Full text of Federal Reserve Bulletin : February 1949

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F E D E R A L




R E S E R V E

BULLETIN
FEBRUARY 1949

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS

WINFIELD W. RIEFLER

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.

CONTENTS
PAGE

Federal Budget for Fiscal Year 1950

109-116

Law Department—Consumer Instalment Credit

117-118

Current Events and Announcements.

118

Directors of Federal Reserve Banks and Branches.

119-131

National Summary of Business Conditions.

132-133

Financial, Industrial, Commercial Statistics, U. S. (See p. 135 for list of tables)

135-193

International Financial Statistics (See p. 195 for list of tables)

195-213

Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council .

214

Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Publications.

215
216-217

Map of Federal Reserve Districts.

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218

FEDERAL
VOLUME

RESERVE

BULLETIN

February 1949

35

NUMBER

2

FEDERAL BUDGET FOR FISCAL YEAR 1950
The Federal Budget for the fiscal year of economic activity and national income.
1950 estimates total expenditures at 41.9 bil- Receipts are estimated at 41 billion dollars,
lion dollars. The high level of expenditures or about 1.4 billion more than the total now
reflects the enlarged responsibilities of the estimated for the current fiscal year. EstiFederal Government both at home and mates of trust fund receipts are increased
abroad, and particularly its responsibilities substantially, largely because they include
for exerting strong, positive efforts to achieve amounts from proposed increases in employpeace in the world. The estimated total for ment taxes to provide for extended and new
1950 is 1.7 billion more than estimated ex- social insurance programs recommended in
penditures for the fiscal year 1949 and over the State of the Union and Budget Messages.
¥/2 times the amount expended in the fiscal
TREASURY RECEIPTS AND EXPENDITURES
year 1940.
National defense and international aid
continue to be the major items of expenditure, with the two combined accounting for
21 billion dollars, or one-half of the total.
Services and benefits to veterans and interest on the public debt, the two principal
aftermath-of-war expenditures, are placed at
11 billion or about one-fourth of total expenditures. All other expenditures, including social services and general Government,
amount to 10 billion dollars.
In addition to these budgeted expenditures,
1945
1946
the President calls attention to a number of
Budget
additional programs that are still under con- Message. expenditures and net receipts, as shown in Budget
sideration and for which Budget appropriations will be sought later in the year. The
Under present tax laws Budget receipts
most important of these is a possible pro- would be 900 million dollars less than exgram of direct military assistance to Western penditures in the fiscal year 1950, as is shown
Europe.
in the chart. This deficit is slightly larger
Budget receipts are expected to increase than that estimated for the current fiscal
somewhat in the fiscal year 1950, assuming year. Fiscal year 1950, however, would be
continuance of approximately current levels the first postwar year to involve an increase
FEBRUARY

1949




109

FEDERAL BUDGET FOR FISCAL YEAR

in the public debt. Some debt reduction
will be possible in the current fiscal year,
despite the anticipated deficit, because of a
planned reduction in the Treasury's cash
balance. For 1950, as is shown in the table,
a net increase in total debt of 400 million dollars is anticipated, despite further reduction
in the cash balance.
BUDGET RECEIPTS AND EXPENDITURES
AND CHANGE IN PUBLIC D E B T

[In billions of dollars]
Fiscal year ending June 30—
Item
Met receipts
Expenditures

19501

19491

1948

41.0
41.9

39.6
40.2

42.2
33.8

Budget surplus ( + ) or deficit ( —). - . 9
STet expenditures in trust accounts,
etc.*
(3)
Net expenditures (—) or receipts
( + ) in clearing account
Total surplus ( + ) or'deficit ( - ) . - . 9
Change in Treasury cash balance.. . - . 5
Change in total debt
+ .4
Cash balance, end of period
Gross debt, end of period

40.0
39.3

+8.4
+ .8
- . 3 - 1 .1
(3)
+ .4 - . 5
+ .6
- . 2 + 7.6
+ .2
- . 9 + 1.6 -10.9
- . 7 - 6 . 0 -11.1
4.9
4.0
3.3

258.3

1
2

Estimated.
Excess of investments and other trust fund expenditures
over receipts.
3
Less than 50 million dollars.
NOTE.—Actual figures as well as estimates are those presented
in the Budget. Receipts and expenditures in all years are on
the new Federal financial reporting basis under which refunds
of taxes are shown as a deduction from receipts rather than as
expenditures, and receipts and expenditures exclude certain
interagency transactions. Expenditures include net expenditures
of wholly owned Government corporations. Expenditures and
surplus for 1948 do not reflect the bookkeeping transfer of 3
billion dollars to the Foreign Economic Cooperation Trust
Fund; expenditures from this Fund are shown as Budget expenditures in 1949.

Reduction of marketable debt, as distinguished from total debt, would still be possible in the fiscal year 1950 by virtue of cash
made available to the Treasury from the
trust funds and from net sales of savings
bonds and savings notes. The amount of
reduction in marketable debt is expected to
be smaller, however, probably about 3 billion
dollars, compared with a reduction of 6 billion in 1949.
Failure of the existing revenue structure
to provide a surplus in a period of high income has led the President to request an
110




increase in taxes of 4 billion dollars, in addition to the proposed increases in social
security taxes. He suggests that the bulk of
this new revenue be obtained by additional
taxes on corporate profits, but that consideration be given to the possibility of higher
estate taxes and increased personal income
taxes in the middle and upper brackets. The
recommendation of higher taxes for the
coming year reflects the view in the President's Economic Report, as well as in the
Budget Message, that inflation is still a
threat to the economy.

1947

-.6

3.5
251.9 251.6 252.3

1950

BUDGET EXPENDITURES

Total Budget expenditures will increase
further in the fiscal year ending June 30,
1950, following an increase in the current
fiscal year. After declining from the wartime peak of nearly 100 billion dollars in the
fiscal year 1945 to less than 34 billion in the
fiscal year 1948, Federal Government expenditures in the fiscal year 1949 will amount
to a little more than 40 billion and in the
fiscal year 1950 to nearly 42 billion. The
Budget Message presents the 42 billion dollar
total as the minimum requirement for 1950
and emphasizes present uncertainties which
make it impractical to predict all possible
needs at this time.
Total trust fund expenditures, exclusive of
those for investments, are also expected to
increase by 3.6 billion dollars in the fiscal
year 1950 to a total of 6.8 billion. This increase results from a special nonrecurring
payment to veterans and from larger benefit
payments under extended and new programs of social insurance recommended by
the President.
Military spending is the principal factor
behind the increase in total Budget expenditures in the coming fiscal year. Total
defense spending at 14.3 billion dollars is
FEDERAL RESERVE BULLETIN

FEDERAL BUDGET FOR FISCAL YEAR 1 9 5 0

2.5 billion larger than the revised estimate
for the current fiscal year. Another area of
expansion is the field of social services; total
expenditures for social welfare, health, and
security, for housing and community facilities, and for education and general research
are raised by about 800 million dollars to
3.2 billion dollars. Offsetting these increases
are substantial reductions (1.3 billion dollars) in veterans' services and benefits and a
moderate decline (500 million dollars) in
international aid. All other major categories
change little and combined show a small
increase.
Estimated Budget expenditures for the
fiscal year 1950 compared with earlier years,
by broad purposes of expenditures which cut
across departmental and agency lines, are
shown in the table. Expenditures for all
years are exclusive of tax refunds, which
were formerly included as expenditures but
are now offset against receipts.
BUDGET EXPENDITURES BY MATOR FUNCTIONS

[IrTbillions of dollars!
Fiscal year ending June 30—
Function

19501 19491

1948

1947 1940

. . . 41.9

40.2

33.8 39.3

9.2

National defense.
14.3
International affairs and finance. . . 6.7
Veterans' services and benefits.... 5.5
Interest on the debt .
..
5 5

11.7
7.2
6.8
5 3

10.9 14.3
4.8 6.5
7.4
6.6
5 2 5 0

1.5
.1
.6
1 0

All functions.

Other programs, total
Social welfare, health, and
security
Education and
general
research
Housing and community facilities
Natural resources.
Agriculture and
agricultural
resources
Transportation and communication
General Government
Other

9.9

9.1

6.3

6.1

6.0

2.4

2.0

1.9

1.3

3.1

.1

A

.1

4
1.9

3
1.6

1
1.1

3
.6

.4

1.7

1.8

.6

1.2

1.6

1.6
1.2
.4

1.8
1.2
.3

1.3
1.5

.6
1.4
.6

.6
.3

1
Estimated.
2
Less than 50 million dollars.
NOTE.—Expenditures in all years are as presented in the Budget
and are on the new reporting basis whereby refunds of taxes as
well as certain interagency items are excluded.
Expenditures
include net expenditures of wholly owned Government corporations. Expenditures in fiscal year 1948 do not reflect the bookkeeping transfer of 3 billion dollars to the Foreign Economic
Cooperation Trust Fund; expenditures from this Fund are included
in Budget expenditures for 1949.

FEBRUARY

1949




National defense and international programs. All major categories of national
defense will require additional outlays in
the fiscal year 1950. Moreover, the President
states that the nation's international responsibilities will probably require further substantial increases in military outlays during
succeeding years.
Expenditures for pay and maintenance of
an average of 1,616,000 officers and men on
active duty in the fiscal year 1950 are estimated at 5 billion dollars or 38 per cent of
all defense expenditures. Included in the
total is a tentative amount bringing remuneration of military personnel in line with
salaries of Federal civilian personnel.
Further provision for military manpower
is represented by 600 million dollars for a
proposed program of universal military training, which in full operation will cost 2
billion dollars a year, and by 760 million
dollars for larger and better-trained civilian
reserves.
Expenditures for aircraft and related procurement, ship construction, and military
public works are expected to total about 2.4
billion dollars. This represents an increase
of about 700 million dollars, largely for aircraft. Stockpiling of critical and strategic
materials is estimated to require 500 million
dollars in 1950.
Expenditures for international affairs and
finance are estimated in the Budget at 6.7
billion dollars for 1950 compared with 7.2
billion now estimated for the fiscal year
1949. This decline is attributed to smaller
outlays for economic aid under the European
Recovery Program and to decreases in occupation costs. Estimates of international
expenditures in the coming year, however,
are highly tentative since the President indicates that additional amounts will be requested later to provide military supplies to
111

FEDERAL BUDGET FOR FISCAL YEAR

foreign countries where such provision is
important to national security.
Continuing costs of past wars. Budget
expenditures for veterans are expected to
decline substantially in the fiscal year 1950,
but there will be a large increase in trust
fund expenditures for veterans.
Budget expenditures for veterans' benefits
and services are estimated at 5.5 billion dollars in 1950 compared with 6.8 billion during
the current year. Veterans' education and
training benefits, unemployment allowances,
and other readjustment benefits will decline
as the numbers eligible for benefits are reduced and veterans establish their permanent
places in civilian life. Expenditures for pensions and hospital operations will show little
change although the long-run trend is upward.
A nonrecurring trust-account payment to
veterans, scheduled to take place in the fiscal
year 1950, is a dividend of about 2 billion
dollars on national service life insurance.
This dividend is made possible largely by a
more favorable mortality experience than
had been allowed for in establishing the level
of premiums.
Interest payments on the public debt, most
of which was incurred for war purposes, are
estimated to increase 125 million dollars in
the fiscal year 1950. This small increase
results chiefly from interest accruals on
savings bonds at higher rates each year and,
as trust funds grow, from larger investments
in high-coupon special issues. The effect on
interest costs of the rise in short-term interest rates that has been in process since mid1947 will be offset by interest savings resulting from the refunding of higher-coupon
maturing issues into short-term issues and
from the retirement of marketable debt.
The estimated increase in interest cost
of the debt in 1950 is not much larger than
112




1950

the increase expected in the payment to the
Treasury of earnings by the Federal Reserve
Banks. This payment is reflected in the
Budget in miscellaneous receipts and is estimated at 250 million dollars in 1950, an increase of 110 million from 1949. The President pointed out that most of the interest
paid on Government securities held by the
Federal Reserve Banks is being returned to
the Treasury, as the result of Federal Reserve
policy of paying approximately 90 per cent
of net Reserve Bank earnings into the
Treasury.
All other activities. The social service programs of the Government account for 3.2 billion dollars, or a third of the 10 billion dollars of estimated expenditures for 1950 for
all other Government activities. These programs are discussed in a separate section.
The principal functions represented by
remaining expenditures are development of
natural resources, agricultural programs,
transportation and communication, and general Government. Expenditures on natural
resources are estimated at a total of 1.9 billion
dollars, an increase of 250 million dollars
over the current year. These include larger
outlays for the development of atomic energy and of power resources and for flood
control and reclamation work.
Agricultural programs, which include a
wide variety of services and financial aids,
are estimated to require 1.7 billion dollars, a
little less than in the current year. A decline of over 300 million dollars is estimated
in expenditures for price support activities of
the Commodity Credit Corporation, and
this would more than offset increases for
other activities, including additional amounts
for rural electrification loans. The Message
warns, however, that, if 1949 crops are equal
to those of 1948, expenditures of the Commodity Credit Corporation would exceed
FEDERAL RESERVE BULLETIN

FEDERAL BUDGET FOR FISCAL YEAR

1950

by raising the ceiling on taxable earnings,
and by additions to the pay roll tax rates. It
is also proposed that a scheduled increase in
the tax rate from 1 to V/2 per cent be made
effective July 1, 1949, instead of six months
later. Altogether, these proposals would increase trust account receipts for 1950 by
more than 2 billion dollars and trust account
expenditures by 1.7 billion.
Expenditures for education are estimated
at 414 million dollars, an increase of over
300 million from the fiscal year 1949. Almost all of the increase would provide proposed grants to States to support a basic miniSOCIAL SERVICE PROGRAMS
mum program of elementary and secondary
In his State of the Union Message the school education.
Expenditures for housing and community
President emphasized the need for measures
to conserve and develop the human resources facilities, estimated at 390 million dollars,
of the nation. The Budget for 1950 makes are slightly larger than in the preceding year.
provision for a number of new programs as Substantial reductions in net mortgage purwell as increased expenditures under pro- chases by the Reconstruction Finance Corporation would be more than offset by the
grams already established.
Existing welfare programs, which consist initial expenditures under proposed new
of grants to the States for public assistance programs, including: (1) a seven-year propayments, will be increased by 400 million gram of Federal aid to local housing agendollars to a total of 2.4 billion dollars. These cies for the construction of low-rent public
will provide for payments to the aged and housing units, (2) a long-term program of
blind and to dependent children, for school Federal grants and loans to cities for slum
lunches, for hospital construction, and for clearance and urban redevelopment, and (3)
programs providing credit assistance for
similar welfare programs.
The system of contributory social insur- rental and cooperative housing and for farm
ance, which is handled through trust ac- housing. The annual Federal outlay under
counts, would be strengthened by several these headings is scheduled to rise sharply
measures. The coverage of old-age insurance over the next few years.
would be extended to 25 million additional
BUDGET RECEIPTS
workers, and the scale of benefits would be
Budget receipts in the fiscal year 1950 are
raised; the coverage of unemployment insurance would also be extended; disability estimated at 41.0 billion dollars compared
insurance would be provided; and a com- with a revised estimate of 39.6 billion for the
prehensive national health program would current fiscal year. The estimated level of
be established.
receipts for 1950 is only moderately below
Benefits are to be financed by extending the wartime peak of 45 billion reached in
the pay roll taxes to the new participants, the fiscal year 1945. The effect of tax reduc-

considerably the Budget estimates for 1950.
Expenditures for general Government continue at about 1.2 billion dollars. The
principal changes in 1950 are a further decline in expenditures incident to the disposal of surplus property and higher payments into the Federal employees' retirement fund as a result of legislation enacted
in 1948. Transportation and communication expenditures would decline by about
200 million dollars, largely because of a
smaller postal deficit resulting from a proposed increase in rates.

FEBRUARY

1949




113

FEDERAL BUDGET FOR FISCAL YEAR 1 9 5 0

sources are expected to decline by about 500
million dollars, chiefly as a result of smaller
sales of surplus property.
Individual income tax receipts are expected to decline from 21 billion dollars in
the fiscal year 1948 to 18.5 billion in the
fiscal year 1949, but are estimated to increase
slightly in the fiscal year 1950 to 19.1 billion.
The decline in collections in the fiscal year
1949 reflects the reductions in taxes provided
in the Revenue Act of 1948. Withholding
of taxes at the reduced rates began in May
1948 and tax credits could be claimed on
quarterly returns because of overpayments
TREASURY RECEIPTS
in earlier months of the year.
[In billions of dollars]
Corporate profits continued to rise sharply
Fiscal year ending J u n e 30—
throughout 1947 and 1948 and taxes on these
Item
profits, which are expected to increase from
195O 1949 1948 1947 1940
10.2 billion dollars in the fiscal year 1948 to
Income and profits taxes:
1.0
Individual
. . . 19.1 18.5 21.0 19.6
11.7 billion in the fiscal year 1949, are esti12.3 11.7 10.2
1.1
Corporation
9.7
.7
.8
.4
E s t a t e a n d gift taxes
.9
.8
mated to rise somewhat further—to 12.3 bil8.3
8.1
2.3
Excise taxes and customs
7.8
7.8
25.3
2.6
.8
Social security taxes
2.4
2.0
lion—in the fiscal year 1950.
1.8
2.3
.2
Other receipts
3.8
4.6
With the increasing supply of taxable
47.5 44.0 46.1 44.5
Total receipts
5.9
commodities, receipts from excise taxes on
Deduct:
Appropriations to social secur24.4
1.8
1.5
ity trust funds
1.6
.6
alcoholic beverages, tobacco products, and
2.1
2.7
.1
Refunds of taxes
3.0
2.3
manufacturers' and retailers' sales of various
41.0 39.6 42.2 40.0
N e t receipts
5.3
articles, and from miscellaneous excise taxes
As estimated in the Budget.
have been gradually increasing. The inIncluding receipts from higher taxes recommended in the
Budget.
creases are expected to aggregate about 200
The Budget estimates assume continuance million dollars in 1950
Estate and gift taxes are expected to deof approximately current levels of economic
activity and employment. Income and crease by nearly 150 million dollars in the
profits taxes are estimated to total 31.4 bil- fiscal year 1950, following an estimated delion dollars in the fiscal year 1950, an in- crease of 100 million in the present fiscal
crease of 1.2 billion over the preceding year, year. These decreases reflect the impact of
while refunds of taxes, which are largely the Revenue Act of 1948, which in the next
income taxes, are expected to decrease by fiscal year will become fully effective for
about 600 million dollars. Thus, income the bulk of returns.
and profits taxes on a net basis will be about
Receipts from higher social security taxes
—proposed to finance extended and new pro1.8 billion dollars larger than in the preceding fiscal year. Changes in net receipts grams—are estimated at 5.3 billion dollars
from other tax sources are expected to be in 1950. Larger receipts from these taxes
relatively small. Receipts from miscellaneous will not affect net Budget receipts because
tions in the revenue acts of 1945 and 1948
has been partly offset by the rapid postwar
rise in prices, incomes, and profits. The table
shows estimated receipts by major sources
for the fiscal year 1950 compared with
earlier years.
Beginning with the 1950 Budget, tax refunds are deducted from receipts in arriving
at net Budget receipts. Refunds, which have
ranged between 2 and 3 billion dollars in
recent years, were formerly included with
expenditures. Data for all years are on the
new financial reporting basis.

1

1

1

2

114




FEDERAL RESERVE

BULLETIN

FEDERAL BUDGET FOR FISCAL YEAR 1950

of a corresponding increase in amounts appropriated directly to social security trust
funds. They will affect, however, the amount
of cash available to the Treasury.
TAX RECOMMENDATIONS

An increase in tax revenues of 4 billion
dollars is recommended by the President in
addition to the higher pay roll taxes proposed
under the existing and new social insurance
programs. Specific recommendations as to
taxation are not presented in the Budget
Message, but in his Economic Report the
President indicated the general areas to
which the increased levies might be applied.
"The principal source of additional
revenue should be additional taxes upon
corporate profits, which can be applied
without unduly interfering with prospects for continued business expansion
and with assurance that profits, after
taxes and dividends, will be sufficient
for investments and contingencies.
"Another source of additional revenue
should be the tax upon estates and gifts.
The already small yield from this tax
was reduced by one-third by the Revenue
Act of 1948. Careful study should also
be directed to the increase of rates of
individual income taxes in the upper
and middle brackets. Some additional
excises may be desirable, but some excise
taxes, particularly on oleomargarine,
should be repealed."

110, a reduction of 700 million dollars in
the total public debt is possible in the fiscal
year 1949 by drawing down the Treasury's
cash balance. Despite further reduction in
the cash balance in 1950, an increase of 400
million in total debt is estimated.
Thus the debt reduction program, which
began in the early part of 1946, is expected
to come to an end. The public debt, which
had reached a total of 280 billion dollars in
February 1946, is estimated at 252 billion on
June 30,1949, a reduction of 28 billion. The
President directs attention to the tax reduction in 1948 as the main reason for the small
debt reduction in the fiscal year 1949 and
recommends increased taxation in order to
permit in 1950 "the minimum reduction consistent with responsible fiscal policy in prosperous times such as these."
The portion of the debt that is marketable
has been reduced more than the total debt,
as is shown in the chart. Funds for reduction of total debt have come from Treasury surpluses and a drawing down of the
Treasury's cash balance from the high level
DEBT OF THE U. S. GOVERNMENT
BfLLIONS OF DOLLARS

300

REDUCTION OF DEBT

The volume of Budget receipts under the
present tax laws is not expected to be large
enough to meet total expenditures. Revised
estimates for the fiscal year 1949 indicate a
deficit of 600 million dollars, and in the
fiscal year 1950 the deficit will increase to 900
million. As is shown in the table on page
FEBRUARY 1949




1940

1942

1944

1946

1948

I95O

Actual end-of-month figures through December 1948; estimates for June and December 1949 and June 1950. Estimates
of gross debt and special issues for June 1949 and 1950 from
Budget Message; other estimates by Federal Reserve. Total
debt excludes fully guaranteed debt and includes matured debt
and debt bearing no interest, which are not shown separately.

115

FEDERAL BUDGET FOR FISCAL YEAR

reached in early 1946, at the end of the
Victory war loan drive. The Treasury has
also had available for retirement of marketable debt the funds received from sale of
special issues to Government agencies and
trust funds and from net sales to the public
of nonmarketable issues, such as savings
bonds and special investment issues. For
the period from early 1946 to mid-1949,
reduction in marketable debt will be about
46 billion dollars, or 18 billion more than
the reduction in total debt.

1950

CHANGE IN PUBLIC
CASH

RETIREMENTS

DEBT

OF MARKETABLE

DEBT

BY H A L F - Y E A R PERIODS

[In billions of dollars]
Jan.- July- Jan.- July- Jan.June Dec. June Dec. June 1
1948 1948 19491 19491 1950

Item
Total public debt.

-4.6

Nonmarketable debt, total
+ .8
Savings bonds and savings notes + .2
Special issues to trust funds, etc. + .6
-5.4
Marketable debt
Cash retirements of marketable
securities:
Holdings presented for voluntary cash redemption—
Nonbank investors
Commercial banks
Federal Reserve holdings

1.1
.3
4.0

+ .5
+3.4
+2.0
+1.4

- 1 . 2 + 1.4 - 1 . 0
+2.2 +2.6 + 1.2
+1.1 + .9 +1.2
+1.1 +1.7 (2)

-2.9 -3.4 - 1 . 2 -2.2

.7
.6
1.5

.7 1 1 9
.4 ) 1 . 2
2.3

1 .6
.6

DEBT RETIREMENT AND CREDIT POLICY

In retiring debt, the Treasury and the
Federal Reserve by mutual arrangement
have followed the policy, especially since
mid-1947, of redeeming issues held by Federal Reserve Banks in order to exert some
drain on bank deposits and bank reserves.
During the fiscal year 1948 about 5 billion
dollars of securities held by the Federal
Reserve were redeemed for cash, while other
investor groups turned in about 3.4 billion
of maturing issues for cash redemption.
Most of the Federal Reserve retirements
were in the period January to June 1948.
The table shows changes in marketable
debt and cash retirements of Federal Reserveheld debt, by half-year periods beginning
with January 1948, including estimates for
the last half of the current fiscal year and
the fiscal year 1950. Budget estimates have
been supplemented by Federal Reserve estimates of net sales of savings bonds and
savings notes and of voluntary redemptions
of maturing debt on the part of commercial
banks and nonbank investors.
In the first half of the current fiscal year,
July-December 1948, marketable public debt
was reduced by 2.9 billion dollars, of which
1.5 billion represented retirement of issues
held by Federal Reserve Banks. During
116




1
2

Estimated.
Less than 50 million dollars.
NOTE.—Budget estimates of changes in total debt and in special issues to trust funds for fiscal year 1950 have been distributed by half-years by Federal Reserve. Changes in savings
bonds and savings notes for periods beginning 1949 and cash
retirements by investor groups for all periods are Federal Reserve estimates. Beginning 1949, estimates of voluntary cash
redemptions indicate probable redemptions on the basis of past
practices of holders, while figures for Federal Reserve represent
funds available for retirement of Federal Reserve-held debt.

the current January-June period the prospects are that retirement of marketable
securities will be about 3 billion dollars, of
which some 2 billion may be available
for retiring Federal Reserve-held securities.
This will be much less than the amount retired in the same period last year.
In the six months, July-December 1949,
funds available for reduction of marketable
debt may be only about one billion dollars.
These funds may be fully absorbed by maturing securities that commercial banks and
nonbank holders present for cash redemption rather than exchange for refunding
issues that may be offered. As a consequence,
no funds would be available in this period
for retirement of Federal Reserve-held debt.
Possible retirements in early 1950 will be
much less than in corresponding periods of
the two preceding years. If additional taxes
are enacted, as recommended by the President, funds available for debt retirement will
be increased.
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.

Consumer Instalment Credit
Reduction of Interest Payment
A question was presented under Regulation W
as to whether a reduction in the rate of interest
on a pre-September 20, 1948, instalment loan would
constitute a "revision" of the loan under section 5(a)
of the regulation, requiring compliance with that
section. Normally the reduction would be effected
simply by a letter from the lender to the borrower;
and, except for a pro rata scaling down of instalment
payments, the obligation would not otherwise be
changed or modified.
The Board is of the view that a reduction in
interest rate accomplished in the above manner and
in good faith would not constitute a "revision"
under section 5(a). However, if an instalment
loan were one subject to the regulation, a reduction
of interest should not result in scheduled payments
below the minimum amounts required by sections
4(<r), 5(a)(2), and Part 2 of the Supplement to
the regulation.
Suction Cleaners and Attachments
In the case of a vacuum or suction cleaner having
attachments which are all dependent upon a single
power unit for their operation and use, it is the
Board's view that such attachments are "accessories"
within the meaning of section 8(A)(7), if the
vacuum cleaner (or power unit) and dependent
attachments are sold at or about the same time.
Thus, if the total price, including the cost of the
attachments, is $50 or more, the regulation applies;
but if the total price is less than $50 because the
customer does not buy the attachments, then the
regulation would not apply.
On the other hand, if an upright brush-type
vacuum cleaner, for example, is sold together with
an independently powered and operated hand or
"junior" vacuum cleaner at a combination price,
then the transaction would fall within section 6(h)
of the regulation. Of course, if each were sold on
the basis of their individual prices, without reducFEBRUARY

1949




tion, the fact that the two were bought at or about
the same time would not bring the transaction
under section 6(h), nor would the hand vacuum
cleaner ordinarily be considered "an accessory"
under section S(h)(7).
Replacement of Irreparably Damaged Article
A Registrant held a chattel mortgage on an
automobile as security for an instalment loan to
purchase the automobile. The automobile was irreparably damaged, but insurance covering the automobile was slightly more than sufficient to extinguish the loan balance. However, the Registrant
proposed to release the insurance money for the
borrower's use in making the required down payment on an automobile to replace the damaged
one, and in liquidating about one-third of the old
loan balance. The Registrant would then take a
chattel mortgage on the replacement automobile as
security for an instalment loan covering both the
maximum loan value of the new automobile and
the remaining indebtedness under the old loan.
The Board is of the opinion that the transaction
above proposed would not comply with the regulation. Clearly, the borrower would be receiving
more instalment credit in connection with the
purchase of the replacement automobile than permitted by section 4 of the regulation. In effect,
the proposed transaction would constitute a loan
to make a down payment to the extent of the unpaid balance of the old loan.
Automobile Appraisal Guides
The Board has been asked when the provisions
of Part 4 of the Supplement to Regulation W will
require reference to an automobile appraisal guide
in determining the minimum down payment to be
obtained on used 1949 model automobiles. Certain
of the appraisal guides have not yet included estimated retail prices for any 1949 models. Although
certain 1949 car models have been introduced,
others are scheduled for later introduction.
The Board has ruled that it will not be necessary

117

LAW DEPARTMENT
to refer to appraisal guides with respect to used
1949 automobiles until the Board has published in
the Federal Register a notice that such reference
is required. The Board does not plan to place
such a requirement in effect with respect to used
1949 automobiles until all designated appraisal
guides publish retail values for such models, and
it is also planned that by that time the designated
appraisal guides will contain information as to the
date on which the requirement comes into effect.
The maximum amount of credit that can be extended for used 1949 automobiles until the Board

publishes the notice referred to above will, of
course, be two-thirds of the cash price.
In anticipation of the inclusion of 1949 used car
prices in certain of the appraisal guides that have
particular problems of limited space, the Board
has ruled that, effective April 1, 1949, the appraisal
guide provisions of Part 4 of the Supplement to
Regulation W will no longer apply to used 1938
automobile models. Starting on that date, therefore, the maximum amount of credit wrhich can be
extended for used 1938 and older models will be
two-thirds of the cash price.

CURRENT EVENTS AND ANNOUNCEMENTS
Resignation of Branch Director

Effective January 31, 1949, the Board of Governors accepted the resignation of Mr. Howard W.
Jordan, President, Pennsylvania Rubber Company,
Jeannette, Pennsylvania, as a director of the Pittsburgh Branch of the Federal Reserve Bank of
Cleveland. Mr. Jordan had served the branch as
a director since January 1, 1945.
Appointment of Branch Director
On February 3, 1949, the Board of Governors
announced the appointment of Mr. Sidney A.
Swensrud, President, Gulf Oil Corporation, Pittsburgh, Pennsylvania, as a director of the Pittsburgh
Branch of the Federal Reserve Bank of Cleveland
for the unexpired portion of the term ending December 31, 1949. Mr. Swensrud succeeds Mr.
Howard W. Jordan, who resigned.

puted on the basis of average daily net deposit balances covering weekly periods ending on Wednesdays instead of on Thursdays as had previously
been the case. This action was taken at the suggestion of both Reserve Banks and member banks
to reduce difficulties of member banks in adjusting
their reserve positions on the last day of the computation period. Large transfers of funds and
fluctuations in bank reserves frequently occur on
Thursday as a result of the requirement that
Treasury bills be paid for on that day.
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, 1948 to January 15, 1949:
Alabama

Change in Weekly Reserve Computation Period
Pursuant to action taken by all Federal Reserve
Banks under Section 3(a) of Regulation D, with
the approval of the Board, deficiencies in reserves
of member banks in central reserve and reserve
cities will, beginning February 24, 1949, be com-

118




Calera—Central State Bank
Childersburg—Childersburg State Bank
Maryland
Cumberland—The Liberty Trust Company

FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

Tj^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
Expires
Dec. 31
. President, The National Bank of Commerce of New London,
New London, Conn
1949
.President, State Street Trust Company, Boston, Mass
1950
.Executive Vice President and Cashier, First National Bank
of Rochester, Rochester, N. H
1951
District No. 1—Boston

Class A:
Earle W. Stamm..
Allan Forbes
Russell H. Britton..

Class B:
Roy L. Patrick..
.President, Rock of Ages Corporation, Burlington, Vt.. ..
Philip R. Allen
Director, Bird & Son, inc., E. Walpole, Mass
Fredericks. Blackall, jr.. .President and Treasurer, The Taft-Peirce Manufacturing
Company, Woonsocket, R. I . . . .
Class C:
Harold D. Hodgkinson 2 .. . .Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass.
Albert M. Creighton1
Chairman of the Board
Ames Stevens
Treasurer and Director, Ames Worsted Company, Lowell,
Mass
..

1949
1950
1951

1949
1950
1951

District No. 2—New York
Class A:
Winthrop W. Aldrich
Frederic E. Worden
Roger B. Prescott
1

Chairman.

FEBRUARY 1949




2

Chairman of the Board, The Chase National Bank of the
City of New York, New York, N. Y
1949
Chairman of the Board, and President, The National Bank
of Auburn, Auburn, N. Y
1950
President, The Keeseville National Bank, Keeseville, N. Y. 1951

Deputy Chairman.
119

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31

Class B:

Lewis H. Brown .
Charles E. Adams.
Jay E. Crane.

.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
.Director, Standard Oil Company (New Jersey), New York,
N. Y..
1951

Class C:

Robert D. Calkins.
Robert T. Stevens1..
William I. Myers 2 . .

.Vice President, and Director, General Education Board,
New York, N. Y
.Chairman of the Board, J. P. Stevens & Company, Inc.,
New York, N. Y
..Dean, New York State College of Agriculture, Cornell
University, Ithaca, N. Y..

1949
1950
1951

Buffalo Branch
Appointed by federal Reserve Bank:

Raymond F. Leinen..
C. George Niebank.
Clyde C. Brown
George G. Kleindinst. .

.Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y
1949
.President, Bank of Jamestown, Jamestown, N. Y..
1949
President, The Cuba National Bank, Cuba, N. Y.
1950
.President, Liberty Bank of Buffalo, Buffalo, N. Y..
1951

Appointed by Board of Governors:

Thomas Robins, Jr..
Lewis B. Swift. .
Carl G. Wooster..

. .President, Hewitt-Robins, Incorporated, Buffalo, N. Y... .
, .President, Taylor Instrument Companies, Rochester, N. Y.
.Farmer, Union Hill, N. Y..

1949
1950
1951

District No. 3—Philadelphia
Class A:

John B. Henning.
Archie D. Swift.
George W. Reily.

.President, Wyoming National Bank, Tunkhannock, Pa...
1949
.Chairman of Board, Central-Penn National Bank, Philadelphia, Pa
1950
.President, Harrisburg National Bank, Harrisburg, Pa..
1951

Class B:

William J. Meinel.
Walter H. Lippincott.
Albert G. Frost.

.President & General Manager, Heintz Manufacturing Company, Philadelphia, Pa
1949
.President & Director, Lobdell Company, Wilmington, Del. 1950
.President, The Esterbrook Pen Company, Camden, N. J..
1951

Class C:

Warren F. Whittier 2 .
C. Canby Balderston.
Vacancy.. .
1

Chairman.

120




2

.Agricultural Consultant, Chester Springs, Pa
1949
.Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa..
1950
1951

Deputy Chairman.
FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

Term
Expires
Dec. 31
.Chairman of the Board, President and Trust Officer, The
Merchants National Bank and Trust Company of Meadville, Meadville, Pa
..
1949
.President, The Toledo Trust Company, Toledo, Ohio. .
1950
.President, The First National Bank of Ada, Ada, Ohio.
1951
District No. 4—Cleveland

Class A:
John D. Bainer.
John T. Rohr.
Ben R. Conner.
Class B:
Ross Pier Wright.
L. H. Lund.
Joel M. Bowlby.
Class C:
Geo. C. Brainard1.
A. Z. Baker2.
Leo L. Rummell.

.Secretary-Treasurer, Reed Manufacturing Company, Erie,
Pa
..
1949
Vice President and Treasurer, Westinghouse Electric Corporation, Pittsburgh, Pa..
. . 1950
.Chairman of the Board, The Eagle-Picher Company, Cincinnati, Ohio..
1951
. President and General Manager, Addressograph-Multigraph
Corporation, Cleveland, Ohio. . .
. 1949
.Chairman of the Board, The Cleveland Union Stock Yards
Company, Cleveland, Ohio
.
1950
.Dean, College of Agriculture, The Ohio State University,
Columbus, Ohio.
1951
Cincinnati Branch

Appointed by Federal Reserve Bank:
Waldo E. Pierson..
.President, The First National Bank of Cincinnati, Cincinnati, Ohio
.
Walter H. J. Behm.
President, The Winters National Bank and Trust Company
of Dayton, Dayton, Ohio. .
Joseph B. Hall.
President, Kroger Company, Cincinnati, Ohio
Spears Turley.
Vice President and Trust Officer, State Bank and Trust
Company of Richmond, Kentucky, Richmond, Ky..
Appointed by Board of Governors:
S. Headley Shouse.
Tobacco and livestock raiser, Lexington, Ky.. .
Paul G. Blazer.
.Chairman of the Board, Ashland Oil & Refining Company,
Ashland, Ky...
Ernest H. Hahne.
.President, Miami University, Oxford, Ohio.

1949
1950
1951
1951
1949
1950
1951

Pittsburgh Branch

Appointed by Federal Reserve Bank:
R. E. Bowie.
.President, Security Trust Company, Wheeling, W. Va..
T. C. Swarts.
.Executive Vice President, Woodlawn Trust Company,
Aliquippa, Pa.. .
.
.
.
LaurenceS. Bell.
.Executive Vice President, The Union National Bank of
Pittsburgh, Pittsburgh, Pa.
.
...
Montfort Jones..
.Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa..
'
1

Chairman.

FEBRUARY 1949




2

1949
1950
1951
1951

Deputy Chairman.
121

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31

Appointed by Board of Governors:

Sidney A. Swensrud..
Josiah M. Koch..
A. H. Burchfield, Jr..

.President, Gulf Oil Corporation, Pittsburgh, Pa
.Vice President, Quaker State Oil Refining Corporation,
Oil City, Pa
.President and General Manager, Joseph Home Company,
Pittsburgh, Pa..

1949
1950
1951

District No. 5—Richmond
Class A:

Warren S. Johnson..
John A. Sydenstricker..
James D. Harrison.

.President, Peoples Savings Bank & Trust Company,
Wilmington, N. C
.Cashier, First National Bank in Marlinton, Marlinton,
W. Va
.President, First National Bank of Baltimore, Baltimore,
Md

1949
1950
1951

Class B:

H. L. Rust, Jr.
Cary L. Page....
Charles C. Reed.

.President, H. L. Rust Company, Washington, D. C . . .
.President and Treasurer, Jackson Mills, Wellford, S. C..
.President, Williams & Reed, Inc., Richmond, Va..

1949
1950
1951

Class C:

J. Brockenbrough
Woodward, Jr. 2 . .
Charles P. McCormick1.
W. G. Wysor.

.President and General Manager, Newport News Shipbuilding & Dry Dock Company, Newport News, V a — 1949
. President and Chairman of Board, McCormick & Company,
Inc., Baltimore, Md.
..
1950
.Management Counsel, Southern States Cooperative, Inc.
Richmond, Va..
1951
Baltimore Branch

Appointed by Federal Reserve Bank:

George M. Moore. .
Eugene G. Grady..
W. Bladen Lowndes.
Holmes D. Baker..

.Vice President, The Union National Bank of Clarksburg,
Clarksburg, W. Va
.President, The Western National Bank of Baltimore,
Baltimore, Md
.President, Fidelity Trust Company, Baltimore, Md.. . .
.President, The Citizens National Bank, Frederick, Md..

1949
1949
1950
1951

Appointed by Board of Governors:

L. Vinton Hershey.
James M. Shriver.
James E. Hooper.
1

Chairman.

122




2

.President and General Manager, Hagerstown Shoe Company, Hagerstown, Md
1949
.President, The B. F. Shriver Company, Westminster, Md. 1950
.Vice President, William E. Hooper & Sons Company,
Baltimore, Md..
1951

Deputy Chairman.
FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

Charlotte Branch
Appointed by Federal Reserve Bank:

Allen H. Sims..
George S. Crouch...
N. S. Calhoun
Thomas J. Robertson..

Term
Expires
Dec. 31

.Executive Vice President and Trust Officer, Citizens
National Bank in Gastonia, Gastonia, N. C
. .President, Union National Bank, Charlotte, N. C
.President, Security National Bank, Greensboro, N. C
.President, The First National Bank of South Carolina,
Columbia, S. C

1949
1949
1950
1951

Appointed by Board of Governors:

W. A. L. Sibley.
R. E. Ebert. . . .
R. Flake Shaw. .

.Vice President and Treasurer, Monarch Mills, Union, S. C.
.President, Dixie Home Stores, Inc., Greenville, S. C
.Executive Vice President, North Carolina Farm Bureau
Federation, Greensboro, N. C .

1949
1950
1951

District No. 6—Atlanta
Class A-

W. D. Cook.
George J. White..
R. C. Williams..

.Chairman of the Board, First National Bank in Meridian,
Meridian, Miss
.President, The First National Bank of Mount Dora, Mount
Dora, Fla
.President, The First National Bank of Atlanta, Atlanta, Ga.

1949
1950
1951

Class B:

Donald Comer.
A. B. Freeman.
J. A. McCrary..

. .Chairman of the Board, Avondale Mills, Birmingham, Ala. 1949
. .Chairman of the Board, Louisiana Coca-Cola Bottling
Company, Ltd., New Orleans, La
1950
.Vice President and Treasurer, J. B. McCrary Company, Inc.,
Atlanta, Ga..
1951

Class C:

Rufus C. Harris 2 ..
Frank H. Neely 1 ..
Paul E. Reinhold..

.President, The Tulane University of Louisiana, New
Orleans, La
. President, Rich's, Inc., Atlanta, Ga
.President, Foremost Dairies, Inc., Jacksonville, Fla.. .

1949
1950
1951

Birmingham Branch

Appointed by Federal Reserve Bank:

James G. Hall..
R. L. Adams....
W. C. Bowman..
D. C. Wadsworth..

Executive Vice President, The First National Bank of
Birmingham, Birmingham, Ala
1949
. President, Bank of York, York, Ala
1949
.Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala
1950
.President, The American National Bank of Gadsden,
Gadsden, Ala
1951

Appointed by Board of Governors:

Thad Holt..
J. Roy Faucett
Wm. Howard Smith. . .
1

Chairman.

FEBRUARY 1949




2

.President and Treasurer, Voice of Alabama, Inc., Birmingham, Ala
1949
.Faucett Brothers, Northport, Ala
1950
.President, McQueen-Smith Farms, Prattville, Ala..
1951

Deputy Chairman.
123

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Jacksonville Branch

Expires

Appointed by Federal Reserve Bank:

H. S. Moody..
Max Losner.
T. W. Shands.
J. D. Camp.

Dec. 31

.Executive Vice President, Manatee River Bank and Trust
Company, Bradenton, Fla.. .
.President, The First National Bank of Homestead, Homestead, Fla
.President, The Atlantic National Bank of Jacksonville,
Jacksonville, Fla
.President, Broward National Bank of Fort Lauderdale,
Fort Lauderdale, Fla..

1949
1949
1950
1951

Appointed by Board of Governors:

Howard Phillips..
Marshall F. Howell..
J. Hillis Miller..

.Vice President and General Manager, Dr. P. Phillips Company, Orlando, F l a . . . .
.
.
1949
.Secretary-Treasurer, Bond-Howell Lumber Company, Jacksonville, Fla
1950
. President, University of Florida, Gainesville, F l a —
1951

Nashville Branch

Appointed by Federal Reserve Bank:

Leslie R. Driver.
T. L. Cathey
W. H. Hitchcock..
Parkes Armistead..

.President, The First National Bank in Bristol, Bristol,
Tenn
1949
.President, Peoples and Union Bank, Lewisburg, Tenn
1949
. President, First and Peoples National Bank, Gallatin, Tenn. 1950
.President, The American National Bank of Nashville,
Nashville, Tenn...
1951

Appointed by Board of Governors:

W. Bratten Evans.
C. E. Brehm.
H. C. Meacham.

. President, Tennessee Enamel Manufacturing Company,
Nashville, Tenn
1949
.President, University of Tennessee, Knoxville, Tenn
1950
.Farmer, Franklin, Tenn...
1951
New Orleans Branch

Appointed by Federal Reserve Bank:

John Legier..
W.S.Johnson..
T. J. Eddins..
J. C. Bolton..

.President, National American Bank of New Orleans, New
Orleans, La
.Executive Vice President, The First National Bank of
McComb City, McComb, Miss
. President, Bank of Slidell, Slidell, La
.President, Rapides Bank & Trust Company in Alexandria,
Alexandria, L a . . . .

1949
1949
1950
1951

Appointed by Board of Governors:

E. O. Batson... .
H. G. Chalkley, Jr..
John J. Shaffer, Jr..
124




.President, Batson-McGehee Company, Inc., Millard, Miss. 1949
.President, Sweet Lake Land and Oil Company, Inc., Lake
Charles, La
..
,.
1950
. Planter, Ellendale, La...
1951
FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

District No. 7—Chicago
Class A:
Horace S. French.
Vivian W. Johnson.
Walter J. Cummings.
Class B:
William J. Grede.
Nicholas H. Noyes.
Wm. C. Heath.
Class C:
Paul G. Hoffman.
Allan B. Kline.
F. J. Lunding2.

Term
Expires
Dec. 31

.President, The Manufacturers National Bank of Chicago,
Chicago, 111
1949
.President, First National Bank, Cedar Falls, Iowa
1950
.Chairman, Continental Illinois National Bank and Trust
Company of Chicago, Chicago, 111..
1951
.President, Grede Foundries, Inc., Milwaukee, Wis..
1949
Chairman, Finance Committee, Eli Lilly and Company,
Indianapolis, Ind...
1950
.President, A. O. Smith Corporation, Milwaukee, Wis..
1951

.Director, The Studebaker Corporation, South Bend, Ind.. . 1949
.President, American Farm Bureau Federation, Chicago, 111. 1950
.President, Jewel Tea Company, Inc., Barrington, 111..
1951

D3tro t B anch
Appointed by Federal Reserve Bank:
'
Chas. T. Fisher, Jr.
.President, The National Bank of Detroit, Detroit, Mich.
Chas. A. Kanter.
.President, The Manufacturers National Bank of Detroit,
Detroit, Mich
John A. Stewart.
Vice President and Cashier, Second National Bank & Trust
Company, Saginaw, Mich..
Appointed by Board of Governors:
Ben R. Marsh.
.Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich..
Ernest Gilbert..
.Farmer, Waldron, Mich..

Qa

A.

Phil E. Chappell.
Class B:
K. August Engel.
Louis Ruthenburg
M. Moss Alexander
Class C:
Russell L. Dearmont 1 .
Wm. H. Bryce2..
Vacancy.
Chairman.

FEBRUARY 1949




1950
1950

1949
1950

District No. 8—St. Louis

G. R. Corlis .
Tom K. Smith..

1

1949

2

. President, Anna National Bank, Anna, 111
1949
.Chairman of Board, Boatmen's National Bank, St. Louis,
Mo..
. . . .
. . . .
1950
. President, Planters Bank and Trust Company, Hopkinsville,
Ky
1951
.President, Arkansas Democrat Company, Little Rock, Ark. 1949
.President and General Manager, Servel, Inc., Evansville,
Ind.
.
. . .
1950
.President, Missouri Portland Cement Company, St. Louis,
Mo..
1951
.Chief Counsel for Trustee, Missouri-Pacific Lines, St.
Louis, Mo..
. . 1949
Vice President and Director, Dixie Wax Paper Company,
Memphis, Tenn..
' 1950
1951

Deputy Chairman.
125

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires

Little Rock Branch

Appointed by Federal Reserve Bank:

Emmet Morris. .
Geo. S. Neal
Thos. W. Stone..
Lloyd Spencer..

Dec. 31

. . Chairman, Worthen Bank and Trust Company, Little
Rock, Ark
1949
. .President, Bank of Russellville, Russellville, Ark
1950
. .Executive Vice President, The Arkansas National Bank,
Hot Springs, Ark
1951
.President, First National Bank, Hope, Ark...
1951

Appointed by Board of Governors:

Ralph E. Plunkett..

.President, Plunkett-Jarrell Grocer Company, Little Rock,
Ark
1949
A. Howard Stebbins, Sr.. .Chairman of Board, Stebbins and Roberts, Inc., Little Rock,
Ark
1950
Cecil C. Cox. .
.Farmer, Stuttgart, Ark..
1951
Louisville Branch

Appointed by Federal Reserve Bank:

A. C. Voris
Wallace M. Davis .
Ira F. Wilcox.
H. Lee Cooper. .

. .President, Citizens National Bank, Bedford, Ind
.Vice President, Citizens Fidelity Bank and Trust Company,
Louisville, Ky
. Cashier and Director, The Union National Bank, New
Albany, Ind
.President, Ohio Valley National Bank, Henderson, Ky..

1949
1950
1951
1951

Appointed by Board of Governors:

Smith Broadbent, Jr..
Alvin A. Voit....
John W. Taylor.

. Farmer, Cadiz, Ky
. President, Mengel Company, Louisville, Ky
.President, University of Louisville, Louisville, Ky..

1949
1950
1951

Memphis Branch

Appointed by Federal Reserve Bank:

W. W. Campbell. .
W. P. Kretschmar.
Norfleet Turner..
H. W. Hicks..

.President, National Bank of Eastern Arkansas, Forrest
City, Ark
1949
.Chairman of Board, Commercial National Bank, Greenville, Miss
1950
.President, First National Bank, Memphis, Tenn...
1951
. .President, First National Bank, Jackson, Tenn.. ..
1951

Appointed by Board of Governors:

Hugh M. Brinkley..
M. P. Moore
Leslie M. Stratton, Jr

126




. . Farmer, Hughes, Ark
1949
Partner, E. E. Moore and Company, Senatobia, Miss
1950
Executive Vice President, Stratton-Warren Hardware Company, Memphis, Tenn
1951
FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

Term
Expires
Dec. 31
.Chairman of the Board, Northwestern National Bank,
Minneapolis, Minn
1949
Chairman, Pierre National Bank, Pierre, S. D . . .
1950
Vice President and Cashier, Security National Bank,
Edgeley, N. D..
1951
District No. 9—Minneapolis

Class A:
Clarence E. Hill..
J. R. McKnight.
C. W. Burges..
Class B:
Homer P. Clark.
Walter H. McLeod .
Ray C. Lange.
Class C:
W. D. Cochran 2 ..
Roger B. Shepard1.
Paul E. Miller.

.Chairman of the Board, West Publishing Company, St.
Paul, Minn
1949
. President, Missoula Mercantile Company, Missoula, Mont. 1950
President, Chippewa Canning Company, Chippewa Falls,
Wis..
1951
. G. M. C. Truck Distributor, Iron Mountain, Mich..
1949
Chairman of the Board
1950
Director of Agricultural Extension Division, University of
Minnesota, St. Paul, Minn..
1951

Helena Branch
Appointed by Federal Reserve Bank:

B. M. Harris... .
E. D. MacHafne.
Theodore Jacobs..

.President, Yellowstone Bank, Columbus, Mont
President, State Publishing Company, Helena, Mont..
President, First National Bank, Missoula, Mont...

1949
1950
1950

Appointed by Board of Governors:

Malcolm E. Holtz. .
James A. McCain.

Agriculturalist, Great Falls, Mont
President, Montana State University, Missoula, Mont..

1949
1950

District N o . 10—Kansas City
Class A:
M. A. Limbocker. .
W. L. Bunten.
T. A. Dines..
Class B:
J. M. Bernardin.
L. C. Hutson..
Willard D. Hosford.
1

Chairman.

FEBRUARY 1949




2

Chairman of the Board and President, Citizens National
Bank, Emporia, Kans
1949
Executive Vice President, Goodland State Bank, Goodland,
Kans
1950
Chairman of the Board, United States National Bank, Denver, Colo.. .
1951
Lumberman, Kansas City, Mo
1949
President and General Manager, Chickasha Cotton Oil
Company, Chickasha, Okla
1950
Vice President and General Manager, John Deere Plow
Company, Omaha, Neb.. .
1951

Deputy Chairman.

127

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31

Class C:

Robert B. Caldwell1.
Robert L. Meh or nay 2 .
Lyle L. Hague.

.Caldwell, Downing, Noble and Garrity, Kansas City, Mo.
.President, North-Mehornay Furniture Company,'Kansas
City, Mo
.Farmer and stockman, Cherokee, Okla.

1949
1950
1951

Dsnver Branch
Appointed by Federal Reserve Bank:

P. K. Alexander..
J.D.Allen..
Albert K. Mitchell.

. Vice President, The First National Bank of Denver, Denver,
Colo
.
1949
.President, The First National Bank of Eagle County,
Eagle, Colo
1950
.Rancher, Albert, N. M..
1950

Appointed by Board of Governors:

W. A. Alexander.
G. Norman Winder.

.Vice President and Assistant General Manager, The Denver
Tramway Corporation, Denver, Colo..
.Rancher, Craig, Colo..

1949
1950

Oklahoma City Branch
Appointed by Federal Reserve Bank:

S. A. Bryant.
Robert L. Bosworth
Frank A. Sewell.

.President, The Farmers National Bank, Cushing, Okla..
1949
.Financial Vice President, Continental Oil Company, Ponca
City, Okla
1950
.Chairman of the Board and President, Liberty National
Bank, Oklahoma City, Okla..
1950

Appointed by Board of Governors:

Cecil W. Cotton..
Rufus J. Green.

.President, C. W. Cotton Supply Company, Tulsa, Okla..
.Rancher and farmer, Duncan, Okla..

1949
1950

Omaha Branch
Appointed by Federal Reserve Bank:

I. R. Alter..
Walter S. Byrne.
Fred W. Marble.

.President, First National Bank, Grand Island, Neb
1949
.General Manager, Metropolitan Utilities District of
Omaha, Omaha, Neb.. .
.
1949
.President, Stock Growers National Bank, Cheyenne, Wyo. 1950

Appointed by Board of Governors:

Joseph W. Seacrest.
Fred S. Wallace
1

Chairman.

128




.Co-Publisher and Co-Editor in Chief, The Journal Newspapers, Lincoln, Neb.
1949
. Farmer, Gibbon, Neb..
1950

- Deputy Chairman.
FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES

District No. 11—Dallas
Class A:
J. Edd McLaughlin. .
W. L. Peterson.
P. P. Butler..
Class B:
George L. MacGregor..
W. F. Beall.
J. R. Milam.
Class C:
J. R. Parten 1 .. .
G. A. Frierson.
R. B. Anderson2..

Term
Expires
Dec. 31

Vice President, Security State Bank and Trust Company,
Rails, Texas
1949
President, The State National Bank, Denison, Texas
1950
. President, First National Bank in Houston, Houston, Texas. 1951

Chairman of the Board, President and General Manager,
Dallas Power & Light Company, Dallas, Texas
1949
President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas
1950
President, The Cooper Company, Inc., Waco, Texas..
1951

President, Woodley Petroleum Company, Houston, Texas. 1949
. G. A. Frierson & Son, Merchants & Planters, Shreveport,
La
1950
.General Manager, W. T. Waggoner Estate, Vernon, Texas. 1951

El Paso Branch

Anointed by Federal Reserve Bank:
George G. Matkin..
.President, State National Bank, El Paso, Texas
W. H. Holcombe. .
.Executive Vice President, Security State Bank, Pecos,
Texas
W. S. Warnock....
Vice President, El Paso National Bank, El Paso, Texas..
W. Henry Wooldridge.
President, Lone Star Motor Company, El Paso, Texas. .

1949
1950
1951
1951

Appointed by Board of Governors:
Hiram S. Corbett..
.President, J. Knox Corbett Lumber Company, Tucson,
Ariz
1949
Hal Bogle
Livestock feeding, farming, and ranching, Bexter, N. M. 1950
Dorrance D. Roderick..
.President, Newspaper Printing Corporation, El Paso,
Texas..
1951

Houston Branch

Appointed by Federal Reserve Bank:
Melvin RoufT.
First Vice President, Houston National Bank, Houston,
Texas
R. Lee Kempner..
Chairman of the Executive Committee, United States
National Bank, Galveston, Texas...
P. R. Hamill..
President, Bay City Bank & Trust Company, Bay City,
Texas. .
..
.
..
O. R. Weyrich.
.President, Houston Bank & Trust Company, Houston,
Texas..
1

Chairman.

FEBRUARY 1949




2

1949
1950
1951
1951

Deputy Chairman.

129

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31

Appointed by Board of Governors:

George A. Slaughter..
J. E. Wheat...
Ross Stewart..

.Farming, Wharton, Texas
1949
.Attorney at Law, Woodville, Texas
1950
..President, C. Jim Stewart & Stevenson, Inc., Houston,
Texas..
1951
San Antonio Branch

Appointed by Federal Reserve Bank:

Riley Peters...
E. R. L. Wroe....
E. A. Baetz
C. L. Skaggs..

..Executive
Texas
.. .President,
.President,
Texas
.President,
Texas..

Vice President, First State Bank, Kerrville,
American National Bank, Austin, Texas
Bexar County National Bank, San Antonio,

1949
1950
1951

The First National Bank of Weslaco, Weslaco,
1951

Appointed by Board of Governors:

Holman Cartwright..
Edward E. Hale..
Henry P. Drought. .

.Livestock and farming, Twin Oaks Ranch, Dinero, Texas..
.Chairman of the Department and Professor of Economics,
The University of Texas, Austin, Texas .
.Attorney at Law, San Antonio, Texas..

1949
1950
1951

District No. 12—San Francisco
Class A:
William W. Crocker. .
Chas. H. Stewart..
Carroll F. Byrd. .
Class B:
Walter S. Johnson . .
St. George Holden
Reese H. Taylor..
Class C:
Brayton Wilbur1
Wm. R. Wallace, Jr
Harry R. Wellman2. .

.President, Crocker First National Bank of San Francisco,
San Francisco, Calif
1949
.President, Portland Trust and Savings Bank, Portland, Ore. 1950
.President, The First National Bank of Willows, Willows,
Calif
1951
.President, American Box Corporation, San Francisco, Calif.
St. George Holden Realty Company, San Francisco, Calif.
.President, Union Oil Company of California, Los Angeles,
Calif

1949
1950

President, Wilbur-Ellis Company, San Francisco, Calif... .
Member of the firm, Williamson & Wallace, Attorneys at
Law, San Francisco, Calif
. .Director, Giannini Foundation of Agricultural Economics,
University of California, Berkeley, Calif

1949

1951

1950
1951

Los Angeles Branch
Appointed by Federal Reserve Bank:

W. R. Bimson
M. Vilas Hubbard.. .
Frank L. King
1

Chairman.

130




2

President, The Valley National Bank of Phoenix, Phoenix,
Ariz
. .President, Citizens Commercial Trust and Savings Bank of
Pasadena, Pasadena, Calif
President, California Bank, Los Angeles, Calif..

1949
1950
1950

Deputy Chairman.
FEDERAL RESERVE BULLETIN

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31

Appointed by Board of Governors:

Y. Frank Freeman.
Fred G. Sherrill.

Vice President, Paramount Pictures, Inc., Hollywood, Calif.
Vice President, J. G. Boswell Company, Los Angeles, Calif.

1949
1950

Portland Branch
Appointed by Federal Reserve Bank:

E. B. MacNaughton.
W. W. Flint.
Frank Wortman.

.Chairman of the Board, The First National Bank of Portland, Portland, Ore
1949
. President, The First National Bank of Cottonwood, Cottonwood, Idaho
1950
.President, The First National Bank of McMinnville,
McMinnville, Ore..
1950

Appointed by Board of Governors:

Aaron M. Frank..
R. B. Taylor. .

.President, Meier & Frank Company, Inc., Portland, Ore..
.Livestock and farming, Adams, Ore..

1949
1950

Salt Lake City Branch
Appointed by Federal Reserve Bank:

D. F. Richards.
John A. Schoonover.
Chas. L. Smith..

. President, American National Bank of Idaho at Idaho
Falls, Idaho Falls, Idaho
1949
.President, The Idaho First National Bank, Boise, Idaho. . 1950
.Chairman of the Board, First Security Bank of Utah,
National Association, Salt Lake City, Utah. .
1950

Appointed by Board of Governors:

Henry Aldous Dixon..
Merle G. Hyer.

.President, Weber College, Ogden, Utah.
.Livestock and farming, Lewiston, Utah. .

1949
1950

Seattle Branch
Appointed by Federal Reserve Bank:

Lawrence M. Arnold..
Fred C. Forrest..
Ben j . N. Phillips.

.Chairman of the Board, Seattle-First National Bank,
Seattle, Wash
1949
.Chairman of the Board and President, The First National
Bank of Pullman, Pullman, Wash
1950
.Chairman of the Board, First National Bank in Port
Angeles, Port Angeles, Wash.. .
1950

Appointed by Board of Governors:

Henry C. Isaacson.
John M. McGregor.

FEBRUARY 1949




.President, Isaacson Iron Works, Seattle, Wash
.Manager, McGregor Land and Livestock
Hooper, Wash..

1949
Company,
1950

131

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 25, and released for publication January 27]

Output at factories and mines declined somewhat in December. Department store sales in December and the early part of January were above
the reduced November rate, after allowance for
seasonal variation. Wholesale prices of farm products and foods showed further marked declines and
retail prices of foods and some other goods were
also reduced.
INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of industrial production declined 3 points in December to
a rate of 192 per cent of the 1935-39 average, owing
primarily to reduced output of nondurable goods.
Output for the year 1948 was also 192, as compared with 187 in 1947.
Activity in durable goods industries was maintained in December at about the level of the previous month. Iron and steel production, after allowance for mill closings on Christmas, continued
close to the advanced November rate, and in the
first three weeks of January rose to new record
levels. Activity in most machinery and transportation equipment industries was also maintained
at about the November rate, although output in
some lines—mainly those producing household
equipment—was curtailed further. Assembly of
new automobiles in December was below the November rate, mainly because of model change-over
activity at the end of the month. Passenger car

production for the year was 3.9 million vehicles as
compared with 3.6 in 1947 and 3.8 in 1941; the
number of trucks produced in 1948 was at a record
total of about 1.4 million. Output in the nonferrous metals, lumber, and stone, clay, and glass
groups showed little change in December.
Output of nondurable goods in December, according to preliminary figures, was at a rate about
2 per cent lower than in the preceding month.
Cotton consumption declined further in December,
and for the entire year 1948 was at the lowest rate
since 1940. Paperboard production was curtailed
sharply at the end of December, and for the month
was 6 per cent below the rate in December 1947.
Activity in the petroleum refining industry increased further in December. Output in most
other nondurable industries declined somewhat or
showed little change.
Minerals production declined 3 per cent in December, mainly because of a considerable reduction
in coal output. Production of crude petroleum
was maintained at the November rate. In the early
part of January coal production continued at a reduced level, about 12 per cent below the rate at the
beginning of 1948, and crude petroleum output
was curtailed somewhat.
CONSTRUCTION

Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, rose conWHOLESALE PRICES

INDUSTRIAL PRODUCTION
I VOLUME SEAS

60
1947

1948

Federal Reserve indexes. Monthly figures, latest shown are
for December.

132




1941

1942

1943

1944

1945'

1946

1947

Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending Jan. 25.

FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
traseasonally in December, reflecting chiefly large
awards for public works projects. Awards for
most types of private construction were unchanged
from November. The number of new nonfarm
housing units started, according to the Bureau of
Labor Statistics, declined further to 56,000 units as
compared with 65,000 in November 1948 and
59,000 in December 1947; the total for the year
was 927,000 units, almost 10 per cent more than
the 849,000 started in 1947.

marked decreases in prices of farm products and
foods. Prices of alcohol, fuel oil, scrap metals,
and some other industrial commodities also declined in this period, while additional advances
were announced for metal products, including some
new models of automobiles.
In retail markets, prices of foods decreased somewhat further in December and January and special
sales of apparel and household goods at reduced
prices were widespread. Resale prices of passenger
automobiles dropped further.

DISTRIBUTION

Department store sales increased by more than
the usual seasonal amount from November to December, and the Board's adjusted index was estimated to be 307 per cent of the 1935-39 average as
compared with 287 in November and an average
of 302 for the year. Inventories at department
stores were at a high level at the year-end, while
outstanding orders were the lowest in six years. In
the first half of January value of sales was 7 per
cent larger than in the corresponding period last
year, reflecting partly the effect of more extensive
promotional sales.
Shipments of railroad revenue freight showed the
usual large seasonal decline in December and were
8 per cent smaller than in the corresponding period
a year ago, mainly because of reduced loadings of
coal and manufactured goods. In the early part of
January rail shipments of manufactured goods declined somewhat further.

BANK CREDIT

A substantial post-Christmas return of currency
from circulation and an excess of Treasury expenditures over receipts supplied reserve funds to member banks during the first three weeks of January.
Banks used these funds to increase their holdings of
Government securities.
Federal Reserve System holdings of Government
securities were reduced by over one billion dollars
in the first three weeks of January. Bond holdings
declined further as market demand for Treasury
bonds continued active.
Business loans at member banks in leading cities
declined substantially over the year-end but increased somewhat in mid-January. Loans to
brokers and dealers in securities were reduced
considerably. Increases in bank holdings of Government securities reflected primarily large purchases of Treasury bills.
SECURITY MARKETS

COMMODITY PRICES

The average level of wholesale commodity prices
continued to decline in December and the first
three weeks of January, reflecting chiefly further
DEPARTMENT STORE SALES AND STOCKS

Prices of United States Government and highgrade corporate bonds continued to rise slightly in
the first three weeks of January.
LOANS A T MEMBER BANKS IN LEADING CITIES
ILLIONS OF DOLLARS

100
1941

1942

1943

1944

1945

1946

1947

1948

Federal Reserve indexes. Monthly figures, latest shown are
for December.
FEBRUARY 1949




Excludes loans to banks.
are for Jan. 26.

