Full text of Federal Reserve Bulletin : February 1948
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FEDERAL
ESERVE
BULLETIN
FEBRUARY 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
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
Recovery in Western Europe. .
133-147
Relations of Individual Western European Countries with the Western Hemisphere .
. .
148-151
Report of National Advisory Council on International Monetary and Financial
Problems, April 1-September 30, 1947..
152-166
Law Department—Supplement to Regulation D Amended.
167
Current Events and Announcements..
168-169
Directors of Federal Reserve Banks and Branches
170-182
National Summary of Business Conditions.
183-184
Financial, Industrial, Commercial Statistics, U. S. (See p. 185, for list of tables) .
185-243
International Financial Statistics (See p. 245, for list of tables).
245-263
Board of Governors and Staff; Open Market Committee and Staffs Federal
Advisory Council. .
264
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Publications. .
265
266-267
Map of Federal Reserve Districts. .
Subscription Price of BULLETIN
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268
FEDERAL RESERVE BULLETIN
February 1948
VOLUME 34
NUMBER 2
RECOVERY IN WESTERN EUROPE
The halting and precarious nature of economic recovery in Western Europe has
constituted one of the major uncertainties in
world affairs and has been one of the principal factors obstructing the achievement of
a just and lasting peace. Great material assistance has been extended to this area by
the United States since the end of the war,
but the amount has proved insufficient to
restore Western Europe to economic health
and independence. Increasing realization of
the gravity of the situation led during 1947
to a widespread demand for a new approach
to, and a new perspective on, the problem of
European recovery. In response to the suggestion contained in Secretary Marshall's
speech at Harvard University last June, the
Committee of European Economic Cooperation convened in Paris last summer to
develop a recovery program for Europe.
The seventeen participating European countries (including Western Germany) pledged
themselves to cooperate in a major effort at
reconstruction and development of their
economic systems, and turned to the United
States for assistance in carrying out their
program.
The President has now submitted recommendations to the Congress concerning the
extent to which the resources of the United
States may safely and wisely be devoted to
the accomplishment of this task. These
recommendations have been based upon
FEBRUARY
1948
careful studies of the program proposed by
the Paris Conference, and represent the judgment of the Executive Branch as to where
the balance should be struck between European needs and American capabilities. The
Congress and the American people are
now confronted with a momentous decision
which, however made, will powerfully influence the course of world events. Western
Europe (the term is loosely employed to
comprise the seventeen participating European nations1) has developed, and despite
the ravages of two world wars retains, the
greatest concentration of economic power
outside the United States. The 270 million
people of Western Europe can still wield
immense influence in world affairs, and the
direction of this influence may be largely
determined by the fate of the European
Recovery Program.
ECONOMIC PROGRESS SINCE THE W A R
The end of the war in Europe found a
large part of Western Europe economically
prostrate. Germany, once the heart of the
industrial complex of the Continent, was in
a state of ruin and stagnation. The countries
recently liberated from German occupation
had also suffered tremendous physical war
damage to their factories, homes, and trans1
Austria, Belgium, Denmark, France, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal,
Sweden, Switzerland, Turkey, United Kingdom, and Western
Germany.
133
RECOVERY IN WESTERN EUROPE
portation systems. Their fields, like those
of Germany, had been so ruthlessly exploited
during the war that food production was at
a low ebb. Their populations were weakened by wartime privations, and their manpower scattered among their armed forces
and in the slave labor camps of Germany.
Resumption of industrial operations was obstructed by acute shortages of fuel, raw materials, and other necessary supplies, while
the complex fabric of internal trade so important to the functioning of modern industrialized economies had almost disintegrated. In addition, a surfeit of money had
been inherited from the financing of war
and occupation expenditures, creating the
threat of chaotic inflation.
Although the United Kingdom had escaped the extreme destruction and disorganization visited upon some areas of the
Continent, its domestic economy, too, was
suffering from depletion of stocks and deterioration of equipment, a reduced and
over-worked labor force, and the threat of
monetary inflation. Even the European neutrals had been unable to isolate themselves
from wartime shortages, or to escape their
dependence on trade with the dislocated
areas.
Industrial production. From this state of
near-collapse at the end of the war, the
economy of Western Europe has shown in
many respects a remarkable recovery, reflected first and foremost in the expansion
of industrial output. In all war-ravaged
countries output is very considerably above
the low point reached at the end of the war,
and by the autumn of last year the United
Kingdom, Ireland, Belgium, the Netherlands, and the three Scandinavian countries
had actually carried production to levels
higher than prewar, while production in
France was about equal to that of 1938. In
134
Western Germany, Austria, and Greece,
however, output remained far below prewar,
while Italy also lagged seriously behind.
VOLUME OF INDUSTRIAL OUTPUT IN CERTAIN WESTERN
EUROPEAN COUNTRIES1
[1938=100]
Country
Austria 8 .
Belgium
Denmark
France
Ireland..
Italy
Netherlands
Norway
Sweden
Western Germany
American Zone
British Zone
October 1945 October 1947
3 23
58
78
63
101
a 27
54
80
106
e 22
3 23
63
< 104
117
100
5 112
* 78
109
122
111
41
33
1
No index of industrial production is available for the United
Kingdom, but there is sufficient evidence to support the assertion
in the text that British production is now greater than prewar.
2
1937 = 100.
8
January 1946.
*6 September 1947.
Second quarter of 1947.
6
First quarter of 1946.
SOURCE.—Statistical Office of the United Nations, Monthly
Bulletin of Statistics, except for Austria, for which figures represent
rough estimates on a 1937 base, and for Italy, for which data of
Bulletin of the Federation of Industry have been used.
Since the war coal has been the weakest
point in Western Europe's productive structure. Output of Ruhr coal, which has provided the basis for much of the industrial
development on the European Continent,
was less than 25 per cent of the 1938 level
in the months following the end of the war,
and even by the end of 1947 had recovered
to only 65 per cent of prewar. The United
Kingdom and the rest of Western Europe
(with the exception of France) have been
producing substantially less coal than in the
prewar period, mainly as a result of labor
shortages and the inadequacy of supplies.
In 1947 coal production in Western Europe
as a whole was still 20 per cent below the
1938 level.
War damage to transportation systems has
been largely repaired, and the railroads of
Western Europe have been successfully handling an immense amount of traffic. In eight
of the ten countries listed in the following
FEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
table the railroads were carrying more
freight in August 1947 than before the war.
RAILROAD FREIGHT IN CERTAIN W E S T E R N EUROPEAN
COUNTRIES
[Ton-miles, 1937=100]
Country
Austria
Belgium. . . .
Denmark 2
France
Netherlands 3 . .
Norway 8
Sweden
Switzerland
Turkey . .
United Kingdom •
October 1945
August 1947
i 35
54
167
81
59
108
183
110
204
139
132
93
149
111
99
* 139
182
121
5
196
120
1
Beginning of 1946. 2 Freightcar miles. * Tons carried.
4 May-June 1947. « March 1947. « 1938 = 100.
SOURCE.—Computed from Statistical Office of the United
Nations, Monthly Bulletin of Statistics, November 1947.
The progress made so far, while impressive in many instances, must be considered in
the light of two factors affecting comparison
with prewar years—first, the increase in
population since 1937, estimated at 7 per cent
for Western Europe as a whole; and secondly, the necessity for devoting a large proportion of current production to the repair
of war damage and the reconstitution of depleted stocks. Furthermore, the prewar years
were themselves a period of inadequate industrial production in many of the countries
concerned, which even up to the outbreak
of the war had not shaken off the debilitating
effects of the world depression.
Agriculture. The recovery of agriculture
since the war has not kept pace with progress
in industry, and total agricultural output in
Western Europe probably remains around 20
per cent below prewar. The intensively
cultivated lands of this area suffered greatly
during the war from the lack of fertilizers
and from irrational crop rotation, as well as
from war devastation. The restoration of
their productivity must necessarily be a gradual process.
In 1946 both the area sown to grains in
FEBRUARY
1948
Western Europe and the average yield
were considerably below the prewar averages,
and the severe winter and the subsequent
drought led to a disastrously short 1947 crop.
Production of bread grains was only about 70
per cent of prewar in Western Europe as a
whole, and little better than 40 per cent in
France. Production of fats and oils in 194647 was some 35 per cent below the prewar
average, but is expected to recover somewhat during the current year. The cattle
population was substantially maintained during the war, but as a result primarily of
short supplies of fodder, there were considerable declines in the output of dairy
products as compared with prewar. There
was widespread slaughtering of pig herds
during the war, and continuing shortages
of feedstuffs have prevented any substantial
replacement of this loss. Western Europe
has therefore had only about 60 per cent
of its prewar pig population, and the domestic supply of pork and lard has been
severely reduced.
Monetary problems. In varying degrees
the governments of Western Europe have all
had to exercise controls over economic life to
assure the direction of short supplies to the
most essential ends, and especially to ward
off or mitigate the pervasive inflationary
pressures created by the swollen money supply. In part this surfeit of money has been
inherited from the war; in part it has arisen
from postwar budget deficits and from
credit expansion on behalf of private undertakings. From whatever source, it has exercised a highly disruptive influence. Either it
has stimulated an openly inflationary pricewage spiral, as in France and Italy (and, in
virulent form, in Greece); or, where this evil
has been averted through the rigorous enforcement of price and rationing controls,
the excess purchasing power has created a
135
RECOVERY IN WESTERN EUROPE
state of "suppressed inflation" leading to
other serious economic distortions. In countries suffering from the latter condition (the
most striking example being Germany),
prices soar in the black market, wages cease
to provide any real incentive to workers beyond the limited amount required to purchase the weekly rations at controlled prices,
and resources tend to be diverted toward the
production of nonessential goods for sale
through uncontrolled channels.
It has been in the field of monetary and
fiscal policy that the least progress has been
made by some Western European countries.
Currency reforms were carried out after the
war in a number of countries (Denmark,
Norway, Belgium, Netherlands, Austria),
in the course of which substantial portions
of the money supply were "blocked" (withdrawn from active circulation). Together
with capital levies, aimed especially at
wartime profits, these measures have provided some alleviation, but most of these
countries have continued to suffer from
the inflationary consequences of budgetary
deficits.
The United Kingdom, without having resorted to any such drastic measures, has
continued to impose and collect heavy taxes
with the result that the British Government's
budget, despite the high level of expenditures, shows a moderate surplus. Even in
the United Kingdom, however, an excessive
volume of purchasing power has been pressing upon the supply of goods available at
controlled prices. In no country have inflationary pressures been entirely neutralized,
and in several there has been only belated
recognition of the immense importance of
firm monetary policy.
In this respect, recent developments in
France and Italy are encouraging. A special report issued recently by the Monnet
136
Plan Commission in France, which has
found its long-term economic planning constantly frustrated by inflationary developments, vigorously expounds the view that
unless France achieves monetary stability it
cannot find the way to expansion of production, to social welfare and reconciliation, or
to economic independence. The French
Government, impelled by such considerations, has recently taken drastic fiscal and
monetary measures, and has discontinued its
recourse to the Bank of France for financial
aid. Meanwhile, in Italy there has been
equal recognition of the threat to recovery
which is contained in continuing monetary
instability. The Italian Government has recently imposed severe restrictions upon bank
credit, which, in conjunction with a capital
levy and other fiscal reforms, have led to considerable dishoarding of goods and to a substantial reduction in prices. Both countries
have also carried out successive devaluations
of their currencies since the end of the war
with the commendable objective of achieving more realistic rates of exchange; however, the particular methods used have in
some instances given grounds for criticism
because of their departure from the principles of international monetary cooperation.
RELIANCE UPON EXTERNAL AID
Such recovery as has been achieved in
Western Europe thus far has been greatly
dependent upon the continual flow of external aid.
Aside from its internal disorders, Western
Europe was confronted at the end of the war
with an acute balance of payments problem
with the rest of the world. This highly industrialized area, with a population density
four-and-a-half times that of the United
States, is dependent even in normal times
upon imported food and raw materials,
FEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
petroleum products, and other supplies.
In the aftermath of the war, its import requirements for such commodities were augmented by the necessity of reconstituting
stocks and of making good deficiencies in
domestic production, especially of food. At
the same time, commodities in which the
area was ordinarily self-sufficient had to be
imported until domestic production revived,
the most striking example being coal.
While import requirements were swollen,
the export capacity of most Western European countries was severely restricted. In
general, markets were available, but the
volume of production that could be spared
for export after meeting domestic consumption and reconstruction needs was limited.
Nonetheless much has been accomplished
since the end of the war, especially through
deliberate set-asides for export markets in
such lines of production as textiles and automobiles. Indeed, in the case of the United
Kingdom, the volume of exports in the
last quarter of 1947 was one-sixth above
the 1938 level. In most of the Continental
countries, however, exports have remained
substantially below prewar figures, primarily because of economic dislocations
and continued production difficulties. At
the same time, both in the United Kingdom
and on the Continent, the war caused severe
losses in other important sources of overseas
income. Merchant fleets were depleted and
foreign investments had been liquidated or
lost; receipts from American tourists had
also disappeared, although for a time expenditures by the American armed forces
provided a substitute in many of the countries concerned.
A great gap thus appeared between Western Europe's external payments and receipts
which could not be closed even by rigorous
economy in the use of imported goods. Two
FEBRUARY
1948
further factors intervened which served to
increase the strain. First, a general rise in
world market prices, accelerating after decontrol of prices in the United States, added
to the balance of payments deficit in money
terms. Even a uniform price rise would
have increased the deficit in view of the great
excess of imports over exports; to make matters worse, import prices (especially for
food) rose more rapidly than export prices
so that the effect on the deficit was compounded. Second, Western Europe found
itself abnormally dependent upon sources
of supply in the Western Hemisphere because of the disruption of trade relations with
Eastern Europe and the slow progress of
rehabilitation in the Far East. An extreme
example of the breakdown of East-West
trade relations is to be found in Western
Germany, whose essential requirements for
food imports have had to be covered almost
entirely from Western Hemisphere sources
rather than from the former surplus foodproducing areas of Eastern Europe.
To a very considerable degree, the gap in
Western Europe's balance of payments was
closed through aid from the United States
Government. The table on the following
page shows the amount of assistance provided from this source in loans, property
credits, and grants from July 1, 1945 to
December 31, 1947. Of the total amounts
made available about 84 per cent had been
utilized by the end of the period.
Additional assistance was rendered during
this period by Canada, which disbursed
nearly 1 billion dollars on loans to the
United Kingdom and over 400 million on
credits to other Western European countries;
lesser amounts were provided by various
Latin American countries, notably Argentina. Furthermore, a large number of countries, mainly those in the sterling area, lent
137
RECOVERY IN WESTERN EUROPE
U N I T E D STATES ASSISTANCE TO W E S T E R N EUROPEAN COUNTRIES
JULY 1, 1 9 4 5 - D E C E M B E R 3 1 ,
1947
[In millions of dollars]
Amounts made available 1
Countries
Austria
Belgium-Luxembourg
Denmark
France
Greece
Italy
Netherlands.
Norway
Sweden
Switzerland
Turkey
United Kingdom
Western Germany
Unallocated 3
...
Total Western European
Countries
Amounts unutilized as of
Dec. 31, 1947
Amounts utilized
Total
Loans and
property
credits
Grants 2
Total
Loans and
property
credits
Grants 2
Total
Loans and
property
credits
340
263
30
2,323
743
1,304
334
92
1
2
152
4,734
1,047
359
34
199
30
1,977
121
352
308
91
306
64
6
149
16
1,891
97
250
270
33
235
64
346
622
952
26
1
1
2
100
299
983
335
241
213
16
1,953
502
1,011
296
34
1
2
20
4,399
785
330
99
50
14
370
241
293
38
58
28
50
14
86
24
102
38
58
132
335
262
29
38
335
22
24
240
5
4,037
9,803
1,921
819
1,102
11,724
52'''
4,435
64
24
7,687
14
4,100
42
6,868
62
405
761
26
1
1
2
6
299
743
330
2,935
Grants
71
284'"
217
191
94
1
Excludes cancellations and expirations.
2 Includes approximately 400 million dollars in lend-lease pipelines shipped after V-J Day. This amount was offset in settlements
with the United Kingdom, Belgium, and the Netherlands against goods in the reverse lend-lease pipelines, net claims against the United
States, and other U. S. obligations. Lend-lease shipments between July 1, 1945, and V-J Day are excluded.
3 Estimated from the unallocated amount for all countries.
SOURCE.—U. S. Department of Commerce, Clearing Office for Foreign Transactions.
major assistance to the United Kingdom
through the net accumulation of sterling balances in London; the amount of these balances rose by the equivalent of some 1*4
billion dollars during the year following the
end of the war, although about half of
this sum has subsequently been withdrawn.
There was also a substantial volume of private relief shipments and remittances from
the United States, some small investment of
private United States capital, and—in the
last eight months of 1947—nearly 750 million dollars of assistance to Western Europe
from the newly-launched International Fund
and International Bank.
All of these sources of financing were
inadequate, however, to sustain Western
Europe's essential imports., especially from
the Western Hemisphere, and many of the
countries concerned were forced to carry out
drastic liquidation of their existing gold and
dollar resources. Net losses of gold and dollar balances for the area as a* whole (ex138
clusive of gold contributions to the International Monetary Fund) totalled 2]/2 billion
dollars from the middle of 1945 through the
end of 1947. A few countries, however,
made gains during the period; those countries which suffered losses of gold and dollar
balances (again aside from gold contributions to the Fund) lost nearly 3 billion, of
which over half was attributable to France
alone. In addition, some countries have resorted to liquidation of long-term investments both in the United States and in other
parts of the world.
T H E NEED FOR A DEFINITIVE RECOVERY
PROGRAM
From the emerging pattern of events in
Western Europe since the war, it has become
increasingly apparent that the economic and
political obstacles to reconstruction are more
formidable than had been expected. While
progress has been very substantial, the job
remains half done, and country after counFEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
try has found it possible to maintain the sub- evolved a concrete program which, by intesistence of its people only by continued re- grating external assistance with extensive
liance upon external aid.
measures of self-help and mutual help,
Unlike the situation which developed promises to restore their war-shattered
three years after the end of the first World economies, to achieve a reasonable balance
War, there has been no threat of depression in their international accounts, and to acand the stagnation of unemployment. On complish the fundamental readjustments rethe contrary, it has been demonstrated that quired for their sound economic developthe malady from which Western Europe ment. But the attainment of these objecsuffers is insufficiency of productive re- tives remains vitally dependent upon the prosources, even when fully employed, in re- vision of adequate external aid during the
lation to the demands which must be made next few years.
upon them. Unemployment exists only in
PRODUCTION GOALS IN THE RECOVERY
Italy, where it is a chronic problem, and to
PROGRAM
a lesser extent in Germany and Greece,
where it is attributable to continuing internal
The expansion of productive resources
dislocations inherited from the war.
which is planned for Western Europe under
It would be a mistake to attribute Western the European Recovery Program has been
Europe's present plight wholly to the ravages described in the report of the Paris Conof the war, although in every respect these ference as similar in scale to the mobilization
far surpassed any previous experience. The of United States resources during the last
fact is that Europe never fully recovered war. It is designed to restore agricultural
from the effects of the first World War and production to around the prewar level and
the great depression in the thirties. Euro- to raise industrial output to heights never
pean countries did not give adequate recog- before attained. It should be noted, hownition in the years following the war to the ever, that no comparable increase may be exneed for concerted action in economic re- pected in the standard of living. The popuconstruction, and it was partly for this reason lation of Western Europe will be 11 per cent
that their recovery in the twenties proved so higher in 1951 than before the war, while
short-lived. During the inter-war period, losses of overseas investments and the asWestern Europe failed to make the economic sumption of large external indebtedness durprogress required to sustain an increasing ing the war and postwar periods will necespopulation and to promote its living stand- sitate the exportation of a much larger proportion of Western Europe's domestic proards.
The work of the Paris Conference marks duction than before the war.
A major effort is to be made to rehabilitate
a new departure in European economic cooperation. The comprehensive report pro- agriculture, as may be seen from the table on
duced by the Conference represents an ex- the following page, where the goals for
traordinary effort by the participating coun- 1951-52 are compared with present and pretries to assess their capabilities and their war production. The output of grains by
needs, to establish principles for internal the end of the Program is expected to exceed
reform, and to develop plans for mutual aid. the prewar average by 10 per cent; increases
The nations of Western Europe have now both in the area sown and in average yields
FEBRUARY
1948
139
RECOVERY IN WESTERN
EUROPE
many produced more than those two countries combined.
The increased steel output would provide
the basis for a general expansion in the production of machinery, which together with
some imported equipment of specialized
types would enable the participating countries to expand and modernize their facilities for the manufacture of consumers'
GOALS FOR WESTERN EUROPEAN OUTPUT OF SELECTED
goods. There would also be large increases
AGRICULTURAL PRODUCTS IN 1951-52
in the production of trucks, railway rolling
stock, and other transportation equipment,
Product
1934-38 = 100
while output of agricultural machinery,
Bread grains
needed for the rationalization of European
Coarse grains
Potatoes
agriculture, is to increase several times above
Pulses
Sugar
prewar. In addition, the Western European
Cattle
Pigs
countries (outside of Germany, where ocean
Fats and oils
Meat
Milk
shipping and shipbuilding have been proEggs
hibited) contemplate a major ship construction program, with special emphasis on the
The Program envisages an increase in coal tankers required to handle Western Europe's
output and a major expansion of steel pro- growing imports of petroleum products.
duction in order to provide the basis for
Total Western European consumption of
more general industrial development in energy (from coal, lignite, petroleum, and
Western Europe. This expansion will re- hydroelectric power) would be 18 per cent
quire big new investments which would higher in 1951-52 than in 1938; in fact, it
be made, however, very largely from Euro- would be about 30 per cent higher in the parpean sources. Coal production in Western ticipating countries outside Western GerEurope is to be raised from 440 million tons many. A major feature of the development
in 1947 to 585 million in 1951, or to 6 per program is the expansion of electric generatcent above the 1938 level. Crude steel pro- ing capacity to 65.4 million kilowatts, or 68
duction would be increased from 30.3 mil- per cent in excess of prewar, to which a longlion tons in 1947 to 52.5 million in 1951-52, range project for cooperative international
representing a 15 per cent advance over 1938. power development would eventually add
Since coal and steel production in Western further capacity of 2.3 million kilowatts.
Germany even in 1951 would remain well Coal consumption in Western Europe is exbelow the 1938 level, it is apparent that a pected to expand from 85 per cent of the
very striking development in these basic 1938 level in 1947 to 110 per cent in 1951.
industries is called for in the other WestIMPORT REQUIREMENTS OF THE PROGRAM
ern European countries. For example, the
United Kingdom and France (including the
The fundamental nature of the Western
Saar) would each surpass Germany in steel European economy is such that it can supproduction, although before the war Ger- port its population only by extensive parwill be required to achieve this result. Livestock herds are to be expanded from present
levels, although pig herds would remain well
below the prewar figure because of the shortage of feeding stuffs. Output of meat, fats,
and oils would also fail to attain prewar levels
despite the considerable expansion which is
contemplated for the next few years.
140
FEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
ticipation in world trade. No production
effort could overcome its basic dependence
upon external sources of supply for food,
fibers, petroleum products, timber, and other
industrial raw materials. Some of these
commodities are ordinarily produced in surplus by individual Western European countries or by their colonial dependencies, and
play an important role in the active trade
among the territories in this group. But
even in normal times this area as a whole
requires net imports of all these products—
as well as of additional items—for domestic
consumption or for incorporation in export
products. At the present time, as has been
explained above, the area is suffering from
an abnormal degree of dependence upon external sources of supply, and the correction
of this condition must be a central objective
of any genuine recovery program.
It should be noted that, for the purposes
of the present discussion, the colonial dependencies of Western European countries
are treated as integral parts of the mother
country. Trade between a country and its
dependencies does not ordinarily give rise to
significant payments problems; on the other
hand, a mother country must accept responsibility for meeting the external payments
requirements of its dependencies. Hence,
in considering the need of Western European countries for external aid, their trade
balances with their dependencies may be
ignored, but the relations of their dependencies with the outside world must be taken
into full account.
Despite the planned expansion of production both in Western Europe and in the
colonial areas, no decline is anticipated in
the aggregate volume of imports by Western
European countries and their dependencies
from the outside world. The increase in
food production would largely serve to meet
FEBRUARY
1948
the demands of a growing population and to
build up consumption standards, which, primarily because of general supply shortages,
cannot be realized through imports at the
present time. Also, although the development of mining and manufacturing would
diminish the need for imports of coal and
many fabricated products, it would call for
increased imports of many industrial materials from the outside world.
In fact, estimates prepared by United
States experts indicate that the total volume
of imports required from the outside world
in order to carry out the European Recovery
Program would amount to around 15 billion
dollars (at July 1947 prices) during each of
the next four years.2 These estimates, which
have been developed in great detail, are
based upon the following fundamental assumptions :
1. That the countries of Western Europe
will use their best efforts to maximize their
own production and that of their colonial
areas, and to direct it toward meeting their
essential needs;
2. That the intended levels of consumption (standard of living) will be no
higher than required to avoid social unrest
and to offer adequate incentives to the
working population; and
3. That investment projects will be appropriately designed to increase productivity and to restore Western Europe to a
self-supporting basis by the end of the
recovery period.
The projected imports of certain key bulk
commodities, which together would constitute by value nearly one-half of total im2
Estimates of the prospective aggregate balance of payments
position of Western European countries (with their dependencies) are presented in the document Outline of a European
Recovery Program submitted by the Department of State to
the Senate Foreign Relations Committee on Dec. 19, 1947.
Supplementary detailed estimates by countries and by commodities have subsequently been submitted to the Committee.
141
RECOVERY IN WESTERN EUROPE
ports, are shown in the following table.
The major commodity import programs, in
the form endorsed by United States experts
as necessary for a genuine recovery program,
are reviewed in the following paragraphs.
war in 1947-48 to almost 80 per cent in
1951-52. The bulk of the imports from the
outside world would be obtained from the
Far East but about 40 per cent would be
supplied by the United States and other
countries
of the Western Hemisphere.
PROJECTED IMPORTS OF SELECTED COMMODITIES BY WESTERN
EUROPEAN COUNTRIES AND THEIR DEPENDENCIES
Meat represents, next to fats and oils, the
FROM THE OUTSIDE WORLD
most serious deficiency in the present Euro[In millions of metric tons]
pean diet. Average per capita consumption
Fiscal Year
is expected to rise from about 70 per cent of
Product
1948-49 1949-50 1950-51 1951-52
prewar in 1947-48 to about 80 per cent in
1951-52, but entirely through increased
15.6
Bread grains
16.4
15.6
15.8
5.9
8.0
8.7
8.7
Coarse grains
domestic
production rather than through
1.1
0.9
1.1
1.1
Fats and oils
1.9
1.8
1.8
1.8
Meat
2.3
2.2
2.1
2.1
higher imports. More than half of the imSugar
Coal
55.9
41.1
34.6
31.2
Petroleum.
. .
50.4
54.3
60.7
47.5
port
requirements would be supplied by
2
Timber
15.5
17.3
19.0
21.1
1.2
1.3
1.2
1.3
Cotton
Canada
and Latin America; the small
Steel
1.3
1.3
1.3
1.2
Crude
amounts
to be furnished by the United
1.6
1.2
1.8
1.8
Finished
States would represent only an insignificant
1
Excludes all trade within the area comprised by Western
fraction
of this country's production.
European
countries
and
their
dependencies.
2
In millions of cubic meters.
Fuel and raw materials. Coal, the most
Foodstuffs. Grains, and especially bread important source of energy for Western
grains, represent the major item among im- Europe, must continue to be imported as
ports of foodstuffs. The scheduled imports, long as the United Kingdom and Western
together with increasing domestic produc- Germany do not attain their prewar output.
tion, would enable Western Europe to raise In 1948-49 coal imports from the United
its average per capita consumption from 74 States are expected to reach 33 million tons,
per cent of prewar in 1947-48 to 95 per cent amounting to 5 per cent of American proin 1951-52. During the period as a whole, duction and to about 6 per cent of total
about one-third of the bread grains and one- European consumption. By 1951, however,
fifth of the feed grains would be supplied by it is believed that rising coal production in
the United States, and most of the remainder Western Europe (plus increased shipments
by other countries of the Western Hemi- from Poland) will eliminate the need for
sphere. United States exports to Western imports from this country.
Europe in 1948-49 would be equal to about
Importation of petroleum products is
15 per cent of the United States bread grain scheduled to rise by 1951-52 to about 170 per
crop in 1947, but to less than 2 per cent of last cent of the prewar level as a result of inyear's feed grain production.
creased demands for industrial use and for
Imports of fats and oils cannot be ex- motor transportation. More than two-fifths
panded because of world supply shortages, of the imports would be supplied from "dolbut increasing production in the European lar sources" but for the most part these sources
dependencies in Southeast Asia would en- would be American-owned oil properties in
able per capita consumption in Western the Caribbean area and the Middle East
Europe to be raised from 65 per cent of pre- rather than the United States.
1
142
FEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
Timber has become one of the most serious
bottlenecks in European reconstruction. It
is needed particularly in the form of pitprops for coal mining, cross ties for railroads, and construction lumber for the rebuilding of factories and homes. The rise
in total imports during the next few years
reflects the anticipated resumption of supplies from Eastern Europe. In fact, timber
supplies from the Western Hemisphere are
expected to decline from 7 million cubic
meters in 1948-49 to 6 million in 1951-52;
of these the United States would furnish
about one-fourth, or some 2 per cent of
American production.
Cotton is the most important industrial
raw material to be imported into Western
Europe, since cotton textiles are required in
large volume not only for domestic consumption but also for export. Cotton requirements are larger than prewar, because
of the depletion of stocks suffered during the
war, and the drop in European production
of synthetic fibers. The United States would
export to Western Europe around one-fifth
of its production, which would supply somewhat less than half of the programmed imports.
Steel and steel products. Apart from food,
fuel, and raw materials, the most important
group of commodities needed in Western
Europe consists of steel and steel products,
deluding machinery and vehicles. Despite
the expected rapid expansion of its own iron
and steel production, Western Europe would
require substantial imports of crude and finished steel, largely from the United States;
however, imports of steel scrap from the
United States have had to be eliminated from
the Program in view of the tight supply
situation in this country. Under the plans as
revised by United States experts, total steel
exports from the United States to Western
FEBRUARY
1948
Europe (including the steel content of steel
products and machinery) would not exceed
in any year 5 per cent of present American
steel production.
The importation of machinery and equipment would be as important as steel in
meeting certain key requirements. Imports
would include agricultural machinery for
the improvement of food production, mining
machinery for the expansion of coal and iron
ore output, steel-manufacturing equipment
for incorporation in the projected new
steel plants, trucks and freight cars for the
rehabilitation of transport systems, and electrical generating and transmission equipment for use in power development. Virtually all of these imports would have to be
supplied by the United States. The largest
single item would be agricultural equipment, exports of which to Western Europe
might reach 10 per cent of prospective American production. In general, the filling of
machinery and equipment requirements
should impose no undue strain on this country's productive capacity.
BALANCE OF PAYMENTS DEFICIT WITH
WESTERN HEMISPHERE
The foregoing section has set forth the
nature of the import program for Western
Europe which has been judged both necessary to accomplish the purposes of the European Recovery Program and feasible from
the point of view of availabilities in world
markets. The next problem was to estimate
the capacity of Western Europe (and its
colonial dependencies) to cover the cost of
the Program through the development of
exports to the outside world. Such export
estimates, prepared by United States experts,
are presented in the table on the next page.
They are based upon the fundamental assumptions stated on page 141; in addition it
143
RECOVERY I N WESTERN EUROPE
ESTIMATED
EXPORTS
TO THE
OUTSIDE
WORLD
EUROPE AND ITS DEPENDENCIES
BY
WESTERN
a
[In billions of dollars, at July 1, 1947 prices]
Period
Fifteen months, April
1948-June 1949
Twelve months ending:
June 1950
June 1951
June 1952
Total
To
United
States
To other
Western
Hemisphere
To
rest of
world
9.6
2.3
1.8
5.5
9.1
10.4
11.5
2.1
2.5
2.8
1.9
2.3
2.6
5.1
5.6
6.1
1
Excludes all trade within the area comprised by the Western
European countries and their colonial dependencies.
is assumed that the countries concerned will
engage in vigorous development of new foreign outlets and new export lines, and that
high levels of income and employment will
be maintained in the major markets of the
world, particularly in the United States.
In the contemplated expansion of exports
lies the main hope of restoring Western
Europe to a self-supporting basis. This expansion cannot be achieved, however, unless
the projected production and import programs are carried out, and during the period
of European recovery the anticipated receipts
from exports fall far short of the amounts
required to pay for current imports. The
excess of any country's imports over exports, adjusted for net receipts or payments
on "invisible" transactions (shipping, tourists, investment income, etc.), represents the
current account deficit in its international
balance of payments. Detailed estimates
have been prepared by United States experts
concerning the balance of payments position
of each Western European country (and
of its dependencies) during the period of
the proposed European Recovery Program
(April 1948-June 1952). The following summary table shows the current account deficit
which those countries, taken as a group,
would incur with the major areas of the outside world. Certain of the United States
ESTIMATED CURRENT ACCOUNT DEFICIT OF WESTERN EUROPEAN
COUNTRIES
(INCLUDING DEPENDENCIES) WITH THE OUTSIDE WORLD 1
April 1948-June 1952
[In billions of dollars]
Western Hemisphere
Period
Total
Rest of world
Total
At July
Fifteen months , April 1948-June 1949
Twelve months ending:
June 1950..
June 1951..
June 1952..
Total...
United States
Other
1947 prices of imports and exports
8.7
8.1
4.9
3.2
0.6
5.4
4.0
2.9
5.3
4.1
3.3
3.0
2.1
1.6
2.4
2.0
1.8
0.1
*0.1
*0.4
21.0
20.8
11.5
9.4
At assumed future prices of importsand exports
Fifteen months, April 1948-June 1949
Twelve months ending:
June 1950
June 1951
June 1952...
Total...
9.3
8.5
5.2
0.2
2
3.3
0.8
5.2 to 5 .9
3.2 to 4 S
1.6 to 3 .3
5.1 to 5 6
3.5 to 4 4
2 .4 to 3. 6
2.8 to 3.1
1. 7 to 2 3
1.1 to 1.7
2.3 to 2.5
1. 7 to 2.1
1.3 to 1.8
0.1 to 0.3
*0 3 to 0 1
*0.8 to *0.3
19.3 to 23 . 0
19.4 to 22 . 1
10.8 to 12.3
8.6 to 9.8
*0.1 to
0.9
*1 Surplus.
Excludes all trade within the area comprised by the Western European countries and their colonial dependencies.
2
It has been assumed that the price indexes (July 1, 1947 = 100) for Western European exports and imports will remain at about
their present levels during 1948-49, i. e. 105 and 107.5 respectively (but only 105 for imports from "Other Western Hemisphere"); and
that in subsequent years, they will either remain at those levels or decline each year by 5 percentage points in the case of exports and by
7.5 points in the case of imports. The higher deficits (or lower surpluses) in the range estimates given for the last three years therefore
reflect the less favorable assumption of continued high prices; and the lower deficits (or higher surpluses) the more optimistic assumption
that, commencing in 1949-50, Western Europe will enjoy the benefit of declining world market prices and, further, of an improving ratio
between import and export prices.
144
FEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
estimates are also compared in the accompanying chart with corresponding figures as
estimated by the Paris Committee of European Economic Cooperation.
BALANCE OF PAYMENTS
WESTERN EUROPEAN COUNTRIES WITH WESTERN HEMISPHERE
COMPARISON OF ESTIMATES, AT CONSTANT (JULY 1 , 1 9 4 7 ) PRICES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
UNITED STATES
1
\EXPORTS'
OTHER WESTERN HEMISPHERE
CEEC U.S.
1st YEAR
CEEC U.S.
2nd YEAR
CEEC U.S.
3rd YEAR
CEEC U.S.
4th YEAR
NOTE.—Imports and exports include net debits or net credits,
respectively, on each of the following accounts: freight, other
invisibles, and current account of dependencies.
CEEC (Committee of European Economic Cooperation) estimates relate to calendar years starting with 1948; U. S. experts'
estimates relate to fiscal years starting with 1948-49; U. S.
estimate for first three-months' period (April-June 1948) is
omitted.
As may be seen from the table, the Program envisages, under either assumption as
to the trend of prices, a steady reduction in
the aggregate deficit of Western Europe (including its dependencies) with the outside
world, and with each major area. The major
FEBRUARY
1948
force operating in this direction would be
the expansion of merchandise exports, but
favorable developments are also anticipated
with respect to "invisible" transactions; in
particular, the resumption of American tourist travel and the efforts by Western European countries to regain their position in
world merchant shipping operations are expected to provide major assistance in the
solution of Western Europe's "dollar problem." It may also be noted that while the
area's total imports from the outside world
would not diminish, it is expected that
there will be a major shift in its sources
of supply away from the United States and
toward the other Western Hemisphere countries (in this instance, mainly South America) and the rest of the world (especially
Eastern Europe and the Far East). This shift
would tend to reduce Western Europe's
deficit with the United States but conversely
tend to increase its payment problems in
trade with the two other major areas.
The table presented above also demonstrates that the over-shadowing difficulty confronted by Western Europe (with its dependencies) in its external payments is its
extremely unbalanced relations with the
Western Hemisphere. This problem obviously will be of such dimensions during
the next few years as to be quite unmanageable without external aid. This particular
deficit has therefore become the primary
point of departure for the aid program which
the President has proposed to the Congress.
The bill covering the aid program initially
provided for a continuing authorization of
17 billion dollars as the United States contribution to the European Recovery Program during the 4% years from April 1948
through June 1952. This proposed figure,
which by agreement was subsequently withdrawn, was based primarily on the estimated
145
RECOVERY IN WESTERN EUROPE
deficit of Western Europe (and its dependencies) with the Western Hemisphere during that period (19.4--22.1 billion dollars,
depending upon price assumptions). It was
assumed that about 4 billion dollars of this
deficit would be financed by loans from
other sources (mainly the International Bank
and other Western Hemisphere countries),
and the remaining range, after some further
adjustments, was reduced to the round figure
of 17 billion dollars.
The following tabulation shows the derivation of the 6.8 billion dollars which the
Congress has been asked to authorize for
the first fifteen months of United States
participation in the Program (April 1948June 1949):
Deficit of Western Europe (inch dependencies) with
Western Hemisphere
„..
Sources of financing other than new aid program
Remaining deficit with Western Hemisphere
Portion of Western Germany's deficit with "rest of
world"
Funds required for advance obligations against shipments in 1949-50
Amount of requested authorization
[In billions
of dollars]
8.5
* 2.1
6.4
2
0.2
0.2
6.8
1
Includes 822 million dollars of proposed appropriations to
Department of the Army for "disease and unrest" imports into
Germany; 700 million of anticipated loans from other Western
Hemisphere countries; and 585 million of expected financing by
the2 International Bank and from other miscellaneous sources.
The extension of the United States aid program to the financing
of a portion of this deficit arises from the special responsibilities
of this country as an occupying power in Germany.
Of the 8.5 billion dollar deficit with the
Western Hemisphere, 5.2 billion is expected
to be incurred with the United States, and
3.3 billion with the other countries of the
Hemisphere. Since these other countries
(Canada and various Latin American countries) are expected to finance only 700 million
dollars of their export surplus to Western
Europe, it is proposed that United States
funds be provided to cover 2.6 billion dollars
of "off-shore purchases" in the rest of the
Western Hemisphere.
The financing of "off-shore purchases"
serves the interests of the United States in
146
two ways. First, the impact of Western
European needs upon the United States
economy is diminished to the extent that
goods in short supply (especially foodstuffs) are procured in Canada and Latin
America rather than in the United States; it
is true that most of the dollars spent in those
countries will subsequently be respent by
them here, but their demands are likely to
fall upon goods which the United States can
better afford to spare. Second, the dollars
spent for "off-shore purchases" would lend
needed support to the dollar balance of payments positions of the other Western Hemisphere countries. The reason that these
countries cannot be expected to participate
more fully in financing Western Europe is
that they find it necessary to collect dollars
for most of their export surplus to that area
in order to meet the net payments which
they have to make to the United States.
The concentration of attention upon the
problem of Western Europe's balance of payments with the Western Hemisphere should
not be allowed, however, to obscure the fact
that there remain significant payments problems in other directions. While Western
Europe as a whole is expected to have only
a moderate deficit with the "rest of the
world" in 1948-49 (and indeed a small surplus in the later years of the Program) some
individual Western European countries have
prospective deficits with the "rest of the
world" which are large enough to constitute
a significant problem (see table on page 144).
In addition, the pattern of trade among the
Western European countries and with their
colonial dependencies gives rise in some instances to payments problems for which a
solution must be found. In general, however, it is believed that these matters will give
rise to no serious difficulties if there is a
moderate degree of flexibility in the adminFEDERAL RESERVE BULLETIN
RECOVERY IN WESTERN EUROPE
istration of United States funds under the
The treatment of Western Europe as a
Program, and if the Western European unit is, of course, much more than a statiscountries cooperate effectively to deal with tical convenience. It reflects the conception
the particular problems which some of them which underlies the whole Program that
may confront.
recovery in Western Europe cannot be
In this discussion, the area comprised by achieved piecemeal—that it must be sought
Western Europe and its colonial depend- through comprehensive measures applicable
encies has been treated as a unit. Actually, to the area as a whole. The broad geoof course, the countries of this area are in graphical scope of the Program is dictated
very different stages of economic recovery by the pervasive economic interdependence
and are reliant in very different degrees upon of the Western European countries, and by
external aid. In an article that follows, there the compelling need for more intimate colis presented a brief statement, with support- laboration among these countries in working
ing statistical data, concerning the import out solutions to their common problems.
requirements and the estimated balance of Similarly, the comprehensive review which
payments deficits of the various participating has been made of production and export
countries during the first fifteen months of capabilities, of the levels of consumption and
the proposed Program. No precise data are investment, and of import requirements, has
available at the present time to show the been necessary to establish the area's genuine
expected distribution by countries of United needs for external aid. No more restricted
States aid under the Program, but it has approach could have done justice to the chalbeen declared that Portugal, Switzerland, lenging need for a definitive program of
and Turkey will be expected to finance all European recovery.
their requirements through use of their own
resources.
FEBRUARY
1948
147
RELATIONS OF INDIVIDUAL WESTERN EUROPEAN COUNTRIES
WITH THE WESTERN HEMISPHERE
As pointed out in the preceding article, the overshadowing difficulty confronted by Western European countries (with their dependencies) in their
external payments is their extremely unbalanced
relations with the Western Hemisphere. If the
European Recovery Program is adopted in the
form which has been proposed to the Congress,
the net deficit of these countries with the Western
Hemisphere during the initial 15-month period of
the Program (April 1948-June 1949) is expected
to be no less than 8.1 billion dollars at July 1947
prices, and 8.5 billion at the prices which are expected to prevail during the period. The table
on the opposite page shows how this deficit (at
July 1947 prices) would be distributed among the
various Western European countries (and their
dependencies) in their relations with both the
United States and the rest of the Western Hemisphere; a final column in the table shows the prospective deficit of these countries with the "rest of
the world" (excluding the Western European
countries and their dependencies). A second table
shows the distribution by commodities of the projected imports by the various Western European
countries (and their dependencies) from the Western Hemisphere during the period April 1948June 1949.
The deficit with the Western Hemisphere should
be regarded in some degree as an enduring element
in the structure of world trade. Western Europe
(with its dependencies) may be expected to attain
eventual equilibrium not by achieving an absolute
balance in its relations with this Hemisphere but
rather by developing an offsetting surplus in its
trade with the "rest of the world." At the present
time, however, the deficit with the Western
Hemisphere is abnormally large. As recovery proceeds in Western Europe and in its dependencies
(especially those in Southeast Asia), and as sources
of supply in Eastern Europe and the Far East
become more, readily accessible, the deficit with the
Western Hemisphere (and especially with the
United States) is destined to decline. As may be
seen from the table on page 144, the deficit is
expected to amount to little more than 3 billion
148
dollars in the year 1951-52 as compared with 8.5
billion during the first 15 months of the Program.
During the initial 15-month period, five areas—
the United Kingdom and its dependencies, the
French Union, the members of the Benelux Customs Union (Belgium-Luxembourg and the Netherlands), Western Germany, and Italy—account
for 81 per cent of Western Europe's projected imports from, and 88 per cent of its projected deficit
with, the Western Hemisphere. The following
paragraphs review briefly the relations of these
and the other Western European countries with
the Western Hemisphere.
United Kingdom. Of all Western European nations, the United Kingdom (with its dependencies)
has the largest prospective imports from the Western Hemisphere (34 per cent of the total), as well
as the largest prospective deficit with that area (27
per cent of the total). However, its deficit would
be equal to only about half of its imports, the lowest
ratio among the R\e major areas. The British
dependencies would have a substantial surplus in
their trade with the United States, which would
offset nearly one-third of the mother country's
deficit with this country. It is expected that the
United Kingdom will have a sizable surplus with
countries outside Western Europe and the Western
Hemisphere (mainly with the sterling area) but
little of this trade will yield currencies which can
be employed to meet the deficit with the Western
Hemisphere.
Foodstuffs would account for three-eighths of
the total imports by the United Kingdom (with
its dependencies) from the Western Hemisphere
and, allowing for freight charges on food shipments, would be equivalent to some seven-eighths
of its deficit. Equipment is the second most important item (11 per cent of all imports), reflecting the need for renovation and expansion of
British industrial installations. Cotton, timber, oil,
and tobacco would constitute a large part of the
remainder.
French Union. France and its dependencies are
expected to account for about 15 per cent of the
imports and about 20 per cent of the deficit of
FEDERAL RESERVE BULLETIN
RELATIONS OF INDIVIDUAL WESTERN EUROPE AND COUNTRIES
all Western European countries in relation to the
Western Hemisphere. The deficit would reach 85
per cent of the expected imports, with the dependencies adding to the burden of the mother
country. France would also confront a substantial
payments problem in its relations with countries
outside Western Europe and the Western Hemisphere (mainly with the sterling area).
In contrast with the United Kingdom, projected
fuel imports (coal and oil) of the French Union are
as large as food imports, each of these items
amounting to 22 per cent of all imports. Equipment, both agricultural and industrial, and cotton
constitute the next most important items. Imports
of coal and of agricultural equipment from the
Western Hemisphere are larger than those of any
other Western European country.
Benelux Countries. The Benelux area accounts
for about 14 per cent of the projected imports and
17 per cent of the projected deficit of all Western
European countries in relation to the Western
Hemisphere; the Netherlands and its dependencies
would incur about 63 per cent of the deficit for
the area. Net exports from the Belgian Congo
would somewhat reduce the area's deficit, but
Netherlands dependencies would have a deficit
with the Western Hemisphere as a whole despite
their surplus with the United States (which, incidentally, would be far smaller than before the war).
The deficit with the Western Hemisphere represents 83 per cent of imports for the Netherlands
and its dependencies, but only 64 per cent for
Belgium-Luxembourg with its colonial territories;
the deficit of the Netherlands alone would be larger
per capita than that of any other major Western
European country.
Food imports by the Benelux area would amount
to 32 per cent of its total imports from the Western
Hemisphere, equipment to 22 per cent, and steel
and coal to 7 per cent. Before the war the Low
Countries imported equipment, steel, and coal primarily from Western Germany, their natural source
of supply for these commodities.
Western Germany. Western Germany is expected
to account for about 9 per cent of the imports and
12 per cent of the deficit of all Western European
countries in relation to the Western Hemisphere.
The combined United States-United Kingdom
zones of occupation represent about 90 per cent
of the total. The deficit is equal to nine-tenths of
the projected imports; this high ratio, the largest
FEBRUARY
1948
among all the countries concerned, reflects the
relatively scant progress which has been made in
German reconstruction.
Foodstuffs would constitute one-half of the area's
imports from the Western Hemisphere, and, including freight charges, would be equivalent to
about 60 per cent of its deficit. Industrial equipment would amount to about 10 per cent of imports; by contrast, Germany was formerly the main
source of supply of industrial equipment for most
European countries. Cotton is the largest projected
ESTIMATED CURRENT ACCOUNT DEFICITS OF WESTERN
EUROPEAN COUNTRIES (INCLUDING DEPENDENCIES) WITH
OUTSIDE WORLD,1 BY AREAS
APRIL 1948-JUNE 1949
[In millions of dollars, at July 1, 1947 prices]
Western Hemisphere
Country-
Austria
Belgium-Luxembourg..
..
Dependencies 2
Denmark
France
Dependencies 2
Greece
Iceland
Ireland
Italy
Netherlands
Dependencies 2
Norway
Portugal
Dependencies 2
Sweden
Switzerland
Turkey
United Kingdom2
Dependencies
Western Germany:
U. S.-U. K. Zone
French Zone
Saar
Total
Total
-194
-545
-140
-398
-192
-1,400
-163
-194
— 12
-151
-977
-814
-51
-90
-74
+3
-75
-92
-1,158
-94
-131
-8
-56
-733
-478
-2,490
+310
-1,132
+370
-1,358
-60
-719
-9
-196
-35
-2
-308
-16
-6
-4,864
-3,198
-590
-412
-153
+26
+26
+2
-915
-81
— 11
-8,062
Adjustment for anticipated higher prices 3. . .
Adjustment for saving
in
shipping services 4
Adjusted deficit
Rest
of
world
United
States
+27
+63
-59
-43
+5
-46
+12
+1
-46
+ 100
+ 100
-8,527
-5,176
Other
-54*
-147
-1
-101
-98
-100
-242
-72
-331
-32
-69
-63
-4
-95
-244
-336
-114
-31
-31
-2
-29
+ 14
+1
-66
-3
-42
-53
-130
-55
-62
-23
+40
-85
+52
+67
+988
-254
-3,351
1 Excluding balances arising from trade within the area comprised by Western European countries and their colonial dependencies.
2
The dependencies include the colonies, protectorates, and
mandates of Western European countries, but exclude self-governing areas, such as the British Dominions (inclusive of Burma,
Ceylon, India, and Pakistan). The Netherlands East Indies is
treated as a dependency, but not French Indo-China.
3 Assumes rise in prices from July 1, 1947, by 1*4 per cent on
Western European imports from "United States" and "rest of
world," by 5 per cent on imports from "Other Western Hemisphere," and by 5 per cent on exports.
« Estimated net dollar savings to be derived from the proposed
temporary transfer to Western European countries of up to 300
United States-owned bulk cargo carriers.
149
RELATIONS OF INDIVIDUAL WESTERN EUROPE AND COUNTRIES
import item among raw materials. Almost onefourth of imports would consist of "other" goods,
mainly consumers' goods required to provide incentives to higher labor efficiency.
Italy. Italy's prospective imports and deficit in
relation to the Western Hemisphere are about as
large as those of Western Germany, but the composition of its imports would be somewhat different.
Food would account for less than 40 per cent of .
imports from the Western Hemisphere, and fuel
(coal and oil) and cotton for 15 per cent each.
Italy's expected grain imports from the Western
Hemisphere are second only to those of the United
Kingdom and Western Germany, while before the
war Italy, because of autarkic policies, came close
to being self-sufficient in grain. Its coal imports
from the Western Hemisphere would be second
only to those of France; before the war Italy's
coal requirements were covered exclusively from
European sources.
Other Countries. Among other countries, Greece,
Austria, Denmark, and Ireland are expected to have
deficits #with the Western Hemisphere which, al-
though small in comparison with those of the
five major areas, would be very considerable for
these countries, and especially in relation to their
trade with the Western Hemisphere. In Greece
and Austria, the deficits reflect the slow progress
of reconstruction. For Greece, foodstuffs would
account for 55 per cent of imports from the Western
Hemisphere, and equipment for almost 15 per cent.
For Austria, foodstuffs (45 per cent) and cotton
(12 per cent) would be the largest import items.
The economic prospects of both Denmark and
Ireland are closely linked with the recovery of the
United Kingdom, which is their best customer.
Danish imports from the Western Hemisphere are
expected to include mainly feed and foodstuffs
(50 per cent), coal and oil (18 per cent), and agricultural and industrial equipment (12 per cent);
Irish imports would show a similar composition.
Norway and Sweden are expected to have moderately large deficits; the estimated deficit for
Iceland is very small in absolute figures, but larger
per capita than that of any other Western European
country. Norway's food imports would be less
PROJECTED IMPORTS BY WESTERN EUROPEAN COUNTRIES (INCLUDING DEPENDENCIES) FROM WESTERN HEMISPHERE
APRIL 1948-JUNE 1949
[In millions of dollars, at July 1, 1947 prices]
Country
Austria
••
Belgium-Luxembourg
Dependencies *
Denmark
......
France
••
Dependencies 1
Greece
• •
Iceland
Ireland
Italy
Netherlands
Dependencies l
Norway
Portugal
Dependencies *
Sweden
Switzerland
Turkey
United Kingdom
Dependencies *•
Western Germany:
U. S.-U. K. Zone
French Zone
Saar
Total
Total
merchandise
imports
and net
freight
payments
Other
foodToGrains stuffs Fertilizers bacco
and
feed
233
775
37
217
1,596
241
262
23
192
1,160
869
176
248
135
8
498
535
64
3,727
522
40
141
1
34
110
72
52
2
64
294
176
6
47
38
2
25
99
44
139
76
66
2
490
68
989
33
1,014
93
14
339
45
8
12,639
Cotton
Coal Petroleum
3
22
22
46
7
16
2
7
166
11
189
17
7
8
5
23
2
149
33
1
11
88
25
3
6
4
4
2
10
8
29
14
2
154
7
227
100
2
2
13
16
2
66
16
2,153 2,025
46
293
790
73
146
23
67
4
14
76
121
38
12
2
12
2
21
' "io'
4
35
Iron
and
steel
Timber
2
29 ' ' 2 3 '
29
16
105
28
41
8 • •• -y
2
13
2
61
15
32
54
15
10
59
12
8
162
28
4
33
2
5
1
7
14
25
26
6 ""'5'
27
29
5
79
2
210
3
23
9
389
652
325
334
Agricul- Other Other Net
tural equip- im- freight
payequip- ment ports ments
ment
13
153
2
12
216
6
22
10
15
19
227
2
55
15
1
78
46
16
453
2
67
138
40
14
249
82
34
2
52
299
126
173
52
20
5
180
143
21
888
363
8
1
103
1
4
212
16
134
1
158
1,471
3,176
827
2
5
8
50
9
8
1
2
5
8
1
5
3
12
2
8
14
6
40
22
-6
276
-13
50
2
134
12
-6
110
5
59
1
The dependencies include the colonies, protectorates and mandates of Western European countries, but exclude self-governing
areas, such as the British Dominions (inclusive of Burma, Ceylon, India, and Pakistan). The Netherlands East Indies is treated as a
dependency, but not French Indo-China.
150
FEDERAL RESERVE BULLETIN
RELATIONS OF INDIVIDUAL WESTERN EUROPE AND COUNTRIES
than 35 per cent of its total imports from the
Western Hemisphere; equipment (including some
ships) would account for almost 25 per cent, and
steel for more than 10 per cent. Only 25 per
cent of Sweden's imports from the Western Hemisphere would consist of food; equipment would
constitute 18 per cent and petroleum 12 per cent.
Portugal would have a deficit about as large as
that of Sweden, but could cover it out of existing
reserves. Its imports from the Western Hemisphere include mainly food (40 per cent) and
equipment (14 per cent). Turkey and Switzerland
FEBRUARY
1948
are expected to have export surpluses in relation
to the Western Hemisphere, small for Turkey but
considerable in the case of Switzerland. Turkey is
the only country in the group expected to export
rather than import food; equipment would constitute about 40 per cent of its imports from the
Western Hemisphere, with petroleum and steel as
the next largest items. Switzerland is expected
to conform to the usual pattern by importing large
amounts of food (40 per cent) and moderate quantities of equipment (11 per cent).
151
REPORT OF NATIONAL ADVISORY COUNCIL ON INTERNATIONAL
MONETARY AND FINANCIAL PROBLEMS, APRIL I-SEPTEMBER 30, 1947
Given below is the text of the report submitted and liabilities of the United States and its balance
by the National Advisory Council to the President of international transactions. The section of this
on January 19, 1948, which the President sent to report dealing with foreign countries' gold and
Congress on January 20. The appendices to this short-term dollar resources is quoted below on pages
report included statistics on postwar United States 163 to 165. Other sections of the report include
Government financial assistance to foreign countries, detailed statistics on foreign credits and other finansimilar to the statistics included in the preceding cial aid by the United States Government, on the
report of the Council but covering the period international investment position of the United
through June 30, 1947. Copies of the full report States, on foreign countries' national debts, revenue
may be obtained from the National Advisory Coun- and income and the public debt of the United States,
cil on International Monetary and Financial Prob- and on the balance of payments of the United States.
lems, Washington 25, D. C.
The report also includes extensive material on the
The Council has also submitted to the Senate legal status of investments in foreign countries.
Committee on Finance a report on the foreign assets
I. ORGANIZATION OF THE COUNCIL
STATUTORY BASIS
The National Advisory Council on International
Monetary and Financial Problems was established
by the Congress in the Bretton Woods Agreements
Act (59 Stat. 512, 22 U. S. C. 286b), approved by
the President on July 31, 1945. The statute directs
the Council to coordinate the policies and operations
of the representatives of the United States on the
International Monetary Fund and the International
Bank for Reconstruction and Development, the
Export-Import Bank of Washington and all other
agencies of the Government "to the extent that they
make or participate in the making of foreign loans
or engage in foreign financial, exchange, or monetary transactions." The Council is also directed to
advise and consult with the President and the
United States representatives on the Fund and the
Bank on major problems arising in the administration of the Fund and the Bank; and to recommend
to the President general policy directives for the
guidance of the representatives of the United States
on the Fund and Bank. Portions of the statute
stating the duties and powers of the Council are
presented in Appendix A.1
REPORTS
Since its first meeting on August 21, 1945, the
Council has submitted four formal reports which
were transmitted by the President to the Congress
1
Appendices are omitted here but are part of the complete
report submitted to the Congress.
152
on March 1, 1946 (H. Doc. No. 489, 79th Cong,
2d sess; subsequently included as Appendix B to H.
Doc. No. 497, 79th Cong., 2d sess.); March 8, 1946
(H. Doc. No. 497, 79th Cong, 2d sess.); January 13,
1947 (H. Doc. No. 53, 80th Cong, 1st sess.); and
June 26, 1947 (H. Doc. No. 365, 80th Cong, 1st
sess.) respectively.2
The present report covers the activities of the
Council from April 1, 1947 to September 30, 1947.
This section discusses the organization and procedures of the Council. Part II covers general activities of the Council, particularly as they relate to the
Anglo-American financial agreement, the Philippine
loan, and credits extended by the Export-Import
Bank, United States Maritime Commission and War
Assets Administration. Part III constitutes the third
report by the Council on participation of the United
States in the International Bank for Reconstruction
and Development and in the International Monetary
Fund during the period from April 1 to September 30, 1947. Part IV covers activities of the Council in relation to the early planning and developmental phases of the European Recovery Program.
MEMBERSHIP
The members of the Council, according to law,
during the period under review, were the following:
The Secretary of the Treasury, John WT. Snyder,
Chairman.
The Secretary of State, George C. Marshall.
2
See FEDERAL RESERVE BULLETIN for July 1947, p. 836.
FEDERAL RESERVE BULLETIN
REPORT OF NATIONAL ADVISORY COUNCIL
The Secretary of Commerce, W. Averell Harriman.
The Chairman of the Board of Governors of the
Federal Reserve System, Marriner S. Eccles.
The Chairman of the Board of Directors of the
Export-Import Bank, William McChesney Martin, Jr.
By agreement, the following served as alternates:
Andrew N. Overby, Special Assistant to the
Secretary of the Treasury (to July 15, 1947).
Frank A. Southard, Jr., Director of the Office of
International Finance, Treasury Department,
succeeded Mr. Overby on July 15, 1947.
William L. Clayton, Under Secretary of State
for Economic Affairs. (Willard L. Thorp replaced Mr. Clayton after the period covered
by this report.)
Thomas C. Blaisdell, Jr., Assistant to the Secretary of Commerce.
J. Burke Knapp, Assistant Director of Research
and Statistics, Board of Governors of the Federal Reserve System.
Herbert E. Gaston, Vice Chairman of the Board
of Directors of the Export-Import Bank.
Harold Glasser, Assistant Director of the Office
of International Finance in the Treasury Department, was the Secretary of the Council.
The United States Executive Directors on the
International Monetary Fund and on the International Bank for Reconstruction and Development,
Andrew N. Overby and Eugene R. Black, regularly
attended the meetings of the Council.
PROCEDURE
The Council ordinarily meets each week and
holds such special meetings as are required. Joint
meetings with the President's Committee for Financing Foreign Trade have been held at approximately monthly intervals. In the period under
review the Council also met (during the week of
August 18-22) with representatives of the United
Kingdom to consider problems arising in conjunction with the implementation of the Anglo-American financial agreement.
The Council in discharging its functions makes
use of the services of the existing personnel of its
Rve member agencies. Its Staff Committee consists
of technical representatives of member agencies and
a representative of the Securities and Exchange
Commission. The Alternate United States Executive Directors on the International Monetary Fund
and the International Bank generally attend meetings of the Staff Committee. The Staff Committee
collects and analyzes information and prepares reports and recommendations for the Council. This
procedure has enabled the Council to maintain the
close inter-agency liaison essential for successful performance of its coordinating functions in the most
economical manner. Secretariat functions are performed by personnel of the Treasury Department.
II. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL
MONETARY FUND AND THE INTERNATIONAL BANK
THE ANGLO-AMERICAN FINANCIAL AGREEMENT
The Anglo-American financial agreement of December 6, 1945, which the Secretary of the Treasury
is delegated to carry out in consultation with the
National Advisory Council, provided for a credit of
$3,750,000,000 to the Government of the United
Kingdom, and for the assumption by that Government of certain obligations to liberalize the use of
sterling as an instrument of nondiscriminatory multilateral world trade.
The gradual extension of the area in which
sterling could be freely used for current trading
purposes had been begun in December 1946, as set
forth in the report of the activities of the National
Advisory Council from February 28, 1946 to March
31, 1947 (H. Doc. No. 365, 80th Cong., 1st sess.,
page 4). Throughout the period following April
1, 1947, the Government of the United Kingdom
continued this policy of implementing the convertibility clauses of the financial agreement in anticiFEBRUARY
1948
pation of the date on which the convertibility provisions became effective (July 15, 1947). Consequently, at the beginning of July 1947, the United
Kingdom was prepared to state that the obligations in question were already being implemented
with respect to many countries, and would be implemented by July 15 with respect to most other
important countries. The Government of the
United Kingdom requested, however, that the provisions permitting postponement in exceptional
circumstances be applied in the case of 14 countries
with which appropriate arrangements could not
be completed by July 15, 1947, with the understanding that the obligations would become effective retroactively to July 15 upon the date of completion of the arrangements. The National Advisory Council recommended that the requested
postponements be granted, and this was confirmed
by an exchange of letters between the Secretary of
the Treasury and the Chancellor of the Exchequer.
153
REPORT OF NATIONAL ADVISORY COUNCIL
(This exchange of letters appears as Appendix B to days, August 18 to August 20, came to the conthis report.) By July 15, 1947, the British Govern- clusion that the fundamental purposes of the Angloment had instituted a system providing for the American financial agreement could not be fulfilled
free availability of current accruals of sterling for if this excessive drain of British dollar reserves were
current payments by all countries, except the 14 for permitted to continue. Therefore, it was agreed
between the representatives of the two Governments
which postponement had been granted.
This system of convertibility of sterling, how- that the free convertibility of sterling should be
ever, could not be maintained. The period covered temporarily suspended, and that the British Govby this report was characterized by increasing mal- ernment should be given an opportunity to revise
adjustments in the British and world economies. its system of international payments with a view
During 1946 the British had incurred a balance of to carrying out the basic objectives of the Anglopayments deficit which was much lower than had American financial agreement.
been anticipated- during the Washington negotiaThe British agreed that in the construction of an
tions. During 1947, however, the continuing rise alternative system they would be guided by the
in world prices tended to increase the British bal- principles of the financial agreement, having due
ance of payments deficit, and this adverse trend regard to the necessity of conserving the British
was not compensated by a reduction in the volume dollar resources. These understandings were set
of imports or an increase in the volume of exports. forth in an exchange of letters of August 20, 1947
On the contrary, the volume of exports in the first between the Secretary of the Treasury and the
half of the year was substantially below the target, Chancellor of the Exchequer. (This exchange of
due to the winter crisis, and the volume of imports letters appears as Appendix C to this report.) It
rose, near the middle of the year, to the highest was agreed in these letters that frequent consultapostwar level. In addition, Government expendi- tions would be held between the two Governments
tures overseas remained at a higher level than had with a view to arriving at the most feasible method
been expected.
of implementing the principles of the financial
These developments occurred at a time when agreement, and that during the interim period while
most of the countries with which the United King- the British were revising their payments arrangedom trades were also suffering depletion of their ments with third countries, no withdrawals would
gold and dollar reserves. Hence, as soon as the be notified against the amount remaining in the line
convertibility provisions of the financial agreement of credit.
became effective, these countries tended to make
During the course of the negotiations in Washmaximum use of their convertibility privileges in ington and in London in August and September
order to meet their dollar payments. The net cur- 1947 questions were raised concerning the interrent sterling receipts of such countries tended to pretation of Section 9 of the financial agreement,
become a drain on British dollar resources, and the which provides that quantitative import restrictions
use, in some cases, of sterling balances previously imposed by either country should be administered
accumulated, further contributed to the drain.
"on a basis which does not discriminate against imIt was the cumulative effect of these factors which ports from the other country in respect of any
caused the drawings under the credit to increase product." The United States Government agreed
rapidly. In the third quarter of 1946 the United that in its interpretation of the British obligation
Kingdom had drawn $400,000,000; in the fourth under Section 9, it would take into consideration
quarter, $200,000,000; and in the first quarter of the unusual aspects of the financial position of the
1947, $500,000,000. The rate of drawings acceler- United Kingdom.
ated to $950,000,000 in the second quarter of 1947
EXPORT-IMPORT BANK CREDITS
and to $1,300,000,000 in the two months of July
and August, leaving an undrawn balance on August
During the period under review the Council con31, 1947 of $400,000,000.
tinued to work closely with the Export-Import
On August 18, a delegation from the United Bank in order to coordinate the Bank's policies
Kingdom Treasury, headed by Sir Wilfred Eady, with those of other agencies concerned with foreign
arrived in Washington and began consultations lending. New credits authorized by the Bank durwith the National Advisory Council. In the course ing this period included: $50,000,000 to Mexico,
of these discussions, it was ascertained that the drain $13,000,000 to Austria, $3,162,000 to the Netheron the British dollar resources had risen to a level lands, $5,600,000 to Egypt and $15,650,000 to Brazil.
which would soon unduly deplete the British gold The Council offered no objection to consideration
and dollar reserves. The National Advisory Coun- *by the Export-Import Bank of an allocation of up to
cil, meeting in emergency sessions during the three $19,000,000 for the purpose of financing cotton
154
FEDERAL RESERVE BULLETIN
REPORT OF NATIONAL ADVISORY COUNCIL
exports to Germany out of the $100,000,000 which
had been set aside by the Bank for financing cotton
exports to European countries.
The total net credits authorized from July 1, 1945
to September 30, 1947 by the Board of Directors of
the Export-Import Bank amounted to $2,358,000,000. The following table shows the distribuNET
CREDITS AUTHORIZED BY THE EXPORT-IMPORT
JULY 1, 1945
TO SEPTEMBER 30,
BANK1
1947
[In millions of dollars]
Object of credit financing
Area and country Lend- ReconLease
requi- strucsitions tion
Europe:
Austria
Belgium
55.0
Czechoslov akia
Denmark
Finland
France
55o!6
Germany... .
Greece
Italy
Netherlands. . . 50.0
Norway
Poland
Unallotted cotton credits
DeCotvelton
oppur- 2 Other
ment chases
13.0
Total
13.8
100.0
22.0
20.0
20.0
62.5
7^6 & io!6*
79.5
650.0
1,200.0
319.0
19.0
25.0
25.0
100.0
25.0
45.0
130.0
6
154.3
3.2
207.5
50.0
50.0
40.0
40.0
45.0
30.8
20.0
42.0
29.0
Total, Europe. 655.0 1,046.8 116.2 100.0
Latin America :
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Mexico
Peru
Venezuela
0 2
3.0
69 4
47 4
3 5
.1
6
183.0
183.0
1.8
Asia and Africa:
China
Netherlands
Indies. . .
Saudi Arabia. .
Turkey
Egypt
Ethiopia
100.0
Total, Asia and
Africa
136.8
1,935.8
0.2
3.0
69.4
47.4
3.5
1.8
57.0
.1
.6
57.0
Total, Latin
America
29.0
17.8
33.8
33 0
25.0
28.1
5.6
3 0
58.7
66.8
100.0
25.0
28.1
5.6
3.0
33.0
228.5
Total, all areas. . 655.0 1,183.6 368.6 133.0
17.8 2,358.0
Miscellaneous....
10 7
10.7
1
Cancellations and expirations deducted. Numerous small exporter-importer loans extended by the Bank, July 1, 1945 through
Sept. 30, 1947, are excluded. Also excluded are Mexican authorizations of $30,000,000 and Peruvian authorization of $400,000
approved prior to June 30, 1945 recorded on Export-Import Bank
books
subsequent to June 30, 1945.
2
Credits extended by the Export-Import Bank under general
approval of the Council. Hungarian credit of $7,000,000 cancelled
Apr.
2, 1947.
3
Revolving credits.
*6 For financing tobacco purchases.
For financing food purchases.
6
Excludes $93,000,000 participation by private banks through
Sept. 30, 1947 and $4,500,000 cancellation.
FEBRUARY 1948
tion of the credits by country and object of financing.
In January 1947, the Council approved consideration by the Export-Import Bank of credits to Italy
totaling not more than $100,000,000. The Bank
earmarked this amount for the extension during
1947 of credits for the purposes of financing imports from the United States and thereby assisting
specific parts of Italian industry in the restoration
and expansion of export markets. As of September
30, 1947, the Export-Import Bank had approved
credits (guaranteed by the Italian Government)
totaling $23,000,000 in favor of the Instituto Mobiliare Italiano, an Italian public credit institution, for
three projects involving industrial financing.
As previously reported, in March 1946 the Council approved consideration by the Bank of the extension to Chinese Government agencies and private enterprises of credits aggregating $500,000,000
for the purchase in the United States of materials,
equipment, and services to assist in the rehabilitation and development of the Chinese economy. The
Bank earmarked this amount for the extension of
credits for specific projects submitted to the Bank
and approved by it prior to June 30, 1947. On
June 27, the Bank announced that after the expiration of the earmark of this amount on June 30
it would be willing to consider loans for specific
projects in China on the same basic principles as
apply to its loan activities throughout the world.
As of September 30, 1947, the unutilized lending
capacity of the Bank was $818,900,000.
THE PHILIPPINE LOAN AND THE JOINT PHILIPPINEAMERICAN FINANCE COMMISSION
Congress by Public Law 656 (79th Congress),
approved August 7, 1946, authorized the Reconstruction Finance Corporation to extend credits
during the fiscal year 1947 to the Philippine Government of not more than $75,000,000 upon such
terms as that agency, after consultation with the
National Advisory Council, should deem to be
warranted by the financial position of the Philippine
Government. The initial advance of $25,000,000
under this authorization was covered in the preceding report of the Council.
In accordance with recommendations contained
in an interim report of the Joint Philippine-American Finance Commission, established at the recommendation of the National Advisory Council to
study the financial and budgetary situation of the
Philippine Government, the Council approved consideration by the Reconstruction Finance Corporation of an additional $45,000,000 loan out of the remaining line of credit available under Public Law
656, provided that $10,000,000 would become re-
155
REPORT OF NATIONAL ADVISORY COUNCIL
payable before September 30, 1947, if Philippine
Government revenues for the fiscal year 1947 exceeded a stipulated amount. In fact, this condition
was satisfied and following extension of the $45,-*
000,000 loan by the Reconstruction Finance Corporation, $10,000,000 was repaid by the Philippine
Government by June 30, 1947. The total amount
outstanding on September 30, 1947, was therefore
$60,000,000, consisting of the initial advance of
$25,000,000 and a net additional advance of $35,000,000. Both advances bear interest at 2 per cent
per annum; the maturity date of the former is
January 1, 1952, and of the latter July 1, 1953.
The final report and recommendations of the
Joint Philippine-American Finance Commission
were submitted to the President by the Chairman
of the National Advisory Council on June 7, 1947,
and have been printed as H. Doc. No. 390 (80th
Cong., 1st sess.). The report outlined a comprehensive and integrated financial, monetary, fiscal
and trade program to achieve economic recovery
and development in the Philippines and the establishment of sound governmental financial policies
and practices suited to postwar conditions and the
independent status of the Philippine Government.
