Full text of Federal Reserve Bulletin : January 1948
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FEDERAL
E S E RV
BULLETIN
JANUARY 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Demand, Production, and Prices in 1947.
1-10
Federal Reserve Support of Government Securities Market.
11-13
Proposal for a Special Reserve Requirement against the Demand and Time
Deposits of Banks.
14-23
Banking Assets and the Money Supply Since 1929, by Morris A. Copeland and
Daniel H. Brill.
Gold and Foreign Exchange Reserve Requirements of Foreign Central Banks
24- 32
33- 38
Policy Statements on Gold Subsidies.
39
Law Department:
Reserves—Standard for Classification of Reserve Cities.
40- 42
Foreign Funds Control—Treasury Department Releases.
42- 44
The Federal Register
44
Current Events and Announcements
45- 48
National Summary of Business Conditions
49- 50
Financial, Industrial, Commercial Statistics, U. S. (See p. 51, for list of tables)
51-108
International Financial Statistics (See p. 109, for list of tables)
109-127
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
128
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
129
Federal Reserve Publications
130-131
132
Map of Federal Reserve Districts
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FEDERAL RESERVE
VOLUME 34
January 1948
BULLETIN
NUMBER 1
DEMAND, PRODUCTION, AND PRICES IN 1947
In 1947 demands for goods and services
were at exceptionally high levels in the
United States and although production was
in very large volume inflationary forces continued dominant. Domestic demands were
very great from all sectors of the economy,
agricultural as well as industrial, and from
all types of buyers, producers as well as consumers. Foreign purchases were also at an
unusually high level, particularly in the early
part of the year. Heavy demands from many
sources led to a substantial rise during the
year in total expenditures for goods and services. In the final quarter such outlays were
at a seasonally adjusted annual rate of over
240 billion dollars, up about 20 billion from
the first quarter and 150 billion from 1939.
The physical volume of supplies coming on
the market during the year failed to keep
pace with the increase in expenditures, and
rising expenditures were reflected in considerably higher prices. In December, wholesale commodity prices were 15 per cent
higher than at the beginning of the year and
more than double those of 1939. Consumer
prices were up 8 per cent to a level two-thirds
higher than that before the war. Real estate
values in urban areas continued at sharply
advanced levels and farm real estate values
were still rising. In security markets common stock prices were about the same at the
end as at the beginning of 1947, while bond
prices were moderately lower, reflecting a
rise in interest rates.
JANUARY
1948
As the year 1947 ended, production in
physical terms was close to the practical limit
and not capable of showing much growth in
the near future. Also, the amount of goods
obtainable from abroad was still small. The
physical volume of business inventories,
which had increased considerably in 1946,
showed only a limited further expansion
during 1947. With expenditures increasing,
commodity markets were subject to continuing strong inflationary pressures.
Buyers were able to increase their expenditures further—in the process driving prices
up—because they were receiving higher incomes, because they had large resources in
the form of liquid assets built up during the
war, and because they were able to borrow
readily. The volume of bank loans to business enterprises, to real estate owners, and to
consumers increased rapidly during the year
and the rise more than offset the repayment
of Federal debt to banks. Thus monetary
and credit expansion, which had already been
very great, was proceeding at a rate which
was contributing to further inflationary developments.
One element in the strong inflationary situation at the end of 1947 was the widespread belief that the rise in prices would
persist. This view resulted in part from the
demonstration of strength in commodity
markets which followed a period of hesitation in the spring. At that time many buyers, having increased their inventories, with-
DEMAND, PRODUCTION, AND PRICES IN 1947
drew from the market temporarily in the expectation of a decline in prices. As a result
production declined, and prices levelled off
for a while.
The reaction did not extend far or last
long, however, for a variety of reasons.
Shortages of many industrial products, such
as steel and automobiles, continued. Prospects developed for shortages of important
agricultural products, especially grains and
livestock products, owing to reduced crop
prospects, in the United States and abroad,
and to continued high consumption. A
proposal was advanced for Federal financing
of a continued large volume of exports to
Europe as a part of a broad European recovery program; and buying by other countries
continued in substantial volume, despite increasing dollar shortages. Demand for residential, business, and public construction in
this country expanded, although costs were
at very high levels, and new shortages of
building materials appeared. A sharp rise in
wage rates at coal mines early in July was
followed by marked advances in the prices of
coal and steel, and producers were able to
sell all they could produce at the new higher
prices. Soon thereafter requests were announced for large freight rate increases and
wage rates on the railroads were increased.
In September a large amount of veterans
terminal-leave bonds were cashed.
As a result of such developments widespread expectations of lower prices, on the
part of consumers as well as producers, gave
way to expectations of higher prices; demands generally expanded; and pressures on
productive resources again increased. In
these circumstances prices advanced rapidly
in the second half of the year.
current capacity and unemployment was at
a minimum. Production and employment,
moreover, were little above levels prevailing
at the beginning of the year. Total employment in nonagricultural lines was up about
2 per cent, after allowance for seasonal
changes, and there was little change in the
average number of hours worked.
Industrial production—output at factories
and mines—in the fourth quarter was at 191
per cent of the 1935-39 average, on a seasonally adjusted basis, as compared with 189 in
the first quarter. Over the same period electric power production showed little increase.
Construction activity did rise during 1947,
but at the end of the year further growth
was being limited by continuing shortages of
building materials. Agricultural production
in 1947, although large, was not quite as large
as in the two previous years. Railroad freight
traffic was in about the same volume at the
end of 1947 as at the beginning of the year
and truck transportation increased about 5
per cent, after allowance for seasonal variation. Altogether, production and transportation of goods, and also trade and most other
service activities, showed little rise during
1947, and the possibilities of further increase
in the near future appeared to be limited.
Output of iron and steel, passenger automobiles, agricultural machinery, and petroleum products at the year end was higher
than in the first quarter, and production in
these industries was still limited by supplies
of materials and by capacity to produce. In
contrast, demand limitations were responsible
for decreases from high first quarter levels of
output of some other products, such as glass
containers, machine tools, and some types of
nonferrous metal products.
PRODUCTION NEAR CAPACITY LEVEL
For the year as a whole, production in
As the year ended the physical volume of most parts of the economy averaged higher
production of goods and services was close to than in 1946, a year of transition and of many
FEDERAL RESERVE BULLETIN
DEMAND, PRODUCTION, AND PRICES IN 1947
interruptions in production occasioned by
unbalanced supplies and industrial disputes.
Total output at factories and mines, at 187
per cent of the 1935-39 average, was up 10
per cent from the 1946 average of 170, and
there was nearly this much increase in construction activity. In most other lines there
were less marked increases. Agricultural production, however, in the aggregate showed a
decline, and there was considerable reduction
in the average number employed by the
Federal Government, reflecting chiefly demobilization and discontinuance of various
wartime activities during 1946.
For manufacturing and mining, levels of
output in the years 1947, 1946, and 1937, and
also in selected months of 1947, are shown in
the table.
INDUSTRIAL PRODUCTION
[Indexes adjusted for seasonal variation, 1935-39 = 100]
Industry group
Selected months
of 194'r
Nov.
Industrial production. . .
Years
July Mar. 1947 1946
192 176 190 187 170 113
Manufactures
199 183 198 194 177 113
Durable manufactures.
.
Iron and steel l
Machinery l
Transportation
equip
ment 1
Automobiles * l
Nonferrous metals ..
Lumber and products
Stone, clay, and glass
225 207 225 220 192 122
202 181 196 195 150 123
282 266 281 276 240 126
238
200
184
149
202
217
185
171
133
195
239
197
202
147
218
231
191
187
143
206
232
159
157
131
192
123
116
122
113
114
Nondurable manufactures. .
Textiles 1
Leather and products. . .
Foods
Liquors
Tobacco products l
Paper and products ... .
Printing and publishing.
Petroleum and coal products
Chemicals
Rubber products l
178
171
125
158
220
169
163
153
163 175 173 165 106
142 172 163 162 106
101 122 117 122 102
155 157 156 149 103
164 208 197 191 108
156 158 161 156 103
146 159 158 145 107
139 142 145 127 109
203
249
226
195
251
207
Minerals
Fuels i 1
Coal
Crude petroleum *. . . .
Metals
156
164
159
166
110
140 148 149 134 112
144 153 155 142 109
113 153 147 130 110
160 153 159 148 109
117 117 118
88 127
185
251
239
192
250
226
173
236
225
108
112
104
1
Same as unadjusted series pending establishment of postwar
seasonal patterns.
Changes in production in 1947. In the
early part of 1947 a number of influences
JANUARY
1948
were operating to restrict further increases in
output of some products and to reduce output of others. Production of materials such
as iron and steel, paper, and certain industrial
chemicals, was close to effective plant capacity and shortages of such materials limited
output at later stages of manufacturing, as
in the automobile industry. In a number of
other lines, such as those producing cotton
and woolen textiles, liquors, automobile tires,
and nonferrous metal products, production
was running in excess of demand. Consumers were showing some resistance to prevailing high prices, even though the rise in
their money incomes was sustained, and producers and distributors were reducing their
demands for restocking purposes, in some
cases holding purchases below sales in the
expectation of lower prices.
In the second quarter, therefore, as a result of some reduction in domestic demand,
chiefly for nondurable goods, and despite an
increase in export shipments, total industrial
production declined somewhat. In July,
when coal and steel output and shipbuilding
activity were reduced temporarily by supply
factors, production was reduced further to
176 per cent of the 1935-39 average, which
was 14 points below the March peak.
The decline did not extend to all nondurables. Activity in the printing industry and
output of manufactured foods, tobacco products, and chemicals were largely maintained
and petroleum refining continued to increase.
In the durable goods field, there was a period
of hesitation in markets for construction and
for producers' equipment, and this was reflected in some decline in output, particularly of nonferrous metals and of certain
types of machinery. Demand for many producers' durable goods, including freight cars,
oil drilling and refining equipment, and
utility equipment, was well maintained and
DEMAND, PRODUCTION, AND PRICES IN 1947
demand for most consumer durable goods,
such as automobiles and household appliances, likewise continued strong. As a consequence, demand in excess of supply characterized iron and steel markets, especially
for such products as sheet, strip, and pipe.
After July industrial activity advanced
rapidly, showing especially marked increases
in those lines where output previously had
been curtailed. Business and consumer demands strengthened generally, and supply
conditions improved in many industries, especially coal and steel. Output of steel in the
last quarter was at 97 per cent of capacity,
and assemblies of passenger automobiles increased to a new postwar peak. Output of
freight cars for domestic use rose sharply, in
part as a result of reduction of work on
foreign orders, and in November was up to
8,900 cars per month, a rate still short, however, of the goal of 10,000 cars per month established last spring. Extraordinary pressure
on fuel supplies led to increased output of
crude petroleum and greater refining activity,
made possible by increased capacity. With
general increases from the levels of last
summer, industrial production in the fourth
quarter was above the high level of the first
quarter, but by a very small amount.
HIGH AND RISING DEMAND
Total demand for goods and services was
very great in 1947, reflecting an unusual combination of heavy demands from all sources,
and was considerably greater at the end than
at the beginning of the year. With supplies
at the year end little larger, prices were up
considerably and total expenditures for all
purposes in the final quarter were at an annual rate of over 240 billion dollars, as compared with 223 billion in the first quarter.
This rise in expenditures, however, affords
only a rough indication of the increase in
demand. In both periods expenditures reflected in part orders placed earlier; in both
periods expenditures were limited to some
extent by lack of supplies; finally, in both periods some prices were below what buyers
would have been willing to pay. Prices, however, were still rising as the year ended and
the basic situation continued to be one of increasing expenditures for about the same
amount of goods. This situation was made
possible by increasing incomes, further bank
credit expansion, continued large holdings of
liquid assets, and willingness on the part of
buyers to spend freely even with prices at
new high levels.
The rise of about 9 per cent in total expenditures from the first to the fourth quarter reflected principally increases of more
than 15 per cent for new private construction and for producers' equipment, and
somewhat under 10 per cent for consumers'
goods and services. Total Government purchases of goods showed only a moderate rise,
although there was a sharp increase in State
and local expenditures. Inventory accumulation at the end of the year was apparently
at about the same rate as in the first quarter,
but was not up to the high rate of the second
half of 1946. Net foreign investment, after
a temporary increase in the second quarter,
was back at about the first quarter level.
The marked rise in new private construction outlays occurred despite temporary resistance to high construction costs in the
spring which resulted in the deferring of
numerous projects. Business as well as residential construction outlays in the fourth
quarter reached a new high level for the
postwar period. The increase during 1947
in producers' equipment expenditures occurred despite the relatively high level of
equipment outlays at the beginning of the
year, as compared with earlier periods of
FEDERAL RESERVE BULLETIN
DEMAND, PRODUCTION, AND PRICES IN
high economic activity. The physical volume of output of some equipment such as
agricultural machinery and office equipment
underwent a further sustained rise, while output of machine tools and accessories showed
some decline and output of trucks was little
changed.
The rise in consumer expenditures during
1947 amounted to about one-fifth for durable
goods, one-twelfth for nondurable goods,
and somewhat less for services. The rise for
nondurable goods apparently reflected higher
prices, with increases in physical volume for
some items offset by declines for other items.
For durable goods there was an increase in
physical volume as well as in prices. In particular the number of new automobiles and
household appliances being marketed was up
considerably toward the end of the year.
Foreign trade. In the field of foreign
trade, merchandise exports were exceptionU. S. MERCHANDISE EXPORTS
MONTHLY
uvcr uiiii 01 mis group, as compared with a tourtn in iV4t>. "Textile products" excludes unmanufactured cotton. "Manufactured foods" excludes flour.
to
Included in
and nour
flour" is
is tne
the value
value cootf shipments
included
in "wheat
wneat and
snipmems to
civilians in occupied territories, as estimated by Federal Reserve.
All data exclude exports to United States armed forces abroad.
Latest month shown is October.
JANUARY
1948
1947
ally large in 1947, reflecting high prices as
well as large physical volumes. In the
autumn of 1946 exports had been curtailed
by maritime disputes, and subsequently,
toward the end of 1946 and in the early
part of 1947, exports of most types of merchandise increased sharply to new high levels,
as is shown in the chart. This rise reflected
the end of maritime disputes, the increased
availability of goods in the United States, and
rising prices. After May, as dollar shortages
developed and as new import restrictions
abroad became effective, exports declined
somewhat. Merchandise imports showed
little change during the year.
For a few products such as wheat and
wheat flour exports in 1947 represented approximately 35 per cent of production, and
for various textile and machinery products
the proportion was about 15 per cent. For
iron and steel, not counting amounts in fabricated products, such as machinery, exports
represented about 10 per cent of production.
The share going into export markets was
smaller for most other products. Altogether
the amount of goods and services exported
in excess of the amount imported was somewhat less than 5 per cent of production in
the United States.
Changes in distribution of expenditures.
While expenditures generally were very high
in 1947, outlays for some groups of products
were relatively higher than in other years of
high peacetime activity, as shown in the table
on the next page. The proportions for various
types of goods and services, it should be noted,
depend on prices as well as on physical volumes.
The figures indicate that personal consumption expenditures in 1947 were not so
large a part of the total expenditures as in
prewar years of high activity. They further
indicate that outlays for private domestic in-
DEMAND, PRODUCTION, AND PRICES IN 1947
EXPENDITURES FOR GOODS AND SERVICES
[Percentage of total by types]
1947
1946
1937
1929
Personal consumption expenditures. . 70.8
8.6
Durable goods
42.6
Nondurable goods
19.6
Services
70.5
7.3
42.7
20.5
74.4
7.8
39.0
27.6
75.9
9.0
36.4
30.5
Private domestic investment
13.3
4.6
New construction
7.8
Producers' durable equipment... .
.9
Change in business inventories. . .
12.1
4.2
6.1
1.8
12.7
4.1
6.0
2.6
15.2
7.5
6.2
1.5
3.8
2.3
0.1
0.7
12.1
6.8
5.3
15.1
10.2
4.9
12.8
5.0
7.8
8.2
1.3
6.9
100.0 100.0
232.0 203.7
90.2
100.0
103.8
Net foreign investment
Government purchases of goods and
services
Federal
State and local
Total (in percent)
(in billions of dollars)
SOURCE: Based on Department of Commerce data and on Federal Reserve estimates for fourth quarter of 1947.
NOTE.—The figures on "net foreign investment" somewhat
understate the share of total product represented by the net
outflow of goods and services chiefly because some shipments
abroad are classified as Federal Government expenditures.
vestment were fully as large a share as in
1937, but, because of the lower position of
construction, not so largca share as in 1929.
Within the consumption expenditure
group the proportion shown for nondurable
goods was unusually large in 1947 and also
in 1946, chiefly because food and clothing
prices were exceptionally high relative to
prewar years. On the other hand, the smaller
share of expenditures going for services in
1947 was attributable in part to the fact that
rents have continued low. Consumer outlays on durable goods were about the same
part of total consumer expenditures as in
1929, but a somewhat larger share than in
1937.
In the field of private domestic investment,
the proportion of expenditures directed to
new construction, including residential as
well as business construction, was only moderately above the share in 1937 and considerably below that in 1929. In contrast, the
proportion shown for producers' durable
equipment was considerably above that of
both 1937 and 1929. The difference is to be
explained partly by the shortages of mate-
rials and labor that limited construction activity in 1947, and by a market situation that
put an especially heavy premium upon a
rapid further mechanization of industrial
processes.
FURTHER PRICE ADVANCES
Prices in wholesale and retail markets continued to rise in 1947, although not so rapidly as in the latter part of 1946, when Federal price controls were lifted. The general
level of wholesale commodity prices was 15
per cent higher in December than at the
beginning of the year and 110 per cent higher
than in 1939. Prices of farm products, foods,
and other commodities were all up by about
the same percentage, reflecting the effects of
generally rising demands and costs. At the
end of the year, as at the beginning, prices
of farm products and foods were at exceptionally high levels in relation to other prices,
as shown in the accompanying chart.
WHOLESALE PRICES
1926-100
1939
1940
1941
1942
1943
1944
1945
1946
Bureau of Labor Statistics' monthly indexes.
figures estimated by Federal Reserve.
1947
December
In mid-December prices of 28 sensitive industrial and agricultural commodities were
also 15 per cent above the level at the beginning of the year. They were 5 per cent above
the previous peak, reached in March, and 250
FEDERAL RESERVE BULLETIN
DEMAND, PRODUCTION, AND PRICES IN 1947
per cent above August 1939. Prices of basic
foodstuffs were 340 per cent above prewar
while industrial materials were up 190 per
cent. Increases in prices of most basic commodities over the prewar and wartime levels
have been considerably greater than during
the first world war period.
Retail prices of goods and services purchased by consumers at the end of 1947 were
up about 8 per cent from the beginning of the
year and about 65 per cent as compared with
prewar. Prices of foods and many other nondurable goods rose about 10 per cent and in
December were double the prewar level.
Housing rentals showed a rise of about 5 per
cent after the middle of 1947 when controls
were modified, but increases over prewar
levels were still very much less than in retail
prices of commodities. Utility rates also
were rising at the end of the year but were
still relatively low.
In the early part of 1947 wholesale prices
of many industrial products were still rising,
following the lifting of controls in November 1946; higher wage settlements were being
made in many basic industries; large Federal
purchases of foodstuffs were being made for
export purposes; and there was a sharp expansion in foreign purchases of textiles and
other industrial goods for shipment during
subsequent months. Thus, although production for inventory was at a less rapid rate
than in the second half of 1946, and although
inventories were larger, prices continued to
rise.
During the second quarter of the year
wholesale prices generally showed little
change or declined as many domestic buyers
curtailed their purchases in anticipation of
marked price declines. Physical as well as
dollar volume of business inventories in the
aggregate increased somewhat in this period,
but at department stores and in some other
JANUARY 1948
lines inventories were reduced. During the
summer, as noted on page 2, the general
outlook was altered by a number of developments which indicated that supplies would
not be so large as had been expected and that
demands would be greater, because of larger
domestic incomes and additional United
States Government financing of foreign purchases. These developments strengthened
markets generally and stimulated domestic
buyers, some of whom had previously withheld even their purchases of seasonal merchandise, to increase their orders. Increased
orders and the increased production which
followed were reflected in further increases
in income and demand.
Prices of agricultural products. While
prices of farm products and foods rose further by about 15 per cent on the average during 1947, some prices rose very much more
than others. The largest increases were in
grains and cereal products. Corn prices in
mid-December were $2.65 per bushel as compared with $1.35 at the end of 1946, and
wheat prices were $3.00 as compared with
$2.10. These increases reflected the reduced
harvests of feed grains during 1947, a record
rate of Federal Government purchases of
wheat and flour for export, and prospects
of a somewhat reduced wheat crop and continued large grain exports in 1948. As a
result chiefly of higher consumer incomes,
prices of livestock and meats in the fourth
quarter were about 15 per cent higher than
a year earlier; marketings were in approximately the same volume as in the fourth quarter of 1946. Cotton prices in mid-December
were 10 per cent higher than a year earlier,
owing to the relatively low level of domestic
stocks of raw cotton at the beginning of the
new season on August 1, the moderate size
of the crop, the large volume of domestic mill
consumption, and strength in the markets for
DEMAND, PRODUCTION, AND PRICES IN 1947
cotton textile products. Prices of most other
farm products and foods were not very different from those in December a year ago.
Prices of fruits and tobacco were adversely
affected by reduced export demand and sugar
by a very large increase in supplies.
Other commodities. Prices of commodities other than farm products and foods rose
in the first quarter, were stable in the second
quarter, and then advanced steadily during
the second half of the year. In December
prices of fuels, iron and steel, lumber, and
leather were substantially higher than at the
beginning of the year, with the largest increases in bituminous coal and in petroleum
products. Crude petroleum in Oklahoma
was about $2.60 per barrel in mid-December
as compared with $1.60 in December 1946
and $1.00 in 1939. Several influences contributed to the marked rise in fuel prices.
The most important was that domestic requirements for fuel were at new peak levels
in 1947. European coal production was still
below prewar levels, and exports of bituminous coal from the country for the year
amounted to about 70 million tons, or 12
per cent of domestic production, as compared with about 3 per cent usually before
the war. Domestic transportation facilities
for coal and petroleum products were inadequate, moreover, and altogether upward
price pressures continued strong.
CONTINUING INFLATIONARY PRESSURES
The heavy demands which stimulated capacity production and also pushed prices up
further in 1947 had their origin in wartime developments. Productive resources in
this country as well as abroad were diverted
to war purposes on a large scale and at the
same time incomes rose sharply to new high
levels. Although taxes were raised sharply,
the war was financed in considerable part by
Government borrowing, and a large part of
this borrowing was from banks. As a result,
very large liquid savings were accumulated
by business enterprises and individuals in
this country in the form of currency, deposits,
and Government securities readily available
for spending.
Large dollar balances were acquired by
people in some countries not devastated by
war and able to ship more goods to this country than they could obtain here in wartime.
In the devastated areas of Europe and the
Far East trade relations and economic and
political life generally were disorganized,
creating great difficulties in the way of increasing production after the war. Largely
because of this and of adverse weather conditions in Europe, foreign needs and demands for goods from this country—producers' goods as well as consumers' goods—
have been very large, and shipments of goods
from foreign sources to this country have
been relatively small.
While continued heavy demands and inflationary pressures can be traced largely to wartime developments, they reflect also developments of nearly two and a half years since
the war and current prospects for the period
ahead. In the United States demobilization
and the transfer of resources to civilian production were accomplished for the most part
very quickly but the armed forces have been
maintained for occupation and other purposes considerably above the prewar level.
Expenditures for aid to veterans have also
added very large amounts to Government
budgets compared with prewar years.
During most of the postwar period the
civilian labor force has been almost fully
employed, with employment in seasonally
high months of 1947 reaching 60 million.
Work stoppages, except in the first half of
1946, have generally been at a minimum.
FEDERAL RESERVE BULLETIN
DEMAND, PRODUCTION, AND PRICES IN
Production has been very large and has included a larger portion than in previous
boom periods of producers' equipment for
replacement and expansion purposes. Free
markets have been generally restored, except
for export controls and controls over rental
housing. Stability in markets, however, has
not been achieved.
Since the end of the war, and particularly
since the middle of 1946, large production,
rising prices, and rising wage rates have generated a large and increasing flow of income.
The increased income has been widely distributed among various groups in the population with farmers, wage-earners, and small
and large businesses generally showing substantial gains.
Federal tax rates have been high by
prewar standards, but at the end of 1945
were reduced from wartime levels by elimination of the excess profits tax and some reduction in individual and corporate income
taxes. Even though, since 1946, Federal
receipts have exceeded Federal outlays, incomes available for spending have been large
and increasing. With the large liquid asset
holdings brought over from the war years,
and with funds readily available for borrowing, business and individual buyers have
spent freely, except at times when it seemed
that prices might decline. The volume of
current net savings by individuals—total new
savings less withdrawals from past savings
and borrowings—has declined from the high
levels of wartime but has continued large
relative to prewar levels.
Savings have been invested in new housing
and in business enterprises and these investments have been augmented by bank loans.
The volume of bank loans has increased
sharply, more than offsetting reductions in
bank holdings of Federal securities. Industrial and commercial loans have been increasJANUARY
1948
1947
ing at a record rate and so also have real
estate loans and consumer loans. Thus,
monetary and credit expansion—at once a
result and a cause of rising prices—has continued. While individual loans have appeared to be essential to meet the requirements of borrowers, the net effect of the expansion in the total volume of loans has been
to increase prices and thus in turn to increase credit requirements even further.
The basic forces at home and abroad which
contributed to rising prices and credit expansion in 1947 show unabated strength.
Some have been accentuated by the inflationary rise in commodity markets in the
second half of 1947 after a period of hesitation in the spring. In many instances prospective supplies of goods and plant capacities which would appear ample to meet market demands with a lower level of income
seem inadequate to meet demands with incomes high and continuing to increase.
Thus, although the physical volume of business inventory holdings increased somewhat
further during 1947, although a large volume
of new equipment was installed, and although dollar shortages led to many restrictions on imports from the United States,
demand for goods and services continues to
exceed supply. At the beginning f yet another year the country is confronted with the
problem of preventing further inflationary
developments and maintaining or increasing
production and trade on a sustainable basis.
The extent to which additional supplies
can be relied upon to meet the problem is
limited. The labor force is almost fully employed, at somewhat more than 40 hours a
week, and ordinarily, except with special incentives such as those of wartime, the labor
force increases at a rate of only about one per
cent a year. Increases in output per manhour may be a more important factor con-
DEMAND, PRODUCTION, AND PRICES IN 1947
tributing to increased output. There continue to be important shortages of capacity
to meet current high demands, however, as in
steel and petroleum. With the number of
meat animals on farms and the supply of
feed grains reduced, meat supplies are likely
to be lower rather than higher. Supplies of
goods from abroad can show little increase
in the near future, and foreign demands are
likely to be substantial, although below
earlier peaks.
Under such circumstances the importance
of action to limit further increases in spending, and the amount of funds available for
spending, is evident. Continued inflationary
developments can lead only to severe reaction,
unemployment, and financial loss later; and
possible direct controls over distribution and
prices are likely to be effective only if basic
steps are taken to limit buying power.
Any adequate program, it is true, must
include a variety of measures designed to
meet a variety of specific inflationary problems. One basic essential of any broad antiinflationary program, however, is fiscal and
monetary action to restrain the further expansion in the total volume of bank credit,
since under present conditions any appreciable over-all expansion can lead only to
the further bidding up of prices.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE SUPPORT OF GOVERNMENT SECURITIES MARKET
Effective December 24 the Federal Open Market
Committee reduced the prices at which purchases of United States Treasury bonds would be
made in the market for the Federal Reserve System
Open Market account. During the preceding period
of five weeks there had been a large volume of selling of Government bonds in the market but Federal
Reserve and Treasury purchases maintained prices
of these securities substantially unchanged at levels
previously established by the market. The price
reductions on December 24 were larger in the
case of bonds selling at substantial premiums
than for others. No bond was permitted to decline
below par. In the next few days after the reduction in prices, Federal Reserve purchases of Treasury bonds increased substantially.
In view of the huge wartime growth in the public
debt and of the wide distribution of marketable
Government securities among banks, other investment institutions, corporations, and individuals,
large-scale and continuous Federal Reserve operations in the Government securities market have
become essential to maintain an appropriate degree
of orderliness and stability in that market. These
operations are necessary not only as an adjunct of
the Treasury's program for managing the nation's
huge public debt but also to enable banks to make
appropriate adjustments in their reserve positions
called for by the constant shifting of funds among
banks. As a consequence Federal Reserve operations largely determine the general level of prices
and interest yields on Government securities, although wide variations in prices among individual
issues have been determined by market preference.
During the war and the first two postwar years
the System maintained very low short-term interest
rates; in the meantime, banks and other investors
bid up prices of the long-term issues and brought
about a decline in bond yields to unusually low
levels. This decline in bond yields had resulted in
part from sales of short-term securities to the Federal Reserve at the established rates with offsetting
purchases of higher-yielding bonds in the market.
The sales of securities to the Federal Reserve resulted in the creation of additional bank reserves,
which provided a basis for continuing expansion
of bank credit.
JANUARY
1948
Beginning last July, Federal Reserve operations
in the market permitted some change in the level
and structure of interest rates. The Federal Reserve
and the Treasury adopted measures to permit a rise
in interest rates on short-term Government securities
in order to increase their attractiveness to banks and
other holders and to place some restraint on further
monetary expansion. Rates on 90-day Treasury
bills, which had been held at .375 per cent since
1942, subsequently rose to about .95 per cent. Rates
on new issues of one-year Treasury certificates were
gradually raised from % per cent to 1 y& per cent.
In the meantime developments in the capital
market brought about a rise in yields on bonds of
corporations and of States and local governments.
These developments included a growing volume of
new bond issues and a steady increase in the supply
of urban mortgages. From April to September,
moreover, substantial sales of Treasury bonds were
made from Government trust funds, and in October
the Treasury sold to institutional investors a 2 l/z per
cent long-term nonmarketable bond, redeemable on
short notice at a discount. The effect of these developments was to drain off the available supply of
investment funds and to bring about a decrease in*
prices of corporate and municipal bonds and evenY1ELDS ON TREASURY AND CORPORATE SECURITIES
WEEKLY AVERAGES OF DAILY FIGURES
1944
1945
NOTE.—Latest figures are for week ended Jan. 3, 1948. For
source and reference to description of figures, see tables on
p. 75 of this BULLETIN.
FEDERAL RESERVE SUPPORT OF GOVERNMENT SECURITIES MARKET
tually of United States Government bonds. Changes
in yields on various types of securities during recent years are shown in the chart.
Banks, which have been steadily reducing their
holdings of Government securities in order to increase their loans, recently began to sell bonds
instead of shorter-term securities. Savings institutions also began to sell Treasury bonds. In the
absence of other buyers the Federal Reserve System
found it necessary to purchase large amounts of
bonds and purchases were also made for Government trust funds.
In many cases, the sellers of bonds purchased
Treasury bills, and there has also been some buying
of bills by corporations and others. The Reserve
System's holdings of bills were substantially reduced as a result of sales in the market and redemption of maturing issues, and holdings of certificates
were somewhat reduced largely as a result of
redemptions.
The following table shows changes in holdings of
the different types of Government securities by the
Federal Reserve System, by reporting member
banks in leading cities, and by all other holders during the seven weeks ending Deecmber 24. In this
period there were declines of 600 million dollars in
the total amount of bills outstanding, of 3,300 million in certificates, and of 700 million in bonds, and
a new issue of 3,500 million of notes.
CHANGES
IN
MARKETABLE
HOLDINGS
SECURITIES,
OF
UNITED
NOVEMBER
STATES
5
GOVERNMENT
TO D E C E M B E R
24
[In millions of dollars]
Treasury
Treasury
Treasury
Treasury
Type of
security
Federal
Reserve
Banks
Member
banks in
leading
cities
bonds
notes
certificates
bills
+ 1,002
+672
-176
-1,718
-959
+422
-661
+582
-744
+2,441
-2,444
-219
-616
-208
Total
Others
+539
Prices of Treasury bonds were permitted to decline during October and the early part of November but, as selling increased in anticipation of further declines, the System and the Treasury stepped
in about mid-November and by their purchases
maintained a fixed structure of prices. The following table shows prices and yields of marketable fully
taxable Treasury bonds as of last August, before the
decline in prices began, and the level maintained
before and immediately after December 24.
12
On December 24, when the Federal Reserve System lowered the prices at which it would purchase
Treasury bonds, market quotations declined, as
shown in the table. Those issues which had been
selling at substantial premiums showed the sharpest
declines, while those selling close to par declined
least. No issue declined below par.
PRICES AND YIELDS OF SELECTED
U.
S.
TREASURY
BONDS,.
F U L L Y TAXABLE MARKETABLE ISSUES
Prices 1
(Decimals
Yields
(To nearest call
date, in per cent
per annum)
in
Coupon rate and
term of issue
Dec.
2 %
134%
2 %
2%%
2 %
June
Dec.
Sept.
Mar.
Dec.
Dec.
Aug.
26
23
29
1947
1947
1947
1949-51. . . . 101.5 101.6
1950
100.10 100.16
1951-53. . . . 101.13 101.20
1952-54
103.5 103.22
1952-54.
101.5 101.28
101.20
101.00
102.24
105.3
103.6
Dec. Dec. Aug.
26
23
29
1947 1947 1947
1.20
1.39
1.61
1.72
1.76
1.19 1.08
1.33 1.19
1.55 1.30
1.59 1.34
1.61 1.37
2U% Sept. 1956-59.r
2H% June 1959-62
101.9 103.12 105.20 2.09 1.83 1.58
100.1 100.14 102.19 2.25 2.21 2.00
2)4% Mar. 1965-70r
2H% Sept. 1967-72
2M% Dec. 1967-72'
100.25 101.26 103.28 2.44 2.37 2.23
101.1 103.8 106.19 2.43 2.29 2.10
100.9 101.1 102.31 2.48 2.43 2.32
1
Prices represent mean of dealers' average bid and ask quotations.
r
Issue restricted for purchase by commercial banks.
The newly established structure of prices and
yields on medium- and long-term bonds, as shown
in the chart, corresponds closely to that for 1944,
which had generally prevailed since 1940. In 1945
and early 1946 bond prices rose sharply and yields
declined to new low levels. Although bond yields
subsequently rose somewhat, they continued until
recently below the war and prewar levels. Average
yields on high-grade corporate bonds, which declined to less than 2l/2 per cent in 1946, are now
close to 3 per cent, the highest level since mid-1940.
Average yields on high-grade municipal bonds,
which are fully tax exempt, have recently risen to
nearly 21/2 per cent compared with a low of. below
1 y2 per cent in 1946.
Rates on short-term Government securities, which
were maintained during the war and early postwar
period at close to the extremely low level that became established during the 1930's, have recently
risen to the highest levels since 1933. However,
they are still very low relative to pre-depression
years.
Following the reduction in bond prices, purchases
of bonds for Federal Reserve account were increased.
In general all fully taxable issues offered and not
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE SUPPORT OF GOVERNMENT SECURITIES MARKET
taken up by other buyers were purchased by the
System. In the last week of December, the Federal
Reserve portfolio of Treasury bonds increased by
more than 1.1 billion dollars. In the same week the
System's holdings of bills, certificates, and notes
declined by nearly 500 million.
In the first week of January, market selling of
bonds slackened sharply; Federal Reserve purchases
declined to about 200 million dollars, while System
holdings of notes, certificates, and bills declined by
a total of nearly 1.1 billion. Thus for the entire
period of nine weeks from November 5 to January
7, Federal Reserve holdings of Government securities showed a net decline over 400 million dollars,
although holdings of bonds increased by 2.4 billion.
Thus the System's operations drew funds from the
money market on balance.
During the first quarter of 1948 the Treasury
will draw a large volume of funds from banks as
JANUARY
1948
the result of a seasonal surplus of tax receipts over
current expenditures. These funds will be available for retirement of maturing debt obligations
and, to the extent that they are used for retiring
securities held by the Federal Reserve System, they
will not be returned to the banks by subsequent
expenditures. As a result banks will suffer a drain
on their deposits and their reserves and will need
to sell securities or to borrow in order to maintain
their reserve positions. The Reserve System, therefore, will be called upon to purchase further substantial amounts of Government securities in this
period. The newly established structure of prices
for Treasury bonds assures an orderly and stable
market for Government securities during the
coming months. At the same time the necessity
for banks to sell securities to maintain reserves
should be a factor restraining further credit expansion.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT AGAINST
THE DEMAND AND TIME DEPOSITS OF BANKS*
In order to provide a more effective means of
restraining inflationary expansion of bank credit,
the Board of Governors of the Federal Reserve System proposes that Congress pass legislation granting
the System's Federal Open Market Committee temporary authority to impose gradually as conditions
may warrant a requirement that all commercial
banks hold a special reserve. This reserve should
be in addition to reserves required under existing
laws. It should be calculated, within limits fixed
by law, as a percentage of demand and time deposits
and should consist of Treasury bills, certificates, or
notes, balances with Federal Reserve Banks, cash
or cash items, or interbank balances.
NEED FOR THE SPECIAL RESERVE REQUIREMENT
This special requirement would make it possible
for the Federal Reserve System to immobilize a portion of these assets. This immobilization, however,
would be only for the purpose of preventing their
use for the purpose of obtaining additional reserves
to support expansion of credit to private borrowers.
Moreover, as gold acquisitions create bank reserves,
they could be offset by an equivalent increase in the
special requirement. The additional requirements
would also reduce the possible multiple expansion
of bank credit on the basis of any increase in
reserves.
At present high levels of employment and output,
further expansion of the total volume of bank
credit is inflationary because it would increase the
active demand for goods and services, which is
already in excess of the productive capacity of this
country's existing industrial structure and labor
force.
So long as the public debt is as dominant a part
of the country's financial structure as it is at present
the Federal Reserve System has a responsibility for
maintaining orderly conditions in the U. S. Government security market. In practice this means that
the System stands ready to purchase Government
securities offered for sale if they are not taken by
* Statement filed by Chairman Eccles with Committee on
Banking and Currency of the House of Representatives, December 8, 1947. This statement presents a full description of the
proposal made by the Board of Governors of the Federal Reserve
System for legislation requiring banks to hold a special reserve
as a means of providing more effective limitation of further
credit expansion. It describes the plan and discusses its operation and probable banking effects.
14
other purchasers. Whenever the Federal Reserve
buys Government securities, additional bank reserves are created and these in turn supply the
basis for an expansion of bank credit of more than
six times the amount of the reserves.
Ability of banks to increase reserves. Commercial banks currently hold about 70 billion dollars of Government securities. As is shown in the
chart, this sum exceeds their prewar holdings by
more than 50 billion dollars and is about threefifths of total loans and investments. In addition
to this great expansion in holdings of Government
securities, commercial banks also have increased
their loans and holdings of other securities. Transfer of any part of these Government securities to
the Federal Reserve Banks creates reserves on which
a sixfold expansion of credit can be built. The
potential inflationary expansion of the money supply is thus enormous. Reserves arising from gold
acquisitions or Federal Reserve purchases of securities from nonbank investors may add still more to
this potential.
The opportunity which the banks now have to
create new reserves on their own initiative by selling Government securities to the Federal Reserve
System is not a long-established right, but is one of
the heritages of war finance. In wartime the Federal Reserve System was under obligation to provide banks with sufficient funds to purchase Government securities in excess of those sold to nonbank
investors. After the war, the necessity of providing
a stable and orderly market for the vast public debt
outstanding has in effect made the Federal Reserve
System the ultimate or residual market for Government securities. So long as this situation continues
and the banks are free fo use their Government
securities to obtain reserves at will there is no effective restraint on bank credit expansion.
Prior to the war, the ability of banks to expand
credit was limited by the existing supply of bank
reserves, which was largely subject to Federal Reserve control. Except during the period of large
gold inflow which brought an excessive volume of
reserves, the available supply of bank reserves was
determined principally by the volume of member
bank borrowing from the Reserve Banks or by
Federal Reserve purchases and sales of bills and
FEDERAL RESERVE BULLETIN
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
securities in the open market. These open market
operations were definitely regulated in amount so
as to provide the supply of reserves required by the
economy. Variations in prices and yields on Government securities were an incidental result of
these policies.
Need for Federal Reserve support of Government securities market. Under present conditions
large-scale and continuous Federal Reserve open
market operations are essential to the maintenance
of an orderly and relatively stable market for Government securities and are a necessary adjunct of
adequate power to influence the potential volume
of bank credit in the way it could before the war.
It is illuminating to know the extent to which
public debt has become a dominant factor in the
country's financial structure. The United States
Government debt, which was never more than a
third of private and other debt before 1941, is
now one and a half times the remaining debt. That
part of the public debt which is marketable amounts
to 167 billion dollars, compared with 69 billion of
stocks and 15 billion of non-Government bonds
listed on the New York Stock Exchange and an
LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS
BILLIONS
OF DOLLARS
BILL1ONS
OF DOLLARS
JUNE 1914-1922; JUNE AND DECEMBER 1 9 2 3 - 1 9 4 6 ? LAST WEDNESDAY OF MONTH 1 9 4 7 -
120
J20
100
20
1924
1926
1928
1930
1932
1934
the Treasury's program for managing the economy's
huge public debt of 260 billion dollars. The System
often purchases and sells securities amounting to
hundreds of millions of dollars in a week. In
October and November System purchases totaled
3.2 billion dollars, sales 1.2 billion, redemptions of
maturing issues 2.1 billion, and exchanges of maturing for new issues 8.2 billion. Large-scale Federal Reserve transactions are at times essential for
the maintenance of a market for Government
securities. In view of the System's greatly enlarged
responsibilities for the Government securities market and in view of the volume of such securities
now held by banks, the System no longer has
JANUARY
1948
!936
1938
1940
1942
1944
1948
estimated 13 billion of marketable securities listed
on other stock exchanges throughout the country.
Today, Government securities are widely held as
liquid investments which can be readily sold and,
therefore, transactions in them are likely to be frequent. This liquidity rests in considerable part
on having the Federal Reserve System provide a
residual, assured market for purchase and sale of
Government securities.
In these circumstances, it would be entirely inadequate for the Federal Reserve System merely to
revert to the prewar practice of purchasing and
selling, only definite amounts of securities, determined solely on the basis of the economy's need
15
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
for bank credit or for the purpose of offsetting the
effects of gold or currency movements on bank
credit. The System needs to take into account, in
addition to other factors, conditions affecting the
Government security market. Traditional actions
through discount rate policy are largely irrelevant,
because the banks have little or no occasion to
borrow funds to maintain reserve positions so long
as they can sell Government securities for this
purpose.
Since the Reserve System has to engage in conjStant buying and selling of U. S. Government
securities on a large scale, the prices or rates at
which these transactions are effected are necessarily
determined by the System. In fact, under present
conditions, the structure and level of interest rates
on Government securities which the System helps
to maintain in the market have become the principal expression of Federal Reserve policy instead
of the volume of purchases and sales.
Limited effectiveness of increase in rates on Government securities. Control of interest rates on
Government securities, however, is not an effective instrument for achieving monetary objectives.
A moderate rise in yields on Government securities will not prevent, and will only slightly restrain, banks from selling securities in order to
make loans. An increase in rates large enough to
exercise real restraint on banks would generally
be too great or too abrupt to be consistent with
the maintenance of stable conditions in the market.
Even an intimation that such a policy might be
followed may lead to a flood of selling. The System might find itself under the necessity to support
the market and in the process might create more
reserves than it would have created through meeting the demands of banks in an orderly market.
This is the postwar monetary paradox.
Purpose of special reserve. The special reserve
proposal is designed to place some restrictions on
the newly acquired privilege of banks to obtain at
will more reserves on which to make more and
more loans. It is not, as has been asserted by some
of its critics, a revolutionary device to compel
banks to hold Government securities. The proposal
contains no such compulsion. If any bank chooses
to hold the special reserve in cash or on deposit
with another bank or with a Reserve Bank it would
be free to do so. At the same time the proposed
measure would not require banks to reduce their
holdings of Government securities.
The proposal would give the Federal Reserve
System no new power to interfere with bankers in
running their own banks but it would restore to the
System some of its previously held authority to
exercise regulatory power over the available supply
of bank reserves. There is nothing new or revolutionary in that.
Under the proposed authority it would be possible to insulate a part of the Government securities
market from private credit and permit the Federal
Reserve System to use open market operations and
discount rates more freely to affect conditions in
the private credit market. Thus, the authority
would make it possible to limit the volume and
raise the cost of private credit without necessarily
increasing the interest cost to the Government on
an important part of the large public debt outstanding.
FEATURES OF THE SPECIAL RESERVE PLAN
Special features of the proposed temporary authority may be briefly summarized as follows:
(1) Banks subject to the provisions would be
required, in addition to their regular reserves, to hold a special reserve consisting
of:
(a) Obligations of the United States in
the form of Treasury bills, certificates and notes (with original maturities of 2 years or less); or
(b) Cash items, as defined in the next
paragraph, to the extent that their
total exceeds 20 per cent of gross
demand deposits plus 6 per cent of
time deposits.
(2) For this purpose cash items would include
the following:
(a) Balances with Reserve Banks, including statutory required reserves.
(b) Coin and currency.
(c ) Cash items in process of collection.
(d) Balances due from in excess of balances due to banks in the United
States.
(3) The special reserve requirement would apply
to both demand and time deposits and
would be subject to a maximum limit fixed
by statute. A maximum of 25 per cent of
gross demand deposits and a maximum of
FEDERAL RESERVE BULLETIN
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
10 per cent of time deposits will probably
be adequate for the temporary period
covered by the proposed statute.
(4) The requirement would apply to all banks
receiving demand deposits, including
member banks of the Federal Reserve
System and nonmember banks,—insured
and noninsured. It would not apply, however, to banks that do exclusively a savings
business.
(5) The power to impose and to vary the special
reserve requirement would be vested in the
Federal Open Market Committee and
would be limited by law to a temporary
period of three years,
(6) The requirement would be introduced
gradually as credit conditions warrant.
The authorizing statute could provide that,
after a special reserve has been established
of 10 per cent against gross demand deposits and 4 per cent against time deposits,
further changes would not exceed 5 per
cent of gross demand deposits and 2 per
cent of time deposits at one time. Ample
notice should be given before the effective
date of the initial application of the requirement, or of subsequent changes, to
allow banks adequate time to make adjustments.
(7) The following considerations should determine the timing of the introduction of, or
changes in, the special reserve requirement:
(a) The volume and ownership of special
reserve assets and of other assets
readily convertible into eligible
assets;
(b) Past and prospective gold movements,
currency fluctuations, or other factors causing changes in the volume
of bank reserves;
(c ) Conditions in the Government securities market;
(d) The general credit situation.
(8) Special reserves and requirements would be
computed on a daily average basis for
monthly periods, or for other periods by
classes of banks as the Open Market ComJANUARY
1948
mittee might prescribe. The penalty
against average deficiencies in the requirement would be one-half per cent per
month, payable to the United States.
(9) The Federal Open Market Committee would
be authorized to issue regulations governing the administration of the requirement,
to require necessary reports, and to delegate administration with respect to nonmember banks to other appropriate Federal or State banking agencies.
OPERATION OF THE PROPOSAL
Establishment of the special reserve requirement
would accomplish two principal purposes: (1) it
would reduce the amount of Government securities that banks would be willing to sell to obtain
additional reserves; and (2) it would decrease the
ratio of multiple credit expansion on the basis of a
given amount of reserves. These results could be
accomplished without reducing the volume of earning assets of banks.
Reduced availability of secondary reserve assets.
The special reserve requirement would not deprive banks of any earning assets but would reduce the available amount of highly liquid and
readily salable assets which banks hold as secondary
reserves to meet losses of deposits and new credit
demands. Because of the reduction in these operating secondary reserves, banks would be less willing
to sell Government securities held in excess of the
requirement in order to acquire higher-yielding
loan or investment assets. Thus, an effect of the
special reserve requirement would be to reduce the
creation of new reserves and expansion of bank
credit through sale of Government securities to the
Federal Reserve.
Lower multiple-expansion ratio. Reduction in
the ratio of multiple credit expansion on the basis
of any addition to the supply of reserves would be
an important effect of the special reserve requirement. How great a reduction from the present
ratio of six or more to one would result from the
proposal will depend on the percentage requirement
established. It would also depend on the banks'
holdings of assets eligible for the special reserve
and their ability to acquire them from sources other
than the Federal Reserve. It is not feasible to estimate the extent of the reduction in the ratio—but
under present conditions—with the easiest source of
17
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
the needed reserve material being the Federal Reserve Banks—the ratio, at the maximum required
rate of special reserve, may conceivably decline from
the present figure of 6 to as low as 2%.
Influence of existence of power to impose requirement. The existence of power to impose a
special reserve requirement would itself exert a
strong restraining influence on bank credit expansion. Banks would need to guide their policies with
an eye to the possible imposition of the requirement.
The extent of use of the special reserve requirement
would necessarily depend on developments in the
general credit situation.
Reinforcement of other instruments of credit regulation. Other instruments of Federal Reserve
policy could be so used as to facilitate adjustment
to the new requirement and subsequently would be
employed to apply such additional restrictions or
such easing as the general credit situation might require. From the monetary point of view the principal purpose of the proposed new requirement is
to make possible the more effective use of the existing instruments in offsetting changes in bank reserves—particularly open market operations and discount rates—without seriously upsetting the Government securities market and unduly raising the
interest cost on the public debt.
The Federal Open Market Committee, which
would have authority to apply and vary the requirement, is composed of all seven members of the
Board of Governors of the Federal Reserve System
and five representatives of the Federal Reserve
Banks. The Committee's present authority covers
the System's Government security and other open
market operations. The use of the proposed special
reserve requirement would be closely related to
these operations.
Bank lending for essential needs not prevented.
Restraints on further bank credit expansion by
the proposed requirement, supplemented as the
situation may warrant by other credit control measures, would not prevent the accommodation by
banks of the economy's essential credit needs. The
additional reserve requirement, however, would put
the banks under pressure to attempt to meet essential credit demands out of existing loanable funds.
To expand loans, banks would need to sell securities of types that might be bought by other investors, rather than short-term Government securities
which under present conditions are purchased principally by the Reserve Banks.
18
ADVANTAGES OF THE PROPOSAL
Rise in interest rates largely limited to private
credit. The proposed measure has many important
advantages over alternative means of curbing credit
expansion. It is frequently suggested that restraint
on further bank credit expansion could be accomplished by allowing short-term interest rates, both
on public and on private credit, to rise substantially,
thus increasing the cost of borrowing and thereby
seeking to deter borrowing. It is doubtful that
such a policy would effectively deter borrowing,
and, in any event, it would greatly increase the
cost to the Government of carrying the public debt
and might have disruptive effects on the Government securities market. Under the proposed authority, interest on private credit could be raised
without increasing rates on Government securities.
In other words, the higher rates would be paid by
those who are currently engaged in inflationary borrowing and who might be deterred by them. These
rates would not be paid by the Government, which
is reducing its indebtedness.
Restraint on lender. Restriction of inflationary
expansion of total bank credit to private borrowers
can be more effective if the restraint is placed
primarily on the lender. Under present conditions,
even such a substantial rise in short-term interest
rates as one or two percentage points would not
deter many borrowers, and might encourage further
lending because of the additional profit inducement
to the lender. Under the proposed measure, the restraint is placed primarily upon the lender, that is,
the banking system. By limiting the ability of
the banks to make credit available, the proposal
would thus be a retarding influence on further
bank credit expansion. As already stated, banks
would not only charge more for loans they make
to private borrowers but would be more cautious
in extending such loans. The latter may be a more
important restraint than the former. Higher
rates are not an effective deterrent in boom conditions but difficulty in obtaining credit is a powerful
restraining influence.
Preferable to increase in regular reserve requirements. It has been suggested that the same result might be achieved by an increase in existing
basic reserve requirements of banks. If this were
done, however, banks would have to meet the increase by selling Government securities, which the
FEDERAL RESERVE BULLETIN
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
Federal Reserve System would have to buy in
order to supply the needed reserves. This would
decrease the banks' earning assets and their earnings, whereas the proposed special reserve measure
would enable them to retain earning assets. The
continued profitability of bank operations is essential if the banks are to meet their increasing costs
and build up adequate reserves while serving their
communities constructively.
To increase primary reserve requirements would
also raise difficult jurisdictional, legal, and administrative problems with reference to nonmember
banks, whereas the specific form of the proposed
special reserve requirement, as more fully described in the next section, is designed to fit the
sort of banking system that exists in this country
without alterations in its structure or drastic changes
in its customary methods of operation. Banks that
are not members of the Federal Reserve System
would have to be included. Limitation of the
requirement to member banks only would seriously
weaken the Federal Reserve System by giving a
great advantage to nonmembership and therefore would make the measure ineffective, as well as
inequitable. The new measure, as proposed, would
assure equitable treatment of individual banks and
groups of banks without requiring that all banks
become subject to a single authority. The proposed requirement would also make use of the
practice of interbank deposits without interfering
with the system of correspondent relations.
In summary, the proposal would require banks
to hold a large portion of the Government securities
which they were encouraged and permitted to buy
to aid in war finance and still allow them to meet
all essential credit needs of the economy. It would
assure the maintenance of a high degree of liquidity
and safety in the banking system during a period
of rapid and uncertain economic change. It would
not necessitate changes in existing banking structure or procedures.
The Board believes that the proposed plan is the
most effective and practical method of dealing
with the present monetary and credit situation because it assures that the pressures will be exerted
at the places where restraint on bank credit expansion is needed, namely, in the field of private
loans. At the same time the plan will protect the
interests of the Government, the general public,
and the banking system.
JANUARY
1948
FORMULA FOR COMPUTING THE SPECIAL RESERVE
REQUIREMENT
As explained earlier, the special reserve requirement might be placed as high as 25 per cent of
demand deposits and 10 per cent of time deposits
or at some lower level. The assets that would be
counted as special reserves include Treasury bills,
certificates of indebtedness, and notes having original maturities not exceeding two years, as well as
certain specified nonearning or cash assets in excess of 20 per cent of demand deposits and 6 per
cent of time deposits. This deduction makes a
uniform allowance for required regular reserves
and other customary operating funds of banks.
Computation of the formula is illustrated in Table 1.
Reasons for selection of Government securities
to be included in special reserve. Only Treasury
bills, certificates, and short-term notes are proposed for inclusion in the special reserve and
other Government securities are eliminated for a
number of reasons. The volume of bills, certificates, and notes can be more easily limited to relatively stable amounts. Inclusion of Government
bonds within one or two years of maturity or call
dates would result in wider variability in the total
outstanding amount of eligible reserve assets.
To include all Government securities would make
necessary a very high reserve requirement in order
to be an effective restraint. Since banks holding
deposits subject to withdrawal on demand or short
notice should maintain a high degree of liquidity,
securities which are short term at issuance are more
appropriate assets for them to hold as reserves.
The inclusion of longer-term, higher-rate securities in the formula would make it possible for
banks to continue to shift their lower-rate issues
to the Federal Reserve and to purchase higher-rate
bonds in the market. Unless requirements were
very high most banks would have an excess of special reserve assets and could sell short-term securities
to the Reserve System. Limitation of the requirement to bills, certificates, and notes with low
coupon rates would make it necessary for banks
to sell their higher-rate issues in order to expand
loans. This would be more of a discouragement to
lending than sale of low-rate, short-term issues and
also the higher-rate issues would be bought more
readily by others than the Federal Reserve. Finally,
the limitation would improve the market demand
19
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
for reserve-eligible issues and help to maintain a
lower rate on short-term Government borrowing
without lowering long-term interest rates, which
are an important source of income for investors of
savings.
Reasons for including cash assets. The proposed eligible cash assets include balances with the
Federal Reserve Banks, coin and currency, cash
items in process of collection, and balances due
from, in excess of balances due to, other banks in
the United States. However, only the excess of
the sum of these items over an amount needed for
required reserves and for other operating funds
customarily held by banks would be counted
in the special reserve. A level of 20 per cent of
gross demand deposits, and 6 per cent of time deposits, uniform for all banks, is proposed as an
equitable statutory amount for these customary
operating funds. What the banks hold above this
amount will be eligible to count as special reserves, but banks holding smaller amounts would
not be required to increase their holdings, if legal
basic reserve requirements are met. Banks of all
classes typically hold these cash items in an
aggregate amount equal to the sum of about 25
per cent of gross demand deposits and 6 per cent
of time deposits.
Provision in the formula for some margin of
cash assets, as well as the specified short-term Government securities, is desirable to accomplish the
purposes of the special reserve authority. Confining the eligible special reserve assets to Government securities would cause difficulties to banks
obtaining new funds and not holding adequate
amounts of the required securities; they should be
permitted to count their cash as reserves until they
could acquire, or in case they could not acquire,
Treasury bills, certificates, or notes. Banks ought
not to be compelled to buy such short-term securities in order to meet the proposed special reserve requirement, if for operating reasons they
prefer to hold excess cash assets. Cash holdings,
moreover, are even more effective in meeting the
purposes of the requirement. From the standpoint
of avoiding credit expansion, a formula limited to
short-term Government securities would be less
effective than one which includes cash in the special reserve.
Allowance for differences in banking laws and
procedures. An equitable formula should allow
20
for the great variations that exist among groups
of banks with respect to basic reserve requirements and with respect to holding of different
types of cash assets, without interfering unduly
with these requirements and practices. If the requirement were limited to member banks, only
excess reserve balances at Federal Reserve Banks
and the specified Government securities might be
allowed to count as special reserves. Reserve requirements for nonmember banks, however, not
only differ from those for member banks but also
vary from State to State. For nonmember State
banks, balances due from banks constitute the
major part of reserves required by State law, and
the excess of such balances over statutory requirements comprise other operating funds, or secondary
reserves. Member banks hold their required reserves, and perhaps some excess, on balances with
the Federal Reserve Banks, but member banks also
hold balances with correspondent banks as part
of their operating or secondary reserve funds. Both
nonmember and member banks would undoubtedly
prefer to continue the practice of holding part of
their operating funds as balances due from other
banks.
Permitting banks to count all of their balances
due from other banks in cash items eligible as special reserve assets would present an opportunity for
building up fictitious reserves through the pyramiding of interbank balances by multiple exchange
of deposits among banks. To prevent such a development, insofar as practicable, the special reserve
plan would permit balances due from other banka
to be counted as eligible assets only to the extent
that they exceed balances due to other banks. Any
other treatment of interbank deposits would invite
evasion and jeopardize the objectives of the plan.
The proposed formula for the computation of
cash assets eligible for satisfying the special reserve
requirement treats member and nonmember banks
alike, insofar as differences in practices and laws
permit. It avoids interference with established correspondent relations, and, in fact, makes use of
these relations. In the interests of administrative
simplicity, the proposed formula is uniform for
all banks.
AVAILABILITY OF SPECIAL RESERVE ASSETS
The formula and its application to certain broad1
groups of insured banks, using aggregate figures as
of June 30, 1947, is illustrated in Table 1.
FEDERAL RESERVE BULLETIN
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
TABLE 1
ILLUSTRATIVE COMPUTATION OF SPECIAL RESERVE ASSETS, JUNE 30,
1947
[Based on aggregate figures in millions of dollars, by groups of banks]
Member banks
Reserve
city
Country
Nonmember
insured
banks
5,037
871
31,983
11,269
27,659
14,475
11,891
6,349
123
1,884
36
349
470
2,623
780
834
395
124
4,166
6,274
2,546
4,628
2,765
973
6,173
4,624
1,357
1,060
9,367
7,073
8,787
6,400
3,284
2,759
1,549
2,015
298
606
2,294
4,874
2,387
5,191
2,932
3,564
904
7,168
7,578
3,457
2,327
5,817
539
1,346
3,649
9,123
3,345
8,362
1,443
3,608
+1,237
-2,253
+365
+3,519
-1,954
+4,234
-784
+2,014
-151
+5.5
+7.2
+11.0
-6.1
+15.3
-2.8
+ 16.9
-1.3
Central reserve city
1. Gross demand deposits
2. Time deposits
3. Coin and currency
4. Cash items in process of collection
5. Excess of demand1 balances due from over demand deposits due to other
banks in U. S.
^6. Balances with Federal Reserve Banks
7. Net cash assets i (3 + 4 + 5 +6)
8. Deduct 20% of gross demand deposits plus 6% of time deposits
9. Excess cash assets 1 (7 —8)
10. Treasury bills, certificates, and notes.
..
11. Total special reserve assets * (9 +10)
12. Special reserve required at given percentages:
a. 10% against demand and 4% against time deposits
b. Maximum of 25% against demand and 10% against time deposits..
New York
Chicago
22,683
1,459
525
1
13. Deficiency or excess of special reserve assets:
a. With 10% against demand and 4 % against time deposits
b. With 25% against demand and 10% against time deposits
14. Percentage deficiency or excess of special reserve assets to demand
deposits:
a. With 10% against demand and 4% against time deposits
b. With 25% against demand and 10% against time deposits
-9.9
-443
-8.8
1
Figures shown for these items are computed on the basis of aggregates by groups of banks for the country as a whole; totals of figures
^computed separately for individual banks or from aggregates by districts would show somewhat different amounts of available cash assets
for some of the groups.
Differences by groups of banks. The table shows
that banks in each major group have an excess
*of cash assets over the minimum allowance
.and also have more than enough special reserve
.-assets available to meet a requirement established
jat 10 per cent against gross demand deposits and
4 per cent against time deposits. At the statutory
^maximum suggested for the requirement—namely
25 per cent against demand deposits and 10 per
cent against time deposits—the different groups
show deficiencies in holdings of eligible assets
«of varying percentage amounts. New York City
t>anks held the smallest amounts of eligible assets
^relative to their deposits, while country member
and nonmember banks held the largest amounts.
The variation in the percentages of deficiency
«or excess in special reserve assets at the selected
levels is still wider, of course, when studied by
^groups of banks according to Federal Reserve Districts. This point is illustrated in Table 2,
which is also based on figures for June 30, 1947.
lEach group in each district would be able to meet
JANUARY 1948
the lower level of requirements used. Data for
individual banks would show even greater differences than appear for the groups of banks in Table
2, and some banks might have deficiencies in holdings of eligible assets even at the lower requirement
level.
Adequate
supply of special-reserve
and other
liquid assets. In considering the deficiencies in
eligible special reserve assets that banks might
confront at certain requirement levels, it must be
remembered that banks hold substantial amounts of
short-term Government bonds that may eventually
be refunded by the Treasury into eligible assets
or that could be converted through the market
into such assets. In general the Federal Reserve
would purchase the bonds and sell banks reserveeligible securities. Holdings of short-term bonds as
percentages of gross demand deposits at mid-1947
are also shown in Table 2.
According to figures relating to the ownership of the public debt on September 30, 1947,
shown in Table 3, all commercial banks hold
21
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
about 15 billion dollars of Treasury bills, certificates, and notes,1 and in addition 6 billion of
bonds due or callable within one year and 30 billion due or callable within one to five years. These
holdings were widely distributed among individual
1
For simplicity of computation these figures include some
notes which had original maturities of over 2 years and therefore would not be eligible as special reserve assets under the
proposal. These, however, mature shortly and in any event
could be readily shifted into reserve-eligible securities.
banks. As these bonds mature or are called they
may be refunded by the Treasury through issuance
of securities eligible to be held as special reserves.
The amount of Treasury bills, certificates, and notes
issued can be made to depend on the need of the
banking system and the demand for such assets.
As Table 3 indicates, moreover, the Federal Reserve System holds 22 billion dollars of Treasury
bills, certificates, and notes, which banks could
TABLE 2
RATIOS OF AVAILABLE SPECIAL RESERVE ASSETS AND SHORT-TERM TREASURY BONDS TO GROSS DEMAND DEPOSITS, ALL
INSURED COMMERCIAL BANKS, JUNE 30, 1947
Percentage of gross demand deposits
Bank group
Central reserve city member banks
New York
Chicago
Reserve city member banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Country member banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Nonmember insured commerical banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Deficiency or excess of
special reserve assets
if requirements are
Treasury
bills,
certificates,
and notes
Excess
cash assets *
Total
special
reserve
assets
8.9
12.0
6.8
5.9
15.7
17.9
- 9.9
10.3
9.3
20.6
10.3
8.8
16.8
13.3
22.9
15.2
7.1
9.4
8.3
6.4
7.4
8.7
7.1
6.3
7.3
6.0
6.1
7.6
7.2
17.5
18.7
14.9
14.4
20.3
23.2
27.7
16.6
16.1
22.7
19.4
30.5
22.4
12.6
12.7
18.7
17.8
17.0
19.7
21.6
21.7
23.8
26.1
21.3
17.6
18.8
6.4
9.3
10.1
11.1
8.5
5.1
10.5
3.8
6.4
9.6
11.1
7.9
8.6
19.2
15.1
20.9
22.0
20.4
25.2
29.0
25.0
39.6
28.0
16.5
19.6
24.7
1.2
1.7
.3
4.8
.2
6.8
5.9
4.7
3.9
7.3
10.4
6.7
8.0
12.9
14.4
.6
4.4
10% of
25% of
demand and demand and
10% of time 4% of time
deposits
deposits
Treasury bonds2 due
or callable
Within
1 year
Within
1-5 years
+ 5.5
+ 7.2
5.7
4.2
27.8
23.4
- 8.6
-11.8
-11.3
-14.2
- 7.0
- 3.9
- 2.7
-10.2
-10.7
- 3.7
- 7.1
- .9
- 6.1
+ 7.1
+ 6.5
+ 4.4
+ 3.0
+ 9.4
+ 12.3
+15.5
+ 5.9
+ 5.4
+12.2
+ 8.8
+17.9
+11.0
5.1
3.5
1.5
7.1
2.5
3.5
5.9
5.1
3.7
4.8
2.2
6.1
4.9
18.3
31.7
22.6
33.7
32.5
20.0
36.9
24.2
28.0
19.1
18.4
31.3
27.8
18.9
21.9
28.8
28.9
25.5
24.8
32.1
25.5
30.2
35.8
32.4
25.5
27.4
- 11.1
-11.5
- 4.4
- 3.5
- 3.9
- 3.3
+ .6
- 3.2
- .3
+ 6.9
+ 8.6
+15.5
+15.9
+ 13.8
+13.6
+ 19.5
+ 14.0
+ 18.0
+25.2
+22.1
+13.3
+15.3
5.0
4.3
5.0
4.8
4.3
3.9
5.9
4.0
7.3
3.2
2.9
6.9
4.7
37.3
45.7
41.4
40.2
31.8
25.0
41.8
28.7
39.8
18.8
16.7
33.9
34.3
20.3
16.8
21.2
26.8
20.6
32.0
34.9
29.7
43.5
35.3
27.0
20.1
29.1
-15.8
-16.2
-11.1
+ 5.9
+ 3.6
+ 8.3
+13.5
+ 8.7
+20.7
+22.2
+18.9
+31.2
+24.6
+16.5
+ 5.5
+16.9
5.6
4.5
3.8
4.6
5.8
3.0
4.6
2.2
6.4
2.9
.9
7.7
4.2
41.5
39.9
35.6
37.6
29.5
22.9
39.8
22.5
32.5
20.5
18.3
39.3
31.0
+ 9.3
+ 6.6
- 4.9
- 2.8
-
6.3
9.2
+ 3.8
+ 3.1
+ 2.7
+12.8
+ 8.6
+ .8
-16.6
- 1.3
1
Total of (1) balances with Federal Reserve Banks, (2) excess of demand balances due from over demand deposits due to banks in
United States, (3) coin and currency, and (4) cash items in process of collection, less (5) the sum of 20 per cent of demand deposits and
6 per2 cent of time deposits.
These ratios are based on estimated holdings of such Treasury bonds.
22
FEDERAL RESERVE BULLETIN
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
TABLE
OWNERSHIP
OF MARKETABLE U N I T E D
3
STATES GOVERNMENT
SECURITIES
[In millions of dollars as of September 30, 1947]
Type of security
Investor group
Commercial banks
Federal Reserve Banks .
U. S. Government agencies and trust funds
Other investors
Total
Total i
Bills,
certificates,
and notes
Treasury bonds maturing or callable
Within
1 year
Within 1-5
years
68,892
22,329
4,387
72,338
14,966
21,610
81
11,801
5,583
30,300
177
403
50
1,502
167,946
48,458
7,312
362
7,258
38,323
After
5 years
18 043
140
2
2 3,858
51,647
73,688
Data estimated on the basis of the Treasury Survey of Ownership of Securities issued and guaranteed by the United States.
Total includes postal savings and prewar bonds not shown in breakdown by issues.
Most of the bonds due or callable after 5 years held by Government agencies and about 45 billion dollars of those held by other
investors are not eligible for purchase by banks. About 7 billion dollars of these bonds may be acquired by banks.
1
2
acquire by selling to the System other Government securities. About 12 billion dollars of eligible
obligations are also held by nonbank investors,
and these might be bought by banks. Thus the
total of Treasury bills, certificates, and notes outstanding is nearly 50 billion, compared with gross
demand deposits at commercial banks of 100 billion. The amount of such securities outstanding
may be decreased through debt retirement or increased through refunding of bonds. It is estimated that, after allowing for probable reduction
in total marketable debt and for refunding of all
JANUARY
1948
other retired issues into reserve-eligible securities,
the total amount of such securities outstanding will
continue fairly close to the present level for the
next three years. The amounts held by banks may
be increased by purchases from other holders.
Thus banks could readily obtain enough bills,
certificates, and notes to meet a special reserve requirement of 25 per cent. They could still hold
substantial amounts of short-term securities as
secondary reserves free for operating purposes, but
the amount of such freely available funds could
be materially reduced by the requirement.
23
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
by
MORRIS A. COPELAND AND DANIEL H . BRILL
At the end of 1939 the cash balances (currency
and deposits) held by businesses and individuals
plus their holdings of liquid assets in the form of
United States Government securities were equal
to about two-thirds the then annual rate of 99 billion
dollars for gross national product. Shortly before
V-J Day, when the annual rate of gross national
product amounted to almost 220 billion dollars, this
ratio, reflecting chiefly the exigencies of war financing, had risen to somewhat over 90 per cent. In mid1947 it was close to 100 per cent of a gross product
amounting to 226 billion dollars on an annual basis.
The wartime increase in the ratio of these liquid
assets to gross national product reflected chiefly a
growth in the holdings of United States Government securities. When only cash balances of businesses and individuals are considered, the ratio of
these to gross product was a little over one-half
at the end of 1939 and only slightly higher by V-J
Day. Since the end of the war, cash balances have
increased substantially; their current ratio to national product is nearly two-thirds.
The marked increase from V-J Day to the end
of 1946 in individuals' holdings of currency and
deposits was accompanied by a fairly steady growth
in their holdings of Government securities. In the
case of businesses, however, there was a substantial
liquidation in holdings of Government securities
while cash balances have increased but slightly since
V-J Day.
The monetary problems involved in the quantity
of cash and other liquid assets held by the public,
and in recent changes in bank credit which affect
these holdings, have been the subject of extensive
consideration. In such consideration it has proved
helpful to have what amounts to a consolidated condition statement for the banking system as a whole,
relating the currency and deposit liabilities of the
banking system to banking assets (net of interbank
items).2
1
This article was prepared by the authors as a part of a
study of current money flows which they have been conducting
for the Board's Division of Research and Statistics. The
original exploratory study of money flows was conducted by the
National Bureau of Economic Research at the suggestion of the
Committee for Economic Development and with the support
of 2 a grant by that Committee.
Information of this kind has from time to time been presented in the Federal Reserve BULLETIN and the Annual Report
of the Board of Governors. See, for example, the Annual Report
for 1946, p. 23.
24
CONSOLIDATED CONDITION STATEMENT FOR THE
BANKING SYSTEM
The purpose of the present article is to provide
in systematic retrospect a picture of the condition
of the banking system as a whole, and to present
it in a form that will facilitate relating it on the
one hand to information on the liquid asset holdings of the public and on the other to the familiar
table "Member Bank Reserves, Reserve Bank Credit,
and Related Items."
Table I on the following page presents a consolidated condition statement for the banking system. It covers all commercial and mutual savings
banks in the continental United States, the Federal
Reserve Banks, and four Federal Government funds.
The four Government funds are: the gold account,
the Treasurv currency account, the Postal Savings
System, and the Exchange Stabilization Fund.
The banking system's assets consist of the monetary gold stock, the technical item "Treasury currency" (a major component of which is the monetary silver stock3), and earning assets (loans, Government securities, and other investments). Interbank loans and the capital stock of Federal Reserve
Banks held by member banks are of course eliminated in preparing the consolidated statement.
The first three currency and deposit liabilityitems given in the table are as thev aDpear in the
familiar table "Adjusted Deposits of all Banks and
Currency outside Banks." The item "Adjusted
Government deposits and Treasury cash" may be
taken as portraying approximately the balance in
the general fund of the Treasury from a bank-record
viewpoint.