Wednesday figures, latest shown

133

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAGfc

Member bank reserves, Reserve Bank credit, and related items. . . .
Federal Reserve Bank discount rates; rates on industrial loans; rates on
time deposits; reserve requirements; margin requirements.
Federal Reserve Bank statistics
Guaranteed war production loans
.
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
All insured commercial banks in the United States, by classes.
Weekly reporting member banks
Commercial paper, bankers* acceptances, and brokers' balances. .
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Cost of living
. .
Wholesale prices
Gross national product, national income, and personal income. . .
Consumer credit statistics
Current statistics for Federal Reserve chart books
Number of banking offices on Federal Reserve par list and not on par list
Changes in number of banking offices in the United States
..
Earnings and expenses of Federal Reserve Banks during 1948. .

137
138
139-142
143
143-144
145-146
146
147
148-149
150-151
152-155
156
157
158-159
160
161-163
164
165-174
175-178
178
179
180-181
182-184
185-189
190
191
192-193

Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.

FEBRUARY

1949




135

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES

1942

1943

1944

1945

1946

1947

1948

1949

-

-

TOTA L RESERVE BA NK HOLDINGS
OF U. S. GOVERNMEN T SECURITIES

-

-

/

V ^AAI

VynfVV

20

)
J
r

-

-

-

10

r

-

j

-

j

/

BILLS

J

1
\

it

V

\

/w

\

NOTES AND
CERTIFICATES

\\

J
/

\

f

10

/

Ax

/r-J

j

_

/i
/

BONDS

•-»
1941

136




1942

(

. . . .-»1

1943
1944
1945
1946
1947
Wednesday figures, latest shown are for Jan. 26. See page 137.

1948

1949

FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding

Member
bank reserve
balances

U. S Government
securities
Discounts
and
advances Total

Date

Monthly averag<;s of
daily figures:
1947—Oct.

All 1 Total
Bills,
certifi- other
Bonds cates,
and
notes

Gold
stock

TreasTreasOther
ury deury
Money Treas- posits Non- Fedury
cureral
with memcash
rency in cirReculahold- Federal ber de- serve
outRetion
posit s
ings
acstandserve
Total
ing
Banks
counts

208
313
268
357
353
330

22,092
22,082
21,905
23,168
23,028
23,002

20,398
13,174
11,856
11,917

498
472
685
412
449
645

22,798
22,866
22,858
23,937
23,830
23,978

22,149
22,479
22,712
23,958
24,110
24,218

4,551
4,551
4,556
4,574
4,580
4,584

28,598
28,648
28,937
28,188
28,277
28,423

1,327
1,330
1,330
1,319
1,321
1,319

End-of-month figures:
1947—Oct. 31
Nov. 29
Dec. 31
1948—Oct. 30
Nov. 30
Dec. 31

296
331
85
339
337
223

708 21,460
22,168
971 21,238
22,209
22,559 2,853 19,706
23,042 10,925 12,117
23,206 11,181 12,025
23,333 10,977 12,356

442
435
536
494
339
542

22,906
22,975
23,181
23,875
23,881
24,097

22,294
22,614
22,754
24,004
24,166
24,244

4,554
4,557
4,562
4,580
4,585
4,589

28,552
28,766
28,868
28,176
28.331
28,224

1,330
1,324
1,336
1,321
1,332
L,325

Wednesday figures:
1948—Mar. 3
Mar. 10
Mar. 1 7 . . . .
Mar. 2 4 . . . .
Mar. 31

257
298
363
447
430

21,071
20,678
20,373
20,607
20,887

5,721
5,760
5,643
5,653
5,671

15,350
14,918
14,730
14,954
15,216

523
350
451
375
291

21,851
21,326
21,187
21,429
21,607

23,036
23,083
23,119
23,135
23,137

4,559
4,559
4,559
4,557
4,559

28,024
28,006
27,920
27,851
27,781

1,333
1,331
1,325
1,336
1,325

Apr. 7 . . . .
Apr. 14
Apr. 21
Apr. 28

260
221
234
259

20,477
20,593
20,394
20,440

5,747
5,835
5,924
6,084

14,730
14,758
14,470
14,356

347
315
338
253

21,085
21,130
20,966
20,952

23,147
23,152
23,159
23,167

4,558
4,558
4,557
4,561

27,833
27,774
27,718
27,682

May 5
M a y 12
M a y 19
May 2 6 . . . .

230
250
225
321

20,251
20,348
20,098
20,592

6,193
6,281
6,339
6,323

14,058
14,067
13,759
14,269

374
440
351
287

20,856
21,038
20,674
21,201

23,176
23,225
23,245
23,295

4,561
4,560
4,559
4,561

June
June
June
June

2
9....
16
23
June 3 0 . . . .

239
312
294
353
265

20,683
20,349
20,749
21,010
21,366

6,183
6,182
6,177
6,175
6,206

369
294
476
358
268

21,292
20,955
21,519
21,721
21,900

23,343
23,362
23,515
23,523
23,532

July 7 . . . .
July 14
July 21
July 28

398
316
285
327

21,535
21,521
21,326
21,209

310
302
277
187

22,243
22,139
21,888
21,723

4
11. . . .
18
25....

282
293
301
324

21,378
21,566
21,551
21,460

6,210
6,321
6,449
6,564
6,966
7,215
7,410
7,587

14,500
14,167
14,572
14,835
15,160
15,325
15,200
14,877
14,645
14,412
14,351
14,141
13,873

237
205
273
210

7,795
7,864
8,455
8,944
9,202
9,483
296 23,143
500 23,303
9,736
289 23,192 10,132
300 23,242 10,683
320 23,239 11,137
326 23,144 11,223
282 22,930 11,156
582 22,993 11,166

13,616
13,376
12,750
12,916
14,080
13,660
13,567
13,060
12,559
12,102
11,921
11,774
11,827

Nov

Dec.
1948—Oct.
Nov.
Dec.

Aug.
Aug.
Aug.
Aug.

Sept. 1
Sept. 8
Sept. 15
Sept. 2 2 . . . .
Sept. 29
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.

6. . . .
13
20
27....
3
10
17
24

318
310
283
309
357

712 21,380
786 21,296

1,507
9,994
11,172
11,085

21,411
21,240
21,205
21,860
23,282

945

Ex-

cess 2

908
1 ,011
1 ,016
958
984
1 ,051

647
631
614
588
540
600

17,073
16,988
17,261
19,818
19,835
19,990

884
1,400
1,277 1 .180

864
16,956
829
16,974
17,899 1,499
19,736
742
809
19,894
20,479 1,202

1,287

967

1,598
1,563
1,398

954
850
987
815
773
797

870

961

1,610
1,601
1,123

1 ,074
932
1 ,189

631
626
563
542
541
590

954
751
677

1,458
1,972

1 ,027
955
1 ,006
1 ,018
999

557
559
586
589
588

17,552 1,157
977
17,366
904
17,351
684
16,870
655
16,639

1,329
1,320
1,336
1,326

1,140
1,177
1,283
1,185

994
929
911
856

590
590
590
587

16,905
17,050
16,845
17,043

822
894
701
879

27,762
27,762
27,690
27,700

1,329
1,319
1,329
1,333

1,114
1,319
1,612
1,788

810
792
795
788

545
544
546
547

17,033
17,087
16,506
16,901

817
884
294
723

4,562
4,560
4,560
4,561
4,565

27,895
27,864
27,808
27,792
27,903

1,335
1,337
1,331
1,317
L,327

1,567
1,144
1,863
1,928

754
828
879
827
859

551
551
593
598
592

17,094
941
908
17,154
17,999 1,132
728
17,408
742
17,389

23,584
23,593
23,650
23,670

4,562
4,562
4,561
4,563

28,142
27,959
27,864
27,821

1,334
L.331
1,324
1,329

1,841
1,861
1,879
1,822

877
898
920
875

612
613
611
576

17,584 1.0C3
937
17,631
723
17,503
759
17,534

21,897
22,064
22,125
21,993

23,679
23,688
23,708
23,711

4,564
4,564
4,565
4,564

27,922
27,966
27,979
27,965

L.330
L.324
L.322
L.324

1,852
1,756
1,963
1,902

860
865
965
843

569
570
566
567

17,606
730
17,834 1,003
729
17,603
811
17,668

208
284
433
376
314

21,937
21,834
21,921
22,545
23,953

23,725
23,793
23,850
23,865
23,872

4,568
4,571
4,571
4,570
4,573

28,072
28,287
28,156
28,083
28,080

1,323
L.326
1,321
1,319
L.324

1,693
1,331
1,436
1,660

855
872
875
858
864

564
565
592
591
586

17,724
853
926
17,817
18,737 1,647
979
18,694
940
19,884

268
164
388
254

23,707
23,967
23,869
23,797

23,888
23,965
23,983
23,996

4,572
4,572
4,574
4,575

28,202
28,284
28,157
28,091

L.324
1,317
1,326
1,322

1,596
1,551
1,530
1,524

867
916
913
888

596
596
590
583

19,584
19,840
19,910
19,960

607
929
870
874

170
458
622
366

23,729
23,929
23,834
23,941

24,007
24,097
24,110
24,150

4,578
4,579
4,579
4,580

28,254
28,337
28,215
28,305

,317
,317
,324
,317

1,473
1,553
1,591
1,650

886
912
901
922

539
539
539
542

19,846
19,947
19,953
19,934

858
922
815
830

,338
,314
,327
,326
,329

1,527
1,540
1,575
1,283

927
986
994
1 033
1 106

541
548
640
647
653

19,877
783
660
19,727
20,435 1,216
662
19,899
20,238 1,058

,322
951
939
,323
804
,327
L ,333 1,135

1 ,167
1 ,145
1 ,267
1 ,138

597
600
602
613

20,375 1,131
987
20,105
20,133 P978
20,035 P921

Dec. 1. . . .
Dec. 8
Dec. 15
Dec. 22
Dec. 29

306
399
266
426
255

23,165
23,004
22,993
22,845
23,347

11,168
11,110
11,112
11,057
11,001

11,997
11,894
11,881
11,788
12,346

312
324
659
950
512

23,783
23,727
23,919
24,221
24,113

24,165
24,218
24,230
24,234
24,236

4,583
4,585
4,585
4,584
4,585

28,322
28,415
28,369
28,560
28,325

1949—Jan. 5
Jan. 12. . . .
Jan. 1 9 . . . .
Jan. 2 6 . . . .

229
364
241
458

22,919
22,465
22,117
22,039

10,907
10,772
10,603
10,265

12,012
11,693
11,514
11,774

579
364
640
463

23,727
23,193
22,999
22,960

24,249
24,253
24,264
24,268

4,586
4,586
4,586
4,587

28,151
27,919
27,717
27,561

984

661

969

P Preliminary.
1
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
1
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.

FEBRUARY

1949




137

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)*

Federal Reserve Bank

Rate

Effective
Aug. 13,
Aug. 13,
Aug. 23,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 19,
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,

Boston
New York. . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

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

1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948

Effective
Aug. 13,
Aug. 13,
Aug. 23,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 19,
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,

Rate

Effective

1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948

Jan.
Apr.
Aug.
Aug.
Mar.
Jan.
Aug.
Jan.
Aug.
Jan.
Feb.
Apr.

14,
6,
23,
13,
16,
24,
13,
12,
23,
19,
14,
25,

1948
1946
1948
1948
1946
1948
1948
1948
1948
1948
1948
1946

1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
" AND COMMITMENTS UNDER SECTION 13b
RATES ON BANKERS' ACCEPTANCES
OF THE FEDERAL RESERVE ACT
[Per cent per annum]

Maturity

Rate on
Jan. 31

In effect beginning—

Maturities not exceeding five years

Previous
rate

[In effect January 31.
To industrial or
commercial
businesses

i Aug. 13, 1948
i Aug. 13, 1948
1
Aug. 13, 1948

1- 90 days
91-120 days
121-180 days

Per cent per annum]

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]

On discounts or
purchases

Federal
Reserve
Bank
On
loans *

On
commitments

Net demand deposits x
Central
reserve
city
banks

Period in effect

June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
Feb.
June
Sept.

21, 1917-Aug. 15, 1936..
16, 1936-Feb. 28, 1937..
1, 1937-Apr. 30, 1937..
1, 1937-Apr. 15, 1938..
16, 1938-Oct. 3 1 , 1 9 4 1 . .
1, 1941-Aug. 19, 1942..
20, 1942-Sept. 13, 1942 .
14, 1942-Oct. 2, 1942. .
3, 1942-Feb. 26, 1948. .
27, 1948-June 10, 1948. .
11, 1948-Sept. 15, 1948. .
16-24, 1948 and after 2 . . .

Reserve
city
banks

13
19^
22H
26
22^
26
24
22
20
22
24
26

10
15
17H
20
17H
20
20
20
20
20
20
22

Time
deposits
(all
Country member
banks
banks)
7

3

\oy2

12M
14
12
14
14
14
14
14
14
16

6
5
6
6
6
6
6
6

4

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).
2
Change effective Sept. 16 at country banks; Sept. 24 at other classes.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]

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

2^-5

8
8
2 V—*>

()

IT
8

1
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.
* Charge of J^ per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
4

MARGIN REQUIREMENTS *
[Per cent of market value]

Prescribed in accordance with
Securities Exchange Act of 1934

Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days

To financing institutions

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

July 5, Jan. 21,
19461945Jan. 20, Jan. 31,
1947
1946

Effective
Feb. 1,
1947

75
75

100
100

75
75

75

100

75

1

NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.

138



Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

End of month

Item

1948

Jan. 26

Jan. 19

Assets
Gold certificates
22,388,
Redemption fund for
F. R. notes
626,

Jan. 12

Jan. 5

Dec. 29

Dec. 22

1948

22,368,430 22,363,431 22,345,432 22 325,430 22,325, 429 22,329,430
627,186

629,665

630,649

630,650

634, 493

Jan.

Dec. 15

Dec.

Jan.

2,335, 430 21 010,170
,398, 428 22

626,739

630,492

630, 650

691,084

Total gold certificate reserves
23,015,170 22,995,616 22,993,096 22,976,081 22,956,080 22,959,922 22,959,922 23,025,167 22,966,080 21,701,254
Other cash.

^71,422

Discounts and advances:
For member banks.. .
For nonmember
banks, etc

231,049

366,892

233,

70,518

192

196,075
266,593

325,636

282, 051

65,257

187 946

39,805

64,722

176 250

176,250

176 250

189,250

190,125

458,301

241,507

229,055

254,847

426,237

859

Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds

264,882

357,447

817

840

851

292,303

388,021

283,178

32, 680

206,522

173,250

190, 125

120,800

456,428

222,805

327,322

847

832

1,972

,038,026 5,487,406

,709,271

868

296,995

840

4,978,912 4,710,580 4,851,939 5,196,616
6,338,
457,
10,264,

6,304,769 6,317,769 6,278,669
499,250
523,300
537,000
10,602,867 10,772,357 10,906,711

219,628

,466,406 5,020,995 5,127,866

,072,569 5,960 369 5,939,119
421,269 6,077,
790,
806,550
426,250
806 950
813,950
,001,069 11,056 550 11,112,453 10 223,854 10,977,

,881,655
,542,750
,790,968

Total U. S. Govt.
22,039 185 22,117,466 22,465,365 22,918,996 23 346,594 22 ,844 864 22 993,388 22,
109,399 23 ,332 ,746 21 924,644
securities
Other Reserve Bank
462 099
540 ,984
527,670
658,141
639,125
362,587
510,831
949 056
347,613
578,480
credit outstanding. . .
Total Reserve Bank
credit outstanding 22,960,444 22,998,915 23,192,988 23,727,371 24,113,123 24,221,025 23,919,010 22,914,287 24,097,367 22,781,608
Liabilities
Federal Reserve notes. .
23,590,219 23,736,640 23,903,260 24,088,004 24 ,221,886 24,397,448 24,209,331 23,608,761 24,161,103 24,155,801
Deposits:
Member bank — re20,035,393 20,132,511 20,105,472 20,375,331 20,238,244 19,898,699 20 ,435,147 19,540,181 20,479,200 16,919,048
serve account
U. S. Treasurer—gen969,211 1,513,653 1,122,900 2,343,035
939,451
950,864 1,283,394 1,574,577
1,135,457
803,796
eral account
360,056
641,692
613,850
714,671
531,160
671,178
672,388
549,383
679,789
714,985
Foreign
689,087
479,598
547,252
492,554
462,722
473,382
494,781
483,970
458,448
551,836
Other
Total deposits

22,309,087 22,203,128 22,189,483 22,493,364 22,628,042 22,506,629 22,398,240 22,248,103 22,791,044 20,311,226

Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...

50.1

50.1

49.9

49.3

48.9

50.2

49.0

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. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Industrial loans:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
U. S. Government securities:

1949




16 to 30
days

254,847
229,055
364,196
241,507
458,301

100,419
75,740
238,685
110,440
287,822

44,120
41,555
15,868
3,348
92,360

851
840
840
817
859

757
737
735
714
764

31 to 60
days
32,271
97,985
105,269
123,695
75,269

2
2

23,346,594 1,797,127
22,918,996 1,216,929
872,530
22,465,365
882,760
22,117,466
996,492
22,039,185

Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26

FEBRUARY

Within
15 days

469,550 1,770,345
594,960 2 ,455,569
796,042 2,466,878
785,309 2 ,587,480
826,685 2,726,284

61 to 90 91 days to 6 months 1 year to 2 years to Over
days
5 years
5 years
6 months to 1 year 2 years
78,037
13,775
4,374
4,024
2,850
2
2
2
2
2

67
76
80
78
70

2,620,684 878,343
1,852,208 3 ,465,972
1,654,539 ,462,072
1,403,081 3,427,072
1,404,001 3,397,072

4,246,976
1,889,647
1,917,647
1,929,647
1,966,647

15
15
15
15
15
562,500 ,047,422 8,953,647
537,000 2 ,042,722 8 ,863,989
523,300 2 ,033,
,738,835
499,
,032,362 8 ,570,505
457,250 1,979,512 8 ,285,242

139

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total

Assets
Gold certificates:
Dec. 29
2,325,430
Jan. 5
2,345,432
Jan. 12
2,363,431
Jan. 19
2,368,430
Jan. 26
22,388,432
Redemption fund
for F. R. notes:
Dec. 29
630,650
Jan. 5
630,649
Jan. 12
629,665
Tan. 19
627,186
Jan. 26
626,738
Total gold certificate reserves:
Dec. 29
22,956,080
Jan. 5
22,976,081
Jan. 12
22,993,096
Jan. 19
22,995,616
Jan. 26
23,015,170
Other cash:
Dec. 29
264,882
Jan. 5
296,995
Jan. 12
325,636
Jan. 19
357,447
Jan. 26...
371,422
Discounts & advances :
Secured by
U. S. Govt.
securities:
Dec 29
64 550
39,'755
Jan.' 5. .
Jan. 12.. 187,095
Jan. 19.. 65,150
Jan. 26.. 281,950
Other:
Dec. 29. . 190,297
Jan. 5. . 189,300
Jan. 12.. 177,101
Tan. 19.. 176,357
Jan. 26.. 176,351
Industrial loans:
Dec. 29
851
840
Jan. 5 .
Jan. 12
840
Jan. 19
817
Jan. 26
859
U. S. Govt.
securities:
Bills:
Dec. 29. ... 5,466,406
5,196,616
Jan. 5....
4,851,939
Jan. 12
Jan. 19.... 4,710,580
Jan. 26.... 4,978,912
Certificates:
Dec. 29. ... 6,072,569
6,278,669
Tan. 5....
Jan. 12.... 6,317,769
Jan. 19.... 6,304,769
6,338,269
Jan. 26
Dec. 29....
806,550
Jan. 5.... 537,000
Jan. 12....
523,300
499,250
Jan. 19....
Jan. 26
457,250
Bonds:
Dec. 29
11,001,069
Jan. 5....
10,906,711
Jan. 12.... 10,772 357
Jan. 19.... 10,602,867
Jan. 26.... 10,264,754
Total U. S. Govt.
securities:
Dec. 29
23,346,594
Jan. 5
22,918,996
Jan. 12
22,465,365
Jan. 19
22,117,466
Jan. 26
22,039,185
Total loans and
securities:
Dec. 29
23,602,292
Jan. 5
23,148,891
Jan. 12
22,830,401
Jan. 19
22,359,790
Jan. 26
22,498,345
D u e from foreign
banks:
Dec. 29
49
Jan. 5
49
Jan. 12
49
Jan. 19
49
Jan. 26
49
1

Philadelphia

New
York

Boston

Cleveland

Richmond

\tlanta Chicago

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

769,037
769,146
742,889
772,601
759,198

7,262,934
7,608,021
7,238,561
7,458,492
7,143,679

,029,404
,058,263
,106,786
,063,116
,113,031

,449,261
,517,755
,558,997
,509,412
,546,608

964,030
969,352
,020,358
976,987
980,944

058,706
937,991
963,145
948,153
991,910

468,818
301,287
334,586
,235,574
,398,405

669,042
679,794
683,483
670,782
668,194

464,738
401,282
424,728
428,517
439,714

815,736
750,604
783,836
812,598
824,457

573,078
611,216
627,847
654,891
667,643

,800,646
,740,721
,878,215
,837,307
,854,649

54,026
54,026
53,879
53,745
53,737

55,182
55,182
54,561
53,936
53,887

60,212
60,212
59,935
59,722
59,708

75,340
75,340
75,156
74,971
74,954

57,788
57,788
58,609
57,816
57,736

44,408
44,408
44,286
44,203
44,134

106,421
106,421
106,234
106,118
106,007

44,871
44,871
44,823
44,761
44,741

23,136
23,135
23,109
23,080
23,076

36,192
36,192
36,153
36,105
36,094

26,711
26,711
26,671
26,646
26,605

46,363
46,363
46,249
46,083
46,059

823,063
823,172
796,768
826,346
812,935

7,318,116
7,663,203
7,293,122
7,512,428
7,197,566

,089,616
,118,475
,166,721
,122,838
,172,739

,524,601
,593,095
,634,153
,584,383
,621,562

,021,818
,027,140
,078,967
,034,803
,038,680

103,114
982,399
,007,431
992,356
,036,044

,575,239
,407,708
,440,820
,341,692
,504,412

713,913
724,665
728,306
715,543
712,935

487,874
424,417
447,837
451,597
462,790

33,616
31,397
35,500
37,855
38,418

38,750
44,979
51,518
59,288
63,733

15,815
18,538
22,874
25,669
25,527

17,195
24,254
24,071
30,892
28,946

16,970
20,924
23,929
26,028
27,073

22,892
22,582
26,572
24,938
29,360

37,622
42,779
44,534
47,458
51,277

15,052
16,244
18,536
19,360
20,153

11,825
12,112
14,049
13,998
15,190

10,343
10,481
11,634
13,762
15,009

3,790
2,195
8,845
2,710
3,245

19 180
13^095
136,780
40,485
184,305

3,485
3415
5,140
5,100
3,335

7 740
6il40
17,855
905
17,920

8 115
l!l25
1,350
2,650
3,700

6,020
'225
125
200
735

1,000
2I400
6,640
1,865
42,725

1,410
1,500
1,700
2,000
12,600

425
75
75
1,500

8,535
6,785
8,485
7,335
5,835

'2,660

4,850
100
100
400
5,550

11,978
11,923
11,104
11,104
11,104

60,840
60,560
55,695
55,695
55,695

15,400
15,329
14,340
14,100
14,100

17,492
17,411
16,491
16,215
16,215

9,316
9,273
8,636
8,636
8,636

7,917
7,759
7,407
7,284
7,278

25,857
25,738
24,322
24,322
24,322

6,845
6,813
6,345
6,345
6,345

4,753
4,731
4,406
4,406
4,406

6,704
6,674
6,395
6,395
6,395

6,464
6,435
6,274
6,169
6,169

16,731
16,654
15,686
15,686
15,686

254,795
251,349
234,678
227,841
240,820
283,048
303,686
305,578
304,949
306,569

247,732
224,780
209,871
203,755
215,362
275,203
271,583
273,276
272,713
274,162

504,294
504,325
449,218
438,018
456,443
551,250
556,341
559,804
558,652
561,622
73,216
47,582
46,369
44,238
40,516
998,644
966,422
954,517
939,499
909,539

791
771
767
746
796

851,928 599,789 ,847,009
786,796 637,927 ,787,084
819,989 654,518 ,924,464
848,703 681,537 ,883,390
860,551 694,248 ,900,708
11,924
14,911
15,594
17,554
16,225

3,000

60
69
73
71
63

341,783
263,484
296,133
285,056
312,945

1,310,746
1,282,703
1,169,157
1,135,656
1,195,223

390,465
353,983
330,504
320,876
339,154

524,064
479,289
447,498
434,460
459,209

355,010 274,047
333,607 278,606
311,481 260,126
302,406 252,548
319,632 266,933

794,332
775,423
723,991
702,898
742,938

301,817
280,836
262,209
254,569
269,070

408,223
433,152
435,851
434,953
437,264

1,456,093
1,487,982
1,497,248
1,494,168
1,502,106

433,764
427,691
430,353
429,468
431,751

582,177
579,088
582,694
581,496
584,584

394,377
403,072
405,582
404,748
406,898

304,435
336,618
338,715
338,018
339,815

862,839
936,884
942,719
940,778
945,778

335,285
339,312
341,425
340,722
342,532

167,321
168,231
157,073
152,497
161,183
185,875
203,260
204,524
204,104
205,188

54,219
37,047
36,101
34,442
31,545

193,396
127,264
124,017
118,317
108,364

57,612
36,579
35,646
34,008
31,147

77,324
49,528
48,265
46,046
42,173

52,381
34,474
33,594
32,050
29,354

40,435
28,790
28,056
26,766
24,514

114,601
80,129
78,085
74,497
68,229

44,532
29,021
28,280
26,981
24,711

24,688
17,384
16,941
16,162
14,803

37,594
25,974
25,311
24,148
22,116

36,552
23,228
22,635
21,595
19,778

739,536
752,432
743,163
731,471
708,145

2,637,858
2,584,781
2,552,941
2,512,773
2,432,644

714,453 551,517 ,563,120 607,402 336,732
700,178 584,742 ,627,467 589,420 353,083
691,553 577,538 ,607,419 582,160 348,734
680,672 568,452 ,582,128 573,000 343,247
658,966 550,324 ,531,676 554,728 332,301

512,771
527,536
521,037
512,839
496,486

498,557
471,770
465,958
458,627
444,002

785,806 1,054,673
742,943 1,005,937
733,792 993,545
722,246 977,913
699,214 946,729

1,543,761
1,486,115
1,511,248
1,485,922
1,489,899

5,598,093 1,667,647 2,238,238 1,516,221
5,482,730 1,561,196 2,113,842 1,471,331
5,343,363 1,530,295 2,072,002 1,442,210
5,260,914 1,506.598 2,039,915 1,419,876
5,238,337 1,501,266 2,032,695 1,414,850

1,559,529
1,500,233
1,531,197
1,499,736
1,504,248

5,678,113 1,687,323 2,263,470 1,533,712 1,184,371 3,361,749 1,297,291
5,556,385 1,580,411 2,137,393 1,481,798 1,236,740 3,448,041 1,246,902
5,535,838 1,550,542 2,106,348 1,452,269 1,211,967 3,383,176 1,222,119
5,357,094 1,526,544 2,057,035 1,431,233 1,193,268 3,326,488 1,203,617
5,478,337 1,519,497 2,066,830 1,427,249 1,189,599 3,355,668 1,209,986

3

3

1
1
1
1
1

16
16
16
16
16

,170,434 3,334,892 ,289,036
,228,756 3,419,903 1,238,589
,204,435 3,352,214 1,214,074
,185,784 3,300,301 1,195,272
,181,586 3,288,621 1,191,041

714,616 ,088,208
741,958 ,108,545
727,272 1,086,604
716,010 1,069,777
713,475 1,065,991

,058,044 2,127,404
991,361 2,074,670
971,740 2,009,908
956,690 1,980,407
953,304 1,968,120

719,794 1,103,447 1,064,508 2,148,985
746,764 1,122,004 1,000,796 2,091,424
731,753 1,101,484 978,014 2,025,694
721,916 1,083,507 962,859 1,996,493
717,881 1,078,221 961,473 1,989,356
4
4
4
4
4

i
i

i

L
{

4

32,878
37,794
36,825
40,645
40,511

4

After deducting $33,000 participations of other Federal Reserve Banks on Dec. 29, 1948; Jan. 5; Jan. 12; Jan. 19; and Jan. 26, 1949.

140



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. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
XJncollected
items:
Dec. 29.
Jan. 5
Jan. 12.
Jan. 19
Jan. 26
Bank premises:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan 26
Other assets:
Dec. 29
Jan. 5
Jan 12
Jan. 19
Jan. 26
Total assets:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26

Boston

NewYork

Philadelphia

Cleveland

Richmond

Atlanta

168,085
177,706
181,454
190,456
164,876

5,176
7,407
7,978
9,849
5,855

16,668
19,313
18,284
21,555
15,311

8,610
7,812
7,395
8,154
4,861

9,390
10,055
8,375
10,007
8,400

30,540
35,135
38,336
41,062
42,363

2,867,014
2,791,136
2,652,350
3,180,933
2,770,234

212,432
198,458
210,967
232,404
210,110

573,672
458,141
472,929
627,835
488,981

181,734
163,980
163,652
199,214
167,846

287,471
270,941
264,608
339,000
281,976

235,320
216,568
213,780
245,422
240,293

32,321
32,343
32,343
32,338
32,303

1,200
1,185
1,185
1,185
1,185

8,045
8,023
8,023
8,023
8,023

3,053
3,053
3,053
3,053
3,047

4,867
4,867
4,867
4,862
4,854

2,557
2,557
2,557
2,557
2,549

1,574
1,574
1,574
1,574
1,568

148,062
146,773
151 379
154^34
154,998

9,938
10,262
10,491
10752
10,730

35,294
34,527
35,821
36,362
36,323

10,141
9,796
10 048
10,382
10,324

14,351
13,560
13,975
14,484
14,482

9,643
9,231
9,614
9,821
9,920

7,468
7,912
8 123
8,286
8,275

50,038,785
49,569,974
49,166,708
49,271,463
49,007,397

Federal Reserve
notes:
24,221,886
Dec. 29
24,088,004
Jan. 5
23,903,260
Jan. 12
23,736,640
Jan. 19
23,590,219
Jan. 26
Deposits:
M e m b e r bank
reserve
account:
Dec. 29. .20,238,244
Jan. 5. .20,375,331
Jan. 12..
20,105,472
Jan. 19..
20,132,511
Jan. 26..
20,035,393
U. S. Treasurer-general
account:
Dec. 29. . 1,283,394
Jan. 5. . 950,864
Jan. 12.. 939,451
Jan. 19.. 803,796
Jan. 26.. 1,135,457
Dec 29..
613,850
Jan. 5. . 672,388
Jan. 12.. 671,178
Jan. 19.. 714,985
Jan. 26.. 679,789
Other*
Dec. 29..
492,554
Jan. 5..
494,781
Jan. 12.. 473,382
Jan. 19.. 551,836
Jan. 26.. 458,448
Total deposits:
Dec. 29
22,628,042
Jan. 5
22,493,364
Jan. 12
22,189,483
Jan. 19
22,203,128
Jan. 26...... 22,309,087
bility items:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Other liab. incl.
accrued div.
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Total liabilities:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

22,698
23,428
23,434
22,624
21,268

10,095
8,482
8,081
8,723
8,416

7,969
8,586
9,916
11,491
10,876

9,866
9,826
10,572
8,453
7,449

178,901 469,453
189,642 505,626
190,457 422,100
203,271 510,172
198,175 430,208

120,832
128,950
136,896
157,898
138,564

75,297
82,923
69,168
85,897
74,521

154,678
199,448
157,019
179,752
148,121

3,124
3,191
3,191
3,191
3,190

1,941
1,942
1,942
1,941
1,941

1,177
1,177
1,177
1,177
1,177

2,386
2,380
2,380
2,380
2,380

759
756
756
757
757

1,638
1,638
1,638
1,638
1,632

21,115
21,538
22,282
22,910
23,130

8,423
8,302
8 501
8,706
8,702

4,495
4,798
4,847
4,923
4,963

6,724
7,061
7 227
7,289
7,286

6,778
6,329
6,521
6,754
6,721

13,692
13,457
13,929
14,165
14,142

15,003
14,377
16,431
18,059
13,263

8,833
11,076
10,404
8,781
6,829

23,237
22,209
22,248
21,698
19,985

142,166 235,058
132,727 243,732
129,988 220,786
143,304 256,764
141,795 249,644

2,644,957 13,668,674 2,996,296 4,121,349 2,850,562 2,513,325 8,491,007 2,167,549 1,308,432 2,139,374 1,834,759 5,302,501
2,572,117 13,784,587 2,902,069 4,054,169 2,793,355 2,455,228 8,452,318 2,135,489 1,280,778 2,137,998 1,804,524 5,197,342
2,594,089 13,415,551 2,924,289 4,056,401 2,819,454 2,462,557 8,339,544 2,124,383 1,278,748 2,110,307 1,795,797 5,245,588
2,618,130 13,622,601 2,895,858 4,040,667 2,790,928 2,441,754 8,274,542 2,115,790 1,291,000 2,143,848 1,821,548 5,214,797
21,583,484 13,288,290 2,903,845 4,027,054 2,788,129 2,476,286 8,389,160 2,100,699 1,287,399 2,119,019 1,828,050 5,215,982

1,431,428
1,418,752
1,402,660
1,389,340
1,383,170

5,568,795
5,542,375
5,472,766
5,434,437
5,400,533

850,789
848,481
838,219
860,198
848,940

6,570,443
6,703,061
6,448,926
6,574,655
6,504,135

963,519
941,643
951,896
923,001
941,188

1,471,504
1,471,734
1,457,825
1,450,654
1,441,251

823,385
851,552
857,189
842,093
828,755

85,910
45,937
61,610
57,634
71,084

202,863
286,502
238,389
233,192
145,217

98,807
56,747
64,029
53,726
73,788

113,694
88,866
99,481
54,055
111,902

83,087
39,765
52,437
37,709
59,064

35,123
39,917
42,305
44,944
42,695

1234,701
1241.483
1211,793
1232,172
1216,020

45,158
51,322
53,720
57,072
54,216

51,290
58,291
61,778
65,633
62,349

4,144
1,741
4,255
6,158
3,591

417,057
418,319
395,091
435,499
387,242

2,181
1,808
1,788
5,105
1,718

7.573
8,128
8,346
19,172
7,143

975,966
936,076
946,389
968,934
966,310

632,127 938,687
631,336 940,028
628,635 936,032
624,449 929,867
620,033 924,578

627,925 2,433,851
622,671 2,423,687
616,463 2,419,747
611,489 2,397,911
605,270 2,378,180

775,914 492,462 932,327
774,913 495,550 959,415
771,423 495,598 956,450
761,907 496,661 958,227
747,078 478,133 933,916

949,860 2,406,462
958,627 2,369,619
964,111 2,416,023
991,259 2,410,411
951,434 2,383,458

1,672,258 2,159,154 1,669,687 1,337,417 4,602,647 1,147,910
1,660,364 2,142,463 1,648,758 1,326,325 4,590,283 1,140,962
1,647,409 2,133,221 1,635,313 1,313,122 4,563,724 1,134,168
1,635,645 2,116,494 1,622,029 1,306,275 4,541,760 1,126,944
1,627,526 2,107,626 1,610,142 1,294,633 4,520,481 1,118,047

7,425,064 1,109,665 1,644,061
7,649,365 1,051,520 1,627,019
7,294,199 1,071,433 1,627,430
7,475,518 1,038 904 1,589,514
7,252,614 1,070,910 1,622,645

859,364 3,142,215
852,839 3,147,897
863,939 3,083,873
857,272 3,006,173
844,778 3,132,327
87,676
43,726
42,915
31,450
78,997

181,767
145,696
135,563
142,708
186,831

77,554
50,960
45,794
33,745
65,728

78,628
51,987
53,758
57,018
87,496

92,220
47,094
48,827
49,705
86,566

82,776
48,286
47,909
38,741
95,430

98,412
45,298
48,739
14,113
73,354

49,108
18,955
21,542
55,813
23,503
59,841
23,503
63.578
23,720 60,338
447 43,928
704
519
2,165
4,685
6,146
3,005
4,255
3,732
8,841
1,891
1,658
864
706 42,838
2,631
5,341
6,146
2,155
1,147
815
372 45,295
10,306
4,924
14,373
2,528
1,746
8,820
386 42,819
4,231
2,910
5,660
1,816
2,667
1,213
404 39,853
935,955 970,601 3,402,807 879,684 589,713 1,044,578 1,052,038 2,597,910
926,095 924,201 3,384,018 857,524 565,268 1,029,549 1,029,161 2,513,568
947,871 935,532 3,314,734 847,537 568,299 1,030,266 1,035,895 2,569,898
917,629 918 000 3,257 636 835,707 574,042 1,042,434 1,053,889 2,530,921
923,936 954,228 3.416J912 843,061 584,388 1,046,092 1,070,988 2,557,003
27,318
31,046
32,904
32,903
33,207

2,356,232
2,212,705
2,289,812
2,541,857
2,308,184

184,485
167,893
195,166
209,617
183,097

424,095
356,880
409,805
472,731
392,871

148,400
128,367
143,097
158,561
141,983

241,001
213,124
223,560
261,732
222,949

201,347
178,363
195,648
210,384
212,407

18,120
10,269
11,830
10,985
12,282

957
519
534
550
578

5,607
2,700
3,960
3,494
3,758

1,091
577
641
556
639

1,836
1,057
1,088
1,184
1,320

879
642
676
569
725

49,224,280
48,804,342
48,394,385
48,492,610
48,219,772

Chicago

75,820
86,170
92,667
98,449
93,523

20,070
22,810
24,174
25,682
24,595

13,938
15,840
16,788
17,835
16,943

19,512
22,176
24,174
25,682
24,397

169,160 371,610
171,248 371,764
180,056 353,759
183,362 366,879
192,731 342,051

107,248
107,228
112,523
122,699
108,639

64,297
63,456
60,864
71,367
61,519

124,193
138,990
114,231
141,451
117,752

123,835
124,378
114,810
127,252
122,374

196,561
191,014
186,293
215,822
209,811

749
464
500
427
521

477
357
370
334
375

624
455
417
413
480

776
393
413
462
533

1,621
862
863
802
842

22,857
25,978
27,531
27,532
27,786

780
488
512
484
564

2,723
1,755
1,856
1,710
1,947

2,592,836 13,423,561 2,931,414 4,046,052 2,807,868 2,477,958 8,379,787 2,135,591 1,286,614 2,108,082
2,523,240 13,551,320 2,840,828 3,983,663 2,753,858 2,422,262 8,347,820 2,106,178 1,260,417 2,109,022
2,544,749 13,180,730 2,862,580 3,985,299 2,779,508 2,429,222 8,234,073 2,094,728 1,258,168 2,080,946
2,568,441 13,386,180 2,833,666 3,968,924 2,750,611 2,408,121 8,167,985 2,085,777 1,270,192 2,114,165
2,533,155 13,049,776 2,841,058 3,954,540 2,747,210 2,442,156 8,281,391 2,070,268 1,266,315 2,088,902

1,804,574 5,229,943
1,776,603 5,129,131
1,767,581 5,176,801
1,793,092 5,145,456
1,799,165 5,145,836

i After deducting $379,100,000 participations of other Federal Reserve Banks on Dec. 29, 1948; $430,848,000 on Jan. 5; $459,306,000 on Jan. 12;
$487,965,000 on Jan. 19; and $463,546,000 on Jan. 26, 1949.
FEBRUARY

1949




141

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]

Capital Accts.:
Capital paid in:
201,158
Dec. 29
Jan. 5 . . . .
201,780
Jan. 12
202,016
202,279
Jan. 19
Jan. 26
202,621
Surplus:
(section 7):
448,189
Dec. 2 9 . . . .
Jan. 5
466,711
Jan. 1 2 . . . .
466,711
466,711
Jan. 19
Jan. 2 6 . . . .
466,711
(section 13b):
Dec. 2 9 . . . .
27,543
27,543
Jan. 5
27,543
Jan. 12
27,543
Jan. 19
27,543
Jan. 26
Other cap . accts.:
137,615
Dec. 29
69,598
Jan. 5
76,053
Jan. 12
82,320
Jan. 19
Jan. 26
90,750
Total liab ilities
and cap . accts.:
Dec. 2 9 . . . . 50,038,785
Jan. 5 . . .. 49,569,974
Jan. 1 2 . . . . 49,166,708
49,271,463
Jan. 19
Jan. 2 6 . . . . 49,007,397
Contingen t liability on acceptances purchased for foreign
correspondents:
3,329
Dec. 2 9 . . . .
3,343
Jan. 5. . . .
3,357
Jan. 12
3,349
Jan. 1 9 . . . .
3,273
Jan. 26
Commit, to make
indus. loans:
6,109
Dec. 29
1,632
Jan. 5. . . .
1,617
Jan. 1 2 . . . .
1,637
Jan. 19. .
Jan. 2 6 . . . .
1,686

New
York

Boston

Total

Philadelphia

Cleveland

Richmond

Chicago

Atlanta

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

11,364
11,471
11,475
11,477
11,488

69,327
69,352
69,391
69,444
69,600

14,681
14,697
14,723
14,748
14,772

19,073
19,187
19,202
19,225
19,246

8,708
8,745
8,786
8,793
8,815

7,874
7,914
7,948
7,954
7,967

25,325
25,519
25,548
25,564
25,598

6,689
6,696
6,705
6,718
6,709

4,455
4,475
4,485
4,494
4,504

6,968
6,984
7,004
7,099
7,125

7.851
7,864
7,882
7,883
7,905

18,843
18,876
18,867
18,880
18,892

28,117
29,347
29,347
29,347
29,347

138,596
143,019
143,019
143,019
143,019

35,350
36,704
36,704
36,704
36,704

42,173
43,968
43,968
43,968
43,968

21,210
22,417
22,417
22,417
22,417

19,110
20,028
20,028
20,028
20,028

66,217
68,842
68,842
68,842
68,842

16,972
17,974
17,974
17,974
17,974

11,233
11,797
11,797
11,797
11,797

16,148
17,008
17,008
17,008
17,008

14,111
14,954
14,954
14,954
14,954

38,952
40,653
40,653
40,653
40,653

3,011
3,011
3,011
3,011
3,011

7,319
7,319
7,319
7,319
7,319

4,489
4,489
4,489
4,489
4,489

1,006
1,006
1,006
1,006
1,006

3,349
3,349
3,349
3,349
3,349

762
762
762
762
762

1,429
1,429
1,429
1,429
1,429

521
521
521
521
521

1,073
1,073
1,073
1,073
1,073

1,137
1,137
1,137
1,137
1,137

1,307
1.307
1,307
1.307
1,307

2,140
2,140
2,140
2,140
2,140

9,629
5,048
5,507
5,854
6,483

29,871
13,577
15,092
16,639
18,576

10,362
5,351
5,793
6,251
6,822

13,045
6,345
6,926
7,544
8,294

9,427
4,986
5,394
5,758
6,338

7,621
4,262
4,597
4,889
5,373

18,249
8,708
9,652
10,722
11,900

7,776
4,120
4,455
4,800
5,227

5,057
3,016
3,225
3,444
3,710

7,039
3,847
4,212
4,439
4,847

6,916
3,796
4,073
4,312
4,719

12,623
6,542
7,127
7,668
8,461

2,644,957
2,572,117
2,594,089
2 618,130
2,583,484

13,668,674
13,784,587
13,415,551
13,622,601
13,288,290

2,850,562 2,513,325
2,793,355 2,455,228
2,819,454 2,462,557
2 790,928 2 441 754
2,788,129 2,476,286

8,491,007
8,452,318
8,339,544
8 274,542
8,389,160

2 ,167,549 1,308,432 2 ,139,374 1 ,834,759
2 ,135,489 1,280,778 2 ,137,998 1 ,804,524
2 ,124,383 1,278,748 2 ,110,307 1 ,795,797
? ,115,790 1 291 000 ? ,143,848 1 ,821,548
2 ,100,699 1,287,399 2 ,119,019 1 ,828,050

5,302,501
5 197,342
5 245,588
S 214,797
5 215,982

210
211
211
211
206

11,065
il,070
11,061
11,058
2
l,034

2,996,296 4,121,349
2,902,069 4,054,169
2,924,289 4,056,401
2 895 858 4,040,667
2,903,845 4,027,054

306
307
309
308
301

163
164
164
164
160

136
137
138
137
134

453
455
463
462
452

308
43
45
65
115

75
70
70
70
70

270
271
269
268
262

973
966
966
966
966

131
131
127
127
126

288
288
281
281
281

481
31
28
28
28

120
120
121
121
118

83
83
84
84
82

117
117
121
121
118

113
114
117
117
115

293
294
299
298
291
103
103
100
100
100

3 750

1
After deducting $2,264,000 participations of other Federal Reserve Banks on Dec. 29, 1948; $2,273,000 on Jan. 5; $2,296,000 on Jan. 12; $2,291,
000 on Jan. 19; and $2,239,000 on Jan. 26, 1949.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

F.R. notes outstanding
(issued to Bank):
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Collateral held against
notes oustanding:
Gold certificates:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Eligible paper:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
U. S. Govt. sec:
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Total collateral:
Dec.
Jan.
Jan.
Jan.
Jan.

29
5
12
19
26

Atlanta

Boston

New
York

Philadelphia

25,153,933
25,047,441
24,935,737
24,791,128
24,688,025

1,494,462
1,495,502
1,488,949
1,479,391
1,473,246

5,760,449
5,718,887
5,688,078
5,651,242
5,618,155

1,732,359
1,726,707
1,719,386
1,712,238
1,711,318

13,579,000
13,579,000
13,579,000
13,649,000
13,549,000

460,000
460,000
460,000
460,000
460,000

4,870,000
4,870,000
4,870,000
4,870,000
4,770,000

550,000
550,000
550,000
550,000
550,000

49,040
25,240
161,625
60,730
218,470

3,790
2,195
8,845
2,710
3,245

18,880
10,795
135,880
39,485
184,155

3,485
3,115
5,140
5,100
3,335

12,200,000
12,200,000
12,200,000
12,200,000
12,150,000

1,100,000
1,100,000
1,100,000
1,100,000
1,100,000

1,000,000
1,000,000
1,000,000
1,000,000
1,000,000

1,200,000
1,200,000
1,200,000
1,200,000
1,200,000

1,500,000
1,500,000
1,500,000
1,500,000
1,500,000

,150,000
,150,000
,150,000
,150,000
,100,000

850,000
850,Q00
850,000
850,000
850,000

25,828,040
25,804,240
25,940,625
25,909,730
25,917,470

1,563,790 5,888,880
1,562,195
1,568,845 6,005,880
1,562,710 5,909,485
,
1,563,245 5,954

1,753,485
1,753,115
1,755,140
1,755,100
1,753,335

2 ,245,000
2,245,000
2 ,245,000
2,245,000
2,245,000

,782,615
,775,625
,776,350
,777,150
1,728,700

1,425,000
1,425,000
1,425,000
1,425,000
1,425,000

12
4



Cleveland

Richmond

Total

Chicago

St.
Louis

Minne- Kansas
Dallas
City
apolis

2,238,519 1,734,448 ,400,543 4,746,604 1,190,158 648,455
1,725,822 1,389,438 4,741,286 1,182,751 647,788
2,219,337 1,717,383 1,379,538 4,729,313 1,176,522 646,240
2,215
1,687,836 1,373,972 4,703,707 1,168,281 643,477
2,206,768 1,681,900 ,365,270 4,688,924 1,163,538 641,604

745,000
745,000
745,000
745,000
745,000

625,000
625,000
625,000
625,000
625,000

575,000 2,765,000
575,000 2,765,000
575,000 2,765,000
575,000 2,735,000
575,000 2,735,000

San
Francisco

970,278
964,838
960,961
956,329
953,169

660,504
657,780
652,434
650,013
645,799

2,577,154
2,566,403
2,557,596
2,548,921
2,538,334

184,000
184,000
184,000
184,000
184,000

2,000,000
2,000,000
2,000,000
2,100,000
2,100,000

315,000
315,000
315,000
315,000
315,000

210,000
210,000
210,000
210,000
210,000

280,000
280,000
280,000
280,000
280,000

1,410
1,500
1,700
2,000
12,600

425
75
75
1,500

8,585
6,835
8,535
7,385
5,885

2,000,000
2,000,000
2,000,000
2,000,000
2,000,000

950,000
950,000
950,000
950,000
950,000

450,000
450,000
450,000
450,000
450,000

700,000
700,000
700,000
700,000
700,000

500,000
500,000
500,000
500,000
500,000

4,765,000
4,765,000
4,765,000
4,735,000
4,735,000

1,266,410
1,266,500
1,266,700
1,267,000
1,277,600

660,425
660,075
660,075
661,500
660,000

988,585
986,835
988,535
987,385
985,885

684,000 2,804,850
684,000 2,800,100
684,000 2,800,100
684,000 2,900,400
684,000 2,905,550

7,615
625
1,350
2,150
3,700

4,850
100
100
400
5,550

FEDERAL RESERVE

800,000
800,000
800,000
800,000
800,000

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.

[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date

Guaranteed
loans
outstanding

End of month
Portion
guaranteed

Total
amount

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Amount

1942—June..
Dec...

565
2,665

310,680
2,688,397

1943—June..
Dec...

4,217
5,347

4,718,818 1,428,253 ,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286

1944—June..
Dec...

6,433
7,434

8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586

1945—June..
Dec...

8,422 10,149,351 1,386,851 1,190,944 3,694,618
966,595
8,757 10,339,400 510,270 435,345

1946—June..
Dec...

8,771
8,771

10,344,018
10,344,018

70,267
18,996

60,214
17,454

142,617
28,791

1947—June..
Dec...

8,771
8,771

10,344,018
10,344,018

3,589
2,412

3,218
2,183

6,726

1948—June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...

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

1,609
1,605
1,414
1,332
1,331
1,301
1,300

1,463
1,460
1,282
1,208
1,207
1,186
1,184

81,108
803,720

69,674
137,888
632,474 1,430,121

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday
or last day
of period)

Total reserves h e l d :
1947—November. . . .
December
1948—November. . . .
December
Dec.
Dec.
Dec.
Dec.
Dec.
1949—Jan.
Jan.
Jan.

Ap-

2
9
16
23
30
6
13
20

5,355
5,290
5,457
5,445
5,398
5,581
5,300
5,316

,293
,293
,303
,298
,280
,321
,293
,307

7,432
7,448
7,533
7,535
7,532
7,647
7,540
7,558

5,709
5,730
5,794
5,826
5,769
5,817
5,822
5,854

850
987
773
797

39
105
25
56

214
271
200
198

587
597
540
541

P863

66
11
117
18
38
170
12
34

168
169
215
183
211
327
219
204

482
496
557
583
539
592
599
P619

274
224
118
134

38
25
50

154
123
62
41

54
57
29
34

67
43
37
44
41
13
32
22

48
30
44
27
37
17
29
28

118
144
81
195
139
44
282
59

io5
56

14
197
9

615

1,210

Demand
deposits
except
interbank

Time
deposits

December 1947
November 1948

16,077
16,843

December 1948

554

5,366
8,309

1,110
2,670

1947
June 3 0 . . . 3,555
Dec. 3 1 . . . 3,574

572,836
586,726

195
945

1,778
1,387

7,018
7,434

4,043
4,869

1948
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 30. . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept. 30.. .
Oct. 30. . .
Nov. 3 0 . . .
Dec. 3 1 . . .

589,986
596,048
600,322
604,623
606,305
610,956
611,694
612,099
613,820
614,402
614,725
615,653

1,025

1,972
4,906
3,785
1,394

7,077
7,918
7,700
6,646
6,612
6,482
6,417
6,187
6,246
6,085
6,099
1,643

5,213
6,770
5,109
4,234
3,272
3,238
3,346
3,353
4,212
4,153
4,166
1,990

926

1,295

145
45
70
120

1,045

620
65
45
185
85
335

916
851
802
883

1,011
1,116
1,151

995

1
Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
1
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.

-6
23
3
6

3
56

In places of 15,000
and over population

20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
4,248

-I
4
6
3

60

2,706
1,086

4,577




4,947
4,972
5,774
5,777

320

552,711
565,913

1949

6,756
6,861
7,467
7,511

1,296
8,778
7,208
7 ,238
12,722
10,981
6,386
19,600
17,305

1946
June 2 9 . . . 3,524
Dec. 3 1 . . . 3,542

FEBRUARY

,010
,024
,301
,294

8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
10,661
9^270
4,165
1,644

49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
525,532
544,961

Country

banks1

4,273
4,404
5,292
5,408

13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
14,126
10,532
3,894
1,995

984

1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3,471
. . . 3,489
3,511

Chicago

Reserve
city
banks

16,986
17,261
19,835
19,990

Participations
outstanding
(amount)

Amount

3,576
3,582
3,587
3,593
3,595
3,599
3,600
3,603
3,604
3,606
3,606
3,607

New
York

proved
Loans Commitbut not
ments
outcom- standing 2
outpleted i (amount) standing
(amount)
(amount)

Number

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945

Central reserve
city banks

715
680
895
787
782
1,112
833

2
9
16
23
30
6
13
20

Borrowings a t Federal
Reserve B a n k s :
1947—November. . . .
December
1948—November. . . .
December
Dec.
Dec.
Dec.
Dec.
Dec.
1949—Jan.
Jan.
Jan.

All
member
banks *

19,789
19,761
20,087
20,104
19,979
20,366
19,955
20,034

2
9
16
23
30
6
13
20

Excess reserves:
1947—November. . . .
December
1948—November. . . .
December
Dec.
Dec.
Dec.
Dec.
Dec.
1949—Jan.
Jan.
Jan.

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.

Applications
approved
t o date

Month, or
week ending Thursday

In millions of dollars]

24

p Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures.

In millions of dollars]
In places of under
15,000 population
Demand
deposits
except
interbank

Time
deposits

8,458
8,769

12,469
12,477

6,045
6,062

16,850

8,678

12,413

6,011

Boston
New York
Philadelphia
Cleveland

1,936
3,035
1,280
1,354

846
2,180
797
886

353
1,067
931
1,055

230
1,145
884
811

Richmond
Atlanta
Chicago
St. Louis

1,152
1,579
2,274
671

391
467
1,574
335

914
680
1,710
1,015

471
214
958
278

Minneapolis
Kansas City
Dallas
San Francisco. . .

624
572
1,060
1,313

299
104
149
650

820
1,681
1,627
558

454
206
65
297

1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.

143

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district

Total

Interbank

Other

Net
demand
deposits 2

Time
deposits 3

Demand
balances
due
from
domestic
banks

Borrowings
at
Federal
Reserve
Banks

Reserves with Federal
Reserve Banks

Total

Required

Excess

First half of December 1948
All member banks

90 ,764

11 ,081

79,683

79,721

28,578

5,299

19 ,873

19 ,117

757

113

Central reserve city banks:
New York
Chicago

21,645
5,172

3 ,956
1,049

17,689
4,123

19,920
4,685

1,642
986

47
120

5 ,360
1,297

5 ,302
1,292

58
5

Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

33,766
1,895

28,611
1,641

2,010
1,997
7,716

29,290
1,725
512
1,947
3,614
1,836
1,752
3,415
1,833
864
2,308
2,159
7,324

11,261
188
290
239
1,467
421
403
1,969
330
182
356
377
5,039

1,669
34
24

2,193
4,087
2,110
2,073
3,977
2,152
1,033
2,804
2,591
8,269

5 ,156
253
27
328
453
324
462
431
660
277
794
594
552

156
98
123
263
96
57
242
249
260

7 ,471
404
138
452
923
450
438
922
437
206
554
540
2 ,009

7 ,288
394
134
446
905
436
416
899
428
204
535
503
1,989

183
10
3
5
18
14
22
23
9
2
19
36
20

26
7
43

Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

30,180
2,363
4,186
2,221
2,425
2,184
2,435
4,053
1,738
1,528
2,313
2,822
1,912

920
80
85
15
20
115
178
71
54
69
67
136
30

29,260
2,282
4,101
2,205
2,405
2,069
2,257
3,983
1,684
1,459
2,246
2,686
1,883

25,827
2,064
3,710
1,955
2,103
1,830
2,032
3,496
1,470
1,309
1,933
2,269
1,656

14,689
1,077
3,323
1,680
1,696
862
683
2,531
613
752
310
214
950

3,464
173
274
195
261
269
330
472
235
184
358
509
202

5 ,745
440
900
481
517
396
419
826
309
296
373
431
359

5 ,234
411
843
439
464
357
376
749
281
266
333
379
336

511
29
57
42
53
38
42
77
28
30
40
52
23

37
6
14
6
2
1
1
1
1
1
2

584

557
1,865
3,634
1,785
1,611
3,547
1,492

756

67

' "l
1
11
6
5
4
4
1
6

Second half of December 1948
All member banks

91,718

11 ,356

80 ,362

80 ,300

28,666

5,397

20 ,099

19 ,264

835

153

Central reserve city banks:
New York
Chicago

22,057
5,218

4 ,111
1,074

17,946
4,143

20,280
4,684

1,667

53
123

5 ,453
1,292

5 ,398
1,292

55

991

71
11

Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

34,259
1,928

29,008
1,662

1,756

187
291
236

2,076
2,042
7,790

29 ,493
1,748
513
1,971
3,649
1,816
1,763
3,448
1,858
851
2,343
2,166
7,367

11,319

2,242
4,170
2,101
2,101
4,046
2,189
1,024
2,880
2,634
8,357

5 ,251
266
27
342
472
326
469
439
684
261
804
593
567

34
26
74
163
104
129
273
93
57
267
268
266

7 ,549
406
139
459
943
447
438
942
446
203
566
535
2 ,025

7 ,337
399
135
451
913
431
418
906
434
201
542
505
2 ,002

212
7
4
8
30
16
20
36
13
2
24
29
23

39
1
1
1
7
5
5
3
1
1
7

Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

30,185
2,378
4,187
2,232
2,433
2,179
2,444
4,053
1,744
1,497
2,326
2,821
1,891

921
82
86
15
21
115
183
69
55
65
67
133
30

29,264
2,297
4,101
2,216
2,412
2,064
2,261
3,984
1,689
1,431
2,260
2,689
1,860

25,843
2,069
3,721
1,967
2,093
1,826
2,038
3,495
1,472
1,294
1,947
2,274
1,648

14,689
1,075
3,327
1,683
1,698

5 ,806
449
922
487
525
397
413
840
310
294
375
436
357

5 ,237
412
845
441
462
357
377
749
282
263
335
380
335

569
37
?7
46
63
40
36
91
29
30
40
56
23

32
4
13
6
2
2
1
1
1

586

559

1,901
3,698
1,775
1,632
3,607
1,505

763

1,472

419
404
1,971

330
182
355
387
5,082

862
678
2,533

613
752
310
213
945

3,466

182
272
196
276
264
335
472
241
170
360
506
191

i

2

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3
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 72,500 million dollars in the first half and 72,750 million in the second half of December.

144



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

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
28,952

4,167
4,292
4,518
5,021
5 015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437

1947—September
October. . .
November
December.

28,567
,552
28,766
28,868

1948—January.. .
February.
March
April
,
May
June
July
August
September
October. ..
November,
December.

28,111
28,019
27,781
27,716
27,812
27,903
27,866
28,055
28,118
28,176
28,331
28,224

End of year or
month

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

,

2

Large denomination currency

$2

$5

$10

$20

442
402
452
423
478
460
499
517
505
537
524
550
559
590
610
648
695
751
801
880
909
1,019
987
1,156
1,274 1,039
1,361 1,029

33
32
33
35
33
34
36
39
44
55
70
81
73
67

719
771
815
906
905
946
1,019
1,129
1,355
,693
1,973
2,150
2,313
2.173

1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497

1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310

19,881
19,833
20,008
20,020

1,375
1,385
1,396
1,404

1,010
1,011
1,020
1,048

64
63
64
65

2,085
2,078
2,102
2,110

6,270
6,233
6,303
6,275

9,077
9,064
9,123
9,119

,689
,721
,760
,850

19,369
19,335
19,169
19,144
19,259
19,323
19,309
19,450
19,488
19,531
19,680
19,529

1,382
1,385
1,394
1,399
1,409
1,421
1,422
1,432
1,442
1,451
1,464
1,464

984
972
975
976
994
1,000
994
1,006
1,020
1,026
1,042
1,049

63
63
62
61
62
63
62
63
63
63
64
64

2,017
2,005
1,986
1,991
2,015
2,017
2,010
2,023
2,031
2,037
2,054
2,047

6,064
6,084
6,013
6,017
6,054
6,085
6,059
6,099
6,090
6,087
6,137
6,060

8,858
8,826
8,738
8,700
8,724
8,737
8,762
8,827
8,844
8,867
8,918
8,846

8,745
8,687
,614
8,574
8,555

Coin

«$1

Total

$50

1,360
364
1,254
337
1,369
358
1,530
399
1,542
387
1,714
409
2,048
460
2,489
538
3,044
724
3,837 1,019
5,580 1,481
7,730 1,996
7,834 2,327
8,518 2,492

,581
8 559
8,607
8,632
8,647
8,654
8,698

$100

a

$500 $1,000 $5,000 $10,000

Unassorted

10
7
16
18
12
32
32
60
46
25
22
24
24
26

10
5
8
7
5
2
4
4
3
2
3
2
3

800
793
782
782

12
11
11
17

2
3
3
3

771
762
749
739
735
749
748
748
739
730
717
707

12
12
11
10
10
10
9
11
10
9

3
3
1
1
2
2
2
2
2
3
3
3

618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771

125
112
122
135
139
160
191
227
261
287
407
555
454
438

237
216
239
265
288
327
425
523
556
586
749
990
801
783

2,503
2,499
2,513
2,548

4,941
4,986
5,023
5,070

428
427
426
428

2,511
2,492
2,470
2,456
2,453
2,465
2,452
2,464
2,466
2,467
2,475
2,494

5,022
4,996
4,962
4,951
4,943
4,945
4,940
4,977
5,011
5,035
5,048
5,074

424
421
416
412
410
407
404
403
402
401
400
400

5
7
7
6
17
20
30
24
9
9
10
7

9

17

1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation

Money held in the Treasury

Total outstanding, As security
against
Dec. 31,
Treasury
gold and
1948
cash
silver
certificates

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total....
Standard silver dollars...
.
.
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
.
National Bank notes
Total—Dec. 31, 1948
Nov. 30, 1948
Dec. 31, 1947. . .

24,243
23,010
25,127
4,589

' 3 2,280

493
1,971

308
1,971

23,010

1,234
'"57"
34

20,151

2,815
1,153
292

l

Dec. 31,
1948

Nov. 30,
1948

Dec. 31,
1947

44
23,918
4,262

44
23,994
4,293

47
24,582
4,239

25,290
25,195
23,792

20

3

162

161

154

6
3
3
2
1

3 2,280
977
367
347
336
98
(4)
(4)
(4)

2

Money
held by
For
Federal
Federal
Reserve
Reserve
Banks and
Banks and
agents
agents

220
26
8
31
3
1

2,060
946
356
312
330
95

2,078
947
356
320
334
96

2,040
908
343
313
378
103

4,261
3,913
4,136

28,224

1,325
1,332
1,336

20,151
20,073
18,682

28^331

28,868 '

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. 137, and seasonally adjusted figures in table on p. 146.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for 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 may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.

FEBRUARY

1949




145

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation

Date

End of year figures:
1939
1940
1941
1942'.'.
1943
1944
1945
1946
1947
1948

Amount—
adjusted for
seasonal
variation

Change in
seasonally
adjusted
series l

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224

+742
+ 1,134
+2 428
+4,250
+5,039
+4,858
+3,208
+437
-84
—644

Monthly averages of daily
figures:
28,394
28,096
27,941
27,766
27,749
27,846
27,955
27,977
28,152
28,188
28,277
28,423

June

July
August
September
October
November
December
1949—January

28,309
28,096
28,025
27,990
27,945
27,986
28,011
28,118
28,208
28,188
28,192
28,142

27,850

1948—January
February
March
April
May

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

27,767

-341
-213
-71
-35
-45

+41
+25
+ 107
+90
-20

+4

-50

-375

1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.

Gold
stock
at end
of
period

Period

Increase
in gold
stock

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948

14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
22,754
24,244

1948—January
February...
March
April
May
June
July
August
September..
October
November. .
December. .