The report stressed the full utilization of available
Philippine resources for these purposes.
UNITED STATES MARITIME COMMISSION FOREIGN
CREDITS
Under the Merchant Ship Sales Act of 1946, the
United States Maritime Commission was authorized, with certain limitations, to sell war built vessels to noncitizens at not less than the statutory
sales price and upon terms and conditions not more
favorable than those extended to United States
citizens.
During the six months period under survey the
National Advisory Council agreed to consideration
by the Maritime Commission of $37,400,000 of
credits for the purchase of war built vessels by
foreign governments or nationals. As reported
previously, the Maritime Commission after consultation with the Council, had extended $97,000,000
of credits as of March 31, 1947. Credits utilized
by purchasers between April 1 and September 30,
1947, of $63,700,000 (including credits previously
considered by the National Advisory Council)
brought the total of credits for which contracts
had been signed as of September 30, 1947, to $160,700,000.
The following table indicates the status of merchant ship sales as of September 30, 1947, showing
credits made available by the United States Maritime Commission and credits utilized by purchasers.
156
STATUS OF MERCHANT SHIP SALES TO FOREIGN COUNTRIES
AS OF SEPTEMBER 30,
1947
[In millions of dollars]
Country
Brazil
China .
Finland....
France
Greece
Italy
Netherlands
Norway....
Peru
Turkey
Total. . .
Credits made
available by
United States
Maritime
Commission
9.4
9.4
8
42.1
41.3
41.7
11.4
27.9
4.1
Credits
utilized
by
purchasers
9.4
7.0
.8
42.1
41.3
41.7
.0
11.5
4.1
6.0
2.8
194.1
160.7
Ships for which mortgage contracts were not yet
signed as of September 30, 1947, have also been
delivered to Norway under special custody agreements.
WAR ASSETS ADMINISTRATION FOREIGN CREDITS
The Council in consultation with the War Assets
Administration considered the credit terms that
would be appropriate for sales of domestic surplus
to foreign governments. The Council recommended that while the terms on such credits should,
if practicable, conform to those granted by the War
Assets Administration to domestic buyers, the War
Assets Administration give consideration in its negotiations with foreign governments to credit terms
conforming in general to those extended by the
Export-Import Bank on reconstruction and development loans, except where the Surplus Property Act
of 1944 may otherwise require. The Council also
recommended that each request for credit, with
preliminary credit terms discussed by the War
Assets Administration, be reported to the Council
for such action as may be required.
During the period under review, the War Assets
Administration entered into credit agreements with
the Government of Finland and the Government
of the Philippines covering credits of a maximum
of $10,000,000 in each instance. As of September
30, 1947, a $25,000,000 credit was being negotiated
with the Kingdom of the Netherlands. In conformity with the recommendation of the Council
the terms agreed upon in each case were 3 per cent
interest per annum with serial payments over a
15-year period, with, however, payment in full in
three years on those items subject to statutory limitations (i.e. raw materials, consumer goods and
small tools, hardware and nonassembled articles
which may be used in the manufacture of more
FEDERAL RESERVE BULLETIN
REPORT OF NATIONAL ADVISORY COUNCIL
than one type of product). The Council also approved in principle the extension of credits by the
War Assets Administration to domestic exporters
to be secured by a guarantee by the appropriate
governmental authority of the foreign country in
which the goods are sold. The Council recommended that the amounts involved in such credit
arrangements be charged, with the agreement of
the country concerned, against the over-all amount
specified in any War Assets Administration surplus
property line of credit made available to a particular
country.
In addition to the three contracts mentioned
above, several foreign applications for credits for
the purchase of United States domestic surplus
property have been acted on by the Council but
had not resulted in the negotiation of firm contracts by September 30, 1947.
OTHER COUNCIL ACTIVITIES
The National Advisory Council approved consideration by the United States Treasury Department of a Mexican request for renewal of the
United States-Mexican Stabilization Agreement.
Accordingly, on May 13, 1947, a new stabilization
agreement between the two countries was executed.
Under the terms of this agreement the United States
Stabilization Fund undertook for a period of four
years commencing July 1, 1947, to purchase Mexican pesos, on request by the Mexican government,
to an amount equivalent to $50,000,000 for the purpose of stabilizing the United States dollar-Mexican
peso rate of exchange.
This agreement extended and enlarged the stabilization agreement of 1941 which had been twice
extended for two-year periods and which was
scheduled to expire on June 30, 1947. It was
pointed out that the stabilization agreement was
consistent with the aims and purposes of the International Monetary Fund, of which both countries
are members, and would in fact serve to supplement the efforts of that international organization
to stabilize the rates of exchange between all the
member countries.
Other requests for stabilization agreements were
considered during the period under review but no
new agreements were executed.
The President's Committee for Financing Foreign Trade, appointed on June 26, 1946, continued
to advise and consult with the National Advisory
Council on problems of foreign trade and international finance.
III. ACTIVITIES RELATING TO INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
The National Advisory Council, in accordance
with statutory authority, continued to coordinate
the activities of the United States representatives of
the Fund and Bank with those of other agencies of
the Government by giving them advice and assistance in carrying out their duties. In this period
the Fund and Bank made a number of important
policy decisions and the United States participated
fully in these matters.
UNITED STATES SUBSCRIPTIONS TO THE
FUND AND BANK
On May 23, 1947, the United States completed
payment of the required 20 per cent of its subscription to the International Bank. Total payments in
cash to the Bank amounted to $69,215,000. The
amount of $565,785,000 was paid in the form of
noninterest bearing, nonnegotiable notes, in accordance with the Articles of Agreement of the Bank
and the Bretton Woods Agreements Act. The
remaining 80 per cent of the subscription to the
Bank will not be called unless required to meet the
Bank's obligations. The payment of the United
States subscription to the Fund had been completed
in February, 1947. As of September 30, 1947, the
FEBRUARY
1948
International Bank had redeemed $250,000,000 of
the special notes of the United States that had been
issued to it, leaving $315,785,000 outstanding in the
hands of the Bank. Of the special notes issued to
the International Monetary Fund $203,000,000 had
been redeemed, leaving $1,579,000,000 outstanding.
SECOND ANNUAL MEETING OF THEFUND AND BANK
The Boards of Governors of the Fund and Bank
held their second annual meeting in London, September 11-17, 1947. The Secretary of the Treasury,
John W. Snyder, as United States governor of both
institutions, and the Under Secretary of State for
Economic Affairs, William L. Clayton, as alternate governor, attended. The Executive Directors
also participated at these meetings. The advisers to
the governor included the United States Ambassador to the United Kingdom, the Chairman of the
Board of Directors of the Export-Import Bank, the
Chairman of the Securities and Exchange Commission, the President of the Federal Reserve Bank of
New York, and representatives of the constituent
agencies of the Council.
At these meetings the terms of the agreements
between the Fund and the Bank and the United
157
REPORT OF NATIONAL ADVISORY COUNCIL
Nations were ratified by the governors, the application of Finland for membership was approved,
changes in quotas and capital subscriptions were
approved, and various by-laws of the organizations
were amended. The Boards of Governors received
the annual reports of the two institutions, and the
report of the audit. At the closing session the governor of China'was elected as Chairman for the
coming year, and the governors of France, India,
the United Kingdom and the United States were
elected as Vice Chairmen. It was decided to hold
the third annual meeting in Washington in the
month of September, 1948.
AGREEMENTS OF THE FUND AND BANK WITH THE
UNITED NATIONS
Soon after the inception of the United Nations
Organization, steps were taken to bring the Fund
and the Bank into relationship with the United Nations, in accordance with the charter and the provisions of the Articles of Agreement, which provided
for cooperative arrangements with other international organizations. (Fund Agreement, Article X;
Bank Agreement, Article V, Section 8.) Draft agreements were approved by the Economic and Social
Council of the United Nations on August 16, 1947,
and by the Executive Directors of the Bank and
Fund on August 20, 1947. The agreements were
ratified by the Boards of Governors on September
16-17, 1947, and by the General Assembly of the
United Nations on November 15, 1947. The two
agreements are identical except for one clause relating to the Bank's loans. They provide for reciprocal representation at meetings, exchange of
information, coordination in the collection of statistical data, and consultation on problems of mutual
interest. The agreements further provide that proposed budgets of. the Fund and Bank will be submitted to the United Nations for information only.
The Bank Agreement contains the following special
clause (Article IV, Section 3):
"The United Nations recognizes that the action
to be taken by the Bank on any loan is a matter to
be determined by the independent exercise of the
Bank's own judgment in accordance with the
Bank's Articles of Agreement. The United Nations recognizes, therefore, that it would be sound
policy to refrain from making recommendations to
the Bank with respect to particular loans or with
respect to terms or conditions of financing by the
Bank. The Bank recognizes that the United Nations and its organs may appropriately make recommendations with respect to the technical aspects
of reconstruction or development plans, programmes
or projects."
158
MEMBERSHIP CHANGES IN THE FUND AND BANK
In the period under review, four countries were
admitted to membership in the Fund and Bank:
Syria, Lebanon, Australia, and Finland. The decision of the Fund and Bank to admit Syria and
Lebanon had been taken at the first annual meeting, in September 1946. Membership was accepted
by these countries on April 10 and April 14, 1947,
respectively, in accordance with the conditions previously stipulated. Syria's quota in the Fund and
subscription to the Bank were each $6,500,000, while
Lebanon's quota and subscription were each $4,500,000. Australia had participated in the Bretton
Woods Conference, but had not accepted membership in the Fund within the period permitted for
the original signatories. Subsequently Australia
applied for membership and the application was
approved in May 1947 by the Boards of Governors
without a meeting by a telegraphic vote in accordance with the by-laws of the Fund and Bank.
Australia completed acceptance on August 5, 1947.
Australia's quota in the Fund was $200,000,000 and
its subscription to the Bank was likewise $200,000,000.
In the case of Finland, the Board of Executive
Directors recommended admission to the Fund with
a quota of $38,000,000 and that admission to the
Fund be made contingent upon application for
stock of the Bank in an amount equal to the assigned quota. This recommendation was approved
by the Boards of Governors at the London meeting.
Membership is open to Finland until March 15,
1948.
On September 30, 1947, forty-five countries were
members of the Fund and Bank. The members
with their quotas and capital subscriptions as of
September 30, 1947, are listed in Appendix D.
ADDITIONAL EXECUTIVE DIRECTORS
In accordance with Resolution No. 10 of the
Savannah Conference, Mr. Guido Carli of Italy
was elected thirteenth Executive Director of the
Fund in May, 1947 and Mr. Constantino BrescianiTurroni of Italy was elected thirteenth Executive
Director of the Bank in August 1947. The Boards
of Governors, at the London meetings, also provided
for the election of a fourteenth director to represent
the countries which will not have participated in
elections prior to December 31, 1947. The additional directors will hold office until the second
regular election in 1948.
THE FUND
Par values. In July the Fund accepted a par
value for Syria and Lebanon, which have a comFEDERAL RESERVE BULLETIN
REPORT OF NATIONAL ADVISORY COUNCIL
mon currency, at 45.6313 cents for the Syro-Lebanese pound. The Fund also accepted a par value
of 29.850746 cents for the Venezuelan bolivar, and
35.7143 cents for the Turkish lira.
Quotas. At the second annual meeting in London
the governors agreed to increase the quota of Iran
from $25,000,000 to $35,000,000, and of Egypt from
$45,000,000 to $60,000,000, conditional upon proportional increases in their Bank subscriptions. The
payment of the increased subscriptions had not
been made as of September 30, 1947.
Gold sales at premium prices. The Fund considered the problem arising from transactions in
gold in various countries at prices above monetary
parities. While in many instances, these transactions in gold took place illegally, in others they occurred in legal open markets or tolerated black
markets. The Executive Directors of the Fund
realized that exchange stability might be undermined "by continued and increasing external purchases and sales of gold at prices which directly or
indirectly produce exchange transactions at depreciated rates." Since these transactions also involved
a loss to monetary reserves when the gold moved
into private hoards the Fund was of the opinion
that such transactions were not conducive to the objectives for which the Fund had been established.
The Fund accordingly issued a statement on June
24, 1947 deprecating international transactions in
gold at premium prices and recommended that all
of its members take effective action to prevent such
transactions with other countries or with the nationals of other countries (Appendix E).
The Fund at this time also took action under
Article IV, Section 2, of the Agreement which provides that
"The Fund shall prescribe a margin above and
below par value for transactions in gold by members, and no members shall buy gold at a price
above par value plus the prescribed margin, or
sell gold at a price below par value minus the
prescribed margin."
The Executive Directors set this margin at onefourth of one per cent exclusive of minting and
transport and transfer charges. The practice of
the United States Treasury in gold transactions
fully complies with these requirements.
The National Advisory Council fully agreed with
the position taken by the Fund with regard to gold
sales at premium prices. Accordingly, on July 18,
1947, the Secretary of the Treasury and the Board
of Governors of the Federal Reserve System issued
a joint statement requesting American banks, business enterprises and individuals to refrain from
encouraging and facilitating traffic in gold at premium prices (Appendix F). To implement the
FEBRUARY
1948
Fund's request and this joint statement of policy,
the Treasury Department gave notice in the Federal Register of July 31, 1947 that it was considering amendments to the regulations issued under the
Gold Reserve Act of 1934. After holding a public hearing, the Secretary of the Treasury issued a
number of amendments to the regulations, which
were approved by the President and became effective on November 24, 1947.
Fund exchange transactions. The Fund's first exchange transaction occurred on May 8, 1947, when
France purchased $25,000,000 from the Fund in
exchange for francs. Total sales of foreign exchange by the Fund to September 30, 1947 are summarized in the following table:
Sales of
Sales of
U. S. Dollars
Pounds Sterling
(In millions)
France . . . .
100.0
United Kingdom.
60.0
Mexico . . . .
22.5
Netherlands.
18.0
1.5
Chile
2.5
Country
Total
203.0
1.5
Transitional exchange arrangements. Under Article XIV, Section 3, of the Fund Agreement, each
member is required to notify the Fund whether the
member intends to avail itself of the transitional
arrangements provided in Article XIV, Section 2, or
whether it is prepared to accept the obligations of
Article VIII, Sections 2, 3 and 4 relating to convertibility and freedom of payments and transfers
for current international transactions.
In response to the Fund's request as to whether
they were willing to accept the obligations of Article
VIII, Sections 2, 3 and 4, the following countries
signified their willingness: El Salvador, Guatemala,
Mexico, Panama, and the United States. All other
countries which are members of the Fund have signified their intention of invoking the transitional
period clauses of Article XIV, Section 2 permitting the retention of restrictions on international
payments.
Organizational changes. Mr. Harry D. White's
resignation as the United States Executive Director
on the Fund became effective on June 1, 1947. The
National Advisory Council wishes here to record its
appreciation of the valuable services rendered by
Mr. White to the United States in the cause of international economic cooperation.
On June 12, 1947, with the advice and consent
of the United States Senate, the President of the
United States appointed Mr. Andrew N. Overby
159
REPORT OF NATIONAL ADVISORY COUNCIL
as United States Executive Director on the Fund.
Mr. Overby took office on July 1, 1947.
THE BANK
In the period under review the International Bank
made its first loans and also issued its first securities
on the American market. Both the loans made
and the securities issued involved complex questions of policy and law, to which the Council gave
extended consideration.
Loans. On May 9, 1947, the Bank granted a loan
of $250,000,000 to the Credit National, a quasipublic French corporation created in 1919 to assist
in financing the reconstruction and development
of the French economy. This loan is fully guaranteed by the Government of the French Republic.
The loan is for 30 years, with amortization over
a 25-year period beginning 1952. The amortization schedule is arranged so as to permit smaller
payments of principal in the earlier years than in
the later years, when some shorter-term credits previously received will have been fully repaid and the
French balance of payments may be expected to
provide the necessary repayment more easily. The
rate of interest is i% per cent plus a commission of
1 per cent per annum which, in accordance with
the Bank's Articles of Agreement, will be set aside
in a special reserve fund. While the French Government had applied for a loan of $500,000,000, the
Bank considered it necessary to limit its commitment at the time though stating that it would be
willing to consider an additional loan subsequently.
The proceeds of the loan will be used to finance reconstruction in France, including the purchase of
capital equipment and raw materials.
On August 7, 1947, the Bank also granted a loan
of $195,000,000 to the Kingdom of the Netherlands.
The loan is for 25 years with amortization beginning in 1952. On this loan also, the schedule of
amortization payments provides for relatively larger
repayment in the later years. The rate of interest
is 3J4 per cent, plus the commission of 1 per cent
per annum, which is to be set aside as a special
reserve against loss by the Bank. The loan proceeds
are to be used exclusively for the reconstruction of
productive facilities in metropolitan Netherlands.
While the Netherlands Government had applied
originally for a loan of $535,000,000 to cover its
reconstruction program for a three-year period beginning in 1947, the Bank limited the loan to 1947
requirements. It will consider extending further
credits in 1948 and 1949 in the light of the situation
then prevailing.
The third loan was made in August to the Kingdom of Denmark. This loan of $40,000,000 is for
25 years with amortization beginning in 1953, with
160
increasing annual payments in the later years. This
loan is also at 3/4 per cent with the additional 1
per cent commission. The Danish loan will be expended for agricultural and textile machinery, machine tools, trucks, steel products, textiles, and
chemicals. These supplies of materials and equipment will contribute greatly to the restoration of the
Danish economy, whose greatest need is for materials of this type.
The Bank also extended a loan of $10,000,000 in
dollars and the equivalent of $2,000,000 in Belgian
francs in August to the Duchy of Luxembourg.
This loan bears interest and commission at the same
rate as the other loans of the Bank, and will run
for 25 years, with amortization over a 23-year
period beginning in July 1949. This loan will be
used for the purchase of locomotives, rolling stock,
and railway equipment, and for the purchase of
equipment for the steel industry. It should be
noted that this is the first loan of the Bank providing, in part, funds in currencies other than dollars. The Belgian Government authorized the use
of the equivalent of $2,000,000 of the Belgian
paid-in subscription for the purpose of this loan.
The Bank received loan applications from other
members: Poland, Czechoslovakia, Iran, Mexico,
and Chile. As of September 30, 1947 these requests
for assistance were still under consideration by the
Bank.
Borrowing operations of the Bank. On June 30,
1947, the Bank filed a registration statement with
the Securities and Exchange Commission and on
July 15 made its first public offering of securities.
This consisted of $100,000,000 in 10-year 2% per
cent bonds, due July 15, 1957, and $150,000,000
in 25-year 3 per cent bonds due July 15, 1972. The
issue, sold at par, was substantially oversubscribed.
It is expected that further issues of the Bank's
securities will be offered when the Bank needs
additional funds.
Before these bonds could be placed on the market,
a number of steps had to be taken to facilitate their
sale and to assure conformity with the laws applicable thereto.
The National Advisory Council agreed to the
issue of these securities in the United States market
at the time, and also granted permission to the
Bank to buy and sell its securities after issue in accordance with the Articles of Agreement. This permission was necessary since the Bank's Articles require the consent to such transactions of the government in whose markets its funds are raised. It was
also agreed that dollar funds not currently needed
by the Bank for other purposes might be held in
the form of United States Government obligations.
In order to assure that the Bank's transactions in
FEDERAL RESERVE BULLETIN
REPORT OF NATIONAL ADVISORY COUNCIL
these securities will not conflict with United States
monetary and credit policies, the Bank is to consult with the Federal Reserve Bank of New York,
as agent for the Federal Open Market Committee.
The United States Treasury Department will also
be kept fully informed.
The Bank also made a number of interpretations of and decisions on its Articles of Agreement
at the request of the Executive Director for the
United States in connection with the issue of the
Bank's securities. The Bank held that if it is
necessary to call part of the 80 per cent of the member countries' subscriptions to the Bank in order
to meet the Bank's obligations, the failure of any
member to pay its share of a call does not excuse
failure on the part of other members to make their
payments. If the amount realized from a call is
not sufficient to cover the Bank's obligations, successive calls may be made on the members, up to the
limit of their subscriptions, until the aggregate
paid in by them on the calls is sufficient to meet
the Bank's obligations. Moreover, the Bank may
make capital calls in anticipation of the maturity
of its own obligations or to meet payments required as the result of a default on loans made,
participated in, or guaranteed by the Bank. The
Bank's Executive Directors also decided that Article
IV, Section 2(c), of the Agreement empowers
the Bank, without restriction by members, to use
currency paid to it as repayment of principal for
the repurchase of the Bank's obligations, or to
amortize or to anticipate amortization payments
on the Bank's obligations.
Although the sale in the United States of the
bonds of the International Bank remains subject
to the Securities Acts, the Securities and Exchange
Commission granted certain qualified exemptions
which had been requested by the Bank with the
support of the National Advisory Council. These
exemptions relieved brokers and dealers from underwriters' liabilities under the Securities Act of
1933 in the distribution of the Bank's securities;
from registering with the Commission as over-the-
counter brokers and dealers under the Securities
Exchange Act of 1934 in connection with this distribution; and from the provisions of the latter Act
relating to membership in "National Securities Associations." The Commission also permitted the
trading of the Bank's bonds on a when-issued basis
on the New York Stock Exchange so that the bonds
automatically qualified for sale under the "blue sky
laws" of a number of States. Finally the Commission concurred in the opinion of counsel for
the Bank that an exemption was available under the
Trust Indenture Act of 1939.
Encouragement of private foreign lending by the
Bank. During the period under review the National Advisory Council approved a proposal that
the International Bank encourage private foreign
lending by making stand-by commitments. The
stand-by commitments would be assumed in connection with the offering in the private capital
market of obligations of foreign governments which
are members of the Bank. Where the terms of
such obligations would be more favorable to the
borrower than those generally applicable to loans
from the Bank, the Bank would not enter into
such stand-by commitments for more than 50 per
cent of any issue. As of September 30, 1947, there
were no foreign private loans issued in which the
Bank made a stand-by commitment.
Establishment of Advisory Council to Bank. Upon
nomination by the President of the Bank, the Board
of Governors at the London meeting approved the
following members for the Bank's Advisory Council, organized in accordance with Article V, Section
6 of the Bank's Articles of Agreement:
Name
Sir Arthur Salter
Edward E. Brown
Herbert Hoover
R. Dickson Harkness
Leon Jouhaux
Pedro Beltran
Sir C. V. Raman
Lionel Robbins
S. K. Alfred Sze
Nationality
United Kingdom
United States
United States
Canada
France
Peru
India
United Kingdom
China
Representation
Chairman
Banking
Commerce
Industry
Labor
Agriculture
Science
Economist
Other Activities
IV. THE EUROPEAN RECOVERY PROGRAM AND INTERIM AID
The end of the war found Europe in a state of
destitution and the United States in a position of
major importance in world affairs. The United
States Government adopted measures designed to
meet its new position. Goods under lend-lease
and large quantities of surplus property were
turned over to foreign countries on generous terms.
The United States financed about 70 per cent of
the operations of UNRRA which transferred large
quantities of food, fuel and industrial materials to
FEBRUARY
1948
devastated countries. Increased lending authority
of the Export-Import Bank provided for the extension of rehabilitation loans. The special problems of the United Kingdom in the transitional
postwar period resulted in the extension of a loan
of $3,750,000,000 in July 1946. The National
Advisory Council, however, in surveying the postwar foreign financial assistance extended by the
United States Government, in its report for the
period ending March 31, 1947, stated:
161
REPORT OF NATIONAL ADVISORY COUNCIL
"It has during the period under review become
increasingly clear that such resources as remain
available will not, by reason either of their amount
or of the nature of developing needs abroad, prove
adequate for the accomplishment of the purposes
for which foreign financial assistance has been
provided."
This conclusion was based on studies which indicated that substantial set-backs to European recovery had occurred, that existing commitments for
financial assistance by the United States would soon
be exhausted, and that the gold and dollar resources
of Western European countries were being rapidly
depleted.
SET-BACKS TO EUROPEAN RECOVERY,
1946-47
The European countries, with the exception of
Germany, made considerable progress toward recovery after the war. Transportation systems were
rebuilt, industrial output was revived, and export
markets were partly restored. Considerable progress in the restoration of productive resources was
made during 1946. But the prolonged and severe
winter of 1946-47, especially in Great Britain, the
following drought and the depletion of financial
resources contributed to retard further recovery. It
was evident that substantial progress could not take
place without continued assistance from the United
States and fundamental readjustments in European
industry and trade.
After July 1, 1946 no new substantial commitments of United States aid to European countries
were authorized. The existing commitments were
largely drawn down by July 1, 1947. Total loans
and credits made available to European countries
from July 1, 1945 to June 30, 1947 amounted to
slightly less than $8,000,000,000, while total loans
and credits utilized were approximately $5,500,000,000. Of the approximately $2,500,000,000 not
utilized by July 1, 1947, $1,300,000,000 was drawn
by the United Kingdom by the end of August.
(The data on total United States loans and credits
available to Europe, July 1, 1945 to June 30, 1947,
are given in Appendix G.)
THE DEPLETION OF GOLD AND DOLLAR RESOURCES
JUNE 30, 1945 TO JUNE 30, 1947
In extending financial assistance to foreign countries, the United States Government had always
given consideration to their capacity to pay for imports with their own gold and dollar resources.
As a consequence, from July 1945 through June
1947 most of the European countries which took
part in the Paris Conference liquidated part of their
162
gold and dollar resources and tapped other sources
as follows:
Millions of
dollars
Declines in gold reserves.
1,925
Declines in dollar balances. . .
990
Liquidation of dollar securities
215
Short-term credits from United States
commercial banks
140
Dollar purchases from International
Monetary Fund. .
50
Total
3,320
During the same period a few of the countries
participating in the Paris Conference registered
gains in their gold and dollar position which, in the
aggregate, amounted to approximately one billion
dollars. However, the gains of these countries did
not compensate for the losses suffered by the other
participants.
Nearly half of the total of $3,320,000,000 was
accounted for by France, which during the twoyear period disposed of $1,215,000,000 from her
gold stocks, drew her dollar balances down by
$260,000,000, borrowed on short-term $20,000,000
from United States commercial banks and purchased $50,000,000 from the Fund. With the
gradual exhaustion of the funds made available by
the United States, few countries have been able to
avoid similar depletion. During the five-month
period July-November 1947, losses of gold and dollar balances on the part of countries participating
in the European Recovery Program have been
estimated at $925,000,000 and their purchases of
dollars from the Fund have totaled $347,000,000.
In addition, France, Netherlands and Luxembourg
drew $267,000,000 on their loans from the International Bank for Reconstruction and Development
between the beginning of June and the end of
November, 1947.
It was clear that it would be impossible for the
Western European countries to continue to draw
on their gold and dollar balances at the rate prevailing during the summer of 1947. Only Portugal,
Switzerland and Turkey had holdings of gold and
dollars in excess of estimated minimum needs for
monetary reserves and foreign trade requirements.
The other countries had insufficient reserves to
cover their total monetary and trade requirements.
The gold and dollar holdings of several of these
countries were close to the estimated minimum
levels of working balances needed for foreign trade
purposes, without any allowance being made for
reserves against domestic monetary circulation.
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REPORT OF NATIONAL ADVISORY COUNCIL
(Detailed tables on gold and dollar assets o£ foreign
countries are attached as Appendix H.)
The rapid decline of the gold and dollar holdings
of these countries which had followed shortly after
the sharp contraction of United States financial
assistance and had gathered momentum during the
spring of 1947 forced them to impose increasingly
drastic exchange and trade restrictions. As a result,
the standard of living and the production level of
industry declined. In particular, France and Italy
during the summer and early fall of 1947 were
forced to suspend their purchases of all but the
most essential commodities, such as wheat and coal,
with the result that there was danger that the pipeline of industrial materials would begin to run dry.
POLICY DEVELOPMENTS, JUNE TO SEPTEMBER
30, 1947
Secretary of State Marshall's speech at Harvard
on June 5, 1947, may be considered as the starting
point of the formal European Recovery Program.
In this speech Secretary Marshall pointed out that
*'Europe's requirements for the next three or four
years of foreign food and other essential products—
principally from America—are so much greater
than her present ability to pay that she must have
substantial additional help, or face economic, social
and political deterioration of a very grave character."
Secretary Marshall pointed out that before the
United States Government could proceed further in
its efforts to assist Europe on the road to recovery
there must be agreement among the countries of
Europe as to their foreign requirements and the
extent of self-help to be provided in order to give
proper effect to whatever assistance would be rendered by the United States. As a result of Secretary Marshall's statement of objectives, the Foreign
Ministers of Great Britain and France arranged for
a conference to which sixteen European countries
sent delegates. At this conference, the Committee
of European Economic Cooperation was formed.
On September 22, 1947, the Committee of European Economic Cooperation completed and sent to
the United States Government a report consisting
of a general statement of the problems pertaining
to European economic recovery, and outlined a plan
of the sixteen participating countries to meet these
problems. An estimate of the external assistance
which these countries believed necessary to restore
their economic position, was submitted along wTith
a statement dealing in detail with the position and
prospects of these countries and Western Germany.
Meanwhile, in June 1947, the President created
three committees to study and report to him on the
relationship between foreign aid and the United
States domestic economy. Two governmental committees under the direction of the Secretary of the
Interior and the Council of Economic Advisers
undertook to conduct studies on the impact of foreign aid upon our national economy. The third
committee, consisting of representatives from various fields of industry and finance under the chairmanship of the Secretary of Commerce, undertook
to analyze the character and quality of United States
resources available for foreign aid, to advise the
President on the limits within which such aid
might be safely and wisely planned, and to consider
the relation between foreign aid and the domestic
economy.
The necessity for interim financial assistance to
France, Italy and Austria prior to the inauguration
of a full scale European Recovery Program became
apparent as a result of the drains upon their limited
reserves of gold and dollars to finance import requirements. The crisis was intensified by very
serious crop failures in France and Italy during
1947, the depletion of existing credits at a more
rapid rate than had been previously anticipated,
and the absence of assurance that additional longterm financial assistance would become available.
By September 30, 1947, it had been generally agreed
within the Government that interim aid to France,
Italy and Austria should receive consideration in
advance of the long-range European Recovery Program.
The financial and monetary problems raised by
the European Recovery Program have been under
continuing study by the National Advisory Council
and its constituent agencies. As of September 30,
1947, the National Advisory Council was giving
detailed consideration of various points which had
been raised by the Committee of European Economic Cooperation in connection with the longrange program.
FOREIGN COUNTRIES' GOLD AND SHORT-TERM DOLLAR RESOURCES*
At the end of June 1947, the gold and short-term
dollar resources of all foreign countries totaled
* Portion of a report entitled "Foreign Assets and Liabilities
of the United States and Its Balance of International Transactions," submitted by the National Advisory Council on International and Financial Problems to the Senate Committee on
Finance, Dec. 18, 1947.
FEBRUARY
1948
around 19 billion dollars. Out of this total, "sterling area" countries held 4.2 billion. Among the
other countries that participated in the Paris European recovery program discussions, Switzerland,
Portugal, and Turkey held about 2.4 billion and
the remaining participants 3.1 billion. Other Euro-
163
REPORT OF NATIONAL ADVISORY COUNCIL
pean countries (including the U.S.S.R.) are estimated to have held somewhat less than 4 billion
dollars, Asiatic countries about 1.7 billion, Latin
America about 33 billion and Canada 0.9 billion.
The appended table gives the available figures for
individual countries.1
of international trade or to back their currencies.
Holdings not so required may be estimated roughly
as follows: (a) About 1.5 billion dollars held by
Switzerland, Portugal, and Turkey and about 1
billion held by some Latin American countries constituted reserves which might be judged to be over
GOLD AND S H O R T - T E R M DOLLAR RESOURCES OF FOREIGXN COUNTRIES, JUNE 30,
1947
[In millions of dollars]
Dollar balances 2
Country
Gold i
Europe:
Austria
10
Belgian monetary area (including Luxembourg and
Belgian Congo)
659
25
Bulgaria
11
Czechoslovakia
32
Denmark
Finland
French monetary area
700
France
(680)
Dependencies included in
International Monetary
(20)
Fund quota of F r a n c e . . . .
320
Germany
20
Greece
37
Hungary
60
Italy
Netherlands and N.W.I
214
77
Norway
60
Poland
Portugal and dependencies . .,
390
Rumania
268
Spain and dependencies
111
Sweden
168
Switzerland
1 ,355
Turkey
191
U.S.S.R
2,500
Yugoslavia
76
Other Europe (except sterling
100
area)
Total, Europe (except sterling area)
British Commonwealth (and
other sterling area countries):
United Kingdom
Dependencies included in International Monetary Fund
quota of U.K
Australia
Egypt
Eire
Iceland
India
Iraq
New Zealand
Union of South Africa
7,384
Total
resources
Official Private
10
28
1
9
17
15
106
(88)
166
17
35
8
210
(182)
12
32
5
8
109
329
35
1
3
123
301
1,751
242
2,550
88
16
17
133
581
1,348
9,313
62
2,360
23
757
276
2,689
95
53
H
1
274
1
34
66
31
20
15
4
28
3
7
5
Gold i
British Commonwealth,
etc., Cont.
Total, sterling area as of
3,574
June 30, 1947
310
Canada and Newfoundland. . .
853
26
Total, British Commonwealth
37
(and other sterling area
84
countries)
,
23
3,8S4
1,016
(950) Asia:
95
China
French Indo-China. . . .
(66)
Iran
347
Japan
52
Netherlands Indies
41
Philippines
247
Siam
434
Syria and Lebanon. . . .
168
Other Asia, etc
77
Total, A s i a . . .
434
681
(18)
11
15
1
79
65
29
5
12
3
4
24
67
16
49
9
(28)
16
17
3
108
155
Dollar balances 2
Country
67
143
76
29
8
315
3
Latin America:
Argentina
Bolivia
Brazil
Chile
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Panama
Paraguay
Peru
Salvador
Uruguay
Venezuela
Unidentified
Total, Latin America.
630
22
354
45
93
2
259
2
20
27
2
131
4
1
20
15
189
235
Total
resources
Official Private
123
299
260
27
7
78
395
14
4
460
289
4,157
898
749
5,055
79
10
12
16
16
54
1
10
316
434
37
146
222
275
450
50
17
49
785
214
1,680
118
8
38
15
28
3
27
8
13
12
10
1
13
2
3
1
11
14
4
20
20
147
9
47
35
14
5
263
12
4
16
6
3
113
895
39
439
95
135
10
549
22
37
55
18
4
257
9
70
3
60
35
205
289
52
3
67
1
29
6
12
34
32
369
858
3,278
2,157
3,169
19,326
31
796
Grand Total
1
2
Official gold holdings; for countries whose holdings have not been published, available estimates have been used.
Deposits and other short-term dollar resources, as reported by banks and bankers in the United States to the Federal Reserve
Banks
and the U. S. Treasury.
3
Includes 10 million dollars held by Ethiopia, Liberia, Greenland, and unidentified countries.
Most of these resources constituted reserves
needed by their holders to finance the current flow
1
These figures cover all official gold stocks (using available
estimates where figures are not officially published) and both
official and private dollar balances as reported by bankers in
the United States to Federal authorities. The figures do not,
however, include gold and U. S. dollar notes that may be
privately hoarded in foreign countries or short-term liabilities
of brokers, commercial concerns, and the Commodity Credit
Corporation. No deduction has been made for foreign countries'
gold and dollar liabilities.
164
the holders' minimum needs; (b) If there were
applied to the Philippine Republic the same general
standards applied to other countries, its dollar holdings would seem to be about 250 million dollars
over minimum requirements; (c) The holdings of
South Africa as of June 30 may have been over that
country's minimum needs by 300 million or more,
but there has since been announced a loan by South
FEDERAL RESERVE BULLETIN
REPORT OF NATIONAL ADVISORY COUNCIL
Africa of 325 million dollars of gold to the United they could hardly be expected to supply any great
Kingdom.
amount of loans of gold or dollars of the type
Foreign countries' total resources included about needed to overcome other countries' dollar
14 billion dollars in gold stocks held abroad or ear- shortages.
marked in the United States and 5.3 billion dollars
The amount of reserves that a country needs
in short-term dollar assets held on the books of depends upon a complex set of considerations inbanks and bankers in the United States. Of these cluding not only financial and economic but also
resources, the entire gold stocks and 2,160 million psychological factors involving confidence in the
dollars in dollar balances were held officially (by country's currency as well as political and hisforeign governments, their agencies and central torical factors. When a country's reserves are rebanks), while the remaining dollar balances—3,170 duced below the amount that a prudent man would
million dollars—were held privately (by commer- consider safe, the country may be fortunate and
cial banks, business firms, individuals, and others). be able to maintain its financial stability; however,
It may be noted that private dollar balances are it subjects itself to the risks of economic and posconsiderably larger than official dollar balances. sible political dislocation arising from external and
This represents a change from the situation which internal doubts and lack of confidence. A country
prevailed before February 1946, and is the result may have to weigh the question of maintaining a
of an accelerated contraction of official balances and safe level of reserves against the immediate need of
a gradual expansion of private balances. In large imports vital to its economy, and in such a case may
part these private balances actually represent the decide to hold a lower level of reserves than pruworking funds of foreign commercial banks and dence at other times would dictate. For all these
business firms engaged in international finance and reasons, it is not possible to devise any simple gentrade activities, and their increase reflects the ex- eral formula for determining the needs of different
pansion of the volume and value of their transac- countries.
Neither can the amount of reserves needed be
tions after the war. The remainder (probably a
small part only) consists of "refugee" funds held judged by a simple comparison with levels prein the United States for safety and stability by pri- vailing before the war. The erratic price rises
vate individuals, and their use in financing foreign since then and the shifts in composition of foreign
needs will depend on the degree of control which trade would alone nullify the usefulness of such
foreign governments can exercise, or the willingness comparisons. More important, however, is the
fact that throughout the thirties most countries
of private holders to repatriate them.
Net sales of gold to the United States and draw- already suffered from reserve deficiencies and it
ings on official dollar balances by foreign govern- was these deficiencies that led to their imposing
ments amounted during 1946 to 1,835 million dol- restrictions on foreign trade and exchange. The
lars and during the first half of 1947 they amounted longer-term objective of the United States—freer
to 2,275 million. For the one and one-half year multilateral world trade—requires the avoidance of
period as a whole, the liquidation of gold and dollar such restrictions.
Hence, in the last analysis, the amount of rebalances proceeded at approximately equal rates:
Net gold sales came to 2,085 million dollars and net serves needed by a given country at a given time
drawings on official balances to 2,020 million. The is a matter that requires determination on the
net decline in gold stocks and official balances dur- basis of the most expert and responsible judgment.
For purposes of the present discussion, the needs
ing the period was 4,000 million dollars (inclusive
of addition from gold production and deduction for of each country have been estimated very roughly
contribution to the International Monetary Fund). by taking a figure based on the country's volume
A further loss of gold and dollars of around 650 of current payments to other countries for goods
million dollars has occurred in the third quarter of and services, to represent the amount of working
1947. This contraction of gold and dollar resources balances needed, and adding a second figure based
has been unevenly distributed, with the result that on its volume of currency in circulation, to reprea number of foreign countries have already re- sent the amount needed for domestic monetary
duced their reserves below the levels that prudence reserves. Even though such approximations canwould require them to keep, although a few coun- not represent any real judgment as to the need of
tries, as noted above, continue to hold resources any particular country, it is quite apparent that,
which might be regarded as over their minimum even allowing for a considerable margin of error,
needs. Even these latter countries, with but a few there are few if any countries, outside of the groups
exceptions, have recently been losing reserves, and previously listed as having surplus holdings, that
FEBRUARY
1948
165
REPORT OF NATIONAL ADVISORY COUNCIL
are in a position to make further drafts on their
gold and dollar resources without serious danger
to their future financial stability.
The implicit assumption that each country needs
to hold working balances proportional to its volume
of current payments to other countries arises from
normal business practice and procedures. The particular figure used in the present calculations—
three months' payments to other countries—is an
arbitrary figure which is undoubtedly too high for
some countries and too low for others. Most
working balances for trading purposes have in the
past been privately held separately from monetary
reserves; government participation in foreign trade
and monopoly of exchange resources has tended to
shift trade working balances from private to official
accounts and to add them to the monetary reserves
of central banks or exchange authorities. In normal
times such working balances would be distributed
among the various currencies of the major trading
countries. Nowadays, however, for most imports
of foreign countries, settlement is ultimately made
in gold or dollars.2
The particular figure used for monetary reserve
requirements—25 per cent of the notes and other
demand liabilities of the central bank (or other
issuing institution)—corresponds to the level to
which the legal requirement in the United States
(for Federal Reserve notes and deposits) was
lowered in June 1946. This figure is considerably
lower than the 40 per cent ratio which was regarded as a standard for purposes of currency
stabilization in the period after World War I. The
monetary laws of most countries still provide for
reserve requirements in gold and exchange at
levels between 25 and 50 per cent, or even higher.
However, because of the decline in their reserves
2
For purposes of this discussion, trade between countries
within the same monetary area (siich as the sterling area) is
regarded as internal trade, not foreign trade.
166
and the expansion of their currencies, many countries have been forced to suspend legal reserve
requirements and currency convertibility, and to
introduce rigorous exchange controls.
In view of the general abandonment of the gold
standard and the adoption of managed currency
systems, a gold reserve is no longer technically
required to meet demands for gold payments within
any country. In these circumstances monetary reserves may logically be considered not as internal
reserves, but as funds (supplemented, to a limited
extent, by the possibility of drawing upon the
International Monetary Fund) for meeting contingencies in international payments and for the
stabilization of exchange rates. It is clear that the
amount of international currency a country needs
is not directly related to the volume of its central
bank's sight liabilities, or even to the amount of its
domestic money supply (currency plus demand deposits). While the traditional reserve ratios of
central banks are open to this technical criticism,
they nonetheless command the attention and respect of the general public in the countries concerned. Hence, governments continue to regard
seriously any decline in the reserve ratio and to
impose increasingly stringent restrictions on foreign payments whenever this ratio tends to fall
below what is customarily regarded in the country
concerned as a safe or minimum level.
While, in the present crisis, many foreign countries have already drawn their reserves below what
would ordinarily be regarded as a prudent level, it
is clear that such use of monetary reserves for
meeting current deficits must in the long run delay
and jeopardize the restoration of international convertibility of currencies. The depletion of reserves of foreign countries makes it impossible for
them to relax import and exchange controls, and
thus ultimately runs counter to the United States
objective of expanded multilateral trade.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Reserves
Central Reserve City Banks
The Board of Governors, effective at the opening
of business on February 27, 1948, amended the Supplement to Regulation D, relating to reserves required to be maintained by member banks with
Federal Reserve Banks, so as to increase from 20
to 22 per cent the reserves required to be maintained
against net demand deposits by member banks in
central reserve cities. There is set forth below the
text of the Supplement as thus amended:
deposit with the Federal Reserve Bank of its district:
6 per cent of its time deposits plus—
14 per cent of its net demand deposits if not in
a reserve or central reserve city;
Effective as to each member bank at the opening of
business on February 27, 1948
20 per cent of its net demand deposits if in a
reserve city, except as to any bank located in an
outlying district of a reserve city or in territory
added to such city by the extension of the city's
corporate limits, which, by the affirmative vote
of five members of the Board of Governors of
the Federal Reserve System, is permitted to maintain 14 per cent reserves against its net demand
deposits;
RESERVES REQUIRED TO BE MAINTAINED
BY MEMBER BANKS WITH FEDERAL
RESERVE BANKS
Pursuant to the provisions of section 19 of the
Federal Reserve Act and section 2(a) of its Regulation D, the Board of Governors of the Federal
Reserve System hereby prescribes the following
reserve balances which each member bank of the
Federal Reserve System is required to maintain on
22 per cent of its net demand deposits if located in a central reserve city, except as to any
bank located in an outlying district of a central
reserve city or in territory added to such city by
the extension of the city's corporate limits, which,
by the affirmative vote of five members of the
Board of Governors of the Federal Reserve System, is permitted to maintain 14 per cent or 20
per cent reserves against its net demand deposits.
SUPPLEMENT TO REGULATION D
FEBRUARY
1948
167
CURRENT EVENTS AND ANNOUNCEMENTS
Nominations for the Board of Governors
On January 26, 1948, President Truman renominated M. S. Szymczak of Illinois, whose present
appointment to the Board of Governors will expire
on January 31, for an additional term of 14 years.
The President also nominated Thomas Bayard
McCabe of Pennsylvania to serve the unexpired
term of the late Ronald Ransom, which will expire
on January 31, 1956. These nominations, if confirmed by the Senate, will bring the Board to its
full complement of seven members.
With respect to the chairmanship of the Board,
the following letters were made public by the
White House:
THE WHITE HOUSE
WASHINGTON
January 27, 1948
Dear Mr. Eccles:
Shortly after I became President you offered to
resign as Chairman of the Board of Governors
of the Federal Reserve System and said it was your
feeling that the Chairman, who is designated by
the President, should serve at his pleasure. I told
you then and on other occasions that there was no
one I desired to appoint in your place.
You will have completed your present term as
Chairman on February 1, your appointment as
a member of the Board continuing until 1958.
As I explained to you last week, it is now my preference to appoint a new member of the Board to fill
the vacancy created by the death of Vice Chairman
Ransom and, when confirmed by the Senate, to
designate him as Chairman.
This decision, as I assured you, reflects no lack
of complete confidence in you, or dissatisfaction in
any respect with your public service, or disagreement on monetary or debt-management policies,
or with official actions taken by the Board under
your chairmanship. All who are familiar with your
record recognize your devotion to the public welfare and the constructiveness that has characterized
your leadership in the Federal Reserve System.
Therefore, I urged you to remain as a member
of the Board and to accept the Vice Chairmanship
so that the benefit of your long experience and
judgment will continue to be available and so that
you may carry forward legislative proposals now
pending in Congress dealing with the important
168
problems of bank credit as outlined in the President's Economic Report to Congress, as well as with
other matters in the interest of a sound banking
system and a sound economy.
Sincerely yours,
(Signed) HARRY S. TRUMAN.
Honorable Marriner S. Eccles
Chairman, Board of Governors of
the Federal Reserve System
Washington, D. C.
January 27, 1948
My dear Mr. President:
You have stated in your complimentary letter
the substance of our conversation of last week. As
I advised you then, I desired to have time to consider fully your decision and request. I have not
altered my conviction that the Chairman of this
Board should serve at the pleasure of the President,
and I sought to have such a provision included in
the Banking Act of 1935.
I have carefully considered your request. After
consultation with close friends and associates on
the Board and because of the reasons mentioned
in your letter, I have decided to remain with the
Board in the capacity you suggest.
Respectfully yours,
(Signed) M. S. ECCLES.
Chairman.
The President,
The White House.
Resignation of Branch Director
On January 16, 1948, the Board of Governors accepted the resignation of Mr. W. T. Bland, citrus
fruit grower and nurseryman of Lake Jem, Florida,
as a director of the Jacksonville Branch of the
Federal Reserve Ban^ of Atlanta. Mr. Bland had
served the branch as a director since March 11, 1947.
Appointments of Branch Directors
The Board of Governors of the Federal Reserve
System on January 19, 1948, announced the appointment of Mr. Henry C. Isaacson, President, Isaacson
Iron Works, Seattle, Washington, as a director of
the Seattle Branch of the Federal Reserve Bank of
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
San Francisco for the unexpired portion of the term
ending December 31, 1949. Mr. Isaacson succeeds
Mr. John T. Tenneson, President, Superior Packing
Company, Seattle, Washington, whose term expired
December 31, 1947.
On January 20, 1948, the Board of Governors announced the appointment of Mr. Alvin A. Voit,
President, Mengel Company, Louisville, Kentucky,
as a director of the Louisville Branch of the Federal
Reserve Bank of St. Louis for the unexpired portion
of the term ending December 31, 1950. Mr. Voit
succeeds Mr. E. J. O'Brien, Jr., President, E. J.
O'Brien and Company, Louisville, Kentucky, whose
term expired December 31, 1947.
On January 26, 1948, the Board of Governors announced the appointment of Mr. Lewis B. Swift,
President, Taylor Instrument Companies, Rochester,
New York, as a director of the Buffalo Branch of
the Federal Reserve Bank of New York for the
unexpired portion of the term ending December 31,
1950. Mr. Swift succeeds Mr. Marion B. Folsom,
Treasurer, Eastman Kodak Company, Rochester,
New York, whose term expired December 31, 1947.
On February 6, 1948, the Board of Governors
announced the appointment of Mr. Howard
Phillips, Vice President and General Manager,
Dr. P. Phillips Company, Orlando, Florida, as a
director of the Jacksonville Branch of the Federal
Reserve Bank of Atlanta for the unexpired portion
of the term ending December 31, 1949, to succeed
FEBRUARY
1948
Mr. W. T. Bland of Lake Jem, Florida, who resigned. Mr. Phillips formerly served as a director
of the Jacksonville Branch from February 28, 1938,
to April 18, 1942, when he was called to active
service in the Army of the United States.
On February 11, 1948, the Board of Governors
announced the appointment of Mr. A. Howard
Stebbins, Sr., President, Stebbins and Roberts,
Incorporated, Little Rock, Arkansas as a director
of the Little Rock Branch of the Federal Reserve
Bank of St. Louis for the unexpired portion of the
term ending December 31, 1950. Mr. Stebbins
succeeds Mr. S. M. Brooks, President, Brooks
Advertising Agency, Little Rock, Arkansas, whose
term expired December 31, 1947.
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 December 16, 1947 to January 15, 1948:
Connecticut
New Haven—The Community Bank and Trust
Company
New Yor\
Cape Vincent—Citizens Bank of Cape Vincent
North Da\ota
Rhame—The Bank of Rhame, North Dakota
169
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
F
OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his business connection, the class
of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three
Class A and three Class B directors, who are elected by the stockholding member banks, and three
Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A
directors are representative of the stockholding member banks. Class B directors must be actively engaged
in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or
employees of any bank. For the purpose of electing Class A and Class B directors, the member banks
of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System
into three groups, each of which consists of banks of similar capitalization, and each group elects one
Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the
Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank
branches have either five or seven directors, of whom a majority are appointed by the board of directors
of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal
Reserve System.
Term
District No. 1—Boston
Expires
Class A:
Dec. 31
. President, The First National Bank of Damariscotta, DamaLeon A. Dodge..
riscotta, Me
1948
Earle W. Stamm..
. President, The National Bank of Commerce of New London,
New London, Conn
1949
Allan Forbes..
.President, State Street Trust Company, Boston, Mass..
1950
Class B.Frederick S. Blackall, jr.
Roy L. Patrick.
Philip R. Allen..
Class C:
Vacancy
Harold D. Hodgkinson 2 .
Albert M. Creighton 1 ..
President and Treasurer, The Taft-Peirce Manufacturing
Company, Woonsocket, R. I
President, Rock of Ages Corporation, Burlington, Vt..
.Director, Bird & Son, inc., E. Walpole, Mass..
1948
1949
1950
1948
Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston,
Mass
. Chairman of the Board.
1949
1950
District No. 2—New York
Class A:
Howard A. Wilson.
WinthropW.
Aldrich..
Frederic E. Worden..
1
Chairman.
170
2
.President, Citizens National Bank and Trust Company of
Fulton, Fulton, N. Y
.Chairman of the Board, The Chase National Bank of the
City of New York, New York, N. Y
. Chairman of the Board, and President, The National Bank
of Auburn, Auburn, N. Y.. .
1948
1949
1950
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Class B:
Carle C. Conway..
Lewis H. Brown..
Charles E. Adams. .
Class C:
William I. Myers 2 ..
Robert D. Calkins.
Vacancy ..
Term
Expires
Dec. 31
. .Chairman of the Board, Continental Can Company, Inc.,
New York, N. Y
1948
. .Chairman of the Board, Johns-Manville Corporation, New
York, N. Y
1949
..Chairman of the Board, Air Reduction Company, Inc.,
New York, N. Y . . . .
.
1950
.Dean, New York State College of Agriculture, Cornell
University, Ithaca, N. Y
1948
.Director, and Vice President, General Education Board,
New York, N. Y..
1949
1950
Buffalo Branch
Appointed by Federal Reserve Bank:
Charles H. Diefendorf
President, The Marine Trust Company of Buffalo, Buffalo,
N. Y
Raymond F. Leinen..
.Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y
C. George Niebank. .
.President, Bank of Jamestown, Jamestown, N. Y..
Clyde C. Brown. .
.President, The Cuba National Bank, Cuba, N. Y..
Appointed by Board of Governors:
Carl G. Wooster
Farmer, Union Hill, N. Y
Thomas Robins, Jr..
.President, Hewitt-Robins, Incorporated, Buffalo, N. Y... .
Lewis B. Swift. ..
. .President, Taylor Instrument Companies, Rochester, N.Y.
1948
1949
1949
1950
1948
1949
1950
District No. 3—Philadelphia
Class A:
George W. Reily. .
John B. Henning.
Archie D. Swift.. .
Class B:
Albert G. Frost. .
William J. Meinel.
Walter H. Lippincott..
Class C:
Thomas B. McCabe1. .
Warren F. Whittier 2 ..
C. Canby Balderston..
1
Chairman.
FEBRUARY 1948
2
. .President, Harrisburg National Bank, Harrisburg, Pa.. .
1948
. .President, Wyoming National Bank, Tunkhannock, Pa.... 1949
. .Chairman of Board, Central-Penn National Bank, Philadelphia, Pa..
1950
.President, The Esterbrook Pen Company, Camden, N. J. 1948
.President & General Manager, Heintz Manufacturing
Company, Philadelphia, Pa
1949
. .President & Director, Lobdell Company, Wilmington, Del. 1950
. .President, Scott Paper Company, Chester, Pa..
1948
. Agricultural Consultant, Chester Springs, Pa
1949
. .Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa..
1950
Deputy Chairman.
171
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
District No. 4—Cleveland
Expires
Dec. 31
.President, The First National Bank of Ada, Ada, Ohio. . . 1948
.President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa
1949
.President, The Toledo Trust Company, Toledo, Ohio..
1950
Class A:
Ben R. Conner. .
John D. Bainer..
John T. Rohr.
Class B.Joel M. Bowlby. . .
Ross Pier Wright..
L. H. Lund..
.President, The Eagle-Picher Company, Cincinnati, Ohio. . 1948
.Secretary-Treasurer, Reed Manufacturing Company, Erie,
Pa
1949
. .Vice President and Treasurer, Westinghouse Electric Corporation, Pittsburgh, P a . . .
..
1950
Class C:
Reynold E. Klages 2 ..
Geo. C. Brainard 1 .
. President, Columbus Auto Parts Company, Columbus, Ohio 1948
.President and General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio
1949
.Chairman of the Board, The Cleveland Union Stock Yards
Company, Cleveland, Ohio..
1950
A. Z. Baker..
Cincinnati Branch
Appointed by Federal Reserve Bank:
Neil McElroy. .
.Vice President and General Manager, The Procter &
Gamble Company, Cincinnati, Ohio
. Vice President and Trust Officer, State Bank and Trust
Company of Richmond, Kentucky, Richmond, Ky
.President, The First National Bank of Cincinnati, Cincinnati, Ohio
.President, The Winters National Bank and Trust Company
of Dayton, Dayton, Ohio. .
Spears Turley. .
Waldo E. Piers on..
Walter H. J. Behm..
1948
1948
1949
1950
Appointed by Board of Governors:
Francis H. Bird...
S. Headley Shouse. .
Paul G. Blazer. .
. .Dean, College of Business Administration, University of
Cincinnati, Cincinnati, Ohio
1948
. .Tobacco and livestock raiser, Lexington, Ky
1949
.Chairman of the Board, Ashland Oil & Refining Company,
Ashland, Ky
1950
Pittsburgh Branch
Appointed by Federal Reserve Bank:
Archie J. McFarland
Laurence S. Bell....
R. E. Bowie. .
T. C. Swarts..
1
Chairman.
172
2
President, Wheeling Steel Corporation, Wheeling, W. Va.
.Executive Vice President, The Union National Bank of
Pittsburgh, Pittsburgh, Pa
. .President, Security Trust Company, Wheeling, W. Va
..Executive Vice President, Woodlawn Trust Company,
Aliquippa, Pa...
1948
1948
1949
1950
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Appointed by Board of Governors:
Dec. 31
A. H. Burchfield, Jr
Vice President and General Manager, Joseph Home Company, Pittsburgh, Pa
1948
Howard W. Jordan
President, Pennsylvania Rubber Company, Jeannette, Pa. 1949
Josiah M. Koch
Vice President, Quaker State Oil Refining Corporation,
Oil City, Pa
1950
District No. 5—Richmond
Class A:
James D. Harrison
Warren S. Johnson...
John A. Sydenstricker..
Class B:
Charles C. Reed...
H. L. Rust, Jr...
Cary L. Page
President, First National Bank of Baltimore, Baltimore,
Md
1948
. .President, Peoples Savings Bank & Trust Company, Wilmington, N. C
1949
..Cashier, First National Bank in Marlinton, Marlinton,
W. Va
1950
.. .President, Williams & Reed, Inc., Richmond, Va
. .President, H. L. Rust Company, Washington, D. C
.. .President and Treasurer, Jackson Mills, Wellford, S. C..
1948
1949
1950
Class C:
W. G. Wysor 1 ..
..General Manager, Southern States Cooperative, Inc.,
Richmond, Va
1948
Edward R. Stettinius, Jr... .Rector, University of Virginia, Rapidan, Va
1949
Charles P. McCormick2. . . .President and Chairman of Board, McCormick & Company,
Inc., Baltimore, Md
1950
Baltimore Branch
Appointed by Federal Reserve Bank:
Holmes D. Baker
President, The Citizens National Bank, Frederick, Md... .
George M. Moore.
. .Vice President, The Union National Bank of Clarksburg,
Clarksburg, W. Va
Eugene G. Grady..
. .President, The Western National Bank of Baltimore, Baltimore, Md
W. Bladen Lowndes. .
. .President, Fidelity Trust Company, Baltimore, Md... ,
1948
1949
1949
1950
Appointed by Board of Governors:
James E. Hooper
Vice President, William E. Hooper and Sons Company,
Baltimore, Md
1948
L. Vinton Hershey. .
. .President and General Manager, Hagerstown Shoe Company, Hagerstown, Md
1949
James M. Shriver..
. .President, The B. F. Shriver Company, Westminster, Md. 1950
1
Chairman.
FEBRUARY 1948
2
Deputy Chairman.
173
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Bee. 31
Charlotte Branch
Appointed by Federal Reserve Bank:
Angus E. Bird...
. . Chairman of the Board, The Citizens and Southern National
Bank of South Carolina, Columbia, S. C
Allen H. Sims..
..Executive Vice President and Trust Officer, Citizens
National Bank in Gastonia, Gastonia, N. C
George S. Crouch..
.President, Union National Bank, Charlotte, N. C
N. S. Calhoun....
. .President, Security National Bank, Greensboro, N. C.. .
1948
1949
1949
1950
Appointed by Board of Governors:
R. Flake Shaw...
..Executive Vice President and Secretary, North Carolina
Farm Bureau Federation, Greensboro, N. C
1948
W. A. L. Sibley. .
.Vice President and Treasurer, Monarch Mills, Union, S. C. 1949
R. E. Ebert. .
. .President, Dixie Home Stores, Inc., Greenville, S. C...
1950
District No. 6—Atlanta
Class A:
R. C. Williams..
W. D. Cook. .
George J. White...
Class B:
J. A. McCrary..
Donald Comer..
A. B. Freeman.
Class C:
J. F. Porter 2 . .
Rufus C. Harris. .
Frank H. Neely 1 ..
. .President, The First National Bank of Atlanta, Atlanta, Ga. 1948
. . Chairman of the Board, First National Bank in Meridian,
Meridian, Miss
1949
. President, The First National Bank of Mount Dora, Mount
Dora, Fla...
1950
.Vice President and Treasurer, J. B. McCrary Company, Inc.,
Atlanta, Ga
1948
. Chairman of the Board, Avondale Mills, Birmingham, Ala. 1949
. .Chairman of the Board, Louisiana Coca-Cola Bottling
Company, Ltd., New Orleans, La
1950
.President, Tennessee Burley Tobacco Growers Association,
Columbia, Tenn
1948
. President, The Tulane University of Louisiana, New
Orleans, La
1949
.President, Rich's, Inc., Atlanta, Ga
1950
Birmingham Branch
Appointed by Federal Reserve Bank:
M. B. Spragins..
. .President, The First National Bank of Huntsville, Huntsville, Ala
James G. Hall..
.Executive Vice President, The First National Bank of
Birmingham, Birmingham, Ala
R. L. Adams.. . .
.President, Bank of York, York, Ala
W. C. Bowman..
.President, The First National Bank of Montgomery, Montgomery, Ala
1
Chairman.
174
2
1948
1949
1949
1950
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Wm. Howard Smith. .
Thad Holt..
J. Roy Faucett.
. President, McQueen-Smith Farms, Prattville, Ala
.President-Treasurer, Voice of Alabama, Inc., Birmingham,
Ala
.Faucett Brothers, Northport, Ala..
1948
1949
1950
Jacksonville Branch
Appointed by Federal Reserve Bank:
J. S. Fairchild..
Max Losner..
H. S. Moody..
J. W. Shands..
.Executive Vice President, The First National Bank of
Winter Garden, Winter Garden, Fla
1948
.President, The First National Bank of Homestead, Homestead, Fla
1949
.Executive Vice President, Manatee River Bank & Trust
Company, Bradenton, Fla
1949
.President, The Atlantic National Bank of Jacksonville,
Jacksonville, Fla..
1950
Appointed by Board of Governors:
Charles S. Lee...
Howard Phillips.
Marshall F. Howell..
.Planter and cattle raiser, Oviedo, Fla
1948
Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla
1949
. Secretary-Treasurer, Bond-Howell Lumber Company, Jacksonville, Fla...
1950
Nashville Branch
Appointed by Federal Reserve Bank:
Edward Potter, Jr..
W. G. Birdwell.
L. R. Driver.
W.H.Hitchcock..
.President, Commerce Union Bank, Nashville, Tenn
1948
.Cashier, Citizens Bank & Trust Company, Carthage, Tenn. 1949
.President, The First National Bank in Bristol, Bristol,
Tenn
1949
.President, First and Peoples National Bank, Gallatin,
Tenn...
1950
Appointed by Board of Governors:
H. C. Meacham...
W. Bratten Evans.
C. E. Brehm.
. Farmer, Franklin, Tenn....
1948
. President, Tennessee Enamel Manufacturing Company,
Nashville, Tenn
1949
Acting President, University of Tennessee, Knoxville,
Tenn..
1950
New Orleans Branch
Appointed by Federal Reserve Bank:
T. G. Nicholson..
W.S.Johnson..
John Legier..
T. J. Eddins..
FEBRUARY 1948
.President, The First National Bank of Jefferson Parish at
Gretna, Gretna, La
1948
.Executive Vice President, The First National Bank of
McComb City, McComb, Miss
1949
.President, National American Bank of New Orleans, New
Orleans, La
1949
. President, Bank of Slidell, Slidell, La..
1950
175
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec, 31
Appointed by Board of Governors:
JohnJ. Shaffer, Jr
E. O. Batson
Planter, Ellendale, La
1948
President, Batson-McGehee & Company, Inc., Millard,
Miss
1949
. .President, Sweet Lake Land and Oil Company, Inc., Lake
Charles, La
1950
H. G. Chalkley. .
District N o . 7—Chicago
Class A:
Walter J. Cummings
Chairman, Continental Illinois National Bank and Trust
Company of Chicago, Chicago, 111
1948
.President, The Manufacturers National Bank of Chicago,
Chicago, 111
1949
. .President, First National Bank, Cedar Falls, Iowa... .
1950
Horace S. French. .
Vivian W. Johnson.
Class B:
William C. Heath
William J. Grede
Nicholas H. Noyes
President, A. O. Smith Corporation, Milwaukee, Wis...
1948
President, Grede Foundries, Inc., Milwaukee, Wis
1949
Vice President in Charge of Finances, Eli Lilly and Company, Indianapolis, Ind
1950
Class C:
Clarence W. Avery 1 ..
Paul G. Hoffman2. .
Allan B. Kline
..President and Chairman, The Murray Corporation of
America, Detroit, Mich
1948
. .President, The Studebaker Corporation, South Bend, Ind. 1949
.. .President, American Farm Bureau Federation, Chicago, 111. 1950
Detroit Branch
Appointed by Federal Reserve Bank:
Charles A. Kanter
President,
Detroit,
President,
.President,
Rudolph E. Reichert
Charles T. Fisher, Jr..
The Manufacturers National Bank of Detroit,
Mich
~
1948
Ann Arbor Bank, Ann Arbor, Mich
1948
The National Bank of Detroit, Detroit, Mich. 1949
Appointed by Board of Governors:
Ernest Gilbert
Ben R. Marsh
Farmer, Waldron, Mich
1948
. . . .Viet President and General Manager, Michigan Bell Telephone Company, Detroit, Mich
1949
District N o . 8—St. Louis
Class A:
Phil E. Chappell. .
G. R. Corlis
Tom K. Smith. .
1
Chairman.
176
2
. . President, Planters Bank and Trust Company, Hopkinsville,
Ky
1948
.. .President, Anna National Bank, Anna, 111
1949
. . .Chairman of Board, Boatmen's National Bank, St. Louis,
Mo
1950
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
A. Wessel Shapleigh.
K. August Engel. .
Louis Ruthenburg..
.President, Shapleigh Hardware Company, St. Louis, Mo. 1948
.President, Arkansas Democrat Company, Little Rock, Ark. 1949
.President and General Manager, Servel, Inc., Evansville,
Ind..
1950
Class C:
J. P. Redman
Russell L. Dearmont 1 .
Farmer, Cairo, 111
.Chief Counsel for Trustee, Missouri-Pacific Lines, St.
Louis, Mo..
Vacancy..
1948
1949
1950
Little Rock Branch
Appointed by Federal Reserve Bank:
Chas. A. Gordon.
Lloyd Spencer..
Emmet Morris.
Geo. S. Neal..
.Vice President, Simmons National Bank, Pine Bluff, Ark. 1948
. President, First National Bank, Hope, Ark
1948
.Chairman, Worthen Bank and Trust Company, Little
Rock, Ark
1949
. President, Bank of Russellville, Russellville, Ark..
1950
Appointed by Board of Governors:
Cecil C. Cox
Ralph E. Plunkett..
. Farmer, Stuttgart, Ark
.President, Plunkett-Jarrell Grocer Company, Little Rock,
Ark
A. Howard Stebbins, Sr... .President, Stebbins and Roberts, Inc., Little Rock, Ark..
1948
1949
1950
Louisville Branch
Appointed by Federal Reserve Bank:
Lee L. Persise. .
H. Lee Cooper.
A. C. Voris
Wallace M. Davis.
.President, The State Bank of Salem, Salem, Ind
.President, Ohio Valley National Bank, Henderson, Ky..
.President, Citizens National Bank, Bedford, Ind
. Vice President, Citizens Fidelity Bank and Trust Company,
Louisville, Ky..
1948
1948
1949
1950
Appointed by Board of Governors:
Geo. O. Boomer..
Rosco Stone...
Alvin A. Voit..
.President, The Girdler Corporation, Louisville, Ky..
.Farmer, Hickman, Ky
.President, Mengel Company, Louisville, Ky..
1948
• 1949
1950
Memphis Branch
Appointed by Federal Reserve Bank:
Norfleet Turner..
H. W. Hicks.. . .
W.W.Campbell.
W. P. Kretschmar. .
1
.President, First National Bank, Memphis, Tenn..
1948
.President, First National Bank, Jackson, Tenn
1948
.President, National Bank of Eastern Arkansas, Forrest
City, Ark
1949
.Chairman of Board, Commercial National Bank, Greenville, Miss..
1950
Chairman.
FEBRUARY 1948
177
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Leslie M. Stratton, Jr..
Hugh M. Brinkley.
M. P. Moore
. .Executive Vice President, Stratton-Warren Hardware Company, Memphis, Term..
1948
. .Farmer, Hughes, Ark
1949
. .Partner, E. E. Moore and Co., Senatobia, Miss...
1950
District No. 9—Minneapolis
Class A:
F. D. McCartnev.
Clarence E. Hill.
J. R. McKnight.
.Vice President, First National Bank, Oakes, N. D
.Chairman of the Board, Northwestern National Bank,
Minneapolis, Minn
..
.President, Pierre National Bank, Pierre, S. D..
1948
1949
1950
Class B:
Ray C. Lange.
Homer P. Clark.
Walter H. McLeod.
.President, Chippewa Canning Company, Chippewa Falls,
Wis
.Chairman of the Board, West Publishing Company, St.
Paul, Minn
. President, Missoula Mercantile Company, Missoula, Mont.
1949
1950
.Director, Agricultural Extension Division, University of
Minnesota, Minneapolis, Minn
.W. D. Cochran Freight Lines, Iron Mountain, Mich..
. Chairman of the Board .
1948
1949
1950
1948
Class C:
Paul E. Miller.
W. D. Cochran 2 . .
Roger B. Shepard 1 ..
Helena Branch
Appointed by Federal Reserve Bank:
E. D. MacHaffie..
Theodore Jacobs..
B. M. Harris..
- .President, State Publishing Company, Helena, Mont..
. .President, First National Bank, Missoula, Mont..
.President, Yellowstone Bank, Columbus, Mont..
1948
1948
1949
Appointed by Board of Governors:
R. B. Richardson.
Malcolm E. Holtz.
.President, Western Life Insurance Company, Helena, Mont.
.Agriculturalist, Great Falls, Mont
1948
1949
District No. 10—Kansas City
Class A:
T. A. Dines.
M. A. Limbocker.
W. L. Bunten.
1
Chairman.
178
2
.Chairman of the Board and President, United States
National Bank, Denver, Colo
1948
. Chairman of the Board and President, Citizens National
Bank, Emporia, Kans
1949
.Executive Vice President, Goodland State Bank, Goodland, Kans..
1950
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
Willard D. Hosford.
J. M. Bernardin.
L. C. Hutson..
. Vice President and General Manager, John Deere Plow
Company, Omaha, Neb
1948
. .Lumberman, Kansas City, Mo
1949
.President and General Manager, Chickasha Cotton Oil
Company, Chickasha, Okla..
1950
Class C:
Lyle L. Hague
Robert B. Caldwell 1 .
Robert L. Mehornay 2 .
. Farmer and stockman, Cherokee, Okla
1948
, .Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1949
.President, North-Mehornay Furniture Company, Kansas
City, Mo..
1950
Denver Branch
Appointed by Federal Reserve Bank:
J.D.Allen..
Albert K. Mitchell.
P. K. Alexander.
.President, The First National Bank of Eagle County,
Eagle, Colo
'
1948
.Rancher, Albert, N. M
1948
. Vice President, The First National Bank of Denver, Denver,
Colo..
1949
Appointed by Board of Governors:
M. E. Noonen.
W. A. Alexander.
.Sheep rancher, Kremmling, Colo
1948
. Vice President and Assistant General Manager, The Denver
Tramway Corporation, Denver, Colo..
1949
Oklahoma City Branch
Appointed by Federal Reserve Bank:
Hugh L. Harrell.
D. M. Tyler.
S. A. Bryant.
.Vice President, First National Bank and Trust Company,
Oklahoma City, Okla
.First Vice President, Dewey Portland Cement Company,
Dewey, Okla.
.President, The Farmers National Bank, Cushing, Okla..
1948
1949
.Rancher and farmer, Duncan, Okla
.President, C. W. Cotton Supply Company, Tulsa, Okla..
1948
1949
1948
Appointed by Board of Governors:
Rufus J. Green.
Cecil W. Cotton..
Omaha Branch
Appointed by Federal Reserve Bank:
Fred W. Marble.
I. R. Alter.. .
Walter S. Byrne.
.President, Stock Growers National Bank, Cheyenne, Wyo.
.President, First National Bank, Grand Island, Neb
.General Manager, Metropolitan Utilities District of
Omaha, Omaha, Neb.
1948
1949
. Farmer, Gibbon, Neb..
1948
1949
1949
Appointed by Board of Governors:
Fred S. Wallace.
Vacancy.
1
Chairman.
FEBRUARY 1948
2
Deputy Chairman.
179
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
..Chairman of the Board, Alamo National Bank, San
Antonio, Texas
1948
Vice President, Security State Bank and Trust Company,
Rails, Texas
1949
. .President, The State National Bank, Denison, Texas..
1950
District No. 11—Dallas
Class A;
Walter P. Napier. .
J. Edd McLaughlin
W. L. Peterson..
Class B:
J. R. Milam
President, The Cooper Company, Inc., Waco, Texas
George L. MacGregor. . . .Chairman of the Board, President and General Manager,
Dallas Power & Light Company, Dallas, Texas
W. F. Beall. .
. . President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas..
Class C:
R. B. Anderson 2 ..
.General Manager, W. T. Waggoner Estate, Vernon, Texas.
J. R. Parten 1 . . .
.President, Woodley Petroleum Company, Houston, Texas.
G. A. Frierson. .
. .G. A. Frierson & Son, Shreveport, La..