*
Total currency and deposit liabilities of the
banking system can only increase or decrease to the
extent that there are corresponding changes in gold
or earning assets, or less importantly, corresponding
changes in Treasury currency or offsetting changes
in capital and miscellaneous accounts, net. The
principal changes in the condition of the banking
system as a whole as indicated in Table 1 may be
briefly reviewed.
3
Treasury currency includes the silver bullion and silver
dollars held by the Treasury as a reserve against its currency
liabilities (included in Column 7 of Table 1 and in bank vault
cash). It does not include the silver bullion (valued at cost)
in the general fund of the Treasury.
FEDERAL RESERVE BULLETIN
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
TABLE 1
CONSOLIDATED CONDITION STATEMENT FOR THE BANKING SYSTEM
[In billions of dollars]
(2)
(1)
(3)
(4)
(5)
(6)
Treas-
Total
assets =
total
liabilities
Assets
End of month
Gold
stock
U. S
Government
securities 2
Loans
4. 0
4.
11. 3
12. 3
12. 8
5.
10.
21.
20.
20.
7
3
1
6
3
41
22
21
22
22
.1
0
.3
.4
.0
June 1938
December 1938....
June 1939
December 1939....
December 1940....
13 0
14. 5
16. 1
17. 6
22. 0
20 4
21. 7
21
21
21
22
23
.0
.2
.3
.2
.7
December
December
December
December
1941....
1942....
1943
1944
22
22
21
20
June 1945
December 1945....
June 1946
December 1946....
20
20
20
20
March 1947
June 1947
September 1947 i . .
20 5
21 3
22 0
7
7
22.5
23. 1
24. 4
ury
currency
(8)
7
7
Currency
and
outcapital
side
accounts banks
Ad-
justed
de-
mand
de-
0
1
1
1
o3
6
0
2
9
58 2
61^3
63.6
66.5
73.3
8.3
8.4
8.6
8.5
9.2
3.1
9.5
11.4
21.6
1
1
2
2
5
6
3
2
80.9
102.4
126.0
154.0
9.6
9.5
10.0
11.1
25.3
25.'9
14.5
2
2
1
1
4
1
9
9
166 1
178^8
174.2
169.7
12.1
12.8
13.9
13.6
1 8
1 7
Pi 8
170.0
169.0
P171.7
12.6
12.9
P13.6
2 3
26 2
9 49.5
9 4
9 2
9 3
2.7
2.8
2.9
3.0
3.1
66.4
69.7
72.2
75.0
82.5
5.4
5.8
6.0
6.4
7.3
24.3
26.0
27.4
29.8
34.9
26
26
26
27
27
2
3
8
1
9.6
27
28
32
39
4
7
8
44
48
51
54
3
5
8
0
9
6
90.5
111.9
136.1
165.1
13.9
18.8
23.5
39.0
48.9
60.8
66.9
2
1
3
5
118
128
122
113
0
4
27
30
31
35
.9
.4
.6
.8
7
8
9
9
8
4
0
3
4.1
4.3
4.5
4.6
178.2
191.6
188.1
183.3
25.1
26.5
26.5
26.7
69 1
75.9
79.5
83.3
9 6
9 9
P10 3
4.6
4.6
4.6
182.6
181.9
185.3
26.1
26.3
P26.3
80.4
82.3
P84.2
7
7
54 8
55 5
P55 9
acdeposit
liabil- counts,
n
et
ities
1.9
2.6
2.4
2.0
1.4
25.9
3.2
3.6
4.1
4.1
and
miscellaneous
2." 7
28 6
21 7
25 4
9
1
3
4
and
Capital
8.0
8.3
8.2
22.5
14.4
25.5
25.2
24.0
0.6
5.5
5.5
5.6
4 8
Total
currency
55.8
42 0
58.6
59.7
59.1
3.6
8
8
7
7
37 . 1
38 . 4
P40 .2
(13)
0 4
o1
0 5
7
0 6
64.5
48.3
66.6
67 9
67.3
26 . 6
23 . 9
23 . 6
26 . 0
1
Adjusted
U.S.
Net
GovernPostal
ment
foreign
Savings deposits bank
and
System
baldeposits Treasury ances
cash
and
2.0
2.3
2.5
2.6
2.6
0
5
2
0
110 9
107 9
P108 3
(12)
(11)
Time
4
1
6
11.
9
10
10
9
29
53
79
107
7
(10)
(9)
Liabilities and capital accounts
posits
June 1929
June 1933
. ..
December 1936
June 1937
December 1937....
o
Other
securities
(7)
1 1
1.1
3.8
6.9
3.2
P3.5
o
8.8
6 4
p Preliminary.
1 As of Sept. 24, except for data from Table 4.
2 Holdings of not fully guaranteed securities of Government agencies are included in Col. 4.
NOTE.—The relationship of data in this table to data in tables at the end of this article is given below:
Cols. 1, 5, and 7 equal Cols. 1, 3, and 9 respectively in Table 2.
Col. 8 equals Col. 4 in Table 3.
Col. 9 equals Col. 5 in Table 3 plus Col. 6 in Table 4.
Col. 2 plus Col. 3 plus Col. 4 equals Col. 2 in Table 2 plus Col. 1 in Table 3 plus Col. 3 in Table 4.
Col. 10 equals Col. 10 in Table 2 plus Col. 6 in Table 3 minus Col. 2 in Table 4.
Col. 11 equals Col. 11 in Table 2 plus Col. 7 in Table 3 minus Col. 4 in Table 4.
Col. 13 equals Col. 12 in Table 2 plus Cols. 8 and 9 in Table 3 plus Col. 7 in Table 4.
See Table 3, Col. 9, including note, for statistical discrepancy.
The first date for which a consolidated condition
statement for the whole banking system is shown,
June 30, 1929, represents approximately the business
peak of the twenties. The second date, June 30,
1933, represents approximately the trough of the
severe depression that followed. Since no intervening statements are included in the table, important developments between these dates are not portrayed, notably the bank holiday and Federal Reserve open market operations in 1931-32.
Passing over these intervening developments we
note that broadly currency and deposit liabilities of
the banking system dropped from 55.8 billion
dollars in mid-1929 to 42.0 billion by mid-1933.
The decline in currency plus time and adjusted
demand deposits, excluding United States GovernJANUARY 1948
ment and net foreign deposits, amounted to nearly
14 billion dollars.
This contraction in currency and deposits in the
hands of the public, though sharp, was relatively
somewhat smaller than the drop in the volume
of business as measured by gross national product.
During the four-year period, currency outside
banks plus time and adjusted demand deposits declined by about 25 per cent, while gross national
product declined by some 45 per cent. Moreover
currency outside banks, taken by itself, increased
during the four-year period from 3.6 to 4.8 billion
dollars. The currency increase and the relatively
smaller decrease in currency plus deposits as
compared with gross national product reflected a
25
BANKING ASSETS AND THE MONEY SUPPLY SINCE
marked strengthening of liquidity preference on
the part of the public.
The 1929-33 decline in the currency and deposit
liabilities of the banking system was accompanied
not only by a decline in its total earning assets
but also by a radical change in the composition of
its portfolio. The banking system, too, exhibited
a marked increase in liquidity preference. Those
assets representing credit extended to the public
(loans and non-Government investments) dropped
over 21 billion dollars in the four-year period.
Loans alone declined by more than 45 per cent.
The liquidation of loans and other securities together exceeded the decline in deposit liabilities by
about 6 billion dollars; 4.5 billion of the funds
released by the liquidation of bank lending to the
public were used to increase the banking system's
portfolio of United States Government securities.
These changes in the condition of the banking system aggravated the process of business contraction
by cutting off sources of credit to which the public
had become accustomed, and so forcing liquidations.
The general recovery of the nation's economy
from the low point in 1933 was accompanied by a
substantial rise in currency and deposit liabilities.
From June 1933 to June 1937 currency outside
banks plus time and adjusted demand deposits
increased by about 15.5 billion dollars. The public's increased liquidity preference was maintained
through this recovery period, for the currency and
deposit items just listed exceeded the peak levels
of 1929 by mid-1937 while gross national product
was still about 10 per cent below its 1929 level.
During most of this recovery the banking system's
holdings of loans and non-Federal securities remained slightly under the low levels of 1933. It
was not until the first half of 1937 that any substantial increase occurred in the banking system's
holdings of loans, and even this rise was offset
in part by some liquidation of its investments in
non-Federal securities. The relative stability in
these forms of bank credit over this four-year
period contrasts with a seven-fold increase in gross
private domestic investment. With the unpleasant
experiences of 1929-33 freshly in mind it is not
strange that the public largely preferred other forms
of financing (particularly inside funds) to borrowing, while the banks at the same time doubtless
maintained an increased liquidity preference for
forms of earning assets other than private loans.
26
1929
Until the end of 1936 the bulk of bank credit expansion took place through two channels—bank
holdings of Government securities, which increased
almost 11 billion dollars in the three and one-half
years, and the extensive imports of gold, which may
fairly be regarded as an extension of credit to the
rest of the world. The value of the gold stock,
including the effect of revaluation in 1934, rose by
7 billion dollars between June 1933 and December
1936.
During the sharp recession beginning the latter
part of 1937, banking funds and banking assets
contracted. Between June 30, 1937 and June 30,
1938 declines were recorded in adjusted demand
deposits, adjusted Government deposits and Treasury cash, net foreign bank balances, and in all three
categories of bank earning assets. Time deposits
maintained a slow growth. During the first months
of 1938 the increase in the gold stock was temporarily checked.
Although the decline in loans during the recession was especially sharp, the banking system's role
during this period as during the following 18
months of recovery and expansion appears to have
been essentially the relatively passive one of adapting itself to a changed level of business activity.
CHANGES IN CONDITION FOLLOWING THE OUTBREAK
OF WAR IN EUROPE
The outbreak of war in Europe and the beginning
of the United States defense program brought
marked changes in the banking system's balance
sheet. Currency and deposits in the hands of the
public (Columns 7, 8 and 9 of Table 1) rose 13 billion dollars from the end of 1939 to the end of
1941. All major classes of banking assets except
"other securities" increased sharply; gold stock was
up 5 billion dollars, United States Government
securities were up 6 billion, and loans and other
investments taken together increased by 4 billion.
The most significant changes in condition of the
banking system during the period of United States
participation in the war were, in brief: Currency
outside banks rose 17 billion dollars in the four-year
period from the end of 1941 to the end of 1945;
adjusted demand and time deposits rose almost
60 billion; and adjusted Government deposits and
Treasury cash were up 23 billion. Concurrently
with these increases in its liabilities the banking
system expanded its holdings of United States Government securities by nearly 100 billion dollars.
FEDERAL RESERVE BULLETIN
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
Changes in other banking assets—gold, loans and
non-Government investments and Treasury currency
—were small and approximately offsetting.
Since the war, cash balances in the hands of the
public have increased by more than 25 billion dollars. Attention has repeatedly been called to the
fact that only a part of this increase was needed to
facilitate production during the reconversion period.
At the same time adjusted Government deposits and
Treasury cash were drawn down by more than 22
billion dollars as Government obligations were
retired. The small item, net foreign bank balances,
also declined after the war, while additions to bank
surplus and undivided profits helped to increase
capital funds.4 The net result is that total funds at
the banking system's disposal on June 30, 1947,
though some 10 billion dollars below the level
reached at the end of 1945, were some 4 billion
above the level attained shortly before V-J Day.
Bank holdings of United States Government
securities increased sharply with the Victory Loan
Drive in December 1945 and then declined with
the debt retirement program. This decline in bank
portfolios of Government securities, which continued through the first half of 1947, was accompanied by a sharp increase in credit extended to
the public. In the two years ending June 1947,
loans increased by 10.5 billion dollars and holdings
of other securities by more than 2 billion.
Table 1 provides quarterly figures for 1947. The
seasonal dip in adjusted demand deposits and the
seasonal rise in adjusted Government deposits and
Treasury cash clearly reflect the large payments of
taxes during the first quarter of the year.
The quarterly data also show the sharp increase
in gold stock during 1947 and the recently accelerated rate of additions to portfolios of loans and
other securities. The decline in holdings of United
States Government securities was interrupted in the
third quarter, when some 400 million dollars were
added to bank portfolios.
table was derived by consolidating the following
three condition statements:
(a) Member Bank Reserves, Reserve Bank Credit,
and Related Items.
(b) Consolidated Condition Statement for All
Commercial and All Mutual Savings Banks.
(c) Combined Condition Statement for the Exchange Stabilization Fund and Postal Savings
System.
The first of these three statements in turn represents a consolidated condition statement for the
Federal Reserve Banks and two Federal Government funds, the gold account and the Treasury currency account. As is shown in Table 2 at the end
of this article, this statement was specially arranged
to facilitate the process of consolidating the three
statements into Table 1. The other two condition
statements used in deriving Table 1 are shown in
Tables 3 and 4. Notes attached to Tables 2, 3, and
4 indicate the sources for the various items included.
Three items from the statement of member bank
reserves and related items are shown monthly in the
accompanying chart, and two items from the "allbank" statement are shown for all available dates.
CHART I
PRINCIPAL BANKING ASSETS AND MEMBER BANK RESERVES
BILL IONS OF DOLLARS
BILLIONS OF DOLLARS
x
A
-
I
-
-
/
_-v
/
N
\
>
-U.S.
4
The decline recorded in Column 13 of Table 1 in the first
quarter of 1947 reflects a decrease of nearly 1.8 billion dollars
in the capital accounts of the Exchange Stabilization Fund.
Capital and miscellaneous accounts net for "all banks" increased
slightly during this quarter. See Table 3, Column 8 and
Table 4, Column 7, at the end of this article.
JANUARY
1948
v
LOANS AND OTHER SECURITIES
HELD BY ALL BANKS
/
I
^^'•A
6 DVERNM INT SECURITIES:
COMPONENT PARTS OF THE CONDITION STATEMENT
The preceding comments have dealt with the
banking system as a whole. Additional light on the
developments we have briefly reviewed is gained by
resolving Table 1 into its component parts. This
\v
. BANKS
' f"\
1930
*
4f
/
1932
1934
HELD BY F.R. BANKS J
/
J
1
1936
1938
1940
1942
1944
1946
27
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
CREDIT POLICY AND CHANGES IN THE CONDITION OF
THE BANKING SYSTEM
During 1931-32 the Reserve Banks made open
market purchases of Government securities on an
unprecedented scale. This program helped to replenish member bank reserves. Nonetheless,
viewed in retrospect this program appears very small
in relation to the problem created by the four-year
business recession. A great many member banks
continued throughout the four years to be in debt
to the Reserve Banks and to have no excess reserves.
During the period of recovery and expansion after
June 1933, member bank reserves grew fairly steadily until the end of 1940. This growth follows
somewhat faithfully the increase in the monetary
gold stock with the influx of gold after the revaluation early in 1934.
Excess reserves shortly became a problem—they
put the Reserve Banks out of touch with the credit
situation. During a period such as that from 1933
to 1940, with its large volume of unemployment
and with interest rates in general at levels materially
below those prevailing in the twenties, the role of
Federal Reserve credit policy was necessarily somewhat less urgent than during a period like the
present, when the economy is operating at or near
capacity. Of chief importance was the maintenance
of the smooth operation of the banking system.
But between mid-1933 and mid-1936 member bank
reserves more than doubled while portfolios of all
commercial and mutual savings banks increased
about 20 per cent. The rapid growth of member
bank reserves, therefore, provided the possibility of
a much larger credit expansion, and this fact made it
advisable for the Reserve System to re-establish
contact with the credit situation. In late 1936 and
early 1937 reserve requirements were increased in
three stages to the full extent provided for in the
Banking Act of 1935. In spite of these increases
there remained a volume of excess reserves that was
widely distributed and much larger than had existed
prior to 1933.
From mid-1937 to mid-1938, reflecting the sharp
business recession which began in the third quarter,
"all-bank" portfolios of loans and other securities
declined more than 2 billion dollars and their holdings of Government securities decreased slightly.
On the whole, these developments appear to have
been moderate when compared to the 20 per cent
28
drop in gross national product. Although member
bank excess reserves were increasing, reserve requirements were reduced slightly in early 1938.
With the resumed gold inflow after mid-1938,
excess reserves continued to mount rapidly, even
though "all-bank" credit expanded substantially
with the rising level of business activity. In the
fall of 1941 reserve requirements were again set at
the statutory limit.
As a result of the enormous expansion of "allbank" credit during our active participation in the
war (an expansion principally in holdings of Government securities), together with a 2.5 billion dollar decline in the gold stock and a currency outflow (increase in currency outside of banks) of 16
billion, excess reserves were substantially reduced.
City banks were affected particularly, and in the
case of central reserve city banks it became advisable in 1942 to lower reserve requirements on
net demand deposits from 26 to 20 per cent.
THE PROBLEM OF POSTWAR CREDIT CONTROL
Rapid postwar expansion of privately held cash
balances has made urgent the need for credit controls, but traditional forms of control have been
largely inapplicable. At the end of November 1947
there were only 830 million dollars of excess reserves, held chiefly by country banks. Banks, however, are currently obtaining reserves through large
gold imports and in addition have a very large
volume of potential reserves in their huge holdings
of Government securities. These securities can readily be sold to the Reserve Banks and thus converted into reserves to permit credit expansion. The
Federal Reserve purchases securities offered for sale
and not bought by others, because of the System's
responsibility for maintaining orderly and relatively
stable conditions in the United States Government
securities market. Support of this market over the
war period increased Reserve Bank portfolios from
2.3 billion dollars at the end of 1941 to 24.5 billion
at the end of 1945, an increase almost entirely in
holdings of United States Government issues. Despite the postwar redemption program, Federal
Reserve holdings of Government securities at the
end of November 1947 were over 22 billion. At
that time the Federal Reserve portfolio was as
follows (in billions of dollars):
FEDERAL RESERVE BULLETIN
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
United States bills, certificates, and notes. 21.2
United States bonds
1.0
Discounts, advances, industrial loans and
acceptances
0.3
Total loans and securities. .
22.5
Thus the credit operations of the Federal Reserve
System are almost entirely in United States Government securities. Under these conditions the operations have little restraining influence over the total
volume of bank credit. Rather, they afTect for the
most part the cost of short-term Government financing and the price of outstanding Government securities. This situation has led the Reserve System
to propose to Congress legislation authorizing special measures of credit control, which are described
in another article in this BULLETIN.
Important light is thrown on the magnitude and
nature of the present credit problem by relating the
consolidated condition statement for the banking system as a whole to information on the holders of currency and deposits and of Government securities.
The total shown on the right-hand section of
Chart II represents debt held by the public and the
banking system—it does not include United States
securities held by Federal social insurance funds.
During the 18 months beginning January 1, 1946,
net retirements of United States Government securities held by the public and the banking system
totaled 28 billion dollars. At the same time holdings of these securities by businesses and by "all
banks" declined about 27 billion; Government securities held by the Reserve Banks and by individuals remained relatively stable. The decreased holdings of Government securities by "all banks" and
by businesses represented partly retirements but to
a considerable extent also they represented sales.
Thus extensive purchases of Government securities
by the Reserve Banks during this period had the
double effect of replenishing member bank reserves
and of preventing undesirable changes in the interest rate structure and in the prices of Government
bonds.
Individuals currently account for about 70 per
cent of all purchases of gross national product; as is
shown at the left of the chart, they hold well over
half of the currency and deposit liabilities of the
banking system. While the growth of business cash
balances was checked after mid-1946, household
JANUARY
1948
cash balances have continued to grow except for a
slight seasonal reduction at March 31, 1947. Businesses liquidated some 7 billion dollars of their
holdings of Government securities in 1946; households maintained their holdings at or slightly above
the December 1945 level.
A rounded picture of household liquid savings
involves other items in addition to cash balances and
holdings of United States Government securities,
particularly increases in holdings of other securities
and of shares in savings and loan associations, and
increases in household debt. But when these factors
are taken into account the picture is not greatly
OWNERSHIP OF CURRENCY AND DEPOSITS
AND OF U- S- GOVERNMENT SECURITIES
BILLIONS OF DOLLARS
BILLIONS OF DOLLAR!
1940
1942
1944
1946
1942
1944
1946
"Holdings by the Postal Savings System are included with
holdings by Federal Reserve Banks.
NOTE.—Data on individual and business holdings of currency
and deposits and of U. S. Government securities are from the
Federal Reserve BULLETIN for September 1947, p. 1104, except
that terminal leave bonds have been included. Figures for
currency and deposits held by the U. S. Government and for
the total held by the public and the U. S. Government are from
columns 10 and 12 respectively of Table 1. Since holdings by
businesses and individuals are on a holder-record basis, currency
and deposits held by "others" include the mail float. U. S.
Government securities held by commercial and mutual savings
banks, Federal Reserve Banks, and the Postal Savings System
are from the sources indicated in the footnotes to Tables 2, 3
and 4. All figures for 1947 (except those from Tables 2 and 4)
are preliminary estimates.
29
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
altered. Net liquid assets held by consumers reached
an unprecedentedly high level during the war;
between June 1945 and June 1947 they increased
some 17 billion dollars more. Although the rate
of growth slackened materially after mid-1946, net
liquid assets appear to have continued to increase
through the first half of 1947. Doubtless in recent
months many individual households have been
drawing down their holdings to finance expenditures on goods while many others have been accumulating liquid savings. But it is partly in this way
that the very high aggregate level of liquid assets
helps to bolster the current high level of consumer
demand.
TABLE 2
M E M B E R BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Rearranged to Facilitate Consolidation
[In
(1)
(2)
(3)
(4)
millions of dollars
(5)
(6)
Gold
stock
(8)
(9)
(10)
(11)
(12)
Treasury
cash
and
deposits
with
Federal
Reserve
Banks
Net
foreign
deposits
Other
Federal
Reserve
accounts
less
Federal
Reserve
Bank
paid-in
capital
Liabilities and capital accounts
Assets
End of month
(7)
Loans and
securities
less
TreasFederal
ury
Reserve
curBank
rency
paid-in
capital
Total
assets =
total
liabilities
and
other
Federal
Reserve
accounts
Member
bank
reserves
Bank
vault
cash
Other
interbank
items,
net
Total
interbank
items,
net
Currency
outside
banks
June 1929
June 1933
December 1936. . .
June 1937
December 1937 . . .
4,037
4,031
11,258
12,318
12,760
1,188
2,066
2,330
2,430
2,459
2,019
2,286
2,532
2,550
2,637
7,244
8,383
16,120
17,298
17,856
2,356
2,292
6,606
6,900
7,027
820
673
1 ,027
958
912
-32
144
121
128
216
3,144
3,109
7,754
7,986
8,155
3,639
4,761
5,516
5,489
5,638
240
299
2,620
3,538
3,761
6
12
99
157
172
215
199
130
128
130
June 1938
December 1938. . .
June 1939
December 1939. . .
December 1940. . .
12,963
14,512
16,110
17,644
21,995
2,456
2,449
2,434
2,366
2,056
2,713
2,798
2,881
2,963
3,087
18,132
19,759
21,425
22,973
27,138
8,024
8,724
10,018
11,653
14,026
,044
,081
1,042
,197
1,407
219
225
369
165
521
9,287
10,030
11,429
13,015
15,954
5,417
5,775
6,005
6,401
7,325
3,163
3,629
3,507
3,043
2,581
138
199
360
397
1,133
127
125
123
115
145
December
December
December
December
1941. . .
1942. . .
1943...
1944. . .
22,737
22,726
21,938
20,619
2,125
6,062
11,404
18,767
3,247
3,648
4,094
4,131
28,109
32,436
37,436
43,517
12,450
13,117
12,886
14,373
1,545
:L.464
1,612
1,802
492
14
-325
-421
14,487
14,595
14,173
15,754
9,615
13,946
18,837
23,505
3,082
2,990
2,882
2,815
774
793
1,360
1,204
149
110
185
239
June 1945
December 1945 . . .
June 1946
December 1946. . .
20,213
20,065
20,270
20,529
21,671
24,336
23,776
23,326
4,145
4,339
4,539
4,562
46,029
48,740
48,585
48,417
14,920
15,915
16,123
16,139
L.649
2,025
L.729
2,222
-43
-132
248
-267
16,526
17,808
18,100
18,094
25,097
26,490
26,516
26,730
2,878
3,264
3,084
2,665
1,248
862
505
508
280
318
378
420
March 1947
20,463
June 1947
21,266
September 1947 *. . 21,950
22,941
21,751
22,046
4,557
4,552
4,552
47,961
47,569
48,548
15,264 2,130
1,998
16,112
16,831 p.2,256
291 17,685 26,100
307 18,417 26,299
190 19,277 P26.300
3,350
2,070
2,119
381
347
401
447
437
452
p Preliminary.
1 As of Sept. 24.
NOTE.—The relationship of the columns in this table to the items reported regularly in the Federal Reserve Bulletin in the table
"Member Bank Reserves, Reserve Bank Credit, and Related Items" is as follows:
Cols. 1, 3, and 5 correspond to similar columns in the regular table.
Col. 10, as indicated by its heading, combines two customary items.
Col. 6 plus Col. 9 equals "money in circulation."
Col. 12 equals the customary item "Other Federal Reserve accounts" minus the paid-in capital of Federal Reserve Banks.
Col. 7 plus Col. 11 plus Federal Reserve float equals the customary item "nonmember deposits."
Col. 2 plus the paid-in capital of the Federal Reserve Banks plus Federal Reserve float equals "Federal Reserve credit."
The following items were taken from the combined balance sheet for the Federal Reserve Banks and used as indicated below.
Loans and securities:
In computation of column 2
Capital paid-in:
In computation of columns 2 and 12
Due from foreign banks:
In computation of column 11
Deposit liabilities, foreign:
In computation of column 11
FEDERAL RESERVE BULLETIN
BANKING ASSETS AND T H E MONEY SUPPLY SINCE 1 9 2 9
TABLE
3
CONSOLIDATED BALANCE SHEET FOR A L L COMMERCIAL AND A L L MUTUAL SAVINGS BANKS
[In billions of dollars]
(2)
(1)
(3)
(4)
(6)
(5)
(7)
(8)
(9)
Liabilities and capital accounts
Assets
End of month
Loans and
securities
Net due
from Federal
Reserve Banks
and Treasury
monetary
funds
Total
assetvS =
total
liabilities
and
capital
accounts
Deposits
Adjusted
demand
Time
Other
U. S.
Government
Net
foreign
bank
balances
Capital
and
miscellaneous
accounts,
net
Statistical
discrepancy
June 1929
June 1933
December 1936
June 1937
December 1937
57.3
39.8
49.4
49.5
48.4
3.0
2.1
7.4
7.6
7.8
60.3
41.9
56.8
57.1
56.2
22.5
14.4
25.5
25.2
24.0
28.5
20.5
24.1
24.6
24.9
0.4
0.9
1.0
0.7
0.8
0.4
0.0
0.4
0.6
0.4
7.9
5.3
5.5
5.7
5.7
0.7
0.8
0.3
0.4
0.4
June 1938
December
June 1939
December
December
December
47.2
48.8
49.6
50.9
54.1
61.1
9.0
9.8
11.2
12.8
15.7
14.3
56.2
58.6
60.8
63.7
69.8
75.3
24.3
26.0
27.4
29.8
34.9
39.0
25.0
25.1
25.5
25.8
26.4
26.4
0.6
0.9
0.8
0.8
0.8
1.9
0.2
0.5
0.7
0.8
0.8
0.8
5.7
5.6
5.9
6.0
6.3
6.7
0.4
0.6
0.5
0.4
0.7
0.6
December 1942.
December 1943
December 1944
78.1
96.9
119.3
14.4
13.9
15.5
92.5
110.9
134.9
48.9
60.8
66.9
27.0
31.0
37.5
8.4
10.4
20.8
0.8
0.9
1.0
6.9
7.6
8.7
0.4
0. 1
0.1
June 1945
December 1945
June 1946
December 1946
129.6
140.0
136.5
131.7
16.3
17.6
17.8
17.8
145.8
157.6
154.3
149.5
69.1
75.9
79.5
83.3
41.6
45.5
48.7
50.7
24.4
24.6
13.4
3.1
1.2
1.3
1.4
1.4
9.2
9.8
10.4
10.8
0.4
0.5
0.9
0.2
131.3
131.0
P133A
17.4
18.2
19.1
148.8
149.3
152.5
80.4
82.3
P84.2
51.4
52.1
P52 .5
3.7
1.4
P1 .6
10.9
11.2
Pll.3
o.s
1938
1939
1940
1941
March 1947
June 1947
September 19472
1
1
1.5
1.4
Pl.5
1
0.8
1 A
v Preliminary.
1 Estimated on the basis of data other than those indicated below.
2 As of Sept. 24.
NOTE.—The following items of information obtained from the sources indicated were used in preparing this table.
(a) Loans and securities held by all banks:
Regularly published in the Federal Reserve Bulletin
(b) Adjusted demand deposits, time deposits, and U. S.
Regularly published in the Federal Reserve Bulletin
Government deposits in all banks:
(c) Bank borrowings by all banks:
As reported by the Comptroller of the Currency
(d) Real estate and miscellaneous assets of all banks:
As reported by the Comptroller of the Currency
(e) Due to foreign banks from all banks:
As reported by the Comptroller of the Currency
As
reported by the Comptroller of the Currency
(f) Miscellaneous liabilities of all banks:
As reported by the Comptroller of the Currency
(g) Capital accounts of all banks:
As
reported by the Federal Deposit Insurance Corporation
(h) Due from foreign banks to all insured commerical banks:
Col. 1 equals (a) minus (c).
Col. 2 equals Col. 8, Table 2, minus Col. 1, Table 4.
Cols. 4, 5 and 6 are from (b).
Col. 7 equals (e) minus (h).
Col. 8 equals (f) plus (g) minus (d).
The statistical discrepancy (Col. 9) is chiefly traceable to the difference between "due to other banks" and "due from other banks"
in the continental United States.
A secondary factor is that it is difficult with existing data to determine accurately the net balance due
banks outside the continental United States.
JANUARY 1948
BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929
TABLE 4
COMBINED BALANCE S H E E T FOR THE EXCHANGE STABILIZATION F U N D AND THE POSTAL SAVINGS SYSTEM
[In millions of dollars]
(1)
(2)
(3)
(4)
(5)
Due from
foreign
banks and
governments
Total
assets =
total
liabilities
and
capital
accounts
Assets
End of month
Due from
rest of
banking
system
Balances
with
U. S.
Treasury
u. s.
Government
securities
(6)
(7)
Liabilities and
capital accounts
Postal Sav- Capital and
ings System miscellaneous accounts,
deposit
net
liabilities
June 1929
June 1933
December 1936
June 1937
December 1937
127
977
349
340
335
1,893
1,871
1,880
26
131
1,059
1,102
1,100
0
0
0
0
0
163
1,207
3,301
3,313
3,315
154
1,187
1,260
1,268
1,270
9
20
2,041
2,045
2,045
June 1938
December 1938
June 1939
December 1939
December 1940
December 1941
261
245
259
241
229
218
1,873
1,873
1,878
1,874
1,888
1,895
1,118
1,137
1,162
1,204
1,234
1,284
49
49
19
19
24
27
3,301
3,304
3,318
3,338
3,375
3,424
1,252
1,252
1,262
1,279
1,304
1,314
2,049
2,052
2,056
2,059
2,071
2,110
December 1942
December 1943
December 1944
225
236
239
1,902
1,918
1,952
1,355
1,726
2,272
10
3
25
3,492
883
488
1,417
1,788
2,342
2,075
2,095
2,146
June 1945.,
December 1945
June 1946
December 1946
254
256
272
264
1,969
1,979
1,988
2,000
2,594
2,867
3,046
3,202
24
10
4
9
4,841
5,112
5,310
5,475
2,659
2,933
3,120
3,284
,182
,179
,190
,191
March 1947
June 1947
September 1947
272
183
184
192
216
170
3,304
3,322
3,345
102
101
3,776
3,823
3,800
3,375
3,393
3,407
401
430
393
,
10
99
NOTE.—The balance sheet data for the Postal Savings System used in preparing this table are regularly published in the Federal
Reserve BULLETIN. The quarterly balance sheet data for the Exchange Stabilization Fund used in preparing this table appear currently
in the Treasury Bulletin.
Following are the items on the balance sheet of the Postal Savings System which were used in preparing this table:
(a) Cash in depository banks
(b) Cash reserve funds, etc.
(c) U. S. Government securities
(d) Deposit liabilities
(e) Other liabilities net (the excess of (a) plus (b) plus (c) over deposit liabilities)
Following are the items on the balance sheet of the Exchange Stabilization fund which were used in preparing this table:
(f) Special Account No. 1, gold, plus all cash items except (g) below
(g) Cash, Treasurer of the U. S., gold
(h) Investments in U. S. Government securities
(i) Due from foreign banks plus due from foreign governments
(j) Total liabilities and capital minus accrued interest receivable and minus deferred charges
Col. 1 equals (a) plus (f).
Col. 2 equals (b) plus (g).
Col. 3 equals (c) plus (h).
Col. 4 equals (i).
Col. 6 equals (d).
Col. 7 equals (e) plus (j).
32
FEDERAL RESERVE
BULLETIN
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS
OF FOREIGN CENTRAL BANKS
The central banks of most countries are required
by law to hold gold and/or foreign exchange reserves against their note issue, and frequently against
all their demand liabilities. These requirements
usually provide that reserves must be equal to a
given percentage of the total note issue of the bank
or of its total demand obligations. The legislation
of the United Kingdom, Norway and Sweden, however, authorizes a specified amount of fiduciary note
issue and requires reserves to be held only against
notes issued above this amount.
In view of the almost universal abolition of internal circulation of gold coin and foreign currencies, the principal purpose now served by central
bank reserves is to provide resources for meeting
temporary international balance of payments deficits. In the United Kingdom and Canada, however,
the central bank no longer holds reserves for the
purpose of stabilizing the foreign exchange value
of the currency, since special stabilization funds
have been created to take over this task. Moreover,
in France, Italy, Spain, and the Netherlands Indies,
special funds with separate resources have been assigned primary responsibility for international stabilization operations, although the central bank continues to carry part of the country's international
reserves.
The rigid observance of minimum reserve requirements in periods of exchange crisis would defeat the purpose of reserves. Consequently, it has
become generally recognized that at times reserves
may have to be drawn below the minimum specified
level in order to keep up the flow of essential imports or to maintain stable exchange rates. Such
circumstances call for the formal suspension or
temporary waiver of reserve requirements. In
JANUARY
1948
instances where the requirements are not formally
suspended but where reserves nonetheless are allowed to fall below the legal minimum, the law
usually subjects the central bank to penalties designed to force remedial action which will restore
reserves to the required level as soon as circumstances permit.
The accompanying table, which follows the general plan of a corresponding table published in the
Federal Reserve BULLETIN for July 1936, presents
in condensed form the nature of the gold and foreign exchange reserve requirements of most of the
central banks of the world and also indicates the
current status of these requirements. Some central
banks are permitted to include in their required
reserves such assets as high-grade foreign government securities, credit balances with the International Monetary Fund, and holdings of silver; provisions of this character are noted in the table.
If comparison is made with the table published
in the BULLETIN for July 1936, it will be observed
that a large number of countries, including most
of the European nations, have suspended their
minimum reserve requirements, have greatly increased the authorized fiduciary issue, or have
adopted more flexible systems which do not specify
any fixed relationship between their international
assets and their liabilities. It may also be noted
that a majority of the countries which have not suspended or abandoned the system in force in 1936
still retain the same reserve requirement as in that
year, although in two instances (Argentina and El
Salvador) the minimum proportion of gold in the
total reserve has been reduced to permit larger
holdings of foreign exchange.
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS
Central bank of
Argentira. .
Liabilities of central
bank against which
gold or foreign exchange
reserves are required
Minimum required
reserves (Per cent)
In
gold
In gold
and/or
foreign
exchange
In effect.
Required reserves may consist of net gold and foreign
exchange. Not more than one-tenth of required reserves
may consist of inconvertible exchange. Method of valuing
reserves is not specified in central bank legislation. Deposits held by member banks for account of Central Bank
are not included as liabilities in computing Central Bank's
reserves. If reserves fall below 33 per cent during specified
periods, all profits of Bank are assigned to general surplus
fund.
Notes and other demand
liabilities.
Australia.
Austria.
0)
0)
1
C)
0)
30
40
Suspended by Government in Exile on May 1, 1944: suspension confirmed by Regent in decree of January 24, 1945.
(Inoperative throughout
German occupation, and
formally suspended on March 6, 1942 by German authorities.) Gold is valued at 49,318 Belgian francs per kilogram
of fine gold (equivalent to 1,533.961 francs per troy ounce).
In effect.
Required reserves may consist of gold and of deposits
abroad freely convertible into gold or other currencies.
Gold and deposits payable in gold are valued at parity
(equivalent to 1,470 bolivianos per troy ounce of fine gold);
other deposits in foreign currencies are converted at the
Bank's official buying rate. Reserve requirement may be
lowered to 25 per cent, depending upon variations in
export values.
Belgium..
Notes and other demand
liabilities. •
Bolivia.
Notes in circulation and
demand deposits in
Issue Department.
50
Notes in excess of fiduciary issues, and deposits.
50
Canada. .
Chile. .
(0
In effect.
Method of valuing reserves is not specified in central
bank legislation. By Law No. 128 of 1941, reserve requirement against notes was provisionally reduced from 50 to 30
per cent and penalty for reserve deficits was suspended.
Notes
Demand deposits.
Costa Rica
0)
Czechoslovakia...
Notes and other demand
liabilities.
25
Denmark..
Notes. . .
20
Dominican Republic.
Notes and other demand
liabilities.
34
Suspended since February 15, 1941.
Reserves may consist of gold and net deposits payable in
cej. L.asniers cnecKs ana aiviaenas aeciarea uut
not yet paid are included with deposits against which
reserves were required. Before suspension, reserves were
permitted to fall below stated minimum, subject to a tax.
Suspended de facto.
Silver may be included in required reserves. Method
of valuing reserves is not specified in central bank legislation.
Notes. . .
Colombia. . .
Status of reserve requirements, valuation of
reserves, and qualifying provisions
0)
Suspended de facto.
Prior to German occupation, gold was valued at 31.21
koruny per milligram (equivalent to 996.587 koruny per
troy ounce); however, present method of valuation is not
known. Before suspension, reserves were permitted to
fall below stated minimum, subject to payment of a tax.
2
25
Suspended for consecutive one-year periods since 1940.
Gold held abroad is limited to 5 per cent of note issue.
Foreign exchange held as reserve must be net and in form
of non-interest-bearing demand deposits in central banks.
Gold bullion and foreign coin are valued according to provisions of the Coinage Act of 1873 ^2,480 kroner per kilo of
fine gold, which is equivalent to 77.137 kroner per troy
ounce, although present parity equivalency is 167.965
kroner per troy ounce). Foreign exchange may not be
valued above the market rate. Before suspension, reserves were permitted to fall below stated minimum with
Government consent.
50
In effect.
Central Bank was created October 1947. Dollar exFEDERAL RESERVE BULLETIN
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN
CENTRAL BANKS—Continued
Central bank of
Liabilities of central
bank against which
gold or foreign exchange
reserves are required
Minimum required
reserves (Per cent)
In
gold
In gold
and /or
foreign
exchange
Dominican Republic
—Continued
change may temporarily be substituted for minimum gold
requirement. In addition to gold and foreign exchange,
reserves may include foreign government securities and
country's net credit balance with International Monetary
Fund. Net reserves are computed by deducting foreign
exchange obligations of Bank on a graduated basis, depending upon their maturity. Gold is valued at 35.00 Dominican pesos per troy ounce of fine gold. Foreign exchange
is valued at cost. If reserves fall below 50 per cent,
Superintendent of Banks must impose a tax of one-half
per cent per month on deficit.
Ecuador..
Notes and other demand
liabilities.
28
Egypt..
Notes.
50
El Salvador. .
Notes and other demand
liabilities.
Ethiopia.
Notes. .
Notes and other demand
liabilities.
Greece. . .
Notes and other demand
liabilities, minus holdings of national silver
coin up to 150,000,000
drachmas.
Hungary. .
Notes and other demand
liabilities except government deposits.
Iceland. .
Notes.. .
India (and Pakistan).
Notes.. .
1948
In effect.
In addition to gold and foreign exchange, reserves may
include silver and also prime securities readily convertible
into foreign exchange. Method of valuing reserves is not
specified in central bank legislation.
0)
Suspended since September 1, 1939.
Gold is valued at 134,027.9 francs per kilogram of fine
gold (equivalent to 4,168.734 francs per troy ounce).
40
0)
Notes. . .
75
35
Guatemala. .
Haiti. .
In effect.
Required reserves consist of net gold and freely convertible foreign exchange. Gold and foreign exchange are
valued at cost or market price, whichever is lower.
Suspended de facto since 1916.
Government has suspended "provisionally" requirement
that entire reserve be in gold and at present permits inclusion of British Treasury bills. Gold included in reserve
must be held at home. Method of valuing reserves is not
specified in central bank legislation.
2
0)
France...
35
In effect.
Reserves consist of unencumbered gold and net foreign
exchange. Gold is valued at 87.50 colones per troy ounce
of fine gold. Exchange is valued at cost. If reserves
fall below 30 per cent, Bank's discount and loan rates must
be raised by 3^ per cent for each percentile by which
reserves fall below above ratio.
Finland. .
JANUARY
Status of reserve requirements, valuation of
reserves, and qualifying provisions
Suspended since April 25, 1932.
Required reserves may consist of net gold and foreign
exchange, and certain gold bonds of the Greek Government up to 650 million drachmas. Method of valuing
reserves is not specified in central bank legislation. Reserve requirements may be suspended subject to payment
of a tax and increase of Bank's discount rate.
0)
33 1/3
In effect.
Note issue is limited to three times Bank's paid-up capital.
U. S. dollars are only foreign exchange which may be
included in minimum required reserves. Method of valuing reserves is not specified in central bank legislation.
In efect.
Any "stable" foreign currency may be included in required reserves. Gold is valued at 13,210 florins per
kilogram of fine gold (equivalent to 410.877 florins per
troy ounce). Reserves may fall below stated minimum,
subject to payment of a tax.
28
Suspended.
Gold reserve may not fall below 2 million kronur and
must be held in Central Bank. Present rate for valuing
gold reserve is 6,352.19 kronur per kilogram (equivalent to
197.575 kronur per troy ounce; although present parity
equivalency is 227.110 kronur per troy ounce).
1/8
40
In effect for both India and Pakistan at present.
Gold must represent not less than 400 million rupees of
required reserves, and at least 85 per cent of gold reserve
35
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN
CENTRAL BANKS—Continued
Central bank of
Liabilities of central
bank against which
gold or foreign exchange
reserves are required
Minimum required
reserves (Per cent)
In
gold
In gold
and/or
foreign
exchange
must be held at home. Foreign exchange is limited to
deposits at Bank of England, sterling bills, or British
Government securities maturing within five years. Gold
is valued at one rupee per 8.47512 grains of fine gold
(equivalent to 56.636 rupees per troy ounce; although
parity equivalency is 115.798 rupees per troy ounce).
Securities are valued at current market rate. Reserves
may, with Government consent, fall below stated minimum, subject to payment of a tax. (The Reserve Bank
of India is still bank of issue for Pakistan. After March
31, 1948, notes issued in Pakistan by the Bank will be the
liability of Government of Pakistan, rather than of Bank.
After September 30, 1948, Pakistan will assume entire
responsibility for its note issue, although Reserve Bank of
India notes not yet converted will continue to be accepted
by Government of Pakistan until March 31, 1949.)
India (and Pakistan)
—Continued
Ireland (Eire)...
Notes...
Italy. .
Notes and other demand
liabilities.
Japan
Notes and other demand
liabilities.
Morocco.
Notes. . .
Netherlands. . .
Notes and other demand
liabilities.
Netherlands Indies.
Notes and other demand
liabilities.
New Zealand. .
Notes and other demand
liabilities.
36
2 100
In effect.
Required reserves may consist of gold, British currency,
sterling deposits in the United Kingdom and British Government securities. Securities are valued at market rate;
method of valuing other reserves is not specified in central
bank legislation.
40
Suspended since July 22, 1935.
Only foreign exchange freely convertible into gold may
be included in reserves. Gold is still valued at prewar
parity of 21,381.227 lire per kilogram of fine gold (equivalent to 665.031 lire per troy ounce; however, present parity
of lira has not yet been established).
C1)
Mexico
Nicaragua...
Status of reserve requirements, valuation of
reserves, and qualifying provisions
0)
2
11
25
In effect.
Net gold and foreign exchange and net credit balance
with International Monetary Fund must represent at
least 80 per cent of required reserves; remainder may be
silver. Gold and foreign exchange are valued at market
price, unless the Administrative Council of the Bank
decides to use cost price if this is lower. Silver is computed at Council-fixed inventory value providing this
does not exceed international market value.
Suspended de facto since 1941.
Dollar balances in New York may be included in "gold
reserve"; only assets in French francs are included in
foreign exchange reserve. Gold is valued at 134,027.9
francs per kilogram of fine gold (equivalent to 4,168.734
francs per troy ounce).
1/9
Suspended since October 1, 1945.
(Suspended! from March 1942 by German authorities.)
In addition to gold, certain silver coin may be included in
reserves. Eighty per cent of required reserve must be held
at home. Gold is valued at 2.970 guilders per kilogram of
fine gold (equivalent to 92.377 guilders per troy ounce;
however, gold parity of guilder as communicated to International Monetary Fund is 92.8498 guilders per troy ounce).
2 40
In effect.
In addition to gold, silver may be included in reserves.
Gold is valued at 2,121 guilders per kilogram of fine gold
(equivalent to 65.970 florins per troy ounce). Governor
General may determine what part of required reserves
must be held at home.
25
o
In effect.
Reserves consist of net gold and foreign exchange.
Gold may not legally be valued above market rate; however, it is currently undervalued, since reserve consists
primarily of coin carried at "face value," i. e., one gold
sovereign valued at one New Zealand pound. (One
sovereign contains 7.3224 grams of fine gold, equivalent
to 4.24772 sovereigns per troy ounce.) Government may
modify or suspend reserve requirements.
o
FEDERAL RESERVE BULLETIN
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS
GOLD AND. FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN
CENTRAL BANKS—Continued
Central bank of
Norway...
Liabilities of central
bank against which
gold or foreign exchange
reserves are required
Notes in excess of 425,000,000 kroner.
Minimum required
reserves (Per cent)
In
gold
In gold
and/or
foreign
exchange
Suspended since 1940.
Reserves must be held at home. Gold is valued at
4,960 kroner per kilogram of fine gold (equivalent to
154.273 kroner per troy ounce; however, gold parity of
krone as communicated to International Monetary Fund
is 173.697 kroner per troy ounce). Notes in excess of
gold reserve plus authorized fiduciary issue are subject to
tax. At present, note issue exceeds authorized issue plus
gold, and the Government has waived payment of tax;
because of this waiver, requirement is considered here to
have been suspended. Authorized fiduciary issue may be
increased by action of the King and Storting.
100
Paraguay. .
C1)
2
Notes and other demand
liabilities.
Peru
Poland....
Portugal. .
South Africa.
50
In effect.
National silver currency may be included up to one-fifth
of reserve. Bankers' acceptances may also be included.
Foreign exchange liabilities to banks abroad are treated as
deposits in computing reserve requirements. Gold and
foreign exchange are valued at cost price, with exception
of 16,338.71115 kilograms of gold which are valued at
2,373.8 soles per kilogram (equivalent to 525,301.701 troy
ounces valued at 73.833 soles per troy ounce. Gold
parity of sol as communicated to International Monetary
Fund is 227.500 soles per troy ounce). Bankers' acceptances are carried in reserve at no more than 90 per cent of
their face value. If reserves fall below 50 per cent, a
progressive tax is levied on average daily deficit; this tax
reaches 12 per cent per annum when reserves
fall to 35
per cent or lower, with an additional \XA per cent per
annum on each percentile below 35 per cent.
0)
0)
Notes and other demand
liabilities.
25
50
0)
C1)
Notes and other demand
liabilities.
30
Notes up to 150,000,000
kronor.
100
In effect.
Gold reserve may not fall below 150 million kronor.
Right of note issue is determined by adding to gold reserves
the smaller of following amounts:
1. gold reserve plus 2.5 billion kronor, or
2. secondary note cover (consisting of net foreign exchange plus specified domestic assets).
Gold is valued at 2,480 kronor per fine kilogram (equivalent to 77.137 kronor per troy ounce); for purpose of
computing right of note issue, however, gold is valued at
market price.
40
In effect.
Since 1940, reserve may include gold held abroad. Gold
is valued at 4,869.8 francs per kilogram of fine gold
(equivalent to 151.468 francs per troy ounce).
Siam
Spain
In effect.
Reserves consist of unencumbered gold and net foreign
exchange. Gold is valued at cost.
In effect.
One-half of reserve must be held at home. Reserve is
valued at 172 South African shillings per troy ounce of
fine gold (however, gold parity as communicated to
International Monetary Fund is 173 shillings and 8.367
pence per troy ounce). Government may suspend reserve
requirements.
C1)
Sweden.
Notes in excess of 150,000,000 kronor.
Switzerland...
Notes. . .
Turkey
0)
United Kingdom.
JANUARY
Status of reserve requirements, valuation of
reserves, and qualifying provisions
1948
Notes in excess of fiduciary issue of £1,400,000,000.
100
0)
In effect.
Fiduciary issue (now authorized in amount of 1,400 million
pound sterling) represents all but a negligible fraction
of total note issue of the United Kingdom. Increases or
decreases in fiduciary issue may be authorized by Treasury
at request of Bank of England. In addition, Bank may
issue notes up to amount representing gold coin and
37
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS
GOLD AND FOREIGN EXCHANGE RESERVE REQUIREMENTS OF FOREIGN
CENTRAL BANKS—Continued
Central bank of
Liabilities of central
bank against which
gold or foreign exchange
reserves are required
Minimum required
reserves (Per cent)
In
gold
In gold
and/or
foreign
exchange
United Kingdom
—Continued
Status of reserve requirements, valuation of
reserves, and qualifying provisions
bullion held in Issue Department; notes so backed are now
outstanding to value of approximately 250,000 pounds
sterling. Gold is valued at 172 shillings and 3 pence per
troy ounce of fine gold (however, gold parity as communicated to International Monetary Fund is 173 shillings
and 8.367 pence per troy ounce).
Uruguay..
Njtes. .
Venezuela...
Notes and other demand
liabilities.
In effect.
Note issue is limited to sum of paid-up capital of Bank,
gold stocks, silver holdings up to 12 million pesos, and
non-Government rediscount paper. Gold is valued at one
peso per 0.585018 grams of fine gold (equivalent to
56.5854 pesos per troy ounce).
2 100
45
50
In effect.
Gold in vaults may not represent less than 50 per cent
of reserves; exchange holdings not more than 10 per cent.
Balance may be in gold held abroad. Gold is valued at
U. S. market price converted at 3.061 bolivares per
dollar (equivalent to 107.135 bolivares per troy ounce of
fine gold; however, gold parity as communicated to
International Monetary Fund is 117.250 bolivares per
troy ounce). Method of valuing foreign exchange is not
specified in central bank legislation.
1
No minimum reserve requirement in gold or foreign exchange.
May legally include other specified assets.
NOTE.—The data presented in this table are based on the most recent information available at the time of preparation; in some instances, however, the data may incorrectly state the present character and status of reserve requirements. Countries for which available
information is known to be inadequate have not been included.
2
38
FEDERAL RESERVE BULLETIN
POLICY STATEMENTS ON GOLD SUBSIDIES
The International Monetary Fund on December 11, 1947, made public the following policy
statement on gold subsidies:
The International Monetary Fund has a responsibility to see that the gold policies of its members
do not undermine or threaten to undermine exchange stability. Consequently every member which
proposes to introduce new measures to subsidize the
production of gold is under obligation to consult
with the Fund on the specific measures to be introduced.
Under Article IV, Section 2 of the Articles of
Agreement of the Fund members are prohibited
from buying gold at a price above parity plus the
prescribed margin. In the view of the Fund, a
subsidy in the form of a uniform payment per
ounce for all or part of the gold produced would
constitute an increase in price which would not
be permissible if the total price paid by the member for gold were thereby to become in excess of
parity plus the prescribed margin. Subsidies involving payments in another form may also, depending upon their nature, constitute an increase in
price.
Under Article IV, Section 4(<z) each member of
the Fund "undertakes to collaborate with the Fund
to promote exchange stability, to maintain orderly
exchange arrangements with other members, and
to avoid competitive exchange alterations." Subsidies on gold production regardless of their form
are inconsistent with Article IV, Section 4(#) if
they undermine or threaten to undermine exchange
stability. This would be the case, for example, if
subsidies were to cast widespread doubt on the
uniformity of the monetary value of gold in all
member countries.
Subsidies which do not directly affect exchange
stability may, nevertheless, contribute directly or indirectly to monetary instability in other countries
and hence be of concern to the Fund.
A determination by the Fund that a proposed
subsidy is not inconsistent with the foregoing principles will depend upon the circumstances in each
JANUARY
1948
case. Moreover, the Fund may find that subsidies
which are justified at any one time may, because of
changing conditions and changing effects, later
prove to be inconsistent with the foregoing principles. In order to carry out its objectives, the Fund
will continue to study, and to review with its
members, their gold policies and any proposed
changes, to determine if they are consonant with
the provisions of the Fund Agreement and conducive to a sound international policy regarding
gold.
In connection with the International Monetary
Fund's policy statement on gold subsidies, Secretary
of the Treasury Snyder, on behalf of the National
Advisory Council, on December 12, 1947, issued
the following statement:
The United States Government welcomes the
statement of the International Monetary Fund respecting measures to subsidize the production of
gold. The expressed intention of the Fund to keep
under review the gold policies of its members
in the light of a sound international gold policy
is an important forward step in the field of international financial cooperation.
The United States, as the largest gold buying
country, has a peculiar and continuing interest in
the role which gold subsidies may come to play in
the production, movement, and price of gold. In
particular, the United States would view with disfavor any tendency for countries to become dependent on subsidized gold production as a solution to
the problem of arriving at and maintaining equilibrium in their balances of international payments.
In the view of the Council there are no grounds
which would justify instituting a subsidy to encourage the production of gold in this country. The
present monetary gold stocks of the United States
amount to no less than 22.7 billion dollars. In the
first 11 months of 1947 gold purchases by the
United States from foreign countries amounted to
2.7 billion dollars.
39
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Reserves
Classification of Reserve Cities
The Board of Governors, on December" 19, 1947,
issued the following statement and rule regarding
the classification of central reserve and reserve cities,
to become effective March 1, 1948:
STANDARD FOR CLASSIFICATION OF RESERVE CITIES
For a considerable period of time, the Board of
Governors of the Federal Reserve System has been
considering the adoption of a standard or basis for
the classification of central reserve and reserve cities
in order to enable it properly to discharge its responsibilities under the provision of the Federal Reserve
Act which empowers the Board to add to or reclassify such cities or to terminate their designation
as such.
For many years prior to the enactment of the
Federal Reserve Act in 1913, national banks had
been permitted by law to carry a part of their
reserves with other national banks in cities known
as central reserve or reserve cities, and accordingly
national banks in such cities were required to maintain higher* reserves against their deposits. The
Federal Reserve Act, following the National Bank
Act in this respect, provided for differentials in the
reserve requirements of member banks of the
Federal Reserve System according to their location
in central reserve cities, reserve cities, or elsewhere.
Central reserve and reserve cities existing in 1913
were continued as such by the Federal Reserve Act,
but the Board of Governors was given authority to
make changes in the designations of such cities.
From time to time since die enactment of the
Federal Reserve Act, the Board has designated
cities as reserve cities and terminated the reserve
city status of other cities. Such determinations
by the Board have been made on the basis of the
facts of particular cases without the consistent
application of any uniform guiding principle; and
consequently certain anomalous and illogical situations have developed in the classifications of re-
40
serve cities. The Board, therefore, concluded that
the existing classifications are unsatisfactory and
that there is a need for the establishment of a
logical, fair and appropriate basis for the designation and termination of reserve cities.
On October 24, 1947, the Board, acting in accordance with Section 4 of the Administrative
Procedure Act and Section 2 of the Rules of Procedure of the Board of Governors of the Federal
Reserve System, published in the Federal Register
notice of a proposed action with respect to the
classification of cities as reserve and central reserve
cities and the termination of the designation of
certain cities as reserve cities. This notice stated
that interested persons might submit to the Board
written data, views, and arguments with respect
to the proposal, and accordingly a number of banks
submitted letters expressing their views and comments. In addition, representatives of banks in a
number of the cities whose status would be affected
by the proposal appeared before the Board and
made an oral presentation of their views.
After due and careful consideration of all relevant
matter thus presented to the Board with respect to
the proposal, the Board has concluded that a
logical, fair, and appropriate standard for determining the designation and termination of reserve cities is one that is determined by the ratio
of interbank demand deposits held by member'
banks in each city to the aggregate amount of interbank demand deposits held by all member banks
of the Federal Reserve System, or by such a ratio
considered in connection with the ratio of interbank demand deposits held by member banks in
each city to the aggregate amount of all demand
deposits held by the member banks in such city;
and that such standard for the designation and
termination of reserve cities should be reapplied
at three-year intervals.
In opposition to the discontinuance of certain
cities as reserve cities under the Board's proposal
it was contended by the representatives of member
banks in such cities that such discontinuance
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
would adversely affect the business of banks in
those cities, would detract from their prestige,
would not take into account their geographical situation, or would deprive them of certain advantages with respect to deposits under applicable
State law. The Board feels that such objections,
while they may be important to the banks involved,
are not to be regarded as controling factors in
determining whether cities should be classed as
reserve cities in view of the purpose of such classifications. However, the Board recognizes the fact
that certain cities now classified as reserve cities
have held this status for many years, in some instances since before the enactment of the Federal
Reserve Act, and, since the continuance of such
cities as reserve cities would mean that member
banks therein must carry higher reserves than
would be required of them if such cities were discontinued as reserve cities in accordance with the
standard indicated above, the Board is willing
that such cities be continued as reserve cities if
all the member banks in such cities request that
this be done.
In accordance with the conclusions reached above
and pursuant to authority conferred upon it by
section 11 (e) of the Federal Reserve Act and
other provisions of that Act, the Board hereby
adopts the rule set forth below, to become effective
March 1, 1948:
CLASSIFICATION OF CENTRAL RESERVE AND RESERVE
CITIES
(a) Central reserve cities. The cities of New
York and Chicago are hereby classified (and continued) as central reserve cities.
(b) Reserve cities. (1) The city of Washington, D. C, and every city except New York and
Chicago in which there is situated a Federal Reserve Bank or a branch of a Federal Reserve Bank
are hereby classified (and continued) as reserve
cities.
(2) The following are also classified as reserve
cities: (A) Every city in which, on the dates of
official call reports of condition in the two years
ended June 30, 1947, member banks of the Federal
Reserve System, exclusive of their offices in other
cities, held an aggregate amount of demand deposits owing to banks equal, on the average, to onethird of one per cent or more of the aggregate
amount of demand deposits owing to banks by all
JANUARY
1948
member banks of the Federal Reserve System; and
(B) Every city in which, on the dates of official
call reports of condition in the two years ended
June 30, 1947, member banks of the Federal Reserve System, exclusive of their offices in other
cities, held an aggregate amount of demand deposits owing to banks equal, on the average, to
one-fourth of one per cent or more of the aggregate amount of demand deposits owing to banks
by all member banks of the Federal Reserve System and also equal, on the average, to 33 y^ per
cent or more of the aggregate amount of all demand deposits held by the member banks in such
city.
On the basis of (A) and (B) above, the following
cities, in addition to the reserve cities classified
as such under paragraph (1) above, are hereby
classified (and continued) as reserve cities:
Columbus, Ohio; Des Moines, Iowa; Indianapolis,
Indiana; Milwaukee, Wisconsin; St. Paul, Minnesota; Lincoln, Nebraska; Tulsa, Oklahoma;
Wichita, Kansas; Fort Worth, Texas; Cedar Rapids,
Iowa; and Sioux City, Iowa; the following city is
hereby added and is hereby classified as a reserve
city: National City (National Stock Yards), Illinois;
and the designation of the following cities as reserve cities is hereby terminated (unless the present
classification of such cities is continued in accordance with paragraph (3) below): Toledo, Ohio;
Dubuque, Iowa; Grand Rapids, Michigan; Peoria,
Illinois; Kansas City, Kansas; Pueblo, Colorado;
St. Joseph, Missouri; Topeka, Kansas; Galveston,
Texas; Waco, Texas; Ogden, Utah; and Spokane,
Washington.
(3) The Board of Governors of the Federal Reserve System, prior to March 1, 1948, will also
designate (and continue) as a reserve city any
city now classified as a reserve city (although not
within the scope of paragraphs (1) or (2) above)
if a written request for the continuance of such
city as a reserve city is received by the Federal Reserve Bank of the District in which the city is
located on or before February 16, 1948 from
every member bank which has its head office or a
branch in such city (exclusive of any member bank
in an outlying district of such city permitted by
the Board of Governors to maintain reduced reserves) together with a certified copy of a resolution of the board of directors of such member bank
duly authorizing such request.
41
LAW DEPARTMENT
(4) Effective as of March 1 of each third year
after March 1, 1948, the Board of Governors (a)
will continue as reserve cities or designate as additional reserve cities all cities then falling within the
scope of paragraph (1) above and all cities which
then meet the standard prescribed in paragraph (2)
above based upon official call reports of condition
in the two-year period ending on June 30 of the
year preceding such third year; and (b) will
terminate the designation as reserve cities of all
other cities, except that the Board will continue
the designation as a reserve city of any city which
then has the designation of a reserve city and does
not then fall within the scope of paragraph (1) or
of paragraph (2) based upon the new two-year
period, if a request for the continuance of such
designation is made by every member bank (as
specified in paragraph (3) above) in such city and,
together with a certified copy of a resolution of the
bank's board of directors authorizing such request, is received by the Federal Reserve Bank
of the District not later than the 15th day of
February of such third year.
Foreign F u n d s Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
the Treasury under authority of the Executive
Order of April 10, 1940, as amended, and the Regulations issued pursuant thereto:
Treasury Department
July 25, 1947
AMENDMENT TO GENERAL LICENSE NO. 87
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Section 5(b) of the Trading with the Enemy Act, As Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Control*
131,87)
is hereby
EXEMPTION FROM SECTION 2 A ( 2 ) OF THE ORDER
Transactions exempted from Section 2A (2) of the Order.
A general license is hereby granted exempting all transactions from the provisions of Section 2A (2) of the Order,
except transactions with respect to scheduled securities as
defined in General Ruling No. 5.
JOHN W. SNYDER
Secretary of the Treasury
42
July 25, 1947
AMENDMENT TO GENERAL RULING NO. 18
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Sections 3(a) and 5(b) of
the Trading with the Enemy Act, As Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control.f
General Ruling No. 18 (Part 131, Appendix A) is hereby
amended to read as follows:
REGULATIONS RELATING TO THE PHILIPPINES
(1) Status of the Philippines. For the purpose of administering and complying with the provisions of Sections
3(a) and 3(c) of the Trading with the Enemy Act, as
amended, Executive Order No. 8389, as amended, and the
regulations, rulings, instructions and licenses issued by or
under the direction of the Secretary of the Treasury pursuant
to Executive Orders Nos. 8389 and 9095, as amended, the
Philippines shall not be included within the term "United
States" but shall be deemed to be a foreign country not
designated in Executive Order No. 8389, as amended, and
to be included in the "generally licensed trade area" as
defined in General License No. 53.
(2) Effect of previous status. No person shall be deemed
a national of a blocked country solely by reason of the fact
that at any time on or since the effective date of the Order
the Philippines were regarded as a blocked country.
JOHN W. SNYDER
Secretary of the Treasury
Treasury Department
FOREIGN FUNDS CONTROL
July 25, 1947
PUBLIC CIRCULAR NO. 3 5
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Sections 3(a) and 5(b) of
the Trading with the Enemy Act, As Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control, f
FOREIGN FUNDS CONTROL
General License No. 87 (Section
amended to read as follows:
Treasury Department
FOREIGN FUNDS CONTROL
STATUS OF CERTAIN REGISTERED SECURITIES AND PROPERTY OF
BLOCKED FOREIGN ORGANIZATIONS
(1) Reference. Reference is made to General License No.
87, exempting certain transactions from Section 2A(2) of
the Order, to General License No. 94, generally licensing
certain countries, to General Ruling No. 5, relating to the
importation of securities, and to General Ruling No. 12, relating to unlicensed transfers of property in a blocked account.
(2) Registered securities. Securities issued by any person
subject to the jurisdiction of the United States which were
registered in the name of a national of a blocked country
on or prior to the effective date of General License No. 94
for such country are subject to the proviso of paragraph
(1) of that License and constitute property in a blocked
account unless transfer of registry has been appropriately
authorized under Order.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(3) Property of blocked foreign corporations and other
organizations. Property in the United States which is blocked
by reason of the interest of any partnership, association,
corporation, or other organization, organized under the laws
of any foreign country, which is a national of a blocked
country because of the stock or other interest therein of a
blocked country (including the countries licensed under General License No. 94) or nationals thereof, shall continue to
be regarded as property in a blocked account, notwithstanding the transfer of such stock or other interest to a nonblocked country or a national thereof.
(4) Consequences of certain documents. With respect to
the preceding two paragraphs, attention is directed to the
fact that neither General License No. 87, exempting certain
transactions from Section 2A(2) of the Order, nor the
amendment to General Ruling No. 5 of July 25, 1947, removing the restrictions on the importation of securities not
specified in the list attached to such Ruling, authorizes any
transfer of property in a blocked account. Regarding the
same paragraphs, attention is also expressly directed to the
provisions of General Ruling No. 12 concerning the effect
of unlicensed transfers of property in a blocked account.
JOHN W. SNYDER
Secretary of the Treasury
departing from the United States. Persons departing from
the United States for Spain or Portugal are hereby authorized
to carry:
(i) Travelers checks and checks drawn on the Treasurer
of the United States provided such checks are issued
in the name of the person carrying them.
(ii) All currency.
JOHN W. SNYDER
Secretary of the Treasury
Treasury Department
FOREIGN FUNDS CONTROL
August 29, 1947
GENERAL LICENSE NO. 9 5 , AS AMENDED
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Section 5(b) of the Trading with the Enemy Act, As Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Controls
General License No. 95
amended as follows:
(Section
131.95)
is hereby
PROPERTY CERTIFIED BY GOVERNMENTS OF SPECIFIED
COUNTRIES
Treasury Department
FOREIGN FUNDS CONTROL
August 19, 1947
REVOCATION OF GENERAL RULING NO. 5 ( A )
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Sections 3(a) and 5(b) of
the Trading with the Enemy Act, As Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control.^
General Ruling No. 5 (A) is hereby revoked.
JOHN W. SNYDER
Secretary of the Treasury
Treasury Department
FOREIGN FUNDS CONTROL
August 19, 1947
AMENDMENT TO GENERAL LICENSE NO. 8 8
Under Executive Order No. 8389, As Amended, Executive
Order No: 9193, As Amended, Section 5(b) of the Trading with the Enemy Act, As Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Control*
General License No. 88 (Section
amended to read as follows:
131.88)
is hereby
CERTAIN TRANSACTIONS WITH RESPECT TO CHECKS, DRAFTS,
ETC., AUTHORIZED
(1) Sending of chec\s, drafts, etc. The sending, mailing,
exporting, or otherwise taking of any check, draft, bill of
exchange, promissory note, currency, or any security from
the United States to Spain or Portugal may be effected pursuant to the terms and conditions of General Licenses Nos.
52 or 70.
(2) Carrying of travelers chec\s and currency by persons
JANUARY
1948
(a) Certification by governments of countries specified
herein. Whenever a designated agent of the government of
any country specified herein has certified in writing that Ao
foreign country designated in the Order or national thereof,
other than a country specified herein or national thereof, has
at any time between the effective date of the Order and the
date of certification had any interest in any property subject
to the proviso of paragraph (1) of General License No. 94,
the property so certified is hereby licensed to be regarded as
property in which no blocked country or national thereof
has or has had any interest.
(b) Waiver of Section 2A of the Order and General Ruling
No. 5. The provisions of Section 2A of the Order and of
General Ruling No. 5 are waived with respect to any security
to which a certification under the preceding paragraph is
attached.
(c) Application of license to certain nationals of countries
specified herein. This license shall not apply with respect to
any national of a country specified herein who is a national
of another foreign country designated in the Order and not
specified herein, provided, however, that for the purposes
only of this license the following shall be deemed nationals
only of a country specified herein:
(1) Any individual residing in a country specified herein.
(2) Any partnership, association, corporation, or other organization, organized under the laws of a country
specified herein.
(d) Definitions. As used in this license,
(1) The term "country specified herein" means the
the following:
(i)
(ii)
(iii)
(iv)
France, effective October 5, 1945;
Belgium, effective November 20, 1945;
Norway, effective December 29, 1945;
Finland, effective December 29, 1945;
LAW DEPARTMENT
(v) The Netherlands, effective February 13, 1946;
(vi) Czechoslovakia, effective April 26, 1946;
(vii) Luxembourg, effective April 26, 1946;
(viii) Denmark, effective June 14, 1946;
(ix) Greece, effective October 15, 1946;
(x) Switzerland, effective November 30, 1946;
(xi) Liechtenstein, effective November 30, 1946;
(xii) Poland, effective January 7, 1947;
(xiii) Austria, effective January 16, 1947;
(xiv) Sweden, effective March 28, 1947;
(xv) Italy, effective August 29, 1947;
and each country specified herein shall be deemed to
include any colony or other territory subject to its jurisdiction.
(e) Restrictions of General Ruling No. 11 A. Attention
is directed to the special restrictions contained in General
Ruling No. 11 A, pertaining to dealings in certain property
* Sec. 5(b), 40 Stat. 415, 966, Sec. 2, 48 Stat. 1, 54 Stat.
179, Sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App.
Supp. 5(b); E. O. 8389, April 10, 1940, as amended by E. O.
8785, June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963,
Dec. 9, 1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July
6, 1942, as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum.
Supp., 10 F. R. 6917; Regulations, April 10, 1940, as amended
June 14, 1941, February 19, 1946, June 28, 1946, and January
1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184,
12 F. R. 6.
in which there is any interest of Germany or Japan or certain nationals thereof.
JOHN W. SNYDER
Secretary of the Treasury
Treasury Department
FOREIGN FUNDS CONTROL
September 30, 1947
REVOCATION OF GENERAL LICENSE NO. 5 0
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Section 5(b) of the Trading with the Enemy Act, As Amended by the First War
Powers Act, 1941, Relating to Foreign Funds Control.f
General License No. 50 (Section 131.50) is hereby revoked.
A. L. M. WIGGINS
Acting Secretary of Treasury
f Sec. 3(a), 40 Stat., 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2,
48 Stat. 1, 54 Stat. 179, Sec. 301, 55 Stat. 839; 50 U. S. C.
App. 3(a), 12 U. S. C. 95a, 50 U. S. C. App. Supp. 5(b);
E. O. 8389, April 10, 1940, as amended by E. O. 8785, June
14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9, 1941,
and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942, as
amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp.,
10 F. R. 6917; Regulations, April 10, 1940, as amended June
14, 1941, February 19, 1946, June 28, 1946, and January 1,
1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184,
12 F. R. 6.
THE FEDERAL REGISTER
Following is an announcement regarding the
Federal Register which is printed in the BULLETIN
by request:
The Federal Register publishes daily the full
text of Presidential Proclamations and Executive Orders and any order, regulation, notice, or
similar document promulgated by Federal Administrative agencies which has general applicability and legal effect. A partial list of subjects
covered includes: Agriculture, Aliens, Aviation,
Business Credit, Communications, Customs, Fair
Trade Practices, Food and Drugs, Foreign Relations, Housing, Labor Relations, Mineral Resources,
Procurement, Reconversion, Securities, Shipping,
Surplus Property, Taxation, Transportation, Wages
and Hours. A sample copy of the Federal Register
and additional information may be secured on request to the Federal Register, National Archives,
Washington 25, D. C. Orders for copies at the
rate of f 1.50 a month and $15.00 a year may be sent
to the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Appointments of Chairmen, Deputy Chairmen, and Directors
On January 2 the Board announced the following designations and appointments at the Federal
Reserve Banks and branches.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR
Federal Reserve Ban\
Boston
Philadelphia
Cleveland .
Richmond
Atlanta
Chicago . .
St. Louis
Minneapolis
Kansas City
Dallas . . . .
San Francisco
Name of Appointee
Albert M. Creighton of Boston, Massachusetts
. .Thomas B. McCabe of Swarthmore, Pennsylvania
.. . .George C. Brainard of Lyndhurst, Ohio
. . . . W. G. Wysor of Richmond, Virginia
. . Frank H. Neely of Atlanta, Georgia
. . . . Clarence W. Avery of Detroit, Michigan
. Russell L. Dearmont of St. Louis, Missouri
. . Roger B. Shepard of St. Paul, Minnesota
. Robert B. Caldwell of Kansas City, Missouri
. J. R. Parten of Houston, Texas
Brayton Wilbur of San Francisco, California
DEPUTY CHAIRMEN FOR YEAR
Boston . . .
