Youngdahl and John O. Bergelin.
1946. 25 pages.
June
April 1948. 9 pages.
* STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY
MAJOR DEPARTMENTS.
October and December 1947. 36
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 BANKS—
SUMMARY, by Albert R. Koch; TERM LENDING
TO BUSINESS BY COMMERCIAL BANKS IN 1946, by
Duncan McC. Holthausen; SECURITY PLEDGED ON
MEMBER BANK LOANS TO BUSINESS, by Tynan
Smith; T H E STRUCTURE OF INTEREST RATES ON
BUSINESS LOANS AT MEMBER BANKS, by Richard
Youngdahl; MEMBER BANK LOANS TO SMALL
BUSINESS, by Charles H . Schmidt. March, May,
June, July, and August 1947. 80 pages.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
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.
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.
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
RENCY COMMITTEE, by Chairman Thomas B. Mc-
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
Cabe on August 2, 1948. August 1948. 8 pages.
March
T H E PHILIPPINE CENTRAL BANK ACT and Text of
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
the Act, by David Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
DEBT BY BANKS.
REVISION
April 1947. 4 pages.
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
pages.
1536
FOR MEMBER
June-July 1947.
9
BANK CREDIT DEVELOPMENTS.
October 1948.
12
pages.
T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
PUBLICATIONS
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.
BUYING PLANS FOR 1949. June 1949. 10 pages.
III. DISTRIBUTION OF CONSUMER INCOME IN 1948.
July 1949.
15 pages.
IV. CONSUMER OWNER-
SHIP AND USE OF LIQUID ASSETS.
16 pages.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
August 1949.
V. H O M E OWNERSHIP AND EXPENDI-
OF PAYMENTS PROBLEMS, by David L. Grove and
VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND
STATEMENT ON BEHALF OF THE BOARD OF GOV-
BONDS, AND OTHER NONLIQUID ASSETS.
ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
1949.
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
AUTOMOBILE OWNERSHIP.
Presented by Chairman Thomas B. McCabe on
February 14, 1949. 7 pages.
#
TURES FOR HOUSING.
Gerald M. Alter. November 1948. 11 pages.
pages. (Also, similar survey for 1946 from
June-September 1946 BULLETINS, 28 pages; for
1947 from June-August and October 1947 BULLETINS, 48 pages; for 1948 from June-September
and November 1948 BULLETINS, 70 pages.)
NEW
STATISTICS OF INTEREST RATES ON BUSINESS
LOANS, by Richard Youngdahl.
10 pages.
March 1949.
SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS,
by Charles H . Schmidt.
April 1949.
MOVEMENT TOWARD BALANCE IN INTERNATIONAL
N. Dembitz and Albert O. Hirschman. May
1949. 14 pages.
STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF
THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM BEFORE THE SENATE BANKING AND
CURRENCY COMMITTEE, May 11, 1949.
6 pages.
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING IN 1948, by Charles H . Schmidt.
June 1949. 8 pages.
NEW
SERIES ON QUARTERLY SALES, PROFITS, AND
DIVIDENDS OF 200 LARGE MANUFACTURING COR-
PORATIONS, by Eleanor J. Stockwell.
5 pages.
RETAIL CREDIT SURVEY—1948.
June 1949.
From June 1949
BULLETIN with supplementary information for
nine separate trades. 38 pages. (Also, RETAIL
November
A
1949.
7
personal
statement by Thomas B. McCabe, Chairman of
the Board of Governors of the Federal Reserve
System, prepared at the request of a Subcommittee
of the Committee on Banking and Currency of
the United States Senate. Submitted August 5,
1949. 7 pages.
March 1949. 9 pages.
TRANSACTIONS OF THE UNITED STATES, by Lewis
October
VII. ADDITIONAL DATA ON
* T H E EQUITY CAPITAL SITUATION.
POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O.
Hirschman and Robert V. Rosa.
13 pages.
16 pages.
September 1949. 16 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1949. October 1949. 10 pages.
READJUSTMENT
OF FOREIGN
CURRENCY
VALUES.
October 1949. 13 pages.
MEASUREMENTS OF SAVINGS, by Daniel H . Brill.
November 1949. 8 pages.
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
vember 1949. 14 pages.
*
REPLY OF THE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ( T O the
Questionnaire of the Joint Congressional Committee on the Economic Report). November
1949. 112 pages.
* STATEMENT OF MARRINER S. ECCLES BEFORE THE
SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL
POLICIES OF THE JOINT COMMITTEE ON THE ECONOMIC REPORT AND SUPPLEMENTAL LETTER TO
CREDIT SURVEY—1943, 1944, 1945, 1946, 1947
SENATOR DOUGLAS.
from the June 1944, May 1945, June 1946, July
1947, and July 1948 BULLETIN with supplementary information.)
December 1, 1949. 9 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
July 1949. 2 pages.
1949 SURVEY OF CONSUMER FINANCES—
I. GENERAL FINANCIAL POSITION AND ECONOMIC
OUTLOOK OF CONSUMERS.
June 1949. 13 pages.
II. DURABLE GOODS EXPENDITURES IN 1948 AND
DECEMBER 1949
Presented November 22 and
^STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF
THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON
MONETARY, CREDIT AND FISCAL POLICIES OF THE
JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented December 3, 1949. 10 pages.
A STUDY OF INSTALMENT CREDIT TERMS, by Milton
Moss. December 1949. 8 pages.
1537
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
1
s
d
I
S==3 BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
i( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
6
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITES
OOTO&EK 1,194$
BOARD OF 6OVERNORS OF THE FEDERAL RESERVE SYSTttf
INDEX TO VOLUME 35
Pages
Acceptances, bankers':
Buying rates
Open-market
Outstanding.
32, 138, 256, 388, 530, 677, 805,
945, 1089, 1217, 1349, 1457
rates on. .51, 157, 275, 407, 549, 700, 826,
966, 1110, 1238, 1372, 1478
.
. .50, 156, 274, 406, 548, 699, 825,
965, 1109, 1237, 1371, 1477
E., resignation as Class B Director
524
Adams, Charles
at New York
Addresses:
Evans, R. M., on Regulation W, its role in
economic stability, before Consumer Instalment
Credit Conference
343
Admission of State banks to membership in Federal
Reserve System
26, 118, 249, 381, 524, 670, 798,
938, 1080, 1209, 1341, 1449
Agricultural commodities, supplies and prices of
1025
Agricultural loans:
Insured commercial banks. .44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
Agriculture:
Balance sheet of, 1949
1053
Crop reports
83, 999, 1143, 1271, 1405, 1511
National summary of business conditions
1084
Albania:
Discount rate of central bank. .99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
American Bankers Association, address of Mr. Evans
before Consumer Instalment Credit Conference of...343
Annual reports:
Balance sheet of agriculture, 1949. . .
. .1053
Bank for International Settlements..
.912
Bank of Canada
.375
National Credit Council of France. .
.795
Argentina:
Central bank of:
Condition. .
. .96, 206, 320, 452, 604, 748, 874,
1012, 1156, 1286, 1418, 1524
Discount rate.
.99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Gold reserves. . . .86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Foreign exchange rates. .101, 211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
Notes on foreign currency adjustments
1339
Articles: (See Special articles)
Asia:
International capital transactions.92, 202, 316, 448, 600,
741, 867, 1005, 1149, 1279, 1411, 1517
Assets, liquid: (See Liquid assets)
Assets and liabilities:
Agriculture, 1949
1054
All banks in United States, by classes 42, 148, 266, 398,
540, 687, 815, 955, 1099, 1227, 1359, 1467
All banks in United States and possessions, by
States:
December 31, 1948. .
. . .690
June 30, 1949
1362
Commercial banks in United Kingdom, Canada,
and France.
. . 100, 210, 324, 456, 608, 752, 878,
1016, 1160, 1290, 1422, 1528
Consolidated condition statement for banks and
the monetary s y s t e m . . . .
.1358
Federal Reserve Banks:
All banks
33, 139, 257, 389, 531, 678, 806,
946, 1090, 1218, 1350, 1458
Each bank. .
. .34, 140, 258, 390, 532, 679, 807,
947, 1091, 1219, 1351, 1459
DECEMBER
1949
Pages
Assets and liabilities—Continued.
Foreign central banks. .94, 204, 318, 450, 602, 746, 872,
1010, 1154, 1284, 1416, 1522
Government corporations and credit agencies. .58, 164,
282, 414, 556, 708, 834, 974, 1118, 1246, 1380, 1486
International capital transactions of
United
States
91, 201, 315, 447
Austin, C. L., elected Class B Director at Cleveland
524
Australia:
Commonwealth Bank of:
Condition
96, 206, 320, 452, 604, 748, 874,
1012, 1156, 1286, 1418, 1524
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold movements
87, 197, 311, 443, 595, 745, 871,
1009, 1153, 1283, 1415, 1521
Gold production. .
. .87, 197, 311, 443, 595, 743, 869,
1007, 1151, 1281, 1413, 1519
Notes on foreign currency adjustments
1338
Austria:
Austrian National Bank:
Condition
96, 206, 320, 452, 604, 748, 874,
1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Notes on foreign currency adjustments
1332
Automobile appraisal guides, use in connection with
Regulation W
117
Automobiles, ownership of, additional data on
1318
Baker, A. Z., appointed Deputy Chairman at Cleveland. .25
Balance sheet and income statement of large corporations in selected industries
632
Balance sheet of agriculture, 1949
1053
Balderston, C. Canby, appointed Deputy Chairman
at Philadelphia
. . 381
Bank credit:
Current statistics for Federal Reserve Chart
Book
79, 185, 303, 435, 577, 729, 855,
995, 1139, 1267, 1401, 1507
National summary of business conditions. .28, 133, 251,
383, 526, 672, 800, 940, 1084, 1211, 1344, 1451
Bank debits: (See Debits to deposit accounts)
Bank deposits: (See Deposits)
Bank for International Settlements:
Annual report of
912
Condition
98, 208, 322, 454, 606, 750, 876,
1014, 1158, 1288, 1420, 1526
Gold reserves. .
. .86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Bank loans: (See Loans; Loans and investments)
Bank premises:
Federal Reserve Banks. .35, 141, 259, 391, 533, 680, 808,
948, 1092, 1220, 1352, 1460
Bank suspensions:
Number and deposits.. .41, 147, 265, 397, 539, 683, 811,
951, 1095, 1223, 1355, 1463
Bankers' acceptances: (See Acceptances, bankers')
Bankers' balances:
Insured commercial banks. . .45, 151, 269, 401, 543, 693,
819, 959, 1103, 1231, 1365, 1471
Weekly reporting member banks:
By Federal Reserve districts
49, 155, 273, 405,
547, 697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
Banking:
Developments in 1949
1431
Funds, foreign, increase in United States. .88, 198, 312,
444, 596, 738, 864, 1002, 1146, 1276, 1409, 1515
1539
INDEX TO VOLUME 3 5
Pages
Pages
Banking—Continued.
Offices:
Changes in number of
191, 1144
Number of
84, 190, 308, 440, 582, 698, 824,
964, 1108, 1236, 1370, 1476
Banks:
Consolidations
191, 1144
Government securities held by. . .56, 162, 280, 412, 554,
706, 832, 972, 1116, 1244, 1378, 1484
Number of:
By districts and by States. . .84, 190, 308, 440, 582,
698, 824, 964, 1108, 1236, 1370, 1476
Call dates
42, 148, 266, 398, 540, 687, 815,
955, 1099, 1227, 1359, 1467
Changes
191, 1144
Suspensions
41, 147, 265, 397, 539, 683, 811,
951, 1095, 1223, 1355, 1463
United States and possessions, assets and
liabilities
690, 1362
Banks for cooperatives:
Loans by
58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Belgian Congo:
Gold production
87, 197, 311, 443, 595, 743,
869, 1007, 1151, 1281, 1413, 1519
Belgium:
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold movements
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
National Bank of:
Condition
96, 206, 320, 452, 604, 748,
874, 1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Bills discounted by Federal Reserve Banks:
All banks combined
31, 137, 255, 387, 529, 675,
803, 943, 1087, 1215, 1347, 1455
Each bank
34, 140, 258, 390, 532, 679,
807, 947, 1091, 1219, 1351, 1459
Maturity distribution
33, 139, 257, 389, 531, 678,
806, 946, 1090, 1218, 1350, 1458
Member and nonmember banks. .33, 139, 257, 389, 531,
678, 806, 946, 1090, 1218, 1350, 1458
Board of Governors:
Assessment for expenses of
.192, 1000
Members:
Clayton, Lawrence, death of
. 1449
Evans, R. M., address on Regulation
W, its role in economic stability
. 343
McCabe, Thomas B., statement before
Senate Banking and Currency Committee. . . .474
Salaries, increase in
1342
Members and officers, list
104, 214, 328, 460, 612,
756, 882, 1020, 1164, 1294, 1426, 1532
Publications of
106, 216, 330, 462, 614, 758,
884, 1022, 1166, 1296, 1428, 1534
Staff: (See Staff of Board)
Bolivia, Central Bank of:
Condition
96, 206, 320, 452, 604, 748,
874, 1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Bond yields:
Government, municipal, and corporate. . .51, 157, 275,
407, 549, 700, 826, 966, 1110, 1238, 1372, 1478
1540
Bonds:
New security issues
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
Prices in principal countries. . .103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Prices in United States
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
United States savings, sales, and redemptions. .55, 161,
279, 411, 553, 705, 831, 971, 1115, 1243, 1377, 1483
(See also Government securities)
Borrowings:
Insured commercial banks. . .45, 151, 269, 401, 543, 693,
819, 959, 1103, 1231, 1365, 1471
Member banks at Federal Reserve Banks. .37, 143, 261,
393, 535, 682, 810, 950, 1094, 1222, 1355, 1463
Weekly reporting member banks:
By Federal Reserve districts.49, 155, 273, 405, 547,
697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside
47, 153, 271, 403,
545, 695, 821, 961, 1105, 1233, 1367, 1473
Branch banks, domestic:
Changes in number of banking offices
191, 1144
Number of banking offices. .84, 190, 308, 440, 582, 698,
824, 964, 1108, 1236, 1370, 1476
Branch banks, Federal Reserve System:
Directors: (See Directors)
Managing officers
105, 215, 329, 461, 613, 757,
883, 1021, 1165, 1295, 1427, 1533
Brazil:
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Report of joint Brazil-United States
Technical Commission
. 361
Bretton Woods Agreements Action, new section
to exempt securities issued or guaranteed by
the International Bank
. 935
Brill, Daniel H : (See Staff of Board)
Brokers and dealers in securities, loans to:
Insured commercial banks. .44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
Weekly reporting member banks:
By Federal Reserve districts
48, 154, 272, 404,
546, 696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. . . .46, 152, 270, 402,
544, 694, 820, 960, 1104, 1232, 1366, 1472
Brokers balances:
Movement to United States from abroad. .88, 198, 312,
4445 596, 738, 864, 1002, 1146, 1276, 1408, 1514
Brown, Edward E., re-elected President of
Federal Advisory Council
249
Budget, of Federal Government for fiscal year 1950. . . .109
Building supplies, adequacy of.