1948
1949
1950
1948
1949
1950
El Paso Branch
Anointed by Federal Reserve Bank:
W. S. Warnock
Vice President, El Paso National Bank, El Paso, Texas.
W. Henry Wooldridge
President, Lone Star Motor Company, El Paso, Texas..
George G. Matkin
Vice President, State National Bank, El Paso, Texas . . .
W. H. Holcombe. .
. .Executive Vice President, Security State Bank, Pecos,
Texas
'
Appointed by Board of Governors
Dorrance D. Roderick
President, Newspaper Printing Corporation, El Paso,
Texas
Hiram S. Corbett..
..President, J. Knox Corbett Lumber Company, Tucson,
Ariz
Hal Bogle.
. .Livestock feeding, farming and ranching, Dexter, N. M...
1948
1948
1949
1950
1948
1949
1950
Houston Branch
Appointed by Federal Reserve Bank:
James A. Elkins..
..Attorney, Vinson, Elkins, Weems & Francis, Houston,
Texas'
B.C.Roberts.
.President, Wharton Bank & Trust Company, Wharton,
Texas
Melvin Rouff. .
.First Vice President, Houston National Bank, Houston,
Texas
R. Lee Kempner..
..Chairman of the Executive Committee, United States
National Bank, Galveston, Texas. .
Appointed by Board of Governors:
Ross Stewart
..President, C. Jim Stewart & Stevenson, Inc., Houston,
Texas
George A. Slaughter
Farming, Wharton, Texas
J. E. Wheat
Attorney at Law, Woodville, Texas..
1
Chairman.
180
2
1948
1948
1949
1950
1948
1949
1950
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
San Antonio Branch
Term
Expires
Appointed by Federal Reserve Bank:
Robert D. Barclay.
.President, National Bank of Commerce, San Antonio,
Texas
C. L. Skaggs..
.President, The First National Bank of Weslaco, Weslaco,
Texas
Riley Peters..
.Executive Vice President, First State Bank, Kerrville,
Texas
E. R. L. Wroe..
.President, American National Bank, Austin, Texas.. .
Dec. 31
1948
1948
1949
1950
Appointed by Board of Governors:
Henry P. Drought. .
.Attorney at Law, San Antonio, Texas
1948
Holman Cartwright.
.Livestock and farming, Twin Oaks Ranch, Dinero, Texas.. 1949
Edward E. Hale..
.Chairman of the Department and Professor of Economics,
The University of Texas, Austin, Texas.
1950
District N o . 12—San Francisco
Class A:
Carroll F. Byrd..
William W. Crocker. .
Chas. H. Stewart..
Class B:
Reese H. Taylor..
Walter S. Johnson.
St. George Holden..
Class C:
Harry R. Wellman 2 ..
Bray ton Wilbur 1 . .
WTm. R. Wallace, Jr..
.President, The First National Bank of Willows, Willows,
Calif
1948
.President, Crocker First National Bank of San Francisco,
San Francisco, Calif
1949
.President, Portland Trust and Savings Bank, Portland,
Ore...
1950
. .President, Union Oil Company of California, Los Angeles,
Calif
1948
.President, American Box Corporation, San Francisco,
Calif
1949
.St. George Holden Realty Company, San Francisco, Calif. 1950
.Director, Giannini Foundation of Agricultural Economics,
University of California, Berkeley, Calif
1948
.President, Wilbur-Ellis Company, San Francisco, Calif.. . . 1949
.Member of the firm, Williamson & Wallace, Attorneys at
Law, San Francisco, Calif..
1950
Los Angeles Branch
Appointed by Federal Reserve Bank:
M. Vilas Hubbard..
.President, Citizens Commercial Trust and Savings Bank
of Pasadena, Pasadena, Calif
1948
Frank L. King.
.President, California Bank, Los Angeles, Calif
1948
W. R. Bimson..
.President, The Valley National Bank of Phoenix, Phoenix,
Ariz...
1949
1
Chairman.
FEBRUARY 1948
2
Deputy Chairman.
181
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Fred G. Sherrill. .
Y. Frank Freeman. .
.Vice President, J. G. Boswell Company, Los Angeles,
Calif
1948
.Vice President, Paramount Pictures, Inc., Hollywood,
Calif..
1949
Portland Branch
Appointed by Federal Reserve Bank:
William C. Christensen. . . .President, The Commercial National Bank of Hillsboro,
Hillsboro, Ore
1948
W.W.Flint..
..President, The First National Bank of Cottonwood,
Cottonwood, Idaho
1948
E. B. MacNaughton.
. .Chairman of the Board, The First National Bank of Portland, Portland, Ore..
1949
Appointed by Board of Governors:
R. B. Taylor
Aaron M. Frank..
. .Livestock and farming, Adams, Ore
.President, Meier & Frank Company, Inc., Portland, Ore...
1948
1949
Salt Lake City Branch
Appointed by Federal Reserve Bank:
Chas. L. Smith..
John A. Schoonover
D. F. Richards. .
.President, The First National Bank of Salt Lake City, Salt
Lake City, Utah
1948
President, The Idaho First National Bank, Boise, Idaho. . 1948
. President, American National Bank of Idaho Falls, Idaho
Falls, Idaho..
1949
Appointed by Board of Governors:
Merle G. Hyer
Henry Aldous Dixon..
.Livestock and farming, Lewiston, Utah. ..
.President, Weber College, Ogden, Utah. .
1948
1949
Seattle Branch
Appointed by Federal Reserve Bank:
Ben j . N. Phillips..
Fred C. Forrest..
Lawrence M. Arnold
.President, First National Bank in Port Angeles, Port
Angeles, Wash
1948
.Chairman of the Board and President, The First National
Bank of Pullman, Pullman, Wash
1948
Chairman of the Board, Seattle-First National Bank,
Seattle, Wash..
1949
Appointed by Board of Governors:
John M. McGregor. .
Henry C. Isaacson..
182
..Manager, McGregor Land and Livestock
Hooper, Wash
.President, Isaacson Iron Works, Seattle, Wash
Company,
1948
1949
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 26 and released for publication January 28]
Industrial production was maintained at record
postwar levels in December. Department store
sales continued in large volume in December and
the early part of January. The general price level
advanced further while prices of speculative commodities declined somewrhat.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production was 191 per cent of the 1935-39
average in December as compared with 192 in November and 190 in October.
Activity in durable goods industries continued
to advance in December and was at a new postwar
peak rate. Iron and steel production advanced to
the highest rate of the year, after allowance for
mill closings on Christmas Day, and continued to
increase in January. Assembly of passenger automobiles advanced further in December from the
high November rate, and production for the year
was about 3.6 million units as compared with 2.2
million in 1946 and 3.8 in 1941. Output of trucks
in 1947 was the highest on record. Production of
freight cars in December reached a total of 9,800
units, which virtually met the goal established for
the industry last spring.
Output of nondurable goods showed a slight decline in December largely because holiday influ-
ences reduced production in a few lines such as
cotton textiles and paperboard. Output of manufactured foods also declined somewhat, after allowances for seasonal changes, owing mainly to a
reduction from the high November rate of livestock
slaughter. Petroleum refining activity increased in
December and early January. Despite a substantial
gain in output of fuel oil, supplies were short of
exceptionally heavy demands.
Minerals production in December was maintained
at the level of the preceding month. Coal output
was not as large as in November, while crude oil
production showed a further gain.
EMPLOYMENT
Nonagricultural employment showed the usual
large seasonal increase from mid-November to midDecember, reflecting the pre-Christmas expansion
in trade. The number of persons unemployed in
early December remained at the low November
level of 1.6 million, about half a million less than
a year ago.
CONSTRUCTION
Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, declined
more than seasonally in December, reflecting chiefly
decreases of about one-fifth in awards for residential building and public works. As compared
INOUSTRIAL PRODUCTION
DEPARTMENT STORE SALES AND STOCKS
PHYSICAL VOLUME SEASOWALLY ADJUSTED, 1936 -S9 -100
1939
1941
1943
1945
1947
1941
1943
1945
1947
Federal Reserve indexes. Monthly figures, latest shown are
for December.
FEBRUARY
1948
1939
1940
1941
I94E
1943
1944
1945
1946
1947
Federal Reserve indexes. Monthly figures, latest shown are
for December.
183
NATIONAL SUMMARY OF BUSINESS CONDITIONS
with December 1946, however, values of awards
for most types of construction were substantially
larger.
DISTRIBUTION
Department store sales in December showed the
usual sharp increase and the Board's seasonally
adjusted index remained at the advanced November
level. Total sales in the fourth-quarter holiday
shopping season were 9 per cent larger than in the
same period in 1946. Sales in the first half of
January showed somewhat more than the usual
seasonal decline.
Loadings of railroad freight in December and
the early part of January continued at an exceptionally high rate for this season of the year, owing
mainly to the sustained large volume of shipments
of manufactured goods. Loadings of grain and
livestock were considerably below the high levels
prevailing a year ago.
COMMODITY PRICES
The general level of wholesale commodity prices
continued to advance from the middle of December
to the latter part of January, reflecting chiefly further
increases in prices of petroleum and metal products.
Prices of commodities traded in the organized
markets generally declined somewhat from the advanced levels reached during the autumn.
The consumers' price index advanced further by
about 1 per cent in December, reflecting chiefly
increases in retail prices of foods and fuels.
BANK CREDIT
Purchases by the Federal Reserve System in sup-
port of prices of Government bonds continued in
December and the first three weeks of January.
Purchases were particularly large after December
24 when the Federal Open Market Committee reduced the prices at which bonds would be purchased
for System account. Total holdings of Government
securities at Reserve Banks declined 700 million
dollars, however, reflecting substantial market sales
and redemption of bills and certificates.
The post-Christmas return of currency from circulation was offset in its effect on bank reserves by
an excess of Treasury receipts from taxes and calls
on war loan accounts over current expenditures.
Total holdings of Government securities by member banks in leading cities showed little further
change during December and the first half of
January. These banks sold bonds but increased
their holdings of bills. Business loans continued
to increase sharply during most of December
and, following a small post-Christmas decline,
showed further growth in the first half of January.
Real estate and consumer loans also expanded
further.
INTEREST RATES AND BOND YIELDS
Accompanying reduction in Federal Reserve support prices for bonds, yields on Treasury bonds
increased by as much as one-fourth of a point on
some issues. Yields on corporate bonds also rose
somewhat. Short-term money rates advanced
slightly in December and January.
In January the Federal Reserve Banks increased
their discount rates from 1 per cent to 154 per cent.
MEMBER
BANKS IN LEADING CITIES
CONSUMERS' PRICES
BILLIONS OF DOLLARS
»&. C
t
I/
A/
CLO
A
i?
%/FOOD
J
-
k\-\- IT
^
EMS
RENT
100
-
80
1939
1940
1941
1942
1943
1944
1945
1946
1947
Bureau of Labor Statistics' indexes. "All items" includes
housefurnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for December.
184
1940
1941
1942
1943
1944
1945
1946
1947
Demand deposits (adjusted) exclude U. S. Government and
interbank deposits and collection items. Government securities
include direct and guaranteed issues. Wednesday figures, latest
shown are for Jan. 28.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
187
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements
188
Federal Reserve Bank statistics
189-192
Guaranteed war production loans
193
Deposits and reserves of member banks..
193-194
Money in circulation
195-196
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions..
All banks in the United States, by classes
196
197
198-199
All insured commercial banks in the United States, by classes. .
200-201
Weekly reporting member banks
202-205
Commercial paper, bankers' acceptances, and brokers* balances. .
206
Money rates and bond yields
207
Security prices and new issues
208-209
Corporate earnings and dividends...
Treasury
210
finance
Government corporations and credit agencies...
211-213
214
Business indexes
215-224
Department store statistics. .
225-227
Consumer credit statistics..
228-230
Cost of living
Wholesale prices
231
232
Gross national product, national income, and income payments. .
233-234
Current statistics for Federal Reserve chart books
235-239
Number of banking offices on Federal Reserve par list and not on par list
240
Changes in number of banking offices in the United States. .
241
Earnings and expenses of Federal Reserve Banks during 1947. .
242-243
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to
the Board; index numbers of production 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.
FEBRUARY
1948
185
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
15 >
10
—,
1939
1940
1941
1942
1943
1944
1945
1946
I94T
30
30
TOTA L RESERVE B ANK HOLDING!
OF U S GOVERNMENT SECURITIES
25
25
-
20
20
/
-
&\
/
15
BIL
-
1
10
15
\
/
-
10
j l CERTIFICATES
4
Jr
r
-
J\ •
— y^
1939
1940
1941
1942
J
1943
v
j
1944
\\
Jt
_
NOTES^
-—*~*\^^
1945
1946
1947
Wednesday figures, latest shown are for Jan. 28. See p. 187.
186
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In
million s of doll ars]
Member
bank reserve
balances
Reserve Bank credit outstanding
U. S Government
securities
Discounts
and
advances Total
Date
Treasury
bills
and
certificates
All
other
All
other 1 Total
Gold
stock
TreasTreasTreas- ury deury
Money
posits
curury
cirwith
rency in
cash
culaFederal
outholdtion
Restandings
serve
ing
Banks
Other
Non- Fedmem- eral
Reber de- serve
posits
accounts Total
Monthly averages of
daily figures:
1946—Oct
Nov
Dec
1947—Oct
Nov
Dec
251
351
305
208
313
268
23,471
23,674
23,767
22,092
22,082
21,905
22,030
22,116
22,401
20,847
20,158
18,908
1,441
1,558
1,366
1,245
1,924
2,996
421
498
674
498
472
685
24,143
24,522
24,746
22,798
22,866
22,858
20,330
20,437
20,488
22,149
22,479
22,712
4,546
4,548
4,552
4,551
4,551
4,556
28,588
28,727
28,997
28,598
28,648
28,937
2,274
2,282
2,256
1,327
1,330
1,330
End-of-month figures:
1946—Oct. 3 1 . . . .
Nov. 30
Dec. 31
1947—Oct. 31
Nov. 29
Dec. 3 1 . . . .
253
316
163
296
331
85
23,518
23,944
23,350
22,168
22,209
22,559
22,047
22,356
22,241
20,650
19,813
18,230
1,470
1,588
1,109
1,518
2,395
4,329
338
530
580
442
435
536
24,109 20,402
24,791 20,470
24,093 20,529
22,906 22,294
22,975 22,614
23,181 22,754
4,549
4,551
4,562
4,554
4,557
4,562
28,600
28,861
28,952
28,552
28,766
28,868
2,285
2,269
2,272
1,330
1,324
1,336
Wednesday figures:
1947—Mar. 5
Mar. 12
Mar. 19
Mar. 26
239
237
234
287
23,242
23,247
22,411
22,810
22,044
22,050
21,306
21,704
,198
,198
,105
,105
323
295
402
390
23,804
23,780
23,047
23,486
20,376
20,403
20,413
20,438
4,557
4,557
4,557
4,556
28,335
28,330
28,242
28,170
1,331
1,335
1,335
1,355
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
429
277
101
141
125
21,938
22,276
21,905
21.829
21,857
20,833
21,171
20,800
20,724
20,752
,105
,105
,105
,105
L,105
391
339
468
259
223
22,758
22,893
22,474
22,230
22,205
20,486
20,497
20,583
20,621
20,774
4,557
4,559
4,558
4,558
4,561
28,247
28,250
28,163
28,105
28,114
1,333
1,336
1,332
1,338
1,329
946
753
613
482
619
May 7 . . . .
May 14
May 2 1 . . . .
May 28
102
139
117
130
21,852
21,762
21,676
21,590
20,747 1,105
20,671 L,091
20,589 1,087
20,485 1,105
276
331
278
299
22,230
22,233
22,071
22,019
20,811
20,878
20,888
20,932
4,560
4,559
4,559
4,561
28,197
28,134
28,116
28,211
1,328
1,337
1,338
1,372
654
556
539
751
1,066
June
June
June
June
4. . . .
11
18....
25
173
175
132
132
21,760
21,578
21,186
21,582
20,664
20,482
20,089
20,485
1,097
1,097
1,097
1,097
301
287
479
343
22,234
22,040
21,797
22,057
20,990
21,026
21,123
21,174
4,561
4,561
4,561
4,553
28,261
28,253
28,195
28,183
1,366
1,332
1,333
1,329
July 2 . . . .
July 9
July 16
July 2 3 . . . .
July 30
110
120
99
118
111
21,629
21,611
21,758
21,700
22,012
20,532
20,515
20,663
20,605
20,917
1,097
1,097
1,095
1,095
1,095
406
304
391
275
187
22,145
22,035
22,248
22,093
22,310
21,284
21,336
21,434
21,467
21,537
4,559
4,551
4,550
4,550
4,551
28,409
28,363
28,225
28,145
28,129
1,325
1,329
1,331
1,330
1,341
Aug. 6 . . . .
Aug. 13
Aug. 20. . . .
Aug. 2 7 . . . .
123
183
239
134
21,869
22,030
22,097
22,107
20,777
20,939
21,008
21,018
1,092
1,091
1,089
1,089
219
282
300
237
22,211
22,494
22,636
22,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
1,330
1,329
1,330
1,335
Sept.
Sept.
Sept.
Sept.
125
120
130
119
22,224
22,042
21,756
22,118
21,135
20,848
20,562
20,927
1,089
1,194
1,194
1,191
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,551
4,552
28,749
28,742
28,633
28,556
1,323
1,329
1,306
1,319
Oct. 1
Oct. 8 . . . .
Oct. 15
Oct. 22
Oct. 29
156
111
146
125
373
22,392
22,355
22,218
21,772
22,129
21,195
21,148
21,013
20,564
20,689
1,196
1,207
1,205
1,208
1,440
383
385
443
451
287
22,931
22,852
22,807
22,348
22,789
21,955
22,092
22,153
22,225
22,294
4,551
4,551
4,551
4,552
4,552
28,559
28,632
28,656
28,569
28,519
1,316
1,328
1,324
1,337
1,338
Nov.
Nov.
Nov.
Nov.
5
12....
19
26
204
429
199
370
22,119 20,552 1,567
22,052 20,343 1,708
22,222 20,117 2,105
22,239 19,913 2,327
317
208
620
325
22,640
22,689
23,041
22,934
22,336
22,442
22,513
22,597
4,551
4,550
4,552
4,554
28,635
28,709
28,595
28,725
1,324
1,328
1,327
1,330
Dec.
Dec.
Dec.
Dec.
Dec.
3
10....
17
24
31... .
262
250
168
283
85
22,120
21,985
21,657
21,900
22,559
19,587
19,273
18,772
18,659
18,230
2,533
2,713
2,886
3,241
4,329
448
382
913
827
536
22,830
22,617
22,738
23,011
23,181
22,680
22,708
22,723
22,743
22,754
4,553
4,556
4,557
4,556
4,562
28,817
28,874
28,923
29,111
28,868
1,342
1,331
1,332
1,318
1,336
1948—Jan. 7 . . . .
Jan. 14
Jan. 21
Jan. 2 8 . . .
164
165
168
281
21,683
21,896
21,540
21,987
17,148
17,018
16,311
15,904
4,536
4,878
5,229
6,082
473
507
518
391
22,320
22,568
22,227
22,658
22,762
22,790
22,829
22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
1,340
1,333
1,323
1,332
3
10
17
24
Excess2
597
598
606
647
631
614
16,167
16,310
16,517
17,073
16,988
17,261
961
595
598
607
631
626
563
567
15,931
16,513 1,063
562
16,139
864
16,956
829
16,974
17,899 1,499
1,407 1,108
1,429 1,172
713 1,148
1,600 1,060
626
627
636
637
15,930
15,847
15,943
15,658
800
718
673
559
1,093
1,033
642
641
641
643
627
15,540
15,934
15,987
15,820
15,826
563
886
844
658
654
957
846
626
628
626
626
15,877
15,949
15,942
15,705
654
787
752
520
653
495
225
642
956
889
857
915
629
629
632
636
15,921
16,028
16,241
16,081
626
667
750
674
658
566
756
939
705
977
844
952
818
1,236
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
1,071
1,053 1,000
987
1,265
915 1,123
621
622
624
626
16,409
16,428
16,407
16,493
741
779
721
459
243
240
800
1,149
960
930
924
632
632
642
645
16,628
841
16,932 1,015
17,128 1,055
875
16,831
1,053
832
837
817
924
917
643
646
648
650
649
17,034
985
17,142 1,069
17,229 1,154
857
17,037
721
16,859
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
986
992
951
967
961
624
618
615
609
563
17,038
854
935
17,132
17,581 1,165
17,377 1,073
17,899 1,499
1,009
569
568
565
555
17,503 1,166
17,863 1,537
17,334 P 1 , 0 6 9
17,305 p1.049
444
596
556
945
947
992
852
908
1,287
1,011
1,016
628
620
393
1,020
967
951
822
884
1,400
1,277 1,180
870
879
1,021
1,025
918
728
909
836
608
1,355
926
1,224
1,560
1,314
1,256
934
616
929
870
562
819
1,268
1,945
959
913
888
863
854
900
954
850
987
775
952
766
883
954
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
FEBRUARY
1948
187
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect January 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)i
Federal Reserve Bank
Rate
Boston
New York
Philadelphia.. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City...
Dallas
San Francisco.
Effective
Jan. 14,
Jan. 12,
Jan. 12,
Jan. 12,
Jan. 12,
Jan. 12,
Jan. 12,
Jan. 12,
Jan. 12,
Jan. 19,
Jan. 12,
Jan. 15,
1M
IK
\K
IK
IK
IK
IK
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)]
Rate
Effective
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
14,
12,
12,
12,
12,
12,
12,
12,
12,
19,
12,
15,
Effective
Rate
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
Jan. 14, 1948
V2
Apr. 6,
Mar. 23,
Mar. 9,
Mar. 16,
Jan. 24,
Jan. 12,
Jan. 12,
Jan. 15,
Jan. 19,
Mar. 16,
Apr. 25,
1"
2
2H
A
2Y2
2V2
1946
1946
1946
1946
1948
1948
1948
1948
1948
1946
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
RATES ON BANKERS' ACCEPTANCES
[Per cent per annum]
Rate on
Jan. 31
Maturity
In effect beginning—
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
Previous
rate
[In effect January 3i.
To industrial or
commercial
businesses
i j a n . 12, 1948
1 Jan. 12, 1948
i j a n . 12, 1948
1- 90 days
91-120 days
121-180 days
Federal
Reserve
Bank
1
Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Time
deposits
Central Reserve
(all
Country member
reserve
city
banks
city
banks
banks)
banks
Period in effect
June 21, 1917-Aug. 15, 1936..
Aug.
Mar.
Mav
Apr.
Nov.
Aug.
Sept.
Oct.
16,
1,
1,
16,
1,
20,
14,
3,
1936-Feb. 28,
1937-Apr. 30,
1937-Apr. 15,
1938-Oct. 31,
1941-Aug. 19,
1942-Sept. 13,
1942-Oct. 2,
1942 and after
1937..
1937..
1938..
1941..
1942..
1942..
1942. .
13
19^}
22^t
10
15
17/Hs
26
20
22^t
173^
26
24
22
20
7
103^
12M
14
12
14
14
14
14
20
20
20
20
3
4/^
5%
6
5
6
6
6
6
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
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
2H
2y2
2V2
2V2
2V2
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.
188
Per cent per annum]
To financing institutions
On discounts or
purchases
On
loans x
On
commitments
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas City
Dallas
San Francisco.. .
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
0
1-5
2^-5
i
1-5
IK
1
2
8
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 K Per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
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.
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1947
Item
Jan. 21
Jan. 28
Jan. 7
Jan. 14
Dec. 31
Jan.
Dec. 17
Dec. 24
Jan.
Dec.
Assets
20,965,170 :0,895,170 20,850,170 20,810,170 10,810,170 20,795,170 20,786,170 21,010,170 20,810,170 17,829,179
Gold certificates
Redemption fund for
797,722
695,066
687,317
682,667
691,084
687,127
687,127
691,082
694,906
692,963
F. R. notes
Total gold certificate reserves
1,656,252 21,588,133 21,545,076 21,505,236 21,497,297 21,482,487 21,468,837 21,701,254 21,497,297 18,626,901
Other cash
380,522
Discounts and advances
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
272,631
243,401
250,107
388,021
272,631
382,039
102,513
34,825
234,986
128,615
206,522
34,825
180,362
60,800
50,600
47,800
39,800
120,800
50,600
127,340
163,313
85,425
282,786
168,415
327,322
85,425
307,702
2,001
Industrial loans
1,387
1,423
1,428
2,869
1,441
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
10,004,321 10,234,744 10,781,056 10,896,835 11,433,410 11,786,735
Certificates:
Special
5,899,955 6,076,555 6,236,955 6,250,705 6,796,505 6,872,255
Other
1,542,750 1,497,950 1,497,950 1,468,950 1,476,550 1,531,750
Notes
4,539,599 3,731,166 3,380,021 3,066,952 2,852,869 1,709,593
Bonds
4,485
12
1,972
1,387
589
Total U. S. Govt.
securities
Other Reserve Bank
credit outstanding...
376,269
350,613
303,347
170,264
77,515
83,865
110,800
90,800
80,800
281,064
^168,315
164,665
6,189,229
11,882,116 9,709,271 11,433,410 9,462,980
6,889,605 5,881,655 6,796,505 7,180,012
355,300
1,481,750 1,542,750 1,476,550
753,390
1,403,826 4,790,968 2,852,869
,540,415 1,895,982 21,683,442 22,559,334 21,900,333 21,657,297 21,924,644 22,559,334 23,940,911
,986,<
388,541
515,409
506,099
471,585
535,331
826,287
907,970
535,331
527,670
504,653
Total Reserve Bank
credit outstanding 22,658,231 22,227,008 22,568,169 22,319,768 23,181,477 23,010,847 22,738,179 22,781,608 23,181,477 24,753,855
Liabilities
Federal Reserve notes. 24,159,085 24,278,023 24,435,805 24,651,253 24,820,434 24,984,449 24,822,907 24,155,801 24,820,434 24,386,525
Deposits:
Member bank — reserve account
17,304,92: 17,334,455 17,863,390 17,502,755 17,899,371 17,376,982 17,581,259 16,919,048 17,899,371 16,062,827
U. S. Treasurer—gen1,944,667 1,268,026
eral account
562,199
615,901 2,343,035
870,031 1,942,481
818,916
870,031
928,913
641,682
405,775
Foreign
391,849
424,514
485,138
360,056
456,372
391,849
461,517
469,440
280,760
569,433
482,036
Other
488,559
523,955
689,087
502,338
569,433
505,795
481,248
Total deposits.... 20,137,400 19,515,554 19,641,016 19,074,047 19,730,684 19,273,20 19,147,848 20,311,226 19,730,684 18,927,750
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
48.9
49.
49.2
48.9
48.5
48.3
48.8
43.0
48.8
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Industria loans:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan.
28
U. S. Government securities:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28. .
FEBRUARY
1948
Within
15 days
16 to 30
31 to 60
days
day
85,425
163,313
164,665
168,315
281,064
43,159
104,998
80,818
64,567
144,362
9 , 548
1 1 , 045
7 , 934
7, 655
2 0 , 620
1,387
1,428
1,423
2,869
2,001
1,316
1,363
1,360
2,806
1,810
1
1
1
22 ,559,334
21 ,683,442
21 ,895,982
21 ,540,415
21 ,986,625
3 ,857,251
2 , 806,645
2 ,465,966
2 ,809,118
3 ,015,793
1 ,620, 191
3 ,019, 793
3 ,151, 924
1 ,572, 416
2 ,587, 864
61 to 90 91 days to 6 months 1 year to 2 years to
6 months to 1 year
days
2 years
5 years
32 ,159
43 ,867
50 ,542
72 ,775
70 ,837
65
44
9 213
1 944
43
20
20
16
14
21
21
2
2
2
2
65
34
28
26
27
50
5 ,097 ,866
3 ,699 ,447
3 ,754 ,521
3 ,938 ,978
3 ,699 ,832
3 ,782 ,482
3 ,597 ,912
3 ,617 ,857
3 ,090 ,244
2 ,861 ,444
494
3 ,339
16 ,138
21 ,358
45 ,188
3,
3,
3,
3,
609
487
489
449
371
804
301
801
026
276
4
2
2
2
2
954 971
221 492
251 ,992
165 ,567
126 ,917
11
11
11
11
11
Oyer
5 years
23
23
23
23
23
197
197
198
198
376
633
633
633
633
033
2 ,439
2 ,653
2 ,965
3 ,316
3 ,947
136
219
288
433
466
189
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
20,810,170
Dec. 31
20,810,170
Jan. 7
Jan. 14
20,850,170
Jan. 21
20,895,170
Jan. 28
20,965,170
Redemption fund
for F. R. notes:
687,127
Dec. 31
695,066
Jan. 7
Jan. 14. . . . . . 694,906
Jan. 21
692,963
Jan. 28
691,082
Total gold certificate reserves:
Dec. 31
21,497,297
Jan. 7
21,505,236
Jan. 14
21,545,076
Jan. 21
21,588,133
Jan. 28
21,656,252
Dec. 31.'
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Discounts & advances:
Secured by
U. S. Govt.
securities:
Dec. 3 1 . .
Jan. 7. .
Jan. 14. .
Jan. 21. .
Jan. 2 8 . .
Other:
Dec. 3 1 . .
Jan. 7. .
Jan. 1 4 . .
Jan. 2 1 . .
Jan. 28. .
Industrial loans:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
LvS. Govt.
securities:
Bills:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Dec. 31. . . .
Jan. 7
Jan. 1 4 . . . .
Jan. 21
Jan. 28
Notes:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Bonds:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Total U. S. Govt.
securities:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Total loans and
securities:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Due from foreign
banks:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
1
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
,016,538 1,434,229 1,044,281 1,013,770 4,182,995 620,743 431,975 750,224 505,160 2 ,791,289
935,934 1,401,457 1,029,287 1,054,491 4,082,676 605,874 409,679 745,234 503,413 2,860,853
966,677 1,355,300 1,013,276 1,057,142 4,099,883 595,751 424,154 757,945 498,318 2,835,795
941,443 1,339,466 1,008,445 1,058,329 4,163,976 614,592 450,327 761,432 519,313 2,815,842
933,449 1,264,234 948,961 1,021,924 4,038,875 596,231 409,762 730,543 493,649 2,681,805
759,612
754,972
746,742
731,288
734,909
6,259,354
6,426,300
6,499,187
6,490.717
7,110,828
56,120
56,006
56,006
55,914
55,830
120,919
120,446
120,446
120,015
119,661
60,691
60,489
60,489
60,328
60,178
75,702
75,551
75,551
75,406
75,274
60,479
59,655
59,655
58,969
58,236
815,732
810,978
802,748
787,202
790,739
6,380,273
6,546,746
6,619,633
6,610,732
7,230,489
1,077,229
996,423
1,027,166
1,001,771
993,627
1.509,931
1,477,008
1,430,851
1,414,872
1,339,508
1,104,760
1,088,942
1,072,931
1,067,414
1,007,197
272,631
303,347
350,613
376,269
380,522
24,804
27,349
32.488
34,122
35,795
39,412
50,554
59,692
64,221
62,472
14,687
17f73O
22,852
25,176
23,963
23,878
27,131
28,827
34,631
35,328
19,620
21,426
25,415
26,513
26,193
23,750
23,181
27,727
28,594
29,147
34,444
101,853
83,194
76,805
169,170
2,235
2,554
9,938
1,805
12,255
24,955
51,730
31,552
12,760
20,640
3,455
4,790
4,675
5,765
5,267
1,704
2,529
8,634
5,408
13,703
615
3,265
3,140
1,637
12,700
50,981
61,460
81,471
91,510
111,894
3,238
3,891
5,090
5,720
6,980
16,905
19,456
25,856
29,106
35,456
3,386
4,925
6,545
7,355
8,975
5,086
6,035
7,825
8,744
10,583
139
1,387
1,428
1,423
2,869
2,001
Chicago
1,357
1,404
1,401
1,346
1,342
90,074
100,074
99,945
99,803
99,677
46,693
46,649
46,649
46,617
46,584
22,880
22,862
22,863
22,841
22,827
35,619
35,582
35,582
35,556
35,533
26,180
26,180
26,148
26.11S
26,091
51,241
51,150
51,150
51,079
50,974
1,054,299 4,273,069
1,094,913 4,182,750
,097,564 4,199,828
1,098,646 4,263,779
1,062,141 4,138,552
667,436
652,523
642,400
661,209
642,815
454,855
432,541
447,017
473,168
432,589
785,843
780,816
793,527
796,988
766,076
531,.1,340
529,593
524,466
545,431
519,740
2 ,842,530
2,912,003
2,886,945
2,866,921
2,732 ,779
42,326
47,330
54,526
56,952
57,566
15,047
15,545
15,840
18,316
18,530
6,793
6,720
8,851
7,949
9,631
10,380
11,527
12,652
14,132
14,885
12,455
13,845
15,796
16,390
17,356
39,479
41,009
45,947
49,273
49,656
80
6,305
7,155
12,555
17,905
175
14,505
1,910
2,560
14,175
50
550
7,100
10,400
22,750
1,500
2,500
2,000
16,110
700
11,250
4,715
17,040
18,240
2,500
1,500
4,500
9,000
475
375
375
375
6,425
2,479
2,979
3,959
4,449
5,429
2,075
2,493
3,313
3,723
4,543
6,882
8,269
10,989
12,349
15,069
1,771
2,408
3,189
3,539
4,694
1,265
1,520
2,020
2,270
2,770
1,771
2,128
2,828
3,178
3,878
1,670
2,006
2,747
3,087
3,767
4,453
5,350
7,110
7,990
9,750
30
24
22
23
32
1,500
488
1,040,322 636,584 531,611 1,535,867 568,921
1,044,679 707,684 546,292 1,561,047 594,302
1,033,579 700,165 540,487 1,538,258 574,543
981,205 664,686 513,100 1,460,633 551,581
959,114 649,723 501,548 1,427,893 489,985
298,577
333,541
329,997
313,274
306,221
522,437
507,913
502,516
477,051
466,311
40,529
40,422
40,422
40,317
40,217
11,433,410
10,896,835
10,781,056
10,234,744
10,004,321
771,910
723,465
724,746
688,022
656,484
3,270,067
2,612,865
2,585,103
2,454,107
2,450,313
798,366
778,359
770,089
731,066
714,606
6,796,505
6,250,705
6,236,955
6,076,555
5,899,955
442,209
420,197
419,274
408,491
396,618
1,482,995
1,498,806
1,495,509
1,457,048
1,414,702
468,634
446,488
445.505
434,048
421,434
647,980
599,255
597 937
582,560
565,629
485,785
405,945
405,053
394,635
383,167
396,910
313,367
312,677
304,637
295,782
946,565
888,151
886,196
863,404
838,314
390,354
345,120
344,361
335,505
325,754
1,476,550
1,468,950
1,497,950
1,497,950
1,542,750
96,070
98,749
100,697
100,697
103,710
322,183
352,228
359,182
359,182
369,924
101,811
104,927
106,999
106,999
110,199
140,776
140,828
143,608
143,608
147,903
105,536
95,400
97,283
97,283
100,192
86,229
73,643
75,096
75,096
77,343
2C5,644
208,720
212,842
212,842
219,206
84,804
81,105
82,706
82,706
85.18C
2,852,869
3,066,952
3,380,021
3,731,166
4,539,599
185,619
622,496
206,173
735,400
227,219
810,468
250,824
894,667
305,170 1,088,515
196,711 271,995
219,072 294,029
241,435 324,043
266,517 357,7C7
324,263 435,211
203,909
199,180
219,512
242,317
294.82C
166,605
153,755
169,451
187,054
227,584
397,328
435,777
480,260
530,154
645,022
1,431,814
1,408,209
1,422,013
1,398,921
1,427,902
22,559,334
21,683,442
21,895,982
21,540,415
21,986,625
1,495,808
1,448,584
1,471,936
1,448,034
1,461,982
5,697,741 1,565,522 2,101,073
5,199,299 1,548,846 2,078,791
5,250,262 1,564,028 2,099,167
5,165,004 ,538,630 2,O65,O8C
5,323,454 ,570,502 2,107,857
22,646,146
21,848,183
22,062,070
21,711,599
22,269,690
1,501,281
1,455,029
1,486,964
1,455,559
1,481,217
5,739,601
5,270,485
5,307,670
5,206,870
5,379,550
,573,720 2,107,863
,559,965 2,087,355
,576,649 2,115,626
,553,096 2,079,232
1,586,086 2,132,282
395,279 1,063,469
474,143 1,012,545
483,135 998,438
463,827 936,192
422,462 959,661
223,788 328,193
191,328 291,352
190,908 290,710
185,998 283,234
180,591 275,003
363,390
283,276
282,653
275,384
267,380
619,702
567,420
566,172
551,611
535,581
48,618
44,963
45,850
45,850
47,222
71,300
68,469
69,822
69,822
71,909
78,947
66,571
67,885
67,885
69,916
134,632
133,347
135,980
135,980
140 046
163,852
169,336
186,621
206,009
250,645
93,936
93,876
103,459
114,207
138,953
137,759
142,954
157,546
173,913
211,595
152,534
138,991
153,179
169,093
205,730
260,125
278,409
306,828
338,704
412,091
1,181,355 3,085,404
1,087,057 3,093,695
1,097,711 3,117,556
,067,033
1,079,887 3,067,033
!,257 3,130,435
1,102,
1,207,931
1,189,863
1,188,231
1,175,801
1,151,564
664,919
663,708
670,214
659,329
672,987
1,059,689
1,010,688
1,020,594
1,004,020
1,024,818
1,434,938 1,183,510 3,092,461
1,414,477 1,095,855 3 ,116,469
1,429,134 1,108,179 3,130,455
1,405,030 1,097,665 3,081,942
1,446,063 ,125,193 3,159,679
1.209,752
1,192,821
1.198,520
1.189,740
1,179,008
666,184
666,728
674,734
663,599
691,867
1,062,160 991,820 2,082,856
1,024,066 967,487 1,997,446
2,014,903
1,028,137
1,970,852
1,024,238
1,046,936 978,255 2,063,554
990,150 2,077,928
962,981 1,991,721
986,852 2,007,418
976,189 1,962,487
1
965,488 2,047,379
131
131
131
131
After deducting $64,000 participations of other Federal Reserve Banks on Dec. 31; Jan. 7; Jan. 14; Jan.21; and Jan. 28.
190
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Federal Reserve
notes of other
Banks:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Uncollected
items:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Bank premises:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Other assets:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Total assets:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Liabilities
Federal Reserve
notes:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Deposits:
Member bank
—reserve
account:
Dec. 3 1 . .
Jan. 7. .
Jan. 14..
Jan. 2 1 . .
Jan. 28. .
U S Treasurer-general
account:
Dec. 31. .
Jan. 7 . .
Jan. 1 4 . .
Jan. 21. .
Jan. 2 8 . .
Foreign:
Dec. 3 1 . .
Jan. 7 . .
Jan. 14. .
Jan. 2 1 . .
Jan. 28. .
Other"
Dec. 3 1 . .
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
162,242
166,026
181,739
167,253
156,868
9.130
6,453
7,876
8,396
6.120
17,676
20,495
28,827
23,224
22,439
10,866
1 0.517
10,386
10,057
8,022
8,922
11,659
9,836
* 9,187
7,978
22,291
24,409
28,067
30,505
32,564
16,919
15,761
19,874
16,845
14,642
22,440
21,792
21,466
20,450
16,865
10,191
10,510
9,987
8,910
9,628
8,158
7,990
8,316
7,068
5,632
10,128
10,471
10,164
8,040
9,012
7,051
7,854
6,969
6,779
6,196
18,470
18,115
19,971
17,792
17,770
2,984,999
2,782,736
3,230,715
3,279,448
2,771,85
244.218
229,987
282,648
243,192
216,163
670,430
541,079
652,041
599,906
519,136
192,379
190,136
196,419
200,798
168,061
275,270
251,830
324,279
316,220
283,168
253,489
247,225
257,146
305,665
239,515
174,514
175,538
215,721
266,789
171,311
464,388
426,666
508,090
463,859
426,056
161,999
120,325
151,404
160,010
126,319
67,641
80,087
87,071
90,902
80,103
159,158
158,831
169,648
178,317
169,020
109,719
120,292
137,715
171,349
120,122
211,794
240,740
248,533
282,441
252,877
33,007
33,00
33,00
32,99
32,966
1,241
1,241
1,241
1,241
1,236
8,239
8,239
8,239
8,239
8,239
3,182
3,182
3,182
3,182
3,176
4,938
4,938
4,938
4,934
4,925
2,637
2,637
2,637
2,637
2,637
1,559
1,559
1,559
1,559
1,556
3,064
3,064
3,064
3,064
3,061
1,973
1,973
1,973
1,973
1,973
1,208
1,208
1,208
1,208
1,209
2,456
2,450
2,450
2,450
2,450
797
797
797
797
797
1,713
1,713
1,713
1,713
1,707
115 237
112,747
117,367
123,246
137,459
7,544
7,668
7 940
8,361
9,263
25,057
26,659
28,135
28,993
32,681
7,455
7,567
7,921
8,459
9,399
10,780
10,636
11,203
11,988
13,416
8,219
7,389
7,771
8,102
8,857
6,700
5,695
5,927
6,247
7,036
15,992
15,976
16,268
17,239
19,537
7,162
6,619
6,819
7,079
7,967
3,657
3,371
3,483
3,721
4,186
5,726
5,466
5,531
5,741
6,184
6,012
5,005
5,277
5,664
6,268
10,933
10,696
11,092
11,652
12,665
47,711,654
46,751,371
47,520,676
47,279,040
47,405,703
2,603,956
2,538,711
2,621,911
2,538,079
2,540,539
12,880,719
12,464,288
12,704,268
12,542,216
13,255,037
2,879,526 3,941,591
2,785,528 3,870,566
2,844,583 3,925,569
2,802,547 3,871,073
2,792,342 3,816,614
2,845,959 2,461,255
2,806,510 2,412,506
2,823,106 2,476,555
2,845,871 2,516,349
2,763,031 2,411,030
24,820,434
24,651,253
24,435,805
24,278,023
24,159,085
1,472,299
1,457,474
1,440,641
1,431,790
1,427,432
5,765,916
5,696,559
5,635,233
5,601,098
5,579,002
1,681,880 2,139,963
1,669,269 2,128,446
1,657,407 2,112,225
1,647,196 2,096,535
1,643,237 2,093,609
1,741,896
1,728,462
1,710,329
1,696,518
1,683,469
17,899,371
17,502,755
17,863,390
17,334,455
17.3G4.922
766,622
775,279
807,447
761,435
765,356
5,573,276
5,348,608
5,610,548
5,366,812
5,456,468
867,114
834,419
872,565
842,525
842,632
1,386,873
1,370,898
1,350,990
1,294,219
1,285,863
784,772
775,282
774,966
764,175
742,249
66,431
229,639
41,086
120,241
52,691
127,104
68,087
282,673
85,317 1,009,387
77,363
30,133
51,711
57,359
75,290
79,221
44,367
84,174
115,965
103,227
43,913
45,520
67,267
78,441
71,722
55,312
31,249
46,468
73,055
73,764
101,887
95,214
119,744
243,520
153,756
41,733
31,056
42,891
77,479
67,972
391,849
485,138
456,372
424,514
405,775
21,125
26,142
23,794
23,038
21,810
2168,000
2207,979
2200,155
2176,458
2170,978
26,649
32,999
30,505
29,533
27,953
30,597
37,888
34,647
33,543
31,749
16,121
19,963
18,453
17,865
16,910
13,489
16,703
15,441
14,948
14,149
44,744
55,406
51,218
49,586
46,934
11,515
14,259
13,558
13,126
12,424
569,433
523,955
502,338
488,559
482,036
7,444
4,356
2,457
3,408
3,218
472,411
443,124
426,354
417,268
408,615
4,707
1,852
1,703
1,751
2,015
12,185
10,935
11,683
10,936
10,255
2,062
5,202
5,655
4,160
6,130
2,347
1,805
1,012
1,416
5,724
2,032
2,370
2,520
2,867
8,161
6,715
5,208
6,131
5,923
19,730,684
19,074,047
19,641,016
19,515,554
20,137,400
861,622
846,863
886,389
855,968
875,701
6,443,326
6,119,952
6,364,161
6,243,211
7,045,448
975,833
899,403
956,484
931,168
947,890
1,508,876
1,464,088
1,481,494
1,454,663
1,431,094
846,868
845,967
866,341
864,641
837,011
860,468
825,777
860,768
873,214
840,714
2,808,204
2,763,775
2,815,894
2,860,899
2,797,140
2,449,763
2,311,246
2,724,711
2,764,134
2,383,405
224,606
188,359
249,046
204,375
191,187
449,937
425,750
481,713
474,412
406,221
164,635
159,369
172,866
166,193
142,959
227,328
212,178
265,573
253,201
224,875
221,555
196,010
210,087
248,254
205,826
173.035
167,578
210,551
243,348
173,708
901
4,109
3,810
4,173
3,753
3,787
898
943
1,039
1,383
1,528
1,645
1,719
1,747
762
932
988
858
896
3,877,550 2,811,081
3,806,240 2,771,371
3,860,937 2,787,745
3,806,118 2,810,271
3,751,325 2,727,202
870,031
562,199
818,916
1,268,026
1,944,667
Jan. 7. .
Jan.
14. .
Jan. 21..
Jan. 28. .
Total deposits:
Dec. 3 1 . . . . . .
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Deferred availability items:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 2 8 . ;
NewYork
Boston
accrued div.:
Dec. 31
14,806
15,586
16,495
15,565
16,256
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Total liabilities:
Dec. 31
47,015,687
Jan. 7
46,052,132
Jan. 14
46,818,027
46,573,276
Jan. 21.
46.696.146
Jan. 28
1,318
905
881
882
2,559,428
2,494,014
2,576,981
,493,014
,495,202
945
956
12,663,288 2,823,246
12,246,071 2,728,984
12,485,280 2,787,796
12,322,474 2,745,502
13,034,458 2,735,042
7,913,753 2,073,563
7,814,060 2,000,319
7,933,710 2,026,946
7,907,298 2,047,240
7,821,329 1,986,243
1,397,716 4,636,568
1,388,853 4,624,807
1,374,659 4,589,426
1,369,084 4,568,057
1,365,688 4,553,385
1,208,498 2,035.854
1,198,647 1,993,630
1,230,682 2,022,112
1,247,617 2,029,909
1,225,219 2,014,566
1,659,197 5,207,783
1,644,876 5,221,730
1,682,122 5,229,112
1,730,189 5,200,652
1,648,737 5,131,016
1,143,968
1,138,220
1,129,784
1,123,141
1,115,909
626,969
626,476
622,212
618,429
615,589
949,067
948,090
943,131
936,725
932,427
624,739
621,059
613,900
610,385
606,314
2,639,453
2,623,538
2,606,858
2,579,065
2,543,024
789,320 2,655,849 691,845
776,020 2,611,123 675,287
797,847 2,642,562 668,675
784,292 2,565,273 657,009
751,385 2,593,583 641,415
450,542
437,888
449,535
451,312
437,575
868,410
841,737
844,303
832,811
831,808
863,227
851,287
861,185
860,196
827,697
2,201,521
2,204,927
2,182,767
2,154,396
2,128,891
43,975
34,778
52,140
69,615
73,028
8,225
10,185
9,415
9,115
8,628
40,670
27,211
49,569
62,780
69,426
39,504
25,933
44,630
55,381
73,236
50,383
35,411
80,527
83,671
88,542
11,515
14,259
13,181
12,761
12,078
10,857
13,444
12,804
12,396
11,733
29,012
35.911
33,201
32,145
30,429
4,325
1,351
1,352
2,292
210
679
583
874
487
349
45,130
44,088
40,994
38,901
38,824
753,254
727,317
730,332
753,745
727,734
2,645
1,912
2,676
1,868
1,745
505,387
484,763
513,766
531,910
520,976
924,920
884,558
908,405
908,562
913,991
915,880
891,247
919,493
928,460
913,015
2,326,046
2,320,337
2,337,489
2,309,113
2,286,686
372,809
328,611
430,860
380,470
372,392
150,013
108,228
140,048
143,477
115,548
57,024
68,549
75,695
78,161
69,119
135,688
134,581
143,942
157,913
141,236
93,632
107,326
123,119
165,544
103,443
179,501
214,707
221,211
248,786
236,891
619
697
763
725
759
2,337
2,547
2,748
2,623
2,679
678
742
818
750
745
867
489
525
533
830
601
645
700
632
636
446
603
675
721
718
1,205
1,332
1,516
1,425
1,621
2,431,838
2,382,905
2,446,741
2,486,371
2.380,869
7,819,918
7,719,740
7,838,928
7,812,049
7,725,596
2,047,913
1,974,507
2,000,982
2,021,113
1,959,936
1,190,247
1,180,277
1,212,198
1,229,033
1,206,514
2,010,276
1,967,874
1,996,178
2,003,832
1,988,290
1,634,697
1,620,235
1,657,187
1,705,110
1,623,490
5,146,205
5,159,914
5,167,074
5,138,389
5,068,222
919
2
After deducting $223,720,000 participations of other Federal Reserve Banks on Dec. 31; $277,032,000 on Jan. 7; $256,088,000 on Jan. 14;
$247,928,000 on Jan. 21; and $234,668,000 on Jan. 28.
FEBRUARY
1948
191
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS— Continued
[In thousands of dollars]
Total
C a p i t a l Accts.:
Capital paid in:
Dec. 31
Jan. 7 . . . .
Jan. 1 4 . . . .
Jan. 21
Jan. 28
Surplus
(section 7):
Dec. 31
Jan. 7 . . . .
Jan. 14
Jan. 21
Jan. 28
Surplus
(section 13b):
Dec. 31
Jan. 7 . . . .
Jan. 1 4 . . . .
Jan. 21
Jan. 2 8 . . . .
Other cap. accts.:
Dec. 31
Jan. 7
Jan. 14
Philadelphia
New
York
Boston
Richmond
Cleveland
Atlanta
Chicago
Minneapolis
St.
Louis
Kansas
City
Dallas
San
Francisco
195,517
195,820
196,262
196,397
196,901
11,243
11,263
11,266
11,269
11,285
68,888
68,911
68,943
68,929
68,968
14,370
14,407
14,428
14,453
14,466
18,843
18,837
18,857
18,878
18,895
8,220
8,277
8,299
8,320
8,334
7,514
7,551
7,621
7,633
7,660
23,827
23,879
23,904
23,923
23,933
6,404
6,416
6,433
6,439
6,445
4,293
4,313
4,330
4,334
4,339
6,522
6,540
6,578
6,597
6,613
7,304
7,314
7,479
7,484
7,504
18,089
18,112
18,124
18,138
18,459
448,189
448,189
448,189
448,189
448,189
28,117
28,117
28,117
28,117
28,117
138,596
138,596
138,596
138,596
138,596
35,350
35,350
35,350
35,350
35,350
42,173
42,173
42,173
42,173
42,173
21,210
21,210
21,210
21,210
21,210
19,110
19,110
19,110
19,110
19,110
66,217
66,217
66,217
66,217
66,217
16,972
16,972
16,972
16,972
16.972
11,233
11,233
11,233
11,233
11,233
16,148
16,148
16,148
16,148
16,148
14,111
14,111
14,111
14,111
14,111
38,952
38,952
38,952
38,952
38,952
27,543
27,543
27,543
27,543
27,543
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
24,718
27,687
30,655
33,635
36,924
2,157
2,306
2,536
2,668
2,924
2,628
3,391
4,130
4,898
5,696
2,071
2,298
2,520
2,753
2,995
2,019
2,310
2,596
2,898
3,215
2,099
2,303
2,503
2,721
2,936
2,031
2,178
2,321
2,473
2,629
2,362
2,795
3,232
3,680
4,154
1,753
1,903
2,038
2,195
2,369
1,652
1,751
1,848
1,944
2,060
1,771
1,931
2,071
2,195
2,378
1,778
1,909
2,038
2,177
2,325
2,397
2,612
2,822
3,033
3,243
2,603,956
2,538,711
2,621,911
2,538,079
2,540,539
12,880,719
12,464,288
12,704,268
12,542,216
13,255,037
2,879,526
2,785,528
2,844,583
2,802,547
2,792,342
3,941,591
3,870,566
3,925,569
3,871,073
3,816,614
2,845,959
2,806,510
2,823,106
2,845,871
2,763,031
2,461,255
2,412,506
2,476,555
2,516,349
2,411,030
7,913,753
7,814,060
7,933,710
7,907,298
7,821,329
2,073,563
2,000,319
2,026,946
2,047,240
1,986,243
1,208,498
1,198,647
1,230,682
1,247,617
1,225,219
2,035,854
1,993,630
2,022,112
2,029,909
2,014,566
1,659,197
1,644,876
1,682,122
1,730,189
1,648,737
5,207,783
5,221,730
5,229,112
5,200,652
5,131,016
157
146
157
186
217
1787
1728
1799
1944
11,104
199
184
202
239
280
228
212
230
272
318
121
111
122
145
169
101
93
102
121
142
335
309
340
401
469
86
80
90
106
124
62
57
63
74
86
86
80
88
103
121
81
75
85
100
117
217
200
220
260
304
490
434
437
492
496
1,642
1,465
1,415
1,415
1.275
78
81
75
72
75
400
400
400
400
373
351
351
351
351
351
580
580
580
580
580
Jan. 21
Jan. 28
Total liabilities
and cap. accts.:
47,711,654
Dec. 31
46,751,371
Jan. 7
Jan. 14
47,520,676
Jan. 2 1 . . . . 47,279,040
47,405,703
Jan. 28
Contingent liability on bills
purchased for
foreign correspondents:
2,460
Dec. 31
2,275
Jan.
7
2,498
Jan. 14
2,951
Jan. 21
3,451
Jan. 28
Commit, to make
indus. loans:
7,434
Dec. 31 . . .
Jan. 7
7,200
7 148
Jan. 14
Jan. 21 . . .
7,200
Jan. 28
7,040
3,750
3,750
3,750
3,750
3,750
143
139
140
140
140
i After deducting $1,673,000 of other Federal Reserve Banks on Dec. 31; $1,547,000 on Jan. 7; $1,699,000 on Jan. 14; $2,007,000 on Jan. 21;
and $2,347,000 on Jan. 28.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F.R.notes outstanding
(issued to Bank):
Dec. 31
Jan.
7
Jan. 14
Jan. 21
Jan. 28
Collateral held against
notes outstanding:
Gold certificates:
Dec. 31
Jan.
7
Jan. 14
Jan. 21
Jan. 28
Eligible paper:
Dec. 31
Jan.
7
Jan. 14
Jan. 21
Jan. 28
U. S. Govt. s e c :
Dec. 31
Jan.
7
Jan. 14
Jan. 21
Jan. 28
Total collateral:
Dec. 31
Jan.
7
Jan. 14
Jan. 21
Jan. 28
Boston
New
York
Philadelphia
25,705,984
25,625,343
25,514,724
25,335,943
25,251,670
1,535,998 5,929,626
1,531,150 5,912,983
5,912,983
1,530,620 5,883,795
1,525,050 5,820,599
5,820,599
1,520,337 5,809,826
12,719,000
12,519,000
12,569,000
12,529,000
12,399,000
460,000 3,570,000
460,000 3,570,000
460,000 3,570,000
460,000 3,570,000
460,000 3,570,000
550,000
550,000
550,000
550,000
550,000
24,880
51,570
31,302
12,810
20,065
3,455
4,790
4,675
5,765
5,267
32,410
76,134
64,025
52,102
114,517
2,235
2,554
9,938
1,805
12,255
Cleveland
1,746,101 2,229,858
1,741,237 2,227,289
1,737,114 2,212,807
1,729,547 2,190,460
1,724,170 2 ,188,153
735.00G
735,000
735,000
735,000
735,000
13,550,000
13,750,000
13,750,000
13,750,000
13,750,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
26,301,410
26,345,134
26,383,025
26,331,102
26,263,517
1,562,235 5,994,880 1,753,455 2,235,000
1,562,554 6,021,570 1,754,790 2,235,000
1,569,938 6,001,302 1,754,67 2,235,000
1,561,805 5,982,810 1,755,765 2,235,000
1,572,255 5,990,065 1,755,267 2,235,000
192
Richmond
Atlanta
1,805,525 1,458,483
1,790,344 1 ,450,341
1,783,594 1,434,277
1 ,760,084 1,431,649
1,747,364 1,418,800
675,000
675,000
675,000
675,000
675,000
Chicago
St.
Louis
Minneapolis
Kansas
City
4,769,011
4,756,949
4,743,284
4,718,533
4,704,246
1,187,366
1,184,814
1,178,627
1,174,118
1,170,518
644,064
644,091
641,961
639,778
636i,158
972,664 660,981
970,123i 657,651
967,259!652,601
965,947 643,068
964,022- 641,013
675,000 2,990,000
675,000 2,790,000
675,000 2,790,000
675,000 2,750,000
675,000 2,720,000
615
3,265
3,140
1,637
12,700
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 l,150,0C0
1,200,000 1,500,000 1,150,000
800,000 1,800,000
800,000 2,000,000
800,000 2,000,000
800,000 2,000,000
800,000 2,000,000
Dallas
San
Francisco
2,766,307
2,758,371
2,748,785
2,737,110
2,727,063
315,000 200,000
315,000 200,000
315,000 200,000
315,000 200,000
315,000 200,000
280,000
280,000
280,000
280,000
280,000
169,000 2,100.000
169.000 2,100,000
169,000 2,150,000
169,000 2,150,000
169,000 2,050,000
50
830
1,500
7,380 2,500
10,670 2,000
23,455 16,110
700
11,250
4,715
17,040
18,240
475
375
375
375
6,425
950,000 450,000
950,000 450,000
950,000 450,000
950,000 450,000
950,000 450,000
700,000 500,000 1,000,000
700,000 500,000 1,000,000
700,000 500,000 1,000,000
700,000 500,000 1,000,000
700,000 500,000 1,000,000
1,825,615 1,475,000 4,790,000 1,265,050 650,000
1,828,26. 1,475,000 4,790,000 1,265,830 651,500
1,828,140 1,475,000 4,790,000 1,272,380 652,500
1,826,63^ 1,475,000 4,750,000 1,275,670 652,000
1,837,700 1,475,000 4,720,000 1,288,455 666,110
980,700 669,000 3,100,475
991,250 669,000 3,100,375
984,
984,715
669,000 3,150,375
997,
997,040
669,000 3,150,375
998,240 669,000 3,056,425
FEDERAL RESERVE BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Date
1942
June 30
Dec. 31
1943
June 30
Dec. 31
1944
June 30
Dec. 30
1945
June 30
Dec. 31
1946
June 29
Dec. 31
1947
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29
Dec 31
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
565
2,665
310,680
2,688,397
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
Total
amount
81,108
803,720
69,674
137,888
632,474 1,430,121
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966,595
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
11,746
10,356
9,236
3,589
3,245
2,992
2,977
2,886
2,823
2,412
10,965
9,658
8,601
3,218
2,908
2,703
2,689
2,609
2,553
2,183
15,392
13,452
13,176
6,726
6,709
6,729
6,739
5,165
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
Date (last
approved
Wednesday
to date
or last day
of period) Num- Amount
ber
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3,471
June 3 0 . . .
3,483
Dec. 30. . . 3,489
1945
June 30. . . 3,502
Dec.
31.,. 3,511
1946
June 29. . . 3,524
Dec. 3 1 . . . 3,542
1947
Mar. 3 1 . . . 3,548
Apr. 3 0 . . . 3,552
May 3 1 . . . 3,553
June 3 0 . . . 3,555
July 3 1 . . . 3,558
Aug. 3 0 . . . . 3,563
Sept. 3 0 . . . 3,566
Oct. 31
3,567
Nov. 29
3,573
Dec. 31
3,574
ApParticiLoans Commitproved
pations
out- 2 ments
but not
outoutstanding
com- 1
standing
standing
pleted (amount) (amount) (amount;
(amount)
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
4,248
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
14,126
10,532
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
10,661
9,270
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17,930
510,857
525,532
1,295
11,366
3,894
4,048
4,165
11,063
2,706
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
1,081
1,109
1,618
1,778
1,732
1,858
L,892
1,901
4,627
1,387
8,160
7,279
5,735
7,018
6,886
7,437
7,395
7,316
7,471
7,434
2,727
2,616
2,761
4,043
3,902
5,028
5,019
4,892
5,994
4,869
569,825
571,408
571,893
572,836
574,999
576,161
577,614
578,300
583,986
586,726
1
926
45
4,595
5,371
4,595
195
1,902
351
1,229
1,139
1,375
945
Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
* 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.
FEBRUARY
1948
T o t a l reserves h e l d :
1946—November. . . .
December
1947—November....
December
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
27
4
11
18
25
1
8
15
Excess reserves:
1946—November. . . .
December
1947—November....
December
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
27
4
11
18
25
1
8
15
Borrowings a t Federal
Reserve B a n k s :
1946—November. . . .
December
1947—November. . . .
December
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
27
4
11
18
25
1
8
15
Central reserve
city banks
New
York
Chi-
Reserve
city
banks
16,311
16,517
16,986
17,261
4,208
4,270
4,273
4,404
925
938
1,010
1,024
6,433
6,515
6,756
6,861
4,744
4,794
4,947
4,972
16,948
16,991
17,013
17,306
17,258
17,716
17,628
17,440
4,291
4,320
4,294
4,424
4,370
4,594
4,504
4,408
1,007
1,008
1,006
1,041
1,016
1,051
1,029
1,032
6,747
6,743
6,793
6,849
6,867
7,047
7,056
6,965
4,903
4,919
4,920
4,992
5,005
5,025
5,039
5,035
854
900
850
987
19
27
39
105
7
5
10
13
203
227
214
271
625
642
587
597
773
821
813
990
939
1,384
1,295
1,139
34
61
42
109
45
261
160
117
10
9
5
29
29
10
12
189
200
217
237
267
447
459
345
540
551
549
615
627
647
666
665
211
157
274
224
28
6
60
38
7
6
128
104
154
123
54
46
54
57
315
274
279
186
262
149
102
172
62
17
52
1
79
24
37
59
182
192
165
124
102
71
44
52
60
65
57
61
61
54
21
41
All
member
banks *
Month, or
week ending Thursday
11
"5'
20
20
Country
banks 1
1 Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
December 1946
November 1947
15,855
16,002
8,189
8,505
12,151
12,536
5,783
6,091
December 1947
16,077
8,458
12,469
6,045
Boston
New York
Philadelphia
Cleveland
1,911
2,956
1,129
1,350
868
2,169
735
909
347
1,043
926
1,058
232
1,157
887
818
Richmond
Atlanta
Chicago
St. Louis
1,126
1,578
2,018
665
394
489
1,403
335
910
682
1,757
1,039
469
214
959
284
Minneapolis
Kansas City
Dallas
San Francisco. . .
598
552
1,001
1,192
299
105
143
610
818
1,673
1,615
601
453
204
65
303
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All reserve cities have a population of more than 15,000.
193
DBPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Interbank
Other
Reserves with Federal
Reserve Banks
De-
Net
demand
de-
Time
mand
balances
posits 8
from
de-
posits «
due
do-
Total
mestic
banks
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of December 1947
All member banks
91,594
11 ,718
79,876
80,090
28 ,178
5,746
i 7 ,034
16 ,208
826
258
Central reserve city banks:
New York
Chicago
22,685
5,269
4 ,079
1 ,148
18,606
4,121
20,875
4,746
1 ,446
894
53
151
4 ,318
1 ,014
4 ,262
1 ,003
56
11
33
Reserve city banks.
Boston
,
New York
Philadelphia
Cleveland
Richmond
,
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. . .
34,036
1,930
570
2,321
3,970
2 140
2 067
4 064
2 026
1 066
2 831
2,513
8,538
5 ,410
28,626
1,669
29,454
1,752
1,799
1,977
3,487
1,779
1,598
3,576
1,420
2,043
3,490
1,860
1,753
3,475
1,723
1,962
1,882
7,976
2,333
2.114
7,525
11 ,336
197
303
268
1 ,375
437
408
2 ,136
320
179
361
341
5 ,012
6 ,777
369
121
428
808
412
394
861
374
191
508
471
1 ,840
6 ,571
362
118
425
780
398
375
823
364
188
488
443
1 ,806
206
7
3
4
28
14
19
38
10
3
20
27
34
161
4
3
9
6
8
16
12
25
3
29
10
33
Country banks. . .
Boston
New York
Philadelphia.. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . ,
Kansas City...
Dallas
,
San Francisco.
29,604
2,335
4,067
2,066
2,427
2,177
2,439
3,855
1,841
1,503
2,302
2,769
1,824
1 ,081
87
82
15
26
137
179
78
140
80
78
153
26
28,523
2,247
3,985
2,051
2,401
2,040
2,260
3,776
1,701
1,423
2,223
2,616
1,799
25,014
2,030
3,590
1,813
2,078
1,789
2,029
3,273
1,533
1,268
1,894
2,148
1,569
14 ,502
1 ,099
3 ,325
1 ,621
1 ,730
864
702
2 ,361
619
751
309
207
913
3,743
4 ,925
380
763
392
457
343
366
688
280
256
326
375
299
4 ,372
350
702
351
395
302
326
600
252
223
284
313
274
552
30
61
41
62
41
40
88
28
34
42
62
24
61
8
29
5
7
2
1
1
3
.. _ .
261
27
344
483
361
468
488
606
311
868
631
562
543
756
499
887
34
23
79
180
106
122
306
98
67
257
228
299
183
289
192
286
306
342
512
257
198
387
581
209
Second half of December 1947
All member banks
92,700
12 ,014
80 ,687
80,740
28 ,212
5,851
17 ,475
16 ,337
1,138
193
Central reserve city banks:
New York
Chicago
23,221
5,372
4 ,297
1 ,174
18 ,924
4 ,199
21,239
4,821
1 .443
900
61
157
4 ,485
1 ,034
4 ,334
1 ,018
151
16
44
9
461
989
578
,386
,047
,153
,101
,087
,058
,063
,878
,520
,597
5 ,463
283
27
361
508
360
479
488
620
301
859
614
565
28 ,998
1 ,706
551
2 ,025
3 .540
1 ,794
1 ,623
3 ,600
1 ,438
762
2 ,020
1 ,907
8 ,032
29,622
1,789
1,896
2,349
2,097
7,570
11 ,366
196
303
260
1 ,386
437
407
2 ,133
320
180
360
344
5 ,038
6 ,939
387
122
445
848
421
405
867
386
197
523
471
1 ,868
6 ,606
370
120
433
785
396
380
821
367
187
491
440
1 ,816
333
17
2
12
63
25
25
46
19
9
32
31
52
87
5
2
5
11
6
12
13
11
3
12
5
3
29,646
2,355
4,098
074
2,441
2,171
2,444
3,851
1,843
1,489
2,304
2,766
1,812
1 ,080
87
85
15
27
138
183
78
137
77
76
150
25
28 ,566
2 ,268
4 ,013
2 ,059
2 ,414
2 ,033
2 ,260
3 ,773
1 ,706
1 ,411
2 ,228
2 ,615
1 ,787
25,058
2,037
3,612
1,823
2,075
1,788
2,028
3.270
1,539
1,260
1,904
2,159
1,564
14 ,504
1 ,101
3 ,327
1 ,623
1 ,724
863
702
2 ,363
620
751
309
207
913
3,737
5 ,017
396
794
401
467
347
367
698
284
256
329
374
304
4 ,378
351
705
353
394
302
326
600
253
221
285
315
274
638
45
89
48
73
45
41
98
31
34
44
60
31
54
7
22
6
4
3
Reserve city banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...
Country banks. ..
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City...
Dallas
San Francisco.
507
2,086
3,510
1,849
1,777
3,467
1,739
883
39
23
87
198
120
128
316
100
68
272
241
303
192
295
190
302
300
350
511
255
192
380
564
204
1
9
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.
. .
.
.
,.
J .
, „ •
J
* Demand deposits subject to reserve requirements, l. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
#
«Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and U.S. Government, less cash items reported as in process
of collection) of all member banks estimated at 73,200 million dollars in the first half and 73, 750 million in the second half of December.
194
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency
Total
in circulation i
Total
Coin
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
4,167
442
452
478
402
423
460
517
505
537
524
550
590
559
610
648
751
695
801
880
909
1,019
1,156
987
1,274 1,039
499
1946—August
September...
October
November...
December. . .
28,448
28,507
28,600
28,861
28,952
20,271
20,262
20,273
20,447
20,437
1,319
1,332
1,345
1,355
1,361
1947—January
February....
March . .
April
May
Tune
July
August .
September.. .
October
November.. .
December. . .
28,262 19,808
28,304 19,873
28,230 19,807
28,114 19,684
28,261 19,773
28,297 19,769
28,149 19,622
28,434 19,837
28,567 19,881
28,552 19,833
28,766 20,008
28,868 20,020
End of year or
month
s$l
$2
$10
$5
Large denomination currency2
i
Total
$20
$50
$100
$500 $1,000 $5,000 $10,000
Unassorted
33
34
36
39
44
55
70
81
73
719 1,229 1,342
771 1,288 1,326
815 1,373 1,359
906 1,563 1,501
905 1,560 1,475
946 1,611 1,481
1,019 1,772 1,576
1,129 2,021 1,800
1,355 2,731 2,545
1,693 4,051 4,096
1,973 5,194 5,705
2,150 5,983 7,224
2,313 6,782 9,201
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
387
409
460
538
724
1,019
1,481
1,996
2,327
710
770
919
1,112
1,433
1,910
2,912
4,1534,220
139
160
191
227
261
287
407
555
454
288
327
425
523
556
586
749
990
801
6
17
20
30
24
9
9
10
7
12
32
32
60
46
25
22
24
24
8
10
5
8
7
5
2
4
4
3
2
3
2
992
1,001
1,000
1,010
1,029
66
66
65
65
67
2,165
2,156
2,148
2,169
2,173
6,571
6,528
6,494
6,543
6,497
9,159
9,180
9,221
9,305
9,310
8,178
8,247
8,329
8,416
8,518
2,402
2,419
2,436
2,458
2,492
4,509
4,567
4,645
4,711
4,771
436
436
434
435
438
802
795
784
782
783
8
8
8
8
8
20
21
21
21
26
2
2
2
2
3
972
1,337
967
1,337
969
1,344
972
1,351
1,351
985
1,355
986
1,356
980
1,362
990
1,375 1,010
1,385 1,011
1,396 1,020
1,404 1,048
63
64
63
63
63
64
63
64
64
63
64
65
2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110
6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275
9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,457
8,434
8,424
8,432
8,489
8,530
8,529
8,600
8,689
8,721
8,760
8,850
2,460
2,456
2,447
2,442
2,449
2,466
2,453
2,477
2,503
2,499
2,513
2,548
4,757
4,755
4,754
4,769
4,789
4,808
4,824
4,874
4,941
4,986
5,023
434
433
432
431
430
430
428
428
428
427
426
428
774
769
771
773
804
810
806
804
800
793
782
782
9
6
6
5
5
5
5
5
5
5
5
5
23
14
14
12
11
12
12
12
12
11
11
17
3
3
1
1
2
2
2
2
2
3
3
3
33
32
33
35
364
337
358
618
577
627
125
112
122
399
707
135
5,070
237
216
239
265
8
5
7
10
7
16
7
18
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
8
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
Dec. 31,
against
1947
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
JVfinor coin
United States notes
Federal Reserve Bank notes
.
National Bank notes
Total—Dec. 31, 1947
Nov. 30, 1947
Dec. 31, 1946
22,754
21,544
25,706
4,562
21 ,544
493
1,938
2,248
942
354
347
384
104
310
1,938
3
i
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
21,210
'
•
•
7
7
"
18,682
50
27
13' '
6
3
1
1
23,792
23,654
20,648
1,336
1 ,324
2,272
18,682
18,548
15,566
2,815
1,048
273
Money in circulation 1
Dec. 31,
1947
Nov. 30,
1947
47
24,582
4,239
47
24,475
4,244
Dec. 31,
1946
49
24,672
4,231
2
154
152
148
207
21
6
31
4
1
2,040
908
343
313
378
103
2,042
903
341
320
383
103
2,01.1
882
331
316
434
110
4,136
3.873
4,043
28,868
28,766
28^952
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. 187, and seasonally adjusted figures in table on p. 196.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
• To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note of explanation of these duplications.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral maybe 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.
FEBRUARY
1948
195
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
1947
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
Monthly averages of daily
figures:
1946—December
28,997
28,710
+69
1947—January
February
March
April
May
June
July
August
September
October
November
December
28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,648
28,937
28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
28,711
28,598
28,562
28,650
-252
-158
+58
+54
-56
+22
-62
+78
+317
-113
-36
+88
28,394
28,309
-341
,
,
1948—January
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
1
¥or end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—January
February.. .
March
April
May
June
July
August
September..
October
November..
December. .