New York . . .
Philadelphia .
Cleveland .
Richmond
Atlanta
Chicago . . . .
Minneapolis .
Kansas City .
Dallas
San Francisco
1948
1948
* Harold D. Hodgkinson of Boston, Massachusetts
William I. Myers of Ithaca, New York
Warren F. Whittier of Chester Springs, Pennsylvania
Reynold E. Klages of Columbus, Ohio
Charles P. McCormick of Baltimore, Maryland
J. F. Porter of Williamsport, Tennessee
Paul G. Hoffman of Lakeside, Michigan
W. D. Cochran of Iron Mountain, Michigan
Robert L. Mehornay of Kansas City, Missouri
R. B. Anderson of Vernon, Texas
Harry R. Wellman of Berkeley, California
CLASS C DIRECTORS
(Appointed for three-year terms beginning January 1, 1948)
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Minneapolis .
Kansas City .
Dallas
San Francisco
JANUARY
1948
. .Albert M. Creighton of Boston, Massachusetts
.. . C. Canby Balderston of Media, Pennsylvania
.. A. Z. Baker of Lakewood, Ohio
. . Charles P. McCormick of Baltimore, Maryland
.. .Frank H. Neely of Atlanta, Georgia
. * Allan B. Kline of Vinton, Iowa
. . . Roger B. Shepard of St. Paul, Minnesota
. . . Robert L. Mehornay of Kansas City, Missouri
. .G. A. Frierson of Shreveport, Louisiana
.. William R. Wallace of San Francisco, California
45
CURRENT EVENTS AND ANNOUNCEMENTS
BRANCH DIRECTORS
(Appointed for three-year terms, except those preceded by f, which indicates a two-year term.
All positions not preceded by an asterisk were filled by reappointment of present incumbents.)
Federal Reserve Ban\ and Branch
Name of Appointee
Cleveland
Cincinnati
Pittsburgh
. . Paul G. Blazer of Ashland, Kentucky
. . Josiah M. Koch of Oil City, Pennsylvania
Richmond
Baltimore
Charlotte
.. . . James M. Shriver of Union Mills, Maryland
* R. E. Ebert of Greenville, South Carolina
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
. * J. Roy Faucett of Northport, Alabama
*
Marshall F. Howell of Jacksonville, Florida
* C. E. Brehm of Knoxville, Tennessee
. H. G. Chalkley, Jr., of Lake Charles, Louisiana
Chicago
Detroit
. *f Ben R. Marsh of Detroit, Michigan
St. Louis
Memphis
. . * M. P. Moore of Senatobia, Mississippi
Minneapolis
Helena
.. f Malcolm E. Holtz of Great Falls, Montana
Kansas City
Denver
Oklahoma City .
. . f W. A. Alexander of Denver, Colorado
. *f Cecil W. Cotton of Tulsa, Oklahoma
Dallas
El Paso
Houston
....
San Antonio
. Hal Bogle of Dexter, New Mexico
J. E. Wheat of Woodville, Texas
Edward E. Hale of Austin, Texas
San Francisco
Los Angeles
Portland
Salt Lake City
t Y. Frank Freeman of Beverly Hills, California
, f Aaron M. Frank of Portland, Oregon
t Henry A. Dixon of Ogden, Utah
The new appointees are as follows:
Federal Reserve Bank of %>ston
Mr. Harold D. Hodgkinson of Boston, Massachusetts, who has been a Class C director of the Federal Reserve Bank of Boston since January 1, 1947, was appointed Deputy Chairman for the year 1948.
Mr. Hodgkinson is Vice President, General Manager and Chairman of Management Board, Wm. Filene's
Sons Company, Boston, Massachusetts.
Federal Reserve Bank of Chicago
Mr. Allan B. Kline of Vinton, Iowa, was appointed a Class C Director of the Federal Reserve Bank of
Chkago for a three-year term beginning January 1, 1948. Mr. Kline is engaged in farming and is President of the American Farm Bureau Federation, Chicago, Illinois.
46
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Branches
Federal Reserve Bank of Richmond
Mr. R. E. Ebert of Greenville, South Carolina, was appointed a director of the Charlotte Branch of the
Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1948. Mr. Ebert is President of the Dixie Home Stores, Inc., Greenville, South Carolina.
Federal Reserve Bank of Atlanta
Mr. J. Roy Faucett of Northport, Alabama, was appointed a director of the Birmingham Branch of the
Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1948. Mr. Faucett is a partner in Faucett Brothers, Northport, Alabama.
Mr. Marshall F. Howell of Jacksonville, Florida, was appointed a director of the Jacksonville Branch
of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1948. Mr. Howell is
President of the Bond-Howell Lumber Company, Jacksonville, Florida.
Mr. C. E. Brehm of Knoxville, Tennessee, was appointed a director of the Nashville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1948. Mr. Brehm is Acting
President of the University of Tennessee, Knoxville, Tennessee.
Federal Reserve Bank of Chicago
Mr. Ben R. Marsh of Detroit, Michigan, was appointed a director of the Detroit Branch of the Federal
Reserve Bank of Chicago for a two-year term beginning January 1, 1948. Mr. March is Vice President
and General Manager of the Michigan Bell Telephone Company, Detroit, Michigan.
Federal Reserve Bank of St. Louis
Mr. M. P. Moore of Senatobia, Mississippi, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1948. Mr. Moore is a partner
in the E. E. Moore and Company, Senatobia, Mississippi.
Federal Reserve Bank of Kansas City
Mr. Cecil W. Cotton of Tulsa, Oklahoma, was appointed a director of the Oklahoma City Branch of
the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1948. Mr. Cotton is
the owner of the C. W. Cotton Supply Company, Tulsa, Oklahoma.
Federal Reserve Bank of Dallas
Mr. Edward E. Hale of Austin, Texas, was appointed a director of the San Antonio Branch of the
Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1948. Mr. Hale is Professor
of Economics, University of Texas, Austin, Texas.
A complete list of the Federal Reserve Bank and branch directors will appear in a later issue of the
BULLETIN.
JANUARY
1948
CURRENT EVENTS AND ANNOUNCEMENTS
Resignation of Director
On December 31, 1947, the Board of Governors
accepted the resignation of Mr. Donald K. David,
Dean of the Graduate School of Business Administration, Harvard University, Boston, Massachusetts,
as a Class C director of the Federal Reserve Bank of
Boston. Mr. David had served as a Class C director
since January 1, 1946, and as Deputy Chairman
since January 1, 1947.
Changes in Board's Staff
Effective December 28, 1947, the designation of
Mr. J. Leonard Townsend was changed from
Assistant General Counsel to Associate General
Counsel, and that of Mr. Ralph A. Young from
Assistant Director, Division of Research and Statistics, to Associate Director, Division of Research
and Statistics.
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 November 16, 1947 to December 15,
1947:
New Yor\
Rochester—Security Trust Company of Rochester
Oklahoma
Gould—The First State Bank, Gould, Oklahoma
Texas
Greggton—First State Bank of Greggton.
48
Publication of Technical Study
Debits and Clearing Statistics, Their Background
and Interpretation, by George Garvy of the Federal Reserve Bank of New York, will be available for distribution within a few weeks. This
paper is concerned with the usefulness of two long
established and widely used series of banking
statistics—bank clearings and bank debits. The
author has undertaken to explain differences in
the composition of these two series and in their
comparative responsiveness to changes in business
activity. Broadly stated, the purpose of the paper is
to determine with what effectiveness these series,
considering their technical limitations, reflect underlying economic processes. Constructive suggestions
for the improvement of debits statistics are included in the analysis.
Mr. Garvy's study is an essential by-product of
the research program of the Federal Reserve System.
This program includes the development and maintenance of statistical tools and materials that will
contribute to an understanding of banking and
monetary developments. The objective of these
technical activities is to make appropriate facts
readily available for consideration in connection
with policy determination. Where a technical study
appears to be of considerable interest to statistical
workers outside the System and to students of
money and banking generally, the Board of Governors may authorize its publication. Publication
does not, however, indicate official endorsement of
any of the views or conclusions expressed by the
author.
The pamphlet may be purchased for 25 cents or
for 15 cents in group purchases of ten or more copies
for single shipment. Orders should be sent to the
Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington
25, D. C.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 22, and released for publication December 24]
Industrial production expanded somewhat further
in November. Department store sales showed
more than a seasonal increase in November and the
first half of December. Wholesale commodity
prices generally continued to advance.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production advanced 2 points in November
to 192 per cent of the 1935-39 average, a new
postwar peak rate.
Output of durable goods expanded somewhat
further, reflecting largely increases in activity in
most machinery, transportation equipment, and
nonferrous metal fabricating industries. Output
of steel in November was at a slightly lower rate
than in October, but in the early part of December scheduled operations rose to new postwar
peaks. Motor truck assemblies were curtailed in
November and early December, as a result of model
changeover activity at plants of a major producer,
while output of passenger cars increased. Output
of lumber and other construction materials was
maintained in large volume.
Manufacture of nondurable products continued
to increase in November, reflecting mainly a further
marked rise in activity at cotton textile mills and
an expansion in the volume of livestock slaughtered
as a result of reduced feed supplies and high prices
for feeds. Liquor production, which increased
sharply in October, was curtailed in November in
accordance with the Federal program to conserve
grain.
Production of minerals rose somewhat further
in November, reflecting further gains in output of
bituminous coal as increased numbers of freight
cars became available.
CONSTRUCTION
Values of most types of construction contract
awards, according to the F. W. Dodge Corporation,
showed seasonal declines in November and were
substantially larger than a year ago. The number
of dwelling units started during the month, as
estimated by the Department of Labor, decreased
from 94,000 in October to 82,000 in November;
completions increased from 83,000 units to 86,000.
DISTRIBUTION
Department store sales showed a sharp seasonal
increase in November and the Board's adjusted
index rose to a new high of 300 per cent of the
1935-39 average, as compared with 275 in October
and 291 in September. Value of sales continued at
a high level in the first half of December and was 8
per cent above the corresponding period in 1946.
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
,R VOLUME SEASONALLY ADJUSTED. I 9 3 S - 3 9 M 0 0
PHYSICAL VOLUME SEASONALLY ADJUSTED, 1 9 3 5 - 3 9 - 1 0 0
260
240
240
220
-
Vr-
-
220
200
180
160
J
140
120
/
\
/
200
1 VV
\V
-
1940
140
120
-
-
1939
160
-
100
80
180
1941
1942
1943
1944
1945
1946
100
80
1947
Federal Reserve indexes. Monthly figures, latest shown are
for November.
JANUARY 1948
1939
1940
1941
1942
1943
1944
1945
1946
1947
Federal Reserve indexes. Monthly figures, latest shown are
for November.
49
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Value of department store stocks has also increased
in recent months and is above the corresponding
period of a year ago.
Shipments of most classes of railroad revenue
freight were maintained in large volume in November and the first half of December, after allowance for usual seasonal declines at this time of
the year. Coal shipments continued to increase
and were at the peak rate reached at the beginning
of the year.
COMMODITY PRICES
Wholesale commodity prices generally advanced
further in November and the early part of December. Crude petroleum prices were increased
sharply and advances were announced in refined
petroleum products, newsprint, rayon, textile products, shoes, and some metal products. Government
disposal prices for Japanese silk were reduced by
nearly one-half. Prices of commodities traded in
the organized markets rose further in November
but showed little change in the first three weeks
of December.
The consumers' price index was unchanged from
September to October. Food prices generally
showed little change in November and December,
while additional increases occurred in retail prices
of other goods and services.
BANK CREDIT
Loans to businesses, consumers, and real estate
owners expanded further at banks in leading cities
during November and the first half of December.
Demand deposits of individuals and businesses increased 800 million dollars at these banks, and currency in circulation rose by 400 million.
In the four weeks ending December 17, member
banks gained reserves as a result of a continued
inflow of gold, Treasury transactions, and Federal
Reserve purchases of Government securities. These
sources of reserves more than offset the seasonal
growth in currency.
Reserve Bank holdings of Government securities
declined in the four-week period, reflecting Treasury retirement of bills and certificates. The System
also sold substantial amounts of bills and certificates
in the market, but purchased larger amounts of
notes and bonds.
INTEREST RATES AND BOND YIELDS
Prices of Treasury bonds, which declined sharply
in October and November, were held firm after
the middle of November by official support. Prices
of corporate bonds declined further. Yields on
Treasury certificates rose and a new issue of 1%
per cent one-year certificates was offered in exchange
for the issue maturing January 1.
MEMBER BANKS IN LEADING CITIES
MEMBER BANK RESERVES AND RELATED ITEMS
OF DOLLARS
BILLIONS OF DOLLARS
|
1940
1941
1942
1943
1944
1945
1946
1947
Demand deposits (adjusted) exclude U. S. Government and
interbank^ deposits and collection items. Government securities
include direct and guaranteed issues. Wednesday figures, latest
shown are for Dec. 24.
1940
194!
1942
TREASURY DEPOSITS
1943
1944
1945
*
1946
1947
Wednesday figures, latest shown are for Dec. 24.
FEDERAL RESERVE
BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements
...
Federal Reserve Bank statistics
53
54
55-58
Guaranteed war production loans
59
Deposits and reserves of member banks .
59-60
Money in circulation. . .
61-62
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions
62
63
All banks in the United States, by classes
64-65
All banks in the United States and possessions, by States, June 30, 1947
66-67
All insured commercial banks in the United States, by classes. .
68-69
Weekly reporting member banks
70-73
Commercial paper, bankers' acceptances, and brokers' balances .
74
Money rates and bond yields
75
Security prices and new issues
76-77
Corporate earnings and dividends .
Treasury
78
finance
Government corporations and credit agencies...
79-81
82
Business indexes
83-92
Department store statistics. .
93-95
Consumer credit statistics .
96-98
Cost of living
Wholesale prices
99
100
Gross national product, national income, and income payments. .
101-102
Current statistics for Federal Reserve chart books.
103-107
December crop report, by Federal Reserve districts.
107
Number of banking offices on Federal Reserve par list and not on par list
108
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.
JANUARY
1948
51
MEMBER BANK
RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
RESERVE BANK
k
- CREDIT
TREASURY CASH AND DEPOSITS
1939
1940
1941
1942
1943
1944
1945
1946
1947
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
10
1939
1940
1941
1942
1943
1944
1945
1946
1947
Wednesday figures, latest shown are for Dec. 24. See p. 53.
52
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit, outstanding
U. S. Government
securities
Discounts
and
advances
Date
Total
Treasury
bills
and
certificates
All
other1
Gold
stock
Total
All
other
Treasury
currency
outstanding
Money
in circulation
Treasury
cash
holdings
Member
bank reserve
balances
Treasury deposits
with
Federal
Reserve
Banks
Nonmember deposits
Other
Federal
Reserve
accounts
Total
Excess2
Monthly averages of
daily figures:
1946—Sept
Oct
Nov
1947—Sept
Oct
Nov
283
251
351
163
208
313
23,614
23,471
23.674
22,067
22,092
22,082
22,254
22,030
22,116
20,886
20,847
20,158
,360
,441
,558
,181
L.245
,924
493
421
498
386
498
472
24,391
24,143
24,522
22,616
22,798
22,866
20,291
20,330
20,437
21,866
22,149
22,479
4,545 28,478
4,546 28,588
4,548 28,727
4,551 28,654
4,551 28,598
4,551 28,648
> 275
S,274
2',282
11,315
,327
; ,330
515
444
596
553
945
1,287
1,214
947
992
1,007
908
1,011
585
597
598
638
647
631
16,160
16,167
16,310
16,866
17,073
16,988
885
863
854
931
954
850
End-of-month figures:
1946—Sept. 30
Oct. 31
Nov. 30
1947—Sept. 30
Oct. 31
Nov. 29
213
253
316
92
296
331
24,049
23,518
23,944
22,329
22,168
22,209
22,626
22,047
22,356
21,138
20,650
19,813
,423
,470
.588
,191
,518
,395
331
338
530
308
442
435
24,594
24,109
24,791
22,730
22,906
22,975
20,305
20,402
20,470
21,955
22,294
22,614
4,546
4,549
4,551
4,552
4,554
4,557
28,507
28,600
28,861
28,567
28,552
28,766
25,289
25,285
2 ,269
i ,309
11,330
i ,324
1,081
628
620
1,091
1,400
1,277
1,069
1,020
951
842
884
1,180
590
595
598
643
631
626
15,910
15,931
16,513
16,784
16,956
16,974
725
567
1,063
841
864
829
Wednesday figures:
1947—Feb. 5
Feb. 12
Feb. 19
Feb. 26
278
393
342
392
23,412
23,803
23,918
24,044
22,303
22,694
22,773
22,861
1,109
,109
1,145
1,183
359
442
414
326
24,050
24,638
24,674
24,761
20,749
20,751
20,770
20,322
4,559 28,295
4,558 28,346
4,556 28,276
4,556 28,262
!5,320
5,335
25,324
:1,381
1,162
1,711
2,358
2,372
863
938
649
1,218
622
623
623
624
16,095
15,994
15,770
15,781
761
779
614
703
Mar. 5
Mar. 12
Mar. 19
Mar. 26
239
237
234
287
23,242
23,247
22,411
22,810
22,044
22,050
21,306
21,704
1,198
,198
1,105
1,105
323
295
402
390
23,804
23,780
23,047
23,486
20,376
20,403
20,413
20,438
4,557
4,557
28,335
28,330
4,557 28,242
4,556 28,170
:1,331
1,335
L.335
11,355
1,407
1,429
713
1,600
1,108
1,172
1,148
1,060
626
627
636
637
15,930
15,847
15,943
15,658
800
718
673
559
Apr. 2
Apr. 9 . . . .
Apr. 16
Apr. 23
Apr. 3 0 . . . .
429
277
101
141
125
21,938
22,276
21,905
21.829
21,857
20,833
21,171
20,800
20,724
20,752
1,105
L.105
1,105
1,105
1,105
391
339
468
259
223
22,758
22,893
22,474
22,230
22,205
20,486
20,497
20,583
20,621
20,774
4,557 28,247
4,559 28,250
4,558 28,163
4,558 28,105
4,561 28,114
1,333
1,336
1,332
1,338
1,329
946
753
613
482
619
1,093
1,033
879
1,021
1,025
642
641
641
643
627
15,540
15,934
15,987
15,820
15,826
563
886
844
658
654
May
7....
May 14
May 21. . . .
May 2 8 . . . .
102
139
117
130
21,852
21,762
21,676
21,590
20,747
20,671
20,589
20,485
1,105
1,091
1,087
1,105
276
331
278
299
22,230
22,233
22,071
22,019
20,811
20,878
20,888
20,932
4,560
4,559
4,559
4,561
28,197
28,134
28,116
28,211
1,328
1,337
1,338
1,372
654
556
539
751
918
1,066
957
846
626
628
626
626
15,877
15,949
15,942
15,705
654
787
752
520
June 4 . . . .
June 11
June 1 8 . . . .
June 25
173
175
132
132
21,760
21,578
21,186
21,582
20,664
20,482
20,089
20,485
L.O97
1,097
1,097
L,O97
301
287
479
343
22,234
22,040
21,797
22,057
20,990
21,026
21,123
21,174
4,561 28,261
4,561 28,253
4,561 28,195
4,553 28,183
]1,366
1,332
1,333
1,329
653
495
225
642
956
889
857
915
629
629
632
636
15,921
16,028
16,241
16,081
626
667
750
674
July 2 . . . .
July 9
July 16
July 23
July* 30
110
120
99
118
111
21,629
21,611
21,758
21,700
22,012
20,532
20,515
20,663
20,605
20,917
1,097
1,097
1,095
1,095
1,095
406
304
391
275
187
22,145
22,035
22,248
22,093
22,310
21,284
21,336
21,434
21,467
21,537
4,559
4,551
4,550
4,550
4,551
28,409
28,363
28,225
28,145
28,129
1,325
1,329
1,331
1,330
1,341
658
566
756
939
705
977
844
952
818
1,236
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
743
Aug. 6 . . . .
Aug. 1 3 . . . .
Aug. 20
Aug. 2 7 . . . .
123
183
239
134
21,869
22,030
22,097
22,107
20,777
20,939
21,008
21,018
1,092
1,091
1,089
1,089
219
282
300
237
22,211
22,494
22,636
22,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
1,330
1,329
1,330
1,335
728
1,053
1,265
915
1,071
1,000
987
1,123
621
622
624
626
16,409
16,428
16,407
16,493
741
779
721
775
Sept.
Sept.
Sept.
Sept.
3....
10
17
24
125
120
130
119
22,224
22,042
21,756
22,118
21,135
20,848
20,562
20,927
1,089
1,194
1,194
1,191
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,551
4,552
28,749
28,742
28,633
28,556
1,323
1,329
1,306
1,319
459
243
240
800
1,149
960
930
924
632
632
642
645
16,628
16,932
17,128
16,831
841
1,015
1,055
875
Oct.
1
Oct.
8....
Oct. 15
Oct. 22
Oct. 29
156
111
146
125
373
22,392
22,355
22,218
21,772
22,129
21,195
21,148
21,013
20,564
20,689
1,196
1,207
1,205
1,208
1,440
383
385
443
451
287
22,931
22,852
22,807
22,348
22,789
21,955
22,092
22,153
22,225
22,294
4,551 28,559
4,551 28,632
4,551 28,656
4,552 28,569
4,552 28,519
1,316
1,328
1,324
1,337
1,338
1,053
909
836
608
1,355
832
837
817
924
917
643
646
648
650
649
17,034
17,142
17,229
17,037
16,859
985
1,069
1,154
857
721
Nov. 5
Nov. 12
Nov. 19
Nov. 2 6 . . / .
204
429
199
370
22,119
22,052
22,222
22,239
20,552 1,567
20,343 L,7O8
20,117 4>,105
19,913 *5,327
317
208
620
325
22,640
22,689
23,041
22,934
22,336
22,442
22,513
22,597
4,551 28,635
4,550 28,709
4,552 28,595
4,554 28,725
1,324
1,328
1,327
1,330
926
1,224
1,560
1,314
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
952
766
883
954
Dec.
3
Dec. 10
Dec. 1 7 . . . .
Dec. 24
262
250
168
283
22,120
21,985
21,657
21,900
19,587 25,533
19,273 2.,713
18,772 2 ,886
18,659
,241
448
382
913
827
22,830
22,617
22,738
23,011
22,680
22,708
22,723
22,743
4,553 28,817
4,556 "28,874
4,557 28,923
4,556 29,111
1,342
1,331
1,332
1,318
1,256
934
616
929
986
992
951
967
624
618
615
609
17,038
854
935
17,132
17,581 Pl.203
17,377 P I . 0 7 4
•
P Preliminary.
* Includes industrial loans and acceptances purchased shown separately in subsequent tables.
2
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.
JANUARY 1948
53
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect December 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)1
Federal Reserve Bank
Effective
Rate
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
Apr.
May
Apr.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
Other secured advances
[Sec. 10(b)]
Rate
27, 1946
25, 1946
25, 1946
3, 1946
10, 1946
10, 1946
26, 1946
26, 1946
26, 1946
27, 1946
10, 1946
25, 1946
Effective
Oct. 27,
Oct. 30,
Oct. 17,
Sept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
Advances to individuals
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Effective
Mar. 29,
Apr. 6,
Mar. 23,
Mar. 9,
Mar. 16,
Mar. 16,
Mar. 16,
Mar. 16,
Mar. 23,
Apr. 13,
Mar. 16,
Apr. 25,
2
2
2y2
2
2
2
2
2
2
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
RATES ON BANKERS' ACCEPTANCES
[Per cent per annum]
Maturity
1- 90 days
91-120 days
121-180 days
Rate on
Dec. 31
In effect beginning—
Previous
rate
1H
1M
11 Dec. 1, 1947
Dec. 1, 1947
1 Dec. 1, 1947
1
1
1
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect December 31. Per cent per annum]
To industrial or
commercial
businesses
Federal
Reserve
Bank
1
Date on which rate became effective at the Federal Reserve Bank
of New York.
Back
figures.—See
Banking
and
Monetary
Statistics,
T a b l e 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Period in effect
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.
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 and after
Central
reserve
city
banks
13
22%
26
22M
26
24
22
20
Reserve
city
banks
Time
deposits
(all
Country member
banks
banks)
7
10H
12M
14
12
14
14
14
14
10
15
17^
20
17V2
. 20
20
20
20
3
4^
I*
5
6
6
6
6
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent oer annum]
1
N >v. 1,1933- Feb. , 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
231
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.
54
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlinta
Chicago
St. Louis
Minneapclis. . . .
Kansas C i t y . . . .
Dallas.....
San Francisco.. .
To financing institutions
On discounts or
purchases
On
loans l
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
23^2-5
2>|-5
23J-5
2 3^-5
2^-5
2^2-5
2 3^-5
23^-5
1-5
2^-5
2
A
/ *
1-5
2^-5
CO
t3)
1
2
3
4
Including loans made in participation with financing institution?.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge rate charged borrower by financing institution, if
lower.
5
Charge of ^4 per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, TaLle 118,
pp. 446-447.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
1945.1946Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1947
Dec. 31
Dec. 24
Dec. 17
1947
Dec. 10
Dec. 3
Nov. 26
Dec.
Nov. 19
1946
Dec.
Nov.
Assets
Gold certificates
20,810,170 20,795,170 20 ,786,170 20,767,170 20,734,170 20,660,170 20,581,170 20, 810,170 20 ,680,170 17,587,177
Redemption fund for
794,116
682,667
683,884
682,968
682,742
682,867
687,317
683,868
687,127
F. R. notes
687,127
Total gold certifi21,497,297 21,482,487 21,468,837 21,451,054 21,418,038 21,343,138 21,263,912 21,497,297 21,363,037 18,381,293
cate reserves
272,631
243,401
250,107
252,344
251,165
262,621
268,852
272,631
260,485
Discounts and advances
For member b a n k s . . .
For nonmember
banks, etc
34,825
234,986
128,615
211,583
224,581
332,691
161,020
34,825
293,068
15,739
50,600
47,800
39,800
37,800
37,800
37,800
37,800
50,600
37,800
147,340
Total discounts and
advances
85,425
282,786
168,415
249,383
262,381
370,491
198,820
85,425
330,868
163,079
1,387
1,441
4,485
12
4,490
290
3,644
403
4,721
629
1,442
862
1,387
4,627
476
550
Other cash
Industrial loans
Acceptances purchased.
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
267,890
4,905,617
11,433,410 11,786,735 11,882,116 12,249,016 12,520,543 12,669,278 12,900,924 11,433,410 12,557,968 9,839,366
6,796,505 6,872,255 6,889,605 7,023,605 7,066,405 7,243,405 7,215,905 6,796,505 7,255,405 7,496,012
1,476,550 1,531,750 1,481,750 1,500,750 1,456,250 1,398,750 1,314,000 1,476,550 1,424,750
355,300
2,852,869 1,709,593 1,403,826 1,211,803 1,076,633
753,390
970,508
791,111 2,852,869
928,033
Total U. S. Govt.
securities
22,559,334 21,900,333 21,657,297 21,985,174 22,119,831 22,239,466 22,221,940 22,559, 334 222,208,631 23,349,685
Other Reserve Bank
credit outstanding. . .
826,287
907,970
535,331
430,423
579,780
535,331
377,479
618,264
318,998
443,655
Total Reserve Bank
credit outstanding 23,181,477 23 ,010,847 22,738,179 22,616,816 22,829,914 22,934,305 23,041,328 23,181,477 22,975,025 24,093,094
Liabilities
Federal Reserve notes.. 24,820,434 24,984,449 24,822 ,907 24,761,080 24,706,491 24,635,735 24,521,176 24,820,434 24,651,452 24,945,304
Deposits:
Member bank — re17,899,371 17,376,982 17,581,259 17,132,158 17,038,499 17,120,791 17,067,520 17,899,371 16,973,803 16,138,878
serve account
U. S. Treasurer—gen392,869
870,031
928,913
615,901
870,031 1,277,228
eral account
933,611 1,256,041 1,313,869 1,560,193
508,016
391,849
461,517
469,440
391,849
446,052
Foreign
516,904
450,700
406,022
466,396
313,638
505,795
569,433
569,433
733,517
Other
481,248
474,736
5^18,477
519,276
519,876
Total deposits
19,730,684 19,273,207 19,147,848 19,057,409 19,280,212 19,403,837 19,553,611 19,730,684 19,430,600 17,353,401
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)..
48.3
48.5
48.8
48.7
48.2
48.5
48.5
48.3
43.5
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Discounts and advances:
Nov 26.
Dec. 3
Dec. 10. ..
Dec 17
Dec. 24
Industrial loans:
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Acceptances purchased:
Nov. 26.
Dec. 3
Dec 10
Dec. 17
. . . .
Dec. 24. . . .
U. S. Government securities:
Nov 26
Dec. 3
Dec. 10
Dec 17
Dec. 24
JANUARY
1948
16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over
5 years
5 years
days
6 months to 1 year 2 years
days
days
Total
Within
15 days
370,491
262,381
249,383
168,415
282,786
318,563
210,288
208,937
132,170
245,420
25,491
29,535
28,692
22,810
9,594
25,286
21,424
8,518
8,365
825
1,098
1,083
3,193
5,032
18,080
29
28
23
18
8,846
24
2?
20
20
21
4,721
3,644
4,490
4,485
1,441
4,640
3,579
4,420
4,444
1,400
25
29
40
1
1
1
1
1
2
1
2
2
2
4
4
4
4
4
629
403
290
12
388
403
290
12
2,055,094 4,894,151
2,819,333 5,449,008
3,921,253 5,004,518
3,136,901 4,820,240
1,838,200 4,847,234
4,810,774
3,811,469
3,938,487
4,109,211
4,207,228
797,990
863,554
824,954
671,654
664,304
22,239,466 3,510,481
22,119,831 3,287,513
21,985,174 2,217,438
21 657 297 2,770,744
21,900,333 3,836,053
11
11
11
11
11
23
23
23
23
23
241
5,463,043
5,020,421 ' " 12^000
22,000
5,074,821
4,964,821
5,013,821
117,050 590,883
134,340 722,193
137,140 844,563
157,540 1,026,186
170,390 1,323,103
55
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Nov. 26
20,660,170
Dec. 3
20,734,170
Dec. 10
20,767,170
Dec. 17
20,786,170
Dec. 24
20,795,170
Redemption fund
for F. R. notes
Nov. 26
682,968
683,868
Dec. 3
683,884
Dec. 10
682,667
Dec. 17
687,317
Dec. 24
Total gold certificate reserves:
Nov. 26
21,343,138
Dec. 3
21,418,038
Dec. 10
21,451,054
Dec. 17
21,468,837
21,482,487
Dec. 24
Other cash:
Nov. 26
262,621
Dec. 3
251,165
Dec. 10
252,344
Dec. 17
250,107
Dec. 24
243,401
Discounts & advances :
Secured by
U. S. Gov't.
securities:
Nov. 2 6 . .
332,060
Dec. 3 . .
223,965
Dec. 10..
211,025
Dec. 17. .
128,232
Dec. 24. .
234,647
Other:
Nov. 2 6 . .
38,431
Dec. 3 . .
38,416
Dec. 10..
38,358
Dec. 17..
40,183
Dec. 24. .
48,139
Industrial loans:
Nov. 26
4,721
Dec. 3
3,644
Dec. 10
4,490
Dec. 17
4,485
1,441
Dec. 24
Acceptances purchased :
Nov. 26
629
Dec. 3
403
Dec. 10
290
Dec. 17
12
Dec. 24
U. S. Gov't.
securities:
Bills:
Nov. 26
12,669,278
Dec. 3
12,520,543
Dec. 10
12,249,016
Dec. 1 7 . . . . 11,882,116
Dec. 24
11,786,735
Certificates:
7,243,405
Nov. 26
7,066,405
Dec. 3
Dec. 10. . . . 7,023,605
6,889,605
Dec. 17
6,872,255
Dec. 24
Notes:
Nov. 26. . . . 1,398,750
Dec. 3
1,456,250
Dec. 1 0 . . . . 1,500,750
Dec. 17
1,481,750
Dec. 24. . . . 1,531,750
Bonds:
Nov. 26
928,033
Dec. 3
1,076,63.
Dec. 10
1,211,803
Dec. 17
1,403,826
Dec. 24. . . . 1,709,593
Total U. S. Govt.
securities:
Nov. 26
22,239,466
Dec. 3
22,119,831
Dec. 1C
21,985,174
Dec. 17
21,657,297
Dec. 24
21,900,333
Total loans and
securities:
Nov. 26
22,615,307
Dec. 3
22,386,259
Dec. 10
22,239,337
Dec. 17
21,830,209
Dec. 24
22,184,560
56
Richmond
Minneapolis
578,846
616,162
618,558
596,919
599,500
501,003
476,4771
455,052
429,716!
453,988
707,933
704,687
749,883
733,637
746,144
46,820
46,820
46,782
46,730
46,704
22,924
22,924
22,913
22,893
22,884
35,710
35,710
35,691
35,661
35,625
625,666
662,982
665,340
643,649
646,204
523,927
499,401
477,965
452,609
476,872
743,643
740,397
785,574
769,298
781,769
37,764
37,491
36,283
36,846
37,219
17,550
14,988
12,932
12,906
14,405
5,925
5,732
5,302
6,619
6,801
10,755
8,728
8,637
9,370
10,061
13,308
13,740
13,770
12,719
10,981
37,787
37,718
36,659
36,064
32,529
18,287
13,667
15,937
14,087
14,237
9,885
11,135
9,835
10,455
12,795
19,300
33,275
18,375
13,530
13,430
1,750
1,650
1,950
6,750
1,000
24,950
37,200
12,200
19,600
13,050
1,700
7,700
12,500
9,500
5,200
44,600
37,050
45,250
1,850
10,300
1,852
1,852
1,852
1,950
1,911
1,583
1,583
1,583
1,665
1,632
5,141
5,141
5,141
5,413
5,304
1,323
1,323
1,323
1,393
1,365
945
945
945
995
900
1,323
1,323
1,323
1,393
1,365
1,247
1,247
1,247
1,313
1,287
3,364
3,364
3,326
3,502
3,432
40
25
29
34
35
3,200
2,137
3,093
3,007
Philadelphia
782,285
750,067
733,312
733,063
751,307
5,833,623
6,180,758
6,107,431
6,313,202
6,154,561
1,031,448
1,041,652
1,025,883
990,682
1,020,352
54,406
54,406
56,306
56,197
56,132
122,141
122,141
121,694
121,225
120,958
60,220
61,220
61,031
60,826
60,707
836,691
804,473
789,618
789,260
807,439
5,955,764
6,302,899
6,229,125
6,434,427
6,275,519
25,186
24,596
26,782
28,606
24,998
42,836
41,037
44,756
41,291
39,873
10,738
10,302
10,886
12,146
11,409
22,862
19,739
20,026
17,890
19,741
16,241
15,256
15,756
15,212
15,993
21,669
21,838
20,555
20,438
19,391
15,238
9,565
10,123
9,945
9,415
101,075
43,165
39,855
25,030
106,445
25,445
9,125
6,640
5,345
9,135
30,405
9,968
17,895
7,545
28,775
39,425
10,465
20,465
4,595
10,865
2,419
2,419
2,419
2,547
2,496
12,096
12,096
12,258
12,736
21,280
3,062
3,062
2,900
3,224
3,159
4,076
4,061
4,041
4,052
4,008
Cleveland
Atlanta
Chicago
1,403,550 1,155,338 1,039,776 4,400,876
1,373,497 1,122,150 979,905 4,231,547
1,377,302 1,086,465 1,017,911 4,288,692
1,382,401 1,056,128 1,013,359 4,214,393
1,393,686 1,084,229 1,030,921 4,250,888
75,114
75,114
74,975
75,812
75,717
60,529
60,483
59,781
58,999
60,496
1,091,668 1,478,664 1,215,867
1,102,872 1,448,611 1,182,633
1,086,914 1,452,277 1,146,246
1,051,508 1,458,213 1,115,127
1,081,059 1,469,403 1,144,725
1,481
1,482
1,368
1,444
1,406
San
Francisco
St.
Louis
New
York
Boston
40,768
40,768
40,700
40,593
40,544
86,531
86,487
86,341
86,189
90,101
1,080,544 4,487,407
1,020,673 4,318,034
1,058,611 4,375,033
1,053,952 4,300,582
1,071,465 4,340,989
Kansas
City
Dallas
496,185 2,729,307
501.799 2,755,469
519,370 2,787,311
503,016 2,819,654
494,859 2,814,735
26,276
26,266
26,237
26,205
26,185
51,529
51,529
51,433
51,337
51,264
522,461 ,780,836
528,065 806,998
545,607 ,838,744
529,221 870,991
521,044 865,999
629
403
290
12
519,278 1,192,969
454,730 1 ,172,320
449,191 1,145,133
414,851 1,108,397
435,765 1,098,847
862,600
882,107
879,130
848,534
826,707
3,685,636
3,531,957
3,466,546
3,378,160
3,355,183
906,329
879,610
859,318
831,899
824,770
1,148,378
1,145,493
1,119,225
1,083,731
1,074,503
693,836
705,537
688,315
665,044
658,995
577,036
589,585
575,106
555,540
550,453
1,524,552
,647,896
1,556,003
1,547,486
1,512,581
667,217
606,260
626,990
592,777
600,606
324,082
329,483
321,763
311,332
308,621
567,365
575,565
562,296
544,365
539,704
484,416
454,497
452,282
443,799
443,911
1,624,119
1,516,376
1,509,790
1,481,699
1,483,907
490,727
480,748
478,499
469,551
469,880
701,804
672,141
668,231
655,524
654,242
499,637
514,119
510,084
500,099
496,733
395,872 1,012,132
418,370 995,432
415,257 988,253
407,175 969.C84
404,822 964,018
392,893
414,252
410,889
402,816
399,846
218,780
237,730
235,774
231,136
229,377
376,661 362,870
340,570 387,909
338,572 384,531
332,133 376,913
331,447 373,614
683,494
634,261
631,443
619,676
620,458
93,544
93,663
96,639
95,448
98,942
313,629
312,497
322,601
318,670
330,748
94,763
99,073
102,242
100,987
104,732
135,523
138,515
142,781
140,984
145,823
96,483
105,949
108,990
107,556
110,716
76,446
86,219
88,729
87,571
90,231
195,450
205,139
211,163
208,421
214,869
75,870
85,370
87,795
86,633
89,120
42,248
48,991
50,379
49,710
51,125
,72,735
70,184
72,344
71,431
73,876
70,072
79,941
82,165
81,064
83,275
131,987
130,709
134,922
133,275
138,293
62,064
69,247
78,033
9C.429
110,429
208,085
231,035
260,489
301,911
369,149
62,872
73,247
82,556
95,676
116,892
89,916
102,407
115,291
133,570
162,753
64,014
78,330
88,006
101,900
123,571
50,720
63,743
71,645
82,966
100,707
129,676
151,663
170,507
197,461
239,817
50,337
63,116
70,892
82,077
99,467
28,030
36,220
40,679
47,096
57,061
48,258
51,888
58,415
67,674
82,454
46,491
59,102
66,345
76,800
92,944
87,570
96,635
108,945
126,266
154,349
1,502,624
1,499,514
1,506,084
1,478,210
1,479,989
5,831,469
5,591,865
5,559,426
5,480,440
5,538,987
1,554,691 2,075,621
1,532,678 2,058,556
1,522,615 2,045,528
1,498,113 2,013,809
1,516,274 2,037,321
1,353,970 1 100,074 2,861,810 1,186,317
1,403,935 1, 157,917 3,000,130 1,168,998
1,395,395 1,150,737 2,925,926 1,196,566
1,374,599 1,133,252 2,922,452 1,164,303
1,390,015 1,146,213 2,931,285 1,189,039
613,140
652,424
648,595
639,274
646,184
1,520,281
1,511,498
1,518,626
1,490,702
1,491,900
1,110,102
5,945,269 1 ,584,679 2.
5,647,529 1,546,347 2,072:,585
5,611,829 1,533,523 2,067,464
5,518,218 1,508,126 2,025 ,406
5.666 712 1,529,974 2,070,104
1,395,287 1,123,144 2,876,836 1,206,940
1,416,277 1,175,304 3,016,406 1,203,596
1,417,741 1,171,350 2,940,902 1,216,264
1,381,178 1,152,011 2,938,320 1,179,226
1,402,826 1,162,082 2,949,384 1,203,834
615,835 1,091,292 1,001,658 2,143,984
655,019 1,076,730 990,629 2,074,339
651,490 1,045,150 995,979 2,069,019
647,019 1,036,596 960,441 1,992,966
648,084 1,041,896 992,085 2,025,679
1,065,019 998,711 2,096,020
1,038,207 981,682 2,033,925
1,031,627 982,232 2,020,443
1,015,603 949,628 1,987,614
1,027,481 985,598 2,011,947
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Duejfrom foreign
banks:
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Federal Reserve
notes of other
Banks:
125,712
Nov. 26
111,445
Dec. 3
116,718
Dec. 10
129,083
Dec. 17
129,288
Dec. 24
Uncollected
items:
2,611,422
Nov. 26
2,770,319
Dec. 3
2,612,191
Dec. 10
3,846,062
Dec. 17
3,193,544
Dec. 24
Bank premises:
33,201
Nov. 26
33,168
Dec. 3
33,301
Dec. 10
33,284
Dec. 17
33,242
Dec. 24
Other assets:
70,849
Nov. 26
75,764
Dec. 3
84,264
Dec. 10
92,171
Dec. 17
101,632
Dec. 24
Total assets:
47,062,345
Nov. 26
47,046,253
Dec. 3
46,789,304
Dec. 10
47,649,848
Dec. 17
47,368,249
Dec. 24
Liabilities
Federal Reserve
notes:
Nov. 26
24,635,735
24,706,491
Dec. 3
Dec. 10
24,761,080
24,822,907
Dec. 17
24,984,449
Dec. 24
Deposits:
Member bank
—reserve
account:
Nov. 26. . 17,120,791
Dec. 3. . 17,038,499
Dec. 10.. 17,132,158
Dec. 1 7 . . 17,581,259
Dec. 24. . 17,376,982
U. S. Treasurer-general
account:
Nov. 26. . 1,313,869
Dec. 3. . 1,256,041
Dec. 10..
933,611
Dec. 1 7 . .
615,901
Dec. 24. .
928,913
Foreign:
Nov. 26. .
450,700
Dec. 3 . .
466,396
Dec. 10..
516,904
Dec. 1 7 . .
469,440
Dec. 24. .
461,517
Other:
Nov. 26. .
518,477
Dec. 3 . .
519,276
Dec. 1 0 . .
474,736
Dec. 1 7 . .
481,248
Dec. 24. .
505,795
Total deposits:
19,403,837
Nov. 26
19,280,212
Dec. 3
Dec. 10
19,057,409
Dec. 17
19,147,848
Dec. 24
19,273,207
Deferred availability items:
Nov. 26
2,292,519
Dec. 3
2,326,759
2,234,807
Dec. 10
2,938,187
Dec. 17
2,367,352
Dec. 24
Other liab. incl.
accrued div.:
Nov. 26
20,405
20,226
Dec. 3
20,665
Dec. 10
22,792
Dec. 17
22,191
Dec. 24
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
126
126
126
126
126
3,868
4,106
3,729
4,776
6,873
19,716!
14,620
17,015
18,882
17,929
5,379
5,684
8,122
6,612
7,205
6,564
6,056
6,889|
7,252
7,873
11,872
12,147
12,967
13,338
14,468
13,802
12,359
12,311
13,307
10,652
16,399
13,886
16,691
18,365
19,738
9,285
6,962
6,791
8,518
8,376
7,221
6,515
4,676
5,349
5,359
7,850
6,896
7,028
8,743
7,559
4,955
3,931
4,082
5,152
5,554;
18,801
18,283
16,417
18,789
17,702
220,760
240,008
206,238
307,691
287,233
530,738!1
548.785
529.2521
762,632
635,273
181,727
191,251
170,324
263,456
217,325
246,7271
278.572
235,931!
373,214'
337,094
236,229
240,334
243,103
352,137
291,085
155,675
162,169
170,382
262,790
199,187
391,007
435,550
390,664
617,375
457,284
116,975
124,921
127,O67|
185,058
141,955
64,593
75,699
71,975
93,272
72,718
141,873
148,661
139,680
185,569
164,114
116,142
110,054
109,185
145,384
135,113
208,976
214,315
218,390
297,484
255,163
1,245
1,245
1,269
1,269
1,245
8,276'!
8,257
8,257)
8,257
8.257J
3,159
3,159
3,159
3,174
3,169
5,177'
5,168!
5,200i
5,168!
5,168
2,638
2,644
2,645
2,645
2,639
1,487
1,487
1,562
1,561
1,559
3,045
3,045
3,046
3,046
3,047
1,977
1,976
1,976
1,976
1,976
1,211
1,211
1,211
1,211
1,211
2,462
2,456
2,456
2,456
2,456
805
801
801
801
802
1,719
1,719
1,719
1,720
1,713
4,786
5,131
5,632
9,057
6,848
15,647'
15,743
17,922
18,901!
21,658
4,349
4,805
5,395
5,690
6,335
6,995'
7,235!
7,623
8,277;
9,50li
4,844
5,350
6,049
6,248
7,154
3,945
4,526
4,949
5,232
5,978
9,944
10,845
12,067
12,766
14,533
4,197
4,737
5,285
5,559
6,274
2,054
2,417
2,705
2,866
3,299
3,571
3,605
4,081
4,318
4,915
3,565
4,237
4,484
4,869
5,570
6,952
7,133
8,072
8,388
9,567
2,612,823
2,591,063
2,551,900
2,631,367
2,626,542
12,518,272 2,881,707 3,877,100 2,882,983 2,400,270 7,822,416 1,982,594 ,220,769
12,578,896 2,864,428 3,837, 975 2,874,646 2,398,360 7,835,271 2,020,166 1,245,997
12,458,182 2,818,331 3,795,419 2,844,512 2,439,724 7,774,700 2,035,659 1,215,327
2,850,720 3,895,429 2,885,890 2,509,295 7,927,314 2,036,896 1,208,948
12,802,634 2,850,720
12,665,247 2,856,484 3,918,893 2,878,895 2,470,318 7,822,208 2,023,028 1,214,347
1,671,L.739 2.,115,477 1,745,625 1,395,156 4,608,203
1,674,890 2,126,749 1,747,967 1,398,612 4,621,782
1,683,829 2 ,136,663 1,753,888 1,404,328 4,628,367
1,684,542 2,150,529 1,757,991 1,407,965 4,635,899
1,698,520 2.,162,235 1,761,810 1,415,870 4,669,338
1,457,474
1,464,784
1,468,822
1,471,958
1,487,691
5,679,848
5,685,870
5,681,977
5,710,358
5,760,643
755,185
743,633
745,042
779,455
782,999
5,301,317
5,344,226
5,325,166
5,514,446
5,359,014
824,515
832,801
811,182
849,779
850,646
1,262,155
1,263,650
1,255,417
1,309,782
1,303,579
125,483
104,772
68,577
47,442
69,244
230,904
252,485
201,285
177,084
227,984
142,183
109,951
81,773
36,682
57,152
172,818
110,728
82,766
63,116
96,221
100,153
109,182
51,257
38,280
65,911
23,697
25,662
28,926
26,238
25,560
2199,530
2
194,349
2210,177
2191,272
2
190,543
29,905
32,392
36,523
33,121
32,262
34,336
37,191
41,934
38,028
37,042
2,475
4,654
3,367
4,433
4,422
450,936
445,664
408,407
408,934
434,085
2,004
1,733
1,866
2,229
1,478
906,840
878,721
845,912
857,568
882,225
6,182,687
6,236,724
6,145,035
6,291,736
6,211,626
201,903
200,666
190,048
254,535
209,058
1,153
1,225
1,286
1,261
1,414
2,001,450 1,662,897 5,199,064
1,987,477 1,651,460 5,160,514
1,992,610 1,673,911 5,189,029
2,016,354 1,658,590 5,226,411
2,012,774 1,671,152 5,208,361
1,123,019
1,131,159
1,139,482
1,145,064
1,153,162
622,621
625,282
626,522
626,740
630,382
938,540
946,785
946,734
947,730
952,028
625,142 2,652,891
629,340 2,653,271
629,253 2,661,215
629,552
2,654t,579
629,
631,,384 2,661,386
741,030 2,548,179
735,974 2,534,520
761,397 2,557,686
788,661 2,594,009
765,957 2,555,523
638,336
635,244
662,376
659,575
657,788
454,577
450,797
438,343
454,592
455,735
849,208
801,706
830,347
860,898
851,744
841,969
835,754
852,664
834,219
844,623
2,135,937
2,111,506
2,130,485
2,177,438
2,169,340
59,975
55,523
55,888
38,625
67,779
177,009
165,822
100,987
87,369
117,207
60,335
93,590
70,548
22,403
43,964
58,525
80,574
60,622
28,988
43,836
50,027
71,250
50,923
26,099
46,334
48,913
46,559
52,070
29,339
43,879
87,544
55,605
56,915
20,474
49,402
18,091
19,595
22,094
20,036
19,517
15,137
16,396
18,487
16,765
16,330
50,211
54,386
61,322
55,610
54,169
12,922
13,997
15,782
14,312
13,941
9,230
9,998
11,273
10,223
9,958
12,922
13,996
15,781
14,312
13,940
12,184
13,197
14,880
13,494
13,144
32,535
35,237
39,725
36,029
35,111
5,891
8,040
7,337
7,232
8,521
2,069
3,189
1,954
2,128
1,191
2,305
1,379
1,152
1,007
1,084
3,227
3,632
2,289
3,591
2,549
5,910
6,619
5,509
6,527
9,020
1,983
1,960
1,239
1,399
1,851
1,334
2,787
1,911
775
683
787
1,712
1,545
736
449
39,556
37,907
38,160
42,257
40,462
998,607
976,877
931.344
921,811
941,538
1,475,200
1,419,609
1,387,454
1,418,158
1,445,363
888,696
880,654
837,358
818,849
866,653
818,447
809,272
836,924
845,058
851,150
2,778,626
2,758,360
2,722,284
2.
,740,579
2,729,448
717,503
749,450
754,215
702,817
724,713
524,315
543,329
511,477
495,202
511,380
913,491
889,739
898,962
902,084
912,701
903,853
897,222
921,159
877,788
902,095
2,295,572
2,240,255
2,265,285
2,276,198
2,294,315
428,624
428,536
402,583
569,091
462,255
152,864
153,830
144,104
185,187
157,004
218,803
223,655
203,312
258,426
242,706
211,951
209,133
216,130
271,535
212,632
155,758
159,443
167,263
224,949
171,753
336,982
356,224
324,672
451,044
323,115
114,799
112,363
114,486
161,462
117,363
54,665
58,164
58,020
67,646
52,994
122,302
123,708
119,481
139,094
120,370
107,958
98,868
97,453
125,030
111,260
185,910
202,169
197,255
230,188
186,842
6,061
5,824
5,975
8,149
6,427
1,271
1,308
1,356
1,300
1,358
2,089
2,193
1,911
1,989
2,155
1,033
1,031
1,116
1,310
1,404
863
857
898
867
919
2,970
2,998
3,117
3,171
3,325
908
807
870
840
890
539
540
553
529
676
811
866
857
786
831
868
828
733
775
854
1,839
1,749
1,993
1,815
1,938
768,383
748,688!
762,0531
758,405
780,034i
1 After deducting $69,000 participations of other Federal Reserve Banks on Nov. 26; Dec. 3; Dec. 10; Dec. 17; and Dec. 24.
2
After deducting $251,056,000 participations of other Federal Reserve Banks on Nov. 26; $271,932,000 on Dec. 3; $306,612,000 on Dec. 10;
$278,052,000 on Dec. 17; and $270,844,000 on Dec. 24.
JANUARY 1948
57
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total liabilities:
Nov. 26
46,352,496
Dec. 3
46,333,688
Dec. 10
46,073,961
Dec. 1 7 . . . . 46,931,734
Dec. 24. . . . 46,647,199
Capital Accts.:
Capital paid in:
Nov. 26
194,548
Dec. 3
194,730
Dec. 1 0 . . . .
194,851
Dec. 17
195,047
Dec. 2 4 . . . .
195,355
Surplus
(section 7):
Nov. 26
439,823
Dec. 3
439,823
Dec. 10
439,823
Dec. 17
439,823
Dec. 24. . . .
439,823
Surplus
(section 13b):
Nov. 26
27,455
Dec. 3
27,455
Dec. 10
27,455
Dec. 17
27,455
Dec. 24. . . .
27,455
Other cap. accts.:
Nov. 26
48,023
Dec. 3 . . . .
50,557
Dec. 1 0 . . . .
53,214
Dec. 17
55,789
Dec. 2 4 . . . .
58,417
Total liabilities
and cap. accts.
Nov. 26
47,062,345
Dec. 3 . . . . 47,046,253
Dec. 1 0 . . . . 46,789,304
Dec. 17. . . . 47,649,848
Dec. 24
47,368,249
Contingent liability on bills
purchased for
foreign correspondents:
Nov. 26. .. .
2,905
Dec. 3 . . . .
2,841
Dec. 10
2,762
Dec. 1 7 . . . .
2,523
Dec. 2 4 . . . .
2,455
Commit, to make
indus. loans:
Nov. 26. . . .
7,467
7^443
Dec. 3.'.'.. .
7 561
Dec 10
7,739
Dec. 1 7 . . . .
7,687
Dec. 24
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
2,567,370
2,545,396
2,506,068
2,585,322
2,580,388
12,297,220
12,356,954
12,235,570
12,579,334
12,440,951
2,824,481
2,806,905
2,760,633
2,792,840
2,798,420
3,811,569
3,772,206
3,729,340
3,829,102
3,852,459
2,847,305
2,838,785
2,808,492
2,849,685
2,842,499
2,370,224
2,368,184
2,409,413
2,478,839
2,439,692
7,726,781
7,739,364
7,678,440
7,830,693
7,725,226
1,956,229
1,993,779
2,009,053
2,010,183
1,996,128
1,202,140
1,227,315
1,196,572
1,190,117
1,195,432
1,975,144
1,961,098
1,966,034
1,989,694
1,985,930
1,637,821
1,626,258
1,648,598
1,633,145
1,645,593
5,136,212
5,097,444
5,125,748
5,162,780
5,144,481
11,226
11,227
11,230
11,231
11,232
68,343
68,473
68,476
68,492
68,807
14,332
14,364
14,362
14,370
14,370
18,855
18,855
18,942
18,950
18,843
8,183
8,190
8,187
8,202
8,215
7,467
7,467
7,470
7,493
7,513
23,719
23,723
23,736
23,766
23,784
6,352
6,354
6,360
6,392
6,394
4,280
4,281
4,281
4,285
4,292
6,490
6,490
6,496
6,502
6,519
7,266
7,270
7,275
7,293
7,297
18,035
18,036
18,036
18,071
18,089
27,557
27,557
27,557
27,557
27,557
136,549
136,549
136,549
136,549
136,549
34,720
34,720
34,720
34,720
34,720
41,394
41,394
41,394
41,394
41,394
20,676
20,676
20,676
20,676
20,676
18,663
18,663
18,663
18,663
18,663
65,078
65,078
65,078
65,078
65,078
16,577
16,577
16,577
16,577
16,577
10,997
10,997
10,997
10,997
10,997
15,729
15,729
15,729
15,729
15,729
13,777
13,777
13,777
13,777
13,777
38,106
38,106
38,106
38,106
38,106
3,012
3,012
3,012
3,012
3,012
7,253
7,253
7,253
7,253
7,253
4,489
4,489
4,489
4,489
4,489
1,007
1,007
1,007
1,007
1,007
3,325
3,325
3,325
3,325
3,325
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
3,658
3,871
4,033
4,245
4,353
8,907
9,667
10,334
11,006
11,687
3,685
3,950
4,127
4,301
4,485
4,275
4,513
4,736
4,976
5,190
3,494
3,670
3,832
4,002
4,180
3,154
3,284
3,416
3,538
3,688
5,409
5,677
6,017
6,348
6,691
2,915
2,935
3,148
3.223
3,408
2,279
2,331
2,404
2,476
2,553
2,950
3,023
3,214
3,292
3,459
2,726
2,848
2,954
3,068
3,178
4,571
4,788
4,999
5,314
5,545
2,612,823
2,591,063
2,551,900
2,631,367
2,626,542
12,518,272
12,578,896
12,458,182
12,802 634
12,665,247
2,881,707
2,864,428
2,818,331
2,850,720
2,856,484
3,877,100
3,837,975
3,795,419
3,895,429
3,918,893
2,882,983
2,874,646
2,844,512
2,885 890
2,878,895
2,400,270
2,398,360
2,439,724
2,509,295
2,470,318
7,822,416
7,835,271
7,774,700
7,927,314
7,822,208
1,982,594
2,020,166
2,035,659
2,036,896
2,023,028
1,220,769
1,245,997
1,215,327
1,208,948
1,214,347
2,001,450
1,987,477
1,992,610
2,016,354
2,012,774
1,662,897
1,651,460
1,673,911
1,658,590
1,671,152
5,199,064
5,160,514
5,189,029
5,226,411
5,208,361
186
182
177
162
157
1930
1909
1884
1807
1786
235
230
224
204
199
270
264
257
235
228
142
139
135
124
120
119
116
113
104
101
395
386
375
343
334
102
100
97
88
86
73
71
69
63
61
102
100
97
88
86
96
94
91
83
81
255
250
243
222
216
766
773
887
794
743
1,395
1,355
1,365
1,642
1,642
77
86
84
78
77
400
400
400
400
400
352
352
352
352
352
580
580
580
580
580
147
147
143
143
143
3,750
3,750
3,750
3,750
3,750
i After deducting $1,975,000 participations of other Federal Reserve Banks on Nov. 26; $1,932,000 on Dec. 3; $1,878,000 on Dec. 10; $1,716,000
on Dec. 17; and $1,669,000 on Dec. 24.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
San
RichNew
ClevePhilaAtSt.
Minne- Kansas
Chicago Louis
Total
Boston
Dallas Franmond
York
delphia
land
lanta
apolis
City
cisco
F. R. notes outstanding
(issued to Bank):
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Collateral held against
notes outstanding:
Gold certificates:
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Eligible paper:
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
U. S. Govt. sec.:
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Total collateral :
Nov.
Dec.
Dec.
Dec.
Dec.
26
3
10
17
24
25,289,864
25,399,409
25,500,660
25,603,480
25,688,442
,509,248
,506,702
,515,644
,526,144
,539,074
5,792,477
5,842,458
5,860,127
5,902,283
5,905,342
,709,770 2,182,388
,726,875 2,191,200
,733,177 2,205,340
,730,483 2,222,209
,741,434 2,231,381
12,509,000
12,599,000
12,749,000
12,789,000
12,769,000
440,000
440,000
460,000
460,000
460,000
3,470,000
3,570,000
3,570,000
3,570,000
3,570,000
515,000
525,000
550,000
550,000
550,000
270,421
180,033
154,183
85,170
171,490
15,238
9,565
10,123
9,945
9,415
99,675
41,665
39,180
23,555
104,295
25,445
9,125
6,640
5,345
9,135
695,000
695,000
715,000
725,000
735,000
13,400,000
13,450,000
13,450,000
13,450,000
13,550,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
1,100,000 2,400,000
26,179,421
26,229,033
26,353,183
26,324,170
26,490,490
1,555,238 5,969,675 1,740,445 2,195,000
1,549,565 6,011,665 1,734,125 2,195,000
1,570,123 6,009,180 1,756,640 2 ,215,000
1,569,945 5,993,555 1,755,345 2,225,000
1,569,415 6,074,295 1,759,135 2,235,000
58
1,782,695 1,442,273 4,686,865 1,167,332 636,647
1,786,196 1,445,766 4,708,296 1,171,983 639,075
1,794,454 1,454,905 4,716,927 1,183,068 639,359
1,802,375 1,457,413 4,736,822 1,182,223 640,606
1,808,102 1,461,099 4,763,179 1,189,054 645,959
650,000
650,000
675,000
675,000
675,000
725.000
675,000
675,000
675,000
675,000
3,010,000
3,040,000
3,040,000
3,070,000
2,990,000
39,425
10,465
20,465
4,595
10,865
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
750,000
800,000
800,000
800,000
800,000
1,700,000
1,700,000
1,700,000
1,700,000
1,800,000
962,081 660,141 2,757,947
2,756,176
966,644 658,038 2,\
972,896 656,666 2,768,097
2,773,592
975,599 656,109 2,772,110
315,000
315,000
315,000
315,000
315,000
190,000
190,000
200,000
200,000
200,000
280,000
280,000
280,000
280,000
280,000
19,300
33,275
18,375
13,530
13,430
1,750
1,650
1,950
6,750
1,000
24,950
37,200
12,200
19,600
13,050
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
169,000
169,000
169,000
169,000
169,000
2,050,000
2,050,000
2,100,000
2,100,000
2,150,000
44,638
37,088
45,250
1,850
10,300
500,000
500,000
500,000
500,000
500,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,839,425 1,475,000 4 710,000 1,284,300 641,750 1,004,950 669,000 3,094,638
1,810,465 1,475,000 4 740,000 1 ,298,275 641,650 1,017,200 669,000 3,087,088
1,845,465 1,475,000 4 740,000 1 ,283,375 651,950 992,200 669,000 3,145,250
1,829,595 1,475,000 4 770,000 1,278,530 656,750 999,600 669,000 3,1
5,101,850
1,835,865 1,475,000 4,790,000 278,430 651,000 993,050 669,000 3,]
$,160,300
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Date
Number
1942
June 30
Dec. 31
1943
June 30
Dec. 31
1944
June 30
Dec. 30
1945
June 30
Dec. 31
1946
June 29
Dec. 31
1947
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29
Additional
amount
available to
borrowers
guarPortion underagreeguaran- antee
ments
teed
outstanding
Guaranteed
loans
outstanding
Guaranteed loans
authorized
to date
Total
amount
Amount
81,108
803,720
69,674
137,888
632,474 1,430,121
565
2,665
310,680
2,688,397
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
6,433
7,434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
8,422 10,149,315 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966,595
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
904
925
1,024
1,010
6,362
6,433
6,781
6,756
4,726
4,744
4,944
4,947
Oct
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
17,348
16,872
17,003
16,962
17,033
16,948
16,991
17,013
4,463
4,289
4,277
4,226
4,298
4,291
4,320
4,294
1,048
1,013
1,016
1,002
1,012
1,007
1,008
1,006
6,844
6,719
6,780
6,755
6,746
6,747
6,743
6,793
4,993
4,852
4,930
4,979
4,977
4,903
4,919
4,920
863
854
954
850
10
19
60
39
4
7
14
10
197
203
263
214
652
625
618
587
,157
726
882
861
894
773
821
813
190
14
37
15
73
34
61
42
34
3
9
4
12
10
9
5
292
189
253
221
200
189
200
217
641
520
583
621
609
540
551
549
107
211
171
274
2
28
70
60
1
9
7
61
128
66
154
44
54
26
54
83
336
234
322
217
315
274
279
1
146
57
126
20
62
17
52
56
120
130
129
141
182
192
165
24
39
47
48
56
60
65
57
60,214
17,454
142,617
28,791
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
8,771
11,746
10,356
9.23C
3,589
3,245
2,992
2,977
2,886
2,823
10,965
9,658
8,601
3,218
2,908
2,703
2,689
2,609
2,553
15,392
13,452
13,176
6,726
6,709
6,729
6,739
5,165
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
3,452
3,471
475,468
491,342
3,203
926
13,044
10,532
12,132
9,270
19,070
17,930
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
3,502
3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
3,524
3,542
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
3,548
3,552
3,553
3,555
3,558
3,563
3,566
3,567
3,573
569,825
571,408
571,893
572,836
574,999
576,161
577,614
578,300
583,986
4,595
5,371
4,595
195
1,902
351
1,229
1,139
1,375
1,081
1,109
1,618
1,778
1,732
1,858
1,892
1,901
4,627
8,160
2,727
2,616
2,761
4,043
3,902
5,028
5,019
4,892
5,994
,279
,735
7,018
6,886
7,437
,395
,316
7,471
1
Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
* Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
1948
23
30
6
13
20
27
4
11
Borrowings at Federal
Reserve Banks:
1946—October
November. . . .
1947—October
November. . . .
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
ApApplications
Participroved
Date (last
approved
Loans Commitpations
but
not
Wednesday
to date
out- 1 ments
outoutor last day
com- 1 standing standing standing
of period) Num- Amount pleted (amount) (amount)
(amount)
(amount)
ber
JANUARY
23
30
6
13
20
27
4
11
70,267
18,996
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
Chicago
Country
banks
4,174
4,208
4,324
4,273
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
1934...
1935. . .
1936. . .
1937. . .
1938. . .
1939. . .
1940...
1941. . .
1942
June 24,
Dec. 31.
1943
June 30
Dec. 31.
1944
June 30
Dec. 30,
1945
June 30,
Dec. 31.
1946
June 29,
Dec. 31.
1947
Mar. 31,
Apr. 30.
May 31.
June 30.
July 31.
Aug. 30.
Sept. 30
Oct. 31.
Nov. 29.
New
York
Reserve
city
banks
16,167
16,311
17,073
16,986
8,771 10,344,018
8,771 10,344,018
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.
Central reserve
city banks
Total reserves held:
1946—October
November....
1947—October
November....
Excess reserves:
1946—October
November. . . .
1947—October
November. . . .
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
All
member 1
banks
Month, or
week ending Thursday
In millions of dollars]
23
30
6
13
20
27
4
11
2
31
19
ii
"5
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 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
November 1946
October 1947
15,932
15,880
8,234
8,532
12,258
12,422
5,795
6,092
November 1947
16,002
8,505
12,536
6,091
Boston
New York
Philadelphia
Cleveland
1,921
2,935
1,101
1,343
875
2,160
746
923
352
1,073
938
1,065
235
1,171
899
831
Richmond
Atlanta
Chicago
St. Louis
1,128
1,568
2,012
663
401
491
1,414
337
911
673
1,755
1,034
472
214
960
283
Minneapolis
Kansas City
Dallas
San Francisco. . .
600
556
989
1,187
299
106
142
611
832
1,683
1,619
603
451
205
64
305
r
1
Revised.
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
Ail reserve cities have a population of more than 15,000.
59
DBPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Interbank
Other
Net
demand
deposits'
Demand
balances
due
from
domestic
banks
Time
deposits «
Reserves with Federal
Reserve Banks
Borrowings
at
Federal
Reserve
Banks
Required
Exeess
16,991
16,109
883
279
Total
First half of November 1947
Central reserve city banks:
New York
91,332
12,062
79,271
79,484
28,369
5,980
22,484
5,253
4,170
1,168
18,314
4,085
20,667
4,740
1,472
888
53
146
4,257
1,010
4,222
1,001
35
9
85
9
33,923
1,993
5,622
28,301
1,715
29,242
1,815
11,376
1,833
6,763
6,531
1,957
3,336
1,776
1,600
3,546
1,411
2,060
3,366
1,870
1,749
3,433
1,723
198
306
272
32
23
75
178
103
135
311
102
62
251
381
120
433
786
415
395
854
381
198
513
467
375
119
428
755
401
374
815
364
194
492
435
135
5
5
14
29
14
9
7
6
9
15
2
19
50
7
22
4
4
2
1
1
1
1
3
577
2,338
3,838
2,153
2,076
4,042
2,030
1,097
2,847
2,507
8,425
Philadelphia
Cleveland
Atlanta
St Louis
Minneapolis
Dallas
29,672
2,360
4,097
2,053
2,439
2,178
2,428
3,848
1,849
1,519
2,321
2,761
1,820
Country banks
New York
Philadelphia
Cleveland
Atlanta
St Louis
Kansas Citv
Dallas
San Francisco
278
29
381
501
377
477
496
619
333
906
659
566
1,102
85
85
16
24
134
182
82
149
84
81
154
27
547
501
764
915
1,941
1,848
7,859
2,352
2,073
7,384
28,570
2,275
4,013
2,037
2,414
2,045
2,246
3,766
1,700
1,435
2,240
2,607
1,793
24,836
2,038
3,554
1,779
2,090
1,776
2,013
3,248
1,523
1,265
1,884
2,112
1,554
5,044
304
1,821
1,779
233
6
1
5
31
14
21
39
17
4
20
32
41
14,633
1,114
3,347
1,653
1,758
3,947
4,961
4,355
606
198
336
209
287
315
348
528
275
214
415
604
219
386
777
398
467
346
364
690
285
254
324
373
298
352
698
348
398
301
324
597
250
222
283
308
272
34
79
50
69
45
40
92
34
31
42
65
25
1,359
445
411
2,138
325
178
364
336
875
705
2,376
620
750
313
206
916
*
257
5
Seconc ! half of November 1947
A li member banks
Central reserve city b a n k s :
New York
Reserve city banks
11,915
79,794
79,824
28,266
22,697
5,270
34,143
1,965
4,160
1,152
18,537
4,118
20,796
4,724
5,512
277
28,631
1,688
29,357
1,769
1,987
3,448
1,779
1,611
3,562
1,426
2,052
3,420
1,858
1,752
3,446
1,716
1,995
1,900
7,934
2,376
2,112
7,458
28,507
2,270
4,003
2,041
2,402
2,033
2,235
3,766
1,693
1,430
2,239
2,608
1,788
24,946
2,037
3,581
1,793
2,085
1,780
2,019
3,259
1,529
1,271
1,895
2,138
1,560
570
New York
Philadelphia
2,348
3,939
2,144
2,072
4,052
2,028
1,078
2,895
2,543
8,510
Chicago
Minneapolis
Dallas
Country banks
New York
Philadelphia
Cleveland
Atlanta
Chicago
Minneaoolia
Kansas City
Dallas
San Francisco
91,709
.
29,598
2,358
4,087
2,056
2,427
2,168
2,412
3,846
1,836
1,511
2,320
2,761
1,816
29
360
491
365
462
490
603
317
900
643
576
1,091
88
83
15
25
135
177
80
144
82
80
154
27
541
761
496
902
5,839
16,981
16,164
817
270
1,458
58
43
156
4,290
1,010
4,247
892
998
11
34
5
11,358
197
1,838
35
6,749
376
'120
6,553
366
196
11
173
3
5
21
15
24
15
11
18
6
24
2
29
567
31
65
46
67
38
34
87
32
34
44
66
23
58
305
266
1,369
441
410
2,138
324
178
363
338
5,028
14,558
1,107
3,315
1,638
1,749
871
704
2,371
620
750
310
207
915
23
80
187
101
129
309
101
59
265
247
300
431
790
411
392
844
367
194
525
465
117
426
766
398
375
817
363
191
497
443
1,834
1,793
3,787
4,933
4,366
192
305
200
277
302
331
517
259
202
405
585
211
382
766
396
464
340
359
685
283
352
700
349
397
301
325
598
251
223
257
328
378
296
284
312
273
2
5
24
13
16
26
5
3
28
23
41
10
22
3
5
4
1
1
4
2
4
1
Averages of daily closingfiguresfor reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based1 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. eM gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
«Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and U.S. Government, less cash items reported as in process
of collection) of all member banks estimated at 71,900 million dollars in the first half and 72,350 million in the second half of November. U.S.
Government war loan deposits are no longer reported separately by member banks since they are no longer exempt from reserve requirements.
60
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation 1
Total
Coin
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
28,254
28,448
September... 28,507
28,600
October
November... 28,861
December.. . 28,952
20,185
20,271
20,262
20,273
20,447
20,437
1,311
1,319
1,332
1,345
1,355
1,361
1,001
1,000
1,010
1,029
19,808
19,873
19,807
19,684
19,773
19,769
19,622
19,837
19,881
19,833
20,008
1,337
1,337
1,344
1,351
1,351
1,355
1,356
1,362
1,375
1,385
1,396
End of year or
month
1933
1934
1935
1936
1937..:
1938
1939
1940
1941
1942
1943
1944
1945
1946—July
1947—January
February....