.892
Bulgaria:
National Bank of:
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Business:
Estimated liquid asset holdings of
.793
Financial position of. . ,
.617
Business conditions:
Current statistics for Federal Reserve
Chart Book
79, 185, 303, 435, 577, 729,
National summary of
855, 995, 1139, 1267, 1401, 1507
27, 132, 250, 382, 525, 671,
799, 939, 1083, 1210, 1343, 1450
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
35
Pages
Business indexes:
Monthly and yearly
figures
59, 165, 283, 415, 557,
709, 835, 975, 1119, 1247, 1381, 1487
Canada:
Annual report of Bank of. .
.375
Bank of:
Condition
95, 205, 319, 451, 603, 747,
873, 1011, 1155, 1285, 1417, 1523
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Commercial banks, assets and liabilities. .100, 210, 324,
456, 608, 752, 878, 1016, 1160, 1290, 1422, 1528
Cost of living, index numbers. .103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Foreign exchange rates . . .101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
87, 197, 311, 443, 595, 745,
Gold movements.
871, 1009, 1153, 1283, 1415, 1521
87, 197, 311, 443, 595, 743,
Gold production. .
869, 1007, 1151, 1281, 1413, 1519
International capital transactions. .89, 199, 313, 445, 597,
739, 865, 1003, 1147, 1277, 1409, 1515
Notes on foreign currency adjustments
1339
Retail food prices
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
103, 213, 327, 459, 611, 755,
Security prices .
881, 1019, 1163, 1293, 1425, 1531
102, 212, 326, 458, 610, 754,
Wholesale prices in.
880, 1018, 1162, 1292, 1424, 1530
Capital:
Movement to United States. .88, 198, 312, 444, 596, 738,
864, 1002, 1146, 1276, 1408, 1514
Capital accounts:
All banks in United States and possessions by
States
690, 1362
Federal Reserve Banks. . . .36, 142, 260, 392, 534, 681,
809, 949, 1093, 1221, 1353, 1459
Insured commercial banks. .45, 151, 269, 401, 543, 693,
819, 959, 1103, 1231, 1365, 1471
Weekly reporting member banks:
By Federal Reserve districts. .49, 155, 273, 405, 547,
697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
Capital markets, article by Charles H. Schmidt.
.238
Cash in vaults:
Insured commercial banks
45, 151, 269, 401, 543,
693, 819, 959, 1103, 1231, 1365, 1471
Weekly reporting member banks:
By Federal Reserve districts. .49, 155, 273, 405, 547,
697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
Cash income and outgo of Treasury 57, 163, 281, 413, 555,
707, 833, 973, 1117, 1245, 1379, 1485
Central Banks:
Assets and liabilities
94, 204, 318, 450, 602, 746,
872, 1010, 1154, 1284, 1416, 1522
Discount rates
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Central reserve city member banks:
Condition of insured commercial banks. . .44, 150, 268,
400, 542, 692, 818, 958, 1102, 1230, 1364, 1470
Deposits
38, 144, 262, 394, 536, 683,
Pages
DECEMBER
1541
Central reserve city member banks—Continued.
Earnings and expenses:
1948
583
First half of 1949
1325
Reserves
38, 144, 262, 394, 536, 683,
811, 951, 1095, 1223, 1355, 1463
Reserves and borrowings
37, 143, 261, 393, 535, 682,
810, 950, 1094, 1222, 1354, 1462
Ceylon:
Foreign exchange rates. . . .211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
Chairman, Federal Reserve Banks:
Appointments for 1949
23
List of
105, 215, 329, 461, 613, 757,
883, 1021, 1165, 1295, 1427, 1533
Meetings on May 28-30
1449
McCormick, Charles P., appointed at Richmond. . . .25
Whittier, Warren F., designated at Philadelphia. . . .381
Changes in number of banking offices in United
States
191, 1144
Chartbooks:
Bank credit, money rates, and business, historical
supplement to
1209
Bank credit, money rates, and business, revision of. . .26
Current figures on bank credit, money rates, and
business
79, 185, 303, 435, 577, 729,
855, 995, 1139, 1267, 1401, 1507
Charts:
Agricultural production and prices
1027
Assets and indebtedness of U. S. agriculture, January 1, 1940-49
1053
Average bank rates on loans to businesses by size
of loan, December 1-15, 1948
230
Average down payment compared with regulatory
minimum
1446
Average maturity on contracts compared with regulatory maximum
1445
Average weekly earnings of production workers in
manufacturing
227
Bank deposits and currency
465, 1439
Bank rates on short-term loans to businesses
232
Business expenditures on new plant and equipment. .619
Business loans of member banks in leading cities. . . .623
Commercial bank loans
1432
Construction contracts awarded
27, 382,
671, 939, 1083, 1343
Consumer instalment credit
1433
Consumer instalment credit outstanding
334
Consumers' prices
13, 251, 1307, 1344
Corporate profits, taxes, and dividends
620
Debt of the U. S. Government
115
Department store sales and stocks
28, 133,
383, 770, 1450
Distribution of spending units
780
Employees in nonagricultural establishments
224
Employment in nonagricultural establishments
250,
525, 799, 940
Farm prices and support levels.
. 1034
Farm trade
..9
Foreign gold reserves and short-term dollar
balances
485, 1175
Increase in dollar value of farm land
1057
Industrial production
3, 132, 250, 382, 525, 671,
765, 799, 939, 1083, 1210, 1343, 1450
Instalment and noninstalment consumer credit
outstanding
341
Labor force, employment, and unemployment
220
Loans at member banks in leading cities
28, 133,
251, 672, 1344
811, 951, 1095, 1223, 1360, 1468
1949
INDEX TO VOLUME 3 5
Pages
Charts—Continued.
Means of financing United States exports of goods
and services
480
Member bank reserves and related items. .. .30, 136, 254,
386, 528, 674, 802, 940, 942, 1086, 1214, 1346, 1454
Member banks in leading cities
383, 1210
Mortgage status of homes owned by nonfarm families in early 1949
1043
New and old series of bank rates on loans to
businesses
229
Nonfarm mortgage lending
890
Nonreal estate loans to farmers by principal lending agencies
1063
Ownership of demand deposits
472, 499
Ownership of liquid assets
902
Percentage change in plant and equipment expenditures of large corporations 1948 over 1947
626
Percentage distribution of external sources of funds,
large corporations in selected industries, 1948
628
Personal consumption expenditures
1306
Personal income
6
Personal income, consumption, and saving
1300
Prices of basic commodities
11
Prices of metals
774
Prices received by farmers
1032
Principal assets of all French Commercial Banks,
1938 and 1946-48
350
Production, acreage, and yield of crops
1029
Proportion of total funds of large corporations obtained from internal sources, 1948 and 1947
627
Quarterly profits after taxes of large manufacturing
corporations
662
Relation of instalment credit to personal income. . . 342
Retail sales
7, 657
Sales and stocks in metal industries
768
Security markets
800, 1211, 1451
Selected components of personal income
1304
The course of inflation in France, 1938-48
348
Time of purchase of homes owned by nonfarm
families in early 1949
1041
Treasury receipts and expenditures
. . 109
Unemployment
. . . 225
United States trade with sterling area. .
. .1175
Value of new construction activity..
...891
Wage and salary income
1303
Wholesale commodity prices
526, 773, 800, 1084,
1211, 1451
Wholesale prices
132
Wholesale prices of building materials
894
Yields on U. S. Government securities
1435
Chas, G. Howland, appointment as Assistant Solicitor
of Board
798
Chile:
Central bank of:
Condition
96, 206, 320, 452,
604, 748, 874, 1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455,
607, 751, 877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442,
594, 744, 870, 1008, 1152, 1282, 1414, 1520
Gold production
87, 197, 311, 443, 595,
743, 869, 1007, 1151, 1281, 1413, 1519
Clayton, Lawrence, death of.
1449
Clearing and collection:
Number of banks on par list, by districts and by
States
84, 190, 308, 440, 582,
Pages
Coins:
Circulation of
39, 145, 263, 395, 537,
684, 812, 952, 1096, 1224, 1356, 1464
Colombia:
Bank of Republic of:
Condition
96, 206, 320, 452,
604, 748, 874, 1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594,
744, 870, 1008, 1152, 1282, 1414, 1520
Foreign exchange rates
101, 211, 325, 457, 609,
753, 879, 1017, 1161, 1291, 1423, 1529
Gold production
87,197,311,443,595,
743, 869, 1007, 1151, 1281, 1413, 1519
Commercial banks:
Assets and liabilities in United Kingdom, Canada,
and France. .
100, 210, 324, 456, 608,
752, 878, 1016, 1160, 1290, 1422, 1528
Condition of insured in United States by classes.... 44,
150, 268, 400, 542,
692, 818, 958, 1102, 1230, 1364, 1470
Consumer instalment loans
77, 183, 301, 433, 575,
727, 853, 993, 1137, 1265, 1399, 1505
Insured home mortgages held. . .67, 173, 291, 423, 565,
717, 843, 983, 1127, 1255, 1389, 1495
Insured in United States and possessions, earnings
of
591
Commercial, industrial, and agricultural loans of weekly
reporting member banks:
By Federal Reserve districts
48, 154, 272, 404, 546,
696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside
46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Commercial loans:
All banks in United States and possessions, by
States
690, 1362
Insured, by classes
44, 150, 268, 400, 542,
692, 818, 958, 1102, 1230, 1364, 1470
Commercial paper:
Open-market rates on
51, 157, 275, 407, 549,
700, 826, 966, 1110, 1238, 1372, 1478
Outstanding
50, 156, 274, 406, 548,
699, 825, 965, 1109, 1237, 1371, 1477
Committees:
Executive of Federal Open Market Committee,
members of
249
Federal Open Market: (See Federal Open Market
Committee)
Senate Banking and Currency, statement of Chairman McCabe before
. . . 474
Commodity Credit Corporation:
Assets and liabilities
58, 164, 282, 414, 556,
708, 834, 974, 1118, 1246, 1380, 1486
Loans by. .
58, 164, 282, 414, 556,
708, 834, 974, 1118, 1246, 1380, 1486
Paper, amendment to Regulation A relating to
247
Commodity prices:
National summary of business conditions. . . .28, 133,
251, 383, 526, 672, 800, 940, 1084, 1211, 1344, 1451
Condition statements:
Commercial banks in United Kingdom,
Canada, and France
100, 210, 324, 456, 608,
752, 878, 1016, 1160, 1290, 1422, 1528
Federal Reserve Banks:
All banks combined
33, 139, 257, 389, 531,
678, 806, 946, 1909, 1218, 1350, 1458
Each bank
34, 140, 258, 390, 532,
698, 824, 964, 1108, 1236, 1370, 1476
679, 807, 947, 1091, 1219, 1351, 1459
1542
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 5
Pages
Condition statements—Continued.
Foreign central banks
94, 204, 318, 450, 602,
746, 872, 1010, 1154, 1284, 1416, 1522
Government corporations and credit agencies
58,
164, 282, 414, 556, 708, 834, 974,
1118, 1246, 1380, 1486
Insured commercial banks:
Classes of banks
44, 150, 268, 400, 542,
692, 818, 958, 1102, 1230, 1364, 1470
Weekly reporting member banks:
By Federal Reserve districts
48, 154, 272, 404,
546, 696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Conferences: {See Meetings)
Consolidations of banks.
.191, 1144
Construction:
Activity in 1948
. . . .4
Costs, decline in
893
Markets in mid-1949
887
National summary of business conditions. .27, 132, 251,
383, 526, 672, 799, 939, 1083, 1211, 1343, 1450
Construction contracts awarded:
By districts
67, 173, 291, 423, 565,
717, 843, 983, 1127, 1255, 1389, 1495
By public and private ownership. .67, 173, 291, 423, 565,
717, 843, 983, 1127, 1255, 1389, 1495
By type of construction
67, 173, 291, 423, 565,
717, 843, 983, 1127, 1255, 1389,1495
Index of value of
59, 165, 283, 415, 557,
709, 835, 975, 1119, 1247, 1381, 1487
Consumer credit:
Amendment No. 2 to Regulation W
. . .21
Amendment No. 3 to Regulation W
. . . .247
Amendment No. 4 to Regulation W
523
Automobile appraisal guides
117
Chart book statistics
83, 189, 307, 439, 581,
733, 859, 999, 1143, 1271, 1405, 1511
Conversion of noninstalment credit to instalment
basis
21
Deliveries in anticipation of sales
22
Dual purpose passenger automobiles as listed articles 374
Expiration of Regulation W, press statement o n . . . 776
Furniture store statistics
78, 184, 302, 434, 576,
728, 854, 994, 1138, 1266, 1400, 1506
Instalment credits of commercial banks, by type
of credit
77, 183, 301, 433, 575,
727, 853, 993, 1137, 1265, 1399, 1505
Instalment loans
76, 182, 300, 432, 574,
726, 852, 992, 1136, 1264, 1398, 1504
Instalment loans made by principal lending institutions
76, 182, 300, 432, 574,
726, 852, 992, 1136, 1264, 1398, 1504
Instalment sale credit, excluding automobile
credit
77, 183, 301, 433, 575,
727, 853, 993, 1137, 1265, 1399, 1505
Lay-away plans
523
Preservation of records
21
Ratio of collections to accounts receivable. .78, 184, 302,
434, 576, 728,854,994,1138, 1266, 1400, 1506
Reduction of interest payment.