22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
23,872
24,004
24,166
24,244

180.7
101.5
100.4
32.2
135.2
228.5
146.4
46.2
147.2
131.9
161.4
78.3

P24,271

Net
gold
import
or export

EarDomarked mestic
gold: de- gold
procrease
duc- l
or increase (—) tion

P27.3

1949—January

1,751.5 1,973.6
3,132.0 3,574.2
4,351.2 4,744.5
982.4
741.8
315.7
-10.3
68.9
-788.5
-845.4
-1,319.0
-106.3
-553.9
311.5
464.0
22,224.9 1,866.3
PI.700.7
1,490.0

-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
210.0
-159.2

148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
75.8
P73.5

235.0
159.4
99.9
234.2
151.3
177.7
266.7
39.1
53.3
121.6
54.2
P108.3

-14.9
-72.2
-63.4
-111.5
-2.8
81.7
-188.4
59.5
98.1
1.0
99.7
-45.9

6.0
5.5
6.4
5.7
6.1
5.7
6.2
7.7
7.4
6.5
5.3

4

P5.0

-2.7

P Preliminary.
1
Annual figures through 1947 are estimates of the United States
Mint. For explanation of monthly figures see table on p. 197.
2
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 3,780.3 million dollars on Jan. 31, 1949. 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 deposits accounts, except
interbank accounts
Year or month

Debits to demand
deposit accounts,
except interbank
and Government

Annual rate of
turnover of total
deposits, except
interbank

Annual rate of
turnover of demand
deposits, except interbank and Government

Total, all
reporting
centers

New
York
City i

140
other
centers 1

Other
reporting
centers 2

New
York
City

Other
reporting
centers

New
York
City 3

Other
leading
cities 3

New
York
City 3

Other
leading
cities 3

792,937
891,910
974,102
|l,050,021
1,125,074
1,249,630

296,368
345,585
404,543
417,475
405,929
449,002

419,413
462,354
479,760
527,336
599,639
667,934

77,155
83,970
89,799
105,210
119,506
132,695

11.7
10.8
9.7
10.0
12.0
12.9

258,398
298,902
351,602
374,365
407,946
400,468
445,221

369,396
403,400
412,800
449,414
522,944
598,445
660,155

20.5
22.4
24.2
25.5
25.2
24.1
27.2

17.4
17.3
16.1
16.9
16.5
18.0
19.2

1947—December

118,382

46,225

60,295

11,862

16.5
17.1
18.3
19.0
21.0
23.7
27.2

13.5

44,131

59,878

29.9

20.0

1948—January
February
March
April
May
June
July
August
September
October
November
December

105,193
90,273
107,636
102,349
97,603
108,639
102,940
97,940
104,754
107,141
102,887
122,277

37,615
32,271
39,587
37,955
35,429
40,633
35,832
33,031
37,531
38,169
34,754
46,194

56,355
48,507
56,900
53,685
51,807
56,667
55,972
54,118
55,980
57,413
56,815
63,714

11,223
9,495
11,148
10,708
10,367
11,339
11,136
10,791
11,243
11,559
11,318
12,368

22.3
22.1
23.4
23.7
23.0
25.4
22.5
20.9
24.6
24.0
23.7
28.6

12.7
12.6
12.7
12.5
12.4
13.0
12.8
12.3
13.2
12.9
13.8
14.1

38,286
32,298
38,648
36,880
37,060
38,942
36,350
32,540
36,354
38,014
34,988
44,861

55,902
47,890
56,372
52,740
51,557
55,442
55,233
53,757
54,635
56,905
56,977
62,745

26.2
25.6
26.4
26.5
27.9
28.0
26.6
23.9
27.5
27.9
27.8
32.1

18.7
18.6
19.1
18.6
18.7
19.1
19.1
18.5
19.4
19.3
20.8
21.0

1943
1944
1945
1946—old series 4 4
1946—new series
1947
1948

j

1
2

National series for which bank debit figures are available beginning with 1919.
Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
3
Weekly reporting member bank series.
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see 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.
city. 4

146



FEDERAL RESERVE BULLETIN

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and

End of month

currency
outside
banks

Time deposits

Total
demand
deposits
adjusted

Total
deposits
adjusted

and

currency
outside
banks

Demand
deposits
adjusted 1

United
States
Government
deposits 2

Commercial4
banks «

Mutual
savings
banks 4 6

19,557
19,192
10,849
11,019
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
34 835
35,249

8,905
8,838
9,621
9,488
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16,869
17,428
17,746

1,186
1,208
1,303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
2,657
2,932
3,119
3,283
3,392
3,416

3,639
3,557
4,761
4,782
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516
26,730
26,299
26,476

35,200
35,500
35,500
35,500
35,500
35,788
35,700
35,700
35,700
35,700
35,500
35,600

17,900
17,900
18,000
18,000
18,100
18,194
18,200
18,200
18,300
18,300
18,200
18,400

3,400
3,400
3,400
3,400
3,400
3,378
3,400
3,400
3,300
3,300
3,300
3,300

25,800
25,700
25,600
25,400
25,400
25,638
25,500
25,600
25,700
25,700
25,900
25,700

1929—June
December
1933—June
December
1941—June .
....
December
1942—jUne
December
1943—June
December
1944—June
December
1945—j u n e
December
1946—June
December
1947—j u n e
December (Dec. 31).

55,171
54,713
41,680
42,548
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
165,455
171,462

26,179
26,366
19^172
19,817
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992
110,044
108,433
113,599

51,532
51,156
36,919
37,766
65,949
68,616
71,027
85,755
94,347
103.975
115,291
127,483
137,687
148,911
144,721
140,377
139,156
144,986

22,540
22,809
14,411
15,035
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
82,134
87,123

1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13 416
3,103
1,367
1,452

28,611
28,189
21,656
21,715
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
55,655
56,411

1948—January (Jan. 2 8 ) . . .
February (Feb. 25)..
March (Mar. 31). . .
April (Apr. 28)
May (May 26)
June (June 30)
July (July 28) v
August (Aug. 25)P..
September (Sept.29) P
October (Oct. 27)P..
November(Nov.24) P
December(Dec 29) P

170,200
168,900
166,400
167,500
167,600
167,875
168,600
169,100
169,700
170,300
170,100
170,900

112,400
110,300
107,100
108,100
108,200
108,335
108,900
109,400
109,600
110,700
110,900
111,400

144,400
143,200
140,800
142,100
142,200
142,237
143,100
143,500
144,000
144,600
144,200
145,200

86,600
84,600
81,500
82,700
82,800
82,697
83,400
83,800
83,900
85,000
85,000
85,800

1,300
1,800
2,400
2,500
2,400
2,180
2,400
2,400
2,800
2,300
2,200
2,100

56,500
56,800
56,900
56,900
57,000
57,360
57,300
57,300
57,300
57,300
57,000
57,300

381
158
852

1,016
753

Currency
outside
banks

Total

Postal
Savings6
System
149
159

P Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
5
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.
1
2
8

POSTAL SAVINGS SYSTEM
[In millions of dollars]

BANK SUSPENSIONS

Assets
Depositors'
End of month bal- 1
ances

Total

Cash
in depository
banks

Total

Direct

1940—Dec.. .
1941—Dec. .
1942—Dec. .
1943—Dec.. .
1944—Dec. .
1945—Dec.. .
1946—Dec.. .
1947—Dec.. .

1,304
1,314
1,417
1,788
2,342
2,933
3,284
3,417

1,348
1,396
1,464
1.843
2,411
3,022
3,387
3,525

36
26
16
10
8
6
6
6

1,224
1,274
1,345
1,716
2,252
2,837
3,182
3,308

1,078
1,128
1,220
1,716
2,252
2,837
3,182
3,308

1948—Feb.. .
Mar. .
Apr.. .
May. .
June. .
July. .
Aug.. .
Sept..
Oct...
Nov. .
Dec

3,441
3,435
3,415
3,395
3,379
3,368
3,356
3,348
3,342
P3.336
P3.326

3,551
3,546
3,528
3,509
3,494
3,483
3,472
3,464
3,459
3,454

6
6
6
6
6
6
6
7
7
7

3,336
3,346
3,316
3,291
3,291
3,275
3,260
3,260
3,244
3,244

3,336
3,346
3,316
3,291
3,291
3,275
3,260
3,260
3,244
3,244

Cash
reserve
Guar- funds
anetc. 2
teed
146
146
126

88
95
102
118
152
179
200
212
209
194
205
211
196
202
206
198
208
203

and miscellaneous working tunds with 1 reasurer ot United btates, 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

1949




Member
banks

Total,
all
banks

U. S. Government
securities

Number of banks suspended:
1934-42
1943.
1944
1945
1946
1947
1948.
1949—January

I

National

330

20

4

2

1
0
0
1
0

Nonm ember
banks

State

6

Noninsured

Insured

216

88

2
1

1

0

Deposits of suspended banks
(in thousands of dollars) :2
1934-42
137,362 18,016 26,548 51,567 41,231
1943
1944..
1945
1946
1947
1948
1949—January

6,223 4,982
405
0

o

167
0

1,241
405
167

0

1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;.
for description, see pp. 281-282 in the same publication.

147

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of bank
and date

Total

Loans
Total

All b a n k s :
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—June
July
Aug.
Sept
Oct.
Nov.
Dec.

30
31
31
31
31
30

31
31
31

30
28«

50, 884 22, 165
54, 177 73 756

6 1 , 126
78 147
9 6 , 966
119, 461
140 277
131 698
131 096
134, 974

All m e m b e r 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—Dec. 31
1947—June 30
Dec. 31
1948—June 30 . . .
July 28«
Aug. 25 «
Sept 70 e
Oct. 27«
Nov. 24«
Dec. 29"

615
916
601
015
362
648
365
002

46
47
47
47
48

000
140
140
870
340

17
18
71
19
19
21
76
31
33
38
39
40
40
41

738
800
714
721
117
644
083

133 081 45 099
134 090 45 440

134 440
132, 890
29«
27* . . . . 133 400
133 460
24"
29«. . . 133 660

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—Dec. 31
1947—j u n e 30 »
Dec. 31
1948—j u n e 30
July
Aug. 2 5 e
Sept 2 9 e
Oct. 27"
Nov. 24 e
Dec. 29"

26,
?3
23
76
30
35
38
43

40,
43
50
67
85
105
124
113
112
116
113
114
115
113

668
979
746
393
095
530
019
993
756
784
855
760
100
600

17.2

679
057
865
140
630
770

114 100 41 620
114 180 42 280
114 310 42 690
33 941
37 126
43 571
59 263
74 758
91 569
107 183
96 36?
94 80?
97 846
95 449
96 713
96 475
94 895

13 96?
15
18
16
16
18
7?
76
78
32
33
34
34
35

321
071
088
788
676
775
696
655
628
871
087
495
453

95 452 35 310
95 514 35 929
95 707 36 321

28,719
30,422
34,511
54,231
73,365
93,446
109,865
96,050
92,730
91,923
87,982
88,650
88,440
85,750
86,260
85,590
85,320

U. S.
Government
obligations

19 417
70 97?
25
45
65
85
101
86
82
81

511
951
932
885
288
558
679
199

77
74
74
74
74

020
230

76 774
77 320
97,0
320
000

23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
78,226
73,990
74,620
74,470
71,880
72,480
71,900
71,620

16
17
71
41
59
77
90
74
70
69
64
65
65
62

19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
65,218
61,578
62,126
61,980
59,442
60,142
59,585
59,386

14 328

316

757

808
379
84?
557
606
780
539
771
798
310
100
460

63 260
62 780
62 500

15
19
37
52
67
78
63
59
57
54
54
54
51

823
539
546
948
685
338
042
198
914
139
575
371
789

52 680
52 ,219
52 012

Other
Cash
assets x
Other
securities

Total i

Interbank^

Demand

9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,491
10,051
10,723
11,208
11,330
11,420
11,520
11,340
11,270
11,320

23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
38,388
35,000
33,970
33,850
36,880
37,560
37,380
38,370

7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
9,006
9,192
9,310
9,370
9,420
9,220
9,120
9,120

22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
32.704
37,502
34,168
33,240
33,110
36,000
36,720
36,580
37,480

57 718
6 5 , 337
71 783
8 9 , 135
105 97,3
128, 072
150 777
139, 033
135 907
144, 103
138 147
137 880
138 110
139 240

5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
6,948
7,304
7,439
7,551
7,609
7,653
7,462
7,366
7,374

19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
28,694
32,845
30,303
29,407
29,300
32,021
32,677
32,539
33,252

49 340

9 ,410

430
717
277
262
917
670
170
435
528
452
128
274
191

10 ,423
10 ,525
11 ,000
10 ,555
11 ,884
13 ,640
12 ,060
11 ,041
12 ,403
10 ,833
10 ,701
10 ,624
10 ,669

68, 242
75, 996
8 1 , 816
9 9 , 803
117, 661
4 1 , 448
6 5 , 612
155, 90?
153, 349
161, 865

156, 353
56, 090
156, 340
157, 520
58 890

158, 420

5 9 , 720

140 600
140 200
141 350

56
61
78
92
110
179
118
115
122
117
117
117
118

119 529
119 135
120 190

Number
Total
capital
of
accounts banks

Time

9 ,874 32, 516
10 ,934 38 562
10 ,982
4 4 , 355
11 ,308
61 437
11 ,003
7 5 , 577
91 663
1? ,235
14 ,065 105, 935
9? 462
1? ,656
8 9 , 795
11 ,679
95 777
13 ,033
11 ,436 90, 823
11 ,290 90 810
11 ,220
91 ,140
9? 150
11 ,280
11 ,650
93 160
9 3 , 080
11 ,560
93 7.30
11 ,670

25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
53,105
54,093
53,990
53,980
54,090
54,080
53,780
54,320

8 ,194
8 ,302
8 ,414
8 ,566
,996
9 ,643
10 ,542
11 ,360
11 ,721
11 ,948
12 ,241
1? ,300
1? ,360
,400
1? ,450
1? ,470
,540

15 ,035
14 ,896
14 ,826
14 ,682
14 ,579
14 ,535
14 ,553
14 ,585
14 ,716
14 ,714
14 ,719
14 ,717
14 ,719
14 ,720
14 ,712
14 ,709
14 ,706

9 ,874
10 ,934
10 ,982
11 ,308
11 ,003
1? ,235
14 ,065
17 ,656
11 ,679
13 ,032
11 ,435
11 ,290
11 ,220
11 ,280

513
558
349
431
569
653
921
446
89 281
9 5 , 711
90 806
9 0 , 790
91 ,120
9 ? , 1,30

15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,360
35,900
35,800
35,770
35,830
35,810
35,580
35,970

6 ,885

7 ,010
7 ,173
7 ,330
7 ,719
,265
,950
,577
< ,880
)
ir ,059
1(1 ,287
1(1 ,340
1(1 ,390
If ,420
1C ,460
1C ,480
1C ,540

14 ,484
14 ,345
14 ,278
14 ,136
14 ,034
13 ,992
14 ,011
14 ,044
14 .183
14 ,181
14 ,187
14 ,185
14 187
14 ,188

78, 731

11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,340
28,823
28,733
28,713
28,746
28,748
28,581
28,776

,522
,698
,886
e ,101
,475
e ,968
e ,589
7
,095
,315
,464
,624
,657
? ,698
.724
,765
,778
,828

11 ,650
11 ,560
11 ,670

11 ,025
10 ,918
11 ,227

3?
38,
44
61,
75
91,
105

93, 140
93, 060
93, 710

829
846
523
438
774
870
920
380
81 ,785
7 7 , 796
7 7 , 694
7 7 , 937
78 776

33,
38,
54,
66,
79,
91,
78,
76,

79 756
79 636
80 187

14 ,180
14 ,177
14 ,174
6 ,362
6 486
6 ,619
6 679
6 738
6 ,814
6 ,884
6 900
6 ,928
6 973
6 ,925
6 ,919
6 919
6 ,923

6 ,920
6 ,919
6 ,919

All mutual savings

banks:
1939—Dec sn
1940 Dec 31
1941—Dec 31
1942—Dec 31
1943 Dec 31
1944—Dec 30
1945 Dec 31
1946—Dec. 31
1947—June 30 »
Dec. 31
1948—June 30
July 28"
Aug. 25*
Sept. 29«
Oct. IT
....
Nov. 24«
Dec. 29«

10

10 748
10 379
10 754
11 871
13 931
16 708
17 ,704

18 ,339
18 ,641
19 ,226
19 ,330
19 ,340
19 ,290
19 ,300
19 ,280
19 ,350

4 977
4 ,956
4 ,901
4 695
4 ,484
4 370
4 ,279
4 ,526

4 ,686
4 ,944
5 ,23-i
5 ,300
5 ,370
5 ,420
5 ,520
5 ,590
5 ,650

5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,696
13,992
14,030
13,970
13,870
13,780
13,690
13,700

3 ,101
3 ,215
3 ,704
4 ,572
6 090
8 ,378
10 ,682
11 ,778

12 ,140
11 ,978
11 ,976
12 ,010
11 ,920
11 ,770
11 ,660
11 ,540
11 ,500

2,188
2.078
1,774
1,487
1,297
1,232
1,246
1,400
,513
1,718
J.016
2,020
2,050
2,100
2,120
2,150
2,200

818
966
793
663
797
584
609
818

839
886
832
730
740
880
840
800
890

10 5?4
10 ,659
10 533
10 668
11 ,738
13 376
15 ,385
16 ,869

17 ,442
17 ,763
18 ,211
18 ,210
18 ,230
18 ,280
18 ,290
18 ,220
18 ,370

3

1
1
1

4
6
6
8
10
14
16

14
17
17
20
20
20
20
20
20

10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,745
18,193
18,190
18,210
18,260
18,270
18,200
18,350

,309
L ,292

1 ,241
L

L.236
1
1,276
1
1,378
1,592
1
1,784
1,842
1,889
1,955
L.960
1,970
1,980
1,990
1,990
2,000

551
551
548
546
545
543
542
541

533
533
532
532
532
532
532
532
532

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.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.

148



FEDERAL RESERVE

BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits

Loans and investments

Other

Investments
Class of bank
and date

Total

U.S.

Loans

Cash
assets

All insured commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30

Government
obligations

Other

Total

Total

Interbank

83,507
103,382
121,809
112,178
110,682
114,274
111,794

18,841
21,352
25,765
30,733
33,250
37,583
39,372

64,666
82,030
96,043
81,445
77,433
76,691
72,421

58,683
75,875
88,912
73,554
69,136
67,941
63,490

5,983
6,155
7,131
7,891
8,297
8,750
8,931

27,183
29,733
34,292
33,694
32,190
36,926
33,699

104,094
125,714
147,775
136,990
133,659
141,851
135,945

National member
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30

47,499
58,308
69,312
63,723
62,982
65,280
63,638

10,116
11,480
13,925
17,272
18,764
21,428
22,243

37,382
46,828
55,387
46,451
44,218
43,852
41,395

34,065
43,292
51,250
41,658
39,271
38,674
36,091

3,318
3,536
4,137
4,793
4,947
5,178
5,303

16,017
17,570
20,114
20,012
19,342
22,024
20,415

59,961
71,858
84,939
78,775
77,146
82,023
78,753

7,159
8,056
9,229
8,169
7,432
8,410
7,305

State member
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—June

26,759
33,261
37,871
32,639
31,820
32,566
31,811

6,171
7,196
8,850
9,424
9,891
11,200
11,628

20,588
26,065
29,021
23,216
21,928
21,365
20,183

18,883
24,393
27,089
21,384
19,927
19,240
18,048

1,705
1,672
1,933
1,832
2,001
2,125
2,135

7,773
8,290
9,731
9,575
9,353
10.822
9,888

32,302
39,059
44,730
39,395
38,289
40.505
38,699

Insured nonmember
commercial banks:
1943—Dec. 31
1944—Dec. 30. . . . . .
1945—Dec. 31
1946—Dec. 31
,.
1947—June 30
Dec. 31
..
1948—June 30

9,258
11,824
14,639
15,831
15,896
16,444
16,360

2,556
2,678
2,992
4,040
4,597
4,958
5,504

6,702
9,146
11,647
11,791
11,299
11,486
10,856

5,739
8,197
10,584
10,524
9,949
10,039
9,362

962
949
1,063
1,268
1,350
1.448
1,494

3,395
3,875
4,448
4,109
3,498
4.083
3,397

Noninsured nonmember commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31. . . . . .
1947—June 30 *
Dec. 31
1948—June 30

1,588
2,148
2,211
1,815
2,074
2,009
2,062

276
292
318
389
430
474
493

1,312
1,856
1,893
1,426
1,645
1 535
1,569

1,160
1,682
1,693
1,226
1,403
1,280
1,308

153
174
200
200
241
255
261

All nonmember commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
1948—June 30

10,847
13,972
16,849
17,646
17,970
18,454
18,422

2,832
2,971
3,310
4,429
5,027
5 432
5,997

8,014
11,002
13,539
13,217
12,943
13,021
12,425

6,899
9,880
12,277
11,749
11,352
11.318
10,670

Insured mutual savings
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30

7,525
9,223
10,846
11,891
12,375
12,683
13,142

3,073
3,110
3,081
3,250
3,370
3,560
3,769

4,452
6,113
7,765
8,641
9,005
9,123
9,373

4,345
4,708
5,361
5,813
5,964
5,957
6,084

1,411
1.260
1,198
1,275
1,316
1,384
1,465

2,935
3,448
4,163
4,538
4,649
4,573
4,619

banks:
31
30
31
31
30
31
30

Noninsured mutual
savings banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30*
Dec. 31
1948—June 30

Demand

Total
Number
capital
of
accounts banks

Time

19,081
23,879
29,876
33,526
34,486
34,882
35,418

7,453
7,989
8,671
9,286
9,558
9,734
9,955

13,270
13,263
13,297
13,354
13,386
13,398
13,415

42,605
50,900
59,486
52,194
50,694
54,335
51,921

10,196
12,901
16,224
18,412
19,020
19,278
19,528

3,950
4,265
4,644
5,138
5,296
5,409
5,533

5,040
025
017
007
012
005
4,998

3,397
3,827
4,411
3,890
3,609
3,993
3,529

23,833
28,874
32,334
26,726
25,686
27,449
25,875

5,072
6,357
7,986
8,779
8,994
9,062
9,295

2,525
2,703
2,945
2,957
3,019
3.055
3,091

1,698
1,789
1,867
1,893
1,916
1,918
1,927

11,842
14,809
18,119
18,836
18,240
19,340
18,509

149
190
244
260
201
266
202

7,870
9,987
12,196
12,225
11,550
12.515
11,695

3,823
4,632
5,680
6,351
6,488
6.558
6,611

979
1,022
1,083
1,193
1,245
1,271
1,333

6,535
6,452
6,416
6,457
6,461
6,478
6,493

494
473
514
530
514
576
469

1,829
2,358
2,452
2,043
2,248
2.251
2,197

299
161
181
336
436
363
400

1,261
1,892
1,905
1,302
1,351
1.411
1,315

270
305
365
404
461
478
482

267
276
279
290
322
325
331

764
729
714
690
797
783
772

,115
,122
,262
,468
,591
.703
,755

3,889
4,348
4,962
4,639
4,013
4.659
3,867

13,671
17,168
20,571
20,879
20,488
21,591
20,706

448
351
425
597
638
629
602

9,131
11,879
14,101
13,526
12,901
13,926
13,010

4.092
4,938
6,045
6,756
6,949
7 036
7,093

,245
,298
,362
.483
566
,596
,664

299
181
130
147
258
261
7,265

3,844
5,509
7,160
7,946
8,216
8,165
8,169

608
604
606
695
789
958
1,204

559
400
429
612
658
675
644

7,534
8,910
10,363
11,428
11,901
12,207
12,581

7
8
12
13
12
14
15

7,527
8,902
10,351
11,415
11,889
12,192
12,566

808
892
1,034
1,173
1,218
1,252
1,302

184
192
192
191
191
194
193

2,246
2,819
,522
,833
3,924
3,813
3,808

689
629
641
705
724
760
811

238
184
180
206
181
211
188

4,204
4,466
5,022
5,442
5,541
5,556
5,630

4,203
4,464
5,020
5,439
5,539
5,553
5,627

468
485
558
611
624
637
653

361
351
350
350
342
339
339

74,309
10,705
12,074 89,761
13,883 104,015
12,320 91,144
87,930
11,243
12,670 94,300
89,491
11,035

2
June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.

FEBRUARY

1949




149

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Class of bank
and
call date

Commercial,

Total
loans
and

invest- Total 1
ments

*\11 Insured commercial banks:
1941—Dec. 31. . 49,290
1943—Dec. 31. . 83,507
1944—Dec. 30. . 103,382
1945—Dec. 31.. 121,809
1946—Dec. 31. . 112,178
1947—June 30.. 110,682
Dec. 31.. tl4,274
1948—June 30.. 111,794
Member banks,
total:
1941—Dec. 31.. 43,521
1943—Dec. 31. . 74,258
1944—Dec. 30. . 91,569
1945—Dec. 31. . 107,183
1946—Dec. 31.. 96,362
1947—June 30.. 94,802
Dec. 31.. 97,846
1948—Apr. 12. . 95,896

Investments

21,259
18,841
21,352
25,765
30,733
33,250
37.583
39,372

Loans for
purchasing
or carrying
inAgri- securities Real
Concludes- sumer Other Total
culing
To
tate loans loans
open- tur- brokal2
marTo loans
ers
ket
and othpadeal- ers
per3
ers

9,214
7,777
7,920
9,461
14,016
14,765
18.012
17,834

1,450
1,505
1,723
1,314
1,358
1,549
1,610
1,976

18,021 8,671 972
16,288 7,421 1,023
18,676 7,531 1,198
22,775 8,949 855
26,696 13,154 884
28,655 13,820 972
32,628 16,962 1,046
33 062
June 3 0 . . 95\449 33^871 16,734 U241
5
New York City.
8
1941 J—'vTv-* 31 • • 12,896 4 072 2 807
T)ec v j l
1J^X
24
1943—Dec. 3 1 . . 19^994 4',428 2,515
30
1944—Dec. 30. . 24,003 5,760 2,610
1945—Dec. 31. 26,143 7,334 3,044
1946—Dec. 3 1 . . 20,834 6,368 4,078
1947—June 3 0 . . 20,332 6,548 4,171
Dec. 31. . 20,393 7,179 5,361
1948—Apr. 12. 19,547 7.169
19,019 7,550 5,275
June 30
Chicago:3
732
6
954
1941—Dec. 3 1 . . 2,760
6
763
1943—Dec. 3 1 . . 4,554 1,004
17
738
1944—Dec. 30. . 5,443 1,184
2
760
1945—Dec. 3 1 . . 5,931 1,333
3
1946—Dec. 31. . 4,765 1 ,499 1,094
1
1947—June 3 0 . . 4,802 1,565 1,178
3
Dec. 31. . 5,088 1,801 1,418
1948—Apr. 1 2 . . 4,681 1,663
2
June 30
4,742 1,714 i,357
Reserve city banks:
1941—Dec. 31. . 15,347 7,105 3,456 300
1943—Dec. 31. . 27,521 6,201 3,058 279
1944—Dec. 30. . 33,603 6,822 3,034 348
1945—Dec. 31. . 40,108 8,514 3,661 205
1946—Dec. 31. . 35,351 10,825 5,548 201
1947—June 30. . 34,611 11,441 5,726 197
Dec. 31. . 36,040 13,449 7,088 225
1948—Apr. 12. . 34,969 13,352
June 3 0 . . 35,065 13,373 6,823 260
Country banks:
1941—Dec. 3 1 . . 12 518 5 890 1,676 659
713
1943—Dec. 31. . 22 4 8 8 4^654
1944—Dec. 3 0 . . 28,520 4,910 l!l49 802
1945—Dec. 3 1 . . 35,002 5,596 1,484 648
1946—Dec. 3 1 . . 35,412 8,004 2,433 681
1947—j u n e 30.. 35,057 9,102 2,744 774
Dec. 3 1 . . 36,324 10,199 3,096 818
1948—Apr. 12. . 36 699 10,877
June 3 0 . . 36,623 11,234 3^279 979

614
1,414
2,269
3,164
1,517
1,517

U. S. Government obligations

Obliga-

tions

Direct

Total

of

States Other
and
CertifiGuar- polit- securities
cates
anical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness

662 4,773
4 , 545
28,031 21,046 988
3,159 12,797 4,102 3,651
922 4,437 1,868
918 64,666 58,683 4,636 13,218 7,672 30,656 2,501 3,287
4,343 1,888 944 82,030 75,875 3,971 15,300 15,778 39,848 978 3,422
22 3,873
4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321
15 4,298
7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,780 53,200
14 4,826
8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505
14 5,129
9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334
12 5,434
10,101 6,412 1,119 72,421 63,490 2,327 9,451 5,069 46,630

2,265
3,606
1,609
1,278
823 1,190
1,183 1,077

3,333
2,696
2.733
3,258
3,592
3,471
3,621
3,497

598 3,494
25,500 19,539 971
3,007 11,729 3,832 3,090
3 , 592
839 3,274 1,484
848 57,970 52,948 4,360 12,071 6,906 27,265 2,345 2,729
877 72,893 67,685 3,748 13,982 14,127 34,927
902 2,857
2,108 3,209 1,505
16 3,254
3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,271 44,792
11 3,548
1,467 5,358 3,308 1,020 69,666 63,042 1,167 10,043 5,602 46,219
773 7,544 4,369 46,502
10 3,982
1,154 6,240 3,998 965 66,146 59,198
952 65,218 57,914 1,987 5,816 4,815 45,286
811 1,065 7,130 4,662
10 4,199

594

1,398
2,249
3,133
1,506
1,507
1,171
412

2,871
2,294
2,350
2,815
3,077
2,966
3,105
62,834 55,364
4,452 3,018
956 7^777 5^249 1,040 61,578 54,139 2,188 '7^597 4,104 40,242 ' " 8 4^ 436 3,003

545

267

123
107
86
80
99
104
111

963

250

161

48
102
163
211
117
100
73

52
52
163
233
101
84
87

22
22
24
36
51
42
46

169

1,054 323
1,742 859
2,453 1,172
1,096 389
1,196 286

61

5 54
252
253
287
455
500
564
616
95
45
45
51
105
130
149

75 ' " 4 7 "i56

8,823
15,566
18,243
18,809
14,465
13,784
13,214
12,378
372 11,469
153
179
298
250
291
330

14
34
40
29
29
26
"32

1,806
3,550
4,258
4,598
3,266
3,237
3,287
3,018
3,028

428 3,333 2,158
183
197
310
471
273
244
227

22

204 4,236 2,318

20
16
21
31
12
11
13
12

64
82
156
228
142
125
125
121

256
199 " 877
250 1,045
133 1,467
498
60
368
106
235
132

153
484
779
749
146
132
248

1,602
1,809
1,864
2,207
2,284
2,274

160 "*250

214

2,043

903

119
74
31

830
558
596
629
601
582
604
528
528

182
158
160
181
167
175
213
223
185

193
155
185
204
187
173
185
174
176

6,467 295
751 4,248 1,173
820
956
19,682 1,802 4,691 2,497 9,943 749 913 726
740
25,042 1,704 5,730 5,181 11,987 440 1,000
5 1,126
916
29,552 1,034 6,982 5,653 15,878
4 1,272 1,004
22,250 441 3,799 1,993 16,013
3 1,364
962
20,845 334 3,038 1,503 15,967
3 1,342 1,053
20,196 373 2,358 1,901 15,560
19,234
1 3431 039
19,222
783 3,244 1,501 13,692
3 1,446 1,024

6,628
17,534
23,610
29,407
27,408
25,955
26,125
25,822
267 25,389

110
4,377
481 2 926 861 1,222 1 028
15,465 1,032 3,094 2,096 8^705 538 1,214 855
882 3,466 4,422 12,540
241 1,230
829
21,552
9 1,342 1,067
26,999 630 5,102 4,544 16,713
279 4,020 2,470 17,797
6 1,551 1,285
24,572
197 3,035 1,960 17,696
5 1,813 1,250
22,893
480 2,583 2,108 17,681
6 2,006 1,262
22,857
22,381
2,165 1,277
552 3,121 1,868 16,345
21,892
5 2,223 1,275

30
1 823
1J725 528 381
1,719 547 351
1,881 707 363
2,970 1,312 306
3,381 1,693 240
3,827 1,979 229

20
25
32
42
29
26
23

1,430
3,238
3,913
4,213
2,912
2,890
2,890
2,620
2,667

729
444
468
606
557
631
638
721
583

8,243
21,321
26,781
31,594
24,527
23,170
22,591
21,617
369 21,692

114
194 1,527
1, 12
267 1,420
658
301
217
777 1,379
660
313
311
855
404
427 1,503 1,459
704 2,237 1,436
435
264
540 2,713 1,675
405
185
484 3,147 1,969
366
170
126

7,265 311
1,623 3 652 1,679
14,563 1,328 3,409 1,829 7^014 984
17,179 913 3,740 3,745 8,592 189
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
640
558 9,771
11,972 1,002
11,129
983
10,358 693
520 8,162

Insured nonmember com-

mercial b a n k s :
1941—Dec. 31. .
1943—Dec. 3 1 . .
1944_Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 3 1 . .
1948—June 3 0 . .

5,776
9,258
11,824
14,639
15,831
15,896
16,444
16,360

3,241
2,556
2,678
2,992
4,040
4,597
4,958
5,504

543
356
389
512
862
945

1,049
1,101

478
482
525
459
474
576
563
735

8 54
1,282
1,165 385
1,136 383
1,224 460
1,748 723
1,963 895
2,139 992
2,328 1,163

70
67
77
79
82
76
79

2,535
6,702
9,146
11,647
11,791
11,299
11,486
10,856

1,509
5,739
8,197
10,584
10,524
9,949
10,039
9,362

17
276 '1,147
223 1,319
180 2,087
104 2,247
62 1,897
136 1,736
138 1,855

152 1,069
766 3,395
1,652 4,928
1,774 6,538
1,179 6,991
972 7,013
1,104 7,058
966 6,399

271
156
76
6
3
4
4
4

563
560
566
619
752
845
931
999

462
403
383
443
516

505
517
494

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
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. 8 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.

150



FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
j

Class of bank
and
call date

Demand deposits

Reserves
with
Cash
Federal in
Revault
serve
Banks

BalDeances mand
with
dedoposits
mestic
ad- 5
banks* justed

Interbank
deposits

Time deposits

Certified
U. S. States and
and
Gov- political Offiern- subdi- cers'
ment visions checks,
etc.

DoFormestic3 eign

U. S.
IndiIndiGov- States viduals, Bor- Capital
viduals,
and
ernpartner- Inter- ment polit- partner- row- acships, ings counts
ships, bank and
ical and corand corPostal subdi- poraporaSav- visions tions
tions
ings

All insured commercial banks:
1941—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Tune 30. .
Dec. 3 1 . .
1948—June 30. .

12,396
12,834
14,260
15,810
16,013
16,039
17,796
17,355

673 1,761
1,358 8,570 37,845 9,823
893 9,950
1,445 8,445 59,921 9,743
948 19,754
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566 1,248 23,740
2,012 9,481 82,085 10,888 1,364 2,930
1,804 8,498 80,869 9,807 1,372 1,247
2,145 9,736 85,751 11,236 1,379 1,325
2,063 8,238 81,420 9,628 1,357 2,052

3,677
4,352
4,518
5,098
5,967
6,495
6,692
7,132

1,077
1,669
1,354
2,585
2,361
2,111
2,559
2,020

36,544
58,338
64,133
72,593
79,887
78,077
83,723
78,287

158
68
64
70
68
64
54
50

59
124
109
103
119
111
111
111

Member banks
total:
1941—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Tune 30. .
Dec. 31. .
1948—Apr. 12..
June 30. .

12,396
12,835
14,261
15,811
16,015
16,040
17,797
16,750
17,356

1,087
1,132
1,271
1,438
1,576
1,409
1,672
1,563
1,606

6,246
5,450
6,354
7,117
5,936
5,521
6,270
5,375
5,419

33,754
52,642
57,308
64,184
70,243
69,595
73,528
69,781
70,051

9,714
9,603
10,881
12,333
10,644
9,612
10,978
9,133
9,433

671 1,709
891 9,444
945 18,509

3,066
3,602
3,744
4,240
4,915
5,376
5,504
5,570
5,873

1,009
1,573
1,251
2,450
2,207
1,976
2,401
1,755
1,873

33,061
51,820
56,270
62,950
69,127
67,933
72,704
68,093
68,204

140
62
58
64
62
60
50
42
47

50
120
105
99
114
106
105
102
106

418
327
347
399
551
649
693
872
912

11,878
14,822
18,807
23,712
26,525
27,259
27,542
27,616
27,805

New York City:z
1941—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .
June 30. .

5,105
3,596
3,766
4,015
4,046
4,166
4,639
4,481
4,883

93
92
102
111
131
123
151
141
122

141
61
76
78
87
50
70
46
46

10,761
13,899
14,042
15,065
16,429
16,494
16,653
15,701
15,592

3,595
2,867
3,179
3,535
3,031
2,898
3,236
2,776
2,830

866

319
252
199
237
218
260
290
232
272

450
710
361

11,282
14,373
14,448
15,712
17.216
17,202
17,646
16,345
16,306

6
4
11
17
20
22
12
10
15

5
7
10
15
14
12
14
14

29
26
17
20
39
17
14
54
41

778
816
977

1,021

1,070
1,051
1,144

43
38
43
36
29
36
30
26
28

298
158
177
200
172
162
175
146
152

2,215
3,050
3,041
3,153
3,356
3,427
3,737
3,432
3,505

1,132
1,292
1,130
1,056
1,196
1,004
1,055

8
14
16
20
24
24
21
24
22

4,060
5,116
5,687
6,326
6,337
6,274
7,095
6,403
6,462

425
391
441
494
532
470
562
511
521

2,590
1,758
2,005
2,174
1,923
1,864
2,125
1,791
1,852

11,117
18,654
20,267
22,372
24,221
24,166
25,714
24,182
24,316

4,302
4,770
5,421
6,307
5,417
4,773
5,497
4,539
4,751

54
63
70
110
127
109
131
124
140

2,210
3,303
3,909
4,527
4,703
4,628
4,993
4,815
4,866

526
611
684
796
883
780
929
884
934

3,216
3,474
4,097
4,665
3,753
3,444
3,900
3,391
3,369

9,661
17,039
19,958
23,595
26,237
25,508
27,424
26,466
26,639

271
313
352
391
437
395
473
457

2,325
2,996
3,434
3,959
3,547
2,979
3,466
2,820

4,092
7,279
8,652
10,537
11,842
11,274
12,223
11,368

Chicago:3
1941—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—jUne
Dec.
1948—Apr.
June

31. .
3i .
30. .
31, .
31. .
30..
31. .
12..
30. .

Reserve city banks:
1941—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12 ..
June 3 0 . .
Country banks:
1941—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1 9 4 7 _ j u n e 30. .
Dec. 31. .
1948—Apr. 12..
June 3 0 . .

821
899
942
928
973

Insured nonmember commercial banks:
1941—Dec. 31
1943—Dec 31
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec 31
1947—June 30. .
Dec. 3 1 . .
1948—June 30. .

1,027
972

790
994

1,149
1,199
1,067

885

1,049

814
798

108
141
182
233
244
194
258
195

1,243 22,179
1,353 2,672
1,369 1,095
1,375 1,176
1,375 2,115
1,353 1,846
607
810
851

3,395
6,722
1,105 6,940
651
1,195
179
1,228
267
1,217
1,220
375
333
1,183
127
713

1,400
1,552
*152
181
72
102
105
491

3 ,373
6]l57
8,221
991
311
405
793
728

2
225
5 1,962
8 4,230
8 5,465
877
8
424
8
432
7
844
8
9
680

2
2
3
5
11
3
4
4

53
506

1,245
1,560

258
152
149
207

1,338

942
915

1,105

725
748

63
37
47

2,152
3,097
3,100
3,160
3,495
3,417
3,853
3,489
3,539

1,144
1,448
1 [509
1,763
2,077
2,301
2,282
2,314
2,442

286
475
488
611
693
554
705
524
562

11,127
18,790
20,371
22,281
24,288
23,934
26,003
24,123
24,198

104
41
33
30
25
21
22
17
18

1,370
1,727
1,868
2,004
2,391
2,511
2,647
2,772
2,839

239
344
369
435
524
451
528
468
516

8,500
15,561
18,350
21,797
24,128
23,380
25,203
24,136
24,161

611
750
775
858

68
96
103
135
154
135
158
147

3,483
6,518
7,863
9,643
10,761
10,144
11,019
10,083

233
174
167
237
228
304
285
251
320

1,052
1,119
1,188
1,259

34
44
33
66
47

55

492
395
423
496
664
771
826

15,146
18,561
23,347
29,277
32,742
33,604
33,946
1,061 34,246

2

1
1

2
2
2
1
1

4
6
9
10
11

1,206
1,395
1,407
1,418
1,460
1,621
476
505
619
719
823
864
902
908
940

10
46
122
215
39
60
61
63

6,844
7,453
7,989
8,671
9,286
9,558
9,734
9,955

4 5,886
39 6,475
111 6,968
208 7,589
30 8,095
50 8,315
54 8,464
235 8,610
53 8,624

1,648
1,862
1,966
2,120
2,205
2,234
30 2,259
119 2,268
26 2,262

"29
96
195

1

288
326
354
377
404
416
426
426
436

20
56
40
38
43
41
45 .
40
42

243
151
154
160
235
319

4,542
5,902
7,561
9,563
10,580
10,888
332 11,045
455 10,792
496 10,771

2
4
11
1
60
3

30
17
14
17
17
17
17
15
14

31
56
57
52
55
49
45
46
49

146
149
175
219
272
308
337
354
364

6,082
7,599
9,650
12,224
13,727
14,101
14,177
14,456
14,473

4 1,982
10 2,153
16 2,321
11 2,525
26 2,757
38 2,869
23 2,934
55 3,048
24 3,056

18
6
6
6
6
4
4
4

8
4
4
4
5
5
6
6

74
68
76
97
113
122
132
149

3,276
3,750
4,553
5,579
6,232
6,361
6,420
6,457

6
6
10
7
9
10
7
10

1,967
2,135
2,327
2,566
2,729
2,796
2,844
2,869
2,870

959
979

1,022
1,083
1,193
1,245
1,271
1,333

4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
5
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

FEBRUARY

1949




151

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans l

Date or month

Total
loans
and
invest- Total*
ments

Investments

For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Loans Other
trial,
estate to
Total
and
loans banks loans
agri- U. S. Other U.S. Other
cul- Govt. se- Govt. setural
obobliga- curi- liga- curitions ties tions ties

U. S. Government obligations

CerOther
tifisecucates
rities
Bills of in- Notes Bonds2
debtedness

Total

Total—
Leading Cities
14,569

387

527

407

503 3,427

199 3,409 41,707 37,474 1,251

62,256 24,605 15,388
1948—October
November. . . 62,430 24,937 15,543
December.. . . 62,730 25,336 15,567

246
389
684

432
425
478

218
202
200

488 3,993
487 4,032
474 4,059

215 3,873 37,651 33,300 2,071 4,441 1,699 25,089 4,351
239 '3,870 37,493 33,296 2,358 4,454 1,675 24,809 4.197
209 3,912 37,394 33,227 2,129 4,655 1,759 24,684 4,167

207

1947—December

65,135 23,428

3,291 2,832 30,100 4,233

3
10
17
24

62,232
62,378
62,647
62,462

24,730
24,863
24,944
25,212

15,433
15,595
15,581
15,559

315
392
624

397
410
455

200
202
198

488 4,021
478 4,028
476 4,035
506 4,045

295 '3,872 37,502 33,268 2,378 4,423

Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec 29

62,330
62,558
62,870
63,141
62,751

25,092
25,202
25,289
25,538
25,559

15,542
15,475
15,610
15,632
'15,577

507
642
'588
'807
'875

467 198
495 203
487 197
487 1 9 9
456 '202

475 4,044
487 4,052
470 4,066
470 4,070
469 4,062

218
195
196
194
241

'3,893
'3,904
'3,915
'3,920
'3,930

37,238
37,356
37,581
37,603
37,192

33,075
33,179
33,440
33,455
32,987

2,106
2,199
2,285
2,249
1,807

4,458
4,428
4,826
4,823
4,742

1949—Jan. 5
Jan 12
Jan. 19
Jan. 26

62,638
62,596
62,879
62,852

24,969
25,087
24,949
25,270

15,374
15,415
15,414
15,381

620
714
581
890

438
399
406
419

203
199
196
187

467
460
456
452

4,066
4,083
4,081
4,084

164
182
185
235

3,924
3,922
3,917
3,909

37,669
37,509
37,930
37,582

33,484
33,324
33 ,749
33,411

2,197
2,157
2,425
2,036

1947—December.. . . 20,056

7,286

5,343

299

377

64

202

104

160

737 12,770 11,576

661

18,199
1948—October
November. . . 18,151
December.. . . 18,414

7,463
7,617
7,909

5,609
5,634
5,594

207
348
629

311
308
352

27
27
32

193
196
186

199
207
215

178
180
168

825 10,736 9,617
803 10,534 9,522
814 10,505 9,502

193
187
186
219

205
207
208
209

206
189
175
150

807
800
796
808

Nov
Nov.
Nov.
Nov.

223

439

1,673
237 '3,862 37,515 33,319 2,454 4,420 1,658
228 '3,869 37,703 33,525 2,511 4,515 1,678
198 '3,878 37,250 33,073 2,090 4,457 1,692

24,794
24,787
24,821
24,834

4,234
4,196
4,178
4,177

1,688
1,697
1,754
1,811
1,844

24,823
24,855
24,575
24,572
24,594

4,163
4,177
4,141
4,148
4,205

5,669
5,515
5,613
5,511

1,057
1,043
1,044
1,034

24,561
24,609
24,667
24,830

4,185
4,185
4,181
4,171

536

481

9,898 1,194

935
851
926
899
753 1,053

291
268
304

7,540 1,119
7,429 1,012
7,392 1,003

269
268
273
261

7,428
7,414
7,431
7,444

New York City

Nov.
Nov
Nov.
Nov.

3
10
17
24

18,098 7,473
18,081 7,560
18,181 7,596
18,244 7,841

5,606
5,671
5,639
5,621

195
276
354
567

321
289
296
325

26
27
28
28

Dec
Dec.
Dec.
Dec.
Dec.
1949—j an>
Jan.
Tan.
Jan.

1
8
15
22
29
5
12
19
26

18,178
18,339
18,466
18,589
18,496

7,717
7,851
7,829
8,032
8,114

5,599
5,536
5,603
5,622
5,609

467

332

31

18,348
18,210
18,262
18,401

7,730
7,810
7,726
7,997

5,556
5,582
5,597
5,600

563

314

294
302
289

39
38
37

600
533
743
802
659
543
830

380
350
353
343

33
30
32
33
40

9,607 1,040
9,507
973
9,575 923
9,397
767

870
852
948
925

9,457
9,491
9,650
9,574
9,340

832
939
836 1,139
768 1,126
524 1,110

951

254
313
338
363

253

7,447 1,004
7,466 997
7,362 987
7,342 983
7,343 1,042

9,580
808 10,400 9,365
801 10,536 9,504
807 10,404 9,386

1,374
701 1,258
772 1,345
639 1,363

137

7,319
7,271
7,251
7,259

10,625
10,521
10,585
10,403

201
183
182
182

216
219
220
213

209

168

813 10,461

180

213

151

807 10,618

184

180
177
175

216
217
216

161
169
146
198
126
145
137

810
818
810
817

10,488
10,637
10,557
10,382

806

750

135
136
125

1,018
1,014
1,010
1,006

1,038
1,035
1,032
1,018

Outside
New York City
2,672 28,937 25,898

1947—December.. . . 45,079 16,142

9,226

88

150

343

301 3,323

39

44,057 17,142
1948—October
November. . . 44,279 17,320
December.. . . 44,316 17,427

9,779
'9,909
9,973

39
41
55

121
117
126

191
175
168

295 3,794
291 3,825
288 3,844

37 3,048 26,915 23,683 1,136 3,590 1,408
59 '3,067 26,959 23,774 1,432 3,555 1,407
41 3,098 26,889 23,725 1,376 3,602 1,455

590

2,755 2,351 20,202 3,039
17,549 3,232
17,380 3,185
17,292 3,164

3
10
17
24

44,134
44,297
44,466
44,218

17,257
17,303
17,348
17,371

'9,827
'9,924
'9,942
'9,938

28
39
38
57

118
108
114
130

181
173
174
170

295 3,816
291 3,821
290 3,827
287 3,836

89
48
53
48

'3,065
'3,062
'3,073
'3,070

26,877
26,994
27,118
26,847

23,661
23,812
23,950
23,676

1,338
1,481
1,588
1,323

3,553
3,568
3,567
3,532

1,404
1,390
1,405
1,431

17,366
17,373
17,390
17,390

Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

44,152
44,219
44,404
44,552
44,255

17,375 '9,943
17,351 '9,939
17,460 10,007
17,506 10,010
17,445 '9,968

40
42
'55
'64
'73

135 167
115 170
137 167
134 167
113 169

291 3,835
286 3,836
287 3,847
288 3,850
287 3,849

50
34
27
48
43

'3,080
'3,094
'3,097
'3,110
'3,113

26,777
26,868
26,944
27,046
26,810

23,618
23,688
23,790
23,881
23,647

1,300
1,367
1,449
1,481
1,283

3,507
3,489
3,687
3,697
3,632

1,435
1,443
1,441
1,473
1,481

17,376 3,159
17,389 3,180
17,213 3,154
17,230 3,165
17,251 3,163

1949—Jan. 5
Jan. 12
Jan. 19
Jan. .26

44,290
44,386
44,617
44,451

17,239
17,277
17,223
17,273

124
105
104
130

287 3,853
280 3,867
279 3,864
277 3,868

13
56
40
98

3,117
3,114
3,116
3,102

27,051
27,109
27,394
27,178

23,904
23,959
24,245
24,025

1,447
1,456
1,653
1,397

4,295
4,257
4,268
4,148

920
908
908
909

Nov.
Nov.
Nov
Nov.

9,818
9,833
9,817
9,781

57
55
38
60

163
160
158
150

17,242
17,338
17,416
17,571

3,216
3,182
3,168
3,171

3,147
3,150
3,149
3,153

r
1

Revised.
ation reserves); they do not add to
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valu;
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
Including guaranteed obligations.

152



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits
except interbank

Date or month

ReBalDeserves
with Cash ances mand
dewith
Fedin
eral vault do- posits
mestic ad- 3
Rebanks usted
serve
Banks

Individuals, States Certiand
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
coretc.
pora- sions
tions

In millions of dollars]
Interbank
deposits

Time deposits,
except interbank

IndividU. S.
Demand
uals, States Govand
U. S. part- polit- ernGov- nerical ment
ern- ships, suband
ment and
divi- Postal Docor- sions Sav- mes- Foreign
poraings
tic
tions

Bor- Caprow- ital
acings counts
Time

Ba nk
de >
its

TotalLeading Cities
1 9 4 7 — D e c e m b e r . . 12, 719

848 2 462 4 8 , 708 4 9 , 363 3 , 148

1,700

651 14, 093

335

80 9 922 1 ,370

39

228

1948—October
14, 521
N o v e m b e r . 14, 590
D e c e m b e r . . 14, 704

834 2, 261 46, 864 47, 711 3, 141
826 2, 229 46, 936 47, 748 3, 204
884 2 235 47 787 48 387 3 255

1,291
1,361
1,510

1 ,532 14, 330
1 ,464 14, 309
1 ,095 14 306

535
522
518

84 9 046 ,417
85 9 194 ,416
85 9 149 ,459

47
53
51

169 5,976 94 919
248 5,995 91 965
200 6,008 107 606

3....
10....
17....
24....

14, 530
14, 584
14, 557
14, 688

813
850
825
817

2
2
2
2

250
208
350
107

Dec. 1 . . . .
Dec. 8 . . . .
Dec. 1 5 . . . .
Dec. 2 2 . . . .
Dec. 2 9 . . . .

14, 574
14, 418
15, 044
14, 593
14, 893

812
880
891
916
919

2
2
2
2
2

14, 964
14, 716
14 713
14 710

812
862
803
803

2
2
2
2

Nov.
Nov.
Nov.
Nov.

1949—Jan.
Tan.
Jan.
Jan.
New York

5....
12....
19....
26....

5,831 104 009

47
47
48
47

474
446
270
801

3, 299
3 205
3 141
3 170

1,315
1,264
1,441
1,425

1 ,513
1 ,389
1 ,580
1 ,374

14, 323
14, 321
14 302
14, 287

536
527
518
509

85
85
85
85

9
9
9
8

225
252
538
762

L,423
,405
L,416
1 ,421

53
53
53
52

212
205
139
435

6,006
5,994
5,992
5,988

21
20
21
22

789
594
489
490

185 47
103 47
406 48
234 47
247 47

341 47
584 47
290 49
928 48
794 48

840
635
803
446
214

3
3
3
3
3

292
230
221
250
282

1,625
1,259
1,629
1,489
1,549

1 ,264
900
944
1 ,092
1 ,274

14
14
14
14
14

238
282
281
324
403

505
509
514
522
540

85
85
85
85
85

9
9
9
9
9

005
002
518
140
079

1 ,415
1 ,426
1 ,482
1 ,499
1 ,472

52
52
51
50
51

149
261
100
289
200

6,016
6,009
6,001
6,002
6,015

20
20
24
25
22

623
906
978
101
434

365 47
287 47
262 47
130 47

437
519
670
665

482
129
094
486

3
3
3
3

268
213
178
301

1,289
1,219
1,292
1,408

1 ,115
835
987
1 ,139

14
14
14
14

451
446
417
412

550
560
567
570

85
85
85
85

9
9
9
8

722
427
358
795

1 ,458
1 ,424
1 ,542
1 ,531

51
55
42
41

66
257
143
410

6,013
6,013
6,005
6,019

25
20
21
21

157
544
822
968

46
46
46
47

607
929
907
301

47
48
48
47

City

1947—December..

4 424

148

42 16 336 17 055

264

931

209

1 341

19

12 3 072 1 ,220

12

102 2,202

1948—October
November .
December. .

5, 293
5 296
5 383

131
138
145

37 15 153 15 782
35 15 093 15 741
36 15 491 16 228

274
307
226

634
681
802

490 1 491
453 1 480
294 1 511

23
20
16

14 2 779 1 ,234
14 2 777 1 ,229
14 2 822 1 ,269

31
33
32

69 2,222 38 014
147 2,232 34 988
122 2,235 44 861

5
5
5
5

249
306
263
366

134
149
129
141

33
34
38
34

14
15
15
15

582
651
844
888

368
287
303
272

634
614
718
757

480
438
486
408

1
1
1
1

485
477
471
486

23
23
18
18

14
14
14
14

2
2
2
2

842
766
850
648

1 ,236
1 ,218
1 ,228
1 ,233

33
33
33
32

118
109
91
272

2,234
2,233
2,233
2,227

Dec. 1 . . . . 5 380
D e c . 8 . . . . 5 193
5 553
D e c . 15
D e c . 2 2 . . . . 5 356
Dec. 2 9 . . . . 5 433

129
143
148
159
147

37
31
38
38
37

15 363
15 404
15 631
15 546
15 ,509

16 106
15 923
16 633
16 237
16 ,239

274
241
206
177
231

888
587
881
794
863

360
246
249
283
335

1 482
1 496
1 508
1 524
1 ,545

17
17
16
16
16

14
14
14
14
14

2 812
2 684
2 986
2 806
2 ,822

1 ,231
1 ,241
1 ,296
1 ,303
1 ,274

32
33
31
31
31

31
180
36
201
161

2,240 8 287
2,231 8 400
2,236 11 133
2,232 10 169
2,235 9 268

133
133
118
120

34
32
32
33

15 ,407
15 ,202
15 ,353
15 ,360

15 ,957
15 ,913
16 ,020
15 ,847

196
208
176
228

582
581
618
793

321
221
253
277

1
1
1
1

18
20
20
20

14
14
14
14

3 ,019
2 833
2 ,832
2 ,722

1 ,265
1 ,231
1 ,332
1 ,326

31
35
20
20

36
202
96
286

2,250 10 586
2,252 8 368
2,251 8 596
2,251 9 316

Nov.
Nov.
Nov.
Nov.

1949—Jan.
Jan.
Jan.
Jan.

3....
10....
17....
24

5....
12....
19....
26....

5
5
5
5

509
294
403
366

918
112
048
297

15
15
15
15

531
520
500
496

44 131

8
7
7
8

688
703
770
541

Outside
New York City
1947—December..

8 295

700 2 420 32 ,372 32 ,308 2 884

769

442 12 752

316

68 6 ,850

150

27

126 3,629 59 ,878

1948—October
9 228
November . 9 294
December. . 9 321

703 2 ,224 31 ,711 31 ,929 2 ,867
688 2 ,194 31 ,843 32 ,007 2 ,897
739 2 ,199 32 ,296 32 ,159 3 ,029

657 1 ,042 12 839
680 1 ,011 12 ,829
708
801 12 ,795

512
502
502

70 6 ,267
71 6 ,417
71 6 ,327

183
187
190

16
20
19

100 3,754 56 ,905
101 3,763 56 ,977
78 3,773 62 ,745

Nov.
Nov.
Nov.
Nov.

3
10....
17....
24....

Dec. 1 . . .
Dec 8
Dec. 1 5 . . .
Dec. 2 2 . . .
Dec. 2 9 . . .
1949—Jan. 5 . . .
Jan. 1 2 . . .
Jan. 1 9 . . .
Jan. 2 6 . . .

281
278
294
322

679
701
696
676

2 ,217
2 ,174
2 ,312
2 ,073

31 ,689
31 ,817
31 ,859
32 ,004

31 ,892
31 ,795
32 ,426
31 ,913

2 ,931
2 ,918
2 ,838
2 ,898

681 1 ,033 12 ,838
650
951 12 ,844
723 1 ,094 12 ,831
668
966 12 ,801

513
504
500
491

71
71
71
71

6 ,383
6 ,486
6 ,688
6 ,114

187
187
188
188

20
20
20
20

94
96
48
163

3,772
3,761
3,759
3,761

13 ,101
12 ,891
13 ,719
13 ,949

9 ,194
9
9 ,491
9 ,237
9 ,460

683
737
743
757
772

2 ,148
2 ,072
2 ,368
2 ,196
2 ,210

31 ,978
32 ,180
32 ,659
32 ,382
32 ,285

31 ,734
31 712
33 ,170
32 ,209
31 ,975

3 ,018
2 ,989
3 ,015
3 ,073
3 ,051

737
672
748
695
686

904
654
695
809
939

12 ,756
12 ,786
12 ,773
12 ,800
12 ,858

488
492
498
506
524

71
71
71
71
71

6 ,193
6 ,318
6 ,532
6 ,334
6 ,257

184
185
186
196
198

20
19
20
19
20

118
81
64
88
39

3,776
3,778
3,765
3,770
3,780

12 ,336
12 ,506
13 ,845
14 ,932
13 ,166

9 ,455
9 ,422
9 ,310
9 ,344

679
729
685
683

2 ,331
2 ,255
2 ,230
2 ,097

32 ,030
32 ,317
32 ,317
32 ,305

31 ,525
32 ,216
32 ,074
31 ,639

3 ,072
3 ,005
3 ,002
3 ,073

707
638
674
615

794
614
734
862

12 ,920
12 ,926
12 ,917
12 ,916

532
540
547
550

71
71
71
71

6 ,703
6 ,594
6 ,526
6 ,073

193
193
210
205

20
20
22
21

30
55
47
124

3,763
3,761
3,754
3,768

14 ,571
12 ,176
13 ,226
12 ,652

9
9
9
9

3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Backfigures.—Fordescription of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
4

FEBRUARY

1949




153

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE

DISTRICTS

LOANS A N D INVESTMENTS
[In millions of dollars]

Loansl

Investments

For purchasing
or carrying securities
Total
loans
and
investments

Federal Reserve
district and d a t e

Boston
Dec 29
j a n
5
j a n
12
J a n 19
J a n 26
New York*
Dec 29
jan
5
J a n 12
J a n . 19
j a n
26
Philadelphia
Dec 29

Jan

5

j a n
12
jan
19
J a n 26
Cleveland
Dec 29
jan
5
J a n 12
j a n
19
j a n
26
Richmond
Dec 29

Jan

Tan

5

J a n 12
j a n
19
J a n 26
St. Louis

Dec 29
jan
5
Jan 12
j a n 19
Jan 26
Minneapolis
Dec

Jan

j a n
Jan.
Jan
Kansas
Dec.

29

5

12
19
26
City
29

Jan
5
Jan. 12
Jan 19
J a n 26

Dallas
Dec

Jan

29

5

j a n 12
J a n . 19
J a n . 26
San Francisco
Dec 29
Jan.
5
j a n 12
J a n 19
j a n 26
City of Chicago*
Dec 29

Jan

5

J a n . 12
j a n 19
J a n 26

Total

To brokers
and dealers

To others

U.S.
U. S.
Govt. Other Govt. Other
seseob- curi- ob- curiliga- ties liga- ties
tions
tions

Real
estate
oans

^oans

Certificates
of indebtedness

Total

Bills

1,669
1,723
1,707
1,756
1,754

1,571
1,626
1,607
1,655
1,654

127
159
125
146
146

228
287
290
306
302

95
45
45
47
47

994 11,794 10,552
984 12,036 10,797
985 11,831 10,596

583
811
772

848
706

1,191
1,460
1,345
1,434
1,453

416
187
186

...

709
695
693
694
688

"•29
16
13
5
11

7
8
7
8
11

12
12
12
12
12

17
17
17
17
17

135
137
137
137
137

13
1
26
2
10

8,870
8,477
8,556
8,464
8,741

5,966
5,904
5,929
5,938
5,948

804
569
663
549
834

347
318
298
305
293

39
46
44
43
43

200
198
198
195
192

417
416
420
420
420

198
151
128
145
137

2,524
2,562
2,518
2,535
2,533

938
908
911
909
917

538
519
522
515
512

1
1
1
1
1

17
18
17
17
17

3
3
3
3
3

7
8
7
7

12

7

91
96
96
97
96

2
6
13

277
272
272
272
277

1,586
1,654
1,607
1,626
1,616

1,313
1,381
1,330
1,348
1,335

97
139
95
116
101

117
174
155
149
148

4,337
4,326
4,314
4,337
4,355

. . .

1,109
1,073
1,090
1,060
1,070

20,664
20,513
20,387
20,437
20,582

••

1,492
1,474
1,489
1,493
1,509

932
917
921
922
917

9
6
7
8
12

13
12
13
14
15

33
33
33
33
26

20
20
20
20
21

276
275
276
276
276

1
1
11
9
28

222
226
224
227
230

2,845
2,852
2,825
2,844
2,846

2,500
2,509
2,482
2,503
2,503

128
144
110
123
111

2,503
2,502
2,524
2,518
2,518

874
867
863
862
859

418
412
410
412
412

6
6
6
6
6

16
15
15
15
15

22
26
20
20
20

204
199
204
202
201

5
3
2
1
2

209
214
214
214
211

1,629
1,635
1,661
1,656
1,659

1,502
1,508
1,533
1,529
1,535

2,289
2,285
2,296
2,295
2,289

873
862
859
854
851

553
549
542
543
542

6
5
5
5
5

18
17
17
17
15

37
35
35
34
35

65
65
65
66
66

5
5
5
4

197
195
199
194
192

1,416
1,423
1,437
1,441
1,438

8,536
8,527
8,578
8,702
8,633

2,764
2,726
2,729
2,734
2,753

1,904
1,858
1,873
1,885
1,871

23
24
25
14
28

30
41
26
22
41

19
20
20
21
21

61
61
60
60
59

338
339
341
340
340

4

413
412
413
410
405

2 141
2,145
2 172
2,186
2,180

1 023
1,011
1 025
1,014
1,015

632
622
632
619
620

1
1
1
1

11
10
10
10
10

12
12
12
12
11

160
160
161
161
161

1,158
1,163
1,175
1,179
1,161

437
438
440

245
247
250

c

63
63
63
63
63

440
440

c

5
c
c

2
2
2
2
2

251
250

8
8
8
8
8

r

6
6
6
6
6

12
12
12
12
12

128
128
128
127
128

20
17
15
14
14

45
45
45
45
44

17
16
16
14
14

31
28
29
29
29

2,097
2,099
2,103
2,103
2,107

14
14
15
15
15

52
52
51
51
51

75
75
75
75
75

894
889
890
884

583
579
577
575

891

578

3

2,336
2,323
2,334
2 325
2,316

1,133
1,124
1,122
1,124
1,115

'799

6
6

11,097
11,113
11,093
11,131
11,054

5,152
5,120
5,113
5,111
5,109

2,298
2,280
2,270
2,269
2,258

3

12
13
12
14
14

5,293
5,298
5,348
5,434
5,360

1,879
1,854
1,856
1,855
1,872

1,487
1,448
1,461
1,467
1,457

23
24
25
14
28

25
37
22
18
37

1

4

792
796
791

c
c

785
8
4

e
c
c

1,121
1,135
1,147
1,156
1,159

98
97
100
101
100

8,362
8,339
8,293
186 8,274
175 8,288

1,242
1,239
1,235
1,231
1,219

77
34
34
34
34

1,022
1,034
1,046
1,049
1,052

273
273
277
278
281

272
316
323
325
290

168
117
116
115
116

1,932
1,932
1,933
1,940
1,986

345
343
343
341
343

75
75
85
81
86

181
198
201
199
195

58
45
44
44
44

1,188
1,190
1,203
1,205
1,210

127
127
128
127
124

1,229
1,239
1,254
1,258
1,255

33
36
48
42
33

281
316
319
326
318

72
43
41
40
41

843
844
846
850
863

187
184
183
183
183

5,772
5,801
5,849
5,968
5,880

5,139
5,171
5,225
5,343
5,248

287
299
374
499
399

643
860
803
780
764

426
245
242
242
241

3,783
3,767
3,806
3,822
3,844

633
630
624
625
632

209
209
212
214
214

1,118
1,134
1,147
1,172
1,165

983
998

1,013
1,037
1,031

72
67
68
66
63

179
206
216
233
215

64
53
54
54
54

668
672
675
684
699

135
136
134
135
134

119
118
117

721
725
735

640
644
654

29
33
43

43
28

129
148
151

154
151

35
16
14

14
14

447
447
446

448
449

81
81
81

162
163
163
164

1,494
L.494
1,518
1,534
,516

1,287
1,289
1,313
1,330
1,313

130
141
158
172

280
296
304
302

100
73
71
71

207
205
205
204

144

308

71

777
779
780
785

,?03
1,199
1,212
L ,201

51
48
57
50

233
280
287
284

78
44
42
42

204
205
203
203
202

977 11,973 10,742
982 11,841 10,622

5

12
18
1
1
1
1

88
89
89
89
89

2,388
2,383
2,408
2 418
2,407

5

Other
secuNotes Bonds2 rities

Other Total
janks loans

to

2,778
2,796
2,797
2,816
2,824

5

j a n
12
j a n
19
J a n 26
Atlanta
Dec 29
j a n
5
J a n 12
j a n
19
J a n 26
Chicago*
Dec 29

1

Commercial,
industrial
and
agricultural

U. S. Government obligations

116
115
1
1
c

1

163
r

901

743 5,945
742 5,993
739 5,980
737 6,020
733 5,945

5,189
5,242
5,225
5,263
5,190

3,414
225 3,444
228 3,492
224 3,579
222 3,488

3,002
3,033
3,087
3,173
3,073

185

4
13

223
12
8

659
642

1,082
1,080
1,092
1,082
1,083

181
184
181
189

1
1

739
721

51

282

195
245
222
239
168

1,008
1,128
1,121
1,121
1,085

155

353

278

430

170
262
368

495
460
440

42




790

203

720
708
706
706

121
119
120
119

708

118

255 3,731
155 3,714
154 3,728
155 3,748
155 3,782

756
751
755

2,189
185 2,183
185 2,180
184 2,181
183 2,182

305

* 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.
For other footnotes see preceding table.