March
April. :
May
28,262
28,304
28,230
28,114
28,261
June
. 28,297
July
28,149
August. T . . . . 28,434
September... 28,567
October
28,552
November... 28,766
Coin and small denomination currency
Large denomination currency 2
i
s$l
$2
$5
$10
$20
Total
$50
$100
402
423
460
499
505
524
559
610
695
801
909
987
719
771
815
906
905
946
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
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
618
1,019
1,129
1,355
1,693
1,973
2,150
2,313
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
364
337
358
399
387
409
460
538
724
1,039
33
32
33
35
33
34
36
39
44
55
70
81
73
1,019
1,481
1,996
2,327
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
990
992
67
66
2,166
2,165
2,156
2,148
2,169
2,173
6,552
6,571
6,528
6,494
6,543
6,497
9,099
9,159
9,180
9,221
9,305
9,310
8,071
8,178
8,247
8,329
8,416
8,518
2,377
2,402
2,419
2,436
2,458
2,492
2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
8,457
8,434
8,424
8,432
8,489
8,530
8,529
8,600
8,689
8,721
8,760
2,460
2,456
2,447
2,442
2,449
2,466
2,453
2,477
2,503
2,499
2,513
66
65
65
67
972
967
969
63
64
63
972
985
63
63
986
980
64
63
990
64
1,010
1,011
1,020
64
63
64
$500 $1,000 $5,000 $10,000
125
112
122
135
139
160
191
227
261
287
407
555
454
237
216
239
265
288
327
425
523
556
586
749
990
801
4,437
4,509
4,567
4,645
4,711
4,771
436
436
790
802
436
434
435
438
795
784
782
783
4,757
4,755
4,754
4,769
4,789
4,808
4,824
4,874
4,941
4,986
5,023
434
433
432
774
769
771
431
430
773
804
430
428
810
806
428
804
428
427
426
800
793
782
g
Unassorted
g
10
5
8
7
5
2
4
4
3
2
3
2
10
5
7
7
16
18
12
32
32
60
46
25
22
24
24
7
6
17
20
30
24
9
9
10
7
g
g
g
g
g
g
21
20
2
2
2
2
2
3
9
6
6
5
5
5
5
5
5
5
5
23
14
14
3
3
1
1
2
2
2
2
2
3
3
21
21
21
26
12
11
12
12
12
12
11
11
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 held in the Treasury
Total outstanding, As security
Nov. 30.
against
Treasury
1947
gold and
cash
silver
certificates
Gold
. .
Gold certificates
Federal Reserve notes
Treasury currency—total
.
. . . .
Standard silver dollars
Silver bullion . . . .
.
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
IVlinor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Nov. 30, 1947
Oct. 31 1947 . .
Nov. 30, 1946
22,614
21,410
25,338
4,557
21,410
2 1,205
32,244
66
54
493
1,935
309
1,935
*2,244
936
354
347
387
105
(4)
(4)
(4)
23,654
23,331
20,578
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
18,548
2,815
797
260
Money in circulation 1
Nov. 30,
1947
Oct. 31,
1947
Nov. 30,
1946
47
24,475
4,244
47
24,283
4,221
49
24,580
4,232
29
3
152
152
146
13
7
2
1
1
203
21
6
24
3
1
2,042
903
341
320
383
103
2,030
895
339
315
387
104
2,007
878
331
319
440
111
3,873
3,945
3,806
28,766
1,324
1,330
2,269
18,548
18,229
15,494
28,552
28,861
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. 53, and seasonally adjusted figures in table on p. 62.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
• To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note of explanation of these duplications.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral 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.
JANUARY
1948
61
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
. .
1941
1942
1943
1944
1945
1946
1947
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series l
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
P28,863
P-89
Monthly averages of daily
figures:
1946—October
November
December
28,588
28,727
28,997
28,588
28,641
28,710
+53
+53
+69
1947—January
February
March
April
May
June
July
August
September
October
November
December
28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,648
28,937
28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
28,711
28,598
28,562
28,650
-252
-158
+58
+54
-56
+22
-62
+78
+317
-113
-36
+88
Pl Preliminary
F o r end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
Gold
stock
at end
of
period
Period
1936
1937
1938
1939
1940
1941 .
1942
1943
1944
1945
1946
1946—December. .
1947—January... .
February.. .
March
April
May
June
July
August
September..
October
November. .
December. .
Increase
in gold
stock
2
11,258
2
Net
gold
import
or export
(-)
1,132 5
12,76O
1,502.5
14 512
1 751 5
17,644
3,132 0
21 995
4 351 2
22 737
741 8
22,726
— 10 3
21 938
—788 5
20 619 — 1 319 0
20,065
-553 9
20 529
464 0
59.4
20,529
20,748
219.3
20,330
•-418.2
20,463
132.5
20,774
311.5
20,933
159.0
21 266
333 4
21,537
270 6
228.8
21,766
21,955
189.4
22,294
339.0
22,614
320.1
P22.754
P139.3
DoEarmarked mestic
gold: de- gold
procrease
ducor increase (—) tion*
-85.9
1,116 6
-200.4
1,585 5
1 973 6 —333 5
—534.4
3,574.2
4 744 5 —644 7
-407 7
982 4
-458.4
315 7
—803 6
68 9
—459.8
—845 4
— 106 3 - 3 5 6 . 7
465 4
311 5
-61.2
82.8
-16.8
196.1
20.4
-684.5
153.6
203.5
44.1
272.0
129.7
13.1
200 2
119 0
26.7
219.2
111.7
42.3
109.6
153.1
450.8
-4.0
P265.
7
-82.8
5 -44.6
f4)
131.6
143.9
148. A
161.7
170 2
169.1
125.4
48 3
35.8
32.0
51.2
5.8
7.6
5.5
5.5
6.2
7.2
6.1
7.3
7.0
7.0
8.2
6.2
P Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation
of monthly figures see table on p. 111.
2
Includes gold in the Inactive Account amounting to 27 million
dollars
on
Dec.
31, 1936, and 1,228 million on Dec. 31, 1937.
1
Change reflects primarily gold subscription to International Monetary
Fund.
4
Not yet available.
8
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,618.4 million dollars on Dec. 31, 1947. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
New
York
City
New
York
City
Year and month
Total, all
reporting
centers
New
York
City*
140
other
centers *
Other
reporting
centers2
423,932
445,863
537,343
607,071
641,778
792,937
891,910
974,102
11,050,021
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,543
417,475
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
527,336
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,799
105,210
1946—November
December
86,645
103,900
31,088
41,252
46,105
52,295
9,452
10,353
1947—January
February
93,488
81,567
93,314
87,771
87,840
94,446
93,741
84,423
91,903
••105,290
92,921
34,305
29,745
33,547
31,391
30,895
35,632
34,779
28,331
31,837
37,504
31,738
49,140
43,199
49,955
46,904
47,464
49,265
49,178
46,717
49,962
'56,564
51.002
10,043
8,622
9,812
9,475
9,482
9,548
9,784
9,375
10,104
11,222
10,181
1939
1940
1941
1942—old series»
1942—new series »
1943
1944
1945
1946—old series 4 4
1946—new series
April
May
June
July
August
September
October
November
16.1
16.5
17.1
18.3
19.0
19.9
25.8
20.6
20.4
20.4
19.2
19.0
22.7
21.2
17.5
20.2
21.8
21.6
Annual rate of
turnover of demand
deposits, except interbank and Government
Other
leading
cities
New
York
City
Other
leading
cities
167,939
167,373
193,729
J2OO.337
258,398
298,902
351,602
374,365
407,946
200,636
217,744
270,439
308,913
369,396
403,400
412,800
449,414
522,944
21.0
17.1
17.3
18.0
20.5
22.4
24.2
25.5
25.2
19.4
18.6
19.4
18.4
17.4
17.3
16.1
16.9
16.5
11.6
12.6
31,379
40,021
46,037
52,139
23.8
28.7
17.8
19.2
11.6
11.6
11.9
11.3
11.3
12.1
11.5
11.0
12.1
'12.4
13.1
33,592
29,173
34,439
29,997
31,695
35,092
33,026
29,025
31,605
35.162
33,531
48,778
44,011
50,582
46,403
48,023
48,595
48,525
47,026
49,978
55.025
51,621
23.8
24.0
24.9
21.5
22.7
25.6
22.9
20.6
23.1
23 9
26.5
17.4
18.1
18.6
17.0
17.3
17.9
17.2
16.6
18.0
18.2
19.8
333 other
reporting
centers
13.1
11.7
10.8
9.7
10.0 {
r
1
2
8
Revised.
National series for which bank debit figures are available beginning with 1919.
Annualfiguresfor 1937-1942 (old series) include 133 centers; annualfiguresfor 1942 (new series) and subsequentfiguresinclude 193 centers.
See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months
of 1942 partly estimated.
4
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision see pp. 692-693 of BULLETIN for June 1947
and for back figures see pp. 878-883 of the BULLETIN for July 1947; deposits and debits for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; 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.
62
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OP ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
End of month
Total
demand
deposits
adjusted
and*
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
51,532
51,156
36,919
37,766
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
22,540
22,809
14,411
15,035
24,313
25,986
27,355
29,793
31,962
34,945
Time deposits
United
States
Government
deposits«
Total
Commercial
banks **
28,611
28,189
21,656
21,715
26,236
26,305
26,791
27,059
27,463
27,738
19,557
19,192
10,849
11,019
14,776
14,776
15,097
15,258
15,540
15,777
8,905
8,838
9,621
9,488
10,209
10,278
10,433
10,523
10,631
10,658
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
381
158
852
1,016
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
1929—June - .
December.
1933—June
December.
1938—June
December.
1939—June
December.
1940—June
December.
1941—June
December.
1942—June
December.
1943—June
December.
1944—June
December.
1945—June
December.
1946—June
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
26,179
26,366
19,172
19,817
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992
1946—November.
December.
169,000
167,107
109,700
110,044
142,300
140,377
83,000
83,314
,900
,103
53,400
53,960
1947—January (Jan. 29). .
February (Feb. 26)..
March (Mar. 2 6 ) . . .
April (Apr. 30)
May (May 2 8 ) . . . . . .
June (June 30)
July (July 30) P
August (Aug. 27)P. .
September(Sept.24)P
October (Oct.29) P. . .
November (Nov.26) P
165,900
165,100
165,000
165,100
165,000
165,455
166,400
167,100
""168,600
169,700
170,400
108,600
106,800
106,500
107,400
107,600
108,575
109,200
109,600
110,600
111,700
112,500
139,800
138,900
138,900
139,000
138,900
139,156
140,400
140,900
142,200
143,400
143,800
82,500
80,600
80,400
81,300
81,500
'82,134
'83,200
'83,400
'84,200
'85,400
85,900
3,100
3,700
3,700
2,700
2,200
1,367
1,400
1,700
1,900
1,800
1,900
54,200
54,600
54,800
55,000
55,200
'55,655
'55,800
'55,800
'56,100
'56,200
56,000
55,171
54,713
41,680
42,548
56,565
58,955
60f943
64,099
66,952
70,761
Mutual
Postal
savings
Savings
banks * * System •
Currency
outside
banks
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
149
159
,186
,208
,251
,251
,261
,278
,292
,303
,303
,313
,315
,415
1,576
1,786
2,032
2,340
2,657
2,932
3,119
3,639
3,557
4,761
4,782
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516
33,500
33,808
16,600
16,869
3,300
3,283
26,700
26,730
33,900
34,100
34,200
34,400
34,500
'34,835
'34,900
'34,900
'35,100
'35,200
35,000
17,000
17,100
17,200
17,200
17,300
17,428
17,500
17,500
17,600
17,600
17,600
3,300
3,400
3,400
3,400
3,400
3,392
3,400
3,400
3,400
3,400
3,400
26,100
26,200
26,100
26,100
26,100
26,299
26,000
26,200
26,400
26,300
26,600
p Preliminary.
' Revised.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
• Excludes interbank time deposits and postal savings redeposited in banks.
*5 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
Prior to June 30,1947, includes a relatively small amount of demand deposits.
e 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.
BANK SUSPENSIONS *
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Member
Nonmember
banks
banks
Total,
Assets
all
banks
NaNonIntional State sured insured
DeposU. S. Government
Cash
Cash
securities
End of month itors'
in debalreNumber of banks suspended:
posiserve
ances1 Total
15
6
291
1934-39
189
81
tory
Guarfunds,
1
Dibanks Total
anetc
1940
22
1
3
18
rect
teed
8
3
4
1
1941
9
1942
6
3
4
2
2
1943
1,046
1939—Dec... 1,279
1,192
146
1,319
53
74
1944
1
1
1940—Dec... 1,304
1,224 1,078
146
1,348
36
88
1945
0
1941—Dec... 1,314
1,274 1,128
146
1,396
26
95
1946
0
1942—Dec... 1,417
1,345 1,220
126
1,464
16
102
1
1947
1
1943—Dec... 1,788
1,716 1,716
1,843
10
118
1944—Dec... 2,342 2,411
2,252 2,252
8
152
Deposits of suspended banks
1945—Dec... 2,933 3,022
2,837 2,837
6
179
(in thousands of dollars) :*
1946—Dec... 3,284 3,387
3,182 3,182
6
200
125,991 14,616 26,548 44,348 40,479
1934-39
1
2
1947—Jan... 3,331
F e b . . . 3,355
Mar... 3,375
Apr... 3,382
M a y . . 3,387
J u n e . . 3,393
J u l y . . 3,398
Aug... 3,396
S e p t . . 3,407
O c t . . . 3,412
Nov., *>3,414
3,436
3,463
3,481
3,492
3,508
3,523
3,548
3,553
3,542
3,524
6
6
5
5
5
6
6
6
6
6
3,234 3,234
3,257 3,257
3,284 3,284
3,290 3,290
3,277 3,277
3,302 3,302
3,351 3,351
3,360 3,360
3,325 3,325
3,314 3,314
196
200
192
197
226
216
191
188
212
205
F1 rreiimmary.
Outstanding principal, represented by certificates of deposit
* Includes working cash with oostmasters. 5 ner cent reser
masters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
JANUARY
1948
1940
1941
1942
1943
1944
1945
1946
1947
5,943
256
3,726 3,144
1,702
6,223 4,982
405
0
0
167
5,341
503
1,375
1,241
346
79
327
405
167
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
1
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.
63
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
50,884
54,177
61,126
78,147
96,966
119,461
140,227
136,572
131,698
'131,096
135,400
Total Number
capital
of
accounts banks
U. S.
Government
obligations
Other
securities
19,417
22,165 28,719
23,756 30,422 20,972
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
31,486 105,087 95,911
35,648 96,050 86,558
38,365 92,730 82,679
42,580 92,820 82,220
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,175
9,491
10,051
10,600
23,292
28,090
27,344
28,701
28,475
30,790
35,415
33,124
35,041
33,544
35,210
68,242
75,996
81,816
99,803
117,661
141,448
165,612
159,171
155,902
153,349
158,730
9,874 32,516 25,852
10,934 38,562 26,499
10,982 44,355 26,479
11,308 61,437 27,058
11,003 75,577 31,081
12,235 91,663 37,551
14,065 105,935 45,613
12,311 98,060 48,800
12,656 92,462 50,784
11,679 '89,295 '52,375
12,290 93,760 |52,680
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,067
11,360
11,721
11,900
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,567
14,585
14,716
14,731
Loans
Total
All banks:
1939—Dec. 30
1940—Dec. 31
1941 Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 302
Nov. 26«
Other
Cash
assets 1
Total *
Interbank 1
Demand*1
Time'
All commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31.
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 302e ,
Nov. 26
40,668
43,929
50,746
67,393
85,095
105,530
124,019
119,448
113,993
112,756
116,740
17,238
18,800
21,714
19,221
19,117
21,644
26,083
27,130
31,122
33,679
37,700
23,430
25,129
29,032
48,172
65,978
83,886
97,936
92,318
82,871
79,077
79,040
16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780
70,539
70,120
7,114
7,372
7,225
6,793
6,136
6,329
7,331
7,845
8,091
8,538
8,920
22,474
27,124
26,551
28,039
27,677
30,206
34,806
32,378
34,223
32,704
34,530
57,718
65,337
71,283
89,135
105,923
128,072
150,227
142,890
139,033
135,907
141,120
9,874 32,513 15,331
10,934 38,558 15,844
10,982 44,349 15,952
11,308 61,431 16,395
11,003 75,569 19,350
12,235 91,653 24,184
14,065 105,921 30,241
12,311 98,043 32,536
12,656 92,446 33,930
11,679 '89,281 '34,947
12,290 93,750 35,080
6,885
7,010
7.173
7,330
7,719
8,265
8v950
9,352
9,577
9,880
10,030
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,026
14,044
14,183
14,198
All insured commercial
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31. .*....
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
39,290
42,557
49,290
66,240
83,507
103,382
121,80*,
117,409
112,178
110,682
16,863
18,395
21,259
18,903
18,841
21,352
25,765
26,791
30,733
33,250
22,427
24,162
28,031
47,336
64,666
82,030
96,043
90,618
81,445
77,433
15,567
17,064
21,046
40,705
58,683
75,875
88,912
82,977
73,554
69,136
6,860
7,099
6,984
6,631
5,983
6,155
7,131
7,641
7,891
8,297
21,873
26,287
25,788
27,586
27,183
29,733
34,292
31,843
33,694
32,190
56,069
63,461
69,411
87,803
104,094
125,714
147,775
140,612
136,990
133,659
9,523 31,483 15,063
10,539 37,333 15,589
10,654 43,059 15,699
11,144 60,504 16,154
10,705 74,309 19,081
12,074 89,761 23,879
13,883 104,015 29,876
12,007 96,459 32,145
12,320 91,144 33,526
11,243 '87,930 '34,486
6,527
6,676
6,844
7,055
7,453
7,989
8,671
9,068
9,286
9,558
13,534
13,438
13,426
13,343
13,270
13,263
13,297
13,330
13.354
13,386
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
Nov. 26«
33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,032
96,362
94,802
98,199
13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
32,205
19,979
21,805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
66,146
65,994
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
58,749
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,458
6,625
6,948
7,245
19,782
23,963
23,123
24,280
23,790
25,860
29,845
28,079
29,587
28,694
30,306
49,340
56,430
61,717
78,277
92,262
110,917
129,670
122,519
118,170
115,435
119,891
9,410
10,423
10,525
11,000
10,555
11,884
13,640
11,801
12,060
11,041
11,710
28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
76,380
80,044
11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
28,014
28,137
5,522
5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,095
8,315
8,436
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
6,928
6,927
All national banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
21,810 9,022
23,648 10,004
27,571 11,725
37,576 10,183
47,499 10,116
58,308 11,480
69,312 13,925
66,277 14,469
63,723 17,272
62,982 18,764
12,789
13,644
15,845
27,393
37,382
46,828
55,387
51,809
46,451
44,218
9,058
9,735
12,039
23,744
34,065
43,292
51,250
47,271
41,658
39,271
3,731
3,908
3,806
3,648
3,318
3,536
4,137
4,537
4,793
4,947
12,489
15,099
14,977
16,184
16,017
17,570
20,114
18,607
20,012
19,342
31,559
35,787
39,458
50,468
59,961
71,858
84,939
80,212
78,775
77,146
5,898
6,574
6,786
7,400
7,159
8,056
9,229
7,816
8,169
7,432
17,579
20,885
24,350
34,499
42,605
50,900
59,486
54,930
52,194
50,694
8,081
8,329
8,322
8,570
10,196
12,901
16,224
17,466
18,412
19,020
3,397
3,528
3,640
3,729
3,950
4,265
4,644
4,862
5,138
5,296
5,187
5,144
5,117
5,081
5,040
5,025
5,017
5,012
5,00?
5.012
State member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
12,130
13,478
15,950
21,687
26,759
33,261
37,871
35,754
32,639
31,820
7,190
8,162
9,654
15,782
20,588
26,065
29,021
26,921
23,216
21,928
5,271
6,088
7,500
13,802
18,883
24,393
27,089
25,000
21,384
19,927
1,920
2,074
2,155
1,980
1,705
1,672
1,933
1,921
1,832
2,001
7,293
8,865
8,145
8,096
7,773
8,290
9,731
9,472
9,575
9,353
17,781
20,642
22,259
27,808
32,302
39,059
44,730
42,307
39,395
38,289
3,512
3,849
3,739
3,600
3,397
3,827
4,411
3,986
3,890
3,609
10,652
12,944
14,495
20,024
23,833
28,874
32,334
29,672
26,726
25,686
3,617
3,849
4,025
4,184
5,072
6,357
7,986
8,649
8,779
8,994
2,124
2,169
2,246
2,371
2,525
2,703
2,945
3,058
2,957
3,019
1,175
1,342
1,502
1,598
1,698
1,789
1,867
1,875
1,893
1,916
4,940
5,316
6,295
5,905
6,171
7,196
8,850
8,834
9,424
9,891
• Partly estimated.
' Revised. Relatively small amounts (partly estimated) of demand deposits at mutua sayings banks, included with time deposits of those
banks for dates prior to June 30, 1947, are now shown separately. Demand and time deposits of "all banks" have been revised accordingly.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see following page.
64
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
U. S.
Government
obligations
Other *
Other
securities
Cash
assets *
Total*
Interbank i
Demand r
Time'
Number
Total
capital
of
accounts banks
All nonmember commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 2
Nov. 26«
6,727
6,803
7,233
8,137
10,847
13,972
16,849
17,430
17,646
17,970
18,560
3,276
3,479
3,696
3,136
2,832
2,971
3,310
3,830
4,429
5,027
5,500
3,451
3,324
3,536
5,002
8,014
11,002
13,539
13,600
13,217
12,943
13,060
1,987
1,934
2,270
3,836
6,899
9,880
12,277
12,212
11,749
11,352
11,380
,464
389
266
,166
,115
,122
,262
,388
,468
,591
,680
2,692
3,161
3,431
3,760
3,889
4,348
4,962
4,300
4,639
'4,013
4,230
8,378
8,907
9,574
10,867
13,671
17,168
20,571
20,387
20,879
20,488
21,250
464
512
457
309
448
351
425
510
597
638
580
4,282
4,729
5,504
6,908
9,131
11,879
14,101
13,441
13,526
12,901
13,710
3,633
3,667
3,613
3,650
4,092
4,938
6,045
6,436
6,756
••6,949
6,960
1,363
,312
1,288
1,230
1,245
1,298
1,362
1,433
1,483
1,566
1,600
8,122
859
662
7,460
299
181
130
142
147
258
7,274
Insured nonmember
commercial banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
5,350
5,431
5,776
6,984
9,258
11,824
14,639
15,392
15,831
15,896
2,901
3,074
3,241
2,818
2,556
2,678
2,992
3,491
4,040
4,597
2,448
2,357
2,535
4,166
6,702
9,146
11,647
11,901
11,791
11,299
1,239
1,240
1,509
3,162
5,739
8,197
10,584
10,716
10,524
9,949
,210
,116
,025
,004
962
949
,063
,185
,268
,350
2,091
2,324
2,668
3,308
3,395
3,875
4,448
3,766
4,109
3,498
6,729
7,032
7,702
9,535
11,842
14,809
18,119
18,108
18,836
18,240
113
116
129
145
149
190
244
206
260
201
3,252
3,504
4,213
5,981
7,870
9,987
12,196
11,857
12,225
11,550
3,365
3,411
3,360
3,409
3,823
4,632
5,680
6,045
6,351
r
6,488
1,005
978
959
955
979
1,022
1,083
1.149
1,193
1,245
7,172
6,952
6,810
6,667
6,535
6.452
6,416
6,446
6,457
6.461
Noninsured n o n m e m ber commercial
banks:
1939—Dec. 30
,
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31»
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 2
,378
,372
,457
,154
,588
2,148
2,211
2,038
1,815
r
2,074
375
405
455
318
276
292
318
339
389
430
1,003
967
1,002
836
1,312
1,856
1,893
1,699
1,426
••1,645
749
694
761
674
1,160
1,682
1,693
1,496
1,226
1,403
254
273
241
162
153
174
200
204
200
241
601
837
763
452
494
473
514
534
530
514
1,649
1,876
1,872
1,332
1,829
2,358
2,452
2,279
2,043
2,248
351
396
329
164
299
161
181
303
336
,031
,225
,291
927
,261
,892
,905
,584
,302
,351
268
255
253
241
270
305
365
391
404
461
358
334
329
275
267
276
279
284
290
'322
950
907
852
793
764
729
714
696
690
797
All mutual savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 2 . . . .
Nov.26«....
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,125
17,704
18,339
18,660
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,686
4,880
5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,653
13,780
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,140
12,100
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,513
1,680
818
966
793
663
797
584
609
747
818
839
680
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,442
17,610
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,264
16,853
17,428
17,600
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,715
1,784
1,842
1,870
551
551
548
546
545
543
542
541
541
533
533
Insured mutual savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30
1,329
1,654
1,693
2,007
7,525
9,223
10,846
11,453
11,891
12,375
605
637
642
740
3,073
3,110
3,081
3,132
3,250
3,370
724
1,018
1,050
1,267
4,452
6,113
7,765
8,322
8,641
9,005
422
548
629
861
3,844
5,509
7,160
7,662
7,946
8,216
303
470
421
405
608
604
606
660
695
789
133
202
151
130
559
400
429
550
612
658
1,409
1,818
1,789
2,048
7,534
8,910
10,363
10,979
11,428
11,901
1,407
1,815
1,785
2,044
7,527
8,902
10,351
10,965
11,415
11,889
153
161
164
201
808
892
1,034
1,122
1,173
1,218
51
53
52
56
184
192
192
191
191
191
8,887
8,594
8,687
8,747
4,345
4,708
5,361
5,671
5,813
5,964
4,323
4,319
4,259
3,954
1,411
4,565
4,274
4,428
4,792
2,935
3,448
4,163
4,447
4,538
'4,649
2,679
2,667
3,075
3,711
2,246
2,819
3,522
3,777
3,833
3,924
1,885
1,607
1,353
1,082
689
629
641
671
705
724
685
764
642
533
238
184
180
197
206
181
9,114
8,841
8,744
8,620
4,204
4,466
5,022
5,302
5,442
5,541
9,113
8,840
8,742
8,618
4,203
4,464
5,020
5,299
5,439
5,539
1,156
1,131
1,077
1,035
468
485
558
593
611
624
500
498
496
490
361
351
350
350
350
342
Noninsured mutual
savings banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30.
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 302
1,316
••436
1 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.
2
June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series recently announced by the Federal
bank supervisory agencies, but are not entirely comparable with prior figures shown above, particularly with respect to number of banks. Deposits
unclassified as to time or demand have been included in time for mutual savings banks and in demand for commercial banks.
'Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
For other footnotes, see preceding page.
JANUAKY
1948
65
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1947*
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollars]
Loans
Total loans
and
investments
United States and possessions. . 131,779,438
131,095,561
United States
683,877
Possessions
State
911,200
Alabama
323,422
Arizona
552,187
Arkansas
10,620,145
California
768,356
Colorado
2,493,030
Connecticut
451,406
Delaware
809,500
District of Columbia.
1,315,573
Florida
1,263,979
Georgia
327,138
Idaho
9,003,361
Illinois
2,327,564
Indiana
1,858,490
Iowa
1,167,542
Kansas
I
I
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
1,176,932
1,133,191
646,612
1,684,130
6,763,344
3,954,049
2,312,363
565,310
3,031,238
390,185
968,025
134,227
521,378
4,286,988
195,066
,837,752
,339,737
451,632
,777,368
,063,827
Total
Real estate
loans
Other
loans 1
38,578,709
38,365,140
213,569
15,000,872
14,890,901
109,971
12,949,306
12,906,494
42,812
10,628,531
93,200,729
92,730,421
470,308
83,116,152
82,679,471
436,681
5,040,490
10,567,745
60,786
282,876
122,540
146,128
3,877,945
209,407
616,277
113,585
213,892
289,008
498,356
81,121
2,344,919
563,914
442,445
299,425
355,316
299,012
151,876
363,850
1,946,464
99,373
53,022
36,663
1,381,730
74,363
101,325
39,090
81,933
130,561
196,219
70,370
30,753
37,592
1,758,313
46,919
113,133
38,765
71,873
737,902
88,125
123,475
28,330
65,014
105,466
191,569
628,324
200,882
406,059
6,742,200
558,949
526,178
183,713
344,912
6,009,391
513,989
81,210
11,882
45,300
577,943
22,984
1,876,753
337,821
595,608
1,026,565
765,623
246,017
6,658,442
1,763,650
1,416,045
868,117
821,616
834,179
494,736
1,320,280
4,816,880
1,620,126
249,717
55t,930
930,191
696,182
237,475
5,950,503
1,608,217
1,268,244
779,829
753,300
695,631
429,026
1,214,518
4,316,807
2,580,155
1,501,997
314,511
1,771,317
292,307
693,550
80,877
289,615
2,793,682
104,858
22,849,432
791,544
376,589
3,559,301
667,603
662,106
5,791,517
, 660,584
314,526
274,191
796,597
2,251,389
242,407
132,345
788,510
61,173
14,066
1,624
73,457
45,613
7,471
388,225
88,979
112,893
57,465
964,874
472,841
1,680,949
100,418
,390,019
,930,530
419,933
317,284
,413,060
1,064,868
642,253
143,707
1,054,790
80,218
205,536
44,138
157,567
995,144
78,906
11,067,362
434,539
51.342
1,724,121
299,423
282,002
2,293,851
199,880
125,176
77,053
458,937
1,423,886
161,020
154,109
545,494
,675,731
720,294
,427,655
159,201
563,117
204,719
564,504
49,122
,034,900
,364,587
959,212
480,969
375,939
Investments
Commercial,
including
open market
paper
24,556
1,399,711
168,532
106,051
81,113
114,830
127,626
40,460
97,036
592,789
300,950
226,845
40,392
446,950
23,272
61,369
9,605
26,526
246,094
28,707
4,750,500
167,830
11,963
568,782
132,836
130,441
1,017,692
59,923
43,041
15,658
171,017
729,720
47,064
18,398
155,906
249,765
46,705
203,626
12,341
391,477
46,165
66,945
52,981
110,568
23,714
333,089
238,190
157,762
62,596
109,928
62,417
71,286
145,651
1,018,300
475,647
203,262
40,403
292,106
20,077
33,972
21,501
103,866
509,790
23,094
32,851
612,119
157,192
178,632
155,716
130,558
108,969
40,130
121,163
335,375
288,271
212,146
62,912
315,734
36,869
110,195
13,032
27,175
239,260
27,105
Total
2,889,181
1,670,110
421,603
1,976,448
309,967
3,514,021
93,976
11,949
605,536
47,528
70,896
693,819
103,275
32,509
17,992
99,403
172,505
66,563
102,591
191,551
2,802,841
172,733
27,430
549,803
119,059
80,665
582,340
36,682
49,626
43,403
188,517
521,661
47,393
33,120
198,037
762,489
90,089
363,811
3,291,844
116,160
24,770,390
905,198
400,290
4,053,247
764,404
752,898
7,070,736
- 759,332
355,793
298,886
931,082
2,506,644
258,913
163,175
867,566
182,891
93,967
233,438
13,350
130,461
64,047
127,440
23,431
1,112,614
515,575
1,863,151
110,079
Cash,
reserves,
due from
banks, and
^cash items
Real
estate
assets
Other
assets
Total
assets—
total
liabilities
and capital
5,044,087
5,030,332
13,755
33,716,747
33,543,664
173,083
1,138,464
1,130,776
7,688
613,750
566,933
46,817
167,248,399
166,336,934
911,465
20,936
5,287
15,847
154,866
21,976
195,454
74,038
43,054
22,917
23,828
1,071
319,714
66,454
34,908
30,823
36,878
18,727
51,886
86,428
424,944
111,941
85,749
7,421
93,735
7 ,680
25,436
571
57,740
281,529
2,328
1,057,935
39,310
8,998
205,389
13,398
8,047
961,851
90,922
14,988
10,326
25,923
61,092
2,573
19,541
38,547
35,567
19,555
89,240
2,964
297,345
81,279
211,028
2,487,944
289,994
391,289
101,158
260,423
446,573
442,315
8,899
3,101
3,384
105,112
3,054
3,069
2,311
802
46,363
2,459
15,558
1,134
2,607
4,722
4,731
606
32,726
4,570
1,707
1,724
1,660
5,933
1,180
11,000
26,396
11,302
6,771
1,027
9,789
947
2,077
892
265
15,215
122
231,766
9,559
852
15,262
4,358
1,220,513
410,113
767,401
13,259,564
1,063,863
2,923,422
557,687
1,088,036
1,781,504
1,724,391
Obligations
Other
U S. Gov't of States and
political
obligations
securities
subdivisions
5,020,618
19,872
31,438
119,821
13,824
19,334
75,129
197,085
82,364
99,671
111,396
9,980
43,503
8,641
16,456
216,633
8,974
863,023
74,344
14,703
288,557
83,403
82,745
317,368
7,826
26,279
14,369
108,562
194,163
13,933
11,289
40,509
112,173
23,179
92,962
6,697
1
84,868
2,679,080
653,083
550,723
390,853
331,897
426,793
100,338
362,219
1,019,588
981,717
621,514
195,506
1,032,815
121,264
360,716
32,610
60,284
792,S61
71,727
8,076,113
425,724
99,765
1,445,944
503,931
287,515
2,167,373
126,297
175,505
112,009
471,349
1,878,325
115,646
39,255
396,557
480,752
207,874
597r291
56,635
23,545
3,989
15,506
14,636
13,366
2,106
43,608
16,267
10,310
6,226
6,989
12,133
4,436
13,803
52,902
27,223
14,098
4,610
20,057
2,168
5,076
966
3,848
54,046
1,425
290,833
9,401
1,587
51,059
7,972
10,827
120,254
12,147
2,806
1,934
15,665
48,791
3,088
3,924
17,587
9,933
8,023
16,973
1,083
4,909
45,114
3,767
1,127
973
4,776
6,765
558
390
4,581
4,357
784
170
200
414,718
11,758,775
3,001,484
2,421,230
1,566,345
1,517,478
1,578,050
752,566
2,071,152
7,862,230
4,974,291
2,954,746
766,453
4,093,899
514,564
1,335,894
168,695
585,775
5,149,110
268,340
44,436,464
1,784,421
553,836
7,289,633
1,580,088
1,338,151
11,697,328
1,101,423
660,407
490,855
1,881,809
5,864,411
539,225
360,853
1,831,785
2,170,773
937,975
3,048,089
217,119
• T h e s e figures, with detailed breakdown of assets and liabilities and by class of bank but not by States, were released by the Federal bank supervisory agencies on Nov. 10; subsequently a revision of 143
million dollars was made between demand and time deposits of individuals, partnerships, and corporations.
1
Includes items not classified as to type.
2
Deposits unclassified as to time or demand have been included in time for mutual savings banks and in demand for commercial banks.
FRASER3 Includes 12 banks for which asset and liability data are not available.
Digitized for
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1947*- -Continued
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollars]
Deposits
Total
United States and possessions
United States
Possessions .
State
Alabama
Arizona....
Arkansas
California
Colorado
Connecticut.
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois . . .
Indiana
.Sowa
Kansas
Kentucky
Louisiana
.
Maine
^Maryland
IVlassachusetts
.. ..
Michigan
^Minnesota
IMississippi
Missouri
. . .
Montana
Nebraska
Nevada
New Hampshire .
.
New Jersey
New I^exico
New York
..
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
. .
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia .
.
'Washington
.
West Virginia
^Visconsin
Wyoming
.
• .
. . .
•
....
. . .•
....'.
For footnotes, see preceding page.
.. .
....
....
Interbank
U. S.
Government
States and
Certified
political
and officers'
subdivisions checks, etc.
Individuals, partnerships,
and corporations
Demand 1
Time
Total
demand
deposits 2
Total
time
deposits 2
Borrowings
and other
liabilities
Total
capital
accounts
Number
of
banks 3
154,191,122
1-53,349,192
841,930
11,690,112
11,679,477
10,635
1,427,589
1,371,697
55,892
7,519,756
7,409,875
109,881
2,149,076
2,130,617
18?459
79,629,657
79,306,923
322,734
51,774,932
51,450,603
324,329
101,092,661
100,642,672
449,989
53,098,461
52,706,520
391,941
1,287,045
1,266,422
20,623
11,770,232
11,721,320
48,912
14,767
14,716
51
1,141,783
390,254
722,308
12,486,978
1,002,524
2,648,045
495,332
1,015,018
1,678,563
1,607,433
395,940
10,988,257
2,824,560
2,295,768
1,479,858
1,410,563
1,492,633
680,717
1,905,619
7,083,669
4,681,647
2,764,473
722,048
3,835,652
491,293
1,259,767
159,455
525,626
4,765,229
255,906
40,028,275
1,666,754
527,059
6,805,653
1,478,527
1,264,812
10,484,679
996,756
626,614
467,617
1,762,962
5,517,518
507,080
325,306
1,693,173
2,055,299
861,961
2,868,197
204,032
58,929
2,969
45,118
395,119
71,772
36,522
3,260
44,340
116,899
144,803
5,378
1,183,254
105,939
145,297
83,223
119,248
169,664
8,844
94,566
316,135
151,022
283,324
47,439
685,586
20,672
171,389
10,000
1,909
6,147
78,511
9,884
9,137
9,435
14,821
14,797
14,598
3,246
224,390
24,546
39,229
14,388
17,225
7,503
3,533
10,495
29,283
34,088
23,433
7,055
31,879
4,326
16,547
1,478
2,739
31,166
2,405
314,677
20,707
4,584
74,041
20,215
7,056
56,558
17,291
11,255
7,708
13,890
42,017
2,248
1,504
24,911
13,035
9,140
30,983
1,684
102,991
44,725
65,705
637,554
37,228
57,197
21,463
5,552
5,076
3,528
219 608
8,772
24,085
8,931
18,214
13,903
5,886
3,236
101,469
26,138
15,027
12,235
35,132
12,243
2,512
9,079
51,859
51,238
28,581
2,005
23,476
5,753
8,633
3,375
3,516
50,486
2,858
994,066
16,652
3,174
67,028
19,578
17,813
74,194
6,509
4,876
2,819
10,667
57,272
3,464
1,726
20,350
19,544
9,248
37,180
2,051
710,890
241,917
506,577
5,795,441
651,022
857,066
309,661
710,642
1,045,395
998,789
251,963
6,214,424
1,537,703
1,364,823
1,038,166
930,721
852,294
210,049
875,816
2,576,449
2,126,833
1,255,935
431,256
2,242,970
325,441
872,996
82,768
118,712
1,900,049
168,204
20,013,081
919,637
323,354
3,364,666
997,781
744,016
5,516,925
353,862
447,054
324,520
975,640
3,907,153
272,518
80,975
918,490
1,070,872
500,273
1,241,102
130,032
253,421
93,658
95,233
5,360,745
223,846
1,664,038
142,582
226,939
318,809
318,409
93,417
2,617,734
865,950
530,725
155,686
216,203
272,115
437,714
828,005
3,957,823
2,103,458
979,139
131,812
644,425
92,865
139,407
53,302
384,384
2,504,094
39,955
13,322,424
338,749
104,210
2,648,994
106,985
397,601
3,914,947
575,209
86,281
78,002
410,656
468,570
164,763
233,589
550,121
737,727
i 261,973
1,259,286
44,623
886,442
296,324
625,416
6 981 903
775 ,577
981,634
344,080
787,054
1,329,277
1,286,639
301,718
8,222,695
1,952,245
1,762,248
1,321,716
1,191,108
1,214,296
240,968
1,069,942
3,120,523
2,565,277
1,778,489
589,130
3,182,933
397,493
1,120,187
105,994
140,679
2,247,919
215,632
26,332,854
1,319,935
386,349
4,042,144
1,364,008
860,377
6,429,741
420,848
538,805
387,428
1,341,759
4,984,471
341,634
89,691
1,113,892
1,315,502
596,300
1,582,495
158,901
255,341
93 930
96,892
5,505 075
226,947
1,666,411
151,252
227,964
349,286
320,794
94,222
2,765 ,562
872,315
533,520
158,142
219,455
278,337
439,749
835,677
3,963,146
2,116,370
985,984
132,918
652,719
93,800
139,580
53,461
384,947
2,517,310
40,274
13,695,421
346,819
140,710
2,763,509
114,519
404,435
4,054,938
575,908
87,809
80,189
421,203
533,047
165,446
235,615
579,281
739,797
265 ,661
1,285,702
45,131
4,981
2 723
1,220
104 978
3,520
12,530
2,641
7,218
5,772
13,059
1,130
77,112
7,397
2,445
2,430
6,599
7,409
2,359
7,301
69,132
21,043
13,261
1,152
18,060
73,749
17 136
43,873
667 608
57 819
262,847
59,714
65 800
97,169
103,899
17,648
693,406
169 527
123,012
84,057
100,316
78,008
69,490
158,232
709,429
271,601
177,012
43,253
240,187
22,436
67,686
7,325
58,428
362,922
12,167
3,789,880
101,123
25,914
446,572
94,890
67,199
1,136,578
92,816
32,187
22,347
110,347
329,474
30,284
33,700
128,294
107,768
69,586
174,081
12,519
219
805
6,921
41.767
6,754
4,620,684
169,160
12,904
260,736
156,942
31,896
574,563
11,901
16,695
10,928
215,830
654,971
33,135
1,310
102,546
78,693
29,354
122,076
8,195
62
168,760
124,948
38,700
646,986
264,284
200,667
176,160
92,034
178,814
18,065
87,658
152,120
215,008
194,061
102,481
207,316
42,236
50,795
17,727
9,354
237,667
35,730
763,343
201,849
78,833
390,188
177,026
66,430
347,492
31,984
60,453
43,640
136,279
387,535
30,952
6,202
76,755
135,428
51 ,973
177,570
17,447
835
8,441
1,915
1,721
20,959
267
618,309
16,544
863
37,408
6,671
6,140
76,071
11,851
1,606
891
8,500
17,419
1,861
1,847
10,318
7,706
6,428
5,811
568
j i
228
202
147
187
41
19
184
378
48
879
494
663
612
387
158
96
178
378
448
680
205
595
110
417
g
108
370
46
797
226
152
675
386
71
1 017
29
149
170
298
879
59
79
315
125
181
557
55
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Class of bank
and
call date
Total
loans
and
investments
All insured commercial banks:
1940—Dec. 3 1 . . 42,55
1941—Dec. 3 1 . . 49,290
1942—Dec. 3 1 . . 66,240
1943—Dec. 3 1 . . 83,507
1944—Dec. 30.. 103,382
1945—Dec. 31.. 121,809
1946—Dec. 3 1 . . 112,178
1947—June 30. . 110,682
Member banks,
total:
1940—Dec. 31.. 37,126
1941—Dec. 3 1 . . 43,521
1942—Dec. 31.. 59,263
1943—Dec. 3 1 . . 74,258
1944—Dec. 30.. 91,569
1945—Dec. 3 1 . . 107,183
1946—Dec. 3 1 . . 96,362
1947—June 30.. 94,802
Oct. 6.. 97,328
New York City:*
1940—Dec. 3 1 . . 10,910
1941—Dec. 31.. 12,896
1942—Dec. 31.. 17,957
1943—Dec. 3 1 . . 19,994
1944—Dec. 30.. 24,003
1945—Dec. 31.. 26,143
1946—Dec. 31.. 20,83
1947—June 30. . 20,332
Oct. 6.. 20,46(
Chicago:2
1940—Dec. 31.. 2,377
2,760
1941—Dec. 31.
3,973
1942—Dec. 31.
4,55
1943—Dec. 31.
5,443
1944—Dec. 30.
1945—Dec. 3 1 . . 5,931
1946—Dec. 3 1 . . 4,765
1947—June 30. . 4,802
Oct. 6 . . 5,040
Reserve city banks.
1940—Dec. 3 1 . . 13,013
1941—Dec. 3 1 . . 15,347
1942—Dec. 3 1 . . 20,915
1943—Dec. 3 1 . . 27,52
1944—Dec. 30.. 33,603
1945—Dec. 3 1 . . 40,108
1946—Dec. 3 1 . . 35,351
1947—June 30. . 34,611
Oct. 6 . . 35,792
Country banks:
1940—Dec. 31. 10,826
1941—Dec. 3 1 . . 12,518
1942—Dec. 3 1 . . 16,419
1943—Dec. 3 1 . . 22,188
1944—Dec. 30.. 28,520
1945—Dec. 3 1 . . 35,002
1946—Dec. 3 1 . . 35,412
1947—June 30. . 35,05
Oct. 6 . . 36,027
Insured nonmember commercial b a n k s :
1940—Dec. 3 i . . 5,431
1941—Dec. 3l . 5,776
1942—Dec. 3 l . . 6,984
1943—Dec. 3 1 . . 9,258
1944—Dec. 30.. 11,824
1945—Dec. 31 . 14,639
1946—Dec. 3 1 . . 15,831
1947—June 30.. 15,896
Total
ComLoans for
merpurchasing
cial,
or carrying
insecurities Real
clud- AgriCon Other
culing
To
tate sumer
turloans Total
openbrok- To loans loans
marers
ket
and othpadeal- ers
peri
ers
7,178
9,214
7,757
7,777
7,920
9,461
14,016
14,765
U. S. Government obligations
Total
Obligations
Direct
of
Itates Other
and secuCertifipolit- rities
cates
ical
of inBills debt- Notes Bonds teed subdiviedsions
ness
4,077
24,162
28,031
4,545
,269 1,042 47,336
,868 918 64,666
944 82,030
1,181 96,043
1,098 81,445
1,047 77,433
17,064
21,046
40,705
58,683
75,875
88,912
73,554
69,136
662
2,756 9,925
988
3,159 12,797 4
727 5,799 20,999
4,462
4,636 13 ,218 7,672 30,656
3,971 15,300 15,778 39,848
071 16,045 51,321
2,455
288 6,780 53 ,200
1,271
441 5,341 53,505
835
719 3,608 491
102 3,651 333
718 3,533 098
501 3,287
,
696
978 3,422
733
22 3,873 258
15 4,298 592
14 4,826 3,471
15,321 6,660 865 642 652 3,228
3,273
21,805
972 594 598 3,494
25,500
18,021 8,671
3,692
16,088 7,387 1,089 934 538 3,423 ,847 870 43,175
16,288 7,421 1,023 1,398 839 3,274 ,484 848 57,970
72,893
18,676 7,531 1,198 2,249 2,108 3,209 ,505
22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408
884 1,506 ,467 5,358 3,308 1,020 69,666
26,696 13,154
965 66,146
972 1,507
28,655 13,820
154 6,240 3,
66,590
30,738
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,288
652
971
4,363 6,285
4,360 12,071
3,748 13,982
2,275 16,985
1,167 10,043
773 7,544
3,013 2,970
3,090 2 ,871
540 2,965 2,664
345 2,729 2 ,294
902 2,857 2 ,350
16 3,254 2,815
11 3,548
_,___ 3,077
10 3,982 2,966
4,224 3,079
18,395
21,259
18,903
18,841
21,352
25,765
30,733
33,250
281
,450
,642
,505
,723
,314
,358
,549
3,384
4,072
4,116
4,428
5,760
7,334
6,368
6,548
6,881
2,125
2,807
2,546
2,515
2,610
3,044
4,078
4,171
696
95
832
1,004
1,18
1,333
1,499
1,565
1,72
492
732
658
763
738
760
1,094
1,178
5,931
7,105
6,102
6,201
6,822
8,51
10,825
11,441
12,495
2,589
3,456
2,957
3,058
3,034
3,661
5,548
5,726
263
300
290
279
348
205
201
197
5,309
5,890
5,038
4,654
4,910
5,596
8,004
9,102
9,638
1,453
1,676
1,226
1,084
1,149
1,484
2,433
2,744
590
659
77:
713
802
648
681
774
3,074
3,241
2,818
2,556
2,678
2,992
4,040
4,597
518
543
370
356
389
512
862
945
416
478
553
482
525
459
474
576
663
727 4
614 662 4
950 597 4
,414 922 4 437
2,269 2 265 4 343
3,164 3 606 4 677
,517 609
103
,517 278 8,201
465
190
412
169
787
193
1,054 323
1,742 859
2,453 1,172
1,096 389
1,196 286
130
123
117
107
86
80
99
104
7,52
468
8,823
554
303
148 13,841
153 15,566
252
179 18,243
253
287 298 18,809
250 14,465
455
500 291 13,784
13,588
6,044
207
1,245 2,977 1,615
7,265
311
1,623 3,652 1,679
12,547 1,855 2,144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014
984
17,179
913 3,740 3,745 8,592
189
17,574
477 3,433 3,325 10,337
1
13,308
387 1,725 * 992 10,202
1
12,571
775 10,555
137 1,103
1
12,305
1,681
1,806
3,141
3,550
4,258
4,598
3,266
3,237
3,316
1,307
1,430
2,789
3,238
3,91
4,213
2,912
2,890
2,93.
115
7,081
207 436
1,322
114
8,243
194 527
1,512
97
808
14,813
153 486
312
217 267 420 658 301 21,321
311
777 379 660 313 26,781
427 1,503 459 855 404 31,594
264 704 2 237 1,436 435 24,527
185 540 2 713 1,675 405 23,170
23,297
5,204
6,467
13,038
19,68
25,042
29,552
22,250
20,845
20,884
42
48
34
102
163
211
117
100
21
20
16
16
21
31
12
11
54
52
32
52
163
233
101
84
84
96
62
45
45
51
105
130
2,594 9,091
3,007 11,729
5,409 18,948
6,906 27 ,265
14,127 34,927
14,271 44,792
5,602 46,219
4,369 46 ,502
297
256
637
397
877
199
250 1,045
133 1,467
498
60
368
106
103
295
1,441
1,802
1,704
1,034
441
334
2,253
4,691
5,730
6,982
3,799
3,038
145
153
391
484
779
749
146
132
771
751
1,723
2,497
5,181
5,653
1,993
1,503
752
903
1,282
1,602
1,809
1,864
2,207
2,284
112
119
83
74
31
788
830
701
558
596
629
601
582
588
188
182
166
158
160
181
167
175
205
186
193
186
155
185
204
187
173
176
3,281 1,049 984 893
4,248 1,173 956 820
6,810 811 954 821
9,943 749 913 726
11,987 440 ,000 740
15,878
5 ,126 916
16,013
4 ,272 1,004
15,967
3 ,364 962
,390 1,023
1,400
201 ,644
1,530
183 ,823
161 ,797 674 393
197 ,725 528 381
310 ,719 547 351
707 363
471 ,881
273 2,970 1,312 306
244 3,381 1,693 240
5,517
6,628
11,380
17,534
23,610
29,407
27,408
25,955
26,389
3,269
45
433 2,081
4,377
481 2,926
110
9,17
671 1,251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
21,552
882 3,466 4,422 12,540
26,999
630 5,102 4,544 16,713
24,572
279 4,020 2,470 17,797
22,893
19 3,035 1,960 17,696
23,164
710
861
574
538
241
9
6
5
803
854
422
173
385
70
383
67
77
460
79
723
82
895
2,357
2,535
4,166
6,702
9,146
11,64
11,791
11,299
1,240
1,509
3,16:
5,739
8,197
10,584
10,524
9,949
234
271
179
156
76
6
3
4
75 1,240
64 1,282
59 ,225
82 ,165
156 ,136
228 ,224
142 ,748
125 ,963
695
729
593
444
468
606
557
631
694
10
17
99
276
223
180
104
62
442
1,147
1,319
2,087
2,247
1,897
162
152
390
766
,652
,774
,179
972
834
1,069
2,053
3,395
4,928
6,538
6,991
7,013
,146 1,102
,222 1,028
,252 956
,214 855
,230 829
,342 1,067
,551 1,285
,813 1,250
1,934 ,291
595
563
569
560
566
619
752
845
521
462
435
403
383
443
516
505
r
Revised.
• These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans: consequently, beginning
Dec. 1 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks-
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
I In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
BalDeances mand
with
dedoposits
mestic
adbanks* justed*
Interbank
deposits
U. S.
Certi- IndiIndi- Bor- CapiGov- States viduals,
fied viduals,
tal
U.S. States
and partner- row- acernand
and
partnerGov- political offiment polit- ships, ings counts
ships, Interern- subdi- cers' and
ical
bank
and
corcorment visions checks, poraPostal subdi- and
Sav- visions poraetc.
tions
tions
ings
DoFormestic8 eign
All insured commercial banks:
1940— Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
13,992
12,396
13,072
12,834
14,260
15,810
16,013
16,039
702
666
1,234 8,202 33,820 9,677
673 1,761
1,358 8,570 37,845 9,823
813
1,305 9,080 48,221 10,234
8,167
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 r 82,085 10,888 1,364 2,930
1,804 8,498 80,869 9,807 1,372 1,247
Member banks
total;
1940—Dec.
1 . ..
1941—Dec. 331.
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
Oct. 6..
13,992
12,396
13,072
12,835
14,261
15,811
16,015
16,040
16,946
1,087
1,019
1,132
1,271
1,438
1,576
1,409
1,496
6,185
6,246
6,147
5,450
6,354
7,117
5,936
5,521
5,993
30,429
33,754
42,570
52,642
57,308
64,184
70,243
69,595
70,793
9,581
9,714
10,101
9,603
10,881
12,333
10,644
9,612
10,471
New York City:*
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Oct. 6..
7,057
5,105
4,388
3,596
3,766
4,015
4,046
4,166
4,254
102
93
72
92
102
111
131
123
143
122
141
82
61
76
78
87
50
55
11,062
10,761
11,899
13,899
14,042
15,065
16,429
16,494
15,941
4,032
3,595
3,209
2,867
3,179
3,535
3,031
2,898
2,975
1,051
1,021
902
821
899
942
928
973
993
42
43
39
38
43
36
29
36
30
319
298
164
158
177
200
172
162
144
1,941
2,215
2,557
3,050
3,041
3,153
3,356
3,427
3,612
Reserve city banks.
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Oct. 6..
4,027
4,060
4,940
5,116
5,687
6,326
6,337
6,274
6,764
396
425
365
391
441
494
532
470
494
2,741
2,590
2,202
1,758
2,005
2,174
1,923
1,864
1,835
9,581
11,117
14,849
18,654
20,267
22,372
24,221
24,166
24,580
Country banks:
1940—Dec. 31. .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
Oct. 6..
1,857
2,210
2,842
3,303
3,909
4,527
4,703
4,628
4,934
452
526
542
611
684
796
883
780
829
3,002
3,216
3,699
3,474
4,097
4,665
3,753
3,444
3,959
7,845
9,661
13,265
17,039
19,958
23,595
26,237
25,508
26,660
243
271
287
313
352
391
437
395
2,017 3,391
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,959 10,537
3,547 11,842
2,979 ••11,274
Chicago:*
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Oct.
31. .
31..
31. .
31. .
30. .
31. .
31. .
30. .
6..
Insured nonmember commercial banks:
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
31
31
31
31
30. .
31
31
30
991
Time deposits
3,298
3,677
3,996
4,352
4,518
5,098
5,967
6,495
1,077
1,219
1,669
1,354
2,585
2,361
2,111
2,724
3,066
3,318
3,602
3,744
4,240
4,915
5,376
5,059
1,009
1,142
1,573
1,251
2,450
2,207
1,976
1,821
32,398
36,544
47,122
58,338
64,133
72,593
79,887
'78,077
160
158
97
68
64
70
68
64
69
59
61
124
109
103
119
111
522 14,998
492 15,146
397 15,697
395 18,561
423 23,347
496 29,277
664 32,742
771 '33,604
11
10
10
46
122
215
39
60
6,676
6,844
7,055
7,453
7,989
8,671
9,286
9,558
29,576
33,061
42,139
51,820
56,270
62,950
69,127
67,933
69,047
141
140
87
62
58
64
62
60
50
56
50
56
120
105
99
114
106
110
435
418
332
327
347
399
551
649
661
11,687
11,878
12,366
14,822
18,807
23,712
26,525
27,259
27,511
3
4
5
39
111
208
30
50
332
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,463
5
6
3
4
11
17
20
22
14
7
10
15
14
12
51
29
23
26
17
20
39
17
17
768
778
711
816
977
942
915
783
11,357
11,282
12,501
14,373
14,448
15,712
17,216
17,202
16,463
27
34
38
44
33
66
47
55
50
1,905
2,152
2,588
3,097
3,100
3,160
3,495
3,417
3,548
5
8
152
181
161
174
233
178
174
167
237
228
304
323
3,919
4,302
4,831
4,770
5,421
6,307
5,417
4,773
5,378
49
327
491
54
63 1,982
63 3,373
70 6,157
110 8,221
127
991
109
311
789
125
995
1,144
1,319
1,448
1,509
1,763
2,077
2,301
2,025
228
286
385
475
488
611
693
554
554
9,468
11,127
15,061
18,790
20,371
22,281
24,288
23,934
24,508
633
790
957
994
2
151
2
225
4 1,090
5 1,962
8 4,230
8 5,465
877
8
424
8
794
7
1,184
1,370
1,558
1,727
1,868
2,004
2,391
v2,511
2,487
187
239
272
344
369
435
524
451
435
997
1,027
1,105
972
1,132
1,292
1,130
1,056
1,111
1,149
1,199
1,067
885
1,006
95
108
133
141
182
233
244
194
700
616
671 1,709
811 7,923
891 9,444
945 18,509
1,243
1,353
1,369
1,455
22,179
2,672
1,095
2,308
641
607
733
810
851
48
866
4,186
3,395
6,722
1,105 6,940
651
1,195
179
1,228
564
1,298
8
8
12
14
16
20
24
24
25
3
2
2
2
3
5
11
90
127
665
713
1,400
1,552
50
53
243
506
1,245
1,560
258
152
370
319
263
252
199
237
218
260
225
574
611
678
750
775
858
1,052
1,119
971
913
471
450
448
710
361
1,338
2
2
1
1
1,206
1,395
1,407
1.437
496
476
453
505
619
719
823
864
871
29
96
195
.
268
1,615
1,648
1,727
1,862
1,966
2,120
2,205
2,234
2,250
270
288
304
326
354
377
404
416
420
2
2
2
4
6
7
107
104
63
41
33
30
25
21
20
19
20
22
56
40
38
43
41
46
226
243
169
151
154
160
235
319
314
4,505
1,904
4,542
1,967
4,805 ""2
2,028
5,902
2,135
2,327
7,561
9,563 ""2
2,566
4 2,729
10,580
11 2,796
10,888
35 2,847
10,975
6,846
8,500
11,989
15,561
18,350
21,797
24,128
23,380
24,528
29
30
20
17
14
17
17
17
17
33
31
32
56
57
52
55
49
50
150
146
140
149
175
219
272
308
324
5,917
6,082
6,397
7,599
9,650
12,224
13,727
14,101
14,229
3
4
3
10
16
11
26
38
28
1,909
1,982
2,042
2,153
2,321
2,525
2,757
2,869
2,946
58
2,822
3,483
68
4,983
76
6,518
96
7,863
103
9,643
135
154 r 10,761
135 10,144
18
18
10
6
6
6
6
4
13
8
5
4
4
4
5
87
74
65
68
76
97
113
122
3,311
3,276
3,339
3,750
4,553
5,579
6,232
••6,361
8
6
5
6
10
7
9
10
978
959
955
979
1,022
1,083
1,193
1,245
i
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JANUARY
1948
69
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
Total
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
Real
estate to Other Total
U. S. Other U.S. Other loans 3anks
Govt. se- Govt.
obobliga- curi- liga- curitions ties tions ties
CerOther
tifisecucates
Bills of in- Notes Bonds' rities
debtedness
Total
TotalLeading Cities
1946—November.. .
6,129
19,123
1,125
957
452
953
2,370
2,595 47,006 43,078
690
6,854
4,923 30,611 3,928
1947- -July
August
September...
October
November.. .
63,40
63,630
64,343
64,840
64,953
20,232
20,838
21,371
22,220
22,88
1,860
2,259
2,757
3,432
4,154
588
622
573
494
419
523
471
444
546
457
514
504
501
492
451
472
029
472
127
475
199
487
278
494 3,356
160
242
224
220
211
3,086
3,141
3,198
3,271
3,345
43,169
42,792
42,972
42,620
42,066
39,025
38,561
38,689
38,340
37,842
950
649
791
680
897
4,595
4,294
4,133
4,034
3,811
2,643
2,626
2,686
2,576
2,159
30,837 4,144
30,992 4,231
31,079 4,283
31,050 4 ,280
30,975 t4,224
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
64,796
64,71
64.62C
65,02
65,034
22,056
22,068
22,258
22,148
22,572
3,116
3,202
3,432
3,595
3,817
667
554
498
344
406
567
536
568
493
564
497
499
495
491
480
478
486
488
486
496
3,244
3,258
3,279
3,295
3,316
246
285
228
154
187
3,241
3,248
3,270
3,290
3,306
42,740
42,651
42,36:
42,881
42,462
38,400
38,373
38,103
38,632
38,19:
519
545
629
938
769
4,025
3,993
3,997
4,125
4,032
2,632
2,600
2,599
2,630
2,418
31, 224
31,235
30, 878
30,939
30,973
Nov.
Nov.
Nov.
Nov.
5
12
19
26
64.91C
64,93
64,924
65,04
22,694
22,880
22,874
23,099
3,971
4,152
4,214
.4,277
399
444
374
458
462
463
432
472
474
458
439
.433
486
486
515
487
3,331
3,34'
3,36'
3,380
246
182
180
235
3,325
3,348
3,353
-•3,35
42,216
42,05
42,050
41,943
37,982
37,834
37,829
37,724
71
80
,041
,021
3,924
3,763
3,765
3,793
2,349
2,262
2,029
1,997
30,992 4,234
31,002 4,223
30,994 4 ,221
30,913 4,219
Dec. 3
Dec.^10
Dec.U7
Dec. 24
65,02
65,141
65,38=
63,30.
23,229
23,343
23,518
23,722
14,368
14,471
14,629
14,729
476
428
331
407
443
421
646
634
434
418
403
404
511
509
490
490
3,388
3,413
3,429
3,446
230
291
177
193
3,379
3,392
3,413
3,419
41,798
41,797
41,867
41,583
37,560
37,564
37,653
37,366
948
,110
,367
,299
3,291
3,272
3,289
3,263
2,847
2,842
2,847
2,771
30, 474
30,340
30,150
30,033
New York City
1946—November.. .
0,93^
4 ,340
4,278
4 ,259
4,249
4,270
4 ,238
4,233
4,214
4,217
6,391
3,975
812
292
279
210
157
571
14,542 13,402
163
1,680 1,448 10,111 1,140
20,01
1947—July
19,80.
August
September... 20,03
2O,O3i
October
November.. . 19,90;
6,186
6,403
6,566
6,840
7,088
4,176
4,309
4,525
4,815
5,191
477
523
490
412
320
351
330
311
368
314
103
9
91
82
74
191
18
185
189
193
102
102
105
130
181
170
161
160
658
674
69:
711
731
13,828
13,400
13,465
13,196
12,815
12,600
12,131
12,173
11,965
11,639
398
142
255
250
412
1,013
811
712
724
629
766
725
74
618
375
10,423
10,453
10,459
10,373
10,223
,228
,269
,292
,231
,176
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
20,26.
20,05
19,7820,02
20,041
6,888
6,842
6,82
6,696
6,94
4,675
4,709
4,806
4,88'
4,996
571
473
423
278
316
371
381
371
335
38:
89
8:
80
79
80
186
190
189
186
193
100
102
102
103
104
193
200
14
112
156
703
705
712
714
720
13,377
13,214
12,95
13,33
13,10
12,062
11,977
11,744
12,142
11,902
15
161
163
45
325
68
666
70
789
774
696
646
619
632
499
10,532
10,504
10,255
10,268
10,304
1,315
1,237
1,213
1,189
1,199
Nov.
Nov.
Nov.
Nov.
5
12
19
26
19,89
19,91
19,8819,91
6,97
7,102r
7,O7.
7,19.
5,086
5,190
5,235
5,253
313
349
281
338
316
316
288
334
80
75
7:
70
185
183
21
188
104
105
106
105
168
152
148
173
725
732
73
734
12,9112,815
12,809
12,723
11,741
11,638
11,633
11,545
272
373
541
462
711
609
585
612
454
419
315
31
10,304
10,237
10,192
10,157
1,173
1,177
1,176
1,178
Dec. 3
Dec. 10
Dec. 17
Dec. 24
19,97
19,97.
20.14J
2O,18i
7,28( 5,293
7,290 5,3r
7,352 5,366
7,434 5,413
380
339
248
320
310
279
490
469
75
65
63
60
211
212
190
191
104
104
106
105
171
236
151
152
736
738
738
724
12,695
12,683
12,793
12,752
11,498
11,488
11,616
11,575
43
508
699
699
505
514
512
528
510
476
45.
420
10,049
9,990
9,950
9,928
1,197
1,195
1,177
1,177
Outside
New York City
1946—November. . . 45,19(
12,73
282 2,275
2,024
32,464 29,676
527
5,174 3,475
2O,5OC 2,788
281
285
290
298
301
2,92
3,025
3,097
3,176
3,251
2,428
2,467
2,506
2,560
2,614
29,34
29,39:
29,50'
29,42<
29,25:
26,425
26,430
26,516
26,375
26,20.
552
507
536
430
485
3,58:
3,483
3,421
3,310
3,182
,877
,901
,939
,958
,784
20,414
20,539
20,620
20,677
20,752
2,916
2,962
2,991
3,049
3,048
408
417
41
41
400
292
296
299
300
303
3,144
3,156
3,177
3,192
3,212
2,538
2,543
2,558
2,576
2,586
29,363
29,43'
29,40.
29,551
29,36
26,338
26,396
26,359
26,490
26,290
367
38
466
485
444
3,343
3,32
3,290
3,336
3,258
,936
,954
,980
,998
,919
20,692
20,73
20,623
20,671
20,669
3,025
3,041
3,046
3,060
3,071
146
14
144
138
394
383
36
363
301
303
301
299
3,22
3,242
3,261
3,275
2,600
2,616
2,622
'2,623
29,302
29,242
29,24
29.22C
26,24
26,196
26,196
26,179
445
434
500
55(
3,213
3,154
3,180
3,181
,895
,843
,71
,683
20,688
20,765
20,802
20,756
3,061
3,046
3,045
3,041
133
14:
156
165
359
353
340
344
300
29
30!
299
3,284
3,309
3,323
3,341
2,64.
2,652,675
2,695
29,10.
29,11'
29,07'
28,83
26,062
26,076
26,03
25,791
514
602
668
600
2,786
2,758
2,777
2,735
2,337
2,366
2,392
2,35
20,425
20,350
20,200
20,105
3,041
3,038
3,037
3,040
7.15C
145
43,38
43,82
44,31
44,8045,05
14,04* 7,684
14,43 7,950
14,805 8,232
15,381 8,617
15,79' 8,963
111
99
83
82
99
172
141
133
178
143
411
407
410
410
377
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
44,53
44,66.
44,83i
45,00
9
15,168
15,226
15,43
15,452
15,625
8,441
8,493
8,626
8,706
8,821
96
81
75
66
90
196
155
197
158
18:
Nov.
Nov.
Nov.
Nov.
5
12
19
26
45,01'
45,02i
45,041
45,12
15,71
15,77
15,799
15,904
8,962
8,979
r
9,024
86
9
93
120
Dec. 3
Dec. 10
Dec. 17
Dec. 24
45,05:
45,16
45,241
45,11'
15,949
16,053
16,166
16,288
9,075
9,154
9,263
9,316
96
89
83
1947—July
August
September..
October....
November.. ,
r
1
Revised.
Including guaranteed obligations.
Back figures.—'For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
70
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
ReBalDeserves
with Cash ances mand
with
deFedin
do- posits
eral vault
mestic ad- 1
Rebanks usted
serve
Banks
Date or month
Individuals, states
and
part- politnerical
ships, suband
divicor- sions
porations
Certified
and
officers'
checks,
etc.
Time deposits,
except interbank
1, 691
775
2,348
4 6 , 338 4 6 , 871
2,779
1 445
1947—July
August....
September .
October....
November..
11, 792
11, 952
12, 257
12, 432
12, 371
762
753
809
790
816
2,308
2,295
2,370
2,452
2,418
46, 890 46, 794
46, 817 46, 632
47, 276 47, 460
47, 197 47, 804
47, 583 48, 343
3,096
3,096
3,056
2,978
3,090
1
1
1
1
1
491
586
326
808
931
393
513 1 380
509 1 071
Oct. 1 . . . .
Oct. 8 . . . .
Oct. 1 5 . . . .
Oct. 2 2 . . . .
Oct. 2 9 . . . .
12
12
12
12
12
383
477
571
421
309
743
790
800
800
816
2,370
2,439
2,672
2,429
2,352
47, 056 47, 330
46, 767 46, 838
46, 927 48, 892
47 467 47, 974
47, 771 47, 988
3,076
2,925
2,954
2,908
3,027
1
1
1
1
1
685
398
570
412
499
1
1
1
1
Nov.
Nov.
Nov.
Nov.
5....
12....
19
26....
12
12
12
12
429
180
417
458
774
872
817
800
2,402
2,483
2,461
2,326
47
47
47
47
452 47, 766
275 48 696
622 48 449
982 48 460
3,129
3,060
3,028
3,141
1
1
1
1
449
512
430
645
1
1
1
1
Dec.
Dec.
Dec.
Dec.
3....
10....
17....
24... .
12
12
12
12
413
489
857
700
818
882
896
815
2,334
2,363
2,533
2,387
48
48
49
48
247 48
570 48
160 50
876 49
379
966
216
446
3,146
3,106
3,122
3,119
1 800
1 404
1 813
1 ,523
New York City
1946—November..
4 079
131
40 16 012 16 445
322
780
1947—July . . . .
August. . . .
September .
October
November..
4
4
4
4
4
098
117
233
315
244
124
122
128
130
143
35
32
37
39
43
16
15
16
15
15
224
955
038
834
849
16
16
16
16
16
651
325
503
390
476
231
220
210
241
326
827
692
714
810
771
134
203
232
481
368
Oct. 1 . . .
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
4 260
4 ,318
4 ,415
4 ,313
4 ,270
120
130
133
132
137
36
33
41
47
38
15
15
15
15
16
917
678
536
961
077
16
16
16
16
16
390
076
530
431
523
265
226
213
229
272
943
746
862
694
804
Nov.
Nov.
Nov.
Nov.
5...
12...
19...
26...
4 ,241
4 ,123
4 ,284
4 ,330
138
155
133
147
39
39
51
42
15 778
15 709
15 889
16 ,02(
16 334
16 408
16 514
16 ,647
364
325
306
308
Dec.
Dec.
Dec.
Dec.
3...
10...
17...
24. ..
4 ,351
4 ,353
4 ,504
4 ,357
139
153
157
141
42
38
42
43
16 ,264
16 ,275
16 ,445
16 ,408
16 ,771
16 ,912
17 310
17 ,010
Outside
New York City
1946—November.
7 ,612
644
2,308
30
1947—July
August. . .
September
October...
November.
7 ,694
7 ,835
8 ,024
8 ,117
8 ,127
638
631
68
660
673
2,273
2,263
2,333
2,413
2,375
30 ,666
30 ,862
31 ,238
31 ,363
31 ,734
30 ,143
30 ,307
30 ,957
31 ,414
31 ,867
2,865
2,876
2,846
2,737
2,764
664
634
679
703
738
12 ,710
12 ,729
12 ,763
12 ,791
12 ,791
Oct. 1 . . .
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
8 ,123
8 ,159
8 ,156
8 ,108
8 ,039
623
660
66
668
679
2,334
2,406
2,63
2,382
2,314
31 ,139
31 ,089
31 ,39
31 ,506
31 ,694
30 ,940
30 ,762
32 ,362
31 ,543
31 ,465
2,811
2,699
2,741
2,679
2,755
Nov.
Nov.
Nov.
Nov.
5...
12...
19...
26...
8 ,188
8 ,057
8 ,133
8 ,128
636
71
684
653
2,363
2,444
2,410
2,284
31 ,674
31 ,566
31 ,733
31 ,962
31 ,432
32 ,288
31 ,935
31 ,813
Dec.
Dec.
Dec.
Dec.
3...
10...
17...
24. ..
8 ,062
8 ,136
8 ,353
8 ,343
679
729
739
674
2,292
2,325
2,49
2,344
31 ,983
32 ,295
32 ,715
32 ,468
31 ,608
32 ,054
32 ,906
32 ,436
r
1
2
3
30
Interbank
deposits
IndividU. S.
Demand
uals, states
and GovU. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Dodivi- Postal
cor- sions
Sav- mes- Foreign
poraings
tic
tions
TotalLeading Cities
1946—November..