117
Recent developments in
. ..333
Relaxation of restraints discussed
466
Replacement of irreparably damaged article
117
Resale of repossessed article
248
Revised series
14, 504
Role of Regulation W in economic stability
343
Sale of demonstrator automobile
248
Sets and groups of articles
. .22
DECEMBER
1949
Pages
Consumer credit—Continued.
Study of terms, article by Milton Moss
1442
Suction cleaners and attachments
117
Termination of control
797
Total credit, by major parts..76, 182, 300, 432, 574,
726, 852, 992, 1136, 1264, 1398, 1504
Consumer finances:
Financial position and buying plans of consumers,
July 1949
1198
Survey of, 1949:
Part I. General financial position and economic
outlook of consumers
634
Part II. Durable goods expenditures in 1948
and buying plans for 1949
647
Part III. Distribution of consumer income
in 1948
778
Revision of estimate for median family
income in 1948
1324
Part IV. Consumer ownership and use of
liquid assets
896
Part V. Home ownership and expenditures
for housing
1037
Part VI. Ownership of automobiles, stocks
and bonds, and other nonliquid assets
1182
Part VII. Additional data on automobile
ownership
1318
Consumer instalment credit, study of terms
1442
Cooperatives:
Banks for, loans by. . . .58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Corporate bonds:
Yields on
. .51, 157, 275, 407, 549, 700, 826,
966, 1110, 1238, 1372, 1478
Corporate profits, taxes, and dividends. .704, 830, 970, 1114,
1242, 1376, 1482
Corporate security issues:
New capital
. . 623
Proposed use of proceeds:
All issuers.
.53, 159, 277, 409, 551, 702, 828,
968, 1112, 1240, 1374, 1480
Major groups of issuers
53, 159, 277, 409, 551,
702, 828, 968, 1112, 1240, 1374, 1480
Corporate stocks:
Prices in United States
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
Corporation financing in 1948, industrial differences in. .626
Cost of living:
Consumers' price index for moderate income
families
72, 178, 296, 428, 570, 722, 848,
988, 1132, 1260, 1394, 1500
Index for principal countries. . 103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Costa Rica:
National Bank of:
Condition.
. .96, 206, 320, 452, 604, 748, 874
1012, 1156, 1286, 1418, 1524
Discount rate. . . .99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Country member banks:
Assets and liabilities of all banks in United
States
688, 816, 956, 1100, 1228, 1360, 1468
Condition, call dates. . .44, 150, 268, 400, 542, 692, 818,
958, 1102, 1230, 1364, 1470
Deposits and reserves. .38, 144, 262, 394, 536, 683, 811,
951, 1095, 1223, 1355, 1463
Deposits in large and small centers. .37, 143, 261, 393,
535, 683, 811, 951, 1095, 1223, 1355, 1463
Earnings and expenses, 1948
586
1543
INDEX TO VOLUME 3
Pages
Pages
Country member banks—Continued.
Reserves and borrowings. . . .37, 143, 261, 393, 535, 682,
810, 950, 1094, 1222, 1354, 1462
Credit:
Bank: (See Bank credit)
Consumer: (See Consumer credit)
Developments during last half of year. .
. .1437
Federal Reserve:
Chart
30, 136, 254, 386, 528, 674, 802,
942, 1086, 1214, 1346, 1454
End-of-month and Wednesday figures 31, 137, 255,
387, 529, 675, 803, 943, 1087, 1215, 1347, 1455
Postwar controls in France
348
Retail, survey for 1948
657
Crop reports, by Federal Reserve districts. . . . 8 3 , 999, 11433
1271, 1405, 1511
Currency:
Circulation, by denominations.. .39, 145, 263, 395, 537,
684, 812, 952, 1096, 1224, 1356, 1464
Foreign, notes on adjustments
1328
Germany, order of Soviet Military Government
giving German Bank of Issue exclusive right to
issue
16
Kinds of money in circulation. .39, 145, 263, 395, 537,
684, 812, 952, 1096, 1224, 1356, 1464
Major factors affecting
471, 1440
Outside banks
41, 147, 265, 397, 539, 686, 814,
954, 1098, 1226, 1358, 1466
Readjustment of foreign values
1169, 1328
Treasury, outstanding. .31, 137, 255, 387, 529, 675, 803,
943, 1087, 1215, 1347, 1455
Customers' debit balances. .50, 156, 274, 406, 548, 699, 825,
965, 1109, 1237, 1371, 1477
Czechoslovakia:
Foreign exchange rates. .101, 211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
National Bank of:
Condition
96, 206, 320, 452, 604, 748, 874,
1012, 1156, 1286, 1418, 1524
Discount rate. .
99, 209, 323, 455, 607, 751, 877
1015, 1159, 1289, 1421, 1527
Gold reserves. . . .86, 196, 310, 442, 594, 744, 870,
1008, 1152,1282, 1414, 1520
Davis, Wallace M., resignation as Director at Louisville branch
1209
Deaths:
Clayton, Lawrence, member of Board of Governors
1449
Lund, L. H., Class B Director at Cleveland
249
Debit and credit balances of stock exchange firms. .50, 156,
274, 406, 548, 699, 825, 965, 1109, 1237, 1371, 1477
Debits to deposit accounts:
Reporting centers, year and month. .40, 146, 264, 396,
538, 685, 813, 953, 1097, 1225, 1357, 1465
Weekly reporting member banks:
By Federal Reserve districts. . . .49, 155, 273, 405,
547, 697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
Debt, Government:
Volume and kind of securities. .55, 161, 279, 411, 553,
705, 831, 971, 1115, 1243, 1377, 1483
Denmark:
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
National Bank of:
Condition
96, 206, 320, 452, 604, 748, 874,
1012, 1156, 1286, 1418, 1524
Denmark—Continued.
National Bank of—Continued.
Discount rate. . . .99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Gold reserves. . . .86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Notes on foreign currency adjustments
1333
Department of Agriculture:
Balance sheet of agriculture, 1949, annual report
issued by
1053
Department stores:
Sales:
By Federal Reserve districts and by cities. .72, 178,
296, 428, 570, 722, 848, 988, 1132, 1260, 1394, 1500
Changes during 1948
8
Index of value of. . .59, 165, 283, 415, 557, 709, 835,
975, 1119, 1247, 1381, 1487
Weekly index of
71, 177, 295, 427, 569, 721,
847, 987, 1131, 1259, 1393, 1499
Sales, accounts receivable, and collections. .78, 184, 302,
434, 576, 728, 854, 994, 1138, 1266, 1400, 1506
Sales and stocks:
By Federal Reserve districts. .69, 175, 293, 425, 567,
719, 845, 985, 1129, 1257, 1391, 1497
By major departments. .70, 176, 294, 426, 568, 720,
846, 986, 1130, 1258, 1392, 1498
Sales, stocks, and outstanding orders. .71, 177, 295, 427,
569, 721, 847, 987, 1131, 1259, 1393, 1499
Deposits:
Adjusted, of all banks and currency
outside banks
41, 147, 265, 397, 539, 686,
814, 954, 1098, 1226, 1358, 1466
All banks in United States, call dates. .42, 148, 266, 398,
540, 687, 815, 955, 1099, 1227, 1359, 1467
All banks in United States and
possessions, by States
. 6 9 1 , 1363
Decline during 1948
. . . .465
Federal Reserve Banks:
All banks combined
33, 139, 257, 389, 531, 678,
806, 946, 1090, 1218, 1350, 1458
Each bank
35, 141, 259, 391, 533, 680,
808, 948, 1092, 1220, 1352, 1460
Foreign banks, held by banks on
call dates
45, 151, 269, 401, 543, 693,
819, 959, 1103, 1231, 1365, 1471
Government:
Federal Reserve Banks, each bank. . .35, 141, 259,
391, 533, 680, 808, 948, 1092, 1220, 1352, 1460
Insured commercial banks. .45, 151, 269, 401, 543,
693, 819, 959, 1103, 1231, 1365, 1471
Weekly reporting member banks:
By Federal Reserve districts. .49, 155, 273, 405,
547, 697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403,
545, 695, 821, 961, 1105, 1233, 1367, 1473
Insured commercial banks. .45, 151, 269, 401, 543, 693,
819, 959, 1103, 1231, 1365, 1471
Major factors affecting
471, 1440
Member banks:
Classes of banks
38, 144, 262, 394, 536, 683,
811, 951, 1095, 1223, 1355, 1463
Country, in large and small centers. . .37, 143, 261,
393, 535, 683, 811, 951, 1095, 1223, 1355, 1463
Mutual savings banks
43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
National banks
43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
1544
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 35
Pages
Deposits—Continued.
Nonmember banks:
Chart
30, 136, 254, 386, 528, 674,
802, 942, 1086, 1214, 1346, 1454
Commercial banks
43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
In Federal Reserve Banks. . .31, 137, 255, 387, 529,
675, 803, 943, 1087, 1215, 1347, 1455
Outlook for 1950
1441
Ownership of demand..
..471, 499
Postal savings:
Call dates..
41,147,265,397,539,686,
815, 954, 1098, 1226, 1358, 1466
Depositors' balances and assets. . .41, 147, 265, 397,
539, 685, 813, 953, 1097, 1225, 1357, 1465
Rates on
32, 138, 256, 388, 530, 676,
804, 944, 1088, 1216, 1348, 1456
Savings:
Interest rate on
32, 138, 256, 388, 530, 676,
804, 944, 1088, 1216, 1348, 1456
States and political subdivisions:
Insured commercial banks. .45, 151, 269, 401, 543,
693, 819, 959, 1103, 1231, 1365, 1471
Suspended banks
41, 147, 265, 397, 539, 683,
811, 951, 1095, 1223, 1355, 1463
Time, maximum rates on. . .32, 138, 256, 388, 530, 676,
804, 944, 1088, 1216, 1348, 1456
Treasury:
Chart. .
30, 136, 254, 386, 528, 674,
802, 942, 1086, 1214, 1346, 1454
With Federal Reserve Banks
31, 137, 255, 387,
529, 675, 803, 943, 1087, 1215, 1347, 1455
Turnover
40, 146, 264, 396, 538, 685,
813, 953, 1097, 1225, 1357, 1465
Weekly reporting member banks:
By Federal Reserve districts
49, 155, 273, 405,
547, 697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
Deputy Chairmen of Federal Reserve Banks:
Appointments for 1949
23
Balderston, C. Canby, appointed at Philadelphia. .381
Baker, A. Z., appointed at Cleveland
25
Harris, Rufus C., appointed at Atlanta
25
List of.
. . . .105, 215, 329, 461, 613, 757,
883, 1021, 1165, 1295, 1427, 1533
Lunding, Franklin J., appointed at Chicago
25
Woodward, J. B., Jr., appointed at Richmond
25
Devalution of foreign currencies, effect of
1169, 1328
Directors, Federal Reserve Banks:
Adams, Charles E., Class B at New York,
resignation of
. 524
Austin, C. L., elected Class B at Cleveland. . .
524
Baker, A. Z., appointed Deputy Chairman at
Cleveland
25
Balderston, C. Canby, appointed Deputy
Chairman at Philadelphia
.381
Class C, appointments of
.23
Classes of
119
Folsom, Marion B., elected Class B at New York .938
Harris, Rufus C , appointed Deputy Chairman
at Atlanta
. 25
List of
119
Lund, L. H., Class B at Cleveland, death of
. 249
Lunding, Franklin J., appointed Class C at
Chicago and designated Deputy Chairman
25
McCormick, Charles P., appointed Chairman and
Federal Reserve Agent at Richmond
25
Reinhold, Paul E., appointed Class C at Atlanta
25
DECEMBER
1949
Pages
Directors, Federal Reserve Banks—Continued.
Rummell, L. L., appointed Class C at Cleveland. . . .25
Sharpies, Philip, T., appointed Class C at
Philadelphia
381
Stettinius, Edward R., Jr., resignation as Class
C at Richmond
.26
Whittier, Warren F., designated Chairman and
Federal Reserve Agent at Philadelphia
381
Woodward, J. B., Jr., appointed Class C at
Richmond and designated Deputy Chairman. . . .25
Directors, Federal Reserve Branch Banks:
Appointments of
24
Davis, Wallace M., resignation at Louisville. .
. .1209
Hahne, Ernest H., appointed at Cincinnati
25
Jordan, Howard W., resignation at Pittsburgh. . .118
List of
120
McCain, James A., appointed at Helena. .
. . . .25
Rush, Noel, appointed at Louisville
1209
Swensrud, Sidney A., appointed at Pittsburgh. .
.118
Taylor, John W., appointed at Louisville. . .
. . .25
Wheat, J. E., resignation at Houston
. . 1341
Winder, G. Norman, appointed at Denver.