154

80
79

757
755
412

411
405
409
415

The figures

FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Federal Reserve
district and date

Boston
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
New York*
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Philadelphia
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Cleveland
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Richmond
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Atlanta
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Chicago*
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
St. Louis
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Minneapolis
Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26.
Kansas City
Dec. 29
Tan. 5
Jan. 12
Jan. 19
Jan. 26
Dallas
Dec. 29
Jan. 5
Tan. 12
Tan. 19
Jan. 26
San Francisco

Individuals,
partnerships,
and
corporations

IndividU. S.
Jtates :ertiuals, States Govfled
and
U. S. part- and
ernand
politGov- ner- polit- ment
Offiical
ern- ships, ical
and
cers'
subsubment and
Postal
divi- :hecks,
cor- diviSavetc.
sions
pora- sions
ings
tions

576
575
556
581
576

66
61
63
58
58

107
115
103
102
93

2,368
2,378
2,370
2,399
2,404

2,369
2,361
2,389
2,402
2,376

145
154
145
153
154

44
41
44
47
42

,762
,866
,623
,749
i,7O3

198
182
184
166
166

127
123
121
122
114

7,012
6,904
6,714
6,862
.6,872

7,597
.7,280
.7,271
17,369
17,162

466
437
447
411
486

906
626
625
661
834

570
548
563
534
544

50
46
48
44
44

104
99
99
104

2,111
2,114
2,102
2,088
2,098

2,203
2,185
2,198
2,189
2,17

88
81
83

r

30
42
31
24
28

896
888
884
871
87

98
89
95
90
90

3,09:
139 3,065
140 3,072
149 3,093
13: 3,070

3,21
3,124
3,185
3,194
3,164

81
15
156
164
158
161

60
53
58
44

528
559
558
544
535

72
64
70
65
67

164
181
173
151
156

2,040
2,065
2,098
2,054
2,062

2,031
2,048
2,087
2,053
2,029

170
177
17.
179
186

48
46
4
58
47

56
50
39
4'
53

49'
506
505
499

48
43
46
42
44

172
212
195
19180

1,766
1,743
1,756
1,767
1,757

1,663
1,649
1,682
1,690
1,63"

289
283
285
279
296

26
25
23
2
22

3;
29
25
28
32

,12C
,08
,99
,134

11
106
114
106
103

353
348
331
336
34;

6,249 6,28;
6,138
6,22
6^8
6,238 6,22.
6,306 6,25

545
549
53;
540
55

10'
106
98
99
9'

55

Demand
Borrowings
Domestic

6
2

323
320
320
320
321

885
980
805
898
820

,277
,268
,234
,335
,329

161
53
206
109
286

2,430
2,446
2,447
2,446
2,446

9,820
1,210
8,883
9,193
9,813

338
354
347
349
332

12
11
11
12
12

4
1
10
2
4

304
307
307
307
306

891
953
719
822
754

450
471
462
459
453

5
5
5
5
6

7
2
15

457
458
458
458
458

1,241
1,374
1,085
1,224
1,145

563
566
568
56'
56

384
40'
405
395
376

6
6
6
7
6

220
219
219
219

1,102
824
702
695
732

520
524
526
526
526

514
561
554
536
51

11
11
11
10
10

184
184
184
184
184

687
789
669
624
752

266 2,462
2,481
2,485
202 2,486
245 2,493

1,39:
1,488
1,458
1,447
1,343

31
31
3
35
39

696
696
696
692
693

2,919
3,465
2,875
3,102
2,905

176
174
174
174
174

609
679
577
610
645

6
6
6
6
6

99
99
99
99
99

339
426
390
397
327

3
3
3
3
3

19.
19
19.
19
19

721
797
714
888
789
658
887
648
697
817

287
311
302
300
283

22
22
22
27
30

378 ,386
363 ,375
25: ,362
29. ,341
321 2,335

2,891
3,099
2,909
2,907
2,795

410
413
413
412
414

,317
1,324
73 1,323
87 1,323
102 1,32:

62
51
35
45
55

33
2
3
2

1,407
133 l , 3 8 r
12 1,423
12 1,420
1,42C

1,498
1,462
1,51
1.51C
1,47C

113
12
12
120
123

18
19
18
19
20

5
38
28
32
42

458
460
461
461
461

687
729
717
726
674

24J
24;
24<

1
12
14
13
1

88
10
8:
86
79

852
839
845
836
82'

799
794
804

158
154

763

148
154

1:
1
1'
l;
1

22
2
1
22
2'

248
249
249
249
249

27
301
303
298
269

3=
28
3
3C
3(

302
31.
30:
3U
27

1,88
1,82
1,880
1,882
1,89

l,86i
1,832
1,88;
1,89
1,823

23:
22;
22'
23!
25J

2
2'

373
375
37
375
375

79866
841
843
76

23(
23.
23;
22:
21;

1

4
4i
3
5:

57;
58:
59
58:
56

1,99'
1,96'

5556<
5658:
54'

3'
3;
3.
3:
3.

30C
30
34
31'
28<

2,02:
2,OK
1,99

1,924
1,90.
1,963
1,964
1,93

04
02
05
04
02

Chicago*
29
5
12
19
26

Time

15
11(
13
12!
12.

27.
29:
27,
26'
26

7,01'
7,01
7,011
7,02
6,96

6,755
6,73'
6,87C
6,81
6,70

69.
69!
64i
65.
63!

46'
46'
42
35
48

4,
3'
4:
31
3<

16
18C
15.
16.
15

3,96
3,91,
3,97
4,00
4,02

4,09
3,99.
4,09.
4,09
4,07.

27.
27i
26'
26.
26

CapBank
ital
debac4
counts its

Jboreign

481
483
483
486
486

62
45
32
38
45

49'
49^
48(

Dec. 29
Jan. 5
Jan. 12
Jan. 19
Jan. 26
City of
Dec.
Jan.
Jan.
Jan.
Jan.

Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault doposits
Remestic adserve
banks usted3
Banks

Interbank
deposits

Time deposits,
except interbank

2i
2!
2.

1

;

2
2

1

346
34
348
34'
34<

65
65
65
6(
72

607
64'
63«
62i
57C

5

1

196
19'
19'
195
196

22
235
205
205
19

13. 4,83'
Hi 4,854
9' 4,853
11 4,844
4,838

31
3132
33
332

46
488
49C
470
422

95
91
92
100
88

2
2
2
2
2

72'
72:
71'
72<

2,562
2,773
2,477
2,672
2,469

5:
5'
4
4i
4.

1,275
1,288
1,29C
1,29:
12 1,29!

1,038
1,10?
1,07
1,05
99C

26
25
26
30
34

46<
46«
46"
46.
46<:

1,865
2,327
1,842
1,973
1,815

3C
2
3(
3.

c

For footnotes see opposite page and preceding table.

FEBRUARY

1949




155

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Commercial
paper
Total
out- 1
outstanding standing

Held by
Accepting banks

Total

Own
bills

Federal
Reserve
Banks
Others
Bills
(for own
bought account)

287
287

245
261

188
197

76
88

112
109

290
301
311
275
254
270
284
309
305
285
287
269

1947—November
December
1948—January
February
March....
April
May
June
July
August
September
October
November
December

Based on

262
253
241
242
256
253
235
221
214
221
239
259

188
174
162
151
161
142
134
122
120
125
141
146

85
79
70
71
71
61
67
60
65
67
71
71

103
94
92
80
90
81
67
62
55
58
70
76

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in
United
States

Foreign
countries

56
64

147
159

61
63

25
25

9
11

74
79
79
91
95
111
102
99
94
96
99
112

()
*

168
168
151
143
155
155
151
143
136
140
152
164

53
43
48
54
57
56
47
40
37
42
48
57

27
24
23
19
19
19
19
20
20
20
24
25

13
17
17
22
21
20
18
17
20
17
15
12

1

As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances

Debit balances

End of month

Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...

653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578

1948—January
February. . .

•568
•537
•550
*572
•615
619
•608
•573
«57O
8
580
*551
550

April
May
June
July
August
September...
October
November...
December...

12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
7

58
99
89
86
86
154
190
188
253
260
333
413
399
312
333
315

Cash on
hand
and in
banks

Customers'
credit balances *
Money
borrowed1
Free

Other
(net)

Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

223
204
186
211
180
160
167
181
196
209
220
313
370
456
395
393

376
427
395
368
309
378
529
557
619
726
853
795
498
218
223
240

267
281
255
289
240
270
334
354
424
472
549
654
651
694
650
612

62
54
65
63
56
54
66
65
95
96
121
112
120
120
162
176

22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
23

5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
15

269
247
222
213
189
182
212
198
216
227
264
299
314
290
271
273

«217
«208
»229
*241
«258
283
3
288
«252
»238
'252
3 244
257

«622
•596
*592
»614
»619
576
•577
»551
'550
'540
3 563
586

145

20

11

291

112

28

5

278

7

326

332

10

312

349

1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): October, 45; November, 49.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See'Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.

156



FEDERAL RESERVE BULLETIN

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Year,
month, or
week

Prime
commercial
paper,
4- to 6months1

1946 average
1947 average
1948 average

.81

1 03
1.44

Prime
bankers'
acceptances,
90
days 1

u. s. Government
security yields
Stock
exchange
9-to 12call
month 3- to 5loan
3certifireyear
cates
new- month of in- taxable
2
bills»
als
issues
debtedness

.61
.87
1.11

1.16
1 38
1.55

.375
604

1,043

1.14

.82
.88

1.16
1.32
1.62
1 63
1.63
1.60
1.58
1.51
1.49
1.56
1.65
1.69
1.71
1.69
1.64

COMMERCIAL LOAN RATES
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
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.
1948 average

2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
2.62

1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.18

2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
2.70

3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
3.02

1944—December.

2.39

1.93

2.61

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

1948—January...
February . .
March
April
May
June
July. . . .
August....
September.
October. . .
November .
December. .

1.31
.38
.38
38
.38
38
.38
.44
.56
L .56
L .56
L .56

1.06
1.06
1.06
1.06
1.06
1.06
1 06
1.13
1.19
1.19
1.19
1.19

1.50
1.50
1.50
1.50
1.50
1 50
1 50
1.63
1.63
1.63
1.63
1.63

1.053
1.090
1.120
1.144
1.154

1.09
1.10
1.09
1.10
1.09
1.09
1 10
1.15
1.18
1.23
1.22
1.21

1949—January

1.56

1.19

1.63

1.160

1.22

1.59

1946—March
June
September
December.

2.31
2.41
2.32
2.33

1.75
1.84
1.83
1.85

2.34
2.51
2.43
2.43

2.93
2.97
2.75
2.76

1.155
1.160
1.160
1.160
1.161

1.22
1.22
1,22
1.22
1.22

1 63
1 61
1 60
1.59
1.58

1947—March
June
September
December.

2.31
2.38
2.21
2.22

1.82
1.83
1.77
1.82

2.37
2.44
2.25
2.27

2.80
2.95
2.69
2.61

1948—March
June
September
December.

2.46

2.09
2.10
2.26
2.27

2.52
2.71
2.76
2.82

2.83
3.03
3.13
3.09

Week ending:
Dec. 3 1 . . .
Jan. 8 . . .
Jan. 1 5 . . . i/^~i *y
Jan. 2 2 . . . l ^ _ l 5/
Jan. 2 9 . . . iH-iy

13/16
13/16
13/16
13/16
13/16

lj^j-l^
1L^_1^
1L£-1^
l^-l*^

1H-1H

.977
.996
.996
.997
.997
.998
997

1
2

Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
3
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253,

2.71

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]
U. S. Government
(taxable)
Year, month, or week

15

7 to 9
years

years

Corporate (Moody's)4
Municipal
(highgrade)2

Corporate
(highgrade)3

By ratings

By groups

Total

and

Aaa

over

Aa

Baa

Industrial

Railroad

Public
utility

Number of issues

1-5

1-8

15

30

30

30

30

40

40

1.45
1.59
2.00

2.19
2.25
2.44

1.64
2.01
2.40

10
2.44
2.57
2.81

120

1946 average
1947 average
1948 average

2.74
2.86
3.08

2.53
2.61
2.82

2.62
2.70
2.90

2.75
2.87
3.12

3.05
3.24
3.47

2.60
2.67
2.87

2.91
3.11
3.34

2.71
2.78
3.03

1948—January
February
March
April
May
June
July
August
September
October
November
December

2.09
2.08
2.03
1.99
1.89
1.89
1.96
2.05
2.04
2.05
2.00
1.94

2.45
2.45
2.44
2.44
2.42
2.41
2.44
2.45
2.45
2.45
2.44
2.44

2.45
2.55
2.52
2.38
2.31
2.26
2.33
2.45
2.46
2.45
2.42
2.26

2.85
2.84
2.81
2.77
2,74
2.73
2.80
2.86
2.85
2.85
2.86
2.81

3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
3.09
3.11
3.12
3.09

2.86
2.85
2.83
2.78
2.76
2.76
2.81
2.84
2.84
2.84
2.84
2.79

2.94
2.93
2.90
2.87
2.86
2.85
2.89
2.94
2.93
2.94
2.92
2.88

3.17
3.17
3.13
3.08
3.06
3.03
3.07
3.13
3.13
3.15
3.18
3.16

3.52
3.53
3.53
3.47
3.38
3.34
3.37
3.44
.45
50
3.53
3.53

2.91
2.90
2.89
2.85
2.82
2.80
2.84
2.89
2.88
2.90
2.89
2.85

3.44
3.43
3.40
3.34
3.27
3.23
3.26
3.31
3.32
3.35
3.37
3.36

3.03
3.03
3.01
2.97
2.95
2.96
3.02
3.07
3.07
3.07
3.09
3.06

1949—January

1.88

2.42

2.15

2.73

3.02

2.71

2.81

3.08

3.46

2.80

3.26

2.99

Week ending:
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29

1.92
1.90
1.89
1.88
1.86

2.43
2.42
2.42
2.41
2.41

2.21
2.15
2.15
2.16
2.15

2.77
2.75
2.73
2.72
2.73

3.07
3.05
3.02
3.01
3.00

2.76
2.74
2.71
2.70
2.70

2.85
2.83
2.81
2.80
2.80

3.14
3.12
3.09
3.06
3.05

3.51
3.49
3.47
3.46
3.43

2.83
2.82
2.80
2.78
2.79

3.33
3.31
3.28
3.24
3.22

3.03
3.01
3.00
2.99
2.99

1
2
4

Monthly and weekly data are averages of daily figures, except for municipal bonds ,which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947. pp. 1251-1253.

FEBRUARY 1949




157

SECURITY MARKETS *
Stock prices*

Bond prices
Corporate 4
Year, month, or week

U. S.
Government2

Number of issues.

Municipal
(highgrade)5 Highgrade

1-8

Medium-grade
Industrial

Total

Preferred*

Railroad

Public
utility

Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
Indus- Rail- Public shares)
Total
road
utility
trial

416

15

365

20

31

140
123
124

143
128
131

143
105
115

120
103
96

1,390
953
1,144

120
114
116
125
130
135
132
127
126
128
120
119

126
119
122
131
137
143
139
134
132
134
126
126

107
102
105
115
123
126
125
120
120
121
109
106

95
93
93
96
99
101
100
97
97
97
94
93

895
857
974
1,467
1,980
1,406
1,171
684
836
929
1,375
1,155

97.5
92.1
91.2
90.5
90.7
91.4
92.8
94.4
94.6
93.2
92.9
91.9
91.1
90.9

102.6
96.3
96.5
94.3
94.5
94.9
96.8
98.2
99.3
98.1
97.5
95.7
94.5
94.7

88.2
85.4
82.1
82.2
82.2
83.5
87.2
89.8
89.1
86.9
86.8
85.8
85.1
84.5

102.8
95.2
96.0
96.0
96.3
96.7
95.0
95.6
95.6
95.0
94.6
94.4
93.6
93.6

129.9

103.2
98.7
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
97.8
97.9
98.9
100.5

198.5
184.7
168.7
169.5
167.5
170.1
169.9
171.1
173.4
170.8
166.9
166.5
163.8
166.2
168.7

92.1

96.1

86.4

93.8

171.4

121

127

106

94

833

128.8
129.9
129.9
129.8
129.9

99.5
100.0
100.6
100.7
100.6

91.1
91.4
91.7
92.4
92.8

95.0
95.1
95.4
96.7
96.9

84.5
85.2
85.9
87.0
87.6

93.9
93.8
93.9
93.7
93.9

169.5
169.1
170.7
172.0
173.7

120
120
122
122
121

126
126
129
128
127

106
105
106
108
105

93
94
94
94
95

1,405
989
756
761
867

1946 average
1947 average
1948 average

104.77 140.1
103.76 132.8
100.84 125.3

1948—January....
February. .,
March
April
May
June
July
August
September..
October
November. .
December. .

100.70
100.70
100.78
100.84
101.20
101.23
100.82
100.73
100.70
100.69
100.79
100.89

124
122
123
125
127
127
126
124
124
124
125
127

1949—January...

101.16

Week ending:
Dec. 31
Jan. 8
Jan. 15. . . .
Jan. 22
Tan. 29

100.98
101.06
101.10
101.19
101.27

1
1
1
4
8
7

Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
6
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
JOT new capita]

Year or month

1940
1941
1942
1943
1944
1945
1946 s
1947 3
1948

Total
(new
and
refunding)

For refunding

Domestic
Total
(domestic
and
forTotal
eign)

4,803 1,951
5,546 2,854
2,114 1,075
642
2,169
913
4,216
8,006 1,772
8,645 4 4,645
49,691 7,566
9,683 8,555

State
and
municipal

Federal
agencies1 Total

751 461
1,948
2,852
518 1,272
342 108
1,075
640
176
90
235
896
15
471
1,761
26
952 127
4,635
7,255 2,228 239
8,546 2,604 294

1947—December 1,160

1,029

1,024

99

541
1948—January. .
837
February.
March. . . 1,374
936
April
May
652
954
June.....
763
July
706
August...
September
660
October . .
733
656
November
831
December

495
782
1,222
769
591
888

495
781
1,221
768
591
888

114
217
630
156
182
283

16
39
31
50
35
21

118
237

571
652

569
651

118
273

67
35

583
753

583
753

150
126

679
531

679
528

Domestic
Corporate

Foreign2

Bonds
and Stocks
notes

601
135
736
1,062
889
173
624
506
118
374
282
92
422
646
224
607
1,264
657
3,556 2,084 1,472
4,787 3,567 1,219
5,648 4,742
906
925

780

144

365
526
560
562
374
584

323
348
531
432
293
436

41
178
29
131
81
149

484
194

10
61

494
256
450

5

433
627

364
328
409
564

87
50
24
64

Total
(domestic
and
forTotal
eign)

Corporate

Federal
agencies1

Total

Bonds
and Stocks
notes

482
435
181
259
404
324
208
44
82

344
698
440
497
418
912
734
422
768

2,026
1,557
418
685
2,466
4,937
2,953
1,482
277

1,834
1 430
407
603
2,178
4,281
2,352
1,199
251

193
126
11
82
288
656
601
283
26
3

17
12
10
67
10

2,852
2,693
1,039
1,527
3,303
6,234
4,000
2,125
1,128

2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,948
1,127

5

130

130

2

45

83

80

1
2
2

46
56
152
166
61
66

46
56
152
166
61
66

2
3
1
1
8
3

42
39
54
114
49
34

3
14
97
50
4
29

3
13
87
50
3
29

85
175

85
175

2
50

68
123

15
2

15
2

1
6

62
56

26
19

13
19

73
78

2
3

56
72

16
3

16
2

2
1
2

3

2
1

89
81
73
78

89
81

1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2
Includes issues of noncontiguous U. S. Territories and Possessions.
3
Includes revisions not incorporated in monthly data; monthly figures for 1948 will be revised in the BULLETIN for March.
4
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown
6

Excludes the Shell Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce.
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.

158



Foreign'

State
and
municipal

4
86

15
61
105
177

1
10
1

13
2

separately.
Monthly figures

FEDERAL RESERVE

BULLETIN

NEW CORPORATE SECURITY ISSUES

1

PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollarsJ
P r o p o s e d uses of n e t proceeds

Estimated Estimated
gross
net
proceeds5 proceeds3

Year or month

Retirement of securities

New money

Total

Plant and Working
equipment capital

1,155

1,026

905

121

53

294
546
560
434

193
309
343
334

101
237
217
100

6
26
84
62

405
654
574
244

395
642
564
238

356
563
424
222

297
449
307
164

60
114
117
58

. .

465
697

399
666
'466
622

f>

503
652

14
1
6
25

26

6
14
83
62

473
705
509
663

33

12
1

51

340
594
679
626

r

43
26
22
30
104
20
45
91
11

40
1

28
18
26
19

24
2
3
6

226
190
87
59
128
100
30
72
351
438
476
196
53

32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,409
4,127

June

July
August
September
October
November
December

2

231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
203

57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,591
5,552

1,170

1947—December

11
23
49
36
7
26
19
28
35
27
47
133
231
168
145

231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
257

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,394

1948—January
February
March
April
Ivlay

84
170
154
111
215
69
174
144
138
73
49
134
379
356
440

26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,182
1,426

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
6,509

. ...

Other
purposes

Total

Preferred
stock

346
613
688
636

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948

Repayment
of
other debt

Bonds and
notes

293
538
353
547

1
29
8
4

1
4
8
4

14
10
8
5

106
128
113
75

n'"

4
8* "
3

10
10
2

18

5

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility

Railroad
Year or month

1934
1935
1936
1937
1938
1939
1940
.
1941
1942
1943
1944
1945
1946 .
1947
1948

Real estate and financial

Retire- All Total
Retire- All Total
Retire- All Total
Total
Retire- All
New ment of other
net
New ment of other
net
New ment of other
net
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses ceeds
poses ceeds
ties
poses ceeds
ties
ties
poses
ceeds
ties

. .

. . .
. .
. .

Indu strial

172
120
774
338
54
182
319
361
47
160
602

1,436

704
283
612

21
57
139
228
24
85
115
253
32
46
102
115
129
240
541

120
54
558
110
30
97
186
108
15
114
500

31
10

571
35
56

3
8
15

77
1
18

130

1,250
1,987

751

1,208
1,246
1,180
1,340

464
469

1,320

1,400
2,291
2,129
3,212
2,946

11
77
30 1,190
63 1,897
89
611
943
180
43 1,157
922
245
993
317
292
145
22
423
40 1,343
69 2,159
785 1,252
939
2.188
127
2,688

42
30
27
50
86
47
13
30
27
25
17
63
93
84
131

62
774

1,280
1,079
831
584
961
828
527
497

25
74
439
616
469
188
167
244
293
228
454
811

34
550
761
373
226
353
738
463
89
199
504

2
150
80
90
136
43
56
121
146
71
76
148
419
359
384

20
122
390
71
16
102
155
94
4
21
107
206
323
286
460

43

53
25
21

1,033
1,010
1,969
981
3,601 2,201
353
2,686 1,974
59
2,376 1,933

1947—December. .

20

20

510

498

8

4

593

497

1948—January

23
34

23
34

164
119

149
106

6
12

9
1

70
390

80
51
24
83
68
30

42
32
24
69
68
29

320
265
216
403
176
75

281
233
209
363
149
73

34
14

5

95
425

71
45

71
45

228
475

209
455

8
2

l^larch
April
May
June
July
August
September..
October
November
December. .

41
62

41
62

37
19
14
1

262
244

226
236

29
2

14
7

17
7

11
27

23
1
11
19

123
269
152
93
275
123

83
154
120
70
168
113

14
13
24
1
3

108

46
218
57
8
9
42
55
4
13
61
85
164
189
391

72
152
7
7
88
9
18

19
4
20
7
1
5
104
21

4
42
65
64
24
15

4
3
56
95
73
55

33

11

3

19

57
16

52
15

27
91
31
23
104
10

157
41
4
62
45
10

153
15
3
60
39
8

5

5
I
3
21

43
9

25
8

9
6

8
3

118
382
'195

r 361

3

10
19

125

119

2

17
5

177

2
6
2

1

19
1
1
2

r

Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
1
2
3

FEBRUARY

1949




159

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total

Other
NontransMaAu- porta- ferrous
metals
chin- tomo- tion
and
ery
biles equip- prodment
ucts

Other
durable
goods

Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco ing

Other
nondurable
goods

629

47

69

15

68

77

75

49

45

30

80

74

152

152

152

1,465
1,818
2,163
1,769
1,800
1,896
1,965
3
2,552
3,671

146
278
325
226
204
194
189
282
437

115
158
193
159
165
174
164
3 171
334

223
242
274
209
201
222
241
131
417

102
173
227
182
180
190
207
129
205

119
133
153
138
128
115
109
135
198

70
88
113
90
83
88
90
3 163
239

151
148
159
151
162
175
199
357
354

98
112
174
152
186
220
224
281
480

186
194
207
164
170
187
187
275
345

134
160
187
136
149
147
155
302
370

122
132
152
161
171
184
202
324
293

847
1,028
1,137
888
902
970
996
31,144
1,786

90
90
92
88
86
86
85
81
88

564
669
705
552
556
611
628
662
841

340
586
705
3 855

22
67
96
97

-3
31
33
3 62

-34
22
43
100

20
26
40
49

13
35
41
3 56

65
74
95
124

56
62
77
86

63
66
67
79

61
73
77
91

82
81
95
66

116
250
312
3 417

20
20
20
21

146
154
149
213

871
866
900
1,033

126
100
100
112

70
83
77
105

94
105
103
115

4 -5
4 50
4 40
4 44
449
4
53
4 57
4 46

47
46
45
59

51
58
59
71

98
64
85
108

89
110
121
160

88
87
81
88

96
92
93
90

63
71
80
80

421
432
432
501

20
23
22
23

177
192
190
283

1,023
1,101
1,178

114
110
150

89
92
93

129
151
163

4 64
4 69
4 68

46
53
59

64
71
78

77
86
91

192
194
186

91
98
103

101
100
107

57
77
80

523
559
610

22
22
22

207
218
223

Number of companies.
Annual

1939
1940
1941
1942
1943
1944
1945.
1946
1947

Iron
and
steel

Dividends
MiscellaNet
neous profits1
servPreComices 2
ferred mon

..

Quarterly
1946—1
2

3
4

1947—i
2
3
4

1948—i
2

3

..

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad

1946—1

.

.

Quarterly

2

3
4

I947—1
2
3

4 ...

. . . .

1948—1
2
3

Income
before
Net
income income
tax s

126
249
674
1,658
2,211
1,972
756
273
778

1,869
1,703
2,047
2,008

Annual

Operating
revenue

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685

Year or quarter

1939
1940
1941
1942 . .
1943
1944 . .
1945
1946
1947

Electric power 6

5

39
-57
161
130

2,039
2,111
2,177
2,357

184
239

2,243
2,363
2,555

Income
before
Net
income income*
tax 8

Dividends

Operating
revenue

93
189
500
902
873
667
450
289
480

126
159
186
202
217
246
246
235
236

2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,244

629
692
774
847
913
902
905
970
961

14
-45
128
191

56
52
41
85

967
919
931
998

166

89

44

189

121

52

1,075
1,028
1,024
1,118

:

38
103

144

112
157
72

285
395

185
245

56
53

57

1,202
1,118
1,146

Telephone 7
Income
before
Net
income income x
tax s

Dividends

Operating
revenue

535
548
527
490
502
507
534
647
652

444
447
437
408
410
398
407
456
470

1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
2,149

227
248
271
302
374
399
396
277
192

191
194
178
163
180
174
177
200
131

175
178
172
163
168
168
174
171
133

303
225
212
229

196
151
143
157

107
109
109
130

475
497
502
519

84
75
56
62

54
53
44
49

43
43
43
42

289

191

115

527

67

44

40

247

166

196
228
284

135
160

115

478

29

21

111
129

555
589

38
58

27
39

32

186

131

607

64

43

39

233
211

156
143

115
115

627
641

71
64

48
44

44
47

Dividends

32
30

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.
3
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following amounts (in millions6 of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
6
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
8
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).

160



FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]

Total
gross
direct
debt

Nonmarketable public issues
Marketable public issues 1
Total
interestSpecial
bearing
CertifiU. S. Treasury issues
direct
Total * Treasury cates of Treasury Treasury Total 2 savings tax and
debt
indebtsavings
bills
notes
bonds
bonds
edness
notes

J.942—June
Dec
1943—June....
Dec
1944—June....
Dec
i945—June
Dec
4946—June....
Dec, . .
4947—June
Dec

72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900

71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
257,649
255,113
254,205

50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
168,702
165,758

2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17,033
15,775
15,136

3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220

6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375

38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863

13,510
21,788
29,200
36,574
44,855
50,917
56,226
56 915
56,173
56,451
59,045
59,492

10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053

3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384

1948—Jan, , ,
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
1949—Jan

256,574
254,605
252,990
252,240
252,236
252,292
253,374
253,049
252,687
252,460
252,506
252,800
252,620

253,958
252,100
250,634
249,920
249,958
250,063
251,168
250,875
250,518
250,300
250,391
250,579
250,435

164,917
162,759
161,339
160,875
160,888
160,346
159,560
159,132
158,319
157,920
157,731
157,482
156,960

14,838
14,438
13,945
13,748
13,761
13,757
13,266
12,838
12,628
12,607
12,418
12,224
12,133

20,677
18,920
20,331
20,065
20,065
22,588
22,294
22,294
22,294
26,008
26,008
26,525
29,630

11,375
11,375
11,375
11,375
11,375
11,375
11,375
11,375
11,223
7,131
7,131
7,131
3,596

117,863
117,863
115,524
115,524
115,524
112,462
112,462
112,462
112,011
112,011
112,011
111,440
111,440

59,893
60,095
60,023
59,843
59,747
59,506
60,822
60,856
60,978
61,157
61,261
61,383
61,714

52,479
52,793
52,988
53,065
53,143
53,274
54,607
54,704
54,776
54,860
54,944
55,051
55,352

5,403
5,327
5,100
4,886
4,741
4,394
4,386
4,340
4,404
4,517
4,552
4,572
4,618

End of month

Noninterestbearing
direct
debt

Fully
guaranteed interestbearing
securities

7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955

454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695

4,549
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
76

29,148
29,246
29,272
29,201
29,323
30,211
30,787
30,887
31,221
31,223
31,400
31,714
31,760

2,616
2,505
2,356
2,320
2,278
2,229
2,206
2,175
2,170
2,161
2,115
2,220
2,186

72
74
73
70
70
69
51
47
46
48
53
51
32

1
8

Including amounts held by Government agencies and trust funds, which aggregated 5,477 million dollars on Dec. 31, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary, Armed Forces Leave bonds, and 2}/% 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, 1949
basis of daily statements of United States Treasury.
of dollars]
Issuei and coupon rate Amount
Treasury bills 1
Feb. 3, 1949
Feb. 10 1949
Feb. 17, 1 9 4 9 . . . .
Feb. 24, 1949
Mar. 3, 1949
Mar. 10, 1949....
Mar. 17, 1949
Mar. 24, 1949
Mar. 31, 1949...
Apr. 7 1949
Apr. 14, 1949... .
Apr. 21, 1949... .
Apr. 28, 1949.

801
901
803
900
901
905

1,103
1,001
. 1,102
1,001
907
905
903

Cert. of indebtedness
1V
£
Feb. 1 1949
1 }S
Mar. 1 1949
Apr. 1, 1949
"ly
June 1 1949
July 1, 1949
Oct. 1, 1949
Dec. 15, 1949
Jan. 1, 1949

••IS
•:Xi

2,189
3,553
1,055
4,301
5,783
6.535
'519
5,694

Treasury notes
Apr. 1, 1950... .AH

3,596

In millions

Issue and coupon rate
Treasury
June 15,
Sept. 15,
Sept. 15,
Dec. 15,
Dec. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
June 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,

bonds—Cont.
1951-54 2.2%
1951-53. . . .2
1951-55*. . . 3
1951-53*. 2H
1951-55. . . .2
1952-54. . 2 ^
1952-54
2
1952-55. .2M
1952-54
2
1953-55*. . . 2
1954-56*. 2 M
1955-60*. 2 %
1956-58. . 2 ^
1956-59*. 2%
1956-59. .2U
1958-63*. 2 H
1959-62 3 . 2 ^
1959-62 3 . 2 ^
1960-65*. 2 %
1962-67 3.2H
1963-68 3.2H
1964-69 3.2H
1964-69 3.2H
1965-70 3.2 H
1966-71 « , 2 ^
1967-72 3 2 H
1967-72 . . 2 H
1967-72 3.2H

Postal savings
bonds

2 }/2

Amount

1,627
7,986
755

1,118
510

1,024
5,825
1,501
8,662
725
681

2,611
1,449
982

3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7 967
2,716
11,689

112

Treasury bonds
June
Sept.
Dec.
Dec.
Dec.
Mar.
Sept.
Sept.
Dec.

15,
15,
15,
15,
15,
15,
15,
15,
15,

1949-51 . . . . 2
1949-51
2
2
1949-51.
1949-52 *.3H
1949-53 V 2 H
1950-52 . . . . 2
<
1950-52 * 2 V»
1950-52 . . . . 2
1950. . . .AH

r

1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
2,635

Panama Canal Loan. 3
Total direct issues

50

156,960

Guaranteed securities

Federal Housing Admin.
Various

12

Revised.
1
Sold on discount basis. See table on Open-Market Money Rates,
2
p. 3
157.
Partially tax exempt.
Restricted.
FEBRUARY

1949




RedempAmount Funds received from sales during tions and
period
outmaturities
standing
at end of
All
All
Series Series Series
month series
E
F
G
series

Month

Fiscal year
ending:
June—1941. .
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1948—Jan
Feb.. . .
Mar....
Apr.. . .
May...

June...

July...
Aug
Sept....
Oct.. . .
Nov....
Dec
1949—Jan.. . .

4,314 1,492
10,188 5,994
21,256 11,789
34,606 15,498
45,586 14,891
49,035 9,612
51,367 7,208
53,274 6,235
770
52,479
607
52,793
588
52,988
468
53,065
432
53,143
497
53,274
54,607 1,673
473
54,704
412
54,776
415
54,860
419
54,944
540
55,051
647
55,352

203

67
435
758
802
679
407
360
301
44
40
30
20
17
19
246
18
14
14
15
22
29

3,526
8,271
11,820
11,553
6,739
4,287
4,026
479
367
383
320
305
341
379
334
304
305
308
399
438

395

2,032
2,759
2,876
2,658
2,465
2,561
1,907

148
207
848

2,371
4,298
6,717
5,545
5,113
454
364
462
452
428
465
438
442
407
393
406
432
476

248
201
175
128
110
136

1,048

122
94
96
95
120
180

Maturities and amounts outstanding January 31, 1949
Year of
maturity

All
series

Series
D

1949
1050
. .
1951
1952
1953
1954
1955 .
1956
1957
1958
1959
1960 .
. .
1961
Unclassified. .

744
1,000
1,558
4 063
7,096
9,217
8,007
5,875
5,744
6,307
2,585
3,002
111
43
55,352

823
1,000

Total

, .

E

F

Series
G

202
517
553
634
507
287
314
485

1,086
2,073
2,147
2,476
2,247
2,415
2,116
2 517
96

3,515

17,173

744

1,123
4,063
5,808
6,627
5,307
2,765
2,990
3,605
154

2,179

Series

15

435

Series

32,442

161

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value n millions of dollars]
Gross debt
Held :>y nonbank investors

Held by banks
End of
month

Total
interestbearing
securities

Total

Com- Federal
merical Reserve
banks » Banks

Total

Total

Individuals

Insurance
companies

Mutual
savings
banks

Other
corporations
and
associations 2

State
and
local
governments
400
600
900

U. S. Government agencies
and trust funds
Special
issues

Public
issues

1940—June...
1941—June...
1942—June...
1943—June...
1944—June...
1945—June...
1946—June...
Dec...
1947—June...
Dec...

47,874
54,747
76,517
139,472
201,059
256,766
268,578
257,980
255,197
254,281

48,496
55,332
76,991
140,796
202,626
259,115
269,898
259,487
258,358
256,981

18,566
21,884
28,645
59,402
83,301
105,992
108,183
97,850
91,872
91,259

16,100
19,700
26,000
52,200
68,400
84,200
84,400
74,500
70,000
68,700

2,466
2,184
2,645
7,202
14,901
21,792
23,783
23,350
21,872
22,559

29,930
33,448
48,346
81,394
119,325
153,123
161,715
161,637
166,486
165,722

10,300
11,500
18,400
31,700
46,500
59,800
64,100
64,900
67,100
66,600

6,500
7,100
9,200
13,100
17,300
22,700
25,300
25,300
25,000
24,300

3,100
3,400
3,900
5,300
7,300
9,600
11,500
11,800
12,100
12,000

2,500
2,400
5,400
15,500
25,900
30,900
25,300
22,400
22,300
21,200

1,500
3,200
5,300
6,500
6,300
7,100
7,300

4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955

2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,397

1948—June...
July...
Aug
Sept.. .
Oct
Nov...

250,132
251,219
250,921
250,564
250,348
250,444

252,366
253,429
253,101
252,738
252,513
252,563

85,966
86,525
86,477
85,913
86,142
85,806

64,600
65,200
64,900
62,500
63,100
62,600

21,366
21,325
21,577
23,413
23,042
23,206

166,400
166,904
166,624
166,825
166,371
166,757

67,000
67,200
67,300
67,300
67,400
67,400

23,200
23,000
22,600
22,300
21,900
21,700

12,000
12,000
11,900
11,700
11,600
11,500

20,700
20,400
20,500
20,800
20,700
21,200

7,800 30,211
7,900 30,787
8,000 «3O,887
7,800 31,221
7,800 31,223
7,900 31,400

5,538
5,580
5,568
5,606
5,626
5,617

«Corrected.
1
Including holdings by banks in territories and insular posessions, which amounted to 400 million dollars on June 30, 1948.
2
Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury
Bulletin because of rounding.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]

End of month

Total
outstanding

U. S.
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
ance
cies
Resav- com- Other
cial
and serve banks ings panies
trust Banks 0)
banks
funds

Type of
security:
Total:2
1946—June
189,649
1947—June
168,740
Dec
165,791
1948—June.... 160,373
157,934
1948—Oct
Nov. . . . 157,745
Treasury bills:
17,039
1946—June
1947—June.... 15,775
15,136
Dec
13,757
1948—June
12,607
1948—Oct
12,418
Nov
Certificates:
34,804
1946—June
1947—June
25,296
Dec
21,220
1948—June.... 22,588
26,008
1948—Oct
Nov.. . . 26,008
Treasury notes:
18,261
1946—June
1947—June.... 8,142
11,375
Dec
11,375
1948—June
7,131
1948—Oct
Nov. . . .
7,131
Treasury bonds:
1946—June
119,323
1947—June
119,323
Dec
117,863
112,462
1948—June
112,011
1948—Oct
Nov. . . . 112,011

6,768
5,409
5,261
5,402
5,501
5,492

23,783
21,872
22,559
21,366
23,042
23,206

76,578
62,961
61,370
57,599
55,848
55,341

11,220
11,845
11,552
11,522
11,037
10,907

24,285
23,969
22,895
21,705
20,244
20,035

47,015
42,684
42,154
42,779
42,262
42,764

2
11
18
15
97
85

14,466
14,496
11,433
8,577
5,098
5,176

1,142

3
1
25
58
78
66

1
1
154
112
280
223

1,425

2,052
2,345
3,378
2,883

58 6,813
48 6,280
30 6,797
14 4,616
24 6,147
24 6,051

16,676
8,536
6,538
8,552
8,719
8,714

243
249
200
317

576 10,438
362 9,821
269 7,386
479 8,610

331
290

681 10,106
693 10,236

1,748 11,396
369 4,855
1,477 5,327
1,968 4,531
871 2,965
798 2,970
5

227
183
98
98
96
87

623
285
245
223
169
173

787

9
7
4

6,654
5,306
5,173
5,336
5,342
5,342

479

1,454
2,650
3,676
3,985

4,258
2,443
4,224
4,555
3,030
3,098

755 47,335 10,743 23,073 30,763
727 48,756 11,407 23,305 29,822

2,853
6,206
10,925
11,181

47,424
42,146
40,767
40,755

11,226
11,047
10,531
10,464

22,213
20,880
19,106
18,940

28,974
26,847
25,340
25,329

End of month

Treasury bonds
and notes, due
or callable:
Within 1 year:
1946—June
1947—June
Dec
1948—June....
1948—Oct
Nov....
1-5 years:
1946—June
1947—June....
Dec
1948—June
1948—Oct
Nov. . . .
5-10 years:
1946—June....
1947—June....
Dec
1948—June....
1948—Oct
Nov....
10-20 years:
1946—June
1947—June....
Dec
1948—June.
1948—Oct
Nov
After 20 years:
1946—June....
1947—June
Dec
1948—June
1948—Oct

Total
outstanding

U. S.
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
ance
cies
Resav- com- Other
cial
and serve banks ings panies
trust Banks 0)
banks
funds

10,119
11,255
14,263
13,411
6,413
6,413

4
83
69
19

35,055
42,522
49,948
46,124
48,428
48,428

443
469
344
318

797 25,285
698 29,917
1,377 33,415
2,636 30,580
318 3,689 31,070
323 3,662 31,065

32,847
18,932
10,270
10,464
10,464
10,464

716
423
370
314

37,189
40,352
54,757
53,838
53,838
53,838

1,431 5,655
251 6,936
1,693 8,244
2,070 5,922
19
575 2,829
19
556 2,826

314
314

495
420
316
273
172
170

2,418
3,191
3,675
4,956
2,654
2,682

709

1,506
2,671
3,046
2,790
2,720
2,674

6,315
7,193
9,890
7,971
8,741
8,849

1 ,574
1,876
1,829
1,890
1,855

135 21,933
40 11,577
426 6,090
546 6,251

1,609 2,822 5,632
1,245 2,002 3,645
880 1,928
576
506
911 1,936
513 6,266
548
959 1,864
489 6,277
977 1,861
546

83
3,400
78
3,374
834
4,393
4,685 2 ,921
4,692 7,019
4,691 7,272

22,372 2,103
964
14,405

116
374
266
171
164
160

57
29

3,308
2,587
5,003
3,922
3,568
3,558

6,026
6,751
8,606
8,639
8,026
7,990

12,547
15,137
18,211
17,129
15,424
15,291

11,825
12,425
17,710
16 542
15,109
15,036

2,550 2,510 6,325 8,827
2,593 1,649 3,358 5,812

Nov

* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings;
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by non-reporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relativelysmall1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guranteed securities, not shown separately below.

162



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[Ini Trillions of dollars
On basis of daily statements of United States Trea m r y

Fiscal
year or
month

Fiscal year:
1946
1947
1948
1948—Jan. . .
Feb...
Mar..
Apr...
May..

June. .

July. .
Aug.. .
Sept..
Oct...
Nov...
Dec. .
1949—Jan. . .

Budget
Net Budget surplus
exre- 1 pendi- (+) or
ceipts
deficit
tures

40,027
40,043
42,211
4,196
4,158
5,874
2,239
2,324
4,859
2,096
2,505
4,543
2,101
2,540
4,014
3,579

60,703
39,289
36,791
2,800
2,224
3,086
2,541
2,222
5 7,018
6 3,558
2,143
2,869
2,685
2,815
3,603
2,968

Increase (+) or
decrease v —)
during period

Trust Clearing
accounts ac- 2
etc.' count

—20,676

—524

+754 - 1 , 1 0 3 +555
+5,419 +2,706 —507
+ 1,396 +259 +222
+1,934 - 1 9 4 - 1 0 1
-86
-53
+2,788
-302
+86 +226
+103 +378 - 1 4 4
- 2 , 1 5 9 +2,315 - 2 2 6
-1,462

+362
+ 1,674

-178
+10
-570
-144

+410
+611

-718
-321

-584
-275

-30

Gross
debt

General
fund
balance

General fund of the Treasury (end of period)

Cash operating
income and JUtgO *

Assets
Balance
in
general
fund

+10,740 — 10,460 14,238
— 11,136 -10,930 3,308
—5,994 +1,624 4,932
- 3 2 6 +1,551 4,648

-1,969
- 3 3 0 4,318
- 1 , 6 1 5 +1,035 5,353
—750
-741 4,612
-3
+334 4,946
- 1 4 4,932
+56
« +700 +1,082
+141 5,074
-289
-324
-241 4,832
-362
+9
+751 5,583
-227
- 7 8 1 4,802
+174
-158
+46
-417 4,385
-163
-177 4,208
+294
-340
-179
+451 4,659

Excess
Total Cash Cash income
in- outgo r (+) or
liabili- come
outgo
ties

Deposits in
Fed- Spe- Other
Total eral
cial assets
Reserve deposBanks3 itaries
14,708 L.006
3,730 1,202
5,370 1,928
5,042 ',256
4,664 1,571
5,692 1,972
5,037 1,236
5,327 1,714
5,370 1,928
5,506 1,755
5,229 1,919
6,020 1,664
5,205 1,608
4,813 1,601
4,630 1,123
5,042 1,513

70S

12,993

1,565
L,67O
959 L,828
1,434 1,658
1,972 1,749
2,156 L,645
2,007 1,606
1,773 1,670
2,081 1,671
1,741 1,568
2,703 1,653
1,976 1,621
1,621 1,591
1,909 1,599
1,735 1,793
962

1,773

470
422
438
394
346
339
425
381
438
433
397
437
403
428
422
383

43,839
43,591
45,400
4,482
4,548
6,019
2.402
2,969
4,877
2,268
3,162
4,667
2,280
3,190
4,106

61,738
36,931
36,496
2,497
2,726
3,418
2,397
2,507
4,129
2,630
2,941
3,229
2,796
3,466
4,224

— 17,899
r

+6,659
+8,903
+1,986
+1,824
+2,601
+4
+462
+748
-361

+221
+ 1,438
-516
-275
-118

DETAILS OF TREASURY RECEIPTS
On ba sis of daily statements of United States Treasury
Income taxes

Fiscal year
or month

Miscella- Social Other Total
Withre- 7 reneous Secuheld
internal rity
by em- Other revenue taxes ceipts ceipts
ployers

Fiscal year:
1946
1947
1948. . . . " . . .
1948—Jan
Feb....
Mar.. . .
Apr. . . .
May. . .

9,392 21,493
10,013 19,292
11,436 19,735
624 2,613
1,563 1,597
998 4,168
684 1,174
428
1,358
695 3,006

June...

535

July....
Aug.. . .
Sept
Oct
Nov....
Dec
1949—Jan

719
403

1,165

694
537

2,939
643
385

1,198

2,328
2,152

714
609

On basis of reports f by collectors of internal revenue

Deduct

Individual
Social
Net income taxes
Refunds Security re- 1
of
employ- ceipts With- Other
taxes
ment
held
taxes 8

7,725 1,714 3,915 44,238
8,049 2,039 5,115 44,508
8,301 2,396 4,231 46,099
656
360 4,304
51
629
403 4,614
423
739
180
281 6,365
662
260 2,863
83
673
401
223 3,082
564 5,104
694
145
677
67
302 2,300
742
410
228 2,948
130
159 4,597
676
768
65
186 2,199
768
386
204 2,941
184 4,062
702
134
220 3,675
56
638

2,973
3,006
2,272
73
178
460
549
382
228
140
64
46
39
43
41
58

Corporation income
and profits taxes^
Excess
Normal
and
and
other
surtax
profits

1,238 40,027 9,858 8,847
1,459 40,043 9,842 9,501
1,616 42,211 11,534 9,464
35 4,196
645 2,338
278 4,158 2,250 1,004
30 5,874
279 2,034
74 2,239 1,165
602
376 2,324 1,670
167
17 4,859
154 1,111
63 2,096
849
228
380 2,505 1,543
101
8 4,543
133 1,016
59 2,101
808
157
358 2,540 1,564
85
7 4,014
34
343
38 3,579

4,640
6,055
9,852
473
326

2,276

376
268

1,877

432
283

1,947

448
263

1,960

Excise
Esand
tate
other
and miscelgift laneous
taxes taxes
677
779
899
72
56
125
118
75
61
95
56
59
61
58
65

7,914
3,622

323
17
26
21
13
18
19
18
15
20
17
16
18

7,036
7,285
7,412
562
586
603
578
584
629
608
674
660
654
693
678

DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total

Fiscal year:
1946
1947
1948
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec .
1949—Jan

60,703
39,289
36,791
2,800
2,224
3,086
2,541
2,222
5
7,018
6
3,558
2,143
2,869
2,685
2,815
3,603
2,968
5

InternatVeterans' ional
Interfiest on National Addebt defense minis- nance
tration and
aid
4,722
4.958
5.211
401
142
608
154
124
1 508
286
114
570
212
122
1,112
319

48,870 2,871
16,766 6,442
11,364 6,317
516
1,063
518
846
579
845
571
903
530
930
559
929
6
1,155 6 772
530
800
481
715
482
931
612
957
554
1,017
527
n,086

Aid
to
agriculture

Trust accounts, etc.
Social Security
accounts

Transfers
to
trust Other Net
acrecounts
ceipts

ExInRevest- pendi- ceipts
ments tures

Other
Expenditures
Invest- Foreign
ments Economic Other
Cooperation

727 -203 1.927 1,788 2,978 1,261 1.656 4,735 2,407
4,928 1,229 1.361 3,605 3,235 1 785 1,509 5 3,009 1,577
4,143
812 54,178 4,766 3,918 2,210 1,640 5,598
850
228
73
66
452
254
68
126
313
21
269
69
11
368
433
230
134
149
28
600
110
17
326
92
51
152
185
28
338
42
71
463
173
-34
150
162
7
251
28
1
358
577
106
142 5 101
10
433
31 5 3 077
480
348
553
174 3.475
349
155
43
611
621
455
276
142
362
250
138
110
13
438
607
100
186
100
21
282
256
6
559
38
304
140
135
23
174
275
80
530
159
-12
132
128
18
206
321
6
590
585
144
137
105
20
153
285
1
482
208
292
158
105
8
P241
274
73
448
139
-42
189
99
22

183
192
196
226
347
499
237

2,912
2,476
2,109
93
384
133
125
43
432
145
198
80
67
72
74
153

r
1

Revised.
P Preliminary.
The reporting of Treasury receipts and expenditures has been revised to show refunds of taxes as a deduction from total receipts rather
2
than 3as expenditures, as heretofore.
Excess of receipts ( + ) or expenditures ( —).
4
Excluding items in process of collection beginning with July 1947.
For description, see Treasury Bulletin for September 1947.
5
Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months.
6
7
Change in classification.
Including receipts from surplus property receipts and renegotiation of war contracts, which for fiscal years
1946-1948 amounted to 501, 2,886, and 1,929 million and 1,063, 279, and 161 million dollars, respectively.
8
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
FEBRUARY

1949




163

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 x
ComInvestmodiments
Loans ties,
resupceiv- plies, U. S. Other
able
and Govt. secumate- secu- rities2
rials rities

Corporation or agency
Total Cash

All agencies:
Sept. 30, 1947
Dec. 31, 1947
Mar. 31, 1948

31,037
30,966
31,107

Classification by agency,
Sept, 30, 1948 3
Department of Agriculture:
Farm Credit Administration:
337
Banks for cooperatives
596
Federal intermediate credit banks.
99
Production credit corporations....
2
Regional Agricultural Credit Corp..
Agricultural Marketing Act Re2
volving Fund
87
Federal Farm Mortgage Corp
956
Rural Electrification Administration.
1,115
Commodity Credit Corp...
358
Farmers' Home Administration
43
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
767
Federal home loan banks
Federal Savings and Loan Insur198
ance Corp
424
Home Owners' Loan Corp
1,808
Public Housing Administration «
212
Federal Housing Administration
100
Federal National Mortgage Association.
Reconstruction Finance Corp.

1,556 9,212 1,093 1,725 3,553 12,662
1,481 9,714
822 1,685 3,539 12,600
1,369 10,134
570 1,845 3,526 12,535

283
247
245

953
879
882

667 2,144 28 ,005
689 2,037 28,015
781 1,868 28 ,233

138
143
150

1,845 3,524 2,723
1,684 3,531 2,458
1,811 3,525 2,423

101
11

479
771
1,258

781 1,142 17,764
863 1,187 17,875
1,063 1,239 18,225

150
154
159

19,912
646 10,134
20,120 1,042 10,373
20,687
751 10,573

Mar. 31, 1948
June 30, 1948
Sept. 30, 1948 3

6

462
251
328

51
543

273
512

268
47
98
2

31
1
74
922
308
267

()
10
22
462
28
28

26

610
8
6
88

296

252

120

417

1,451
1

136

14

100
103

927
2,100

1,054

89
2
3,801

3,385

110 1,958

1,031

141 1,975
35 1,031

15
9
2
5
14

()
131
783
52

142

194
4
405
16
21 1,787
49
149
97
3

194
12

393
296
22

2,116
1,066
222
813
7,298

2
84
956
470
350
37

1

486

2,068

Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
Allother 7

U. S. PriBonds, notes,
Gov- vately
DeLand, ferred
and debenernstruc- and Othei tures payable Other ment owned
tures, undis- asinter- interest
liabil- est
and
sets Fully
ities
equip- tributed
guarment :harges
anteed Other
by U.S.

222

14
799
27 7,271

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1948 3
Purpose of loan

To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses
Total loans receivable (net)...

Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
88

512

275

Com- Rural Farm- Home
ElecOwnmodity trifica- ers'
ers'
Credit
Home Loan
tion
Corp. Adm. Adm. Corp.
314

923

Public Fed. R.F.C. ExportHous- home and
Iming
loan affili- port
Adm. banks ates
Bank

542

2,386
635

146
275
(4)
5
491
221 2,108 3,750 6,079
195
592
102
57
371
7
7

147
260
5
481
6,214
611
364

927 2,100 4,015 10,573

10,37$

1

179

1

143
240

(4)

486

14
74

(4)
512

3

6

1

274

3

273

308

922

267

393

295
1
296

486

June 30,.
All
1948,
agenall
cies agencies

7 2,660
122
697

(4)

395

All
other

3
34
4

* Includes certain business type activities of the U. S. Government.
1
Assets are shown on a net basis, i. e., after reserve for losses.
2
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development and its subscriptions of 2,750 million to the International Monetary Fund.
s Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly datesshown above, are as of Mar. 31, 1947. Inclusion of current data for the Commission will be resumed when available.
4
5
Less than $500,000.
Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, and
Veteran's Re-use Housing program, which were previously shown under "All other," as well as Public Housing Administration activities under
the United States Housing Act, as amended.
6
Includes War Damage Corporation, Smaller War Plants Corporation, and Defense Homes Corporation, all of which are in liquidation.
7
Certain activities previously included are now shown under "Public Housing Administration"; see footnote 5. Figures for one small agency
included herein are for a date other than Sept. 30, 1948.
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.

164



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 or month

Employment 3
1939 = 100

Manufactures
Total

Durable

Nondurable

Minerals

Total

Residential

All
other

Nonagricultural

Factory

Factory
pay
rolls !
1939=
100

Freight
carloadings5
1935-39
=100

Ad- Unad- Unad- AdAd- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed

Department
store
sales
(value)* 4
1935-39
=100

WholeConsale
sumers' comprices modity
1935-39 prices 3
1926
=100
=100

Adjusted

Unadjusted

Unadjusted

1919
1920
1921
1922
1923
1924
1925

72
75
58
73
88
82
90

84
93
53
81
103
95
107

62
60
57
67
72
69
76

71
83
66
71
98
89
92

63
63
56
79
84
94
122

44
30
44
68
81
95
124

79
90
65
88
86
94
120

103.7
104.1
79.7
88.2
100.9
93.7
97.0

103.9
124.2
80.2
86.0
109.1
101.8
107.3

120
129
110
121
142
139
146

83
99
92
94
105
105
110

123.8
143.3
127.7
119.7
121.9
122.2
125.4

138.6
154.4
97.6
96.7
100.6
98.1
103.5

1926
1927
1928
1929
1930

96
95
99
110
91

114
107
117
132
98

79
83
85
93
84

100
100
99
107
93

129
129
135
117
92

121
117
126
87
50

135
139
142
142 102.5
125 96.2

98.9
96.7
96.9
103.1
89.8

110.5
108.5
109.8
117.1
94.8

152
147
148
152
131

113
114
115
117
108

126.4
124.0
122.6
122.5
119.4

100.0
95.4
96.7
95.3
86.4

1931
1932
1933
1934
1935

75
58
69
75
87

67
41
54
65
83

79
70
79
81
90

80
67
76
80
86

63
28
25
32
37

37
13
11
12
21

84
40
37
48
50

87.1
77.2
77.5
84.9
88.5

75.8
64.4
71.3
83.2
88.7

71.8
49.5
53.1
68.3
78.6

105
78
82
89
92

97
75
73
82

108.7
97.6
92.4
95.7
98.1

73.0
64.8
65.9
74.9
80.0

1936
1937
1938
1939

103
113
89
109

108
122
78
109

100
106
95
109

99
112
97
106

55
59
64
72

37
41
45
60

95.1
74 101.4
80 95.4
81 100.0

96.4 91.1
105.8 108.9
90.0 84.7
100.0 100.0

107
111
89
101

100
107
99
106

80.8
86.3
78.6
77.1

1940
1941
1942
1943
1944
1945

125
162
199
239
235
203

139
201
279
360
353
274

115
142
158
176
171
166

117
125
129
132
140
137

81
122
166
68
41
68

72
89
82
40
16
26

107.5
132.1
154.0
177.7
172.4
151.8

114.5
167.5
245.2
334.4
345.7
293.4

109
130
138
137
140
135

114
133
150
168
187
207

99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4

78.6
87.3
98.8
103.1
104.0
105.8

1946
1947
1948

170
187
P192

192
220
P225

165
172
P177

134
149

153
157
190

143
142
162

161 137.0
169 145.2
214 P149.0

143.4 269.6
157.3 332.1
P159.9

132
143
138

264
286
302

139.3
159.2
171.2

121.1
152.1
165.0

189
189
190
187
185
184
176
182
186
191
192
192

185
185
187
185
186
185
178
185
190
194
193
190

221
223
225
222
218
219
208
211
216
223
224
230

176
176
175
172
170
168
163
169
172
176
179
173

146
146
148
143
151
148
140
150
153
155
155
156

146
151
132
133
127
136
155
166
183
184
193
197

144
152
129
123
110
116
136
150
168
170
163
161

148
149
134
142
140
152
170
179
195
196
217
227

155.6
156.6
157.0
155.9
153.8
154.7
153.3
157.8
160.2
160.4
160.8
161.9

314.2
317.6
320.9
317.6
319.3
327.2
321.8
331.5
345.3
350.1
353.4
365.7

150
142
146
137
142
137
135
143
142
145
147
149

266
267
271
278
291
288
286
284
294
279
302
"304

153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0

142.0
145.2
150.0
148.0
147.3
147.7
150.6
153.7
157.4
158.5
159.6
163.2

193
194
191
188
192
192
186
191
192
195
195
P192

189
190
188
186
192
193
187
194
197
198
195
P189

229
226
229
217
221
222
219
223

178
180
177
177
178
179
169
177
178
179
178
P173

154
155
142
147
162
159
153
159
156
158
161
P156

191
187
181
181
188
201
205
201
193
184
189
180

152
152
148
154
165
177
187
177
165
157
154
145

223

160.5
159.5
160.3
156.1
155.5
158.2
158.5
161.7
164.6
163.3
161.5
P158.2 P159.0

358.7
354.1
358.4
347.1
346.7
359.0
360.0
374.7
r
382.2
••382.1
378.1

145
139
130
130
141
139
138
142
139
140
137
137

286
286
284
306
311
312
316
312
312
306
287
309

168.8
167.5
166.9
169.3
170.5
171.7
173.7
174.5
174.5
173.6
172.2
171.4

165.7
160.9
161.4
162.8
163.9
166.2
168.7
169.5
168.7
165.2
163.9
162.2

1947
January....
February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
1948
January....
February. . .
March
April
May
June
July
August
September. . .
October
November. . .
December... .

••225

230
229
P229

89
149
235
92
61
102

105.8
119.4
131.1
138.8
137.0
132.3

143.5
144.1
144.2
143.4
143.5
144.8
144.8
145.2
146.2
147.1
147.3
147.9

147.8
147.9
202 147.2
206 147.7
220 148.8
219 149.5
220 149.6
216 150.7
206 150.8
217 150.0
209 P149.4

156.2
156.9
156.7
156.8
155.0
155.2
154.5
156.3
158.9
160.0
160.4
161.1

160
157
156
158
159
160
163
'162

r
* Average per working day.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 166-169. For points in total index, by major groups, see p. 188.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 173 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. 175-178.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943,. pp. 958-9M;:
for department store sales, June 1944, pp. 549-561.
1
2
3

FEBRUARY

1949




165

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1948

1947
Industry

Dec. Jan. Feb.

Industrial Production—Total
Manufactures—Total

192

. .
. .

Pig iron
Steel
Open hearth
Electric

186

191

192

195

195

P192

198

201

201

200

195

197

198

192

197

199

202

201

P198

229

226

229

217

221

222

219

223

'225

230

229

P229

206

203

203

207

177

208

208

201

207

214

221

'223

222

212

674

212
252
193
672

277

P275

197
225
182
527

196
226
180
553

190
234
184
589

151
208
154
593

193
236
183
608

196
236
181
630

186
228
176
597

200
235
179
635

205
243
185
658

209
252
193
670

285

284

283

275

273

277

269

271

273

277

'253
r

194

222

233

230 '231

'240

236 P240

179

185

202

198

'206

200 P203

195

199

201

200

196

194

185

186

192

192

187 P185

183

188

190

192

203

203

194

188

190

193

191

175 P182

192

198

202

204

199

194

193

185

192

192

192

P186

155

150

151

145

142

140

142

148

143

147

145

P143

143
179

135
178

137
178

132
169

131
163

129
161

135
157

140
163

132
165

135
170

133
169

P167

202

207

211

211

206

207

200

210

207

210

203

P204

187
149
200
199
179
246
215

197
166
208
208
168
246
242

205
160
219
196
176
248
248

212
165
227
193
173
249
244

201
152
218
187
172
241
244

199
170
208
190
176
238
249

185
123
206
188
168
237
248

207
172
218
186
175
247
248

207
152
226
183
169
237

224

191
195
172
241
248

P172
P236
P245

173

Nondurable Manufactures
Textiles and Products

218

197

178

180

177

177

178

179

169

177

178

179

178

P173

163

Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products l

237

202

199
141
218
196
166
236
244

Stone, Clay, and Glass Products

240

192

205

Lumber
Furniture

232

206

139
181

Lumber and Products

244

206

153

Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin) l
Fabricating
....
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) *

Wheat flour
Cane sugar meltings *
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream

192

189

Nonferrous Metals and Products

Manufactured Food Products

192

Nov. Dec.

244

Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government) *

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes

188

288

Transportation Equipment . . .

Leather and Products

191

June July Aug. Sept. Oct.

196
228
186
524

Machinery

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

194

May

230

Durable Manufactures
Iron and Steel

193

Mar. Apr.

179

179

175

175

177

174

154

166

168

167

164 P157
148 P141

r

184
171

'241
252

r

185
212

149

...

165

166

161

161

163

159

138

152

154 1 5 3

131
287

153
300

153
296

147
303

147
298

147
308

140
313

115
323

127
318

132
321

129
319

166
183

181
212

185
212

177
216

179
227

179
226

176
220

137
158

168
226

166
226

168

178
150

r
247
173 160
148 148

141
189
164

152
200
175

154
206
181

144
196
171

146
190
171

145
189
172

146
185
172

114
140
137

139
166
160

136
165
157

141
159

157.