,326
In millions of dollars]
Time
Borowngs
Cap- Bank
ital
deb-2
acounts its
3 , 604
230
76
9 , 841
,364
55
267
5,644
7 7 , 416
4, 058
4, 080
4, 134
4, 167
4, 144
327
332
333
328
327
79
80
84
83
81
9, 153
9, 274
9, 696
9, 978
9, 905
,339
,374
,431
,410
,380
46
38
36
38
38
138
222
203
231
338
5,740
5,766
5,783
5,810
5,836
81, 551
76, 051
81, 583
90, 187
85, 152
561
652
344
372
969
14, 151
14, 166
14, 174
14 169
14 175
328
328
327
327
327
82
84
83
83
82
9, 728
0, 034
0 437
0 029
9 664
,412
,417
,405
,400
,414
38
38
38
39
39
239
234
216
98
368
5,804
5,812
5,808
5,807
5,820
22, 137
18, 918
18, 070
22, 339
20, 394
095
105
036
048
14
14
14
14
169
162
147
096
324
332
329
323
79
81
81
81
0
0
10
9
005
002
090
526
,391
1,374
,377
1,378
38 277
38 426
38 201
39 ••447
5,843
5,846
5,831
5,825
20, 331
17, 997
23, 702
21, 762
741
717
461
544
14
14
14
14
069
061
055
090
328
335
341
333
81
80
80
79
9
9
10
9
702
673
190
792
1,378
1,374
1,388
1,357
39
41
38
38
303
345
156
298
5,842
5,832
5,830
5,825
20, 346
20, 509
24, 912
23, 688
1 325
28
7
2 951
1,204
23
109
2,157
31 379
1
1
1
1
1
348
351
371
376
353
15
16
15
15
22
12
12
12
12
12
2
2
3
3
3
908
859
000
047
003
1,194
1,222
1,276
1,257
1,229
20
12
11
13
13
65
123
133
142
161
2,181
2,190
2,189
2,195
2,207
33
29
31
35
33
026
025
605
162
531
541
578
479
479
329
1
1
1
1
1
379
377
380
366
376
15
15
15
15
14
12
12
12
12
12
3 014
3 045
3 182
3 ,088
2 ,907
1,262
1,264
1,253
1,245
1,259
13
13
13
14
13
183 2,195
213 2,197
142 2,197
2,194
170 2,193
9
7
6
8
8
119
436
777
497
301
743
764
669
908
381
380
354
356
1
1
1
1
363
357
355
339
15
25
25
25
12
12
12
12
3 ,024
2 ,995
3 ,087
2 ,907
1,239
1,223
1,227
1,225
13
13
13
13
164
210
59
213
2,210
2,209
2,206
2,202
7
7
9
8
893
010
329
628
286
273
237
238
1 ,041
671
1 ,048
804
243
241
134
163
1 ,336
1 ,333
1 336
1 ,341
23
23
23
13
12
12
12
12
2 ,947
2 ,911
3 ,226
3 ,037
1,227
1,231
1,243
1,203
14
14
11
11
101
158
55
168
2,205 8 257
2,200 8 631
2,201 10 959
2,197 9 ,430
,426 2,457
665
202
69
6
,890
160
32
158
3,487
312
316
318
313
305
67
68
72
71
69
6 ,245
6 ,415
6 ,696
6 ,931
6 ,902
145
152
155
153
151
26
26
25
25
25
73
99
70
89
177
3,559
3,576
3,594
3,615
3,629
48 ,525
47 ,026
49 ,978
55 ,025
51 ,621
742 1 ,020 12 ,772
652 1 ,074 12 ,789
708
865 12 ,794
718
893 12 ,803
695
640 12 ,799
313
313
312
312
313
70
72
7
7
70
6 ,714
6 ,989
7 ,255
6 ,94
6 ,757
150
153
152
155
155
25
25
25
25
26
56
2
74
94
198
3,609
3,615
3,61
3,613
3,62
13 ,018
11 ,482
11 ,293
13 ,842
12 ,093
2,765
2,735
2,722
2,833
706
748
761
737
714
725
682
692
12 ,806
12 ,805
12 ,792
12 ,75
309
30
304
298
67
69
69
69
6 ,98
7 ,007
7 ,003
6 ,619
152
15
150
153
25 113
25 21
25 14
26 '23
3,633
3,63
3,62
3,62
12 ,438
10 ,987
14 ,373
13 ,134
2,860
2,833
2,885
2,88
759
733
765
719
498
476
32
38
12 ,733
12 ,728
12 ,719
12 ,74
305
312
318
320
69
68
68
6
6 ,75.
6 ,762
6 ,964
6 ,755
15
143
14
15
25
2
2
•2
3,63
3,63
3,62
3,62
12 ,089
11 ,878
13 ,953
14 ,258
3 , 689
1 252
2
,437
452
605
699
899
703
12
,279
20
18
10
13
346
,037
Revised.
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.
Bank debit figures for July 3-Dec. 31, 1946, as published on pages 879 and 883 of the BULLETIN for July 1947 have been revised and will
be furnished upon request.
JANUARY
1948
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Total
loans
and
invest- Total
ments
Boston
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
New York*
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Philadelphia
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Cleveland
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Richmond
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Atlanta
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Chicago*
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
St. Louis
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Minneapolis
Nov. 26
Dec. 3
Dec. 10
Dec. 17
-Dec. 24
Kansas City
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dallas
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
San Francisco
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
City of Chicago*
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Commercial,
industrial,
and
agricultural
For purchasing
or carrying securities
U. S. Government obligations
To brokers
and dealers
T o others Real Loans
estate to Other
Total
loans banks loans
U.S. Other U.S. Other
Govt. se- Govt. seobobliga- curi- liga- curities
tions ties tions
867
866
863
891
878
1,053
1,047
1,051
1,082
1,113
688
692
696
711
736
28
18
17
22
18
083
118
113
296
359
7,876
7,963
7,979
8,051
8,143
5,581
5,623
5,647
5,701
5,756
561
544
554
559
585
855
855
865
869
872
336
323
336
314
310
Total
Bills
Certificates
of indebtedness
Other
secuNotes Bonds rities
1
1,814
1,819
1,812
1,809
1,765
1,718
1,726
1,721
1,720
1,677
15
12
22
24
32
177
164
159
183
158
69
103
108
117
115
1,457
1,447
1,432
1,396
1,372
96
93
91
89
880 14,207
883 14,155
14,134
890 14,245
877 14,216
12,856
12,785
12,766
12,893
12,859
480
444
518
712
711
643
535
544
542
558
385
584
546
531
500
11,348
11,222
11,158
11,108
11,090
1,351
1,370
1,368
1,352
1,357
229
228
231
234
234
1,706
1,689
1,689
1,690
1,713
1,437
1,421
1,421
1,425
1,444
33
23
29
41
53
113
97
103
107
119
55
88
79
79
79
1,236
1,213
1,210
1,198
1,193
269
26&
268265
269*
31
30
29
2
1
'219
219
220
221
2,898
2,876
2,884
2,875
2,860
2,577
2,557
2,565
2,556
2,540
30
24
31
25
21
133
112
108
110
108
90
159
174
186
182
2,324
2,262
2,252
2,235
2,229
321
319
319
319
320
165
166
168
168
170
3
3
3
3
2
174
175
176
176
177
1,841
1,824
1,812
1,795
1,769
1,722
,705
,693
,676
,649
27
27
24
21
17
184
169
163
163
149
87
119
119
109
109
1,424
1,390
1,387
1,383
1,374
119
119
119
119
120
37
37
37
37
37
65
65
67
67
66
5
5
5
5
5
167
174
174
177
181
1,570
1,562
1,560
1,558
1,541
,378
,371
,369
,368
,354
13
11
13
15
12
211
193
190
194
188
117
136
138
149
151
1,037
1,031
1,028
1,010
1,003
42
40
37
35
38
67
67
67
68
70
304
304
306
307
309
3
2
4
4
350
350
353
352
358
6,127
6,146
6,144
6,200
6,143
5,539
5,552
5,549
5,601
5,545
161
170
182
252
214
578
457
448
448
453
306
533
521
529
511
4,494
4,392
4,398
4,372
4,367
192
191
191
190
187
588.
594
595
599
598
594
601
613
629
624
26
27
26
27
27
18
18
18
18
18
139
140
140
141
142
3
5
4
3
2
174
178
181
180
182
1,233
1,225
1,210
1,212
1,182
1,084
1,077
1,067
1,066
1,036
23
23
23
22
13
114
79
80
87
81
98
124
127
118
113
849
851
837
839
829
149
148
143
146
146
417
414
413
412
416
254
253
252
252
253
13
11
10
•10
12
5
5
5
5
5
53
54
54
54
54
90
89
90
89
89
791
779
779
776
769
723
710
709
706
699
17
11
9
9
10
39
35
36
39
39
64
67
68
67
66
603
597
596
591
584
68
69
70
7G
70
493
445
450
455
435
791
790
793
800
802
525
524
526
530
530
18
18
17
17
16
11
11
11
11
11
106
106
107
108
109
127
127
128
130
132
1,702
1,655
1,657
1,655
1,633
1,504
1,456
1,456
1,455
1,434
86
47
58
57
65
286
255
243
245
238
154
207
209
209
205
978
947
946
944
926
199
201
200
199
289
294
307
307
273
998
1,005
1,009
1,018
1,007
697
703
707
716
702
31
30
29
28
29
39
38
38
39
38
76
75
76
76
76
147
151
152
153
155
1,291
1,289
1,298
1,289
1,266
1,177
1,177
1,187
1,177
1,152
33
34
41
37
23
193
173
173
168
164
99
124
127
128
121
852
846
846
844
844
114
112
200
230
308
299
,280
4,437
4,451
4,490
4,536
4,554
1,906
1,915
1,948
1,972
1,975
44
44
45
43
43
41
41
39
39
40
1,787
1,792
1,806
1,815
,823
625
629
621
632
634
6,763
6,779
6,818
6,763
6,726
6,009
6,023
6,061
6,010
5,977
103
122
160
152
128
1,122
1,022
1,025
1,003
1,008
473
603
626
625
4,311
4,276
4,250
4,230
4,222
754
756
757
753
749
565
599
597
656
,63
1,849
1,844
1,850
1,834
1,877
1,427
1,442
1,444
1,443
1,454
27
26
23
22
25
58
58
58
59
61
70
70
70
70
71
183
183
185
184
193
3,716
3,755
3,74
3,82
3,758
3,302
3,341
3,334
3,404
3,342
92
135
130
204
14:
405
322
318
320
324
197
348
336
342
336
2,608
2,536
2,550
2,538
2,540
414
16
17
18
18
18
18
18
15
16
16
17
16
113
113
113
114
113
8
6
6
5
16
341
383
343
254
323
337
313
282
494
473
83
88
77
76
72
207
230
232
209
210
274
272
273
276
280
173
171
236
151
152
500
497
506
509
511
5
5
5
4
4
22
22
22
23
22
10
9
9
9
9
11
11
11
11
11
77
77
77
77
77
1
6
4
2
4
1,438
1,447
1,452
1,439
1,450
••833
841
845
860
873
26
25
24
26
26
16
15
14
15
14
78
79
81
75
75
14
14
13
14
13
221
224
226
226
227
620
607
601
592
567
779
783
789
797
798
375
377
381
390
390
6
6
6
6
6
33
33
33
32
32
22
23
22
22
21
381
381
388
393
389
811
819
828
835
848
494
494
502
509
518
6
7
7
7
37
37
36
33
33
2,683 1,830
2,679 1,848
2,685 1,848
2,674 1,850
2,715 1,861
194
201
199
217
186
961
976
989
1,005
1,004
208
193
192
188
185
,810
,825
,829
,874
,858
175
176
177
179
179
88.
HI
112
114
414
413
4 18
4I6
r
1
Revised.
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures
or the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
72
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
Bostonr
Nov. 26
i Dec." 3
Dec.|10
Dec. 17
Dec. 24
New York*
S Nov. 26
>Dec.| 3
[ Dec. 10
Dec. 17
Dec. 24
Philadelphia
Nov. 26
Dec. 3
;)Dec. 10
' Dec. 17
Dec. 24
Cleveland
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Richmond
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Atlanta
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Chicago*
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
St. Louis
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Minneapolis
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Kansas City
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dallas
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
San Francisco
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
City of Chicago*
Nov.
Dec.
Dec.
Dec.
Dec.
26
3
10
17
24
Reserves
with Cash
Fed- in
eral vault
Reserve
Banks
IndiBal- De- Individ- States
ances mand vid- States Certiuals,
with de- uals, and
fied U.S. part- and
do- posits part- polit- and
ner- politmestic ad- 1 nerical
ical
offi- Govbanks justed ships, subern- ships, subcers' ment
and diviand divi- checks,
corcorpora- sions
pora- sions etc.
tions
tions
515
505
507
526
529
54
64
68
71
62
111
111
113
135
121
2,383
2,398
2,420
2,473
2,442
2,353
2,373
2,397
2,493
2,457
,595
,643
,624
,802
,651
190
187
204
209
184
130
139
134
150
144
17,476
17,742
17,741
17,972
17,924
17,964
18,088
18,242
18,697
18,380
487
490
473
504
503
43
49
53
53
42
96
109
96
124
107
763
781
775
825
803
77
85
92
97
92
508
498
508
506
510
Interbank
deposits
Demand
U.S.
Bor- Cap- Bank
Govrow- ital
ernac- debings counts
its'
ment
Time
Doand
Postal mes- Fortic
Savings
47
45
48
54
51
491
491
491
490
490
290
286
280
316
304
19
20
19
18
20
18
15
11
4
4
526
955
509 1,090
714
482
452 1,099
454
851
388 2,156
266 2,149
261 2,145
147 2,149
178 2,165
2,970
3,015
2,975
3,292
3,107
1,228
1,230
1,233
1,246
1,206
232
124
179
67
176
2,390
2,394
2,389
2,389
2,385
9,161
8,716
9,145
11,536
10,041
183
166
158
148
137
95
88
87
85
92
38
30
39
36
38
383
381
381
379
377
340
348
341
372
349
11
12
11
11
11
24
10
9
1
9
302
304
303
302
301
803
727
752
885
902
163
170
172
193
169
2,097
2,111
2,106
2,152
2,176 2,261
3,016 3,136
3,062 3,116
3,086 3,165
3,120 3,261
3,052 3,179
153
151
141
153
152
57
69
51
55
57
1,274
1,269
1,272
1,273
1,276
464
478
472
512
495
6
6
5
5
6
23
10
13
2
24
468
469
466
467
467
1,282
1,118
1,034
1,298
1,432
62
65
70
69
62
189
165
182
186
179
2,090
2,080
2,098
2,091
2,067
186
178
174
179
175
47
51
59
53
42
591
586
585
584
584
417
429
430
444
420
6
7
4
5
5
208
208
210
211
211
673
747
679
799
768
448
446
467
486
462
45
42
46
46
43
165
178
185
198
179
,768
,771
,791
,827
,784
278
276
281
278
283
26
25
27
33
26
539
538
536
536
536
504
520
543
551
542
176
177
176
175
175
661
627
644
753
807
,665
,643
,660
,678
,684
102
107
110
114
107
394
388
394
400
392
6,192
6,183
6,218
6,282
6,269
6,146
6,100
6,152
6,310
6,299
•557
574
543
542
523
103
98
105
113
100
166 2,363
118 2,367
125 2,366
86 2,360
99 2,365
1,496
1,552
1,539
1,578
1,541
665
668
667
666
3,044
2,756
2,716
3,223
3,354
398
397
423
415
419
28
29
33
32
29
129
121
120
125
122
1,367
1,364
1,393
1,403
1,378
1,469
1,449
1,500
1,546
1,517
93
98
99
99
100
27
28
24
23
20
43
31
27
16
21
458
458
456
456
457
679
687
705
718
704
168
169
168
169
169
668
646
607
702
700
236
231
214
227
242
13
12
13
13
13
91
107
96
93
832
822
821
820
847
817
809
806
812
827
123
123
128
126
134
12
16
12
12
12
26
18
15
10
11
247
247
248
248
248
342
341
343
337
327
98
98
98
98
98
406
386
401
423
400
528
486
514
543
537
29
27
32
30
29
292
284
292
308
298
1,823
1,724
1,816
1,849
1,833
1,842
1,747
1,833
1,893
1,864
195
195
200
200
209
30
33
31
33
30
39
29
25
20
20
378
377
377
376
376
4
4
4
4
4
895
896
879
892
876
183
183
183
183
183
833
799
699
831
814
497
496
507
488
501
33
33
35
35
33
274
273
267
297
289
1,882
1,862
1,875
1,894
1,883
1,835
1,810
1,848
1,903
1,875
200
206
190
181
179
34
30
31
36
36
28
22
20
16
20
339
339
339
338
339
29
31
31
35
35
646
667
672
667
646
185
185
184
183
184
686
573
592
730
759
,818
,797
,817
,857
,859
124
118
126
127
119
295
305
301
321
294
7,056
7,128
7,205
7,277
7,221
6,974
6,953
7,031
7,151
7,017
552
582
623
679
681
269
285
263
266
260
121 4,877
88 4,867
86 4,865
59 4,866
65 4,877
119
119
125
128
139
483
483
494
511
481
674
674
673
672
2,609
2,467
2,471
2,758
2,686
,106
,086
,105
,131
,146
42
41
40
45
46
189
195
185
205
192
4,010
4,034
4,040
4,131
4,117
4,068
4,063
4,083
4,224
4,196
304
314
299
303
288
51
49
55
56
54
,167
,169
,171
,173
,178
37
37
37
37
38
1,113
1,146
1,140
1,177
1,145
449
451
451
449
449
2,042
1,824
1,836
2 151
2,144
r
1
1
2,072
2,054
2,078
2,104
2,077
Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
JANUARY
936
314
313
784
314
769
314
974
314 1,025
1948
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Accepting banks
Total
1946
October
November
December
1947
January
February
March
April
May
June
July
August
September. . . .
October
November
Based on
Held by
Commercial
End of month
paper
out- 1 Total
outstanding standing
Own
bills
Bills
bought
Federal
Reserve
Banks
(For own
account)
Others
Imports
into
United
States
Exports Dollar
from
exUnited change
States '
202
227
228
204
208
227
154
155
169
71
73
74
82
82
94
50
54
58
154
152
162
18
23
29
236
243
266
256
250
234
244
244
242
283
287
241
230
228
215
189
183
187
206
219
237
245
183
171
170
154
130
132
148
158
168
180
188
85
76
75
71
67
69
75
71
83
83
76
98
95
95
83
63
63
74
87
85
97
112
58
59
58
61
59
50
39
48
47
55
56
172
164
158
140
118
111
115
133
140
144
147
35
35
36
42
45
46
45
47
42
54
61
4
2
Goods stored in or
shipped between
points in
United
States
1
1
(2)
8
i
i
2
4
3
1
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
Foreign
countries
23
26
29
8
6
7
27
24
27
25
21
20
21
20
24
23
25
8
7
7
8
5
6
7
6
11
10
9
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Customers'
debit
balances
(net)i
Debit
Debit
balances in balances in
^ partners'
firm
investment investment
and trading and trading
accounts
accounts
Credit balances
Customers'
credit balances1
Cash o n
hand
a n d in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1939—June
December...
1940—June
December...
834
906
653
677
25
16
12
12
73
78
58
99
178
207
223
204
570
637
376
427
230
266
267
281
70
69
62
54
21
23
22
22
6
7
5
5
280
277
269
247
1941—June
December...
1942—June
December.:.
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
616
600
496
543
761
788
887
1,041
1,223
1,138
809
537
11
8
9
7
9
11
5
7
11
12
7
5
89
86
86
154
190
188
253
260
333
186
211
180
160
167
181
196
209
220
313
370
453
395
368
309
378
529
557
619
726
853
795
498
217
255
289
240
270
334
354
424
472
549
654
651
693
65
63
56
54
66
65
95
96
121
112
120
118
17
17
16
15
15
14
15
18
14
29
24
30
7
5
4
4
7
5
11
8
13
13
17
10
222
213
189
182
212
198
216
227
264
299
314
289
1947—January....
February. . .
March
April
May
June
July
August.....
September. .
October
November. .
»533
3 573
3 576
8 553
8 530
552
8 564
•550
8 570
8 606
8 593
395
8210
8217
8216
3 205
3 201
222
3 251
»241
3 280
••3 257
3 247
»687
8 681
8 677
8 665
8 652
650
3 677
8 656
8 630
3616
3617
162
24
9
271
6
4P13
399
311
333
' Revised.
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
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): September, 78; October, 79; November, 76.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which thefiguresare derived and reported, distinguishes the table from a "statement offinancialcondition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—SeeBanking and Monetary Statistics, Table 143, pp. 501-502, for monthlyfiguresprior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
74
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
u. s Government
security yields
Stock
Prime
exPrime
com- bank- change
9-to 12call
mercial ers'
month
paper, accept- loan
to 53certifi- 3-year
ances,
re4- to 6month cates taxable
90 1
new-2
months 1 days
bills 3 of in- issues
als
debtedness
1945 average
1946 average
1947 average
1.03
.44
.61
.87
1946 December..
1.00
.81
1.38
.375
.85
1.30
1947—January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
1.00
1.00
1.00
1.00
L.00
1.00
.81
.81
.81
.81
.81
.81
81
.88
.94
.94
.94
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
.376
.376
.376
.376
.376
.376
.703
.748
.804
.857
.932
.950
.84
.85
.82
.83
.85
.85
85
.85
.87
.97
.99
1.04
1.26
1.26
1.24
1.24
1.27
1.29
1.33
1.31
1.28
1.35
1.47
1.54
1M-1K
.944
.948
.949
.951
.952
1.01
1.04
1.04
1.03
1.04
1.49
1.49
1.48
M.55
1.61
Week ending:
Nov. 29. .
Dec. 6. . .
Dec. 13. . .
Dec. 20. . .
Dec. 27. . .
.75
.81
LOO
LOO
L06
1.06
.06
L19
IK
1M
1M
1M
1M
1.03
15
/IB
1.00
1.16
1.38
1-lVit 1%-iX
lViB
lVie
ix
lVie
IX
.375
.375
.604
1.18
1.16
1.32
.81
.82
.88
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
pers cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
1
Beginning Dec. 16, comprises 2% Sept. 1951-53, 2% Dec. 1951-55,
and 2)4% Mar. 1952-54 bonds.
Back figures.—See Banking and Monetary Statistics. Tables 120-121'
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
[Per cent per annum]
Total
19 cities
New
York
City
7 other
Northern and
Kastern
cities
11 Southern and
Western
cities
1938 average 1 . . .
1939 average.. . .
1940 average.. . .
1941 average.. . .
1942 average.. . .
1943 average.. . .
1944 average.. . .
1945 average.. . .
1946 average.. .
1947 average.. . .
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
1943—December
2.65
1944—March. . .
June
September
December.
2.10
2.76
3.17
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
2.91
2.80
2.81
2.38
1945—March. . .
June
September
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
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
1947—March. . .
June
September
December.
2.31
2.38
2.21
2.22
1.82
1.83
1.77
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
Corporate (Moody's) 4
Municipal
(highgrade) 2
Corporate
(highgrade) s
7 to 9
years
15
years
and
over
1945 average
1946 average....
1947 average....
1.60
1.45
1.58
2.37
2.19
2.25
1.67
1.64
2.01
2.54
2.44
2.57
1946—December
1.60
2.24
1.97
2.55
1947—January..
February.
March. . .
April
May
June
July
August...
September
October. ..
November
December.
1.56
1.54
1.52
1.53
1.53
1.56
1.57
1.54
1.53
1.58
1.72
1.81
2.21
2.21
2.19
2.19
2.19
.22
2.25
2.24
2.24
2.27
2.36
2.39
1.92
1.99
2.02
1.98
1.95
1.92
1.91
1.93
1.92
2.02
2.18
2.35
2.48
2.48
2.49
2.49
2.49
2.50
2.51
2.51
2.57
2.68
2.75
2.86
Aa
Number of issues
By groups
By ratings
Total
Baa
Industrial
Railroad
Public
utility
120
30
30
30
30
40
2.87
2.74
2.86
2.62
2.53
2.61
2.71
2.62
2.70
2.87
2.75
2.87
3.29
3.05
3.24
2.68
2.60
2.67
3.06
2.91
3.11
2.89
2.71
2.78
2.61
2.69
2.83
3.17
2.66
3.04
2.77
2.57
2.55
2.55
2.53
2.53
2.55
2.55
2.56
2.65
2.64
2.64
2.63
2.63
2.64
2.64
2.64
2.69
2.79
2.85
2.94
2.79
2.79
2.80
2.81
2.82
2.83
2.82
2.81
2.86
2.95
3.01
3.16
3.13
3.12
3..15
3..16
3.17
3.21
3.18
3.17
3.23
3.35
3.44
3.52
2.63
2.61
2.61
2.60
2.60
3.00
3.00
3.02
3.03
3.05
3.10
3.06
3.03
3.09
3.22
3.30
3.42
2.73
2.72
2.73
2.71
2.71
2.72
2.72
2.72
2.78
2.87
.93
3.02
2.79
2.80
2.80
2.85
2.95
3.02
3.12
61
2.70
2.77
2.86
.60
2.62
2.63
2.67
2.76
2.84
2.92
Week ending:
Nov. 2 9 . . .
Dec. 6 . . .
Dec. 13. . .
Dec. 20. ..
Dec. 2 7 . . .
, u, auu o wauca, itBptv.uvti,y,
;s 128-129, pp. 468-474, and BULLET INS for May 1945, pp. 483-490, and October
JANUARY 1948
SECURITY MARKETS 1
Stock prices6
Bond prices
Corporate 4
Year, month, or week
U. S.
Government 2
Municipal
(highgrade) 3 Highgrade
Medium- and lower-grade
Total
Industrial
Railroad
Preferred7
DePublic faulted
utility
15
15
1945 average
1946 average
1947 average
102.04 139.6
104.77 140.1
103.76 132.8
122.1
123.4
121.5
117.9
118.5
115.2
122.2
123.6
122.4
115.1
117.0
109.9
116.3
114.9
113.3
1946—December
103.87
133.4
121.5
115.9
123.0
112.9
1947—January
February
March
April
May
June
July
August
September
October
November
December
104.32
104.35
104.61
104.57
104.48
104.08
103.75
103.89
103.95
103.44
102.11
101.59
134.4
133.1
132.5
133.2
133.9
134.4
134.7
134.3
134.4
132.5
129 A
126.2
122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
116.3
116.8
116.6
116.5
115.0
114.3
115.7
116.1
115.1
114.0
113.3
112.5
123.5
123.7
123.7
123.5
123.2
122.6
122.8
123.9
121.9
120.8
120.0
119.1
114.3
114.3
113.6
113.2
109.2
107.3
110.5
110.4
109.3
106.9
105.1
104.6
Week ending:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
101.88
101.86
101.86
101.86
101.28
128.1
127.7
126.6
126.2
126.2
117.8
117.0
116.8
117.2
117.0
113.0
112.9
112.7
112.6
112.3
119.7
119.6
119.2
119.3
118.9
104.7
104.6
104.5
105.0
104.4
Number of issues
1-8
Common (index, 1935-39=100) Volume
of trading8 (in
thousands of
Public shares)
RailIndusTotal
trial
road
utility
15
402
354
75.4
76.7
5 67.1
189.1
198.5
184.7
122
140
123
123
143
128
137
143
105
106
120
103
1,443
1,390
953
111.9
67.7
186.2
126
129
119
110
1,320
111.2
112.4
112.5
112.7
112.5
113.0
113.8
113.9
114.1
114.3
114.7
113.9
68.3
69.3
66.0
64.0
61.9
63.4
69.6
69.6
68.6
69.4
68.1
187.3
189.0
188.1
186.5
186.2
186.2
188.4
188.7
188.3
181.2
174.5
172.1
125
129
124
119
115
119
126
125
123
125
124
122
129
133
128
123
119
124
132
130
128
131
130
129
115
119
110
102
95
98
108
105
104
104
100
104
111
111
107
105
102
101
102
101
102
101
97
94
998
1,176
841
912
912
833
1,158
674
763
1,136
862
1,170
114.5
114.6
114.3
113.4
113.5
67.8
175.0
173.7
174.6
173.3
171.2
122
121
120
123
124
129
128
127
130
131
100
99
99
105
109
95
94
94
94
94
881
982
1,095
1,285
1,213
28
1
2
3
4
5
7
8
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
6
Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months.
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]
For new capital
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
.
.
Total
(new
and
refunding)
. . . 3,937
4,449
5,790
4,803
5,546
. . 2,114
2,169
4,216
. . 8,006
8,557
1946—November
December.
For refunding
Domestic
Total
(domestic
and
forTotal
eign)
2,138
2,360
2,277
1,951
2,854
1,075
642
913
1,772
4,589
2,094
2,325
2,239
1,948
2,852
1,075
640
896
1,761
4,579
659
788
498
252
635
784
347
744
3 863
317
619
712
571
659
788
487
250
614
777
332
744
619
317
619
712
571
761
993
1947—January..
636
February.
410
March....
855
April
885
May
699
June
1,033
July
31,033
August. . .
508
September
783
October.. .
813
November
705
State
and
municipal
Federal
agen-1
cies Total
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
15
471
26
952
121
69
119
215
97
293
402
106
212
124
185
277
114
101
21
34
12
"15'
15
12
8
85
Domestic
Corporate
Foreign2
Bonds
and Stocks
notes
1,225
817
408
873 807
67
383 287
97
736 601
135
1,062
889
173
624 506
118
374 282
92
646 422
224
1,264
607
657
3,506 2,038 1,468
590
669
444
544
145
125
252
118
310
376
211
517
483
123
256
598
470
208
75
265
240
79
434
309
113
173
409
336
44
44
44
136
132
83
174
10
84
189
134
44
35
38
2
1
2
17
12
10
10
2
21
7
15
Total
(domestic
and
forTotal
eign)
State
and
municipal
Federal
agen-1
cies Total
Corporate
Bonds
and Stocks
notes
1,799
2,089
3,513
2,852
2,693
1,039
1,527
3,303
6,234
3,968
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,863
102
205
102
190
2
50
13
34
86
105
68
79
139
158
220
101
352
290
170
191
165
101
134
135
56
191
96
352
252
170
191
165
101
134
11
1
2
3
1
2
11
3
5'
2
22
24
50
20
33
38
40
40
42
20
48
103
31
140
73
317
211
118
147
122
76
84
84
8
136
39
227
162
107
140
113
51
78
191
281
129
665
195 1,537
482
344
435
698
181
440
259
497
404
418
324
912
208
741
Foreign2
1,209
856
1,267 1,236
1,733 1,596
2,026 1,834
1,557 1,430
418
407
685
603
2,466 2,178
4,937 4,281
2,914 2,313
352
31
137
193
126
11
82
288
656
601
119
28
48
4
86
15
61
105
19
15
27
4
18
22 101
4
29
34
5
91
48 ' 38
11
7
9
25
6
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
3
76
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds* proceeds*
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Retirement of securities
New money
Plant and Working
equipment capital
Repayment
Other
of
purposes
Bonds and Preferred other debt
stock
notes
Total
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,887
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,744
57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
32
111
380
574
504
170
424
661
287
141
252
638
2,115
26
96
478
417
177
155
145
207
187
167
405
442
1,164
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,855
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,379
71
226
190
87
59
128
100
30
72
351
438
476
84
170
154
111
215
69
174
144
138
73
49
134
379
11
23
49
36
7
26
19
28
35
27
47
133
231
1946—November
December
621
905
610
894
510
711
184
139
79
136
72
119
7
17
8
35
13
12
1947—January
February
March
April
May
June
July...
August
September
October
November
322
265
450
449
446
738
601
248
441
622
561
316
260
442
441
437
727
588
245
434
612
547
183
205
285
254
180
498
435
118
244
510
425
326
572
138
105
153
101
109
426
370
99
179
388
354
45
101
132
153
71
72
64
19
65
122
71
120
34
121
85
232
207
112
104
154
33
81
81
18
110
80
198
164
103
102
154
15
74
38
16
11
5
34
43
9
3
1
18
7
11
15
31
98
19
15
17
16
9
45
22
2
5
5
3
7
6
24
6
26
24
18
.. .
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Rai road
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
21
57
139
228
24
85
115
253
558
110
30
97
186
108
47
160
602
15
114
500
18
47
18
35
1947—January....
February...
March
April
May.. ..
33
8
12
17
37
28
28
23
5
35
37
28
7
9
17
15
28
22
23
4
31
37
31
10
77
1
18
130
1,250
1,987
751
1,208
1,246
1,180
L.340
11
30
77
42
30
63
89
180
43
245
317
1,190
1,897
611
943
1,157
922
993
464
469
145
22
40
69
785
1,343
2,159
1,252
292
423
27
25
17
63
93
27
50
86
47
13
30
559
3
1,400
2 291
2,129
10
2
53
510
21
417
28
84
3
9
43
67
332
93
225
536
307
140
306
303
277
14
47
223
30
31
353
234
28
157
280
245
26
18
107
61
179
181
68
95
136
8
31
3
2
2
2
16
2
4
16
13
16
1
1,320
5
2
1
•cs
691
1946—November..
December..
1,436
August
September..
October . . .
November.
120
54
774
338
54
182
319
361
32
46
102
115
129
June
July
Other
Retire- All
Total
Retire- All Total
Retire- All Total
Retire- All Total
New ment of other
New ment of other net
net
New ment of other net
New ment of other net
pro- money securi- pur-4 pro- money securi- pur- 4 pro- money securi- pur-4 pro- money securi- pur- 4
poses
ties
poses ceeds
ceeds
ties
ties poses ceeds
ties poses ceeds
172
120
. ...
Indu strial
22
6
2
4
62
774
25
74
34
550
439
616
469
188
167
244
761
373
226
353
738
463
2
150
20
122
80
90
136
43
56
121
390
71
16
102
155
94
504
1,033
454
I 969
811 1,010
3,601 2,201
981
293
228
89
199
146
71
76
148
419
4
21
107
206
323
465
206
48
30
15
34
11
66
136
94
52
204
129
96
175
65
45
193
129
84
8
5
24
26
26
43
9
13
20
49
9
16
33
99
10
19
21
6
13
45
35
11
66
9
3
10
21
14
2
51
16
21
1,280
1,079
831
584
961
828
527
497
528
270
229
119
90
328
165
141
239
79
71
259
213
46
218
57
8
9
42
55
72
19
4
20
7
152
7
7
88
9
18
1
5
104
21
4
42
65
64
4
3
56
95
5
53
2
12
3
5
58
1
3
5
21
3
2
38
7
15
5
6
8
2
4
13
61
85
164
2
1
5
1
1
10
4
9
8
1
5
1
1
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
» Estimated net
proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
JANUARY
1948
77
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Dividends
Manufacturing and mining
Year or quarter
Total
1939
1940
1941
1942
1943
1944
1945
1946
..
Other
Nontrans- ferrous
MaAu- portametals
chin- tomo- tion
and
biles equip- prodery
ucts
ment
629
47
69
15
1.465
1,818
>,163
1,769
1,800
L.896
L.925
32,545
146
115
278
325
226
204
194
188
158
193
159
165
174
163
283
3 171
Number of companies.
Annual
Iron
and
steel
Quarterly
1945—i
2
68
77
223
102
242
274
209
201
222
243
173
227
182
180
190
169
130
127
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
75
49
119
70
151
98
186
133
153
138
128
115
108
88
113
90
83
88
88
148
159
151
162
175
199
112
174
152
186
220
223
194
207
164
170
187
187
45
30
Other
nondurable
goods
MiscellaNet 1
neous profits
serv-2
Pre- Comferred mon
ices
74
152
152
152
134
122
564
132
152
161
171
184
203
847
1,028
1,137
90
160
187
136
149
147
154
90
92
88
86
86
85
669
705
552
556
611
612
80
888
902
970
989
136
8 165
356
281
273
302
321
H.139
82
657
492
49
38
63
«50
31
21
45
62
48
45
250
20
142
4
508
439
485
53
37
49
42
35
47
39
3
77
46
58
•47
*36
*36
27
23
27
21
20
26
46
50
58
64
61
37
45
43
51
38
37
40
47
53
58
269
224
246
22
21
22
145
143
182
1946—i
323
22
-19
-34
21
42
20
65
56
63
62
82
116
20
146
102
* -5
•51
« 38
i 44
21
209
94
105
102
«50
*56
*51
20
23
22
177
192
190
2
3
4
604
698
3 853
97
49
32
3 61
870
870
860
126
99
98
69
83
77
1947—i
2
3
67
96
12
50
37
41
3 57
124
85
77
91
66
250
310
'415
47
46
46
50
57
58
98
64
69
90
111
122
89
87
78
96
92
93
63
71
67
426
432
436
26
41
74
93
62
77
66
67
71
77
80
93
21
20
153
149
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1945—1
2
3
4
Quarterly
Operating
revenue
Income
before
income
tax 8
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
126
249
674
1,658
2,211
1,972
756
5
Net
income1
93
189
500
902
873
667
450
273
289
430
514
Electric power 8
Telephone 7
Operating
revenue
Income
before
income
tax 8
Net
income1
Dividends
Operating
revenue
235
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
629
692
774
847
913
902
905
535
548
527
490
502
507
534
444
447
437
408
410
398
407
454
1,067
1,129
1,235
1,362
1 537
1,641
1 803
1,992
227
248
271
302
374
399
396
142
125
101
95
96
115
436
444
115
109
119
148
449
474
103
70
44
43
Dividends
126
159
186
202
217
246
246
953
645
Income
before
Net
income
income1
tax8
277
191
194
178
163
180
174
177
Dividends
175
178
172
163
168
168
173
200
171
46
45
41
44
2,277
2,422
2,230
1,973
149
199
31
68
966
909
288
230
237
-426
127
-25
28
118
888
917
205
181
1946—1
2
3
4
1,869
. . 1,703
2,047
2,008
39
-57
161
130
14
-45
128
191
56
52
41
85
970
920
936
1,002
299
221
207
226
196
151
142
156
107
110
112
125
475
497
502
519
84
75
56
62
54
53
44
49
43
43
43
42
1947—1
2,039
2,111
2,177
163
185
181
86
117
109
43
50
37
1,079
1,032
1,018
289
247
196
191
166
135
115
115
111
527
478
555
67
29
38
44
21
27
40
33
33
2
3
78
43
46
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues l
End of month
Total
gross
direct
debt
Total
interestbearing
direct
debt
Nonmarketable public issues
Certificates of Treasury Treasury Total 2
Total 2 Treasury
bonds
notes
indebtbills
edness
1940—June.
Dec..
1941—June.
Dec.
1942—June.
Dec.
1943—June.
Dec.
1944—June.
Dec..
1945—June.
Dec.
1946—June.
Dec.
42,376
42,968
44,458
45,025
48,387
48,961
57,451
57,938
71,968
72,422
108,170 107,308
136,696 135,380
165,877 164,508
201,003 199,543
230,630 228,891
258,682 256,357
278,115 275,694
269,422 268,111
259,149 257,649
34,436
35,645
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
1,302
1,310
1,603
2,002
2,508
6,627
11,864
13,072
U.734
16,428
17,041
17,037
17,039
17.033
1947—Jan...
Feb...
Mar..
Apr...
May.
June.
July..
Aug..
Sept...
Oct...
Nov. .
Dec .
259,776
261,418
259,124
257,701
258,343
258,286
259,448
260,097
259,145
259,071
258,212
256,900
258,378
258,113
255,800
254,427
254,975
255,113
256,321
257,110
256,107
256,270
255,591
254,205
176,444
175,410
172,462
170,535
169,926
168,702
168,509
168,390
167,946
167,109
166,404
165,758
17,074
17,048
17,038
16,610
16,002
15,775
15,756
15,735
15,725
15,732
15,335
15,136
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
6,383
6,178
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
26,555
27,960
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
3,166
3,444
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
2,905
3,195
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49.776
29,791
28,784
27,792
26,294
26,294
25,296
25,122
25,025
24,894
24,808
24,501
21,220
10,090
10,090
8,142
8,142
8,142
8,142
8,142
8,142
7,840
7,840
7,840
11,375
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
118,564
118,564
117,863
57,157
57,765
58,156
58,612
58,863
59,045
59,296
59,499
58,640
59,714
59,670
59,492
50,343
50,717
50,945
51,117
51,240
51,367
51,552
51,664
51,759
51,897
52,008
52,053
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
4,775
5,370
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
591
566
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
5,498
5,901
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
5,590
5,570
5,443
5,477
5,525
5,560
5,592
5,642
5,531
5,618
5,534
5,384
24,777
24,938
25,183
25,280
26,186
27,366
28,516
29,220
29,520
29,447
29,517
28,955
1,399
3,305
3,324
3,275
3,368
3,173
3,127
2,987
3,038
2,801
2,621
2,695
262
467
331
181
175
171
171
83
74
73
70
78
83
76
1 Including amounts held by Government agencies and trust funds, which aggregated 4,540 million on Nov. 30, 1947.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, Armed Forces Leave bonds, and 2}4 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 GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING DECEMBER 31, 1947
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Treasury bills l
Jan. 2, 1948.. .
Jan. 8, 1948....
Jan. 15, 1948
Jan. 22, 1948
Jan. 29, 1948
Feb. 5, 1948
Feb. 13, 1948
Feb. 19-, 1948
Feb. 26, 1948
Mar. 4, 1948
Mar. 11, 1948
Mar. 18, 1948
Mar. 25, 1948.. .
Amount
In millions
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 22 .3 3^8
Dec. 15, 1949-53
Mar. 15,1950-52. . . . 2
Sept. 15, 1950-52 2 •2;Hj
Sept. 15,1950-52. . . .2
Dec. 15, 1950
.iy2
June 15, 1951-54 1 • 2H
Sept. 15,1951-53. . . .2
Sept. 15, 1951-55 22 . . .3
Dec. 15, 1951-53 • 2M
Dec. 15, 1951-55. . . .2
Mar. 15,1952-54.. • 2 / ^
June 15,1952-54. . . .2
June 15, 1952-55.. • 2H
Dec. 15, 1952-54. . . .2
June 15, 1953-55 2 . . .2
Cert, of indebtedne 5S
June
15, 1954-56 22 .2H
Jan. 1, 1948
H 3,134
3,947 Mar. 15, 1955-60 .2Zi
Feb. 1. 1948
/8
Mar.
15,
1956-58..
2,142
Mar. 1, 1948
Sept. 15, 1956-59 2 '•2%
Apr. 1, 1948
Pi 1,321
Sept. 15,1956-59. . 2 M
June 1, 1948
%4> 1,777
2^742 June 15, 1958-63 2 .2%
July 1,' 1948 Ser. " F " 7
June
15, 1959-62 3 .2H
July 1, 1948 Ser. "G" A 1,127
July 1. 1948Ser."H" Vs 2,209 Dec. 15, 1959-62 s .2%
Dec.
15.
1960-65 2 .2%
1,354
Oct. 1, 1948 Ser."J"
June 15, 1962-67 3 .2H
Oct. 1, 1948Ser."K' 1 1,467
Dec. 15, 1963-68 3
June 15, 1964-69 3. .2^2
Dec. 15, 1964-69 3 • 2H}
Mar. 15, 1965-70 3 2 y>
Treasury notes
Sept. 15, 1948
1 y2 3,748 Mar. 15, 1966-713
• 2V2
Oct. 1, 1948
1
4,092 June 15, 1967-72 3
Jan. 1, 1949
1 y% 3,535 Sept. 15, 1967-72.. 2H
Dec. 15, 1967-72 3 '•2H
1,301
1,304
1,105
1,104
1,101
1,002
1,104
1,102
1,203
1,201
1,205
1,302
1,103
7
Treasury Bonds
Mar. 15, 1948-50*. . .2
Mar. 15, 1948-51^.2
3/
Tune 15 1948
Sept. 15, 1948 2
2%
2
2
Dec 15 1948-50
June 15, 1949-51... .'2
Sept. 15, 1949-51... .2
.2
Dec. 15, 1949-51
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
115
1,115
bonds
.2V,
1,223 Panama Canal Loan. 3
50
3 062
'451
Total direct issues. . . . 165,758
571
1,014 Guaranteed securities
1,292
Federal Housing Admin.
2,098
Various
33
1
Sold on 2discount basis. See table on Open-Market Money Rates,
p. 75.
Partially
tax exempt.
4
s Restricted.
Called for redemption on Mar. 15, 1948.
JANUARY
1948
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
Fiscal year
ending:
June—1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1946—Dec...
1947—Jan.. . .
Feb.. . .
Mar....
Apr. . . .
May...
June...
July...
Aug... .
Sept....
Oct
Nov. . .
Dec
Amount Funds received from sales3 during Redemptions and
outperiod
maturities
standing
at end of
All
All
month
Series Series Series
G
series
E
F
series
2,905 1 109
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
576
49,776
952
50,343
712
50,717
616
50,945
572
51,117
488
51,240
482
51,367
559
51,552
460
51,664
466
51,759
488
51,897
412
52,008
487
52,053
3
8
11
11
6
4
203
526
271
820
553
739
287
370
535
394
372
349
305
301
339
294
304
304
263
325
67
435
758
802
679
407
360
29
53
41
35
33
25
24
27
21
21
22
17
24
2
2
2
2
2
2
395
032
759
876
658
465
561
178
364
278
209
191
158
157
193
144
142
162
131
137
114
148
207
848
2,371
4,298
6,717
5,545
504
483
398
449
455
421
433
457
404
431
404
357
434
Maturities and amounts outstanding December 31, 1947
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
Unclassified. .
Total
All
series
Series
C-D
510
817
983
510
817
983
432
1,563
4,267
7,593
9,901
8,653
6,357
6,142
2,847
2,450
-30
52,053
2,742
Series
E
1,130
4,267
6,266
7,207
5,821
3,110
3,266
31,068
Series
F
Series
G
537
587
667
534
308
316
206
i 121
2,157
2 245
2,580
2,342
2,539
2,134
3,154
15,118
79
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Held by banks
Total
interestbearing
securities
End of month
Total
Held by nonbank investors
Com- Federal
mercial Reserve
banks * Banks
Total
1940—June
1941—June
December.
1942—June
December.
1943—June
December.
1944—June
December.
1945—June
December.
1946—June
December.
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500
2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
23,350
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395
160,130
1947—April
May
June
July
August. . .
September
October. .
254,598
255,146
255,197
256,395
257,183
256,177
256,348
93,457
92,788
91,872
91,949
91,892
2,129
91,968
71,600
70,700
70,000
70,400
69,700
69,800
69,800
21,857
22,088
21,872
21,549
22,192
22,329
22,168
161,141
162,358
163,325
164,446
165,291
164,048
164,380
Individuals
9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900
r
63,600
r
65,700
'65,900
-•66,100
r
66,400
'66,600
r-65,700
65,700
State
Other
corporations
Insurance
companies
Mutual
savings
banks
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
11,800
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,800
29,100
25,200
22,100
25,100
25,200
25,000
25,000
24,900
24,700
24,900
12,000
12,000
12,100
12,200
12,200
12,100
12,200
19,800
20,200
20,100
20,400
20,700
20,400
20,400
and
and
associations
local
governments
U. S. Government agencies
and trust funds
Special
isues
Public
issues
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
'6,300
4,775
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
6,338
'6,900
'7,000
'7,100
'7,100
'7,200
'7,100
7,200
25,280
26,186
27,366
28,516
29,220
29,520
29,447
6,314
5,966
5,445
4,825
4,496
4,424
4,488
400
600
700
900
x
' Revised.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and
500 million on Sept. 30, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Fed- Com- Mumer- tual
eral
cial
savReserve banks ings
Banks C1) banks
Insurance
com- Other
panies
24 ,262
23 ,783
23 ,350
21 ,872
22 ,329
22 ,168
198,820
189,649
176,658
168,740
167,980
167,142
7,009
6,768
6,302
5,409
4,388
4,352
17,037
17,039
17,033
15,775
15,725
15,732
5
3
2
11
12 ,831 2,476
14 ,466 1,142
14 ,745 1,187
787
14 ,496
768
36 14 ,019
20 13 ,563 1,067
38,155
34,804
29,987
25,296
24,894
24,808
38 8 ,364 18,091
58 6 ,813 16,676
6 4 7 ,496 11,221
48 6 ,280 8,536
43 7 ,119 7,754
42 7 ,087 7,687
22,967
18,261
10,090
8,142
7,840
7,840
8
9
6
120,423
119,323
119,323
119,323
119,323
118,564
6,915
6,655
6,186
5,306
4,270
4,251
2 ,120
1 ,748
355
369
7
2
472
811
3
82,830
76,578
66,962
62,961
62,773
62,529
15,701
11,396
6,120
4,855
4,763
4,452
10
11
11
11
11
11
491
220
521
845
833
769
23
24
24
23
23
23
183
285
346
969
610
445
51,
47,
44,
42,
43,
42,
046
015
177
684
047
879
1
5
7
1 1, 723
1 1, 424
11 1, 088
1
479
3
894
26 1, 050
91
243
257
249
221
213
360 1 1 , 211
576 10, 439
490 10, 459
362 9 , 821
293 9 , 464
299 9 , 480
179
227
211
183
116
81
576 4 , 383
623 4 258
603 2 796
285 2 443
135 2 352
163 2 330
3
947 46,535 10 ,217
755 47,335 10 ,743
753 48,408 11 ,049
727 48,756 11 ,407
720 49,460 11 ,486
708 49,298 11 ,465
Total
outstanding
and
Fed- Com- Mu- Insureral
mertual
Recial
sav- ance Other
serve banks ings comBanks (x)
banks panies
trust
funds
Type of
security :
Total: 2
1945—Dec
1946—June
Dec
1947—June....
Sept.. . .
Oct
Treasury bills:
1945—Dec
1946—June
Dec
1947—June....
Sept.. . .
Oct
Certificates:
1945—Dec
1946—June....
Dec
1947—June
Sept
Oct
Treasury notes:
1945—Dec
1946—June....
Dec
1947—June....
Sept.. . .
Oct
Treasury bonds:
1945—Dec
1946—June
Dec
1947—June....
Sept.. . .
Oct
End of month
U. S.
Government
agencies
22 ,230
23 ,073
23 ,226
23 ,305
23 ,164
22 ,943
33
30
29
29
30
29
579
764
700
822
223
899
Treasury bonds
and notes.
due or
callable:
Within 1 year:
1945—Dec
1946—June....
Dec
1947—June....
Sept.. . .
Oct
1-5 years:
1945—Dec
1946—June... .
Dec
1947—June....
Sept.. . .
Oct
5-10 years:
1945—Dec
1946—June....
Dec
1947—June....
Sept
Oct
10-20 years:
1945—Dec
1946—June
Dec
1947—June....
Sept.. . .
Oct
After 20 years:
1945—Dec
1946—June....
Dec
1947—June....
Sept
Oct
15
10
7
11
11
14
222
119
802
255
059
393
185
4
29
83
50
50
35
35
39
42
42
38
376
055
570
522
415
323
408
443
576
469
364
357
693
797
831
698
569
403
33
32
27
18
18
18
025
847
283
932
932
932
787
716
529
423
2,017 9,956
1,431 5,655
72 4,341
251 6,936
483 7,327
976 8,948
235
495
591
420
282
323
2 ,761
2 ,418
2 ,591
3 ,191
2 ,651
3 ,819
25,165
25,285
28,470
29,917
29,540
27,283
701 1 ,742
709 1 ,506
1 ,047 2 ,101
1 ,574 2 ,671
1 ,505 2 ,611
1 ,424 2 ,467
6 ,673
6 ,319
6 ,550
7 ,193
7 ,826
6 ,387
21,007
21,933
16,657
11,577
12,013
12,133
2 ,058
1 ,609
2 ,042
1 ,245
6 ,063
5 ,632
5 ,156
3 ,645
384
378
210
135
72
40
40
40
34 985
37 189
32 ,384
40 ,352
43 ,068
43 ,068
2,779
3,400
2,975
3,374
2,814
2,810
90
83
78
78
100
100
3,691
3,308
2,433
2,587
4,639
4,686
5 ,523
6 ,026
5 ,303
6 ,751
7 ,132
7 ,182
10 ,996
12 ,547
11 ,708
15 ,137
15 ,457
15 ,448
11 ,905
11 ,829
9 ,886
12 ,425
12 ,926
12 ,848
24 ,781
22 ,372
22 ,372
14 ,405
11 ,689
11 ,689
2,764
2,103
2,084
57
57
55
29
2,418
2,550
2,632
2,593
2 ,051
2 ,510
2 ,687
1 ,649
1 ,587
1 ,588
6 ,933
6 ,325
6 ,602
3 ,358
3 ,183
3 ,186
10 ,559
8 ,826
8 ,313
5 ,812
5 ,555
5 ,555
964
660
657
704
703
63
116
181
374
266
277
2 ,902
2 ,822
2 ,826
2 ,002
1 ,111 1 ,765
1 ,077 1 ,681
3 ,619
3 ,622
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of
nonmarketable
issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
80
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIn- War
Income taxes1 cella- Social
neous Secu- Other Total Net
ter- and
deinter- rity
est fense
rererenal
ceipts ceipts ceipts3 on activWithtaxes
debt ities
held2 Other revenue 1
Period
Transfers to j
trust i
accounts
etc.
Increase ( + ) or
Budget
decrease (—)
surplus Trust
during period
ac(+) or counts
deficit
etc.* General
Gross
fund
debt
balance
Other Total
exbudget
pendi- expendtures itures
Fiscal year ending:
June 1945. . . 10,289 24,884 6,949 1,793 3,824 47,740 46,457 3,61790,029 1,646 5,106 100,397 -53,941 +791
June 1946. . . 9,392 21,493 7,725 1,7143 ,915 44,239 43,038 4;72248
~~
,542 1,918 8,532 63,714 -20,676 - 5 2 4
+754 - 5 4 8
June 1947. . . 10,013 19,292 8,049 2,039 5,309 44,703 43,259 4 95817,142 1,355 19,051 42,505
766 2,120
722
89 416 4,113 4,107 952 1,580
21 1,110 3,662
+445 - 4 8 0
1946—December.
546 2,117
693
1947—January...
58 445 3,860 3,820 343 1,412
71 1,288 3,113
+706 - 1 2 5
1,376 1,845
666
February..
387 368 4,643 4,378 124 1,457
16 2,318 3,914
+464 +317
785 3,865
682
March....
118 275 5,724 5,701 626 1,428
1 1,544 3,598 +2,102 - 3 3
584 1,012
638
46 2,085 4,001 - 1 , 4 4 5 +269
April
75 315 2,624 2,556 141 1,728
595
92 1,327
1,218
400
432 2,000 3,851
May
365 625 3.204 2,865
-987
+99
602
480 5,473 1,396 1,493
778 2,492
125 1,484
18 2,632 5,540
- 6 7 -634
June
663
979
625
757
80 343 2,469 2,397 245
549 6 1,896 3,669 - 1 , 2 7 2 - 1 2 9
July
643
908
1,255
41
352 202
865 2,536 103
273 1,775 3,060
- 5 2 4 +206
August
699
797 2,639
136 615
884 4,872 668 1,006
9 1,249 2,932 +1,940 - 4 3 5
September.
782
644
702
71 25 2,455 2,390 157 1,150
>-60 '•1,078 2,445
October...
- 5 5 +283
695
930
350
1,315
November.
329 36: 3,053 2,743 127
20 1,118 2,194
+549 + 138
76
880 1,
December..
1,162 3,224 + 1,022 -547
14. 578 4,260 4,246 972 P 1 , O 6 7
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Net expenditures
in checking accounts of
ExInvest- pendiGovernments tures
ment
agencies
Other
Receipts
+4,529 +57,679
-10,460 +10,740
-10,930 -11,136
-3,163 -3,128
+1,210
+628
+2,422 +1,642
-224 -2,294
-2,598 -1,423
-245
+642
-758
-57
- 2 3 9 +1,161
+332
+649
+552
-953
+155
-74
-172
-859
-838 -1,312
Assets
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
1,500
1,006
1,202
22,622
12,993
962
Total
liabilities
Balance
in
general
fund
997
708
1,565
421
470
422
24,698
14,238
3,308
Other
assets
Fiscal year ending:
June 1945
June 1946....
June 1947..;:.
3,239
2,940
3,219
2,757
1,261
1,785
453
1,618
1,493
1,553
95
-196
3,820
4,735
3,009
2,444
2,407
1,577
-938
2,817
2,117
25,119
14,708
3,730
1946—December..
71
237
109
-27
125
26
331
3,920
682
2,570
668
418
3,502
1947—January. . .
February. .
March
April
May
June
July
August....
September.
October . . .
November .
December..
219
440
83
157
590
246
632
573
65
163
523
80
45
87
201
5
159
476
398
150
272
24
274
119
126
123
134
133
126
137
154
134
124
123
107
116
131
11
-32
-60
-33
90
158
176
47
-216
128
57
123
361
207
197
327
477
153
400
180
168
160
153
44
41
17
32
456
305
46
281
24
14
17
25
121
224
2
-26
110
348
159
26
212
103
19
464
102
478
7,233
,707
,402
3,730
3,460
3,705
4,331
4,498
4,292
3,454
1,620
2,561
2,369
842
989
1,202
884
6749
1,091
1,393
1,290
866
2,736
3,363
3,292
2,317
1,807
962
958
1,362
1,618
1,437
1,417
968
746
1,554
1,571
1,548
1,607
1,565
1,617
M.593
1,622
1,668
1,585
1,621
391
344
323
395
336
422
391
304
378
391
357
357
4,711
7,134
6,909
4,312
4,066
3,308
3,069
3,400
3,952
4,107
3,935
3,097
r
P Preliminary.
Revised.
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes, which
are appropriated directly to the Federal old-age and survivors insurance trust fund*
5
* Excess of receipts ( + ) or expenditures (—).
Change in classification.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
1
1
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Individual
income taxes
Period
Withheld
Fiscal year ending:
june—1941
1942
1943
1944
1945
1946
1947
1946—November..
December. .
1947—January....
February...
March
April
May
June
July
August
September..
October
November..
JANUARY
686
7,823
10,264
9,858
9,842
1,243
27
657
1,971
81
1,014
1,528
33
1,133
1,495
26
1,188
1,491
1948
Corporation income
and profits taxes
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURY 1
[In millions of dollars]
Estate
and
gift
taxes
Normal
and
surtax
Excess
profits
1,418
3,263
5,944
10,438
8,770
8,847
9,501
1,852
3,069
4,521
5,284
4,880
4,640
6,055
164
1,618
5,064
9,345
11,004
7,822
3,566
37
57
84
137
144
91
55
407
433
447
511
643
677
779
2,547
3,405
4,124
4,842
6,317
7,036
7,285
80
420
122
752
250
177
1,712
228
170
1,386
370
276
1,514
384
249
123
925
3
9
49
62
612
652
266
127
80
66
63
61
49
43
35
28
22
6
3
3
2
3
2
2
1
1
1
2
66
84
103
68
62
55
66
79
64
65
54
639
595
541
572
539
560
618
572
625
736
627
Other
2,196
1,082
1,967
648
158
1,068
297
62
1,128
246
67
Other
profits
taxes
Cash
income
Cash
outgo
Excess income ( + )
or
outgo (—)
Fiscal year ending
June—1941
1942
1943
1944
1945
1946
1947
9,371
15,291
25,245
47,984
51,041
47,793
46,643
14,060
34,585
78,979
94,079
95,986
65,692
39,985
-4,689
-19,294
-53,735
-46,095
-44,945
-17,899
1946—November.
December.
2,869
4,207
2,325
3,629
+544
+578
1947—January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
3,889
5,127
5,946
2,819
3,316
5,295
2,565
3,193
4,712
2,631
3,349
2,783
3,667
3,322
3,654
3,351
5,193
3,392
3,152
3,959
2,612
2,533
+1,106
+1,460
+2,624
Excise and
other miscellaneous
taxes
+6,658
-835
-35
+102
-827
+41
+753
+18
+816
1
Revised figures. For description, see Treasury
Bulletin for September 1947.
81
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 l
Corporation or agency
Total
All agencies:
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947
Sept. 30, 1947
Classification by agency,
Sept. 30, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations. . .
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration....
Federal Crop Insurance Corp
Housing and Home Finance Agency:ti
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing
Administration and
affiliate:6
Public Housing Administration 6 ..
Defense Homes Corp
Federal Housing Administration....
Federal National Mortgage Association
Reconstruction Finance Corp.7
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 8. ..
War Shipping Adm. functions 9
Allother «»
29,569
30,409
32,33
'29,666
31,03
CommodiLoans ties,
resupCash ceivplies,
able
and
materials
1,157
1,398
1,588
,79;
1,556
296
475
109
14
1
125
712
1,272
449
41
5,949
6,649
7,294
7,662
9,212
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenern- owned
struc- and Other tures payable Other ment
tures, undis- asinterinterliabilU. S.
and
est
tribest
sets Fully
Govt. Other
guar- Other ities
equip- uted
secusecu- rities 2 ment charges3
anteed
rities
by U.S.
Investments
1,836
390 16,973
1,873
54 16,924
1,985 3,426 15,486
1,777 3,565 12,691
1,725 3,553 12,662
1,429
1,265
1,003
851
1,093
235
391
6
27
467
63
16
185
548
1
24
7
229
58
15
410
10
336
182
508
181
12
504
55
199
5
1,836
1,803
1,080
220
783
" 26
5
19
899
1 1,789
31
2
22 ( 5 /
4,192
7,003
8,589
560
1
163
31 3^420
5
2
36
43
399
(*)
()
95
678
161
316
37 1,250 3,37 24,069
261 1,252 3,588 24,810
169 1,250 3,142 27,268
506 2,045 26,763
667 2,144 28,005
1,536
339 1,414
380 1,176
165 1,163
283 953
278
204
53
1
126
11
9
1
120
712
574
438
32
3
19
181
525
11
1
3
493
55
162
5
334
1,523
()
653
115
142
747
3 3,305
6,507
3*386 1,657
123
6
116
1,041
238
73
109
14
225
8
(5)
*(6)"
(5)
(5)
29
115
10
496
498
509
269
138
(')
11
(5)
110
13
8
2
4
123
189 1,613
32 1,048
220
771
212
191
49
333
63
3,799
6,670
8,525
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1947
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Elec- FarmFarm medi- for co- modity trificaers'
Mort. ate opera- Credit
Home
tion
Corp. credit tives Corp. Adm.
Adm.
banks
122
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other .
Foreign loans
Other
""?Y
Less: Reserve for losses
95
Total loans receivable (net)...
391
235
174
678
Home
Owners'
Loan
Corp.
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
592
520
.1. .
336
"( S y
391
. .. _ .
1
235
161
1 ' 276
316
678
" 13
508
278
278
336
All
other
June 30,
1947,
All
all
agen- agencies
cies
(*)
117
7 2,200
27
665
145
209
17
31
162
240
1
5
6
4
340
258 ' l ' 7 9 6 3,350 5,405
218
95
591
(5)
49
9
397
904 1,789 3,523 9,212
4 2,053
660
164
224
6
293
4,058
597
393
7,662
1
2
Assets are shown on a net basis, i.e., after reserve for losses.
Beginning June 30, 1946, includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the
International Bank for Reconstruction and Development—159, 318, 476, 635, and 635 on Sept. 30, Dec. 31, 1946, Mar. 31, June 30, and Sept.
30, 1947,
respectively; International Monetary Fund Quota—2,750 on Mar. 31, June 30, and Sept. 30, 1947.
3
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal
land banks are excluded
beginning June 30, 1947; U. S. Govt. interest in these banks was liquidated June 26, 1947.
6
6
Less than $500,000.
Reorganization Plan No. 3 of 1947, which became law on July 27, 1947, established the Housing and Home Finance
Agency in lieu of National Housing Agency, with three constituent agencies: Home Loan Bank Board, Federal Housing Administration, and
Public Housing Administration.
Figures for the latter
represent activities under United States Housing Act, as amended; its war housing and
7
other operations are included under "all other."
Includes U. S. Commercial Co. and War Damage Corp. 10 8 Figures are for Mar. 31, 1947.
9
Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
Figures for three small agencies
included herein are for dates other than Sept. 30.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
82
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
Industrial production
(physical volume)* 1
1935-39 = 100
Year and month
Manufactures
Total
Durable
Nondurable
Employment 8
1939 = 100
contracts
awarded (value)2
1923-25 = 100
Residential
Min- Total
erals
All
other
Nonagricultural
Factory
Factory
pay
rolls 3
1939 =
100
Freight
carloadings*
1935-39
= 100
AdAdAd- Unad- AdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed j u s t e d justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
March
April
72
75
....
58
73
88
82
90
96
95
99
110
91
75
58
69
....
75
87
....
103
113
89
109
125
162
....
1945
May
June
July
August
September
October
November
December
....
. ..
235
230
225
220
210
186
167
162
168
. ...
160
152
....
1946
January
February
March
April
May
June
July
August
September
October
November
December
168
165
159
170
172
178
180
182
183
182
1947
January
February
March
April
May
163
•.
June
July
August
September" '
October
November
84
93
62
60
53
81
103
95
107
114
107
117
132
98
67
41
54
57
67
72
69
76
79
83
85
93
84
79
70
79
65
83
108
122
78
109
139
201
199
239
279
360
235
203
353
274
81
90
100
106
95
109
115
142
158
176
171
166
P170
»192
*165
232
345
176
229
225
220
211
188
171
164
167
336
323
308
292
239
194
186
191
174
173
173
165
157
156
154
158
161
185
156
148
166
138
161
167
183
190
175
193
202
208
212
166
164
161
162
157
164
165
164
163
159
171
174
180
184
184
183
180
214
214
211
156
168
173
174
189
184
221
176
189
185
222
176
190
187
187
185
185
184
176
182
185
185
178
185
186
190
P192
P193
191
194
225
222
175
172
218
219
207
170
168
163
169
'210
218
223
172
176
P225
*>178
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
140
137
*134
142
140
138
144
143
140
134
124
138
133
141
141
137
104
115
139
146
144
146
145
136
137
146
146
148
143
151
148
140
150
153
154
*>156
63
63
44
30
79
90
56
79
84
94
122
129
129
135
117
92
63
28
25
44
68
81
95
124
121
117
126
87
50
37
13
11
65
88
86
94
120
135
139
142
142
125
84
40
37
32
37
12
21
48
50
55
59
64
72
81
122
37
41
45
60
72
89
70
74
80
81
89
149
166
68
41
68
153
15
56
107
136
61
95
147
170
169
174
165
158
151
129
172
179
177
161
157
147
140
122
143
146
144
151
152
132
133
129
123
127
136
155
166
110
116
136
150
168
170
183
184
83
99
110
121
142
139
146
152
147
148
152
131
105
78
82
92
94
105
105
110
113
114
115
117
108
97
75
73
132
264
168.3
166.0
163.6
160.3
155.0
150.4
130.1
129.5
130.1
130.6
167.7
165.2
162.5
160.0
155.6
151.7
130.8
129 9
130.5
130.9
345.7
338.5
324 9
321.8
306.6
273.6
228.7
227 7
227.7
231.4
145
214
141
141
140
139
128
127
118
133
184
190
203
214
201
203
213
221
127
220
145 129.2 133.2
169 127.4 124.4
161 130.6 132.6
168 132.4 139.4
161 133.4 140.7
172 134.3 142.2
168 134.7 143.0
158 136.4 146.3
155 137.6 148.6
148 138.1 149.1
152 139.1 151.5
163 139.4 152.4
132.6
123.9
132.1
138.5
139.6
141.9
143.6
147.7
149.5
149.6
152.0
152.8
234.1
214.3
238.3
254.8
253.5
262.8
267.1
284.4
290.3
292.8
298.2
306.2
133
126
227
250
139
109
106
133
139
141
138
256
252
259
276
273
290
270
148 139.5 153.4
139.8 154.4
134 140.0 154.6
142 138.9 153.8
140 138.9 151.9
152 139.8 151.7
170 139.0 149.4
179 140.2 152.7
195 141.5 155.7
196 142.2 156.5
P142.4 ^156.7
152.7
153.7
154.0
152.9
150.6
151.4
150.1
154.3
156.6
156.9
P157.2
307.3
310.6
314.1
310.7
312.2
319.6
314.2
323.3
336.9
341.6
61
102
18
20
22
23
24
26
36
44
145
139
154
120
129
235
92
72
108
103.9
124 2
80 2
86 0
109.1
101 7
107 2
110 5
108 5
109 7
117 1
94 7
71 8
49 5
53 1
68.3
78 6
91 2
108 8
84.7
100 0
114 5
167 5
245.2
334 4
345 7
293 4
266.4
16
26
70
58
50
54
61
69
83
94
Adjusted
103.7
104.2
79 7
88 2
101.0
93 8
97 0
98.9
96 8
96 9
103.1
89 8
75 8
64.4
71 3
83.1
88.7
96 4
105 8
90.0
100 0
107.5
132 1
154.0
177.7
172 4
151 8
142.0
82
40
143
Depart- Wholement
sale
Constore
com- sumers
sales modity
prices
3
(val1935-39
ue)** prices
1926
= 100
1935-39 =
100
= 100
161
102.8
95 8
86.3
75.7
76.1
84.0
87.8
95.1
101.1
94.6
100.0
105.8
119 4
131.1
138.8
137.0
132.0
134.4
118 136.4
112 135.8
89 134.8
73 134.2
79 133.0
91 131.8
104 125.8
121 125.5
134 126.6
150 127.1
149
89
92
83
88
107
111
89
101
109
130
100
107
99
106
114
133
138
137
149
168
140
135
186
207
139
137
140
258
•271
276
150
265
142
268
146
137
142
137
134
143
142
145
147
273
276
291
289
287
282
291
275
300
Unadjusted
Unadjusted
138.6
154 4
97 6
96 7
100 6
98 1
103 5
100 0
95 4
96 7
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
123.8
143 3
127 7
119 7
121 9
122 2
125 4
126 4
124 0
122 6
122 5
119 4
108 7
97 6
92 4
95.7
98 1
99 1
102 7
100 8
99 4
100 2
105 2
116.5
123 6
125 5
128 4
139.3
105 3
105 7
106 0
106 1
105 9
105 7
105 2
105 9
106 8
107.1
126 8
127 1
128 1
129 0
129 4
129 3
128 9
128 9
129 3
129.9
107.1
107 7
108.9
110 2
111 0
112 9
124 7
129 1
124 0
134.1
139 7
140.9
129.9
129 6
130 2
131 1
131 7
133 3
141 2
144 1
145 9
148.6
152 2
153.3
141.5
144 6
149.6
147 7
147.1
147.6
150.6
153.6
157.4
158.5
159.5
153 3
153 2
156.3
156 2
156 0
157 1
158 4
160 3
163.8
163 8
164.9
r
* Average per working day,
P Preliminary.
Revised.
1 For indexes by groups or industries, see pp. 84-87. For points in total index, by major groups, see p. 105.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 91 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. 93-95.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
2
3
JANUARY 1948
83
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1947
Industry
Nov. Dec
Jan.
F e b . M a r . Apr. M a y J u n e July Aug. Sept. Oct. N o v
Industrial Production—Total.
183
182
189
189
190
181
185
184
176
182
186
190 vl92
Manufactures—Total
191
190
196
197
198
194
191
191
183
188
192
197
P199
214
211
221
222
225
222
218
219
207
'210
218
223
P225
178
159
192
191
196
195
193
181
188
195
204
202
174
193
163
404
152
174
145
381
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
187
205
170
454
188
214
177
477
198
224
184
'509
197
222
182
5081
271
276
277
277
281
276
273
275
266
267
276
280
235
235
229
233
239
237
225
233
217
•213
r
227
233
187
187
181
190
197
193
179
191
185
180
'197
198
Durable Manufactures
Iron and Steel...
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing
Arsenals and Depots1. . .
Transportation
Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
Nonferrous
Metals
and
Lumber
and Products.
197
203
208
202
197
187
179
171
170
174
179 P184
175
181
184
190
195
203
198
188
181
180
182
176
198
203
211
215
205
195
183
176
167
167
171
180
142
141
142
147
147
144
142
142
133
'142
140
143
P149
135
157
132
160
131
161
137
167
138
166
135
161
134
158
133
160
121
155
133
160
128
164
128
PUS
202
210
219
219
218
211
200
207
195
199
r
202
201
P202
226
152
251
162
150
215
252
232
135
265
177
152
219
263
245
149
278
182
168
227
271
235
154
263
203
164
232
260
241
159
269
192
165
224
258
234
151
263
175
164
218
249
229
163
251
141
162
210
247
230
154
257
171
164
216
239
207
124
235
164
160
224
220
211
151
231
171
162
225
'216
219
151
243
171
160
221
'226
210
156
229
174
161
230
225
208
143
230
178
P165
170
168
163
169
172
176
Products...
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; T i n
consumption) 1
...
Lumber.. .
Furniture.
Stone, Clay, and Glass Products.. .
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products.. . .
Abrasive and asbestos products.
.
Other stone and clay products 1 ...
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1
Wool textiles
Carpet wool consumption. . .
Apparel wool consumption. .
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth. . .
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers. . . .
Goat a n d kid l e a t h e r s . . . .
Sheep and lamb leathers.
Shoes
173
174
176
176
175
172
164
172
173
172
166
163
164
256
152
141
254
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
147
130
279
139
•280
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
156
184
176
147
134
165
148
168
192
184
'162
'144
•188
159
168
193
186
161
140
189
159
121
115
116
120
122
116
113
107
101
116
122
125
110
121
91
70
137
110
122
94
68
130
117
113
127
98
67
117
118
118
134
99
81
108
121
122
140
99
84
102
121
119
137
102
79
95
113
119
138
96
88
83
109
114
130
94
92
84
103
106
121
78
90
84
97
115
130
93
87
101
117
120
131
103
94
118
123
121
136
94
100
112
128
162
161
156
157
158
155
154
155
156
157
155
155
162
158
160
149
144
152
143
148
147
79
172
148
148
82
178
147
149
81
185
152
153
85
198
164
154
82
206
173
82
196
184
157
85
197
188
Food Products. . .
172
143
79
191
173
74
174
158
P15S
136
136
148
76
147
75
163
145
146
77
P231
P223
154
155
156
Wheat flour
Cane sugar meltings 1
Manufactured dairy products.
Butter
Cheese
Canned and dried m i l k . . .