1948—January
2
12 760
14,512
17,644
21 995
22,737
22 726
21 938
20,619
20 065
20,529
22,754
20,748
20,330
20,463
20,774
20,933
21,266
21 537
21,766
21,955
22,294
22,614
22,754
P22,934
Increase
in gold
stock
Net
gold
import
or export
Earmarked
gold: decrease
or increase (—)
-200.4
1 502 5 1,585 5
-333.5
1,751.5 1,973.6
-534.4
3,132.0 3,574.2
-644.7
4,351 2 4,744 5
-407.7
982.4
741.8
-458.4
— 10 3
315 7
-803.6
68 9
—788 5
-845.4
-459.8
-1,319.0
— 106 3 —356.7
—553 9
465.4
311.5
464.0
210.0
2,224.9 P 1 , 8 6 6 . 3
196.1
-16.8
219.3
-684.5
20.4
•-418.2
153.6
203.5
132.5
44.1
311.5
272.0
129.7
159 0
13.1
119.0
200.2
333.4
219.2
26.7
270 6
111.7
42.3
228.8
109.6
153.1
189.4
-4.0
339.0
450.8
-82.8
320.1
265.7
-44.6
139.5
P178.2
5 -14.9
P180.3
Domestic
gold
production1
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
7.6
5.5
5.5
6.2
7.2
6.1
7.3
7.0
7.0
8.2
6.2
p Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation
of monthly figures see table on p. 247.
2
Includes gold in the Inactive Account amounting to 1,228 million
on3 Dec. 31, 1937.
Change reflects primarily gold subscription to International Monetary
Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,633.2 million dollars on Jan. 31, 1948. Gold under earmark is not included in the gold stock of the United States.
NOTE.-—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Annual rate of
turnover of demand
deposits, except interbank and Government
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
New
York
City
New
York
City
Other
leading
cities
New
York
City
Other
leading
cities
167,373
193,729
17.1
17.3
18.0
20.5
22.4
24.2
25.5
25.2
24.1
18.6
19.4
18.4
17.4
17.3
16.1
16.9
16.5
18.0
Year and month
Total, all
reporting
centers
New
York
City*
140
other
centers *
Other
reporting
centers 2
445,863
537,343
607,071
641,778
792,937
891,910
974,102
j 1,050,021
1,125,074
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475
405,929
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336
599,639
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210
119,506
16.1
16.5
17 1
18.3
19.0
21.0
13.1
11 7
10 8
9 7
10.0
12.0
258,398
298,902
351,602
374,365
| 407,946
400,468
217,744
270,439
308,913
369,396
403,400
412,800
449,414
522,944
598,445
1946—• D ecem ber
103,900
41,252
52,295
10,353
25.8
12 6
40,021
52,139
28.7
19.2
1947—January
February
March
April
May
'93,490
81,567
'93,308
87,771
87,840
'94,447
'93,740
^84,427
91,903
105,290
'92,910
118,382
34,305
29,745
33,547
31,391
30,895
35,632
34,779
28,331
31,837
37,504
31,738
46,225
49,140
43,199
49,955
46,904
47,464
••49,267
49,178
'46,720
49,962
'56,554
51,002
60,295
•"10,045
8,622
'9,806
9,475
9,482
9,548
'9,783
'9,377
10,104
'11,232
'10,169
11,862
20.6
20.4
20.4
19 2
19.0
22.7
21.2
17.5
20.2
21.8
21.6
27.2
11 6
11 6
11.9
11 3
11.3
12.1
'11 6
11.0
12.1
12 4
13.1
13.5
33,592
29,173
34,439
29,997
31,695
35,092
33,026
29,025
31,605
35 162
33,531
44,131
48,778
44,011
50,582
46,403
48,023
48,595
48,525
47,026
49,978
55.025
51,621
59,878
23.8
24.0
24.9
21.5
22.7
25.6
22.9
20.6
23.1
23.9
26.5
29.9
17.4
18.1
18.6
17.0
17.3
17.9
17.2
16.6
18.0
18.2
19.8
20.0
1940
1941
1942—old series »3
1942—new series
1943
1944
1945
1946—old series 44
1946—new series
1947
JulyAugust
September
October
November
December
.. .
Other
reporting
centers
J2OO.337
' Revised.
National series for which bank debit figures are available beginning with 1919.
Number of centers included: 133 in 1940-1942 (old series); 193 in 1942 (new series)—November 1947; 192 beginning December 1947, one
city 3having been dropped when the reporting bank was absorbed by a reporting bank in another city.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months
of 1942 partly estimated.
4
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ
slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation.
1
2
196
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
End of month
1079—Tune
December
1933 Tune
*.
•
1938—j u n e
1939—Tnne
. ...
1940—Tune
December
1941—June
1942—Tune
1943—j u n e
,
1944—Tune
1945—June
1946—June
December
....
1947—January (Jan. 2 9 ) . .
February (Feb. 26)..
March (Mar. 2 6 ) . . .
April (Apr. 30)
May (May 28)
June (June 30)
July (July 30) P
August (Aug. 27)P. .
September(Sept.24) v
October(Oct.29)p. . .
November (Nov.26) P
December (Dec. 31) v
Total
deposits
adjusted
and
currency
outside
banks
Total
aemana
deposits
adjusted
Time deposits
aonn aA
Total
deposits
adjusted
Demand
deposits
adjusted 1
55,171
54,713
41,680
42,548
56,565
58,955
60.943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
26,179
26,366
19,172
19,817
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992
110,044
51,532
51,156
36,919
37,766
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
140,377
22,540
22,809
14,411
15,035
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
165,900
165,100
165,000
165,100
165,000
165,455
166,400
167,100
168,600
169,700
170,400
171,200
108,600
106,800
106,500
107,400
107,600
108,575
109,200
109,600
110,600
111,700
112,500
113,500
139,800
138,900
138,900
139,000
138,900
139,156
140,400
140,900
142,200
143,400
143,800
144,600
82,500
80,600
80,400
81,300
81,500
82,134
83,200
83,400
84,200
85,400
85,900
86,900
currency
outside
banks
United
States
Government
deposits s
Total
Mutual
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
3,103
28,611
28,189
21,656
21,715
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
19,557
19,192
10,849
11,019
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
8,905
8,838
9,621
9,488
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16,869
1,303
1,303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
2,657
2,932
3,119
3,283
3,639
3,557
4,761
4,782
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516
26,730
3,100
3,700
3,700
2,700
2,200
1,367
1,400
1,700
1,900
1,800
1,900
1,400
54,200
54,600
54.800
55.000
55,200
55,655
55,800
55,800
56,100
56,200
56,000
56,300
33,900
34,100
34,200
34,400
34,500
34,835
34,900
34,900
35,100
35,200
35,000
35,100
17,000
17,100
17,200
17,200
17,300
17,428
17,500
17,500
17,600
17,600
17,600
17,800
3,300
3,400
3,400
3,400
3,400
3,392
3,400
3,400
3,400
3,400
3,400
3,400
26,100
26,200
26,100
26,100
26,100
26,299
26,000
26,200
26,400
26,300
26,600
26,600
381
158
852
1,016
599
889
792
846
828
753
savings
banks««
Postal
Savings
System •
Currency
outside
banks
Commercial
banks»«
149
159
) 1Rfi
1,208
I1,251
11,251
1,261
1,278
v Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits', United States Treasurer's time deposits, open account, and postal savings redeposited in banks.
*5 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
Prior to June 30,1947, includes a relatively small amount of demand deposits.
6
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS *
[In millions of dollars]
Nonmember
Member
banks
banks
Total,
Assets
all
Nonbanks
NaIntional State sured insured
DeposU. S. Government
Cash
Cash
securities
End of month itors'
balin dereNumber of banks suspended:
posiserve
ances1 Total
313
6
207
1934-40
84
16
tory
Guar- funds,
Di1
banka Total
anetc
1941
8
3
1
4
rect
teed
9
3
6
1942
1943
2
4
2
1
1
1944
1,192 1,046
53
1939—Dec.. 1,279 1,319
146
74
0
1945
1,224 1,078
36
1940—Dec... 1,304 1,348
146
88
1946
0
1,274 1,128 146
26
1941—Dec.. 1,314 1,396
95
1
1
1947
1,345 1,220
16
102
1942—Dec... 1,417 1,464
126
1948—January
1,716 1,716
10
118
1943—Dec.. . 1,788 1,843
2,252 2,252
152
8
1944—Dec. . 2,342 2,411
Deposits of suspended banks
179
2,837 2,837
6
1945—Dec.. . 2,933 3,022
(in thousands of dollars) :*
200
3,182 3,182
6
1946—Dec.
3,284 3,387
1934-40
...
131,934 14,872 26,548 49,689 40,825
1
2
3
1947—Feb...
Mar..
Apr.. .
May..
3,355
3 375
3,382
3,387
3,393
June
3,398
July
Aug.. . 3,396
3 407
Sept
O c t . . . 3,412
Nov... P 3 , 4 1 4
Dec. .
3,463
3,481
3,492
3,508
3 523
3,548
3,553
3,542
3,524
6
5
5
5
6
6
6
6
6
3,257
3,284
3,290
3,277
3,302
3,351
3,360
3,325
3,314
3,257
3,284
3,290
3,277
3,302
3,351
3,360
3,325
3,314
200
192
197
226
216
191
188
212
205
p Preliminary.
d i
1O
Outstanding
principal, represented by certificates of deposit.
2
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
FEBRUARY
1948
1941
1942
1943
1944
1945
1946
1947
1948—January
3,726 3,144
1,702
6,223 4,982
405
0
0
167
503
1,375
1,241
79
327
405
167
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
* 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.
197
ALL BANKS IN THE UNITED STATES, BY CLASSES*
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of bank
and date
Total
U. S.
Loans
Total
All banks:
1939—Dec.
1940—Dec.
1941 Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—June
Dec.
1947—June
Dec.
Other
Cash
assets 1
Government
obligations
Other
securities
Total
Interbank 1
Total Number
capital
of
account: banks
Demand
Time
30
31
31
31
31
30
31
29
31
302
31 e. . . .
50,8854,17
61,12<
78,14
96,96(
119,46
140,22'
136,57:
131.6OJ
131,09*
134,93C
22,165 28,719 19,417
23,756 30,422 20,972
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
31,486 105,087 95,911
35,648 96,050 86,558
38,365 92,730 82,679
43,100 91,830 81,150
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,175
9,491
10,051
10,680
23,292
28,090
27,344
28,701
28,475
30,790
35,415
33,124
35,041
33,544
37,910
68,242
75,996
81,816
99,803
117,661
141,448
165,612
159,171
155,902
153,349
161,380
9,874 32,516
10,934 38,562
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,311 98,060
12,656 92,462
11,679 89,295
13,020 95,350
25,852
26,499
26,479
27,058
31,081
37,551
45,613
48,800
50,784
52,375
53,010
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,067
11,360
11,721
11,940
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,567
14,585
14.716
14,715
All commercial b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec, 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 302
Dec. 31«
40,66?
43,929
50,746
67,393
85,095
105,53C
124,01
119,448
113,993
112,756
116,280
17,238
18,800
21,714
19,221
19,117
21,644
26,083
27,130
31,122
33,679
38,190
23,430
25,129
29,032
48,172
65,978
83,886
97,936
92,318
82,871
79,077
78,090
16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780
70,539
69,130
7,114
7,372
7,225
6,793
6,136
6,329
7,331
7,845
8,091
8,538
8,960
22,474
27,124
26,551
28,039
27,677
30,206
34,806
32,378
34,223
32,704
37,030
57,718
65,337
71,283
89,135
105,923
128,072
150,227
142,890
39,033
35,907
43,610
9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,311 98,043
12,656 92,446
11,679 89,281
13,020 95,340
15,331
15,844
15,952
16,395
19,350
24,184
30,241
32,536
33,930
34,947
35,250
6,885
7,010
7.173
7,330
7,719
8,265
8v950
9,352
9,577
9,880
10,060
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,026
14,044
14,183
14,182
All insured commercial
banks :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
39,290
42,557
49,29C
66,240
83,50:
103,382
121,80V
117,409
112,178
110,682
16,863
18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733
33,250
22,427
24,162
28,031
47,336
64,666
82,030
96,043
90,618
81,445
77,433
15,567
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554
69,136
6,860
7,099
6,984
6,631
5,983
6,155
7,131
7,641
7,891
8,297
21,873
26,287
25,788
27,586
27,183
29,733
34,292
31,843
33,694
32,190
56,069
63,461
69,411
87,803
04,094
25,714
.47,775
40,612
36,990
33,659
9,523 31,483
10,539 37,333
10,654 43,059
11,144 60,504
10,705 74,309
12,074 89,761
13,883 104,015
12,007 96,459
12,320 91,144
11,243 87,930
15,063
15,589
15,699
16,154
19,081
23,879
29,876
32,145
33,526
34,486
6,527
6,676
6,844
7,055
7,453
7,989
8,671
9,068
9,286
9,558
13,534
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13.354
13,386
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
Dec. 31*. . .
33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,03
96.362
94,80:
97,773
13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
32,585
19,979
21,805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
66,146
65,188
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
57,905
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,458
6,625
6,948
7,283
19,782
23,963
23,123
24,280
23,790
25,860
29,845
28,079
29,587
28,694
32,651
49,340
56,430
61,717
78,277
92,262
10,917
29,670
22,519
18,170
15,435
22,265
9,410
10,423
10,525
11,000
10,555
11,884
13,640
11,801
12,060
11,041
12,391
28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
76,380
81,573
11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
28,014
28,301
5,522
5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,095
8,315
8,453
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
6,928
6,923
All national banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944_Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
21,810
23,64?
27,571
37,576
47,499
58,308
69,312
66,277
63,723
62,982
9,022
10,004
11,725
10,183
10,116
11,480
13,925
14,469
17,272
18,764
12,789
13,644
15,845
27,393
37,382
46,828
55,387
51,809
46,451
44,218
9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658
39,271
3,731
3,908
3,806
3,648
3,318
3,536
4,137
4,537
4,793
4,947
12,489
15,099
14,977
16,184
16,017
17,570
20,114
18,607
20,012
19,342
31,559
35,787
39,458
50,468
59,961
71,858
84,939
80,212
78,775
77,146
5,898
6,574
6,786
7,400
7,159
8,056
9,229
7,816
8,169
7,432
17,579
20,885
24,350
34,499
42,605
50,900
59,486
54,930
52,194
50,694
8,081
8,329
8,322
8,570
10,196
12,901
16,224
17,466
18,412
19,020
3,397
3,528
3,640
3,729
3,950
4,265
4,644
4,862
5,138
5,296
5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,007
5,012
State member
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—June
Dec.
1947—June
12,130
13,478
15,950
21,687
26,759
33,261
37,871
35,754
32,639
31,820
4,940
5,316
6,295
5,905
6,171
7,196
8,850
8,834
9,424
9,891
7,190
8,162
9,654
15,782
20,588
26,065
29,021
26,921
23,216
21,928
5,271
6,088
7,500
13,802
18,883
24,393
27,089
25,000
21,384
19,927
1,920
2,074
2,155
1,980
1,705
1,672
1,933
1,921
1,832
2,001
7,293
8,865
8,145
8,096
7,773
8,290
9,731
9,472
9,575
9,353
17,781
20,642
22,259
27,808
32,302
39,059
44,730
42,307
39,395
38,289
3,512
3,849
3,739
3,600
3,397
3,827
4,411
3,986
3,890
3,609
10,652
12,944
14,495
20,024
23,833
28,874
32,334
29,672
26,726
25,686
3,617
3,849
4,025
4,184
5,072
6,357
7,986
8,649
8,779
8,994
2,124
2,169
2,246
2,371
2,525
2,703
2,945
3,058
2,957
3,019
1,175
1,342
1,502
1,598
1,698
1,789
1,867
1,875
1,893
1,916
banks:
30
31
31
31
31
30
31
29
31
30
e
Partly estimated.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions1 in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following page.
198
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
I Amounts in millions of dollars]
Loans and investments
Depc>sits
Investments
Class of bank
and date
All nonmember commercial banks:
1939—Dec 30
1940—Dec. 31. . ..
1941—Dec. 31
1942—Dec 31
1943—Dec. 31. . .
1944—Dec. 30
1945—Dec 31
1946—June 29 .
Dec. 31
1947—June 302e
Dec. 31
Other
Total
Loans
Total
U. S.
Government
obligations
6,727
6,803
7,233
8,137
10,847
13,972
16,849
17,430
17,646
17,970
18,520
3,276
3,479
3,696
3,136
2,832
2,971
3,310
3,830
4,429
5,027
5,610
3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217
12,943
12,910
1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749
11,352
11,230
1,464
1,389
1,266
1,166
1,115
1,122
1,262
1,388
1,468
1,591
1,680
2,901
3,074
3,241
2,818
2,556
2 678
2,992
3,491
4,040
4,597
2,448
2,357
2,535
4,166
6,702
9,146
11,647
11,901
11,791
11,299
1,239
1,240
1,509
3,162
5,739
8,197
10,584
10,716
10,524
9,949
Other
securities
Cash
assets 1
Total 1
Interbank^
2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639
4,013
4,380
8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879
20,488
21,360
464
512
457
1,210
1,116
1,025
1,004
962
949
1,063
1,185
1,268
1,350
2,091
2,324
2,668
3,308
3,395
3,875
4,448
3,766
4,109
3,498
6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836
18,240
113
116
129
1,649
1,876
1,872
1,332
1,829
2,358
2,452
2,279
2,043
2,248
309
448
351
425
510
597
638
630
Demand
Time
Number
Total
of
capital
accounts banks
4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526
12,901
13,770
3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756
6,949
6,960
1 3*3
I 312
1,288
1,230
I 245
1,298
8,122
7,859
7,662
7,460
7,299
7,181
7,130
7,142
7,147
7,258
7,262
3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12.225
11,550
3,365
3,411
3,360
3,409
3,823
4,632
5,680
6,045
6,351
6,488
1 005
978
959
7,172
6,952
6,810
6,667
6,535
6,452
6,416
6,446
6,457
6,461
I 362
I 433
1,483
1,566
610
insured nonmember
commercial b a n k s :
5,350
1939—Dec. 30
5,431
1940—Dec. 31
1941—Dec 31
5,776
6,984
1942—Dec. 31 ..
9,258
1943—Dec. 31
1944—Dec 30
11,824
1945—Dec. 31 . . . 14,639
15,392
1946—June 29
15,831
Dec. 31
1947—j u n e 30
15,896
Noninsured n o n m e m ber commercial
banks:
1939—Dec 30
1940—Dec. 31
1941—Dec. 313
1942—Dec 31 ..
1943—Dec. 31
1944—Dec 30
1945—Dec 31
1946—June 29
Dec. 31 . . . . . .
1947—June 30 2
All mutual savings
banks:
1939—Dec 30
1940 Dec 31
1941—Dec 31
1942—Dec 31
194^—Dec 31
1944—Dec 30
1945—Dec 31
1946—Tune 29
Dec. 31.
1947—June 30 2
Dec. 31 e
Insured mutual savings
banks:
1939—Dec 30
1940 Dee 31
1941—Dec. 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 30
1945—Dec 31
1946—June 29
Dec 31 .
1947—j une 30
Noninsured mutual
savings banks:
1939 Dec 30
1Q40—Dec 31
1941—Dec 31
1942 Dec 31
1943—Dec 31
1944—Dec 30
1945—Dec 31
1946—Tune 29
Dec 31
1947—June 30 2
1,378
1,372
1,457
1,154
1,588
2,148
2,211
2,038
1,815
2,074
375
405
1,003
749
254
601
967
694
273
837
292
318
339
389
430
1,002
836
1,312
1,856
1,893
1,699
1,426
1,645
761
674
1,160
1,682
1,693
1,496
1,226
1,403
10,216
10 248
10,379
10,754
11 871
13,931
16,208
17 125
17,704
18,339
18,650
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,686
4,910
5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,653
13,740
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,140
12,020
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,513
1,720
1,329
1 654
1,693
2,007
7,525
9,223
10,846
11,453
11,891
12,375
605
637
642
740
3,073
3,110
3,081
3,132
3,250
3,370
724
1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641
9,005
422
548
629
861
3,844
5,509
7,160
7,662
7,946
8,216
303
470
421
405
608
604
606
660
695
789
8 887
8 594
8,687
8 747
4 345
4,708
5,361
5 671
5,813
5,964
4,323
4,319
4,259
3 954
1,411
1,260
1,198
1,224
1,275
1,316
4,565
4,274
4,428
4 792
2,935
3,448
4,163
4 447
4,538
4,649
2 679
2,667
3,075
3 711
2,246
2,819
3,522
3 777
3,833
3,924
455
318
276
241
162
153
174
200
204
200
241
1,885
1,607
1,353
1 082
689
629
641
671
705
724
763
452
494
473
514
534
530
514
818
839
880
10,524
10 659
10,533
10,668
U 738
13,376
15,385
16,281
16,869
17,442
17,770
133
202
151
130
559
400
429
550
612
658
1,409
1 818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
685
9 114
8 841
8,744
8 620
4 204
4,466
5,022
5 302
5,442
5,541
818
966
793
663
797
584
609
747
764
642
533
238
184
180
197
206
181
145
149
190
244
206
260
201
351
396
329
164
299
161
181
303
336
436
1.031
L ,225
1L.291
927
1,261
,892
L,905
1,584
1,302
1,351
955
979
1 022
1 083
1,149
1,193
1,245
268
358
255
334
253
241
329
275
270
267
305
365
391
404
461
276
279
284
290
322
95Q
907
852
793
764
729
714
69S
690
797
10,521
10 6S5
10,527
10,662
11,730
13,366
15,371
16 264
16,853
17,428
17,760
[ 292
L 241
1,236
1L 276
L 378
1,592
L 715
1,784
1
3
4
6
6
8
10
14
17
16
14
10
1,880
541
541
533
533
1
1
2
3
4
4
7
8
12
14
13
12
1,407
1 815
1,785
2,044
7,527
8,902
10,351
10,965
11,415
11,889
153
161
164
201
808
892
1,034
1,122
1,173
1,218
51
53
52
56
184
192
192
191
191
191
1
1
2
2
1
2
2
3
3
2
9 113
8 840
8,742
8 618
4 203
4,464
5,020
5 299
5,439
5,539
1
1
1
1
500
498
496
490
361
351
350
350
350
342
1
1
J 3OQ
.84?
156
131
077
035
468
485
558
593
611
624
551
551
548
546
545
543
542
2
June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Deposits unclassified as to time or demand
have3 been included in time for mutual savings banks and in demand for commercial banks.
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
For other footnotes, see preceding page.
FEBRUARY 1948
199
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES'
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
AH insured commercial banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Member banks,
total:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Oct. 6 . .
New York City:*
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Oct. 6
Total
loans
and
investments
Investments
Commercial,
Total
Loans for
purchasing
or carrying
inAgri- securities Real
cludConcules- sumer Other Total
ing
To
tate loans loans
open- tur- brokal*
To loans
marers othket
and
Padeal- ers
peri
ers
U. S. Government obligations
ga-
tions
Total
17,064
21,046
40,705
58,683
75,875
88,912
73,554
69.136
3,273
21,805
6,660 865 642 652 3,228
8,671 972 594 598 3,494
3,692
25,500
7,387 1,089 934 538 3,423 1,847 870 43,175
7,421 1,023 1,398 839 3,274 1,484 848 57,970
7,531 1,198 2,249 2,108 3,209 1,505 877 72,893
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
13,820 972 1,507 1,154 6,240 3,998 965 66,146
66.590
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,288
18 395 7 178
21 ] 259 9^214
18,903 7,757
18,841 7,777
21,352 7,920
25,765 9,461
30,733 14,016
33,250 14,765
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
97,328
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
30,738
10,910
12,896
17,957
19,994
24,003
26,143
20,834
20,332
20,469
3,384
4,072
4,116
4,428
5,760
7,334
6,368
6,548
6,881
2,125
2,807
2,546
2,515
2,610
3,044
4.078
4,171
2,377
2,760
3,973
4,554
5,443
5,931
4,765
4,802
5,040
696
954
832
492
732
658
763
738
760
1,281 663 727 4,468
1^450 614 662 4^773
1,642 950 597 4,646
1,505 1,414 922 4,437
1,723 2,269 2,265 4,343
1,314 3,164 3,606 4,677
1,358 1,517 1,609 7,103
1.549 1.517 1,278 8,201
6
465
412
8
787
21
24 1,054
30 1,742
190
169
193
323
859
42
48
34
102
163
211
117
100
54
52
32
52
163
233
101
84
130
123
117
107
86
80
99
104
468
554
303
148
252
153
253
179
287
298
455
250
500
291
7,527
8,823
13,841
15,566
18,243
18,809
14,465
13.784
13.588
84
96
18
14
34
40
29
29
1,681
1,806
3,141
3,550
4,258
4.598
3,266
3,237
3.316
1,307
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,935
1,3 22
115
207 1,436
114
194 1,527
1,512
97
153 1,486 808
312
217
267 1,420 658
301
311
777 1,379 660
313
427 1,503 1,459
855
404
264
704 2,237 1,436
435
185
540 2,713 1,675 405
7,081
8,243
14,813
21,321
26,781
31,594
24,527
23,170
23.297
5,204
6,467
13,038
19,682
25,042
29,552
22,250
20,845
20.884
2,453 1,172
1,096 389
1,196 286
of
Direct
24,162
4 077
28^031
4! 545
2,269 1,042 47,336
918
1,868
64,666
1,888 944 82,030
2,361 1,181 96,043
4,031 1,098 81,445
4,893 1,047 77.433
42 557
49^290
66,240
83,507
103,382
121,809
112,178
110,682
Obli-
States Other
and secuCertifiGuar- politcates
an- ical rities
of
inteed
Bills debt- Notes Bonds
subdiviedsions
ness
662
988
4,462
4,636
3,971
2,455
1,271
6^727
13,218
15,300
19,071
12,288
835 9.441
652
971
4,363
4,360
3,748
2,275
1,167
6^285
12,071
13,982
16,985
10,043
773 7,544
2,756
3,159
5,799
7,672
15,778
16,045
6,780
5.341
9,925
12,797
20,999
30,656
39,848
51,321
53,200
53.505
3,719
4^102
2,718
2,501
2,594
3,007
5,409
6,906
14,127
14,271
5,602
4,369
9,091
11,729
18,948
27,265
34,927
44,792
46,219
46.502
3,486
3,832
2,540
2,345
978
22
15
14
3 608 3 491
3^651 3,333
3,533 3,098
3,287 2,696
3,422 2,733
3,873 3,258
4,298 3,592
4,826 3,471
3,013 2,970
3,090 2,871
2,965 2,664
2,729 2,294
902 2,857 2,350
16 3,254 2,815
11 3,548 3,077
10 3,982 2,966
4.224 3,079
6,044 207
1,245 2,977 1,615
7,265 311
1,623 3,652 1,679
12,547 1,855 2,144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
17,179 913 3,740 3,745 8,592 189
1
17,574 477 3,433 3,325 10,337
992 10,202
1
13,308 387 1,725
137 1,103
775 10,555
1
12,571
12.305
695
729
593
444
468
606
557
631
694
788
830
701
558
596
629
601
582
588
112
119
83
74
31
188
182
166
158
160
181
167
175
205
186
193
186
155
185
204
187
173
176
771 3,281 1,049
751 4,248 1,173
6,810 811
9,943 749
11,987 440
5
15,878
4
16,013
3
IS.967
984
956
954
913
893
820
821
726
740
916
Chicago:11
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6
1,004
1,184
1,333
1,499 1,094
1,565 1,178
1,724
5
6
6
6
17
2
3
1
19
22
23
22
24
36
51
42
62
45
45
51
105
130
Reserve city banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6 . .
Country banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6. .
297
256
397
199
250
133
60
106
637
877
1,045
1.467
498
368
145
752
153
903
391 1,282
484 1,602
779 1,809
749 1,864
146 2.207
132 2,284
13,013
15,347
20,915
27,521
33,603
40,108
35,351
34,611
35,792
5,931
7,105
6,102
6,201
6,822
8,514
10,825
11,441
12.495
2,589
3,456
2,957
3,058
3,034
3,661
5,548
5.726
263
300
290
279
348
205
201
197
10.826
12,518
16,419
22,188
28,520
35,002
35,412
35,057
36,027
5,309
5,890
5,038
4,654
4,910
5,596
8,004
9,102
9.638
1,453
1,676
1,226
1,084
1,149
1,484
2.433
2,744
590
659
772
713
802
648
681
774
21
20
17
25
32
42
29
26
201
183
161
197
310
471
273
244
1,644
1.400
1,823
1,530
1,797 674 393
1,725 528 381
1,719 547 351
1,881 707 363
2,970 1,312 306
3.381 1,693 240
5.517
6,628
11,380
17,534
23,610
29,407
27,408
25,955
26,389
45
433 2,081
3,269
110
481 2,926
4,377
671
9,172
1,251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
882 3.466 4,422 12,540
21,552
26,999 630 5,102 4.544 16,713
279 4,020 2,470 17,797
24,572
197 3.035 1,960 17,696
22,893
23.164
710
861
574
538
241
9
6
5
1,146
1,222
1,252
1,214
1,230
1,342
1,551
1,813
1,934
1,102
1,028
5,431
5,776
6,984
9,258
11,824
14,639
15,831
15,896
3,074
3,241
2,818
2,556
2,678
2,992
4,040
4,597
518
543
370
356
389
512
862
945
416
478
553
482
525
459
474
576
21
20
16
16
21
31
12
11
75
64
59
82
156
228
142
125
1,240
1,282
1,225
1,165
1,136
1,224
1,748
1,963
2,357
2,535
4,166
6,702
9,146
11,647
11,791
11.299
1,240
1.509
3,162
5,739
8,197
10,584
10,524
9,949
234
271
179
156
76
6
3
4
595
563
569
560
566
619
752
845
521
462
435
403
383
443
516
505
103
295
1,441
1,802
1,704
1,034
2,253
4,691
5,730
6,982
441 3,799
334 3.038
1,723
2.497
5,181
5,653
1,993
1.503
1,000
1,126
1,272 1.004
1,364 96?
1.390 1,023
956
855
829
1,067
1,285
1,250
1,291
[nsured nonmember c o m mercial banks:
1940—Dec. 3 i . .
1941—Dec. 3i .
1942—Dec. 3i".
1943—Dec. 3 l . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
803
854
422
173
385
70
383
67
460
77
723
79
82
895
10
17
99
442
276 1.147
223 1,319
180 2.087
104 2,247
62 1,897
162
834
152 1,069
390 2,053
766 3,395
1,652 4,928
1,774 6,538
1,179 6,991
972 7,013
• These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans: consequently, beginning
Dec.2 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
200
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
RESERVES AND LIABILITIES
tin millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
Revault
serve
Banks
All insured c o m mercial b a n k s :
1940— Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
13,992
12,396
13,072
12,834
14,260
15,810
16,013
16,039
1,622
1,829
2,012
11,804
Member b a n k s
total •„
1940—Dec. 31. .
1941—Dec. 31, .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 3 0 . .
Oct. 6. .
13,992
12,396
13,072
12,835
14,261
15,811
16,015
16,040
16,946
New York City:*
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6 . .
]L.234
DeBalances mand
with
deposits
doadmestic
banks' justed*
Interbank
deposits
1,087
1,019
1,132
1,271
1,438
1,576
1,409
1,496
6,185
6,246
6,147
5,450
6,354
7,117
5,936
5,521
5,993
30,429
33,754
42,570
52,642
57,308
64,184
70,243
69,595
70,793
10,101
9,603
10,881
15.,333
10,644
9,612
10,471
7,057
5,105
4,388
3,596
3,766
4,015
4,046
4,166
4,254
102
93
72
92
102
111
131
123
143
122
141
82
61
76
78
87
50
55
11,062
10,761
11,899
13,899
14,042
15,065
16,429
16,494
15,941
4,032
3,595
3,209
2,867
3,179
3,535
3,031
2,898
2,975
1,051
1,021
902
821
899
942
928
973
993
42
43
39
38
43
36
29
36
30
319
298
164
158
177
200
172
162
144
1,941
2,215
2,557
3,050
3,041
3,153
3,356
3,427
3,612
Reserve city banks:
1940—Dec. 31. . 4,027
1941—Dec. 3 1 . . 4,060
1942—Dec. 3 1 . . 4,940
1943—Dec. 3 1 . . 5,116
1944—Dec. 30. . 5,687
1945—Dec. 31. . 6,326
1946—Dec. 31. . 6,337
1947—June 30. . 6,274
Oct. 6 . . 6,764
396
425
365
391
441
494
532
470
494
2,741
2,590
2,202
1,758
2,005
2,174
1,923
1,864
1.835
9,581
11,117
14,849
18,654
20,267
22,372
24,221
24,166
24,580
Country banks:
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6 . .
452
526
542
611
684
796
883
780
829
3,002
3,216
3,699
3,474
4,097
4,665
3,753
3,444
3,959
7,845
9,661
13,265
17,039
19,958
23,595
26,237
25,508
26.660
243
271
287
313
352
391
437
395
2,017 3,391
2,325 4,092
2,934
5,65J
2,996 7,279
31434 8,652
3,955 10,537
3,547 11,842
2,979 11,274
Chicago:*
1940—Dec. 3 1 . .
1941—Dec. 31.*.
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Oct. 6. .
1,857
2,210
2,842
3,303
3,909
4,527
4,703
4,628
4,934
visions checks, poraetc.
tions
5 ,677
702
666
5 ,823
673 1,761
813 8,167
10,234
5 ,743
893 9,950
11 ,063
948 19,754
U ,566 1,248 23,740
10,888 1,364 2,930
,807 1,372 1,247
33,820
37,845
48,221
59,921
65,960
74,722
82,085
80,869
991
U. S.
Certi- IndiIndi- Bor- CapiGov- States viduals,
ernU.S. States fied viduals,
and
row- tal
and partner- Inter- ment polit- partner- ings acGov- and
ships,
counts
ern- political offi- ships, bank and
ical
ment subdi- cers' and corPostal subdi- and cor-
DoFormestic8 eign
8,202
8,570
9,080
8,445
9,787
11,075
9,481
8,498
L.358
11,305
J1,445
Time deposits
971
3,298
3,677
3,996
4,352
4,518
5,098
5,967
6,495
1,077
1,219
1,669
1,354
2,585
2,361
2,111
700
616
671 1,709
811 7,923
891 9,444
945 18,509
1,243
1,353
1,369
1,455
22,179
2,672
1,095
2,308
2,724
3,066
3,318
3,602
3,744
4,240
4,915
5,376
5.059
1,009
1,142
1,573
1,251
2,450
2,207
1,976
1,821
641
607
733
810
851
48
866
370
319
263
252
199
237
218
260
225
Sav- visions porations
ings
32,398
36,544
47,122
58,338
64,133
72,593
79,887
78,077
160
158
97
68
64
70
68
64
69
59
61
124
109
103
119
111
522
492
397
395
423
496
664
771
14,998
15,146
15,697
18,561
23,347
29,277
32,742
33,604
11
10
10
46
122
215
39
60
6,676
6,844
7,055
7,453
7,989
8,671
9,286
9,558
29,576
33,061
42,139
51,820
56,270
62,950
69,127
67,933
69,047
141
140
87
62
58
64
62
60
50
56
50
56
120
105
99
114
106
110
435
418
332
327
347
399
551
649
661
11,687
11,878
12,366
14,822
18,807
23,712
26,525
27,259
27,511
3
4
5
39
111
208
30
50
332
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,463
5
6
3
4
11
17
20
22
14
5
7
10
15
14
12
51
29
23
26
17
20
39
17
17
768
778
711
816
977
942
915
783
11,357
11,282
12,501
14,373
14,448
15,712
17,216
17,202
16,463
27
34
38
44
33
66
47
55
50
1,905
2,152
2,588
3,097
3,100
3,160
3,495
3,417
3,548
5
8
152
181
161
174
233
178
174
167
237
228
304
323
3,919
4,302
4,831
4,770
5,421
6,307
5,417
4,773
5,378
49
327
54
491
63 1,982
63 3,373
70 6,157
110 8,221
127
991
311
109
789
125
995
1,144
1,319
1,448
1,509
1,763
2,077
2,301
2,025
228
286
385
475
488
611
693
554
554
9,468
11,127
15,061
18,790
20,371
22,281
24,288
23,934
24,508
633
790
957
994
151
2
2
225
4 1,090
5 1,962
8 4,230
8 5,465
877
8
424
8
794
7
1,184
1,370
1,558
1,727
1,868
2,004
2,391
2,511
2,487
187
239
272
344
369
435
524
451
435
574
611
678
75C
775
858
58
68
76
96
103
135
154
135
9,581
S ,714
997
1,027
L, 105
972
1,132
1,292
1,130
1,056
111
1,149
1,199
1,067
885
1,006
4,186
3,395
6,722
1,105 6,940
651
1,195
179
1,228
564
1,298
8
8
12
14
16
20
24
24
25
90
127
665
713
1,400
1,552
913
471
450
448
710
361
1,338
1,206
1,395
1,407
1,437
"29
96
195
.
268
1,615
1,648
1,727
1,862
1,966
2,120
2,205
2,234
2,250
2
2
2
4
6
7
496
476
453
505
619
719
823
864
871
107
104
63
41
33
30
25
21
20
19
20
22
56
40
38
43
41
46
226
243
169
151
154
160
235
319
314
4,505
4,542
4,805
5,902
7,561
9,563
10,580
10,888
10,975
6,846
8,500
11,989
15,561
18,350
21,797
24,128
23,380
24,528
29
30
20
17
14
17
17
17
17
33
31
32
56
57
52
55
49
50
150
146
140
149
175
219
272
308
324
5,917
6,082
6,397
7,599
9,650
12,224
13,727
14,101
14,229
3
4
3
10
16
11
26
38
28
1,909
1,982
2,042
2,153
2,321
2,525
2,757
2,869
2,946
2,822
3,483
4,983
6,518
7^863
9,643
10,761
10,144
18
18
10
6
6
6
6
4
13
8
5
4
4
4
5
5
87
74
65
68
76
97
113
122
3,311
3,276
3,339
3,750
4,553
5,579
6,232
6,361
8
6
5
978
959
955
979
2
2
i1
....
j
270
288
304
326
354
377
404
416
420
1,904
1,967
2,028
2,135
2,327
""2
2,566
4 2,729
11 2,796
35 2,847
2
Insured nonmember com-
mercial banks:
1940—D ec> 3i
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
95
108
133
141
182
233
244
194
3
2
2
2
5
11
3
50
53
243
506
1,245
258
152
1,052
1,119
1,022
7 1,083
9 1,193
10 1,245
10
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member bankt 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.
FEBRUARY 1948
201
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
T o others
Real- Loai
jstate
to
U. S.
U. S.Othei loans banks
Govt. Othei
se- Govt.
seob- curiobligaliga- curitions ties tions ties
Othei
Total
Total
CerOther
tifisecucates
rities
Bills of in- Notes Bonds1
debtedness
Total—
Leading Cities
1946—December. .
65,287
19,494 11,370
944
526
813
2,454
176
2,716 45,793 41,847
1947—August
September. .
October....
November..
December. .
63,630
64,343
64,840
64,953
65,13
20,838
21,371
22,220
22,887
23,428
12,259
12,757
13,432
14,154
14,569
622
573
494
419
387
471
444
546
457
527
504
501
492
451
407
472
475
3,127
3,199
3,278
3,356
3,427
242
224
220
211
199
3,141
3,198
3,271
3,345
3,409
42,792
42,972
42,620
42,066
41,707
38,561
38,689
38,340
37,842
37,474 1
Nov.
Nov.
Nov.
Nov.
5
12
19. . . .
26
64,910
64,937
64,924
65,042
22,694
22,880
22,874!
23,099
13,971
14,152
14,214
14,277
399
444
374
458
462
463
432
472
474
458
439
433
486
486
515
487
3,331
3,347
3,367
3,380
246
182
180
235
3,325
3,348
3, 353
3,357
42,216
42,057
42 ,050
41,943
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24. . . .
31. .
65,027
65,140
65,385
;
65 ,305
64,815
23,2291
23,343
23,518
23,722
23,328
14,368
14,471
14,629
14,729
14,650
476
428
331
407
292
443
421
646
634
492
434
418
403
404
376
511
509
490
490
514
3,388
3,413
3,429
3,446
3,459
230
291
177
193
106
3,379
3,392
3,413
3,419
3,439
1948—Jan. 7
Jan. 14
Jan. 21 . . . .
Jan. 28
65,142
65,088
65,530
64,953
23,229
23,243
23,394
23,394
14,637
14,689
14,761
14,727
245
181
221
230
442
426
416
444
353
337
330
312
501
505
503
499
3,472
3,493
3,508
3,516
144
147
182
180
3,435
3,465
3,473
3,486
New York City
1946—December. .
20,705
6,453
4,054
778
361
206
96
1947—August
September. .
October
November. .
December.
19,803
20,031
20,036
.19.903
20,056
6,403
6,566
6,840
7,088
7,286
4,309
4,525
4,815
5,191
5,343
523
490
412
320
290
330
311
368
314
377
187
185
189
193
202
102
102
102
105
104
Nov.
Nov.
Nov.
Nov.
5
12. . . .
19. . . .
26
19,891
19,917
19,884
19,918
6,977 5,086
7,102
7,075
7,195 5,253
313
349
281
338
316
316
288
334
185
183
214
188
104
105
106
105
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31.
19,975
19,973
20,145
20.186
20,002
7,280
7,290
7,352
7,434
7,076
5,293
5,317
5,366
5,413
5,328
380
339
248
320
207
310
279
490
469
337
211
212
190
191
206
20,175
19,842
20,13?
19,850
7,037
6,992
7 ,065
7,085
5,324
5,327
5,343
5,324
184
125
160
169
304
297
299
331
200
201
197
197
1948—Jan. 7 . . . .
Jan. 14. . . .
Jan. 21
Jan. 28. . . .
817
6,483 4,040 30,507 3,946
649
791
680
897
,251
4,294
4,133
4,034
3,811
3,291
2,626
2,686
2,576
2,159
2,832
30,992
31,079
31,050
30,975
30,100
4,231
4,283
,280
4,224
4 ,233
37,982
717
37,834
807
37,829 1,041
37,724 1,021
3,924
3,763
3,765
3,793
2,349
2,262
2,029
1,997
30,992
31,002
30,994
30,913
4,234
4,223
4,221
4,219
41,798
41,797
41,867
41,583
41,487
37,560
37,564
37,653
37,366
37,227
948
1,110
1,367
1,299
1,530
41,913
41,845
42,136
41,559
37,642
37,587
37,886
37,323
2,031
2,060
2,354
2,209
30,474 4,238
3,291
30,340 4 ,233
3,272
30,150 4 ,214
3,289
3,263 2,771 30,033 4 ,217
3,338 2,854 29,505 4,260
3,387 2,826 29, 398 4,271
3,327 2,808 29,392 4,258
3,437 2 ,786 29, 309 4,250
3,410 2,739 28,965 4,236
152
598 14,252 13,119
258|
181
170
161
160
160
674
692
711
731
737
13,400
13,465
13,196
12,815
12,770
12,131
12,173
11,965
11,639
11,576
142
255
25Oi
412
661
811
712
724
629
536
725
747
618
375
481
10,453
10,459
10,373
10,223
9,898
1,269
,292
,231
,176
,194
168
152
148
173
725
732
731
734
12,914
12,815
12,809
12,723
11,741
11,638
11,633
11,545
272
373
541
462
711
609
585
612
454
419
315
314
10,304
10,237
10,192
10,157
,173
,177
,176
,178
104
104
106
105
103
171
236
151
152
91
736
738
738
724
748
12,695
12,683
12,793
12,752
12,926
11,498
11,488
11,616
11,575
11,702
434
508,
699'
699
964
505
514
512
528
621
510
476
455
420
543
10,049
9,990
9,950
9,928
9,574
,197
,195
,177
,177
,224
103
105
108
106
111
126
136
144
758
760
762
764
13,138
12,850
13,073
12,765
11,911
11,631
11,875
11,571
597
591
663
655
519
491
512
526
9,515
9,504
9,501
9,286
1,227
1,219
1,198
1,194
2,813
1,280
1,045
1,199
1,104
1 ,165 10,081
1 ,133
Outside
New York City
1946—December. .
44,.
13,041
7,316
165
605
289 2,358
2,118 31,541 28,728
559 4,868 2,875 20,426
1947—August
September.
October. . .
November.
December.
43,827
44,312
44,804
45,050
45,079
14,435
14,805
15,380
15,799
16,142
7,950
8,232
8,617
8,963
9,226
141
133
178
143
150
407
410
410
377
313
285
290
298
301
301
3,025
3,097
3,176
3,251
3,323
2,467
2,506
2,560
2,614
29,392
29,507
29.424
29,251
2 , 6 7 2 28,937
26,430
26,516
26,375
26,203
25,898
507
536
430
485
590
3,483
3,421
3,310
3,182
2,755
1,901
1,939
1,958
1,784
2,351
20,539
20,620
20,677
20,752
20,202
2,962
2,991
3,049
3,048
3,039
Nov. 5 . . .
Nov. 12. . .
Nov. 19. . .
Nov. 26. . .
45,019
45,020
45,040
45,124
15,717
15,778
15,799
15,904
8,885
8,962
8,979
9,024
86
95
93
120
146
147
144
138
394
383
367
363
301
303
301
299
3,227
3,242
3,261
3,275
2,600
2,616
2,622
2,623
29 ,302
29,242
29,241
29,220
26,241
26,196
26,196
26,179
445
434
500
559
3,213
3,154
3,180
3,181
1,895
1,843
1,714
1,683
20,688
20,765
20,802
20,756
3,061
3,046
3,045
3,041
Dec.
Dec.
Dec.
Dec.
Dec.
3. . .
10...
17...
24. . .
31.
45,052
45,16
45,240
45 ,119
44,813
15,949
16,053
16,166
16,288
16,252
9,075
9,154
9,263
9,316
9,322
96
89
83
87
85
133
142
156
165
155
359
353
340
344
320
300
297
300
299
308
3,284
3,309
3,323
3,341
3,356
,643
,654
,675
695
2,691
29,103
29,114
29,074
28,831
28,561
26,062
26,076
26,037
25,791
25,525
514
602
668
600
566
2,786
2,758
2,777
2,735
2,717
2,337
2,366
2,392
2,351
2.311
20,425
20,350
20,200
20,105
19,931
3,041
3,038
3,037
3,040
3,036
1948—Jan. 7 . . .
Jan. 1 4 . . .
Jan. 2 1 . . .
Jan. 2 8 . . .
44,967
45,246
45,392
45,103
16,192
16,251
16,329
16,309
9,313
9,362
9,418
9,403
61
56
52
61
13S
129
117
113
300
286
279
262
301
304
306
302
3,369
3,388
3,400
3,410
2,677 28,775
2 , 70528,995
2,711 29,063
2,722 28,794
25,731
25,956
26,011
25,752
2 , 790
2 ,736
2,774
2,755
2,307 19,883
2,317 19,888
2,274 19,808
2,213 19,679
3,044
3,039
3,052
3,042
751
1,015
1 .155
1,105
c
1
Corrected.
Including guaranteed obligations.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
202
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
sxcept interbank
Date or month
ReBalDeserves
with Cash ances mand
Feddewith
in
eral vault
do- posits
Remestic ad- 1
serve
banks justed
Banks
TotalLeading Cities
1946—December.. 11,891
Individuals, States
and
part- politnerical
ships, suband
divicor- sions
porations
2,388 47,028 47,364 2,843
Certified
and
officers
checks,
etc.
Interbank
deposits
Time deposits,
except interbank
IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGov- nerical ment
ern- ships, suband
Do- Forment and
divi- Postal mescor- sions Saveign
tic
poraings
tions
Bor- Caprow- ital
acings counts
Time
Bank
deb-2
its
1,616 2,466 13,629
247
79
9,855 1,325
54
204
5,643 3 92,160
46,632
47,460
47,804
48,343
49,363
3,096
3,056
2,978
3,090
3,148
1,326
808 14,080
931 14,134
1,393
1,513 1,380 14,167
1,509 1,071 14,144
651 14,093
1,700
332
333
328
327
335
80
84
83
81
80
9,274
9,696
9,978
9,905
9,922
1,374
1,431
1,410
1,380
1,370
38
36
38
38
39
222
203
231
338
228
5,766
5,783
5,810
5,836
5,831
76,051
81,583
90,187
85,152
104,009
47,452
47,275
47,622
47,982
47,766
48,696
48,449
48,460
3,129
3,060
3,028
3,141
1,449
1,512
1,430
1,645
1,095
1,105
1,036
1,048
14,169
14,162
14,147
14,096
324
332
329
323
79
81
81
81
10,005
10,002
10,090
9,526
1,391
1,374
1,377
1,378
38
38
38
39
277
426
201
447
5,843
5,846
5,831
5,825
20,331
17,997
23,702
21,762
2,334
2,363
2,533
2,387
2,694
48,247
48,570
49,160
48,876
48,685
48,379
48,966
50,216
49,446
49,809
3,146
3,106
3,122
3,119
3,246
1,800
1,404
1,813
1,523
1,961
741
717
461
544
793
14,069
14,061
14,055
14,090
14,192
328
335
341
333
338
81
80
80
79
79
9,702
9,673
10,190
9,792
10,251
1,378
1,374
1,388
1,357
1,353
39
41
38
38
30
303
345
156
298
37
5,842
5,832
5,830
5,825
5,826
20,346
20,509
24,912
23,688
22,692
845
842
779
792
2,566
2,551
2,419
2,243
48,620
48,963
48,970
48,833
48,635
49,672
49,282
48,701
3,263
3,271
3,222
3,264
1,440
1,483
1,518
1,420
568
520
589
693
14,177
14,158
14,158
14,127
347
359
383
391
77
77
77
75
10,285
10,292
9,944
9,297
1,346
1,351
1.332
1,347
37
36
37
37
128
90
130
206
5,834
5,826
5,826
5,836
19,372
20,565
22,253
21,103
42
804
1947—August. . . .
September .
October
November..
December. .
11,952
12,257
12,432
12,371
12,719
753 2,295 46,817
809 2,370 47,276
790 2,452 47,197
816 2,418 47,583
848 2 , -162 48,708
Nov.
Nov.
Nov.
Nov.
5....
12
19....
26
12,429
12,180
12,417
12,458
774
872
817
800
2,402
2,483
2,461
2,326
Dec.
Dec.
Dec.
Dec.
Dec.
3....
10....
17....
24....
31....
12,413
12,489
12,857
12,700
13,138
818
882
896
815
826
1948—Jan. 7 . . . ,
Jan. 1 4 . . . .
Jan. 2 1 . . . .
Jan. 2 8 . . . .
12,726
13,051
12,546
12,689
New York City
1946—December..
4,146
135
16,228 16,773
241
875
824
1,327
39
9
3,046 1,167
21
106
2,156 40,021
1947—August
September .
October
November..
December..
4,117
4,233
4,315
4,244
4,424
122
128
130
143
148
32
37
39
43
42
15,955
16,038
15,834
15,849
16,336
16,325
16,503
16,390
16,476
17,055
220
210
241
326
264
692
714
810
931
203
232
481
368
209
1,351
1,371
L ,376
1,353
1,341
16
15
15
22
19
12
12
12
12
12
2,859
3,000
3,047
3,003
3,072
1,222
1,276
1,257
1,229
1,220
12
11
13
13
12
123
133
142
161
102
2,190
2,189
2,195
2,207
2,202
29,025
31,605
35,162
33,531
44,131
Nov.
Nov.
Nov.
Nov.
4,241
4,123
4,284
4,330
138
155
133
147
39
39
51
42
15,778
15,709
15,889
16,020
16,334
16,408
16,514
16,647
364
325
306
308
743
764
669
908
381
380
354
356
1,363
1,357
1,355
,339
15
25
25
25
12
12
12
12
3,024
2,995
3,087
2,907
1,239
1,223
1,227
1,225
13
13
13
13
164
210
59
213
2,210
2,209
2,206
2,202
7,893
7,010
9,329
8,628
Dec. 3 . . . . 4,351
Dec. 1 0 . . . . 4,353
Dec. 1 7 . . . . 4,504
D e c . 2 4 . . . . 4,357
D e c . 31
4,554
139
153
157
141
144
42
38
42
43
47
16,264
16,275
16,445
16,408
16,286
16,771
16,912
17,310
17,010
17,272
286
273
237
238
283
1,041
1,048
1,093
243
241
134
163
262
,336
,333
,336
1,341
,357
23
23
23
13
13
12
12
12
12
12
2,947
2,911
3,226
3,037
3,239
1,227
1,231
1,243
1,203
1,195
14
14
11
11
12
101
158
55
168
30
2,205 8,257
2,200 8,631
2,201 10,959
2,197 9,430
2,206 10,157
4,337
4,594
4,354
4,472
139
135
125
130
37
41
45
37
16,307
16,362
16,508
16,420
16,707
16,882
16,935
16,850
353
369
343
291
678
755
748
750
181
152
164
187
,347
L ,347
1 ,356
1,352
13
13
13
12
13
12
12
12
3,233
3,159
3,075
2,964
1,192
1,197
1 ,181
1,197
10
10
10
10
56
33
17
11
2,207
2,207
2,207
2,207
3,487 3 52,139
5....
12....
19....
26....
1948—Jan.
7....
Jan. 1 4 . . . .
J a n . 21
Jan. 2 8 . . . .
771
671
804
Outside
New York City
1946—December..
7,745
669
2,346 30,800 30,591 2,602
1947—August
September .
October
November..
December..
7,835
8,024
8,117
8,127
8,295
631
681
660
673
700
2,263
2,333
2,413
2,375
2,420
30,862
31,238
31,363
31,734
32,372
30,307
30,957
31,414
31,867
32,308
2,876
2,846
2,737
2,764
2,884
634
679
703
738
769
Nov.
Nov.
Nov.
Nov.
5....
12
19
26....
8,188
8,057
8,133
8,128
636
717
684
653
2,363
2,444
2,410
2,284
31,674
31,566
31,733
31,962
31,432
32,288
31,935
31,813
2,765
2,735
2,722
2,833
Dec.
Dec.
Dec.
Dec.
Dec.
3....
10....
17....
24....
31....
8,062
8,136
8,353
8,343
8,584
679
729
739
674
682
2,292
2,325
2,491
2,344
2,647
31,983
32,295
32,715
32,468
32,399
31,608
32,054
32,906
32,436
32,537
1948—Jan. 7 . . . .
Jan. 1 4 . . . .
Jan. 21
Jan. 2 8 . . . .
8,389
8,457
8,192
8,217
706
707
654
662
2,529
2,510
2,374
2,206
32,313
32,601
32,462
32,413
31,928
32,790
32,347
31,851
7,546
8,173
8,822
8,991
1,642 12,302
208
70
6,809
158
33
98
605
699
899
703
442
12,729
12,763
12,791
12,791
12,752
316
318
313
305
316
68
72
71
69
68
6,415
6,696
6,931
6,902
6,850
152
155
153
151
150
26
25
25
25
27
99
70
89
177
126
3,576
3,594
3,615
3,629
3,629
47,026
49,978
55,025
51,621
59,878
706
748
761
737
714
725
682
692
12,806
12,805
12,792
12,757
309
307
304
298
67
69
69
69
6,981
7,007
7,003
6,619
152
151
150
153
25
25
25
26
113
216
142
234
3,633
3,637
3,625
3,623
12,438
10,987
14,373
13,134
2,860
2,833
2,885
2,881
2,963
759
733
765
719
868
498
476
327
381
531
12,733
12,728
12,719
12,749
12,835
305
312
318
320
325
69
68
68
67
67
6,755
6,762
6,964
6,755
7,012
151
143
145
154
158
25
27
27
27
27
202
187
101
130
7
3,637
3,632
3,629
3,628
3,620
12,089
11,878
13,953
14,258
12,535
2,910
2,902
2,879
2,973
762
728
770
670
387
368
425
506
12,830
12,811
12,802
12,775
334
346
370
379
64
65
65
63
7,052
7,133
6,869
6,333
154
154
151
150
27
26
27
27
72
57
113
195
3,627
3,619
3,619
3,629
11 ,826
12,392
13,431
12,112
741
12 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.
3 Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will
be furnished upon request.
FEBRUARY
1948
203,
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Total
loans
and
invest-
ments Total
Boston
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
New York*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Philadelphia
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Cleveland
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Richmond
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Atlanta
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Chicago*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
St. Louis
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Minneapolis
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Kansas City
Dec. 31
Jan. 7
Jan. 14
Jan. 21. . . . :
Jan. 28
Dallas
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
San Francisco
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
City of Chicago*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Commercial,
industrial
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U. S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
,848
866
884
922
893
1,082
1,081
1,085
1,090
1,090
731
730
735
741
745
169
352
026
336
042
7,781
7,742
7,696
7,766
7,789
5,671
5,666
5,669
5,683
5,667
210
190
127
171
170
,582
586
,564
566
543
864
865
862
873
862
512
513
514
516
514
292
291
315
340
311
1,449
1,452
1,448
1,466
1,442
882
880
890
892
883
547
563
583
599
607'
803
794
803
808
806
388
381
387
391
390
365
365
376
371
355
847
840
847
842
841
,845
,863
,921
,929
,926
Real Loan;
estate to Other
Total
loans banks loans
Certificates
of indebtedness
Other
:cuNotes Bonds rities
Total
Bill;
1,677
1,696
1,709
1,738
52
51
63
104
81
178
19.
191
18
187
116
117
121
122
121
1,331
1,333
1,334
1,329
1,318
89
89
90
94
96
623
601
573
595
609
10,726
10,655
10,643
10,637
10,410
,406
1,426
1,416
1,395
1,391
87 1,189
81 1,193
78 1,200
1,198
1,190
270
268
268
272
267
17
16
15
15
14
16
16
16
16
15
114
116
116
116
116
4
3
4
3
4
178
183
184
183
183
1,766
1,785
1.799
1,83
1,80.
i,7o:
341
308
301
302
335
68
65
61
61
60
225
218
220
216
216
275
274
279
282
279
91
111
126
136
144
900
910
913
915
918
14,388
14,610
14,330
14,570
14,253
12,982
13,184
12,914
13,175
12,862
981
1,303
1,079
1,238
1,145
652
625
619
705
698
3
3
3
3
3
22
20
19
19
20
6
6
6
6
5
11
11
11
11
78
76
76
76
75
1
6
1
7
1
230
232
235
236
1,718
1,721
1,702
1,693
1,681
1,448
1,453
1,434
1.421
1,414
59
65
54
55
61
113
114
102
90
86
26
21
20
18
17
18
16
15
16
13
64
60
57
56
55
226
232
233
233
235
1
13
1
23
13
218
216
217
214
211
2,843
2,839
2,867
2,874
2,869
2,524
2,516
2,546
2,550
2,545
31
30
65
68
73
104
97
105
106
109
182
176
170
171
166
2,207
2,213
2,206
2,205
2,197
319
323
321
324
324
6
6
6
6
7
30
28
28
28
24
171
172
174
174
174
2
2
2
2
3
183
183
184
185
185
,744
,769
,780
,791
,801
1,624
1,650
1,660
1,669
1,680
10
26
30
40
52
147
155
156
157
159
111
110
109
111
109
1,356
1,359
1,365
1,361
1,360
120
119
120
122
121
524
527
529
527
524
31
28
29
28
25
68
69
69
69
69
4
5
5
4
4
175
,518
167
,525
171
,529
171
,529
174 1,514
1,331
1,338
1,342
1,340
1,325
17
21
18
22
19
175
188
192
194
201
145
148
148
148
145
994
981
984
976
960
187
187
187
189
189
2,728
2,693
2,705
2,703
2 ,706
1,872
1,869
1,868
1,878
1,869
39
35
36
35
34
310
310
311
312
312
355
354
356
353
356
6,117
6,170
6,216
6,226
6,220
5,513
5,572
5,619
5,628
5,624
198
284
389
398
422
454
443
385
405
420
510
503
508
502
4,351
4,342
4,337
4,323
4,293
604
598
597
598
596
144
153
186
195
150
980
974
981
985
982
608
603
607
610
605
23
22
21
19
19
143
143
144
145
146
182 1,179
184 1,205
186 1,210
1,164
14
34
54
60
48
80
82
88
98
103
102
104
101
98
1,168
1,022
1,034
1,060
1,063
1,021
826
814
817
807
782
142
145
145
147
147
184
181
207
181
174
418
416
421
421
426
254
252
254
257
260
12
12
12
12
12
54
55
55
54
55
90
90
93
91
92
766
765
786
760
748
696
695
715
689
676
10
14
33
24
18
40
39
40
37
38
65
67
66
65
64
581
575
576
563
556
70
70
71
7t
72
383
407
436
462
436|
804
804
812
823
825
530
529
536
545
545
15
14
12
12
12
111
111
112
113
113
133
134
136
137
138
1,579
1 ,603
1,624
1,639
1,611
1,379
1,404
1,425
1,440
1,413
51
68
83
99
85
233
254
241
267
265
188
187
206
184
183
907
895
895
890
880
200
199
199
199
198
252
268
291
292>
280
1,025
1,023
1,033
1,046
1,043
711
717
722
731
733
29
27
25
25
21
77
77
78
79
78
160
155
160
164
163
1,227
1,245
1,258
1,246
1,237
1,123
6
9
12
14
9
156
168
174
176
172
110
119
119
112
103
846
839
840
830
839
109
110
113
114
114
204
247
299j
337!
236"
4,547
4,545
4,550
4,571
4,582
1,967
1,970
1,978
1,990
1,992
42
40
35
33
31
1,832
1,837
1,846
1,855
1,864
635
631
635
639
643
6,657
6,702
6,749
6,766
6,654
5,913
5,965
6,018
6,041
5,933
101
126
180
232
196
1,006
1,027
1,034
1,019
972
615
613
609
600
585
4,191
4,199
4,195
4,190
4,180
744
737
731
725
721
658
647
686
694
677
1,894
1,862
1,873
1,864
1,861
1,466
1 ,465
1,461
1,468
1.454
26
24
27
26
71
71
71
71
71
193
191
193
188
189
3,764 3,342
3,785 3,373
3,813 3,402
3,830 3,423
3,816 3,411
143
207
288
302
319
317
306
248
269
278
336
326
333
327
315
2,546
2,534
2,533
2,525
2,499
422
412
411
407
405
25
1
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
204
FEDERAL RESERVE
The figure
BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
New York*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Ja . 28
Philadelphia
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Cleveland
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Richmond
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Atlanta
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Chicago*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
St. Louis
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Minneapolis
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Kansas City
Dec. 31
Jan. 7
Jan. 14
Jan. 31
Jan. 28
Dallas
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
San Francisco
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
City of Chicago *
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault do- posits
mestic adReserve
banks justed 1
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions
Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations
States
and
political
subdivisions
Demand
U. S.
Government
Doand
Postal mes- Foreign
tic
Savings
Bor- Cap- Bank
row- ital
deb-2
acits
ings counts
Time
5
5
5
5
4
310
318
319
320
293
21
21
20
21
20
22
22
22
22
22
3,308
3,309
3,234
3,149
3,037
1,198
1,195
1,200
1,184
1,200
394
375
379
355
334
13
12
12
12
12
1
1
1
1
1
492
501
507
480
455
6
6
6
2
5
4
4
4
4
4
8
8
8
7
7
8
8
8
8
8
438
441
437
423
390
8
5
6
6
6
4
4
4
4
4
539
538
535
537
522
8
8
9
9
9
5
5
5
8
9
8
8
5
578
567
569
561
501
143
94
86
98
129
2,382
2,385
2,382
2,385
2,385
53
53
53
60
61
12
11
11
11
10
1,589
1,601
1,633
1,542
1,468
25
15
12
14
460
460
460
460
460
12
12
1?
12
12
2
1
524
527
559
519
533
63
68
63
59
58
141
116
126
120
115
2,418
2,429
2,483
2,471
2,467
2,468
2,434
2,508
2,484
2,446
142
140
138
133
138
52
43
44
50
50
30
20
19
22
28
491
495
495
495
496
4,846
4,629
4,882
4,623
4,761
189
189
184
171
175
159
136
148
142
126
17,810
17,819
17,884
18,027
17,937
18,658
18,045
18,257
18,277
18,164
518
577
605
581
558
1,138
732
800
802
793
282
194
165
179
204
2,185
2,175
2,177
2,185
2,179
17
16
16
16
17
510
486
526
499
508
41
46
45
42
43
121
119
110
121
105
2,136
2,158
2,164
2,170
2 ,146
2,299
2,236
2,252
2,241
2,220
76
81
86
87
86
42
41
44
49
31
38
30
26
31
34
381
379
379
376
375
18
10
10
g
g
874
850
821
780
797
84
88
89
82
84
169
180
181
165
155
3,100
3,108
3,103
3,088
3,075
3,244
3,169
3,239
3,198
3,166
149
150
144
149
149
63
55
55
52
54
58
42
39
45
55
1,285
1,278
1,276
1,275
1,274
36
34
34
36
36
520
513
516
502
489
65
69
66
63
63
190
207
217
180
170
2,051
2,089
2,112
2,097
2,104
2,064
2,063
2,119
2,088
2,057
182
176
170
176
185
54
52
48
68
49
43
34
34
36
39
584
587
588
587
587
478
473
485
477
461
45
45
45
43
43
199
191
184
197
175
1,774
1,768
1,788
1,783
1,794
1,699
1,650
1,711
1,713
1,636
286
295
293
294
314
37
28
29
32
24
21
17
16
18
20
1,757
1,695
1,732
1,663
1,709
101
108
108
95
98
444
385
382
385
379
6,291
6,199
6,296
6,257
6,321
6,351
6,124
6,359
6,203
6,243
539
537
549
556
566
127
114
109
108
96
448
434
421
409
402
30
31
31
28
29
140
142
130
113
112
1,372
1,364
1,374
1,372
1,363
1,511
1,453
1,500
1,487
1,426
105
105
106
108
109
24
19
19
20
19
23?
219
218
234
224
13
13
13
12
12
144
125
105
93
92
869
827
820
817
815
856
813
815
789
779
133
131
130
131
134
17
16
15
14
12
14
14
18
22
249
249
250
249
249
550
520
522
503
513
29
29
31
29
29
340
330
337
307
260
1,840
1,786
1,817
1,792
1,810
1,855
1,811
1,861
1,831
1,786
226
213
219
226
233
36
31
29
28
27
28
24
28
36
37
378
379
379
379
4
4
4
4
4
517
502
510
503
482
33
34
34
31
33
323
307
306
305
262
1,793
1^836
l!906 1,902
1,896 1,926
1,'883 1,' 851
186
187
178
165
169
109
36
42
55
40
25
20
19
20
22
342
343
342
342
341
1,882
1,878
1,859
1,834
1,810
133
125
133
124
125
324
328
325
291
292
7,171
7,208
7,216
7,200
7,118
7,011
7,001
7,149
7,045
6,927
704
671
653
616
623
262
273
249
240
225
83
64
62
72
86
1,160
1,137
1,169
1,117
1,129
39
46
42
35
36
214 4,095 4,223
195 4,048 4,100
178 4,105 4,266
184 4,080 4,157
180 4,106 4,167
288
275
269
274
278
71
57
54
51
47
78
50
43
49
57
1,853
Interbank
deposits
17
17
3
1
6
8
313
314
314
314
314
868
812
799
986
804
30
70
46
27
15
2,395
2,396
2,396
2,396
2,396
10,664
8,031
8,690
9,398
9,490
4
5
18
301
301
300
300
299
833
775
734
828
792
1,239
5
6
12
467
461
460
461
461
1,045
1,189
1,100
1
2
2
1
10
210
211
211
211
211
669
643
671
715
660
7
4
4 ""6
4
7
4
12
4
18
175
176
176
176
176
644
675
672
675
663
26
25
26
27
26
2
2 '"32
2
8
2
45
2
65
667
668
664
664
666
3,025
2,696
2,913
3,069
2,713
727
743
739
714
659
4
4
4
4
3
1
5
9
19
169
168
168
168
168
577
582
606
644
605
340
348
362
336
302
2
3
2
3
3
3
3
3
3
3
2
15
97
97
96
97
97
352
403
459
420
372
3
3
3
3
3
875
903
917
895
811
1
1
1
1
1
5
5
4
5
5
10
4
16
17
183
184
183
183
184
700
702
772
903
36
36
36
39
39
5
6
6
5
6
702
673
668
661
594
5
5
5
4
4
3
1
5
9
185
189
189
189
190
649
645
732
666
4,917
4,910
4,895
4,888
4,880
146
166
177
192
198
15
15
15
15
15
498
506
528
508
453
61
60
61
60
60
664
669
669
667
674
2,413
2,410
2,559
2,694
2,462
1,192
1,191
1,190
1,194
1,195
38
38
38
38
38
2
2
2
2
1
1,198
1,209
1,224
1,157
1,105
21
20
21
21
20
451
452
447
447
449
2,056
1,811
1,921
2,000
1,729
377
1
1
13
11
11
11
11
4
4
4
4
4
j
2
3
2
2
20
6
45
55
994
776
708
1
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
FEBRUARY
1948
205
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances o u t s t a n d i n g
Held by
E n d of m o n t h
Commercial
paper
outstanding 1
Total
outstanding
Based on
Accepting banks
Total
Own
bills
Bills
bought
Federal
Reserve
Banks
Others
(For own
account)
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1946—November
December
227
228
208
227
155
169
73
74
82
94
54
58
152
162
23
29
1
(2)
26
29
6
7
1947—January
February
March
April
May
236
243
266
256
250
234
244
V244
242
283
287
287
241
230
228
215
189
183
187
206
219
237
245
261
183
171
170
154
130
132
148
158
168
180
188
197
85
76
75
71
67
69
75
71
83
83
76
88
98
95
95
83
63
63
74
87
85
97
112
109
58
59
58
61
59
50
39
48
47
55
56
64
172
164
158
140
118
111
115
133
140
144
147
159
35
35
36
42
45
46
45
47
42
54
61
63
(2)
(2)
(2)
(2)
27
24
27
25
21
20
21
20
24
23
25
25
8
7
7
8
5
6
7
6
11
10
9
11
June
July
August
September
October
November
December
4
2
(2)
(2)
1
2
4
3
3
1
As reported by dealers; includes some finance company paper sold in open market.
Less t h a n $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGB
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
investment investment
balances
and trading and trading
(net)*
accounts
accounts
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1939—June
December...
1940—June
December...
834
906
653
677
25
16
12
12
73
78
58
99
178
207
223
204
570
637
376
427
230
266
267
281
70
69
62
54
21
23
22
22
6
7
5
5
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
616
600
496
543
761
788
887
1,041
1,223
1,138
809
537
11
8
9
7
9
11
5
7
11
12
7
5
89
86
86
154
190
188
253
260
333
413
399
311
186
211
180
160
167
181
196
209
220
313
370
453
395
368
309
378
529
557
619
726
853
795
498
217
255
289
240
270
334
354
424
472
549
654
651
693
65
63
56
54
66
65
95
96
121
112
120
118
17
17
16
15
15
14
15
18
14
29
24
30
7
5
4
4
7
5
11
8
13
13
17
10
222
213
189
182
212
198
216
227
264
299
314
289
8210
8217
8216
8 205
8 201
222
8 251
8 241
3 280
8 257
8 247
240
8 687
8 681
8 677
8 665
8 652
650
8 677
8 656
8 630
8616
8617
612
162
24
9
271
176
23
15
1947—January....
February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
8 533
8 573
3
576
8 553
8 530
552
8 564'
8 550
8 570
8 606
3 593
578
6
333
395
7
315
393
273
•• Revised.
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
1
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): October, 79; November, 76.
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 offinancialcondition," 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 monthlyfiguresprior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
206
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
COMMERCIAL LOAN RATES
[Per cent per annum]
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
u. s
Year,
month, or
week
Prime
commercial
paper,
4- to 6months1
Stock
Prime
exbank- change
ers'
call
acceptoan
ances,
re90
new1
days
als 2
9-to 12month
certifi- 3-to 53year
cates
month
of in- taxable
bills 3
issues
debtedness
.375
.375
.604
.81
.82
.88
1.18
1.16
1.32
.81
.81
.81
.81
.81
.81
.81
.88
.94
.94
.94
1.03
1.38
1.38
L.38
L.38
L.38
L.38
L 38
[.38
L.38
L.38
L.38
L.38
.376
.376
.376
.376
.376
.376
703
.748
.804
.857
.932
.950
.84
.85
.82
.83
.85
.85
85
.85
.87
.97
.99
1.04
1.26
1.26
1.24
1.24
1.27
1.29
1.33
1.31
1.28
1.35
1.47
1.54
1.06
L.50
.977
1.09
1.63
.950
.976
.981
.990
.990
1.05
1.08
1.09
1.09
1.10
1.65
1.63
1.64
1.64
1.64
.75
.81
1.03
.44
.61
.87
1947—January. . .
February..
March
April
May
.. .
June
1.00
1.00
1.00
1.00
1 00
1.00
1.00
1.00
1.06
1.06
1.06
1.19
1948—January...
1.31
Week ending:
Jan. 3
1M
Jan. 10
Jan. 17. . . .