141
148
156

114

120

123

115

110

108

109

96

113

119

'114

103

113
129
83
89

116
132
85
96

116
133
80
95

102
115
69
92

105
119
78
91

109
124
82
91

107
121
80
89

95
109
65
80

105
120
78
76

108
123
80
83

108
122
82
90

100
110
80
89

101
114

101
122

100
127

92
123

91
113

93
107

94
110

84
96

100
119

98
126

95
117

87
104

158

158

160

158

157

159

163

160

156

163

161

159 P158

133

140

134

122

134

139

138

139

143

128

130

133 P129

P138 P139
66
67
148 156

P139

P152 P152
72
71
72
171 171 168

P154

P150

171
161

130

192
172

127

202
176

190
166

196
164

P145 P149
69
71
65
150 159 170
134

158

175

191
163

185

184
162

192

153
125

195

r

122

322

114
317

162
233

144
144

pQQ

Pgg

P144

75
171

P148 P144
75
73
76
160 161 1 6 6

198

181

143

135

167

74
178

r
v Preliminary.
Revised.
1
Series included in total and group indexes but not available for publication separately.

166



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors

1935-39 average = 100]
1948

19471
Industry

Dec.

Jan. Feb.

Mar. Apr.

May

June July Aug. Sept. Oct. Nov. Dec.

Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton

154
172
143
134
98

160

157
127

177
135

128
98

115
102

98
91

102
83

104
74

134
94

140
89

147
92

146
101

140
112

144
108

165

168

167

166

168

172

169

165

144
149
177

155
143
174

147
138
176

150
138
178

159
124
179

142
117
182

162

141
144
174

107
119
183

162
121
184

154
124
181

142 P141
124
178 ?178

167

198

191

182

167

170

173

179

189

186

217

169
37
220

171
115
431

157
152
526

141
157
294

145
114
393

155
86
402

165
73
346

176
91
211

156
95
244

264

310

239

153
160
383
255

245

243

242

274

336

398

181
112
334

443

131
278
287

153

155

164

183

163

166

148

178

168

174

170

146

104

113

102

101

105

108

98

113

127

122

130

97

204

203

225

257

222

226

200

242

218

230

224

61

69

70

67

75

68

68

63

75

78

78

68

196
63

158

163

163

166

168

169

165

150

165

166

172

169

153

153

157

158

160

163

164

159

146

160

160

167

163

150

168
96
107
255
148
150
177

174
88
109
276
151
155
187

177
94
110
269
161
155
179

178
90
103
285
153
157
192

180
97
108
293
151
160
192

187
104
112
309
151
160
191

183
106
111
301
146
156
187

172
117
96
283
135
142
165

183
116
107
301
145
156
189

195
117
111
330
153
162
193

188
104
107
317
149
159
195

173
105
104
285
137
146
167

86
162
158
139

86
162
163
145

88
170
161
150

85
161
161
148

87
166
171
151

86
169
169
150

86
168
157
145

74
150
160
135

193
122
110
328
148
155
184

83
160
161
153

83
161
163
148

172'
170
157

165

162
150

88

82

83

82

89

95

94

93

96

93

96

94

160
158
142
100

146

Petroleum and Coal Products

155

136
133

201

Newsprint consumption
Printing paper (same as shown under Paper)

133

128
125

100

Printing and Publishing

126

141

149
124

149

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
Paperboard containers (same as Paperboard)

135

176
135

376

Paper and Paper Products

152

145
116

165
5
94

Cigars
. ..
Cigarettes
Other tobacco products

127

136
122

167

Tobacco Products

125

140
131

138
150
173

Malt liquor
Whiskey
Other distilled spirits
Rectified liquors

131

161
141

164

Alcoholic Beverages

147

156
154

149
107

Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products

150

173
154

148

157

150

154

156

157

147

155

154

164

156

154

144

139

146

145

149

147

155

148

148

P217 P226

P230

131

134

143

P208 P214 P215 P211 P213

Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products *
Coke
By-product coke
Beehive coke
.

160
193

159
201

155
206

154
200

164
194

170
187

163
199

164
213

164
210

158
197

143

169

167

P220 P220 P217
170
196

159
187

173
194

155
196

170
192

154
193

P221 P207
173
194

165
180

170
199

162
182

157
184

169
183

174
200
159
207

181
173

"•183
'175

P165

197
185

PISI

P202

179
171

178
171

179
171

166
164

137
135

174
166

175
168

170
166

178
170

181
173

440

442

421

237

186

421

407

318

447

444

254

255

252

250

249

249

256

251

259

257

255

256

155
150
299

158
151
298

158
147
301

154
140
303

150
123
305

151
124
304

154
124
309

161
121
312

161
126
312

158
134
305

156
135
304

438

437

434

433

439

436

449

433

450

448

446

153
135
305
447

Rubber Products

230

223

215

205

200

201

205

200

207

205

205

203

Minerals—Total

156

154

155

142

147

162

159

153

159

156

158

161

P156

Fuels

162

160

161

146

149

168

164

160

166

162

166

167

P!64

147
155
116
177

P\31

Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Other chemical products *

Coal

.

.

.

r

148

99

103

160

147

134

150

148

145

161
112
165

155
118
167

97
108
169

102
105
171

171
116
172

157
105
173

143
100
172

158
117
174

156
119
170

152
118

117

120

118

137

128

128

113

115

119

159

159

163

161

193

179

179

155

158

166

157

55
78

Metals other than gold and silver

152

164
111
166
117

Metals

P256

^139
P30S
P449

.

153

Bituminous coal
Anthracite
Crude petroleum

184
176

466

59
67

59
64

58
59

57
68

57
67

55
65

56
57

55
61

54
60

P200

48

P103
P177

P123 P112
P175

(Copper; Lead; Zinc)1
Gold
Silver

r
l
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2

FEBRUARY

1949




167

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average=100]

1947

1948

Industry
Dec. Jan. Feb. Mar. Apr.

May

June July Aug. Sept. Oct. Nov. Dec.

Industrial Production—Total

190

189

190

188

186

192

193

187

194

197

198

195

P189

Manufactures—Total

197

197

197

197

193

197

199

193

200

203

205

201

P196

228

226

224

228

217

222

223

220

224

'227 '232

229

P227

206

203

203

207

177

208

208

201

207

214

221

'223

222

196
228
186
524

197
225
182
527

196
226
180
553

190
234
184
589

151
208
154
593

193
236
183
608

196
236
181
630

186
228
176
597

200
235
179
635

205
243
185
658

209
252
193
670

212

'674

212
252
193
672

288

285

284

283

275

273

277

269

211

273

277

277

P275

244

244

232

240

237

218

222

233

230 '231

'240

236 P240

206

206

192

202

197

179

185

202

198 '197

'206

200 P203

Durable Manufactures
Pig iron
Steel
Open hearth
Electric

.. .

Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—

'253
194

189

195

199

201

200

196

193

185

186

192

192

188 P185

Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;

183

188

190

193

203

203

193

187

190

193

191

176 P183

Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin

192

198

202

204

199

194

193

184

185

192

'192

140

138

137

143

144

144

148

151

158

153

154

142 P131

.

119
181

117
179

116
178

125
178

131
169

134
163

141
161

148
157

156
163

147
165

145
170

128 P113
169 P167

...

200

190

193

201

208

211

209

201

218 '216

220

209 P199

187
141
203
178
172
242
244

184
149
196
161
166
236
215

193
166
201
158
160
235
242

205
160
219
160
169
238
248

212
165
227
183
168
246
244

212
152
233
196
171
243
244

197
170
206
203
175
243
249

179
123
198
207
168
237
248

213 210
172 152
227 '231
210 213
180 175
248 '243
248 '251

'230
214
'180
'247
'252

193 172
211 192
179 P177
246 P242
248 P245

171

173

176

173

174

177

179

171

180

185

183

179

p\m

163

179

179

175

175

177

174

154

166

168

167

164

P157
P141

Nonferrous Metals and Products

Lumber and Products
Lumber
Furniture

.

Stone, Clay, and Glass Products
Glass products
Plate glass
Cement
.
Clay products
Gypsum and plaster products

.

.

Other stone and clay products l
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption J
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings l
Manufactured dairy products
Butter
Cheese . .
Ice cream

192

149
131

165
153

166
153

161
147

162
147

163
147

159
140

138
115

152
127

287

300

296

303

298

154 '153
132 129

308

313

323

318

321

319

148
122
'322

181

. .

114
317

183
171
161
141
189
164

212
192
172
152
200
175

i85
212
202
176
154
206
181

216
190
166
144
196
171

227
196
164
146
190
171

226
191
163
145
189
172

220
184
162
146
185
172

158
153
125
114
140
137

226
178
150
139
166
160

226
173
148
136
165
157

166

'168
'247
'160
148
'141
'159
'157

233
144
144
141
148
156

113

120

126

114

110

108

108

94

112

118

114

104

Pgg

112
129
82
90
96
114

117
135
83
96
94
122

124
144
84
99
110
127

101
115
68
91
89
123

105
119
74
94
89
113

109
124
78
89
100
107

105
117
81
90
93
110

90
103
64
79
79
96

103
117
82
74
103
119

106
121
78
84
96
126

109
123
'83
90
95
117

103
115
83
86
92
104

P99

154

146

144

141

143

153

163

172

174

188

173

161 P154

132

140

136

120

128

134

132

137

141

140

137

134

P128

55
116
103

P99 P119 P155 P201 P224
58
63
72
93
98
123 143 176 229 242
120 155 197 257 265

P223

P198 P158
88
82
70
207 191 163
226 204 167

P122

P95

P92

166

.

P186

P88
52
106
100

177

179

179

176

137

168

65
145
135

162

57
125
103

58
128
104

r
9 Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.

1

168



FEDERAL RESERVE

BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average = 100]

1947

1948

Industry
Dec. Jan.

Feb.

Mar. Apr.

187
229
154
140
104

175
204
157
119
103

141
158
130
101
103

121
130
119
92
89

161
108
152
176

152
92
148
167

152
91
151
168

146

142

132
5
103
376

139
37
143
264

139
100
185
54

July Aug. Sept. Oct.

Nov. Dec.

87

126
132
125
140
86

Ill
99
127
144
90

124
108
144
160
109

142
147
138
160
116

173
207
141
154
108

160
122
92
181

174
184
96
185

183
203
129
187

207
317
156
188

188
198
162
190

172 P162
130
146
187 P 1 8 1

173

186

188

184

195

203

212

174

161
157
177
245

183
114
243
243

194
86
233
242

189
73
187
274

178
91
289
336

145
95
631
398

139
112
702
443

148
131
306
287

173

163

173

154

184

178

180

173

136

101
239
75

105
222
68

108
237
70

98
210
63

113
255
73

127
233
83

122
239
84

130
228
70

97
181
56

167

169

170

165

149

165

165

172

169

153

160
179
96
103
285
153
157
192
85
161
161
148
82

163
182
107
108
293
151
160
192
87
166
173
151
91

164
188
112
112
309
151
160
191
86
169
169
150
95

160
183
107
111
301
146
156
187
86
168
160
145
95

145
170
104
96
283
135
141
165
74
150
153
135
91

160
191
107
110
328
148
155
184
83
160
161
153
95

159
181
103
107
301
145
156
189
83
161
163
148
93

167
194
109
111
330
153
163
193

163
189
110
107
317
149
159
195

149
173
107
104
285
137
146
167

172
172
157
96-

165
162
150
95

160
153
142
98

155

153

159

159

156

137

147

155

167

163

158

141

145

151

149

144

125

134

149

163

161

155

May

June

116
124
115
100
80

127
145
116
108
76

151
176
132
134

149
85
133
167

148
90
114
169

152
97
106
175

176

172

178

154
115
259
310

146
152
342
239

160
160
230
255

153

147

155

104
204
67

113
190
68

102
209
67

157

163

163

152
168
97
107
255
148
150
177
86
162
153
139
87

157
174
91
109
276
151
155
187
86
162
161
145
82

159
178
98
110
269
161
156
179
88
170
167
150
83

150

144

138

125

Manufactured Food Products—Continued
Pork and lard
Beef
. .
Veal
Other manufactured foods
Processed fruits and vegetables
Confectionery
.
.
Other food products
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors

...

181
226
143
126
96

mo

Industrial A Icohol from Beverage Plants *
Tobacco Products
Cigars
Cigarettes
Other tobacco products

.

. .

Paper and Paper Products
Paoer and DUID
.
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paper board
. .
Fine paper *
Printing paper.
.
. .
Tissue and absorbent paper
Wrapping paper
.
Newsprint
Printing

and Publishing

...

..

Newsprint consumption
Petroleum and Coal Products
Petroleum refining *
Gasoline
Fuel oil
Lubricating oil
Kerosene
. . .
Other petroleum products l
Coke
By-product coke
Beehive coke

.

. . . . .

.

P208

P214 P215 V211 P213

P220 P220 P217 P221 P207

155
206
163
224

154
200
162
214

164
194
164
201

170
196
166
189

173
194
155
184

170
192
152
179

173
194
160
174

165
180
157
182

179
171
440

178
171
442

179
171
421

166
164
237

137
135
186

174
166
421

175
168
407

170
166
318

178
170
447

181
173
444

253

253

252

251

249

253

247

256

155
150
299
438

155
148
298
437

157
146
301
434

154
140
303
433

151
120
305
439

156
120
304
436

158
122
309
449

160
120
312
433

159
127
312
450

r

230

223

215

205

200

201

205

200

207

r

151

149

149

136

145

164

163

158

164

162

160

161

146

149

168

164

160

153
164
111
166

152
161
112
165

148
155
118
167

99
97
108
169

103
102
105
171

160
171
116
172

147
157
105
173

85

Paints
Soap
. ....
Rayon
Industrial chemicals

159
201
158
203

255

Chemical Products .

160
193
168
192

81

83

82

126

144

101
76

97
70

103
73

103
77

178
228

57
78

56
68

53
65

51
61

51
68

P217

170
199
169
183
181
173
454

r

v226 P230
174 p\k\
200 P202
159
213
rl83
'175
r
460

184
176
466

258

257 P257

156
142
304
446

151 P 1 5 0
137 P139
305 P308
447 M49

205

205

203 P200

160

161

160 P151

166

162

166

167 P164

134
143
100
172

150
158
117
174

148
156
119
170

145
152
118
176

147
155
116
177

153

147

149

148

210
302

226
331

r215
325

213
324

212
314

50
67

52
63

55
56

60
59

62
61

257
156
139
305
448

Other chemical products *
Rubber Products

.

. . . .

Minerals—Total
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

T

131

P116

186 P160
254 '225

P137

P145
P103

P177
P79
P99

93

56

r
1
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2

FEBRUARY

1949




169

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

1948

1947

Industry group or industry

Nov.

Dec.

Aug.

Sept.

Oct.

Nov.

Dec.

Oct.

Nov.

Dec.

Aug.

Sept.

Oct.

Nov.

160.8 161.9 161.7 '164.6 '163.3 161.5 159.0 350.1 353.4 365.7 374.7 '382.2 '382.1 378.1
186.8 188.8 185.8 '188.4 '189.0 188.6 186.2 389.9 395.0 411.0 418.8 '423.7 '434.1 428.3
140.4 140.7 142.7 145.9 143.1 140.3 137.7 311.2 312.8 321.4 331.6 '341.6 331.2 329.1

Total
Durable goods . . .
Nondurable goods

lyoti 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

163.3
130
218
148
151
196

164.7
130
220
150
155
195

201

204

179

Electrical Machinery
Klectrical equipment
Radios and phonographs

229.7

164.5
138
228
154
149
180

166.2
138
233
158
150
187

167.1
138
234
153
151
190

166.8
139
234
148
152
178

198

202

206

180

181

183

187

230.2

207.7

211.5

213.4

215.1

242

215
238

199
198

202
204

201
212

201
218

Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
...
Refrigerators

230.5

233.8

227.4

228.7

228.7

227.9

248

249

242

245

284
188

292
193

276
192

271
189

216
299
228

218
302
232

214
273
234

Transportation Equipment, except Autos.
Aircraft, except aircraft engines....
Aircraft engines
Shipbuilding and boatbuilding

284.6
336
291
170

291.6
336
291
182

260.8
336
243
144

282.9
366
309
141

285.7
377
315
137

Automobiles

190.4

195.2

189.7 '195.9 '194.9

Nonferrous Metals and Products . . . .
Primary smelting and refining
Alloying and rolling, except aluminum . . . .
Aluminum manufactures

178.8
144

180.3
145

172.4
150

173.9
146

176.0
149

136
185

138
190

136
168

140
164

141
171

140
173

Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood millc

178.5
195
174

178.4
195
176

200.8
221
193

200.6
220
192

197.7
216
193

195.4
213
195

Furniture and Lumber Products
Furniture

147.1

148.3

140.5

142.0

143.3

146

148

140

142

144

143.1

Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile and terra cotta
Pottery and related products

154.0

154.7

157.0

158.2

159.4

158.9

173
146
133

173
146
134

168
152
144

172
149
144

173
152
144

171
153
144

172

174

177

178

180

182

Textile-Mill and Fiber Products
Cotton goods except small wares. . .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles

111.1
124
91
111
87
131

112.7
125
92
112
89
133

111. 4 110.3
125
124
96
97
108
105
86
84
130
129

109.2
122
97
101
84
130

108.9
122
96
100
85
130

Apparel and Other Finished Textiles
Men's clothing, n.e.c. . .
Shirts, collars, and nightwear
Women's clothing, n e e
Millinery

141.5
135
110
158

144.8
135
111
164

146.5
139
104
167

148.8
139
106
171

146.9
134
105
171

85

92

97

97

Leather and Leather Products
Leather
Boots and shoes . .

114.1
100

115.3
100

110.4
95

109.3
96

108.3
95

109

111

106

104

103

Food and Kindred Products
Slaughtering and meat packing....
Flour
.
Baking
Confectionery
Malt liquors
Canning and preserving

150.7
151
152

146 9 166 0 179 9 163 8 152.9
152
146
146
145
161
150
151
149 '145
152

207

. . 214

...

238
140

129
156
199

127
96.5

Tobacco Manufactures
Cigarettes
Cigars

1948

1947

. . . .

124
86

208

249
140

194

255
131

193

197

441

185

366

212.3

498

453

436
468

454

448

'476
483

492

369

379

385

372

409

406

454.8 '465.4 474.4
435
'442
'445

479.2

464.6

471.9

481.2

430
533

226.3

466

477

436
540

447
543

458.0

459.6

469

489

509

448
540

479.9

482.3

484.0

491.7

486.9

523

532
'622

527

497

499

519

602
337

607
347

595
369

266
130

267
130

483
253

523
262

559
247

582
361

255
131

576
333

214
278

212
277

'230

380
625
434

398
648
466

401
605
491

391
615

'232

379
627
447

284.8

541.5
664
500
290

555.1
654
479
317

600.2
669
504
379

547.7
698
454
291

613.3
795
600
291

611.8
831
601
262

193.6

195.7

385.8

395.6

427.7

419.1 '425.9 '439.9

425.5

176.1
150

173.7

359.3
296

367.3
300

377.8
300

379.3
346

386.3
342

394.2
345

391 1
340

261
346

264
352

272
365

299
333

307
326

308
353

298
356

184.3

427.2
476
395

429.1
476
401

431.8
473
421

538.8
605
485

523.3
584
479

519.2
575
492

499.7
550

141.0

338.8

343.0

355.7

337.3

349.2

356

335

354.9

335

344

344.5

328.2

331.2

335.7

358.9

361.2

372.1

366.9

359
283
305

367
284
302

368
282
309

369
323
359

383
310

396
316

348

357

362

383

'354
374

'362
400

384
315
357

108.6

271.8
329
244
270
190
291

288.2
362
254
277
200
301

302.0
376
267
294
208
320

298.2
357
295
298
203
309

295.5
355
301
286
201
311

291.2
350
299
266
209
312

291.9
349
299
268
210

144.9

320.5
304
259
350

304.8
302
266
319

327.3
310
281
356

342.3
324
247
380

348.1
325
254
390

325.0
302
256
351

335.4
300
259
380

195

124

157

197

202

104.7

251.8
213

252.5
214

259.6
218

248.3 '245.1
207
207

247

247

256

243

276.3
349
300
141

148.6
140
105
171

191

101

133

136

110

217

'160
'201
194

126
79

468

373.6
305
528
335
364
400

281
195

'146
'213
296

125
82

424

199

360.5 365.0 376.0
305
300
296
504 '523
499
352
392
365
360
349
347
'427
'448
417

244

132

92.5

205

345.8
258
467
337
364
445

244
'279

'129

94.4

335.1
255
452
321
346
425

520

127
155
190

217

331.6
252
445
332
338
439

165.6

93.9
127
81

95.9
128
83

505
258

211
278
226

144

156.5

87

104.5
93
99

145.6

134
161
200

252
341
377

131
96.5
128
85

332 8 323.5
338
288
357
355
249
356
359

251
358
340

274
296
420

'493
581.8
746
570
283

344

364

598
250
'392
620

'509

358

620
358

592
248
387
626
486

486
357

408

317

193

138

236.8
206

223.3
202

239

228

211

389.8
304
361

358.2
305
355

340.7
336
352

283

287
376
372

281
388
377

'346
'417
835

294

278

525

544

318

214.5

216.3

219.8

218.3

214.8

224.3

223.5

253
196

253
202

268
197

288
181

268
187

279
197

264
207

484

93.4

321 9 351.3
296
361
369
340

577
248

r
Revised.
NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for December
1948 are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.

170



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
1948

1947

Industry group or industry

Factory pay rolls
1947

Nov.
Paper and
Paper
Paper
Paper

Aug.

Sept.

Oct.

Nov.

148.6

149.9

148.6

149.8

151.0

146

Allied Products
and pulp
goods, n.e.c
boxes .

Dec.

147

150

150

150

164
137

166
140

168
144

169
146

Oct.

Nov.

Ill .7 151.3

320.5

325.9

150

323

168
143

169
144

Printing and Publishing
Newspaper periodicals
Book and job

135.4
122
149

135.7
123
150

131 8 133.0
124
126
144
145

134.8
127
148

134.7
127
147

Chemicals and Allied Products
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals n.e c..
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers

204.5
241
131
294

205.4
239
131
296

203.3
232
134
302

207.1
233
132
302

208.1
234
132
300

207.1
235
132
300

340
169
161
155

347
173
160
163

381
174
94
142

379
174
153
152

379
174
175
153

Dec.

155.5

160.3

159.1

153.6

158.9

153

154
138

158
149

156
149

148
148

Rubber Products
Rubber tires and inner tubes
Rubber goods, other

174.0
189
166

175.3
188
169

160.9
169
156

162.8 163.5
169
166
160
163

Miscellaneous Industries
Instruments, scientific
Photographic apparatus

190.4

187.5

180.1

184.2

246
220

248
222

249
225

257

and

Coal........

For footnote, see preceding page.

-224

r

Nov.

334.0

352.1

355.0

357.4

362.2

333

364

363

359

365

353
315

362
322

365
319

372
328

381
342

393
345

134.6

252.8
222
286

257.2
224
293

263.1
230
298

264.8
241
298

273.6
254
305

273.6
252
305

275.4
253
308

206.5

409.6
499
258
555

416.4
490
261
566

424.1
489
266
581

450.6
485
303
629

462.5
491
298
642

460.1
507
297
629

460.2
512
300
634

612
393
443
410

646
398
449
397

652
412
448
431

798
403
262
409

796
411
459
436

764
409
542
431

749
404
538
415

301.8

309.5

313.3

358.2

345.6

344.1

352.7

287
288

296
293

300
295

346
351

326
353

324
350

341
347

156.6

354.4
355
352

361.4
362
362

373.6
366
380

347.2 344.9 r345.5
341
318
326
356
'371
'383

341.9
313
379

184.9

187.8
261

161.8

174.4

394.1

403.9

405.1

397.4

481
417

499
421

506
444

411.8 r422.6
530
'556
'450
'451

420.8

479
405

265
225

225

r

572
457

FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =100]
1948

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

160 4
186.8
139.7

Total
Durable
Nondurable

Oct.

164.5
168
162

1947
Group

Sept.

Aug.

325

157
148

of Petroleum

Petroleum refining .
Coke and by-products

Dec.

344
304

375
172
174
152

Products

1948

161 1
188.6
139.3

161 2
188.7
139.4

159 8
186.4
138.7

160 1
188.4
137.7

157.1
185.5
134.7

156.7
184.1
135.1

158.8
184.0
138.9

159 8
185.1
139.8

160 1
184.9
140.6

163.3
188.0
143.8

Nov.

Oct.
r

i62 8
188 7
142.3

Dec.

161.1 P158.2
188.5 P186.0
139.6 P136.3

r
P Preliminary.
Revised.
NOTE.—Back figures for Total from January 1919, and for Durable and Nondurable from January 1923,
may be obtained from the Division of Research and Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group

1947

1948

1947

Oct.
All

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

Nov. July Aug. Sept. Oct.

40.6

40.4

39.8

40.1

39.,

40.9

manufacturing.

Durable goods

Average hourly earnings (dollars per hour)

40.7

40.0

40.7

40.0

r

40.8

40.5
40.6
41.3
40.4
39.5
40.8
42.6
42.1
40.8

40.5
40.6
41.2
38.6
39.8
41.1
42.2
41.8
40.5

39.6
39.4
40.6
39.2
38.5
40.1
41.9
40.3
39.4

40.3
40.0
41.0
39.7
38.9
40.7
43.1
41.0
40.9

39.7
40.0
40.6
'39.0
'37.4
40.8
41.8
40.8
'40.2

40.8
40.2
41.0
r
39.
'•39.0
r
41.1
42.5
41.5
41.0

40.2

40.1

39.5

39.5

39.6

39.7
36.9
39.0
42
39.7
43.0
40.0
41.4
40.5
40.1
40.6

40.1
36.4
38.3
42.5
39.4
43.2
40.0
41.3
41.2
39.9
40.7

38.6
35.8
37.4
42.6
38.0
42.5
38.9
41.1
40.8
39.7
39.4

38.5
36.4
37.9
41.0
39.0
43.1
39.2
41.0
41.2
40.3
40.3

38.0
36.1
37.3
r
42.6
38.0
42.7
39.4
41.3
39.3
'39.4
'40.3

Oct.

Nov.

39.7

1.258
1.337

1.346 1.407

1.397
1.331
1.400
1.437
1.526
1.312
1.063
1.105
1.234

1.404
1.339
1.404
1.462
1.540
1.320
1.074
1.108
1.247

39.1

40.
40.4
40.8
39.2
38.0
40.8
41.6
40.7
40.2
39.1

1.175

1.185 1.252

37.9
34
36
'41.8
38.9
42.9
38.9
41.4
40.8
39.3
••40.6

38.0
35.
35.
41.
37.8
42
39
41
40
38
40.8

1.055
1.051
1.082
1.159
.954
1.215
1.540
1.273
1.505
1.438
1.200

1.090
1.019
1.095
1.173
.956
1.222
1.556
1.287
1.518
1.454
1.207

Aug.

1.268 1 332

40.3

39.9

July

1.457
1.407
1.473
1.503
1 .649
1.404
1.149
1.149
1.307

1.145
1.081
1.114
1.215
1.014
1.317
1.675
1.390
1.703
1.472
1.269

Sept.

Oct.

1.362 '1.365
1.431 '1.448 1.451
1.501
1.439
1.498
1.527
1.664
1.424
1.175
1.163
1.322

Nov.
1.371
1.452-

.528
.443
.510
. 556
.676
.438
.178
.181
.344

1 .526
1.448
1.518
1.575
1 678
1.439
1.167
1.184
1.347

.525
.446
.519
.579
.678
.439
.161
.189
.355

1.262

.272

1.272

.282

1.170
1.106
1.128
1.214
1.008
1.320
1.683
1.407
1.716
1.500
1.271

.188
.117
.143
.216
.000
.334
.712
.410
.748
.504
.280

1.187
1.087
1.145
1.233
'.998
1.329
1.710
1.392
1.737
1.508
1.280

.189
.100
.149
.251
.016
1.337
1.713
1.401
1.754
1.510
1.288

r
Revised.
NOTE.—Preliminary De cember 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.9 and 1.378; Durable,
40.7 and 1.459; Nondurable, 39.1 and 1.288, respectively. Back figures are available from the Bureau of Labor Statistics.

FEBRUARY

1949




171

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]

Total

Manufacturing

Mining

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

Federal,
State, and
local
government *

30,287
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970
45,133

10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901
16,273

845
916
947
983
917
883
826
852
911
925

1,150
1,294
1,790
2,170
1,567
1,094
1,132
1,661
1,921
2,063

2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,060
4,065

6,705
7,055
7,567
7,481
7,322
7,399
7,685
8,820
9,450
9,746

1,382
1,419
1,462
1,440
1,401
1,374
1,394
1,586
1,656
1,719

228
362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
4,684

3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449
5,658

1947—November
December

44,625
44,800

16,216
16,266

922
926

2,006
2,018

4,080
4,089

9,636
9,679

1,690
1,693

4,670
4,688

5,405
5,441

1948—January
February
March
April
May
June
July
August
September
October
November
December

45,019
44,755
44,791
44,584
44,726
45,053
45,271
45,312
"45 ,.654
'45,682
45,445
45,258

16,332
16,208
16,246
16,045
16,018
16,172
16,302
16,278
16,556
'16,549
16,408
16,155

927
920
930
820
936
947
915
944
945
939
939
938

2,056
1,945
1,941
1,972
032
110
093
106
093
101
119
2,152

4,075
4,071
4,069
3,995
4,028
4,056
4,078
4,078
4,085
4,094
4,070
4,087

9,694
9,664
9,634
9,721
9,689
9,779
9,791
9,805
9,806
9,817
9,783
9,775

1,688
1,698
1,697
1,696
1,699
1,700
1,737
1,752
1,741
1,740
1,737
1,743

4,730
4,729
4,768
4,738
4,663
4,645
4,622
4,647
'4,654
4,656
4,628

1947—November
December

44,918
45,618

16,256
16,354

923
925

2,046
1,978

4,077
4,071

9,886
10,288

1,673
1,676

1948—January
February
March
April
May
June
July
August
September
October
November
December

44,603
44,279
44,600
44,299
44,616
45,009
45,098
45,478
r45,889
'45,890
45,741
46,092

16,267
16,183
16,269
15,950
15,892
16,115
16,172
16,441
'16,697
'16,598
16,449
16,242

922
914
924
817
935
950
922
952
948
941
940
937

1,871
1,731
1,805
1,933
2,052
2,173
2,219
2,253

4,020
4,019
4,032
3,974
4,042
4,105
4,136
4,139
4,092
4,090
4,066
4,069

9,622
9,520
9,598
9,576
9.617
9,670
9,646
9,660
9,733
9,889
10,035
10,387

1,680
1,690

Year or month

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
SEASONALLY ADJUSTED

5,524
5,519
5,545
5,567
5,586
5,626
5,710
5,727
5,781
788
733

5,780

UNADJUSTED

239
206
161
2,109

697
1,704
1,716
1,726
1,754
1,761
1,732
1,723
1,720
1,726

4,670
4,688
4,723
4,730
4,729
4,768
4,738
4,663
4,645
4,622
4,647
'4,654
4,656
4,628

5,387
5,638
5,498
5,492
5,546
5,577
,624
,607
,604

,650
,801
,789
5,714
5,994

l
' Revised.
Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
December 1948 figures and 1948 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]
Civilian labor force
Total noninstitutional
population

Year or month

19402
1941
1942
1943
1944
1945
1946
1947

Total
labor
force

Employed *
Total

Total

In nonagricultural industries

In
agriculture

Not in the
labor force

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

6,962

1,643

47,047

7,060
6,771
6,847
7,448
7,861
9,396
9,163
8,444
8,723
8,627
7,961
7,375

2,065
2,639
2,440
2,193
1,761
2,184
2,227
1,941
1,899
1,642
1,831
1,941

47,524
47,046
47,119
46,414 "
46,602
43,605
43,462
44,149
45,176
45,685
45,810
46,208

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

9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266

1947—December. .

107,918

60,870

59,590

57,947

50,985

1948—January
February
March
April
May
June
July
August
September
October
November
December

107,979
108,050
108,124
108,173
108,262
108,346
108,597
108,660
108,753
108,853
108,948
109,036

60,455
61,004
61,005
61,760
61,660
64,740
65,135
64,511
63,578
63,166
63,138
62,828

59,214
59,778
59,769
60,524
60,422
63,479
63,842
63,186
62,212
61,775
61,724
61,375

57,149
57,139
57,329
58,330
58,660
61,296
61,615
61,245
60,312
60,134
59,893
59,434

50,089
50,368
50,482
50,883
50,800
51,899
52,452
52,801
51,590
51,506
51,932
52,059

. .

Unemployed

1

Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
2

172



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 3f contracts in millions of dollars]
Nonresidential building
Residential
building

Total

Commercial

Factories

Month

1947

1948

1947

1947

1948

1947

1948

571.6
442.2
596.8
602 3
674.7
605.1
660 3
823.2
650.0
793.3
715.1
625.4

615.2
682.0
689.8
873 9
970.8
935.2
962.7
854.1
762.2
778.6
611.2
694.0

257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268.5
349.5
290.2
226.8

238.1
232.3
276.5
351 6
369.8
355.3
349.7
337.6
279.7
296.8
264.0
256.7

86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5

54.1
71.9
55.3
82.2
91.9
103.8
72.9
77.7
53.6
70.7
49.6
56.3

38.3
46.4
52.6
66.3
59.2
58.4
81.6
77.2

7,759.9 9,429.6 3,153.8 3,608.0

941.4

839.8

January
February
March . .
April .
May

June

Tuly
August
September
October
November
December

.

. .

Year

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]

Other

Educational

1948

1947

1947

1948

80.0
84.3
65.3

74.5
75.5
78.5
88.8
103.3
83.1
106.3
77.8
80.4
83.8
60.2
62.9

19.7
13.5
21.4
22.7
47.7
40.1
38.5
45.6
42.8
41.1
27.2
31.5

58.7
37.8
50.3
55.4
83.8
63.5
103.1
55.8
54.5
48.4
47.0
66.2

785.5

975.0

391.9

724.6

75.9

Public works
and public
utilities

1948

1947

1948

53.3
87.2
65.0
111.2
117.0
113.8
112.8
97.4
91.3
113.5
83.5
81.1

113.9
90.5
122.0
161.4
184.7
185.7
165.9
223.5
141.5
165.9
181.5
154.1

136.6
177.3
164.3
184.7
205.0
215.7
217.9
207.8
202.7
165.5
106.9
170.9

55.9
9.4

35.8
29.6
57.7
44.7
51.2
80.0
47.4
61.3
59.8
64.1

596.9 1,127.1 1,890.4 2,155.2

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

Total

1948

Month
1946 1947 1948 1946 1947 1948 1946 1947 1948

Federal Reserve district
Dec.

January....
February. . .
March
April
May

June

July. . . .
August
September. .
October. . . .
November. .
December . .
Year

358
387
698
735
952
808
718
680
620
573
504
457

572
442
597
602
675
605
660
823
650
793
715
625

7,490 7,760

615
682
690
874
971
935
963
854
762
779
611

47
56
146
127
197
215
202
205
187
134
130
109

167
96
143
177
234
226
203
218
193
209
224
207

197
248
181
236
298
324
335
276
259
262
199

1,754 2,296

311
331
551
608
756
593
516
475
433
439
373
348

405
346
453
425
441
379
458
605
457
584
492
418

419
434
509
638
673
611
628
579
503
517
413

5,735 5,464

Nov.

Dec.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas

32,872
118,864
64,862
66,557
56,841
68,499
111,536
42,519
21,674
28,334
81,465

37,146
126,014
31,858
47,271
60,011
66,095
99,544
44,213
20,643
24,347
54,074

32,517
99,285
41,847
61,998
71,380
95,010
85,106
43,373
19,184
31,692
43,971

Total (11 districts)

694,023

611,216

625,363

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month

Total

1941 .
. .
1,172
1942
1,137
1943
935
1944
875
1945
666
1946
755
1947
1,787
1948
*>3,337
228
1947—December. .
1948—January. . . .
224
February...
228
March
272
April
292
May
265
June
329
July
286
August
277
September..
277
October....
318
November. .
272
December. .
P298

Property
improvement x

Small
home
construction

249
141
87
114
171
321
534
614
68
56
45
49
63
54
59
50
51
48
52
40
49

21
15
1
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)

1
1
j'
1
1

Mortgages on
1-to4- Rental War and
and
Vetfamily group erans'
houses housing housing
(Title (Title
(Title
ID
ID
VI)2
877
691
245
216
219
347
446
880
48
48
45
53
51
53
72
71
76
92
98
105
117

13
6
(3)
4
3

13
284
603
537
272
85
808
1,835
112
120
137
170
177
158
197
164
149
136
168
127
131

Preliminary.
2
Net proceeds to borrowers.
Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
1

FEBRUARY 1949




INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

End of month

Total

Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations

Insur- Fed2
ance
eral
com- agen- Other
panies cies 1

1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec

365
771
1,199
1,793
2,409
3,107
3,620
3,626

228
430
634
902
1,162
1,465
1,669
1,705

8
27
38
71
130
186
236
256

41
56
110
118
149
212
192
342
224
542
254
789
276 1,032
292 1,134

5
32
77
153
201
234
245
79

27
53
90
133
150
179
163
159

1944.—june
Dec

3,554
3,399

1,669
1,590

258
260

284 1,119
269 1,072

73
68

150
140

1945—Tune
Dec

3,324
3,156

1,570
1,506

265
263

264 1,047
253 1,000

43
13

134
122

1946—June
Dec

3,102
2,946

1,488
1,429

260
252

247
233

974
917

11
9

122
106

1947—June
Dec

2,860
2,871

1,386
1,379

245
244

229
232

889
899

8
7

102
110

1948—June

2,988

1,402

251

245

973

7

110

CUUUWCU XliSLlLULiUiia, pilVclLC cillU O l a l C UClitJilt 1UI1US, ClC.

NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.

173

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports

Merchandise imports 2

1

Month

1944

1945

1946

1947

Pl,092
Pi,086
Pi,138

301
314
358

'332
325
365

394
318
385

531
437
445

P1,120
P1,014

361
386
332

366
372
360

406
393
382

1,155
1,145
1,112

Pl.020
P986
P926

294
304
282

"358
'361

537
986
1,097

1,235
1,142
Pl.114

Pl.020
P819

8,643

13,317

Pll.323

1947

1948

798
670
815

1,114
1,146
1,326

1,005
1,135
'868

757
851
878

1,294
1,414
1,235

July
August
September. . .

1,197
1,191
1,194

'895
••738
514

826
883
643

October
November....
December. . . .

1,144
1,185
938

455
639
'737

13,321

9,068

1944

1945

P545
P582
P666

823
793
839

'571
561
'664

405
352
431

583
709
882

P547
P504

512
474
463

P528
P549
P616

870
1,069
965

639
'764
'508

351
457
496

782
940
772

P592

450
400
473

P558

»-339

431
422
377

P598
P558

903
887
912

'536
378
'175

395
461
266

705
745
639

P461
P387
P368

329
323
336

••347
'325
'298

394
478
529

492
455
P603

P597
P550

815
862
602

'109
'314
439

142
508
567

743
687

P423
P269

P511

3,583

3,849

4,379

5,131

P6.348

9,737

5,219

4,263

8,186

Pl.102

1944

1945

January
February
March

1,124
1,107
1,197

903
887
1,029

April
May
June

1,231
1,455
1,296

Jan.-Nov

1946

Excess of exports
1948

1946

1947

1948

P473
P553

P398

P4,975

Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
FREIGHT CARLOADING BY CLASSES
[Index numbers, 1935-39 average = 100]
Forest

Total Coal

Coke Grain Live- prod- Ore
stock ucts

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]

Mis- Mercel- chanlane- dise
ous
I.C.I.

Total
railway
Total
operating railway
revenues expenses

Annual
1940
1941
1942
1943
1944
1945
1946
1947
1948

....

.. .

109
130
138
137
140
135
132
143
138

111
123
135
138
143
134
130
147
141

137
168
181
186
185
172
146
182
183

101
112
120
146
139
151
138
150
136

96
91
104
117
124
125
129
107
88

114
139
155
141
143
129
143
153
149

147
183
206
192
180
169
136
181
190

110
136
146
145
147
142
139
148
146

96
100
69
63
67
69
78
75
68

SEASONALLY
ADJUSTED

1947—j u iy
August
September. . .
October
November. . .
December. . .
1948—January
February....
March
....
April
May
June
July
August
September. . .
October
November. . .
December. . .

135
143
142
145
147
149

115
146
153
156
160
155

170
184
180
192
195
191

168
162
137
152
145
138

107
92
105
104
105
96

152
152
149
147
150
158

'190

145
139
130
130
141
139
138
142
139
140
137
137

155
150
98
105
163
153
144
153
149
147
138
131

183
178
162
137
185
187
183
194
192
194
198
192

132
103
109
123
129
144
158
144
127
150
155
147

84
76
79
105
96
86
86
80
85
93
90
85

153
140
146
141
139
150
165
162
152
149
144
139

140
148
153
156
150
139

115
146
153
156
160
155

165
177
178
188
195
201

201
175
153
152
142
130

87
87
139
161
133
92

133
129
122
128
143
144
June
143
July
146
August
September. . . 150
151
October
November. . . 141
December. . . 128

155
150
98
105
163
153
144
153
149
147
138
131

192
188
163
134
183
183
177
187
190
190
198
201

132
101
100
108
113
147
189
156
142
150
152
138

81
61
62
94
86
74
66
76
113
143
114
82

194
190
181
163
163
180
195
195
213
213
191
185
182
182
178
178
201

143
149
145
149
151
156
152
146
150
145
143
140
141
145
144
145
144
148

71
73
73
75
75
74
68
71
72
70
69
66
64
66
66
68
66
62

153
160
161
155
147
141

311
284
272
235
163
'59

145
150
157
163
158
147

71
73
77
78
77
71

137
135
146
141
145
156
165
171
164
158
141
123

45
49
57
212
277
296
296
273
273
240
196
62

139
137
142
143
144
144
142
146
156
159
149
139

65
69
73
70
69
66
63
67
70
71
68
60

UNADJUSTED

1947—July
August
September. . .
October
November. . .
December. . .
1948—January
February....
March
April
Mav

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.

174



Net
railway
operating
income

# Net
income

Annual
4,297
5,347
7,466
9,055
9,437
8,902
7,628
P8.685

3,614
4,348
5,982
7,695
8,331
8,047
7,009

682
998
1,485
1,360
1,106
852
620

P7,904

P781

189
500
902
873
667
450
289
P480

1947—x\ugust. . . .
September..
October. . . .
November..
December. .

719
716
739
786
806

655
681
696
708
722

64
36
43
78
83

31
4
9
47
50

1948—January
February...
March
April
May
June .
July
August....
September..
October.. . .
November..

767
781
761
726
795
856
819
842
836
845
833

707
710
705
684
701
719
727
744
737
756
752

60
71
55
42
94
137
92
99
99
89
81

28
38
22
9
62
102
57
65
65
56
P48

1947—August. . . .
September..
October... .
November..
December. .

746
727
795
'756
807

665
679
718690
72 7

81
48
77
66
80

53
21
'50
43
60

1948—January
February...
March
April
May

751
716
777
729
796
838
842
868
845
878
825

709
676
716
676
706
713
737
752
734
767
741

41
39
61
53
90
125
105
116
111
111
84

19
18
35
27
64
94
76
86
83
84
P63

1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY
ADJUSTED

UNADJUSTED

June

July
August....
September..
October.. . .
November..

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

SALESi

New
York

Phila- Clevedelphia land

Minne- Kansas
Dallas
apolis
City

Richmond

Atlanta

Chicago

St.
Louis

P303

144
170
194
215
236
292
-304
P321

145
162
204
244
275
345
360
P386

135
149
161
176
193
250
275
P290

143
158
179
200
227
292
314
P335

P288

127
149
184
205
229
287
311
P324

138
157
212
245
275
352
374
P404

P353

334

389

-362

306
292
307
337
336
328
322
336
329
343
-320
P331

390
368
384
448
418
406
436
419
423
388
390
397

348
327
339
362
365
372
365
383
355
336
-323
367

424

505

-634

-573

214
206
263
284
294
277
238
261
316
343
334
P432

245
254
301
320
326
301
270
303
343
360
-374
P500

316
324
384
399
393
345
331
365
444
427
475
648

281
295
326
333
339
338
311
338
355
346
-391
580

138
171
151
169
165
211
266
P326

125
159
152
157
158
210
259
P301

130
161
159
177
190
250
321
P395

137
190
174
178
183
238
300
P347

297

306

-298

397

353

309
331
329
331
313
302
293
292
302
317
325
329

310
324
343
363
333
325
321
310
316
310
-325
P335

316
329
353
325
315
300
265
262
274
278
-305
P320

385
424
420
422
417
396
358
364
378
370
402
419

360
377
388
386
347
335
328
302
312
329
356
365

250

268

-244

333

289

265
298
319
331
313
302
305
318
336
355
347
276

282
309
345
347
331
315
326
329
341
345
-347
P294

273
296
317
315
309
300
295
293
307
317
326
P262

346
377
399
409
396
384
387
411
423
419
431
352

317
331
360
381
360
341
347
332
352
364
377
299

133
150
168
187
207
264
286
P302

148
162
176
221
234
P239

119
128
135
150
169
220
239
P248

'304

239

-242

277

309

-330

394

293

337

-276

286
286
284
306
311
312
316
312
312
306
287

240
241
229
255
268
265
266
256
252
250
229
245

272
280
263
278
284
283
288
289
295
307
269
286

284
284
270
295
320
306
313
308
316
316
293
317

288
307
303
327
318
327
321
319
338
330
306
346

355
359
368
390
394
397
392
402
402
396
362
405

271
281
274
289
289
299
312
295
299
292
283
297

291
307
318
343
340
346
355
354
362
338
321
338

286
267
278
283
306
291
294
292
291
311
279

P309

224
226
228
243
242
252
255
237
252
232
228
P245

1947—December...

-486

419

408

460

479

-549

619

455

516

1948—January
February
March
April
May
June
July
August
September
October
November
December

225
238
285
288
300
289
243
259
319
328
••357
P495

170
174
228
231
240
242
176
175
260
258
285
P429

192
202
234
237
252
246
181
187
257
280
298
414

204
216
284
262
287
266
207
217
295
322
356
478

216
233
284
280
304
288
244
268
320
338
366
491

214
245
317
295
311
294
235
260
357
359
388
575

284
316
387
367
375
333
314
354
410
424
434
635

217
225
266
283
289
290
243
248
305
313
345
460

239
258
318
326
333
311
277
305
366
362
404
517

131
180
155
162
166
213
255
P291

124
165
142
147
153
182
202
P223

123
181
143
150
160
195
225
P241

119
167
141
148
150
191
220
P251

130
182
144
151
156
205
243
P277

139
191
175
190
198
250
289
P321

140
178
161
185
188
258
306
P366

134
186
160
161
159
205
246

134
176
152
159
166
225
274
P314

284

224

232

245

272

323

344

264

289
303
312
308
297
285
275
268
275
282
304
P306

224
227
240
238
228
212
204
204
215
220
233
229

233
240
247
244
243
241
242
242
243
236
242
236

243
253
261
264
257
248
238
236
238
251
264
P263

277
286
298
286
277
273
257
254
261
265
302
295

332
339
334
340
337
304
308
289
297
311
339
335

345
378
370
379
368
343
333
330
348
362
402
450

274
290
304
293
289
275
264
257
264
276
296
295

244

201

211

208

225

269

289

238

253
279
303
308
297
278
274
287
304
318
330
P262

199
214
233
233
226
204
198
215
232
249
265
206

205
232
254
251
247
228
215
242
256
267
278
215

211
246
261
270
259
235
226
245
262
287
290
P223

243
266
287
295
280
262
257
275
290
305
319
245

283
320
333
342
330
291
304
325
333
355
360
279

311
352
370
376
357
346
343
356
383
406
422
366

236
264
294
293
289
270
258
275
293
309
326
265

1941
1942
1943
1944
1945
1946
1947
1948

126
140

129
143
151
167
184
235
261
P283

138
153
167
182
201
257
281

San
Fran-

123
129
148
164
185
247
-273

139
171
204
224
248
311
336

SEASONALLY ADJUSTED

1947—December...
1948—January
February
March
April
May
June
July
August...
September
October
November
December

P281

UNADJUSTED

STOCKSi
1941
1942
1943
1944
1945
1946
1947
1948

P281

SEASONALLY ADJUSTED

1947—December...
1948—January
February
March
April
May
June
July
August
September
October
November
December
UNADJUSTED

1947—December...
1948—January
February
March
April
May
June
July
August
September
October
November
December

r
P Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1

FEBRUARY

1949




175

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Ratio of
stocks 1
to
sales

P e r c e n t change
from a y e a r ago
(value)

Number of
stores
report-

Department

Stocks
(end of
mo.)

Sales during
period

Index numbers
without seasonal adjus>tment
1941 average monthly sa les=100

November

Sales during
period

ing

1948

Nov.
1948

Eleven
mos.
1948

Nov.
1948

1948

1947

+5
+4

+11
+11

2.7

+3
+6
+2
+5
4-9

+6
+8
+10
+9

+1

+5
+2
+16

3.2
2.7
2.6
2.0
3.3
3.4
3.4
3.7

+2

3.3

GRAND TOTAL—entire store 3

357

-1
-2

MAIN STORE—total

357

Piece goods and household textiles
Piece goods
Silks velvets and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
..
Linens and towels
Domestics—muslins sheetings
Blankets, comforters, and spreads

315

-1

291
185
160
179
309
275
243
242

+2
+3

Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles drug sundries
....
Silverware and jewelry
Silverware and clocks*
Costume iewelrv*
Fine iewelrv and watches*
Art needlework
Books and stationery
Books and magazines
Stationery . .
..

345
206
241
330
323
206
266
73
244
274
136
229

4-2
0

4-3
+3
4-6
+3

+1

Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves

355
355
311
286
178
337
340
351
347
253
286
249
330
337
247
205
216
355
344
220
210
291
291
317
345
255
262
343
291
276

-3
-6
— 18

+5

—1
— 15
—4
-13

-fl

Women's and children's hosiery
...
Underwear, slips, and negligees
Knit underwear
.
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
.
...
Handbags and small leather goods
Children's shoes4
^Vomen's shoes*
Women's and misses' ready-to-wear apparel
Coats*
Suits*
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
Inexpensive dresses*
Better dresses*
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

....

....
.

332
252
313
298
192

Housef urnishings
Furniture and bedding
Mattresses, springs and studio beds*
Upholstered and other furniture*
Domestic floor coverings
Rugs and carpets*
...
Linoleum*
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including minor appliances)
Gift shop*
Radios, phonographs, records, and instruments*..
Radios and phonographs*
Records, sheet music and instruments*

319
242
155
162
273
152
102
301
2^7
248
243
253
157
227
174
141

Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy*

316
292
231
135
259
190

Stocks at end
of month

1947

1947

1948

2.4

2.8

2

0
—2
-2

+4

—7
-7

+6
4-1
+1
—4

+7

+1

— 23
-2

+1
+4
4-8
o
-1
4-2
—4

o
-2
0

0
—4
—1
—7
—1

4-1
+5

+3
+3
4-6
4-3

0
2

-3
—3

+2

+3

—9
-3

+1

+1
4-7
+7
+10
4_2
4-5
-•- 2

+4
+9
o
-f-5
+11

—35

—1

+10
4-18
+23
+6
+12
+15
4-8
+8
+13
4-3
4-13
+8
— 17

5
— 11

—9
-8

4-5
0

+9
4-2
+4
o
+7
+ 10
+6
—30

0
+9

—8
-11
0

+1
-2
+2
—8
-5

—2
4

-2

+6
+ 10
+12
+ 11
-f-9
+11
4-2
4-9
4-8
+3

+4
+ 11
+1
+3
-5

-1
0
+2
-10

Oct.

Nov.

738

711

664

734
763
706
815
621
709
743
631

716
820
882
938
717
670
698
590

690
702
612
678
617
668
730
513
681

Nov.

Oct.

Nov.

2.5

260

242

265

3.0
2.5
2.4
1.8
3.3
3.2
3.5
3.0

232
285
272
406
188
204
217
171

233
319
291
601
195
192
165
189

3.0

217

223

234
280
264
406
192
209
208
183

234

716

659

-1

3.3
3.1
3.2

192
238
255

243
268
243

804
851
810

708
787
780

-8

4.1

+2
+16

3.4
3.7
2.7
5.2

4.5

249
267
257

801

+1
+3

3.2
3.2
3.2

3.3
3.0
3.0
4.9

176
282

143
212

174
280

726
947

568
867

776
910

2.9
2.5
2.6

2.9
2.6
2.8

245
331
260

217
206
175

238
319
246

704
836
668

675
775
585

2.4

2.6

338

202

328

842

789

687
827
874
687

2.3
2.8
2.2

2.1
2.4
1.8

253
246
342

270
233
314

260
261
419

595
703
739

566
666
631

538
627
725

3.3
1.0
3.4
3.2

3.6
1.0
3.0
3.0

265
184
230
221

165
263
202
250

268
187
270
230

882
178
783
710

746
213
776
704

2.8
2.8

2.2
2.4

311
282

263
202

953
181
797
676
287
710
653
689

0

-4
—1

+4

0
—2
0

+10
+ 12
-2
-9
-2
-3

+4
+54
+ 15
+30
+ 16
-4
+8
+4
+ 15
+ 10
++6
17
+17
+23
+10
+7
+ 10
+5
+3
c

+9
+5

—1

0

+17
+45
+6
+8
+10

1.3
2.4

194
293

2.7
2.5

2.8
2.3

298
348

198
336

299
354

228
214

203
231

3.5
46
1.8
1.3
1.1
2 1

2.5
3.4

3.1
3 4
1.7
1.1
1.0
2 1

260
354

1.7
1.4
2.0

2.2
2.6
3.3

3 3

2.3
2.8

2.6
4.4

1.8
1.4
2.1

1.7
1.4
2.1

3.7
3.0
3.2

4.8

858
736

449
825

438
742

859
800

791
730

581
931

700
858

837
814

224
236

813
886

504
908

551
794

309
480

258
332

479
446

464
442

452
378

326
312
353
203

373
402
359
235

321
296
361
195

578
453
741
354

55 i
442
718
360

540
420
700
341

2.2
2.9
2.1

276
163
168

319
142
182

262
147
260

600
421
552

527
366
604

569
440
554

2.7
2.3
2.8
2.7

263

218
245
192
258

278
271

872
897
837
878

851

242
280
277

913
787
871

4.0

208

179

227 1,000

994

743
608
794
812
926

1.8
1.6
1.9

183
217

Nov.

224
290
295
284

. 282
305

+21
+27
+34
+26
+40
+37
+43
+5
+13
+20
+42
+9
+1
+ 19
+19
+16

3 4

28

263

249

266

899

897

3.7

3.1

213

213

202

791

791

746
621

2.4

275

286

270

902

934

640

259
268
175
284
286

253
296
218
365
307

815
760

3.3
3.4
3.0
27
4.1

271
326
232
255
309

785
814

42
1 8
3.1
3.6
2.4
2 1
3.2

741
711
905
639
948

+6
+18
+26
+6
4-7

2.2
2.3
1.8
4.1
4.2

2.1
1.9
1.4
3.8
3.6

315
504
684
401
231

198
215
215
218
160

702
316
761
660
499 1,139 1,311
969
970
669 1,217 1,300
411 1,664 1,248 1,624
962
884
932
249

-9

1.7

1.8

2.2
3 9
3.3

3.1
4 3
2.9
2.5

47
3.6

1.6
3 4
2.4
3 0
29
2.4

1,091 1,087
922

1,026

913

1,002

For footnotes see following page.

176



FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Per cent change
from a year ago
(value)
Number of
stores
report-

Department

Sales during
period

ing

BASEMENT STORE—total

Sales during
period
1948

Nov.
1948

1948

+10

+6

2.0

2.0

+1
+8
+7
+8
+21
+9
+1
+5
+1
+2

133
197
168
177
171
152
118
115

Men's and boys' wear. .
4

November

+5

201

Women's and misses' ready-to-wear
Intimate apparel4
Coats and suits4
Dresses4
Blouses, skirts, and sportswear4
Girls' wear4 4
Infants' wear . .

Stocks
(end of
mo.)

Index numbers
without seasonal adjustment
1941 average monthly sales =100 *

Eleven
mos.
1948

+4

+3
+7

2.5
1.7
2.3

1.7
2.1

-3
-1

1.4
1.8
1.7
2.0

160
136
90
110
115

2.3
2.3
2.3
2.2
2.1

1948

1947

1947

1.8
2.0
1.5
1.9

+5
+5
+ 11
+2
+3
+3
+11

Stocks at end
of month

2.4

Nov.
1948

Domestics and blankets 4

Ratio of
stocks to
sales *

Housef urnishings

100

+6

Shoes

133

-4

+14
+14
+19
+17
+16
+ 11
+9
+9
+9
+ 12
+7
+8
+5
+5

NONMERCHANDISE—total 4

172

2
+13

+8

Nov.

Oct.

Nov.

Nov.

Oct.

Nov.

251

248

239

506

485

479

255

266

237

433

407

405

2.2
2.2
2.0
2.3
2.0

287

257

285

649

634

621

2.0

2.1

257

237

243

519

521

460

3.4

3.0

171

168

177

595

571

530

w

«

+7

78

1947

M e n ' s wear

M e n ' s clothing

4

M e n ' s furnishings
B o y s ' wear 4

4

. . .

. .

. .

Barber and beauty shop4

-3

+6
-3

+16
+4
+ 11
+ 12

«

1.0

1.0

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
lonths' snnnlv on hand at the end of the month in terms nf sales for that month.

5 3were reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 175.
4
Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown
WEEKLY INDEX OF SALES

SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *

[Weeks ending on dates shown.

Amount
(In millions of dollars)

Year or month

Sales
(total
for
month)

Stocks
(end of
month)

average
average
average
average
average
average
average
average
average.
average

128
136
156
179
204
227
255
318
336
^351

344
353
419
599
508
534
563
714
»-824
P910

1947—December. .

584

Outstanding
orders
(end of
month)

Without seasonal adjustment

Mar.

Apr.
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948

1948—January
February
March
April
May
June
July
August
September
October
November
December

271
263
355
331
339
336
268
295
357
387
411
^594

108
194
263
530
560
729
909
r552
P466
544

789
878
941
938
919
859
827
893
944
1,058
1,053

633
575
420
356
339
462
551
545
539
507
379
P292

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

FEBRUARY

1949




1935-39 average =100]

May

June

July

Aug.

Sept.

1947
1 . . . . .238 Feb.
8 . . . . .254 Mar.
15... . .267
22... ..286
29... . .283
5 . . . . .319 Apr.
12... . .265
19... . .271
26... . .267
3 . . . ..279 M a y
10... . .311
17... ..273
24... . .277
3 1 . . . . .250
7 . . . ..293 June
14... ..300
2 1 . . . . .256
2 8 . . . . .245
5 . . . . .208 July
12... . .228
19... ..217
26... . .213
2 . . . . .220
9 . . . . .223 Aug.
16... ..225
2 3 . . . ..243
3 0 . . . . .277
6 . . . ..265 Sept.
1 3 . . . ..291
2 0 . . . ..301
2 7 . . . ..316

1948
28...
6...
13...
20...
27...
3...
10...
17...
24...
1...
8...
15...
22...
29...
5...
12...
19...
26...
3...
10...
17...
24...
31...
7...
14...
21...
28...
4...
11...
18...

25

. .248
. .266
..279
. .313
. .331
..280
. .298
. .294
. .296
. .300
..330
. .293
. .295
. .297
. .282
. .304
. .310
. .262
..265
. .217
. .236
. .231
..235
..261
. .258
..271
..255
. .308
..285
..337

1947
4. . . .
11. . . .
18... .
25... .
Nov. 1. .. .
8. . . .
15. . . .
22... .
29. .. .
Dec. 6 . . . .
13... .
20. . . .
27... .

.326 Oct.
.304
.299
.306
.313
.347 Nov.
.380
.395
.367
. 508 Dec.
.570
.576
. 358

1948
2
9
16....
23
30....
6
13
20
27... .
4
11
18....
25

1948
3. . . .
10... .
17... .
24... .
31... .
Feb.
7... .
14. . . .
21. . . .

.204 Jan.
.251
.232
.226
.233
.240 Feb.
.238
.249

1949
1
8... .
15
22
29
5
12
19....

Oct.

Jan.

.327
.336
.331
.344
.319
.320
.346
.371
.347
.485
.564
.576
.473
.204
.272
.244
.230
.217

319

NOTE.—Revised series. For description and back figures, see pp.
874-875 of BULLETIN for September 1944.

177

DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
Dec. ! Nov. Year
1948 i1948 1948

United States..
Boston

New Haven
Portland
Boston Area. . .
Downtown
Boston
Springfield
Worcester
Providence

New York

J

oj

3

-3!

+3|
+3;
+3;
+3i
+2J

-l!
-4
-9:
-4
-6
-6j

+6
+2
+1

t\

±1

Philadelphia . .
Trenton *
Lancaster *
Philadelphia *. .
Reading 1
Wilkes-Barre 1 ..
York*

Cleveland

Akron i
Canton *
Cincinnati *
Cleveland 1
*
Columbus . . . .
Springfield »
Toledo i
Youngstown x . .
p
1

+5
+5
+3

+1
+1
+ 11
+3
+6
+8

+1

+2

1
0
-3
-3

+1
- 1ry
-3

+3
—2

+6

+1

+6

• +1

+6
+ 10

+4
+5

0

-3

Cleveland-cont.
Erie 1
Pittsburgh l
Wheeling x

0 Richmond
+2 Washington 1.. .
+3 Baltimore
+6 Raleigh, N . C . .
+2 Winston-Salem.
+2 Charleston, S.C.
+5 Greenville, S. C.
- 1 Lynchburg
+3 Norfolk
+7 Richmond
+ 11 Roanoke
+9 Charleston,
W. Va
+6
+6 Huntington

Bridgeport ....
-2|
Newark 1
0
Albany
+5i
Binghamton
+9,
Buffalo i
+6\
+1
Elmira
-2
1
Niagara Falls...1 +3! - 1 Q
_
New York City
+3
0
Poughkeepsie...
+9
+3;
Rochester 1
0 +9
+3;
Schenectady. . .
+ 10
+ 10!
Syracuse *
+4
+1
Utica
+6

+9
+ 12
+7
+7
+8
+9
+ 10
+8
+7
+ 12
+6
+8
+ 11
+3
+ 10
+ 11

Oec. Nov. Year
948 1948 1948

Dec. Nov. I Year
1948 i 1948 ! 1948

Atlanta

+5, + 14,
0 +_12,

oj
+2

±51
+9|

Chicago!
+6 Chicago . . . .
+8 Peoria >
1
+7 Fort Wayne x.

+5
"o 1 +5
+3
+6
+7
+3: +6
+ 11
+6
+ 11
+7
+3

+131 ±?l
+7
+1
+3 =ii
0
2

+ 19
+2

+17
+ 11
-2
+8
2 + 11
-10
+9
-5
+6
-17
0
+2 +5
c
18
- 6 ++4
-1
+7
-8

Birmingham *. . P + 3
+3
Mobile
Montgomeryl. . +3
Jacksonville l... +6
Miami 1
Orlando
Tampa 11
0;
\tlanta
Augusta
-1
Columbus
-24
Rome 1
Macon
+3, - 5
-9
Savannah
-10
Baton Rouge1. . - 6 , +5
+3
New Orleans l . .
+4
Jackson 1
+ 10 +7
Meridian
+5, - 6
Bristol, Tenn.. . + 13, - 6
+2! - 1 0
Chattanooga *.
-3
+9'
Knoxville 1
>+
- 2 | +2
Nashville »

=?

3!

Indianapolis ,
Terre Haute l.
Des Moines .
Detroit 1
Flint 1
Grand Rapids.
Lansing
Milwaukee l..
Green B a y 1 . .
Madison

-2
-2

+ 10
+ 11
+ 11
+3
+2
+22
+5

0

+2
-2

0

+6" Kansas City—
cont.
+4
+ 7 Omaha

+6
+6

+ 5 Oklahoma City .
+ 4 Tulsa
+9
+ 7 + 13 Dallas
-2
+7 Shreveport
-5
+ 6 Corpus Christi..
-4
+7 Dallas 1
-14
+ 4 Fort Worth
- 2 + 10 Houston 1
- 2 + 10 San A n t o n i o . . . .

0

San Francisco..

+4
+7
+7
+3
+9

+1

0

+4

St. Louis

+1
-1
0

+5 + 11
-3
+7
+ 1 +8
+1 + 9
+ 18
+9
2
+7
- 1 0 + 13

Fort S m i t h .l. .
Little Rock .
Evansville. . .
Louisville x ..
Quincy
East St. Louis
St. Louis 1. . .
St. Louis Area
Springfield . .
Memphis 1 . . .

+ 13
+6
+4
+2
+1
+4

-12
0

Minneapolis.l

*>+2

+4

+1

+4

+4

+ 1 +10
— 2
+5

Minneapolis .
St. P a u l 1
0 DuluthSuperior *..
+ 13

+7

-3
-2

+1

Dec. Nov. Year
! 1948 1948 1948

Kansas City.