.25
Directory:
Board of Governors
104, 214, 328, 460, 612, 756,
882, 1020, 1164, 1294, 1426, 1532
Federal Advisory Council. .104, 214, 328, 460, 612, 756,
882, 1020, 1164, 1294, 1426, 1532
Federal Open Market Committee
104, 214, 328, 460,
612, 756, 882, 1020, 1164, 1294, 1426, 1532
Federal Reserve Banks and branches. 105, 215, 329, 461,
613, 757, 883, 1021, 1165, 1295, 1427, 1533
Discount rates:
Federal Reserve Banks
32, 138, 256, 388, 530,
677, 805, 945, 1089, 1217, 1349, 1457
Foreign central banks
99, 209, 323, 455, 607,
751, 877, 1015 1159, 1289, 1421, 1527
Discounts:
Commodity Credit Corporation paper, amendment
to Regulation A relating to
. . 247
Dividends:
Corporate
703, 829, 969, 1113, 1241, 1375, 1481
Federal Reserve Banks
192
Industrial corporations
54, 160, 278, 410, 552
Insured commercial banks in the United States and
possessions
591
Manufacturing corporations
703, 829, 969,
1113, 1241, 1375, 1481
New series on quarterly sales, profits, and
dividends of
....
. 662
Member banks:
1948
. . . .497, 583
First half of 1949
1325, 1406
Public utility corporations
54, 160, 278, 410, 552,
703, 829, 969, 1113, 1241, 1375, 1481
Volume during first nine months of 1949
1304
Dominican Republic:
Condition of central bank
96, 206, 320, 452, 604,
748, 874, 1012, 1156, 1286, 1418, 1524
Dunn, Charles B., resignation as First Vice President
at Chicago
. 1341
Earnings: (See also Earnings and expenses)
Corporations
54, 160, 278, 410, 552,
703, 829, 969, 1113, 1241, 1375, 1481
Factory employees
1253, 1387, 1493
Member banks:
1948
494, 583
Ratios of all member banks, by classes.
.587
1545
INDEX TO VOLUME 35
Pages
Earnings—Continued.
Production workers in manufacturing industries. . . .65,
171, 289, 421, 563, 715, 841, 981, 1125
Workers during 1948
227
Earnings and dividends:
Industrial corporations
54, 160, 278, 410, 552
Public utility corporations. .54, 160, 278, 410, 552, 703,
829, 969, 1113, 1241, 1375, 1481
Earnings and expenses:
All member banks, by size of b a n k . . .
. . .860
Federal Reserve banks:
1948
192
First half of 1949
1000
Insured commercial banks in the United States and
possessions
591
Member banks:
1948
494, 583
First half of 1949
1325, 1406
National banks, by size of bank
861
State member banks, by size of bank
862
Economic developments in 1948
1
Ecuador:
Central bank of:
Condition
96, 206, 320, 452, 604, 748,
874, 1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Egypt:
National Bank of:
Condition
97, 207, 321, 453, 604, 748,
874, 1012, 1156, 1286, 1418, 1524
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Notes on foreign currency adjustments
1336
El Salvador:
Central reserve bank of:
Condition
97, 207, 321, 453, 604, 748,
874, 1012, 1156, 1286, 1418, 1524
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Employees:
Member banks, average number and salaries. . . .496
Employment:
Changes in total
. . 764
Factory employment:
Adjusted for seasonal variation. . .65, 171, 289, 421,
563, 715, 841, 981, 1125
Business index
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
By industries
1252, 1386, 1492
Factory employment and payrolls by industries. 64, 170,
288, 420, 562, 714, 840, 980, 1124
Growth in 1948
5
Labor force
66, 172, 290, 422, 564, 716,
842, 982, 1126, 1254, 1388, 1494
Manufacturing industries
221
National summary of business conditions 27, 250, 382,
526, 672, 1083, 1210, 1344, 1451
Nonagricultural:
Business index
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
Total in each classification
66, 172, 290, 422, 564,
716, 842, 982, 1126, 1254, 1388, 1494
Nonmanufacturing industries
224
Revision of series
. . . . 1208
England: (See United Kingdom)
Estonia:
Discount rate of central bank
99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
1546
Pages
Ethiopia:
Condition of State B a n k . . . .97, 207, 321, 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Notes on foreign currency adjustments
1336
Europe:
International capital transactions. .89, 199, 313, 445, 597,
739, 865, 1003, 1147, 1277, 1409, 1515
Examination procedure, joint statement on revision of. .776
Expenditures:
Business, on new plant and equipment
619
Personal consumption, decline in
1306
Treasury
57, 163, 281, 413, 555, 707,
833, 973, 1117, 1245, 1379, 1485
(See also Earnings and expenses)
Export-Import Bank:
Loans by
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Exports:
Farm commodities
.
. . 1031
United States
. . .481
Factory employment: (See Employment)
Farm Credit Administration:
Assets and liabilities
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Farm products:
Supplies of
. . 1026
Wholesale price indexes:
Principal countries
102, 212, 326, 458, 610, 754,
880, 1162, 1292, 1424, 1530
United States
73, 179, 297, 429, 571, 723,
849, 989, 1133, 1261, 1395, 1501
Farmers, income of
1303
Farmers Home Administration:
Loans by
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Fauver, Clarke L.: (See Staff of Board)
Federal Advisory Council:
Meetings:
February 13-15
..249
May 15-17
.670
September 18-20
.1209
November 13-15. .
. .1341
Members:
Brown, Edward E., re-elected President
249
Fleming, Robert V., re-elected Second Vice
President
249
List of
104, 214, 328, 460, 612, 756, 882,
1020, 1164, 1294, 1426, 1532
Spencer, C. E., Jr., re-elected First Vice
President
249
Staff:
Prochnow, Herbert V., re-elected Secretary
1949
,
249
m
Federal Budget for fiscal year 1950
"
109
Federal Deposit Insurance Corporation:
Assets and liabilities
58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Examination procedure, joint statement on revision of
776
Federal Farm Mortgage Corporation:
Loans by
58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Federal Home Loan Banks:
Loans by
58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Federal Housing Administration:
Assets and liabilities
58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 35
Pages
Federal Housing Administration—Continued.
Insured home mortgages held by banks and
others
67, 173, 291, 423, 565, 717, 843
983, 1127, 1255, 1389, 1495
Loans insured by. .
. .67, 173, 291, 423, 565, 717, 843
983, 1127, 1255, 1389, 1495
Federal Intermediate Credit Banks:
Loans by
58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Federal National Mortgage Association:
Assets and liabilities. .. .58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Federal Open Market Committee:
Executive committee, members of...
. . 249
Meetings:
February 28 and March 1
. . 249
May 3
524
June 28
798
August 5
938
December 13
1449
Members :
Earhart, C. E., election of
249
Gidney, Ray M., election of
249
Leach, Hugh, election of
249
McCabe, Thomas B., re-elected C h a i r m a n . . . . 249
McLarin, W. S., Jr., election of
249
Sproul, Allen, re-elected Vice Chairman
249
Members and officers, list. . .104, 214, 328, 460, 612, 756,
882, 1020, 1164, 1294, 1426, 1532
Press release on purchases, sales, and exchanges of
Government securities by Federal Reserve Banks
with regard to general business and credit situation
776, 1435
Federal Reserve Act:
Section 24, amendment as to loans by national
banks on real estate
1342
Federal Reserve Bank notes:
Circulation and outstanding. .39, 145, 263, 395, 537, 684,
812, 952, 1096, 1224, 1356, 1464
Federal Reserve Bank of Chicago:
Staff:
Dunn, Charles B., resignation as First Vice
President
1341
Federal Reserve Bank of New York:
Staff:
Rosa, Robert V., article on postwar credit
controls in France
348
Federal Reserve Banks:
Assets and liabilities of. .33, 139, 257, 389, 531, 678, 806,
946, 1090, 1218, 1350, 1458
Branches: (See Branch banks, Federal Reserve System)
Capital and surplus of each bank. .36, 142, 260, 392, 534,
681, 809, 949, 1093, 1221, 1353, 1461
Chairmen: (See Chairmen)
Condition statement, each bank. .34, 140, 258, 390, 532,
679, 807, 947, 1091, 1219, 1351, 1459
Deputy chairmen: (See Deputy chairmen)
Directors: (See Directors)
Dividends
.. 192
Earnings and expenses:
1948
192
First half of 1949
1000
Government securities held by. .56, 162, 280, 412, 554,
706, 832, 972, 1116, 1244, 1378, 1484
Officers. .
105, 215, 329, 461, 613, 757, 883,
1021, 1165, 1295, 1427, 1533
DECEMBER
1949
Pages
Federal Reserve Chart Book:
Current statistics on bank credit, money rates, and
business
79, 185, 303, 435, 577, 729, 855,
995, 1139, 1267, 1401, 1507
Historical supplement to
1209
Revision of
26
Federal Reserve districts, map of. .108, 218, 332, 464, 616,
762, 886, 1024, 1168, 1298, 1430, 1538
Federal Reserve notes:
Circulation:
All banks combined. . . .33, 139, 257, 389, 531, 678,
806, 946, 1090, 1218, 1350, 1458
Each bank, condition statement. .35, 141, 259, 391,
533, 680, 808, 948, 1092, 1220, 1352, 1460
Each bank, Federal Reserve Agents' accounts
36, 142, 260, 392, 534, 682, 810,
950, 1094, 1222, 1354, 1462
Collateral security for. .36, 142, 260, 392, 534, 682, 810,
950, 1094, 1222, 1354, 1462
Federal Reserve Agents' accounts
36, 142, 260, 392,
534, 682, 810, 950, 1094, 1222, 1354, 1462
Outstanding and in circulation. .39, 145, 263, 395, 537,
684, 812, 952, 1096, 1224, 1356, 1464
Redemption fund:
All banks combined. . . . 3 3 , 139, 257, 389, 531, 678,
806, 946, 1090, 1218, 1350, 1458
Each bank. .
. .34, 140, 258, 390, 532, 679, 807
947, 1091, 1219, 1351, 1459
Federal Reserve policy actions, statements o n . .
..776
Federal Reserve System:
Admission of banks to membership. .26, 118, 249, 381,
524, 670, 798, 938, 1080, 1209, 1341, 1449
Map. .
108, 218, 332, 464, 616, 762, 886,
1024, 1168, 1298, 1430, 1538
Fiduciary powers, amendment to Regulation F
667
Financial position of business
617
Finland:
Bank of:
Condition .
. .97, 207, 321, 453, 605, 749, 875,
1013, 1157, 1287, 1419, 1525
Discount rate. . . .99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Notes on foreign currency adjustments
1334
Fleming, Robert V., re-elected Second Vice President of
Federal Advisory Council
249
Folsom, Marion B., elected Class B Director at New
York
938
Food:
Retail prices, principal countries. . . .103, 213, 327, 459,
611, 755, 881, 1019, 1163, 1293, 1425, 1531
Wholesale prices:
Principal countries. . . .102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
United States
73, 179, 297, 429, 571, 723, 849,
989, 1133, 1261, 1395, 1501
Foreign banks:
Bank of Canada, annual report of .
375
Commercial banks, condition of. . 100, 210, 324, 456, 608,
752, 878, 1016, 1160, 1290, 1422,1528
Condition of central banks
94, 204, 318, 450, 602,
746, 872, 1010, 1154,1284, 1416, 1522
Deposits held by member banks on call dates. .45, 151,
269, 401, 543, 693, 819, 959, 1103, 1231, 1365, 1471
Deposits of weekly reporting member banks:
By Federal Reserve districts. .49, 155, 273, 405, 547
.697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
1547
INDEX TO VOLUME 35
Fages
Foreign banks—Continued.
Discount rates of central banks. .99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
German Bank of Issue, established in Soviet Zone. .. 16
Gold reserves of central banks
86, 196, 310, 442, 594,
744, 870, 1008, 1152, 1282, 1414, 1520
Foreign currency, readjustment of values.
.1169
Notes on adjustments
1328
Foreign deposits held by Federal Reserve Banks:
All banks combined
33, 139, 257, 389, 531,
678, 806, 946, 1090, 1218, 1350, 1458
Each bank
35,141,259,391,533,
680, 808, 948, 1092, 1220, 1352, 1460
Foreign exchange rates
101,211,325,457,609,
753, 879, 1017, 1161, 1291, 1423, 1529
Changes in
1170
Foreign exchange transactions, Treasury Department
regulations
668
Foreign governments, United States Government financial aid to
. . 483
Foreign trade:
Shifts during 1948. ..
9
United States
481
Forms:
New statistics of interest rates on business loans,
Form F. R. 467, revised
.236
France :
Bank of:
Condition
95, 205, 319, 451, 603,
747, 873, 1011, 1155, 1285, 1417, 1523
Discount rate
99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594,
744, 870, 1008, 1152, 1282, 1414, 1520
Commercial banks, assets and liabilities. .
. .100, 210,
324, 456, 608, 752, 878, 1016, 1160, 1290, 1422, 1528
Foreign exchange rates
101, 211, 325, 457,
609, 753, 879, 1017, 1161, 1291, 1423, 1529
Gold movements
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
International capital transactions
89, 199, 313, 445,
597, 739, 865, 1003, 1147, 1277, 1409, 1515
Notes on foreign currency adjustments
1330
Postwar credit controls in
..
348
Security prices, index numbers
103, 213, 327,
459, 611, 755, 881, 1019, 1163, 1293, 1425, 1531
Third annual report of National Credit Council.... 795
Wholesale prices in
102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
Freight carloadings:
Classes
68, 174, 292, 424, 566, 718, 844,
984, 1128, 1256, 1390, 1496
Index of.
. .59, 165, 283, 415, 557, 709, 835,
975, 1119, 1247, 1381, 1487
Furniture store statistics
78, 184, 302, 434, 576, 728,
854, 994, 1138, 1266, 1400, 1506
Germany:
Central Bank for Soviet Zone
. . . 16
Notes on foreign currency adjustments.
.1332
Reich sbank:
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Gold:
Earmarked.
40, 146, 264, 396, 538, 745,
871, 1009, 1153, 1283, 1415, 1521
Movements, United States
87, 197, 311, 443, 595,
745, 871, 1009, 1153, 1283, 1415, 1521
1548
Gold—Continued.