P175
P176
174
129
Manufactured
P282
167
160
157
149
291
127
P158
P140
66
151
137
Ice cream
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
84
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1946
1947
Industry
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May
June
July
Aug.
Sept. Oct.
Nov.
Manufactured Food Produtcs—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
..
Other manufactured foods
.
. ..
Processed fruits and vegetables
Confectionery
Other food products
.
•
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
..
Industrial Alcohol from Beverage Plants
l
Cigars
Cigarettes
Other tobacco products
and Paper
Products...
pulp
.
Soda DUID
Sulohate DUID
•
Sulphite pulp
.
•
Paper
.
Paperboard
Fine oaDer
Printing paper
• •
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
P r i n t i n g p a p e r (same as s h o w n u n d e r P a p e r ) .
163
172
164
133
108
159
165
167
121
104
149
143
169
122
101
150
153
159
121
105
151
154
159
119
102
152
157
154
141
104
156
171
149
154
93
145
155
140
158
91
146
144
153
174
99
142
141
146
171
109
170
185
159
190
114
160
160
135
164
168
170
147
172
165
157
138
171
158
137
142
166
160
151
145
165
161
145
149
167
158
138
153
164
154
132
135
164
156
133
119
168
160
138
118
172
162
147
125
173
160
133
134
171
P135
213
234
241
223
208
189
162
159
164
176
198
229
220
194
64
191
463
101
158
333
426
183
188
623
408
157
179
695
372
160
151
619
314
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
168
56
385
238
196
78
277
297
204
71
323
468
203
169
148
158
168
158
160
142
159
156
160
163
175
169
98
216
66
94
221
68
106
187
55
101
216
66
98
210
72
107
211
80
113
213
83
126
229
80
124
224
68
P160
P171
120
562
131
216
81
109
192
72
111
208
69
110
228
67
153
150
156
157
159
156
161
160
146
157
157
161
163
147
162
96
109
248
139
145
175
90
142
156
136
84
146
159
98
109
236
139
144
168
86
155
152
134
87
150
166
99
109
252
145
147
179
83
153
148
137
87
151
171
100
109
260
150
148
181
83
155
142
137
89
154
174
99
113
266
151
151
180
88
160
151
139
89
150
169
97
112
254
150
147
178
87
158
144
132
93
155
173
97
112
265
151
152
184
88
160
148
141
92
155
178
105
116
277
151
151
179
88
162
147
144
91
140
160
108
98
253
131
137
166
75
147
136
124
91
151
178
113
105
278
151
147
178
86
157
148
127
94
151
171
110
104
259
149
147
182
87
157
151
123
97
155
177
105
107
275
154
151
184
89
167
152
128
91
158
182
97
112
281
160
154
186
89
168
157
135
90
130
138
138
140
142
141
142
146
139
145
144
152
153
118
120
111
125
124
124
125
131
131
133
131
138
137
....
P177 P178 P180
Petroleum and Coal Products. . .
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil .
... .
Kerosene
Other petroleum products *
Coke
By-product coke
Beehive coke
151
151
162
138
105
..
Tobacco Products. .
Paper
163
179
150
160
116
P185 P185 P179 P184 P191 P195 P201
P203
P203
148"
161
147
150
U8
167
154
162
142
166
160
175
143'
170
162
185
142'
174
167
176
139'
163
156
170
145"
171
163
175
154'
173
168
182
157'
178
157
186
163'
180
164
177
162
183
154
169
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
243
249
251
251
251
251
253
250
251
249
150
115
261
411
152
128
260
422
154
131
266
430
156
136
276
429
157
135
283
431
155
138
298
433
153
137
292
435
151
142
251
439
152
135
291
438
152
135
294
431
Rubber Products. .
243
252
247
246
239
234
220
216
207
'210
223
P226
Minerals—Total..
136
137
146
146
148
143
151
148
140
150
153
154
P156
Fuels
140
141
151
150
153
144
156
153
144
155
160
162
P164
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
111
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
P159
P169
P119
P166
117
111
117
122
117
136
124
122
117
117
111
P107
169
153
158
166
159
189
169
166
160
163
153
P145
44
58
53
55
60
64
61
66
60
68
64
66
63
61
60
51
56
47
55
55
.
Chemical Products. .
Paints
Soap
Industrial chemicals .
Explosives and ammunition x
Other chemical products * .
P161
177
169
449
177
170
411
248
248
P249
153
137
295
425
152
138
294
425
r
M48
P294
M26
....
Metals
...
....
ON
Bituminous coal
Anthracite
Crude petroleum. .
Cn •
00 00 •
....
Coal
Metals other than gold and silver
Iron ore
(Copper* Lead* Zinc)*
Gold
Silver
..
162
187
160
177
r
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
JANUARY 1948
85
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1946
Industry
Industrial
Production—Total...
Manufactures—Total
Durable Manufactures
Iron and Steel
Nov. Dec
Jan.
Feb.
183
180
184
t85
187
185
185
185
178
185
191
194
192
188
192
193
195
193
191
191
184
191
197
200
214
209
218
220
224
222
219
220
208
212
219
224
178
159
192
191
196
195
197
193
181
188
195
204
202
184
'509
197
222
'182
508
Mar. Apr. M a y
June July Aug. Sept. Oct.
Nov,
193
199
P225
174
193
163
404
152
174
145
381
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
187
205
170
454
188
214
177
477
271
276
277
277
281
276
273
275
266. 267
276
280 P282
235
235
229
233
239
237
225
233
217
'227
233 P238
187
187
181
190
197
193
179
191
185
'180
••197
192
197
203
208
202
197
187
179
171
170
174
179
vl84
176
182
184
190
196
203
198
187
180
180
182
176
J>176
198
203
211
215
205
195
183
176
167
167
171
180
Lumber and Products
139
129
126
135
140
143
145
149
151
150
150
P146
Lumber.. .
Furniture..
131
157
114
160
107
161
118
167
126
166
134
161
138
158
143
'160
133
155
147
•160
143
164
138
172
PI 76
207
203
208
205
209
208
206
209
196
•207
211
211
P206
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products.
.. .
Other stone and clay products l. . ..
228
152
254
175
!55
219
252
218
135
247
161
153
224
263
241
149
273
14*
156
218
271
229
154
255
154
156
221
260
241
159
269
157
159
215
258
234
151
263
166
160
215
249
242
163
269
148
162
213
247
229
1S4
254
183
163
221
239
200
124
225
181
160
224
218
151
241
193
166
226
'216
223
151
248
198
166
225
'226
215
156
236
202
170
236
225
209
143
232
192
P171
f>235
P223
N o n d u r a b l e Manufactures. ..
174
172
171
171
171
169
168
165
173
178
174
164
172
173
172
166
164
155
142
154
163
164
256
152
141
254
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
181
161
230
178
178
177
181
180
165
223
175
171
180
181
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
123
114
116
123
121
115
113
106
114
126
94
68
145
129
110
122
92
68
124
117
113
130
96
67
109
118
127
145
104
84
119
121
121
140
97
83
99
121
118
137
98
82
93
113
119
138
92
86
89
109
112
125
96
92
83
103
158
157
149
140
140
144
149
154
166
"178
181
146
153
162
160
157
143
138
146
141
147
'148
62
124
114
P95
68
132
119
71
151
137
M27
77
178
161
P161
84
214
196
P202
102
256
240
P229
113
279
254
104
242
218
P192
81
195
163
Pig iron
Steel
Open hearth.. .
Electric
Machinery
Manufacturing Arsenals and Depots *.
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 1
Stone, Clay, and Glass Products
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1. . .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth. .
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers... .
Sheep and lamb leathers.
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 1
Manufactured dairy products. . .
Butter
Cheese
Canned and dried milk
Ice cream
P96
59
129
103
P200
180
P179
164
P171
147
130
279
152
139
'280
149
291
156
184
176
147
134
165
148
'168
192
184
'162
'•144
'188
159
168
193
186
161
140
189
159
99
116
121
126
100
114
77
89
78
97
114
126
97
84
105
117
11.8
'129
101
95
115
123
122
137
96
100
112
128 P\21\
P126
166 P160
144
P121
64
73
147
170
127
147
P91
50
113
99
T
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1946
1947
Industry
Nov. Dec
Jan.
Feb.
Mar. Apr. May June July Aug. Sept. Oct.
Nov.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
181
210
156
172
116
175
199
162
130
103
191
225
168
124
115
152
162
153
106
105
138
133
154
115
99
139
139
149
118
102
151
154
159
124
104
150
157
151
141
96
146
150
151
154
90
127
119
141
155
89
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
166
147
159
172
164
132
149
175
150
102
142
164
143
86
144
158
142
83
135
159
143
88
123
160
143
90
118
161
146
101
100
165
163
173
97
171
186
263
128
176
194
287
162
176
178
171
176
180
167
'124
196
210
206
195
187
182
167
178
182
181
206
252
197
149
64
401
463
161
158
366
426
150
188
405
408
142
179
417
372
149
151
403
314
162
131
302
276
170
106
210
194
189
79
198
215
196
55
191
231
192
56
208
238
197
78
379
297
190
71
837
468
157
1
252
562
172
138
157
160
151
142
165
162
165
172
181
172
131
221
83
109
177
63
112
208
68
110
215
65
98
201
66
94
205
68
106
187
55
101
227
67
98
221
72
107
222
78
113
228
89
126
238
85
124
228
70
153
150
156
157
159
156
161
160
145
156
157
161
164
147
162
101
109
24S
139
145
175
90
142
156
136
85
146
159
99
109
236
139
144
168
86
155
147
134
85
150
167
103
109
252
145
147
179
83
153
147
137
87
151
171
104
109
260
150
148
181
83
155
147
137
89
154
175
106
113
266
151
151
180
88
160
151
139
89
150
171
106
112
254
150
147
178
87
158
146
132
95
155
174
105
112
265
151
152
184
82
160
148
141
93
155
178
106
116
277
151
152
179
88
162
150
144
92
140
159
96
98
253
131
137
166
75
147
131
124
89
151
176
100
105
278
151
147
178
86
157
148
127
93
150
170
98
104
259
149
147
182
87
157
151
123
97
155
177
K>7
107
275
154
151
184
89
'167
154
128
91
158
182
103
112
281
160
154
186
89
168
157
135
91
135
141
133
138
145
144
145
146
130
139
145
129
126
114
122
129
131
129
129
113
120
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits. .
Rectified Iiquor3
Industrial Alcohol from Beverage Plants
1
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products. . .
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products. . .
P177 vl78
P!85
vl85 P179 P184
P195 P201
159
149
P203
P203
2
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products J . .
Coke
By-product coke
Beehive coke
Chemical Products. . .
Paints
Soap
Rayon
Industrial chemicals
x
Explosives and ammunition
Other chemical products 1. .
148
161
147
155
148
167
152
167
142
166
155
179
143
170
160
194
142
174
165
180
139
163
162
174
145
171
170
176
154
173
168
171
157
178
156
173
163
180
162
170
162
183
154
168
162
187
160
177
152
148
272
143
139
278
171
163
410
172
165
416
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
'449
250
252
254
253
252
247
247
245
151
128
266
430
154
134
276
429
157
135
283
431
157
135
289
433
157
133
292
435
156
140
251
439
150
134
291
438
151
136
294
431
244
250
151
143
295
425
177
170
411
P251
152
145 P 1 4 9
294 P294
425 P426
149
116
261
411
152
128
260
422
Rubber Products. . .
243
252
247
246
239
234
220
216
207
'210 '217
Minerals-—Total .
133
132
141
141
143
139
153
152
145
155
158
158 P155
Fuels
140
141
151
150
153
144
156
153
144
155
160
162
P164
118
116
123
150
128
130
121
147
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
P159
105
76
81
84
83
112
140
148
151
144
174
92
58
97
69
104
73
103
72
153
173
200
279
213
306
220
334
Coal
Bituminous coal...
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
223
P226
144 P132
219
326
206 P 1 8 3
257
r
P Preliminary.
Revised.
* Series included in total and group indexes but not available for publication separately.
2 This series is in process of revision.
NOTE.—For description and back figuress, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
JANUARY
1948
87
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1946
Oct.
Nov.
Factory pay rolls
1947
July
Aug.
Sept.
1947
Oct.
Nov.
Sept.
Oct.
Nov.
July
Aug.
Sept.
Oct.
Total
149.6 152.0 150./ 154.3 156.6 156.9 157.2 290.3 292.8 298.2 314.2 323.3 336.9 341.6
173.9 176.7 174.7 177.3 179.4 180.8 182.0 323.3 328.1 331.1 350.1 356.9 372.2 379.6
130.4 132.5 130.7 136.2 138.7 138.1 137.5 258.1 258.3 266.0 279.1 290.4 302.4 304.5
Iron and Steel and Products
Blast furnaces, steel works, e t c —
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
151.2
122
162
133
136
131
154.9
124
170
130
139
134
156.1
128
158
138
136
134
158.5
130
162
148
134
140
159.3
129
163
150
137
146
160.2 161.3 273.6 273.7
129
203
206
163
291
298
146
249
274
139
278
267
147
259
248
280.8
209
316
233
282
265
304.4
235
315
295
297
275
314.4
250
313
331
289
281
325.7
253
326
343
305
314
329.0
250
333
326
317
328
166
148
170
151
148
147
150
150
150
153
151
154
307.
289
326
301
328
303
296
319
289
328
311
345
318
351
165
168
168
166
275
274
275
317
336
335
343
Electrical Machinery
Electrical equipment
Radios and phonographs
223.4 227.6 215.0 215.6 218.9 222.8 225.2 397.2 408.1 416.0 422.3 420.3 442.2 455.9
169
171
170
172
170
173
298
304
308
333
330
350
344
203
178
185
190
198
210
390
409
427
386
385
420
445
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
214.0 217.7 217.4 222.4 224.3 225.1 225.9 376.2 388.0 390.1
183
240
172
152
169
204
237
181
187
245
172
156
165
206
241
183
185
231
180
176
137
167
233
217
186
232
176
182
142
169
230
221
187
231
180
185
141
168
231
222
187
231
183
184
140
166
226
221
Transportation Equipment, except Autos
Aircraft, except aircraft engines. .
Aircraft engines
Shipbuilding and boatbuilding
287.8
361
322
193
292.4
369
330
193
248.9
326
301
127
250.0
329
300
126
257.4
329
299
138
267.2 275.3 524.1
338
664
295
508
149
347
Automobiles
192.3 193.3 195.0 192.0 198.3 197.7 197.0 330.3 324.3 325.7 348.8 338.7 373.5 380.3
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
182.0 184.0 168.6 170.0 171.7 173.3 173.6 331., 338.
146
142
143
142
140
142
251
247
158
215
Lumber and Timber Basic Products.. . .
Sawmills and logging camps
Planing and plywood mills
140.4 142.4 156.5 161.5 161.6 162.1 162.7 285.2 292.0 284.7 359.8 387.3 385.7 385.5
169
175
151
176
176
153
310
315
306
397
421
426
430
147
160
161
163
151
166
281
295
291
345
373
366
387
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
125.2 127.7 127.8 131.9 133.5 136.1 138.3 254.4 264.2 268.5 281.4 293.3 305.0 318.5
126
129
131
124
126
134
250
260
264
274
298
315
285
143.8
174
142
122
159
143.9
172
143
120
160
140.2
159
147
126
160
144.6
166
151
129
166
145.5
166
152
130
165
146.0
168
151
130
166
267.0
310
250
244
281
271.3
316
243
249
286
274.8
319
244
242
286
285.9
313
284
276
309
301.7
334
297
289
330
306.0
341
298
295
327
311.2
343
295
301
343
Textile-Mill and Fiber Products
Cotton goods except small wares.
Silk and rayon goods
Woolen and worsted manufactures,
Hosiery
Dyeing and finishing textiles
106.2
121
83
112
79
117
107.6
123
84
114
80
119
101.2
118
79
100
75
114
102.5
118
80
103
76
115
104.2
119
82
107
78
118
106.4 108.3 235.5
122
293
84
191
108
253
79
156
121
227
241.1
297
200
255
163
238
246.0
306
202
254
168
247
237.5
303
203
243
149
241
240.1
306
209
234
159
249
256.3
317
220
269
166
270
264.9
329
228
270
177
271
Apparel and Other Finished Textiles. . .
Men's clothing, n.e.c
Shirts, collars, and nightwear . . . .
Women's clothing, n.e.c
Millinery
134.9 134.6 131.7
121
118
122
97
88
93
140
146
142
95
80
79
142.2
128
102
154
93
145.6
130
104
158
93
149.6 148.1 283.0
134
243
107
191
162
320
99
180
283.6
246
196
312
168
283.2
272
218
285
117
278.9
260
219
283
146
302.3
265
226
323
171
318.5
285
243
335
173
336.0
302
259
350
195
Leather and Leather Products
Leather
Boots and shoes
102.2 102.9 100.6 103.8 104.8 105.6 106.0 204.7 199.5 201.6 214.2 220.4 231.6 234.9
88
91
92
93
87
94
160
158
160
187
190
199
199
94
97
94
98
95
98
195
188
191
205
210
222
224
Durable goods
Nondurable goods
155
127.7
Food and Kindred Products
Slaughtering and meat packing.. . , 69
140
Flour
108
Baking
113
Confectionery
157
Malt liquors
180
Canning and preserving
Tobacco Manufactures
Cigarettes
Cigars
160
216
133.5
121
141
111
114
156
143
139
168
143.1
135
142
114
104
183
164
136
172
157.3
136
142
115
113
188
233
135
178
161.1
135
140
116
123
188
252
135
181
322
485
254
270
286
336
444
293
285
358
146.9 140.7 246.5
136
116
143
279
118
194
137
199
185
256
158
625
95.8 97.6 89.8 91.6 92.3 95.1
120
126
120
119
124
122
77
79
83
75
81
82
426.1 442.6 448.2
334
482
269
277
292
343
453
311
337
492
270
281
286
343
451
302
356
494
311
362
240
282
479
422
360
513
303
370
251
280
475
404
372
507
318
387
254
294
488
421
374
493
329
394
254
292
475
437
542.3
681
530
354
531.1
680
484
337
483.0
622
485
243
482.9
638
487
242
501.5
624
501
266
535.2
663
500
298
345.3 326.6 329.7 343.6 353.2
297
299
292
289
257
287
362
290
374
232.2
109
291
197
214
251
453
252.0
226
289
205
226
250
312
260
299
295.8
281
326
218
211
350
402
248
308
325.6
270
336
218
233
365
654
254
322
331.6
272
335
223
271
370
677
257
341
308.8
272
339
231
312
344
434
97.0 196.0 207.4 212.7 200.0 203.0 204.9 214.5
239
227
247
254
249
244
253
192
181
194
163
174
180
191
NOTE.—Indexes for totals, major groups, and industries in the Furniture, Apparel, Lumber, Leather, Stone, Clay and Glass, Printing and
Publishing, Paper, Rubber, Food, Miscellaneous and Textile-Mill groups have been adjusted to final 1945 data made available by the Bureau of
Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of
Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for
November 1947 are preliminary.
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
1946
Industry group or industry
Factory pay rolls
1947
1946
1947
Oct.
Nov.
July
Aug.
Paper and Allied Products
Paper and Pulp
Paper goods n e e
Paper boxes
141.7
136
151
145
144.3
138
153
149
140.7
141
150
134
143.0 143.5 145.0
143
143
143
150
156
152
138
142
139
Printing and Publishing
Newspaper periodicals
Book and job
125.0
113
137
126.6
114
138
128.8
120
138
129.8
121
138
Chemicals and Allied Products
187.2
Drugs, medicines, and insecticides. 194
120
Rayon and allied products . .
170
Chemicals n.e.c.
178
Explosives and safety fuses
161
Ammunition small arms
Cottonseed oil
...
.
. . . . 115
117
Fertilizers
190.9
195
122
173
175
160
135
189.8
187
120
181
177
159
64
189.7 195.2 198.4
186
187
188
120
123
122
179
177
178
190
192
191
103
165
161
72
100
128
118
109
115
122
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
146.8
136
119
146.6
136
118
153.7
141
125
154.1
142
125
153.4 152.8
139
140
127
125
Rubber Products
Rubber tires and inner tubes
Rubber goods other
194 8 198 8 175 2 177 8 178 1 182 0 184 3 363 9 361 3 377 4 352.7 357 4 369 0 375 6
400
211
398
415
390
396
398
398
238
212
234
215
208
322
335
340
338
352
171
162
305
154
148
158
168
328
Miscellaneous industries
.
Instruments, scientific
Photographic apparatus
. . 180.2
252
199
For footnotes see p. I
130.7
122
139
Nov.
Oct.
Nov.
145.8 259.8
253
271
264
268.5
260
280
274
276.6 298.7 300.6
267
310
312
289
297
293
274
280
285
132.0 132.8 203.1
122
176
142
228
208.4
179
233
214.0 233.6 235.5 245.0
182
209
214
222
267
241
259
255
247.9
222
273
Sept.
Oct.
199.1 329.1
317
211
290
293
339
197
297
122
152.8 257.3
233
220
182 0 170 1 173 5 177 8 182 3 185.1 339.3
446
247
239
243
243
245
200
219
217
217
216
322
Total
Durable
Nondurable
P Preliminary.
July
Aug.
Sept.
Oct.
308.5 314.4
317
317
309
319
291
304
335.3 345.0 378.7
332
342
348
215
210
238
301
294
342
292
283
325
326
332
356
162
278
341
380.4
363
240
337
353
204
185
395.1
373
247
336
357
376
264
400.5
384
245
336
354
387
359
280
277
305
335
320
252.7
228
216
252.6 295.6 297.2
227
265
262
216
264
248
302.4
266
267
297.9
259
273
350.7
449
334
288
368.1
469
394
354.0 341.2 347.5
460
422
453
344
386
385
383.4
479
405
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1946
Group
Sept.
1947
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
149.1
173.8
129.7
151.5
176.4
131.8
152.4
177.1
133.0
153.4
178.7
133.4
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.5
129.8
149.4
174.0
130.0
152.7
176.2
134.2
155.7
179.0
137.3
156.5 P156.7
180.7 P181.8
137.4 P136.9
Nov.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1946
Average hourly earnings (cents per hour)
1947
1946
Sept. Oct. June July Aug. Sept. Oct
Sept.
Oct
June
July
Aug.
Sept.
Oct
All manufacturing. .
40.3
40.5
40.2
39.8
39.8
40.4
40.5 112.6
113.0
122.6 123.0
123.6
124.9
125.7
Durable goods
40.3 40.7
40.7
40.0
40.0
40.6
40.9
120.1
120.2
130.3
130.5
131.2
133.0
133.7
39.7
40.8
41.1
38.8
38.5
40.7
41.4
41.8
40.5
40.3
40.7
41.5
40.0
38.8
40.9
41.9
42.2
40.6
40.5
39.8
41.3
40.1
38.7
40.5
42.8
41.7
40.8
39.3
39.8
40.9
40.1
37.7
39.7
42.2
41.1
40.1
39.6
39.2
40.5
39.6
37.2
39.5
43.3
41.2
40.6
40.2
40.3
41.2
39.6
39.2
40.1
42.7
41.5
40.6
40.4
40.6
41.4
40.4
39.6
40.7
42.4
42.1
40.7
124.1
118.5
126.0
135.6
138.5
119.2
93.5
97.7
108.7
123.9
118.6
126.6
135.9
137.6
119.5
93.6
99.0
109.6
136.3
129.5
136.3
138.7
148.5
128.6
105.3
106.1
119.0
136.5
130.8
137.1
139.5
149.6
128.9
103.3
105.8
119.8
137.6
131.4
137.7
140.6
150.0
129.4
104.8
107.0
120.8
139.7
132.5
139.4
142.2
151.5
131.3
105.4
109.3
122.1
139.8
133.2
140.1
143.4
153.2
131.7
105.5
110.5
122.9
40.3
40.2
39.8
39.7
39.5
40.2
40.2
105.0
105.6
114.0
115.0
115. < 116.5
117.4
40.0
36.9
38.2
43.0
39.5
43.0
41.0
40.9
40.4
40.6
41.1
40.2
36.8
37.5
42.4
40.3
43.4
41.0
41.3
40.4
39.4
41.4
38.6
36.0
38.1
43.2
38.2
42.9
39.9
41.1
40.7
39.1
40.3
38.4
35.8
38.2
43.2
39.6
42.9
39.6
40.9
40.5
38.6
39.4
38.2
35.2
38.1
43.4
39.2
42.4
39.4
40.9
40.6
38.7
39.3
39.5
35.9
39.1
43.5
39.1
42.9
40.2
41.0
40.9
39.9
40.2
39.7
36.8
39.0
42.8
39.8
43.0
40.1
41.3
40.5
40.1
40.6
94.0
101.0
98.2
101.3
89.3
103.7
131.5
111.0
136.8
132.3
107.6
94.8
99.7
98.7
103.5
90.5
105.0
132.5
110.2
134.7
131.3
108.8
102.4
99.4
105.3
111.9
95.0
116.5
149.9
123.2
146.4
141.9
116.7
102.8
102.0
105.5
112.1
95.3
119.0
149.8
124.7
149.5
144.5
117.8
103.2
103.8
105.7
114.0
95.1
119.6
150.8
125.2
149.4
144.5
117.7
105.5
105.1
108.2
115.9
95.4
121.1
153.9
125.4
150.9
143.6
120.1
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
104.8
104.6
107.2
113.0
95.3
120.8
153.2
126.3
151.4
144.7
119.1
NOTE.—Preliminary November 1947 figures for average weekly hours and hourly earnings are: All manufacturing, 40.3 and 126.6; Durable,
40.8 and 134.1; Nondurable, 39.8 and 118.5 respectively. Back figures are available from the Bureau of Labor Statistics.
JANUARY
1948
89
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Service
Federal,
State, and
local
government1
,382
,419
,462
,440
,401
,374
,383
,523
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
8,581
8,639
8,630
,548
,551
,554
4,537
4,578
4,596
5,523
5,475
5,421
4,075
4,052
4,040
3,855
3,970
4,074
4,079
4,083
4,114
4,102
4,077
8,595
8,637
8,695
8,638
8,631
8,669
8,688
8,761
8,772
8,792
8,817
,552
,554
,555
,546
,553
,551
,574
1,594
1,599
1,594
1,596
4,596
4,630
4,588
4,552
4,567
4,641
4,640
4,573
4,588
4,685
4,699
5,438
5,421
5,442
5,453
5,447
5,454
5,334
5,315
5,371
5,420
5,428
,753
,713
,644
4,093
4,101
4,071
8,667
8,898
9,234
,540
,543
,546
4,514
4,555
4,573
5,551
5,475
5,638
,527
,502
,534
,619
,685
,768
,847
,894
1,904
1,895
1,852
4,014
4,011
4,020
3,836
3,970
4,115
4,140
4,144
4,114
4,102
4,077
8,552
8,507
8,565
8,552
8,545
8,582
8,558
8,586
8,684
8,880
9,081
,544
,546
,555
,554
,561
,567
,590
,602
,583
,586
,588
4,527
4,561
4,565
4,552
4,590
4,711
4,686
4,619
4,634
4,662
4,676
5,384
5,367
5,415
5,426
5,447
5,399
5,281
5,288
5,425
5,447
5,428
Transportation and
public
utilities
Trade
Finance
,150
,294
,790
,170
,567
,094
,082
,493
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
883
883
874
,670
,679
,731
4,093
4,101
4,091
15,426
15,529
15,564
15,513
15,359
15,358
15,180
15,457
15,712
15,785
15,812
883
880
879
856
884
893
866
896
894
894
896
,678
,651
,632
,652
,668
,700
,742
,770
,796
,805
816
42,065
42,439
42,928
15,064
15,271
15,348
883
883
874
41,803
41,849
42,043
41,824
41,919
42,363
42,201
42,624
43,036
43,298
43,449
15,372
15,475
15,510
15,429
15,237
15,328
15,233
15,595
15,798
15,832
15,851
883
880
879
856
884
893
866
896
894
894
896
Total
Manufacturing
Mining
1939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
845
916
947
983
917
883
826
836
1946—October
November
December
41,854
42,139
42,207
15,019
15,233
15,310
1947—January
February
March
April
May
June
July
August
September
October
November
42,243
42,354
42,395
42,065
42,079
42,340
42,103
42,449
42,846
43,077
43,141
1946—October
November
December
1947—January.........
February
March
April
May
June
July
August
,
September
October
November
Year or month
Contract
construction
UNADJUSTED
1
Includes Federal Force Account Construction.
^ NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
November 1947 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civi ian labor force
Total noninstitutional
population
Year or month
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1940 2
1941
1942
1943
1944
1945
1946
100 230
101,370
102 460
103,510
104,480
105,370
106,370
56,030
57,380
60,230
64,410
65 890
65,140
60,820
55,640
55,910
56,410
55,540
54,630
53,860
57,520
47,520
50,350
53,750
54,470
53,960
52,820
55,250
37,980
41,250
44,500
45,390
45,010
44,240
46,930
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,120
5,560
2,660
1,070
670
1,040
2,270
44 200
43,990
42 230
39,100
38 590
40 230
45,550
1946—November
December
106,840
106,940
60,980
60,320
58,970
58,430
57,040
56,310
49,140
49,100
7,900
7,210
1,930
2,120
45,860
46,620
106,970
107,060
107,190
107,260
107,330
107,407
107,504
107,590
107,675
107,755
107,839
59,510
59,630
59,960
60,650
61,760
64,007
64,035
63,017
62,130
62,219
61,510
57,790
58,010
58,390
59,120
60,290
62,609
62,664
61,665
60,784
60,892
60,216
55,390
55,520
56,060
56,700
58,330
60,055
60,079
59,569
58,872
59,204
58,595
48,890
48,600
48,820
48,840
49,370
49,678
50,013
50,594
50,145
50,583
50,609
6,500
6,920
7,240
7,860
8,960
10,377
10,066
8,975
8,727
8,622
7,985
2,400
2,490
2,330
2,420
1,960
2,555
2,584
2,096
1,912
1,687
1,621
47 460
47,430
47,230
46 610
45 570
43 399
43 469
44 573
45,544
45,535
46,330
1947—January
February
March
April
]Vtay
June3
July
August
September
October
November
....
....
..
1
2
Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
• Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.
90
FEDERAL RESERVE
BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Month
Factories
1946
1947
1946
1947
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619 9
573.2
503.7
457.3
571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
650 0
793 3
89.7
102.1
275.2
370 6
463.6
332.2
281 2
284.0
293 8
235.1
221.1
193.4
257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268 5
349 5
January
February .
March
April
May
June
July
August
September
October
November
December
7,489 7
Year
1946
104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
73.6
69.9
1,317 3
3 142 1
Commercial
1947
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Private ownership
1945
1946
1947
1945
1946
1947
1945
141
147
329
396
243
227
258
264
278
317
370
331
358
387
698
735
952
808
718
680
620
573
504
457
572
442
597
602
675
605
660
823
650
793
715
75
74
221
309
148
82
108
67
43
61
61
62
47
56
146
127
197
215
202
205
187
134
130
109
167
96
143
177
234
226
203
218
193
209
224
66
73
107
87
95
146
149
196
235
256
309
269
Total
1946
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
Educational
1947
69.0
77.5
112.7
75.1
88.7
55.2
72 8
56.6
50 0
41.0
36.1
38.6
1947
1946
38.3
46.4
52.6
66.3
59.2
58.4
81.6
77.2
75 9
80 0
773 2
Other
18.1
17.1
11.4
18 0
23.5
23.5
35 7
7.8
18 8
12 6
15.1
19.7
1947
1946
19.7
13.5
21.4
22.7
47.7
40.1
38.5
45.6
42 8
41.1
25.8
28.3
40.9
37.9
38.3
35.2
45 8
37.7
27.1
31.5
36.0
19.8
404 4
221 4
Year
3,299 7,490
1,311 1,754
Title I Loans
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
Property
improvement
320
557
. ..
495
694
954
1,026
1,186
1,137
942
886
684
798
224
246
60
160
208
251
262
141
96
125
189
363
67
77
89
79
86
117
112
152
169
181
184
244
192
35
40
44
39
40
51
42
50
57
49
46
46
47
1946—November..
December. .
1947—January... .
February.. .
March
April
May
June
July
August
September..
October....
November. .
311
331
551
608
756
593
516
475
433
439
373
348
405
346
453
425
441
379
458
605
457
584
492
1,988 5,735
50.2
64.7
143.6
128 1
197.9
202.5
153 1
184.4
156 4
112 8
121.8
115.9
113.9
90.5
122.0
161.4
184.7
185.7
165.9
223.5
141 5
165.9
1,631 3
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]
Small
home
construction
13
25
26
21
15
1
(2)
8
(2)
94
309
424
473
669
736
877
691
243
216
219
347
26
28
30
27
28
33
36
39
39
37
41
48
39
Rental War and
and
Vetgroup
erans'
housing housing
(Title
(Title
II)
2
2
11
48
51
13
13
6
7
4
3
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
715,108
Nov.
Oct.
49,166
143,463
41,969
73,665
72,369
84,807
137,322
50,402
31,026
33,091
76,006
34,760
95,577
27,592
42,851
62,782
52,333
86,018
24,725
20,511
26,849
29,747
793,286
503,745
NOTE.—Data for most recent month preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD
PORTFOLIO, BY CLASS OF INSTITUTION
Mortgages on
l-to4family
houses
(Title
ID
1946
Federal Reserve district
Total (11 districts)
13
284
601
537
272
85
7
9
16
13
18
33
34
63
74
95
96
150
106
1
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
2
Title VI.
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took olace.
JANUARY 1948
1947
1947
1946 1947
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Year or month
1946
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
47 4
61.3
Nov.
January....
February. . .
March
4pril
May
June
July
August
September. .
October. . . .
November. .
December...
Public works
and public
utilities
Residential
building
Total
IN
[In millions of dollars]
SavMuings
Insur- Fedtual
and
ance
eral
savloan
com- agenings
banks associ- panies cies *
ations
Total
Commercial
banks
1936—Dec
1937—Tj)ec,
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—June
Dec. .
2,755
3,107
1,318
1 465
157
186
237
254
668
789
220
234
154
179
1942—June
Dec
3,491
3 620
1,623
1 669
219
236
272
276
940
1 032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284
292
1,071
1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284
269
1,119
1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264
253
1,047
1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June .
2,860
1,386
245
229
889
8
102
End of month
Other*
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages ana cases in transit to or being audited at the
Federal Housing Administration.
91
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
1
Merchandise exports
Merchandise imports *
1947
1946
1943
1944
1945
1946
Excess of exports
1947
1944
1945
750
728
992
1,124
1,107
1,197
903
887
1,030
798
670
815
1,114
1,150
1,327
230
234
249
301
314
358
334
325
365
394
318
385
*»437
989
1,092
. .. 1,003
1,231
1,455
1,296
1,005
1,135
870
757
851
878
1,299
1,421
1,241
258
282
296
361
386
332
366
372
360
406
393
382
July
1,265
1,280
August
September.... 1,269
1,197
L ,191
L.194
893
737
514
826
883
643
1,155
1,143
1,101
302
318
289
294
304
282
356
360
335
1,237
1,072
1,286
1.144
1 185
938
537
455
P986
639
736 Pl.097
P 1.226
329
312
282
329
323
336
344
322
297
7,657 P12.176 2,786
3,260
3,517
1943
Month
Tanuarv
February
March
April
May
June
October
November
December
Jan.-Oct
10,607 12,136
8,431
1943
1944
1946
1945
1947
520
494
743
823
793
839
569
561
665
405
352
431
J>512
*474
P463
732
810
707
870
1,069
965
639
763
511
351
457
496
P778;
431
422
377
P450
P400
P481
963
962
981
903
887
912
537
378
180
395
461
266
P743
P619
394
P478
P529
P492
908
760
1,004
815
862
602
111
317
439
142
'508
P567
3,901 P4,684
7,820
8,876
4,915
P583
P713
P8831
P787
P94T
P706-
3,756 P 7 , 4 9 3
P Preliminary.
Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
2
FREIGHT CARLOADINGS BY CLASSES
REVENUES, EXPENSES, AND INCOME OF CLASS 1
RAILROADS
[Index numbers: 1935-39 average = 100]
[In millions of dollars]
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
1946
101
109
130
138
137
140
135
132
98
111
123
135
138
143
134
130
102
137
168
181
186
185
172
146
107
101
112
120
146
139
151
138
96
96
91
104
117
124
125
129
100
114
139
155
141
143
129
143
110
147
183
206
192
180
169
136
Mis- Mercel- chanlane- dise
ous
l.c.l.
101
110
136
146
145
147
142
138
97
96
100
69
63
67
69
79
SEASONALLY
ADJUSTED
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
3,995
4,297
5,347
7,466
9,055
9,437
8,899
P7.627
1946—August. . . ,
September.
October
November.
December.
1947—January...
February..
March... .
April
May
June
July
August.... ,
September.
October
3,406
3,614
4,348
5,982
7,693
8,343
8,049
Net
railway
operating
income
m Net
income
P7,OO8
589
682
998
1,485
1,362
1,093
849
P619
93
189
500
902
874
668
447
P289
664
673
663
663
658
613
605
606
601
523
51
68
57
62
135
18
37
25
29
98
698
696
723
685
698
731
683
719
716
739
624
631
642
637
633
649
634
655
681
696
74
65
81
48
65
82
48
64
36
43
42
33
48
IS
32
49
18
31
4
P10
1946—August. . . ,
September.
October...
November.
December.
710
660
710
658
637
'628
593
625
594
534
82
68
85
64
103
1947—January...
February..
March....
April
May
June
July
August
September.
October...
686
636
718
689
724
697
705
745
727
794
628
593
645
631
649
637
644
664
679
718
58
43
73
58
76
60
61
81
48
76
SEASONALLY
ADJUSTED
1946—September...
October
November...
December. . .
138
139
137
140
160
155
117
132
183
183
166
155
125
142
147
162
91
128
136
122
154
146
151
156
164
157
157
145
139
139
148
148
75
79
'82
81
1947—January
February....
March
April
May
June
July
August
September...
October
November...
150
142
146
137
142
137
134
143
142
145
147
163
149
147
119
155
141
115
146
153
156
160
175
171
180
173
185
173
170
184
180
192
195
157
147
159
151
138
140
168
162
137
152
145
123
111
121
111
104
107
107
92
105
104
105
163
166
159
148
148
145
152
152
149
147
150
176
172
171
184
184
184
194
190
181
163
163
152
145
151
147
145
142
143
149
145
149
151
77
76
78
79
76
74
71
73
73
75
75
1946—September...
October
November...
December. . .
149
149
141
131
160
155
117
132
181
180
166
163
140
142
144
152
120
197
171
118
166
154
148
139
245
216
169
45
150
152
154
139
79
82
84
78
1947—January
February....
March
April
May
June
July
August
September.
October
November. . .
138
133
137
134
144
142
140
148
153
156
150
163
149
147
119
155
141
115
146
153
156
160
184
182
182
169
183
170
165
177
178
188
195
157 118
144
89
146
96
133
98
121
94
143
87
202
87
175 . 87
153 139
152 161
142 133
147
159
159
148
154
151
153
160
161
155
147
44
43
50
157
267
286
311
284
272
235
163
139
136
144
145
146
146
145
150
157
163
158
74
74
79
80
76
73
71
73
77
78
77
UNADJUSTED
UNADJUSTED
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
92
54
40
57
38
89
r
29
14
43
33
46
38
37
51
20
P48
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be o b tained 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=100J
Federal Reserve district
United
States
Year or month
San
Francisco
Richmond
Atlanta
Chicago
St.
Louis
106
114
138
153
167
182
201
257
109
120
144
170
194
215
236
290
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
111
119
143
158
179
200
227
292
106
109
123
129
148
164
185
247
105
110
127
149
184
205
229
287
112
116
138
157
212
245
275
352
109
117
139
169
200
221
244
306
239
250
266
111
'292
293
347
363
261
264
294
303
'253
251
283
299
'357
348
'319
317
228
224
229
235
253
254
254
246
234
r
224
248
247
234
236
258
275
264
257
258
267
253
*>278
256
256
257
272
298
284
281
273
290
271
296
293
281
307
299
303
317
301
282
303
297
310
341
338
347
353
367
365
336
352
361
348
383
245
262
260
261
276
278
281
266
290
266
298
278
290
294
306
321
299
320
307
337
308
339
262
261
279
257
270
278
268
271
287
276
?281
281
272
298
296
316
305
294
298
346
320
*328
363
347
347
377
379
361
378
376
368
360
415
313
330
325
315
323
320
329
340
321
324
P329
284
398
301
392
318
408
333
430
"•371
494
416
570
318
409
371
463
302
385
'339
448
'435
567
'375
504
209
222
266
268
280
265
219
236
299
298
P373
170
171
227
227
241
232
164
176
248
234
306
182
188
229
223
237
231
170
179
244
'253
323
188
192
255
248
261
238
185
193
267
280
*37O
194
210
262
266
283
267
220
237
293
290
371
219
226
292
290
301
278
215
233
322
324
394
273
298
347
350
349
307
269
310
368
372
460
196
210
250
258
276
270
219
224
296
284
364
228
244
288
297
315
269
249
264
340
330
428
196
202
258
264
269
264
217
242
311
304
P336
225
247
283
290
297
281
250
277
336
336
P393
294
306
337
347
356
307
288
327
387
396
507
249
278
295
297
301
294
306
335
335
^401
102
108
131
179
155
162
166
213
99
105
124
165
142
147
153
182
97
102
123
181
143
150
160
195
96
99
119
167
141
148
150
191
99
106
130
182
144
151
156
205
107
113
139
191
175
190
198
250
107
115
140
178
161
185
188
258
103
111
134
186
160
161
159
205
102
108
134
176
152
159
166
225
103
110
138
171
151
169
165
211
99
105
125
159
152
157
158
210
106
113
130
161
159
177
190
50
106
113
137
187
172
177
182
238
256
274
209
205
'220
238
220
219
249
258
298
319
330
348
249
256
274
292
259
281
'256
303
303
364
296
334
268
275
273
264
252
241
230
227
231
251
P272
197
206
211
211
198
188
188
184
189
213
221
234
249
242
230
221
215
204
206
210
224
234
216
225
223
221
215
212
205
206
210
231
P238
257
261
264
246
238
231
217
219
222
238
268
315
307
295
302
292
270
265
261
252
281
310
311
335
321
320
309
280
270
273
282
300
337
262
264
263
257
243
232
226
221
225
245
259
291
296
288
281
272
267
247
250
246
274
290
278
270
266
287
268
256
254
241
246
251
281
298
293
302
282
267
248
212
214
224
239
P266
327
343
343
326
333
308
276
282
285
306
357
315
330
331
308
287
280
267
248
253
288
315
277
235
236
186
247
213
242
187
263
214
316
266
347
293
274
231
293
246
279
246
'274
248
324
306
313
274
234
252
264
262
253
236
232
245
255
283
P294
180
194
207
202
194
180
181
195
206
239
249
206
231
241
233
224
206
193
215
227
253
263
188
218
223
225
217
201
195
214
231
263
*262
225
242
254
253
241
222
217
236
246
274
283
268
290
295
304
286
259
268
294
283
320
329
280
312
321
317
300
283
278
295
311
336
354
225
240
255
252
243
227
222
236
250
275
285
250
266
279
281
272
267
257
273
273
307
310
253
257
267
273
266
248
259
255
265
279
303
258
264
272
273
261
248
236
240
251
272
P285
294
305
326
316
316
298
299
318
319
345
382
277
290
308
304
298
285
283
271
285
319
333
Phila- Clevedelphia land
Boston
New
York
106
114
133
149
168
186
207
264
104
108
126
140
148
162
176
221
101
106
119
128
135
150
169
220
104
111
129
143
151
167
184
236
271
276
230
231
231
232
265
268
273
276
291
289
287
282
291
275
P300
215
219
237
227
244
249
237
234
236
211
248
1946—November
336
441
*t947—January
February
March..:
April
May
June
July -August
September
October
November
Minne- Kansas
Dallas
apolis
City
SALESi
1939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED
1947—January
February
....
Apr il
May
June
July.;:
August
September
October
November
UNADJUSTED
Z72
STOCKS»
1939
1940
1941
1942
1943
1944
1945
1946
SEASONALLY ADJUSTED
1946—November
December
February
April
May
June
July.::
August
September
October
November
UNADJUSTED
1946—November.
December
February
March. r;
April
May
June . . . .
July :August
September
October
November
9
Revised.
P Preliminary.
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
JANUARY
1948
93
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES1
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Amount
(In millions of dollars)
Year or month
Sales
(total
for
month)
Stocks
(end of
month)
1946 average.
128
136
156
179
204
227
255
318
344
353
419
599
508
534
564
714
1946—October. .
November
December.
341
404
526
882
'922
776
256
250
332
321
336
304
252
273
340
367
P417
769
838
865
849
818
769
730
793
819
912
P943
1939 average
1940 average.
1941 average... .
1942 average... .
1943 average
1944 average
1945 average....
1947—January..
February.,
March. . .
April
May
June
July
August . . .
September
October. . .
November.
Without seasonal adjustment
Outstanding
orders
(end of
month)
108
194
263
530
560
728
907
Feb.
Mar.
Apr.
May
846
June
••693
557
619
603
485
387
351
470
593
622
659
663
July
1946
1947
2.. . 197 Feb.
214
9
209
16 .
2 3 . . . . .213
2 . . . . .217 Mar.
9
233
16
243
23 . . . 255
3 0 . . . . .257
6
272 Apr.
13. .. 282
289
20
2 7 . . . . .232
.248 M a y
4
1 1 . . . . .274
1 8 . . . . .246
2 5 . . . .245
1 . . . . .223
8 . . . . .273 June
1 5 . . . . .283
2 2 . . . . .248
2 9 . . . . .239
.192 July
6
.210
13
2 0 . . . . .201
2 7 . . . . .204
1
.217
8 . . . . .219
1 5 . . . . .246
2 2 . . . . .216
1 . . . . .238
8.. . 254
1 5 . . . . .267
22 .. 286
2 9 . . . . .283
5 . . . . .319
12 . . . 265
271
19
267
26
.27*
3
1 0 . . . . .311
1 7 . . . . .273
24
.277
3 1 . . . . .250
.293
7
14
.300
2 1 . . . . .25e>
2 8 . . . . .245
5 . . . .208
1 2 . . . . .22?!
1 9 . . . .217
26
.213
1947
1946
Aug.
Sept.
Oct.
Nov.
Dec.
3
10....
17 .
24
31....
7
14....
21
28....
5
12 .
19....
26....
2....
9
16....
23
30....
7
14
21....
28....
.217
.228
239
.255
.281
264
.293
280
.257
277
281
.295
.287
.277
.314
.342
363
.334
.475
.519
.532
.281
Aug.
Sept.
Oct.
Nov.
Dec.
1947
Jan.
2
.220
9 . . . . .223
16
.225
2 3 . . . . .243
3 0 . . . . .277
6. . 265
1 3 . . . . .291
20
301
2 7 . . . . .316
4
.326
11
304
1 8 . . . . .299
2 5 . . . . .306
.313
1
.347
8
1 5 . . . . .380
^9S
22
.367
29
6 .. .508
13
.570
2 0 . . . . .576
2 7 . . . . .357
1948
4
.188 Jan. 3 . . . . .205
10
1 1 . . . . .232
17..
18. . . 223
.220
25
24....
P605
r
P Preliminary.
Revised.
1
These figures represent retail sales, stocks, and outstanding orders
as reported by a sample of 296 of the larger department stores located
in various cities throughout the country and are not estimates for all
department stores in the United States.
Back figures.—Division of Research and Statistics.
NOTE.—-Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
11
Nov. Oct. mos.
1947 1947
Nov. Oct. 11
1947 1947 mos.
1947
United States. . p+7
+7
nt.\
+7 Cleveland-co
x
P+3
Boston
New Haven, . . .
-7
Portland
Boston Area. . .
+5
Downtown
+6
Boston
+4
Springfield
+3
Worcester
+1
Providence
-2
-8
+6
Toledo
x
Youngstown
. .
1
- 2 Erie
1
- 4 Pittsburgh . . . .
+8 Wheeling x
2
0
-3
+7
+3
+4
+2
New York
-2
Bridgeport *... .
Newark x
—1
Albany
+7
Binghamton....
+5
Buffalo1
+5
Elmira
+ 13
Niagara Falls..1. +4
New York City . +3
Poughkeepsie..
. + 10
Rochester 1
+4
Schenectady. . .
+1
Syracuse x
+1
Utica
+9
p+12
Philadelphia . .
Trenton x 1
+ 19
Lancaster
+7
Philadelphia x. . + 13
x
Reading
+9
1
Wilkes-Barre
..
+9
-2
York 1
+7
Cleveland
+9
Akron l l
+
10
Canton
Cincinnatil x . . . . + 10
+9
Cleveland l
+6
Columbus . . . .
Springfield 1 . . . .
+9
+9
+7
+6
+30 +5
+4
+8
+2
+5
+ 13 +8
— 1 +8
+7
r+9
+36 +10
+8
+7
+8
+4
+5
+ 1 +6 Atlanta
Birmingham l. .
+9 Mobile
+3
Montgomeryxx. .
+9 +10 Jacksonville
...
+ 15 +6 Miami 1
+6 + 10 Orlandol
+9 + 10 Tampa 1
+ 10 Atlanta
+3 +10 Augusta
+2 Columbus
-2
Macon x
+9 +9 Baton Rouge 1x . .
+6 +5 New Orleans
..
+6 + 10 Jackson x
+2 +7 Bristol, Tenn.. .
+3 +7 Chattanooga
*. .
+5
Knoxville x
+8
Nashville x
ii
Chicago x
+10
Chicago
+7
Peoria x
+12
+7
Fort Wayne 11 ..
+6
Indianapolis ..
Terre Haute *.. + 18
0 Des Monies. . . + 10
x
+ 15
Detroit
+3 Flint
1
+2 Grand Rapids. ++9
10
+2 Lansing
19
+9 Milwaukee *... ++8
+ 10 Green Bay l... + 14
-4
+ 13
+ 1 Madison
- 1 St. Louis
+11
+2 Fort Smith....
+9 Little Rock 1 . . ++101
+5 Evansville....
+31
Louisville x .. . .
+ 16
+6 Quincy
+5
+6 East St. Louis. +75
St. Louis 1 . . . .
+9
St. Louis Area.
+ 11
+3 Springfield....
+ 10
+6
l
+|
+7 Memphis . . . .
+5 Minneapolis.
+
+ 1 Minneapolis l..
+3
+8 St. Paul 1
+3
+4 Duluth+8
+2 Superior 1 . . . + 16
+2 Kansas City . . v+11
+6 Denver
+ 11
-4 Pueblo
+4 Hutchison. . . . +25
+7
+8 Topeka
-1
0 Wichita
+2 Kansas City... ++8
13
- 4 Joplin
+13
- 8 St. J o s e p h . . . .
+9
- 1 Omaha
+ 10
+9 + | +7
+ 12 +9
+ 13 + 14 + 10
- 4 ! +22| + 11
+3
- + 10
Richmond x
+3 +3
Washington .. .
+2 +5
Baltimore
0
Raleigh, N. C. .
0
-2
Winston-Salem.
+2
1
Charleston,S. C.
+4
Greenville, S. C. - 1 2
-3
+3 +7
Lynchburg.. .
-1
Norfolk
+2
+4
Richmond. . .
+ 10 ++2
Roanoke
17
+7 +8
Charleston,
+8 +5
W. Va
+ 19 +6
Huntington. .
+6
+ 16
+ 12
+7
+1
0
+2
+9
+1
0
0 +3
+26 + 17
+8 +2
+6 + 1
+8 +3
-9
+3
+14
+6 - 4
-2
-4
—4
+1
-10
-7
-3
11
Nov. Oct.
1947 1947 mos.
1947
+6
+4
+5
-5
0
—3
+9
+ 11
+7
+8
+ 11
+6
+7
+9
+8
+9
+5
+4
+ 11
+9
Nov. Oct.
1947 1947
Kansas City—
cont.
Oklahoma City.
Tulsa
+ 10
+11
+12
+20
Dallas
Shreveport
-2
Corpus1 ChristL.
Dallas
Fort W ol r t h . . . .
+9
Houston
+28
San Antonio.. . .
+9
+ 12
+ 13
+ 11
+ 17
-2
+4
+5
+ 12 San Francisco. .
+3
+6
P+3
+8
+9
+ 10
Phoenix x
+ 16; - +8
+5 +7 Tucson
11
+4
-6
- 1 0 Bakersfield1
~ + 16 + 13
0 Fresno l
+1
-1
P
+
2
3
+7
+ 7 + 17 Long Beach 1 . . . P + 2 + 1 +3
+6 + 10 Los Angeles x .. . +2 - 3 +5
-3
0 Oakland and
P-4
4-59 +86
Berkeley 1 .... + 11 +6
+5
+6 +7 Riverside and
+7 +9 San Bernardino
+6
+6
x
-5
+2 Sacramento . . . + 13 +7 + 7
+5 +2 San Diego l. . .x . + 10 +5 +4
.
-1
-1
+2
+8 +10 San Francisco
-1
+3 +8
Jose x
+ 12 +6 San
-8
+2
Santa Rosa x. . .
+4
+7 + 11 Stockton
-2
+7
5
Vallejo
and
+1 +12
Napa l
-14
-15
+7 +7 Boise and
-15
-3
Nampa
+8 + 10
- 3 + 13 + 10
+4 +10 Portland
*.
+7
+6
+6 +5 Salt Lake City
l
+7
. ..
0 +5
+5 +5 Bellingham
l
+2 +3 +5
+ 1 - 1 Everett1
P
+
5
Seattle
+ 1 +4
+7 +8
x
+22
+ 10
+ 13
+12
Spokane
x
+8 Tacoma
+7 Yakima *
P+2
P+6
P+3
r
P Preliminary.
Revised.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
2
Data
not
available.
3
Ten months 1947.
94
+4
+6
+3 +4
+6 +8
+ 1 +3
-1
0
+7 +6
+7 +9
+5
+7
+5 +13
+ 13 3+3
+9]
+7
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Number
of stores
reporting
Department
Stocks
Sales during (end
of
period
month)
Oct.
1947
Ratio of
stocks 1to
sales
Index numbers
without seasonal adjustment
1941 average monthly "sales=100*
October
Sales during
period
1947
Ten
mos.
1947
Oct.
1947
1947
Stocks at end
of month
1946
1947
1946
1946
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
609
358
+8
+5
+3
2.6
2.7
MAIN STORE—total
357
+7
+4
+4
2.7
2.8
232
217
218
629
570
W o m e n ' s apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Juniors' coats, suits, dresses
Girls' wear
_
.
Aprons, housedresses, uniforms
Underwear, slips, negligees
Knit underwear
Silk and muslin underwear, slips
Negligees, robes, lounging apparel
Infants' wear
Shoes (women's, children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
^
Hosiery (women's, children's)
Handbags, small leather goods
355
339
341
335
317
224
242
292
340
161
186
164
321
245
270
248
293
176
333
339
350
328
+4
+3
-2
-7
-5
-8
-11
?
+9
+ 13
+3
-2
-3
-1
-3
-29
-24
-27
-23
-21
+1
+8
+ 11
-\-33
+25
+6
+4
-5
+5
+33
2.2
1.4
1.4
1.9
2.0
1.5
2.5
2.4
3.1
2.6
3.1
3.8
2.4
3.3
3.1
1.8
5.0
1.0
4.6
2.4
1.2
2.3
2.4
1.7
1.4
2.9
2.8
2.3
3.4
3.1
2.6
1.9
2.3
4.0
2.4
2.6
4.4
3.1
5.8
1.0
4.8
2.4
1.4
3.2
244
322
222
277
288
302
287
138
211
238
206
192
320
238
195
356
168
246
178
264
215
201
237
282
216
276
315
319
331
143
194
212
192
175
343
257
165
293
135
277
156
259
173
202
234
313
221
252
264
266
278
138
229
237
225
236
323
227
194
276
176
242
208
248
171
191
528
467
331
512
564
453
719
336
666
608
648
730
791
783
610
631
849
236
815
647
267
467
469
574
452
523
279
327
452
725
478
747
409
618
596
931
286
430
545
605
501
463
533
524
573
956
720
804
743
590
576
863
515
888
670 1,006
199
244
727
993
611
609
252
244
369
613
3.7
2.9
4.2
3.8
5.5
2.9
1.4
3.5
3.6
3.3
203
229
185
219
171
202
220
165
269
186
210
210
203
243
192
752
658
771
837
946
682
622
652
789
847
608
302
713
879
628
-3
2.9
2.9
2.3
2.9
1.4
3.2
4.1
2.2
3.1
2.7
5.3
3.1
3.0
3.5
2.3
3.2
0.8
2.7
3.8
1.2
2.8
4.0
4.9
3.7
248
215
293
255
397
199
173
203
218
250
169
291
220
194
233
194
387
199
167
209
227
195
150
283
207
164
188
240
281
212
181
199
246
210
140
254
708
619
663
738
587
631
717
441
681
667
896
910
677
613
703
724
534
575
632
420
628
615
856
829
620
575
421
764
231
582
680
253
680
844
684
948
+32
+41
+23
+43
2.4
2.2
1.6
3.1
2.0
1.7
1.4
1.9
295
280
514
199
278
260
487
188
273
252
461
223
713
610
796
620
709
575
915
592
546
438
659
444
3.7
3.4
2.8
4.3
3.9
3.7
3.6
3.2
3.9
4.1
3.7
4.1
3.8
3.5
4.5
4.2
4.3
3.4
3.5
4.1
4.1
4.1
191
251
249
144
216
217
223
208
201
198
171
174
220
233
139
192
189
198
168
172
179
148
193
265
211
148
225
230
210
217
211
211
168
711
851
701
615
834
802
809
675
781
803
637
604
785
789 1,012
620
748
505
672
718
929
684
994
699
711
637
765
625
855
619
850
536
675
3.6
4.7
5.6
4.7
3.3
4.4
4.9
4.4
199
229
222
172
162
131
176
203
712
194
220 1,066
194 1,252
162
806
598
841
931
655
660
991
946
706
2.2
1.9
2.9
2.1
2.3
3.3
2.6
2.4
3.1
2.7
1.9
3.4
213
212
219
238
289
162
200
201
214
206
261
165
189
191
191
203
284
138
423
349
562
478
647
494
496
458
585
546
551
480
GRAND TOTAL—entire store
3
,
•
,
,
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes, slippers
330
242
312
292
186
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Linens and towels
Domestics-muslins, sheetings
Blankets, comforters, spreads
Lamps and shades
China and glassware
Housewares
318
239
267
300
234
306
205
169
189
239
242
241
Piece goods
Silks, rayons, and velvets
Woolen dress goods
Cotton wash goods
298
112
92
126
Small wares
Lace, trimmings, embroideries, and ribbons. ,
Notions
Toilet articles, drug sundries, and prescription!
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines
Stationery
Books, magazines
342
122
231
328
308
207
142
243
252
159
92
Miscellaneous
Toys and games
Sporting goods, cameras
Luggage
308
157
68
254
BASEMENT STORE—total
Women's apparel and accessories.
Men's and boys' clothing and furnishings. . ..
Home furnishings
Piece goods
Shoes
205
195
163
135
52
128 ^
+1
+ 10
0
-8
+1
-8
-18
-1
+5
+1
+29
-4
+2
-14
+7
+26
+5
-4
+9
-9
-10
-11
-2
-2
-4
-3
-4
+6
+2
-11
+ 19
-28
-27
-17
-2
-18
+7
+9
-23
+5
+17
+ 113
0
2
-1
-7
+ 13
-6
+ 11
+ 12
-11
+2
+9
+6
+5
+7
-1
+8
-1
—5
+ 18
-3
-4
-5
0
-4
+ 12
-4
1
-4
+21
+15
+8
-23
-1
-2
-5
+6
+20 +14
+7
+31
+56 +25
-3
+6
+41 + 103
-6
-4
+1
+24
+9
-3
+50
+14
+8
+57
-3
+ 153
+9
+6
+84
0
-21
+31
-4
-5
-6
0
+1
+2
+3
+4
-4
-9
-16
-6
-8
-11
-19
+ 12
-12
-9
-8
7
+2
+ 10
-9
+ 14
+7
+9
+32
+6
+ 15
+6
+ 13
+ 11
+14
+ 17
+2
+ 18
+6
+4
+12
+8
+21
+ 13
+7
+24
+ 14
-4
-11
+9
-6
+22
+ 12
477
407
640
512
666
531
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were
reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 93.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
JANUARY
1948
95
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
7,637
6,829
5,526
4,093
3,929
4,396
5,439
6,796
7,491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
6,638
10,166
9,022
9,542
10,166
10,024
10,019
10,379
10,631
10 934
11,230
11 302
11,431
11,677
12 052
12,668
1929
1930
1931
1932
1933
1934
1935
1936 .
1937
1938
1939
1940
1941
1942
1943
1944 .
1945
1946
1946—October
November
December
1947—January
February
March
April
May .
June
Tulv
August...
September
October?
November P
Instalment credit
Total
instalment
credit
Sale credit
3,167
2,696
2,212
1,526
1,605
1,867
2,627
3,526
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
3,458
3,646
3,976
4,048
4,156
4,329
4,536
4,739
4,919
5,045
5,178
5,286
5,453
5,724
Total
Automobile
Other
2,515
2,032
1,595
1,318
1,197
1,104
928
637
322
459
576
940
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
1,289
1,384
970
1,267
1,729
1,942
482
175
200
227
814
835
903
1,558
1.261
1,358
1,558
1,566
1,608
1,695
L ,812
1.928
2,036
2,092
2,167
2,257
2,370
2,561
1,147
1,368
1,343
1,525
1,721
1,802
1,009
1,090
1,219
1,299
1,657
1,998
5,176
L.457
,143
1,199
.462
2,418
2,197
2,288
2,418
2,482
2,548
2,634
2,724
2,811
2,883
2,953
3,011
3,029
3,083
3,163
639
635
676
1,014
795
505
544
1,014
1,004
1,047
1,099
652
664
617
527
483
550
822
958
677
663
741
865
544
466
581
631
691
753
816
880
922
965
Loans 1
853
985
977
1,004
1,059
1,112
1,156
1,170
1,202
1,253
1,323
1,462
Singlepayment
loans2
Charge
accounts
Service
credit
2.125
1,949
1,402
1.749
1,611
1,381
11,114
1,081
L.203
1,292
,419
L.459
,487
,544
,650
,764
,513
,498
,758
.981
3,054
2,621
2,859
3,054
2,764
2,602
2,768
2,782
2,835
2,887
2,786
2,755
2,864
3,035
3,310
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
772
962
776
875
1,048
L ,331
1,504
1,442
1,468
,488
,601
,369
,192
,255
.520
2J262
2,082
2,166
2,262
2,337
2,383
2,403
2,423
2,460
2,508
2 548
2,578
2,606
2,646
2,718
874
861
871
874
875
878
879
890
900
916
923
920
921
918
916
^Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
1929 .
1930
1931
1932
1933
1934
1935
1936.
. .
1937
1938. .
. . .
1939
1940. .
1941
1942
1943
1944
1945
1946
1946—October.....
November. .
December...
1947—January....
February. . .
March
April
May
June
July
August
September..
October?...
November?.
652
664
617
527
483
550
9,11
1,090
1,219
1,299
1,657
1,998
M76
1,457
1,143
1,199
L 462
2,418
5,197
5,288
5,418
5,482
5,548
5,634
2 ,724
2 ,811
2 ,883
2 ,953
3 ,011
,029
3 ,083
3 ,163
Commercial
banks *
Small
loan
companies
43
45
39
31
29
44
88
161
258
312
523
692
784
426
316
357
477
956
263
277
287
268
256
264
287
326
374
380
448
498
531
417
364
384
439
608
547
565
608
611
611
617
627
633
638
649
652
643
647
670
865
907
956
991
1,030
1,079
1,123
1,167
1,196
1,221
,248
,255
,281
,307
Industrial
banks2
Industrial
loan
com- 2
panies
219
218
184
143
121
125
156
191
221
129
131
132
134
89
67
68
76
117
108
112
117
122
125
128
133
138
143
148
152
154
157
163
95
99
104
107
72
59
60
70
98
90
94
98
102
105
108
113
116
119
121
124
125
127
130
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
122
128
185
171
176
185
186
190
197
204
213
224
233
240
245
250
257
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
93
110
104
106
110
110
110
111
112
113
113
114
114
114
114
116
Insured
repair
Comand
modern- mercial1
ization8 banks
loans
25
168
244
148
154
213
284
301
215
128
120
179
344
312
328
344
360
377
394
412
431
450
467
481
493
507
520
69
130
248
368
460
680
1,017
1,198
792
639
749
942
1.793
176
172
191
187
180
214
213
212
211
217
204
206
218
220
Small
loan
companies
463
485
494
393
322
413
455
610
662
664
827
912
975
784
800
869
956
1,251
105
120
166
98
90
121
116
115
117
123
113
107
121
141
Industrial
banks 2
Industrial
loan
com- 2
panies
413
380
340
250
202
234
288
354
400
238
261
255
255
182
151
155
166
231
21
22
26
22
21
24
24
24
26
29
25
27
28
27
176
194
198
203
146
128
139
151
210
19
20
25
20
20
23
24
24
24
23
22
24
23
25
Credit
unions
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
230
228
339
34
33
39
33
33
38
39
42
43
44
42
41
45
44
1
PPreliminary.
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 November amounted to
101 million
dollars,
and
loans made during November were 16 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
96
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding.
End of
year or
month
1929
1930
1931.. .
1932
1933 .
1934.. .
1935
1936
1937
1938
1939
1940
1941
1942. .
1943
1944
1945.. .
1946
1946
•October. ..
November.
December.
1947
January.. .
February..
March....
April......
May
June
July
August....
September.
October ? ..
November**
Department
Total,
stores
excludand
ing auto- mailmobile
order
houses
1,197
1,104
958
677
663
741
865
160
155
138
103
119
146
186
In millions of dollars]
Furniture
stores
Household
appliance
stores
583
265
539
454
313
299
314
336
222
185
121
119
131
171
1,147
1,368
1,343
1,525
1,721
1,802
1,009
256
314
302
377
439
466
252
406
469
485
536
599
619
391
255
307
266
273
302
313
130
639
29
Jewelry
stores
56
47
45
30
29
35
40
All
other
retail
stores
133
141
136
110
97
115
132
56
68
70
93
110
120
77
66
70
74
174
210
220
246
271
284
159
172
271
635
676
1,014
337
366
28
123
160
795
853
1,014
257
284
337
322
337
366
25
26
28
66
72
123
125
134
160
985
977
1,004
1,059
1,112
1,156
1,170
1,202
1,253
1,323
1,462
337
338
358
386
409
423
352
349
354
366
382
395
27
29
•29
32
32
37
114
107
105
108
114
119
155
154
158
167
175
182
398
39
183
198
429
440
462
495
560
269
283
408
423
443
474
13
14
41
43
46
49
120
124
128
131
149
101
100
107
184
189
197
208
230
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year and month
Outstanding at end
of period:
1941
1942
1943
1944
1945
1946
Total
Retail instalment paper *
Automobile
Other
Repair Personal
and
instalmodern- ment
ization12
cash
loans
loans
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
49.3
21.4
12.6
13.0
13.8
27.5
18.8
12.8
7.7
7.8
9.8
17.8
18.6
15.6
14.0
13.4
17.2
28.3
110.1
75.6
57.5
57.8
63.3
89.1
1946—October
November..
December..
150.6
156.1
162.7
24.4
26.2
27.5
15.7
16.7
17.8
26.7
27.5
28.3
83.8
85.7
89.1
1947—January. . .
February.:.
March
April
May
June
July
August....
September.
October?...
November?.
168.1
172.6
177.4
184.2
191.4
199.2
206.7
212.6
215.5
221.0
228.6
29.5
31.3
33.5
36.4
38.6
40.6
42.8
44.9
46.3
48.1
49.6
18.6
19.6
19.4
20.5
21.8
23.1
24.3
25.3
26.0
27.0
28.7
28.9
29.6
30.3
31.4
33.1
35.0
36.9
38.4
39.4
41.2
42.5
91.1
92.1
94.2
95.9
97.9
100.5
102.7
104.0
103.8
104.7
107.8
Volume extended
during month:
1946—October....
November..
December..
28.8
28.5
31.2
5.5
5.2
5.6
•3.5
3.6
3.7
3.3
2.8
2.6
16.5
16.9
19.3
1947—January. . .
February. .
March
April
May . . * . . . .
June
July
August....
September .
OctoberP. ..
November?.
29.1
27.4
31.3
32.4
32.8
33.8
36.5
33.2
34.8
36.2
34.4
6.4
6.2
7.1
7.7
7.5
7.5
8.2
8.1
3.5
3.4
3.5
4.1
4.3
4.3
4.4
4.2
4.1
4.7
5.1
2.4
2.4
2.7
3.1
3.7
3.9
4.0
3.6
3.7
4.3
3.3
16.8
15.4
18.0
17.5
17.3
18.1
19.9
17.3
18.2
18.4
17.7
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1945
1946
1946—October
November....
December....
1947—January
February. . . .
March
April
May
June
July
August
September....
OctoberP
•
November?.. .
Volume extended during month:
1946—October
November....
December....
1947—January
February
March
April
May .
June .
July
August
September... .
October?
November?. . .
1,093
1,450
1,694
845
516
557
742
218
311
411
136
54
55
64
165
1948
Personal
instalment
cash
loans
164
253
310
123
79
96
139
306
268
155
217
288
143
68
75
100
275
233
209
247
234
154
89
84
124
273
242
347
422
451
289
226
247
315
572
525
348
373
397
423
439
456
470
305
317
337
364
388
405
416
284
296
314
334
358
379
401
620
637
652
664
672
683
429
449
474
430
454
470
681
690
694
1,591
1,413
1,494
1,591
1,668
1,732
1,821
1,922
2,027
2,125
2,200
2,271
2,332
2,409
2,489
314
324
339
478
492
512
279
274
306
307
289
343
34
33
39
44
42
54
58
58
64
69
70
81
54
54
61
65
55
59
31
29
28
24
25
31
102
100
114
105
97
118
84
83
80
84
69
36
42
44
42
115
114
117
120
364
375
392
384
363
387
412
405
145
156
165
181
196
215
237
254
276
288
301
60
59
59
63
58
66
68
70
285
306
325
79
80
86
92
Total
Retail instalment paper2
1
Auton*t»«.
utncr
mobile
251
275
296
256
273
280
77
92
75
70
76
87
87
45
54
54
44
546
572
586
5,99
111
111
117
112
Repair Personal
and
instalmodern- ment
ization
cash
loans12
loans
Outstanding at end
of period:
1944
1945
1946
67.1
76.7
108.4
10.5
11.0
15.0
3.8
4.0
7.4
1.1
1.5
2.4
51.7
60.2
83.6
1946—October....
November..
December..
1947—January...
February...
March....
April.......
May
June
July
August
September..
OctoberP...
November?.
99.7
103.7
108.4
112.2
115.5
118.7
124.6
128.5
131.3
134.0
137.8
138.4
141.1
144.6
14.5
14.9
15.0
15.6
16.5
17.1
18.7
20.6
21.7
22.4
23.6
24.3
25.3
26.6
7.0
7.6
7.4
8.0
8.4
8.9
9.9
10.8
11.8
12.8
13.4
14.1
14.7
15.7
2.2
2.3
2.4
2.5
2.5
2.6
2.7
3.0
3.2
3.4
3.6
3.8
4.0
4.1
76.0
78.9
83.6
86.1
88.1
90.1
93.3
94.1
94.6
95.4
97.2
96.2
97.1
98.2
Volume extended
during month:
1946—October
November..
December..
1947—January....
February...
March....
April.......
May
June
July
August....
September.
October?...
November?.
22.5
23.0
26.2
22.4
22.2
25.6
27.4
26.9
27.3
26.4
25.6
27.1
27.1
27.8
4.0
4.1
3.4
3.6
3.9
3.9
4.8
4.7
4.8
5.1
5.1
5.2
5.5
5.1
1.8
1.7
1.6
1.8
1.6
1.8
2.4
2.4
2.7
2.9
2.7
3.0
3.3
3.3
0.3
0.2
0.3
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
0.5
0.5
0.4
16.4
17.0
20.9
16.8
16.5
19.6
19.9
19.3
19.3
17.9
17.3
18.4
17.8
19.0
p Preliminary.
* Includes not only loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
JANUARY
Repair
and
modernization
loans*2
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
196.8
125.4
91.8
92.0
104.1
162.7
Other
retail,
purchased
Pur- Direct and
chased loans direct
Automobile
retail
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Nov.
1947?
Oct.
1947
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Year and month
Sept. Nov.
1947 1947?
Oct.
1947
Sept.
1947
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
+7
+1
+8
+8
+12
+8
+ 17
-12
+ 14
-9
+12
+4
+6
+ 12
+17
+7
+33
+20
+27
+ 13
+19
-5
+39
+14
Accounts receivable, end
of month:
Total
Instalment..