Denver
Pueblo
Hutchinson. .
Topeka
Wichita
Kansas City.
Joplin
St. Joseph. . .
Lincoln

-4
-3
-10

'4
—3
—3

-4

-3

P-1
-t

-4

+ 12

+4

+ 11
-2
-6
-9

+1

r

0
-6

+5

+3
+6
-6
-6
-9

+5

+6
+6
+2

+6
+6
+7
+2

+3
+9
+8

+8

+10

+5
+4
+7

°l

Phoenix *
Tucson
Bakersfield 1 ....
Fresno l
Long Beach 1! . . .
Los Angeles . . .
Oakland and
Berkeley 1
P+3
Riverside and
San Bernardino
Sacramento l...
San Diego l
San Francisco l.
San J o s e 1
Santa R o s a » . . . .
Stockton
Vallejo and
-21
Napa 1
Boise and
Nampa
Portland
Salt Lake City».
Bellingham l. . .
E v e r e t t11
Seattle
Spokane lJ
Yakima

+7

-5,
-3.
0
-10
+1
+2
+2
+4

+6
+3
+9
+7
+4
+4
+6
+4

- 5 , +5
- 51 +6
-4 +2
- 3 , +11
- 6 +5
-12 + 3
-10
-1

-29 - 1 0

-4

-2

+5

+2
+3

r
Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.

COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average=100]

Year or month

All items

Food

Apparel

Rent

Fuel, electricity, and
refrigeration

House
furnishings

Miscellaneous

104.6

1929...

122.5

115.3

141.4

112.5

111.7

1933...

92.4

84.1

87.9

100.7

100.0

84.2

98.4

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948

100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2
171.2

97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2

102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0

104.1
104.3
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
117.4

99.9
99.0
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9

103.3
101.3
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8

1947—December. .

167.0

206.9

191.2

115.4

127.8

191.4

101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
149.9
144.4

1948—January
February
March
April
May
June
July
August
September
October
November
December

168.8
167.5
166.9
169.3
170.5
171.7
173.7
174.5
174.5
173.6
172.2
171.4

209.7
204.7
202.3
207.9
210.9
214.1
216.8
216.6
215.2
211.5
207.5
205.0

192.1
195.1
196.
196,
197
196.9
197.
199.7
201.0
201.6
201.4
200.4

115.9
116.0
116.3
116.3
116.7
117.0
117.3
117.7
118.5
118.7
118.8
119.5

129.5
130.0
130.3
130.7
131.8
132.6
134.8
136.8
137.3
137.8
137.9
137.8

192.3
193.0
194.9
194.7
193.6
194.8
195.9
196.3
198.1
198.8
198.7
198.6

146.4
146.4
146.2
147.8
147.5
147.5
150.8
152.4
152.7
153.7
153.9
154.0

Back figures.—Bureau of Labor Statistics, Department of Labor.

178



FEDERAL RESERVE BULLETIN

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926=100]

Other commodities
Year, month, or week

All
commodities

Farm
products

Foods

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

95.3
86.4
73.0
64 8
65.9
74.9
80 0
80.8
86 3
78 6
77 1
78 6
87.3
98 8
103 1
104.0
105 8
121 1
152.1

104.9
88 3
64.8
48 2
51.4
65.3
78 8
80.9
86 4
68.5
65 3
67 7
82.4
105 9
122 6
123.3
128 2
148 9
181 2

99.9
90.5
74.6
61 0
60.5
70.5
83 7
82.1
85 5
73.6
70 4
71 3
82.7
99 6
106 6
104.9
106 2
130 7
168.7

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2

66.
54. 9
64. 8
72. 9
70. 9
71. 5
76.
66. 7
69. 7
73. 8
84. 8
96. 9
97. 4
98. 4
100. 1
116. 3
141. 7

. . .

Total

Raw
materials

Manufactured
products

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5

97.5
84.3
65.6
55.1
56.5
68.6
77.1
79.9
84.8
72.0
70.2
71.9
83.5
100.6
112.1
113.2
116.8
134.7
165.6

94.5
88.0
77.0
70.3
70.5
78.2
82.2
82.0
87.2
82.2
80.4
81.6
89.1
98.6
100.1
100.8
101.8
116.1
146.0

Metals
Fu 2l
and
Textile an i
prod- light ing metal
products
mat eucts
ria s

Building
materials

Hides Chemi- Houseand cals and furnishleather allied
ing
prod- products
goods
ucts

Miscellaneous

0
78 s
67 5
70 3
66 3
73 .3
73 S
76 ?.
77 6
76 5
7S 1
71 7
76 ?,
78 S
80 8
83 0
84 0
90 1
108 7

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0

95.4
89.9
79.2
74.1
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
182.4

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 S
94 9
95 ?,
95 ?
101 4
1?,7 3

8<i
R6
8S
94
10?
10?
104
104
111
131

135 0

90. 4

80.3

94
9?
84
7S
75

.3

7

9
1
8

81 .5
8(1 6
81 7
8<3 7
8
3
5
3
4

7
3
5
6
1

1947—December

163.2

196.7

178.4

145.5

148. 0

124 .6

151.5

191.0

203.4

135 .4

121.5

182.0

154.9

1948—January
February . .
March
April
May
June
July
August
September
October
November
December

165.7
160 9
161.4
162.8
163.9
166 2
168 7
169.5
168.7
165.2
163.9
162.2

199.2
185 3
186.0
186.7
189.1
196 0
195 2
191.0
189.9
183.5
180.8
177.3

179.9 148.3
172 4 147.6
173.8 147.7
176.7 148.7
177.4 149.1
181.4 149.5
188 3 151.1
189.5 153.1
186.9 153.3
178.2 153.2
174.3 153.3
170.2 152.8

148. 4
148. 9
149. 8
150. 3
150. 2
149. 6
149. 4
148. 9
147. 9
146. 9
146 1
145. 3

130 .0
130 .9
131 6
132 .6
^^^ 1
ns 7
136 .6
136 .7
137 .2
137 .3
137 .0

154.3
155.3
155.9
157.2
157.1
158.5
162.2
170.9
172.0
172.4
173.3
173.8

193.3
192.7
193.1
195.0
196.4
196.8
199 9
203.6
204.0
203.5
202.9
202.0

200.3 138 8 141 .3
192.8 134 6 141 8
185.4 136 1 142.0
186.1 136 7 142.3
188.4 134 7 142 .6
187.7 13S 8 143 ?
189 2 134 4 144.5
188.4 132 0 145.4
187.5 133 3 146.6
185.5 '134 8 1 4 7 . 5
186.2 1 3 3 7 148.2
185.3 130 5 148.4

123.6
120.1
120.8
121.8
121.5
121.5
120.3
119.7
119.9
119.0
119.2
118.5

183.9
174.9
174.7
175.5
177.6
182.6
184 3
182.0
181.0
177.0
175.2
172.1

157.8
154.5
155.8
157.6
158.5
159.6
162.6
164.6
163.9
160.2
158.7
157.5

180.4
181 0
180.0
181 2
181.2
177.3
175.9
179.4
179.2
175.5
174.3
170 1
167.9

174.5
174 5
175.5
174 5
172.7
169.7
168.7
170.0
169.6
168.1
164.4
161 9
159.2

153.1
153.2
153.4
153.4
153.3
153.4
153.1
152.8
152.5
152.6
152.9
153.0
153.6

146 7
146 S
146.5
145.6
145. 5
145. 2
145. 2
145 2
145 1
145.
144. 3
144. ?
143. 6

137 .2
1S7 ?
137 .4
137 4
137 .4
137 .5
137 .5
137 .5
137 5
137 .1
137 1
H7 1
138 .0

172.5
172.5
173.7
173.7
173.7
173.7
173.7
173.7
173.7
175.2
175.3
175.3
177.9

203.2
202.5
203.1
203.0
203.0
203.0
203.0
201.6
200.1
198.7
200.9
201 8
200.8

Week ending ;i
1948—Nov. 2
Nov 9
Nov. 16
Nov. 23.
Nov 30
Dec. 7.
Dec. 14
Dec. 21
Dec. 28
1949—Jan. 4
Jan. 11
Jan. 18
Jan. 25

163.8
164 0
164.0
164.0
163.6
. . . 162.4
161.7
162.5
162.2
161.3
160.5
159 3
158.8

no




134.7
134 9
134.6
134.7
133.9
133.5
133 0
132.8
133 5
133 6
133.5
1948

1947

Sept.

Oct.

Nov.

Dec.

252.7 176.9 170.4 171.1 171.1
226.3 244.2 223.4 213.4 204.6
162.5 159.6 162.0 162.6 161.4
183.5 179.9 174.9 170.7
170.6 153.3 149.6 '150.5
135.4 139.4 137.1 139.6
266.5 239.8 227.4
160 C 149 1 150.4 149 4

171.3
149.8
139.8
220.8
140.9

190.7
256.9
217.2
141.8

190.0
210.6
181.9
148.6

189.7
202.0
180.4
148.6

188.1
206.0
183.8
148.6

188.0
197.2
186.5
148.6

137.8
213.7
103.0
73 3
40 0
139.6
178.3

148.6
199.8
104.8
46 4
41 8
150.0
189.3

148.8
195.0
104.6
46 4
41.8
150.7
190.5

149.2
191.7
104.3
46 4
41 8
150.7
190.5

148.8
189.2
103.9
46.4
41.8
150.7
190.0

123.4
174 3
183.4
66.5
85 4
112.0

136.5
195 1
217.5
66.3
90 7
122.2

136.4
195.1
218.7
66.5
90.9
122.8

Dec.

Sept.

Oct

Nov.

Dec.

Metals and Metal Pr oducts:
Agricul tural ma :h. & equip.. .

127.0 140.5 142 5 143.7 144.1
Farm nlachinen r..
128.6 142.8 144 9 146.1 146.5
Iron an d steel
140.2 164.0 164 5 165.0 165.4
Motor vehicles.
160 8 175 0 175 ^ 175 3 175 6
Nonfer rous metals
143.0 166.4 167 0 171.4 172.5
Plumbi ng and heating..
136.1 157.0 157 3 157.3 157.3
Building Mi
iterials:
Brick a nd tile
148.8 158.9 160 1 160.4 160.5
Cement
121 6 133 3 133 7 133 7 133 5
Lumbei
303.2 317.1 314.5 310.3 305.1
Paint a nd paint materials
164.0 160.2 160.4 161.6 161.5
Plumbi ng and heating
136.1 157.0 157.3 157.3 157.3
Structu ral steel.
143.0 178.8 178.8 178.8 178.8
Other b uilding rnaterials
155.5 174.8 174.8 175.6 176.9
Chemicals at%d AlliedProducts:
Chemicals
124.1 126.0 127.5 124.8 122.5
Drugs and pharrnaceutic als. . 154.9 152.7 152.6 151.9 151.4
Fertiliz sr mater als
114.4 116.2 117.2 119.5 120.1
Mixed i fertilizers
101 5 107 8 107 ° 107 9 108 3
Oils and fats . .
215 9 188 6 1 9 2 0 193 7 178 4
Housefurnis king GooiIs:
Furnish ings
142.8 151.5 1 5 2 5 153.6 153.6
Furnitu re
136.2 141.6 142 5 142.8 143.1

136.4 136.4 Miscellaneoi is:
Auto t\ res and tubes . .
195.1 194.9
219.0 219.0
Cattle f eed
.
Paper a nd pulp,
92^6
Rubber rnirie.
122.8 122.0
Other miscellane'OUS . . .

Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
revised.
Back figures.—Bureau of Labor Statistics, Department of Labor.

FEBRUARY 1949

1

Subgroups
Dec.

r
1

All other
134.7
135 O

1948

1947
Subgroups

Farm Products:
Grains
Livestock and poul try
Other farm produc ts
Foods:
Dairy products....
Cereal products
Fruits and vegetab les
Meats, poultry, an d fish
Other foods
Hides and Leather Products:
Shoes
Hides and skins. . .
Leather
Other leather p r o d u c t s . . . .
Textile Products:
Clothing
Cotton goods. .
Hosiery and undenvear....
Silk
Rayon
Woolen and worste d goods..
Other textile prodiicts
Fuel and Lighting Matey ials:
Anthracite
Bituminous coal.. .
Coke
Electricity
... .
Gas
Petroleum products

8

63 4 66 2 66 7 66 2 66 2
308.2 201.7 195.4 217.9 217.1
164.7 170.9 170.2 169.9 169.5
44 5 46 4. 45 0 40 4 38 9
130.0 132 .1 131 1 130.5 129.5

Figures for Nov. 2-Dec. 28, 1948, have been

179

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters

Annual totals

1947
1929

Gross national product

1933

103.8 55.8

Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: 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

7.0
.6
-.1
-.1
87.4
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7

7.2
7.1
.7
1.2

0)
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

1939

1941

1944

1946

1947

1948

1948

90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9
8.1
9.4
.5
.5

9.3
11.3
.5
.5

11.9
14.0
.5
4.1

11.8
17.5
.6
1.0

14.4
19.8
.6
n.a.

.1
.7
.5
,9
-.1
72.5 103.8 182.4 179,3 202.5
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

13.8
19.4
.6
-3.3

14.0
19.1
.6
-2.9

14.3
19.7
.6
-5.2

.0

13.3
18.5
.6
-3.4

-.4

-.2

-.2

14.6
20.0
.6
-5.1

14.9
20.3
.6
n.a.

.2

.2
n.a.

n.a. 212.8 213.9 222.3 228.2

14.6 24.0 16.8 24.7
n.a. 27.5 25.3 29.6 30.2
n.a.
5.2
2.8
5.9
5.6
5.1
5.0
5.0
5.2
5.1
5.1
-.2
.0
.0
.0
.0
.1
.1
-.1
-.1
.0
3.1 10.8 11.1 10.5 10.6 11.0 10.7 10.3
2.6
9.9^
2.8
4.5
1.3
4.4
4.6
4.6
4.5
4.5
4.5
4.6
4.7
4.5
5.6
8.3
7.4
7.4
6.9
7.8
7.7
7.1
.5
.6
.6
.5
.6
.6
.6
.6
.6
.6
95.3 164.5 178.1 195.2 213.6 203.1 207.0 210.8 216.3 219.6
18.9 18.9 21.6 21.0 22.2 23.0 20.6 20.0
3.3
20.2
2.0 17.5 17.2 19.7 18.9 20.2 21.0 18.5 17.9 18.0
1.4
1.7
1.3
2.0
2.1
2.1
2.0
2.1
2.1
2.2
92.0 145.6 159.2 173.6 192.6 180.9 183.9 190.2 196.2 199.4
82.3 110.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0
9.8 34.2 11.8
9.7 11.4 12.9 16.1 18.4
8.8 14.9

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annua totals

1948

194 7

1929

1933

1939

1941

1944

1946

1947

1948
4

National income

87.4

39 .6

72 .5 103 .8 182. 4 179. 3 202. 5

50.8
50.2
45.2
.3
..
4.6

29 .3
28 .8
7
.3
4 9

19.7
8.3
5 7
5.8

7 .2
2 .9
2 .0

47 .8
45 .7
S
.4
7 8
2 1
14 .7
6 .8
4 S
3 .5

10 3
9.8
1.4
8.4
.5
6.5

0
.2
.5
4
.1
5 .0

8
6 .5
1 .5
5 0
.7
4 .2

.

dortroensation of emolovees
Wages and salaries ^
Private
.
Militarv
Government civilian
.
Supplements to wages and salaries
Proprietors* sind rental income ^

.

Farm
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest

6

s

3

n. a. 212. 8 213. 9 222.3 228 .2

4
11.£

64 .3 121 1 117. 3 127. 5 139 4 132. 2 134. 0 136.3 142 .4 144. 7
131.3 137 .4 139.
61 .7 116 9 111. 7 122. 2 134 4 127 i 129.
S1 S
3 91 0 104 7 IIS 6 109 s 111 4 113.2 118 l 119 6
7. 8
3. 9
3. 4
3.5
1 .9 20 7
3 5
3. 6
3 .5
3. 7
1? 8 1? Q H 6 IS
8
14 0 14 Q 14.6 1S 6 16
1
2 6
4
5.
5 0
5 0
4.
1
5. 6
5.0
s
20 .8 34 1 41. 8 46. 0 50 .9 48 6 49. 9 51.6 50 .6 5 1 . 4
9 .6 15 4 20. 4 23. 2 25 .2 24 7 24. 8 25.3 25 .2 25.
16 S 17 6 18.9 18 1 18 4
6 Q 11 9 14 6 1S 6 18
6 7
7. 1
7. 5
7.4
6. 7
7 .4
7 4
7 .4
7. 4
4 .3
14 6
17 .2
7 .8
9 4
- 2 .6
4 .1

?4
24
13
10

0
3
5
8

3 1

16 8
7
21. ,? 2P. <?
9. 0 11. 7
1? 8 18 1
-5 0 -5. 1
3 4
4 3

n. a.

n a.
n a.
na
.0
4 .9

?7
J2
12
19
-4
4

4
7
7
9
5

?*>
JO. 5
11. 8
18 7
-5.
4. 7

29.6
32.1
12.5
19.6
-2.5
4.8

30
n.s
34 .0
w.
13 .3
n. A
?0 8
n. R
|.
.9 — .4
5 .0
5 2

r
Revised.
1
Less than
2

n.a. Not available.
50 million dollars.
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department ef Commerce. For the detailed breakdown
for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period
1929-43, and quarterly data for 1939,1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown,
in that issue of the BULLETIN have since been revised.

180



FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by quarters

Annual totals

1947
1929

Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction l
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
War
Nonwar
Less: Government sales 2
State and local

1939

103.8

Gross national product

55.8

90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9

78.8
9.4
37.7
31.7
15.8
7.8
6.4
1.6
.8

46.3
3.5
22.3
20.6
1.3
1.1
1.8
-1.6
.2

67.5
6.7
35.3
25.5
9.0
4.0

8.5
1.3

8.0
2.0
2.0

13.1
5.2
1.3
3.9
(3)
7.9

[1.3
()

7.2

()

5.9

4.6
.4
.9

1941

1944

1946

1947

1948

1933

1948

82.3 111.4 147.
164.8 177.7 171.1 172.5 177.3 180.1 181.0
9.8
16.
6.9
21.0 22.7 22.1 21.3 22.8 23.7 22.9
44.0 67.5 87
96.5 103.6 100.2 101.4 103.7 104.3 105.1
28.5 37.0 43.6 47.3 51.4 48.8 49.8 50.8 52.1 53.0
6.4 26.5 30.0 39.7 35.4 38.0 38.0 40.2 42.8
17.2
8.9
11.7
5.7
2.3
14.6 14.0 14.3 14.4 14.8 14.7
12.8 17.8 21.4 18.9 19.8 21.0 21.9 22.7
5.4
7.7
.6
3.5
2.6
3.9
2.5
3.9 - 1 . 4 • 4.8
5.3
3.8
4.7
8.9
-.3
2.7
3.9
8.2
1.1 - 2 . 1
1.5
-.4
24.7
16.9
13.8
3.2
(3)
7.8

96.5
89.0
88.6
1.6
1.2
7.5

30.8
20.8
21.2
2.5
2.9
10.0

28.0
15.6
|l6.9
1.3
12.3

36.0
21.5
22.1
.6
15.1

29.0
15.5
16.3
.8
13.5

30.5
17.9
19.1
1.2
13.7

33.9
19.8
20.5
.7
14.8

38.2
22.9
23.1
.2
15.5

41.5
25.4
25.6
.2
16.3

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries

Year or month

Personal
income

Wage and salary disbursements
Total j
receipts4 Total
disbursements

Commodity
producing industries

Dividends
ProLess emand
prietors'
Other
ployee
perand
labor
contributions income5 rental 6 sonal
income interest
for
income
social
insurance

TransNonfer
agriculpay- 7
tural
ments income8

Distributive Service
indus- industries
tries

Government

8.2

5.0

.1

1.5

76.8

5.1

5.2

.2

.4

7.2

8.2

2.1

43.0

19.7

1929. .

85.1

50.0

50.2

21.5

1933. .

46.6

28.7

28.8

9.8

74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.5
170.3
178.1
195.2
213.6

45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.8
115.2
109.8
120.1
132.3

45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.7
122.2
134.4

18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
46.1
54.6
60.6

13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
31.2
35.0
38.9

6.9
6.7
6.9
7.3
7.8
8.6
9.5
10.5
11.5
13.8
15.1
16.1

7.5
8.2
8.2
8.5
10.2
16.1
26.9
33.5
35.5
20.7
17.4
18.7

.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
2.0
2.1
2.1

.5
.5
.5
.6
.6
.7
.9
1.3
1.6
1.6
1.8
2.0

15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0
50.9

10.3
8.7
9.2
9.4
9.9
9.7
10.0
10.6
11.4
13.5
15.6
17.3

2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
11.4
11.7
11.1

66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.3
159.4
174.9
190.4

1947—December.,

207.7

127 A

129.4

59.2

37.4

15.2

17.6

2.0

1.9

51.3

16.2

10.9

184.2

1948—January.r .
February .
March r
Aprilr
May *
June7"
July r
August . .T .
September
October r . .
November.
December?

208.8
206.4
205.7
208.6
209.2
214.4
214.8
216.7
217.3
218.5
219.9
220.8

127 A
126.8
126.6
126.8
129.0
131.4
133.4
135.9
136.7
137.5
138.0
137.3

129.6
128.8
128.7
128.8
131.0
133.6
135.6
138.0
138.9
139.6
140.1
139.5

58.9
57.8
57.7
57.3
58.5
60.4
60.9
62.3
63.0
63.0
63.8
63.2

37.5
37.8
37.6
37.8
38.6
38.8
39.5
40.0
40.0
40.2
39.7
39.7

15.5
15.6
15.6
15.9
15.9
16.1
16.4
16.5
16.4
16.6
16.6
16.5

17.7
17.6
17.8
17.8
18.0
18.3
18.8
19.2
19.5
19.8
20.0
20.1

2.2
2.0
2.1
2.0
2.0
2.2
2.2
2.1
2.2
2.1
2.1
2.2

1.9
2.0
1.9
2.0
2.0
2.0
2.1
2.
2.
2.
2.
2.

51.8
49.6
48.4
51.2
50.4
53.0
51.7
50.3
50.4
50.7
51.4
52.2

16.5
16.6
16.6
16.7
16.8
16.9
17.0
17.3
17.5
17.8
18.1
18.4

11.2
11.4
12.2
11.9
11.0
11.1
11.1
11.1
10.6
10.4
10.3
10.8

184.3
184.3
185.1
185.3
186.6
189.7
191.3
193.8
195.0
195.6
196.3
197.1

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948?

15.5

r
v Preliminary.
Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8 consumer bad debts and other business transfers.
as
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as for preceding page.
1
2
3
4

FEBRUARY

1949




181

CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit»

End of year
or month

Instalment credit
Total
instalment
credit 1

Sale credit
Total

Automobile

Other

Loans

2

Singlepayment
loans 8

Service
credit

Charge
accounts

1929

7,628

3,158

2,515

1,318

1,197

643

2,125

1,749

596

1933

3,912

1,588

1,122

459

663

466

776

1,081

467

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948?

7,047
7,969
9,115
9,862
6,452
5,310
5,747
6 598
10,101
13,426
15,957

3,595
4,424
5,417
5,887
2,922
1,933
2,005
2 325
3,910
6,187
8,229

2,313
2,792
3,450
3,744
1,491
814
835
903
1,558
2,839
4,128

1,267
1,729
1,942
482
175
200
227
544
1,151
1,963

970

1,343
1,525
1,721
1,802
1,009
639
635
676
1,014
1,688
l,\65

1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,101

1,442
1,468
1,488
1,601
1,369
1,192
1,255
1,520
2,263
2,707
2,902

1947—November
December

12,663
13,426

5,758
6,187

2,550
2,839

1,099
1,151

1,451
1,688

3,208
3,348

2,679
2,707

1 .487
L.544
L,650
,764
,513
,498
,758
981
3,054
3,612
3,854
3,309
3,612

1948—January
February
March
April

13,127
13,053
13,539
13,762
13,986
14,321
14,354
14,522
14,815
15 101
15,339
15,957

6,221
6,299
6,555
6,797
6,993
7,185
7,369
7,578
7,774
7,817
7,921
8,229

2,817
2,841
2,992
3,143
3,265
3,372
3,480
3,625
3,774
3,813
3,889
4,128

1,202
1,254
1,367
1,468
1,536
1,602
1,689
1,781
1,858
1,889
1.922
1,963

1,615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,916
1,924
1,967
2,165

3,404
3,458
3,563
3,654
3,728
3,813
3,889
3,953
4,000
4,004
4,032
4,101

2,742
2,765
2,783
2,795
2,816
2,839
2,840
2,847
2,855
2,868
2,893
2,902

3,240
3,061
3,275
3,236
3,245
3,352
3,185
3,130
3,227
3,457
3,557
3,854

May

June

July
August
September
October
November P
December P

. .

•

•

523

533
560
610

648
687
729
772
874
920
972
917
920
924
928
926
934
932
945
960
967
959
959
968
972

P Preliminary.
Includes recent revisions. See footnote 2.
Includes repair and modernization loans insured by Federal Housing Administration. Total loans include recent revisions of instalment
loans of small loan companies and miscellaneous lenders, and insured repair and modernization loans, shown on pp. 14-15 of the BULLETIN for
January 1949.
3
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 dollai•s]
Amounts outstanding
(end of period)
Year or month

Total

1929

1

643

1933

Commercial
banks 2
43

Small
loan
companies 1

Industrial
banks'

Industrial
loan
companies*

Loans made by principal lending institutions
(during period)

Credit
unions

Insured
Miscel- repair
Comand
laneous1 modern- mercial
lenders ization banks 2
loans1

23

95

463

121

50

322

20?

95

117
96
99

200
268

102
91
86

285
206
123

246

1 .282
1,632
1,967
J.143
1,431
1,119
.170
1^422
2,352
3,348
4,101

312
523
692

380
448
498

131
132

99
104

103
135
174

784
426
316

531
417
364

956

384
439
597
701
817

68
76
117
166
204

107
72
59

200
130
104

357
477
1,435
1,709

134
89
67

60
70
98
134
160

100
103
153
225
312

88
93
109
119
131

1947—November. . 3,208
December... 3,348

1,383
1,435

659
701

162
166

130
134

215
225

3,404
3,458
3,563
3,654
3,728
May
3,813
June
3,889
July
3,953
August
September. . 4,000
4,004
October
NovemberP.. 4,032
December P. . 4,101

1,462
1,482
1,530
1,570
1,597
1,634
1,669
1,701
1,712
1,700
1,701
1,709

705
709
722
727
736
746
757
763
771
772
780
817

165
167
173
180
189
194
199
203
206
204
204
204

137
140
143
146
147
150
152
154
155
155
156
160

227
230
241
252
260
272
282
291
300
302
304
312

1948—January....
February. . .
March
April

129

Industrial
loan
companies*

41 X

20

29

. -

Industrial
banks*

219

263

466

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948P

Small
loan
companies1

146

460

680
1,017
1,198
792
639

Credit
unions

38
32

664
827
912

238

261
255

176

194
198

176
237
297

975
784
800

255
182
151

203
146
128

344
236
201

113
164
322
568
768

749
942
1,793
2,636
3,078

869
956
1,231
1,432
1,534

155
166
231
310
376

139
151
210
282
319

198
199
286
42*
577

115
119

544
568

233
267

27
33

25
30

39
46

120
120
121
122
123
124
125
125
126
126
127
131

588
610
633
657
676
693
705
716
730
745
760
768

248
221
287
269
258
275
277
270
254
222
237
260

140
188
109
107
139
121
123
127
130
126
122
116
134
180

27
25
32
31
31
37
33
32
31
29
31
37

26
25
29
27
25
27
26
27
26
24
26
31

38
38
48
50
47
54
52
52
51
44
46
57

l
P Preliminary.
Includes recent revisions shown on pp. 14-15 of the BULLETIN for January 1949.
2
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 9 million.
3
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.

182



FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]

End of
year or
month

Department
stores
and
mailorder
houses

Furniture
stores

160

583

265

56

133

663

119

299

119

29

97

1,343
1,525
1,721
1,802
1,009

1929

485
536
599
619
391
271
269
283
366
528
631

266
273
302
313
130
29
13
14
28
52
84

70
93
110
120
66
70
74
123
192
234

220
246
271
284
159
101
100
107
160
266
341

474
528

49
52

144
192

229
266

1,197

1933..
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948?

1,014
1,688
2,165

302
377
439
466
252
172
183
198
337
650
875

1947
November.
December.

1 ,451
1 ,688

555
650

1948
January. . .
February..
March....
April
May
June
July
August. . . .
September.
October. . .
November?
December?

Automobile

Household
appliance
stores

Total,
excluding automobile

639
635
676

1,615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,916
1,924
1 ,967
2,165

632
624
653
680
703
720
732
759
786
797
812
875

Jewelry
stores

All
other
retail
stores

502
492
497
511
528
541
545
560
586
583
588
631

52
52
54
60
65
68
72
76
81
81
81
84

77

175
169
165
160
161
162
160
158
161
160
176
234

254
250
256
264
272
279
282
291
302
303
310
341

Retail instalment paper 2
Automobile

Other

Repair Personal
instaland
modern- ment
cash
ization
loans
loans 12

Outstanding at end
of period:

Other
retail,
purPur- Direct chased
chased loans and
direct
r e t ail

Year or month

Outstanding at end of
period:

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year or month

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

1946
1947
1948?

1947—November. .
December. . .
1948—January
February....
March
April
May
June
July
August
September.. .
October
November?. .
December?. .
Volume extended during month:
1947—November. . .
December. . .
1948—January
February. . . .
March
April
May
June
July
August
September.. .
October
November?. .
December?. .

Total

Repair
and
modernization
loans12

Personal
instalment
cash
loans

572
796
873
769
796

1,591
2,701
3,560
2,588
2,701
2,787
2,825
2,931
3,057
3,137
3,229
3,319
3,410
3,486
3,504
3,530
3,560

165
346
571
337
346
359
373
402
431
448
472
502
529
550
561
566
571

306
536
735

275
523
741

273
500
640

513
536
556
570
602
628
649
668
691
713
723
723
730
735

486
523
567
569
591
628
646
661
678
698
725
731
736
741

483
500
504
506
517
538
555
572
582
592
608
620
632
640

421
484
456
398
504
521
487
524
512
504
503
433
450
477

69
70
70
66
89
92
81
87
91
93
90
73
76
76

94
103
98
89
116
112
109
109
115
116
105
93
98
101

91
115
118
90
102
122
112
126
113
105
122
99
98
107

43
47
36
35
44
52
48
52
45
49
49
48
50
43

801
807
819
832
839
856
866
878
880
869
866
873

124
149
134
118
153
143
137
150
148
141
137
120
128
150

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month

Outstanding at end
of period:

Total

Automobile

Other

Repair Personal
instaland
modern- ment
ization 2 cash
loans
loans *

89.1
110.0
124.6

1946
1947
1948?

108.4
148.2
176.9

15.0
27.1
38.3

7.4
17.1
23.5

2.4
4.2
5.0

83.6
99.8
110.1

162.7
233.5
286.1

27.5
50.0
66.6

17.8
30.2
43.3

28.3
43.3
51.6

1947—November.. 227.9
December. . 233.5

49.6
50.0

28.5
30.2

42.5
43.3

107.3
110.0

1947—November..
December..

144.8
148.2

26.3
27.1

15.9
17.1

4.2
4.2

98.4
99.8

1948—January.. . .
February.. .
March
April
May
June
July
August. . . .
September .
October... .
November?.
December?.

49.0
50.3
53.4
56.8
59.0
61.4
64.3
66.3
67.8
67.1
66.8
66.6

31.0
31.4
32.8
35.7
38.0
40.1
42.1
43.3
44.3
43.5
43.3
43.3

43.5
44.0
44.8
46.7
48.3
48.8
49.1
49.8
50.6
51.3
51.6
51.6

108.3
108.9
111.3
114.1
119.8
121.3
122.3
122.9
124.0
124.0
123.8
124.6

1948—January.. . .
February...
March
April
May
June
July
August. . . .
September..
October. .. .
November?.
December?.

151.7
154.6
158.2
161.8
163.1
166.0
168.0
170.1
171.8
171.8
173.5
176.9

28.0
28.7
29.9
31.1
31.9
33.3
34.9
36.2
37.4
37 5
38.3
38.3

17.7
18.0
19.0
20.1
20.5
21.2
21.0
21.7
22.6
22.7
23.4
23 .5

4.2
4.2
4,3
4.4
4.5
4.5
4.6
4.6
4.8
4.9
4.9
5.0

101.8
103.7
105.0
106.2
106.2
107.0
107.5
107.6
107.0
106.7
106.9
110.1

1946
1947
1948?

231.8
234.6
242.3
253.3
265.1
271.6
277.8
282.3
286.7
285.9
285.5
286.1

Volume extended
during month:

Volume extended
during month:
1947—November..
December. .

34.5
39.8

8.3
8.6

1948—January.. .
February.. .
March
April
May
June
July
August. . . .
September..
October. . . .
November?.
December?.

33.7
31.5
41.9
42.0
40.8
44.2
41.4
40.1
38.8
33.5
35.1
38.7

8.6
8.0
11.2
11.3
10.1
10.5
11.3
10.6
9.8
7.6
8.1
7.9

4.9
5.8
4.6
4.4
6.0
6.4
6.8
7.4
6.9
6.5
6.6
4.9
4.6
5.2

3.4
3.5

17.9
21.9

1947—November..
December..

28.1
31.4

5.2
5.2

3.3
3.7

0.5
0.3

19.1
22.2

2.7
2.8
3.7
4.4
4.2
3.4
3.1
3.6
3.5
3.5
3.4
2.9

17.8
16.3
21.0
19.9
19.7
22.9
20.1
19.4
18.9
17.5
19.0
22.7

1948—January....
February.. .
March
April
May
Tune
July
August
September..
October.. . .
November?.
December?.

28.3
26.6
32.1
30.5
27.7
30.6
29.1
28.6
28.1
25.4
27.7
30.9

5.7
5.3
6.9
6.9
5.7
7.1
6.7
6.0
6.1
5.1
6.0
5.3

2.8
2.8
3.4
3.8
3.7
3.5
3.3
3.6
3.8
3.0
3.4
3.4

0.3
0.3
0.4
0.4
0.4
0.4
0.5
0.4
0.5
0.5
0.4
0.5

19.5
18.2
21.4
19.4
17.9
19.6
18.6
18.6
17.7
16.8
17.9
21.7

P Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans,
Includes both direct loans and paper purchased.

1
2

FEBRUARY

1949




183

CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1

Percentage change
from preceding
month

Percentage change
from corresponding
month of preceding
year

Dec.

Dec. Nov.
1948? 1948

1948P

Nov.
1948

Oct.
1948

-13

+6

-10
-17
-7
-6

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

+29
+ 17

+8
+ 11
+9
+4

Accounts receivable, end
of month:
Total.
Instalment

+6
+ 11

+1
+1

0
-1

+3
+2

-1
-1

-11

+1

+27
+34

Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.

-14
-26

-11

-4

-12
-10

+20
+21

+30
+30

+40
+36

+5
+3

+5
+4

+7
+11

+8
+7

+5

+5

+ 15

+ 16

+3
-20

Year or month

Preliminary.

Household ap- Jewelry Department
pliance stores
stores
stores

Department
stores

Furni*
ture
stores

1947
November
December

30
29

23
20

39
39

24
31

55
54

1948
January
February
March
April
May
June
July
August
September
October
November
December?

24
23
27
25
24
24
23
23
24
24
24
25

18
17
19
19
19
20
18
18
17
18
18
17

36
32
35
33
34
33
34
33
32
31
31
31

19
18
19
19
19
19
19
19
19
19
21
24

53
49
53
52
52
52
51
51
53
54
55
56

Oct.
1948

-12
-16

Charge
accounts

Instalment accounts

P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales

Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month

Sales during month

Year or month

Collections during
month
Cash
sales

Instalment
sales

Chargeaccount
sales

Total

Cash

Instalment

Charge
account

Instalment

Charge
account

Instalment

Charge
account

1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
1948 average P

100
114
130
145
162
202
214
247

100
131
165
188
211
242
237
235

100
82
71
65
67
101
154
192

100
102
103
112
125
176
200
219

100
78
46
38
37
50
88
142

100
91
79
84
94
138
174
198

100
103
80
70
69
91
133
181

100
110
107
112
127
168
198
222

48
56
61
64
64
59
55
52

9
6
5
4
4
4
6
7

43
38
34
32
32
37
39
41

1947—November
December

265
373

284
408

222
••280

252
351

111
136

204
263

152
170

214
235

53
54

7
7

40
39

1948—January
February
March
April

174
168
226
213
218
217
173
188
228
248
263
381

189
177
235
22Q
228
228
187
196
230
255
272
407

142
142
196
191
186
178
160
192
215
203
218
281

164
162
222
208
213
211
158
177
228
250
262
370

127
124
129
131
134
136
138
144
151
155
160
176

205
181
190
191
192
192
167
165
188
206
219
282

174
160
177
171
172
176
169
173
186
196
204
212

29.9
217
207
211
214
217
213
184
188
220
243
252

54
53
52
51
52
52
54
52
50
51
51
53

7
7
7
8
7
7
8
9
8
7
7
6

39
40
41
41
41
41
38
39
42
42
42
41

May

June

July
August
September
October
November

.

r
P Preliminary.
Revised.
N O T E . — D a t a based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 175.

184



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page

Dec.
29

Jan.

Jan.

Jan.
19

Jan.
26

Jan.

Jan.

Jan..

Jan.
26

In unit indicated

WEEKLY FIGURES —Cont.
BUSINESS CONDITIONS

RESERVE BANK CREDIT, ETC.

Reserve Bank credit, total
2
U. S. Govt, securities, total.. 3
Bills
3
Notes and certificates.... 3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits...
2
Member bank reserves
2, 4
Required reserves
4
Excess reserves «
4
Member bank reserves (weekly
avg.):
New York City
5
Chicago
».. . 5
Reserve city banks
5
Country banks e
5

24.11
23.35
5.47
6.88
11.00
24.24
28.33
2.61
20.24
19.18
1.06

23.73
22.92
5.20
6.82
10.91
24.25
28.15
2.27
20.38
19.24
1.13

23.19
22.47
4.85
6.84
10.77
24.25
27.92
2.26
20.11
19.12

5.40
1.28
7.53
5.77

5.58
1.32
7.65
5.82

5.30
1.29
7.54
5.82

23.00 22.96
22.12 22.04 Wholesale prices:
Indexes (1926 = 100):
4.71
4.98
Total
6.80
6.80
Farm products
10.60 10.26
Foods
24.26 24.27
Other commodities
27 .72 27.56
Basic commodities:
2.47
2.13
(Aug. 1939=100):
20.13 20.04
Total
P19.16 P 1 9 . 1 1
Foodstuffs
.99 P.98 P . 92
Industrial materials
5.32
1.31
7.56
5.85

5.32
1.29
7.48
5.76

MEMBER BANKS IN LEADING CITIES

All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds
16
Notes and certificates.... 16
Bills
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. deposits
14
Loans, total
14
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities. . 18
Other securities
18
Other
18
New York City banks:
Loans and investments
15
U. S. Govt. securities, total. 15
Bonds
17
Notes and certificates.... 17
Bills
17
Demand deposits adjusted.. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
For purchasing securities:
To brokers:
On U. S. Govts
19
On other securities.. . 19
To others
19
Real estate and other. . . . 19
Banks outside New York City:
Loans and investments
15
U. S. Govt. securities, total. 15
Bonds
17
Notes and certificates.... 17
Bills
17
Demand deposits adjusted. . 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities. 19
Other
19

62.75
32.99
24.59
6.59
1.81
4.21
47.79
1.36
25.56
15.56
4.06

62.64
33.48
24.56
6.73
2.20
4.19
47.44
1.20
24.97
15.37
4.06

62.60
33.32
24.61
6.56
2.16
4.19
47.52

2.00
1.08
.93
3.95
18.50
9.34
7.34
1.47
.52
15.51
.35
4.10
1.59
8.11
5.61
.80
.34
.22
1.03
44.26
23.65
17.25
5.11
1.28
32.29
1.01
6.46
13.40
17.45
9.95
3.85
.64
3.13

MONEY RATES, ETC.

25.09
15.42
4.08

62.88
33.75
24.67
6.66
2.43
4.18
47.67
1.07
24.95
15.41
4.08

62.85
33.41
24.83
6.55
2.04
4.17
47.67
1.22
25.27
15.38
4.08

1.73

1.77

1.64

.82
.91

.91
.86

.78
.86

3.94

3.92

3.92

1.95
1.08
.87
3.91

.92

33
33
33
33
33

120
126
106
93
1.41

63
63
63
63

.75

.70

.77

15.41 15.20 15.35

.34

.24

.27

4.28
1.58
7.73
5.56

4.06
1.58
7.81
5.58

4.16
1.54
7.73
5.60

.56
.31
.22

.66
.29
.22

.54
.30
.22

1.02

1.02

1.02

44.29
23.90
17.24
5.22
1.45
32.03

44.39
23.96
17.34
5.17
1.46
32.32

44.62
24.25
17.42
5.18
1.65
32.32

.86

.68

.80

6.74
6.90
6.79
13.47 13.49 13.49
17.24 17.28 17.22
9.82
9.81
9.83
3.85
3.87 3.86

.63

.60

.58

3.13

3.11

3.12

162.2
179.2
169.6
152.5

161.3
175.5
168.1
152.6

160.5
174.3
164.4
152.9

159.3
170.1
161.9
153.0

158.8
167.9
159.2
153.6

65 296.5 295.0 292.8 287.2 283.3
65 330.3 324.0 320.3 310.0 302.5
65 278.2 280.5 279.1 278.8 277.3

Selected farm products:
Wheat (cents per bushel). 66
Corn (cents per bushel)... 66
Cotton (cents per pound) . 66
Steers (dollars per 100
pounds)
66
Hogs (dollars per 100
pounds)
66
Butter (cents per pound).. 66
Eggs (cents per d o z e n ) . . . 66
Production:
Steel (% of capacity)
69
Automobile (thous. c a r s ) . . . 69
Crude petroleum (thous
bbls.)
70
Bituminous coal (mill, tons). 70
Paperboard (thous. t o n s ) . . . 71
Meat (mill, pounds)
71
Electric power (mill. kw. hrs.) 73
Freight carloadings (thous. cars)
Total
72
Miscellaneous
72
Department store sales
(1935-39=100)
73

18.35 18.21 18.26 18.40
9.39
9.58
9.37
9.50
7.26
7.32
7.27
7.25
1.49
1.51
1.39
1.48

Per cent per annum

U. S. Govt. securities:
Bills (new issues)
30 1.155
Certificates
30 1.22
3-5 years
30 1.63
7-9 years
30 1.92
15 years or more
30,32 2.43
Corporate bonds:
Aaa
32 2.76
Baa
32 3.51
High-grade (Treas. series). . 32 2.77

Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)

Dec.
29

1949

2

In billions of dollars

WEEKLY FIGURES i

1948

Chart
book
page

226.2 224.9 224.5 222.4 219.6
147.1 145.6 144.3 142.8 138.6
32.3 32.2 32.4 32.8 32.9
27.98 27.80 27.45 25.73 25.10
22.00 21.08 21.05 20.70 20.85
65.6 63.2 64.3 64.4 61.6
48.6 45.7 42.5 41.4 41.5
97.8
98

97.3
80

99.3 100.1 101.1
106
110
115

5,611 5,454 5,428 5,419 5,439
1.73
1.93
191
1.96
174
82
159
191
194
181
350
362
281
362
321
5,562 5,742 5,727 5,769 5,810
585
294

722
347

733
351

710
341

679
333

204

272

244

230

218

1948
Oct.

.64
15.36
.29
MONTHLY FIGURES
4.05
1.54
DEPOSITS AND CURRENCY
8.00
5.60 Deposits and currency:•
Total
Excluding U. S. Govt. de.83
posits
.29
Demand deposits adjusted. .
.21
Time deposits adjusted
1.02
Currency outside banks. . . .
U. S. Govt. deposits
Money in circulation, total
44.45
Bills of $50 and over
24.03
$10 and $20 bills
17.57
Coins, $1, $2, and $5 bills...
5.06
1.40
32.31
.93
6.28
13.49 Turnover of demand deposits: 3
17.27
New York City
9.78
Other leading cities
3.87

Nov.

Dec.2

In billions of dollars

P17O.3O

6
6
6
6
6
7
7
7
7

P170.10

Pi 70.90

P168.00
P85.OO
P57.30
P25.7O
P2.30
28.18
8.65
14.95
4.58

P167.90
P85.OO
P57.OO
P25 90
P2.2O
28.33
8.65
15.06
4.62

P168.80
P85.8O
P57.3O
P25.7O
2*2.10
28.22
8.70
14.91
4.62

Annual rate

30.3
19.9

28.1
20.0

25.9
18.3

.62

3.10

In billions of dollars

COMMERCIAL BANKS

1.160 1.160 1.160 1.161 Cash assets e
1 .22 1.22 1 .22 1.22 Loans and investments, total •.
Loans*
1.61 1.60 1 .59 1.58
U. S. Govt. securities •
1.90
1.89
1.88 1.86
Other securities •
2.42 2.42
2.41 2.41
Holdings of U. S. Govt. se2.70 2.70
curities:
2.74 2.71
Bonds:
3.49 3.47 3.46 3.43
Total
2.73
2.75
2.72 2.73
Within 1 year
1-5 years
In unit indicated
5-10 years
Over 10 years
122
122
121
Notes, certificates, and bills:
120
127
Total
126
129
128
105
Notes and certificates. . . .
105
106
108
95
Bills
94
94
94
.87
Guaranteed securities
.99
.76
.76

9 P36.70
9 P114.10
9 P41.60
9 P63.30
P9.20
9

P36.60

P114.20
P42.30
P62.80
P9A0

10
10
10
10
10

40.78
1.77
29.18
6.27
3.57
15.06
11.68
3.38
.01

P42.70

P62.50
P9.10

40.77
1.77
29.16
6.28
3.56

10
10
10
10

P37.5O
P114.30

14.57
11.69
2.88
.01

For footnotes see p. 188.
FEBRUARY

1949




185

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS —Continued

Chart
book
page

1948
Oct.

Nov.

Dec.2

In billions of dollars

MONTHLY FIGURES—Cont.

MONTHLY FIGURES—Cont.

1948
Oct.

Nov.

Dec2

In billions of dollars

GOVERNMENT FINANCE—Cont.

MEMBER BANKS
All m e m b e r b a n k s :
Loans and investments, total.
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e. .
Time deposits
Balances due to banks
Balances due from banks
Reserves
C e n t r a l reserve city b a n k s :
Loans and investments, total.
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e . .
Time deposits
Balances due to banks
Reserves
Reserve city b a n k s :
Loans and investments, total.
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e. .
Time deposits
Balances due to banks
Balances due from banks . . . .
Reserves
Country banks:
Loans and investments, total.
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e . .
Time deposits
Balances due from b a n k s . . . .
Reserves

12
12
12
12
12
12
12
12
12

95.45
35.31
52.68
7.46
72.05
28.80
11.02
5.29
19.82

95.51
35.93
52.22
7.37
72.01
28.63
11.23
5.42
19.83

12
12
12
12
12
12
12
12

23.40
9.35
12.61
1.44
19.36
2.59
5.04
6.63

23.32
9.77
12.16
1.39
19.20
2.58
5.04
6.59

13
13
13
13
13
13
13
13
13

35.25
14.13
18.59
2.52
25.02
11.33
5.01
1.71
7.43

35.37
14.27
18.62
2.48
25.12
11.29
5.27
1.71
7.47

13
13
13
13
13
13
13
13

36.81
11.83
21.48
3.50
27.67
14.88
3.40
5.75

36.83
11.89
21 .44
3.50
27.69

14.76
3.54
5.77

95.71 Ownership of U. S. Govt. securities—Cont.
36.32
Marketable public issues—Cont.
52.01
By class of security—Cont.
7.37
Bonds—Total outstanding. . . .
24
72.64
Nonbank (unrestricted issues
28.78
only), commercial bank,
11.22
and F. R. Bank
24
5.35
Commercial bank and F. R.
19.99
Bank
24
F. R. Bank
24
23.57
By earliest callable or due date:
•
10.01
Withinl year—Total outstanding
25
12.13
Commercial bank and F. R.
1.44
Bank
25
19.45
F. R. Bank
25
2.68
1-5 years—Total outstanding.
25
5.10
Commercial bank and F. R.
6.70
Bank
25
F. R. Bank
25
35.40
5-10 years—Total outstanding
25
14.35
Commercial bank and F. R.
18.59
Bank
25
2.46
F. R. Bank
25
25.36
Over 10 years—Total outstand11.36
ing
25
5.20
Nonbank (unrestricted issues
1 .71
only), commercial bank.
7.51
and F. R. Bank
25
Commercial bank and F. R.
36.73
Bank
25
11.96
F. R. Bank
25
21.29 Cash income and outgo:
3.48
Cash income
26
27.83
Cash outgo
26
14.74
Excess of cash income or outgo. . .
26
3.46
5.78
MONEY RATES, ETC.

CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other

Chart
book
page

20
20
20
20
20. 21
21
21
21
21

15.10
87
3.46
.96
7.82
4.00
3.81
1.89
1.92

GOVERNMENT FINANCE
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes. . . .
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks «
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals«
Corporations and associations *. .
Insurance companies e
Mutual savings banks e
State and local govts. e
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and Certificates—Total
outstanding
Commercial bank and F. R.
Bank
F. R. Bank

22
22
22
22
22

252.51
112.17
45.75
59.38
31.22

22

3.99

23
23
23
23
23
23
23
23

63.10
36.85
23.04
67.40
20.70
21.90
11.60
7.80

24

12.61

24
24

8.48
5.10

24

33.14

24
24

18.70
7.02

P15.34
P2.S9
P3.56
P.97
PI .92
M.03
P3 .89
Pl.92
Pl.97

p

Treasury bills (new issues)...
Corporate bonds:
Aaa
15.96
Baa
P2.90 F. R. Bank discount rate
P3.85 Commercial paper
P.97
P8.23
P4.10
P4.13
PI.96
P2.17 Stock prices (1935-39 =100), t o t a l . . .
Stock market credit (mill, dollars):
Customers' debit balances
34
Money borrowed
Customers' free credit balances. . .

252.56 252.85
BUSINESS CONDITIONS
112.17 111.60
45.88
45.56
59.50
59.62 Personal income (annual rates, bill,
31.40
31.71
dollars): e 3
Total
4.04
3.94
Total salaries and wages
Proprietors' income, dividends, and
interest
62.60 P62.60
All other
37.02 37.30 Labor force (mill, persons): e
23.21
23.33
Total
67 40 ^67.50
Civilian
21 20 P21.3O
Unemployment
21 .70 "21.50
Employment
11 50 P11.50
Nonagricultural
7.90
P7.90 Employment in nonagricultural establishments (mill, persons): e 3
Total
12.42
12.22
Manufacturing and mining
Trade
8.06
P8.28
Government
5.49
Transportation and utilities
5 18
Construction
33.66 Hours and earnings at factories:
33.14
Weekly earnings (dollars)
P19.04
Hourly earnings (dollars)
18 53
6.8
Hours worked (per week)
6 85J

112 17

111.60

70.23

70 53

«69.94

51.71
10.93

51 .95
11.18

"51.35
10.98

112.17

45.14

44.95

49.08

26.76
11.82
48.43

26.22
11.78
48.43

*29.90
12.43
44.05

34.76
3.69
10.46

34 73
3.66
10.46

3.26
10.46

6.78
.51

6 77
.49

6.71
.43

53.89

53.80

11.95

12 24

"12.23

10.59
7.02

10.83
7.27

"10.77
7.22

'2.28
2.8O
-.52

3.19
3.47
-.28

4.11
4.22
-.12

r

Per cent per annum

29

1. 120

29
29
29
29

2 .84
3 .50
1 .50
1 .56

1.144

1 .154
2 .79
3 .53
.50
1 .56

2.84
3 53
1.50
1.56

In unit indicated
34

128

120

119

35
35
35

580
252
540

551
244
563

550
257
586

46
46

218.5
137.5

219.9
138.0

^220.8
P137.3

46
46

'68.5
'12.5

69.5
12.4

P7O.6
P12.9

47
47
47
47
47

63.2
61.8
1.6
60.1
51.5

63.1
61.7
1.8
59 9
51.9

62.8
61.4
1.9
59.4
52.1

48
48
48
48
48
48

45.7
17.5
9.8
5.8
4.1
2.1

45 4
17 3
9 8
5 7
4.1
2.1

P45.3
P17.1
P9.8
P5.8
M.I
P2.2

49
49
49

54.54
1.365
39 9

54 47 P55.O1
1 371 Pl.378
39 7
P39.9

For footnotes see p. 188.

186



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS —Continued
Chart
book
page

Chart
book
page

Dec.2

Oct.

In unit indicated

MONTHLY FIGURES—Cont.

1948
Oct.

Nov.

Dec.2

In unit indicated
MONTHLY FIGURES—Cont.

BUSINESS CONDITIONS-

Cont.

Industrial production:3
Total (1935-39=100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
Manufacturing production
(1935-39=100), total
Durable
Nondurable
Selected durable manufactures
(1935-39=100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
Cotton consumption
Shoes
Paperbqard
Newsprint consumption
Manufactured food products....
Fuel oil
Gasoline
Industrial chemicals
Rayon
Orders, sales, and inventories:
Sales (bill, dollars):
Manufacturing, total
Durable
Nondurable
Wholesale
Retail
Inventories (bill, dollars):
Manufacturing, total
Durable, total
Goods in process
Purchased materials
Finished goods
Nondurable, total
Goods in process
Purchased materials
Finished goods
Wholesale
Retail
New orders (1939 = 100):
Manufacturing, total
Durable
Nondurable
Construction contracts 3 mo. moving
(3
avg., mill, dollars) :
Total
Residential
Other
Residential contracts (mill, dollars) 3
Total
Public
Private, total
1- and 2-family dwellings
Other
Value of construction activity (mill,
dollars):
Total •
Nonresidential:«
Public
Private
Residential: e
Public
Private
Freight carloadings:3
Total (1935-39=100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 =100):»
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Stocks-sales ratio (months' supply)

BUSINESS CONDITIONS

Cont.

Consumers' prices (1935-39=100):
All items
86 8
'87.3
P86.7
Food
83.9
83.2
P81.1
Apparel
24.0
24.4
Rent
P 2 3 .7
Miscellaneous
202
201
P198
Wholesale prices (1926=100):
230
229
P229
Total
179
178
P173
Farm products
Food
Other commodities
191
175
P182
Textile products
252
-253
252
Hides and leather products
184
195
212
Chemicals and allied products...
135
133
P131
Fuel and lighting materials
r
240
236
P240
Building materials
Metals and metal products
277
277
P275
Miscellaneous
Prices paid and received by farmers
'160
144
(1910-14 = 100):
129
122
114
Paid
117
104
P99
Received
193
195
167
Cash farm income (mill, dollars):
155
148
Total
148
161
159
Livestock and products
Pl.58
199
200
Crops
P2O2
170
174
Govt. payments
P181
195

446
304

195

447
305

18.8
7.8
11.0
8.4
11.5
54
55
55
55
55
55
55
55
55
54
54

18.0

30.8
14.3

31.2
14.6

5.7
4.7
3.9
16.5
2 4
8.0
6.1
8.4
15.3

7.5
10.5
8 2
11.0

P449
P308
18.3
7.7
10.6
8.2
31.7
14.7

5.7
4.8
4.0
16.6
2.3
8.0
6.3
8.5
15.7

17.0

250
277
234

284
491

740
266
474

275
27
248
214
34
58

283
32
251
218
33

321
27
294
254
40

1 .707

172.2
207.5
201.4
118.8
153.9

171.4
205.0
200.4
119.5
154.0

165.2 163.9
183.5 180.8
178.2 174.3
153.2 153.3
146.9 146.1
185.5 186.2
134.8 133.7
137.2 137.3
203.5 202.9
172 A 173.3
119.0 119.2

162.2
177.3
170.2
152.8
145.3
185.3
130.5
137.0
202.0
173.8
118.5

173.6
211.5
201.6
118.7
153.7

67
67

249
277

68
68
68
68

'248
271

248
268

3,714
1,572
2,135
7

3,314
1,579
1,725
10

P2.74O
P\,421
Pi,309
P10

Pl.020
P597
P423

P55O
P269

INTERNATIONAL TRADE AND FINANCE

74
74
74
75
75

P5.38
P2.38

P5

75
75
75

P.50
P3.00
PI. 08

P. 57
P3.01
Pi. 03

.50
P2.49

76, 77

8.3
13.9

249
278
231

775

63
63
63
63
64
64
64
65
65
65
64

Exports and imports (mill, dollars):
Exports
Imports
Excess of exports or imports
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
Foreign exchange rates:
See p. 211 of this BULLETIN

754
289
465

54
54
54

62
62
62
62
62

1948
QUARTERLY FIGURES

1 ,552 1,391

48
615

371
578

308
530

4
6r0

3
600

3
550

137

In billions of dollars

GOVERNMENT FINANCE

Budget receipts and expenditures of
U. S. T r e a s u r y : 4
Expenditures, total
27
National defense
27. 28
Veterans' Administration
28
International aid
28
Interest on debt
28
All other
28
Receipts:
N e t receipts
27
Individual income taxes
28
Corporate income, etc
28
Miscellaneous internal revenue . .
28

8.78
2.76
1.66
1.02
1.79
1.40
9.42
4.77
2.57
2.03
1.21
1.16

5

8 .57
2 .67
1 .78
1 .15
.97
1 .37

9.10
2.90
1.65
1.61
1.45
1.41

9 .14
3 .74
2 .71
2 .09
.85

8.65
3.08
2.72
2.24
.74
.12

137

140

Allother 6
Tax refunds (deduct)

28
28

Per cent per annum

MONEY RATES

79 7
3\ 2
29 5
60
60

306
282

61
61
61
61

1,058

387

78.7
29.3
29.3
287
304

'411
1,053
'379
2.7
2 6

507

.25

80.9
27.9

309
306

Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities

31
31
31
31

2.59
2.10
2.71
3.03

2 .70
2 .26
2 .76
3 .13

2.71
2.27
2.82
3.09

594
817
292
1.4

For footnotes see p. 188.

FEBRUARY

1949




187

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS —Continued
Chart
book
page
QUARTERLY FIGURES—Cont.

1948
Apr.June

JulySept.

1948
Apr.-

June

JulySept.

Oct.Dec.

Annual rates,
in billions of dollars

QUARTERLY FIGURES—Cont.

In unit indicated

GROSS NATIONAL PRODUCT, ETC.

BUSINESS FINANCE

Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) e .. .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars): •
Public
Private
Corporate assets and liabilities (bill,
dollars): e
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
Plant and equipment expenditures
(bill, dollars):• 7
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): •
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e. . . .
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars)
.
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)

Chart
book
page

Oct.Dec.

36
36

1.66
1.35

1.27
1.05

36
36
36

1.07
.18
.10

.91
.06
.08

1.57
.07
.11

37
37
37
37

1,079
803
126
149

765
442
138
185

1,437
896
117
424

37
37
37
37

274
2

280
6

"l95

204

316
4
60
233

36
36

.88
.45

.64
.47

.86
.81

38
38
38
38
38
38
38
38
38

118.4
22.5
12.6
42.9
38.7
54.5
33.8
10.2
63.9

123.3
22.8
13.0
44.6
41.3
57.9
36.2
10.6
65.4

39

4.8

4.8

39
39

3.3
2.3

3.3
2.3

40

33.4

35.6

40
40

20.4
13.1

21.7
14.0

41

5.1
1.4
546

41

478

41.5
181.0
22.9
105.1
53.0

42

'40.7

r

39.9

42.4

43
43
43
43

'21.0
14.4
'2.6
'2.7

'21.9
14.8
'3.5
'-.3

22.7
14.7
5.3

45
45
45
45

'210.8
'190.2
'177.3
'12.9

'216.3
'196.2
'180.1
'16.1

219.6
199.4
181.0
18.4

1947
June
30

SEMIANNUAL FIGURES

1948

Dec.
31

June

In billions of dollars

INSURED COMMERCIAL BANKS

Loans:8
5.0 Commercial
Agricultural
Real estate
3.5
Consumer
2.3
For purchasing securities:
To brokers and dealers
To others
State and local government securities
Other securities

A

11
11
11
11

14.77
1.55
8.20
4.89

18.01
1.61
9.27
5.65

17.83
1.97
10.10
6.41

11
11
11
11

1.52
1.29
4.83
3.47

.82
1.19
5.13
3.62

1.18
1.08
5.43
3.50

487

204
185

264.9

'38.2
'33.9
'177.3 '180.1
'23.7
'22.8
'•103.7 '104.3
r
52A
'50.8

611

41
41

••251.9 '258.1

1.5

41

42
42
42
44
44
44

5.4

41

ross national product 3
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income, consumption, and
saving:3
Personal income
Disposable income after taxes
Consumption expenditures
Net personal saving

187
245

r
1
2

Estimated.
P Preliminary.
' Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
For charts on pp. 22, 29, and 34 figures for a more recent period are available in the regular BULLETIN tables that show those series.
Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several
monthly charts include figures for a more recent date than are shown in this table.
3
Adjusted for seasonal variation.
4
Charts on pp. 27 and 28 of the February issue of the Chart Book reflect the new Federal financial reporting basis, that is, refunds of taxes
are shown as a deduction from receipts rather than as expenditures.
5
Beginning with July 1948 includes expenditures from Foreign Economic Cooperation Trust Fund.
6
Revised to exclude social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust
fund. 7
Estimates for January-March 1949 quarter are (in billions of dollars): All business, 4.4; manufacturing and mining, railroads and utilities,
3.0; manufacturing and mining, 2.0.
8
Beginning June 30, 1948, individual loan items are reported gross, i. e., before deduction of valuation reserves; previously they were reported
net of such reserves.
* 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.

188



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
Chart
book
page1

1948
Oct.

NOV.P

Oct.

Dec.p

15,101 15,339 15,957
7,921
8,229
7,817
4,004 4,032 4,101
3,813 3,889 4,128
3,457 3,557 3,854
2,868
2,893 2,902
972
959
968
15,101 15,339 15,957
7,284 7,418
7,728
3,827 3,861
3,874
972
959
968
3,813

3,889

4,128

Dec.p

In millions of dollars

In millions of dollars
Consumer credit outstanding, total 2 . .
3
Instalment credit, total 2
3,5
Instalment loans 2
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit3 outstanding, cumulative totals: 2
Instalment credit 2
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit out3
standing, cumulative totals:
Automobile dealers
6

NOV.P

Consumer instalment sale credit outstanding, cumulative totals: 3 —Cont.
Furniture and household appliance stores
Department stores and mailorder houses
All other
Consumer instalment sale4 credit
granted, cumulative totals:
Consumer instalment loan credit outstanding, cumulative totals: 2 3
Commercial and industrial banks.
Small loan companies 2
Credit unions
Miscellaneous lenders 2
Insured 2repair and modernization
loans

1,924

1,967

2,165

1,260
463

1,298
486

1,450.
575.

4,004
2,100
1,328
1,026

4,032
2,127
1,347
1,043

4,101
2,188-.
1,371
1,059-

745

760

768

P Preliminary.
* Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
Includes revisions shown on pp. 14-15 of the BULLETIN for January 1949.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived*
by subtracting from the figure shown, the total immediately following it.
4
Figures for this series are in process of revision and will not be available for several months.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
3

FEBRUARY

1949




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

Total banks and their
branches and offices
on which checks are
drawn

On par list

Total

Member

Not on par list
(Nonmember)

Nonmember

Banks 1

United States total:
Dec. 31, 1945
Dec. 31, 1946
Dec. 31, 1947 .
Dec. 31, 1948? ..
By districts and
by States
Dec. 31, 1948?

Branches
and offices2

Banks

Branches
and offices

Banks

Branches
and offices

Banks

14,002
14,043
14,078
14,072

3,947
3,981
4,148
4,333

11,869
11,957
12,037
12,063

3,616
3,654
3,823
4,015

6,877
6,894
6,917
6,912

2,909
2,913
3,051
3,197

4,992
5,063
5,120
5,151

707
741
772
818

495
909
841

302
858
140
274

336
783
645
704

222
795
103
236

159
126
196
430

80
63
37
38

798
557

341
139
555
73

478
346

219
122
230
40

320
211

District
Boston
New York
Philadelphia
Cleveland

495
909
841

1,134

302
858
140
274

1,134

Richmond
Atlanta
Chicago
St. Louis

1,009
1,181
2,488
1,469

462
175
579
133

2,434
1,126

Minneapolis
Kansas C i t y . . .
Dallas
San Francisco

1,279
1,749
1,015

112
9
41

. .