Jan. 2 4 . . . . iX-1%
Jan. 31
[Per cent per annum]
1.00
1.16
1.38
1945 average
1946 average
1947 average
July
August....
September.
October. . .
November.
December..
Government
security yields
lVie
1
I he
IV16
lVie
iy2
1
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
3
Rate on new issues offered within period.
4
Beginning Dec. 16, comprises 2% Sept. 1951-53, 2% Dec. 1951-55,
and 2K% Mar. 1952-54 bonds.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
2
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1938 average1. . .
1939 average.. . .
1940 average.. . .
1941 average....
1942 average....
1943 average.. . .
1944 average.
1945 average
1946 average
1947 average.
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
3.26
3.51
3.38
2.76
1943—December.
2.65
2.10
2.76
3.17
1944—March. . .
June
September
December.
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March. . .
June
September
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March. . .
June
September
December.
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.76
1947—March
June
September
December.
2.31
2.38
2.21
2.22
1.82
1.83
1.77
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS 1
[Per cent per annum]
Corporate (Moody's)4
U. S. Government
(taxable)
Year, month, or week
Municipal
(highgrade) 2
Corporate
(highgrade) i
7 to 9
years
15
years
and
over
1-8
15
1945 average
1946 average... .
1947 average
1.60
1.45
1.58
2.37
2.19
2.25
1.67
1.64
2.01
2.54
2.44
2.57
1947—January..
February.
March. . .
April
May
June
July
August.. .
September
October. .
November
December.
1.56
1.54
1.52
1.53
1.53
1.56
1.57
1.54
1.53
1.58
1.72
1.81
2.21
2.21
2.19
2.19
2.19
2.22
2.25
2.24
2.24
2.27
2.36
2.39
1.92
1.99
2.02
1.98
1.95
1.92
1.91
1.93
1.92
2.02
2.18
2.35
1948—January..
1.97
2.45
2.45
W'eek ending:
Jan. 3 . . .
Jan. 10...
Jan. 17...
Jan. 24...
Jan. 3 1 . . . .
1.99
1.94
1.97
1.98
1.99
2.45
2.45
2.45
2.45
2.45
2.46
2.43
2.42
2.45
2.48
Number of issues
By ratings
By groups
Total
Industrial
Railroad
40
40
3.29
3.05
3.24
2.68
2.60
2.67
3.06
2.91
3.11
2.89
2.71
2.78
2.79
2.79
2.80
2.81
2.82
2.83
2.82
2.81
2.86
2.95
3.01
3.16
3.13
3.12
3.15
3.16
3.17
3.21
3.18
3.17
3.23
3.35
3.44
3.52
2.63
2.61
2.61
2.60
2.60
2.60
2.62
2.63
2.67
2.76
2.84
2.92
3.00
3.00
3.02
3.03
3.05
3.10
3.06
3.03
3.09
3.22
3.30
3.42
2.73
2.72
2.73
2.71
2.71
2.72
2.72
2.72
2.78
2.87
2.93
3.02
2.94
3.17
3.52
2.91
3.44
3.03
2.98
2.95
2.95
2.94
2.94
3.22
3.18
3.17
3.17
3.17
3.56
3.53
3.51
3.52
3.53
2.95
2.91
2.90
2.90
2.91
3.48
3.45
3.43
3.44
3.43
3.06
3.03
3.03
3.02
3.03
Aaa
Aa
2.87
2.74
2.86
2.62
2.53
2.61
2.71
2.62
2.70
2.87
2.75
2.87
2.48
2.48
2.49"
2.49
2.49
2.50
2.51
2.51
2.57
2.68
2.75
2.86
2.79
2.78
2.79
2.78
2.79
2.81
2.80
2.80
2.85
2.95
3.02
3.12
2.57
2.55
2.55
2.53
2.53
2.55
2.55
2.56
2.61
2.70
2.77
2.86
2.65
2.64
2.64
2.63
2.63
2.64
2.64
2.64
2.69
2.79
2.85
2.94
2.85
3.12
2.86
2.87
3.17
3.13
3.12
3.12
3.13
2.90
2.85
2.85
2.85
2.86
Baa
30
Public
utility
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
2
4
FEBRUARY 1948
207
SECURITY MARKETS 1
Stock prices5
Bond prices
Corporate 4
Year, month, or week
U. S.
Government2
Municipal
(highgrade)3 Highgrade
Medium- and lower-grade
Total
Industrial
Railroad
Preferred6
DePublic faulted
utility
20
15
50
10
20
1945 average
1946 average
1947 average
102.04
104.77
103.76
139.6
140.1
132.8
122.1
123.4
121.5
117.9
118.5
115.2
122.2
123.6
122.4
115.1
117.0
109.9
116.3
114.9
113.3
1947—January
February
March
April
May
June
July
August
September
October
November
December
104.32
104.35
104.61
104.57
104.48
104.08
103.75
103.89
103.95
103.44
102.11
101.59
134.4
133.1
132 5
133.2
133.9
134.4
134.7
134.3
134.4
132.5
129.4
126.2
122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
116.3
116.8
116.6
116.5
115.0
114.3
115.7
116.1
115.1
114.0
113.3
112.5
123.5
123.7
123.7
123.5
123.2
122.6
122.8
123.9
121.9
120.8
120.0
119.1
114.3
114.3
113.6
113.2
109.
107
110
110.4
109.3
106.9
105.1
104.6
111.2
112.4
112.5
112.7
112.5
113.0
113.8
113.9
114.1
114.3
114.7
113.9
1948—January
100.70
124.5
117.4
112.4
118.9
104.6
Week ending:
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
100.69
100.72
100.69
100.69
100.69
124.1
124.8
124.9
124.4
123.8
116.7
117.3
117.5
117.5
117.4
111.8
112.1
112.4
112.5
112.6
118.0
118.4
118.9
119.1
119.3
103.9
104.4
104.9
104.8
104.5
Number of issues
15
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
Indus- Rail- Public shares)
Total
trial
road
utility
354
20
28
189.1
198.5
184.7
122
140
123
123
143
128
137
143
105
106
120
103
1,443
1,390
953
187.3
189.0
188.1
186.5
186.2
186.2
188.4
188.7
188.3
181.2
174.5
172.1
125
129
124
119
115
119
126
125
123
125
124
122
129
133
128
123
119
124
132
130
128
131
130
129
115
119
110
102
95
98
108
105
104
104
100
104
111
111
107
105
102
101
102
101
102
101
97
94
998
1,176
841
912
912
833
1,158
674
763
1,136
862
1,170
113.7
169.5
120
126
107
95
895
113.3
113.5
113.6
113.7
113.9
167.9
169.5
170.3
169.5
168.7
124
124
121
118
118
131
130
127
124
123
109
110
107
103
106
94
96
95
95
94
1,205
959
855
953
847
75.4
76.7
s 67.1
68.3
69.3
66.0
64.0
61.9
63.4
69.6
69.6
68.6
69.4
68.1
15
1
2
8
4
6
7
8
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 5per cent 20-year bond.
Prices derived from averages of median 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.
Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
Total
(new
and
refunding)
Domestic
Total
(domestic
and
forTotal
eign)
. . . 4,449
5,790
4,803
5,546
2,114
2,169
4,216
8,006
'8,645
. . . 39,608
2,360
2,277
1,951
2,854
1,075
642
913
1,772
"4,645
37,448
1946—December "1,023
"811
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
For refunding
State
and
municipal
Federal
agen-1
cies Total
Domestic
Corporate
Foreign2
Bonds
and Stocks
notes
2,325
971
873
807
67
481
2,239 931
383
287
97
924
1,948
751
736
601
135
461
2,852
518 1,272
1,062
889
173
1,075
342
624
506
118
108
640 176
374
282
92
90
896 235
646
422
224
15
1,761
471
607
657
26 1,264
"4,635 952 "127 "3,556 "2,084 "1,472
7,144 2,225
203 4,716 3,498 1,218
"811
"496
"506
1947—January..
"646
"302
"304
February.
"462
"615
"636
March. . .
"856
"778
"785
April
"891
"333
"348
May
"702
"745
"745
June
"1,038
619
3863
July
n,033
"323
"323
August. . .
"514
"621
"621
September
"785
"713
"713
October. .
813
571
571
November
705
December 1,160 1,029 1,026
119
"691
"565
"126
215
21
97
34
293
12
402
106 " i 5
212
15
124
12
185
8
277
85
114
101
99
"260
'170
"311
376
"212
"519
483
"129
"258
"599
470
926
"217
"127
"267
"241
"80
"435
"311
"119
"175
"410
336
780
44
44
44
136
132
83
"172
"11
84
189
134
146
35
38
2
1
2
17
12
10
60
10
2
21
7
15
4"
Total
(domestic
and
forTotal
eign)
State
and
municipal
Federal
agen-1
cies Total
Corporate
Foreign2
Bonds
and Stocks
notes
129
665 1,267
1,733
195 1,537
482
344 2,026
435
698 1,557
418
181
440
685
259
497
404
418 2,466
324
912 4,937
208 "734 "2,953
44
422 1,517
1,236
1,596
1,834
1,430
407
603
2,178
4,281
"2,352
1,236
31
137
193
126
11
82
288
656
601
281
86
15
61
105
177
34
"113
"86
27
15
22
24
50
20
33
38
40
40
42
20
48
45
"104
31
140
"78
"319
"214
118
147
122
76
84
83
"86
8
136
"44
"229
"165
107
140
113
51
78
80
2,089
3,513
2,852
2,693
1,039
1,527
3,303
6,234
"4,000
2,160
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
"3,895
1,983
"213
"198
50
"140
158
220
"106
"354
"293
170
191
165
101
134
130
"136
56
191
"101
"354
"255
170
191
165
101
134
130
11
1
2
3
1
2
11
3
5
2
2
28
48
4
18
4
22 101
4
29
34
5
91
48 " 3 8
11
7
9
25
6
3
r
Revised.
1
Includes publicly
2
Includes issues of
1
offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
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.
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.
208
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
v
gross
net
proceeds2 proceeds8
Year or month
New money
Total
Plant and
equipment
Retirement of securities
Working
capital
Repayment
Other
of
other debt purposes
Total
Bonds and
notes
Preferred
stock
71
226
190
87
59
128
100
30
72
351
438
476
187
84
170
154
111
215
69
174
144
138
73
49
134
379
310
11
23
49
36
7
26
19
28
35
27
47
133
231
153
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,887
6,221
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,744
6,111
57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,270
32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,224
26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,046
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,855
1,378
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,379
1,191
1946—December
905
894
711
572
139
136
119
17
35
12
1947—January
February
March
April
May
June
July
August
September
October
November
December
322
265
450
449
446
738
601
248
441
622
561
1,078
316
260
442
441
437
727
588
245
434
612
547
1,063
183
205
285
254
180
498
435
118
244
510
425
932
138
105
153
101
109
426
370
99
179
388
354
800
45
101
132
153
71
72
64
19
65
122
71
132
120
34
121
85
232
207
112
104
154
33
81
93
81
18
110
80
198
164
103
102
154
15
74
91
38
16
11
5
34
43
9
3
1
18
7
2
11
15
31
98
19
15
17
16
9
45
22
12
2
5
5
3
7
6
24
6
26
24
18
26
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
172
120
774
338
54
182
319
361
. .
Rea estate and financial
Total
Retire- All Total
Retire- All Total
Retire- All Total
Retire- All
net
New ment of other net
New ment of other
net
New ment of other net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
ceeds
ties
poses ceeds
ties
poses ceeds
poses ceeds
ties
ties
poses
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
Industrial
Public utility
47
160
602
1,436
691
21
120
57
139
54
558
228
24
110
30
85
115
253
32
46
102
115
129
283
240
1946—December. .
47
1947—January....
February...
March
April . . .
May
June
July
August
September..
October ..
November.
December. .
97
186
108
31
10
77
1
18
15
114
500
1,320
559
3
130
11
1,250
1,987
30
63
751
89
180
1,208
1,246
1,180
1.340
77
1,190
1,897
611
943
43
245
317
1,157
922
993
464
469
145
22
40
69
785
1,400
2,291
2,129
3,121 2,122
292
423
1,343
2,159
1,252
923
42
30
27
50
86
47
13
30
27
25
17
63
93
62
774
1,280
1,079
831
584
961
828
25
34
2
74
439
550
761
150
80
616
469
373
226
90
136
188
167
244
353
738
463
527
497
293
228
454
811
89
199
504
1,033
1,969
1,010
3,601 2,201
981
2,429 1,740
364
43
56
121
20
122
390
71
16
102
155
94
146
71
76
148
419
4
21
107
206
323
46
218
57
8
9
42
55
4
13
61
85
164
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
42
65
64
4
3
56
95
35
8
56
54
35
10
2
510
417
84
9
270
206
30
34
66
53
12
2
33
8
12
28
7
9
5
2
1
2
43
67
332
26
18
107
136
94
52
84
8
5
9
16
33
11
66
9
5
58
1
5
6
8
1
2
17
15
28
22
23
3
2
2
229
119
90
17
37
28
28
23
14
47
223
328
165
141
239
79
204
129
96
175
65
24
26
26
43
9
99
10
19
21
6
3
10
21
14
2
13
20
49
56
13
45
35
18
51
16
21
54
5
35
37
20
4
31
37
20
22
6
2
4
93
225
536
307
140
306
303
277
493
30
31
353
234
28
157
280
245
480
61
179
181
68
95
136
8
31
11
76
2
16
2
4
16
13
16
1
1
71
259
213
496
45
193
129
422
325
279
169
3
5
21
3
2
38
7
15
9
5
1
1
4
1
26
10
9
8
5
19
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 notation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
FEBRUARY
1948
209
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total
47
69
1,465
1,818
2,163
1,769
1,800
1,896
1,925
32,545
146
115
278
325
226
204
194
188
283
158
193
159
165
174
163
...
492
508
439
485
49
53
37
49
38
42
35
47
....
323
604
698
-19
49
32
853
22
67
96
97
870
870
860
126
99
98
Annual
Quarterly
1945—i
2
3
4
1945—i
2
3
4
Other
Nontrans- ferrous
Au- portaMametals
chin- tomo- tion
and
ery
biles equip- prodment
ucts
629
Number of companies.
1939
1940
1941
1942
1943
1944
1945
1946
Iron
and
steel
. .
1947—i
2
3
3
3
15
68
77
223
102
242
274
209
201
222
243
130
173
227
182
180
190
169
127
63
77
46
58
«50
*47
*36
•36
31
27
23
27
* -5
3 61
-34
21
42
102
*51
*38
444
20
26
41
50
69
83
77
94
105
102
*50
*56
*51
47
46
46
171
Other
durable
goods
Dividends
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
75
49
119
70
151
98
186
133
153
138
128
115
108
136
88
113
90
83
88
88
148
159
151
162
175
199
356
112
174
152
186
220
223
281
194
207
164
170
187
187
273
21
21
20
26
45
46
50
58
62
64
61
37
48
45
43
51
39
38
37
40
12
37
41
56
57
65
74
93
124
77
85
63
66
67
77
50
57
58
98
64
69
90
111
122
89
87
78
» 165
8
45
62 !
30
Other
nondurable
goods
80
MiscellaNet 1
neous profits
serv-2
Preferred
ices
74
152
134
122
160
187
136
149
147
154
302
132
152
161
171
184
203
321
847
1,028
1,137
Common
152
152
90
564
1,139
90
92
88
86
86
85
82
669
705
552
556
611
612
657
45
47
53
58
250
269
224
246
20
22
21
22
142
145
143
182
62
71
77
91
82
80
93
66
116
250
310
•415
20
21
20
21
146
153
149
209
96
92
93
63
71
67
426
432
436
20
23
22
177
192
190
3
888
902
970
989
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Annual
1939
1940
1941
1942
1943
t944
1945
1946
1945—1
2
3
4
Quarterly
Operating
revenue
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
Income
before
income
tax8
126
249
674
1,658
2,211
1,972
756
273
B
Net
income1
Dividends
Operating
revenue
Income
before
income
tax*
Net
income1
Dividends
Operating
revenue
Income
before
Net
income income1
tax*
Dividends
93
189
500
902
873
667
450
289
126
159
186
202
217
246
246
235
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
629
692
774
847
913
902
905
953
535
548
527
490
502
507
534
645
444
447
437
408
410
398
407
454
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
227
248
271
302
374
399
396
277
191
194
178
163
180
174
177
200
175
178
172
163
168
168
173
171
31
68
28
118
966
909
888
917
288
230
205
181
142
125
119
148
101
95
96
115
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
970
920
936
196
151
142
156
107
110
112
125
475
497
502
519
84
75
56
62
54
53
44
49
43
43
43
42
191
166
135
115
115
111
527
478
555
67
29
38
44
21
27
40
33
33
2,277
2,422
2,230
1,973
-426
149
199
127
-25
1946—1
2
3
4
1,869
1,703
2,047
2,008
39
-57
161
130
14
-45
128
191
56
52
41
85
1,002
299
221
207
226
1947_1
2
3
2,039
2,111
2,177
163
185
181
86
117
109
43
50
37
1,079
1,032
1,018
289
247
196
430
514
237
Telephone 7
Electric power •
1
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation
other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
8
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts (in millions 6of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
8
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
210
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
Total
interestbearing
direct
debt
Total
gross
direct
debt
End of month
48,961 48,387
1941—June
57,938 57,451
Dec
71,968
72,422
1942—June
108,170 107,308
Dec
136,696 135,380
1943—June
Dec. , , , 165,877 164,508
201,003 199,543
1944—June
230,630 228,891
Dec,
258,682 256,357
1945—June
278,115 275,694
Dec
269,422 268,111
1946—June
259,149 257,649
Dec
258,378
258,113
255,800
254,427
254,975
255,113
256,321
257,110
256,107
256,270
255,591
254,205
1947—Jan
Feb. . .
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
259,776
261,418
259,124
257,701
258,343
258,286
259,448
260,097
259,145
259,071
258,212
256,900
1948—Jan
256,574 253,958
Marketable public issues
l
In millions of dollars]
Nonmarketable public issues
Certificates of Treasury Treasury Total 2
Total 2 Treasury
indebtbonds
notes
bills
edness
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
Fully
Nonguaraninterest- teed inbearing terestdebt
bearing
securities
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17.033
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49.776
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
331
176,444 17,074
175,410 17,048
172,462 17,038
170,535 16,610
169,926 16,002
168,702 15,775
168,509 15,756
168,390 15,735
167,946 15,725
167,109 15,732
166,404 15,335
165,758 15,136
29,791
28,784
27,792
26,294
26,294
25,296
25,122
25,025
24,894
24,808
24,501
21,220
10,090
10,090
8,142
8,142
8,142
8,142
8,142
8,142
7,840
7,840
7,840
11,375
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
118,564
118,564
117,863
57,157
57,765
58,156
58,612
58,863
59,045
59,296
59,499
58,640
59,714
59,670
59,492
50,343
50,717
50,945
51,117
51,240
51,367
51,552
51,664
51,759
51,897
52,008
52,053
5,590
5,570
5,443
5,477
5,525
5,560
5,592
5,642
5,531
5,618
5,534
5,384
24,777
24,938
25,183
25,280
26,186
27,366
28,516
29,220
29,520
29,447
29,517
28,955
1,399
3,305
3,324
3,275
3,368
3,173
3,127
2,987
3,038
2,801
2,621
2,695
262
181
175
171
171
83
74
73
70
78
83
76
164,917
20,677
11,375
117,863 59,893
52,479
5,403
29,148
2,616
72
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
14,838
1 Including amounts held by Government agencies and trust funds, which aggregated 5,261 million on Dec. 31, 1947.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, Armed Forces Leave bonds, and 2J^ per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.-—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JANUARY 31, 1948
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Treasury bills x
Feb. 5, 1948
Feb. 13, 1948
Feb. 19, 1948
Feb. 26, 1948
Mar. 4, 1948
Mar. 11, 1948
Mar. 18, 1948
Mar. 25, 1948
Apr. 1, 1948
Apr. 8, 1948
Apr. 15, 1948
Apr. 22, 1948
Apr. 29, 1948
Amount
1,002
1,104
1,102
1,203
1,201
1,205
1,302
1,103
. . . 1,304
1,305
1,003
,003
1,001
Cert, of indebtedness
Feb 1 1948
?A
M a r . .1 1Q4K
7A
yi
Apr. 1, 1948
pi
June I, 1948
July 1 , 1948 Ser."F" pi
July L, 1948Ser."G" %
July ] . 1948Ser."H" %
Oct. 1 , 1948 Ser."J" 1
Oct. 1 ,1948Ser."K" 1
\y%
Jan. 1, 1949
Treasury notes
Sept. 15, 1948
Oct.
Jan.
1, 1948
1, 1949
1*4
1
1*4
Treasury Bonds
Mar. 15, 1948-50*. . . .2
Mar. 15, 1948-512*. 2 %
June 15, 1948
1%
Sept. 15, 1948 2 2 2*4
Dec. 15, 1948-50
2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 1[5, 1949-51
2
1
3,947
2,142
1,321
1,777
2,742
1,127
2,209
1,354
1,467
2,592
3,748
4,092
3,535
In millions
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 22.. 3 M
Dec. 15, 1949-53 . . 2 ^
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2..2H
Sept. 15, 1950-52
2
Dec. 15, 1950
1*4
June 15, 1951-54 1.. 2 %
Sept. 15, 1951-53
2
Sept. 15, 1951-55 2
3
Dec. 15, 1951-53 2..2M
Dec. 15, 1951-55
2
Mar. 15, 1952-54. . .2)4
June 15, 1952-54
2
June 15, 1952-55...2*4
Dec. 15, 1952-54
2
June 15, 1953-55 2
2
June 15, 1954-56 22 . . 2 K
Mar. 15, 1955-60 ..2 pi
Mar. 15, 1956-58. . .2*4
Sept. 15, 1956-59 2 . . 2 ^
Sept. 15, 1956-59.. .2*4
June 15, 1958-63 *..2%
June 15, 1959-62 *..2}4
Dec. 15, 1959-62 3 . . 2 ^
Dec. 15. 1960-65 2..2%
June 15, 1962-67 3.. 2H
Dec. 15, 1963-68 K .2*4
June 15, 1964-69 3..2H
Dec. 15, 1964-69 3 ..2*4
Mar. 15, 1965-70 s.
.2*4
Mar. 15, 1966-71 3 . . 2 ^
June 15, 1967-72 K .2*4
Sept. 15, 1967-72. . .2*4
Dec. 15, 1967-72 *. .2*4
Postal Savings
1,115
bonds
2*4
1,223 Panama Canal Loan. 3
3,062
451
571
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
114
50
Total direct issues. . .. 164,917
1,014 Guaranteed securities
1,292
Federal Housing Admin.
2,098
Various
28
Sold on 2discount basis. See table on Open-Market Money Rates,
p. 3207.
Partially tax exempt.
Restricted.
* Called for redemption on Mar. 15, 1948.
FEBRUARY
1948
Month
Fiscal year
ending:
june—1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1947—Jan
Feb....
Mar....
Apr. . . .
May...
June...
July...
Aug... .
Sept....
Oct
Nov. . .
Dec. . . .
1948—Jan
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
month
Series Series Series
All
G
series
E
F
series
2,905 1 ,109
203
4,314 1 ,492
10,188 5 ,994 3 ,526
11
8
21,256
,789
,271
34,606 15 ,498 11 ,820
45,586 14 ,891 11 ,553
49,035 9 ,612 6 ,739
51,367 7 ,208 4 ,287
535
50,343
952
712
394
50,717
616
372
50,945
572
349
51,117
488
305
51,240
482
301
51,367
559
339
51,552
460
294
51,664
466
304
51,759
304
488
51,897
412
263
52,008
487
325
52,053
52,479
770
479
67
435
758
802
679
407
360
53
41
35
33
25
24
27
21
21
22
17
24
44
114
148
207
848
395
2 032
2 759
2 876
2 658
2 465
2 ,561
2,371
4,298
6,717
5,545
364
278
209
191
158
157
193
144
142
162
131
137
248
483
398
449
455
421
433
457
404
431
404
357
434
454
Maturities and amounts outstanding January 3 1 , 1948
Year of
maturity
1948
1949
195Q
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
Unclassified. .
Total
All
series
463
819
988
1,560
4,250
7,552
9,851
8,597
6,317
6,341
2,995
2 552
Series
C-D
Series
E
Series
G
?06
307
S'U
1 119
2,151
2,239
2 573
2,335
2,529
2 218
?0
127
3 ,184
15,290
463
819
988
433
1,127
4,250
6,228
7,164
5,774
3,078
3,475
159
147
47
52,479
Series
F
2,704
31,255
536
584
666
5^1
211
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by nonbank investors
Held by banks
Total
interestbearing
securities
End of month
Commerciall
banks
Total
Federal
Reserve
Banks
Individuals
Total
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
U. S. Government agencies
and trust funds
Special
isues
Public
issues
1940—June
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
December
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
23,350
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395
160,130
9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900
63,600
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
11,800
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,800
29,100
25,200
22,100
400
600
700
900
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,300
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
6,338
1947—May
June
July
August
September
October
November
255,146
255,197
256,395
257,183
256,177
256,348
255,674
92,788
91,872
91,949
91,892
92,129
91,968
91,509
70,700
70,000
70,400
69,700
69,800
69,800
69,300
22,088
21,872
21,549
22,192
22,329
22,168
22,209
162,358
163,325
164,446
165,291
164,048
164,380
164,165
65,900
66,100
66,400
66,600
65,700
65,700
65,600
25,2-00
25,000
25,000
24,900
24,700
24,900
24,700
12,000
12,100
12,200
12,200
12,100
12,200
12,100
20,200
20,100
20,400
20,700
20,400
20,400
20,300
7,000
7,100
7,100
7,200
7,100
7,200
7,300
26,186
27,366
28,516
29,220
29,520
29,447
29,517
5,966
5,445
4,825
4,496
4,424
4,488
4,675
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Oct. 31, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Government
agencies
and
Fed- Com- Mueral. mer- tual
cial
Resavserve banks ings
Banks ( i )
banks
Insurance Other
companies
End of month
Total
outstanding
trust
funds
and
trust
funds
Fed- Com- Mu- Insureral mer- tual
cial
Resav- ance Other
serve banks ings comBanks C1) banks panies
Treasury bonds
Type of
security:
and notes,
due or
callable:
2
Total:
1945—Dec
198,820
1946—June
189,649
Dec
176,658
1947—June
168,740
167,142
Oct
Nov.. . . 166,437
Treasury bills:
1945—£)ec
17,037
17,039
1946—June
Dec
17,033
1947—June.... 15,775
15,732
Oct
Nov.. . . 15,335
Certificates:
1945—Dec
38,155
1946—June
34,804
Dec
29,987
1947—June.... 25,296
Oct
24,808
Nov.. . . 24,501
Treasury notes:
1945—Dec
22,967
1946—June
18,261
Dec
10,090
1947—June.... 8,142
Oct
7,840
Nov.. . . 7,840
Treasury bonds:
1945—Dec
120,423
1946—June
119,323
Dec
119,323
1947—June.... 119,323
Oct.. . 118,564
Nov
118,564
U. S.
Government
agencies
7,009 24,262 82,830
6,768 23,783 76,578
6,302 23,350 66,962
5,409 21,872 62,961
4,352 22,168 62,529
4,540 22,209 62.085
10,491 23,183
11,220 24,285
11,521 24,346
11,845 23,969
11,769 23,445
11,646 23,272
51,046
47,015
44,177
42,684
42,879
42,685
1
1
11
1
26
56
1 723
1,424
1,088
360
576
490
362
299
275
11,211
10,439
10,459
9,821
9,480
9,317
576
623
603
285
163
173
4,383
4,258
2,796
2,443
2,330
2,202
3 14,466
2 14,745
11 14,496
5 12,831 2,476
1,142
1,187
3
787
20 13,563
3 12,558
1,067
1,405
7
8
38 8,364 18,091
58 6,813 16,676
6 4 7,496 11,221
48 6,280 8,536
91
243
257
249
7,087 7,687
7,255 7,426
213
198
8 2,120 15,701
9 1,748 11,396
355 6,120
6
369 4,855
7
811 4,452
3
2 1,425 3,967
179
227
211
183
42
30
6,915
6,655
6,186
5,306
4,251
4,468
947
755
753
727
708
971
46,535
47,335
48,408
48,756
49,298
49,263
i
81
71
10,217
10,743
11,049
11,407
11,465
11,365
479
1,050
1,305
22,230 33,579
23,073 30,764
23,226 29,700
23,305 29,822
22,943 29,899
22,751 29,746
Within 1 year:
1945—Dec
1946—June....
Dec
1947—June....
Oct
Nov.. . .
1-5 years:
1945—Dec
1946—June...'.
Dec
1947—June....
Oct
Nov.. . .
5-10 years:
1945—Dec
1946—June....
Dec
1947—June....
Oct
Nov.. . .
10-20 years:
1945—Dec
1946—June
Dec
1947—June....
Oct
Nov.. . .
After 20 years:
1945—Dec
1946—June....
Dec
1947—June....
Oct
Nov.. . .
15,222
10,119
7,802
11,255
14,393
14,393
185
4
29
83
50
49
63
116
181
374
277
237
235
495
591
420
323
318
2,761
2,418
2,591
3,191
3,819
3,729
35,376
35,055
39,570
42,522
38,323
38,323
408
443
576
469
357
354
693
797
831
698
403
492
25,165
25,285
28,470
29,917
27,283
27,268
701
709
1,047
1,574
1,424
1,411
1,742
1,506
2,101
2,671
2,467
2,399
6,673
6,319
6,550
7,193
6,387
6,399
33,025
32,847
27,283
18,932
18,932
18,932
787
716
529
423
378
379
210
135
72
40
40
157
21,007
21,933
16,657
11,577
12,133
12,162
2,058
1,609
2,042
1,245
1,077
1,018
2,902
2,822
2,826
2,002
1,681
1,653
6,063
5,632
5,156
3,645
3,622
3,563
34,985
37,189
32,384
40,352
43,068
43,068
2,779
3,400
2,975
3,374
2,810
2,951
90
83
78
78
100
101
3,691
3,308
2,433
2,587
4,686
4,690
5,523
6,026
5,303
6,751
7,182
7,226
10,996
12,547
11,708
15,137
15,448
15,408
11,905
11,829
9,886
12,425
12,848
12,692
24,781 2,764
22,372 2,103
22,372 2,084
964
14,405
657
11,689
737
11,689
57
57
55
29
2,418
2,550
2,632
2,593
2,051
2,510
2,687
1,649
703 1,588
692 1,547
6,933
6,325
6,602
3,358
3,186
3,149
10,559
8,826
8,313
5,812
5,555
5,564
2,017 9,956
1,431 5,655
72 4,341
251 6,936
976 8,948
1,645 8,415
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of
nonmarketable
issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
212
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIn- War
Income taxes 1 cella- Social
ter- and
neous Secu- Other Total Net
dere- 3 est fense
inter- rity
rereon activnal
With- Other revetaxes ceipts ceipts ceipts debt
held*
ities
nue 1
Period
Fiscal year ending:
June 1 9 4 5 . . .
June 1946. . .
June 1947. . .
1947—January.. .
February..
March....
April
May
June
July
August
September.
October.. .
November.
December..
1948—January. . .
Increase ( + ) or
TransBudget Trust
decrease (—)
fers to Other Total surplus
during period
extrust
budget (+) or acac- pendi- expend- deficit counts General
etc.*
counts tures itures
Gross
fund
etc.
debt
balance
0,289 24,884 6,949 1,793 3,824 47,740 46 457 3,61790, 029 1,646 5,106 100,397
9,392 21,493 7,725 1,714 3,915 44,2
038 4,722 48 542 1,918 8,532 63,714
0,013 19,292 8,049 2,039 5,309 44,703 43 259 4,958 17 142 1,355 19,051 42,505
546 2,117
445 3,860 3,820 343 1,412
693
58
71 1,288
3,113
1,376 1,845
368 4,643 4,378
666
387
124 1,457
16 2,318
3,914
785 3,865
275 5,724 5,701
682
118
626 1,428
1 1,544
3,598
584 1,012
315 2,624 2,556
638
141 1,728
75
46 2,085
4,001
625 3,204 2,865
1,218
400
595
92 1,327
365
432 2,000
3,851
778 2,492
602
125 1,484 5,480 5,473 ,396 1,493
5,540
18 2,632
343 2,469 2,397
625
663
757
245
80
3,669
549 H ,896
979
202 2,865 2,536
643
103
1,255
41
352
3,060
908
273 1,775
615 4,884 4,872
699
668 1,006
797 2,639
136
2,932
9 1,249
257 2,455 2,390
782
157 1,150
644
70:
2,445
71
60 1,078
362 3,053 2,743
695
127
1,315
2,194
329
930
20 1,118
350
578 4,260 4,246 972
767
880 1,1
3,224
145
23 1,235
994
624 62,613
51
366 4,310 4,275 401 PI,047
656
66 P I . 3 6 6
2,879
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Net expenditures
in checking acExcounts of
Invest- pendiGovernment
tures
agencies
Assets
1948—January...
254
68
126
-283
313
959
1,828
394
4,648
5,042
2,256
21
90
158
176
47
-216
128
57
4,711
7,134
6,909
4,312
4,066
3,308
3,069
3,400
3,952
4,107
3,935
3,097
154
44
41
17
32
456
305
46
281
24
14
17
25
-60
-33
391
344
323
395
336
422
391
304
378
391
357
357
1,620
2,561
2,369
842
989
1,202
884
6749
1,091
1,393
1,290
866
131
11
-32
123
361
207
197
327
477
153
400
180
168
160
153
746
1,554
1,571
1,548
1,607
1,565
1,617
5
1,593
1,622
1,668
1,585
1,621
5,102
7,478
7,233
4,707
4,402
3,730
3,460
3,705
4,331
4,498
4,292
3,454
-938
2,817
2,117
126
123
134
133
126
137
154
134
124
123
107
116
2,736
3,363
3,292
2,317
1,807
962
958
1,362
1,618
1,437
1,417
968
121
224
2
-26
110
348
159
26
212
103
19
464
2,444
2,407
1,577
45
87
201
5
159
476
398
150
272
24
274
119
24,698
14,238
3,308
22,622
12,993
962
3,820
4,735
3,009
219
440
83
157
590
246
632
573
65
163
523
80
421
470
422
1,500
1,006
1,202
1,553
95
-196
1947—January...
February. .
March
April
May
June
July
August....
September.
October . . .
November .
December..
997
708
1,565
25,119
14,708
3,730
Expenditures
1,618
1,493
Balance
in
general
fund
Deposits
in
special
deposii
Investments
2,757
1,261
1,785
Total
liabilities
Deposits
in
Federal
Reserve
Banks
Receipts
3,239
2,940
3,219
453
General fund of the Treasury (end of period)
Other
Fiscal year ending:
June 1945....
June 1946....
June 1947....
-53,941 +791 +4,529 +57,679
-20,676 - 5 2 4 -10,460 +10,740
+754 - 5 4 8 -10,930 -11,136
+706 - 1 2 5 +1,210
+628
+464 +317 +2,422 +1,642
+2,102
-224 -2,294
-33
- 1 , 4 4 5 +269 - 2 , 5 9 8 - 1 , 4 2 3
-987 +99
-245J
+642
-67 -634
-758
-57
-1,272 -129
- 2 3 9 +1,161
+332
- 5 2 4 +206
+649
+552
+1,940 - 4 3 5
-953
+155
- 5 5 +283
-74
-172
+549 + 138
-859
-838 - 1 , 3 1 2
+1,022 -547
+1,396 +482 +1,551
-326
Total
Other
assets
r
P Preliminary.
Revised.
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes,5 which are appropriated directly
to the Federal old-age and survivors insurance trust fund
6
^ Excess of receipts ( + ) or expenditures (—).
Change in classification.
Receipts are based on telegraphic rather than the usual
mailed reports for this month; this accounts in part for the increase over January 1947.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
CASH INC6ME AND OUTGO OF THB
UNITED STATES TREASURY *
[On basis of reports of collections . In millions of dollars]
[In millions of dollars]
Individual
Corporation income
Excess inincome taxes
and profits taxes
Estate Excise and
Cash
Cash come ( + )
and
other misPeriod
Period
or
income
outgo
gift
cellaneous
Normal Excess
Other
outgo (—)
Withtaxes
taxes
and
profits
Other
held
profits
surtax
taxes
Fiscal year ending:
9,371 14,060
June—1941
-4,689
Fiscal year ending:
1942
— 19,294
15,291 34,585
1,852
164
37
1,418
407
2,547
June—1941
1943
-53,735
25,245 78,979
57
3,263
3,069
1,618
433
3,405
1942
1944
-46,095
47,984 94,079
1943
4,521
5,944
5,064
84
686
447
4,124
1945
-44,945
51,041 95,986
5,284
137
9,345
7,823 10,438
1944
511
4,842
-17,899
1946
47,793 65,692
144
10,264
8,770
4,880 11,004
643
1945
6,317
1947
+6,658
46,643 39,985
4,640
8,847
7,822
91
1946
9,858
677
7,036
9,501
6,055
55
9,842
3,566
779
1947
7,285
3,629
1946—December. . . 4,207
+578
1
1
1946—December. .
27
420
752
925
9
62
652
1947—January
February...
March
April .
May
June
July
August
September..
October
November..
December. .
657
1,971
81
1,014
1,528
2,196
1,082
1,967
648
250
177
1,712
228
266
127
80
66
6
3
3
2
66
84
103
68
639
595
541
572
170
63
61
49
3
2
2
62
55
66
539
560
618
FEBRUARY
33
1,133
1,495
26
1,188
1,491
36
1948
158
1,068
1,386
297
370
62
1,128
246
67
408
276
1,514
384
249
1,463
43
35
28
22
24
1
1
1
2
1
79
64
65
54
65
572
625
736
627
691
1947—January
February....
March
April
May
June
July
August
September...
October
November.. .
December. . .
3,889
5,127
5,946
2,819
3,316
5,295
2,565
3,193
4,712
2,631
3,349
4,031
2,783
3,667
3,322
3,654
3,351
5,193
3,392
3,152
3,959
2,612
2,533
3,521
+1,106
+ 1,460
+2,624
-835
-35
+102
-827
+41
+753
+18
+816
+510
1
Revised figures. For description, see Treasury
Bulletin for September 1947.
213
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
Corporation or agency
Total
All agencies:
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947
Sept. 30, 1947
Classification by agency,
Sept. 30, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations. . .
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration. . . .
Federal Crop Insurance Corp
Housing and Home Finance Agency: 6
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing
Administration and
affiliate:8
Public Housing Administration 6 ..
Defense Homes Corp
Federal Housing Administration....
Federal National Mortgage Association
Reconstruction Finance Corp.7
-Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 8 . . .
War Shipping Adm. functions 9
All other w
29,569
30,409
32,337
429,666
31,037
Loans
re- '
Cash ceivable
1,157
1,398
1,588
1,792
1,556
296
475
109
14
1
125
712
1,272
449
41
1,429
1,265
1,003
851
1,093
1,836
390 16,973
1,873
547 16,924
1,985 3,426 15,486
1,777 3,565 12,691
377
261
1,536
339 1,414
380 1,176
1,163
283 953
1,725 3.553 12,662
1,250
1,252
1,250
506
667
3,377 24,069
3,588 24 ,810
3,142 27,268
2,045 26,763
2,144 28 ,005
43
399
238
73
109
14
40
6
27
467
63
16
185
548
4,192
7,003
8,589
5,949
6,649
7,294
7,662
9,212
Investments
235
391
542
504
55
199
5
1,836
1,803
1,080
220
783
U. S. PriBonds, notes,
Gov- vately
DeLand, ferred
and debenern- owned
struc- and Other tures payable Other ment
tures, undis- as- i
interinterliabilU. S.
and
est
est
tribities
sets Fully
Govt. Other
equipguarsecu-2 ment
uted 3
secu- rities
anteed Other
charges
rities
by U.S.
Commodities,
supplies,
and
materials
()
951
678
161
316
229!
58
15
410
(*)
10
336
182
508
181
12
5
2
36
278
19
1
31
2
22
899
1,789
75
653
11
9
1
120
712
574
438
32
71
123
3
(5)
225
123
181
525
204
53
1
26
5
541
116
35
115
6
(5)
11
(5)
110
142
747
3,305
6,507
3,386 1,657
29
115
10
493
55
162
5
33
1,523
189
32
(5)
12
13
8
2
4
1,041
560
1
163
31 3J420
45
496
498
509
269
138
1,613
1,048
220
771
393 3,799
333 6,670
8,525
212
191
49
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1947
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.
Home
i^ed. inter- Banks Com- Rural
Elec- FarmOwnFarm medi- for co- modity trificaers'
Mort. ate opera- Credit
Home ers'
tion
Adm. Loan
Corp. credit tives Corp. Adm.
Corp.
banks
122
391
235
174
678
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
592
520
336
27
95
(5)
391
1
235
13
161
1
678
276
316
13
508
278
278
336
All
other
June 30,
1947,
All
all
agen- agencies
cies
(5)
117
7 2,200
27
665
145
209
17
31
1
4
258
218
49
904
4 2,053
660
162
240
164
224
6
5
340
1,796 3,350 5,405
591
95
(5)
397
9
1,789 3,523 9,212
6
293
4,058
597
393
7,662
1
Assets are shown on a net basis, i.e., after reserve for losses.
2 Includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and DeveloiUnent—159, 318, 476, 635, and 635 on Sept. 30 and Dec. 31, 1946, Mar. 31, June 30, and Sept. 30, 1947, respectively;
International Monetary Fund Quota—2,750 on Mar. 31, June 30, and Sept. 30, 1947.
3
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal
land banks are excluded
beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947.
6
6
Less than $500,000.
Reorganization Plan No. 3 of 1947, which became law on July 27, 1947, established the Housing and Home Finance
Agency in lieu of National Housing Agency, with three constituent agencies: Home Loan Bank Board, Federal Housing Administration, and
Public Housing Administration.
Figures for the latter
represent activities under United States Housing Act, as amended; its war housing and
7
other operations are included under "all other."
Includes U. S. Commercial Co. and War Damage Corp. 10 8 Figures are for Mar. 31, 1947.
9
Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
Figures for three small agencies
included herein are for dates other than Sept. 30.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
214
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)* l
1935-39 = 100
Year and month
Manufactures
Total
Durable
Nondurable
Min- Total
erals
Residential
Employment •
1939 = 100
All
other
Nonagricultural
Factory
DepartFac- Freight ment WholeConsale
tory carload- store
com- sumers
sales
pay
modity
ings*
prices
(valrolls 3
3
ue)* 4 prices 1935-39
1939 = 1935-39
= 100 1935-39 1926
= 100
100
= 100
= 100
Ad- Unad- AdAdAdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
72
75
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
53
81
88
103
82
90
1926
1927
1928
1929
1930
. .
84
93
58
73
95
107
62
60
71
83
57
67
66
71
72
98
69
76
89
92
79
100
129
121
135
100
99
107
91
98
83
85
93
117
126
87
139
142
142
84
93
129
135
117
50
125
75
67
79
80
63
37
84
58
69
41
54
70
79
67
76
28
25
13
11
40
37
48
50
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70
74
80
81
89
95.1
101.1
94.6
100.0
105.8
125
129
132
140
122
166
68
41
89
82
40
16
149
235
92
61
108
122
78
109
139
100
106
95
109
115
162
199
239
235
201
279
360
353
203
274
142
158
176
171
170
192
May
June
JulyAugust
September*"
October
November
December
166
137
68
134
P149
153
^158
141
107
P187
P220
160
156
166
161
152
168
148
164
138
183
167
166
141
137
165
159
170
163
159
171
164
161
162
104
115
139
172
178
180
182
183
182
174
180
190
175
193
202
208
157
164
184
212
165
214
214
211
221
222
184
185
190
187
185
184
187
185
185
185
176
182
186
178
185
191
190
192
P191
194
192
P189
26
143
P144
119.4
131 1
138.8
137.0
102 132.0
161 134.4
P170 P140 4
145
139
154
176
176
146
146
146
151
175
172
170
168
148
143
151
148
132
133
127
136
129
123
110
116
134
142
140
152
207
210
163
169
172
140
150
153
155
166
183
136
150
168
170
179
195
176
178
P173
rl55
155
P155
184
193
P216
170
163
vlS9
196
217
P238
139.5
139.8
140.0
138.9
138.9
139.8
139.0
140.2
141.5
142.2
142.4
PH2.7
108 7
97 6
92 4
95.7
98 1
80
86
78
77
78
99
102
100
99
100
108
105
97
78
82
75
73
89
92
83
88
96.4 91 2
105.8 108.8
90.0 84 7
100.0 100 0
107.5 114.5
107
111
89
101
109
100
107
99
106
114
132.1
154 0
177.7
172.4
151.8
167 5
245 2
334 4
345.7
293.4
130
138
137
140
133
149
168
186
135
207
87 3
98 8
103 1
104 0
105.8
105 2
116 5
123 6
125 5
128.4
142.0 266.4
?154 0
132
143
264
121.1
P2S5
139.3
159 2
107 1
107.7
108 9
110 2
111 0
112 9
124.7
129 1
124 0
134.1
139.7
140 9
129 9
129.6
130 2
131 1
131 7
133 3
141.2
144 1
145 9
148.6
152.2
153 3
141 5
144 6
149.6
147 7
147.1
147 6
150 6
153 6
157 4
158.5
159 5
163.1
153 3
153 2
156.3
156 2
156.0
157 1
158 4
160 3
163 8
163.8
164 9
167.0
307.3
310 6
314.1
310.7
312.2
319.6
314 2
323.3
336 9
341.5
344 8
145
136
137
73 0
64 8
65 9
74.9
80 0
131
71 8
49 5
53 1
68.3
78 6
152.7
153.7
154.0
152.9
150.6
151.4
150.1
154.3
156.6
156.8
157.2
P157.8
168
173
174
126 4
124 0
122 6
122 5
119.4
114
115
117
153.4
154 4
154.6
153.8
151.9
151.7
149.4
152.7
155 7
156.4
156 7
P157A
147
100 0
95 4
96 7
95 3
86.4
113
148
149
161
157
151
105
123 8
143 3
127.7
119 7
121 9
122.2
125.4
147
148
152
144
152
165
158
146
142
138 6
154 4
97.6
96 7
100 6
98.1
103.5
152
140
122
143
146
144
172
179
177
92
94
110 5
108 5
109 7
117.1
94.7
234 1
214.3
238 3
254.8
253 5
262.8
267.1
284 4
290.3
292.8
298.2
306.2
170
169
174
83
99
110
121
Unadjusted
105
110
132.6
123.9
132.1
138.5
139.6
141.9
143.6
147.7
149.5
149.6
152.0
152.8
95
129
120
129
Unadjusted
139
146
145 129.2 133.2
169 127.4 124.4
161 130.6 132.6
168 132.4 139.4
161 133.4 140 7
172 134.3 142.2
168 134.7 143.0
158 136.4 146.3
155 137.6 148.6
148 138.1 149,1
152 139.1 151.5
163 139.4 152.4
61
136
147
225
222
218
219
'217
223
224
P228
75 8
64.4
71.3
83.1
88.7
12
21
103
113
89
109
125
165
P172
102.8
95.8
98 9
96 8
96 9
103.1
89.8
32
37
... .
184
183
180
92
103 9
124.2
80.2
86 0
109.1
101.7
107.2
86 3
75.7
76.1
84.0
87.8
80
86
189
189
81
95
124
114
81
90
1947
January
February
. . .
March
April
84
94
122
103 7
104.2
79.7
88.2
101.0
93.8
97.0
79
90
65
88
86
94
120
107
117
132
65
83
1946
January
February
March
April
May
. . .
June
July
August
September
October
November
December
44
68
95
99
110
75
87
. . .
44
30
56
79
96
. ...
1946
1947
63
63
Adjusted
133
126
139
109
106
133
139
141
138
139
137
140
150
142
146
137
142
137
134
143
142
145
147
149
227
'247
'255
252
259
rmi
272
r
291
r271
258
271
276
265
r
266
'272
r277
291
r290
287
r
283
r
292
'277
'301
303
8
3
6
1
6
1
7
8
4
2
r
* Average per working day.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 216-219. For points in total index, by major groups, see p. 237.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 223 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 225-227.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
1
2
8
FEBRUARY
1948
215
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1947
Dec.
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec
182
189
189
190
181
185
184
176
182
186
190
192 vl91
190
196
197
198
194
191
191
183
188
192
197
199 P197
211
221
222
225
222
218
219
207
210
r217
223
224 P22S
159
192
191
196
195
197
193
181
188
195
204
202
152
174
145
381
193
206
191
207
174
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
187
205
170
454
188
214
177
477
198
224
184
509
276
277
277
281
276
273
275
266
267
276
280
235
229
233
239
237
225
233
217
213
227
r
231
234
187
181
190
197
193
179
191
185
180
197
198
201
197
203
208
202
197
187
179
171
170
174
179
185
'189
181
184
190
195
203
198
188
181
180
182
176
177
M 79 j
203
211
205
195
183
176
167
167
171
Lumber and Products.
141
142
147
147
144
142
142
133
142
140
143
Lumber...
Furniture. .
132
160
131
161
137
167
138
166
135
161
134
158
133
160
121
155
133
160
128
164
128
172
176
210
219
219
218
211
200
207
195
199
202
201
201 P205
232
135
265
177
152
219
263
245
149
278
182
168
227
271
235
154
263
203
164
232
260
241
159
269
192
165
224
258
234
151
263
175
164
218
249
229
163
251
141
162
210
247
230
154
257
171
164
216
239
207
124
235
164
160
224
220
211
151
231
171
162
225
216
219
151
243
171
160
221
226
210
156
229
174
208
143 141
230 196
178
161
235
226 P227
172
169
172
176
178
Industry
Industrial
Production—Total.
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
205
197 196
222 226
182 185
'503 513
281 P285
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) 1
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
.
Other stone and clay products 1 ...
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1 ...,
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
174
176
176
175
164
172
173
172
152
141
254
160
161
263
161
161
262
160
160
270
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
115
116
110
122
94
68
130
117
113
127
98
67
117
118
162
155
79
172
148
'205
188
r
l60
230
'22 4
150
P155
P142
170
168
163
164
155
142
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
147
130
-•278
152
139
280
159
149
'290
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
156
184
176
147
134
165
148
168
192
184
162
144
188
159
'167
'194
'184
'160
140
'188
159
171
196
183
162
142
190
167
120
122
116
113
107
101
116
122
'126
124
118
134
99
81
108
121
122
140
99
84
102
121
119
137
102
79
95
113
119
138
96
88
83
109
114
130
94
92
84
103
106
121
78
90
84
97
115
130
93
87
101
117
120
131
103
94
118
123
121
136
94
100
112
128
122
141
88
93
106
126
161
156
157
158
155
154
155
156
157
155
156
P155
162
158
160
149
144
152
143
148
136
136
143
P130
P148
82
178
147
P149
81
185
152
85
198
164
P154
82
206
173
79
191
173
P155
82
196
184
P157
85
197
188
P147
74
174
158
P148
76
167
160
P147
75
163
157
P140
66
151
137
65
148
130
131
287
Ice cream
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
216
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1946
1947
Industry
Dec.
Jan.
Feb.
Mar
Apr.
151
151
162
138
105
163
172
164
133
108
159.
165
167
121
104
149
143
169
122
101
168
170
147
172
165
157
138
171
158
137
142
166
234
241
202
158
333
426
May June July Aug.
Sept Oct.
Nov. Dec.
150
153
159
121
105
151
154
159
119
102
152
157
154
141
104
156
171
149
154
93
145
155
140
158
91
146
144
153
174
99
142
141
146
171
109
170
185
159
190
114
160
173
154
149
107
160
151
145
165
161
145
149
167
158
138
153
164
154
132
135
164
156
133
119
168
160
138
118
172
163
160
134
134
171
129
P\59
P129
125
173
170
P171
223
208
189
162
159
164
176
198
229
219
167
183
188
623
408
157
179
695
372
160
151
619
314
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
168
56
385
238
196
78
277
297
204
203
1
71
323 119
468 562
165
5
94
376
148
158
168
158
160
142
159
156
160
163
175
169
149
109
192
72
112
208
69
110
228
67
98
216
66
94
221
68
106
187
55
101
216
66
98
210
72
107
211
80
113
213
83
126
229
80
124
224
68
100
201
61
150
156
157
159
156
161
160
146
r
r
146
159
98
109
236
139
144
168
. . . 86
155
152
134
87
150
166
99
109
252
145
147
179
83
153
148
137
87
151
171
100
109
260
150
148
181
83
155
142
137
89
154
174
99
113
266
151
151
18088
160
151
139
89
150
169
97
112
254
150
147
178
87
158
144
132
93
155
173
97
112
265
151
152
184
88
160
148
141
92
155
178
105
116
277
151
151
179
88
162
147
144
91
140
160
108
98
253
131
137
166
75
147
136
124
91
153
178
113
105
278
151
178
86
157
148
138
94
171
110
104
259
149
150
182
87
157
151
135
97
157
177
105
107
275
154
154
184
89
167
152
141
91
. . 138
138
140
142
141
142
146
139
145
144
152
153 P147
120
122
125
124
124
125
131
131
133
131
138
137
P191
P195
Manufactured Food Produtcs—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
. .
.
.
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
....
....
Alcoholic Beverages
Malt liquor
.
Whiskey
. .
Other distilled spirits
Rectified licjuors
.
Tobacco Products...
Cigars
Cigarettes
•
•
Paper and Paper Products...
PaDer and Dulo
..
•
Pulp
Groundwood pulp
Soda pulp
.
.
..
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
.
•
.
158
C
163 '165 P159
160
182
97
112
281
160
156
186
89
168
157
147
90
151
177
84
163
157
141
88
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsorint consumotion
Printing paper (same as shown under Paper)
...
P178 P180 P185 P185
Petroleum and Coal Products. . ,
Petroleum refining •*
Gasoline
.
Fuel oil
Lubricating oil
.
Kerosene
.
Other oetroleum oroducts *
Coke
By-product coke
•
Beehive coke
.
.
142
166
160
175
143
170
162
185
142
174
167
176
139
163
156
170
145
171
163
175
154
173
168
182
157
178
157
186
163
180
164
177
162
183
154
169
162
187
160
177
159 P159
186
162
178
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
449
177
170
411
P42 3
... 249
251
251
251
251
253
250
251
249
248
248
250
P250
... 152
128
260
422
154
131
266
430
156
136
276
429
157
135
283
431
155
138
289
433
153
137
292
435
151
142
251
439
152
135
291
438
152
135
294
431
153
137
295
425
152
138
294
425
155 P154
148
296 P296
42 7 P428
....
....
...
...
Paints
. . .
Soap
Rayon
. . . . . .
Industrial chemicals
Kxplosives and ammunition *
Other chemical products *
P203 P204 P203
148
167
154
162
.
Chemical Products
P179 P184
131
252
247
246
239
234
220
216
207
210
217
223
226
P226
Minerals—Total
137
146
146
148
143
151
148
140
150
153 '155
155
P155
Fuels
141
151
150
153
144
156
153
144
155
160
162
163
P162
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
P164
Pill
111
117
122
117
136
124
122
117
117
111
107
P108 P112
153
158
166
159
189
169
166
160
163
153
145
P146
53
55
60
64
61
66
58
68
60
68
64
66
63
61
60
51
56
47
55
55
53
63
Rubber Products
. .
Coal
.
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
.
...
P153
P166
r
c
P Preliminary.
Revised.
Corrected.
i Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
FEBRUARY
1948
217
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1947
1946
Industry
Durable Manufactures
.
Sept. Oct.
Feb.
180
184
185
187
185
185
185
178
185
191
194
192
188
192
193
195
193
191
191
184
191
197
200
199
P195
222
219
220
208
212
219
224
224
P226
197
193
181
188
195
204
202
205
187
205
170
454
188
214
177
477
198
224
184
509
197
222
182
'503
196
226
185
513
Mar. Apr.
July Aug.
218
220
-224
159
192
191
196
195
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
281 276
273
275
266 267 276 280
....
Dec.
Jan.
... 209
Steel
Electric
May June
Dec.
152
174
145
381
193
206
177
414
191
207
174
446
276 277 277
Nov.
P189
281 P285
Manufacturing Arsenals and Depots 1...
Transportation Equipment
r
...235
229
233
239
237
225
233
217
213
227
231
234 V238
187
181
190
197
193
179
191
185
180
197
198
201
... 197
203
208
202
197
187
179
171
170
174
179
185 P189
182
184
190
196
203
198
187
180
180
182
176
178
203
211
215
205
195
183
176
167
167
171
180
188
... 129
126
135
140
143
145
149
141
151
150
150
148 P141
114
107
138
143
133
147
161
167
161
158
160
155
160
143
164
138
160
126
166
134
133
176
P205
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Nonferrous Metals and Products...
(Copper smelting; Lead refining; Zinc smelting;
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Lumber and Products
Furniture
....
Stone, Clay, and Glass Products
Glass products
Plate glass
Gypsum and plaster products
Nondurable Manufactures. ..
Textiles and Products
118
172
P122
P\79
'210 '210
206 vl99
223
151
248
198
166
225
226
215
156
236
202
r
169
236
r
224
209
141
143
232
192
178
167 P168
238 P237
226 P227
173
178
180
179
P171
160 164
147 152
172
P165
159
149
290
P!52
203
208
205
209
208
206
209
196
207
218
135
247
161
158
224
263
241
149
273
148
156
218
271
229
154
255
154
156
221
260
241
159
269
157
159
215
258
234
151
263
166
160
215
249
242
163
269
148
162
213
247
229
154
254
183
163
221
239
200
124
225
181
160
224
220
218
151
241
193
166
226
216
172
171
171
171
169
169
168
165
164
172
173
172
166
164
155
142
154
152
141
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
130
'278
180
165
223
175
171
180
181
171
178
172
159
155
214
166
160
175
173
174
222
169
158
184
178
182
210
161
145
183
171
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
156
184
176
147
134
165
148
168
192
184
162
144
188
159
114
116
123
121
115
113
106
99
116
121
126
126 P116
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
110
122
92
68
124
117
113
130
96
67
109
118
127
145
104
84
119
121
121
140
97
83
99
121
118
137
98
82
93
113
119
138
92
86
89
109
112
125
96
92
83
103
100
114
77
89
78
97
114
126
97
84
105
117
118
129
101
95
115
123
n23
137
96
100
112
128
126
147
91
90
112
126 P112
Manufactured Food Products....
157
149
140
140
144
149
154
166
178
181
166
159
P151
157
143
138
146
141
147
148
144
144
P129
*107 P127 P161 P202 P229 P229 P192 P156 P121
104
81
64
73
77
84
102
113
68
71
195
147
170
151
178 214 256
279 242
132
163
127
137
196 240 254 218
147
161
119
v9\
50
113
99
254
Wool textiles
Woolen yarn
Leather and Products
Wheat flour
Cane sugar meltingsx
Manufactured dairy products. .
Butter
Cheese
Canned and dried milk .
Ice cream
153
162
P95
62
124
114
P95
160
139
280
r
167
194
'184
r
160
140
'188
159
r
131
287
171
196
183
162
142
190
167
*>88
52
107
100
p Preliminary. _
' Revised.
Series included in total and group indexes but not available for publication separately.
1
218
FEDERAL RESERVE BULLETIN:
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 1001
1947
1946
Industry
Manufactured
Dec.
Jan.
Feb.
175
199
162
130
103
191
225
168
124
115
152
162
153
106
105
138
133
154
115
99
139
139
149
118
102
151
154
159
124
104
150
157
151
141
96
146
150
151
154
90
127
119
141
155
89
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
164
132
149
175
150
102
142
164
143
86
144
158
142
83
135
159
143
88
123
160
143
90
118
161
146
101
100
165
163
173
97
171
186
263
128
176
195
-290
162
176
178
'173
176
180
P165
118
P157
P101
178
P174
210
206
195
187
182
167
178
182
181
206
252
C
196
146
161
158
366
426
150
188
405
408
142
179
417
372
149
151
403
314
162
131
302
276
170
106
210
194
189
79
198
215
196
55
191
231
192
56
208
238
197
78
379
297
190
71
837
468
157
1
C
251
562
132
5
103
376
138
157
160
149
151
142
165
162
165
172
181
172
139
109
177
63
112
208
68
110
215
65
98
201
66
94
205
68
106
187
55
101
227
67
98
221
72
107
222
78
113
228
89
126
238
85
124
228
70
100
185
54
150
156
157
159
156
161
160
145
r
146
159
99
109
236
139
144
168
86
155
147
134
85
150
167
103
109
252
145
147
179
83
153
147
137
87
151
171
104
109
260
150
148
181
83
155
147
137
89
154
175
106
113
266
151
151
180
88
160
151
139
89
150
171
106
112
254
150
147
178
87
158
146
132
95
155
174
105
112
265
151
152
184
88
160
148
141
93
155
178
106
116
277
151
152
179
88
162
150
144
92
140
159
96
98
253
131
137
166
75
147
131
124
89
'152
176
100
105
278
151
141
133
138
145
144
145
146
130
126
114
122
129
131
129
129
113
. . . vl 78
P180
148
167
152
167
142
166
155
179
143
170
160
194
142
174
165
180
139
163
162
174
145
171
170
176
154
173
168
171
157
178
156
173
163
180
162
170
162
183
154
168
162
187
160
177
159
186
162
183
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
449
177
170
411
P423"
250
250
252
254
253
252
247
247
245
248
250
251
P251
152
128
260
422
151
128
266
430
154
134
276
429
157
135
283
431
157
135
289
433
157
133
292
435
156
140
251
439
150
134
291
438
151
136
294
431
151
143
295
425
152
145
294
425
153 P154
149 P148
296 P296
427 P428
May
June July
Aug.
Sept. Oct.
Nov. Dec.
Food Products—Continued
M e a t packing
Pork and lard
Beef
. .
Veal
Lamb and mutton
..
.
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
...
..
...
..
Alcoholic Beverages.
M a l t liquor
Whiskey
O t h e r distilled spirits
Rectified liquors
Tobacco
Mar. Apr.
. . .
...
Products...
Cigars
.
. . . . . .
Cigarettes
Other tobacco products
(Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp . . . .
Soda pulp
Sulphate pulp
Sulphite pulp
. . . .
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
/Printing and Publishing
...
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
P185 P179
r
163
158
P159
97
177
97
107
275
154
'154
184
89
167
154
'141
91
182
103
112
281
160
156
186
89
168
157
'147
91
139
145
156
159
120
132
145
149
178
86
157
148
-138
93
170
98
104
259
149
150
182
87
157
151
P184 P191 P195 P201 P203 P204
150
177
84
163
152
141
87
P150
138
P203
2
Petroleum refining
Gasoline
....
Fuel oil
Lubricating oil .
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
l
•Chemical Products.
Paints
Soap
Rayon
Industrial chemicals .
Explosives and ammunition *
Other chemical products 1
. .
Pi 59
Rubber Products
252
247
246
239
234
220
216
207
210
217
223
226
Minerals—Total
132
141
141
143
139
153
152
145
155
158
158
155
P150
Fuels
141
151
150
153
144
156
153
144
155
160
162
163
P162
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
P153
76
81
84
83
112
140
148
151
151
145
132
P104
P79
92
58
97
69
104
73
103
72
153
173
200
279
213
306
220
334
219
326
206
298
183
257
P136
54
55
57
65
55
67
51
70
54
68
56
65
59
59
58
50
61
46
63
55
62
63
Coal
Bituminous coal
Anthracite.
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold. .
.
. . .
Silver
.
....
r
159
P226
P164
P166
76
c
l
Preliminary.
'Revised.
Corrected.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figuress, see BULLETIN for October 1943 pp 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
FEBRUARY 1948
219
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
Industry group or industry
Nov.
Dec.
Aug.
Sept.
Oct.
1947
1946
1947
1946
Nov.
Dec.
Oct.
Nov.
Dec.
Aug.
Sept.
Oct.
Nov.
Total
Durable goods
Nondurable goods
152.0 152.8 154 3 156.6 156.8 157.2 157.8 292.8 298.2 306.2 323.3 336.9 341.5 344.8
176.
177.0 177
179.3 180.5 182.1 183.1 328.1 331.1 337.3 356.9 372.0 379.3 384.5
132.5 133.6 136.2 138.8 138
137.6 138.0 258.3 266.0 275.8 290.4 302.5 304.6 306.1
Iron and Steel and Products
Blast furnaces, steel works, etc....
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
154.9
124
170
130
139
134
15 3.120
171
131
139
132
158..
130
162
148
134
140
159.3
128
163
150
137
146
159.7
128
163
146
139
147
160.6 161.7
128
163
146
141
147
273.7
203
291
249
278
259
280.8
209
316
233
282
265
276.,
194
315
245
286
265
314.4
250
313
331
289
281
324.5
250
326
345
305
314
327.6
248
333
327
317
328
333.4
255
338
316
324
317
170
151
168
152
150
150
150
153
151
154
151
326
301
328
303
313
321
289
328
311
345
318
351
330
357
274
275
293
336
335
343
345
304
409
416.0 430.2 420.3 442.2 455.9 462.8
350
354
330
344
317
308
445
449
420
385
427
448
155
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
160
168
168
166
168
227.6 230.6 215.6 218.9 222.8
225.9
172
225.5
169
174
171
173
210
185
215
190
198
174
202
217.7 219.6 222.- 224.3 225.1 225.9 227.4
187
188
186
187
187
186
245
245
232
231
229
231
172
174
176
180
185
183
156
161
182
185
185
184
165
165
142
141
137
140
206
205
169
169
168
167
241
243
230
231
225
226
183
186
221
222
224
223
Transportation Equipment, except Autos
Aircraft, except aircraft engines. . ,
Aircraft engines
Shipbuilding and boatbuilding... .
292.4
369
330
193
Automobiles
193.3 192.3 192.0 198.3 197.7 198.2 201.1
324.3 325.7 328.9 338.7 373.5 378.5 388.1
Nonferrous Metals and Products
Primary smelting and refining.. . .
Alloying and rolling, except aluminum
Aluminum manufactures
184.0 185.8 170.0 171.7 173.3 173.9 173.9
142
145
143
142
142
142
338. • 345.3 356.3 329.7 343.6 353.2 357.9
296
289
299
292
251
271
257
160
216
287
362
Lumber and Timber Basic Products.
Sawmills and logging camps
Planing and plywood mills
142.4 140.8 161.5 161.2 162.1 161.7 159.9
153
151
176
175
175
175
151
151
161
162
164
167
292.0 284.7 290.6 387.3 388.6 387.6 388.6
425
415
435
431
315
307
306
381
386
366
368
295
309
291
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
127.7 129.6 131.9 133.5 136.1 138.2 139.5
126
128
129
131
134
137
264.2 268.5 279.1 293.3 305.0 318.5 322.1
323
260
298
273
315
264
285
143.9
172
143
120
160
144.4
111
145
119
163
144.6
166
151
129
166
145.5
167
152
130
165
146.0
168
151
130
166
147.1 147.5
168
151
130
169
271.3
316
243
249
286
274.8
319
244
242
286
281.6
317
248
245
299
301.7
334
297
289
330
306.0
343
298
294
327
313.6
351
295
300
343
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
107.6
123
84
114
80
119
108.6
123
84
115
81
119
102.5
118
80
103
76
115
104.2
119
82
107
78
118
106.4
111
84
108
79
111
108.2 109.6
124
84
111
81
122
241.1
197
200
255
163
238
246.0
306
202
254
168
247
253.7
314
209
265
172
258
240.1
306
209
234
159
249
256.3
317
220
269
166
270
264.9
329
228
270
177
271
Apparel and Other Finished Textiles. . . . 134.6 136.6 142.2
122
Men's clothing, n.e.c
128
123
Shirts, collars, and nightwear
93
102
95
Women's clothing, n.e.c
142
154
145
79
93
Millinery
145.6
130
104
158
93
149.6
134
107
162
99
148.3 151.6
135
110
158
83
283.6
246
196
312
168
283.2
272
218
285
117
292.7
278
230
296
140
302.3
265
226
323
111
318.5
285
243
335
173
336.0
304
259
350
195
Electrical Machinery
Electrical equipment
Radios and phonographs
Leather and Leather Products
Leather
Boots and shoes
162
218
250.0
329
300
126
136
172
255.6
327
299
134
135
178
264.8
335
295
146
135
181
279.1 282.4
336
291
171
134
183
102.9 104.4 103.8 104.8 105.6 106.4 107.4
87
92
91
93
94
94
97
96
95
98
99
Food and Kindred Products
, 133.5
Slaughtering and meat packing.. . . 121
Flour
141
Baking
, 111
Confectionery
114
Malt liquors
156
Canning and preserving
143
Tobacco Manufactures
Cigarettes
Cigars
298.2
365
326
206
133.3
133
141
113
118
158
130
157.3
136
142
115
113
188
233
161.7
135
140
116
123
188
256
147.3
136
143
118
137
185
160
140.1 137.1
142
143
118
143
181
114
97.6 98.3 91.6 92.3 95.1 96.5
126
126
120
119
111
124
83
84
77
79
83
82
94.7
448.9 450.4
388.0 390.1 399.9 426.1
334
482
269
277
292
343
453
311
337
492
270
281
286
343
451
302
347
501
271
291
291
351
468
306
360
513
303
370
251
280
475
404
372
507
318
387
254
296
488
421
374
493
329
394
254
295
475
440
374
515
332
377
250
295
471
428
542.3
681
530
354
531.1
680
484
337
571.2
683
534
399
482.9
638
487
242
499.9
623
501
262
533.4
662
500
293
544.0
651
479
318
302
385
290
374
248
308
254
322
257
341
260
346
316.3
359
298
297
342
280.8
362
237
277
186
280
319.6
302
266
319
120
199.5 201.6 218.3 220.4 231.6 234.9 235.4
158
199
160
175
190
200
199
188
191
209
222
210
224
224
232.2
109
291
197
214
251
453
252.0
226
289
205
226
250
312
263.3
252
304
216
241
267
303
325.6
270
336
218
233
365
654
331.6
272
335
223
271
370
684
308.8
272
339
231
312
344
438
300.6
317
340
228
325
327
266
207.4 212.7 222.0 203.0 205.3 214.5 216.3
239
247
255
249
244
253
253
192
194
207
174
180
191
196
NOTE.—Indexes for totals, major groups, and industries in the Lumber, Furniture, Stone, Clay, and Glass, Textile-Mill, Apparel, Leather,
Food, Paper, Printing and Publishing, Petroleum and Coal, Rubber, and Miscellaneous groups have been adjusted to final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable
from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers
only. Figures for December 1947 are preliminary.
220
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Factory pay rolls
Industry group or industry
Paper and
Paper
Paper
Paper
1947
1946
Allied Products
and Pulp
goods, n.e.c
boxes
Nov.
Dec.
Aug.
Sept.
Oct.
Nov.
144.3
138
153
149
145.7
139
154
150
143.0
143
150
138
143,5
143
152
139
145.0
143
155
142
145.7 147.2 268.5
143
260
156
280
143
274
Dec.
Oct.
276.6
267
289
285
Dec.
Aug.
Sept.
Oct.
Nov.
284.5
273
300
295
300.6
312
293
280
309.6
317
312
292
314.4
317
320
304
319.6
320
326
316
Printing and Publishing
Newspaper periodicals
Book and job
126.6 127.9 129.8 130.7 132.0 132.8 133.6 208.4 214.0 223.9 235.
122
190
214
179
122
182
114
115
121
122
255
143
142
233
241
254
138
140
138
139
Chemicals and Allied Products
Drugs, medicines, and insecticide:
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, Imall arms
Cottonseed oil
Fertilizers
190.9
195
122
173
175
160
135
118
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
146.6 146.1 154.1 154.0 153.3 153.2 152.3 252.7 252.6 250.9 297.2 302.7 298.5 305.0
280
288
244
243
283
288
150
247
146
150
146
153
151
297
300
232
232
212
290
138
286
127
137
124
135
135
Rubber Products
Rubber tires and inner tubes.
Rubber goods, other
198.8 200.1 177.8 178.1 182.0 185.2 185.6 361.3 377.4 392.2 357.4 369.0 375.6 383.3
398
408
415
398
212
398
425
396
238
211
238
215
208
340
352
362
168
335
360
322
338
162
171
158
173
154
Miscellaneous industries
Instruments, scientific
Photographic apparatus
182.0 183.2 173.5 178.4 182.9 185.6 181.7 350.7 354.0 363.3 347.5 369.0 384.4 393.7
475
449
469
479
243
422
456
460
239
247
251
245
243
427
334
394
405
226
344
345
385
200
200
219
216
217
For footnotes see preceding page.
192.5
196
121
177
177
156
124
123
189.7
186
120
179
190
103
72
115
195.2
188
122
178
191
161
100
122
199.5 200.2 335.3
332
185
123
210
178
294
292
194
326
166
131
278
121
280
198.4
187
123
177
192
165
128
122
Total
Durable
Nondurable
Preliminary.