+8
+ 10
+5
+6
+3
+3
+45
+50
+42
+43
+39
+38
Collections during
month:
Total
Instalment . . . .
+2
0
+3
0
+9
+16
+ 18
+ 15
+ 16
+ 15
+25
+28
Inventories, end of
month, at retail value.
+3
+7
+2
+ 13
+ 16
+ 16
Preliminary.
Charge
accounts
Instalment accounts
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
1946
October
November...
December. . .
39
38
36
27
27
26
52
47
47
32
34
44
60
59
54
1947
January
February....
March
April
May
June
July
August
September . .
October
November*3..
30
29
33
30
30
28
28
28
31
31
30
23
21
25
23
24
23
22
22
24
23
23
47
41
44
44
44
45
41
39
39
40
39
26
25
27
25
26
24
23
23
25
23
25
52
52
56
54
56
54
53
51
53
57
55
Department
stores
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Total
Cash
1941 average
1942 average . . . .
1943 average
1944 average . .
1945 average
100
114
130
145
162
202
100
131
1946—October . November
December... .
1947—January
February
April
May
June . . . . . . . . .
Tuly
August
September
October
November*
Accounts receivable
at end of month
Sales during month
Year and month
Instalment
Charge
account
Percentage of total sales
Collections during
month
Instalment
Charge
account
Instalment
100
91
100
103
79
80
Cash
sales
Instalment
sales
Chargeaccount
sales
100
110
48
56
9
6
43
38
107
61
5
34
Charge
account
188
211
'242
100
82
71
66
68
'102
100
102
103
111
124
176
100
78
46
38
37
50
84
94
138
70
69
91
112
127
168
64
64
'60
4
4
4
32
32
'36
218
257
-•328
'248
'296
384
120
146
199
203
233
292
55
61
75
156
176
223
104
112
121
186
197
205
56
57
'58
5
5
5
163
'158
210
••206
216
195
'160
174
••216
234
188
179
236
230
241
'218
184
196
'235
251
'107
109
146
'137
138
'125
'114
130
156
180
222
146
144
192
192
202
'181
••142
157
206
225
253
74
73
75
79
81
82
83
84
87
95
175
154
160
163
167
165
146
145
167
181
121
115
129
123
127
122
124
123
138
147
152
250
195
185
186
198
193
190
162
167
203
57
56
56
55
55
55
57
56
54
53
6
6
6
6
6
6
6
6
6
7
39
38
'37
37
38
'38
39
39
39
37
38
40
40
266
165
285
111
204
214
r
53
7
40
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 93.
98
FEDERAL RESERVE BULLETIN
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average=100]
All items
Food
pparel
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929.:
1930
1931.:
1932
1933
1934..
1935
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
108.7
97.6
92.4
95.7
98.1
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
1936.:
1937
1938.:
1939.:
1940..
99.1
102.7
100.8
99.4
100.2
103.9
86.5
84.1
93.7
100.4
101.3
105.3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96.4
100.9
104.1
104.3
104.6
100.2
100.2
99.9
99.0
99.7
96.3
104.3
103.3
101.3
100.5
1941.:
1942
1943..
1944..
1945..
1946..
105.2
116.5
123.6
125.5
128.4
139.3
105.5
123.9
138.0
136.1
139.1
159.6
106.3
124.2
129.7
138.8
145.9
160.2
106.2
108.5
108.0
108.2
108.3
108.6
102.2
105.4
107.7
109.8
110.3
112.4
107.3
122.2
125.6
136.4
145.8
159.2
1945—July
August
September
October...
November,
December.
129.4
129.3
128.9
128.9
129.3
129.9
141.7
140.9
139.4
139.3
140.1
141.4
145.9
146 4
148.2
148.5
148.7
149.4
108.3
111.2
111.4
110.7
110.5
110 1
110.3
145.6
146 0
146.8
146.9
147 6
148.3
1946—January.::
February..
March....
April
May......
June
July......
August
September
October...
November,
December.
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
149.7
150.5
153.1
154.5
155 7
157.2
158.7
161.2
165.9
168 1
171.0
176.5
110.8
111.0
110.5
110.4
110 3
110.5
113 3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2
152.0
153.7
156.1
157 9
160.0
165.6
168.5
171.0
177.1
1947—January..:
February.,
March
April
May.:....
June
July
August....
September
October...
November
153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
183.8
182.3
189.5
188.0
187.6
190.5
193.1
196.5
203.5
201.6
202.7
179.0
181.5
184.3
184.9
185.0
185.7
184.7
185.9
187.6
189.0
190.2
117.3
117.5
117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2
126.9
179.1
180.8
182.3
182.5
181.9
182.6
184.3
184.2
187.5
187.8
188.9
104.6
105.1
104.1
101.7
98.4
97.9
98.1
98.7
101.0
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
124.3
124.5
124.6
124.7
124.6
124.8
125.4
125.6
125.9
126.7
127.2
127.9
128 2
129.8
129.9
131.0
132.5
136.1
137.1
137.4
138.2
139.2
139.0
139.1
139.5
139.8
140.8
141.8
143.0
Year or month
108.3
108.4
108.5
108.7
108.8
108.8
108.9
109.0
109.0
109.2
109.2
110.0
111.2
113.6
114.9
115.2
Backfigures.—Bureauof Labor Statistics, Department of Labor.
JANUARY
1948
99
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
1946—November.
December.
Year, month, or week
ChemiHides and Textile Fuel and Metals
House- MiscelBuilding cals and furnishleather products lighting and metal materials
allied
ing
goods laneous
products
materials products
products
Foods
Total
82.4
105.9
122.6
123.3
128.2
148.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
139.7
140.9
169.8
168.1
165.4
160.1
120.7
124.7
172.5
176.7
131.3
134.7
94.5
96.1
130.2
134.7
145.5
157.8
118.9
125.7
118.2
120.2
106.5
108.9
1947—January. . .
February..
March....
April
May
June
July
August....
September.
October. . .
November.
141.5
144.6
149.6
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.5
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
189.7
187.9
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
179.3
177.8
178.0
127.6
128.6
131.3
131.8
131.9
131.4
133.4
136.0
138.2
r
140.0
142.1
175.1
173.8
174.6
166.4
170.8
173.2
178.4
182.1
184.8
191.7
202 .4
136.6
138.0
139.6
139.2
138.9
138.9
139.5
140.8
142.0
143.0
144.7
97.7
97.9
100.8
103.4
103.3
103.9
108.9
112.5
114.1
115.9
118.1
138.0
137.9
139.9
140.3
141.4
142.6
143.8
148.9
150.7
151.1
151.5
169.7
174.8
177.5
178.8
177.0
174.4
175.7
179.7
183.3
185.8
187.5
128.1
129.3
132.2
133.2
127 A
120.2
118.8
117.5
122.3
128.6
135.8
123.3
124.6
125.8
127.8
128.8
129.2
129.8
129.7
130.6
132.3
132.9
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117.1
118.8
Week ending:
1947—Oct. 4 . . .
Oct. 11. ..
Oct. 1 8 . . .
Oct. 2 5 . . .
Nov. 1 . . .
Nov. 8 . . .
Nov. 1 5 . . .
Nov. 22. ..
Nov. 29. ..
Dec. 6 . . .
Dec. 13.. .
Dec. 20. ..
Dec. 27. ..
157.1
158.0
157.9
158.0
157.4
157.9
158.5
159.2
159.8
161.0
161.4
162.5
163.0
187.5
190.1
190.9
190.7
187.7
186.1
186.9
188.6
190.3
193.6
196.2
196.9
197.0
178.3
180.0
178.5
176.2
173.8
176.3
178.0
178.8
178.3
179.6
179.0
178.2
177.8
138.6
139.0
139.3
140.2
140.9
141.3
141.5
142.0
142.6
143.1
143.5
145.4
146.0
186.7
189.2
190.4
191.3
195.9
198.7
199.6
200.4
203.3
204.0
204.9
204.4
203.4
141.0
141.2
141.2
142.1
142.7
142.9
142.9
144.0
144.7
145.3
146.3
146.9
146.9
115.3
115.4
115.7
117.4
118.3
118.4
118.7
118.7
119.1
119.4
120.2
126.2
127.7
150.7
150.
151.1
151.3
151.3
151.3
151.3
151.3
151.3
151.3
151.5
151.6
152.0
182.3
183.3
184.0
184.4
185.2
185.2
185.3
186.1
187.2
187.6
188.4
189.1
189.1
123.9
125.1
124.7
126.9
127.8
129.1
131.3
136.5
138.0
138.4
135.1
132.9
133.0
131.9
132.7
132.7
132.9
133.4
133.4
133.5
134.7
134.8
134.8
135.2
135.3
135.3
115.9
116.1
116.5
117.1
117.2
117.9
118.1
118.1
118.7
120.1
119.8
120.5
121.5
67.7
1947
1947
Subgroups
Subgroups
Nov.
Farm Products:
Grains
Livestock and poultry.. ..
Other farm products
Foods:
Daity products
Cereal products
Fruits and vegetables....
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products. . .
Textile Products:
Clothing
Cotton goods
Hosiery and underwear. . .
Silk
Rayon
Woolen and worsted goods
Other textile products...
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Aug.
Sept.
Oct.
Nov
165.4 208.8 230.3 241.4 245.5
197.4 215.9 224.8 224.5 211.0
153.3 152.6 150.3 153.7 157.2
182.9
136.1
139.5
202.8
141.4
164.3
153.3
133.0
234.6
140.7
170.6
158.7
130.1
244.8
150.7
162.9
221.0
178.1
123.5
174.9
215.6
190.7
139.1
175.2
221.1
197.4
139.5
127.9
174.7
89.3
115.0
30.2
117.7
161.3
134.3
199.2
99.9
68.2
37.0
133.3
171.8
134.4
202.3
99.9
68.3
37.0
133.8
175.1
r
167.3
167.6
130.8
230.0
157.2
175.9
172.5
135.5
217.6
159.4
178.0
243.7
204.3
139.6
187.0
263.4
216.0
141.3
134.7
204.6
100.0
71.2
37.0
134.2
176.3
135.6
209.1
101.4
73.3
37.0
134.9
174.8
122.5 122.8 123.3
170.1 172.2 173.3
181.9 182.0 182.2
65.2
86.0 87.0 86.8
92.2 93.7 96.5 99.9
113.5 121.7
137.4 169.8
147.5 170.2
65
64.5
84.4
73.4
Nov.
Metals and Metal Products:
Agricultural implements.. .
Farm machinery
Iron and steel
Motor vehicles 1
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Oct.
Nov.
112.5
113.8
114.0
148.2
118.4
107.2
118.6
119.7
139.4
156.3
141.8
128.6
119.6
120.8
140.4
159.4
142.0
135.9
120.7
121.8
140.8
159.9
142.0
136.0
125.3
126.7
140.9
160.3
142.2
136.0
129.1
107.0
192.1
151.3
107.2
120.1
125.3
144.3
116.9
276.7
154.9
128.6
143.0
150.1
145.4
119.0
285.7
157.9
135.9
143.0
150.6
145.6
120.1
290.0
161.4
136.0
143.0
152.5
147.3
120.6
295.6
161.8
136.0
143.0
152.6
106.9
152.8
96.3
91.1
191.0
117.5
136.6
105.5
97.3
133.3
118.2
136.6
109.8
97.2
'163.3
122.1
137.5
111.3
97.7
193.4
124.3
151.1
112.0
100.8
226.7
124.4 138.1 138.5 139.3 140.0
111.8 120.9 122.4 124.9 125.5
73.0 60.8 60.8 60.8 61.0
210.8 261.3 287.2 280.5 282.7
127.7 157.6 159.5 159.8 160.7
46.2 33.7 36.4 43.0 49.3
113.3 121.3 124.6 126.6 128.4
r
Revised.
Revision made beginning October 1946.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
100
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions ot dollars.]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters
Annual totals
1947
1946
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government
enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1929
1933
1939
103.8
55.8
90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3
8.8
7.0
.6
7.2
7.1
.7
1.2
9.3
11.3
.5
.5
1944
11.8
14.0
.5
2.6
1946
11.0
16.9
.5
-2.1
10.9
16.3
.5
-2.4
11.1
17.4
.5
-1.5
11.5
17.7
.5
-2.1
11.9
17.2
.5
-4.2
12.1
17.3
.5
-.7
12.2
17.6
.5
— 1.4
-.1
-.2
.1
.2
.7
.8
.5
1.9
-.2
-.1
72.5 103.8 182.3 178.2 173.5 179.9 191.0 197.6 200.1 203.3
-.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
8.1
9.4
.5
.5
1941
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
5.8
2.1
.0
2.5
1.2
3.8
72.6
2.4
1.2
1.2
70.2
67.5
2.7
14.6 23.5 16.5 17.2 15.6 18.8 22.4 23.3 22.9
5.2
5.9
5.9
2.8
5.2
6.0
6.4
5.8
5.3
.0
.0
.0
-.2
-.9
.0
.0
.0
.0
10.4 10.1 13.7
3.1
2.6
10.8 11.0 10.4
9.8
4.6
2.8
4.6
4.5
4.5
1.3
4.5
4.5
4.5
6.5
4.7
5.4
6.2
6.3
4.5
5.6
5.6
5.9
.5
.5
.5
.5
.5
.5
.5
.5
.5
95.3 164.9 177.2 172.5 179.5 187.5 190.9 192.3 200 4
21.7
3.3
18.8
19.1
21.4
18.9
18.7
19.5 21.2
2.0 17.5 17.2 17.1 17.5 17.9 19.4 19.6 19.9
1.3
1.4
1.9
1.6
1.6
1.6
1.7
1.6
1.8
92.0 146.0 158.4 153.8 160.4 168.0 169.7 170.9 178.7
82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0
9.8 35.6 14 8 15.5 13.1 13.1 11.7
8.9 12.7
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters
Annual totals
1946
National income
Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors* and rental income 3
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation ad
justment
Corporate Profits before tax
Corporate profits tax liability
Corporate profits after tax
,
Inventory valuation adjustment
Net interest
1939
1941
1944
1947
1929
1933
87.4
39.6
72.5 103.8 182.3 178.2 173.5 179.9 191.0 197.6 200.1 203.3
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
64.3 121.2 116.8 114.0 119.2 122.2 124.9 126.3 129.7
61.7 116.9 111.1 108.0 113.6 117.1 119.4 120.9 124.7
51.5 83.3 90.2 87.5 93.8 98.0 101.5 103.5 107.3
1.9
4.1
3.9
20.8
8.0
4.6
7.9
6.7
5.6
8.3
12.8 12.9 12.6 13.2 13.5 13.3 13.2
13.4
2.6
5.0
4.2
5.4
5.6
6.0
5.1
5.5
5.5
20.8 34.4 41.8 39.2 41.9 46.7 47.0 47.2 47.3
9.6
15.3 19.7 18.6 19.9 22.0 22.4 21.9 22.1
6.9
12.4 15.2 13.8 15.2 17.8 17.6 18.0 17.9
4.3
6.7
7.0
7.3
6.9
6.8
6.8
7.0
7.2
10.3
9.8
14
8.4
.5
6.5
-2.0
.2
.5
— .4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
14.6
17.2
7.8
9.4
-2.6
4.1
23.5
23.8
13.9
9.9
-.4
3.2
1946
16.5
21.1
8.6
12.5
-4.7
3.2
17.2
19.4
8.0
11.5
-2.3
3.2
15.6
22.9
9.3
13.5
-7.3
3.2
18.8
27.1
11.0
16.1
-8.3
3.2
22.4 23.3
29.0
27.4
11.6 10.8
17.4 16.6
-6.6 -4.1
3 3
3.3
22.9
27.4
10.8
16.6
-4.5
3.4
1
1
8
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
JANUARY
1948
101
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
Annua totals
1947
1946
1929
1939
1933
1941
1944
1946
2
Gross private domestic investment
.
.
.
4
2
1
3
103.8
55.8
90.4 125.3 210.6 203.7 197.0 207.5 218.6 223.1 229.1 232.3
78.8
. . . 9.4
37.7
31.7
. . . 15 8
7.8
6.4
46.3
3 5
22.3
20.6
1 3
1.1
1.8
—1 6
67.5
6.7
35.3
25.5
9.0
4.0
4.6
Gross national product
Personal consumption expenditures
Durable goods
.
Nondurable goods
Services
3
New construction *
Producers' durable equipment.
Change in business inventories
Net foreign investment
Government purchases of goods and services...
Federal
War
1.6
.8
8.5
1.3
}l.3
Nonwar
Less: Government sales 2
State and local
.4
.9
.2
13.1
5.2
1.3
3.9
8.0
2 0
2.0
(*)
7.2
(S)
(3)
5.9
7.9
82.3 110.4 143.7 138.2 147.3 154.9 158.0 162.0 166.0
6.8 14.9 13.9 16.2 18.2 18 5 19 2 19.9
9.8
44.0 67.2 87.1 83.2 88.9 93.6 95 3 97.8 100.0
36.5
41.7 41.2 42.1 43.1 44.2 45.0 46.1
28.5
5.7 24.6 22.3 27.0 30.4 29 4 29 1 30.4
17.2
2.3
9.3
5.7
8.5
8.7
8.9
9.6
10.4
10.3
5.3 12.4 11.5 13.2 15.7 16 % 5
18.0 18.0
7.7
5.4
3.7
4.9
3.9 - 2 . 0
2.0
2.0
2 7
1 5
5.2
6.1
4.5
1.1 - 2 . 1
4.8
7.7
8 3 10.5
24.7 96.6 30.7 30.3 28.6 28.2 27.4 27.5 28.2
18.2
16.9
15
6
15
8
16
0
20.7
16.9 89.0
20.9
13.8 88.6 21.3 23.1 17.7 15.8 }l8.2
17 A 16.7
3.2
2.4
3 1
3.3 J
1.6
2.1
9 9
(a)
1.2
2.6
2.2
3.0
.9
4.2
1 8
7.5
10.4 11.2 11.4 11.9 12.5
10.0
9.4
7:s
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Com- Distribmodity
Service
utive
produc- indusindusing intries
tries
dustries
Transfer
payments"
Nonagricultural
income8
10.5
11.5
13.6
10.2
16.1
26.9
33.6
35.5
20.9
.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
1.9
.5
.5
.5
.4
.4
.4
.4
.5
.5
.5
.5
.6
.6
.7
.9
1.3
1.5
1.6
12.1
12.6
15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.4
37.1
41.8
10.0
10.7
11.6
13.3
11.3
76.8
70.0
60.1
46.2
43.0
49.5
53.4
62.8
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.4
157.9
32.0
33.0
33.5
14.2
14.4
14.4
19.7
19.2
18.6
1.8
1.8
1.8
1.6
1.6
1.6
45.3
47.6
47.2
13.3
13.5
13.7
10.2
10.3
10.4
162.7
165.6
167.3
33.5
33.7
33.7
33.4
34.2
35.3
35.5
35.7
'36.4
36.4
14.6
14.6
14.6
14.8
14.9
15.2
15.4
15.3
15.2
15.1
18.0
18.1
17.6
17.5
17.2
17.2
17.3
17.4
17.5
17.6
2.1
2.1
2.1
2.2
2.1
2.1
2.1
2.1
1.6
1.7
1.7
1.7
1.8
1.8
1.8
1.8
1.8
1.9
46.6
46.8
47.7
46.9
46.9
47.6
47.8
45.9
'48.4
50.6
13.9
14.0
14.0
14.0
14.0
14.1
14.2
14.3
'15.0
14.9
11.1
10.7
10.9
10.9
10.5
10.5
11.1
10.4
21.2
11.8
168.2
168.5
168.8
167.8
169.2
171.9
172.3
173.1
•"188.1
180.1
1929.:
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
85.1
76.2
64.8
49.3
46.6
53.2
59.9
68.4
74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.9
171.6
177.2
50.0
45.7
38.7
30.1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109.2
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
21.5
18.5
14.3
15.5
14.4
12.5
12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
1946—October.. .
November
December.
184.0
188.4
189.9
113.6
115.4
117.0
115.4
117.2
118.8
49.5
50.6
52.3
1947—January...
February..
March....
April
May
June
July
August
September.
October.. .
190.3
190.7
191.8
190.2
191.5
195.1
196.1
194.9
r
210.9
204.4
117.1
117.5
117.5
116.7
118.3
121.1
121.2
122.5
r
124.5
125.2
119.2
119.6
119.6
118.9
120.4
123.2
123.3
124.6
'126.6
127.2
53.1
53.2
53.7
53.2
54.1
55.5
55.1
56.2
'57.5
58.1
9.9
9.8
Government
DiviProLess emdends
and
Other
prietors'
ployee
and
labor 5
contriperbutions income
rental
sonal
for
income6 interest
social
income
insurance
9.8
8.8
9.9
8.2
7.7
6.8
5.7
5.1
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5
5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8.2
8.5
'2.1
2.1
19.7
15.7
11.8
7.4
7.2
8.7
13.3
12.6
11.1
9.1
8.2
8.6
8.6
10.1
10.3
8.7
9.2
9.4
9.9
9.7
1.5
1.5
2.7
2.2
2.1
2.2
2.4
3.5
2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
•• Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
3
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
8
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
m Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the September BULLETIN.
1
2
4
102
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS*
1947
Chart
book
page
Nov.
26
Dec.
3
Dec.
10
Dec.
17
Dec.
24
In billions of dollars
WEEKLY FIGURES *
MONEY RATES,
22.93
22.24
12.67
7.24
1.40
.93
22.60
28.73
2.64
17.12
16.17
.95
.77
.03
.01
.19
.54
22.83
22.12
12.52
7.07
1.46
1.08
22.68
28.82
2.60
17.04
16.18
.85
.82
.06
.01
.20
.55
22.74
21.66
11.88
6.89
1.48
1.40
22.72
28.92
1.95
17.58
P16.38
.01
.03
.24
P.63
.22
.55
65.04 65.03
37.72 37.56
30.91 30.47
3.79
3.29
2.00
2.85
1.02
.95
4.22
4.24
47.98 48.25
.82
1.13
23.10 23.23
14.28 14.37
3.38
3.39
1.85
.89
.96
3.59
1.86
.91
.95
3.61
19.92
11.55
10.16
.61
.31
.46
16.02
.37
4.13
1.38
7.20
5.25
19.98
11.50
10.05
.51
.51
.43
16.26
.26
4.17
1.37
7.28
5.29
.34
.33
.26
1.01
.38
.31
.29
1.01
45.12
26.18
20.76
3.18
1.68
45.05
26.06
20.43
2.79
2.34
.51
31.98
.56
31.96
.76
6.77
13.08
15.90
9.02
3.28
.92
2.69
65.14 65.39
37.56 37.65
30.34 30.15
3.27
3.29
2.84
2.85
1.11
1.37
4.23
4.21
48.57 49.16
.54
.80
23.34 23.52
14.47 14.63
3.41
3.43
BUSINESS
P.63
1.94
.81
1.12
3.61
19.97 20.15
11.49 11.62
9.99
9.95
.51
.51
.48
.46
.51
.70
16.28 16.45
.25
.15
4.14
4.47
1.37
1.37
7.29
7.35
5.32
5.37
20.19
11.58
9.93
.53
.42
.70
16.41
.18
4.24
1.37
7.43
5.41
.34
.28
.28
1.08
.25
.49
.25
1.00
45.17
26.08
20.35
2.76
2.37
.60
32.30
.54
.57
6.91
6.91
13.06 13.07
15.95 16.05
9.08
9.15
3.28
3.31
.88
.89
2.70
2.71
45.24
26.04
20.20
2.78
2.39
.67
32.72
.40
7.11
13.06
16.17
9.26
3.32
.88
2.70
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more
65.31
37.37
30.03
3.26
2.77
1.30
4.22
48.88
.62
23.72
14.73
3.45
1.87
.73
1.14
3.59
1.78
.85
.93
3.68
Nov.
26
Dec.
.32
.47
.25
.98
Dec.
10
Dec.
17
Dec.
24
Per cent per annum
ETC.—Cont.
23.01 Corporate bonds:
21.90
11.79 Aaa
Baa
6.87
High-grade (Treas. series). .
1.53
1.71
22.74
29.11
2.25
17.38 Stock prices (1935-39=100):
P16.30 Total
Industrial
PI.20
Pl.07
Railroad
Public utility
.81 Pl.00
P. 94
.04
.11
.05 Volume of trading (mill, shares)
22.62
21.99
12.25
7.02
1.50
1.21
22.71
28.87
2.27
17.13
16.20
.94
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U.S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes...
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U.S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21
page
WEEKLY FIGURES *—Cont.
RESERVES AND CURRENCY
Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits. . . 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves •
4
Excess reserves (weekly avg.):
Total*
5
New York City*
5
Chicago
5
Reserve city banks
5
Country banks 8
5
1947
Chart
book
37
37
37
2.81
3.46
2.80
2.83
3.49
2.84
2 86
3 51
2 86
2 84
3.51
2 84
2 .86
3 .53
2 .89
In unit indicated
40
40
40
40
40
122
129
100
95
.88
121
128
99
94
.98
120
127
99
94
1.09
123
130
105
94
1.29
124
131
109
94
121
CONDITIONS4
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food. .
Production:
Steel (% of capacity)
Automobile (thous. c a r s ) . . .
Paperboard (thous. t o n s ) . . .
Crude petroleum (mill, bbls.)
Electric power (mill. kw. hrs.)
Basic commodity prices
(Aug. 1939 = 100)
Total freight carloadings
(thous. cars)
Department store sales
(1935-39 = 100)
69 159.8 161.0 161.4 162.5 163.0
69 190.3 193.6 196.2 196.9 197.0
69 142.6 143.1 143.5 145.4 146.0
73 96.3 97.7 97.7 97.8 86.6
76
'•111
121
73
84
118
127
180
184
74
170
183
74 5,257 5,265 5,253 5,284 5,285
75 4,983 5,218 5,327 5,368 4,830
75 "357.7 356.6 353.1 348.8 353.0
76
792
879
854
832
599
76
367
508
570
576
357
1947
MONTHLY FIGURES
Nov.
Oct.
Sept.
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit
7
Gold stock
7
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves:
Total
4, 7, 14
Central reserve city banks. . 14
Reserve city banks
1
Country banks
15
Required reserves:
Total
4
Central reserve city banks. . 14
Reserve city banks
15
Country banks
1
Excess reserves:
Total
4,
New York City
Chicago
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills...
22.62
21.87
28.65
1.32
.55
22.80
22.15
28.60
1.33
.94
22.87
22.48
28.65
1.33
1.29
16.87
5.27
6.69
4.91
17.07
5.35
6.78
4.94
16.99
5.28
6.76
4.95
15.93
5.24
6.43
4.26
16.12
5.27
6.52
4.33
16.14
5.23
6.54
4.36
.93
.02
.01
.26
.65
28.57
8.69
15.35
4.53
.95
.06
.01
.26
.62
28.55
8.72
15.30
4.54
.85
.04
.01
.21
.59
28.77
8.76
15.43
4.58
10
10
10
10
10
P168.60
P84.20
P56.10
P26.40
Pl.90
P169.70
P85.40
P56.20
P26.30
Pi. 80
Pi 70.40
P85.90
P56.00
P26.60
Pl.90
11
11
11
11
P115.3O
P35.60
P7O.8O
P8.90
P116.40
P36.90
P7O.5O
P9.00
P116.7O
P37.7O
P70.10
P8.90
45.12
25.79
20.11
2.74
2.35
.60
32.47
.45
6.91
13.10
16.29
9.32
ALL BANKS
3.34
IN THE UNITED STATES
.90
2.74 Total deposits and currency*..
Demand deposits adjusted"...
Time deposits adjusted 6
Currency outside banks'
U. S. Govt. deposits*
ALL COMMERCIAL BANKS
34
34
34
34
34, 37
944
.01
i
l .49
l .76
2 .37
.948
1.04
1.49
1.76
2.37
.951
.949
1.04
1.03
1.48 3 1.55
1.76
1.76
2.37
2.37
.952
1.04 Loans and investments, total*.
1.61
Loans"
1.88
U. S. Govt. securities*
2.41
Other securities*
For footnotes see p 106.
JANUARY
1948
103
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS*—Continued
Chart
book
page
1947
Sept.
Oct.
Nov.
In billions of dollars
MONTHLY FIGURES—Cont.
Chart
book
page
5
MONTHLY FIGURES—Cont.
Sept.
Oct.
Nov.*
In billions of dollars
TREASURY FINANCE—Cont.
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
14
14
14
14
14
14
14
14
97.00
30.30
59.44
7.27
71.14
28.29
11.69
5.75
97.98
31.53
59.17
7.28
72.12
28.39
12.05
5.98
14
14
14
14
14
14
14
25.50
8.41
15.42
1.68
20.03
2.37
5.36
25.47
8.81
15.06
1.60
20.07
2.36
5.41
15
15
15
15
15
15
15
35.74
12.35
20.98
2.41
24.70
11.34
1.81
36.21
12.91
20.85
2.44
25.08
11.37
1.87
15
15
15
15
15
15
15
35.76
9.53
23.04
3.19
26.41
14.59
3.73
36.31
9.81
23.26
3.24
26.97
14.65
3.90
98.20 Ownership of U. S. Govt. securities—
32.21
Cont.
58.75 Marketable public issues—Cont.
7.25
By earliest callable or due date:
72.54
Within 1 year:
28.19
Total outstanding
11.99
Commercial bank and F. R.
5.91
Bank
F. R. Bank
25.35
1-5 years:
9.06
Total outstanding
14.71
Commercial bank and F. R.
1.58
Bank
20.06
F. R. Bank
2.34
5-10 years:
5.33
Total outstanding
Commercial bank and F. R.
36.39
Bank
13.18
F. R. Bank
20.80
Over 10 years:
2.41
Total outstanding
25.39
Unrestricted issues:
11.34
Nonbank, c o m m e r c i a l
1.84
bank, and F. R. Bank..
Commercial bank and
36.46
F. R. Bank
9.96
F. R. Bank
23.24
3.25
27.08
14.50
MONEY RATES, ETC.
3.87
31
51.79
55.05
31
31
37.48
21.62
39.34
21.63
21 !46
31
42.42
38.32
38.32
31
31
30.11
.57
27.69
.40 " .49
31
18.93
18.93
31
31
12.05
.04
12.17
.04
31
54.81
54.81
31
6.63
6.68
31
31
5.44
.10
5.49
.10
22
22
22
22
22, 23
23
23
23
23
54.34
18.93
54.81
"!io
Per cent per annum
CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans.
Instalment sale credit, total
Automobile
Other
1947
F. R. Bank discount rate
33
11.67 P12.05 P12.67 Treasury bills (new issues)
33
2.61 P2.65 P2.72 Corporate bonds:
2.86 P3.04 P3.31
Aaa
33,37
P.92
.92
Baa
37
P. 92
5.28 P5.45 PS.12
High-grade (Treas. series)
37
37
3.03 P3.08 P3. 16 U. S. Govt. bonds, 15 years or more..
2.26 P2.37 P2.56
1.00
Pl.05 Pi. 10
1.25
Pl.32 Pi. 46
1.00
.804
1 .00
857
1.00
.932
2.61
3.23
2.57
2.24
2 .70
3 .35
2 .68
2 .27
2.77
3.44
2.75
2.36
In unit indicated
TREASURY FINANCE
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks*
Fed. agencies and trust funds...
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Certificates:
Total outstanding.
Commercial bank and F. R.
Bank
F. R. Bank
Notes:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Bonds:
Total outstanding
Unrestricted issues:
Nonbank, c o m m e r c i a l
bank, and F. R. Bank..
Commercial bank and
F. R. Bank
F. R. Bank
28
28
28
28
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
30
30
30
30
30
30
256.18 256.35 255.67 Stock prices (1935-39 =100):
119.32 118.56 118.56 Total
48.46 43.38 47.68 Industrial
Railroad
58.64 59.71 59.67
Public utility
29.52 29.45 29.52
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
69.80 69.80
Credit extended to customers
33.94 33.94 34.19 Money borrowed
22.33 22.17 22.21 Customers' free credit balances....
65.70 65.70
20.40 20.40
BUSINESS CONDITIONS
24.70 24.90
12.10 12.20
7.10
7.20
Personal income
(annual rate, bill,
dollars):« 6
Total
15.72 15.73 15.34 Total salaries and wages
Proprietors' income, dividends, and
interest
14.79 14.63
12.
All
other
56
14.02 13.56
Labor force (mill, persons):*
24.
Total
50
24.81
24.89
Civilian
Unemployment
14.87 14.77
Employment
7. 26
7.12
7.09
Nonagricultural
7. 84 Employment in nonagricultural 6estab7.84
7.84
lishments (mill, persons):*
Total
5.26
5.24
Manufacturing and mining
.81
.47
1.43
Trade
119.49 118.73 118.73 Government
Transportation and utilities
Construction
Hours and earnings at factories:
71.31 70.61
Weekly earnings (dollars)
Hourly earnings (cents)
50.19 50.02
.72
.71
.97 Hours worked (per week)
39
39
39
39
39
123
128
104
102
.76
125
131
104
101
1.14
124
130
100
97
.86
41
41
41
570
280
630
606
••257
616
593
247
617
48
48
210.9
124.5
'204.4
'125.2
204.9
127.5
48
48
'63.4
'23.0
'65.5
13.7
65.0
12.4
49
49
49
49
49
62.1
60.8
1.9
58.9
50.1
62.2
60.9
1.7
59.2
50.6
61.5
60.2
1.6
58.6
50.6
50
50
50
50
50
50
42.8
16.6
8.8
5.4
4.1
1.8
43.1
16.7
8.8
5.4
4.1
1.8
P43.1
P16.7
51
51
51
50.43
124.9
40.4
P8.8
P5.4
P4.1
Pi.8
50.98 P51.02
125.7 P126.6
40.5 P40.3
For footnotes see p. 106.
104
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
Sept.
Oct. Nov.
1947
Sept.
Oct.
Nov,
In unit indicated
MONTHLY FIGURES—Cont.
In unit indicated
MONTHLY FIGURES—Cont.
Chart
book
page
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS—Cont.
Industrial production: 6
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures
53
Machinery and trans, equip
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing
54
Minerals
53,54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food p r o d u c t s . . . .
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable.
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts 6(3 mo. moving
avg., mill, dollars):
Total
59
Residential
59
Other
59
Residential contracts (mill, dollars): 6
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
,
60
Value of construction activity (mill,
dollars):*
» Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings: 6
Total (1935-39 =100)
63
Groups (points in total index) :
Miscellaneous
63
Coal
63
All other
63
Department stores:
6
Indexes (1935-39=100) :
Sales
64
Stocks
64
296 stores:
Sales (mill, dollars)
65
Stocks (mill, dollars)
65
Outstanding orders (mill, dollars) 65
Stocks-sales ratio (months' supply) 65
186.
190
'82.5
'43.9
21.4
84.5
44.7
22.4
17.1
80.6
20.7
r
22.9
17.4
82.4
21.3
23.3
22.9
14
23.3
23.0
14
23.5
182
214
171
128
r
227
276
176
224
174
128
233
280
184
130
157
182
120
425
295
186
139
155
184
121
425
294
Consumers' prices (1935-39=100):
All items
Food
Apparel
P192
Rent
Wholesale prices (1926=100):
Total
P22.2 Farm products
Other than farm and food
P17.8 Prices paid and received by farmers
PS3A
(1910-14=100):
P22.0 Paid
P23.4 Received
Cash farm income (mill, dollars):
P23.1 Total
P14.9 Livestock and products
P23.6 Crops
Govt. payments
222
178
PI 35
P238
149
P158
186
P426
P294
'260
'292
'240
255
291
233
269
307
246
'315
'336
300
318
339
304
328
351
312
r
233
r261
'207
236
264
211
239
265
215
751
309
442
755
312
443
279
20
259
177
82
323
20
303
235
68
312
14
298
224
73
1,279
1,334
1,286
142
79.7
32.6
29.4
334
460
278
436
10
530
7
565
145
81.9
33.2
29.8
163.8
203.5
187.6
113.6
163.8
201.6
189.0
114.9
164.9
202.7
190.2
115.2
69
69
69
157.4
186.4
138.2
158.5
189.7
140.0
159.5
187.9
142.1
71
71
238
286
239
289
72
72
72
72
3,060
1,552
1,497
11
241
287
3,773 P3.110
1,637 PI,556
2,122 P I . 5 4 0
P14
14
INTERNATIONAL TRADE AND FINANCE
P!75
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
See p. 125 of this B U L L E T I N . .
309
472
67
67
67
67
83
34
29
291
231
275
252
340
819
659
2.4
367
912
663
P605
2.5 P23
300
272
P417
77
77
77
77
77
79
79
79
79
7 5.60
72.44
7 .49
73.17
7
1.96
Pl.226
Pl.100 Pl.225
P492
P481
P619
P734
80-81
1947
Apr.June
JulySept.
Oct.
Dec.
QUARTERLY FIGURES
In billions of dollars
TREASURY FINANCE
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, t o t a l . . .
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or o u t g o . . . .
26
26
26
26
26
26
26
27
27
27
33
35
35
35
CORPORATE SECURITY ISSUES
Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars):*
Net proceeds:
All issuers
Industrial
Railroad
Public utility
New money:
All issuers
Industrial
Railroad
Public utility
12.20
-.77
9.66
2.90
9.81
8.46
4.14
2.29
2.02
10.47
10.50
-.03
7.86
3.15
9.38
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
13.39
4.55
10.89
8.29
4.45
1.98
1.86
11.43
2.38
1.83
2.44
2.95
2.21
1.77J
2.25
2.69
2.22
1.82
2.27
2.61
In unit indicated
42
42
1.70
1.10
1.25
.86
43
43
43
43
1,605
634
82
854
1,266
389
57
753
43
43
43
43
932
428
60
414
797
285
49
420
For footnotes see p. 106
JANUARY
1948
105
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS— Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
QUARTERLY FIGURES—Cont.
1947
Jan.Mar.
Apr.June
Annual rates,
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
Gross national product • 6
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income,
consumption, and
saving:' 6
Personal income
Disposable income
Consumption expenditures
Net personal saving
44
223.1
229.1
232.3
44
44
45
45
45
27.4
158.0
18.5
95.3
44.2
27.5
162.0
19.2
97.8
45.0
28.2
166.0
19.9
100.0
46.1
44
37.7
39.6
38.1
46
46
46
46
16.5
10.3
2.7
8.3
18.0
9.6
1.5
10.5
18.0
10.4
2.0
7.7
47
47
47
47
190.9
169.7
158.0
11.7
192.3
170.9
162.0
8.9
200.4
178.7
166.0
12.7
1946
June
29
CALL DATE FIGURES«
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
Toothers
State and local govt. securities
Other securities
FIGURES FOR SELECTED DATES
June
30
12
12
12
12
45 .44
10 .47
15 .29
1 .07
46 .23
5 .60
10 .04
1 .17
46.51
4.37
7.54
.77
13
13
13
13
9 .69
.88
4 .27
2 .46
13 .15
.88
5 .36
3 .31
13.82
.97
6.24
4.00
13
13
13
13
2 .40
2 .48
3 .31
3 .15
1 .51
1 .47
3 .55
3 .08
3.98
2.97
1.51
1.15
1946
June
Dec.
In billions of dollars
LIQUID ASSET HOLDINGS9
Individuals and businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
U. S. Govt. securities
Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
24
24
24
220.5
223.2
143.3
79.9
24
24
24
151.2
96.2
55.0
156.9
101.5
55.4
24
24
24
41.8
24.6
17.2
39.1
23.5
15.6
24
24
24
27.5
18.1
9.4
27.2
18.3
8.9
1947
Dec.
31
In billions of dollars
ALL MEMBER BANKS
Chart
book
page
JulySept.
138.9
81.6
1946
1947
July 31
Feb. 26»
OWNERSHIP OF DEMAND DEPOSITS9
Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit ass'ns and other
25
77.5
77.8
25
25
25
25
25
38.3
16.4
13.0
37.2
16.0
12.5
25
25
25
6.6
2.1
4.5
6.5
2.1
4.5
25
25
25
25
27.6
21.4
28.9
22.1
4.4
4.5
6.2
5.0
4.2
4.5
6.7
5.2
r
« Estimated.
P Preliminary.
Revised.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
Number of issues included reduced from 5 to 3 on Dec. 16.
Several changes have been made in the Weekly Series on Business Activity appearing in the January issue of the Chart Book, pp. 73-76:
Miscellaneous
Freight Carloadings has been deleted; Crude Petroleum Production has been added; other changes involve pagination only.
6
For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
6
Adjusted
for seasonal variation.
7
As of Aug. 31, 1947.
8
Member bank holdings of State and local government securities on Sept. 30, 1946, and on Oct. 6, 1947, were 3.62 and 4.22 billion dollars,
respectively, and of other securities on both dates were 3.08 billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1
3
4
106
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
1947
Chart
book
page1
Sept.
Oct.p
1947
Chart
book
page1
NOV.P
Sept.
In millions of dollars
NOV.P
In millions of dollars
11,677 12,052 12,668 Consumer instalment sale 2 credit
5,453
5,724
5,286
granted, cumulative totals:
3,083
3,163
3,029
By automobiles dealers
2,370 2,561
2,257
By furniture and household appli2,864 3,035 3,310
ance stores
2,718
2,606 2,646
By department stores and mail918
916
921
order houses
By all other retailers
Consumer instalment loan credit
out11,677 12,052 12,668
itanding, cumulative totals: 2
6,391
6,599 6,944
Commercial and industrial banks.
3,527
3,564 3,634
Small loan companies
921
916
918
Credit unions
Miscellaneous lenders
Insured repair and modernization
2,257 2,370 2,561
loans
Consumer credit outstanding, total. . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts.
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding, cumulative totals: 2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
Allother
6
Oct.p
1,253
1,323
1,462
787
325
834
339
939
379
468
494
551
296
310
362
190
89
197
90
236
108
3,029
1,620
3,083
1,645
998
748
3,163
1,693
1,023
766
493
507
520
977
732
x
v Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
2
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF DECEMBER 1, 1947
[In thousands of units]
Corn
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Estimate
Dec. 1, 1947
Production
1946
Estimate
Dec. 1, 1947
Production
1946
Estimate
Dec. 1, 1947
Production
1946
Estimate
Dec. 1, 1947
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
217
2 062
270
3,986
600
958
7 234
31,175
53,294
223,477
153,006
162,801
1,362,253
407,906
407,825
370,214
64,640
6,125
8,640
11,694
3,249,950
1,154
1,777
1,098
2,193
2
2 830
3,189
Oats
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Spring wheat
Production
1946
X
Total
Winter wheat
21
6 906
24 385
51,515
181,524
164,313
167,485
885,728
301,354
311,826
242,282
57,398
6,236
6,498
17,856
53.574
25,994
5,748
56,271
38,238
40,630
436,157
63,901
125,858
10,448
20,086
54,840
30,684
8,203
70,492
51,610
32,194
552,571
127,459
109,383
189
80
1,322
16
243,524
4,439
84
32,726
1,509
14
253,898
5,207
2,400,952
870,725
1,067,970
282,321
296,949
Tobacco
Tame hay
102
36,139
White potatoes
Production
1946
Estimate
Dec. 1, 1947
Production
1946
Estimate
Dec. 1, 1947
Production
1946
Estimate
Dec. 1, 1947
Production
1946
Estimate
Dec. 1, 1947
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
5,147
33,681
18,919
75 154
40,004
33,026
579,227
78 669
404,729
158,129
40,306
30,913
4,101
14,256
12,576
27 834
37,453
32,720
448,519
54 714
362,585
153,260
36,140
31,812
3,911
6,795
2,753
6,182
5,102
4,208
17,672
9,306
9,626
8,311
1,882
13,447
4,108
6,648
2,646
5,863
4,522
3,902
18,080
9,018
9,893
9,578
1,825
13,111
34,599
1,325
59,124
162,708
1,328,495
267,156
42,770
414 533
3,379
5,320
35,511
1,325
61,100
139,237
1,271,597
272,113
37,141
343,140
2,876
3,662
89,948
50,309
23,406
14,699
31,686
18,718
32,940
11,089
45,708
37,996
6,634
121,041
72,227
39,785
21,280
11,820
26,230
12,580
23,209
8,204
41,946
32,590
5,114
89,422
1,497,904
1,215,970
89,195
89,194
2,319,409
2,167,702
484,174
384,407
1
Includes 10,000 bales grown in miscellaneous territory.
Includes 11,000 bales grown in miscellaneous territory.
NOTE.—1946 figures for all crops except cotton are as revised in December 1947.
2
JANUARY
1948
107
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United States total:
Dec 31 1945
Dec 31 1946
....
Nov
30
On par list
Total banks, branches
and offices on which
checks are drawn
1947P
Member
Total
Not on par list
(Nonmember)
Nonmember
Branches
and offices
Banks1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,077
3,947
3,981
4,113
11,869
11,957
12,029
3,616
3,654
3,786
6,877
6,894
6,921
2,909
2,913
3,022
4,992
5,063
5,108
485
287
485
287
335
212
150
75
928
830
928
830
797
762
131
68
790
132
238
302
Banks
Branches
and offices
2,133
2,086
2,048
331
327
327
223
618
56
126
36
26
31
353
60
14
2
9
674
11
109
4
71
707
741
764
By districts a n d
by S t a t e s
Nov. 30, 1947*
District
Boston
••••
Philadelohia
Cleveland
....
Richmond
....
Atlanta
Chicago
St Louis
....
Minnpaoolis
Kansas Citv
Dallas
San Francisco
844
1,152
132
238
844
1,152
647
716
475
1,013
1,159
2,486
1,470
428
131
2,430
1,117
71
1000
495
1,278
1,751
1,004
507
111
6
36
1,194
604
1,740
895
503
40
6
28
1,194
475
758
612
271
222
22
112
22
10
228
193
37
19
890
10
99
193
37
5
890
1
142
1
115
39
19
177
374
22
14
38
2
30
115
39
19
114
95
48
45
161
559
541
125
533
340
97
207
199
110
215
197
436
35
31
315
103
201
15
318
40
1,430
622
26
4
19
1,131
129
982
283
232
87
22
25
5
66
115
30
1
848
5
33
78
22
14
38
2
27
64
17
16
71
64
11
4
35
2
26
51
22
3
43
31
11
10
45
26
43
22
3
88
162
48
2
876
488
664
3
88
162
503
237
163
373
251
501
56
162
36
41
63
8
State
California
Colorado
••
Connecticut
District of Columbia...
Florida
Idaho
142
878
488
664
Kansas
610
KWitnckv
Louisiana
385
160
36
64
385
58
63
168
67
101
63
168
Maine
608
92
1
3
32
214
67
101
50
7
4
42
25
36
272
12
38
78
35
67
25
90
1
152
182
152
147
140
35
12
206
6
206
6
7
229
208
31
180
160
6
214
54
8
347
46
Missouri
443
262
39
527
409
8
2
18
82
112
3
102
23
32
34
182
112
63
279
2
11
5
443
677
206
596
1
14
2
^Massachusetts
55
129
3
394
113
46
110
415
6
167
69
48
119
105
123
20
30
Nebraska
409
8
2
136
7
65
341
47
2
136
7
52
293
33
1
120
264
2
65
341
47
2
17
New Hampshire
13
48
14
1
16
7
New York
North Carolina .
North Dakota
Ohio
Oklahoma
. . . .
659
205
151
708
169
24
659
86
46
708
46
4
574
53
41
652
27
85
33
5
56
19
4
188
1
667
374
188
1
423
225
165
1
244
149
23
Oregon
Pennsvlvania
Rhode Island
South Carolina
South Dakota
68
998
80
141
68
998
80
141
32
765
75
118
36
233
5
23
29
27
20
8
26
6
12
2
1
94
101
2
26
99
59
16
1
NPW Tersev
New T^lexico
19
151
170
Tennessee
Texas
Utah
667
384
. . .
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
2
18
41
31
47
19
57
69
294
886
72
4
60
69
15
10
195
827
60
69
145
6
1
10
41
29
21
11
31
63
56
4
81
562
45
4
114
265
11
15
10
34
40
13
2
26
29
2
8
314
89
307
88
202
43
105
45
7
123
119
119
119
54
112
65
7
4
149
444
55
98
163
38
21
281
17
77
3
109
182
553
55
179
108
71
51
l
v Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 1175 of the BULLETIN for September 1947).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
2
108
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments.
110
Gold production
111
Gold movements
111
International capital transactions of the United States.
International Monetary Fund and Bank.
Central banks
112-117
118
118-122
Money rates in foreign countries.
123
Commercial banks
124
Foreign exchange rates.
125
Price movements:
Wholesale prices
126
Retail food prices and cost of living. .
127
Security prices
127
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
JANUARY 1948
109
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
Argentina 1
1938—Dec
1939—Dec
1940—Dec
1941—Dec...
1942—Dec
1943—Dec
1944—Dec
1945—Dec
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
1946—Dec
1947—Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept.. . .
Oct
Nov, . . .
20,529
20,748
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
22,294
22,614
End of month
India
Iran
(Persia)
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
274
274
274
274
274
274
274
274
26
26
26
26
34
92
128
131
1946—Dec
1947—Jan
Feb
Mar
Apr
May
274
274
274
274
274
274
274
274
274
274
274
127
127
130
June
July....
Aug
Sept
Oct
Nov.. . .
Belgium
Brazil
Canada
Chile
Colombia
431
466
353
354
1658
1939
11,111
403
581
609
734
734
735
734
32
40
51
70
115
254
329
354
192
214
27
5
6
5
6
2 361
30
30
30
31
36
54
79
82
24
21
17
16
25
59
92
127
*>563
P645
P706
735
723
691
633
634
639
643
644
649
650
599
593
354
354
354
354
354
354
354
354
354
354
2 543
6
7
7
6
7
8
6
7
8
6
7
65
63
54
53
53
53
45
46
45
45
45
45
145
147
125
126
98
92
93
87
88
89
83
84
Italy
Japan
Java
Mexico
193
144
120
164
164
164
5
164
80
90
140
235
4 216
29
32
47
47
39
203
222
294
998
692
617
575
506
500
500
270
23
23
23
23
23
23
23
23
181
170
148
149
149
141
131
98
99
100
100
100
265
265
245
197
197
196
190
190
190
190
191
223
23
23
23
23
23
23
23
23
23
23
23
P726
P726
P723
P623
M95
P394
716
Switzerland 6
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
321
308
160
223
335
387
463
482
701
549
502
665
824
6
965
1,158
1,342
29
29
88
92
114
161
221
241
2,690
8 1
1
1
1
1
1
1
69
68
90
100
89
121
157
195
52
52
29
41
68
89
130
202
57
59
82
*83
1946—Dec. , . .
1947—Jan
Feb
Mar
Apr
May....
June. . . .
July
Aug
Sept
Oct
Nov
381
348
324
265
217
190
168
144
126
93
101
101
1,430
1,432
1,431
1,432
1,427
1,416
1,355
1,370
1,373
1,386
1,389
237
238
238
233
226
207
191
185
174
169
169
170
1
1
1
1
1
1
1
1
1
1
1
1
200
200
200
197
194
192
189
189
183
183
215
215
235
235
235
235
235
235
215
215
215
Czechoslovakia
Denmark
Egypt
France
83
56
58
61
61
61
61
61
53
53
52
44
44
44
44
38
55
55
52
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,090
38
38
32
32
32
32
32
32
32
32
32
32
53
53
53
53
53
53
53
53
53
53
796
796
796
696
696
696
696
544
544
444
444
548
.
1
1
16
46
111
191
226
231
236
229
234
239
259
259
279
279
Nether- New
lands Zealand
Sweden
End of month
Cuba
B.I.S.
Norway
Peru
94
94
84
20
20
20
21
25
31
32
28
4
110
4
85
84
69
69
59
59
59
60
60
60
24
24
21
20
19
20
20
20
20
Other
countries 7
14
7
12
12
21
45
37
39
166
178
170
166
185
229
245
247
32
28
28
27
27
27
27
27
26
29
28
240
239
239
240
240
240
P240
P240
P240
P240
P240
P240
Hungary
37
24
24
24
24
24
24
27
28
28
28
28
28
28
24
24
24
27
27
27
30
30
30
33
33
33
Rumania
South
Africa
133
152
158
182
203
260
267
269
220
249
367
366
634
706
814
914
3 525
939
886
851
803
798
788
757
752
775
805
804
111
111
111
111
111
111
111
P27O
P27O
P268
Government
Greece
29
29
29
29
29
29
29
20
P Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 194^
include, in addition to gold of the Central Bank held at home, gold of the Central Bank helc
abroad and gold belonging to the Argentine Stabilization Fund.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held by Minister of Finance, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Boarc
are included also.
3 Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows: Java—
J a n . 3 1 , 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
N O T E . — F o r back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication.
1
Portugal
Poland
Germany
Spain
42
42
91
105
110
111
111
111
gold reserves 1 not included
previous figures
End of month
United
States
1938— Dec
1939—-Mar
Aug.
Dec
1940—-Aug
Dec
1941— Sept
Dec
1942—-Dec
1943—-Dec
1944— Dec
1945— Dec
1946— June
Sept
Dec
-Mar.
.. .
1947—
June
80
154
United
Kingdom
2
759
1,732
3 876
France
331
559
M60
156
4
48
24
25
12
43
12
18
71
113
177
163
151
4
in
Belgium
44
17
293
292
151
5
2,354 ' 214''
5 2,341
457
5
2,196
5
2,535
5
2,587
5
2,345
5
2,382
17
17
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A / c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of England on that date.
4
Figure for first of month.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings (official and private) of U. S.
dollars, as reported by banks in the United
States are shown in table on p. 115.
N O T E . — F o r available back figures see Banking
and Monetary Statistics, p. 526, and BULLETIN for
November 1947, p. 1433; June 1947, p. 755;
February 1945, p. 109. For details regarding
special internal gold transfers affecting the
British and French institutions, see p. 118 footnote 4 and p. 119 footnote 10.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
world
Total
production
reported
outside
U.S.S.R.i monthly
Year or
month
1938.
1939...
1940..
1941
1942....
1943
1944
1945
1946
1946—Nov..
Dec.
1947—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
South j
Africa
1,136,360 958,770 425,649
1,208,705 1,020,297 448,753
1,297,349 1,094,264 491,628
1,288,945 1,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
646,914 427,862
663,266 417,647
54,948 33,823
56,501 34,184
58,127 34,021
41,044 19,965
51,824 28,665
55,412 31,824
59,738 35,308
57,215 33,984
61,314 35,396
59,057 34,875
34,692
35,361
Production reported monthly
Africa
North and South America
I NicaRho- I West I Belgian United I CanMexI ColomChile | ragua 7
desia I Africa21 Congo3 States* ada 5
ico6
bia
6
9
$l=15 /n grains of gold /io fine; i. e.t an ounce of fine gold=$35
28,532 24,670 8,470 178,143 165 ,379 32,306 18,225 10,290 1,557
28,009 28,564 8,759 196,391 178 ,303 29,426 19,951 11,376 3,506
29,155 32,163 » 8,862 210,109 185,890 30,878 22,117 11,999 5,429
27,765 32,414
209,175 187 ,081 27,969 22,961
9,259 7,525
26,641 29,225
130,963 169 ,446 28,019 20,882
6,409 8,623
23,009 19,740
48,808 127 ,796 22,055 19,789
6,081 7,715
20,746 18,445
35,778 102 ,302 17,779 19,374
7,131 7,865
19,888 18,865
32,511 94 ,385
17,734
6,282 6,985
19,061 20,475
51,182 98 ,994
15,301 8,068 6,357
657
1,527
1,820
1,203
1,161
4,424 8,092
559
1,585
1,820
864
1,088
5,779
7,961
566
1,524
1,785
271
1,423
7,612 8,195
581
1,502
1,750
371
1,276
5,483
7,806
555
1,574
1,855
856
1,273
5,500 9,235
610
1.537
1,890
540
1,464
6,246 8,921
502
1,508
1,820
528
1,130
7,220 9,412
520
1,498
1,680
553
1,065
6,117 9,418
636
1,554
1,855
513
1,112
7,319 9,149
684
1,541
1,855
410
1,079
7,033 9,131
658
1,516
1,044
6,979
8,668
679
915
8,185
9,057
Other
54,264 11,284
56,182 11,078
55,878 10,157
51,039 9,940
8,960
42,525
28,560 8,820
16,310 6,545
16,450 5,950
21,595 4,585
315
1,925
490
2,170
525
2,205
490
820
490
820
560
820
525
785
490
890
560
3,220
490
1,960
490
420
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau
of Metal Statistics. Beginning January 1944, they represent Gold
3
Coast
only.
Beginning May 1940, monthly figures no longer reported.
4
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States MintMonthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure5 $475,641 so that the aggregate for the year is equal to the annual estimate
compiled by the United States Mint.
Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported.
7
Gold
exports,
reported
by
the
Banco
Nacional
de
Nicaragua,
which
states
that
they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439 they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp\
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year
1938
1939
1940
1941
1942
1943
1944
1945
1946
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Sweden
Net imports from or net exports (—) to:
PhilOther
SwitzLatin
ipAuserCanada Mexico Ameri- pine tralia
land
can Re- Republics public
South
Africa
Japan
All
other
India | countries
1,973,569 1,208,728 81,135 15,488163,049 60,146 1,363
76,315 36,472 65,23127 ,880 39,162
401 168,74016,
3,574,151 1,826,403 3,798165,122 341 ,618 28,71586 ,987 612,949 33,610 57,020 35,636 74,250 22,862165,605 50,
977 63,260161,489 90,320 2,622,330 29,880 128,259 38,627103 ,777184 756111,739 49
4,744,472 633,083 241,778
1
1
1,747
899 412,056 16,791 61,862 42,678 67,492 292 893 9,444
982,378
3,779
1,955
315,678
321
119
5 208,917 40,016 39,680
528
66,920 -3,287 13,489
68,938
307
152
46,210 -109,695;-108,560
-845,392 -695,483
572
199
160
53,148 15,094 -41,748
-106,250
103
357
106
458
344,130
311,494
-14
3,591 -134,405 -156
-2,613
41118 550
1946
Dec.
-61,193
1947
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.?
-16,820
20,361
153,63444,050
129,734
200,233
219,201
111,657
109,600
450,830
265,700
27,473
-2
9
-120
-75
-108
-1,002
1
-449
2
22,515
-5
245,712 140 ,568
142,821
13,903
14,088
-7
51,174
30,319
101,642
26,341
26,442
52,913
51,820
2,220
499
552
63,697
449-110,276 -151
443
222
221
-9,793
262
217
282
330
242
152
103
-97,579
-30,341
-13,269
2,898
24,352
96,026
103,894
90,369
24,730
49,263
58,283
-132
-49
-129
122
-87
-70
1,111
-1,543
-286
-56
-252
17 18,883
32,544
37,490
66,674
11 26,376
80,446
53,228
60,081
16,042
37,760
21
29
-868
13,301
168,623
284,208
3 63,071
20,008
-8,731
18,365
-133,471
5-18,083
2
e 3,279
- 3 7 4 —2,899
- 5 5 6 -16,734
—214
1,140
-515
•1,390
-78 -1,529
-638
-334
- 5 5 1 • 5,233
«4,221
610,215
6497
997
p Preliminary.
1 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 frcm Norway, and $13,854,000 from other countries.
2 Includes $75,087,000 from Portual, $43,935,000 from Italy, $33,405,CCO frcm Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 frcm Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
s4 Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries.
Includes $133,980,000 to China and $509,000 from other countries.
5
Includes $33,728,000 from Russia, $55,760,000 to China, and $3,949,000 from other countries.
6 Includes imports from U. S. S. R. as follows: 1946—December, $4,492,000; 1947—July, $5,626,000; August, $5,627,000; September, $11,287,000; 7October, $5,346,000.
Includes $14,000,000 to China and $2,734,000 to other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
JANUARY
1948
111
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
Total
Increase in foreign banking
funds in U. S.
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3) .
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155 0
312 8
388.6
361.4
31 8
43 7
40.1
125.2
—6 2
15 8
90.3
316.7
21 1
29.8
29.8
6.0
1936—Mar.
June
Sept
Dec.
(Apr. 1)
(July 1 ) . . . : . .
30
30
1,546.3
1,993.6
2,331 9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390 3
449 0
456 2
431.5
114 4
180 5
272 2
316.2
427 6
524 1
633 3
917.4
4
16.5
23 2
12.9
1937—Mar
June
Sept.
Dec
31
30
29
29
2,998 4
3,639 6
3,995.5
3,501 1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411 0
466 4
518.1
449 1
319
395
493
583
1938—Mar 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3,301 3
3,140 5
3,567.2
3,933.0
1,043 9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434 4
403 3
477 2
510.1
618 5
643 1
625 0
641.8
1 150 4
1 155 3
1 125 4
1,219.7
54 2
57 8
64 1
47.6
1939—Mar. 29
June 28
Sept 27
Dec. (Jan. 3, 1940).
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
1,436.2
1,686.5
1,927.3
1,888.3
550 5
607 5
618.4
650.4
1,188 9
1,201 4
1,177.3
1,133.7
63 9
74 0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3 ) . . . : . .
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684 1
773.6
775.1
646 7
664.5
676.9
725.7
761.6
785.6
793.1
803.8
1,095.0
1,042 1
987.0
888.7
88.7
98 9
101 6
100.9
1941—Mar. (Apr. 2)
Tune duly 2)
Sept. (Oct. 1)
Dec 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388.6
1,459.8
1,424.0
1.177.1
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
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
8,077.3
9,959.9
9,736.7
9,771 5
9,508.2
9,440.8
9,443.6
9.519.6
5,300.6
5,047.3
4,841.3
4,815 4
4,498.0
4,591.9
4,703.2
4.869.1
2,416.0
2,006.2
1.725.4
1,718.8
1,448.7
1,447.2
1,616.8
1.726.9
2,884.6
3,041.1
3,115.9
3,096". 7
3,049.3
3,144.7
3,086.4
3,142.3
449.0
2,705.6
2,707.0
2,702 5
2,819.4
2,694.3
2,861.1
2,758.0
404 8
380.9
337.1
333 6
255.3
202.5
156 3
172.2
1,308 2
1,229.8
1,282 6
1,341 6
1,380.7
1,398.0
s 1,177 3
1,193.6
464 4
439.7
414 3
416 7
398 5
393.4
385 9
362.6
150 4
156.6
154 5
161 6
156 4
160.8
159 8
164.1
. . . .
1945—Mar. 31
Tune
Sept.
Dec
1947—j an
Feb
Mar
Apr
May
30
30
31
31
28
31
30
31
. .
June 30
July 31
Aug 31
4.4
1
2
3
2
1 075
1 069
1,125
1 162
7
5
1
0
4
18
31
47
1
3
9
5
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
112
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
1, 1936)
4, 1939)
3, 1940)
1, 1941)
Total1
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
5,807.9
5,354 1
5,980.2
7,267.1
7,728.4
8,802.8
8,001.0
8,015.8
7,828.9
7,555.7
7,628.4
7,254.3
7,029.7
7,069.0
6,688.9
6,746.5
6,582 .5
6,761.
554.9
829.3
993.7
1,183.8
1,101.3
865.2
674.1
837.8
1,257.7
1,090.0
892.5
665.1
736.3
640.9
563.1
585.6
558.2
489.6
595.8
453.5
441.7
614.1
648.5
210.2
299.5
281.7
339.6
468.7
670.3
639.9
625.9
636.8
585.7
464.2
421.1
433.1
401.7
384.8
369.4
336.3
351.4
332.0
319.8
390.2
306.2
324.6
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
539.7
370.1
351.1
322.8
326.4
319.1
295.6
256.7
391.7
356.8
340.5
336.0
333.8
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
745.9
756.3
760.9
766.1
769.5
776.8
786.1
801.6
804.6
799.3
811.8
808.0
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
203.5
213.4
228.0
287.5
342.8
256.2
215.8
221.7
198.7
181.2
161.2
158.1
166.6
311.6
436.1
612.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,243.9
1,248.7
1,249.5
1,246.3
1,259.5
1,232.8
1,262.9
1,210.0
1,161.5
1,093.2
1,112.2
1,160.1
1,200.6
()
2,051.3 150.
2,653.0 106,
3,054.2 155.3
3,790.1 229.4
4,056.6 411.7
3,626.3 340.5
3,608.1 425.1
4,192.8 760.3
4,081.8 976.4
4,037.0 1 ,395.7
3,649.5 ,177.7
3,738.9 ,110.6
3,603.8 ,067.0
3,574.2 979.7
3,645.8 967.1
3,455.8 933.3
3,362.5 853
3,552.8 764.8
3,294.9 763
3,246.2 803.4
3,341.6 794.
3,433.0 830.3
CanLatin
ada America
Asia*
156.5
70.9
243.0
201.2
315
410.6
302
384.6
522.6
483.4
642.6
606.8
691.1
567.5
932.9
835.8
951.0 ,161.6
,193.7 ,273.6
.338.4 ,784.1
,544.8 ,365.9
,569.6 ,326.6
,546.4 ,327.4
,474.0 ,258.3
,466.3
,247.1
,431.2
,185.9
,384.3
,179.8
,364.7
,142.0
,318.6
,072.6
,447.1 1,018.7
,477.0
972.1
,531.4
958.0
All
other1
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
263.2
270.0
284.4
269.6
302.0
248.1
250.0
244.6
239.6
231.1
4
-2.9
8.9
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31..
Total
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,681.7
5,660.9
5,495.4
5,272.3
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703 .2
4,869.1
United
King- France
dom
Netherlands
Switzerland
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
509.0
576.8
485.5
397.6
423.0
381.9
312.2
423.1
279.7
267.2
438.1
471 .2
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
222.4
199.1
185.8
208.2
195.6
197.8
166.7
205.0
189.7
192.6
197.2
210.0
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
333.1
345.5
353.2
359.0
363.6
370.5
378.5
383.6
388.9
381.5
388.9
385.5
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
195.4
204.5
181.2
165.8
157.0
129.0
146.2
129.6
117.8
190.2
109.7
125.6
Italy
Other
Europe
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
158.6
168.6
185.2
247.6
300.7
227.1
198.2
205.4
184.1
166.8
146.8
143.1
59.9
82.4
119.1
196.8
449.9
580.8
538.0
479.8
565.3
611.2
745.8
679.4
688.7
693.1
687.2
701.0
673.1
719.1
689.2
647.8
589.0
619.8
668.0
Total
Europe
Latin
Canada America
46.0
453.5
588.9
86.8
791.7
76.3
1,010.7 101.6
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
1,697.5 399.5
2,271.2 704.7
2,193.7 818.6
2,223.4 1,414.2
2,097.9 1,069.6
2,183.0 995.4
2,084.0 937.4
2,065.5 823.9
2,141.0 748.0
1,979.3 784.7
1,921.0 670.2
2,035.9 519.6
1,808.0 469.6
1,787.2 478.8
1,900.6 455.8
2,003.3 484.2
33.5
149.3
166.3
127.6
215.1
326.4
296.7
482.8
578.7
794.7
924.9
1,059.2
1,058.9
1,029.3
983.3
1,010.3
981.0
956.1
1,000.0
1,009.4
1,120.9
1,168.9
1,221.0
Asia*
87.0
149.4
217.0
251.8
417.0
531.2
541.4
743.9
928.2
888.6
1,369.1
1,215.8
1,178.7
1,183.9
1,135.7
1,112.9
1,043.5
1,042.5
1,012.7
973.1
966.7
932.6
910.8
All
Other1
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
239.3
244.8
260.8
263.9
288.5
258.7
251.5
247.2
237.9
238.2
245.3
249.7
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan.
1936—Dec. 3.0
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Tuly 31
Aug. 31
1
2
3
4
1, 1936).
4, 1939).
3, 1940).
1, 1941).
Total
United
King- France
dom
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
519.8
532.8
492.9
427.2
404.8
380.9
337.1
333.6
255.3
202.5
156.3
172.2
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
226.7
235.5
236.1
244.3
241.5
252.6
256.2
249.6
252.4
252.7
255.1
257.9
Netherlands
48.1
-.4
62.0
-3.3
65.3
-4.4
68.4
-5.6
73.8
12.9
74.6
17.7
76.9
17.6
77.8
18.1
77.9
18.3
77.7
18.3
78.0
-17.7
76.1 -118.4
75.1 -110.2
75.0 -120.2
73.4 -132.3
69.2 -117.9
66.1 -135.1
63.4 -137.1
57.9
-32.4
60.2
-20.6
59.0
-30.4
57.6
-28.6
58.1
-23.3
Swiu
erland
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6.8
5.2
2.6
3.7
1.8
-1.7
-3.5
-4.1
-3.3
-.2
-1.4
.3
-2.1
-1.7
Italy
Other
Europe
13.7
16.3
38.5
88.0
132.0
175.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
236.3
232.0
229.0
226.9
226.0
225.9
217.1
203.4
196.7
182.2
170.9
170.1
6.5
13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
15.9
16.0
13.7
10.6
11.7
8.9
6.0
4.5
2.7
2.5
2.3
3.0
Tota i
Europe
Can
ada
310.2
-4.6
343.7
36.9
409.3 -21.7
460.9
35.9
563.5
56.5
634.7
60.3
647.4
62.7
661.5
58.6
656.5
55.1
626.6
64.8
593.4
39.5
42.6
439.2
452.0
43.2
435.4
40.0
421.3
40.7
426.9
44.1
414.3
49.9
402.4
53.9
482.8
56.5
490.0
56.1
466.2
56.5
455.3
58.8
464.1
60.7
Latin
America
Asia2
All
other1
20.1 37.3
24.9 30.4
51.6 18.7
66.8 - 4 6 . 5
52.6 - 2 1 . 5
43.2 34.8
17.7 64.7
68.3 93.8
55.7 102.7
37.0 77.7
9.1
99.2
- 1 4 . 6 56.4
- 1 4 . 1 54.8
-32.2 54.1
- 5 8 . 8 29.9
- 9 2 . 4 34.6
-111.6 44.0
-140.6 40.2
-213.7 31.0
1.8
-270.0
-256.9 - 4 4 . 3
-276.9 - 5 6 . 0
-283.8 - 4 8 . 6
-1.6
-4.4
-8.7
-7.0
-.8
2.1
-1 2
6.6
7.5
-.3
1.5
-3.7
-3 1
-4.4
-5.8
-8.4
-15.7
-18.7
-23.0
-22.6
-19.1
-24.9
-20.3
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Inflow less than $50,000.
See Table 1, footnote 3.
JANUARY
1948
113
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 Owi>ed in U. S.)