621

1,740

44
9
32

1,003
495

1,248

476
760
618
268

26
6
19

Branches
and offices

Banks

Branches
and offices

2,133
2,086
2,041
2,009

331
327
325
318

631

122
17
325
33

211
624
54
343

121
36
24
60

145
980
288
234

18
3
13
69

658
9
109
1

68

29
5
39
79
50

11
4
44

124

14

63
292

4

1,431

503

1 248

906
502

California
Colorado

224
10
230
193
142

23
44
19
917
1

118
10
106
193
142

23
44
5
917
1

89
5
67
114
92

Connecticut
Delaware
District of Columbia
Florida
Georgia

115
39
19
181
392

26
14
39
2
31

115
39
19
118
100

26
14
39
2
27

66
17
16
73
65

13
4
36
2
26

49
22
3
45
35

13
10
3

Idaho
Illinois
Indiana..
Iowa
Kansas

47
882
486
666
608

48
3
97
162

47
880
486
666
606

48
3
97
162

27
504
237
165
214

45
3
41

20
376
249
501
392

3

Kentucky
Louisiana
Maine
Maryland
Massachusetts

383
161
63
163
183

39
65
69
109
162

383
58
63
163
183

39
42
69
109
162

112
46
38
77
146

25
36
37
73
146

271
12
25
86
37

14
6
32
36
16

Michigan
M innesota
Mississippi
Missouri
Montana

442
679
205
595
112

216
6
58

442
263
40
528
112

216
6
10

229
206
32
180
84

166
6
3

213
57
8
348
28

50

Nebraska
Nevada
New Hampshire . . .
New Jersey
New Mexico

409
8
74
334
49

2
18
2
141
11

409
8
74
334
49

2
18
2
141
11

144
6
52
286
34

2
17
1
126
2

265
2
22
48
15

1
1
15
9

New York
North Carolina
North Dakota
Ohio
Oklahoma

647
209
150
666
384

730
181
24
204
1

647
93
61
666
376

730
64
6
204
1

567
54
42
425
225

679
35
177
1

80
39
19
241
151

51
29
6
27

Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota

70
979
19
149
170

88
166
42
37
48

70
979
19
60
70

88
166
42
33
23

33
749
11
32
62

82
140
30
27
20

37
230
8
28
8

6
26
12
6
3

Tennessee....
Texas
Utah . .
Vermont
Virginia

293
895

82
3
22
11

198
837

66
3
22
11

96

96

117
270
24
29

12

309

54
3
20
2

314

81
567
31
40

203

48

106

48

Washington
West Virginia
Wisconsin
Wyoming

122
181

124

121
180

124

53
109

117

68
71

7

551

150

444
55

101

164
41

21

280
14

80

State
Alabama
Arizona . .

. .

55

69

55

55
69

1,179
23
33
873

9

106

i

2
56
162
2

7

103

23

416
165
67

48

116
89

117
18

8

89
100

4
25

95
58

16

2
9

5
1
1

107

49

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 3, on opposite page)
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1
2

190



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
Total

Mutual savings
banks

Nonmember banks

Total i

National

State
member1

Total

Insured 2

Noninsured

InNoninsured 2 sured

Banks (Head Offices)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

31,
31,
31,
31,
31,
31,
31,

1933
1934
1941
1945
1946
1947
1948

15,029
16,063
14,825
14,553
14,585
14,714
14,703

14,450
15,484
14,277
14,011
14,044
14,181
14,171

6,011
6,442
6,619
6,884
6,900
6,923
6,918

5,154
5,462
5,117
5,017
5,007
5,005
4,991

857
980
1,502
1,867
1,893
1,918
1,927

8,439
9,042
7,661
7,130
7,147
7,261
7,256

8,.
439
7,699
1,343
6,810
851
6,416
714
6,457
690
6,478
783
6,498
758

52
192
191
194
193

2,911
3,133
3,699
4,090
4,138
4,332
4,531

2,786
3,007
3,564
3,947
3,981
4,161
4,349

2,081
2,224
2,580
2,909
2,913
3,051
3,197

,121
,243
,565
,811
,781
,870
,965

960
981
1,015
1,098
1,132
1,181
1,232

705
783
984
1,038
1,068
110
1,152

705
4 783
932
981
1,006
1,043
1,084

32
101
115
124
132

+79

+79

+20

+ 15

+5

+59

+41

+ 18

-56
-20
-13
-1

-56
-19
-13
-1

-37
-10
-1

-21
-9

-16
-1
-1

-19
-9
-12
-1

-18
-6

-1
-3

+2

+2

511
496
350
350
339
339

Branches and Additional Offices 3
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

31,
31,
31,
31,
31,
31,
31,

1933
1934
1941
1945
1946
1947
1948

125
M26

52
57
62
67
68

103
42
42
47
50

Bank Changes

J a n . 1-Dec. 31, 1948
"New banks 5
(Consolidations and absorptions:
Banks converted into branches
Other
"Voluntary liquidations 6 . . .
Unclassified
Inter-class changes:
Conversions—
National into State
State into national
Federal Reserve membership: 7
Admissions of State banks. . . .
Withdrawals of State banks.. .
Federal deposit insurance: 8
Admissions of State banks.
Withdrawals of State b a n k s . . .

-2

+2
+27

-2

+3

-2

+27
-4

-4

—1

-2

-27

-26

+4

-1

+4
+33

-33

-11

-10

-5

-14

+9

-5

+20

-1

14,703

14,171

6,918

4,991

1,927

7,256

6,498

193

De novo branches
Banks converted into branches
Branches and offices discontinued
Inter-class branch ehanges:
State member to national
Nonmember to State member
Noninsured to insured

+ 163
+56
-20

+ 152
+56
-20

+ 105
+50
-14

+69
+31

+47
+6

+41
+6

-6

—6

Net increase or decrease. . . .

+ 199

+ 188

+ 146

Number on Dec. 31, 1948:
Branches
Banking facilities at military reservations

4,461
70

4,279
70

3,132
65

Net increase or decrease...
Number of banks, Dec. 31, 1948

Branch and Additional Office Changes
Jan. 1-Dec. 31, 1948

+5

+3

+36
+ 19
-6

+6

+ •

-3

+5

c

+95

+51

+42

+5
+41

1,913
52

1,219
13

1,147
5

1,079
5

+1

+8

+3

68

132

50

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
c once.in "all reporting banks."
* Federal deposit insurance did not become operative until Jan. 1, 1934.
3
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. Two 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.
4
Separate figures not available for branches of insured and noninsured banks.
5
Exclusive of new banks organized to succeed operating banks.
6
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
7
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership;
-they 8are included under "conversions."
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 1949




191

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1948
System
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other

Total current earnings

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

$4,370,951
$253,546 $1,410,524 $299,520 $376,153 $259,604 $193,434
42,099
33,538
2,351
6,209
14,385
424
5,559
1,120
754
298,903,034 20,050,265 71,691,490 21 349,295 28,654,256 19,411,678 14,986,852
830,349
17,966
120,830
229,207
9,493
22,316
31,451

304,160,818 20,322,201 73,222,844 21,691,846 29,265,175 19,697,069 15,218,700

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.
Current net earnings

3,448,209
212,909
686,148
172,488
289,630
233,321
247,141
49,162,858 3,125,008 12,098.548 2,970,649 4,206,414 3,129,523 2,242,702
5,031,949
317,910 1,190,223
299,721
427,578
330,078
248,949*
21,070
358
160
11,000
5,910
42
87
271,772
19,431
17,549
17,339
19,201
17,921
36,068;
22,180
1,472
1,204
1,808
1,060
2,175.
1,139
731,236
8,297,751
508,509
3,834,151
635,463
1,850,018
1,359,172
743,721
611,042
343,986
3,030,583
1,190,312
81,093,982
16,813,711

39,658
813,633
23,598
311,970
45,752
191,086
70,733
48,061
31,734
6,556
144,031
89,587
29,479

98,636
1,336,664
94,567
757,085
140,589
478,083
240,861
194,905
68,037

492,839
163,040
-318,183

30,620

543,774
30,297
227,347
28,867
91,436
129,213
42,910
28,012
7,339
232,465
69,749
37,901

59,903
718,930
46,643
309,096
52,138
216,490
258,389
94,453
112,385
1,210
300,054
210,070
43,048

63,745
717,236
28,312
200,098
37,789
85,753
87,896

47,630
22,340
7,113
249,395
57,042
22,928

43,591
608,869*
42,942:
218,327"
29,058:
77,060*

55,69938,940*
49,336.
33,793^
212,686,
63,606,
19,184.

5,522,966 17,740,955 4,972,266 7,373,350 5,339.222 4,270,213-;
972,072

3,310,522

841,450 1,313,498 1,000,480

980,763.

64,280,271 4,550,894 14,430,433 4,130,816 6,059,852 4,338,742 3,289,450*
3,243,670
204,420 1,035,555
261,768
299,362
158,694
132,681
4,425,883
760,364

286,573
44,749

869,225
131,808

337,464
47,775

339,459
58,863

367,505
62,724

414,766,
73,096.

72,710,188 5,086,636 16,467,021 4,777,823 6,757,536 4,927,665 3,909,993;

Profit and Loss

Additions to current net earnings:
Profits on sales of U. S. Government securities (net).
All other
Total additions.
Deductions from current net earnings:
Special depreciation on bank buildings....
All other
Total deductions. . .
Net additions

231,450,630 15,235,565 56,755,823 16,914,023 22,507,639 14,769,404 11,308,7076,214,838
301,849

424,725
704

6,516,687

425,429

1,502,316
3,788
1,506,104

456,165
3,567

596,016
69

459,732

596,085
109,899

282
131

4,511

3,757

1,247

414 ,181

4 ,511

3,757

1,247

6 ,102 ,506

420 ,918

1,502,347

458,485

396,690
358
397,048

327,611'
1,657329,268:;

4,587

1,145;

4,587

1,143.

392,461

328,125;

884,088 2,960,087 3,906,750 2,592,033
809,041 12,184,077 16,153,370 10,855,278

,992,637
,260,729.

486,186

Transferred to reserves for contingencies
Paid U. S. Treasury (interest on outstanding F. R. notes).
Net earnings after reserves and payments to U. S. Treasury
Dividends paid

40 ,420 ,453 2 ,675 ,977
166 ,690 ,356 11 ,071 ,200

Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1
Surplus (Sec. 7), December 31

18,522 518
230,274 4,423,244 1,354,001 1,794,840 1,206,317
917,978,
448,188 608 28 ,116,876 138, 595,953 35,350,216 42,172,710 21,210,350 19 ,109,885,

Surplus (Sec. 13b), January 1 and December 31. .

192



30,442
11,919 809

,909,306
679,032

,565,041 2,228,344
,141,797
874,343

,933,705 1,714,554
508,237
,138,865

,383,466,
465,488.

466,711,126 29,347,150 143,019,197 36,704,217 43,967,550 22,416,667 20,027,863;
27,542,654

3,010,527

7,318,631 4,489,062 1,005,665 3,349,145

762,426,

FEDERAL RESERVE BULLETIN:

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1948
Chicago

St. Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

$705,193

$190,412

$88,859

$202,049

$116,230

$275,428

2,499
42,591,873
108,162

1,249
16,325,579
27,476

9,148,680
8,889

1,418
13,932,513
182,152

13,522,038
12,987

1,363
27,238,514
59,420

43,407,727

16,544,716

9,246,428

14,318,132

13,651,255

27,574,725

414,683
7,731,717
758,330

220,969
2,836,921
295,292

181,571
1,451,069
146,703

17,125
1,757

22,645
1,832

96,714
,108,785
38,034
765,227
88,907
251,441
186,451
91,044
109,024
120,170
494,031
167,344
63,637

60,134
445,449
44,403
224,470
48,368
79,887
92,672
50,974
51,540
10,541
211,579
85,768
16,845

19,350
1,888
46,544
277,686
23,315
101,826
28,657
90,825
31,406
26,270
45,658
1,356
90,283
70,158
11,698

12,504,421

4,800,289

3,097,002

939,095

9,407,419
442,737
877,611
115,746

Current Earnings
Discounts and advances
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

242,869
2,613,646
289,727
100
30,055
2,089

218,779
2,158,103
231,228
3,333
23,372
2,841

327,701
4,598,558
496,210
80
31,716
2,915

58,028
465,363
40,602
216,689
41,128
102,677
84,765
29,512
41,473
18,425
145,104
61,187
16,377

52,921
410,651
33,362
159,931
30,273
46,449
46,233
38,443
22,428
11,196
189,401
52,966
15,909

80,742
850,711
62,434
342,085
63,937
138,831
74,854
40,579
29,075
126,287
268,715
99,795
41,177

2,646,263

4,499,816

3,747,819

7,676,402

527,260

1,045,364

837,923

1,948,282

3,861,194
115,549

2,119,003
80,229

3,454,452
115,543

2,909,896
110,478

5,728,120
286,654

88,202
18,666

156,629
34,500

163,675
32,077

217,305
96,128

10,843,513

307,469
44,232
4,328,444

2,306,100

3,761,124

3,216,126

6,328,207

Total current expenses

32,564,214

12,216,272

6,940,328

10,557,008

10,435,129

21,246,518

Profit and Loss
Current net earnings

826,315
289,304

322,194
137

299,614
1,032

279,104
405

604,707

1,115,619

322,331

179,381
828
180,209

300,646

279,509

604,707

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

Additions to current net earnings:
Profits on sales of U. S. Government securities (net)
All other
Total additions
Deductions from current net earnings:
Special depreciation on bank buildings
All other

282,238
2,582

185

344

479

1,440

284,820

185

344

479

1,440

1,769

830,799

322,146

179,865

300,167

278,069

602,938

5,676,601
23,621,237

2,129,843
9,014,434

1,210,753
5,081,916

1,845,874
7,743,024

1,820,182
7,589,538

3,725,628
15,306,512

4,097,175
1,472,491

1,394,141
392,300

827,524
262,776

1,268 ,'277
407,803

1,303,478
460,093

2,817,316
1,116,584

2,624,684
66,217,133

1,001,841
16,971,986

564,748
11,232,568

860,474
16,147,926

843,385
14,110,815

1,700,732
38,952,190

Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1

68,841,817

17,973,827

11,797,316

17,008,400

14,954,200

40,652,922

Surplus (Sec. 7), December 31

1,429,384

521,318

1,072,621

1,137,044

1,307,125

2,139,706

FEBRUARY

1949




1,769

Total deductions
Net additions
Transferred to reserves for contingencies
Paid U. S. Treasury (interest on outstanding F. R. notes)
Net earnings after reserves and payments to U. S. Treasury
Dividends paid

Surplus (Sec. 13b), January 1 and December 31

193

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Reported gold reserves of central banks and governments...

196

Gold production

197

Gold movements .

197

International capital transactions of the United States. .
International Monetary Fund and Bank.
Central banks .

198-203
204
204-208

Money rates in foreign countries. ..

209

Commercial banks

210

Foreign exchange rates.

211

Price movements:
Wholesale prices .

212

Retail food prices and cost of living. .

213

Security prices .

213

Tables on the following pages include |he 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 1949




195

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]

1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
1948—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July. .
Aug..,
Sept..
Oct.. .
Nov..
Dec...

21,995
22,737
22,726
21,938
20,619
20,065
20,529
22,754
22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
23,872
24,004
24,166
24,244

End of month

Argentina^

Belgium

Brazil

anada

416
497
614
838
992
1,197
1,072
322
313
296
266
229
214
202
201
196
166
141
140

734
734
735
734
"716*
735
597
593
578
591
606
615
622
637
643
643
644
634
624

51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
317
317
317

144
141
161
230
300
361
543
294
303
313
320
330
340

India

United
End of month States

Iran
(Persia)
26
26
34
92
128
131
127
127
127
127
127
127
127
127
127
127
124

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
End of month
1940—Dec..
1941—Dec..
1942—Dec..
1943—Dec..
1944—Dec..
1945—Dec..
1946—Dec..
1947—Dec..
1948—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.

Sweden

Switzerland 6

Turkey

160
223
335
387
463
482
381
105
104
101
97
96
93
85
81
81
81
80
81
81

502
665
824
» 965
1,158
1,342
1,430
1,356
1,352
1.353
1,353
1,352
1,351
1,345
1,322
1,332
1,371
1,372
1,383

88
92
114
161
221
241
237
170
171
171
171
168
168
164
164
161
160
160
160

2

Japan

124
141
118
24
24
28
28
28
28
28
28
28
28
28
28
28
30
40
United
Kingdom 7

164
4 164

Chile
30
31
36
54
79
82
65
45
45
45
45
45
46
46
44
44
44
44

Java

5

140
235
216

Colombia

Cuba

17
16
25
59
92
127
145
83
84
85
86
81

1
1
16
46
111
191
226
279
279
279
279
279

Denmark
58
61
61
61
61
61
61

289
P63
289

Nether- New
Mexico lands Zealand
47
47
39
203
222
294
181
100
96
86
87
86
78
71
43
44

617
575
506
500
500
270
265
231
220
209
193
182
183
183
183
172
172
171
170
166

23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23

Uruguay

Venezuela

Yugoslavia

B.I.S.

Other
countries 8

90
100
89
121
157
195
200
175
189
200
200
203
203
203
198
187
181
172

29
41
68
89
130
202
215
215
215
230
240
243
263
263
304
304
304
304
324
323

82
s 83

12
12
21
45
37
39
32
30

170
166
185
229
245
247
240
240

33
35
40
39
32
30
31
31
38
37
44
36

241
242
242
243
244
244
244
245
245

P245
P245
P245

Egypt France

52
44
44
44
44
38
38
32
32
32
32
32
32
32
32
32
32
32
32
32

52
52
52
52
52
52
53
53
53
53
53
53
53
53
53
53
53
53

Nor-

Peru

75
58

20
21
25
31
32
28
24
20
20
20
20
20
20
20

80
91
72
70
69
66
66
66
66
66
65
65
58
52

*>20
P20

000
000
000
000
777
090
796
548
548

Germany

Greece

Hungary

28
28
28
28
28

24
24
24
24
24

29
29
29
29
29

24
34
34
34
34
34
34
34
34
34
34
34
34

548
548
548
548
548
548
548
548
548
548
Portu- Rumagal 3
nia
158
182
203
260
267
269
245
193
189
189
184
181
179
176
174
172
169
167
163

*>215
P215

P215
215
216
216
217

South
Africa
367
366
634
706
814
914
939
762
764
448
438
446
388
373
338
307
269
234
194

Spain

42
42
91
105
111
111
111
111
111
111
111
111
111
111
111
111
111

1
Government gold reserves not included in
previous figures

United
End of month United King- France
States
dom
1940—Aug
Dec
1941—Sept.. . .
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar... .
June. . . .
Sept.. . .
Dec
1948—Mar
June... .
Sept.. . .

2

48
24
25
12
43
12
18
71
177
163
151
129
114
79
208
188

292
2 151

32i341
3 2,196
32,587
32,345
3
2,382
32,341
3 2,035
3
2,200
3 1,886
2 1,733

Belgium

293
17

214
457

17
17
17
17
17

P Preliminary.
1
1
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 layed basis: U. S.—Exchange Stabilization Fund
pesos per U. S. dollar.
_
_
_
_
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
L repre- Fund and Rentes Fund; Belgium—Treasury.
2
Figure for first of month.
3
. . . . . .
.
. _
_
._
„
eported sepaGross official holdings of gold and U. S.
rately.
dollars as reported by British Government; total
5
Figures relate to last official report dates for the respective countries, as follows: Java— British holdings (official and private) of U. S.
Jan. 31, 1942; Yugoslavia—Feb. 28, 1941.
dollars, as reported by banks in the United
6
Beginning December 1943, includes gold holdings of Swiss Government.
States, are shown in table on p. 201.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
NOTE.—For details regarding special internal
Exchange Equalization Account during 1939.
gold transfers affecting the British and French
8
For list of countries included, see BULLETIN for June 1947, p. 755 footnote 7.
institutions, see p. 204, footnote 4, and p. 205,
footnote 6. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for January 1949, p. 86; November
1947, p. 1433; June 1947, p. 755; February
1945, p. 190.

196



FEDERAL RESERVE BULLETIN

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
world
production
Total
reported
outside
monthly
U.S.S.R.

Year or
month

Production reported monthly
Africa
South
Africa

Rhodesia

Canada

Mexico

$1 =15i/n grains of gold 9/io fine; i. e., an
,142,400 968,320 425,649 28,532 24,670 16,564 178,143 165,379
,219,400 ,031,214 448,753 28,009 28,564 18,258 196,391 178,303
,311,450 ,106,447 491,628 29,155 32,163 19,413 210,109 185,890
,265,600 ,110,379 504,268 27,765 32,414 19,571 209,175 187,081
,130,115 982,130 494,439 26,641 29,225 17,992 130,963 169,446
880,495 774,086 448,153 23,009 19,740 15,791
5,808 127,796
794,080 702,534 429,787 20,746 18,445 12,747
5,778 102,302
745,430 683,011 427,862 19,888 18,865 12,144
5,511 94,385
762,195 696,998 417,647 19,061 20,475 11,596
1,182 99,139
»705,458 392,004 18,296 19.320 10,780
5,786 107.432

1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1947—Nov..
Dec.
1948—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..

f-59,739
r
60,434
60,377
57,211
60,861
'•59,564
••61,213
'60,173
64,479

Sept..
Oct..
Nov..

33,888
34,025
34,775
32,459
34,384
34,175
34,368
33,941
34,544
33,720
33,345
33,384
33,244

1,513
1,489
1,504
1,442
1,431
1,477
1,539
1,462
1,564
1,443
1,462
1,470

Other

North and South America

West Belgian United
Africa* Congo3 States 4

1,225
1,750
1,890
1,820
1,820
1,855
1,855
1,925
1,995
2,030
2,065
2,030

770
770
910
840
910
945
910
980
910
980
945
875
910

5,791
6,828
6,042
5,489
6,372
5,650
6,078
5,719
6,180
7,661
7.388
6,540
5,306

8,826
9,614
9,568
9,156
10,070
10,013
10,047
10,152
10,367
10,689
10,320
10,740

Colombia

Nica- Australia8
ragua 6

Chile

India7

ounce of fine gold =$35.
32,306
29,426
30,878
27,969
28,018
22,081
17,793
17,458
14,703
16.250
2,491
778
658
1,367
1,166
879
1,324
915
2,342

945
680
1,124
1,302
809
713
916
701
1,190
966
999
1,009

383
529
369
288
474
494
602
455
407

1,557
3,506
5,429
7,525
8,623
7,715
7,865
6,985
6,357
7,403

55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
'32,818

11,284
11,078
10,126
10,008
9,111
8,828
6,577
5,893
4,612
6,055

742
672
648
682
634
652
611
592
647
687
666
736
625

18,225 10,290
19,951 11,376
22,117 11,999
22,961 9,259
20,882 6,409
19,789 6,081
19,374 7,131
17,734 6,282|
15,301
8,068
13,406 5,908

2,639
'2,809
2,433
1,945

525
490
455
420
525
525
525
490
560
595
560
560
560

2,557

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars: 1935, 158 million;r 1936. 187 million; 1937, 185 million; 1938, 180 million.
1
Estimates of United States Bureau of Mines.
Revised.
* Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
* Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705
BO that aggregate for the year is equal to the annual estimate compiled by the United States Mint.
* Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
7
* Beginning 1948, subject to revision.
Monthly figures reported by the American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938,
p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for
these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year
or month

1942
1943
1944
1945
1946
1947
1947
Dec
1948
Jan
Feb
Mar,
Apr
May
June
July
Aug
Sept
Oct
Nov
Bec.p

Total
net
imports

United
Kingdom

France

1,955
315,678
88
68,938
-845,392 -695,483
160
-106,250
458
-14
311,494
488,433 162,941
1,866,348
178,166

Belgium

Neth- Sweerlands den

208,917
66,920
46,210
53,148
344,130
-6
3 27,990 445,353

101,541

182,808
234,978
104,264
159,388
20,274
99,943
167,906
234,156
157,131
151,326
177,829
177,741
178,038
266,691
4,400
39,078
1,184
53,290
40,678
121,571
54,224
108,297 '* 81 ] 155

Canada

37,735
9,970
31,301
61,931
20,023 '6ii32 • • • • • •
5,523
26
1,437
-22
-21

5,159 11,212
5,695 5,746
27 5,769

Argentina

Mexico

Other
Latin
American Republics

Philippine
Republic

99 40,016 39,581
321
-10,817 - 3 , 2 8 7 24,306
-50,268 -109,695 -58,292
103
-5
15,094 -41,743
-134,002
-403
-156
3,591
335,505 - 7 , 1 1 0 10,684 - 3 , 5 0 8
35,436

458 12,009
289
-19,660
-10,693 "29i998
4,145
-29,635
-12,031
30,512 "6,94:2
698
5,937
676 23,730
331 20,519
8,848
485

208

2,126

85

74
201 2,418
-289
211 1,102
271 2,673 - 1 , 2 7 9
-208
242 4,871
-228
161 5-24,092
-144
198 5-27,736
-53
3,904 6,523
-56
9,706 5-35,822
-272
57 3,068
-119
255 2,905
73
260 5-13,895
-23
291 5-17,795

Australia

South
Africa

India

All
other
countries

528 4,119
129 20,013
307
152
-8,731
199 3,572
18,365
1
357
106
-133,471
2
41 118,550 - 2 , 6 1 3 -18,083
124 410,691 -4,423
8-337
9
32,991
227 23,674
6 40,888
22,756
97 39,331
40,764
4 40,463
60,625
33,489
127 52,036
7 57,307
89 47,138

1,026
-5,950
-1,390
-5,161
* -6,871
-1,106
-1,167
-1,078
-6,412
6
-24,991
6
-6,581
6
-4,171
-3,042

p Preliminary.
* Includes $133,980,000 to China and $509,000 from other countries.
2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
8
Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries.
4
Includes $4,491,000 to U.S.S.R. and $2,380,000 to other countries.
5
Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000; November, $15,999,000; December,
$20,003,000.
6
Includes exports to Switzerland as follows: September, $23,747,000; October, $6,360,000; November, $3,488,000.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.

FEBRUARY

1949




197

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES

From Jan. 2, 1935,
through—
1935—Dec
1936—Dec.
1937—Dec.
1938—Dec.

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

(Jan 1, 1936)
30
29
(Jan. 4, 1939)

1,440.7
2,667.4
3,501.1
3,933.0

631.5
989.5
1,259 3
1,513.9

38 0
140 1
334 7
327.0

593 5
849.4
924.6
1,186.9

361 4
431.5
449.1
510.1

125 2
316.2
583.2
641.8

316 7
917.4
1,162.0
L.219.7

6
12
47
47

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
1,927.3
1,888.3

550 5
607.5
618 4
650.4

646.7
664.5
676 9
725.7

1,188.9
1,201.4
1,177 3
1,133.7

63 9
74.0
83 1
80.6

1940—Mar. (Apr. 3)
Tune (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

1,999.9
1,907.8
1,980.5
1,958.3

631.6
684 1
773.6
775.1

761.6
785 6
793.1
803.8

1,095.0
.042 1
987.0
888.7

88.7
98 9
101 6
100.9

1941—Mar.
June
Sept.
Dec

5,607.4
5,660.1
5,612.6
5,354.1

3,229.7
3,278.0
3,241.8
2,979.6

1,388.6
1,459.8
1,424.0
1,177.1

1,841.0
1,818.2
1,817.7
1,802.6

767.4
818.6
805.3
791 3

812.7
834.1
841.1
855.5

701.8
631.2
623.5
626.7

95.9
98.2
100.9
100 9

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
1,864.2
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. 31
June 30
Sept. 30
Dec 31

6,292.6
6,652.1
6,918.7
7,267.1

3,788.9
4,148.3
4,278.0
4,644.8

1,868.6
2,217.1
2,338.3
2,610.0

1,920.3
1,931.2
1,939.7
2,034.8

898.7
896.9
888 6
877.6

810.5
806.8
929 3
925.9

685.9
687.9
708.1
701.1

108 6
112.1
114.8
117.8

1944—Mar
June
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
1,026.2
1,019.4

685.8
702.4
737.8
911.8

119.6
119 1
122.2
126.3

1945—Mar
June
Sept
Dec.

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
1,011.2
998.2
972.8

820.6
848.4
818.4
798.7

130.5
131.8
134.6
144.1

1946—Mar. 31
June 30
Sept. 30
Dec. 31

8,730.8
8,338.2
8,250.1
8,009.5

6,098.8
5,662.7
5,681.7
5,272.3

3,384.6
2,852.0
2,834.4
2.333.6

2,714.1
2,810.7
2,847.3
2,938.7

70 6
190.8
249.1
453.8

703 6
624.5
519.8
427.2

1.073 0
1,103.9
1,170.7
1,237.9

645.1
615.0
478.3
464.5

139 9
141.4
150.4
153.7

1947—Mar. 31
June 30
Sept. 30
Dec 31

9,735.7
9,440 8
9,018.6
8,323.2

4,841.3
4,591 9
4,456.0
4,120.3

1,725.4
1,447.2
1,298.5
1,121.8

3,115.9
3,144.7
3,157.5
2,998.5

2,707.0
2,694 3
2,655.4
2,242.0

337.1
202 5
178.3
174.6

s 1,230.3
s 1,276.9

1,282.6
1,398 0

414.3
393 4
338.8
«367.0

154.5
160.8
159.9
142 4

1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31 .
Aug. 31
Sept, 30
Oct. 31 P
Nov. 30P

8,174 2
8,216 1
8,159.7
7,950.1
7,858 0
7,934.0
8,031.6
7,917.8
7,971 7
8,063.3
8,237.5

4,094.8
4,235.0
4,370.6
4,250.1
4,285 9
4,351.9
4,432.9
4,522.1
4,570.4
4,647.9
4,769.1

L,137.2
L.270.7
1,346.4
1,281.8
1,299.0
1,352.3
,389.3
1,513.9
1,548.2
1,670.6
L.783.3

2,957.6
2,964.3
3,024.2
2,968.3
2,986.9
2,999.6
3,043.6
3,008.2
3,022.2
2.977.3
2,985.8

2,185.0
2124 6
1,985.3
1,955.2
1,935 1
1,907.7
1,909.1
1,898.9
1,895.7
1,896.6
1,880.6

106.5
88.7
51.7
22.0
—27 3
23.7
56.6
42.0
57.9
60.3
102.4

1,287.7
1,292.4
1,296.4
1,304.3
1,304.0
1,304.5
1,309.8
1,159.1
1,165.4
1,168.5
1,175.8

«359.6
340 3
<312.3
*272.4
«213 6
«203.9
M89.7
* 166.2
* 157.9
* 168.5
M83.7

140.6
135.2
143.3
146.1
146.8
142.2
133.5
129.6
124.5
121.5
125.9

(Apr. 2)
duly 2)
(Oct. 1)
31

. .

4

0
9
5
6

P Preliminary.
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commerical banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
8
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
< Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, and 81.6
million from Oct. 31 through Nov. 30, 1948, resulting from net purchases of domestic securities by international institutions.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. -^74-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for December 1945, pp. 960-974.

198



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

1Q39—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

(Tan. 3, 1940)
(Tan. 1, 1941)
31
31
31
31
31
31
31 ..

1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P

:

United
King- France
dom

Netherlands

Switzerland

Italy

5,112.8 1,101.3 468.7
5,807.9 865.2 670.3
5,354.1 674.1 639.9
5,980.2 837.8 625.9
7,267.1 1,257.7 636.8
7,728.4 1,090.0 585.7
8,802
892.5 464.2
7,555.7 563.1 384.8
6,081.1 437.0 234.3

From Jan. 2, 1935, through—

470.3
455.6
464.4
474.0
487.7
506.2
539.7
326.4
213.8

773.0
911.5
725.7
592.1
629.1
664.3
722.3
766.1
839.3

58.0
55.4
50.5
48.1
48.2
63.1
106.5
287.5
150.1

918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,246.3
1,088.6

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 ,193.7
4,037.0 1,395.7 ,338.4
3,574.2 979.7 ,474.0
2,963.1 688.6 ,383.4

5,989.2
6,091.5
6,174.3
5,994.9
5,922.9
6,026.2
6,122.5
6,018.9
6,076.0
6,166.7
6,356.9

189.2
188.7
186.2
150.0
125.2
120.1
102.1
92.8
86.6
76.0
89.8

836.2
840.0
841.2
850.6
860.9
858.3
863.4
853.1
829.9
824.3
814.7

160.1
180.7
187.0
205.8
216.6
210.2
238.7
270.0
307.1
316.4
335.3

1,101.2
1,088.8
1,079.1
1,060.8
1,054.7
991.4
992.6
963.2
993.1
1,007.7
1.061.2

2,891.1
2,983.9
2,984.1
2,853.9
2,772.2
2,797.4
2,737.7
2,722.6
2,726.2
2,754.7
2,867.0

Total i

451.4 153.1
523.9 161.8
562.8 127.8
488.8 97.9
449.9 64.8
558.0 59.5
489.4 51.6
486.8 56.6
462.5
47.1
474.4 56.0
501 .4 64.7

Total
Other
Europe Europe

Canada

Latin
America

727.8
721.5
798.0
838.4
878.7
911.2
938.2
816.3
849.3
868.7
933.6

Asia
522.6
642.6
691.1
932.9
1.161.6
1,273.6
1,784.1
1,258.3
975.8

,338.2
946.3
,364.9
931.9
,368.0
938.9
,360.8
892.1
,329.5
893.6
,384.0
897.5
,381.1 1,009.8
,420.5
997.9
,441.0
999.0
,466.1 1,001.8
,447.7 1,044.8

All
other
87.4
90.2
128.6
178.3
201.4
203.0
247.5
269.6
2
70.2
2

85.9
289.3
85.3
2 49.7
2 49.0
2
36.1
2 55.7
2
61.5
2
60.4
2 75.4
2 63.8
2

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES

From Jan. 2, 1935, through—

1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

Total

United
NethKing- France
erdom
lands

Switzerland

Italy

Total
Other
Europe Europe

Canada

Lati
America

2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,272.3
4.120.3

1948—Tan. 31
Feb. 29
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P

376.1
293.3
328.6
493.3
939.4
804.4
646.4
397.6
264.9

256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8
87.6

190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2
126.7

362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0
432.8

19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
247.6
132.8

449.9
580.8
538.0
479.8
565.3
611.2
745 8
687.2
576.6

1,655.4 174.5 215.1
1,986.3 334.1 326.4
1,766.9 273.1 296.7
1,697.5 399.5 482.8
2,271.2 704.7 578.7
2,193.7 818.6 794.7
2,223.4 ,414.2 924.9
2,065.5 823.9 983.3
1,621.4 301.6 1,095.0

4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
4,351.9
4,432.9
4,522.1
4,570.4
4,647.9
4,769.1

(Tan. 3, 1940).
(Tan. 1, 1941).
31
31
31
31
31
31
31

274.9
343.6
383.9
314.9
279.4
384.4
311.2
310.6
284.6
298.7
319.2

88.6
124.3
107.0
94.9
82.6
87.0
82.9
87.9
80.5
86.4
94.0

107.5
112.3
114.5
108.2
93.6
96.3
93.9
106.1
98.4
91.2
95.2

435.7
446.7
454.2
471.1
515.8
527.1
534.9
535.9
515.1
512.3
495.0

143.1
163.4
167.0
184.1
195.5
192.4
216.7
251.0
285.2
295.1
313.5

586.0
579.5
587.3
576.1
568.0
498.4
496.5
483.9
505.2
520.2
552.4

1,635.8
1,769.9
1,813.8
1,749.4
1,734.9
1,785.7
1,736.1
1,775.3
1,769.0
1,803.8
1,869.3

327.0
322.7
400.0
429.0
462.6
483.6
508.7
548.4
578.0
593.3
658.1

,047.8
,067.5
,087.0
,097.3
,085.5
,104.0
,081.2
,104.7
,102.7
,136.9
,101.2

Asia

All
other

417.0
531.2
541.4
743.9
928.2
888.6
,369.1
,135.7
877.3

60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9
224.9

846.3
840.3
842.4
783.7
809.6
804.1
914.5
894.2
924.4
904.6
941 .6

238.0
234.5
227.5
190.7
193.3
174.5
192.3
199.5
196.3
209.3
198.9

TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

(Tan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
31.

1948—Tan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
Tune 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P

Netherlands

Switzerland

Italy

Total
Other
Europe Europe

Canada

Latin
America

Asia

73.8
74.6
76.9
77.8
77.9
77.7
78.0
73.4
55.7

12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-132.3
-30.5

2.9
6.5
5.4
6.6
5.1
6.8
5.2
-1.7

15.5
25.3
25.8
26.2
26.2
26.2
26.2
10.6
5.5

206.2
241.4
250.5
253.5
256.8
231.5
235.1
226.9
178.9

563.5
634.7
647 .4
661.5
656.5
626.6
593.4
421.3
473.5

56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7
65.4

52.6
43.2
17.7
68.3
55.7
37.0
9.1
-58.8
-346.3

-21.5
34.8
64.7
93.8
102.7
77.7
99.2
29.9
2.0

l!5
-5.8
-20.1

-18.7
-34.6
-39.4
-36.9
-43 6
-47.9
-45.8
-44.1
-44.1
-39.2
-38.0

-32.5
-33.7
-32.7
-41.5
-40.6
-40.7
-40.3
-56.6
-50.9
- 5 1 .2
-38.6

2.1
1.7
1.9
2.2
1.7
1.1
.6
.5
1.0
3.9

5.4
5.6
9.2
10.6
9.4
6.0
10.1
7.4
10.3
9.6
10.1

180.5
175.3
156.9
149.7
151.1
158.4
160.9
143.0
150.4
149.7
170.5

406.0
387.8
369.3
352.3
345.2
347.8
356.3
318.8
337.4
338.5
381.7

67.7
67.5
64.5
65.2
68.0
66.9
68.9
68.2
67.3
63.6
54.1

-351.3
-349.5
-369.3
-391.6
413
376.2
356.1
343.9
325.4
343.5
343.9

2.4
-5.4
-2.0
7.6
-15.9
-4.4
-3.2
10.0
-12.0
11.7
21.9

-18.3
-11.7
-10.8
-11.4
-10.9
-10.3
-9.2
-11.1
-9.4
-10.1
-11.4

Total

United
King- France
dom

650.4
775.1
791.3
888.8
877.6
805.8
742.7
427.2
174.6

252.2
269.2
271.2
279.4
272.1
266.1
266.6
244.3
262.8

106.5
88.7
51.7
22.0
-27.3
23.7
56.6
42.0
57.9
60.3
102.4

269.5
273.1
273.5
268.5
266.7
270.4
270.3
268.4
271.1
268.6
273.8

All
other

2.1
-1.2
6.6
7.5
•?

P Preliminary.
1
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of
international institutions.
2
See Table 1, footnotes 3 and 4.

FEBRUARY

1949




199

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1939—Dec
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec.

(Jan 3 1940)
(Jan. 1, 1941)
3i
31
31
31
3i
31
31

1948—Jan. 3i
Feb 29
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct 31 P
Nov. 30P

Total
725 7
803 8
855 5
848.2
925 9
1,019 4
972.8
1,237 9
M.276.9
1
1,287
1
1 292
1

7
4
1,296.4
il,304.3
1
1,304 0
11,304.5
1
1,309 8
1
1,159.1
1
1 165 4
1 168 5
il,175.8

. .

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

125 5
128.6
127 6
125.4
127 6
126 5
117.7
96 8
94.9

42 1
43.4
51 6
52.4
50 6
51.0
51.2
50.2
47.1

29 4
31.0
31 5
31.6
33 0
33.6
33.0
26.0
-3.9

45 0
46.0
44 3
44.9
44 7
44.5
45.2
31.2
16.3

27 6
28.1
28 1
28.0
27.9
27.6
27.5
26.7
26.5

225.6
232.9
238 4
244.1
246 6
246.9
249.2
260.2
275.8

93 2
93 3
92 0
90.7
89 0
87.7
87 5
87 3
86 5
86 0
85.6

46.8
46 6
46.1
45.2
44.4
43.5
43.3
43.2
43 2
43.0
43.1

-4.4
—4 9
-5.9
-6.2
—6.6
-6.7
-8.1
-8.7
—8 8
—8 6
-8.7

13.7
10 7

26.4
26 4
26.5
26.5
26.5
26.5
26.5
26.5
26 6
26.5
26.5

276.7
277 1
277.8
278.4
278.3
279.3
280.0
280.6
281.1
281.7
282.3

7.4

3.7
-4.8
-8.6
-10.7
-13.9
-15 2
— 16.3
-17.4

Latin
Canada America

Asia

All
other

495.2
510.0
521.3
526.3
530.3
530.1
523.8
491.2
456.7

-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
236.6
441.8

184.0
202.3
221.1
245.4
272.3
302.0
317.1
448 4
537.6

42.8
11.3
53.0
13.5
61.2
16.6
18.0
61.5
62.2
19.9
21.0
61.3
22.0
60.8
61.1
.7
61.6 1-220.9

452.5
449.3
443.9
438.2
426.8
421.6
418.5
415.1
413.4
412.3
411.4

451.3
454.6
458.6
467.0
469.9
472.7
477.4
327.7
331.8
334.6
338.8

542.1
546.2
549.3
552.9
559.6
561 9
565.2
567.3
570.7
571.8
575.4

61.7
61 7
62.0
62.1
62.2
62.3
62.4
62.5
62.6
62.6
63.0

1

-219.8
1—219 4
1-217.5
1-215.8
1-214.6
1-214.1
1-213 8
1—213.5
!—213 1
1—212.8
1
-212.7

TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec
1946—Dec.
1947—Dec

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
31 . .

194g—j an
Feb.
Mar
Apr.
May
June
July
Aug.
Sept
Oct
Nov.

3i, .
29
31
30
31
30
31
31
30
31 P
30*>

Total
1,133 7
888.7
626 7
673.3
701 1
911.8
798 7
464 5
2367.0
2359.6
3
3
272.4
2213.6
2
2O3 9
2 189.7
2
166 2
2157.9
2
168 5
2
183.7
2
340
2
312
2

United
King- France
dom

Netherlands

Switzerland

76 6
74.4
74 9
80.5
82 7
77.3
81 7
74.9
24.7

227 7
233.2
236 7
236.9
239 9
239.0
233 5
207.0
108.7

344.7
-4 9
348.1
2.7
336 4
— .1
— .1
360.5
6
367 3
368.5
1.9
355 4
2 2
337.9
2.1
350.9 - 1 5 . 0

-203.7 17.3
6.6
—203 6
—204 4 —4 7
—203 6 - 2 4 . 5
-202.9 - 3 7 . 0
—202 3 - 4 1 . 3
-197.0 -46.9
— 196 2 —48 0
-196.3 -49.7
— 195 5 —51 2
-194.1 -51.0

106.2
102.9
96 7
78.0
66.5
58.8
45.7
41.2
38.3
34 5
32.4

347.2
343.2
336 7
330.4
304.2
297.3
298.2
294.8
295.9
300 2
308.5

328 1
157.1
— 70 1
-77.6
— 100 3
— 125 4
— 157 9
— 194 9
-203.8

Italy

-15.3
-15.2
— 16 2
-16.2
-15.2
-15.1
-15.1
-15.3
-15.6
— 15 3
-15.3

Canada

Latin
America

Asia

All
other

32 2 1,004.4
851.3
35.8
37.1
615.0
44.4
644.7
55 4
645.7
72.4
633.7
582.9
68 0
484.3
57.3
308.7
43.1

-2.6
-18.4
-44.7
-45.1
-58.2
-28.1
-126.6
— 143.0
-139.8

30.1
25.6
28.1
35.2
40.5
54.9
81.3
87.6
84.2

87.6
17.6
17.5
27.7
62.5
240.5
251.3
26.8
28.3

14.3
12.6
10.9
10.9
10.6
10.7

44.1
43.8
44 0
43.5
45.4
44.2
43.7
44.3
44.7
44 7
45.1

-137.8
-142.3
-144.3
-142.0
-142.1
-132.6
-137.1
-147.2
-147.4
— 141.3
-135.9

87.8
91.0
90.3
90.6
83.9
81.7
83.1
82.4
84.7
87.9
94.1

28.5
28.6
28.9
31.0
30.1
27.9
29.2
24.1
17.1
15.9
11.3

Other
Europe

Total
Europe

295.7
277.6
252.1
207.7
161.0
141.6
128.5
120.8
117.4
117.5
125.7

9.9

2

8 8
85.6

2
85.4
2
85.3
2
85.4
2
85.1
2

80.6

2
2 85.4
85.9
2
86.1
2
2
2

86.2
88.4
88.6

TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in.U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1939_Dec.
1940—Dec.
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
31

1948—j a n 3i
Feb. 29
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31?
Nov. 30P. ..

Total

United
King- France
dom

Netherlands

Switzerland

Italy

.2
.2
.2
.3
.3
4

80 6
100.9
100 9
104.4
117 8
126.3
144 1
153 7
142.4

19 4
17.0
16 8
17.4
18 8
18.5
19 8
19 2
18.2

20.1
19.9
19.9
20.7
21 5
23 A
23 4
20.5
19.1

9 3
13.4
17 6
17.5
19 9
22.3
26 0
17.5
12.7

17 8
16.2
13.5
13.7
19 3
23.0
30 3
39 6
38.2

140.6
135 2
143 3
146 1
146 8
142 2
133.5
129 6
124 5
121.5
3125.9

17.5
17 4
17 8
18 4
17 6
17.8
17.5
16 7
16.5
16.6
16.8

19.1
18 9
18.9
19 2
18 4
18.3
18.2
17 6
17.2
17.0
16.6

12.4
12 2
13 6
11 7
12 3
12.4
10.9
10 9

37.8
37 2
41.1
43 4
43 6
40.8
39.9
35 6
33.6
27.0
24.6

9.6

10.0
9.5

.1

.4

.3
.5
4
.5
7
4
.4

.5
4
.5
.5
.5

Other
Europe

Total
Europe

CanLatin
ada America

7.7
7.7
8.5
9.2
10.4
13 6
14.7
14.2

71.6
74.3
75.7
78.1
89.1
97.7
113.6
112.0
102.7

10.7
14.1
15.2
17.6
16.2
19.5
21.5
19.6

13.7
13 1
13.1
13 1
12 0
11.1
11.4
11.4
11.6
11.4
10.9

101.1
99.3
105.1
106.4
104.3
100.8
98.3
92.6
89.1
82.6
79.0

19.6
19.1
19.2
19.1
20.2
20.6
20.2
19.3
19.6
18.4
18.6

4.9

8.7

1.6

9.2
3.9
4.2
3.8
5.1
5.9
13.4
12.9
11.8
9.7
10.7
11.7
14.1
12.6
7.7
10.0
8.3

13.0
20.9

Asia

All
other

-3.4
6.0
6.3
6.0
6.0
5.6
3.8

2.1

4.8

2.0

6.6
7.4
6.6
7.7
7.6
7.6
7.6

6.8
7.3
7.0
6.9
7.0

.7
.8
.9
1.3
1.8
1.3
.7
.7
.6
.7
1.1
.6
.6
.5
.5
.5
.6
.4

P Preliminary.
1
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 2
Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, and 81.6
million from Oct. 31 through Nov. 30, 1948, resulting from net purchases of domestic securities by international institutions.
3
Amounts outstanding Nov. 30 (in millions of dollars): foreign brokerage balances in United States, 72.2; United States brokerage balances
abroad, 23.1.

200



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES

In-

ternational
institutions

Date

Total i oreign
countries x

NethUnited
King- France erdom
lands

Official

Switzerland

Italy

Other
Europe

Total
Europe

Latin
Canada America

All
Asia2 other *

Official

and

private

1938—j)ec 3
1939_Tj ec 3
1940—Dec a
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
1945—Dec. 31
1946—Dec. 3 1 . . . 473 7
1947—Dec. 3 1 . . . 2,262.0

2,157 8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883 1
6,006.5
4,854.4

436.1 187.4 101.8
473.8
448.2 288.2 204.9
781.0
1,418.9
365.5 490.1 174.3
1,314.9
400.8 448.6 174.9
2,244.4
554.6 432 3 186 6
3,320.3 1,000.8 439.9 193.3
3,335.2
865 7 401.2 209.7
4,179 3
707*7 310 0 281 6
3,043.9
458.9 245.9 224.9
1,832.1
326.2 167.7 143.3

218 8
376.3
508 4
339.9
184.2
210.6
239.3
304 2
372.6
446.4

20 4
38.5
17 9
15.4
12.1
11.3
27.3
70 4
267.9
153.1

273.3
526.4
657.3
614.6
650.9
728.6
774.5
909 1
850.5
739.8

1,237.8 201.8
248.5 435 5 34.1
1,882!6 274.6
336.0 655.7 72.5
447 3 769 9 73.3
2,213.5 434.3
417.7 780.0 113.6
1,994*0 373.2
2,020.7 507.4
597.7 930.0 149.6
693.7 1,108.8 175.3
2,584.5 812.6
909 3 1,069.2 174.0
2,517.8 926.5
2,583 0 1,522 2 1,046.4 1,549.7 181.8
2,420.7 *931.8 1,104.8 1,316.4 232.8
1,976.7 409.6 1,216.6 1,057.9 193.7

1948—Jan. 3 1 . . .
Feb. 29...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30.. .
Oct. 31 P . .
Nov. 30P .

4,829.0
4,969.2
5,104.8
4,984.2
5,020.0
5,086.0
5,167.0
5,256.2
5,304.5
5,382.0
5,503.2

1,847.5
1,981.0
2,056.7
1,992.1
2,009.3
2,062.6
2,099.6
2,224.2
2,258.5
2,380.9
2,493.6

124.1
128.9
131.1
124.8
110.2
112.9
110.5
122.7
115.0
107.8
111.8

449.3
460.3
467.8
484.8
529.4
540.7
548.5
549.5
528.7
525.9
508.6

163.4
183.7
187.3
204.5
215.8
212.7
237.1
271.3
305.5
315.4
333.8

749.3
742.8
750.6
739.4
731.3
661.7
659.8
647.1
668.4
683.4
715.7

1,991.1
2,125.2
2,169.0
2,104.6
2,090.1
2,140.9
2,091.4
2,130.5
2,124.2
2,159.0
2,224.6

2,205.0
2,144.5
2,005.3
1,975.1
1,955.1
1,927.7
1,929.0
1,918.8
1,915.7
1,916.5
1,900.6

336.2
404.9
445.2
376.2
340.7
445.8
372.5
371.9
346.0
360.0
380.6

168.7
204.4
187.1
175.0
162.7
167.2
163.0
168.0
160.6
166.5
174.1

434.9
430.6
507.9
537.0
570.6
591.5
616.7
656.4
686.0
701.3
766.0

1,169.3
1,189.0
L,208.5
1,218.8
1,207.0
1,225.6
1,202.7
1,226.2
1,224.3
1,258.4
1,222.7

1,026.9
1,021.0
1,023.0
964.4
990.2
984.7
1,095.2
1,074.8
1,105.0
1,085.2
1,122.2

206.8
203.4
196.3
159.5
162.1
143.3
161.1
168.3
165.1
178.1
167.7

LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date

Other
Europe

Belgium

Denmark

Finland

1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .

650.9
728.6
774.5
909.1
850.5
739.8

121.8
122.9
124.3
185.0
159.5
124.9

17.7
13.9
14.8
25.9
66.5
52.8

7.9
7.7
7.1
5.5

22.2
30.5

1948—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 30..
May 3 1 . . .
June 3 0 . . .
July 31. . .
Aug. 31. . .
Sept. 3 0 . . .
Oct. 31 P. .
Nov. 30P . .

749.3
742.8
750.6
739.4
731.3
661.7
659.8
647.1
668.4
683.4
715.7

124.2
126.0
149.2
128.1
133.7
125.5
121.7
114.2
116.8
117.2
112.8

53.0
51.5
48.0
56.1
46.3
39.4
42.8
42.0
41.3
40.7
46.2

31.1
29.3
27.7
30.9
29.0
29.3
26.7
25.4
22.1
18.8
17.1

GerLuxemmany* Greece bourg

Norway

Portugal

Rumania

Spain

All
Sweden USSR Yugo- other
slavia
57.9s
76.9
52.1

89.5

39.3
43.5
48.7
70.8
49.3
34.7

18.3
18.4
18.6
22.3
22.6
21.7

132.4
158.9
220.8
216.1
123.5
56.2

35.7
53.4
54.5
47.9
39.0
47.1

9.4
9.3
9.5
9.3
8.9
8.7

17.5
31.8
43.4
31.7
16.4
12.8

153.5
163.2
152.1
210.1
172.6
58.6

14.3
12.3
16.1
28.0
60.5
73.7

12.4
12.1

89.9
116.5

96.8
103.7
103.5
106.1
107.1
83.7
72.7
76.8
101.4
125.2
153.2

38.8
41.9
38.0
39.9
36.3
34.2
32.3
25.0
22.1
20.4
21.9

22.0
20.2
19.9
18.9
17.5
16.8
16.0
15.7
14.8
14.9
16.0

54.7
50.5
54.7
54.4
55.7
58.5
58.9
66.0
68.9
71.6
72.9

46.0
46.0
33.1
32.9
38.5
35.0
45.3
47.4
39.7
43.7
42.1

8.9
7.7
7.9
7.9

16.2
17.2
19.4
19.7
20.8
17.8
17.3
16.1
15.7
16.1
18.3

56.8
52.4
53.4
50.3
42.0
38.2
48.1
45.7
48.8
49.3
42.5

74.8
66.1
72.6
74.0
73.7
54.1
55.7
44.7
40.5
32.8
28.4

10.6
20.5
24.0
23.9
22.0
17.1
11.7
14.6
10.6
19.4
24.8

115.4
109.8
99.1
96.4
101.1
104.8
102.9
106.7
118.4
106.4
111.9

French
West
Indies
and
Guiana

Mexico

Netherlands
West
Indies
and
Surinam

Panama

Peru

Other
Vene- Latin
zuela America

7.5
6.5
6.8
7.0
7.1

7.7

7.5
7.6
7.0
7.2
6.9

7.7

17.7
9.9
5.7
5.7

43.7

Latin America

Latin
America

Date

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

Argentina

31...
597.7 67.6
31...
693.7 69.8
31...
909.3 93.9
3 1 . . . 1,046.4 77.3
3 1 . . . 1,104.8 112.6
31..
1,216.6 236.2

1948—Jan. 31.
Feb. 29.
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 3 0 . . .
July 31. .
Aug. 31. . .
Sept. 30. . .
Oct. 31 P.. .
Nov. 30P . .

1,169.3
1,189.0
1,208.5
1,218.8
L.2O7.O
1,225.6
,202.7
.226.2
1,224.3
1,258.4
1,222.7

196.1
213.0
204.4
202.4
185.2
187.3
189.8
189.8
208.2
224.8
210.5

Bolivia

Brazil

Chile

Colombia

Costa
Rica

Cuba

10.8
12.6
17.7
14.5
14.0
17.8

67.7
98.7
140.8
195.1
174.0
104.7

34.5
54.0
55.0
66.3
50.7
46.3

43.4
67.1
83.6
79.2
57.8
46.1

12.4
12.2

100.3
70.4
139.3
128.3
153.5
234.7

4.9
2.6
4.4
7.1
5.4
2.4

95.7
70.4
83.1
116.4
152.2
139.2

20.7
41.2
36.0
28.2
16.1
14.9

36.9
57.6
69.1
88.7
77.2
70.3

17.7
17.4
27.7
43.9
40.9
41.8

20.9
24.2
31.5
49.7
74.0
78.0

64.2
95.4
119.8
144.8
168.7
176.8

16.1
14.3
15.1
15.7
13.5
14.3
12.1
13.0
12.5
14.4
16.1

110.6
123.2
124.5
112.3
125.1
115.8
113.8
117.4
115.7
122.3
131.4

43.1
41.1
43.9
50.5
48.6
53.0
60.2
55.9
52.9
58.3
52.7

49.2
43.4
27.2
26.9
40.2
48.4
48.7
46.5
37.5
46.2
49.4

9.2
9.8
9.8

217.3
225.5
259.7
272.6
255.3
228.8
225.6
234.9
231.2
221.4
217.7

2.7
L.8
L.9
L.7
1.3
.9
L.I
L.O
.8
.8
1.2

132.7
131.7
132.4
119.6
134.2
126.2
135.4
152.6
150.7
148.9
147.4

17.2
18.3
17.4
17.2
19.3
18.1
18.4
17.8
21.5
23.3
22.3

71.7
72.9
78.2
79.2
80.3
79.7
73.1
70.7
67.7
65.3
64.1

39.2 89.1
40.0 75.3
37.8 65.5
33.6 84.5
39.5 58.8
38.4 110.3
45.1 76.0
48.4 76.7
50.4 88.7
52.1 97.5
50.6 77.9

175.1
178.7
190.7
192.2
193.6
194.3
194.5
192.9
179.3
176.3
173.5

7.4
6.9

7.7
7.3

10.4
12.2
10.0
9.0
8.6
7.2
6.9
7.8

For footnotes see following page.

FEBRUARY

1949




201

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
i

Date

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

Asia

31. . .
31. . .
31. . .
31. . .
31. . .
31.. .

1948—Jan.
Feb.
Mar.
Apr.

31. . .
29. . .
31. . .
30. . .
M a y 31. . .
June 30. . .
July 31. . .
Aug. 31. . .
Sept. 30. . .
Oct. 3 1 p . . .
Nov. 30...

Egypt
and
PhilChina French
BritAus- New Anglo- French Union
of
and Indo- Hong India ish Japan Indo- ippine Tur- Other All
MoZeaReMan- China Kong
key Asia1 other tra- land Egyp- rocco South Other
Manesia
lia
Africa
tian
public
chulaya
ria
Sudan

930.0 360.
574.
427.
582.
431.
229.

1 ,108.8
1 ,069.2
1 ,549.6
1 ,316.4
1 ,057.9
1 ,026.9
1 ,021.0
1 ,023.0

213.
188.
173.
964.4 150.
990.2 156.
984.7 142.
I .095.2 158.
1 ,074.8 146.
1 ,105.0 181.
1 .085.2 154.
1 ,122.2 193.

9
2
3
3
9
9

27.4
27.4
27.4
28.0
39.9

13.1 1.0
.9
18.2
22.1 1.3
1.2
33.4
43.5 17.3
62.4 11.0

4
4
4
4

.8
.1
.0
.1

6.5

41.6
23.9
22.9
27.4
44.9
39.8

160.4
110.1
110.5
113.7
16.6 127.1
31 .3
69.3

5
7
8
2
4
8
2
4
7
6
3

6.2
6.3
4.9
4.8
5.4
5.2
5.3
5.9
5.3
6.4
5.7

41.1
41.6
38.8
37.6
46.1
48.1
49.7
47.2
49.0
43.3
48.8

67.7
57.8
53.1
41.9
56.0
73.4
63.5
50.6
44.8
40.9
44.9

37
53
85
76
82
79
79
76
74
76
80

.1
.8
.4
.3
.4
.1
.2
.8
.2
.8
.9

11.8
13.1
13.9
12.3
10.6
9.6

15.6
14.7
15.8
13.9
9.5

65.7
57.0
60.5
51.8
49.0
34.7
32.9
36.7
51.9
54.0
49.9

254.7
259.1
365.8
629.1
446.6
488.6

29
35
23
52
54
37

466.9 34
484.7 34
47 6 A 30
474.2 25
474.8 23
464.6 23
517.4 21
521.7 22
496.1 24
508.3 18
500.9 17

36.2 149.6 23.1 4
55.5 175.3 25.3 5
.7 64.2 174.0 52.9 3
.5 78.0 181.8 28.9 4
.7 93.8 232.8 45.5 8
.6 81.5 193.7 30.6 5
.9
.4

.2
.6
.0

.7
.5

.1
.1
.4
.4
.0
.9

82.7
83.4
86.3
89.6
85.9
104.3
152.3
152.5
161.9
168.9
170.4

206.8
203.4
196.3
159.5
162.1
143.3
161.1
168.3
165.1
178.1
167.7

26.2
28.5
24.8
19.7
21.0
18.7
23.8
22.0
18.7
19.2
20.4

5
6
6
4
5
3
3
5
6
5
5

8
1
5
3
0
9

18.9
20.8
25.0

4
2
1
6
0
6
7
5
9
3
4

37.6
42.7
36.4
31.3
29.2
27.3
33.2
42.6
36.3
36.8
30.9

6.8
6.1
7.3

.1
3
3
0
9
1

11
4
8
6
47
46

0
5
3
4
2
4

9.4
9 2
8.6
8 2
8 5
8 9

55
41
44
21
26
9
15
12
8
8
10

1
5
8
0
6
3
7
4
6
8
8

12
10
4
10
14
10

10.9
11
11
11
12

1
0
9
2

91
124
97
113
96
75

8
1
6
4
4
8

73 1
75 2
75 6

74.7

71
75
73
74
83
06
88

9
5

7

6
5
1
1

P Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

Footnotes to table on preceding page.
p Preliminary.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East ojily, the remaining Asiatic countries being included under "All other."
• Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
4
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
6
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970.

ASSETS

Date
1938—Dec.
:.
1939—Dec.
:.
1940—Dec.
:.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

(Jan. 4, 1939).
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31
31
31
31
31
31

1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Total
Other
Europe Europe

Canada

Latin
America

Asia*

All
other i

594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
708.3
960.9

86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
47.7
29.2

10.3
4.9
4.2
.8
1.3
l.l
1.4
l.l
5.7
23.4

24 2
5 7
.9
11
.5
.4
.3
36.3
151 0
49.1

5.5
5.2
1.5
2 6
15
30
1.3
2.9
9 8
7 0

13 5
11.8
2.0
1.5
.4
.4
.3
.3
16 0
21.1

135.4
104.7
69 5
60 5
56 3
52 9
78 3
74.6
82.8
130.9

274.9
172.2
101.0
88.4
72.6
77.6
107 5
140.7
312.9
260.6

60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
52.2
27.5

99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
226.8
514.3

144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
99.2
127.0

15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
17.2
31.5

1,029 .0
1,046
1,083
1,113
,162
,111
,078
,093
,077
,075
1,033

22.5
18.9
18.5
23.5
25.3
21.6
21.7
23.6
20.9
23.4
18.2

97 8
113.7
118.5
116.0
122.7
127.0
124.9
123.1
123.2
118.3
117.1

51.1
52.3
51.3
60.2
59.2
59.3
58.9
75.3
69.5
69.8
57.2

6 3
6 0
6 4
6.2
6.0
6.5
7.0
7.5
7.6
7.1
4.2

21 2
20.9
17.4
15.9
17.2
20.6
16.5
19.1
16.3
17.0
16.5

129.2
134.5
152.9
160.1
158.7
151.4
148.8
166.8
159.3
160.1
139.3

328.2
346.3
364.9
381.9
389.0
386.4
377.8
415.3
396.7
395.6
352.5

25.2
25.4
28.4
27.7
24.9
26.0
23.9
24.7
25.6
29.3
38.8

519.3
517.5
537.3
559.6
581.7
544.2
524.1
511.9
493.4
511.5
511.9

126.6
134.4
131.1
121.5
145.0
133.5
132.3
119.1
141.0
117.3
107.2

29.7
23.1
22.1
22.8
22.3
21.7
20.6
22.5
20.8
21.5
22.8

P Preliminary.
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.
1

202



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
Denmark

Finland

Germany

8

5.6
7.6
0)
C1)
6.2
8.0
8.3
7.6
7.0
6.1
5.6
5.7
5.3
4.6
3.8
3.4
3.3

34.0
33.9
33.9
33.9
30.4
30.5

1.1
.6
.6
.7
12.4
10.6

30.6
30.5
30.4
30.4
30.3
30.4
30.4
30.4
29.5
33.6
30.4

10.1
10.2
9.6
7.2
6.8
4.7
4.6
4.1
3.3
3.6
3.5

Other
Europe

Belgium

31..
31..
31. .
31. .
31..
31..

56.3
52.9
78.3
74.6
82.8
130.9

.7
.7
.6
7.5
15.0

2.2

1948—Jan. 31..
Feb. 29. .
Mar. 31. .
Apr. 30. .
M a y 31. .
June 30..
July 31. .
Aug. 31..
Sept. 30. .
Oct. 31 P .
Nov. 3 0 P .