357.0
351
216
313
299
327
327
305
380.4
363
240
337
353
204
185
305
395.1
373
247
336
357
376
264
335
400.5
384
244
335
354
387
358
320
406.2
378
246
341
369
391
363
310
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1946
Group
345.0
342
215
301
283
332
341
277
245.0 247.9 252.3
222
222
224
273
267
279
1947
Nov.
Dec.
Jan.
Feb
Mar.
Apr.
Ma y
June
July
Aug
Sept.
151.5
176.4
131.8
152 4
177 1
133 0
153.4
178.7
133.4
154. 4
180. 8
133. 6
154.6
181.5
133.4
153.8
181.2
132.2
151 .9
178 .2
131 .1
151.7
179.5
129.8
149.4
174.0
130.0
152. 7
176. 2
134. 2
155.7
178.8
137.4
Nov.
Oct
156. 4
180. 4
137. 5
Dec.
156.7 P157.4
181.8 P182.9
136.9 P137.3
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
All
manufacturing.
Durable goods
Iron and steel and products
Electrical machinery
Machinery except electrical
Transportation equipment, except autos ..
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products...
Stone, clay, and glass products
Nondurable goods.
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries
Average hourly earnings (cents per hour)
1947
1946
1947
July Aug. Sept. Oct.
Nov.
Oct.
Nov.
July
Aug.
Sept.
Oct.
Nov.
40.2
39.8
39.8
40.4
40.6
40.5
113.0
113.9
123 0
123.6
124.9
125.7
126.8
40.2
40.0
40.0
40.6
40.9
40.8
120.2
121.0
130.5 131.2
133.1
133.7
134.7
40.0
40.6
40.9
38.4
38.6
40.9
40.6
41.7
40.3
39.3
39.8
40.9
40.1
39.6
39.2
40.5
39.6
37.2
39.5
43.3
41.2
40.6
40 .'3
40.4
41.1
39.7
39.2
40.2
42.8
41.5
40.4
40.5
40.6
41.3
40.4
39.5
40.8
42.5
40.8
40.6
41.2
38.5
40.0
41.0
42.2
41.8
40.3
123.9
118.6
126.6
135.9
137.6
119.5
93.6
99.0
109.6
124.7
119.1
127.3
136.4
139.4
120.4
93.1
99.9
111.4
136.5
130.8
137.1
139.5
149.6
128.9
103.3
105.
119.
139.
132.
139.
142.4
151
129.4 130
104.8 106
107.0 109.3
120.
122.7
139.7
133.1
140.0
143.7
152.6
131.2
106.3
110.5
123.4
140.6
133.8
140.5
146.0
154.2
132.1
107.2
110.8
125.0
40.3
39.7
39.5
40.2
40.2
40.1
105.6
106.5
115.0 115.8 116.5
40.2
36.6
37.1
42.9
39.7
43.3
41.0
41.3
40.3
40.0
41.1
38.4
35.8
38.2
43.2
39.6
42.9
39.6
40.9
40.5
38.6
39.4
38.2
35.2
38.1
43.4
39.2
42.4
39.4
40.9
40.6
38.
39.3
39.5
36.0
39.1
43.4
39.2
42.9
40.2
41.0
41.0
39.9
40.2
39.7
36.9
39.0
42.8
39.7
43.0
40.0
41.3
40.6
40.1
40.6
40.1
36.4
38.4
42.5
39.4
43.2
40.1
41.2
41.2
39.9
40.7
94.8
99.7
98.7
103.5
90.5
105.0
132.5
110.2
134.7
131.3
108.8
95.5
99.8
100.4
104.6
92.4
106.4
134.3
111.2
135.1
132.2
109.8
102.
102.0
105.5
112.1
95.3
119.0
149.8
124.7
149.5
144.5
117.8
Oct.
Nov
40.5
40.7
40.3
40.7
41.5
40.0
38.
40.9
41.9
42.2
40.6
40.2
40.2
36.8
37.5
42.4
40.3
43.4
41.0
41.3
40.4
39.4
41.4
137.6
131.4
137.7
140.6
150.0
103.2
103.8
105.7
114.0
95.1
119.6
150.8
125.2
149.4
144.5
117.7
104.
104.6
107.2
112.9
95.2
121.0
153.4
126.3
150.9
144.7
119.1
117.3 118.3
105.5 109.0
105.1 101.9
108.2 109.4
115.8 117.3
95.4 95.6
121.5 122.4
154.0 155.6
125.2 126.6
150.7 151.8
143.6 145.
120.0 120.7
NOTE.—Preliminary Deecember 1947 figures for average weekly hours and hourly earnings are: All manu
mufacturing, 41.1 and 127.7; Durable,
41.5 and 135.5; Nondurable:, 40.8 and 119.3 respectively. Back figures are available from the Bureau of Lab>or Statistics.
FEBRUARY
1948
221
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Service
Federal,
State, and
local
government *
7,399
7,654
8,448
8,708
,382
,419
,462
,440
,401
,374
,383
,523
,572
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
5,411
4,101
4,091
8,639
8,630
,551
,554
4,578
4,596
5,475
5,421
1,678
1,651
1,632
1,652
1,668
1,700
1,742
1,770
1,796
1,806
1,818
1,854
4,075
4,052
4,040
3,855
3,9/0
4,074
4,079
4,083
4,110
4,092
4,073
4,081
8,595
8,637
8,695
8,638
8,631
8,669
8,688
8,761
8,776
8,798
8,812
8,782
,552
,554
,555
,546
,553
,551
,574
,594
,599
,594
596
,599
4,596
4,630
4,588
4,552
4,567
4,641
4,640
4,573
4,588
4,685
4,692
4,713
5,438
5,421
5,442
5,453
5,447
5,454
5,334
5,315
5,371
5,420
5,428
5,414
883
874
1,713
1,644
4,101
4,071
8,898
9,234
,543
,546
4,555
4,573
5,475
5,638
883
880
879
856
884
893
866
896
894
895
897
897
1.527
1,502
1,534
1,619
1,685
1,768
1,847
1,894
1,904
1,896
1,854
1,761
4,014
4,011
4,020
3,836
3,970
4,115
4,140
4,144
4,110
4,092
4,073
4,061
8.552
8,507
8,565
8,552
8,545
8,582
8,558
8,586
8,688
8,886
9,076
9,397
,544
4,527
4,561
4,565
4,552
4,590
4,711
4,686
4,619
5,384
5,367
5,415
5,426
5,447
,399
5,281
5,288
5,425
5,447
5,428
5,631
Transportation and
public
utilities
Total
Manufacturing
Mining
1939
1940
1941
1942
1943
1944
,
1945
1946
1947
SEASONALLY ADJUSTED
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
42,529
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
15,549
845
916
947
983
917
883
826
836
885
1,150
1,294
1,790
2,170
1,567
1,094
1,082
1.493
1,733
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4.023
4,049
1946—November
December
42,139
42,207
15,233
15,310
883
874
1,679
1,731
42,243
42,354
42,395
42,065
42,079
42,340
42,103
42,449
42,849
43,074
43.138
43,218
15,426
15,529
15,564
15,513
15,359
15,358
15,180
15,457
15,715
15,784
15,822
15,878
883
880
879
856
884
893
866
896
894
895
897
897
42,439
42,928
15,271
15,348
41,803
41,849
42,043
41,824
41,919
42,363
42,201
42,624
43,039
43,295
43,446
43,944
15,372
15,475
15,510
15,429
15,237
15,328
15,233
15,595
15,801
15,831
15,861
15,917
Year or month
,
1947—January
February
March
April
May
June
July
August
September
October
November
December
Contract
construction
Trade
Finance
6,705
7,055
567
481
322
UNADJUSTED
1946—November
December
,
1947—January
February
March
April
May
June
July
August
September
October
November
December
,546
,555
,554
,561
,567
,590
,602
1,583
1,586
1,588
1,591
,634
,662
4,689
1
Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
December 1947 figures and 1947 averages 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]
Civi ian labor force
Total noninstitutional
population
Year or month
1940 2
1941
1942
1943
1944
1945
1946
1947
Total
labor
force
Employed
Total
l
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
9,540
9,100
9,250
9,080
8,950
8,580
8.320
8,266
8,120
5,560
2,660
1 .070
670
1 ,040
2,270
2,142
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
56,030
57,380
60,230
64,410
65,890
65,140
60.820
61,608
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
47,520
50,350
53,750
54,470
53,960
52,820
55.250
58,027
37,980
41.250
44,500
45,390
45.010
44,240
46.930
49,761
1946—December. .
106,940
60,320
58,430
56,310
49,100
7,210
2,120
46,620
1947—January
February
March
April
May 3
June
July
August
September
October
November
December
106,970
107,060
107,190
107,260
107,330
107,407
107,504
107,590
107,675
107,755
107,839
107,918
59,510
59,630
59,960
60,650
61,760
64,007
64,035
63,017
62,130
62,219
61,510
60,870
57,790
58,010
58,390
59,120
60,290
62,609
62,664
61,665
60,784
60,892
60,216
59,590
55,390
55,520
56,060
56,700
58,330
60,055
60,079
59,569
58,872
59.204
58,595
57,947
48,890
48.600
48.820
48.840
49,370
49,678
50,013
50,594
50,145
50,583
50,609
50,985
6,500
6,920
7,240
7.860
8,960
10,377
10.066
8,975
8,727
8,622
7,985
6,962
2,400
2,490
2,330
2,420
1,960
2,555
2,584
2,096
1,912
1,687
1,621
1,643
47,460
47,430
47,230
46,610
45,570
43,399
43,469
44,573
45.544
45,535
46,330
47,047
.
.
. .
1
2
1
Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.
222
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Factories
1947
Year
1946
1947
1946
357.5
387.4
697.6
734 9
952.4
807.9
718 0
679.9
619 9
573.2
503.7
457.3
571 6
442.2
596.8
602 3
674.7
605.1
660.3
823.2
650 0
793.3
715.1
625.4
89 7
102 1
275.2
370 6
463.6
332.2
281 2
284.0
293 8
235 1
221.1
193.4
257 4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268 5
349.5
290.2
226.8
104 7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
73.6
69.9
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
69 0
77.5
112.7
75 1
88.7
55.2
72 8
56.6
50 0
41.0
36.1
38.6
38 3
46.4
52.6
66.3
59.2
58.4
81.6
77.2
75 9
80.0
84.3
65.3
18 1
17.1
11.4
18 0
23.5
23.5
35 7
7.8
18 8
12 6
15.1
19.7
19 7
13.5
21.4
22 7
47.7
40.1
38.5
45.6
42 8
41 .1
27.2
31.5
25 8
28.3
40.9
37 9
38.3
35.2
45 8
37.7
27 1
31.5
36.0
19.8
7,489.7 7,759.9 3,142.1 3,153.8 1,317.3
941.4
773.2
785.5
221.4
391.9
404.4
358
387
698
735
952
808
718
680
620
573
504
457
3,299 7,490
1947
1947
1947
1946
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
47.4
61 .3
59.8
64.1
1946
1947
50 2
64.7
143.6
128 1
197.9
202.5
153 1
184.4
156 4
112 8
121.8
115.9
113 9
90.5
122.0
161.4
184.7
185.7
165.9
223.5
141 5
165.9
181.5
154.1
596.9 1,631.3 1,890.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership Private ownership
1945 1946 19471945 1946 1947 1945 1946 1947
141
147
329
396
243
227
258
264
278
317
370
331
1946
Public works
and public
utilities
Other
1946
Total
January. . .
February. .
March
April
May
June
July
August....
September.
October. . .
November.
December..
Educational
1947
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
1946
January
February
March
April
May
June
Tulv
August
September
October
November
December
Year
Nonresidential building
Residential
building
Total
75
74
221
309
148
82
108
67
43
61
61
62
572
442
597
602
675
605
660
823
650
793
715
47
56
146
127
197
215
202
205
187
134
130
109
1,311 1,754
167
96
143
177
234
226
203
218
193
209
224
66
73
107
87
95
146
149
196
235
256
309
311
331
551
608
756
593
516
475!
433
439
373
348
405
346
453
425
441
379
458
605
457
584
492
... 1,988 5,735
Federal Reserve district
Boston
New York. . .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta
Chicago
St. Louis. . . .
Minneapolis.
Kansas City.
Dallas
Total (11 districts).
Dec.
Dec.
Nov.
32,517
99,285
41,847
61,998
71,380
95,010
85,106
43,373
19,184
31,692
43,971
36,932
128,560
32,044
65,185
70,075
70,712
132,107
63.737
18,832
25,689
71,235
625,363
715,108
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
Property
improvement
320
557
495
694
954
1,026
1,186
1,137
942
886
684
798
224
246
60
160
208
251
262
141
96
125
189
363
77
89
79
86
117
40
44
39
40
51
112
42
152
169
181
184
244
192
P227
50
57
49
46
46
47
68
[946—December. .
1947—January.. . .
February...
March
April .. .
May
June
July . . . .
August
September..
October
November..
December. .
Small
home
construction
13
25
26
21
15
1
w
o
(22 )
'" ( )"
m
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
Mortgages on
War and
l - t o 4 - Rental
Vetand
family group
erans'
houses housing housing
(Title
(Title
(Title
ID
VI) 1
ID
94
309
424
473
669
736
877
691
243
216
219
347
2
2
11
48
51
13
13
6
7
4
3
13
284
601
537
272
85
28
30
27
28
33
9
16
13
18
33
36
34
39
39
37
41
48
39
48
63
74
95
96
150
106
112
P Preliminary.
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 refinanced2 mortgages originally written under the War Housing
Title VI.
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 olace.
1
FEBRUARY
1948
[In millions of dollars]
Total
SavCom- Muings
tual
and
mersavloan
cial
ings
banks banks associations
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—June
Dec
2,755
3,107
1,318
1,465
157
186
220
234
154
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
237
668
789
254
272
940
276 1,032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec.
3,554
3 399
1,669
1 590
258
260
284 1,119
269 1 072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec.. .
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
2,860
1,386
245
229
889
8
102
End of month
1936—Dec
1937—j)ec#
1938—Dec
1939—j)ec#
1940—Dec
# #
>
Insur- Fedance
eral
com- agen- Other*
panies cies 1
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
223
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
Merchandise imports 2
1
Excess of exports
Month
1943
1944
1945
750
728
992
1,124
1,107
1,197
903
887
1,030
798
670
815
Pi,114
Pl,149
Pi,327
230
234
249
301
314
358
334
325
365
394
318
385
P531
P437
P445
520
494
743
823
793
839
569
561
665
405
352
431
P583
P712
P883
April
May
June
989
1,092
1,003
1,231
1,455
1,296
1,005
1,135
870
757
851
878
Pi,299
Pl,421
Pi,242
258
282
296
361
386
332
366
372
360
406
393
382
P512
*474
P463
732
810
707
870
1,069
965
639
763
511
351
457
496
P787
P947
P779
July
August
September. . . .
1,265
1,280
1,269
1,197
1,191
1,194
893
737
514
826
883
643
Pl,162
Pl,152
Pi, 109
302
318
289
294
304
282
356
360
335
431
422
377
P450
P400
P481
963
962
981
903
887
912
537
378
180
395
461
266
P713
P751
P628
October
November
December
1,237
1,072
1,286
1,144
1,185
938
537
455
639
986
736 P I . 0 9 7
Pl.235
329
312
282
329
323
336
344
322
297
394
478
P529
908
760
1,004
815
862
602
111
317
439
142
508
P567
P743
P683
8,643 P13.346 3,099
3,583
3,839
8,580
9,737
5,231
January
February
March
Jan.-Nov
11,679 13,321
9,070
1946
1947
1943
1944
1945
1946
1947
4,379 P5.138
1943
1944
1945
1946
1947
4,264 P8.208
P Preliminary.
Including both domestic and foreign merchandise
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 April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
1
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS BY CLASSES
[Index numbers: 1935-39 average = 100]
[In millions of dollars]
ForLive- est
stock prod- Ore
ucts
Total Coal Coke
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
Mis- Mercel- chanlane- dise
101
109
130
138
137
140
135
132
143
98
111
123
135
138
143
134
130
147
102
137
168
181
186
185
172
146
182
107
101
112
120
146
139
151
138
150
96
96
91
104
117
124
125
129
107
100
114
139
155
141
143
129
143
153
110
147
183
206
192
180
169
136
181
101
110
136
146
145
147
142
139
148
97
96
100
69
63
67
69
'78
75
1946—October
November. . .
December. . .
139
137
140
155
117
132
183
166
155
142
147
162
128
136
122
146
151
156
157
157
146
139
148
148
79
82
81
1947- -January
February....
March
April
May
150
142
146
137
142
137
134
143
142
145
147
149
163
149
147
119
155
141
115
146
153
156
160
155
175
171
180
173
185
173
170
184
180
192
195
191
157
147
L59
151
138
140
168
162
137
152
145
138
123
111
121
111
104
107
107
92
105
104
105
96
163
166
159
148
148
145
152
152
149
147
150
158
176
172
171
184
184
184
194
190
181
163
163
192
152
145
151
147
145
142
143
149
145
149
151
156
77
76
78
79
76
74
71
73
73
75
75
74
1946—October
November. . .
December. . .
149
141
131
155
117
132
180
166
163
142
144
152
197
171
118
154
148
139
216
169
45
152
154
139
82
84
78
1947—January
February
March
April
May
June
July
August
September,
October
November. . .
December. . .
138
133
137
134
144
142
140
148
153
156
150
139
163
149
147
119
155
141
115
146
153
156
160
155
184
182
182
169
183
170
165
177
178
188
195
201
157
144
146
133
121
143
202
175
153
152
142
130
118
89
96
98
94
87
87
87
139
161
133
92
147
159
159
148
154
151
153
160
161
155
147
141
44
43
50
157
267
286
311
284
272
235
163
60
139
136
144
145
146
146
145
150
157
163
158
147
74
74
79
80
76
73
71
73
77
78
77
71
SEASONALLY
ADJUSTED
June
July
August
September...
October
November. . .
December. . .
Total
Total
railway
railway
operating expenses
revenues
l.c.l.
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Net
railway
operating
income
Net
income
3,995
4,297
5,347
7,466
9,055
9,437
8,899
P7,627
3,406
3,614
4,348
5,982
7,693
8,343
8,049
P7.OO8
589
682
998
1,485
1,362
1,093
849
P619
93
189
500
902
874
668
447
P289
1946—September.
October...
November.
December.
673
663
663
658
605
606
601
523
68
57
62
135
37
25
29
98
1947- -January
February..
March.
April
May
June
July
August
September.
October
November.
698
696
723
685
698
731
683
719
716
739
786
624
631
642
637
633
649
634
655
681
696
708
74
65
81
48
65
82
48
64
36
43
78
42
33
48
15
32
49
18
31
4
P10
1946—September.
October...
November.
December.
660
710
658
637
593
625
594
534
68
85
64
103
40
57
'40
89
1947—January...
February..
March....
April
May
June
July
August....
September.
October...
November.
686
636
718
689
724
697
705
745
727
794
755
628
593
645
631
649
637
644
664
679
718
690
58
43
73
58
76
60
61
81
48
76
66
29
14
43
33
46
38
37
51
20
P48
P44
SEASONALLY
ADJUSTED
UNADJUSTED
UNADJUSTED
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
224
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Phila- Clevedelphia land
104
108
126
140
148
162
176
221
P234
101
106
119
128
135
150
169
220
P239
104
111
129
143
151
167
184
236
P261
SALES 2
1939
1940
1941
1942
1943
1944
1945
1946
1947
106
114
133
149
168
186
207
264
Minne- Kansas
Dallas
apolis
City
San
Francisco x
111
119
143
158
179
200
227
292
106
109
123
129
148
164
185
257
*>274
105
110
127
149
184
205
229
287
P311
112
116
138
157
212
245
275
352
P374
109
117
139
169
200
221
244
306
P329
Richmond
Atlanta
Chi-
St.
Louis
109
120
144
170
194
215
236
290
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
106
114
138
153
167
182
201
257
P281
P303
SEASONALLY ADJUSTED
1946—December
276
231
232
'251
277
'294
363
264
303
251
299
348
'321
1947—January
February
March
April
May
June
July
August
September
October
November
December
265
'266
'272
'277
291
'290
287
••283
'292
'277
301
215
219
237
227
244
249
237
234
236
211
248
243
228
224
229
235
253
254
254
246
234
224
248
241
247
234
236
258
275
264
257
258
267
253
278
P283
256
256
257
272
298
284
281
273
290
271
296
309
293
281
307
299
303
317
301
282
303
297
310
322
341
33*
347
353
367
365
336
352
361
348
383
394
245
262
260
261
276
278
281
266
290
266
298
293
278
290
294
306
321
299
320
307
337
308
339
337
262
261
279
257
270
278
268
271
287
276
281
P276
281
272
298
296
316
305
294
298
346
320
327
P337
363
347
347
377
379
361
378
376
368
360
415
389
313
'311
'319
'320
'325
'330
'327
'348
'336
^333
'339
353
P3O3
UNADJUSTED
1946—December
441
398
392
'409
430
'495
570
409
463
'386
'449
'566
'506
1947—January
February
March
April
May
June
July
August
September
October
November
December
209
••223
266
268
280
'266
219
236
299
'296
374
P480
170
171
227
227
241
232
164
176
248
234
306
419
182
188
229
223
237
231
170
179
244
253
323
408
188
192
255
248
261
238
185
193
267
280
370
P458
194
210
262
266
283
267
220
237
293
290
371
479
219
226
292
290
301
278
215
233
322
324
394
542
273
298
347
350
349
307
269
310
368
372
460
619
196
210
250
258
276
270
219
224
296
284
364
455
228
244
288
297
315
269
249
264
340
330
428
516
196
202
258
264
269
264
217
242
311
304
335
P423
225
24?
283
290
297
281
250
277
336
336
392
505
294
306
36/
347
356
307
288
327
387
396
507
633
'253
'281
'300
'302
'302
'299
'278
'308
'336
'343
411
534
102
108
131
179
155
162
166
213
P274
99
105
124
165
142
147
153
182
P202
97
102
123
181
143
150
160
195
^225
96
99
119
167
141
148
150
191
*>220
99
106
130
182
144
151
156
205
P243
107
113
139
191
175
190
198
250
P289
107
115
140
178
161
185
188
258
P306
103
111
134
186
160
161
159
205
P246
102
108
134
176
152
159
166
225
P274
103
110
138
171
151
169
165
215
P266
99
105
125
159
152
157
158
210
P259
106
113
130
161
159
177
190
250
P321
106
113
137
187
172
177
182
238
P293
274
205
238
220
258
319
348
256
292
281
303
364
334
268
275
273
264
252
2'41
230
227
231
251
272
P281
197
206
211
211
198
188
188
184
189
213
221
221
234
249
242
230
221
215
204
206
210
224
234
236
216
225
223
221
215
212
205
206
210
231
238
P242
257
261
264
246
238
231
217
219
222
238
268
272
311
335
321
320
309
280
270
273
282
300
337
344
262
264
263
257
243
232
226
221
225
245
259
264
291
296
288
281
272
267
247
250
246
274
290
297
278
270
266
287
268
256
254
241
246
251
281
*>306
298
293
302
282
267
248
212
214
224
239
266
P298
327
343
343
326
333
308
276
282
285
306
357
P401
315
330
331
308
287
280
267
248
253
288
315
325
STOCKS 2
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADTUSTED
1946—December
1947—January
February
March
April
May
June
July
August
September
October
November
December
315
307
295
302
292
270
265
261
252
281
310
323
UNADJUSTED
1946—December
235
186
213
187
214
266
293
231
246
246
248
306
274
1947—January
February
March
April
May
June
July
August
September
October
November
December
234
252
264
262
253
236
232
245
255
283
294
P241
180
194
207
202
194
180
181
195
206
239
249
201
206
231
241
233
224
206
193
215
227
253
263
211
188
218
223
225
217
201
195
214
231
263
262
225
242
254
253
241
222
217
236
246
274
283
225
268
290
295
304
286
259
268
294
283
320
329
269
280
312
321
317
300
283
278
295
311
336
354
289
225
240
255
252
243
227
222
236
250
275
285
238
250
266
279
281
272
267
257
273
273
307
310
250
253
257
267
273
266
248
259
255
265
279
303
P268
258
264
272
273
261
248
236
240
251
272
284
P245
294
305
326
316
316
298
299
318
319
345
382
P337
277
29G
308
304
298
285
283
271
285
319
333
266
' Revised.
P Preliminary.
* Sales index revised beginning 1919; back figures available from San Francisco Federal Reserve Bank.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
2
FEBRUARY 1948
225
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES1
Amount
(In millions of dollars)
Without seasonal adjustment
1946
Year or month
1939 average
1940 average
1941 average.
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
Sales
(total
for
month)
Stocks
(end of
month)
128
136
156
179
204
227
255
318
344
353
419
599
508
534
-563
714
Outstanding
orders
(end of
month)
108
194
263
530
560
-729
-909
P553
1946—December.
-524
-771
-559
1947—January..,
February..
March
April
May
June
July
August . . .
September.
October. . .
November.
December.
256
-251
-331
321
-337
304
'253.
-274
-341
-772
-835
-864
849
-817
-768
-732
-789
-823
912
942
-620
-606
-490
-388
351
470
-603
622
-676
663
605
P543
367
416
P76S
1947
1947
1946
9.... .233 Mar. 8... ..254 Sept
16 ... .243
15... . .267
22
286
23.... .255
?S7
29... . .283
30 .
?7? Apr. 5... . .319 Oct.
Apr. 6
282
265
12 .
13
.289
20
19... . .271
232
267
26
27
248 May 3... . .279
May 4
10... . .311
11.... .274
246
17.. .273
18
.245
24... . .277
25
.223
31... ..250
June 1
8
June 7. . . 293 Dec.
14... . .300
.283
15
.248
21... ..256
22....
29. .. 239
28.. . .245
July 6... . 192 July. 5 .. ..208
12.
210
13
228
19... . .217
20.... .201
26... ..213 Jan.
27.... .204
Aug. 3... ..217 Aug. 2.. .. .220
9... . .223
.228
10
16. ... .225
17.... .239
.255
24
23. . . .243 Feb.
31. . .281
30.. .277
Mar.
7... ..264 Sept. 6... ..265
13... . .291
14 .. 293
20 .. 301
21... ..280
27... ..316
28 .. 257
4... . .326
5... . .277Ort
11... . .304
12
281
18... . .299
19... . .295
25... . .306
26... ..287
277 Nov. 1... . .313
2
8... ..347
9... ..314
16
15... . .380
342
22... . .395
23 .. . .363
29 . . .367
30
334
7 .
475 Dec. 6 ...508
14... ..519
13... ..570
532
20... ..576
21
27... . -358
28 . . .281
1948
1947
4... ..188 Jan.
11... ..232
18... ..223
25... . .220
1. . .. .217
8... . .219Feb.
15.. .. .246
22. . ..216
.
Mar. 1. . .. .238
r
P Preliminary.
Revised.
These figures are not estimates for all department stores in the
United States.
Back figures.—Division of Research and Statistics.
1
3... .-204
10... ..251
17... . .232
24... . .226
31... . .233
7. .
14...
21. ..
28...
- Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Dec. Nov. Year
1947 1947 1947
Dec. Nov. Year
1947 1947 1947
United States. . p+13
+8
Boston
p+9
New Haven.. . . +7
+6
Portland
+9
Boston Area. . .
Downtown
+ 10
Boston
Springfield
+ 11
Worcester
+8
+9
Providence
+3
New York
Bridgeport *... .
Newark x
Albany
Binghamton
Buffalo1
Elmira
Niagara Falls.. .
New York City1.
Poughkeepsie..
.
Rochester x
Schenectady.
..
x
Syracuse
Utica
-7
-4
+5
+6
+4
+3
+1
+3
+8
+9 -2
+6 - 1
+13 +7
+8 +5
+ 14 +5
+25 + 13
+ 13 +4
+7 +3
+23 + 10
+ 12 +4
+ 15 + 1
+3 + 1
+ 13 +9
Cleveland-cont.
Toledo x
x
Youngstown
..
0 Erie 1
- 3 Pittsburghx *. . . .
+8 Wheeling
+8
+6
+7
+4
+5
+3
+9
+6
+5
+9
+6
+9
+ 10
+7
+9
+ 10
+8
+7
+5
+9
Philadelphia
. . P+17 +12 +11
+27 + 19 +9
Trenton 1
+18 +7 + 11
Lancaster x x
+
18 + 13 + 11
Philadelphia
.
.
Reading x
+
13 +9 + 11
1
+
13 +9 + 11
Wilkes-Barre
..
+ 13
York 1
+3
Cleveland
. . . .
Akron 1 x
Canton
Cincinnati1x . . .
Cleveland x
Columbus . . . ,
Springfield x .. .
+16]
+ 13
+ 14
+14
+ 15
+8
+ l
+7 +10
+9 +7
+ 10 + 10
+ 10 +8
+9 +8
+6 +5
+9 +8
Chicago x
+16 +10
Chicago
+ 14 +7i
+
15 + 12)
Peoria x
+ 12 +71
Fort Wayne xx..
+ 10 +6J
Indianapolis x..
Terre Haute .. P + 1 2 + 18
Des Moines.
. . +22 + 10
1
+ 19 + 15:
Detroit
+4 Flint
1
+9
+4 Grand Rapids. ++8
11 +10
+3 Lansing
+22
+
19
+9 Milwaukee x . . . + 13 +8
x
+ 11 Green
+29
Bay
..
.
+
14
-3
+ 19 + 13
+3 Madison
+ 1 St. Louis
p+16 +11
+4 Fort Smith x
+6 +1
+ 10 Little Rock . . + 15 +10
+6 Evansville....
+22 +31
x
Louisville
+ 17 +16
+8 Quincy
+8 +5
+8 East St. Louis. +72 +75
St. Louis 1 . . . .
+ 16 +9
+ 17 +11
+5 St. Louis Area.
+9 +10
+7 Springfield....
x
Memphis
.
.
.
.
+ 12 +6
+9
+7 Minneapolis . p+14 +6
+2 Minneapolis x ..
+ 13 +3
+8
+ 13 +3
Paul 1
+9 St.
Duluth+8
x
+23
Superior
.
.
.
+ 16
+4
+3 Kansas City . .
+17 +11
+ 7 Denver
+24 + 11
Pueblo
+25
+4 Hutchison. . . . + 17 +7
+9 Topeka
+8 - 1
+ 1 Wichita
+8 +8
+2 Kansas City... + 15 + 13
- 2 Joplin
+22 + 13
- 6 St. J o s e p h . . . .
+ 15 +9
Omaha
+ 16 +10
+ 17 +9 +9
+ 18 + 12 + 11
+23 + 13 + 13
+ 16 - 4 + 10
+15 +3 +2
Richmond x
Washington . . .
Baltimore
Raleigh, N. C. .
Winston-Salem.
Charleston^. C.
Greenville, S. C.
Lynchburg
Norfolk
Richmond
Roanoke
Charleston,
W. Va
Huntington
+13 +3
+ 14 +2
+ 10
0
+ 11
+ 18 — 1
+3 - 1 2
+ 15 +3
+ 12 - 1
+ 17 +4
+20 + 10
+ 15 +7
+22
+8
+21 + 19
Atlanta
Birmingham l . .
Mobile
Montgomery xl. .
Jacksonville
...
Miami 1
Orlandox
Tampa x
Atlanta
Augusta
Columbus
Macon l
Baton Rougelx . .
New Orleans
. .
Jackson 1
Bristol, Tenn..
.
1
Chattanooga
..
Knoxville 1x
Nashville
+13
+ 19
+ 19
+ 15
+ 10
+7
+41
+ 12
+ 17
+ 10
+ 16
+6
+8
+ 16
+7
+4
+9
+ 10
+ 18
+6
+ 16
+ 12
+7
+1
0
+26
+8
+6
+4
+8
-9
+3
+ 14
+6
-4
-4
+1
Dec. Nov. Year
1947 1947 1947
+10
+9
+ 10
+6
+5
+ 11
+ 10
+ 13
+12
+11
+ 18
+6
+ 15
+ 11
+8
-8
+2
+ 18.
+ 11
+1
+84
+8
+ 10
+3
+3
+11
+7
+ 11
+ 13
+8
+ 12
+ 10
+6
+5
0
+9
+ 13
+9
4-8
Dec. Nov. Year
1947
Kansas City—
cont.
Oklahoma City.
Tulsa
+ 15 + 10
+ 16 + 10
Dallas
Shreveport
Corpusx Christi..
Dallas
Fort Worth
Houston x
San Antonio... .
+16 +12
+ 11 +20
-2
+ 13
+ 10 +5
+ 14 +9
+31 +28
+ 14 +9
SanFrancisco.
. P+9
Phoenix x
P+20
Tucson
1
+29
Bakersfield
+ 14
Fresno x
Long Beach xx . . . + 10
Los Angeles . . .
p+7
Oakland and
Berkeley x . . . .
+27
Riverside and
San Bernardino
Sacramentox x . . . + 14
San Diego . . .x . +26
San Francisco
. + 14
San Jose x x
+8
Santa Rosa . . . + 15
Stockton
+8
Vallejo and
+1
Napa x
-2
Boise and
Nampa
Portland
+ 17
x
Salt Lake City
. '+16
x
Bellingham
. . . P+6
1
+ 14
Everett
P+9
Seattle l x
+213
Spokane l
Tacoma .
Yalcima i
+ 11
r
P Preliminary.
Revised.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
2
Data
not
available.
3
Eleven months 1947.
226
+
+ 16
-2
+23
+8
+2
-4
+11
+5
+7
+6
+9
+5
+1
+7
+ 12
+5
+7
+ 11
( 3 )+4
+ 15
+9
+4
+5
+8
--3
-8
-5
+7
+10
+5
+3
+9
+4
+6
-15
-12
+6
+ 10
+10
r-2
- 3 (3)-3
+11 + 11
+7 +8
+2 +5
+3 +6
+2 +4
+6 + 13
-3
+2 )+
+8
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Number
Department
of stores
reporting
Per cent change
from a year ago
(value)
Ratio of
stocks to
sales *
Stocks
Sales during (end
of
period
month)
November
Nov.
1947
GRAND TOTAL—entire stores
359
MAIN STORE—total
359
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforrr.s
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips
Negligees, robes, lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
Handbags, small leather goods
356
340
342
337
318
224
242
292
341
161
186
164
320
244
274
249
292
175
334
340
349
328
Sales during
period
1947
Nov.
1947
1947
Stocks at end
of month
1946
1947
1946
1946
Nov.
Oct.
Nov.
Nov.
Oct.
No V .
+3
+2
+5
-12
2.4
2.4
+4
+3
2.4
2.4
264
232
258
648
629
633
+5
+25
-1
-4
2.3
260
244
248
538
528
567
-4
—5
-2
0
-1
0
v -4
-18
2.1
1.1
1.7
2.2
1.7
1.8
1.6
332
195
262
321
296
361
178
264
215
201
467
331
512
564
453
719
336
666
608
648
730
791
783
610
631
849
236
815
647
468
329
705
679
549
873
491
642
270
230
224
224
264
203
243
288
254
336
160
321
300
321
364
360
224
225
345
299
192
293
233
182
232
378
341
569
290
295
284
299
354
236
260
419
268
186
322
222
277
288
302
287
138
211
238
206
192
320
238
195
356
168
246
752
658
771
648
837
946
894
654
708
619
663
738
587
631
656
—4
+8
+ 12
+ 17
+7
—8
-10
-2
-12
-18
-2
45
+ 16
+21
-11
-3
-8
-1
+23
-3
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes, slippers
331
+2
241
312
292
185
4 16
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
China and glassware
House wares
317
239
267
300
235
300
203
176
189
241
244
242
Piece goods
Silks, rayons, and velvets
Woolen dress goods
Cotton wash goods
299
112
93
127
Small wares
Lace, trimmings, embroideries, and ribbons.
Notions
Toilet articles, drug sundries, and prescription
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines
Stationery
Books, magazines
337
122
231
329
310
207
145
241
253
160
99
Miscellaneous
Toys and games
Sporting goods, cameras
Luggage
310
161
66
249
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
205
196
164
134
54
126
Eleven
mos.
1947
Index numbers
without seasonal adjustment
1941 average monthly sales =100 *
-6
+2
+2
+5
+7
+29
-14
2.4
+ 15
+ 85
2.7
2.4
278
203
274
743
-1
_2
+3
2.2
2.8
271
282
305
+5
+13
+43
+11
1.4
2.6
3.0
2.9
229
185
219
171
234
299
299
223
608
794
812
926
-3
-4
+5
+4
-2
+7
-5
—3
-5
+6
+1
-4 '
+3
+ 1C
-21
-13
-12
-3
-18
+5
+ 11
-9
+7
256
248
244
727
202
365
209
208
183
234
296
218
308
215
293
255
397
199
173
203
218
250
169
291
189
210
250
289
261
241
274
279
283
202
304
621
640
741
639
668
730
513
681
711
905
948
+ 13
2.5
2.2
284
2.3
1.7
3.2
1.8
1.8
2.3
280
264
406
192
295
+30
280
514
199
256
370
216
702
612
678
617
610
?96
620
3.3
3.3
3.4
3.4
4.1
3.2
3.3
2.8
3.0
2.6
2.6
2.9
243
268
243
174
280
275
294
238
319
328
246
191
261
251
249
144
216
217
223
208
201
198
171
295
226
195
305
314
279
253
345
355
259
801
858
736
776
910
909
856
687
827
874
687
711
851
701
615
834
802
809
675
781
803
637
1.4
4.C
3.7
1.9
1.3
3.3
3.2
356
669
199
229
222
2.0
1.7
2.3
2.1
239
237
2.2
2.2
2.4
3.0
2.4
2.4
1.9
3.4
285
232
-8
+ 157
+5
-4
+59
-18
+25
0
-11
-7
_!
—9
+7
-5
+ 12
-11
-8
— 12
-5
-2
-5
-12
+5
+6
+ 12
-7
-1
o
+2
-5
_3
+1
0
c
+11
+ 13
+ 16
0
-8
+22
-1
-4
+1
-5
+ 11
+6
4 12
+8
+ 20
+ 11
+5
+24
227
551
-1
+26
-6
-16
-3
-4
c
-9
-6
-5
-10
+6
+9
+ 19
+ 11
_3
-6
+5
-6
H 14
+7
3.2
3.0
4.4
3.3
3.3
2.9
2.9
2.6
2.7
2.8
2.0
270
253
411
249
277
177
535
565
1,009
800
643
716
839
1,075
- 186
986
649
260
267
467
649
2.7
C
+7
-6
2.7
4.1
710
653
689
837
814
794
554
725
953
181
797
676
287
3.2
2.1
3.2
C.9
2.4
3.1
1.2
2.6
3.1
3.6
3.1
-7
+2
+9
+5
+5
+7
1.7
3.6
1.0
3.0
2.9
1.3
147
540
420
700
440
2.8
+1
+43
-8
1.4
1.9
3.0
2.4
2.2
2 ^
2.8
2.3
3.4
2.1
3.1
2.4
2.9
1.8
3.2
3.5
2.8
2.9
2.4
4.1
3.1
+7
+91
-2
+ 11
+25
+23
— 17
+3
+24
+25
+26
+1
2.9
+5
+ 17
-1
+7
-2
+5
+8
-18
-20
-23
-19
-12
2.4
2.1
2.6
3.1
2.0
1.7
1.8
2.8
2.2
2.8
3.1
2.4
3.6
1.0
3.3
2.8
1.4
2.8
+1
-20
-14
-33
-16
+4
717
441
681
667
896
910
713
326
775
609
449
801
249
640
751
335
716
870
720
965
620
479
663
501
857
1,008
763
809
968
1,053
751
756
879
898
764
719
712
691
895
970 1,066
1,624 1,252 1,361
932
806
835
172
368
663
412
263
213
216
479
212
219
238
289
162
209
247
232
301
146
405
621
520
666
530
477
407
640
512
666
531
492
436
589
554
574
502
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 month 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 pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were
reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 225.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
FEBRUARY
1948
227
CONSUMER CREDIT STATISTICS
T O T A L CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
1929.
1930
1931
1932
1933
1934
1935
19*36
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
7,637
6,829
5,526
4 093
3,929
4 396
5,439
6,796
7 491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
6,638
10,166
13 368
9,542
10,166
10,024
10,019
10,379
10,631
10,934
11,230
11,302
'11,433
'11 682
12,052
12,629
13,368
1947P
1946-^-November
December
1947—January .
February
March
April
May
...
June
July
August
September.
October
November P
December?
Instalment credit
Total
instalment
credit
Sale credit
3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
6 152
3,646
3,976
4,048
4,156
4,329
4,536
4,739
4,919
5,045
'5,179
'5,290
5,460
5,729
6,152
Loans 1
Total
Automobile
Other
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
1,318
928
637
322
1,197
1,104
958
677
664
617
527
459
576
940
663
741
865
483
550
822
1,267
1,729
1,942
482
175
835
200
1,289
1,384
970
903
1,558
2,843
1.358
1,558
1,566
1,608
1,695
L ,812
L.928
2,036
2,092
2,167
2,257
2,370
2,552
2 ,843
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
676
1,014
1,684
505
853
544
581
631
691
753
816
880
1,014
985
977
1,004
1,059
1,112
1,156
1,170
1,202
1,253
1,323
1,453
1,684
922
1,090
1,219
1,299
1,657
1,998
2,176
L.457
1,143
1,199
.462
2,418
3,309
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,953
'3,012
'3,033
3,000
3,177
3,309
635
227
544
1,159
965
1,004
1,047
1,099
1,159
652
Singlepayment
loans2
Charge
accounts
Service
credit
2 125
1,949
1,402
962
1 749
1,611
1,381
I 114
L 081
I 203
I 292
1,419
I 459
I 487
1,544
I 650
I 764
1,513
596
776
875
1 048
1 .331
I 504
I 442
1,468
I 488
L 601
1,369
L 192
573
531
491
467
451
472
520
557
523
533
560
610
648
687
4.QR
1 758
1,981
3 054
3 598
2,859
3,054
2 764
2,602
2,768
2 782
2,835
2 887
2,786
2,755
2 864
3,029
3,303
3,598
. 9155
1,520
2 262
2 697
2, 1 66
2,2o2
2 337
2,383
2,403
2 423
2,460
2 508
2 548
'2,579
'2 607
2,645
2,677
2,697
729
772
874
921
871
874
875
878
879
890
900
916
923
920
921
918
920
921
pPreliminary.
'Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
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.
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
1929
1930
1931
1932
1933
1934
1935.
1936
1937.
1938
1939.
1940
1941.
1942
1943.
1944.
1945
1946
652
664
617
527
483
550
822
1947P
1946—November. .
December...
1947—January....
February.. .
Marrh
April
May
June
July
August
September..
October. . .
November P.
December? .
1,090
1,219
1,299
L ,657
1,998
Z.176
1,457
1,143
1,199
.467
2,418
3,309
2,288
2,418
2,482
2,548
2 634
2,724
2,811
2 883
2 953
'3,012
'3,033
3,090
3,177
3,309
Commercial1
banks
Small
loan
companies
43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956
263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608
1,353
907
956
991
1,030
1,079
1,123
1,167
1,196
1,221
1,248
1,255
1,281
1,309
1,353
Industrial
banks 2
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial1
ization banks
loans*
129
131
132
134
89
67
68
76
117
95
99
104
107
72
59
60
70
98
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185
713
565
608
611
611
617
168
112
117
122
125
128
134
94
98
102
105
108
269
176
185
186
190
197
120
106
110
110
110
111
552
328
344
360
377
394
1,793
2,533
172
191
187
180
214
627
633
638
649
133
138
143
148
113
116
119
121
204
213
224
233
112
113
113
114
412
431
450
467
213
212
211
217
652
643
647
670
713
219
218
184
143
125
156
191
152
154
157
162
168
124
125
127
130
134
240
245
250
257
269
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110
25
168
244
148
154
213
284
301
215
128
120
179
344
114
114
114
116
120
'482
'497
514
533
552
69
130
248
368
460
680
1,017
1,198
792
639
749
942
204
206
218
221
250
Small
loan
companies
463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956
1 ,251
1,457
120
166
98
90
121
116
115
117
123'
113
107
121
142
194
Industrial
banks2
Industrial
loan
com- 2
panies
Credit
unions
42
413
380
340
250
202
234
288
354
409
176
194
198
203
146
128
139
151
210
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
339
310
22
26
22
21
24
282
20
25
20
20
23
498
33
39
33
33
38
24
24
26
29
24
24
24
23
39
42
43
44
238
261
255
255
182
151
155
166
231
25
27
28
27
33
22
24
23
25
30
42
41
45
44
54
l
P Preliminary.
'Revised.
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 December amounted
to 101
million
dollars,
and
loans
made
during December were 13 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
228
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
End of
year or
month
1929
1930
1931
1932
1933 .
1934
1935.
1936 .
1937
1938
1939 .
1940
1941
1942
1943
1944
1945
1946
1946
November.
December.
1947
January.. .
February..
March....
April
May
June
July
August....
September.
October. . .
November?
December?
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
160
1,197
1,104
155
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
853
1,014
985
977
1,004
1,059
1,112
1,156
1,170
1,202
1,253
1,323
1,453
1,684
In millions of dollars]
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
138
103
119
146
186
256
314
302
377
439
466
252
172
183
198
337
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
283
366
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
14
28
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
74
123
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
107
160
284
337
337
366
26
28
72
123
134
160
337
338
358
386
409
352
349
354
366
382
395
398
408
423
443
474
517
27
29
29
32
32
37
39
41
43
46
49
53
114
107
105
108
114
119
120
124
128
131
145
200
155
154
158
167
175
182
184
189
197
208
229
265
423 '
429
440
462
495
556
649
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Outstanding at end
of period:
1941
1942
1943
1944
1945
1946
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization12
cash
loans
loans
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS. BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1946
1946—November...
December. . .
1947—January
February....
March
April
May
June
July
August
September...
October
November?..
December?. .
Volume extended during month:
1946—November. ..
December. . .
1947—January
February....
March
April
May
June
July
August
September...
October
November?. .
December?. .
49.3
21.4
12.6
13.0
13.8
27.5
18.8
12.8
7.7
7.8
9.8
17.8
18.6
15.6
14.0
13.4
17.2
28.3
110.1
75.6
57.5
57.8
63.3
89.1
1946—November..
December..
1947—January. . .
February.:.
March
April
May
June
July
August....
September.
October
November P.
December?.
156.1
162.7
168.1
172.6
177.4
184.2
191.4
199.2
206.7
212.6
215.5
221.0
227.9
234.9
26.2
27.5
29.5
31.3
33.5
36.4
38.6
40.6
42.8
44.9
46.3
48.1
49.6
50.2
16.7
17.8
18.6
19.6
19.4
20.5
21.8
23.1
24.3
25.3
26.0
27.0
28.5
30.5
27.5
28.3
28.9
29.6
30.3
31.4
33.1
35.0
36.9
38.4
39.4
41.2
42.5
43.4
Volume extended
during month:
1946.—November..
December..
1947—January. . .
February. .
March
April
May
June. . . .
July
August. . . .
September .
October 3
November? .
December?.
28.5
31.2
29.1
2 7..4
31.3
32.4
32.8
33.8
36.5
33.2
34.8
36.2
34.5
40.0
5.2
5.6
6.4
6.2
7.1
7.7
7.5
7.5
8.2
8.1
3.6
3.7
3.5
3.4
3.5
4.1
4.3
4.3
4.4
4.2
4.1
4.7
4.9
6.4
2.8
2.6
2.4
2.4
2.7
3.1
3.7
3.9
4.0
3.6
3.7
4.3
3.4
3.3
8.3
8.2
Repair
and
modernization
loans12
Personal
instalment
cash
loans
Total
164
253
310
123
79
96
139
325
348
373
397
423
439
456
470
478
492
513
535
155
217
288
143
68
75
100
275
251
275
296
305
317
337
364
388
405
416
429
449
475
512
209
247
234
154
89
84
124
273
256
273
280
284
296
314
334
358
379
401
430
454
471
487
347
422
451
289
226
247
315
572
546
572
586
599
62|0
63!7
652
664
672
683
681
690
695
717
58
64
69
70
81
84
83
80
84
79
80
86
94
102
54
61
65
55
59
69
77
92
75
70
76
87
89
110
29
28
24
25
31
36
42
44
42
45
54
54
42
46
100
114
105
97
118
115
114
117
120
111
111
117
112
135
1,093
1,450
1,694
845
516
557
742
1,591
1,494
1,591
1,668
1,732
1,821
1,922
2,027
2,125
2,200
2,271
2,332
2,409
2,493
2,599
218
311
411
136
54
55
274
306
307
289
343
364
375
392
384
363
387
412
406
463
33
39
44
42
54
60
59
59
63
58
66
68
69
70
64
165
156
165
181
196
215
237
254
276
288
301
314
324
339
348
306
285
306
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
196.8
125.4
91.8
92.0
104.1
162.7
Other
retail,
purchased
Pur- Direct and
chased loans direct
Automobile
retail
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
loans 12
loans
85.7
89.1
91.1
92.1
94.2
95.9
97.9
100.5
102.7
104.0
103.8
104.7
107.3
110.8
Outstanding at end
of period:
1944
1945
1946
1946—November.,
December..
1947—January . . .
February..
March
April
May
June
July
August
September.
October
November?,
December?.
67.1
76.7
108.4
103.7
108.4
112.2
115.5
118.7
124.6
128.5
131.3
134.0
137.8
138.4
141.1
144.8
149.0
10.5
11.0
15.0
14.9
15.0
15.6
16.5
17.1
18.7
20.6
21.7
22.4
23.6
24.3
25.3
26.3
27.4
3.8
4.0
7.4
7.6
7.4
8.0
8.4
8.9
9.9
10.8
11.8
12.8
13.4
14.1
14.7
15.9
17.2
1.1
1.5
2.4
2.3
2.4
2.5
2.5
2.6
2.7
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.2
51.7
60.2
83.6
78.9
83.6
86.1
88.1
90.1
93.3
94.1
94.6
95.4
97.2
96.2
97.1
98.4
100-2
16.9
19.3
16.8
15.4
18.0
17.5
17.3
18.1
19.9
17.3
18.2
18.4
17.9
22.1
Volume extended
during month:
1946—November.
December. .
1947—January....
February...
March . . . .
April
May
June
July
August
September .
October
November?,
December?.
23.0
26.2
22.4
22.2
25.6
27.4
26.9
27.3
26.4
25.6
27.1
27.1
28.1
31.7
4.1
3 4
3.6
3.9
3.9
4.8
4.7
4.8
5.1
5.1
5.2
5.5
5.2
5.6
1.7
1.6
1.8
1.6
1.8
2.4
2.4
2.7
2.9
2.7
3.0
3.3
3.3
3.7
0.2
0.3
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.3
17.0
20.9
16.8
16.5
19.6
19.9
19.3
19.3
17.9
17.3
18.4
17.8
19.1
22.1
1
? Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
FEBRUARY
1948
229
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Nov.
1947
Oct.
1947
+ 28
+2
+7
+1
+ 12
+4
+ 13
+ 16
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.
Dec.
1947P
Nov.
1947
Oct.
1947
+8
+8
+22
+ 18
+ 14
+6
+12
+8
+9
+6
+7
+2
-4
+3
1947P
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account....
+25
+35
Accounts receivable, end
of month:
Total
Instalment
Percentage change
from corresponding
month of preceding
year
-1
Dec.
-4
-12
-9
+41
+ 11
+33
+20
+27
+ 13
+5
+6
+45
+49
+45
+50
+42
+43
+3
0
+22
+22
+ 19
+ 15
+16
+15
+7
+ 15
+ 14
+ 16
Preliminary.
Charge
accounts
Instalment accounts
Year and month
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
38
36
27
26
47
47
34
44
59
54
30
29
33
30
30
28
28
28
31
31
30
29
23
21
25
23
24
23
22
22
24
23
23
21
47
41
44
44
44
45
41
39
39
40
39
39
26
25
27
25
26
24
23
23
25
23
24
33
52
52
56
54
56
54
53
51
53
57
55
54
1946
November
December
1947
January
February
March
April
May
June
July...
August....
September
October
November
DecemberP. . .
Department
stores
P1 Preliminary.
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
1941 average
L942 average
1943 average
1944 average
1945 average
1946 average
1947 averageP
100
114
130
145
162
202
214
100
131
165
188
211
242
237
100
82
71
66
68
100
102
103
111
124
176
199
100
78
46
38
37
50
88
100
91
79
84
94
138
174
100
103
80
70
69
91
133
100
110
107
112
127
168
198
48
56
61
64
64
'59
55
9
6
5
4
4
4
6
43
38
34
32
32
'37
39
1946—November
December
257
'330
296
384
233
'293
61
75
176
223
112
121
197
205
57
58
5
5
38
37
163
158
210
206
216
. 195
160
174
216
234
266
368.
188
179
236
230
241
218
184
196
235
251
285
400
146
144
192
192
202
181
142
157
206
225
253
347
74
73
75
79
81
82
83
84
87
95
111
137
175
154
160
163
167
165
146
145
167
181
204
263
121
115
129
123
127
122
124
123
138
147
152
171
250
195
185
186
198
193
190
162
167
203
214
235
57
56
56
55
55
55
57
56
54
53
53
54
6
6
6
6
6
6
6
6
6
7
7
7
37
38
38
39
39
39
37
38
40
40
40
39
1947—January
February. . . .
March
April
May
June
July
August
September
October
November
DecemberP
••101
154
146
rl97
107
109
146
137
138
125
114
130
156
180
223
281
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. 225.
230
FEDERAL RESERVE BULLETIN
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
pparel
Rent
Fuel,
electricity
and ice
House
furnishing
1929..
1930..
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
1931..
1932 .
1933.
1934.
1935...
108.7
97.6
92.4
95.7
98.1
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
104.1
101.7
98.4
97.9
98.1
99.1
102.7
100.8
99.4
100.2
103.9
86.5
84.1
93.7
100.4
101.3
105.3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96.4
100.9
104.1
104.3
104.6
100.2
100.2
99.9
99.0
99 7
96.3
104.3
103.3
101.3
100.5
101.0
101.5
100.7
101.1
...
105.2
116.5
123.6
125.5
128.4
105.5
123.9
138.0
136.1
139.1
106.3
124.2
129.7
138.8
145.9
106.2
108.5
108.0
108.2
108.3
102.2
105.4
107.7
109.8
110.3
107.3
122.2
125.6
136.4
145.8
104.0
110 9
115 8
121.3
124.1
1946
1047
1945—July
August....
September
October....
November..
December.
139.3
159.2
159.6
193.8
141.7
140.9
139.4
139.3
140.1
141.4
160.2
185.8
108.6
111.2
112.4
121.2
159.2
184.4
128 8
139.9
145.9
146.4
148.2
148.5
148.7
149.4
108 3
111 2
111 4
110.7
110 5
110.1
110.3
145.6
146 0
146 8
146.9
147.6
148.3
124.3
124.5
124.6
124.7
124.6
124.8
1946—January
February. .
March
April
May
June
July
August
September
October
November
December
129.9
129.6
130.2
131.1
131.7
133.3
141.2
145.9
148.6152.2
153.3
141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
168.1
171.0
176.5
110.8
111 0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1
125.4
125.6
125.9
126 7
127.2
127.9
128.2
129 8
129 9
131.0
132.5
136.1
153.3
153.2
156.3
156.2
156 0
157.1
158.4
160.3
163.8
163.8
164.9
167.0
183.8
182.3
189.5
188.0
187 6
190.5
193.1
196.5
203.5
201.6
202.7
206.9
179.0
181.5
184.3
184.9
185.0
185 7
184.7
185.9
187.6
189.0
190.2
191.2
117.3
117.5
117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2
126.9
127.8
179.1
180.8
182.3
182 5
181.9
182.6
184.3
184.2
187.5
187.8
188.9
191.4
137.1
137.4
138.2
1^9.2
139.0
139.1
139.5
139.8
140.8
141.8
143.0
144.4
Year or month
1936.,
1937
1938
1939
1940
1941
1942
1943
1944
1945
,
129.4
129 3
128.9
128.9
129.3
129.9
.
1947—January
February
March
April
May
June.
July
August
September
October
November
December....
144.1
i08!3"
108.4
i68!5
108.7
108 8
108.8
108.9
109.0
109.0
109.2
109.2
110.0
111.2
113.6
114.9
115.2
115.4
"
Miscellaneous
98.7
Back figures.—Bureau of Labor Statistics, Department of Labor.
FEBRUARY
1948
231
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
. . . .
1946—December
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
104.9
88.3
64.8
48.2
51 4
65 3
78.8
80 Q
86 4
68.5
65.3
67 7
82.4
105.9
122 6
123.3
128.2
148.9
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
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
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
90.4
80 3
66.3
54.9
64 8
72.9
70.9
71 5
76.3
66.7
69.7
73.8
84.8
96.9
97 4
98.4
100.1
116.3
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
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
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
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
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
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
140.9
168.1
160.1
124.7
176.7
134.7
96.1
134.7
157.8
125.7
120.2
108.9
136.6
138.0
139.6
139.2
138.9
138 9
139.5
140.8
142.0
143.0
144.7
147.6
97.7
97.9
100.8
103.4
103.3
103.9
108.9
112.5
114.1
115.9
118.1
124.3
138.0
137.9
139.9
140.3
141.4
142.6
143.8
148.9
150.7
151.1
151.5
152.1
169.7
174.8
177.5
178.8
177.0
174.4
175.7
179.7
183.3
185.8
187.5
191.0
128.1
129.3
132 2
133.2
127.1
120 2
118.8
117.5
122.3
128.6
135.8
135.0
123.3
124.6
125.8
127.8
128.8
129.2
129.8
129.7
130.6
132.3
132.9
134.8
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117.1
118.8
121.5
142.7
142.9
142.9
144.0
144.7
145.3
146.3
146.9
146.9
147.5
145.8
145 . 7
145.5
145.8
118.3
118.4
118.7
118.7
119.1
119.4
120.2
126.2
127.7
128.5
130.0
130.0
130.4
131.2
151.3
151.3
151.3
151.3
151.3
151.3
151.5
151.6
152.0
152.0
152.8
153.2
153.9
154.1
185.2
185.2
185.3
186.1
187.2
187.6
188.4
189.1
189.1
189.4
189.7
191.1
191.3
191.3
127.8
129.1
131.3
136.5
138.0
138.4
135.1
132.9
133.0
135.0
139.0
140.8
139.3
139.3
133.4
133.4
133.5
134.7
134.8
134.8
135.2
135.3
135.3
135.3
136.7
136.9
137.2
137.5
117.2
117.9
118.1
118.1
118.7
120.1
119.8
120.5
121.5
121.8
122.1
123.0
123.6
123.9
Total
Hides and
Textile
leather
products
products
July
..
August
September
October
November
December.
141.5
144.6
149 6
147.7
147.1
147 6
150.6
153.6
157.4
158.5
159.5
163.1
165.0
170.4
182 6
177.0
175.7
177 9
181.4
181.7
186.4
189.7
187.9
196.7
156.2
162.0
167 6
162.4
159.8
161 8
167.1
172.3
179.3
177.8
178.0
178.4
127.6
128.6
131.3
131.8
131.9
131 4
133.4
136.0
138.2
140.0
142.1
145.3
175.1
173.8
174 6
166.4
170.8
173 2
178.4
182.1
184.8
191.7
202.4
203.1
Week ending:
1947—Nov. 1
Nov. 8
Nov 15
Nov. 22
Nov. 29
Dec 6
Dec. 13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 1 7 . . .
Jan. 24
Jan. 31. .
157.4
157.9
158.5
159.2
159.8
161.0
161.4
162.5
163.0
164.4
164.5
165.5
164.4
163.7
187.7
186.1
186.9
188.6
190.3
193.6
196.2
196.9
197.0
199.2
197.0
201.5
199.2
195.1
173.8
176.3
178.0
178.8
178.3
179.6
179.0
178.2
177.8
181.3
182.1
181.2
177.4
176.5
140.9
141.3
141.5
142.0
142.6
143.1
143.5
145.4
146.0
146.4
146.9
147.4
147.6
148.0
195.9
198.7
199.6
200.4
203.3
204.0
204.9
204.4
203.4
202.2
200.3
201.4
201.5
201.2
1947
Tanuarv
February
JVIarch. . . .
April
May
June
V
ChemiHouseFuel and Metals Building cals
and
furnish- Miscellighting and metal
allied
materials products materials products
ing goods laneous
V
1947
1946
Subgroups
Subgroups
Dec.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables....
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products. . .
Textile Products:
Clothing
Cotton goods
Hosiery and underwear...
Silk
Rayon
Woolen and worsted goods
Other textile products.
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Oct.
Nov.
163.0 230.3 241.4
194.7 224.8 224.5
152.5 150.3 153.7
245.5
211.0
157.2
252.
180.0
139.5
134.5
188.2
139.0
170.6
158.7
130.1
244.8
150.7
167.3
167.6
130.8
230.0
157.2
175.9
172.5
135.5
217.6
159.4
183.5
170.6
135.4
214.8
160.0
169.9
216.5
185.0
123.6
175.2
221.1
197.4
139.5
178.0 187.0
243.7 263.4
204.3 216.0
139.6 141.3
190.
256.9
216.2
141.8
129.8
181.6
96.9
103.2
33.8
119.0
168.1
134.4 134.7 135.6
202.3 204.6 209.1
99.9 100.0 101.4
71.2
68.3
73.3
37.0
37.0
37.0
133.8 134.2 134.9
175.1 176.3 174.8
136.3
213.5
103.0
73.3
40
139
177.8
226.3
162.5
113.7 122.5 122.8 123.3 123.4
138.9 170.1 172.2 173.3 174
147.5 181.9 182.0 182.2 183.4
65.8
83.1
75.8
65.2
87.0
93.7
64.9
86.8
96.5
83^6
99.9
Metals and Metal Products:
Agricultural implements.. .
Farm machinery
Iron and steel
Motor vehicles l
Nonferrous metals
Plumbing and heating. . . .
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
jChemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Dec.
Sept.
Oct.
Nov.
117.1
118.6
117.4
151.0
129.3
114.9
119.6
120.8
140.4
159.4
142.0
135.9
120.7
121.8
140.8
159.9
142.0
136.0
125.3
126.7
140.9
160.3
142.2
136.0
127.5
129.2
141.7
160.5
143.0
136.1
130.0 145.4 145.6 147.3
106.9 119.0 120.1 120.6
227.2 285.7 290.0 295.6
155.4 157.9 161.4 161.8
114.9 135.9 136.0 136.0
120.1 143.0 143.0 143.0
131.8 150.6 152.5 152.6
148.8
121.6
303.2
164.0
136.1
143.0
155.5
111.8
181.2
95.1
93.6
203.0
118.2
136.6
109.8
97.2
163.3
122.1 124.3
137.5 151.1
111.3 112.0
97.7 100.8
193.4 226.7
124.1
154.9
114.4
101.5
215.9
126.3
113.9
138.5
122.4
139.3
124.9
140.0
125.5
142.8
126.5
61.0
63.4
60.8
60.8
73.0
193.8 287.2 280.5 282.7 308.2
136.4 159.5 159.8 160.7 164.7
43.0
49.3
44.5
36.4
46.2
117.0 124.6 126.6 128.4 130.0
r
Revised.
Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
232
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions ot dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters
Annual totals
1946
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government
enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1929
1933
1939
103.8
55.8
90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3
7.0
.6
7.2
7.1
.7
1.2
-.1
87.4
0)
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
39.6
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
8.1
9.4
.5
.5
1944
9.3
11.3
.5
.5
11.8
14.0
.5
2.6
1946
11.0
16.9
.5
-2.1
10.9
16.3
.5
-2.4
11.1
17.4
.5
-1.5
11.5
17.7
.5
-2.1
.5
.7
.1
-.1
1.9
-.2
72.5 103.8 182.3 178.2 173.5 179.9 191.0
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
11.9
17.2
.5
-4.2
12.1
17.3
.5
-.7
12.2
17.6
.5
-1.4
-.1
.2
-.2
197.6 200.1 203.3
14.6 23.5 16.5 17.2 15.6 18.8 22.4 23.3 22.9
5.2
5.9
5.9
2.8
5.2
6.0
6.4
5.8
5.3
.0
.0
.0
-.2
.0
.0
-.9
.0
.0
10.4
10.1 13.7
3.1
2.6
10.8 11.0 10.4
9.8
4.6
2.8
4.5
4.5
1.3
4.5
4.6
4.5
4.5
6.5
4.7
6.2
6.3
4.5
5.6
5.4
5.6
5.9
.5
.5
.5
.5
.5
.5
.5
.5
.5
95.3 164.9 177.2 172.5 179.5 187.5 190.9 192.3 200.4
21.7
3.3
21.4
18.9
18.8
18.7
19.1
19.5 21.2
2.0
17.5 17.2 17.1 17.5 17.9
19.4 19.6 19.9
1.3
1.4
1.7
1.6
1.8
1.9
1.6
1.6
1.6
92.0 146.0 158.4 153.8 160.4 168.0 169.7 170.9 178.7
82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0
9.8 35.6 14.8 15.5 13.1 13.1 11.7
8.9 12.7
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters
Annual totals
1947
1946
1929
National income.
Compensation of employees
Wages and salaries2
Private
Military.
Government civilian
Supplements to wages and salaries
.
Proprietors' and rental income 3
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1933
87.4
39.6
72.5
103.8 182.3 178.2 173.5 179.9 191.0 197 6 200.1 203.3
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
64.3 121.2 116.8 114.0 119.2 122.2 124.9 126.3 129.7
61.7 116.9 111. I 108.0 113.6 117.1 119.4 120.9 124.7
51.5 83.3 90.2 87.5 93.8 98.0 101.5 103.5 107.3
1.9
8.0
3.9
20.8
4.1
6.7
5.6
4.6
7.9
8.3
12.8 12.9 12.6 13.2 13.5
13.3 13.2 13.4
5.0
2.6
4.2
5.6
5.4
6.0
5.1
5.5
5.5
20.8 34.4 41.8 39.2 41.9 46.7 47.0 47.2 47.3
15.3 19.7 18.6 19.9 22.0 22.4 21.9 22.1
9.6
12.4 15.2 13.8 15.2 17.8 17.6 18.0 17.9
6.9
4.3
6.7
6,9
7.0
7.3
7.0
7.2
6.8
6.8
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
n
4.2
14.6
17.2
7.8
9.4
-2.6
4.1
23.5
23.8
13.9
9.9
-.4
3.2
16.5
21.1
8.6
12.5
-4.7
3.2
17.2
19.4
8.0
11.5
-2.3
3.2
15.6
22.9
9.3
13.5
-7.3
3.2
18.8
27.1
11.0
16.1
-8.3
3.2
22.4 23.3
27.4
29.0
11.6 10.8
17.4 16.6
-6.6 -4.1
3.3
3 3
22.9
27.4
10.8
16.6
-4.5
3.4
1
2
8
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 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September
1947.
FEBRUARY
1948
233
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
1946
1939
103.8
55.8
90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3
78.8
Personal consumption expenditures
9.4
Durable goods
,
37.7
Nondurable goods
31.7
Services
15.8
Gross private domestic
investment
7.8
New construction l
6.4
Producers' durable equipment
1.6
Change in business inventories
.8
Net foreign investment
Government purchases of goods and services... 8.5
Federal
1.3
War
[1.3
Nonwar
Less: Government sales 2
()
State and local
7.2
46.3
3.5
22.3
20.6
1.3
1.1
1.8
-1.6
.2
8.0
2.0
67.5
6.7
35.3
25.5
9.0
4.0
4.6
.4
.9
13.1
5.2
1.3
3.9
(')
7.9
Gross national product
2.0
(3)
5.9
1941
1944
1947
1933
1946
82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0
6.8 14.9 13.9 16.2 18.2 18.5 19.2 19.9
9.8
44.0 67.2
83.2 88.9 93.6 95.3 97.8 100.0
28.5 36.5
41.2 42.1 43.1 44.2 45.0 46.1
17.2
5.7
22.3 27.0 30.4 29.4 29.1 30.4
5.7
2.3
8.5
8.7
9.3 10.3
8.9
9.6 10.4
7.7
5.3 12.4 11.5 13.2 15.7 16.5 18.0 18.0
3.9 - 2 . 0
3.7
2.7
2.0
5.4
4.9
2.0
1.5
8.3 10.5
1.1 - 2 . 1
4.8
6.1
5.2
4.5
7.7
24.7 96.6 30.7 30.3 28.6 28.2 27.4 27.5 28.2
16.9 89.0 20.7 20.9 18.2 16.9 16.0 15.6 15.8
13.8 88.6 21.3 23.1 17.7 15.8 18.2
17.4 16.7
3.2
1.6
2.4
2.1
3.1
3.3
1.2
3.0
4.2
2.6
2.2
2.2
.9
1.8
(»)
10.0
7.5
9.4
10.4
11.2
11.4
11.9 12.5
7.8
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
vVage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity Distributive
produc- indusing intries
dustries
21.S
18.5
14.3
9 9
1929
1930.
1931.
1932
1933.
1934.
1935
1936.
1937.
1938.
1939.
1940
1941
1942.
1943
1944.
1945
1946.
85 1
76 2
64.8
49 3
46 6
53.2
59 9
68.4
74.0
68 3
72.6
78 3
95 3
122.2
149 4
164.9
171 6
177.2
50 0
45.7
38.7
30 1
28.7
33 A
36 3
41.6
45.4
42.3
45.1
48.9
60 9
80.5
103 5
114.9
115 2
109.2
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
L11.1
12.0
13 5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
1946—November
December.
188.4
189.9
115.4
117.0
117.2
118.8
50.6
52.3
1947—January... 190.3
February..
190.7
March
191.8
April
190.2
May
191.5
June
195.1
July
196.1
August....
194.9
September. 210.9
October.. . 204.4
November. P204.9
117.1
117.5
117.5
116.7
118.3
121.1
121.2
122.5
124.5
125.2
P127.5
119.2
119.6
119.6
118.9
120.4
123.2
123.3
124.6
126.6
127.2
P129.4
53.1
53.2
53.7
53.2
54.1
55.5
55.1
56.2
57.5
58.1
P59.6
9.8
15.5
14.4
12.5
Service
industries
Government
DiviLess emProdends
ployee
and
prietors'
Other
contriperlabor
and
butions income5 rental
sonal
for
income6 interest
social
income
insurance
.5
.5
.5
4
4
.4
.4
.5
.5
.5
.5
.6
.6
.7
10.5
11.5
13.6
10.2
16.1
26.9
33.6
35.5
20.9
.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
1.9
33.0
33.5
14.4
14.4
19.2
18.6
33.5
33.7
33.7
33.4
34.2
35.3
35.5
35.7
36.4
36.4
P37.O
14.6
14.6
14.6
14.8
14.9
15.2
15.4
15.3
15.2
15.1
P15.2
18.0
18.1
17.6
17.5
17.2
17.2
17.3
17.4
17.5
17.6
P17.6
9.8
8.8
9.9
8.2
7.7
6.8
5.7
5.1
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5
5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8.2
8.5
19 7
15.7
11.8
7 4
7 2
13 3
12 6
11.1
9 1
8 2
8.7
8.6
Transfer
payments7
Nonagricultural
income8
1 5
6
12 1
12.6
15.4
14 0
14.7
16.3
20 8
28.1
32 1
34.4
37 1
41.8
10 0
10.7
11 6
13.3
11.3
76 8
70 0
60.1
46 2
43 0
49.5
53 4
62 8
66.5
62 1
66.3
71.5
86 1
108.7
134 3
149.0
154 4
157.9
1.8
1.8
L.6
L.6
47.6
47.2
13.5
13.7
10.3
10.4
165.6
167.3
2.1
2.1
2.1
2.2
2.1
2.1
2.1
2.1
2.1
2.1
Pl.9
L.6
L.7
L.7
L.7
L.8
L.8
L.8
L.8
L.8
.9
V 1.9
46.6
46.8
47.7
46.9
46.9
47.6
47.8
45.9
48.4
50.6
P49.9
13.9
14.0
14.0
14.0
14.0
14.1
14.2
14.3
15.0
14.9
P15.1
11.1
10.7
10.9
10.9
10.5
10.5
11.1
10.4
21.2
11.8
168.2
168.5
168.8
167.8
169.2
171.9
172.3
173.1
188.1
180.1
P181.5
Q
3
s
8 6
10 1
10.3
8 7
9.2
9.4
9 9
9.7
1.5
2.7
2 2
2.1
2.2
2 4
3.5
2.4
2 8
3.0
3.1
3 1
3.2
3 0
3.6
6.2
PIO.5
P Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
8
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars*
* Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947.
1
2
234
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS*
Chart
book
page
Dec.
31
WEEKLY FIGURES 1
Jan,
7
Jan.
14
Jan.
21
Jan.
28
In billions of dollars
23.18 22.32
22.56 21.68
11.43 10.90
6.80 6.25
1.48
1.47
2.85 3.07
22.75 22.76
28.8 28.66
2.21 1.90
17.90 17.50
16.40 16.34
1. 5C 1 .1
1.38
.26
.03
.45
.65
1.30
.16
.01
.46
.6
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposit
Loans, total
Commercial
Real estate
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
Other
New York City banks:
Loans and investments....