Production:
United States
40, 146, 264, 396, 538, 745,
871, 1009, 1153, 1283, 1415, 1521
World. .
.87, 197, 311, 443, 595, 743, 869,
1007, 1151, 1281, 1413, 1519
Reserves of central banks and governments. . . .86, 196,
310, 442, 594, 744, 870, 1008, 1152, 1282, 1414, 1520
Stock:
Chart.
.30, 136, 254, 386, 528, 674, 802,
942, 1086, 1214, 1346, 1454
End-of-month and Wednesday figures. .. .31, 137,
255, 387, 529, 675, 803, 943, 1087, 1215, 1347, 1455
United States, analysis of changes. . . .40, 146, 264,
396, 538, 745, 871, 1009, 1153, 1283, 1415, 1521
Gold certificates:
Federal Reserve Bank holdings:
All banks combined
33, 139, 257, 389, 531,
678, 806, 946, 1090, 1218, 1350, 1458
Each bank. .
. .34, 140, 258, 390, 532, 679, 807,
947, 1091, 1219, 1351, 1459
Outstanding and in circulation
39, 145, 263, 395,
537, 684, 812, 952, 1096, 1224, 1356, 1464
Government bonds: (See Government securities)
Government corporations and credit agencies:
Assets and liabilities
58, 164, 282, 414, 556,
708, 834, 974, 1118, 1246, 1380, 1486
Loans by. .
. .58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Government debt:
Volume and kind of securities
55, 161, 279, 411,
553, 705, 831, 971, 1115, 1243, 1377, 1483
Government employees, number of Federal, State, and
local
66, 172, 290, 422, 564, 716, 842,
982, 1126, 1254, 1388, 1494
Government securities:
Bond prices. .
. .52, 158, 276, 408, 550, 701, 827,
967, 1111, 1239, 1373, 1479
Direct obligations, volume and kind
55, 161, 279,
411, 553, 705, 831, 971, 1115, 1243, 1377, 1483
Federal Reserve Bank holdings:
All banks combined
33, 139, 257, 389, 531,
678, 806, 946, 1090, 1218, 1350, 1458
Each bank
34, 140, 258, 390, 532, 679,
807, 947, 1091, 1219, 1351, 1459
End-of-month and Wednesday figures . 31, 137,
255, 387, 529 675, 803, 943, 1087, 1215, 1347, 1455
Maturity distribution
33, 139, 257, 389, 531,
678, 806, 946, 1090, 1218, 1350, 1458
Insured commercial banks. . . .44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
Investments by weekly reporting member banks:
By Federal Reserve districts
48, 154, 272, 404,
546, 696, 822, 962, 1106,1234, 1368,1474
New York City and outside
46,152,270,402,
544, 694, 820, 960, 1104, 1232, 1366,1472
Ownership of direct and guaranteed. . . .56, 162, 280, 412,
554, 706, 832, 972, 1116, 1244, 1378, 1484
Press statement issued by Federal Open Market
Committee on purchases, sales, and exchanges
with regard to business and credit situation. 776, 1435
Prices and yields during 1949
1435
Savings bonds.
55, 161, 2*79, 411, 553, 705,
831, 971, 1115, 1243, 1377, 1483
Yields on.
.51, 157, 275, 407, 549, 700, 826,
966, 1110, 1238, 1372, 1478
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 35
Pages
Greece:
Bank of:
Condition
97, 207, 321, 453, 60S, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Notes on foreign currency adjustments
1334
Gross national product
74, 180, 298, 430, 572, 724,
850, 990, 1134, 1262, 1396, 1502
Guatemala:
Condition of Bank of
97, 207, 321, 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Hahne, Ernest H., appointed Director at Cincinnati
25
Harris, Rufus C , appointed Deputy Chairman at
Atlanta
25
Home Owners' Loan Corporation:
Loans by
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Hours and earnings of factory employees. .1253, 1387, 1493
Hours and earnings of production workers
in manufacturing industries
65, 171, 289, 421,
563, 715, 841, 981, 1125
Housing Act of 1949, amendments to sections
5136 and 5200 of Revised Statutes. .
. .
..936
Hungary:
National Bank of:
Condition
97, 207, 321, 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Imports:
Gold movements to United States. . . .87, 197, 311, 443,
595, 745, 871, 1009, 1153, 1283, 1415, 1521
United States, from European Recovery
Program countries
. . 1173
Imports and exports:
Merchandise
68, 174, 292, 424, 566, 718,
844, 984, 1128, 1256, 1390, 1496
United States.
481
Income:
Cash, and outgo of U. S. Treasury. . .57, 163, 281, 413,
555, 707, 833, 973, 1117, 1245, 1379, 1485
Increase during 1948.
6
National
74, 180, 298, 430, 572, 724,
850, 990, 1134, 1262, 1396, 1502
Personal. .
75, 181, 299, 431, 573, 725,
851, 991, 1135, 1263, 1397, 1503
Personal, changes during year
1299
Railroads
68, 174, 292, 424, 566, 718,
844, 984, 1128, 1256, 1390, 1496
Revision of estimate for median family in 1948. . .1324
Taxes, Internal Revenue collections. . .57, 163, 281, 413,
• 555, 707, 833, 973, 1117, 1245, 1379, 1485
Index numbers:
Bond prices. .
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1372, 1478
Business indexes
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
Construction contracts awarded. .59, 165, 283, 415, 557,
709, 835, 975, 1119 1247, 1381, 1487
Cost of living:
Consumers' price index for moderate
income families
72, 178, 296, 428, 570, 122,
848, 988, 1132, 1260, 1394, 1500
DECEMBER
1949
Index numbers—Continued.
Cost of living—Continued
Principal countries
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Department stores:
Sales, adjusted
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
Sales, weekly
71, 177, 295, 427, 569, 721,
847, 987, 1131, 1259, 1393, 1499
Sales and stocks, monthly. .70, 176, 294, 426, 568,
720, 846, 986, 1130, 1258, 1392, 1498
Factory employment, business index. .59, 165, 283, 415,
557, 709, 835, 975, 1119, 1247, 1381, 1487
Factory employment and payrolls by
industries. .64, 170, 288, 420, 562, 714, 840, 980, 1124
Freight carloadings:
Adjusted
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
Classes. .
. . . .68, 174, 292, 424, 566, 718,
844, 984, 1128, 1256, 1390, 1496
Industrial production:
Adjusted for seasonal variation. .60, 166, 284, 416,
558, 710, 836, 976, 1120, 1248, 1382, 1488
Physical volume
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
Without seasonal adjustment. . . .62, 168, 286, 418,
560, 712, 838, 978, 1122, 1250, 1384, 1490
Retail food prices
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Security prices in principal countries. .
103, 213, 327,
459, 611, 755, 881, 1019, 1163, 1293, 1425, 1531
Stock prices
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1372, 1478
Wholesale prices:
Commodities
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
Groups of commodities. .73, 179, 297, 429, 571, 723,
849, 989, 1133, 1261, 1395, 1501
Principal countries. . . .102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
India:
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1421, 1527
Gold movements
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
Gold production
87, 197, 311, 443, 595, 743,
869, 1007, 1151, 1281, 1413, 1519
1337
Notes on foreign currency adjustments
Reserve Bank of:
Condition
97, 207, 321, 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Industrial advances by Federal Reserve Banks:
All banks combined.
.33, 139, 257, 389, 531, 678,
806, 946, 1090, 1218, 1350, 1458
Commitments.
36, 142, 260, 392, 534, 681,
809, 949, 1093, 1221, 1353, 1461
Each bank..
34, 140, 258, 390, 532, 679,
807, 947, 1091, 1219, 1351, 1459
Maturity distribution .. ..33, 139, 257, 389, 531, 678,
806, 946, 1090, 1218, 1350, 1458
Number and amount.
37, 143, 261, 393, 535, 682,
810, 950, 1094, 1222, 1354, 1462
Rates. .
32, 138, 256, 388, 530, 677,
805, 945, 1089, 1217, 1349,1457
1549
INDEX TO VOLUME 3 5
Pages
Industrial corporations:
Earnings and dividends
54, 160, 278, 410, 552
Industrial differences in large corporation
financing in 1948
. . 626
Industrial production:
Business index
59, 165, 283, 415, 557, 709,
835, 975, 1119, 1247, 1381, 1487
By industries:
Adjusted for seasonal variation. .60, 166, 284, 416,
558, 710, 836, 976, 1120, 1248, 1382, 1488
Without seasonal adjustment. . . . 6 2 , 168, 286, 418,
560, 712, 838, 978, 1122, 1250, 1384, 1490
Charts
3, 132, 250, 382, 525, 671, 765,
799, 939, 1083, 1210, 1343, 1450
Decline in
765
Fourth quarter of 1948
4
National summary of business conditions. .27, 132,.250,
382, 525, 671, 799, 939, 1083, 1210, 1343, 1450
Wholesale price index
102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
Instalment credit, study of terms, article by
Milton Moss
. . . 1442
Instalment loans: (See Consumer credit)
Insurance companies:
Government securities held by. .56, 162, 280, 412, 554,
706, 832, 972, 1116, 1244, 1378, 1484
Insured home loans held. . .67, 173, 291, 423, 565, 717,
843, 983, 1127, 1255, 1389, 1495
Insured commercial banks:
Loans and investments
44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
United States and possessions, earnings and expenses of
.591
Interest:
Income, growth i n . .
.1304
Interest rates:
Business loans, by banks in selected cities. . . .700, 826,
966, 1110, 1238, 1372, 1478
Business loans, new statistics on
228
Commercial loan rates in principal cities
51, 157,
275 407, 549
Open-market rates in New York City. .51, 157, 275, 407,
549, 700, 826, 966, 1110, 1238, 1372, 1478
Time deposits, maximum rates on. . . .32, 138, 256, 388,
530, 676, 804, 944, 1088, 1216, 1348, 1456
Internal Revenue collections
57, 163, 281, 413, 555, 707,
833, 973, 1117, 1245, 1379, 1485
International Bank for Reconstruction and Development:
Legislation affecting banks dealing in obligations of. .935
Securities guaranteed by, are exempted securities. .1082
International capital transactions of the United
States
88, 198, 312, 444, 596, 738,
864, 1002, 1146, 1276, 1408, 1514
International monetary and financial problems, report
of National Advisory Council on:
April 1, 1948-Sept. 30, 1948
...506
Oct. 1, 1948-Mar. 31, 1949. .
. .1064
International Monetary Fund:
Gold reserves
744, 870, 1008, 1152, 1282, 1414, 1520
International transactions of United States, movement
toward balance of
480
Inventories:
Business
. 618
Manufacturing and trade..
..618
Investments:
All banks in the United States, call dates. .43, 149, 267,
399, 541, 689, 817, 957, 1101, 1229, 1360, 1468
Insured commercial banks. .. .44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
1550
Investments—Continued.
Weekly reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404, 546,
696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Iran:
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Notes on foreign currency adjustments
.1336
Iraq:
Notes on foreign currency adjustments.
.1336
Ireland:
Central bank of:
Condition
97, 207, 321, 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Israel:
Notes on foreign currency adjustments..
..1336
Italy:
Discount rate. .
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
International capital transactions. . . .89, 199, 313, 445,
597, 739, 865, 1003, 1147, 1277, 1409, 1515
Notes on foreign currency adjustments
1334
Wholesale prices in
102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
Japan:
Bank of:
Condition
97, 207, 321, 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594
Notes on foreign currency adjustments
1338
Wholesale prices in
102, 212, 326, 458, 610, 754,
880, 1162, 1292, 1424, 1530
Java, Bank of:
Discount rate. .
Gold reserves. .
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Joint statement on revision in bank examination procedure
776
Jordan, Howard W., resignatioin as Director at Pittsburgh
118
Labor market developments. .
. .219
Latin American Republics:
Gold movements
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
International capital transactions. .89, 199, 313, 445, 597,
739, 865, 1003, 1147, 1277, 1409, 1515
Latvia:
Discount rate of central bank
99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
Leading articles:
Banking and monetary developments in 1949.
.1431
Construction markets in mid-1949
887
Economic developments in 1948
... 1
Federal budget for fiscal year 1950.
.109
Financial position of business
. . 617
Interruption of monetary expansion.
. . 465
Labor market
. . . 221
Personal income and expenditures..
..1299
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 5
Pages
Pages
Leading articles—Continued.
Readjustment of foreign currency values.
.1169
Recent changes in production and prices
763
Recent developments in instalment credit
333
Supplies and prices of agricultural commodities. .1025
Legislation:
Housing Act of 1949 amending section 5136 of
revised statutes
936
International Bank for Reconstruction and Development, to permit national banks to deal in and
underwrite obligations issued by
935
Leonard, Robert F., appointment as Director of Division of Bank Operations
26
Liquid asset holdings of individuals and businesses,
estimated
793
List of directors of Federal Reserve Banks and branches. . 119
Lithuania:
Discount rate of central bank. . . .99, 209, 323, 455, 607,
751, 877, 1015, 1159, 1289, 1421, 1527
Livestock, increase in supply of
. 1029
Loans:
Agricultural, insured commercial banks. . . .44, 150, 268,
400, 542, 692, 818, 958, 1102, 1230, 1364, 1470
Brokers and dealers in securities by weekly reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404, 546,
696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Business, bank rates on.
700, 826, 966, 1110,
1238, 1372, 1478
Business, new statistics of interest rates on
228
Commercial, industrial, and agricultural by weekly
reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404, 546,
696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Consumer instalment, made by principal lending
institutions.
76, 182, 300, 432, 574, 726,
852, 992, 1136, 1264, 1398, 1504
Federal Housing Administration, insured by. .67, 173,
291, 423, 565, 717, 843, 983, 1127, 1255, 1389, 1495
Government corporations and credit agencies. . .58, 164,
282, 414, 556, 708, 834, 974, 1118, 1246, 1380, 1486
Industrial: (See Industrial advances)
Instalment.