129.2
134.5
152.9
160.1
158.7
151.4
148.8
166.8
159.3
160.1
139.3

12.7
11.3
24.2
20.7
18.8
18.6
18.5
20.0
17.7
20.8
21.2

1.5
3.2
6.6
9.9
8.6
3.5
.7
.6
1.0
1.1
3.1

Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

Greece Luxembourg

0)
0)
1

C)
C 1 )'
C 1 )'

2.4
1.4
.8
.5
1.0
1.1

11.3
10.7
8.9
12.1
11
11.6
12
17
24.2
27.3
15.0

i )1
C)

Portugal

.2
.2
35.1
31.6
3.3
9.2

0)
0)
1

Norway

1.2
1.2
1.5
1.4
1.1
1.0
.9
.8
.7
.7
.5

Spain

Sweden

A
12.0

3.2
3.2
1.8
1.6
7.2
.9

.4
.2
.2
.9
4.9
5.4

12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0

1.5
3.5
3.7
4.6
5.5
3.3
2.5
3.3
5.4
5.5
2.7

4.0
3.7
3.5
2.8
4.1
5.2
7.2
5.2
2.3
1.6
1.0

Ru-

1
C1 )
C)

0)

All
USSR Yugo- other
slavia

C1)
(l)

0)

8.4
5.0
5.1
4.7
9.4
35.8

0)
C1)
(!)
0)
C1)
0)
0)
17.0
11.3
11.1

()
C1)
(*)

35.8
40.5
45.4
52.9
54.3
55.3
54.1
51.2
48.1
39.1
39.0

0)
0)
0)

1
C1)
C)

0)

C1)
C11)
C)

0)
1
C)

(0
0)

7.5

Latin America

Latin
BoAmer- Argen- livia
tina
ica

Date

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

Colombia

Brazil Chile

Costa Cuba
Rica

NetherFrench
lands
West
West
Indies
Mexico Indies Panaand
ma
and
GuiSuriana
nam

Peru

Other
Vene- Latin
zuela America

99.7
112.2
131.0
158.9
226.8
514.3

31
31
31
31
31
31

1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 3 1 P
Nov. 30*>

6.9
15.3
3.1
21.0
41.8
65.2

3.0 16.7
1.8
18.9
1.8 25.3
1.3 24.7
2 3 49.8
2.0 165.8

15.3
16.6
9.0
6.6
14.6
27.8

20.7
12.2
15.5
16.8
26.4
32.6

.6
8.3
.7 20.1
1.2 47.4
1.2 33.3
2.9 25.7
3.5 108.6

11.2
8.6
11.0
25.5
52.2

.3
.5
.3
.5
8
1.1

2.1
1.1
.8
1.1
1.3
4.7

2.8
1.4
1.2
1.9
3 7
4.3

3.9
3.8
5.1
6 1
8 7
15.3

14.2
8.7
11.7
33 4
23 1
31.0

519.3
517.5
537.3
559.6
581.7
544.2
524.1
511.9
493.4
511.5
511.9

60.0
60.3
57.2
50.5
52.6
58.7
62.2
61.2
62.0
63.8
66.8

2.4
2.3
2.3
2.2
3.1
2.5
3.6
3.0
2.5
2.9
2.4

29.3
27.1
24.9
21.9
20.4
21.6
18.7
17.5
19.1
21.0
18.7

35.7
36.9
39.3
50.5
47.9
48.0
45.6
42.5
40.2
39.8
33.7

3.3
3.5
3.2
3.1
2.9
2.2
1.8
1.5
1.3
1.1
1.5

113.4
106.4
109.1
124.1
110.1
90.5
78.7
67.6
61.4
65.5
72.4

51.8
52.7
59.9
58.3
75.8
73.4
72.4
76.1
72.3
76.6
72.7

1.1
1.3
1.3
1.4
1.3
1.6
1.4
1.2
1.3
1.0

4.8
4.2
4.1
4.2
4.4
4.4
4.2
3.6
4.1
4.0
3.8

4.1
3.9
4.1
3
4
4.1
3.5
4.2
3.9
4.2
4.2

14.2
16.9
17.6
17.0
19.3
19.9
20.7
20.8
18.8
20.8
18.1

29.6
26.8
28.5
28.1
30.1
29.9
32.0
33.8
33.2
35.5
36.4

169.8
175.2
185.9
194.5
209.7
187.6
179
178
173.3
175.0
180.0

0)
(x1)
C)

0)
0)
0)
()

Asia and All Other
Egypt
China
PhilBritand French Union
and French
All Aus- New
ish
of
Man- Indo- Hong India Ma- Japan Indo- ippine Tur- Other other tra- Zea- Anglo- Mo- South Other
Asia
Kong
nesia Re- key Asia2
Egyp- rocco
chu- China
lia land tian
public
laya
Africa
ria
Sudan

Date

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

31
31
31
31
31
31

35.3 11.1
26.3
1.7
51.4
1.5
29.9
1.0
99.2 53.9
127.0 40.8

1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P

126.6
134.4
131.1
121.5
145.0
133.5
132.3
119.1
141.0
117.3
107.2

37.1
37.9
38.1
36.4
51.7
55.5
56.7
46.2
65.5
39.0
25.9

0)
(x1)
C)

0)
1
C)

.9 2.2
1.0 2.0
.9 22.3
.8 7.5
5.9 12.0
2.6 29.6

.7
.5
.1
.1
.2
.9

.5
.5
.5
.5
.2
.9

1.6
1.7
1.5
1.4
1.0
.5

14.4
13.9
13.8
13.8
20.2
27.4

27.0
25.5
26.0
26.1
24.3
28.1
22.2
20.2
19.5
20.0
20.2

.7
.7
.6

4.0
5.7
5.9
4.0
4.2
1.1
1.5
2.0
7.6
6.1
7.4

.4
3.1

29.3
31.0
31.1
33.7
42.7
31.7
32.4
33.2
29.5
34.2
36.2

2.9
3.9
3.7
3.5
4.5
4.6
3.5
3.9
3.5
3.1
3.5

.6
1.5
1.1
1.0
.8
1.0
.4
.5

.6

.5
.6
.7
.9
.4
.5
.3
.4

2.0 4.8 1.0
1.8 3.9
.5
8.8 11.7
.6
2.7 9.9 1.7
4.4 17.2 3.4
6.3 31.5 9.0

.1
.1
.2
.3
.4
.1

8.5
6.4
4.7
4.3
3 4
2.2
2.2
3.6
3.8
3.8
3.5

.1
.1
.1
.2
.2
.1
.5;

7.4
7.7
9.4
9.3
8.7
8.0
11.3
10.3
11.9
12.5
11.1

29.7
23.1
22.1
22.8
22.3
21.7
20.6
22.5
20.8
21.5
22.8

2.2
.2
.3
.2

C1)

0)
(0
C1)"

1.7
2.4
9.7
4.7
10.1
14.4

1.2
.7
1.0
2.5
2.2
6.0

14.3
10.0
10.1
11.7
11.8
12.0
11.1
9.9
9.7
11.1
11.6

5.0
5.0
6.0
5.6
6.1
6.5
6.0
5.9
5.9
5.5
6.6

P Preliminary.
» Less than $50,000.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

1

FEBRUARY

1949




203

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1947

1948

1948

International Fund
Oct.1

July1

May

Nov.

1,403 1,400 1,363 1,356

Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Unpaid balance of member subscriptions
Other assets
Member subscriptions
Accumulated net income

1,434
4,014
1,183
(2)
8,036
-1

1,441
4,000
1,143
(2)
7,986
-1

1,450
3,992
1,171
(2)
7,976

1948

Currency acquired3
(Cumulative figures in dollars)

Dec.

Nov.

1,626
3,630
1,309
(2)

7,922

1947

Oct.

Dec.

33.0 33.0 11.0
8.8
1.3
6.0
6.0
6.0
10.2 10.2 10.2
3.4
.3
.3
.3
125.0 125.0 125.0 125.6
68.3 52.2 44.1
22.5 22.5 22.5 22.5
75.4 75.4 75.4 52.0
.5
,5
9.6
9.6
9.6
10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 240.0

Belgian francs
Chilean pesos
Costa Rican colones
Czechoslovakian koruny.
Danish kroner
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders....
Nicaraguan cordobas
Norwegian kroner
South African pounds
Turkish liras
Pounds sterling

33.0

Total.

International Bank

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*..
Loans (incl. undisbursed portions)
Other assets
Bonds outstanding
Loans—undisbursed
Other liabilities
Special reserve
Capital *
Accumulated net income

Sept.

81
927

1947
June

89
927

Dec.

102
918

267
909

429
5

420
412
422
5
5
5
'501
497
497
9
3
5
254
250
254
18
197
27
2
4
4
4
1
3
1,667 1,667 1,657 1,645
8
-1
5
3
••501
5
254
10
4
6

1
2

Quarterly statements on a new fiscal year basis.
Less than $500,000.
» As of Nov. 30, 1948, the Fund had sold 631.5 million U. S. dollars;
in addition, the Netherlands received 1.5 million pounds sterling in.
May 1947 and 300 million Belgian francs in May 1948, and Norway
received 100 million Belgian francs in June 1948 and an additional
100 million in July 1948.
4
Excludes uncalled portions of capital subscriptions, amounting ta
6,669 million dollars as of Dec. 31, 1948, of which 2,540 million represents the subscription of the United States.
5
Excludes 8 million dollars sold to others under the Blank's guarantee.

675.8 648.9 639.9 467.7

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department
Other
assets *

Notes
and
coin

Discounts
and advances

Securities

260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
1,400.0
L,450.0
1,450.0
1

36.2
46.8
41.9
52.5
26.6
14 2
28 8
27 7
12.5
13.5
20 7
23.4
100 8

8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
15.2

94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
331.3

,400.0
,350.0
1,300.0
L,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
1,300.0
L,325.0

131.5
118 9
54.8
63.1
56.7
48.7
16.1
48.0
65.4
72.1
70.2
36.1

12.7
11.3
14.4
14.5
9.8
17.8
13.4
5.4
25.0
19.3
28.9
16.7

274.3
284.3
367.0
350.6
366.9
383.8
400.5
405.8
397.3
359.6
347.4
401.1

Gold 1

25
30
29
28
27
25
31
30
29
27
26
25
31

200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2
.2
.2

1948—Jan. 28
Feb. 25
Mar. 31
Apr. 28
May 26
June 30
J«ly 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 29

.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

Assets of banking
department

5
5 ]
5

Liabilities of banking department
Note
circulation*

Other

Othet
liabilities and.
capital

12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10 3
5.2
5.3
10 3
18.6

37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
95.5

18.0
18.0
18 0
18.0
17.9
17.9
17.9
17.ft
17.9
17.8
17.a
18.1
18.1

16.3
12.1
9.0
12.6
10.7
14.5
11.2
16.9
22.3
13.1
12.3
11.7

93.0
93.3
94.3
90.3
93.0
92.2
89.4
90.1
93.3
93.0
99.2
92.1

18.a
18.4
18.6
17.8
18.0
18.2
18.3
18.4
18.5
17.8
17.9
18.1

Deposits
Bankers'

Public

424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
,088.7
,238.6
1,379.9
1,428.2
1,349.7

72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234 3
260.7
274.5
278 9
315.1

1,269.0
1,231.6
1,245.9
1,237.8
1,244.2
1,252.2
1,285.0
1,253.3
1,236.4
L.230.8
1,233.1
1,293.1

290.8
290.6
314.3
307.4
311.8
325.4
311.0
300.3
300.0
307.5
302.7
314.5

E.C.A.

33.4
53.6
19.6
14.3
17.4

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 6 Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3 and increased by 25 million pounds on Dec. 22, 1948*
For details on previous changes in the fiduciary issue see BULLETIN for February 1948, p. 254.
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.

204



FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Liabilities

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.
1947—Dec.

Sterling
and United
States
dollars

Gold

Dominion and provincial government
securities

Deposits
Other
assets

Shortterm l

Note
circulation1
Chartered
banks

Other

Dominion
government

185.9
225.7

28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0

144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0

40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5

5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7

175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4

200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2

16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8

3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5

9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4

.2
.5
.2
.1
.1
.2
1.0
.1
.4

31.
30.
31.
31.
31.
31.
30.
31.
31.
31.

931.3
974.4
985.2
1,124.1
1,179.7
1,152.9
1,145.2
1,155.2
1,216.3
1,279.6
1,222.1
1,233.7

863.2
825.7
806.7
767.8
775.0
790.9
773.6
778.1
757.2
741.3
794.0
779.1

48.2
47.2
62.7
60.5
51.6
56.8
39.2
50.2
55.3
57.7
46.8
45.4

1,157.5
1,156.3
1,180.8
1,183.0
1,195.7
1,206.5
1,220.3
1,226.9
1,267.7
1,275.1
1,273.5
1,289.1

538.3
531.8
519.2
558.9
547.3
517.0
502.5
525.1
550.9
581.0
579.6
547.3

44.6
60.8
42.2
57.9
135.9
138.4
119.0
105.1
87.3
110.0
86.5
98.1

60.6
75.0
86.7
126.0
95.8
107.2
84.1
90.3
78.2
72.2
64.1
81.0

41.7
24.0
25.9
26.9
32.0

1948—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.

Bank of France

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.

29.
28.
26.
31.
31.
30.
28.
27.
26.
31.

Domestic bills
Gold

87,265
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94,817
65,225

1948—Jan. 22*2
Mar. 25.
Apr. 29.
May 27,
June 24.
July 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 30.

65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225

Foreign
exchange

Open Special7
market 7

7,422
821
112 11,273
43,194
42
38 42,115
37 43,661
37 44,699
42 47,288
68 23,038
7 77,621
12 137,397
9
15
17
22
21
45
50
60
35
36
30

145,814
157,997
156,424
149,849
141,276
148,812
147,288
160,930
151,954
153,368
167,450

Other

1,797
7,880
5,149
2,345
3,646
661
4,517
12
169
5,368
7,543
29
48 18,592
303 25,548
3,135 76,254
64 117,826
64
12
55
27
55
156
544
4,808
9,901
10,908
8,577

125,687
147,841
149,341
165,265
165,984
169,674
163,109
161,571
197,297
192,428
238,576

36.2

43.1

Liabilities

Assets

(Figures in
millions of francs)

Other

Other
liabilities
and
capital 3

Advances to
Government
For occupation Other 7
costs 8

Deposits
Other
assets9

72,317
142,507
210,965
326,973
426,000
426,000
426,000
426,000

18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
67*, 900
147,400 "121,061

426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000

120,700
155,000
129,500
121,800
122,800
153,200
156,800
160,700
158,000
151,200
150,900

20,627
34,673
63,900
69,500
68,250
64,400
15,850

104,474
"108 ,979
"113 ,590
"113,938
"102 ,405
"113 ,212
"104,213
"138,910
"113,547
"110,989
"119,659

Note
circulation

Govern- C.A.R.io

110,935 5,061
151,322 1,914
218,383
984
270,144 1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
920,831
733
891,546
773,199
759,054
768,567
790,639
836,662
844,894
910,633
917,757
913,234
987,621

771
791
790
812
738
764
858
788
764
759
806

41,400
64,580
16,857
10,724

Other

Other
liabilities
and
capital

25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479

2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
10,942

82,849
271,034
265,123
256,948
216,026
225,251
203,467
193,031
187,657
178,090
171,783

12,808
16,045
15,186
15,800
16,362
13,646
14,011
13,752
15,780
18,070
16,206

1
2
8
4

Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
6 Less than $50,000.
6
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral
against a loan was increased from 10,052 to 12,408 million francs. For details on previous devaluations and other changes in the gold holdings
of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November
1936,7 pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
9
From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs by a payment from the State to the Bank.
10
Central Administration of the Reichskreditkassen.
11
Includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
12
Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.

FEBRUARY

1949




205

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks 1 .
Other assets
Currency circulation 2
Deposits—Member bank
Government l
Nationalized
Other
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium »
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
E. C. A
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital

1948
Dec.

Nov.

1947
Oct.

Dec.

Dec.

Bank of the Republic of Colombia
(thousands of pesos):
433
433 1,030
Gold and foreign exchange 7 . . . .
1,429
1,622 2,614
Net claim on Int'l. Fund 6
939
866
866
Paid-in capital—Int'l. Bank
18,862 17,751 13,737
Loans and discounts
3,643 3,422 2,624
Government loans and securities.
5,811 6,658 5,346
Other assets
427
Note circulation
394
421 1,480
Deposits
16,244 15,552 12,850
Other liabilities and capital
84
283
176
2,499 1,286
758 National Bank of Costa R i c a Issue dept. (thousands of colones):
Gold
Foreign exchange
329,388 312,293 177,989
Contributions to Int'l. Fund and
to Int'l. Bank
3,357 3,630 2,721
Loans and discounts
357,385 359,756 466 073
Securities
30,246 27,144 20,313
Other assets
199,355 197, 855 205 143
Note circulation
Demand deposits
295,270 279,095 263 ,405
Other liabilities and capital
39,062 29,357 30,048
186,688 196,516 168,500 National Bank of Czechoslovakia
(millions of koruny):
Gold and foreign exchange 8 . . . .
Loans and discounts
50
49
49
Other assets
86
83
82
Note circulation
1,109
736
617
Deposits.
6,192
7,503
7,341
Other liabilities and capital....
3
5,635
507
869
428

27,334
13,598
4,720
35,000
4,636
4,233
83,176
2,474
1,701
2,171

2
5,388
580
558
1,846

3
5,299
523
494
1,775

National Bank of Denmark
(millions of kroner):
Gold.
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Clearing accounts (net)
27,782 28,235 26,170
Loans and discounts
12,074 11,726
Securities
3,132
Govt. compensation account... .
3,590
35,000 35,000
Other assets
4,622
Note circulation
5,815
3,118 2,136
Deposits—Government
81,376 81,773 79,761
Other
2,052
Other liabilities and capital
2,691
365
1,935

114
1,925

954
237
577
750
20

2,045
222
272

951
177
280
806
33
,848
168
231

National Bank of Bulgaria 4
Central Bank of Chile (millions
of pesos):
Gold &
Foreign exchange (net) 6
Net claim on Int'l. Fund
Discounts for member banks...
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital

1948

Central Bank
(Figures as of last report
date of month)

1,157

107
1
1,172

773
1,279
1,381
4,274

938
250
408

200
46
1,125
805
973
2 ,392
4 ,067
625
371
480

Nov.

Oct.

144,241
,868 21
,230 1
664 175
129,741 120
57,386 57
315,416 310
170,055 162
46,659 44

163
24
1
192!
131
48,
361
153
46

11,538
7,852
30,321
82,208
27,651
6,378
102,861
55,166
7,922

027
868
230
769
058
510
406
517
540

Dec.

194,502
21,867
1,225
132,568
103,303
43,190
297,924
159,020
39,711

11,537 11,477
7,975 12,545
30,321
85,733
21,646
6,444
101,471
54,581
7,604

30,321
69,192
3,950
1,240
86,224
35,303
7,198

4,186 4,259 3,880 4,790
30,234 25,114 24,564 17,436
48,306 48,452 49,960 55,031
71,997 68,466 66,691 58,539
2,039
984 2,133 7,316
8,691 8,375 9,580 11,402
70
175

70
138

70
116

71
123

65
-24
23
130
5,092
158
1,614
1,858
2,058
160

65
-23
20
121
5,107
170
1,520
1,826
2,165
157

65
-24
20
105
5,132
158
1,506
1,862
2,119
156

-22
21
125
5,609
250
1,641
1,741
2,621
174

Central Bank of the Dominican
Republic (thousands of dollars):
Gold
4,000 4,000 4,000 2,000
Foreign exchange
10,831 11,419 12,691 11,567
1,250
Net claim on Int'l. Fund 6
1,250
1,250
40
40
Paid-in capital—Int'l. Bank. . . .
40
78
Loans and discounts
74
Government securities
5,000 5,000 4^766
58
765
Other assets
740
730
Note circulation
17,424 16,957 17,348 12,361
Demand deposits
4,356 5,393 6,003 1,146
161
118
Other liabilities and capital
168
156
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 6
Net claim on Int'l. Fund
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private banks
Other
Other liabilities and capital..,

277,616 277 ,477 274,979
,719 51,162
50,305
,882 16,877
16,882
118,422
124,384
94,599
109,446
373,965 351 ,994 338,491
121,627t 247 224 244,338
56,770r
144,693 85 383 64,247

1
2
8

Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures
are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November
1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la
Bourse" for Sept. 20, 1948.
4
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
6
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 7as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning May 31, 1948.
8
Gold not reported separately beginning Dec. 31, 1946.

206



FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

Dec.

Nov.

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
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital

Bank of t h e G e r m a n States 2
(millions of German marks)
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation 3
Deposits—Government
Banks
Other
Other liabilities
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of G u a t e m a l a (thousands of
quetzales):
Gold,
Foreign exchange
Gold contribution to Int'l. Fund .
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital

Oct.

Dec.

6,376 6,376
13,188 13,870
7,270
7,298
325,922 305,637
24,856 24,915
147,693 137,528
89,346 88,737
130,648 119,638
9,952 12,164

36,274
32,922
1,564
5,572
5,346
1,050
57,002
19,849
5,878

36,328
27,959
1,564
3,995
5,312
1,418
50,436
20,218
5,922

2 7,464
2,832
28,331
37,433
27,769
567

843
1,327
7,781
1,779
6,017
1,572
1,493
248
2,398

Dec.

National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital

686
45
1,298
1,382
280
1,028
196

219
474,
1,809

245
440
1,782

Nov.

Oct.

Dec.

403
113
173
340
3,750
299
2,586
10
1,807
675

403
99
1,663
340

422
427
7,862
7,966
3,501
3,543
466
468
11 ,976 12,142

444
11,353
578
368
12,254

403
139
69
340
5,664
190
2,544
12
3,527
722

275
2,764
23
36
957
3,822
234

262
2,922
29
17
904
3,921
213

194
1,992
125
194
387

490
3,831
6
3
976
5,078
228

Central Bank of Ireland (thousands
of pounds):
2,646
2,646
2,646
Gold
2,646
45,299 43,289 42,575 43,436
Sterling funds
47,945 45,935 45,221 46,082
Note circulation

636
18
935
1,168
83
974
56

Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital

768
18,228
647,123

579
,884
,052

525
12,815
590,235
16
164,431
,796 171,471
176,345
,754 120,483
200,561
,847 76,969
825,709 819^988 722,264
51,365
604 65,863
42,154
688
83,054
004 68^775
171,517
897 86,520
33,659
731 29,091

Bank of J a p a n (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds. . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities

764
838
7,806
1,644
5,885
1,585
1,037
224
2,320

678
51
1,295
1,389
314
1,021
203

1947

1948

36,834
29.454
1,563
7,841
5,475
1,410
53,859
23,170
5,547

268
2
268
268
585
1,098
828
-141
-2,199 -2,218 -2,792 -2,270
35,023 35,826 38,920 34,896
899
386
908
893
916
1,257
1,359
1,784
27,369 27,400 28,011 25,162
1,434 3,627 3,217
1,627
7,441
7,309 6,720
7,446

27,230
16,233
1,250
4,768
11,761
32,461
3,023
5,178
10,399
10,181

Central Bank
(Figures as of last report
date of month)

Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Bills discounted
Loans to Government
Other assets
1,458
Deposits
5,685
Other liabilities and capital.

36,375
27,730
1,564
2,971
5,326
1,584
48,407
21,261
5,881

3,621
3,389
29,012
5,832
31,171
43,343
28,704
978

S t a t e Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
Bank of Finland (millions of
markkaa):
Gold
Foreign asset8 (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital

1947

1948

833
80,862
59,435
153,437
32,559
10,998
294,744
13,334
19,307
10,737

730 2,856
888 55,017
505 32,302
208 113,341
721 32,336
250 18,818
513 219,142
468 6,703
874 20,953
446 7,873

Bank of Java

i

Bank of Mexico (millions of pesos):
Monetary reserve 5
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
••120
223
Note circulation
1,468
Demand liabilities
Other liabilities and capital

27,230 27,229
16,734 21,824
1,250
1,250
3,377
3,573
9,289
11,529
31,299 30,269
2,905
2,995
7,799
5,535
10,292 12,902
9,094
10,193

Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
E. C. A
Other
Other liabilities and capital

635

439
5
458
155
,300
316
111
,115
179
57
188
702
320

612

668

1,792
642
207
1,856
686
735

1,645
742
207
1,820
630
757

1,609
647
157
1,762
910
409

449
4
458
151
3,300
340
112
3,088
330
60
189
585
338

452
3
459
148
3,300
345
114
3,014
347
91
140
663
338

608
3
266
160
3,500
169
125
3,010
704
129
533
205

r
1

Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks, and was published for
the first time as of Sept. 7, 1948.
3
Excludes currency issued in the Western sector of Berlin, amotfnting to 407.4 million German marks on Nov. 30, 1948.
4
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
5
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
FEBRUARY

1949




207

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1948
Dec.

Nov.

Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital

40,305
16,124
24,865
48,957
71,619
5,058

Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities and capital

233
304
-77
51
54
7,924
116
2,060
4,005
1,005
754
180
601

Bank of Paraguay—Monetary
dept. (thousands of guaranies):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund *
Paid-in capital—Int'l. Bank. . . .
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Net claim on Int'l. Fund l
Contribution to Int'l. Bank
Loans and discounts to banks...
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
National Bank of Rumania

2

South African Reserve Bank
(thousands of pounds):
Golds
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital

1947
Oct.

Dec.

2,802
2,802
2,802
41,537 47,349 63,108
37,203 43,932
7,868
16,124
1,044
21,987
48,787 51,988
71,672 61,768
5,005 4,999
263
299
-89
43
54
7,924
130
2,072
3,854
1,125
758
188
627

333
435

1947

Central Bank
(Figures as of last report
date of month)

Dec.

Bank of Sweden(millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 4
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital

178
450
3,499
155
423
3,113
679
459
453

Nov.

Oct

Dec.

178
339

177
250

232
435

,297
128
726
,924
721
255
768

3,314
99
734
2,935
636
240
763

2,929
127
343
2,895
631
269
2 70

Swiss National Bank (millions of
francs):
Gold
Foreign exchange
94 Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital

5,821
5,803
5,754 5,256
237
207
186
102
" "'
139
115
206
415
72
91
119
85
140
8,094
4,334 4,383
4,594 4,345
49
1,343
1,243
1,268 1,172
2,111
546
546
544
358
3,769
1,315 Central Bank of the Republic of
847 Turkey (thousands of pounds):
448.588 448,588 476,305
Gold *
331
703
Foreign exchange and foreign
82,966 90. 625 276,405
clearings
801,332 784 682 617,839
Loans and discounts
198,109 198 361 198,893
Securities
731
710
722
724
43,839 43, 990 45,501
Other assets
1,334 4,618 7,788 '22,694
944,215 953, 115 883,931
Note circulation
2,710 2,710 2,710 2,708
153,035 153, 035 151,777
Deposits—Gold
-14
-92
212,697 213, 183 344,243
-16
-14
Other
68,737 60,784 56,355 17,000
264,888 246, 913 234,993
Other liabilities and capital
7,636 5,099 5,238 9,161
622 2,961 2,578
783 Bank of the Republic of Uruguay
64,588 58,378 57,678 43,070 (thousands of pesos):
261,032 265,076
Gold
15,068 13.329 12,532 7,790
Silver
12,290 12,525
2,000 5,175 5,175 '•2,192
317
Paid-in capital—Int'l. Bank. . . .
314
Advances to State and govern62,895 50,783
ment bodies
,078 113,787
152,947
236,496 182,378
Other loans and discounts
,496 20,496
20,495
Other assets
284,848 263,765
,356
2,356
2,480
Note circulation
242,416 240 ,789
,615 111,856
123,109
Deposits—Government
65,757 54,802
,032 718,257
716,637
Other
252,309 251 ,207
,340 92,446
36,378
Other liabilities and capital
297,
,396 228 ,044
,425 699,067
742,505
,312 241,878 Central Bank of Venezuela (thou247,457
,180 118,376
61,961
sands of bolivares):
Golds
888,521 892,197 830,243 557,408
Foreign exchange (net)
170,077 10,276 125,577 104,486
Other assets
66,364 77,532 83,776 69,378
3,937
4,028 4,718
Note circulation—Central Bank. 767 ,632 651,934 630,756 601 ,580
9,047 9,311 10,907
National banks
1 ,662 2,749 3,026 4,022
431
415
398
Deposits
252 ,643 305,615 384,353 94,028
1,277
1,278
1,286
Other liabilities and capital
103 ,024 19,708 21,460 31,643
533
533
503
8,554 8,436 8,752 National Bank 2 the Kingdom
of
790
815
1,572 of Yugoslavia
5,348 6,588
4,858
990
997
901 Bank for International Settlements 7 (thousands of Swiss gold
francs):
Gold in bars
110,208 134,011 114,667 92,280
Cash on hand and on current
account with banks
19 ,242 15,866 41,671 15,223
44,965 47,641 57,522 187,117
Sight funds at interest
497
502
496
497
32,361 43,756 50,801 53,068
Rediscountable bills and accept102,947 102,534 96,847 8,189
ances (at cost)
16,662 16,697 15,117 28,905
9,977 8,385 8.318 13,797
Time funds at interest
25 ,056 29,132 26,231 17,816
68,414 66,593 66,143 65,637
Sundry bills and investments. . . 168,842 146,773 112,404 63,657
112,895 127,974 139,337 189,352
Funds invested in Germany. . . . 297 ,201 297,201 297,201 291,160
!,940 7,750 8,009 7,182
Other assets
1,396 2,124
977 3,389
Demand deposits (gold)
15,118 22,371 15,994 17,004
Short-term deposits (various
1,217
1,219
1,215
currencies):
500
500
500
Central banks for own ac15,782 15,922 15,568
count
143,531 139,557 112,499 7,216
Other
.
1,245 1,126 1,391 9,353
10,025 10,399 10,398
3,793 3,568 3,666
Long-term deposits: Special ac25,487 25,818 26,014
counts
228,909 228,909 228,909 228,909
556
503
658
Other liabilities and capital
250,300 250,336 249,977 250,445
4,703 4,593 3,870
639
623
805

Revised.
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2 as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report from the central bank of Rumania (June 1944), se BULLETIN forlVlarch 1945, p. 286; and of Yugoslavia (Feb;ee
ruary 1941), see BULLETIN for March 1942, p. 282.
3
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
Includes small amount of non-Government bonds.
5
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
6
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.
7

See BULLETIN for December 1936, p.

208



1025.

FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

United
King- France Gerdom

In effect Dec. 31
1937
May 10, 1938. .
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939. .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940. .
Apr. 9
May 17
Mar. 17, 1941. .
May 29
June 27
Jan. 16, 1945 . .
Jan. 20
Feb. 9
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947 . .
Aug. 27
Oct. 9
June 28, 1948.
Sept. 6
Oct. 1
In effect Jan. 31,
1949

Bel-

Central
bank of—

Neth- Swe- Switzererlands den land

Rate
Jan.
31

Central
bank of—

Date
effective

Ireland
Italy
Japan
Java
Latvia

Albania...
Argentina.
Austria.
Belgium. .
Bolivia. . .

m

Mar.
Mar.
Aug.
Aug.
Feb.

Bulgaria
Canada
Chile
Colombia
Costa Rica
Czechoslovakia

2V2

Aug. 1, 1948
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Apr. 1, 1939
Oct. 28, 1945

Portugal....
Rumania. . . .
South Africa.
Spain
Sweden

3-43

4
3

Denmark
Ecuador
El Salvador. . .
Estonia
Finland

France...
Germany.
Gree
Hungary
India

1M
&2M
U-5

Date
effective

Jan.
31

Nov. 23, 1943
Sept. 6, 1947
5.11 July 5, 1948
Jan. 14, 1937
3
Feb. 17, 1940
5

Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru

Jan. 15, 1946
June 8, 1943
Oct. 15, 1946
Oct. 1, 1935
Feb. 6, 1948

Rate

sy2
4

Oct.
June
July
Nov.
Nov.

12
5
3

21,
1,
3,
27,
4,

1940
1936
1945
1947
1948

1, 1948 Switzerland..
28, 1948 Turkey
12, 1948 United Kingdom
1, 1947
U. S. S. R.. . .
28, 1935
Yugoslavia. .

July
June
June
July
Jan.
Nov.

Jan.
Mar.
June
Oct.
Feb.

3*
3

15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
13, 1947

12, 1944
25, 1948
2, 1941
27, 1947
9, 1945

Nov. 26, 1936
July 1, 1938
Oct. 26, 1939
July 1, 1936
Aug. 20, 1948

2
4
1-3

1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since Dec. 31: None.

OPEN-MARKET RATES
[Per cent per annum]

United Kingdom

Canada

France

Netherlands

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

Month
Treasury
bills
3 months
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
1947—Nov

.75
.82
.69
.87
.64
.54
.53
.41
.38
.36
.40
.41

Bankers'
acceptances
3 months

Treasury
bills
3 months

.89
1.05
.45
.57

.82
.94
.29
.55
.55
.58

.56

1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

.41
.41
.41
.41
41
.41
.41
.41
.41
.41
.41

1.18
1.02
1.00
1.00
1.00
1.00
.51
.51
.51

.53

1947—Dec

.59
.66
1.96
1.03
1.03
1.03
1.03
1.03
.53
.53
.53

.54
.56
.56
.56
.56
.56
.56
.56
.56
.56
.56

Day-today
money

Bankers'
allowance
on deposits

Day-today
money

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

y2

23^-5
2^-5
2M-5
y2
2ys
3 7^-5

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
1.38

.63
.63
.63

2.23
2.79
1.84
1.88
1.69
1.67
1.64
1.21
1.36
1.21
2.12

1.01
.93

.78
.74

.51

.63

2.04

1.13

.53

1.38

.51
.50
.51
.51
.51
.51
.51
.51
.51
.51
.51

.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63

2.02
2.00
2.09
2.00
2.12
2.02
2.04
1.88
2.84
2.09

1.28
1.38
1.45
1.38
1.33
1.36
1.56
1.35
1.10
1.03
1.08

.57
.78
.99
.93
.94
.84
1.35
1.06
.84
.78
.77

1.50
1.50
1.50
1.50
1.50
1.50
1.63
1.63
1.63
1.63
1.63

.67

r

y2

3-5 y2

3-5%
3-5 H
3-5 y2

y5
y2y2

2 34-4 H

r
Revised.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

FEBRUARY

1949




209

COMMERCIAL BANKS

(11 London clearing
banks. Figures in
millions of pounds
sterling)

Liabilities

Assets

United Kingdom 1
Cash
reserves

Money at
call and
short
notice

Bills discounted

1941—December
1942—December.
1943—December
1944—December
1945—December
1946—Decem her
1947—December

366
390
422
500
536

141
142
151
199
252

171
198
133
147
369

499
502

432
480

610
793

1948—January
February
March
April
May

476

460

Treasury
deposit
receipts 2

800

465
472
478
488
492
489
499
490

June

July
August
September
October
November

485
495

713
804
778
723
659
715
695
707

442
468
463
454
473
477
489
490

802
793

497
482

Loans to
Securities customers

758
896
t 307
1,667
1,523
1 ,560
1,288

999
1.120
1.154
1,165
1,234
1,427
i , 483

1,219

1,217
1,157
1,153
1.240
1,248
1,361
1,320
1,323
1,345
1.313
1,332

1,480
1,485
1,486
1,482
1,477
1,478
1,478
1,474
1,472
1,475
1,480

Deposits

Other
assets

1.231
1,280
1,308
.315
L ,334
L354
1,335
1,334
1,349
L. 365
1,355

Total

823
794
761
772
827
994

513

500
507
509
547
530
487
477
485
497
516

2,168
2,429
2,712
3,045
3,262
3,823
3,962

J .161
1,200
,319
1,500
1,588
1,862
1,972

253
236
245
250
265

5,776
5,642
5,794
5,861
5,869
5,955
5,909
5 s 903
5,950
6,040
6,057

505
567

Time

3,329
3,629
4,032
4,545
4,850
5.685
5,935

324
325
349
347
374

Demand

3,821
3,700
3,686
3,744
3,832
3,872
3,834
3,829
3,844
3,927
3,958

[,955

401

2,108
2,117
2,037
2,083
2,075
2,074
2,106
2,113
2,099

Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
1947—December

356

Security
loans
32

387
471
550
694
753
731

1948—January
February

starch

April . .
May

105

698
679
698
710

....

31
48
92
251
136
77
70
65
76

728
685
671
712
734
751
781

June

July
August
September
October
November

80
84
77
77
76
97
96

,953
,933
,922
1,930
1,925
1,930
L.948
L.958
2,023
2,110
2,202

168

231
250
214
227
132
106

97
108
106
108
127
135
128
144
136
143
140

400
404
404
401
393
390
388
387
393
396

60
42
34
26
21

3,972
3,968
4,036
4,072
4,066
4,143
4,154
4,209
4,185
4,156
4,212

1.029
1,017
1,123
1 114
1 107
1 129
1.019
1,082
1,169
1,067
1,149

18
18
18
18

653

71

18

17
17
17
17
17
17
16

Deposits payable in Canada
excluding interbank deposits

Other
liabilities
and
capital

Total

Demand

Time

3,105
3,657
4,395
5,137
5,941
6,252
6,412

657
744
782
869
1 039
1,159

1,436
1,984
2,447
2,714
3,076
2,783
2,671

1,669
1,673
1,948
2,423
2,865
3,469
3,740

1,049
L,172
1,289
1,386
L 525
1,544

6,281
6,227
6,399
6,464
6,456
6 5 528
6,446
6,609
6,776
6,798
7,020

2,457
2,346
2,472
2,513
2,501
2,592
2,487
2,606
2,728
2,758
2,935

3,824
3,881
3,927
3,951
3,955
3 936
3,959
4,003
4 049
4,040
4,086

1,526
I 531
1,532
I 528
1,561
I 561
1
1,533
1,557
L 530
1,510
L,542

969

Liabilities

Due from
banks

Bills discounted

Loans

1941—December
1942—December
1943—December
1944—December
1945—December
1946—December

6,589
7,810
8,548
10,365
14,602
17,943

3,476
3,458
4,095
4,948
13,804
18,919

61,897
73,917
90,897
99,782
155,025
195,177

8,265
10,625
14,191
18,653
36,166
64,933

2,040
2.622
2 935
2,190
7.360
23,392

1947—November
December

21,597
22,551

20,691
19,410

205,314
219,374

92,010
86,344

1948—January
February
March
April
May

31,004
29,111
36,687
29,808
32,885
34,770
34,308
35,504
35,994
40,694

28,345
30,800
27,214
27,283
26,713
27,317
28,539
28,465
28.232
33,035

230 986
250,402
260 660
269,554
270,399
274,098
305,928
295.80^
311,939
339,126

100,960
98.196
101.565
105,112
113 086
112,566
110,301
113,956
111,682
116,174

July
August
September .
October

Other
assets

1,759
2.293
2,940
3,611
4,038
4.232
3,874

Cash
reserves

June,

Note
circulation

Assets

France
(4 large banks. End
of month figures in
millions of francs)

Security
oans
abroad
and net Securities
Other
due from
oans and foreign
banks
discounts
1.169
,168
,156
,211
,274
,507
,999

942

342
396

Liabilities

Entirely in Canada
Cash
reserves

Other
liabilities
and
capital

Other
assets

Deposits

Own
acceptances

Other
liabilities
and
capital

Total

Demand

Time

91, 549
112, 732
128. 758
213, 908
291, 894

7 6 , 656

75.744
9 ,225
111 .191
126,578
211,871
290,004

324
1,541
2,180
2,037
1,890

413

462
428
557
2,898
15,694

5,199
6,422
7,506
6,623
10 151
12,777

33,482
37,291

333, 858
342, 166

331,059
338,710

2,799
3,457

23,632
25,175

15,603
17,628

28.604
29 248
32 114
33,661
35 138
38,313
39,267
41,028
41,525
43,542

384 403
401 930
419 991
423 905
435 436
440, 776
470, 004
464 340
478 129

379,194
396,683
414.629
418,077
429 788
435,902
465,104
459,603
473 217
510,425

5,210
5,247
5,362
5,828
5.649
4,874
4,900
4,737
4,912
6,267

25,218
25,123
26,173
26,878
27 104
28,590
28,044
28,569
27 739
27,987

10,278
10,704
12 076
14,634
15 681
17 698
20,295
21,849
23 504
27,893

516 691

912

1

From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except in June and December, when the statements give end-of-month data.
2
Represent six-month loans to the Treasury at 1 Y% per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—F©r 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.

210



FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or
month

"Regular"
products

"Nonregular"
products

1943
1944
1945
1946
1947
1948

29.773
29.773
29.773
29.773
29.773
29.773

24 732
25.125
25.125
25.125
25.125
25.125

1948—Feb. .
Mar.. .
Apr. .
May. .
June.
July...
Aug. . .
Sept.. .
Oct. .
Nov..
Dec. . .

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

1949—Jan. .

29.773

Free

Ceylon
(rupee)
Official

Free

Official

Free

Colombia
(peso)

20!000

322.80
321.50
322.80
322.80
321!17
321 .34
321 .00
321 .22

2^2860
2.2829
2.2817
2.2816

6.0586
5.1280
6.0594
5.1469
6.0602
5.1802
6.0602
5.4 403
5.4 406

90.909
90.909
90.909
95.198
100.000
100.000

89.978
89.853
90.485
93.288
91.999
91.691

57.265
57.272
57.014
57.020
57.001
57.006

2.2789
2.2793
2.2796
2.2798
2.2805
2.2807
2.2830
2.2844
2.2850
2.2850
2.2847

5.4 406
5.4 406
5.4 406
5.4 406
5.4 406
5.4 406
5.4 406
5.4 406
5.4 406
5.4 406
5.4 406

100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000

89.062
89.280
90.633
92.273
93.229
92.829
92.701
92.180
92.898
92.383
92.250

57.010
57.010
57.010
57.010
57.010

20.000
20.000
20.000
20.000
20.000
20.000

321 .20
321 .21
321 .23
321 .21
321 .21
321 .23
321 .23
321 .23
321 .23
321 .23
321 .23

20.000

321 .22

2.2844

5.4 406

100.000

92.444

Czechoslovakia
(koruna)

1943..
1944....
1945... .
1946..
1947
1948

Denmark
(krone)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

Norway
(krone)

20.577
20.581
20.581
20.581
20.577
18.860

37.933
37.813
37.760
37.668

324.20
324 42
323.46
322.63
322.29
350.48

' '20.'176"
20.160
20.159

322.49
322.50
322.51
322.49
322.50
322.51
353.87
399.15
399.15
399.15
399.15

20.160
20.160
20.160
20.160
20.158
20.158
20.158
20.158
20.158
20.158
20.158

399.14

20.158

France
(franc)
Official

India 2
(rupee)

Italy
(lira)

30.122
30.122
30.122
30.155
30.164
30.169

''2^0060'
2.0060
2.0060

20^876
20.864
20.857

2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060

20.860
20.860
20.860
20.860
20.859
20.858
20.855
20.854
20.854
20.854
20.854

.4671
.4671
.4671
.4671
.4671
.4671
.4671
.4671
.4671
.4671
.4671

.3270
.3270
.3277
.3272
.3268
.3265
.3268
.3213
.3193
.3179
.3154

30.168
30.168
30.169
30.169
30.169
30.169
30.169
30.168
30.168
30.168
30.168

20.575
20.575
20.578
20.574
20.573
20.573
14^438
14.490
14.527

37.714
37.750
37.765
37.755
37.718
37.645
37.621
37.598
37.602
37.572
37.615

2.0060

20.854

.4671

.3141

30.168

14.534

37.664

South
Africa
(pound)

Spain
(peseta)

Straits
Settlements
(dollar)

Sweden
(krona)

Switzerland
(franc)

June

July. . . .
Aug
Sept
Oct
Nov
Dec.
1949—Jan.

Portugal
(escudo)

'" 23^363'
23.363
23.363

27.826
27.826
27.826
27.825
27.824
27.824
27.824
27.823
27.823
27.823
27.823

23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363

403 .11
403 .13
403 .15
403 12
403 .13
403 .14
403 .15
403 .15
403 .14
403 .15
403 .15

65.830
65.830
65.830
65.830
65.830
65.830
" 65^830"
65.830
65.830

27.823

23.363

403 .13

65.830

3.9700
3.9856
3.9966
4.0334
4.0345
4.0329
4.0327
4.0319
4.0312
4.0316
4.0321

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

1949—Jan. . .

4.0324

47.083

Philippine
Republic
(peso)

149.675

56.180
56.180
56.180
56.180
56.180
56.180

1948—Feb. . .
Mar.. .
Apr. . .
May. .
June..
July.. .
Aug. . .
Sept.. .
Oct. .
Nov.. .
Dec. . .

1

30.117

Free
52.855
53.506
55.159
56.280
56.239
56.182

25*859
27.824
27.824

(3)

1

Uruguay
(peso)

65.830
65.830
65.830
65.830
65.830
65.830

9.132
9.132
9.132

400.75

United
Kingdom
(pound)

403.50
403.50
403.50
403.50
403.02
403 .28
402 .86
403 .13

4.0501'
4.0273
4.0183

i

.4434

Official

398.00
398.00
399.05
400.50
400.74
400.75

3

...

Free

1.5 711
409
407
.3240
.4929

1948—Feb..
Mar... .
Apr
May

1943 . . . .
1944
1945........
1946
1947
1948

Official

Belgium
(franc)

Canada
(dollar)

25.125

Year or month

Year or
month

Brazil
(cruzeiro)

Australia
(pound)
Certain
industrial
products

In cents per unit of foreign currency]

58^822

56^180 ' '58^822'
58.822
56.180
58.822
56.180
56.180

58.822

53.191

53 .'191*
53.191
53.191
53.191

1
2
3

Based on quotations beginning Jan. 24, 1949.
Excludes Pakistan, beginning April 1948.
Quotations not available after Dec. 17, 1948.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947,
p. 933; and February 1944, p. 209.

FEBRUARY

1949




211

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Sweden
(1935 =
100)

132

150

i 126

103
110
133
140
155
173

87
91
108
102
105
131

100
102
114
111
115
146

183
197
209

150
157
160

172
189
196

5,159

233
308
1,599
5,103

251
271

186
199

5,373
5,352
5,318
5,240
5,184
5,142
5,139
5,704
5,769
P5 706

9,144
9,288
9,485
9,537
9,634
10,007
14,043
16,916
18,206
19,138

279

207

279
279
279
279
280
279
280
279
284
P289

209
210
213
214
216
215
217
217
r
2l7

i 124

106

89
94
109
101
103
137

52
63
89
100
105
139

72
80
94
100
104
121

136
148
182

103
104

166
169

171
201
234

136
153

227
247

153
159
163

265
375

109
129
153

286
302
318

175
192
219

648
989

147

302

212

1926

100

100

1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948

80
81
86
79
77
79

72
75
85
79
75
83

95
101
119
126
127
128

87
99
103

90
96
100

104
106
121
152
165
166

1948—January
.. .
February
March
April
IVIay
June
July
August
September
October
November....
December

Netherlands
(July 1938June 1939
= 100)

France
(1938 =
100)

Canada
(1926 =
100)

Year or month

Japan
(1933 =
100)

United
Kingdom
(1930 =
100)

United
States
(1926 =
100)

Mexico
(1929 =
100)

147
147
149
150
152
152
158
158
159
160
160

161
161
163
164
166
169
170
169
165
164
162

304
303
303
313
321
326
331
328
331
329
321

217
217
219
220
222
222
221
220
220
221
221

PI

Italy
(1938 =
100)

711

1,463
1,537
1,536
1,555
1,653
1,691
1,698
1,783
1,791
1 884
Pl.974
M.971

164
181

196
194

Switzerland
(July 1914
= 100)
144
90
96
111
107
111
143
184
210
218
223
221
215
224

P233

217

234
234

235
234
233
233
232
231
230
230
232

P231

r
p Preliminary.
Revised.
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October
1935, p. 678.
1

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1926=100)

United States
(1926=100)
Year or month
Farm
products

Foods

Other
Farm
commod- products
ities

United Kingdom
(1930=100)

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

Foods

Netherlands
(July 1938-June 1939=100)

Industrial
products

1926...

100

100

100

100

100

79
81
86
69
65
68
82
106
123
123
128
149
181
188

84
82
86
74
70
71
83
100
107
105
106
131
169
179

78
80
85
82
81
83
89
96
97
99
100
110
135
151

64
69
87
74
64
68
73
85
98
107
112
118
126
143

66
71
84
73
67
75
82
90
99
104
106
110
131
156

73
74
81
78
75
82
89
92
93
94
94
99
117
140

87
92
102
97
97
133
146
158
160
158
158
158
165
181

90
96
112
104
106
138
156
160
164
170
175
184
207
242

1948—January
February
March
April

199
185
186
187
189
196
195
191
190
184
181
177

180
172
174
177
177
181
188
190
187
178
174
170

148
148
148
149
149
150
151
153
153
153
153
153

141
139
138
141
144
148
147
145
143
143
144
143

148
147
147
150
153
156
155
163
163
164
165
164

137
137
137
137
137
138
139
143
144
144
144
144

174
181
181
182
182
184
184
183
181
180
181
178

235
237
239
241
243
244
244
243
243
243
244
246

IndusIndustrial
trial raw finished
products products

100

1935
1936
1937
1938
1939.
1940
1941
1942
1943
1944.
1945
1946.. . .
1947
1948

Foods

May

June
July
August
September
October
November
December

103
121
140
157
157
159
172
200
214

112
163
177
175
174
179
193
282
328

104
126
148
154
159
163
184
261
276

235
233
232
231
230
235
229
224
222
224

340
340
339
340
341
342
340
341
340
343

279
280
280
280
281
281
280
282
283
288

Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p 159.

212



FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]

RETAIL FOOD PRICES
[Index numbers]
SwitzUnited
United
CanKing- France Nether- erdom
lands
land
States
ada
(1938 (1911-13 (June
(1935-39 (1935-39 (June
= 100)
= 100) 1914
= 100) 17,1947 = 100)
= 100)
= 100)

Year or
month

1937
1938
1939
1940
1941
1942 ..
1943
1944 .
1945
1946
1947
1948

105
98
95
97
106
124
138
136
139
160
194
210

103
104
101
106
116
127
131
131
133
140
160
196

139
141
141
164
168
161
166
168
170
169
UOl

1948-January...
February..
March. .. .
April
May
June
July
August.. . .
September.
October...
November.
December.

210
205
202
208
211
214
217
217
215
212
208
205

182
186
186
187
191
194
201
203
204
205
205
202

104
108
109
109
108
113
108
107
107
108
108

100
108
129
149
174
224
275
377
645
1,043

127
130
130
150
177
191
198

P1,662

1,437
1,541
1,518
1,524
1,541
1,560
1,559
1,716
1,842
1,904

130
130
132
146
175
200
211
215
215
210
222
P230

SwitzUnited
United
CanKing- France Nether- erland
States
dom
lands
ada
(1938 (1911-13 (June
(1935-39 (1935-39 (June
1914
= 100)
= 100) 17,1947 = 100)
= 100)
= 100)
= 100)

Year or
month

1937
1938
1939
1940
1941
1942 .
1943
1944 .
1945
1946 .
1947
1948

103
101
99
100
105
117
124
126
128
139
159
171

230 1948-January...
February..
230
March. . . .
229
April
229
May
229
June
230
July
229
August....
228
September.
229
October.. .
229
November.
235
Decembei.
P232

PI.873

Pl.924

101
102
102
106
112
117
118
119
119
124
136
155

154
156
158
184
199
200
199
201
203
204
x
101

169
168
167
169
171
172
174
175
175
174
172
171

148
150
151
152
153
154
157
158
159
160
160
159

104
106
106
108
108
110
108
108
108
108
109

100
108
129
150
175
224
285
393
645
1,030
PI 633
1,414
1,519
1,499
1,499
1,511
1,529
1,528
1,670
1,783
1,844
P1,870
P1,928

137
139
140
154
175
187
195

137
137
138
151
174
193
203
208
209
208
217
P224
224
224
223
223
223
224
223
223
223
223
226
P225

P Preliminary.
1
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
03
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]
Common stocks

Bonds
Year or month

Number of issues. . .

United
Statesi
(high
grade)
12

United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 =100)
(2)

87

France
(1938 =
100)

Netherlands 3

50

13

115.9
117.8
118.3
120.3
120.9
122.1
123.4
1
103.2
98.7

1940
1941
1942
1943
1944
1945
1946
1947.
1948
1948—January
February. . . .
March
April
May
June
July
August
September. . .
October
November. . .
December. . . .

95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5
105.0

118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
129.9

M14.2
8143.4
146.4
146.6
150.5
152.1
144.6
132.0
P117.0

98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
97.8
97.9
98.9

108.6
108.6
103.4
103.6
104.9
104.8
104.6
104.0
104.1
103.8
104.5
104.7

130.5
130.6
130.0
129.1
129.1
129.5
129.3
129.7
130.1
130.5
130.4
130.4

118.9
119.1
119.0
119.1
118.2
118.6
117.8
119.3
116.2
114.4
P113.4
P110.0

109.6
105.6
108.3
107.3
107.6
107.6
107.3
108.0
105.6
106.3
106.6
107.3

United
States
(1935-39
= 100)

NetherFrance 6
United
Canada 4
lands s
(1935-39 Kingdom (December
(1926=100) 1938=100) (1938=100)
= 100)
278

*295

416

100

88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
124.4

77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
112.5

70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
92.0

140
8 308
479
540
551
694
875
1,149
Pl.256

120.1
114.2
116.4
124.6
130.2
135.1
131.9
127.1
125.7
127.8
120.4
119.4

107.5
102.2
101.5
109.1
116.5
120.3
116.3
113.6
113.4
116.4
117.8
115.8

93.9
91.1
90.2
93.2
94.8
93.9
91.4
91.2
90.7
90.6
91.6
91.6

1,301
1,229
1,239
1,190
1,127
1,086
1,217
1,208
1,285
1,464
p L.354
V 1,366

37

7

184.3
202.9
216.0
217.6
208.3
199.2
197,3
197.0
195.7
194.3

Preliminary.
1
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter on the capitalized yield as calculated on the 15th of every month.
• This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial
bonds. The average yield in the base period (January-March 1937) was 3.39 per cent.
4
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.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
T
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June
1935, p. 394; and February 1932, p. 121.

FEBRUARY

1949




213

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON

MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER

ELLIOTT THURSTON,

Assistant

CHESTER MORRILL, Special Adviser

to the Board

to the Board

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel

OFFICE OF THE SOLICITOR
J. LEONARD TOWNSEND, Solicitor
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FRANK A. SOUTHARD, JR., Associate Director

FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
ERNEST G. DRAPER
MARRINER S. ECCLES
R. M. EVANS
R. R. GILBERT
H. G. LEEDY
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
C. S. YOUNG

WlNFIELD W . RlEFLER, Assistant
to the Chairman

DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director

DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,

BOSTON DISTRICT

W. RANDOLPH BURGESS, N E W YORK DISTRICT
PHILADELPHIA DISTRICT

SIDNEY B. CONGDON,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

J. T. BROWN,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

W. L. HEMINGWAY,

ST. LOUIS DISTRICT

HENRY E. ATWOOD,
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
WATROUS H . IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T . BRUCE ROBB, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market

FREDERIC A. POTTS,

MINNEAPOLIS DISTRICT

JAMES M. KEMPER,

KANSAS CITY DISTRICT

J. E. WOODS,

DALLAS DISTRICT

RENO ODLIN,

SAN FRANCISCO DISTRICT

HERBERT V. PROCHNOW, Secretary

Account
214



FEDERAL RESERVE BULLETIN

CHAIRMEN,

DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve
Bank of

Chairman1
Deputy Chairman

President
First Vice President

Boston.

Albert M. Creighton
Harold D. Hodgkinson

Joseph A. Erickson
William Willett

New York

Robert T. Stevens
William I. Myers

Allan Sproul
L. R. Rounds

Philadelphia....

Warren F. Whittier

Alfred H. Williams
W. J. Davis

Cleveland

George C. Brainard
A. Z. Baker

Ray M. Gidney
Wm. H. Fletcher

Richmond

Charles P. McCormick
J. B. Woodward, Jr.

Hugh Leach
J. S. Walden, Jr.

Atlanta

Frank H. Neely
Rufus C. Harris

W. S. McLarin, Jr.
L. M. Clark

Chicago

Franklin J. Lunding

Chester C. Davis
F. Guy Hitt

Russell L. Dearmont
Wm. H. Bryce

St. Louis

C. S. Young
Charles B. Dunn

Minneapolis. . . . Roger B. Shepard

J. N. Peyton
0. S. Powell

W. D. Cochran
Kansas C i t y . . . .

Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang

Dallas

J. R. Parten
R. B. Anderson

San Francisco.. . Brayton Wilbur

Harry R. Well man

R. R. Gilbert
W. D. Gentry

C. E. Earhart
H. N. Mangels

Vice rresiuents
Robert B. Harvey2 Alfred C. Neal
Carl B. Pitman
E. G. Hult
0. A. Schlaikjer
E. 0. Latham
R. F. Van Amringe
A. Phelan
E. 0. Douglas
H. V. Roelse
H. H. Kimball
Robert G. Rouse
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
Karl R. Bopp
E. C. Hill
Wm. G. McCreedy
L. E. Donaldson
Robert N. Hilkert P. M. Poorman3
Roger R. Clouse
B. J. Lazar
Martin Morrison
W. D. Fulton
Paul C. Stetzelberger
J. W. Kossin
3
Donald S. Thompson
A. H. Laning
R. W. Mercer
R. L. Cherry
3
Claude L. Guthrie W. R. Milford
C. B. Strathy
E. A. Kincaid
Edw. A. Wayne
T. A. Lanford
P. L. T. Beavers
E. P. Paris
V. K. Bowman
S. P. Schuessler
J. E. Denmark
Joel B. Fort, Jr.
2
John K. Langum
Allan M. Black
0. J. Netterstrom
Neil B. Dawes
A. L. Olson
W. R. Diercks
Alfred T. Sihler
E. C. Harris
W. W. Turner
0. M. Attebery
Paul E. Schroeder
Wm. E. Peterson William H. Stead
C M . Stewart
C. A. Schacht
H. G. McConnell R. E. Towle
Sigurd Ueland
A. W. Mills3
Harry I. Ziemer
Otis R. Preston
John Phillips, Jr.
L. H. Earhart
G. H. Pipkin
Delos C. Johns
C. E. 7 Sandy2
R. L. Mathes
D. W . Woolley
W. H. Holloway
E. B. Austin
Watrous H. Irons
R. B. Coleman
L. G. Pondrom3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
W. L. Partner
Albert C. Agnew
C. R. Shaw
W. N. Ambrose
H. F. Slade
D. L. Davis 3
W. F. Volberg
J. M. Leisner
0. P. Wheeler

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Branch

Federal Reserve
Bank of

Chief Officer

New York

Buffalo

I. B. Smith4

Cleveland

Cincinnati
Pittsburgh

B. J. Lazar
J. W. Kossin

Richmond

Baltimore
Charlotte

W. R. Milford
R. L. Cherry

Atlanta

Birmingham
Jacksonville
Nashville
New Orleans

P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris

Chicago

Detroit

E. C. Harris

St. Louis

Little Rock
Louisville
Memphis

C. M. Stewart
C. A. Schacht
Paul E. Schroeder

1

Also Federal Reserve Agent.

FEBRUARY

1949




2

Cashier.

Branch

Chief Officer

Minneapolis. . . . Helena
Kansas C i t y . . . . Denver
Oklahoma City
Omaha

3

R. E. Towle
G. H. Pipkin
R. L. Mathes
L. H. Earhart

Dallas

C. M. Rowland
W. H. Holloway
W. E. Eagle

El Paso
Houston
San Antonio

San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

4

W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

General Manager.

215

FEDERAL RESERVE PUBLICATIONS:
The material listed below may be obtained from RULES OF ORGANIZATION AND RULES OF PROCEDURE
the Division of Administrative Services, Board of
(Board of Governors of the Federal Reserve SysGovernors of the Federal Reserve System, Washtem). September 1946. 31 pages.
ington 25, D. C. Remittance should be made pay- T H E FEDERAL RESERVE ACT, as amended to Novemable to the order of the Board of Governors of the
ber 1, 1946, with an Appendix containing proFederal Reserve System.
visions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
FEDERAL RESERVE BULLETIN. Issued monthly. Subpaper-bound copy; $1.00 per cloth-bound copy.
scription price in the United States and its posses- FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
sions, Bolivia, Canada, Chile, Colombia, Costa
Space for plotting through 1948. April 1947
Rica, Cuba, Dominican Republic, Ecuador, Guateedition. 24 pages. 50 cents per copy; in quanmala, Haiti, Republic of Honduras, Mexico, Newtities of 10 or more copies for single shipment
foundland (including Laborador), Nicaragua,
35 cents each.
Panama, Paraguay, Peru, El Salvador, Uruguay,
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
No. 1. Jobs, Production, and Living Standards.
copy. Group subscriptions in the United States
No. 2. Agricultural Adjustment and Income.
for 10 or more copies to one address, 15 cents per
No. 3. Public Finance and Full Employment.
copy per month, or $1.50 for 12 months.
No. 4. Prices, Wages, and Employment.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
No. 5. Private Capital Requirements.
RATES, AND BUSINESS. Issued monthly. $9.00 per
No. 6. Housing, Social Security, and Public
annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipWorks.
ment, 75 cents each.
No. 7. International Monetary Policies.
BANKING STUDIES. Comprising 17 papers on bankNo. 8. Federal Reserve Policy.
ing and monetary subjects by members of the
Board's staff. August 1941; reprinted March The price for the set of eight pamphlets is $1.25;;
1948. 496 pages. Paper cover. $1.00 per copy; 25 cents per pamphlet, or, in quantities of 10 or
in quantities of 10 or more copies for single ship- more for single shipment, 15 cents per pamphlet.
ment, 75 cents each.
BANKING AND MONETARY STATISTICS.

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
PROVISIONS OF STATE LAWS RELATING TO BANK R E -

SERVES as of December 31, 1944. 1945. 30 pages.
MONETARY

AND BANKING

REFORM

IN PARAGUAY.

Includes translation of laws, accompanying reports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
1
A more complete list, including periodical releases and reprints, appeared on pp. 1554-1557 of the Dec. 1948 BULLETIN.

216




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.
DEBITS

AND CLEARINGS STATISTICS, THEIR

GROUND AND INTERPRETATION.

BACK-

October 1947.

5fr

pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
DISTRIBUTION

OF BANK

DEPOSITS

BY COUNTIES,

December 31, 1947. July 1948. 122 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulations,

with amendments.

FEDERAL RESERVE BULLETIN;

FEDERAL RESERVE
REPRINTS

PUBLICATIONS
1948 SURVEY OF CONSUMER FINANCES.

(From Federal Reserve Bulletin unless preceded by an asterisk)

REVISION OF NATIONAL INCOME AND PRODUCT STA-

RETAIL CREDIT SURVEY—1947.

STERLING IN MULTILATERAL TRADE, by J. Burke

September 1947.

SUMERS, July 1947. October 1947. 4 pages.
BANK LOANS TO FARMERS.

October and December

1947. 36 pages.
THE

SALES FINANCE COMPANY OPERATIONS IN 1947, by

Milton Moss.

FINANCIAL POSITION AND BUYING PLANS OF CON-

CURRENT INFLATION PROBLEM—CAUSES AND

CONTROLS, by Governor Marriner S. Eccles. December 1947. 8 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE

1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT

From July 1948

BULLETIN with supplementary information for
nine separate trades. 41 pages.

TISTICS. September 1947. 12 pages.
Knapp and F. M. Tamagna.
8 pages.

June, July,,

August, and September 1948. 65 pages.

#

July 1948. 6 pages.

STEPS TO RESTORE POWERS OF STATES AND LOCALI-

TIES, by Frederic Solomon. Reprinted from the
July 1948 issue of the American Bar Association
Journal. 9 pages.
* MEANS OF COMBATING INFLATION.

Statements of

Governor Marriner S. Eccles before House Banking and Currency Committee on August 3, 1948,
and before the Senate Banking and Currency
Committee on July 29 and 30 on S. J. Res. 157^
2 pamphlets.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-

AGAINST THE DEMAND AND T I M E DEPOSITS OF

RENCY

BANKS, by Governor Marriner S. Eccles.
ary 1948. 10 pages.

Thomas B. McCabe on August 2, 1948.
1948. 8 pages.

Janu-

COMMITTEE.

T H E FEDERAL RESERVE CHART BOOK AS AN AID TO REGULATION

BANK MANAGEMENT, by Charles H . Schmidt.

Presented

OF CONSUMER

by

Chairman

INSTALMENT

August
CREDIT.

STATEMENT ON BEHALF OF THE BOARD OF GOVER-

Statement by Governor R. M. Evans before the
House Banking and Currency Committee on,
August 2, 1948. August 1948. 2 pages.

NORS OF THE FEDERAL RESERVE SYSTEM BEFORE

T H E PHILIPPINE CENTRAL BANK ACT and Text of

THE JOINT COMMITTEE ON THE ECONOMIC REPORT.

the Act, by David Grove and John Exter. In
part a reprint from the August 1948 BULLETIN,.
36 pages.

April 1948. 9 pages.
#

Presented by Governor Marriner S. Eccles on
April 13, 1948. 7 pages.
NEW

COMMERCIAL BANKING OFFICES, 1936-1947,

by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. June 1948. 2 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE; with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION

FINANCING, by Charles H . Schmidt.
19 pages.

June 1948.

1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS. June 1948.

T H E BALANCE SHEET OF AGRICULTURE, 1948.

Sep-

tember 1948. 16 pages.
BANK CREDIT DEVELOPMENTS.

October 1948.

12

pages.
T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL

RESERVE SYSTEM. Address by Chairman Thomas
B. McCabe on October 26, 1948 at the annual
meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-

SUMERS, July 1948. November 1948. 5 pages*

15 pages.
II. T H E DISTRIBUTION OF CONSUMER INCOME IN

LATIN AMERICA'S POSTWAR INFLATION AND BALANCE

1947. June 1948. 8 pages.

OF PAYMENTS PROBLEMS, by David L. Grove and

III. CONSUMER OWNERSHIP AND U S E OF LIQUID

Gerald M. Alter.

AND NONLIQUID ASSETS. July 1948. 15 pages.

November 1948. 11 pages.

* STATEMENT ON BEHALF OF THE BOARD OF GOV-

IV. CONSUMER SAVING AND THE ALLOCATION OF

ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE

DISPOSABLE INCOME.

THE JOINT COMMITTEE ON THE ECONOMIC REPORT.

August 1948.

19 pages.

V. HOUSING EXPENDITURES AND FINANCE.

tember 1948. 8 pages.
FEBRUARY 1949




Sep-

Presented by Chairman Thomas B. McCabe on
February 14, 1949. 7 pages.
21?

h-*
OO

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

52

5===

r
w
w

^T

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

€>

FEDERAL RESERVE BANK CITIES

•

FEDtRAL RESERVE BRANCH CITIES

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

OCTOBER 1.194$
Ett.

3