U. S. Govt. securities, total.
Bonds
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more
34
34
34
34
34, 37
64.
37.23
29.51
3.34
2.
65. 14
37.64
29.4C
3.39
2.83
1.53 2.03
4.26
4.27
48.69 48.62
.87
.65
23.33 23.23
14.65 14.64
3.46
3.47
1.67
Per cent per annum
MONEY RATES, ETC.— C o n t .
22.57 22.23 22.66 Corporate bonds:
21.90 21.54 21.99
10.78 10.23 10.00 Aaa
Baa
6.24
6.08 5.90
High-grade (Treas. series). .
1 .50 1.50
1.54
3.38 3.73 4.54
22.79 22.83 22.89
28.37 28.21 28.09
2.15 2.59 3.28
17.86 17.33 17.31 Stock prices (1935-39 = 100):
16.33 P16.2' P16.26 Total
Industrial
1.54 P1.0' PI.05
Railroad
Public
utility
1.14 Pl.09
p.86
.1
.12
.06 Volume of trading (mill, shares)
.01
.01
BUSINESS CONDITIONS
.35
.29
.23
.6
P. 6
.56
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food. .
Production:
Steel (% of capacity)
65.09 65.53 64.95
Automobile (thous. c a r s ) . . .
37.59 37.89 37.32
Paperboard (thous. tons)...
29.39 29.31 28.97
Crude petroleum (mill, bbls.)
3.33 3.44 3.41
Electric power (mill. kw. hrs.)
2.81 2.79 2.74
2.06
2.35 2.21 Basic commodity prices
(Aug. 1939 = 100)
4.26
4.25 4.24
48.96 48.97 48.83 Total freight carloadings
(thous. cars)
.60
.6
.7
23.24 23.39 23.30 Department store sales
(1935-39 = 100)
14.69 14.76 14.73
3.49 3.51 3.52
1.54
.60
.94
3.58
1.45
.52
.93
3.61
1.47
.55
.92
.950 .976
1 .05 1.08
1.65
1.63
1.99
1.94
2.45 2.45
.981
1.09
1.64
1.97
2.45
.990
1.09
1.64
1.98
2.45
.67
1.01
3.55
Dec.
31
WEEKLY FIGURES *—Cont.
RESERVES AND CURRENCY
Reserve Bank credit, total
V. S. Govt. securities, total..
Bills
Certificates
Notes
Bonds
Gold stock
Money in circulation
Treasury cash and deposits. ..
Member bank reserves
2,
Required reserves
Excess reserves*
Excess reserves (weekly avg.):
Total*
New York City*
Chicago
Reserve city banks
Country banks*
Chart
book
page
3'
37
3
2.90
3.56
2.93
2.85
3.53
2.85
2 .85
3 .51
2 .84
2 .85
3 .52
2 .84
2.86
3.53
2.87
In unit indicated
40
40
40
40
40
124
131
109
94
1.21
124
130
110
96
.96
121
127
107
95
.86
118
124
103
95
.95
118
123
106
94
.85
69 164.4 164.5 165.5 164.4 163.7
69 199.2 197.0 201.5 199.2 195.1
69 146.4 146.9 147.4 147.6 148.0
73 96.4 94.8 95.6 96.1
73
111
111
109
66
74
188
193
136
178
74 5,291 5,313 5,326 5,336
75
95.2
97
186
4,868 5,278 5,370 5,436
75
76
76
347.6
353.7 349.0 352.8 349.0
727
682
831
811
772
233
204
1.49
. 54
.94
251
232
226
1947
3.66
3.67
Nov.
Dec.
Oct.
20.00 20.18 19.84 20.14 19.85
MONTHLY FIGURES
11.70 11.91 11.63 11.88 11.5
In billions of dollars
9.57 9.52 9.50 9.50 9.29
RESERVES AND CURRENCY
.62
.60
.59
.66
.66
.54
.52
.49
.51
.53 Reserve Bank credit
22.86
22.87
7
22.80
.96 1.28
1.05
1.20
1.10
22.71
22.48
22.15
stock
7
16.29 16.31 16.36 16.51 16.42 Gold
28.94
28.65
28.60
Money in circulation
7
.27
.19
.16
.18
.20
1.33
1.33
1.33
cash
7
4.43 4.43 4.36 4.26 4.16 Treasury
.97
1.29
.94
Treasury deposits
7
1.38
1.37
1.37
1.38 1.3 Member bank reserves:
7.08 7.04 6.99 7.07 7.09
17.26
17.07
16.99
Total
4, 7, 14
5.33 5.32 5.33 5.34 5.3:
5.43
5.28
5.35
Central reserve city banks. . 14
6.86
6.76
6.78
• Reserve city banks
15
4.97
4.95
4.94
Country
banks
15
.21
.18
.13
.17
.17 Required reserves:
.34
.30
.30
.30
.33 Total
16.27
16.12
16.14
4
.26
.25
.25
.25
.25
5.31
5.27
5.23
Central reserve city banks. . 14
.94
.97
.99 1.01
6.59
1.01
6.52
6.54
Reserve city banks
15
4.38
4.33
4.36
Country
banks
15
44.81 44.97 45.25 45.39 45.10 Excess reserves:
25.53 25.73 25.96 26.01 25.75
.99
.95
.85
Total
4, 5
19.93 19.88 19.89 19.81 19.68
.11
.06
.04
New York City
5
2.72 2.79 2.74 2.77 2.76
.01
.01
.01
Chicago
5
2.31 2.31 2.32 2.27 2.21
.27
.26
.21
Reserve city banks
5
.57
.75 1.02
1.16
1 .11 Country banks
.60
.62
.59
5
32.40 32.31 32.60 32.46 32.41 Money in circulation, total.... 9
28.87
28.77
28.55
.60
.45
.43
.49
8.85
.5
8.72
8.76
Bills of $50 and over
9
7.17 7.21 7.29 7.02 6.48
15.39
15.30
15.43
$10 and $20 bills
9
13.19 13.19 13.18 13.20 13.18
4.63
4.54
4.58
Coins, $1, $2, and $5 bills... 9
16.25 16.19 16.25 16.33 16.31
9.32 9.31 9.36 9.42 9.40
ALL BANKS
3.36
3.37 3.39 3.40 3.41
IN THE UNITED STATES
.87
.80
.74
-.78
.75
2.71
2.71 2.73 2.76 2.76 Total deposits and currency*..
P171.2O
P170.40
10 P169.70
P86.90
Demand deposits adjusted 8 ... 10 P85.40
*>85.90
P56.30
Time deposits adjusted*
10 P56.20
P56.00
Per cent per annum
P26.60
Currency outside banks*
10 P26.30
P26.6O
Pl.40
U. S. Govt. deposits*
10
Pl.90
Pi.80
ALL COMMERCIAL BANKS
.990
1.09 Loans and
investments, total".
1.63
Loans6
1.97
U. S. Govt. securities*
2.45
Other securities*
11 P116.40
11 P36.90
11 P7O.5O
11
P9.00
P116.7O
P37.7O
P116.30
P38.2O
P69.10
P 9 00
For footnotes see p. 238.
FEBRUARY
1948
235
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS ^—Continued
Chart
book
page
1947
Oct.
Nov.
In billions of dollars
MONTHLY FIGURES—Cont.
Oct.
Nov.
Dec
In billions of dollars
MONTHLY FIGURES—Cont.
14
14
14
14
14
14
14
14
97.98
31.53
59.1
7.28
72.12
28.39
12.05
5.98
98.20
32.21
58.75
14
14
14
14
14
14
14
25.47
8.81
15.06
1. 0
20.07
2.36
5.41
25.35
9.06
14.71
1.58
20.06
2.34
15
15
15
15
15
15
15
36.21
12.91
20.85
2.44
25.08
11.37
1.87
36.39
13.18
20.80
15
15
15
15
15
15
15
36.31
9.81
36.46
9.96
23.24
3.25
27.08
14.50
3.87
23.26
3.24
26.97
14.65
3.90
7.25
72.54
28.19
11.99
5.91
5.33
2.41
25.39
11.34
1.84
97.77 Ownership of U. S. Govt. securities—
32.59
Cont.
57.91 Marketable public issues—Cont.
7.28
By earliest callable or due date:
73.47
Within 1 year:
28.35
Total outstanding
11.87
Commercial bank and F. R.
5.80
Bank
F. R. Bank
25.48
1-5 years:
8.98
Total outstanding
14.86
Commercial bank and F. R.
1.64
Bank
20.37
F. R. Bank
2.37
5-10 years:
5.35
Total outstanding
Commercial bank and F. R.
36.05
Bank
13.45
F. R. Bank
20.21
Over 10 years:
2.39
Total outstanding
25.70
Unrestricted issues:
11.44
Nonbank, c o m m e r c i a l
1.85
bank, and F. R. Bank..
Commercial bank and
36.24
F. R. Bank
10.16
F. R. Bank
22.83
3.25
27.40
14.54
MONEY RATES, ETC.
3.74
31
55.05
54.34
31
31
39.34
21.63
38.72
21.46
19.92
31
38.32
38.32
49.95
31
31
27.69
.40
27.76
.49
31
18.93
18.93
31
31
12.17
.04
12.32
.16
31
54.81
54.81
31
6.68
6.65
31
31
5.49
.10
5.48
.10
22
22
22
22
22, 23
23
23
23
23
50.73
10.27
"".43
54.81
Per cent per annum
CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
1947
TREASURY FINANCE—Cont.
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Dec.
Chart
book
page
3
'. R. Bank discount rate
33
12.05 ^12.63 P13.37 Treasury bills (new issues)
33
2.65 P2.68 P2.7O "orporate bonds:
3.03 P3.30 P3.60 Aaa
33,37
P. 92
.92
P. 92
Baa
37
5.46 ^5.73 P6.15 High-grade (Treas. series)
37
3.09 P3.18 P3.31 U. S. Govt. bonds, 15 years or more. .
37
2.37 P2.55 P 2 .
1.05 Pi. 10 Pl.16
Pi.45
1.32
Pi.68
1.00
857
1.00
.932
1.00
2 .70
3 .35
2 .68
2 .27
2.77
3.44
2.75
2.36
? 86
3 .57
2 .86
2 .39
950
In unit indicated
TREASURY FINANCE
U. S. Govt. securities outstanding,
total interest-bearing
28
Bonds (marketable issues)
28
Notes, certificates, and bills
28
Savings bonds, savings notes, etc. 28
Special issues
28
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks*
29
Fed. agencies and trust funds. . .
29
F. R. Banks
29
Individuals*
29
Corporations*
29
Insurance companies*
' 29
Mutual savings banks*
29
State and local govts.*
29
Marketable public issues:
By class of security:
Bills:
Total outstanding
30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
Certificates:
Total outstanding
30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
Notes:
Total outstanding
30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
Bonds:
Total outstanding
30
Unrestricted issues:
Nonbank, c o m m e r c i a l
bank, and F. R. Bank..
30
Commercial bank and
F. R. Bank
30
F. R. Bank
30
256.35 255.67 254.28 Stock prices (1935-39 =100):
118.56 118.56 117.86 Total
43.38 47.68 47.73 Industrial
59.71 59.67 59.49 Railroad
29.45 29.52 28.96 Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
69.80 69.30
Credit extended to customers
33.94 34.19 33.63 Money borrowed
22.17 22.21 22.56 Customers' free credit balances
65.70 65.60
20.40 20.30
24.90 24. 70
BUSINESS CONDITIONS
12.20 12.10
7.30
7.20
Personal income (annual rate, bill,
dollars):* *
Total
Total
salaries and wages
.
15.14
15.73 15.34
Proprietors' income, dividends, and
14.63 13.96
interest
Allother
13.56 12.56 11.4.
Labor force (mill, persons):*
24.81 24.50 21 .22 Total
Civilian
Unemployment
14.77 14.68
Employment
7.09
7.26
6^80
Nonagricultural
11.3 Employment in nonagricultural i estab7.84
7.84
lishments (mill, persons):*
5.26
5.39
Total
Manufacturing and mining
.81 '1.42
1.48
Trade
118.73 118.73 118.03 Government
Transportation and utilities
Construction
Hours and earnings at factories:
70.61
Weekly earnings (dollars)
50.02 50.25
Hourly earnings (cents)
Hours worked (per week)
.71
.97
2 .85
39
39
39
39
39
125
131
104
101
1.14
124
130
100
97
.86
122
129
104
94
1.17
41
41
41
606
257
616
593
247
617
578
240
612
48
48
204.4
125.2
48
48
65.5
13.7
65.0
12.4
P69 ,6
49
49
49
49
49
62.2
60.9
1.7
59.2
50.6
61.5
60.2
1.6
58.6
50.6
60.9
59.6
1.6
57.9
51.0
50
50
50
50
50
50
43.1
16.7
43.1
16.7
Q O
O . O
O Q
O . O
5.4
4.1
1.8
5.4
4.1
1.8
P43.2
P16.8
P8.8
P5.4
P4.1
Pi .9
51
51
51
51.00
125.7
'40.6
204.9 P2O9.7
127.5 P127.4
P12.7
51.31 P52.51
126.8 P127.7
40.5
P41.1
For footnotes see p. 238
236
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
Oct.
Nov.
Dec.
1947
Oct.
Nov.
Dec
In unit indicated
MONTHLY FIGURES—Cont.
In unit indicated
MONTHLY FIGURES—Cont.
Chart
book
page
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS—Cont.
Industrial production: 4
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures.
53
Machinery and trans, equip....
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53, 54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food p r o d u c t s . . . .
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 4(3 mo. moving
avg., mill, dollars) :
Total
59
Residential
59
Other
59
Residential contracts (mill, dollars):4
Total
60
- Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction activity (mill,
dollars):'
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
4
Freight carloadings:
Total (1935-39=100)
63
Groups (points in total index):
Miscellaneous
63
Coal
63
All other
Department stores:
Indexes (1935-39=100):*
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Stocks-sales ratio (months' supply)
63
64
64
65
65
65
65
190
'•84.4
'44.6
22.4
85.0
45.0
22.2
P86.4
P45.6
22.5
'17.3
••82.5
21.3
23.3
17.9
83
22
23
P18.2
*>80.9
P21.2
P21.8
23.0
>"14.9
23.5
23.1
15.0
23.6
P23.4
P14.5
P23.6
176
224
174
128
r
231
280
••184
139
155
184
121
425
294
177
222
178
137
234
281
183
149
156
186
122
427
296
P\79
226
196
P142
P238
P2S5
131
P155
177
P428
P296
Consumers' prices (1935-39=100):
All items
Food
Apparel
Rent
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
Prices paid and received by farmers
(1910-14=100):
Paid
Received
ash farm income (mill, dollars) :
Total
Livestock and products
Crops
Govt. payments
318
339
304
328
351
312
236
264
211
239
265
215
755
312
443
792
301
491
P348
P53S
323
20
303
235
68
312
14
298
224
73
278
20
258
207
51
69
69
69
158.5
189.7
140.0
159.5
187.9
142.1
163.1
196.7
145.3
71
71
239
289
241
287
245
301
72
72
72
72
,773
,637
,122
14
77
77
s 5.20
s 2.01
77
77
77
5 .39
5 3.19
5 .96
79
79
79
1,235
1,234
P492
79
80-81
1,176
210
397
10
530
6
565
4
565
147
41*6
942
605
2.
JulySept.
Oct.
Dec.
In billions of dollars
TREASURY FINANCE
265
436
••301
272
pl.138
pl.138
QUARTERLY FIGURES
1,272
83.0
34.1
29.
P3,109 P 2 , 9 2 3
^1,556 Pl,610
Pl.540 Pl.299
P14
P\3
P683
June
334
460
367
912
663
2.5
167.0
206.9
191.2
115.4
Apr.-
1,334
"•251
164.9
202.7
190.2
115.2
1947
269
307
246
81.9
33.2
29.8
163.8
201.6
189.0
114.9
INTERNATIONAL TRADE AND FINANCE
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
...
Exports and imports (mill* dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
See p. 261 of this BULLETIN. .
255
291
233
145
67
67
67
67
85.5
33.0
30.1
303
281
P543
P1.3
Budget receipts and expenditures:
Total expenditures
National defense.
Net receipts
Internal revenue collections, t o t a l . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue.
'ash income and outgo:
Cash income
Cash outgo
Excess of cash income or o u t g o . . . .
26
26
26
26
26
26
26
13.39
4.55
10.89
8.29
4.45
1.98
1.86
9 .66
2 .90
9 .81
8 .46
4 .14
2 .29
2 .02
27
27
27
11.43
12.20
-.77
10 .47
10 .50
- .03
33
35
35
35
CORPORATE SECURITY ISSUES
Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars):*
Net proceeds:
All issuers
Industrial
Railroad
Public utility
New money:
All issuers
Industrial
Railroad
Public utility
10.01
8.67
+ 1.34
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities:
Southern and Western cities
2.17
2.38
1.83
2.44
2.95
2 .21
1 .77
2 .25
2 .69
2.22
1.82
2.27
2.61
In unit indicated
42
42
'1.72
rl . 11
rl.26
2.24
2.00
43
43
43
43
1,605
634
82
854
1,266
389
57
753
2,223
938
91
1,073
43
43
43
43
932
428
797
285
49
420
1,868
744
87
1,005
60
414
For footnotes see p. 238
FEBRUARY
1948
237
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
Jan.Mar.
Apr.-
June
Annual rates,
in billions of dollars
QUARTERLY FIGURES—Cont.
GROSS NATIONAL PRODUCT, ETC.
Gross national product • 4
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:« 4
Personal income
Disposable income
Consumption expenditures
Net personal saving
FIGURES FOR SELECTED DATES
1946
June
Dec.
In billions of dollars
LIQUID ASSET HOLDINGS*
44
223.1
229.1
232.3
44
44
45
45
45
27 A
158.0
18.5
95.3
44.2
27.5
162.0
19.2
97.8
45.0
28
166
19
100
46
44
37.7
39.6
46
46
46
46
16.5
10.3
2.7
8.3
18.0
9.6
1.5
10.5
47
47
47
47
190.9
169.7
158.0
11.7
192.3
170.9
162.0
8.9
June
29
CALL DATE FIGURES«
Individuals and businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
U. S. Govt. securities
38.1 Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
12
12
12
12
13
13
13
13
13
13
13
13
45.44
10.47
15.29
1.07
9.69
220.5
138.9
81.6
223.2
143.3
79.9
24
24
24
151.2
96.2
55.0
156.9
101.5
55.4
24
24
24
41.8
24.6
17.2
39.1
23.5
15.6
24
24
24
27.5
18.1
9.4
27.2
18.3
8.9
200.4
178.7
166.0
12.7
Dec.
31
June
30
In billions of dollars
ALL MEMBER BANKS
24
24
24
1947
1946
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local govt. securities
Other securities
Chart
book
page
JulySept.
46.23
5.60
10.04
1.17
13.15
.88
.88
4.27
2.46
2.40
2.48
3.31
3.15
5.36
3.31
1.51
1.47
3.55
3.08
46.51
4.37
7.54
.77
13.82
.97
6.24
4.00
1.51
1.15
3.98
2.97
1946
1947
July 31
Feb. 26*
OWNERSHIP OF DEMAND DEPOSITS*
Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other:
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit ass'ns and other
25
77.5
77.8
25
25
25
25
25
38.3
16.4
13.0
37.2
16.0
12.5
25
25
25
6.6
2.1
4.5
6.5
2.1
4.5
25
25
25
25
27.6
21.4
28.9
22.1
4.4
4.5
6.2
5.0
4.2
4.5
6.7
5.2
r
• Estimated.
P Preliminary.
Revised.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Adjusted for seasonal variation.
As of Sept. 30, 1947.
Member bank holdings of State and local government securities on Sept. 30, 1946, and on Oct. 6, 1947, were 3.62 and 4.22 billion dollars,
respectively, and of other securities on both dates were 3.08 billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1
8
4
5
6
238
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
Chart
book
page1
1947
Oct.
NOV.P
Chart
book
page1
Dec.p
In millions of dollars
Consumer credit outstanding, total. . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding, cumulative totals: 2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
Allother
6
12,052 12,629 13,368
5,460 5,729
6,152
3,090 3,177
3,309
2,552
2,370
2,843
3,029 3,303
3,598
2,645
2,677
2,697
921
918
920
12,052 12,629 13,368
6,592 6,900 7,216
3,597 3,618
3,563
921
918
920
2,370
2,552
2,843
1,323
1,453
1,684
834
339
930
374
1,114
465
1947
Oct.
NOV.P
Dec?
In millions of dollars
Consumer
nstalment sale credit
granted, cumulative totals: 2
By automobiles dealers
By furniture and household appliance stores
By department stores and mailorder houses
By all other retailers
Consumer instalment loan credit
outstanding, cumulative totals: 2
Commercial and industrial banks.
Small loan companies
Credit unions
Miscellaneous lenders
Insured repair and modernization
loans
494
545
626
310
357
418
197
89
230
103
278
122
3,090
1,652
1,005
755
3,177
1,706
1,036
779
3,309
1,788
1,075
806
514
533
552
1
P Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
FEBRUARY 1948
239
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United States total:
Dec 31 1945
Dec 31 1946
....
Dec 31 1947*
On p<ir list
Total banks, branches
and offices on which
checks are drawn
Total
Member
Not on par list
(Nonmember)
Nonmember
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,080
3,947
3,981
4,148
11,869
11,957
12,038
3,616
3,654
3,823
6,877
6,894
6,917
2,909
2,913
3,051
4,992
5,063
5,121
493
926
289
834
493
926
289
834
336
797
214
769
157
129
Branches
and offices
707
741
772
Banks
Branches
and offices
2,133
2,086
2,042
331
327
325
By districts and
by States
Dec. 31, 1947*
District
Boston
New York
Philadelphia
844
1,145
1,010
1,166
2,484
1,469
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv
Dallas
San Francisco
. ...
1,278
1,751
1,007
507
134
247
430
163
561
131
111
844
1,145
790
547
2,428
1,116
609
7
36
1,205
1,740
897
503
222
22
10
40
134
247
305
127
535
71
41
647
710
475
340
1,000
99
214
200
111
495
216
40
475
26
7
28
1,205
758
613
271
112
22
87
22
10
40
5
30
4
19
1,139
75
65
197
435
35
33
315
207
1,428
105
16
220
619
125
36
621
319
31
56
353
26
60
134
15
669
70
982
284
232
3
9
66
11
110
4
8
State
Arizona
Arkansas
228
192
Colorado
142
Connecticut
Delaware
District of Columbia...
Florida
Georgia
115
39
19
896
99
192
1
142
22
14
115
39
5
896
66
115
1
92
22
14
1
854
1
110
25
5
10
33
77
4
42
11
10
3
38
2
31
19
115
99
65
17
11
4
19
178
379
38
2
27
16
71
64
50
22
35
2
26
3
44
35
48
45
48
45
26
43
22
2
Indiana
878
487
664
609
3
89
162
876
487
664
607
3
89
162
503
237
163
214
3
33
373
250
501
393
56
162
Kpntuckv
385
36
385
36
113
25
272
11
Idaho
Tvlichicran
Mississippi
160
63
166
182
63
69
101
152
58
63
166
182
41
69
101
152
46
38
78
147
36
37
68
140
442
677
206
596
112
206
6
442
264
39
527
112
206
6
7
229
208
31
180
82
160
6
2
19
2
137
8
145
6
52
18
1
292
121
55
1
Nebraska
Nevada
NPW Hamoshire
New Tersev
NPW IVlexico
410
8
73
19
2
340
137
47
8
410
8
73
340
47
New York
North Carolina
North Dakota
Ohio
Oklahoma
658
205
151
668
384
713
170
24
189
1
658
87
49
668
374
713
48
5
189
1
575
53
41
424
225
660
28
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
69
990
19
150
170
81
149
41
33
47
69
990
19
57
69
81
149
41
31
21
Tennessee
Texas
Utah
Vermont
Virginia
295
889
74
4
60
69
15
10
196
829
^^ashington
West Virginia
.......
2
33
2
129
14
63
280
4
50
1
2
2
12
25
88
35
5
32
33
12
213
56
8
347
30
46
265
2
21
48
14
102
22
413
6
167
69
48
118
102
122
19
1
1
16
8
165
1
83
34
8
244
149
53
20
5
24
32
758
11
31
63
76
125
29
27
20
37
232
8
26
6
5
24
12
4
1
10
58
4
81
563
46
4
115
266
12
60
69
15
10
34
40
13
2
26
29
2
8
93
101
2
26
99
60
16
314
88
307
87
202
42
105
45
7
1
123
182
552
119
119
180
443
119
54
108
163
112
65
72
280
7
4
2
109
51
55
150
55
99
38
21
78
17
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 footnote 4, on the opposite page).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
2
240
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial and stock savings banks and nondeposit
trust companies
All
banks
Member banks
Mutual savings
banks
Nonmember banks
Total
Total i
National
State
member1
Total
Insured 2
Noninsured 2
Insured i
Noninsured
Banks (Head Offices)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
31,
1933
1934
1941
1945
1946
1947 3
Branches and Additional Offices
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
31,
1933
1934
1941
1945
1946
1947 3
. .
15,029
16,063
14,825
14,553
14,585
14,715
14,450
15,484
14,277
14,011
14,044
14,182
6,011
6,442
6,619
6,884
6,900
6,923
5,154
5,462
5,117
5,017
5,007
5,005
857
980
1,502
1,867
1,893
1,918
8,439
9,042
7,661
7,130
7,147
7,262
8,4 39
1,343
7,699
851
6,810
714
6,416
690
6,457
784
6,478
68 '
52
192
191
194
2,911
3,133
3,699
4,090
4,138
4,331
2,786
3,007
3,564
3,947
3,981
4,161
2,081
2,224
2,580
2,909
2,913
3,051
1,121
1,243
1,565
1,811
1,781
1,871
960
981
1.G15
1,098
1,132
1,180
705
783
984
1,038
1,068
1,110
932
981
1,006
1,043
52
57
62
67
1255
5 J26
103
32
101
42
115
42
124
46
+ 112
-1
+ 112
-1
+33
+ 19
+ 14
+ 79
+66
+13
-55
-29
-11
-1
-55
-29
-11
-1
-30
-11
-19
-7
-2
-11
-4
*
-25
-18
-8
—1
-23
-13
-3
-2
-5
-5
-1
+1
+12
79
511
496
350
350
339
4
.
Bank Changes
Jan. 1-Dec. 31, 1947
New banks 6
Suspensions
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations 7
Unclassified
Inter-class changes:
Conversions—
National into State
State into national
Federal Reserve Membership:*
Admissions of State banks
Withdrawals of State banks .
Federal deposit insurance: 9
Admissions of State banks
Withdrawals of State banks
. . . .
"2
-1
-1
+2
+38
—5
+8
+38
-5
+15
+ 15
+23
14,600
+ 115
14,715
14,059
+123
14,182
De novo branches
Banks converted into branches
Branches and offices discontinued
Inter-class branch changes:
National to State member
State member to national
Nonmember to State member
Insured to noninsured
Noninsured to insured
+ 160
+ 147
+55
-31
Net increase or decrease
+184
+ 171
+ 132
+85
Number on Dec. 31, 1947, before revision. . . .
Changes in number of branches due to revision of series 3 .
Number after revision:
Branches
Banking facilities at military reservations.
4,322
4,152
3,045
1,866
+9
+9
+6
+5
4,260
71
4,090
71
2,985
66
1,818
53
Net increase or decrease
Number of banks, Dec. 31, 1947, before revision
Changes due to revision of series 3
Number of banks after revision
-6
-2
-38
+5
-1
-37
-1
+28
-28
+3
-3
+21
-29
+3
-3
6,478
661
+123
784
194
194
347
-8
339
+3
+9
+4
+3
+9
+4
65
124
46
124
46
+5
-2
+25
-8
6,923
5,005
1,918
6,923
5,005
1,918
7,139
+ 123
7,262
6,478
+97
+46
+66
+30
+50
+9
+47
+9
-13
-13
-7
-7
+47
+39
+1
+36
1,179
1,107
+1
Branches and Additional Office Changes
Jan. 1-Dec. 31, 1947
+55
-31
-18
-14
+31
+16
-4
-1
+7
+4
-4
+7
+1
1,167
13
+3
1,105
5
1,042
+1
1,038
5
+1
-1
+2
67
1
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became
members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only
once in "all reporting banks."
2
Federal deposit insurance did not become operative until Jan. 1, 1934.
8
As of June 30, 1947, the series was revised to conform (except that it excludes possessions) to the number of banks in the revised all bank
series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9
branches.
4
Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations
(shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks
designated as depositaries and financial agents of the Government. Three of these banking facilities are in each case operated by two national
banks, each bank having separate teller windows; each of these facilities is counted as one banking office only.
5
Separate figures not available for branches of insured and noninsured banks.
6
Exclusive of new banks organized to succeed operating banks.
7
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
8
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership;
they are included under "conversions."
9
Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such
changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank
changes."
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
FEBRUARY 1948
241
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1947
System
Current Earnings
Discounted bills
Purchased bills
Industrial loans
Commitments to make industrial loans. . .
U. S. Government securities
All other
Total current earnings
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
$216,756 $134,814
$675,838 $152,126
$151,040
$84,408
$2,194,546
3,890
3,890
512
60,438
2,033
57.475
418
633
19,205
7,359
602
14
155,563,861 10,388,433 38,130,991 11,193,237 14,783,785 9,884,765 8,236,962
813,626
181
,582
20,642
96,641
25,206
14,798
10,381
158,655,566 10,554,689 38,907,360 11,413,233 15,189,482 10,041,366 8,349,211
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment, including rental
All other
Inter-Bank expenses
Total operating expenses
Less reimbursement for certain fiscal agency and
other expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
3,290,148
48,754,014
5,033,943
19,378
238,525
21,355
180,374
2,959,295
301,361
358
12,524
1,390
646,469
7,289,327
491,114
3,666,589
618,707
1,786,651
1,121,087
645,449
523,259
648,624
2,966,705
1,058,264
37,853
705,627
21,016
271,773
46,267
166,396
79,684
43,60'
21,676
21,106
109,520
74,894
23,227
223,806
284,008
222,308
175,058
2,948,926 4,178,482 3,017,815 2,436,559
313,788
423,550
273,795
297,220
8
7,017
11,599
16,191
15,251
35,424
15,868
970
1.778
2,448
1,028
24,747
497,121
30,496
242,367
29,198
91,436
100,242
36,288
15,345
37,398
222,406
68,295
29,396
56,214
635,763
45,962
287,806
49,455
227,469
203,202
80,977
114,745
74,418
289,642
152,240
33,751
54,186
632,255
27,123
202,415
36,319
86,421
92,606
43,760
14,224
14,948
183,192
49,458
17,783
43,139
587,275
42,015
281,581
29,318
77,725
42,548
37,569
36,940
67,357
238,818
52,128
14,880
78,819,608
5,077,948
270,92:
4,874,434 7,161,730 5,027,268 4,521,827
20,628,180
1,095,409
3,946,385
987,637 1,565,917 1,185,601 1,469,443
58,191,428
2,639,667
3,982,539 13,324,542 3,886,797 5,595,813 3,841,667 3,052,384
244,862
128,360
845,995
107,131
167,648
214,164
3,918,191
643,689
243,522
28,477
739,438
103,915
274,870
41,346
386,905
50,183
316,494
47,954
320,429
63,790
Total current expenses
65,392,975
4,422,186 15,013,890 4,417,177
6,277,763 4,334,475 3,543,734
Profit and Loss
Current net earnings.
93,262,591
6,132,503 23,893,470 6,996,056
8,911,719 5,706,891 4,805,477
Additions to current net earnings:
Profits on sales of U. S. Government securities
Recoveries of, and withdrawals from allowances for,
losses on industrial loans (net)
All other
Total additions
Deductions from current net earnings:
Charge-offs and special depreciation on bank premises
Reserves for contingencies
All other
Total deductions.
Net additions
2,639,959
185,598
636,645
119,809
127,124
728
314
94,871
3,063
2,886,892
186,640
464,49'
406,463
42,931
37,862
17,064
64
5.
199,902
255,338
167,375
935
5,166
43
205,068
255,381
193,323
140,983
"34,94
2,839
220,944
32,643
1,896
602
065
34,463
1,012
146,656
105,508
913,891
54,926
70,135
37,786
255,483
1,973,001
131,714
664,444
167,282
-102
Net earnings
95,235,592
Paid to U. S. Treasury (Sec. 13b)
Dividends paid
Paid U. S. Treasury (interest on outstanding F. R. notes)
Transferred to surplus (Sec. 13b)
Transferred to surplus (Sec. 7)
35,605
24.
11,523,047
671,129 4,052,
75,223,818 5,034,646 18,367,
86,77;
65
-1,214
8,366,350
559,656 2,046
140,048
24,210
1,738
35,475
6,264,217 24,557,914 7,163,338 8,911,617 5,853,547 4,910,985
7,059
853,837
5,672,116
630,326
1
,123,393
485
,010,67 4,808
-1,461
23
779,013
534
441,270
,022,554
447,073
Surplus (Sec. 7), January 1
Additions, as above
439,822,258 27,557,220 136,549
8,366,350
559,656 2,046
Surplus (Sec. 7), December 3 1 .
448,188,608 28,116,876 138,595,953 35,350,216 42,172 ,710 21,210,350 19,109,885
242
34,719,890
630,326
,393,697 20,676 051 18.662,812
779,013
534 299
447,073
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1947
Chicago
St. Louis
Minneapolis
$242,863
$144,406
$96,444
885
20 ,934,866
140,354
7,369
8,078,124
82,579
4^506!670
9,994
21 ,318,968
8,312,478
4,613,108
402,207
Kansas
City
$110,819"
$140,800
440
7 ,551,605
105
6 ,749,713
10,231
1,798
15,124,710
49,049
7 ,835,033
6 ,804,281
15,316,357
172,169
215,621
2,852,430
306,638
173,329
1,452,293
145,221
2 ,558,932
17,308
1,720
19,959
2,140
15,617
1,843
80,784
946,173
36,622
604,007
85,610
229,113
98,420
81,193
58,238
233,211
396,778
159,818
49,357
57,540
369,457
41,721
233,383
41,365
79,992
66,260
43,860
78,652
14,072
205,033
86,954
12,702
11 ,682,701
4,727,779
250
San
Francisco
$44,232
751,954
7 ,449,938
Dallas
215,786
207,029
2 ,380,043
252,100
312,593
4,717,181
503,717
23,634
2,053
21,511
1,615
30,474
3,303
39,836
257,711
23,448
94,180
18,084
84,943
31,406
24,976
22,143
4,533
69,280
62,073
9,073
43,466
412,133
38,600
192,940
34,568
105,540
70,312
29,021
65,530
28,444
127,449
55,876
12,701
49,796
372,629
32,112
194,024
27,694
45,940
40,493
36,811
23,775
15,299
214,337
48,989
11,976
71,481
746,066
62,307
357,301
58,870
133,866
74,854
36,432
10,283
132,005
289,443
101,163
31,937
2,529,989
4 ,295,536
3 ,976,173
7,673,296
1 ,115,932
2,320,751
278,432
119
20
3 ,930,303
1,173,069
641,159
1 ,196,574
7 ,752,398
1,888,830
65,186
3 ,098,962
2 ,860,241
358,628
3,554,710
93,699
93,049
88,714
5,352,545
232,231
627,555
104,516
274,752
35,955
90,472
18,610
165,500
31,180
155,014
31,255
323,240
86,508
8 ,843,097
3,959,116
2,063,098
3 ,388,691
3 ,135,224
5,994,524
12 ,475,871
4,353,362
2,550,010
4 ,446,342
3 ,669,057
9,321,833
340,409
130,373
74,733
128,464
115,634
265,440
Current Earnings
Discounted bills
Purchased bills
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment, including rental
All other
Inter-Bank expenses
Total operating expenses
Less reimbursement for certain fiscal agency and
other expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Profit and Loss
107,449
4,045
783
2,729
571
288
447,858
134,418
75,516
131,193
116,205
265,728
100,000
52,647
1,858
143,553
17,008
11,289
16,611
82
594
479
17,140
1,115
48,868
2,175
154,505
160,643
11,883
17,090
18,255
51,043
293,353
-26,225
63,633
114,103
97,950
214,685
12 769,224
4,327,137
2,613,643
4 ,560,445
3 767,007
9,536,518
427
401
500
11
83
236
1 380,234
10 249,336
378,794
3,553,033
253,251
2,124,282
3 ,757,934
427,300
1,072,316
7,617,468
383,667
3 005,545
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Government securities
Recoveries of, and withdrawals from allowances for,
losses on industrial loans (net)
All other
Total additions
Deductions from current net earnings:
Charge-offs and special depreciation on bank premises
Reserves for contingencies
All other
Total deductions
Net additions
Net earnings
Paid to U. S. Treasury (Sec. 13b)
Dividends paid
Paid U. S. Treasury (interest on outstanding F. R. notes)
Transferred to surplus (Sec. 13b)
Transferred to surplus (Sec. 7)
1 139,227
394,909
235,610
418,833
334,079
846,498
65 077,906
1 139,227
16,577,077
394,909
10,996,958
235,610
15 ,729,093
13 776,736
418,833
334,079
38,105,692
846,498
Surplus (Sec. 7), January 1
Additions, as above
6 6 , 217,133
16,971,986
11,232,568
16 ,147,926
14 110,815
38,952,190
Surplus (Sec. 7), December 31
FEBRUARY
1948
243
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments.
246
Gold production
247
Gold movements
247
International capital transactions of the United States. .
International Monetary Fund and Bank
Central banks
248-253
254
254-258
Money rates in foreign countries.
259
Commercial banks
260
Foreign exchange rates
261
Price movements:
Wholesale prices
262
Retail food prices and cost of living
263
Security prices
263
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.
FEBRUARY 1948
245
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
Argentina 1
Belgium
Brazil Canada
609
734
734
735
734
'716*'
735
40
51
70
115
254
329
354
354
723
691
633
634
639
643
644
649
650
599
593
597
354
354
354
354
354
354
354
354
354
354
354
Iran
(Persia)
Italy
Japan
Java
274
274
274
274
274
274
274
274
26
26
26
34
92
128
131
127
144
120
164
164
* 164
90
140
235
3 216
274
274
274
274
274
274
274
274
274
274
274
127
130
End of month
Sweden
Switzerland s
Turkey
1939—Dec,
1940—Dec. .
1941—Dec
1942—Dec
1943—Dec
1944—Dec. . .
1945—Dec. .
1946—Dec
308
160
223
335
387
463
482
381
549
502
665
824
5 965
1,158
1,342
1,430
29
88
92
114
161
221
241
237
7 1
1947—Jan
Feb
Mar.. . .
Apr
May. . .
June...
July....
Aug.. . .
Sept. . .
Oct,
Nov... .
Dec
348
324
265
217
190
168
144
126
93
101
101
1,432
1,431
1,432
1,427
1,416
1,355
1,370
1,373
1,386
1,389
1,372
238
238
233
226
207
191
185
174
169
169
170
170
1
1
1
1
1
1
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
7,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
466
353
354
1658
1939
U,lll
403
P563
1947—Jan
Feb
Mar.. . .
Apr
May
June....
July. . . .
Aug
Sept.. . .
Oct
Nov.. . .
Dec
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
22,294
22,614
22,754
P645
*>706
*>726
End of month
India
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Jan
Feb
Mar.. . .
Apr
May....
June....
July....
Aug
Sept
Oct
Nov.. . .
Dec.
P726
P723
P623
P495
P394
214
27
5
6
5
6
2
361
2
543
6
7
7
6
7
8
6
7
8
6
7
7
United
Kingdom
1
1
1
1
1
1
1
Chile
Colombia
Cuba
30
30
31
36
54
79
82
65
21
17
16
25
59
92
127
145
1
1
1
16
46
111
191
226
63
54
53
53
53
45
46
45
45
45
45
147
125
126
98
92
93
87
88
89
83
84
83
231
236
229
234
239
259
259
Czecho- Denslomark
vakia
53
53
53
53
53
53
53
53
53
53
53
796
796
696
696
696
696
544
544
444
444
548
548
Norway
Peru
Poland
Portugal
Rumania
South
Africa
Spain
94
3 84
20
20
21
25
31
32
28
24
3 84
69
59
59
59
60
60
60
152
158
182
203
260
267
269
249
367
366
634
706
814
914
939
42
42
91
105
110
111
P27O
886
851
803
798
788
757
752
775
805
804
796
170
148
149
149
141
131
98
99
100
100
100
100
265
245
197
197
196
190
190
190
190
191
223
231
23
23
23
23
23
23
23
23
23
23
Uruguay
Venezuela
Yugoslavia
B.I.S.
Other
countries e
68
90
100
89
121
157
195
200
52
29
41
68
89
130
202
215
59
82
7
12
12
21
45
37
39
32
178
170
166
185
229
245
247
240
200
200
197
194
192
189
189
183
183
177
215
235
235
235
235
235
235
215
215
28
28
27
27
27
27
27
26
29
28
239
239
240
240
240
240
240
240
P240
24
21
20
19
20
20
20
20
; P?A0
' v7£C\
246
28
28
28
28
28
28
24
24
24
24
24
24
24
24
24
27
27
27
30
30
30
33
33
33
34
P27O
P268
20
20
20
p Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad
and gold belonging to the Argentine Stabilization Fund.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
are8 included also.
Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
4 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
6 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 254. For back figures,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data,
see pp. 524-535 in the same publication.
1
29
29
29
29
29
29
Hungary
38
32
32
32
32
32
32
32
32
32
32
32
23
23
23
23
23
23
23
23
3Q
Greece
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
692
617
575
506
500
500
270
265
215
Germany
55
52
52
52
52
52
52
53
32
47
47
39
203
222
294
181
383
France
53
52
44
44
44
44
38
38
56
58
61
61
61
61
61
61
279
279
New
Mexico Netherlands Zealand
Egypt
111
111
111
111
111
111
111
111
111
Government gold reserves 1 not included in
previous figures
United
BelEnd of month United
France gium
States Kingdom
1938- -Dec
1939- -Aug.
Dec
1940- -Aug
Dec
1941- -Sept
Dec
1942- -Dec
1943- -Dec
1944- -Dec
1945- -Dec
1946- - J u n e . . . .
Sept.. . .
Dec
1947-- M a r . . . .
June
Sept
80
156
48
24
25
12
43
12
18
71
113
177
163
151
2 759
331
3 876 *460
292
* 151
5
2,354
5
2,341
5
2,196
5
2,535
5
2,587
5
4 293
44
17
17
214
457
17
17
17
17
17
2,345
52,382
5
2,341
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
5
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. 251.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 254, footnote 4, and p. 255,
footnote 10. For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
O U T S I D E U. S. S. R.
[In thousands of dollars]
Estimated
Year or
T o t al
production
reported
outside
U.S.S.R.i monthly
1938.
1939.
1940
1941
1942
1943
1944
1945
1946
1946—Dec
1947 Tan
Feb.
Mar
Apr
May
June . . . .
July
Sept..
Oct
Nov
South
Africa
958 ,770 425,649
1,136,360
1,208,705 1,020 ,297 448,753
1,297,349 1,094 ,264 491,628
504,268
1,288,945 1,089
966 ,132 494,439
760 ,527 448,153
682 ,061 429,787
646 ,914 427,862
663 ,266 417,647
56 ,501 34,184
58 127 34 021
41 ,044 19,965
51 824 28 665
55 412 31 824
59 ,738 35,308
57
33,984
61 ,314 35 396
59 0S7 34,875
34,692
35,361
33,888
Production reported monthly
Other
Africa
North and South America
Rho- 1 West 1 Belgian United
Nica- Austra- India 9
CanMex- Colom- 1
desia | Africa2 | Congo 3 States*
lia 8
ico6
bia | Chile | ragua 7
=/5 5 /2i grains of zold'/wj Ine; i. e., an ctune r of fine g old==$35
8-470 178,143 165,379 32 306 18,225 10 ,290
28,532 24 670
1 ,557 54,264 11 ,284
8,759 196,391 178,303 29 426 19,951 11 ,376
28,009 28,564
3 ,506 56,182 11 ,078
29,155 32,163 3 8,862 210,109 185,890 30 878 22,117 11 ,999
5 ,429 55,878 10 ,157
9 940
9 259
209,175 187 081 97 960 22 961
7 ,525 51,039
27 765 32,414
8 ,960
26,641 29,225
130,963 169,446 28 019 20,882
8 ,623 42,525
6 ,409
8 ,820
23,009 19,740
7 ,715 28,560
48,808 127,796 22 055 19,789
6 ,081
6 .S45
20,746 18,445
7 ,865 16,310
35,778 102,302 17 779 19,374
7 ,131
19,888 18,865
5 ,950
6 ,985 16,450
32,511 94,385
6 ,282
17,734
19.061 20 475
4
6
21,595
,357
51,182 98 994
068
15 301
585
8
490
5S9
2,170
L ,585 1,820
864
5 779
7 961
1 088
2,205
566
1 785
L 524
7 612
271
1 423
8 195
490
1,820
,502
1,750
581
5,483
371
1 276
7 806
490
1,820
1 855
5 500 9 235
555
L 574
856
1 273
560
1,820
610
1 890
L 537
6 246 8 921
540
1 464
S75
SO?
1,785
1,508
1,820
7,220
528
9 412
1 130
490
1,890
1,498
1,680
6,117
1 065
553
9 418
S60
3,220
L 554
636
7 319 9 149
1 112
513
1 855
490
1,960
L ,541 1,855
7 033 9 131
410
684
1 079
490
1,925
6S8
1,820
1,516
6,979
1,044
8,668
470
679
2,065
8,185
915
9,057
525
6,243
8,826
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 a n n u a l
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning J a n u a r y 1944, they represent Gold
8
Coast only.
Beginning May 1940, monthly figures no longer reported.
4
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint.
5
Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
1943 they represent total Australia; beginning January 1944, Western Australia only.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
N O T E . — F o r explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars a t approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
net
imports
1,973,569
3,574,151
4,744,472
982,378
315,678
68,938
-845,392
106,250
311,494
United
Kingdom
France
Belgium
Netherlands
Sweden
Switzerland
Canada
208,728 81,135 15,488163,049 60,146 1,363
826,403 3,798165,122 341 ,618 28,71586,987
977 63,260161,489 90,320 2
633, ( '41,778
1
1
3,779
1,747
899
1,955
5
88
695,483
160
458
-6
-14
Mexico
Other "PhlT
Latin
ipAusAmeripine
tralia
can ReRepublics public
South
Africa
Japan
All
other
countries
India
76,315 36,472 65,23127,880 3 9 ,
401 168,74016 ,159
612,949 33,610 57,02035,636 74 .
,
,
>5,,
22,862
165,605
50,956
622,330 29,880 128,259 38,627103,777184,756111,739
1,
49,989
412,056 16,791 61,862 42,678 67,492 292 ,893 9,444 9,665
208,917 40,016 39,680
321
528 4,119
129
66,920 -3,287 13,489
152
307
46,210 109,695 -108,560
199 3,572
53,148 15,094 - 4 1 , 7 4 8
106
357
103
344,130
3,591 -134,405 - 1 5 6
41118 ,550
-2,613
13,301
168,623
284 ,208
3 63,071
20,008
-8,731
18,365
133,471
-18,083
2
1947
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.*'
-16,820
20,361
153,634
44,050
129,734
200,233
219,201
111,657
109,600
450,830
265,700
178,166
-2
9
— 120
"'-31
— 75
-1,002
-108
-449
1
2
- 5 22,515
245,712 140,568
142,821
101,541
13,903
14,088
-7
51,174
30,319
101,642
26,341
26,442
52,913
51,820
2,220
499
552
63,697
37,735
443
222
221
-9,793
262
217
282
330
242
152
103
208
-97,579 -132
-30,341
—49
- 1 3 , 2 6 9 — 129
2,898
122
24,352
—87
96,026
-70
103,894 •1,111
90,369 -1,543
24,730 - 2 8 6
49,263
-56
58,283 - 2 5 2
37,562
85
32,544
37,490
66,674
26,376
80,446
53,228
60,081
16,042
37,760
21
29
-374 -2,899
- 5 5 6 7-16,734
-1,140
-214
-1,390
-515
- 7 8 —1,529
-334
-638
- 5 5 1 85,233
M.221
MO,215
6497
997
1,026
v Preliminary.
1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
2 Includes $75,087,000 from Portual, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
a Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
*Includes $133,980,000 to China and $509,000 from other countries.
* Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
e Includes imports from U. S. S. R. as follows: July, $5,626,000; August, $5,627,000; September, $11,287,000; October, $5,346,000.
7
Includes $14,000,000 to China and $2,734,000 to other countries.
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.
FEBRUARY
1948
247
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,
Total
Increase in foreign banking
funds in U. S.
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3) . ; : . .
June (July 3 ) . . . . . .
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155 0
312.8
388.6
361.4
31 8
43.7
40.1
125.2
—6 2
15.8
90.3
316.7
21 1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1 ) . : : : . .
Sept. 30
Dec. 30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390 3
449.0
456 2
431 5
114 4
180.5
272 2
316 2
427
524
633
917
6
1
3
4
4
16 5
23 2
12 9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518 1
449.1
319 1
395.2
493 3
583 2
1,075
1,069
1 125
1,162
7
5
1
0
4
18
31
47
1
3
9
5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3,301.3
3,140.5
3,567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434.4
403 3
477 2
510.1
618
643
625
641
1,150
1 155
1,125
1,219
4
3
4
7
54
57
64
47
2
8
1
6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).
4,279 4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
1.436.2
1,686.5
550 5
607 5
618.4
650.4
646 7
664 5
676 9
725.7
1 188 9
1 201 4
1,177.3
1,133.7
63 9
74 0
83 1
80.6
1940—Mar. (Apr. 3)
June (July 3 ) . ; : : . .
Sept. (Oct. 2)
Dec. (Jan. 1,1941).
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
631.6
684.1
773.6
775.1
761.6
785 6
793.1
803.8
1,095.0
1,042 1
987.0
888.7
88.7
98 9
101 6
100.9
1941—Mar. (Apr. 2)
June (July 2 ) . . ; ; . .
Sept. (Oct. 1)
Dec. 31
5,607 4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1,177.1
L,817.7
1,802.6
767 4
818.6
805.3
791.3
812 7
834.1
841.1
855.5
701 8
631.2
623.5
626.7
95 9
98 2
100.9
100.9
1942—Mar. (Apr.
1)
June 30 2
Sept 30
Dec. 31
5,219 3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
1,068.9
1,352.8
1,482.2
1,557.2
1,752.0
L,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849 6
838.8
830.5
848.2
624 9
632 0
646.1
673.3
104 3
106 2
107.5
104.4
1943—Mar
June
Sept
Dec.
31 .
30
30
31
6,292.6
6 652 1
6,918.7
7,267.1
3,788.9
4 148 3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
1,920.3
L.939.7
2,034.8
898.7
896 9
888.6
877.6
810.5
806 8
929.3
925.9
685.9
687 9
708.1
701 1
108.6
112 1
114.8
117 8
1944—Mar
Tune
Sept
Dec.
31
30
30
31
7,611.9
7,610 4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856 6
883.5
805.8
904.1
929 8
,026.2
,019.4
685 8
702 4
737 8
911.8
119
119
122
126
6
1
2
3
1945
31
30
30
31
. .
8,002.6
8,422 8
8,858.6
8,802 8
5,219.4
5,671.0
6,042.2
6,144.5
2,865.1
3,313.2
3,554.9
3,469.0
2,354.3
2,357.9
2,487.2
2,675.5
848.5
760 4
865.3
742.7
983.7
,011 2
998.2
972.8
820 6
848 4
818.4
798 7
130
131
134
144
5
8
6
1
1946 Mar. 31
June 30
. . . .
Sept 30
D e c . 31
. . . .
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427,2
,073.0
L.103.9
1,170.7
,237.9
645.1
615.0
478.3
464.5
139 9
141.4
150 4
153.7
8,077.3
9,959.9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6
r9,516.8
9,011.2
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
'4,870.3
4.464.0
2,416.0
2,006.2
1,725.4
1,718.8
1,448.7
1,447.2
1,616.8
1.726.9
1,298.5
2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
3,144.7
3,086.4
••3,143.5
3,165.5
449.0
2,705.6
2,707.0
2,702.5
2,819.4
2,694.3
2,861.1
2,758.0
2,645.4
404.8
380.9
337.1
333.6
255.3
202.5
156.3
168.2
178.3
1,308.2
1,229.8
L.282.6
1,341.6
,380.7
L,398.0
s 1,177.3
,193.6
1,224.8
464.4
439.7
414.3
416.7
398 5
393.4
385.9
362.6
338.8
150 4
156.6
154 5
161.6
156 4
160 8
159.8
164.1
159.9
1947
Mar
Tune
Sept
Dec
T a n 31
Feb. 28
Mar 31
Apr. 3 0
M a y 31
June 30
July 31
Aug. 31
Sept. 30
. .
. . . .
. . . .
_
4.4
11,927.3
1,888.3
1,999.9
11,907.8
1,980.5
1,958.3
L,841.0
11,818.2
1L.931.2
5
1
0
8
r
Revised.
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
»Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
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.
248
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED StATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939— Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
TotaP
1 ,440. 7
2 ,667. 4
3 ,501. 1
3 ,933. 0
5 ,112. 8
5 ,807. 9
5 ,354. 1
5 ,980. 2
7 ,267. 1
7 ,728. 4
8 ,802. 8
8 ,015. 8
7 ,828. 9
7 ,555. 7
7 ,628. 4
7 ,254. 3
7 ,029.7
7 ,069 0
6 ,688.9
6 ,746 5
6 ,582 5
r
6 ,758 8
6 ,365 8
1936)
1939)
1940)
1941)
United
King- France
dom
554. 9
829. 3
993. 7
1 ,183. 8
1 ,101. 3
865. 2
674. 1
837. 8
1 ,257. 7
1 ,090. 0
892. 5
736. 3
640. 9
563. 1
585. 6
558. 2
489. 6
595
453
441
614
648
486
8
5
7
1
5
7
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
433.1
401.7
384.8
369.4
336.3
351.4
332.0
319.8
390.2
306.2
324.6
304.7
Netherlands
Switzerland
114 5
130. 4
335. 5
607. 5
557. 5
773. 0
911. 5
725. 7
592. 1
629. 1
664. 3
722. 3
756. 3
760. 9
766. 1
769. 5
776. 8
229. 7
311. 9
328 6
470.3
455
464
474
487
506
539
351
322
326
319
295
256
391
356
340
336
6
4
0
7
2
7
1
8
4
1
6
7
7
8
5
0
'329 .8
311 4
786
801
804
799
811
808
800
1
6
6
3
8
0
8
Canada
Latin
America
Italy
Other
Europe
Total
Europe
24.0
166.6
311.6
436.1
612.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,248.7
1,249.5
1,246.3
1,259.5
1,232.8
1,262.9
1,210.0
1,161.5
1,093.2
1,112.2
'1,161.3
1,131.3
(3)
70.9
1,200.6
2,051.3 150.5 201.2
2,653.0 106.3 410.6
3,054.2 155.3 384.6
3,790.1 229.4 483.4
4,056.6 411.7 606.8
3,626.3 340.5 567.5
3,608.1 425.1 835.8
4,192.8 760.3 951.0
4,081.8 976.4 1,193.7
4,037,0 1 ,395.7 1.338.4
3,738.9 1 ,110.6 1,569.6
3,603.8 1 ,067.0 1,546.4
3,574.2 979.7 1,474.0
3,645.8 967.1 1,466.3
3,455.8 933.3 1,431.2
3,362.5 853.1 1,384.3
3,552.8 764.8 1,364.7
3,294.9 763.1 1,318.6
3,246.2 803.4 1,447.1
3,341.6 794.7 1,477.0
r
3 ,430.2 830.3 1,531.4
3,180.1 780.6 1,476.0
45. 6
22. 1
32. 2
58. 0
55. 4
50. 5
48. 1
48. 2
63. 1
106. 5
213. 4
228. 0
287. 5
342. 8
256. 2
215. 8
221. 7
198. 7
181
161
158
145
2
2
1
1
Asia1
156.5
243.0
315.4
302.7
522.6
642.6
691.1
932.9
1 ,161.6
1 ,273.6
1 ,784.1
1 ,326.6
1 ,327.4
1 ,258.3
1 ,247.1
1 ,185.9
1 ,179.8
1 ,142.0
1 ,072.6
1 ,018.7
972.1
958.0
931.6
All
other'
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
270.0
284.4
269.6
302.0
248.1
250.0
244.6
239.6
231.1
«-2.9
8.9
-2.6
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, t h r o u g h -
Total
631.5
989
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,660.9
5,495.4
5,272.3
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
"4,870.3
4,464.0
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
576.8
485.5
397.6
423.0
381.9
312.2
423.1
279.7
267.2
438.1
471.2
307.8
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
199.1
185.8
208.2
195.6
197.8
166.7
205.0
189.7
192.6
197.2
210.0
199.7
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
345.5
353.2
359.0
363.6
370.5
378.5
383.6
388.9
381.5
388.9
385.5
382.1
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
168.6
185.2
247.6
300.7
227.1
198.2
205.4
184.1
166.8
146.8
143.1
129.7
59.9
82.4
119.1
196.8
449.9
580.8
538.0
479.8
565.3
611.2
745.8
688.7
693.1
687.2
701.0
673.1
719.1
689.2
647.8
589.0
619.8
'•669.2
635.1
46.0
453.5
86.8
588.9
76.3
791.7
1,010.7 101.6
174.5
1,655.4
1,986.3 334.1
1,766.9 273.1
1,697.5 399.5
2,271.2 704.7
2,193.7 818.6
2,223.4 ,414.2
2,183.0 995.4
2,084.0 937.4
2,065.5 823.9
2,141.0 748.0
1,979.3 784.7
1,921.0 670.2
2,035.9 519.6
1,808.0 469.6
1,787.2 478.8
1,900.6 455.8
'•2,004.5 484.2
1,765.9
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
204.5
181.2
165.8
157.0
129.0
146.2
129.6
117.8
190.2
109.7
125.6
111.4
Latin
Canada America
33.5
149.3
166.3
127.6
215.1
326.4
296.7
482.8
578.7
794.7
924.9
,058.9
,029.3
983.3
,010.3
981.0
956.1
,000.0
,009.4
,120.9
,168.9
,221.0
,156.1
Asia*
87.0
149.4
217.0
251.8
417.0
531.2
541.4
743.9
928.2
888.6
1,369.1
1,178.7
1,183.9
1,135.7
1,112.9
1,043.5
1,042.5
1,012.7
973.1
966.7
932.6
910.8
884.4
All
Other'
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
244.8
260.8
263.9
288.5
258.7
251.5
247.2
237.9
238.2
245.3
249.7
237.1
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Total
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
532.8
492.9
427.2
404.8
380.9
337.1
333.6
255.3
202.5
156.3
r
168.2
178.3
United
King- France
dom
Netherlands
SwitBerland
Italy
Other
Europe
Total
Europe
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
235.5
236.1
244.3
241.5
252.6
256.2
249.6
252.4
252.7
255.1
257.9
262.8
-3.3
-4.4
—5.6
12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-110.2
-120.2
-132.3
-117.9
-135.1
-137.1
-32.4
-20.6
-30.4
-28.6
•-27.3
-28.2
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
5.2
3.7
1.8
-1.7
-3.5
-4.1
-3.3
-.2
-1.4
.3
-2.1
-1.7
-1.2
13.7
16.3
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
16.0
13.7
10.6
11.7
8.9
6.0
4.5
2.7
2.5
2.3
3.0
3.3
38.5
88.0
132.0
175.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
232.0
229.0
226.9
226.0
225.9
217.1
203.4
196.7
182.2
170.9
170.1
171.9
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
452.0
435.4
421.3
426.9
414.3
402.4
482.8
490.0
466.2
455.3
•460.1
465.5
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
78.0
75.1
75.0
73.4
69.2
66.1
63.4
57.9
60.2
59.0
57.6
58.1
57.0
CanLatin
ada America Asia*
-4.6
36.9
-21.7
35.9
56.5
60.3
62.7
58.6
55.1
64.8
39.5
43.2
40.0
40.7
44.1
49.9
53.9
56.5
56.1
56.5
58.8
60.7
63.8
20.1
24.9
51.6
66.8
52.6
43.2
17.7
68.3
55.7
37.0
9.1
-14.1
-32.2
-58.8
-92 A
-111.6
-140.6
-213.7
-270.0
-256.9
-276.9
-283.8
-279.7
37.3
30.4
18.7
-46.5
-21.5
34.8
64.7
93.8
102.7
77.7
99.2
54.8
54.1
29.9
34.6
44.0
40.2
31.0
1.8
-44.3
-56.0
-48.6
-48.4
All
other'
-1.6
-4.4
-8.7
-7.0
-.8
2.1
-1.2
6.6
7.5
-.3
1.5
-3.1
-4.4
-5.8
-8.4
-15.7
-18.7
-23.0
-22.6
-19.1
-24.9
-20.3
-22.9
r Revised.
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
* Inflow less than $50,000.
* See Table 1, footnote 3.
1
2
FEBRUARY
1948
249
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935— Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
1, 1936)
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
1,196.9
1,231.5
1,237.9
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
21,177.3
1,193.6
1,224.8
4, 1939)
3, 1940)
1, 1941)
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
98.3
95.0
96.8
98
101.3
101.4
102.9
103.6
105.7
104.2
104.3
101.5
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
49.5
49.1
50.2
50.0
49.9
50.1
50.0
49.6
49.5
48.3
47.9
47.9
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
29.1
27.5
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
34.5
31.0
31.2
31.5
31.8
30.9
31.9
31.4
31.2
31.2
30.1
26.5
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
26.8
26.7
26.7
27.0
26.8
26.8
26.9
26.9
26.8
26.7
26.7
26.7
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246.6
246.9
249.2
258.0
257.2
260.2
261.8
264.6
265.1
257.7
258.3
265.4
266.4
267.3
267.9
143.1
278.3
366.4
440.6
495.2
510.0
521.3
526.3
530.3
530.1
523.8
496.2
486.5
491.2
493.0
497.9
497.1
491.8
472.0
480.4
477.5
476.5
469.4
26.0
24.7
23.6
22.8
22.5
2.2
1.7
.7
.2
— 1.1
CanLatin
ada America
-39.7
1.7
10.5
-9.7
-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
207.7
226.4
236.6
290.0
218.9
253.7
309.5
358.8
374.7
389.1
397.0
417.3
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
414.2
439.9
448.4
453.2
457.6
464.4
468.2
474.2
478.8
481.8
488.0
502.5
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
United
Neth- SwitzOther
Total
CanLatin
King- France
erFrom Jan. 2, 1935, through
erItaly Europe
Total
Europe
ada America
dom
lands
land
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
316.7
149.8
917.4
367.7
1,162.0
448.7
1,219.7
472.6
1,133.7
328.1
888.7
157.1
-70.1
626.7
673.3
-77.6
701.1 -100.3
911.8 -125.4
798.7 -157.9
472.1 -193.4
454.4 -194.9
464.5 -194.9
464.4 -196.2
439.7 -197.5
414.3 -197.9
416.7 -198.3
398.5 -200
393.4 -202
385.9
362.6 -203.3
338.8 -204.1
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
81.6
74.3
74.9
73.0
71.4
71.2
73.8
72.3
71.8
71.1
73.6
69.0
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
233.5
216.8
213.6
207.0
199.4
194.4
188.0
179.3
168.6
158.4
149.7
129.9
124.4
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
334.7
336.3
337.9
338.4
338.7
338.4
344.2
345.4
343.1
351.2
350.7
350.4
-.1
-3.3
-4.9
-5.5
-4.9
2.7
-.1
-.1
.6
1.9
2.2
1.6
2.0
2.1
3.0
-7.0
-15.5
-15.6
-15.4
-15.3
-15.1
-15.1
-15.1
7.6
286.2
31.1
818.0
38.3 1,041.6
33.9 1,094.1
32.2 1,004.4
35.8
851.3
37.1
615.0
44.4
644.7
55.4
645.7
72.4
633.7
68.0
582.9
56.0
497.2
55.4
486.7
57.3
484.3
56.6
474.2
55.3
455.2
47.8
432.0
46.0
429.5
45.2
415.5
42.6
398.0
40.8
394.2
40.6
376.3
42.2
366.9
2.8
32.6
37.6
25
-2
-18.4
-44.7
-45.1
-58.2
-28.1
-126.6
-155.7
-158.2
-143.0
-137.1
-141.9
-144.6
-141.9
-141.0
-126.3
-128.1
-131.7
-141.7
3.7
15.5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
81.3
93.4
94.1
87.6
84.9
86.2
88.2
90.6
86.5
85.3
84.2
82.7
78.5
Asia1
All
other1
7.9
17.0
24.5
33.8
42.8
53.0
61.2
61.5
62.2
61.3
60.8
59.4
59.5
61.1
61.0
61.1
61.1
61.0
61.0
61.1
61.2
61.4
61.3
11.
14.7
3.0
-232.2
-229.3
-225.6
Asia1
All
other1
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
29.7
25.0
26.8
33.4
32.1
30.6
30.3
28.8
28.4
27.5
27.3
27.1
2.6
7.1
9.8
11.1
14.3
12.6
10.
10.
10.6
10.7
9.9
7.5
6.9
8.8
9.1
8.0
8.1
8.1
8.7
8.0
8.1
8.0
8.1
Asia1
All
other1
1.1
3.5
6.8
9.7
11.3
13.5
16.6
18.0
19.9
21.0
22.0
19.3
19.3
.7
10.9
-5.7
6.4
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—
1935—Dec. (Jan.
1936—Dec 30
1937—Dec. 29
193g—Dec (Tan
1939—Dec (Jan
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Oct 31
Nov. 30
Dec. 31
1947—j an 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
1, 1936)
4 1939")
3 1940)
1, 1941)
.
Total
6.0
12.9
47.5
47.6
80 6
100.9
100.9
104.4
117.8
126.3
144.1
153 1
154.7
153.7
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164 1
. . . s159.9
United
King- France
dom
(3)
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19 2
19.2
19.2
19.2
19.8
17.7
18.6
18.4
18.9
20.2
18 3
18.7
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.4
22 4
22.0
20.5
20.1
20.0
20.4
20.5
19.9
19.7
19.5
19 4
19.5
Netherlands
1.3
-.9
5.0
6.8
9.3
13.4
17.6
17.5
19.9
22.3
26.0
16.3
16.1
17.5
17.3
14.9
16.3
17.3
16.9
18.2
17.0
17.0
16.6
Switzerland
2.5
9.1
10.8
9.6
17 8
16.2
13.5
13.7
19.3
23.0
30.3
37 9
38.6
39.6
39.5
39.9
41.5
42.1
40.4
43.2
42.6
43.4
43.0
Italy
.1
.3
.1
.2
1
.2
.2
.2
.3
.3
.4
.5
.5
.4
.4
.4
.4
.5
.4
.5
.5
.4
.4
Other
Europe
1.3
-.3
5.0
5.0
4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.1
14.8
14.7
14.1
14.0
13.8
13.7
13.5
14.0
14.3
14.2
14.3
Total
Europe
7.6
22.6
44.0
47.9
71 6
74.3
75.7
78.1
89.1
97.7
113.6
110 4
111.2
112.0
110.8
109.0
110.0
112.7
109.5
114.5
114.0
112.8
112.5
CanLatin
ada America
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
19.5
20.1
21.5
21.5
22.1
21.7
20.0
21.2
19.6
19.7
19.1
20 0
20.7
1.0
-4.2
-.5
-.9
1 6
9.2
3.9
4.2
3 8
5.1
5.9
17.1
15.3
13.4
10.3
18.0
16.3
19.5
18.5
19.0
19.0
23.5
18.7
2.9
2.1
.5
-1.5
-3 4
6.0
6.3
6.0
6.0
5.6
3.8
4 0
-.9
(*)
(4)
2 1
.7
.8
.9
1.3
1.8
1.3
5.0
4.8
1.5
1.8
2.0
5.5
7.0
8.0
6.7
6.9
7.1
7.3
2.8
1.2
.9
1.0
.8
.8
.8
5.3
5.2
1.9
2.8
1
8
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 3Development. (Of the total issue 4of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Inflow less than $50,000.
Outflow less than $50,000.
6
Amounts outstanding Sept. 30 (in million of dollars): foreign brokerage balances in United States, 106.7; United States brokerage balances
abroad, 23.7.
250
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
International
institutions
Date
Total foreign
countries l
United
NethKingerdom France lands
Official
and
private
Official
1934—Dec.3
1935—Dec.3...,
1936—Dec. 30.
1937—Dec. 29.
1938—Dec*
1939—Dec.3...
1940—Dec.3...
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944_Dec. 31.
1945—Dec. 31.
669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
92.4
130.3
232.5
427.1
473.8
781.0
1,418.9
1,314.9
2,244.4
3,320.3
3,335.2
4,179.3
76.9
205.5
235.7
261.5
436.1
448.2
365.5
400.8
554.6
1,000.8
865.7
707.7
33.9
163.5
176.3
143.9
187.4
288.2
490.1
448.6
432.3
439.9
401.2
310.0
1946—Oct. 31.
Nov. 30.
Dec. 31.
1947- -Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31 .
Sept. 30.
284.4 *6,395.l' 3,487.2
461.4 6,229.6 3,243.0
473.7 6,006.5 3,043.9
468.9 6,034.8 3,126.3
2,725.6 5,781.4 2,716.5
2,726.9 5,575.4 2,435.7
2,722.5 5,549.6 2,429.1
2,839.3 5,232.2 2,159.0
2,714.2 5,326.0 2,157.5
2,881.0 r 5,437.3 2,327.1
2,777.9 5 ,604.5 2,437.2
2 ,665.3 5,198.1 2,008.8
638.1
546.8
458.9
484.4
443.3
373.6
484.4
341.0
328.5
499.5
532.5
369.1
284.6
261.4
245.9
237.2
209.1
226.4
209.8
197.9
270.3
189.8
205.8
191.5
Switzerland
Italy
Other
Total
Europe Europe
12.9
68.6
78.8
89.1
101.8
204.9
174.3
174.9
186.6
193.3
209.7
281.6
13.7
86.1
123.5
302.1
218.8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
18.8
26.1
41.7
25.7
20.4
38.5
17.9
15.4
12.1
11.3
27.3
70.4
76.7
136.5
158.3
194.9
273.3
526.4
657.3
614.6
650.9
728.6
774.5
909.1
215.7
202.4
224.9
212.2
214.4
183.3
221.6
206.3
209.2
213.8
226.6
216.4
359.1
366.8
372.6
377.2
384.1
392.2
397.2
402.5
395.1
402.5
399.1
395.8
188.9 851.9
205.5 856.4
267.9 850.5
321.0 864.3
247.4 836.3
218.5 882.4
225.7 852.5
204.4 811.1
187.1 752.3
167.1 783.1
163.4 '832.4
150.0 798.3
CanLatin
2
ada America Asia
Ail2
other
232.9
99.3 122.8 202.8
686.3 145.3 156.3 289.8
814.3 186.1 263.9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201.8 248.5 435.5
1,882.6 274.6 336.0 655.7
2,213.5 434.3 447.3 769.9
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 ,108.8
2,517.8 926.5 909.3 ,069.2
2,583.0 1,522.2 ,046.4 ,549.7
12.0
23.4
27.1
20.0
34.1
72.5
73.3
113.6
149.6
175.3
174.0
181.8
2,538
2,439
2,420
2,496
2,334
2,276
2,391
2,163
2,142
2,255
'2,359
2,121
213.7
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0
214.1
218.5
205 .9
1,103.3
1,045.3
5 931.8
855.9
892.7
778.2
627.5
577.6
586.8
563.7
592.2
528.4
,180.5 ,359.3
,150.8 364
,104.8 316
,131.8 293
,102.6 224
,077.6 223
,121.6 193
,130.9 153
,242.5 147
,290.4 1,113.2
,342.5 1,091.5
,277.6 1,065.1
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec.3
1940—Dec.3
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 31. . .
1944—Dec. 3 1 . . .
1945—Dec. 31. . .
526.4
657.3
614.6
650.9
728.6
774.5
909.1
159.2
144.8
117.3
121.8
122.9
124.3
185.0
28.1
17.3
18.1
17.7
13.9
14.8
25.9
21.4
16.5
1946—Oct. 3 1 . . .
Nov. 30. . .
Dec. 31. . .
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
June 30. . .
July 3 1 . . . .
Aug. 31. . .
Sept. 30. ..