. . .76, 182, 300, 432, 574, 726, 852,
992, 1136, 1264, 1398, 1504
Real estate:
All banks in United States and possessions,
by States
690, 1362
National banks, amendment to National Housing Act and Section 24 of Federal Reserve
Act
. 1342
Weekly reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404,
546, 696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402,
544, 694, 820, 960, 1104, 1232, 1366, 1472
War production, guaranteed by War Department,
Navy Department, and Maritime Commission
37, 143, 261, 393, 535
Loans and investments:
All banks in United States, call dates .42, 148, 266, 398,
540, 687, 815, 955, 1099, 1227, 1360, 1468
All banks in United States and possessions, by
States
690, 1362
Insured commercial banks .44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
Loans and investments—Continued.
Member banks
495
Member banks, call dates. .42, 148, 266, 398, 540, 687,
815, 955, 1099, 1227, 1360, 1468
Mutual savings banks, call dates. .42, 148, 266, 398, 540,
687, 815, 955, 1099, 1227, 1361, 1469
National banks.
.43, 149, 267, 399, 541, 689, 817,
957, 1101, 1229, 1361, 1469
Nonmember banks. . . .43, 149, 267, 399, 541, 689, 817,
957, 1101,1229, 1361, 1469
Weekly reporting member banks:
By Federal Reserve districts. . . .48, 154, 272, 404,
546, 696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside .46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Lund, L. H., Class B Director at Cleveland, death of .249
Lunding, Franklin J., appointed Class C Director at
Chicago and designated Deputy Chairman.
25
Manufactures:
Industrial production, index of. 59, 165, 283, 415, 557,
709, 835, 975, 1119, 1247, 1381, 1487
Manufacturing industries:
Hours and earnings of production workers . . 65, 171,
289, 421, 563, 715, 841, 981, 1125, 1253, 1387, 1493
Maps:
Federal Reserve System.108, 218, 332, 464, 616, 762,
886, 1024, 1168, 1298, 1430, 1538
Margin accounts:
Statistics of stock exchange firms. .50, 156, 274, 406, 548,
699, 825, 965, 1109, 1237, 1371, 1477
Margin requirements:
International bank securities being exempted securities
1082
Reduction from 75 to 50%, amendments to supplement to Regulations T and U
374
Table. .
.32, 138, 256, 388, 530, 676, 804,
944, 1088, 1216, 1348, 1456
Maritime Commission:
War production loans guaranteed by. .
.37, 143, 261,
393, 535
Maturity distribution of loans and Government securities. . . .
. . .33, 139, 257, 389, 531, 678, 806,
946, 1090, 1218, 1350, 1458
McCabe, Thomas B.: (See Board of Governors, Members)
McCain, James A., appointed Director at Helena.
25
McCormick, Charles P., appointed Chairman and Federal Reserve Agent at Richmond
25
Measurements of savings, article by Daniel H. Brill. .1310
Correction in table. . . .
. 1449
Meetings:
Chairmen of the Federal Reserve Banks:
May 28-30
.1449
Federal Advisory Council:
February 13-15
.249
May 15-17
670
September 18-20. . .
1209
November 13-15
. . 1341
Federal Open Market Committee:
February 28 and March 1.
.249
May 3
.524
June 28
.798
August 5
. 938
December 13
1449
Presidents of the Federal Reserve Banks:
February 25 and 26
.249
May 2 and 3
.524
November 2-4, in San Francisco. . . .
. .1341
December 14
1449
DECEMBER
1949
1551
INDEX TO VOLUME 35
Pages
Member banks:
All banks in United States and possessions, by
States
691, 1363
Changes in number of banking offices
191, 1144
Deposits and reserves of
38, 144, 262, 394, 536, 683,
811, 951, 1095, 1223, 1355, 1463
Earnings, first half of 1949
1325, 1406
Earnings and expenses, 1948
494, 583
Earnings and expenses by size of bank, 1948
860
Loans and investments, call dates. .42, 148, 266, 398,
540, 687, 815, 955, 1099, 1227, 1359, 1467
Number of:
Call dates. .
. .42, 148, 266, 398, 540, 687, 815,
955, 1099, 1227, 1359, 1467
Offices in United States
84, 190, 308, 440, 582,
698, 824, 964, 1108, 1236, 1370, 1476
Operating ratios, 1948
1272
Par list.
.84, 190, 308, 440, 582, 698, 824,
964, 1108, 1236, 1370, 1476
Reserve requirements. . . .32, 138, 256, 388, 530, 677, 805,
945, 1089, 1217, 1349, 1457
Reserves, reserve bank credit, and related items. .31, 137,
255, 387, 529, 675, 803, 943, 1087, 1215, 1347, 1455
Membership in Federal Reserve System, admission of
State banks to
26, 118, 249, 381, 524, 670, 798,
938, 1080, 1209, 1341, 1449
Merchandise:
Exports and imports. . .68, 174, 292, 424, 566, 718, 844,
984, 1128, 1256, 1390, 1496
Trade of United States
.490
Mexico:
Bank of:
Condition. .
. .97, 207, 321, 453, 605, 749, 875,
1013, 1157, 1287, 1419, 1525
Discount rate. . . .99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Gold reserves. . . .86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold movements. .
.87, 197, 311, 443, 595, 745, 871,
1009, 1153, 1283, 1415, 1521
Gold production.
.87, 197, 311, 443, 595, 743, 869,
1007, 1151, 1281, 1413, 1519
Minerals:
Industrial production, index of .59, 165, 283, 415, 557,
709, 835, 975, 1119, 1247, 1381, 1487
Monetary developments in 1949
.1431
Monetary expansion, interruption of. . .
.465
Money in circulation:
Adjustment for seasonal variation 40, 146, 264, 396,
538, 685, 813, 953, 1097, 1225, 1357, 1465
Chart. .
30, 136, 254, 386, 528, 674, 802,
942, 1086, 1214, 1346, 1454
Outstanding. .
. .39, 145, 263, 395, 537, 684, 812,
952, 1096, 1224, 1356, 1464
Total. .
.31, 137, 255, 387, 529, 675, 803,
943, 1087, 1215, 1356, 1464
Money rates:
Business loans by banks
275, 407, 549, 700, 826,
966, 1110, 1238, 1372, 1478
Commercial loan rates
51, 157
Current statistics for Federal Reserve
Chart Book
79, 185, 303, 435, 577, 729,
855, 995, 1139, 1267, 1401, 1507
Foreign countries
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Open-market, New York City. . .51, 157, 275, 407, 549,
700, 826, 966, 1110, 1238, 1372, 1478
1552
Pages
Money supply, changes in
. .467, 1439
Mortgage debt increased during 1949. . .
888
Mortgages:
Insured Federal Housing Administration
mortgages held
67, 173, 291, 423, 565, 717,
843, 983, 1127, 1255, 1389, 1495
Mutual savings banks:
Changes in number of banking offices
191, 1144
Deposits, call dates
42, 148, 266, 398, 540, 687,
815, 955, 1099, 1227, 1361, 1469
Government securities held by. . .56, 162, 280, 412, 554,
706, 832, 972, 1116, 1244, 1378, 1484
Insured home loans held.. . .67, 173, 291, 423, 565, 717,
843, 983, 1127, 1255, 1389, 1495
Loans and investments, call dates. . .42, 148, 266, 398,
540, 687, 815, 955, 1099, 1227, 1361, 1469
National Advisory Council:
Report on international monetary and
financial problems:
.506
April 1-September 30, 1948
1064
October 1, 1948-March 31, 1949
National bank notes, outstanding. . .39, 145, 263, 395, 537,
684, 812, 952, 1096, 1224, 1356, 1464
National banks:
Changes in number of banking offices
191, 1144
Deposits, call dates
43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
Earnings and expenses:
. .583
1948
. .861
By size of bank. . .
.1406
First half of 1949.
Number of:
Call dates.
. . . .43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
Real estate loans, amendment to National Housing
1342
Act and Section 24 of Federal Reserve Act
Suspensions.
41, 147, 265, 397, 539, 683,
811, 951, 1095, 1223, 1355, 1463
Trust powers, amendment to Regulation F . .
.667
National Credit Council of France,
795
third annual report of
National Housing Act:
Amendment to permit national banks to
1342
make real estate loans
National summary of business conditions .27, 132, 250, 382,
525, 671, 799, 939, 1083, 1210, 1343, 1450
Navy Department:
War production loans guaranteed by
37, 143,
261, 393, 535
Netherlands:
Bank of:
Condition
97, 207, 321. 453, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Cost of living.
. . 1 0 3 , 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Foreign exchange rates. . . .101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold movements
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
International capital transactions. . . .89, 199, 313, 445,
597, 739, 865, 1003, 1147, 1277, 1409, 1515
Open-market rates
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Retail food prices
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 5
Pages
Netherlands—Continued.
Security prices, index numbers. . . . 103, 213, 327, 459,
611, 755, 881, 1019, 1163, 1293, 1425, 1531
Wholesale prices
102, 212, 326, 458, 610,
754, 880, 1162, 1292, 1424, 1530
New York Stock Exchange:
Volume of trading on
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
New Zealand:
Foreign exchange rates. . . .101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Notes on foreign currency adjustments
1338
Reserve Bank of:
Condition
98, 208, 322, 454, 605, 749,
875, 1013, 1157, 1287, 1419, 1525
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Nicaragua:
Gold production
87, 197, 311, 443, 595, 743,
869, 1007, 1151, 1281, 1413, 1519
Nonmember banks:
Changes in number of banking offices.
191, 1144
Deposits:
Call dates.
. . . .43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
Held by Federal Reserve Banks .31, 137, 255, 387,
529, 675, 803, 943, 1087, 1215, 1347, 1455
Loans and investments
43, 149, 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
Number of:
Call dates
. .43, 149. 267, 399, 541, 689,
817, 957, 1101, 1229, 1361, 1469
Offices in United States. .84, 190, 308, 440, 582, 698,
824, 964, 1108, 1236, 1370, 1476
Par list.
84, 190, 308, 440, 582, 698,
824, 964, 1108, 1236, 1370, 1476
Suspensions.
. . .41, 147, 265, 397, 539, 683,
811, 951, 1095, 1223, 1355, 1463
Norway:
Bank of:
Condition.
. . . . 98, 208, 322, 454, 606, 750,
876, 1014, 1158, 1288, 1420, 1525
Discount rate
99,209,323,455,607,751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Foreign exchange rates . . 101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Obligations of Government, direct and guaranteed:
Maturities.
55, 161, 279, 411, 553, 705,
831, 971, 1115, 1243, 1377, 1483
Open-market paper, insured commercial banks .44, 150, 268,
400, 542, 692, 818, 958, 1102, 1230, 1364, 1470
Open-market rates:
Foreign countries
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
New York City
51, 157, 275, 407, 549, 700,
826, 966, 1110, 1238, 1372, 1478
Operating ratios of member banks, 1948
1272
Organization manual, United States Government,
announcement of
.1082
Ownership of demand deposits
499
Ownership of Government securities. .56, 162, 280, 412, 554,
706, 832, 972, 1116, 1244, 1378, 1484
Pakistan, condition of State Bank of
.1526
Pamphlets: {See Publications)
DECEMBER
1949
Pages
Paper currency, circulation
39, 145, 263, 395, 537, 684,
812, 952, 1096, 1224, 1356, 1464
Par list:
Number of banks, by districts
and by States
84, 190, 308, 440, 582, 698,
824, 964, 1108, 1236, 1370, 1476
Paraguay:
Condition of central bank. .98, 208, 322, 454, 606, 750,
876, 1014, 1158, 1288, 1416, 1522
Notes on foreign currency adjustments
1341
Payrolls, factory:
Business index of. . . .59, 165, 283, 415, 557, 709, 835,
975, 1119, 1247, 1381, 1487
By industry. .
.64, 170, 288, 420, 562, 714, 840,
980, 1124
Personal income and expenditures.
.1299
Peru:
Central reserve bank of:
Condition
98, 208, 322, 454, 606, 750, 876,
1014, 1158, 1288, 1420, 1526
Discount rate. . . .99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Gold reserves. .
.86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Philippine Republic:
Foreign exchange rates
211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
Gold movements.
.87, 197, 311, 443, 595, 745, 871,
1009, 1153, 1283, 1415, 1521
Poland:
Gold reserves.
86
Portugal:
Bank of:
Condition.
98, 208, 322, 454, 606, 750, 876,
1014, 1158, 1288, 1420, 1526
Discount rate.
.99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Gold reserves.
86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Foreign exchange rates. .101, 211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
Notes on foreign currency adjustments.
.1335
Postal savings deposits:
Depositors' balances and assets .41, 147, 265, 397, 539,
685, 813, 953, 1097, 1225, 1357, 1465
Insured commercial banks. .45, 151, 269, 401, 543, 693,
819, 959, 1103, 1231, 1365, 1471
Interest rate on. .
. .32, 138, 256, 388, 530, 676, 804,
944, 1088, 1216, 1348, 1456
Weekly reporting member banks:
By Federal Reserve districts. 49, 155, 273, 405, 547,
697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. . 47, 153, 271, 403,
545, 695, 821, 961, 1105, 1233, 1367, 1473
Postwar credit controls in F r a n c e . . . .
.348
Presidents of Federal Reserve Banks:
List of.
..
. . .105, 215, 329, 461, 613, 757, 883,
1021, 1165, 1295, 1427, 1533
Meetings:
February 25, 26, and 28. .
.249
May 2 and 3
524
November 2-4, in San Francisco.
.1341
December 14.
.1449
Press statements:
Federal Open Market Committee on purchases,
sales and exchanges of Government securities
with regard to business and credit situation 776, 1435
Regulation D, revision of supplement.
776
Regulation W, expiration of.
776
1553
INDEX TO VOLUME 35
Pages
Prices:
Agricultural commodities
. . . 1025
Changes during 1948
10
Downward drift discussed
617
Recent changes in
763
Retail food
103, 213, 327, 459, 611, 755, 881,
1019, 1163, 1293, 1425, 1531
Securities in principal countries. .103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Support program for farm products
1034
Wholesale commodity:
Business index. . . .59, 165, 283, 415, 557, 709, 835,
975, 1119, 1247, 1381, 1487
By groups of commodities. .73, 179, 297, 429, 571,
723, 849, 989, 1133, 1261, 1395, 1501
Wholesale in principal countries, index of. . . .102, 212,
326, 458, 610, 754, 880, 1018, 1162, 1292, 1424, 1530
Prochnow, Herbert V., reappointment as Secretary of
Federal Advisory Council
...
.249
Production:
During 1948
2
Recent changes in
763
Production workers in manufacturing industries, hours
and earnings of. .65, 171, 289, 421, 563, 715, 841, 981, 1125
Profits of large corporations
621, 662, 703, 829, 969,
1113, 1241, 1375, 1481
Public debt:
Change i n . . . .
..110
Reduction of
115
Volume and kind of securities. .55, 161, 279, 411, 553,
705, 831, 971, 1115, 1243, 1377, 1483
Public Housing Administration:
Loans by.
.58, 164, 282, 414, 556, 708, 834,
974, 1118, 1246, 1380, 1486
Public utility corporations:
Earnings and dividends of. .54, 160, 278, 410, 552, 703,
829, 969, 1113, 1241, 1375, 1481
Publications:
Board of Governors, list. .106, 216, 330, 462, 614, 758,
884, 1022, 1166, 1296, 1428, 1534
Chart book on bank credit, money rates, and
business, revision of
26
Historical supplement to Federal Reserve charts
on bank credit, money rates, and business
1209
United States Government organization manual,
announcement of
1082
Quarterly sales, profits, and dividends of 200 large manufacturing corporations, new series on
662
Railroads:
Revenues, expenses, and income of:
Class 1
68, 174, 292, 424, 566, 718, 844,
984, 1128, 1256, 1390, 1496
Rates:
Acceptances, bankers' buying .32, 138, 256, 388, 530,
677, 805, 945, 1089, 1217, 1349, 1457
Business loans by banks. .275, 407, 549, 700, 826, 966,
1110, 1238, 1372, 1478
Commercial loan rates in principal cities.
.51, 157
Discount:
Central banks. . . .99, 209, 323, 455, 607, 751, 877,
1015, 1159, 1289, 1421, 1527
Federal Reserve Banks. .32, 138, 256, 388, 530, 677,
805, 945, 1089, 1217, 1349, 1457
Foreign exchange. . . . 101, 211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
Industrial loans and commitments. .32, 138, 256, 388,
530, 677, 805, 945, 1089, 1217, 1349, 1457
1554
Pages
Rates—Continued.
Money, current
chart book
statistics for Federal Reserve
79, 185, 303, 435, 577, 729, 855,
995, 1139, 1267, 1401, 1507
Open-market in certain foreign countries. .99, 209, 323,
455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527
Open-market in New York City. .51, 157, 275, 407, 549,
700, 826, 966, 1110, 1238, 1372, 1478
Postal savings deposits. .32, 138, 256, 388, 530, 676, 804,
944, 1088, 1216, 1348, 1456
Time deposits, maximum interest on. .32, 138, 256, 388,
530, 676, 804, 944, 1088, 1216, 1348, 1456
Ratios of country member banks, by Federal Reserve
districts
. 590
Ratios of member banks:
By classes
587
By Federal Reserve districts
. .588, 1272
Ratios of Reserve city member banks
589
Readjustment of foreign currency values. .
.1169, 1328
Real estate, loans on:
All banks in United States and possessions, by
States
690, 1362
Insured commercial banks. .44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1364, 1470
National banks, amendment to National Housing
Act and Section 24 of Federal Reserve Act
.1342
Weekly reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404, 546,
696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside .46, 152, 270, 402, 544,
694,820, 1104, 1232, 1366, 1472
Receipts and expenditures of Government
. 110
Receipts of Treasury, summary of operations. .57. 163, 281,
413, 555, 707, 833, 973, 1117, 1245, 1379, 1485
Recent developments in instalment credit.
.333
Reconstruction Finance Corporation:
Loans by.
.58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Reconstruction Finance Corporation Mortgage Company:
Assets and liabilities
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Regulations, Board of Governors:
A, Discounts for and advances to member banks:
Amendment as to commodity credit corporation paper
. 247
D, Reserves of member banks:
Amendment to supplement reducing reserve requirements
506
Change in weekly reserve computation period. .118
Revision of supplement
1081
Termination of temporary authority to increase
reserve requirements
797
F, Trust powers of national banks:
Amendment to
667
T, Extension and maintenance of credit by brokers,
dealers, and members of National Security Exchanges:
Amendment to supplement reducing margin requirements from 75% to 50%
374
Amendment No. 8.
. . 522
Amendment No. 9. . .
.667
Amendment No. 10
937
Transactions in undermargined accounts
938
U, Loans by banks for the purpose of purchasing
or carrying stocks registered on a National Secuties Exchange:
Amendment to supplement reducing margin requirements from 75% to 50%.
.374
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 35
Pages
Regulations, Board of Governors—Continued.
Amendment No. 9
523
Amendment No. 10
668
Amendment No. 11
937
W, Consumer instalment credit:
Amendment No. 2
21
Amendment No. 3
247
Amendment No. 4
523
Conversion of noninstalment credit to instalment basis
21
Dual purpose passenger automobile as listed
articles
374
Preservation of records
21
Recent developments in instalment credit
333
Reduction of interest payment
117
Role in economic stability, address of R. M.
Evans before Consumer Instalment Credit
Conference of American Bankers Association. . 343
Regulations, Treasury Department:
Foreign exchange transactions
668
Reinhold, Paul E., appointed Class C Director at Atlanta. .25
Reports: (See also annual reports)
Joint Brazil-United States Technical Commission. .361
National Advisory Council on international monetary and financial problems:
April 1 to September 30, 1948
.. .506
October 1, 1948-March 31, 1949. .
. .1064
Reserve city member banks:
Condition, call dates
44, 150, 268, 400, 542, 692,
818, 958, 1102, 1230, 1360, 1468
Deposits and reserves
38, 144, 262, 394, 536, 683
811, 951,1095, 1223, 1355, 1463
Earnings and expenses, 1948
585
Ratios by class of bank
587
Reserves
38, 144, 262, 394, 536, 683,
811, 951, 1095, 1223, 1354, 1462
Reserve requirements of member banks:
Amendment to supplement to Regulation D reducing requirements
522
Announcement of reduction in
895
Expiration of temporary authority, press statement on Regulation D
776
Per cent of deposits
32, 138, 256, 388, 530, 677,
805, 945, 1089, 1217, 1349, 1457
Reduction of, statement of Mr. McCabe on
466
Revision of supplement to Regulation D
1081
Termination of temporary authority to increase. .797
Reserves:
Federal Reserve Banks:
AH banks combined
33,139,257,389,531,
678, 806, 946, 1090, 1218,1350, 1458
Each bank.
35, 141, 259, 391, 533, 680,
808, 948, 1092, 1220, 1352, 1460
Gold, of central banks and governments. .86, 196, 310,
442, 594, 744, 870, 1008, 1152, 1282, 1414, 1520
Insured commercial banks with Federal Reserve
Banks
45, 151, 269, 401, 543, 693, 819,
959, 1103, 1231, 1365, 1471
Member banks:
Account with Federal Reserve Banks
. . . 3 5 , 141,
259, 391, 533, 680, 808, 948, 1092, 1220, 1352, 1460
By classes of banks
38, 144, 262, 394, 536,
683, 811, 951, 1095, 1223, 1355, 1463
Excess :
End-of-month and Wednesday
figures
31,
137, 255, 387, 529, 675, 803,
943, 1087, 1215, 1347, 1455
In classes of banks
37, 143, 261, 393, 535
Major factors affecting
1438
DECEMBER
1949
Pages
Reserves—Continued.
Member banks—Continued.
Revision of supplement to Regulation D . . . .1081
Total held:
All banks, end-of-month and Wednesday
figures
31, 137, 255, 387, 529, 675, 803,
943, 1087, 1215, 1347, 1455
Classes of banks
37, 143, 261, 393, 535
Weekly computation period, change in
118
Weekly reporting member banks:
By Federal Reserve districts. . . . 4 9 . 155, 273, 405,
547, 697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside
47, 153, 271, 403,
545, 695, 821, 961, 1105, 1233, 1367, 1473
Resignations:
Adams, Charles E., as Class B Director at New York 524
Davis, Wallace M., as Director at Louisville branch 1209
Dunn, Charles B., as First Vice President at
Chicago
1341
Jordan, Howard W., as Director at Pittsburgh
118
Southard, Frank A., Jr., as Associate Director of
Division of Research and Statistics
249
Stettinius, Edward R., Jr., as Class C Director at
Richmond
26
Wheat, J. E., as Director at Houston
1341
Retail credit survey, 1948
657
Retail food prices
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Retail trade:
Fluctuations during 1948. .
. . . .7
Reduction in
. . 770
Retirements:
Smead, Edward L., Director of
Division of Bank Operations
.26
Van Fossen, J. R., Assistant Director of
Division of Bank Operations
. .26
Revenues, expenses, and income of
Class I railroads
68, 174. 292, 424, 566, 718,
844, 984, 1128, 1256, 1390, 1496
Revised Statutes:
Revision of section 5136 to permit national banks
to deal in and underwrite obligations issued
by International Bank for Reconstruction and
Development
935
Revision of estimate for median family income in 1948. . 1324
Rhodesia:
Gold production
87, 197, 311, 443, 595, 743,
869, 1007, 1151, 1281, 1413, 1519
Rumania:
National Bank of:
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Rummell, L. L., appointed Class C Director at Cleveland. .25
Rural Electrification Administration:
Assets and liabilities
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Loans by. .
58, 164, 282, 414, 556, 708,
834, 974, 1118, 1246, 1380, 1486
Rush, Noel, appointed Director at Louisville branch. .1209
Salaries:
Board members, increase in
. . 1342
Changes during 1949
1301
Employees of member banks. . . .
496
Officers and employees of
Federal Reserve Banks
192, 1000
Officers and employees of insured commercial
banks in the United States and possessions.. . . 591
1555
INDEX TO VOLUME 3 5
Pages
Pages
Salaries—Continued.
Officers and employees of member banks. .
. . 583
Savings:
Measurements of, article by Daniel H. Brill
1310
Correction in
figures
1449
Personal during 1949
. . 1308
Savings and loan associations:
Insured home mortgages held. . .67, 173, 291, 423, 565,
717, 843, 983, 1127, 1255, 1389, 1495
Savings bonds:
Sales and redemptions
55, 161, 279, 411, 553, 705,
831, 971, 1115, 1243, 1377, 1483
Savings deposits:
Interest rates on
32, 138, 256, 388, 530, 676,
804, 944, 1088, 1216, 1348, 1456
Savings institutions and the capital markets,
article by Charles H. Schmidt
.238
Securities:
Domestic, inflow of foreign funds. . .88, 198, 312, 444,
596, 738, 864, 1002, 1146, 1276, 1408, 1514
Foreign, return of United States funds. . .88, 198, 312,
444, 596, 738, 864, 1002, 1146, 1276, 1408, 1514
Loans for purchasing or carrying:
Insured commercial banks. .44, 150, 268, 400, 542,
692, 818, 958, 1102, 1230, 1364, 1470
Weekly reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404,
546, 696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402,
544, 694, 820, 960, 1104, 1232, 1366, 1472
Securities Exchange Administration:
Loan value for securities acquired through subscription rights, amendments to Regulations T and U. .667
Margin requirements under Regulations T and U .32,
138, 256, 388, 530, 676, 804, 944, 1088, 1216, 1348, 1456
Securities issued by International Bank
for Reconstruction and Development
are exempted securities
. . 1082
Specialist's account, amendments to
Regulations T and U
. .937
Transactions in undermargined accounts
under Regulation T
. 938
Security issues:
Corporate, proposed use of proceeds. .53, 159, 277, 409,
551, 702, 828, 968, 1112, 1240, 1374, 1480
New and refunding
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
Security markets:
Bond and stock prices
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
National summary of business conditions. .28, 133, 526,
672, 800, 940, 1084, 1211, 1344, 1451
Security prices:
Principal countries
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Sharpies, Philip T., appointed Class C
Director at Philadelphia
.381
Silver and silver certificates, outstanding
and in circulation
39, 145, 263, 395, 537, 684,
812, 952, 1096, 1224, 1356, 1464
Smead, Edward L., Director of Division of
Bank Operations, retirement of. . . .
26
Social service programs of government,
budget expenditures for.
.113
South Africa:
Foreign exchange rates. . . 101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold movements
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
1556
South Africa—Continued.
Gold production
87, 197, 311, 443, 595, 743,
869, 1007, 1151, 1281, 1413, 1519
Notes on foreign currency adjustments
1337
Reserve bank:
Condition
98, 208, 322, 454, 606, 750,
876, 1014, 1158, 1288, 1420, 1526
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Southard, Frank A., Jr., resignation as Associate
Director of Division of Research and Statistics. .
. .249
Soviet Military Government of Eastern Zone of
Germany, order giving German Bank of Issue
exclusive right to issue currency. .
... .
. .16
Spain:
Bank of:
Condition
98, 208, 322, 454, 606, 750,
876, 1014, 1158, 1288, 1420, 1526
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Foreign exchange rates. . . .101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Notes on foreign currency adjustments. .
. .1335
Special articles:
Annual report of Bank for
International Settlements
..912
Annual report of the Bank of Canada.
. .375
Balance sheet of agriculture, 1949.