851.9
856.4
850.5
864.3
836.3
882.4
852.5
811.1
752.3
783.1
"832.4
798.3
177.0
186.0
159.5
165.3
149.3
178.8
163.0
150.9
142.5
164.0
185.3
132.0
54.9
57.0
66.5
73.3
68.3
62.5
57.8
56.9
52.0
45.6
48.8
42.2
17.0
18.6
22.2
21.6
28.9
31.3
26.8
22.4
22.7
36.2
39.9
42.0
5.7
7.9
7.7
7,1
5.5
6 LuxemGermany Greece bourg6
9.5
6.7
6.6
7.5
6.5
6.8
7.0
6.8
7.3
7.1
5.3
5.5
6.9
9.1
21.5
27.3
46.3
53.6
63.2
Norway
Portu6 YugoRu6
All
gal6 mania6 Spain Sweden USSR slavia8 other
39.3
43.5
48.7
70.8
18.3
18.4
18.6
22.3
56 3
48.7
65.2
132.4
158.9
220.8
216.1
58.4
55.5
49.3
43.7
43.0
39.7
39.8
37.7
32.2
32.2
36.0
41.5
21.6
21.8
22.6
22.5
22.5
22.9
22.2
22.2
22.3
22.6
20.1
19.7
136.0
123.1
123.5
117.4
106.8
105.3
111.2
100.6
91.2
80.0
'•79.2
79.3
48.8
43.5
39.0
45.4
44.0
54.2
52.2
52.3
42.5
40.1
47.7
48.0
Costa7
Rica
Cuba
French
West
Indies
and
Guiana7
4.9
2.6
4.4
7.1
58 8
55.0
37.7
95.7
70.4
83.1
116.4
6.7
6.0
5.4
4.9
3.9
4.0
3.2
3.6
2.9
3.2
2.3
2.8
133.2
143.2
152.2
149.3
142.1
139.1
127.6
128.8
126.7
137.7
149.2
157.2
35.7
53.4
54.5
47.9
9.4
9.3
9.5
9.3
8.7
9.0
8.9
8.9
8.9
12.2
11.3
8.3
8.2
8.2
9.4
9.5
17.5
31.8
43.4
31.7
142 2
235 4
210.7
153.5
163.2
152.1
210.1
14.3
12.3
16.1
28.0
20.2
15.3
16.4
19.8
20.0
18.8
18.1
17.5
11.8
12.2
12.1
11.7
159.9
165.4
172.6
164.2
159.1
165.2
157.3
152.2
133.2
122.9
115.2
109.4
46.4
53.2
60.5
60.4
58.5
58.5
60.0
50.4
50.6
50.3
52.5
58.5
Panama"
Other
Vene-7 Latin
Peru7 zuela
America
34.0
58 7
42.1
36.9
57.6
69.1
88.7
17^7
17.4
27.7
43.9
20.9
24.2
31.5
49.7
85 .3
105.6
121 8
64^2
95.4
119.8
144.8
84.6
84.1
77.2
78.2
75.2
73.2
71.0
68.9
69.9
69.7
71.5
76.6
43.8
40.7
40.9
37.0
34.3
34.0
35.9
38.9
39.7
38.2
41.7
43.2
68.7
67.3
74.0
51.5
45.5
46.7
49.4
46.3
53.6
66.2
74.0
89.5
167.6
166.7
168.7
183.8
182.4
186.1
186.6
202.9
181.4
178.6
181.3
180.6
17.7
9.9
5.7
5.7
8.4
10.4
12.4
12.9
13.9
14.7
15.3
12.5
11.8
13.1
12.5
9 7
109.8
187^9
191 0
57.9
76.9
52.1
43.7
87.8
90.3
89.9
103.4
107.8
111.4
108.4
105.6
104.0
109.3
120.2
131 7
Latin America
NethDate
Latin
America
Argentina
Brazil
Chile
ib.h
26.8
28.5
27.3
34.5
54.0
55.0
66.3
43.4
67.1
83.6
79.2
12.4
12.2
7.4
6.9
37.0
47.9
62.5
100.3
70.4
139.3
128.3
49.8
50.5
50.7
46.2
45.2
51.0
53.4
45.3
50.7
41.2
44.9
38.2
61.5
60.7
57.8
51.0
55.9
51.9
56.2
57.8
42.4
32.0
34.2
32.6
7.1
8.6
7.7
7.3
9.0
8.5
9.3
8.5
8.6
6.9
8.6
8.3
158.0
159.1
153.5
147.3
145.9
150.8
168.0
162.0
289.6
284.0
287.7
271.9
1939—Dec.3
336.0
1940—Dec*
447.3
1941—Dec. 3 1 . . . 417 7
1942—Dec. 3 1 . . . 597.7
1943—Dec. 3 1 . . . 693.7
1944—Dec. 3 1 . . . 909.3
1945—Dec. 3 1 . . . 1,046.4
57.7
115.4
75.7
67.6
69.8
93.9
77.3
12.6
17.7
14.5
36.4
36.2
50.5
67.7
98.7
140.8
195.1
1946—Oct. 3 1 . . . 1,180.5
Nov. 30. . . 1,150.8
Dec. 31... . 1,104.8
1947—Jan. 3 1 . . . 1,131.8
Feb. 28. . . 1,102.6
Mar. 3 1 . . . 1,077.6
Apr. 3 0 . . . 1,121.6
May 3 1 . . . 1,130.9
June 30. . . 1,242.5
July 3 1 . . . . 1,290.4
Aug. 3 1 . . . 1,342.5
Sept. 30. . . 1,277.6
147.9
131.4
112.6
166.0
180.0
181.4
223.0
252.0
265.0
309.3
307.5
240.5
14.3
13.6
14.0
12.4
13.7
12.8
11.7
10.3
16.4
14.6
15.2
17.3
223.5
205.6
174.0
183.4
157.8
127.6
115.3
96.7
85.2
98.8
110.8
106.3
For footnotes see following page.
FEBRUARY
1948
Colom-7
bia
Bolivia7
er-
Mexico
lands
West
Indies
and
Suri-7
nam
26!7
41.2
36.0
28.2
13.6
13.5
16.1
13.6
11.8
10.5
10.6
9.0
10.3
10.1
13.6
12.6
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA— Continued
Asia and all Other
Asia
Date
India,
China
Burand French
ma,
Man- Indo-1 Hong
and
Kong
chu- China
Cey-1
ria
lon
655.7 167.0
1939—Dec.«
1940—Dec *
769 9 207 5
780.0 156.8
1941—Dec. 3 1 . . . .
1942—Dec. 31
930.0 360.9 "27 A
1943—Dec. 3 1 . . . . 1,108.8 574.2 27.4
1944—Dec. 3 1 . . . . 1,069.2 427.3 27.4
1945—Dec. 3 1 . . : . 1,549.6 582.3 28.0
1,359.3
1,364.5
1,316.4
1,293.5
1,224.2
1,223.1
1,193.3
1,153.7
June 30 . . . 1,147.4
July 31... 1,113.2
Aug. 31. . . 1,091.5
Sept. 30. . . 1,065.1
1946—Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
490.1
456.5
431.9
428.7
389.7
373.2
369.1
354.3
339.1
309.6
286.1
269.7
Egypt
Neth- PhilBritand French Union
erNew Angloish Japan lands
ippine Tur-1 Other All 2 Ausof
traZeaMoOther
IsMa- 1
Egypkey
Asia
other
East
lia land tian rocco South
laya
Africa
Indies1 lands
Sudan
165.4
110.3
69.9
71.4
91 1
61.6
41.6
23.9
22.9
27.4
13.1
18.2
22.1
33.4
"i'.o. 9
35.6
46.1
44.9
39.2
40.8
38.9
39.0
41.5
41.1
47.2
44.7
8 . 2 45.5
33.3
40.1
43.5
42.5
44.2
40.7
36.1
33.4
41.2
43.3
53.6
54.4
9.5
37.7
36.2
39.9
42.1
36.0
39.1
38.4
40.5
37.2
36.2
35.3
193.4
198.6
226.8
4 . 8 i6o!i 254.7
4 . 1 110.1 259.1
4 . 0 110.5 365.8
4 . 1 113.7 629.1
1.3
1.2
17.2
17.3
8.8
7.1
7.2
8.3
9.6
8.8
11.8
14.6
13.8
14.1
14.1
16.6
17.2
17.7
18.7
18.9
18.0
16.7
17.6
17.6
17.8
133.4
134.5
127.1
117.4
116.6
122.9
103.7
95.4
94.9
85.8
82.8
70.8
29!9
35.4
23.7
52.5
58.5
162 4
264! 9
36.2
55.5
64.2
78.0
466.6 58.6
466.3 64.3
446.6 54.7
448.3 60.8
430.5 56.5
447.1 55.8
438.9 65.4
432.2 57.0
448.8 51.0
452 6 40 4
440.3 41.7
464.3 41.7
72.5
73 3
113!6
149.6
175.3
174.0
181.8
80.5 213.7
89.2 229.7
93.8 232.8
88.5 257.3
85.1 227.5
79.4 220.3
75.6 216.0
71.8 206.7
68.5 207.0
68 7 214 1
74.9 218.5
79.1 205.9
23!i *4!8 ***6."8
6.1
25.3 5 . 1
7.3
52.9 3 . 5
28.9 4 . 3 18.9
41.1
35.1
45.5
40.9
59.4
40.4
38.7
36.2
47.8
42 4
46.2
47.5
5.5
5.7
8.0
8.2
8.3
9.6
8.7
8.7
8.6
9 4
9.5
8.3
21.8
22.3
20.8
19.8
18.4
19.6
19.0
20.5
22.6
19 4
21.1
24.4
*" ii4 . 16
"ii.'i
5
10.3
4.3
10.0
8.3
6.4
13.3
14.5
14.9
16.0
16.9
16.5
16.1
14.9
13.9
13 7
13.3
11.8
29.4
52.2
47.2
82.5
33.9
43.7
47.3
50.0
39.5
49 5
55.5
37.6
"9l!8
124.1
97.6
113.4
102.5
99.8
96.4
89.9
90.7
90.5
86.2
76.5
74.5
79.7
72.9
76.2
1
2
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
" See footnote 3 below.
Footnotes
to table on preceding page.
r
Revised.
1
Country
breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
»Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan.l,4 1941.
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, Vhich should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States"
have been adjusted to exclude the unreal movement introduced by this change.
8
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange
Control Board of Canada for 1946.
6
Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOT*.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
1934—Dec. (Jan.
1935 -Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
2, 1935)
1, 1936)
4, 1939)
3, 1940)
1, 1941)
1946—Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Total
United
King- France
dom
,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
602.7
642.6
708.3
730.7
754.6
798.4
801.8
880.2
933.0
979.2
'967.3
957.2
56.5
55.9
47.7
50.5
39.4
35.8
42.4
39.6
39.3
36.9
34.1
29.2
Netherlands
Switzerland
Italy
Other Total
Europe Europe
Canada
Latin
America
Asia1
All
other l
80.5
32.5
16.8
13.5
10.3
4.9
4.2
18.6
19.0
21.9
23.0
24.2
5.7
.9
1.1
.5
.4
.3
36.3
8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
27.2
13.5
10.9
20.8
13.5
11.8
2.0
1.5
.4
.4
.3
.3
311.8
273.3
223.0
179.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
96.3
100.9
59.4
118.0
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
117.4
80.1
67.2
78.9
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
8.5
10.1
12.9
17.2
15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
3.9
4.1
5.7
9.9
13.0
15.6
21.1
18.8
20.1
21.4
20.9
22.1
128.8
138.8
151.0
136.6
153.7
155.8
51.0
39.3
49.0
47.2
'45.9
46.8
4.5
6.3
9.8
11.7
12.2
11.4
8.3
9.5
7.8
10.2
9.8
9.3
10.5
12.9
16.0
14.9
17.7
20.6
22.0
23.8
24.1
24.3
23.6
23.2
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137.9
282.1
298.8
312.9
307.3
319.8
331.8
251.3
244.1
268.0
278.9
•274.0
268.6
49.7
52.9
52.2
48.8
43.0
39.0
36.4
36.8
36.4
34.0
32.2
29.1
182.1
200.2
226.8
260.4
279.6
308.6
381.7
438.0
424.9
444.9
451.8
447.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
127.3
173.3
185.0
177.7
177.5
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
30.5
36.3
31.7
34.3
r
1
Revised.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
252
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Date
1939—Dec.22
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
31.
31.
31.
31.
31.
1946—Oct. 31.
Nov. 30.
Dec. 31.
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30 .
July 31.
Aug. 31.
Sept. 30.
Other
Europe
Belgium
Denmark
Finland
Germany
104.7
69.5
60.5
56.3
52.9
78.3
74.6
6.5
1.5
1.1
.8
3.2
.3
1.4
1.8
1.9
5.6
7.6
53.4
39.6
34.4
34.0
33.9
33.9
33.9
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137.9
7.2
7.7
7.5
7.1
7.4
8.0
8.9
8.9
00
«
.7
.7
8
()
00
.6
8
.4
.5
.5
.6
.4
.3
.3
.4
.6
.6
.4
.6
10.1
9.0
10.3
11.2
4.3
5.9
6.2
6.4
6.1
8.3
7.1
9.1
11.4
17.8
17.9
17.5
Greece1 Luxembourg1
.3
.1
(3)
28.0
24.5
22.1
8.4
5.0
5.1
4.7
1 0
.7
(3)
Yugo-1 All
USSR1 slavia
other
8.7
35.1
31.6
.7
12.6
13.0
12.4
12.4
12.5
13.2
12.8
13.0
12.9
13.0
12.6
12.4
1 SwePorRutugal1 mania1 Spain den
3.6
9
.5
.2
.2
1.1
.6
.6
33.9
33.9
30.4
30.3
30.4
30.4
30.4
30.3
30.3
30.3
30.3
30.3
Norway
2.1
3.3
3.7
4.0
4.2
5.2
5.9
6.3
7.0
8.0
9.4
2.4
1.4
.8
.5
1.3
.9
1.0
.9
.9
1.0
1.0
1.2
1.5
1.3
1.3
1.2
8,
3.2
3.2
1.8
1.6
6
.4
.2
.2
.9
S3
8
7.2
6.5
7.2
7.3
6.2
3.8
3.7
3.5
4.3
1.6
1.3
1.2
4.1
3.9
4.9
5.5
5.6
6.0
7.1
7.4
7.5
8.7
9.3
9.3
.1
4.2
6.9
7.0
6.9
11.9
12.0
12.0
CO
(88
(
(8
§88
(( ))
00
(8)
00
00
00
00
I((333))
8
)
(')
i(3
.1
6.1
6.2
9.4
9.5
10.2
13.2
22.9
26.3
35.4
37.5
36.2
32.6
Latin America
Latin
BoAmer- Argentina livia4 Brazil Chile
ica
Date
1939—Dec.2..
1940—Dec 2
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
1945—Dec 31
113.3 16.8
122 7 11.9
148.3 16.8
99.7 6.9
112.2 15.3
131.0 3.1
. . . . 158.9 21.0
1946—Oct 31
Nov. 30
Dec 31
1947—j an . 31
Feb 28
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept 30
182 1
200.2
226 8
260.4
279 6
308.6
381.7
438.0
424.9
444 9
451.8
447.7
. .
. .
. .
22.5
24.0
41.8
49.1
45.5
49.9
57.8
60.7
57.6
65.8
71.8
65.5
l!8
1.8
1.3
2.2
2.0
2.3
2.6
2 6
3.0
4.8
5.3
3.6
3.3
3.2
3.4
Colombia4
NetherFrench
lands
West
Other
West PanaCosta Cuba Indies Mexico Indies
Latin
6
4
Peru4 VeneRica*
and
ma
zuela
Amerand
Gui-4
ica
Suriana
nam4
32.2
33.1
38.0
16.7
18.9
25.3
24.7
9.7
13.4
14.9
15.3
16.6
9.0
6.6
20'. 7
12.2
15.5
16.8
"".6
.7
1.2
1.2
40.4
43.9
49.8
54.4
63.1
69.6
115.4
150.2
160.9
164 1
163.6
161.4
13.8
14.0
14.6
13.1
15.3
16.0
18.6
20.3
17.4
20.5
22.7
21.7
21.0
19.8
26 4
29.9
30 2
26.8
30.4
36.4
40.3
35.7
35.2
35.9
2.6
2.5
2.9
3.4
3.7
4.0
3.4
3.6
3.9
3 9
3.8
3.6
10.5
11.7
11.3
8.3
20.1
47.4
33.3
.2
CO
27.9
41.1
25.7
35.5
37 9
45.2
53.8
60.1
46.0
53.3
54.5
59.7
.5
.1
2
(8)
1
(3)
(
\
.3
.6
.1
5.9
6 1
7.6
4.8
11 2
8.6
11.0
.5
.3
.5
4
17 6
20.6
25 5
27.0
28 8
30.7
33.7
34.8
32.9
27 6
31.0
30.2
.5
8
.9
8
8
1.0
2 1
2.4
2.1
1.1
.8
1.1
"2.8'
1.4
1.2
1.9
.9
2 7
.8
2.7
1 3
1.6
5.4
6 5
1 7
2.2
7.0
2.2
2.1
1.1
1 0
7.8
7.6
2.6
2.7
1.0
1 0
1.1
1.1
3 7
5.6
5 9
6.3
6.5
3.8
4.9
3 8
5.1
6.1
37.2
44 4
57.3
14.2
8 7
11.7
33.4
4 8
6 6
8 7
10 4
15 6
19 6
15.4
19 2
16 7
18 2
18.5
15.3
24 9
21 7
23 1
27 1
27 9
33 9
37.3
36 7
36 3
42 3
36.2
38.3
A s ia and 1\1I Other
India,
China
and French Hong Burma,
Asia Man- Indo-6 Kong and
chu- China
Ceyria
lon*
Date
174.1 22.0
117.8 23.7
87.9 23.5
35.3 11.1
26.3
1.7
51.4
1.5
1.0
29.9
1939—Dec*
1940—Dec.5
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 31
1945—Dec 31
1946—Oct. 31
Nov. 30
Dec. 31
1947—j an 31
Feb. 28
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept 30
. .
74.3
75 0
99.2
94 5
85.0
88.9
98 1
127.3
173.3
185.0
177.7
177.5
•>r
1.9
1.7
3.1
.9
1.0
2.2
2.0
22.3
.8 7.5
.9
I
34.6
40.8
53.9
1
43 8
36.8
41.2 (*)
47.0 (*)
76.1 (3)
104.8 . 1
110.7 . 1
108.2 . 3
103.7 3 . 2
6.5 10.1
4.0 9.1
5 . 9 12.0
5 . 0 12.7
5 . 1 12.9
4 . 1 14.6
4 . 0 14.2
3 . 5 13.2
3 . 5 32.8
3 . 1 33.7
3 . 1 27.5
2 . 1 27.5
Egypt
Neth- PhilBritand French Union
er- ippine Tur- Other All Aus- New Anglo
ish Japan lands
of Other
Zea- Egyp- Mo- South
Ma-8
key" Asia other7 traEast
land
lia
rocco Africa
6 lands
tian
laya
Indies
Sudan
102.1
55.8
18.9
5
.5
!5
.1
.5
1.7
1.5
.1
.5
.2
.2
.5
.2
1.0
.9
.2
.5
.5
1.0
1.3
1.1
2.2
1.6
1.6
.8
.2
.2
.2
.2
.2
.2
.2
.3
.3
.3
1.0
1.1
.9
1.4
1.9
1.5
.5
.5
.5
.7
1.4
26.4
21.6 9.3
22.6
14.0 6.4
23.0
19.5 9.7
14.4 i'.s 2.0 4.8
13.9 3.2 1.8 3.9
13.8 1.8 8 . 8 11.7
13.8 2.0 2.7 9.9
16.0
14.7
20.2
25.3
23.0
20.3
22.4
23.2
20.2
25.1
24.5
24.5
1.3
.9
1.4
1.4
1.5
2.0
2.5
2.7
3 3
3 ?,
3 5
5.6
4.0
4.2
4.4
4 5
4.0
3.9
4 5
5.8
5.8
6.7
8.4
9.0
14.5
15.8
17.2
19 8
27.1
30.1
34 3
34.0
30.5
36.3
31.7
34.3
'".7
.5
.6
1.7
2
.7
.1
.2
2.7 1.0
9
3.1
.4
.4
.4
.4
.4
.5
.4
.4
.3
.2
.2
.7
4 3
6.2
6.5
5
7 5
6.6
9.0
11 3
9.0
10.2
6
0
7
5
1.4
2 4
"i'.i
7
1.0
2.5
9.7
.3
3.4
1
(8)
(8)
.1
CO
(8)
1
1
.1
.4
.1
.1
.3
.3
4.7
8.4
9 1
10.1
10 5
14 7
16.0
18 3
18 9
15.2
18.8
15.8
15.0
2.0
2 4
2.2
3 4
4.5
5.5
6 8
6.0
5.0
4.2
4.9
6.7
1
2
Prior to June 30, 1942, included under "All other."
Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940-—Jan.
1, 1941.
4
8 Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America."
s7 Included "Canal Zone" prior to June 30, 1942.
« Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
FEBRUARY
1948
253
INTERNATIONAL MONETARY FUND A N D INTERNATIONAL BANK
FOR RECONSTRUCTION A N D DEVELOPMENT
[Millions of dollars]
1947
1946
1947
International Fund
1946
International Bank
Nov.
Aug. May
Nov.
Gold
1,356 1,345 1,333
Member currencies (balances with depositories and securities payable on
demand):
United States
1,626 1,929 2,030
3,630 3,304 3,155
Other members
Unpaid balance of member subscriptions. . 1,309 1,342 1,202
Other assets
0)
0)
0)
7,922 7,722
Member subscriptions
7,922
Accumulated net income
-2
-1
Dec.
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 2 . .
Loans (incl. undisbursed portions)
Other assets
Bonds outstanding
Loans—undisbursed
Other liabilities
Special 2reserve
Capital
Accumulated net income
Sept.
267
909
June
335
873
Dec.
478
872
254
368
412
407
156
148
5
45
399
4
497
455
250 "(I)"
3
3
250
250 0)
197
223
15
4
2 C1)
C1)
C1)
0)
1 * 169
1,645 1,645 0)
2 1,605
-1
-1
-1
1 Less than $500,000.
2
Excludes uncalled portions of capital subscriptions, amounting to 6,580 million dollars as of Dec. 31, 1947, of which 2,540 million represents the subscription of the United States.
C E N T R A L BANKS
Bank of England
(Figures in millions of
pounds sterling)
1935—D e c .
1936—D e c .
I937—Dec.
1938—Dec.
I939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943__Dec.
I944—Dec.
1945—Dec.
1946—Dec.
25
30
29
28
27
25
31
30
29
27
26
25
Mar 26
Apr. 30
May 28
.2
.2
.2
.2
.2
.2
.2
.2
..
June 25
July
Aug.
Sept
Oct.
Nov
Dec.
Gold 1
200.1
313.7
326.4
326.4
« .2
1947—j a n , 29
Feb 26
Assets of issue
department
30
27....:.:
24
29
26
31
.2
.2
.2
.2
.2
.2
.2
.2
.2
2
.2
Other
assets 2
260.0
200.0
220.0
230.0
580 0
»630.0
1
780 0
« 050.O
1 1,100.0
1 1,250 0
1 1,400.0
i
,450.0
Cash rejserves
Coin
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
Notes
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
1.3
20.3
22.1
1,450.0
1.0
85.8
L,450.0
L,450.0
1,450 0
L,450.0
1,450.0
,450.0
11,450 0
1,450.0
1,450 0
1,450.0
.9
.6
1.0
1.3
1.8
2.4
2.5
2.3
2.0
1.5
.3
74.7
59.5
62.6
56.1
55.2
30.9
56.8
73.7
11,450 0
Liabilities of banking department
Assets of banking department
89.4
109.8
100.5
Discounts
and advances
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
25.4
16.0
11.1
18.0
8.7
20.6
28.6
16.6
14.6
5.9
4.5
15.2
Securities
Note
circulation 3
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
271.0
294.6
338.7
344.8
353.9
337.0
364.6
332.0
325.9
318.9
302.1
331.3
1,364.5
1,375.6
1,390.7
1,387.6
1,394.1
1,395.0
1,419.3
1,393.4
1,376.5
1,360.8
1,340.5
1,349.7
:Deposits
Other
liabilities and
Bankers'
Public
Other
72.1
150 6
120.6
101.0
117.3
135.7
219 9
223.4
234.3
260.7
274.5
278.9
288.4
285.2
286.4
303.7
301.9
290.3
301.8
282.0
289 6
288.8
292.5
315.1
12.1
12.1
11.4
15.9
29.7
12.5
11.2
37.1
39 2
36 6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18.0
18 0
18.0
18.0
17.9
17.9
17 9
17 9
17.9
17 8
17.8
18.1
60.6
60.1
94 4
98.0
95 1
98.3
95.1
93.4
92 1
95.9
93 3
95.5
18.3
18.4
18 5
17.8
18 0
18.1
18.3
18.4
18 5
17.8
18 0
18.1
9.0
10.3
5.2
5.3
10.3
16.0
22.4
10.6
6.9
50
8.0
11.3
14.0
16.2
13.8
14 0
18.6
capital
1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
6
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 3, and Dec. 10, 1945, and on Dec. 10, 1946.
NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-561 in same publication.
254
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1938—Dec,
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
30
31
31
31
31
30
31
31
Gold
185.9
225.7
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm i
28. 4
64. 3
38. 4
200. 9
5
.6
172.3
156.8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1.0
1.0
1.2
1.0
1.0
4.0
.7
2.4
1.9
.7
1.4
2.0
1,196.8
1,172.3
1,146.9
1,186.0
1,123.0
1,063.7
1,081.9
1,141.5
1,088.0
1,136.4
1,039.9
1,022.0
1947—Jan. 31. .
Feb. 28. .
Mar. 31. .
Apr. 30. .
May 31. .
June 30. .
July 31. .
Aug. 30. .
Sept. 30. .
Oct. 31. .
Nov. 29. .
Dec. 31. .
Liabilities
Chartered
banks
Other
40. 9
49. 9
127. 3
216. 7
209
472
573
688
708
2
8
9
3
2
718.8
738 9
757 5
751 2
731 0
716 0
722 6
720 3
744 7
799 . 4
820 6
858 5
Otherliabilities
and
capital *
Note
irculation2
Dominion
government
Other
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
39.3
47.6
40.4
59.2
41.3
40.4
42.0
39.0
49.5
53.1
46.2
43.7
1,138.6
1,137.9
1,153.2
1,153.9
1,148.1
1,152.6
1,153.7
1,158.9
1,172.2
1,179.4
1,182.3
1,211.4
533.3
493.6
536.3
542.6
477.6
474.4
468.3
515.0
481.1
548.7
536.7
536.2
150.1
215.7
159.8
195.7
179.4
105.6
124.1
133.6
128.2
143.4
84.2
68.8
82.9
75.3
64.6
69.3
58.5
54.4
63.7
58.7
62.0
71.2
62.0
67.5
51.0
37.3
32.1
35.9
32.6
36.9
37.3
37.1
40.5
46.9
42.8
42 .4
Liabilities
Bank of France
(Figures in
millions of francs)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
29.
28.
26.
31.
31.
30.
28.
27.
26.
1947—Jan. 30.
Feb. 27.
Mar. 27.
Apr. 30.
May 29.
Tune 26.
July 3 1 .
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 27.
Dec. 31.
Advances to
Government
Domestic bills
Gold 5
87,265
i°97,267
i°84,616
84,598
84,598
84,598
75,151
t°129,8l7
«>94,817
94,817
94,817
H82,817
82,817
82,817
82,817
i°64,817
64,817
1O
52,817
52,817
^65,225
65,225
Foreign
exchange
Open
market 6
Special 6
Other
68
7
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
77,621
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
5
8
5
6
6
6
6
3
7
10
13
12
75,500
82,958
83,613
85,120
82,221
82,983
99,114
97,490
107,877
108,050
111,368
137,397
82,674
85,917
821
112
42
38
37
37
42
85,221
80,901
88,429
87,134
85,195
98,224
101,935
132,913
150,065
117,826
For occupation
Other •
costs 7
72,317
142,507
210,965
326,973
426,000
426,000
426,000
426,000
426,000
426,00^
426,000
426,000
426,000
426,00<
426,000
426,000
426,000
426,000
426,000
20,627
34,673
63,900
69,500
68,250
64,400
15,850
Deposits
Other
assets 8
Note
circulation
Government
110,935
151,322
218,383
270,144
382,774
500,386
572,510
570,006
721,865
5,061
1,914
984
1,517
770
578
748
12,048
765
55,200
54,507 730,253
54,000
53,066 737,692
79,500 2 58,083 746,266
55,000 ' 108,758 770,670
63,700 LH03.846
775,053
95,000 L2119,662 807,064
113,600 12
120,046
831,587
124,900 l2105,639 838,442
139,300 12
103,067 852,195
127,800 L2
108,155 867,700
116,000 I22110,303 879,49:
147,400 i 121,061 920,831
789
831
767
770
745
834
792
750
779
762
846
733
67", 900'
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,57
C.A.R.9
Other
Other
liabilities
and
capital
41,400
64,580
16,857
10,724
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
55,020
54,512
63,880
62,304
66,745
76,747
71,329
70,651
71,299
81,030
87,513
82,479
4,849
5,166
5,021
4,992
4,599
9,040
5,075
7,250
6,861
6,502
11,408
10,942
1
2
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves,
a4 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 6 1940, pp. 677-678).
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May6 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For
explanation of this item, see BULLETIN for July 1940, p. 732.
7
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million
francs were authorized to meet the costs of the German army of occupation.
8
From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs
by a payment from the State to the Bank.
9
Central Administration of the Reichskreditkassen.
10
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million, in week ending May 2, 1946, 35,000 million, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million
francs
of gold transferred from Bank of France to Stabilization Fund.
11
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury
bonds covering these contributions is shown under "Other assets."
2
1 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
is Includes gold received by the French Government from the Tripartite Commission for the Restitution of Monetary Gold, of which 10,052
million francs has been pledged as collateral against a loan.
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.
FEBRUARY
1948
255
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Dec.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
,
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1 .
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government
Nationalized *
Other
Certificates of participation in
Government securities
Other liabilities and c a p i t a l . . . .
Oct,
Dec.
26,170
12,081
518
50,997
7,955
64,597
2,665
79,761
4,718
78,578
1,925
26,003
12,748
1,000
50,907
5,648
64,597
2,284
78,472
4,285
78,610
1,819
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
Dec.
1,141
2,465
94
26,260
13,074
1,000
50,662
5,423
64,597
2,271
78,402
4,391
78,689
1,805
922
395
271
631
38
,749
283
225
32,226
5,648
49,158
5,166
64,597
r
2,335
72,165
6,218
79,250
r
l,498
920
339
303
431
9
1,683
306
12
5
National Bank of Bulgaria
Central Bank of Chile (millions
of pesos):
200
Gold
46
Net claim on Int'l. Fund 3
Paid-in capital—Int'l. Bank. . . .
' 1', 125
Discounts for member banks
805
Loans to Government
973
Other loans and discounts
2,392
Other assets
4,067
Note circulation
625
Deposits—Bank
371
Other
Other liabilities and capital
480
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund >
Paid-in capital—Int'l. Bank. . . .
Loans and discounts
Government loans and securities.
Other assets
1947
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia
—Cont.
3,596
Note circulation
2,050
Deposits
906
Other liabilities and capital
39
12,581 8,060 National Bank of Costa Rica—
2,713 2,113
Issue dept. (thousands of colones):
4,744 4,065
Gold
333
286
Foreign exchange
1,627
593
Contributions to Int'l. Fund and
12,096 11,075
to Int'l. Bank
176
80
Loans and discounts
Securities
1
Other assets
869
664
Note circulation
Demand deposits
Other liabilities and capital
175 526 178,813 123,672 National Bank of Czechoslovakia
2.
2,330 4,270
(millions of koruny):
Gold and foreign exchange 7 . . . .
428
415,128 386,265
Loans and discounts
15
15,395 9,425
Other
assets
195,
195,393 207,430
Note circulation—Old
New
:49.
252,080 268,194
Deposits—Old
30,
25,885 28,693
New
146,
138,308 119,314
Other liabilities and capital
,030
,540
94
C o m m o n w e a l t h Bank of A u s fc tralia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Loans to Government
Other loans and discounts
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits
Blocked accounts *
Other liabilities and capital
Nov.
1946
46,013
48,489
21,867
1,225
32,568
03,303
43,190
200
86
200
164
735
810
1,147
2,375
3,690
720
410
533
801
1,260
1,360
1,518
3,734
721
311
537
146,587
50,542
21,867
1,225
109,321
102,826
46,026
145,318
40,391
21,867
1,225
135,578
82,359
46,709
636
824
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Oct,
Dec.
297,924 261,908 252,787 260,069
159,020 175,600 177,934 164,037
39,711 40,886 42,724 38,131
11,472
10,829
11,46' 11,316
9,703 3,699
30,321
65,285
3,972
1,108
79,097
36,839
7,051
30,321 '2,249
63,521 64,502
3,977 >-2,947
1,094
1,338
76,069 72,371
36,896
7,728
7,119
5,952
4,790 4,958 5,002 4,926
17,436 10,202
9,019
7,899
55,031 56,421 57,765 124,257
933
(
53,718 50,933 43,589
73,439
()
7,657 10,068
5,599
7,316 12,264
13,195
9,053
11,402
71
123
-22
21
125
5,609
250
1,641
1,741
2,621
174
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Nov.
1946
71
113
-5
20
126
5,654
248
1,522
1,860
2,672
172
71
93
14
16
127
5,720
270
1,513
1,934
2,700
164
83
119
112
23
113
7,566
118
1,633
2,653
3,682
165
274,894 274,816 272,767
59,944 63,060 106,578
16,877 16,877 16,875
256,713 226,074 200,519
67,326 106,193 100,090
335,680 338 ,421 361,696
263,158 :58,034 294,892
76,914 90,566 40,241
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1,098
1,827
3,565
456
217
445 Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 3
Net claim on Int'l. Fund
154,428
Loans and discounts
54,052
Government debt and securities.
Other assets
Note circulation
35,973
Deposits
85,696
Other liabilities and capital
30,864
6,376 6,376 6,376
14,894 14,894 16,576
6,628
5,821
4,069
303,067
28,414
138,457
93,179
112,766
14,976
303,071
26,549
136,043
92,531
111,591
16,545
103,651
27,754
37,168
80,987
29,313
10,958
36,883
27,169
1,563
7,110
5,502
1,806
50,162
24,198
5,673
36,931
28,269
1,563
4,555
5,510
1,737
48,476
24,492
5,597
31,136
•36,086
1,562
4,895
5,352
1,416
49,531
22,636
'8,281
r
1
2
c
Revised.
Corrected.
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Less than 500,000 pesos.
7
Gold not reported separately beginning Dec. 31, 1946.
8
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
256
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):
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 Greece (billions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1947
Dec.
Nov.
6,040
27,603
2,832
28,060
39,726
24,574
236
1946
Oct.
9,150
29,665
2,832
21,360
41,435
21,350
222
Dec.
Central Bank
(Figures as of last report
date of month)
1947
Dec.
Nov.
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
2
Other
1,919
Other liabilities and capital...
647
23
729
1,053
125
822
75
203
1,477
Bank of Java 2
Bank of Mexico (millions
of pesos):
Metallic reserve 3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
27,229 27,229 27,229 28,477
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
21,824 19,908 20,136 18,175
Gold contribution to Int'l. Fund.
1,250
1,250
1,250
Netherlands Bank (millions of
Rediscounts and advances
3,377
2,986
2,922 "iiiii
guilders):
9,289
Other assets
8,542
8,391
3,533
Gold
Circulation—Notes
30,269 29,608 29,240 29,280
Silver (including subsidiary coin)
Coin
2,905 2,889 2,876 2,730
Foreign bills
Deposits—Government
7,799 7,676 7,645 4,788
Loans and discounts
Banks
12,902 11,206 11,729 13,092
Govt. debt and securities
Other liabilities and capital
9,094
8,537
8,437
2,508
Other assets
Note circulation—Old
National Bank of Hungary (milNew
lions of forint):
Deposits—Government
Gold
403
284
393
393
Blocked
:
Foreign exchange
99
94
98
55
Other
Discounts
1,663
1,485
495
1,398
Other
liabilities
and
capital
Loans—Treasury
340
340
342
340
Other assets
194
236
423 Reserve Bank of New Zealand
238
Note circulation
1,992
1,829
1,869
968
(thousands of pounds):
Demand deposits—Government.
125
137
115
108
Gold
Other
194
183
101
53
Sterling exchange reserve
Other liabilities and capital
387
399
383
471
Advances to State or State undertakings
Reserve Bank of India (millions of
Investments
rupees):
Other
assets
Issue department:
Note circulation
Gold at home and abroad. .
444
444
444
Demand
deposits
Sterling securities
11,353 11,353 11,353
Other liabilities and capital
Indian Govt. Securities....
578
578
578
Rupee coin
370
361
211
Note circulation
11,999 11,934 12,246 Bank of Norway (millions of kroner):
Gold
Banking department:
Foreign assets (net)
Notes of issue department..
747
803
341
Loans and discounts
Balances abroad
3,872
3,915
4,874
Securities
Treasury bills discounted...
4
Occupation
account (net)
Loans to Government
1
Other assets
Other assets
1,031
979
675
Note
circulation
Deposits
5,424
5 ,494 5,645
Deposits—Government
Other liabilities and capital.
234
249
203
Banks
Blocked
Central Bank of Ireland (thousands
Other
of pounds):
Other liabilities and capital
Gold
2,646
2,646
2,646
2,646
Sterling funds
43,436 42,430 41,873 39,068
Note circulation
46,082 45,076 44,519 41,714
Dec.
10,097
51,362 74,217
50,656 105,999
22,406 10,060
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds. . .
Other assets
Note circulation
Deposits—Government
822
Other
19
Other liabilities
599
624
62
537
75
129
1,385
Oct.
(Sept)i
523
523
6,365 8,689
509,297 482,121
4,238 24,010
122,525 57,114
102,497 105,760
46,664 27,208
596,961 417,230
70,724 87,822
2,093
35,986
596
14,730
38,885
14,499
20
2
2
2
828
874
628
-2,270 -2,261 -2,375 -7,414
34,896 34,207 33,698 29,409
386
388
397
460
1,257
861
1,074
1,512
25,162 25,809 25,129 18,233
3,217
1,615
1,716
2,218
6,720
6,647
6,579
5,437
641
19
760
1,079
135
829
81
229
1,495
1946
2,871
53,509
38,546
69,532
26,282
7,487
167,665
6,393
19,620
4,549
1,418
19,732
50,430
34,722
8,691
93,398
6,463
10,870
4,263
642
639
715
1,482
638
158
1,692
877
352
1,495
627
138
1,654
902
343
1,896
485
135
1,804
1,055
372
608
3
2
266
258
160
151
,500 4 3,500
169
147
125
125
,010 2,878
805
704
125
129
506
533
209
205
504
2
292
156
3,600
141
125
2,829
967
95
700
1
4,536
153
467
211
97
237
2,744
1,210
134
590
571
2,802 2,802 2,802
65,225 76,608 90,551
40,504 33,440 28,426
7,868 3,868 3,948
909 1,087
960
48,047 47,725 50,194
64,367 65,197 71,607
4,894 4,884 4,887
333
537
84
73
8,103
66
1,989
4,035
1,231
856
339
744
339
564
67
73
8,103
74
1,984
3,994
1,283
861
339
761
1
2
8
4
Latest month available.
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
The increase of 85.2 million guilders in the gold holdings represents the first instalment paid to the Netherlands Government by the Tripartite
Commission for the Restitution of Monetary Gold. The gold was transferred to the Bank and, together with an additional sum, was used to
reduce the Government's debt by 100 million guilders.
FEBRUARY 1948
257
CENTRAL BANKS—Continued
1947
Central Bank
(Figures as of last report
date of month)
Oct.
Bank of Paraguay—Monetary
dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Dec.
(Sept.)1
133,443
20,491
2,480 11
72,165 56
694,1
319
121,739 52
688,003 598
229,023 192
127,400 73
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
375
670
365
227
855
121
691
4,772 4,904 6,041
11,009 11,117 12,409
386
386
380
1,283 1,288 1,319
558
554
445
8,383 8,375 8,793
1,872 1,774 2,948
6,766 7,121 8,013
986
979
841
National Bank of R u m a n i a 3
South African Reserve Bank
(thousands of pounds):
Gold 4
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital.
195,601
46,168
6,972
11,926
63,506
190,723
6,438
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
232
435
222
463
2,929
127
343
2,895
631
269
270
,839
85
311
,702
567
297
355
1946
Central Bank
(Figures as of last report
date of month)
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
722
33,257
17,319
9,249
4,641
40,753
6,994
17,442
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange2
Net claim on Int'l. Fund
Contribution to Int'l. Bank. . . .
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities and capital
ank of Sweden (millions of kronor) :
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 5
vances to National Debt Office
Other domestic bills and advance;
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
1946
197,( 230,681
39,169 11,044
8,085 5,762
11,580 12,430
62,752 65,708
187,300 186,066
6,421 8,142
Central Bank of the Republic of
Turkey6 (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
5,256
102
415
140
4,383
1,172
358
Nov.
Oct
Dec.
5,298
77
207
100
4,202
1,123
358
5,374
32
133
101
4,192
098
351
4,950
158
248
124
4,091
1,164
226
476,305 475,625 473,960 663,277
276,405
617,839
198,893
45,501
883,931
151,777
344,243
234,993
286,295 286
615,245 615
184
185.
36
40
914
948
151 119 149,
281 628 258,
251
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. Bank. . . .
Advances to State and government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (thousands of7 bolivares):
Gold
s
Foreign exchange (net)
Other assets
Note circulation—Central Bank.
National banks.
Deposits
Other liabilities and capital
1,215 1,213 National Bank 3of the Kingdom
522
516 of Yugoslavia
15,855 17,722 Bank for8 International Settle10,046 6,455 ments (thousands of Swiss gold
3,478 2,982 francs):
Gold in bars
25,003 22,777
Cash on hand and on current
2,461 1,431
account with banks
3,039 3,915
Sight funds at interest
612
764
Rediscountable bills and acceptances (at cost)
Time funds at interest
839
223
Sundry bills and investments.
..
390
650
Funds invested in Germany 9 . . .
Other assets
2,865
,820
Demand deposits (gold)
172
89
Short-term deposits (various
654
323
currencies):
,877
2,694
Central banks for own ac706
558
count
169
279
Other...
382
359
Long-term deposits: Special accounts
Other liabilities and capital
196,613
774,000
168,605
93,136
930,677
181,840
244,423
538,691
268,125 303,180
12,922 13,015
318
36,574 19,715
170,532 119,810
248,872 335,241
214,930 215,025
54,579 37,880
239, 076 251,800
228,758 286,257
557,080
103,610
46,114
494,959
7,155
194,860
9,831
557,408
65,683
83,623
507,302
4,111
162,041
33,260
92,843 85,919 97,125
,541 18,523
496 3,572
8,822
142
35.898 30,338 26,381
19 276 16,129 15,125
59 626 61,172 307,530
291 160 291,160
7. 448 7,373 1,782
17, 672 17,721 18,954
7,818
6,472
5,619
1,230
228 909 228,909 229,001
253 826 253,265 202,103
1
2
Latest month available.
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.
a For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February4 1941), see BULLETIN for March 1942, p. 282.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
5
Includes small amount of non-Government bonds.
6
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning October 1944, a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government.8
See
BULLETIN for December 1936, p. 1025.
9
Before March 1947, included in "Sundry bills and investments."
258
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of-—
Date
effective
United
Bel- Nether- SweKing- France mGera n y gium lands
den
dom
In effect Dec. 31,
1937
May 10, 1938.. .
May 13
May 30
. . .
Sept 28
Oct. 27
. .
Nov 25
Jan. 4, 1939,
Apr 17
May 11
July 6
....
Aug. 24
Aug 29
Sept. 28
Oct. 26
Dec. 15
. . .
Jan 25 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 2 7
Jan 16 1945.
Jan 20
Feb 9
Nov 7 1946
Dec 19
Jan. 10, 1947...
3
2
4
2H
2
4
3
Oct.
Date
effective
Central
bank of—
Rate
Jan.
31
Date
effective
Mar. 21,
Mar. 1,
July 3,
Aug. 27,
Nov. 8,
1940
1936
1945
1947
1940
Ireland.::...
Italy
Japan
Java
Latvia
2V2 Nov. 23, 1943
Sept. 6, 1947
3.29 Apr. 7, 1936
Jan. 14, 1937
3
Feb. 17, 1940
5
4 V£ Aug. 14,
Bulgaria
Feb. 8,
Canada..:....
Chile
3-4*! Dec. 16,
July 18,
Colombia
Apr. 1,
Costa Rica::..
3
Czechoslovakia
2H Oct. 28,
1946
1944
1936
1933
1939
1945
Lithuania
Mexico
Netherlands .
NewZealand.
Norway
Peiu
6
15, 1946
8, 1943
15, 1946
1, 1935
13, 1947
Portugal
Rumania. . . .
South Africa.
Spain
Sweden
9, 1947
Switzerland..
Turkey
United Kingdom
U.S.S. R . . . .
Yugoslavia. .
Bolivia
3
6
2
2 V£
2
4
3
4
3
3
2
5
July
June
June
July
Jan.
Aug.
15,
4,
27,
26,
9,
1,
1939
1942
1941
1941
1946
1940
Jan.
May
June
Oct.
Feb.
12,
8,
2,
27,
9,
1944
1944
1941
1947
1945
3
2
3J4
1M
3
2H
France
Oct.
Greece
Hungary::::..
India i ~
Apr. 9,
Aug. 16,
Oct. 29,
Nov. 28,
234
Hi
2 V*J
3
&2>|
9
&3
7
4
iU
10
5
3
3
1940
1946
1947
1935
2H
4
3
4
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
3
2H
2
Jan.
June
Oct.
Oct.
Dec.
Denmark
Ecuador
El Salvador...
Estonia..:....
Finland.......
3M
Aug 27
In effect Jan. 31,
1948
Rate
Jan.
31
Albania
Argentina
Austria
m
2
Central
bank of —
Switzerland
&3
NOTE.—Changes since Dec. 31: none.
3H
2H
2K
OPEN-MARKET RATES
(Per cent per annum]
United Kingdom
Canada
Year and
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
.82
.94
.29
.55
.55
.58
.67
1.18
1.02
1.00
1.00
1.00
1.00
.51
.51
1932—Nov
1933—Nov
1934—Nov
1935—Nov
1936—Nov
1937—Nov
1938—Nov
1939—Nov
1940—Nov
1941—Nov
1942—Nov
1943—Nov
1944—Nov
1945—Nov
1946—Nov
.75
.82
.69
.87
.64
.54
.53
.41
.38
.36
.40
.89
1.05
.45
.57
.56
.59
.66
1.96
1.03
1.03
1.03
1.03
1.03
.53
.53
1946—Dec.
.40
.53
.50
1947—Jan
Feb
: b...
Mar.. .
Apr...
May. .
June..
July...
Aug.. .
Sept.. .
Oct....
Nov.. .
.40
.40
.40
.41
.41
.41
.41
.41
.41
.41
.41
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
Day-today
money
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands *
Treasury
bills
3 months
Day-today
money
.73
.75
.68
.75
.75
.75
.75
1.00
1.00
1.00
1.00
1.00
1.00
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
1.50
1.50
1.50
2.44
1.46
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
.63
2.63
.84
.88
.69
.67
.64
.21
.36
.21
1.01
.78
.63
.19
1.21
.78
1.25
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.48
.39
.41
.41
.46
.45
.51
.46
.44
.64
1.44
1.72
1.65
1.59
1.45
1.46
1.52
1.30
1.08
.95
.93
.77
1.46
.19
.11
.08
.86
.09
.00
.75
.95
.74
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.38
1.38
.63
1 The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
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.
FEBRUARY
1948
259
COMMERCIAL BANKS
United K i n g d o m
Assets
1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and
short
notice
Liabilities
Bills dis- Treasury
deposit 2 Securities Loans to
counted receipts
Deposits
Other
assets
Other
liabilities
and
Total
Demand
Time
capital
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
274
324
366
390
422
500
536
499
174
159
141
142
151
199
252
432
334
265
171
198
133
147
369
610
314
758
896
,307
,667
,523
,560
609
771
999
,120
,154
,165
,234
,427
1,015
924
823
794
761
772
827
994
290
293
324
325
349
347
374
505
2,441
2,800
3,329
3,629
4,032
4,545
4.850
5,685
1,398
1,770
2,168
2,429
2,712
3,045
3,262
3,823
1,043
L.030
1,161
1,200
1,319
,500
L.588
L.862
256
250
253
236
245
250
265
342
1947—January. .
February.
March....
April
May
June
July
August . . .
September
October...
November
475
463
466
476
460
464
475
479
465
468
488
428
421
444
435
430
451
442
455
472
466
476
624
659
750
709
659
672
699
724
758
825
799
,563
,436
,317
,346
,350
,330
,283
,248
,193
,147
1,196
,427
,439
,455
,461
,470
,479
,488
,492
,493
,500
,500
1,008
1,015
1,034
1,064
1,099
1,131
1,139
1,154
1,155
1,185
1,205
454
451
465
470
489
518
504
473
476
487
492
5,629
5,519 '
5,556
5,583
5,571
5,658
5,644
5,628
5,615
5,690
5,767
3,749
3,603
3,606
3,628
3,593
3,667
3,668
3,663
3,653
3,713
3,781
1,880
1,916
L.950
,956
,978
,992
,975
,965
,962
,977
L.986
348
364
374
376
386
386
386
396
397
387
389
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
292
323
356
387
471
550
694
753
53
40
32
31
48
92
251
136
,088
,108
,169
,168
,156
,211
,274
,507
132
159
168
231
250
214
227
132
1,646
1,531
1,759
2,293
2,940
3,611
4,038
4,232
612
570
653
657
744
782
869
1,039
85
80
71
60
42
34
26
21
2,774
,805
105
3,657
4,395
5,137
5,941
6,252
1,033
1,163
1,436
1,984
2,447
2,714
3,076
2,783
1,741
1,641
1,669
1,673
1,948
2,423
2,865
3,469
963
846
962
1,049
1,172
1,289
1,386
1,525
1947—January. .
February.
March....
April
May
June
July
August . . .
September
October...
November
689
635
695
719
631
637
645
670
663
702
695
134
155
121
97
81
106
99
82
83
93
92
,481
,506
,555
,628
,664
,709
,761
,805
2,027
1,931
2,065
134
126
195
142
113
126
119
116
113
102
107
4,369
4,264
4,239
4,349
4,162
4,131
4,110
4,109
3,963
3,882
3,850
960
1,066
993
1,035
998
1,041
1,036
1,014
933
1,156
1,051
21
21
21
21
20
20
20
19
19
19
18
6,233
6,171
6,188
6,356
6,066
6,152
6,170
6,186
6,193
6,283
6,279
2,700
2,585
2,569
2,719
2,383
2,508
2,481
2,412
2,387
2,531
2,569
3,533
3,586
3,619
3,637
3,682
3,644
3,690
3,774
3,806
3,753
3,710
1,514
1,558
1,590
1,594
1,563
1,578
1,580
1,591
1,570
1,563
1,562
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
4,599
6,409
6,589
7,810
8,548
10,365
14,602
3,765
3,863
3,476
3,458
4,095
4,948
13,804
29,546
46,546
61,897
73,917
90,897
99,782
155,025
7,546
8,255
8,265
10,625
14,191
18,653
36,166
2,440
2,221
2,040
2,622
2,935
2,190
7,360
42,443
61,982
76,656
91,549
112,732
128,758
213,908
41,872
61,221
75,744
91,225
111,191
126,578
211,871
571
762
912
324
1,541
2,180
2,037
844
558
413
462
428
557
2,898
4,609
4,753
5,199
6,422
7,506
6,623.
10,151
1946—October. .
November
December.
15,505
16,909
17,943
18,389
18,423
18,919
183,716
187,560
195,177
61,262
63,941
64,933
18,618
21,116
23,392
273,488
281,576
291,894
271,672
279,703
290,004
,816
,872
,890
12,490
14,370
15,694
11,513
12,004
12,777
1947—January..
February.
March
April
May
17,267
16,992
19,471
18,578
17,516
27,316
21,428
21,585
20,950
20.241
19,127
20,677
20,877
20,684
20,419
20,388
19,464
20,451
195,750
197,377
203,451
202,425
209,977
196,762
208,792
210,551
209,323
67,084
66,114
66,744
69,670
68,656
73,569
79,789
80,220
85,712
18,367
18,756
20,724
21,081
22,377
22,866
24,928
29,200
31,391
295,444
294,922
305,583
306,356
311,244
312,289
324,665
326,393
331,219
293,484
292,946
303,742
303,857
308,256
309,137
321,678
323,415
328,438
,960
,976
,841
2,499
2,988
3,152
2,987
2,978
2,781
15,767
15,720
16,380
16,772
17,606
17,679
18,589
21,932
23,149
7,499
7,723
9,103
9,503
10,360
10,964
12,072
12,695
13,459
June
July
August....
September
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from,
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at V/z per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and;
for description of statistics see pp. 566-571 in same publication.
260
FEDERAL RESERVE BULLETIN,-
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
(peso)
Special
Official
Export
Free
Official
Free
Canada
(dollar)
Official
6.0027 2 5.1248
6.0562
5.0214 2 90.909
6.0575
5.0705 90.909
6.0584 5.1427 90.909
6.0586
5.1280 90.909
6.0594 5.1469 90.909
2
2.2860
0602 5.1802 90.909
2.2829 2 6.0602
95.198
2.2817
100.000
5.4403
Chile
(peso)
Free
Official
3.3704
2
3.3760
23.704
23.704
24.732
25.125
25.125
25.125
25.125
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
320.91
320.91
320.91
320.91
320.9t
320.90
320.92
321.12
321.19
321.15
321.21
2.2797
2.2822
2.2836
2.2831
2.2832
2.2818
2.2821
2.2833
2.2830
2.2812
2.2789
5.4404
4404
4405
4406
4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
95.692
94.217
91.901
91.954
91.592
91.652
91.998
90.362
89.989
89.589
88.359
29.773
25.125
321.16
2.2784
5.4406
100.000
90.455
India
(rupee)
Italy
(lira)
Mexico
(peso)
5.1959
5.0407
5.0703
19.303
18.546
20.538
20.569
20.577
20.581
20.581
20.581
20.577
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
1947—February
March
April
May
June
July
August
September
October
November
December
1948—January
2
Colom- Czecho- Denbia
slovakia mark
(peso) (koruna) (krone)
1939
1940
1941
1942
1943
1944
1945
1946
1947
57.061
57.085
57.004
57.052
57.265
SI.212
57.014
57.020
57.001
1947—February . .
March
April
May
June
July
August
September.
October. . .
November.
December.
1948—January...
Year or month
Official
Belgium
(franc)
In cents per unit of foreign currency]
Brazil
(cruzeiro1)
353 38
2322.80 305.16
322.80 321.27
322.80 2 321.50
322.80 321.50
322.80
322.80 321.17
321 34
321.00
1939
1940
1941
1942
1943
1944
1945
1946
1947
Year or month
Australia
(pound)
3.4252
20.346
Finland
(markka)
1.9948
1.8710
2.0101
France
(franc)
Greece
(drachma)
2.5103
2.0827
2
.8153
.6715
Hong
Kong
(dollar)
27.454
22.958
24.592
2.0060
2.0060
20.876
20.864
1.9711
.8409
.8407
33.279
30.155
30.137
30.122
30.122
30.122
30.122
30.155
30.164
57.041
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.866
20.866
20.866
20.866
20.865
20.862
20.862
20.861
20.861
20.863
20.860
.8408
.8408
.8407
.8408
.8407
.8407
.8405
.8407
.8407
.8404
.8403
30.153
30.153
30.160
30.161
30.163
30.171
30.171
30.167
30.169
30.176
30.177
56.991
2.0060
20.860
s .8400
30.172
2
Portu- South
Norway
gal
Africa
(krone) (escudo) (pound)
23.226
22.709
4.0375
3.7110
4.0023
2
Spain
(peseta)
10.630
9.322
9.130
Straits
Settlements
(dollar)
51.736
46.979
47.133
2 46.919
2
Sweden
(krona)
Switzerland
(franc)
96.018
85.141
87.345
88.379
89.978
89.853
90.485
93.288
91.999
Export
5.1727 4.0000
5.1668 4.0000
5.1664 2 4.0000
11.879
6.000
5.313
2
Netherlands
New
Zealand
(pound)
53.335
53.128
37.933
37.813
37.760
354.82
306.38
322.54
322.78
324.20
324.42
323.46
322.63
322.29
20.574
20.574
20.577
20.580
20.576
20.575
20.582
20.578
20.576
20.576
20.575
37.789
37.788
37.757
37.760
37.751
37.760
37.753
37.751
37.762
37.768
37.699
322.20
322.20
322.20
322.20
322.18
322.18
322.20
322.41
322.48
322.44
322.50
20.576
37.654
322.45
United
Kingdom
(pound)
Official
China
(yuan
Shanghai)
Free
443
403.50
403.50
403.50
403.50
403.50
(guilder)
2
2
Uruguay
(peso)
Noncontrolled
Controlle d
4.0501
4.0273
20.161
20.161
20.161
20.160
20.160
20.160
20.159
20.158
20.159
20.159
20.159
4.0501
4.0412
4.0313
4.0208
4.0275
4.0161
4.0257
4.0203
4.0240
3.9985
4.0088
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
27.822
27.822
27.823
27.824
27.826
27.827
27.826
27.822
27.823
27.825
27.826
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
402.74
402.73
402.74
402.74
402.72
402.71
402.73
403.00
403.10
403.05
403.13
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
56.262
56.262
56.262
56.262
56.262
56.259
56.203
56.204
56.204
56.204
56.204
20.159
4.0043
400.75
9.132
27.825
23.363
403.07
65.830
56.198
20.176
20.160
1947—February..
March....
April
May
June
July
August
September.
October. . .
November.
December.
1948—January...
2
2
23.991
23.802
23.829
22.525
22.676
23.210
9.132
9.132
25.859
27.824
23.363
23.363
403.50 3 403.02
403.28
402.86
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
2
440.17
397.99
398.00
398.00
398.00
398.00
399.05
400.50
400.74
1939...
1940...
1941...
1942...
1943...
1944...
1945...
1946...
1947...
2
2
36.789
37.601
43.380
52.723
52.855
53.506
55.159
56.280
56.239
1
2
3
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
* The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July
1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955
5
Based on quotations through January 23.
•
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 furthei information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p.
933; February 1944, p. 209; and February 1943, p. 201.
FEBRUARY
1948
261
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
*
United
States
•(1926 =
100)
Canada
(1926 =
100)
Mexico
(1929 =
100)
United
Kingdom
(1930 =
100)
France
(1938 =
100)
Italy
(1938 =
100)i
1926
100
100
2 124
106
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
75
80
72
72
95
95
88
89
58
52
81
86
79
77
79
87
99
103
104
106
121
75
85
79
75
83
90
96
100
103
104
101
119
126
127
128
136
148
182
227
247
94
109
101
103
137
153
159
163
166
169
80
94
100
104
121
136
153
286
302
175
192
63
89
100
105
139
171
201
234
265
375
648
312
310
305
300
299
297
293
292
298
304
306
182
183
184
187
189
190
193
194
195
199
203
867
882
860
847
946
904
••888
'1,004
'1,096
1,122
1,204
3,754
3,891
4,139
4,533
5,203
5,329
5,779
'5,889
P6.155
303
204
1947
109
P129
114
118
120
123
125
128
129
131
134
139
143
P144
142
145
150
148
147
148
151
154
157
159
160
Tanuarv
February
March
April
May
June
July
August
September
October
November
December
163
Japan
(1933 =
100)
Netherlands
(July 1938June 1939
= 100)
Sweden
(1935 =
100)
132
150
2 126
99
103
90
87
2 96
100
90
90
1,406
91
108
102
105
131
150
157
160
164
181
251
102
114
111
115
146
172
189
196
196
194
186
96
111
107
111
143
184
210
218
223
221
215
2,120
2,120
2,144
2,617
2,848
2,946
4,221
5,347
5,498
5,799
267
268
269
268
268
270
272
271
^272
P274
194
195
196
197
198
199
199
199
219
219
220
221
221
222
223
223
224
230
232
65
72
110
133
140
155
173
183
197
209
2S3
296
P5,991
P277
••201
202
204
Switzerland
(July 1914
= 100)
144
r
[iminary.
Revised.
P Preliminary.
national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
i The new
.
The weightits are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from
old inaex.
index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for 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)
Other
Farm
commod- products
ities
United K i n g d o m
(1930 = 100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
Industrial
products
73
73
74
81
78
75
82
89
92
93
94
94
99
P117
85
87
92
102
97
97
133
146
158
160
158
158
158
165
90
90
96
112
104
106
138
156
160
164
170
175
184
207
104
107
108
112
113
116
116
117
123
128
131
157
158
158
163
165
166
168
167
165
167
171
172
196
197
198
200
203
203
207
209
213
218
221
222
Farm
products
Foods
1926
100
100
100
100
100
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
65
79
81
86
69
65
68
82
106
123
123
128
149
71
84
82
86
74
70
71
83
100
107
105
106
131
78
78
80
85
82
81
83
89
96
97
99
100
110
59
64
69
87
74
64
68
73
85
98
107
110
112
64
66
71
84
73
67
75
82
90
99
104
106
109
1947—January
February
March
165
170
183
177
176
178
181
182
186
190
188
197
156
162
168
162
160
162
167
172
179
178
178
128
129
131
132
132
131
133
136
138
140
142
145
May
June
July
August
September
October
November
December
P120
P130
114
116
116
117
119
119
120
120
120
123
127
P131
115
119
124
126
128
129
131
133
134
139
143
P145
J>132
Netherlands
(July 1938-June 1939 = 100)
Foods
Industrial raw
products
Indus-
trial
finished
products
103
121
140
157
157
159
172
200
112
163
177
175
174
179
193
282
104
126
148
154
159
163
184
261
218
218
220
215
206
205
207
204
313
312
312
316
321
323
337
338
P339
P339
273
274
274
274
275
277
276
276
J>205
P213
P277
P277
p Preliminary.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
262
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PR1N GIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
SwitzUnited
United
CanKing- France Nether- erStates
ada
dom
(1938
lands
land
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100)
= 100)
= 100) 1914
1947
= 100)i
= 100)
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
. ....
101
105
98
95
97
106
124
138
136
139
98
103
104
101
106
116
127
131
131
133
130
139
141
141
164
168
161
166
168
170
160
194
140
P160
169
184
182
190
188
188
191
146
147
149
152
155
158
168
168
169
168
162
1947-January.
February.
March....
May
COST OF LIVING
[Index numbers]
..,
June . ..
July
August....
September.
October...
November
December.
193
197
204
202
203
207
I 161
i 101
99
100
101
174
103
120
127
130
130
150
177
191
120
130
130
132
146
175
200
211
215
215
198
645
PI
160
161
165
171
P179
100
108
129
149
174
224
275
377
210
043
847
851
833
830
883
941
216
215
216
216
220
222
1936
1937
1938 .
1939
1940
1941
1942
1943
1944
1945
1946
1947
99
103
101
99
100
105
117
124
126
128
98
101
102
102
106
112
117
118
119
119
147
154
156
158
184
199
200
199
201
203
130
159
124
P136
204
1947-January.
February
March. .
April...
153
153
156
156
156
157
127
128
129
131
133
135
204
203
204
203
203
May
June
July
August....
September.
October
November
December.
221
222
222
229
974
1 089
1,187
1 309
1 378
Pl.393
United
SwitzCanUnited
King- France Nether- erada
States
dom
(1938
lands
land
(1935-39 (1935-39 (June 17 = 100) (1911-13 (Juna
= 100)
= 100)
1947
= 100) 1914
= 100)!
= 100)
Year or
montb
230
100
108
129
150
175
224
285
393
2 132
137
139
140
154
175
187
130
137
137
138
15!
174
193
203
208
209
195
645
208
*l,030
l
158
160
164
164
136
137
139
142
2O3
U01
100
101
101
165
167
144
103
P146
856
858
838
837
886
935
212
212
212
213
216
217
217
218
218
223
965
1,068
1,157
1,268
1 336
Pl.354
223
p Preliminary.
1
The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is
also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
1947,2 p. 255.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. . .
United1
States
(derived
price)
15
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921=100)
(2)
87
Common stocks
France
(1938 =
100)
Netherlands 3
50
13
1939
1940
1941
1942
1943
1944
1945
1946
1947
113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
121.5
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
P118.5
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
114.2
'114.2
8 143.4
146.4
146.6
150.5
152.1
144.6
P132.O
1947—January
February....
March
April
May
June
July
August
September. . .
October
November. . .
December. . , .
122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
117.8
118.1
118.2
117.9
118.2
118.6
119.3
119.2
119.0
118.8
118.5
P117.9
135.0
134.0
133.3
132.6
132.9
132.1
131.1
126.4
126.4
128.0
128.2
130.1
142.1
140.8
139.8
138.6
136.9
135.4
131.1
128.6
125.2
122.0
121.4
P122.2
109! 6
109.0
106.9
105.9
104.3
104.6
105.0
105.3
106.3
106.6
105.9
United
States
(1935-39
= 100)
402
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
125.2
128.7
123.7
119.3
115.2
119.1
126.0
124.5
123.1
125.1
123.6
122.4
Canada 4
(1935-39
= 100)
100
NetherFrance 5
United
lands«
Kingdom (December
(1926 = 100) 1938 = 100) (1938 = 100)
278
5 295
77.4
67.5
64.2
83.5
83.8
99.6
115.7
P106.0
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
112
7
140
8
308
479
540
551
694
875
Pi,151
106.2
109.4
106.4
104.8
104.4
105.3
107.4
105.5
104.1
105.5
1.07.3
P106.2
98.6
96.7
96.9
96.6
97.9
97.5
98.2
92.2
88.7
89.3
90.2
92.6
1,068
1,028
1,103
1,017
1,003
1,124
1,135
1,265
1,298
1,245
1,294
Pi,244
37
180.1
179.5
183.6
201.9
203.0
201.4
203.4
206.5
P219.1
P1 Preliminary.
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. 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.
8
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond4 for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
6
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
8
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily
quotations. The figure? aire not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for 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.
FEBRUARY
1948
263
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman pro tern.
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
jAMES
LAWRENCE CLAYTON
Special Adviser
to the Board of Governors
Assistant
to the Board
CHESTER MORRILL,
ELLIOTT THURSTON,
OFFICE OF THE SECRETARY
VARDAMAN, JR.
K
DIVISION OF BANK OPERATIONS
S. R. CARPENTER, Secretary
EDWARD L. SMEAD, Director
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES,
Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N . PEYTON
M. S. SZYMCZAK
JAMES K. VARDAMAN,, JR.
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER
L.
BOOTHE,
II, Assistant Director
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
W. RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
JAMES H. PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
J. E. WOODS,
DALLAS DISTRICT
WILLIAM H. STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
RENO ODLIN,
SAN FRANCISCO DISTRICT
LAURENCE F. WHITTEMORE
CHESTER MORRILL,
Account
264
WALTER LICHTENSTEIN, Secretary
HERBERT
V.
PROCHNOW,
Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMENf, DEPUTY CHAIRMEN, ,4ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston
Laurence F. Whittemore
William Willett
Albert M. Creighton
Harold D. Hodgkinson
New York
William I. Myers
Allan Sproul
L. R. Rounds
Vice Presidents
Robert B. Harvey2
E. G. Hult
E. 0. Latham
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Carl B. Pitman
O. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny
P. M. Poorman2
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
Philadelphia. . . . Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
W. G. Wysor
Charles P. McCormick
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
J. N. Peyton
Roger B. Shepard
Sigurd Ueland
W. D. Cochran
0. S. Powell
Harry I. Ziemer
John Phillips, Jr.
Robert B. Caldwell
H. G. Leedy
G. H. Pipkin
Robert L. Mehornay
Henry 0. Koppang
C. E. Sandy2
D. W. Woolley
W. H. Holloway
E. B. Austin
J. R. Parten
R. R. Gilbert
Watrous H. Irons
R. B. Coleman
R. B. Anderson
W. D. Gentry
L. G. Pondrom3
H. R. DeMoss
Mac C. Smyth
W. E. Eagle
C. R. Shaw
W. N. Ambrose
Brayton Wilbur
C. E. Earhart
H. F. Slade
D. L. Davis
Harry R. Wellman
H. N. Mangels
W. F. Volberg
J. M. Leisner3
0. P. Wheeler
W. L. Partner
PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Russell L. Dearmont
Minneapolis. . . .
Kansas C i t y . . . .
Dallas
San Francisco.. .
VICE
Federal Reserve
Bank of
Branch
Federal Reserve
Bank of
Chief Officer
Buffalo
Cleveland.
Cincinnati
Pittsburgh
I. B. Smith4
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta. . .
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago...
Detroit
E. C. Harris
St. Louis..
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
William B. Pollard
Also Federal Reserve Agent.
FEBRUARY
1948
2
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black2
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0 . M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes
Chester C. Davis
F. Guy Hitt
New York
1
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning3
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Cashier.
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
El Paso
Houston
San Antonio
Dallas
3
Branch
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Mac C. Smyth
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
265
FEDERAL RESERVE PUBLICATIONS'
The material listed below may be obtained from MONETARY AND BANKING REFORM IN PARAGUAY.
the Division of Administrative Services, Board of
Includes translation of laws, accompanying reGovernors of the Federal Reserve System, Washports, and introduction reviewing the monetary
ington 25, D. C. Remittance should be made payhistory of Paraguay. July 1946. 170 pages.
able to the order of the Board of Governors of the
$1.00 per copy.
Federal Reserve System.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve SysFEDERAL RESERVE BULLETIN. Issued monthly. Subtem). September 1946. 31 pages.
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru., El Salvador, Uruguay,
and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $9.00 per
annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digests of
Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's stafl. August 1941; reprinted March
1947. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes afTecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES.
(8 pamphlets.)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing. Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
banking, monetary, and other financial developDEBITS AND CLEARINGS STATISTICS, THEIR BACKments. November 1943. 979 pages. $1.50 per
GROUND AND INTERPRETATION.1 25 cents per copy;
copy. N o charge for individual sections (unin quantities of 10 or more copies for single
bound), as listed on page 1577 of the December
shipment, 15 cents each.
1947 BULLETIN.
PROVISIONS OF STATE LAWS RELATING TO BANK R E -
SERVES as of December 31, 1944. 1945. 30 pages.
* A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN.
266
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
Individual regulations
with amendments.
1
Available early in 1948.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
June 1946 BULLETIN, with supplementary information for separate trades.)
(From Federal Reserve Bulletin except as otherwise indicated)
BUSINESS LOANS OF MEMBER BANKS, by Albert R.
Koch. March 1947. 11 pages.
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
March
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L. Grove.
April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
TERM LENDING TO BUSINESS BY COMMERCIAL BANKS
IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
REVISION OF WEEKLY STATISTICS FOR MEMBER
BANKS IN LEADING CITIES. June-July 1947. 9
pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith.
pages.
June 1947. 17
SURVEY OF CONSUMER FINANCES—I. EXPENDITURES
FOR DURABLE GOODS AND INVESTMENTS.
June
1947. 17 pages.
15 pages.
SURVEY OF CONSUMER FINANCES—III. CONSUMER
SAVING IN 1946 AND OWNERSHIP OF SELECTED
August 1947. 12 pages.
SURVEY OF CONSUMER FINANCES.
From the June,
July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL CREDIT SURVEY—1946.
From July 1947
BULLETIN with supplementary information for
nine separate trades. 40 pages. (Also, RETAIL
CREDIT SURVEY—1942,
1943, 1944, and
1945.
From the July 1943, June 1944, May 1945, and
FEBRUARY 1948
MEMBER
BANK
LOANS TO SMALL
Charles H . Schmidt.
BUSINESS, by
August 1947. 16 pages.
BUSINESS LOANS OF MEMBER BANKS.
May, June, July, and August
BULLETIN.
From March,
1947 issues of
80 pages.
T H E BRITISH CRISIS.
September 1947. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. September 1947. 2 pages.
FINANCIAL POSITION OF MANUFACTURING AND TRADE
IN RELATION TO SIZE AND PROFITABILITY, 1946,
by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
TISTICS.
September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna.
pages.
September 1947. 8
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen.
pages.
October 1947. 13
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1947. October 1947. 4 pages.
POSTWAR BANK CREDIT PROBLEMS, by Marriner S.
SURVEY OF CONSUMER FINANCES—II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS. July 1947.
NONLIQUID ASSETS.
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
DEBT BY BANKS.
PUBLICATIONS
Eccles.
THE
October 1947. 5 pages.
CURRENT INFLATION PROBLEM—CAUSES AND
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
December
FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by
Philip T. Allen. December 1947. 6 pages.
FARM PRODUCTION LOANS AT COMMERCIAL BANKS,
by Herman Koenig and Tynan Smith.
ber 1947. 8 pages.
Decem-
T H E STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS, by Richard Young-
dahl. December 1947. 10 pages.
BANK LOANS TO FARMERS.
From the October and
December 1947 issues of BULLETIN. 36 pages.
267
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
3
I>
8
w
%
w
W
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1948
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYStEU
@FedFRASER