.1053
Estimated liquid asset holdings of
individuals and businesses...
. 793
Financial position and buying plans
of consumers, July 1949. . . .
.1198
Industrial differences in large
corporation financing in 1948.
.626
Measurements of savings
.1310
Correction in table
.1449
Member bank earnings, 1948
. .494
Member bank earnings, first half of 1949. . .
.1325
Movement toward balance in international
transactions of the United States
480
New series on quarterly sales, profits, and dividends of 200 large manufacturing corporations. .662
New statistics of interest rates on business loans. . .228
Notes on foreign currency adjustments
1328
Ownership of demand deposits. . . .
.499
Postwar credit controls in France
. 348
Regulation W, its role in economic stability.
.343
Report of joint Brazil-United States
technical commission
.361
Report of the National Advisory Council
on international monetary and financial
problems, April 1-September 30, 1948
506
Report of the National Advisory Council on international monetary and financial problems, October 1, 1948-March 31, 1948.. .
.1064
Retail credit survey, 1948...
657
Revised consumer credit series. .
.504
Revision of employment series
1208
Revision in bank examination procedure . .
.776
Savings institutions and the capital markets
238
Statement of Chairman McCabe before Senate
Banking and Currency Committee
474
Statements on recent Federal Reserve policy actions
776
Study of instalment credit terms.
1442
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 5
Pages
Pages
Special articles—Continued.
Survey of consumer finances, 1949:
Part I. General financial position and economic
outlook of consumers
634
Part II. Durable goods expenditures in 1948
and buying plans for 1949
647
Part III. Distribution of consumer income in
1948
778
Part IV. Consumer ownership and use of liquid
assets
896
Part V. Home ownership and expenditures for
housing
1037
Part VI. Ownership of automobiles, stocks, and
bonds, and other nonliquid assets
1182
Part VII. Additional data on automobile ownership
1318
Third annual report of the National Credit Council
of France
795
Spencer, C. E., Jr., re-elected First Vice President of
Federal Advisory Council
249
Staff of Board of Governors:
Brill, Daniel H., article on measurements of savings, 1310
Chase, G. Howland, appointment as Assistant
Solicitor
798
Dembitz, Lewis N., article on movement toward
balance in international transactions of the
United States
480
Fauver, Clarke L., articles on 1949 survey of Consumer Finances
. .634, 647, 778, 896, 1037, 1182,
1198, 1318
Hirschman, Albert O.:
Article on movement toward balance in international transactions of United"States
480
Article on postwar credit controls in France
348
Leonard, Robert F., appointed Director of Division
of Bank Operations
26
Moss, Milton, article on a study of instalment
credit terms
1442
Reil, Katharyne P., article on retail credit survey,
1948
657
Schmidt, Charles H.:
Article on industrial differences in large corporation financing in 1948
626
Article on savings institutions and capital markets
238
Schweiger, Irving, articles on 1949 survey of Consumer Finances
..634, 647, 778, 896, 1037,
1182, 1318
Smead, Edward L., retirement as Director of Division of Bank Operations
26
Southard, Frank A., Jr., Associate Director of Division of Research and Statistics, resignation of. .249
Stockwell, Eleanor J., article on new series on quarterly sales, profits, and dividends of 200 large
manufacturing corporations
662
Thomas, Woodlief, appointment as Economic Adviser to Board
1209
Van Fossen, J. R., Assistant Director of Division of
Bank Operations, retirement of
26
Young, Ralph A., appointed Director of Division of
Research and Statistics
1209
Youngdahl, Richard, article on new statistics of
interest rates on business loans.
. .228
State member banks:
Admissions to membership. .26, 118, 249, 381, 524, 670,
798, 938, 1080, 1209, 1341, 1449
Deposits, call dates. .42, 148, 266, 398, 540, 687, 815,
955, 1099, 1227, 1359, 1467
Earnings and expenses, by size of bank
862
State member banks—Continued.
Number of:
Call dates..
..42, 148, 266, 398, 540, 687, 815,
955, 1099, 1227, 1359, 1467
Suspensions
. . 4 1 , 147, 265, 397, 539, 683, 811,
951, 1095, 1223, 1355, 1463
States and political subdivisions:
Deposits:
Insured commercial banks on call dates. .45, 151, 269,
401, 543, 693, 819, 959, 1103, 1231, 1365, 1471
Weekly reporting member banks:
By Federal Reserve districts. .49, 155, 273, 405, 547,
697, 823, 963, 1107, 1235, 1369, 1475
New York City and outside. .47, 153, 271, 403, 545,
695, 821, 961, 1105, 1233, 1367, 1473
Investments of insured commercial banks in obligations of
44, 150, 268, 400, 542, 692, 818,
958, 1102, 1230, 1364, 1470
Statistics:
Assets of entire banking system in relation to
money supply, new table in BULLETIN
670
Stettinius, Edward R., Jr., resignation as f lass C Director at Richmond
. . 26
Stock exchange:
Call loan renewals, open-market rates in New
York City
51, 157, 275, 407, 549, 700, 826,
966, 1110, 1238, 1372, 1478
Customers' debit balances, money borrowed and
principal related items of firms carrying margin
accounts .
. .50, 156, 274, 406, 548, 699, 825,
965, 1109, 1237, 1371, 1477
Volume of trading on New York market. .52, 158, 276,
408, 550, 701, 827, 967, 1111, 1239, 1373, 1479
Stocks:
New security issues
52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
Prices in principal countries
103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Prices in United States. . . .52, 158, 276, 408, 550, 701,
827, 967, 1111, 1239, 1373, 1479
Straits Settlements:
Foreign exchange rates
211, 325, 457, 609, 753, 879,
1017, 1161, 1291, 1423, 1529
Surplus:
Federal Reserve B a n k s . . . 3 6 , 142, 260, 392, 534, 681,
809, 949, 1093, 1221, 1353, 1461
Surveys:
Consumer finances, 1949:
Financial position and buying plans of consumers, mid-year 1949
1198
Part I. General financial position and economic
outlook of consumers
634
Part II. Durable goods expenditures in 1948
and buying plans for 1949
647
Part III. Distribution of consumer income in
1948
778
Revision of estimate for median family income in 1948
1324
Part IV. Consumer ownership and use of
liquid assets
896
Part V. Home ownership and expenditures for
housing
1037
Part VI. Ownership of automobiles, stocks, and
bonds, and other nonliquid assets
1182
Part VII. Additional data on automobile ownership
.1318
Retail credit in 1948.
.657
DECEMBER
1949
1557
INDEX TO VOLUME 35
Pages
Suspension of banks:
Number and deposits
Sweden:
Bank of:
Condition. .
41, 147, 265, 397, 539, 683,
811, 951, 1095, 1223, 1355, 1463
. .98, 208, 322, 454, 606, 750, 876,
1014, 1158, 1288, 1420, 1526
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Foreign exchange rates
101, 211, 325, 457, 609,
753, 879, 1017, 1161, 1291, 1423, 1529
Gold movements. . /
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
Notes on foreign currency adjustments
1333
Open-market rates
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Wholesale prices in
102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
Swensrud, Sidney A., appointed Director at Pittsburgh. .118
Switzerland:
Cost of living,- index numbers. . .103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
International capital transactions
89, 199, 313, 445,
597, 739, 865, 1003, 1147, 1277, 1409, 1515
Notes on foreign currency adjustments
1331
Open-market rates
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Retail food prices
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Swiss National Bank:
Condition
98, 208, 322, 454, 606, 750,
876, 1014, 1158, 1288, 1420, 1526
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Wholesale prices in
102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
Tables in Federal Reserve BULLETIN, changes in
620
Taxes:
Corporate
708, 830, 970, 1114, 1242, 1376, 1482
Increase recommended by President
115
Internal revenue collections. .57, 163, 281, 413, 555, 707,
833, 973, 1117, 1245, 1379, 1485
Taylor, John W., appointed Director at Louisville
25
Thomas, Woodlief, appointment as
Economic Adviser to Board
.1209
Treasury bills:
Open-market rate in New York City. .51, 157, 275, 407,
549, 700, 826, 966, 1110, 1238, 1372, 1478
Federal Reserve Bank holdings. .31, 137, 255, 387, 529,
675, 803, 943, 1087, 1215, 1347, 1455
Insured commercial bank holdings. . .44, 150, 268, 400,
542, 692, 818, 958, 1102, 1230, 1364, 1470
Investments in, by weekly reporting member banks:
By Federal Reserve districts. .48, 154, 272, 404, 546,
696, 822, 962, 1106, 1234, 1368, 1474
New York City and outside. .46, 152, 270, 402, 544,
694, 820, 960, 1104, 1232, 1366, 1472
Maturities of
55, 161, 279, 411, 553, 705,
831, 971, 1115, 1243, 1377, 1483
Treasury currency outstanding:
End-of-month and Wednesday figures. . . .31, 137, 255,
387, 529, 675, 803, 943, 1087, 1215, 1347, 1455
1558
Pages
Treasury Department:
Cash income and outgo. . . .57, 163, 281, 413, 555, 707,
833, 973, 1117, 1245, 1379, 1485
Regulations on foreign exchange transactions
668
Treasury receipts
114
Treasury receipts and expenditures:
Summary of
57, 163, 281, 413, 555, 707,
833, 973, 1117, 1245, 1379, 1485
Trust funds, common, distribution of accrued income.. .797
Trust powers of national banks,
amendment to Regulation F . . .
..667
Turkey:
Central bank of the Republic of:
Condition
98, 208, 322, 454, 606, 750,
876, 1014, 1158, 1288, 1420, 1526
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Notes on foreign currency adjustments.
.1335
Unemployment during 1948
. 225
Union of the Soviet Socialist Republics:
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
United Kingdom:
Bank of England:
Condition
94, 204, 318, 450, 602, 746,
872, 1010, 1154, 1284, 1416, 1522
Discount rate
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves
86, 196, 310, 442, 594, 744,
870, 1008, 1152, 1282, 1414, 1520
Commercial banks, assets and liabilities. .100, 210, 324,
456, 608, 752, 878, 1016, 1160, 1290, 1422, 1528
Cost of living, index numbers. . .103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Foreign exchange rates
101, 211, 325, 457, 609, 753,
879, 1017, 1161, 1291, 1423, 1529
Gold movements.
.
87, 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
International capital transactions. . 89, 199, 313, 445,
597, 739, 865, 1003, 1147, 1277, 1409, 1515
Notes on foreign currency adjustments
.1328
Open-market rates
99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Problems in connection with readjustment of currency values
.
1175
Retail food prices. . . .103, 213, 327, 459, 611, 755, 881,
1019, 1163, 1293, 1425, 1531
Security prices, index numbers .
103, 213, 327, 459,
611, 755, 881, 1019, 1163, 1293, 1425, 1531
Wholesale prices in
. 1 0 2 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
United States:
Cost of living, index numbers . .103, 213, 327, 459, 611,
755, 881, 1019, 1163, 1293, 1425, 1531
Gold movements
. . 87 197, 311, 443, 595, 745,
871, 1009, 1153, 1283, 1415, 1521
Gold production. . . .87, 197, 311, 443, 595, 743, 869,
1007, 1151, 1281, 1413, 1519
Gold reserves. .
. .86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Government organization manual
. . . 1082
Retail food prices
103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Security prices, index of. . .103, 213, 327, 459, 611, 755,
881, 1019, 1163, 1293, 1425, 1531
Wholesale prices in
102 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 3 5
Pages
United States notes:
Outstanding and in circulation
39, 145, 263, 395,
537, 684, 812, 952, 1096, 1224, 1356, 1464
Uruguay:
Bank of the Republic of:
Condition.
.98, 208, 322, 454, 606, 750, 876,
1014, 1158, 1288, 1420, 1526
Foreign exchange rates. .
. .101, 211, 325, 457, 609,
753, 879, 1017, 1161, 1291, 1421, 1527
Gold reserves.
.86, 196, 310, 442, 594, 744, 870,
1008, 1152, 1282, 1414, 1520
Notes on foreign currency adjustments
1340
Van Fossen, J. R., Assistant Director of Division of
Bank Operations, retirement of.
.26
Venezuela:
Central bank of:
Condition.
.98, 208, 322, 454, 606, 750, 876,
1014, 1158, 1288, 1420, 1526
.86, 196, 310, 442, 594, 744,
Gold reserves.
870, 1008, 1152, 1282, 1414, 1520
.226, 1301
Wages, changes in.
War Department:
War production loans guaranteed by.
.37, 143, 261,
393, 535
War loans:
Guaranteed by War Department, Navy Department, and Maritime Commission, number and
amount.
.37, 143, 261, 393, 535
DECEMBER
1949
Pages
West Africa:
Gold production. .
..87, 197, 311, 443, 595, 743, 869,
1007, 1151, 1281, 1413, 1519
Wheat, J. E., resignation as Director at Houston
1341
Whittier, Warren F., designated Chairman and Federal
Reserve Agent at Philadelphia
381
Wholesale prices:
Changes in 1948. . . .
. .
12
Groups of commodities
73, 179, 297, 429, 571,
723, 849, 989, 1133, 1261, 1395, 1501
Principal countries
102, 212, 326, 458, 610, 754,
880, 1018, 1162, 1292, 1424, 1530
Winder, G. Norman, appointed Director at Denver
25
Woodward, J. B., Jr., appointed Class C Director at
Richmond and designated Deputy Chairman
25
Yields on Government securities:
Average.
.51, 157, 275, 407, 549, 700, 826,
966, 1110, 1238, 1372, 1478
Chart
1435
Young, Ralph A., appointment as Director of Division
of Research and Statistics
.1209
Yugoslavia:
National Bank of the Kingdom of:
Discount rate
.99, 209, 323, 455, 607, 751,
877, 1015, 1159, 1289, 1421, 1527
Gold reserves.
86, 196, 310, 442, 594
1559
@FedFRASER