From Jan. 2, 1935, through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940— Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Sept. 30
Oct. 31
Nov. 30
Dec. 31
*947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Total
1, 1936)
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
1,170.7
1,196.9
1,231.5
1,237.9
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
1,177.3
1,193.6
4, 1939)
3, 1940)
1, 1941)
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127.6
126.5
117.7
100.4
98.3
95.0
96.8
98.1
101.3
101.4
102.9
103.6
105.7
104.2
104.3
Netherlands
Switzerland
6.8
7.4
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50.6
51.0
51.2
49.9
49.5
49.1
50.2
50.0
49.9
50.1
50.0
49.6
49.5
48.3
47.9
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33.0
33.6
33.0
30.3
29.1
27.5
26.0
24.7
23.6
22.8
22.5
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44.7
44.5
45.2
37.4
34.5
31.0
31.2
31.5
31.8
30.9
31.9
31.4
31.2
31.2
30.1
2.2
1.7
.7
.2
Italy
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
27.1
26.8
26.7
26.7
27.0
26.8
26.8
26.9
26.9
26.8
26.7
26.7
Other
Europe
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246.6
246.9
249.2
258.2
258.0
257.2
260.2
261.8
264.6
265.1
257.7
258.3
265.4
266.4
267.3
Total
Europe
CanLatin
1
ada America Asia
143.1 - 3 9 . 7
1.7
278.3
366.4
10.5
440.6
-9.7
495.2
-7.6
510.0
25.0
521.3
35.4
526.3
-3.0
530.3
41.2
530.1 104.9
523.8
49.1
503.4 200.2
496.2 207.7
486.5 226.4
491.2 236.6
493.0 290.0
497.9 218.9
497.1 253.7
491.8 309.5
472.0 358.8
480.4 374.7
477.5 389.1
476.5 397.0
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272.3
302.0
317.1
390.3
414.2
439.9
448.4
453.2
457.6
464.4
468.2
474.2
478.8
481.8
488\0
7.9
1936)
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
478.3
472.1
454.4
464.5
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
1939)
1940)
1941)
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-189.7
-193.4
-194.9
-194.9
-196.2
-197.5
-197.9
-198.3
-200.5
-202.7
-203.5
-203.3
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
77.6
81.6
74.3
74.9
73.0
71.4
71.2
73.8
72.3
71.8
71.1
73.6
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
233.5
220.1
216.8
213.6
207.0
199.4
194.4
188.0
179.3
168.6
158.4
149.7
129.9
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
335.8
334.7
336.3
337.9
338.4
338.7
338.4
344.2
345.4
343.1
351.2
350.7
-3.3
-4.9
-5.5
-4.9
2.7
-.1
-.1
.6
1.9
2.2
1.7
1.6
2.0
2.1
3.0
-7.0
-15.5
-15.6
-15.4
-15.3
-15.1
-15.1
286.2
7.6
31
818.0
38.3 1,041.6
33.9 1,094.1
32.2 1,004.4
35.8
851.3
615.0
37.1
44.4
644.7
55.4
645.7
633.7
72.4
582.9
68.0
501.6
56.0
497.2
56.0
486.7
55.4
484.3
57.3
474.2
56.6
455.2
55.3
432.0
47.8
429.5
46.0
415.5
45.2
398.0
42.6
394.2
40.8
376.3
40.6
2.8
32.6
37.6
25.7
-2.6
-18.4
-44.7
-45.1
-58.2
-28.1
-126.6
-153.9
-155.7
-158.2
-143.0
-137.1
-141.9
-144.6
-141.9
-141.0
-126.3
-128.1
-131.7
3.7
15.5
18.2
23.7
30.1
25.6
28.1
35.2
40.5
54.9
81.3
91.5
93.4
94.1
87.6
84.9
86.2
88.2
90.6
86.5
85.3
84.2
82.7
1.1
3.5
17.0
6.8
24.5
9.7
33.8
42.8
11.3
53.0
13.5
61.2
16.6
61.5
18.0
62.2
19.9
61.3
21.0
60.8
22.0
59.4
17.4
59.4
19.3
59.5
19.3
.7
61.1
61.0
10.9
61.1
-5.7
6.4
61.1
61.0
11.1
61.0
14.7
3.0
61.1
61.2 2-232.2
61.4 -229.3
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
United
Neth- SwitzLatin
Other
Total
CanFrom Jan. 2, 1935, through—
King- France
ererTotal
Italy Europe
ada America Asia*
Europe
dom
land
lands
1935—Dec. (Jan. 1,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Sept. 3 0 . . . :
Oct. 31
Nov. 3 0 . ; : :
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
All
other1
All
other1
21.4
44.1
54.7
65.2
87.6
17.6
17.5
27.7
62.5
240.5
251.3
30.5
29.7
25.0
26.8
33.4
32.1
30.6
30.3
28.8
28.4
27.5
27.3
2.6
7.1
9.8
11.1
14.3
12.6
10.9
10.9
10.6
10.7
9.9
8.6
7.5
6.9
8.8
9.1
8.0
8.1
8.1
8.7
8.0
8.1
8.0
1
CanLatin
ada America Asia
All
other1
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)
Total
From Jan. 2, 1935, through—
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
1.0
7.6
-4.5
2.9
— .9
22.6
-7.6
-4.2
2.1
(4)
44.0
3.5
-.5
.5
(4)
4 1939)
47.9
-.9
1.8
-1 5
3, 1940)
71.6
8.7
1.6
-3.4
2.13
1 1941)
10.7
74.3
9.2
.7
6.0
14.1
8
3.9
75.7
6 3
Q
8.5
78.1
15.2
.2
4.2
6.0
9.2
89.1
.3
17.6
6.0
3.8
L3
.3
10.4
97.7
16.2
5.1
5.6
L.8
.4
13.6
113.6
5.9
19.5
3.8
i.3
.3
14.0
19.2
18.3
6
107.5
3.7
14.1
20.1
17.1
110.4
.5
4.0
L.5
14.8
111.2
15.3
.5
21.5
5 0
8
14.7
112.0
13.4
.4
21.5
4 8
2 0
.4
14.1
22.1
10.3
110.8
5.3
1.9
.4
14.0
109.0
21.7
18.0
5 2
2 8
.4
110.0
20.0
13.8
16.3
5.5
2 8
112.7
21.2
19.5
.5
13.7
7.0
1.2
9
.4
109.5
19.6
18.5
13.5
8 0
.5
14.0
114.5
19.7
19.0
6 7
1 0
19.1
.5
114.0
19.0
14.3
6.9
.8
.4
20.0
23.5
112.8
14.2
7.1
.8
1
Prior
to
Jan.
3,
1940,
the
figures
under
Asia
represent
Far
East
only,
the
remaining
Asiatic
countries
being
included
under "All other."
2
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 3Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Inflow less than $50,000.
* Outflow less than $50,000.
5
Amounts outstanding Aug. 31 (in million of dollars): foreign brokerage balances in United States, 113.1; United States brokerage balances
abroad, 25.8.
1935—Dec (Jan.
1936—Dec. 30
1937—Dec 29
1938—Dec. (J a n .
I939—Dec. (Jan.
1940—Dec (T an
1941—Dec 31
1942—Dec. 31.
1943—Dec. 31
1944—Dec 31
1945—Dec 31
1946—Sept. 30
Oct 31
Nov. 30
Dec. 31.
1947—j an . 31
Feb 28
Mar. 31.
Apr 30
May 31
June 30
July 31
Aug. 31
1 1936)
114
6.0
12.9
47.5
47.6
80.6
100.9
. . 100 9
104.4
117.8
126.3
144.1
150.4
153.1
154 7
153.7
150.4
156 6
154 5
161.6
156 4
160 8
159.8
s164.1
. .
(3)
4.0
11.5
13.4
19.4
17.0
16 8
17 A
18.8
18.5
19.8
18.6
19.2
19 2
19.2
19.2
19 8
17.7
18.6
18 4
18 9
20.2
18.3
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23.4
22.1
22.4
22.0
20.5
20.1
20 0
20.4
20.5
19.9
19.7
19.5
19.4
1.3
— .9
5.0
6.8
9.3
13.4
17 6
17.5
19.9
22.3
26.0
15.7
16.3
16.1
17.5
17.3
14 9
16.3
17.3
16.9
18.2
17.0
17.0
2.5
9.1
10.8
9.6
17.8
16.2
13.5
13.7
19.3
23.0
30.3
36.9
37.9
38 6
39.6
39.5
39 9
41.5
42.1
40 4
43.2
42.6
43.4
.1
.3
.1
.2
.1
.2
.2
1.3
-.3
5.0
5.0
4.9
7.7
7.7
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
Total foreign
countries l
In-
Date
ternational
institutions
United
NethKing- France erdom
lands
Switzerland
Italy
Total
Other
Europe Europe
669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938 2
3,678".5
4,205.4
5,374.9
5,596.8
6,883.1
76.9 33.9 12.9
92.4
205.5 163.5 68.6
130.3
232.5
235.7 176.3 78.8
427.1
261.5 143.9 89.1
473.8
436.1 187.4 101.8
781.0
448.2 288.2 204.9
365.5 490.1 174.3
1,418.9
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
707.7 310.0 281.6
4,179.3
13.7
86.1
123.5
302.1
218.8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
18.8
26.1
41.7
25.7
20.4
38.5
17 9
15.4
12.1
11.3
27.3
70.4
76.7
136.5
158.3
194.9
273 3
526.4
657.3
614.6
650.9
728 6
774.5
909.1
6,420.3
6,395.1
6,229.6
6,006.5
6,034.8
5,781.4
5,575.4
5,549.6
5,232.2
5,326.0
5,437.3
5,603.3
3,544.7
3,487.2
3,243.0
3,043.9
3,126.3
2,716.5
2,435.7
2,429.1
2,159.0
2,157.5
2,327.1
2,437.2
351.1
359.1
366.8
372.6
377.2
384.1
392.2
397.2
402.5
395.1
402.5
399.1
178.9
188.9
205.5
267.9
321.0
247.4
218.5
225.7
204.4
187.1
167.1
163.4
Official
and
1946—Sept. 3 0 . . . .
Oct. 3 1 . . . .
Nov. 30....
Dec. 3 1 . . . .
1947—Jan. 3 1 . . . .
Feb. 2 8 . . . .
Mar. 31
Apr. 3 0 . . . .
May 3 1 . . . .
June 30. ...
July 3 1 . . . .
Aug. 31. . .
269.0
284.4
461.4
473.7
468.9
2,725.6
2,726.9
2,722.5
2,839.3
2,714.2
2,881.0
2,777.9
Official
private
1934—Dec.33
1935—Dec
. .
1936—Dec. 30
1937—Dec.3 29
193g—Dec.3 . . . .
1939—Dec.3
1940—Dec
1941—Dec. 3 1 . . . .
1942—Dec. 31
I943—Dec. 31
1944—Dec. 31.
1945—Dec. 31
4
CanLatin
All*
ada America Asia 2 Other
570.3
638.1
546.8
458.9
484.4
443.3
373.6
484.4
341.0
328.5
499.5
532.5
275.5
284.6
261.4
245.9
237.2
209.1
226.4
209.8
197.9
270.3
189.8
205.8
239.0
215.7
202.4
224.9
212.2
214.4
183.3
221.6
206.3
209.2
213.8
226.6
4
232.9
99.3 122.8 202.8
686.3 145.3 156.3 289.8
814 3 186 1 263 9 331.9
1,017.1 175.6 280.9 399.5
1,237.8 201 8 248.5 435.5
1,882.6 274.6 336.0 655.7
2,213.5 434.3 447 3 769.9
1,994 0 373 2 417.7 780.0
2,020.7 507.4 597.7 930.0
2,584.5 812.6 693.7 1,108.8
2,517.8 926.5 909.3 1,069.2
2,583.0 1,522.2 1,046.4 1,549.7
12.0
23.4
27.1
20.0
34.1
72.5
73.3
113.6
149.6
175.3
174.0
181.8
842.7 2,457.4 1,177.5 1,180.7 1,396.4
851.9 42,538.3 1,103.3 1,180.5 1,359.3
856.4 2,439.3 1,045.3 1,150.8 1,364.5
850.5 2,420.7 6931.8 1,104.8 1,316.4
864.3 2,496.2 855.9 1,131.8 1,293.5
836.3 2,334.6 892.7 1,102.6 1,224.2
882.4 2,276.3 778.2 1,077.6 1,223.1
852.5 2,391.2 627.5 1,121.6 1,193.3
811.1 2,163.3 577.6 1,130.9 1,153.7
752.3 2,142.5 586.8 1,242.5 1,147.4
783.1 2,255.8 563.7 1,290.4 1,113.2
831.2 2,358.6 592.2 1,342.5 1,091.5
208.1
213.7
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0
214.1
218.5
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
6 LuxemGermany Greece bourg6
I939—Dec.'3
1940—Dec ..
1941—Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 31. . .
1945—Dec. 31. . .
526.4
657.3
614-6
650.9
728.6
774.5
909.1
159.2
144.8
117.3
121.8
122.9
124.3
185.0
28.1
17.3
18 1
17.7
13.9
14.8
25.9
21.4
16 5
5 7
9.5
6.7
7.9
7.7
7.1
5.5
7.5
6.5
6.8
7.0
39.3
43.5
48.7
70.8
1946—Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 3 1 . . .
1947—Jan. 31. . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30. . .
May 3 1 . . .
June 30. . .
July 3 1 . . . .
Aug. 31. ..
842.7
851.9
856.4
850.5
864.3
836.3
882.4
852.5
811.1
752.3
783.1
831.2
158.7
177.0
186.0
159.5
165.3
149.3
178.8
163.0
150.9
142.5
164.0
185.3
56.8
54.9
57.0
66.5
73.3
68.3
62.5
57.8
56.9
52.0
45.6
48.8
13.6
17.0
18.6
22.2
21.6
28.9
31.3
26.8
22.4
22.7
36.2
39.9
6.4
6.8
7.3
7.1
5.3
5.5
6.9
9.1
64.4
58.4
55.5
49.3
43.7
43.0
39.7
39.8
37.7
32.2
32.2
36.0
6 6
21.5
27.3
46.3
53.6
Norway
6 YugoPortuAll
6
Rugal6 mania6 Spain Sweden USSR slavia6 other
18.3
18.4
18.6
22.3
56.3
48 7
65 2
132.4
158.9
220.8
216.1
35.7
53.4
54.5
47.9
9.4
9.3
9.5
9.3
21.7
21.6
21.8
22.6
22.5
22.5
22.9
22.2
22.2
22.3
22.6
20.1
140.8
136.0
123.1
123.5
117.4
106.8
105.3
111.2
100.6
91.2
80.0
78.0
49.1
48.8
43.5
39.0
45.4
44.0
54.2
52.2
52.3
42.5
40.1
47.7
8.7
8.7
9.0
8.9
8.9
8.9
Costa7
Rica
Cuba
French
West
Indies
and
Guiana7
Mexico
4
"ii!
12. 2
37. 0
47. 9
62. 5
100. 3
70. 4
139. 3
128. 3
"'4.9'
2.6
4.4
7.1
58. 8
55. 0
37. 7
95. 7
70. 4
83. 1
116. 4
7.8
6.7
6.0
5.4
4.9
3.9
4.0
3.2
3.6
2.9
3.2
2.3
142. 2
133. 2
143. 2
152. 2
149. 3
142. 1
139. 1
127. 6
128. 8
126. 7
137. 7
149. 2
12.2
11.3
8.3
8.2
8.2
9.4
17.5
31.8
43.4
31.7
142 2
235 4
210 7
153.5
163.2
152.1
210.1
14.3
12.3
16.1
28.0
18.9
20.2
15.3
16.4
19.8
20.0
18.8
18.1
17.5
11.8
12.2
12.1
183.1
159.9
165.4
172.6
164.2
159.1
165.2
157.3
152.2
133.2
122.9
115.2
37.5
46.4
53.2
60.5
60.4
58.5
58.5
60.0
50.4
50.6
50.3
52.5
Panama8
Peru 7
17.7
9.9
5.7
5.7
8.5
8.4
10.4
12.4
12.9
13.9
14.7
15.3
12.5
11.8
13.1
12.5
109.8
187.9
191 0
57^9
76.9
52.1
43.7
74.7
87.8
90.3
89.9
103.4
107.8
111.4
108.4
105.6
104.0
109.3
120.2
Lati n America
NethLatin
America
Bolivia7
Brazil
Chile
1939—Dec*
336.0 57.7
1940—Dec.»
447.3 115.4
1941—Dec. 31. . . 417.7
75.7
1942—Dec. 31. . . 597.7 67.6 "i6!8'
1943—Dec. 31. . . 693.7 69.8
12.6
1944—Dec. 31. . . 909.3 93.9
17.7
1945—Dec. 31. . . 1,046.4 77.3
14.5
36 .4
36 .2
.5
67 .7
98 .7
140 . 8
195 . 1
26 . 8
28 .5
27 . 3
34 .5
54 . 0
55 . 0
66 . 3
1946—Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 3 1 . . .
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 3 0 . . .
May 31. . .
June 30. . .
July 3 1 . . . .
Aug. 3 1 . . .
231 . 0
223 .5
205 . 6
174 . 0
183 . 4
157 . 8
51 .2
49 . 8
50 .5
50 .7
46 .2
127.6
51 . 0
53 . 4
45 . 3
50 .7
41 .2
44 .9
Date
1,180.7
1,180.5
1,150.8
1,104.8
1,131.8
1,102.6
1,077.6
1,121.6
1,130.9
1,242.5
1,290.4
1,342.5
Argentina
144.5
147.9
131.4
112.6
166.0
180.0
181.4
223.0
252.0
265.0
309.3
307.5
13.5
14.3
13.6
14.0
12.4
13.7
12.8
11.7
10.3
16.4
14.6
15.2
sa
115
96
85
98
110
.3
.7
.2
.8
.8
45.2
Colombia7
"43! 4
67. 1
83. 6
79. 2
65. 2
61. 5
60. 7
57. 8
51. 0
55. 9
51. 9
56. 2
57. 8
42. 4
32. 0
34. 2
7. 4
6. 9
6. 7
7. 1
8. 6
7. 7
7. 3
9. 0
8. 5
9. 3
8. 5
8. 6
6. 9
8. 6
160. 6
158. 0
159.1
153. 5
147 3
145. 9
150
168
162
289
284
287
8
0
0
6
0
7
er-
lands
West
Indies
and
Surinam7
"20.Y
41.2
36.0
28.2
13.7
13.6
13.5
16.1
13.6
11.8
10.5
10.6
9.0
10.3
10.1
13.6
Other
Vene- Latin
zuela7 America
34 . 0
58 .7
42 . 1
36 .9
57 .6
69 . 1
88 .7
17 .4
27 .7
43 . 9
24. 2
31. 5
49. 7
85 . 3
105 . 6
121 . 8
64 .2
95 .4
119 . 8
144 .8
85 . 4
84 . 6
84 .1
77 .2
78 .2
75 .2
73 .2
71 . 0
68 . 9
69 . 9
69 .7
71 .5
39 . 1
43 . 8
40 .7
40 .9
37 . 0
34 . 3
34 . 0
35 . 9
38 .9
39 .7
38 .2
41 .7
52. 5
68. 7
67. 3
74. 0
51. 5
45. 5
46. 7
49. 4
46. 3
53 6
66. 2
74 0
167 . 3
167 . 6
166 .7
168 .7
183 . 8
182 .4
186 . 1
186 . 6
202 . 9
181 . 4
178 . 6
181 . 3
.7 '26! 9
For footnotes see p. 116.
JANUARY 1948
115
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
Date
Asia
India,
Egypt
Neth- PhilChina
Bur- Britand French Union
erand French
New Angloma, ish Japan lands
ippine Tur-1 Other All 2 Ausof
Man- Indo-1 Hong
traZeaMoOther
and
Kong
MaIsEgypkey
other
Asia
East 1
chu- China
lia land tian rocco South
Ceylaya1
lands
Africa
Indies
1
ria
lon
Sudan
1939—"Dec»
1940—Dec * . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—Dec. 3 1 . . . .
1945—Dec. 3 1 . . : .
655.7
769.9
780.0
930.0
1,108.8
1,069.2
L,549.6
165.4
167.0
71.4
193.4
58.5
110.3
207.5
91.1
198 6
162 4
156.8
69.9
61.6
226.8
264.9
4 . 8 160.4 254.7 29!9 36.2
360.9 "27]4 41.6 * 13 * i "i'.o
.9
4 . 1 110.1 259.1 35.4 55.5
574.2 27.4 23.9 18.2
4 . 0 110.5 365.8 23.7 64.2
427.3 27.4 22.9 22.1 1.3
4 . 1 113.7 629.1 52.5 78.0
582.3 28.0 27.4 33.4 1.2
72.5
73.3
113.6
149.6
175.3
174.0
181.8
23!i
1946—Sept. 30. . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31. . .
June 30 . . .
July 3 1 . . . .
Aug. 3 1 . . .
1,396.4
1,359.3
1,364.5
L.316.4
,293.5
L.224.2
1,223.1
L.193.3
1,153.7
1,147.4
L,113.2
] ,091.5
525.3
490.1
456.5
431.9
428.7
389.7
373.2
369.1
354.3
339.1
309.6
286.1
208.1
213.7
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0
214.1
218.5
39.9
41.1
35.1
45.5
40.9
59.4
40.4
38.7
36.2
47.8
42.4
46.2
1
2
8
42.9
37.7
36.2
39.9
42.1
36.0
39.1
38.4
40.5
37.2
36.2
35.3
37.9
35.6
46.1
44.9
39.2
40.8
38.9
39.0
41.5
41.1
47.2
44.7
35.8
33.3
40.1
43.5
42.5
44.2
40.7
36.1
33.4
41.2
43.3
53.6
9.5
9.3
9.5
17.2
17.3
8.8
7.1
7.2
8.3
9.6
8.8
11.8
14.6
14.1
14.1
16.6
17.2
17.7
18.7
18.9
18.0
16.7
17.6
17.6
128.9
133.4
134.5
127.1
117.4
116.6
122.9
103.7
95.4
94.9
85.8
82.8
465.2
466.6
466.3
446.6
448.3
430.5
447.1
438.9
432.2
448.8
452.6
440.3
61.0
58.6
64.3
54.7
60.8
56.5
55.8
65.4
57.0
51.0
40.4
41.7
80.6
80.5
89.2
93.8
88.5
85.1
79.4
75.6
71.8
68.5
68.7
74.9
'i!8
25.3 5 . 1
52.9 3 . 5
28.9 4 . 3
5.5
5.5
5.7
8.0
8.2
8.3
9.6
8.7
8.7
8.6
9.4
9.5
"6.*8
6.1
7.3
18.9
20.2
21.8
22.3
20.8
19.8
18.4
19.6
19.0
20.5
22.6
19.4
21.1
8.3
6.4
"'91'.8
124.1
97.6
113.4
24.5
29.4
52.2
47.2
82.5
33.9
43.7
47.3
50.0
39.5
49.5
55.5
104.5
102.5
99.8
96.4
89.9
90.7
90.5
86.2
76.5
74.5
79.7
72.9
"ii'.o
"ii'A
4.5
10.3
4.3
10.0
13.4
13.3
14.5
14.9
16.0
16.9
16.5
16.1
14.9
13.9
13.7
13.3
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 3 below.
Footnotes
to table on p. 115.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
'Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan.l,
1941.
4
These figures are not strictly comparable with the corresponding figures for preceding months due to exclusion of an account amounting to
$4,322,000, which should not have been reported as "foreign." The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United
States"
have been adjusted to exclude the unreal movement introduced by this change.
6
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.
8
Prior to June 30, 1942, included under "All other."
7
8
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
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 September 1945, pp. 967-970.
ASSETS
Date
1934—Dec. (Jan. 2, 1935)
1935 -Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan. 31
Fe.b. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Total
United
King- France
dom
1,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
80.5
32.5
16.8
13.5
10.3
615.7
602.7
642.6
708.3
730.7
754.6
798.4
801.8
880.2
933.0
979.2
963.3
65.3
56.5
55.9
47.7
50.5
39.4
35.8
42.4
39.6
39.3
36.9
34.1
3.0
3.9
4.1
5.7
9.9
4.9
4.2
1.8
1.3
1.1
1.4
1.1
13.0
15.6
21.1
18.8
20.1
21.4
20.9
Netherlands
Switzerland
18.6
19.0
21.9
23.0
24.2
5.7
.9
1.1
.5
.4
.3
36.3
137.1
128.8
138.8
151.0
136.6
153.7
155.8
51.0
39.3
49.0
47.2
41.9
Canada
Latin
America
Asia 1
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
96.3
100.9
59.4
118.0
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
174.6
154.5
141.1
114.4
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
117.4
80.1
67.2
78.9
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
294.9
282.1
298.8
312.9
307.3
319.8
331.8
251.3
244.1
268.0
278.9
270.0
50.3
49.7
52.9
52.2
48.8
43.0
39.0
36.4
36.8
36.4
34.0
32.2
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
438.0
424.9
444.9
451.8
72.7
74.3
75.0
99.2
94.5
85.0
88.9
98.1
127.3
173.3
185.0
177.7
Italy
Other
Total
Europe Europe
8.2
6.6
5.4
5.5
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
27.2
13.5
10.9
20.8
13.5
11.8
2.0
1.5
.4
.4
.3
.3
311.8
273.3
223.0
179.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
5.5
4.5
6.3
9.8
10.7
10.5
12.9
16.0
14.9
17.7
20.6
22.0
23.8
24.1
24.3
23.6
73.4
77.8
80.8
«B2.8
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
11.7
12.2
11.4
8.3
9.5
7.8
10.2
9.8
All
other 1
8.5
10.1
12.9
17.2
15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
15.1
14.5
15.8
17.2
19.8
27.1
30.1
34.3
34.0
30.5
36.3
31.7
1
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.
116
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Belgium
Denmark
Finland
Germany
1939—Dec.2...
1940—Dec.2...
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
104.7
69.5
60.5
56.3
52.9
78.3
74.6
6.5
1.5
1.1
.8
.7
.7
.6
3.2
.3
1.4
1.8
1.9
5.6
7.6
(
53.4
39.6
34.4
34.0
33.9
33.9
33.9
1946—Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30
July 31.
Aug. 31.
73.4
77.8
80.8
82.8
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
6.9
7.2
7.7
7.5
7.1
7.4
8.0
8.9
8.9
10.1
9.0
10.3
3.5
4.3
5.9
6.2
6.4
6.1
8.3
7.1
9.1
11.4
17.8
17.9
33.9
33.9
33.9
30.4
30.3
30.4
30.4
30.4
30.3
30.3
30.3
30.3
Date
LuxemGreece1 bourg1
Norway
PorRutugal1 mania1 Spain
Sweden
Yugo-1 All
USSR1 slavia
other
28.0
24
22.1
8.4
5.0
5.1
4.7
5.5
6.1
6.2
9.4
9.5
10.2
13.2
22.9
26.3
35.4
37.5
36.2
.7
9
.5
.2
.2
35.1
31.6
2.4
1.4
.8
.5
3.2
3.2
1.8
1.6
8.7
1.0
.6
.4
.2
.2
.9
12.6
12.6
13.0
12.4
12.4
12.5
13.2
12.8
13.0
12.9
13.0
12.6
.7
.7
2.1
3.3
3.7
4.0
4.2
5.2
5.9
6.3
7.0
8.0
1.0
1.3
.9
1.0
.9
.9
1.0
1.0
1.2
1.5
1.3
1.3
3.6
7.2
6.5
7.2
7.3
6.2
3.8
3.7
3.5
4.3
1.6
1.3
5.5
4.1
3.9
4.9
5.5
5.6
6.0
7.1
7.4
7.5
8.7
9.3
3.6
1.1
.6
.6
6.9
7.0
6.9
11.9
12.0
Latin America
Latin
BoAmer Argentina livia4 Brazil Chile
Date
1939—Dec. 2 ....
1940—Dec.2
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
113.3 16.8
122.7 11.9
148.3 16.8
6.9
99.7
112.2 15.3
131.0 3.1
158.9 21.0
3.0
1.8
1.8
1.3
1946—Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1947--Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
182.6
182.1
200.2
226.8
260.4
279.6
308.6
381.7
438.0
424.9
444.9
451.8
21.4
22.5
24.0
41.8
49.1
45.5
49.9
57.8
60.7
57.6
65.8
71.8
2.2
2.0
2.3
2.6
2.6
3.0
4.8
5.3
3.6
3.3
3.2
2.6
Colombia*
32.2
33.1
38.0
16.7
18.9
25.3
24.7
9.7
13.4
14.9
15.3
16.6
9.0
6.6
20.7
12.2
15.5
16.8
37.2
40.4
43.9
49.8
54.4
63.1
69.6
115.4
150.2
160.9
164.1
163.6
14.5
13.8
14.0
14.6
13.1
15.3
16.0
18.6
20.3
17.4
20.5
22.7
23.8
21.0
19.8
26.4
29.9
30.2
26.8
30.4
36.4
40.3
35.7
35.2
NetherFrench
lands
West
Other
West PanaCosta4 Cuba Indies Mexico Indies
Latin
6
4
Peru* VeneRica
ma
zuela
and
Amerand
ica
Gui-4
Suri-4
ana
nam
5.9
6.1
7.6
4.8
11.2
8.6
11.0
1.0
2.1
.6
.7
1.2
1.2
10.5
11.7
11.3
8.3
20.1
47.4
33.3
2.1
1.1
.8
1.1
2.8
1.4
1.2
1.9
3.9
3.8
5.1
6.1
37.2
44.4
57.3
14.2
8.7
11.7
33.4
1.7
2.6
2.5
2.9
3.4
3.7
4.0
3.4
3.6
3.9
3.9
3.8
21.1
27.9
41.1
25.7
35.5
37.9
45.2
53.8
60.1
46.0
53.3
54.5
22.0
17.6
20.6
25.5
27.0
28.8
30.7
33.7
34.8
32.9
27.6
31.0
.9
.9
.8
1.3
1.6
1.7
2.2
2.2
2.1
2.6
2.7
3.8
3.0
2.7
2.7
3.7
5.4
6.5
7.0
7.8
7.6
5.6
5.9
6.3
7.0
4.8
6.6
8.7
10.4
15.6
19.6
15.4
19.2
16.7
18.2
18.5
27.0
24.9
21.7
23.1
27.1
27.9
33.9
37.3
36.7
36.3
42.3
36.2
2.4
Asia and i\11 Other
Date
India,
China
and French Hong BurAsia Man- Indo-6 Kong ma,
and
chu- China
Ceyria
lon"
1939—Dec.2
1940—Dec 2
1941—Dec. 31
1942—Dec. 31
1943—.Dec. 31
1944—Dec. 31
1945—Dec.
174.1 22.0
117 8 23 7
87 9 23 5
35.3 11.1
26.3
1 7
51.4
1.5
29.9
1.0
1946—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1947—Jan.
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
72.7
74.3
75.0
99.2
94 5
85.0
88.9
98 1
127.3
173.3
185.0
177.7
34.7
34 6
40.8
53.9
43 8
36.8
41.2
47 0
76.1
104.8
110.7
108.2
Egypt
Neth- PhilBritand French Union
er- ippine Tur- Other All Aus- New Anglo
ish Japan lands
of Other
7 tra- Zea6
MoIsother
Ma-6
Asia
key
EgypEast
lia land tian rocco South
laya
Africa
Indies6 lands
Sudan
.7
.5
.1
.1
102.1
55 8
18.9
5
.5
.5
.5
.2
.2
.2
.2
.5
.3
.5
.2
.2
.2
.5
.2
1.9
1 7
3.1
f'
(3
1
(3)
a
()
.1
.1
.3
.9 2.2
1.0 2.0
.9 22.3
.8 7.5
3.2 11.7
6.5 10.1
4.0 9.1
5.9 12.0
5.0 12.7
5 . 1 12.9
4.1 14.6
4.0 14.2
3 . 5 13.2
3 . 5 32.8
3.1 33.7
3.1 27.5
1.0
1 3
1.1
2.2
1.6
1.6
.2
.2
.2
.2
.3
.3
L.6
7
L.5
L.4
1.2
0
.9
L.O
1
9
1.4
9
S
.5
.5
.5
26 4
21.6
22
14 0
23 0
19 5
14 4 1 .8
2.0
? 1 8
13 Q
9. 3
6 4
9 7
13.8 1 .8
13.8 2 .0
4. 8 1 .0
3 Q
.6s
8.8 11. 7
2.7 9. 9 1 .7
16.6 .9
160 1
14 7 .9
20 2 1 .4
1 4
25
3.9
4 0
4.2
4.4
4 5
23 0
1 S
4.0
15. 1
14. s
15. 8
17. 2
19
?7 1
3 .3
? 7
3 .1
3 .4
4
.7
?
.2
.7
1 .2
10
.9
1 .1
1 ?
6 ?
20 3 2 .0
22 4 ? s
23 ? ? 7
3.9 30. 1 6 .5 1 .5
7 5 1
4 5 34
5 8 U 0 6 6 1 6
?0 ?
s
6.7 36. 3 11 .3 1 .7
8.4 31. 7 9 .0 1 .5
3 3
25 1 3 .2
24 5 3 .5
5.8
SO
9 0
1 0
.1
.1
.2
.3
1
2
9
4
7
8
9
10
10
$
.3
.4
.4
.4
.4
.4
.5
.4
.4
.3
.2
.2
.1
.1
.4
.1
.1
.3
7
4
7
7
7
4
1
1
1 .2
7
1 .0
2 .5
2 .5
? 0
2 .4
2 .2
4
4
5 .5
s
14 7
16.0
18 3
8
18 9
0
5 0
15.2
18 8
15 8
4 .2
4 .9
1
2
Prior to June 30, 1942, included under "All other."
Report dates for these years are as follows: 1939—Jan. 3, 1940; an.d 1940—Jan.
1, 1941.
4
»
Less than $50,000.
Prior to June 30, 1942, included under "Other Latin America.1
6
6
Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
7
Country breakdown not available until June 30, 1942.
JANUARY
1948
117
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1947
1947
1946
1946
International Bank
International Fund
Nov.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Unpaid balance
of member subscriptions. .
Other assets l
Member subscriptions
Accumulated net income
..
,
Aug.
May
Nov.
Sept.
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock 2 . .
Loans (incl. undisbursed portions)
Other assets
. .
Bonds outstanding
Loans—undisbursed
'
Other liabilities
Capital 2
:
Accumulated net income
1 345 1 333
1,929 2,030
3,304 3,155
1,342 1,202
7,922 7,722
—2
335
873
June
Mar.
478
872
Sept.
420
624
407
156
148
411
4
45
250
455
3
250
223 "'158
2
1,645 1,605 1,603
-1
-1
-2
1 Less than $500,000.
2
Excludes uncalled portions of capital subscriptions, amounting to 6,580 million dollars as of Sept. 30, 1947, of which 2,540 million represents the subscription of the United States.
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
25
30
29
28
27
25
31
30
29
27
26
25
1947 Jan. 29
Feb. 26
Mar. 26
Apr 30
May 28
June 25
July 30
Aug. 27
Sept 24
Oct. 29
Nov. 26
Other
assets 2
200 1
313.7
326.4
326
4
4
.2
.2
2
.2
.2
.2
.2
.2
:..
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
260 0
200.0
220.0
230 0
580.0
•630.0
« 780 0
•950 0
s5 1,100.0
1,250 0
t 1,400 0
i ] ,450.0
,450 0
,450.0
,450.0
,450 0
,450.0
,450.0
,450 0
,450.0
,450 0
,450.0
,450.0
Assets of banking department
Cash reserves
Coin
Notes
.6
.6
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
22.1
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
1.3
1.0
.9
.6
1.0
1.3
1.8
2.4
2.5
2 3
2.0
1.5
85.8
74.7
59.5
62.6
56.1
55.2
30.9
56.8
73.7
89.4
109.8
Discounts
and advances
8.5
17.5
9.2
28 5
4.3
4.0
6 4
3.5
2.5
5.1
8.4
13.6
25.4
16.0
11.1
18.0
8.7
20.6
28.6
16.6
14.6
5.9
4.5
Securities
Liabilities of banking department
Note
circulation 3
Bankers'
Public
Other
Other
liabilities and
capital
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18 0
18.0
18.0
18 0
17.9
17.9
17 9
17 9
17.9
17 8
17.8
18.1
60.6
60.1
94.4
98.0
95.1
98.3
95.1
93.4
92 1
95.9
93.3
18 3
18.4
18.5
17 8
18.0
18.1
18 3
18.4
18 5
17.8
18.0
:Deposits
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1.238.6
,379.9
,428.2
72.1
150.6
120.6
101.0
117.3
135.7
219 9
223.4
234.3
260.7
274.5
278.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
271.0
294.6
338.7
344.8
353.9
337.0
364.6
332.0
325.9
318.9
302.1
1,364.5
,375.6
,390.7
,387.6
1,394.1
,395.0
11,419.3
1,393.4
1,376.5
L,360.8
1,340.5
288.4
285.2
286.4
303.7
301.9
290.3
301.8
282.0
289 6
288.8
292.5
16.0
22.4
10.6
9.0
10.3
5.2
5.3
10.3
6.9
5.0
8.0
11.3
14.0
16.2
13.8
14.0
»Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account,
6
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and-Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, May 8,
July 3, and Dec. 10, 1945, and on Dec. 10, 1946.
NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-561 in same publication.
118
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31. . .
30. . .
31. . .
31. . .
31. . .
31. . .
30. . .
31. . .
31. . .
Gold
185.9
225.7
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation
Dominion
government
Other
liabilities
and
capital 3
Shortterm 1
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
874.4
,036.0
129.1
1,186.2
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
1.0
1.0
1.2
1.0
1.0
4.0
.7
2.4
1.9
.7
1.4
1,196.8
1,172.3
1,146.9
1,186.0
1,123.0
1,063.7
1,081.9
1,141.5
1,088.0
1,136.4
1,039.9
718.8
738.9
757.5
751.2
731.0
716.0
722.6
720.3
744.7
799.4
820.6
39.3
47.6
40.4
59.2
41.3
40.4
42.0
39.0
49.5
53.1
46.2
1,138.6
1,137.9
1,153.2
1,153.9
1,148.1
1,152.6
1,153.7
1,158.9
1,172.2
1,179.4
1,182.3
533.3
493.6
536.3
542.6
477.6
474.4
468.3
515.0
481.1
548.7
536.7
150.1
215.7
159.8
195.7
179.4
105.6
124.1
133.6
128.2
143.4
84.2
82.9
75.3
64.6
69.3
58.5
54.4
63.7
58.7
62.0
71.2
62.0
51.0
37.3
32.1
35.9
32.6
36.9
37.3
37.1
40.5
46.9
42.8
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31
Nov. 29
Chartered
banks
Other
Liabilities
Bank of France
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944-i-Dec.
1945—Dec.
Advances to
Government
Domestic bills
(Figures in
millions of francs)
Golds
29.. 87,265
28.. ° 9 7 , 2 6 7
26.. t°84,616
31.. 84,598
31. 84,598
30., 84,598
28. 75,151
27. i°129,817
1946—Nov. 28.
Dec. 26.
94,817
94,817
1947—Jan. 30.
Feb. 27.
Mar. 27.
Apr. 30.
May 29.
June 26.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
n82,817
82,817
82,817
82,817
i°64,817
64,817
94,817
94,817
I°52,817
52,817
Foreign
exchange
For occupation
Other •
costs 7
Open
market6
Special
821
112
42
38
37
37
42
68
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
1,797
2,345
661
12
169
29
48
303
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
72,317
142,507
210,965
326,973
426,000
426,000
6
7
74,739
77,621
3,344
3,135
67,396
76,254
426,000 55,500
426,000 67,900
75,500
5
82,958
8
83,613
5
85,120
6
82,221
6
82,983
6
6 99,114
97,490
3
7 107,877
10 108,050
Other
2,209 82,674
85,917
1,435
85,221
694
134 80,901
88,429
125
87,134
84
85,195
8
98,224
20
130 101,935
250 132,913
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
20,627
34,673
63,900
69,500
68,250
64,400
15,850
55,200
54,000
79,500
55,000
63,700
95,000
113,600
124,900
139,300
127,800
Deposits
Other
assets 8
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
Note
circulation
730,253
737,692
746,266
770,670
775,053
807,064
831,587
838,442
852,195
867,700
Other
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
824
765
58,549
63,468
4,748
7,213
789
831
767
770
745
834
792
750
779
762
55,020
54,512
63,880
62,304
66,745
76,747
71,329
70,651
71,299
81,030
4,849
5,166
5,021
4,992
4,599
9,040
5,075
7,250
6,861
6,502
5,061
110,935
1,914
151,322
984
218,383
1,517
270,144
770
382,774
578
500,386
572,510
748
570,006 12,048
47,116 704,796
47,577 721,865
54,507
53,066
58,083
iHO8,758
i2103,846
12119,662
12120,046
i2105,639
12103,067
i2lO8,155
Govern- C.A.R.9
Other
liabilities
and
capital
41,400
64,580
16,857
10,724
1 Securities maturing in two years or less.
2 Includes notes held by the chartered banks, which constitute an important part of their reserves,
s Beginning November 1944, includes a certain amount of sterling and United States dollars.
* On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 6 1940, pp. 677-678).
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May6 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
7
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million francs were authorized to meet the costs of the German army of occupation.
8
Beginning Dec. 28, 1944, 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.
9
Central Administration of the Reichskreditkassen.
10
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million, in week ending May 2, 1946, 35,000 million, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million
francs
of gold transferred from Bank of France to Stabilization Fund.
11
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury bonds covering these contributions is shown under "Other assets."
12 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
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.
JANUARY
1948
119
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Nov.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1 .
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government
Nationalized *
Other
Certificates of participation in
Government securities
Other liabilities and capital. . . .
1,141
2,46:
947
Sept,
1,410
2,384
953
Nov.
3,505
2,027
860
87
1947
Central Bank
(Figures as of last report
date of month)
Nov.
26,003
12,748
1,000
50,907
5,648
64,597
2,284
78,472
4,285
78,610
1,819
26,260
13,074
1,000
50,662
5,423
64,597
2,271
78,402
4,391
78,689
1,805
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
28,478
12,169
1,164
48,686
4,939
64,597
2,196
78,125
3,653
78,699
1,754
49,882
5,053
64,597
2,239
71,703
6,025
79,281
1,465
922
343
250
631
13
,730
204
225
920
295
237
431
20
1,637
259
7
31,809
4,894
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
Net claim on Int'l. Fund 3
Paid-in capital—Int'l. B a n k . . . .
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
200
86
1
735
810
1,147
2,375
3,690
720
410
533
200
164
200
241
326
801
1,260
1,360
1,518
3,734
721
311
537
855
,136
,375
,457
803
639
322
501
533
1,048
819
1,811
3,299
569
200
470
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Paid-in capital—Int'l. Bank. . . .
Loans and discounts
Government loans and securities.
Other assets
146,587
50,542
21,867
1,225
109,321
102,826
46,026
145,318
40,391
21,867
1,225
135,578
82,359
46,709
155,099
27,076
21,867
1,225
126,208
81,383
42,223
252,824
53,950
34,895
84,975
39,749
Oct.
1946
Sept,
Nov.
Bank of the Republic of Colombia
—Cont.
Note circulation
261,908 252,78' 249,838 231,678
Deposits
175,600 177,934 167,085 195,479
Other liabilities and capital
40,886 42,724 38,158 39,238
12,581 12,262 7,572 National Bank of Costa Rica—
2,713 2,656 2,333
Issue dept. (thousands of colones):
4,744 4,657 3,716
Gold
333
498
455
Foreign exchange
1,627
1,513
546
Contributions to Int'l. Fund and
12,096 12,089 10,892
to Int'l. Bank
176
78
146
Loans and discounts
Securities
1
Other assets
869
628
Note circulation
Demand deposits
Other liabilities and capital
178,813 175,620 218,131 National Bank of Czechoslovakia
2,330 3,011 2,151
(millions of koruny):
Gold and foreign exchange 6 . . . .
415,128 404,821 374,372
Loans and discounts
15,395 13,333 7,521
Other assets
195,393 200,393 198,180
Note circulation—Old
New
252,080 237,514 259,179
Deposits—Old
25,885 29,341 23,744
New
138,308 129,537 121,071
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
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Loans to Government
Other loans and discounts
Claim against Bank of Issue... .
Other assets
Note circulation
Demand deposits 4
Blocked accounts
Other liabilities and capital
Oct.
1946
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account....
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucresj:
Gold
Foreign exchange (net)
Net claim on Int'l. Fund 3
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities and capital
11,448 11,276
,46
,703 11,544 3,161
,321
,521
,97
,094
,069
,896
119
30,321 1,126
60,308 59,728
3,992 '2,619
1,158
1,651
75,904 67,084
36,057
6,075
6,810
6,402
4,833
4,027
4,958 5,002
10,202 9,019
5,117
6,722
56,421 57,765 57,860 124,495
933
53,718 50,933 48,946 39,772
75,573
7,657
5,599
6,193 10,883
12,264 13,195 12,670
8,083
71
113
-5
20
126
5,654
248
1,522
1,860
2,672
172
71
93
14
16
127
5,720
270
1,513
1,934
2,700
164
71
82
16
16
123
5,840
256
1,452
2,159
2,640
152
242,387
105,745
274,816
63,060
16,877
226,074
106,193
338,421
258,034
90,566
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) 3
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
83
132
100
25
109
7,568
117
1,562
2,705
3,667
200
207]256
118,778
355,523
278,451
40,192
6,376
6,375
14,650 16,088
5,286
5,289
36,931
28,269
1,563
4,555
5,510
1,737
48,476
24,492
5,597
298,931
26,437
126,619
92,466
117,085
15,510
05,746
26,797
40,101
82,964
22,053
15,179
36,979
32,686
1,563
2,146
5,510
1,803
49,053
26,102
5,532
32,737
•37,465
1,920
5,837
1,835
45,461
27,978
'6,356
r
1
2
Revised.
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Gold not reported separately beginning Dec. 31, 1946.
7
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
120
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Nov.
Oct.
1946
Sept
Nov.
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
6,040
27,603
2,832
28,060
39,726
24,574
236
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
2
2
2
1
874
628
937
1,905
-2,261 -2,375 -2,813 - 7,642
34,207 33,698 32,875 30,312
388
397
417
469
861
1,074
1,179
789
25,809 25,129 24,484 19,492
1,615
1,716
1,669
1,028
6,647
6,579
6,446
5,314
Bank of Greece (billions of drachmae) :
Gold and foreign exchange (net),
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
9,150
29,665
2,832
21,360
41,435
21,350
222
647
23
729
1,053
125
822
75
203
1,477
9,150
29,815
2,832
21,395
41,779
21,175
238
650
23
734
993
122
764
74
198
1,486
Bank of Guatemala (thousands of
quetzales):
Gold
27,229 27,229 27,229
Foreign exchange
19,908 20,136 20,839
Gold contribution to Int'l. Fund.
1,250
1,250
1,250
Rediscounts and advances
2,986
2,820
2,922
Other assets
8,542
8,377
8,391
Circulation—Notes
29,608 29,240 28,852
2,*
2,855
2,876
Deposits—Government
7,676
7,803
7,645
Banks
11,206 11,729 12,451
Other liabilities and capital
8,53
8,554
8,437
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other assets
,
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
Sterling securities
Indian Govt. Securities
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities and capital.
393
94
1,485
340
236
1,829
137
183
399
393
98
1,398
340
238
1,869
115
101
383
444
11,353
578
361
11,934
803
3,915
979
5,494
203
Central Bank of Ireland (thousand;
of pounds):
Gold
2,646
2,646
Sterling funds
42,430 41,873
Note circulation
45,076 44,519
393
92
1,291
340
242
1,834
25
114
385
34,984
596
9,624
35,550
9,624
30
Central Bank
(Figures as of last report
date of month)
937
67
38
502
Nov.
Oct.
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
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds. . .
Other assets
Note circulation
Deposits—Government
891
Other
18
Other liabilities
498
586 Bank of Java 2
51 Bank of Mexico (millions of pesos):
468
Metallic reserve 3
61
"Authorized" holdings of securi133
ties, etc
1,382
Bills and discounts
Other assets
Note circulation
Demand liabilities
28,476
Other liabilities and capital
'
16,197
Netherlands Bank (millions of
'1\780
guilders):
3,450
Gold
28,500
Silver (including subsidiary coin)
2,712
Foreign bills
4,411
Loans and discounts
11,804
Govt. debt and securities
2,476
Other assets
Note circulation—Old
New
Deposits—Government
284
Blocked
:
55
Other
456
Other liabilities and capital
342
408
1947
Sept
Nov.
(Aug.)
523
523
6,936 8,224
503,713 468,342
15,259 28,862
113,486 43,886
105,500 82,810
31,022 45,005
567,297 371,863
72,217 86,067
54,458 65,982
60,375 139,772
22,091 13,969
2,857
49,378
36,705
62,845
23,367
6,838
156,417
4,716
16,533
4,325
1,395
19,554
45,299
21,018
5^072
74,817
3,814
9,774
3,933
642
639
656
698
1,482
638
158
1,692
877
352
1,495
627
138
1,654
902
343
1,490
610
163
1,662
963
294
1,633
530
180
1,726
1,067
248
04
2
292
156
502
2
379
154
3,600
152
125
2,856
699
1
4,507
158
2
258
151
,500
147
125
,878
805
125
506
209
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
444
444
11,353 11,353
578
578
348
220
of Norway (millions of kroner):
11,736 12,010 BankGold
Foreign
assets (net)
988
586
Loans and discounts
3,870 4,860
Securities
20
26
Occupation account (net)
1
Other assets
912
502
Note circulation
5,578 5,761
Deposits—Government
213
215
Banks
Blocked
Other
Other
liabilities
and capital
2,646 2,646
40,510 37,974
43,157 40,620
1946
3,600
141
125
2,829
967
95
467
211
2,802
76,608
860
79
647
220
99
260
2,615
1,252
110
687
541
2,802 2,802
79,705 88,356
30,107 26,910
3,868
3,949
944
1,087
716
47,725 47,135 46,206
65,197 65,449 71,675
4,884 4,842 4,852
33,440
3,868
333
537
84
73
8,103
66
1,989
4,035
1,231
856
339
744
339
564
67
73
8,103
74
1,984
3,994
1,283
861
339
761
339
575
72
73
8,103
65
1,967
3,917
1,363
896
327
757
1
2
3
4
Latest month available.
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
The increase of 85.2 million guilders in the gold holdings represents the first instalment paid to the Netherlands Government by the Tripartite
Commission for the Restitution of Monetary Gold. The gold was transferred to the Bank and, together with an additional sum, was used to
reduce the Government's debt by 100 million guilders.
JANUARY 1948
121
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1947
Nov.
Bank of Paraguay—Monetary
dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Oct.
722
33,257
17,319
9,249
4,641
40,753
6,994
17,442
1946
Sept.
Nov.
722 3,415
34,349 35,441
17,338
100
9,451 9,727
4,510 1,151
41,289 30,917
9,328 15,410
15,753 3,507
1947
Central Bank
(Figures as of last report
date of month)
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold 5
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchangel
Net claim on Int'l. Fund
Contribution to Int'l. Bank. . . .
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities and capital
133,443 141,468
20,491
2,480 li]375
72,165 49,378
694,108 '620,799
121,739 24,800
688,003 577,662
229,023 226,410
127,400 43,748
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
4,904 4,975 6,069
11,117 11,289 12,569
386
391
360
1,288 1,286 1,324
554
572
481
8,375 8,215 8,445
1,774 2,127 3,084
7,121 7,168 8,347
979 1,002
926
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. Bank. . . .
Advances to State and government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
197,639 197,710 231,148
39,169 30,969 18,068
8,085 9,029 5,734
11,580 10,413 12,256
62,752 62,562 64,295
187,300 179,255 196,492
6,421 6,304 6,419
Central Bank of Venezuela (thousands of bolivares):
Gold «
Foreign exchange (net)
Other assets
Note circulation—Central Bank.
National banks.
Deposits
Other liabilities and capital
National Bank of Rumania 2
South African Reserve Bank
(thousands of pounds):
Gold 3
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..
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
222
463
2,839
85
311
2,702
567
297
355
1,215 1,215 1,220 National Bank 2of the Kingdom
522
522
516 of Yugoslavia
15,855 15,766 15,819 Bank for7 International Settle10,046 9,091 5,714 ments (thousands of Swiss gold
3,478 3,271 3,062 francs):
Gold in bars
25,003 23,886 21,804
Cash on hand and on current
2,461 2,089
396
account with banks
3,039 3,363 3,575
Sight
funds at interest
612
529
555
Rediscountable bills and acceptances (at cost)
Time funds at interest
223
204
939
Sundry bills and investments.
..
390
343
842
Funds invested in Germany 8 . . .
Other assets
2,865 2,638 1,145
Demand deposits (gold)
89
234
217
323
Short-term deposits (various
311
859
2,694 2,664 2,576
currencies):
558
Central banks for own ac570
900
279
count
135
146
359
Other
360
381
Long-term deposits: Special accounts
Other liabilities and capital
Nov.
Oct.
5,298
77
207
100
4,202
1,123
358
5,374
32
133
101
4,192
1,098
351
Sept.
,307
65
157
99
,108
,174
346
Nov.
4,921
148
114
94
3,898
1,055
324
475,625 473,960 473,960 658,370
286,295 286 ,535 292 756 190,937
615,245 615 ,955 633 178 794,195
184,615 185 ,780 187 642 165,424
36,347 40 ,175 33 857 87,798
914,041 948 ,511 942 096 918,584
151,119 149 ,338 149 338 196,533
281,628 258 ,567 287 951 246,462
251,341 245,990 242 008 535,145
277,278 303,184
13,068 13,385
318
33,109 20,784
164,034 115,061
266,718 349,695
216,345 196,696
54,985 40,567
249,175 250,744
234,021 314,102
557,408
65,683
83,623
507,302
4,111
162,041
33,260
557,408
94,278
83,449
495,612
4,335
187,156
48,033
557,080
53,316
47,496
449,419
7,225
190,165
11,083
92,843 85,919 89,695 122,998
7,541 18,523
496 3,572
35,898 30,338
19,276 16,129
59,626 61,172
291,160 291,160
7,448 7,373
17,672 17,721
7,278
6,603
7,818
6,472
6,211
496
5,868
140
34,157 5,601
19,785 10,825
62,233 309,942
291,160
4,290
73
18,071 20,679
8,080
2,928
4,402
1,234
228,909 228,909 228,909 229,001
253,826 253,265 250,038 200,130
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.
For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
34 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
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. 1025.
8
Before March 1947, included in "Sundry bills and investments."
122
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
Ger- Bel- NethKing- France many
er- Swegium lands
den
dom
In effect Dec. 31,
1937
May 10, 1938.. .
May 13
May 30
Sept. 28
....
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
. . .
Jan 25 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945
Jan. 20
Feb
9
Nov. 7 1946
Dec 19
Jan. 10, 1947
3
2
4
2
4
2
Hi
2H
Rate
Dec.
31
Date
effective
Albania
Argentina
Central
bank of—
Mar.
Mar.
July
Aug.
Nov.
21,
1,
3,
27,
8,
Bulgaria
Canada
Chile
3-4 j |
Colombia
4
Costa R i c a . . . .
3
Czechoslovakia
2H
Aug.
Feb.
Dec.
July
Apr.
Oct.
14, 1946
8, 1944
16, 1936
18, 1933
1, 1939
28, 1945
Lithuania
Mexico
Netherlands .
NewZealand.
Norway
Peru
Denmark
Ecuador
El Salvador.. .
Estonia
Finland
Jan.
June
Oct.
Oct.
Dec.
15, 1946
8, 1943
15, 1946
1, 1935
13, 1947
Portugal
Rumania....
South Africa.
Spain
Sweden
2y2 Oct. 9, 1947
&3
Apr. 9, 1940
Aug. 16, 1946
10
Oct. 29, 1947
5
Nov. 28, 1935
3
Switzerland..
Turkey
United Kingdom
U.S.S.R.. . .
Yugoslavia. .
Belgium
Bolivia
" 3 "
3
6
2
1940
Ireland
1936
Italy
1945 Japan
1947
Java
1940 Latvia
Rate
Dec.
31
Data
eflfectivo
Nov. 23, 1943
Sept. 6, 1947
3.29 Apr. 7, 1936
Jan. 14, 1937
3
Feb. 17, 1940
5
iy2
I*
'4''
3
4
3
3
2
6
July
June
June
July
Jan.
Aug.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
1, 1940
3
Jan.
May
June
Oct.
Feb.
12, 1944
8, 1944
2, 1941
27, 1947
9, 1945
IX
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
5
3
2
3V
3
1'}/
2\4k
21/
France
iy22
s'
Aug. 27
Oct. 9
Germany
Greece
Hungary
India
3y2
&3
In effect Dec. 31,
1947
Central
bank of —
Switzerland
2
&3
7
4
2H
NOTE.—Changes since Nov. 30: Finland—Dec. 13, up from 4H to 5}4 per
cent.
2H
OPEN-MARKET RATES
[Per cent per annum]
Canada
Month
Treasury
bills
3 months
United Kingdom
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
.71
.75
.75
.75
.75
.75
.75
1.71
1.00
1.00
1.04
1.00
1.10
1932—Oct
1933—Oct
1934—Oct
1935—Oct
1936—Oct
1937—Oct
1938—Oct
1939—Oct
1940—Oct
1941—Oct
1942—Oct
1943—Oct
1944—Oct
1945—Oct
1946—Oct
.70
.70
.75
.88
.65
.54
.53
.43
.38
.36
.40
.55
.70
1.88
1.03
1.03
1.03
1.03
1.03
.83
.53
.71
.73
.68
.62
.54
.53
.68
.77
.02
.00
.00
.00
1.00
.75
.51
1946—Nov..
Dec.
.40
.40
.53
.53
1947—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.40
.40
.40
.41
.41
.41
.41
.41
.41
.41
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.82
.79
.77
.63
.56
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands r
Treasury
bills 3
months
Day-today
money
.96
.63
1.30
1.07
1.00
.90
.51
.50
.63
.63
.21
.19
1.01
1.21
.78
.78
50
.51
.51
.51
.51
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.48
.39
.41
1.41
1.44
1.72
1.65
1.59
1.45
1.46
1.52
1.30
1.08
.95
.77
1.46
1.19
1.11
1.08
.86
1.09
1.00
.75
.95
1.46
Switzerland
Loans
up to 3
months
Private
discount
rate
1.50
1.50
1.50
2.37
1.69
1.00
1.00
2.75
1.62
1.81
1.37
1.61
1.73
1.73
1.25
1.29
1.45
1.51
Sweden
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.38
i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
p p . 656-661, and for description of statistics see pp. 571-572 in same publication.
JANUARY
1948
123
COMMERCIAL BANKS
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
Loans to
deposit 2 Securities customers
short
counted receipts
notice
Deposits
Other
Total
Demand
Time
Other
liabilities
and
capital
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
274
324
366
390
422
500
536
174
159
141
142
151
199
252
334
265
171
198
133
147
369
314
758
896
,307
,667
,523
609
771
999
1,120
1,154
,165
,234
1,015
924
823
794
761
772
827
290
293
324
325
349
347
374
2,441
2,800
3,329
3,629
4,032
4,545
4,850
1,398
1,770
2,168
2,429
2,712
3,045
3,262
,043
,030
,161
,200
,319
,500
,588
256
250
253
236
245
250
265
1946—November
December.
574
499
324
432
497
610
,628
,560
,410
,427
964
994
433
505
5,503
5,685
3,632
3,823
,870
,862
328
342
1947—January..
February.
March... .
April
May
June
July
August ...
September
October...
475
463
466
476
460
464
475
479
465
468
428
421
444
435
430
451
442
455
472
466
624
659
750
709
659
672
699
724
758
825
,563
,436
,317
,346
,350
,330
,283
1,248
1,193
1,147
,427
,439
,455
,461
,470
,479
,488
,492
1,493
1,500
,008
,015
,034
,064
,099
,131
,139
,154
,155
,185
454
451
465
470
489
518
504
473
476
487
5,629
5,519
5,556
5,583
5,571
5,658
5,644
5,628
5,615
5,690
3,749
3,603
3,606
3,628
3,593
3,667
3,668
3,663
3,653
3,713
,880
,916
,950
,956
,978
,992
,975
,965
,962
1,977
348
364
374
376
386
386
386
396
397
387
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net
Other due from
Security loans
and foreign
loans discounts
banks
Entirely in Canada
Cash
reserves
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—December
292
323
356
387
471
550
694
53
40
32
31
48
92
251
,108
,169
,168
,156
,211
,274
132
159
168
231
250
214
227
1,646
1,531
1,759
2,293
2,940
3,611
4,038
612
570
653
657
744
782
869
85
80
71
60
42
34
26
2,774
2,805
3,105
3,657
4,395
5,137
5,941
1,033
1,163
1,436
1,984
2,447
2,714
3,076
1,741
1,641
1,669
1,673
1,948
2,423
2,865
963
846
962
1,049
1,172
1,289
1,386
1946—November
December
730
753
117
136
,476
,507
128
132
4,496
4,232
931
1,039
22
21
6,362
6,252
2,902
2,783
3,460
3,469
1,493
1,525
1947—January
February.
March
April
May
June
July
August
September
October
689
635
695
719
631
637
645
670
663
702
134
155
121
97
81
106
99
82
83
93
,481
,506
,555
,628
,664
,709
,761
,805
2,027
1,931
134
126
195
142
113
126
119
116
113
102
4,369
4,264
4,239
4,349
4,162
4,131
4,110
4,109
3,963
3,882
960
1,066
993
1,035
998
1,041
1,036
1,014
933
1,156
21
21
21
21
20
20
20
19
19
19
6,233
6,171
6,188
6,356
6,066
6,152
6,170
6,186
6,193
6,283
2,700
2,585
2,569
2,719
2,383
2,508
2,481
2,412
2,387.
2,531
3,533
3,586
3,619
3,637
3,682
3,644
3,690
3,774
3,806
3,753
1,514
1,558
1,590
1,594
1,563
1,578
1,580
1,591
1,570
1,563
France
(4 large banks. End
of month figures in
millions of francs)
Liabilities
Assets
Cash
reserves
Due from
banks
Bills discounted
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1939—December
1940—December
1941—December
1942—December
1943—December
1944—December
1945—December
4,599
6,409
6,589
7,810
8,548
10,365
14,602
3,765
3,863
3,476
3,458
4,095
4,948
13,804
29,546
46,546
61,897
73,917
90,897
99,782
155,025
7,546
8,255
8,265
10,625
14,191
18,653
36,166
2,440
2,221
2,040
2,622
2,935
2,190
7,360
42,443
61,982
76,656
91,549
112,732
128,758
213,908
41,872
61,221
75,744
91,225
111,191
126,578
211,871
571
762
912
324
1,541
2,180
2,037
844
558
413
462
428
557
2,898
4,609
753
199
6,422
7,506
6,623
10,151
1946—September
October
November
December
16,553
15,505
16,909
17,943
17,723
18,389
18,423
18,919
177,269
183,716
187,560
195,177
55,935
61,262
63,941
64,933
16,319
18,618
21,116
23,392
262,130
273,488
281,576
291,894
260,366
271,672
279,703
290,004
1,765
1,816
,872
,890
10,798
12,490
14,370
15,694
10,871
11,513
12,004
12,777
1947—January
February
March
April
May
June
July
August
17,267
16,992
19,471
18,578
17,516
27,316
21,428
21,585
20,241
19,127
20,677
20,877
20,684
20,419
20,388
19,464
195,750
197,377
203,451
202,425
209,977
196,762
208,792
210,551
67,084
66,114
66,744
69,670
68,656
73,569
79,789
80,220
18,367
18,756
20,724
21,081
22,377
22,866
24,928
29,200
295,444
294,922
305,583
306,356
311,244
312,289
324,665
326,393
293,484
292,946
303,742
303,857
308,256
309,137
321,678
323,415
,960
,976
,841
2,499
2,988
3,152
2,987
2,978
15,767
15,720
16,380
16,772
17,606
17,679
18,589
21,932
7,499
7,723
9,103
9,503
10,360
10,964
12,072
12,695
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at \Y% per cent through Oct. 20, 1945, and ath/%per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
124
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Official
Special
Export
Australia
(pound)
Official
Free
Brazil
(cruzeiro1)
Belgium
(franc) Official
35J
Free
In cents per unit of foreign currency
Bulgaria
(lev)
Canada
(dollar)
Official
Chile
(peso)
Free
China Colom(yuan
bia
Shang- (peso)
Official Export
hai)
2
1939
1940
1941
1942
1943
1944
1945
1946
1947
.38
30.850
3.3704 6.0027 5.1248 21.2111
96.018 5.1727 4.0000 11.879 57.061
2322.80 305.16 23.3760 6.0562 5.0214
29.773
290.909 85.141 5.1668 4.0000 6.000 57.085
29.773 223!704' 322.80 321.27
6.0575 5.0705
90.909 87.345 25.1664 24.OOOO *5.313 57.004
29.773 23.704 322.80 321.50
6.0584 5.1427
90.909 88.379
57.052
29.773 24.732 322.80 2321.50
6.0586 5.1280
90.909 89.978
57.265
29.773 25.125 2322.80
6.0594 5.1469
90.909 89.853
57.272
2
29.773 25.125 322.80 8321.17 2.2860 26.0602 5.1802
90.909 90.485
57.014
29 773 25 125
(*)
321.34
2.2829 6.0602
95.198 93.288
57.020
29.773 25.125
100.000
91.999
2.2817
5.4403
57.001
321.00
1947—January
February
March
April
May
June
July
August
September. . . .
October
November. . . .
December. . . .
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Czecho- Denslovakia mark
(koruna) (krone)
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
.
23.4252
20.346
219.308
22.0060
2.0060
220.876
20.864
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20,060
20.867
20.866
20.866
20.866
20.866
20.865
20.862
20.862
20.861
20.861
20.863
20,860
...
1947—January
February
March
April
May
June
July
August
September....
October
November. . .
December....
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
321.06
320.91
320.91
320.91
320.91
320.90
320.90
320.92
321.12
321.19
321.15
321.21
2.2790
2.2797
2.2822
2.2836
2.2831
2.2832
2!2818
2.2821
2.2833
2.2830
2.2812
2.2789
5.4382
5.4404
5.4404
5.4405
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
FinGerHunland France many Greece Hong
India
Kong gary
(mark- (franc) (reichs- (drach- (dollar)
(rupee)
ma)
(pengQ)
ka)
mark)
....
220.176
20.160
20.161
20.161
20.161
.* 20.161
20.160
20 160
20.160
July
20.159
August
S e p t e m b e r . . . . 20.158
20.159
October
N o v e m b e r . . . . 20.159
D e c e m b e r . . . . 20.159
1947—January
February
March
April
May
218.835
57.140
57.041
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
95.078
95.692
94.217
91.901
91.954
91.592
91.652
91.998
90.362
89.989
89.589
88.359
Italy
(lira)
Japan
(yen)
New
NethM e x - erlands
Zeaico
land
(peso) (guild- (pound)
er)
1.9948 2.5103 40.061 .8153 27.454 19.238 33.279 5.1959 25.963 19.303 53.335 354.82
1.8710 22.0827 40.021 2.6715 22.958 18.475 30.155 5.0407 23.436 18.546 253.128 306.38
22.0101
239.968
224.592 219.770 30.137 25.0703 223.439 20.538
322.54
30.122
322.78
20 569
30.122
324.20
20 577
30 122
324.42
20 581
21.9711
30.122
20.581 237.933 323.46
.8409
30.155 2.4434
20.581 37.813 322.63
20.577 37.760 322.29
.8407
30 164
8408
30 157
20.582 37.789 322.35
.8408
30 153
20.574 37.789 322.20
.8408
30 153
20.574 37.788 322.20
.8407
20.577 37.757 322.20
30.160
.8408
20.580 37.760 322.20
30 161
.8407
20.576 37.751 322.18
30 163
.8407
20.575 37.760 322.18
30.171
.8405
20.582 37.753 322.20
30.171
20.578 37.751 322.41
.8407
30 167
.8407
20.576 37.762 322.48
30 169
20.576 37.768 322.44
.8404
30 176
20.575 37.699 322.50
.8403
30.177
Straits Swe- SwitzPortu- Ruma- South
Norway Poland
gal
nia Africa Spain Settle- den erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
23.226
222.709
.
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
4.0375
3.7110
24.0023
.7111 440.17 10.630 51.736
2.6896 397.99 9.322 46.979
398.00 29.130 247.133
398.00
46 919
398.00
398.00
399.05
24.0501
400.50 29.132
4.0273
400.74 9.132
4.0501
400.63 9.132
4.0501
400.75 9.132
4.0412
400.75 9.132
4.0313
400.75 9.132
4.0208
400.75 9.132
4.0275
400.75 9 132
4.0161
400.75 9.132
4 0257
400.75 9,132
4.0203
400.75 9.132
4.0240
400.75 9.132
3.9985
400.75 9.132
4.0088
400.75 9.132
United
Kingdom
(pound)
Official
Free
23.991 22.525 2
443 1423.802 22.676 403.50 383.00
223.829 223.210 403.50 403.18
403.50 403.50
403.50 2403.50
403 50
2
403 50 34.03 0?
225.859 223.363
403.28
402.86
27.824 23.363
27.822
27.822
27.822
27.823
27.824
27.826
27.827
27.826
27.822
27.823
27.825
27.826
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
402.93
402.74
402.73
402.74
402.74
402.72
402.71
402.73
403.00
403.10
403.05
403.13
Uruguay
(peso)
Controlled
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
Noncontrolled
Yugoslavia
(dinar)
8
36.789 2.2716
37.601 22.2463
43.380 2.2397
52.723
52.855
53.506
55.159
56.280
56.239
56.264
56.262
56.262
56.262
56.262
56.262
56.259
56.203
56.204
56.204
56.204
56.204
1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2 Average of daily rates for that part of the year during which quotations were certified.
* At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
4 The rate quoted after July 22, 1946, is not strictly comparable to the "free"rate shown before that date. The average for the "free" rate
for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.330, and for July 25-Dec. 31, 5.3955.
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 developments affecting the averages during previous years, see BULLETIN for July 1947, p.
933; February 1944, p. 209; and February 1943, p. 201.
JANUARY
1948
125
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
Canada
(1926 =
100)
106
95
95
101
61
58
52
63
85
79
75
83
90
96
100
103
104
109
119
126
127
128
136
148
182
227
247
286
109
101
103
137
153
159
163
166
169
175
89
100
105
139
171
201
234
265
375
648
141
112
313
180
142
145
150
148
114
118
120
123
312
310
305
300
147
148
151
154
125
128
129
131
134
139
PU3
100
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
66
75
80
81
67
72
72
75
86
79
77
79
87
99
103
104
106
121
1945—December
1947—January
February
March
April
May
... .
June
JulyAugust
Seotember
October
November
2
France
(1938 =
100)
86
88
89
94
100
. .
United
Kingdom
(1930 =
100)
124
1926
.
Mexico
(1929 =
100)
157
159
160
Italy
(1938 =
100)i
Japan
(1933 =
100)
Netherlands
(July 1938June 1939
= 100)
Sweden
(1935 =
100)
2 126
132
150
100
99
103
110
89
90
87
91
94
100
104
121
136
153
133
140
155
173
183
197
209
233
296
842
3,677
182
183
184
187
867
882
860
847
299
297
293
292
189
190
193
194
946
904
882
998
3,754
3,891
4,139
4,533
5,203
5,329
P5.779
298
304
306
195
199
203
P1,122
90
Pl.204
144
91
90
90
96
1,406
108
102
105
131
150
157
160
164
181
251
114
111
115
146
172
189
196
196
194
186
111
107
111
143
184
210
218
223
221
215
2,063
266
192
219
2,120
2,120
2,144
2,617
2,848
2,946
4,221
5,347
5,498
5,799
267
268
269
268
194
195
196
197
219
219
220
221
268
270
272
271
198
199
199
199
200
221
222
223
223
65
72
80
P5,876
2
2
90
96
100
102
67
1,090
Switzerland
(July 1914
= 100)
P273
P274
224
230
P232
P Preliminary.
1
The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1933-1942 are derived from
old index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926 = 100)
Year or month
Canada
(1926 = 100)
Other
Farm
commod- products
ities
United Kingdom
(1930 = 100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Farm
products
Foods
1926
100
100
100
100
100
100
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
51
65
79
81
86
69
65
68
61
71
84
82
86
74
70
71
71
78
78
80
85
82
81
83
51
59
64
69
87
74
64
68
82
106
83
100
89
96
73
85
57
64
66
71
84
73
67
75
70
73
73
74
81
78
75
82
123
123
128
107
105
106
97
99
100
98
107
110
99
104
106
82
90
89
92
93
94
94
Foods
Industrial
products
83
85
87
92
102
97
97
133
87
90
90
96
112
104
106
138
146
158
160
158
158
Netherlands
(July 1938-June 1939 = 100)
Foods
156
160
164
170
175
Industrial raw
products
Industrial,
finished
products
103
121
140
157
157
159
172
200
112
163
177
175
174
179
193
282
104
126
148
154
159
163
184
261
149
131
110
112
109
99
158
1946—December
168
160
125
114
113
102
156
193
217
308
272
1947
165
170
183
177
176
156
162
168
162
160
128
129
131
132
132
114
116
116
117
119
115
119
124
126
128
104
107
108
112
113
157
158
158
163
165
196
197
198
200
203
178
181
162
167
119
120
182
186
190
131
133
129
131
172
179
178
166
168
203
207
313
312
312
316
321
323
337
338
P339
273
274
274
274
275
277
276
276
P278
188
178
142
120
120
123
P127
133
134
139
P143
116
116
136
138
140
218
218
220
215
206
205
207
204
P2O5
T anuarv
February
M^arch
April
May
. ..
June
July
August
September
October
November
117
123
128
P131
167
165
167
171
184
209
213
218
221
p Preliminary.
Sources.—$ee BULLETIN for July 1947, p . 934; M a y 1942, p . 451; March 1935, p . 180; and March 1931, p . 159.
126
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRIN CIPAL COUNTRIES—Continued
R E T A I L F O O D
P R I C E S
COST OF LIVING
[Index numbers]
United
C a n United
King- France
ada
States
d o m
(1938
( 1 9 3 5 - 3 9 ( 1 9 3 5 - 3 9 ( J u n e 1 7 = 100)
= 100)
= 100)
1947
= 100)i
Year or
month
1936
1937
1938
1939
1940
1941 .
1942
1943
1944
1945
1946
[Index numbers]
101
105
Netherlands
(1911-13
= 100)
Switzerland
(June
1914
= 100)
99
103
98
101
147
154
101
102
156
215
215
210
1936
1937
1 9 3 8 . . . .
1939
1940
1941
..
1942
1943
1944
1945
1946
861
216
847
851
833
830
216
215
216
216
883
941
974
220
222
2^1
98
103
130
139
120
127
120
130
98
104
95
97
101
106
141
100
130
130
141
164
108
129
130
150
132
146
106
116
149
177
127
131
168
175
161
166
191
198
200
211
136
139
160
131
133
140
168
170
169
174
224
275
377
645
1946-December.
186
146
168
1947-January...
February..
M a r c h
April
M a y
June '7
184
182
190
188
146
147
149
152
168
168
169
168
162
.. .
...
124
138
188
191
193
July
155
158
160
197
204
202
203
August....
September.
October...
November.
161
165
171
P174
P
Preliminary.
1
The old index (July 1914=
a l ss o t h e b a s e p e r i o d u s e d f o r t h e
1 9 4 7 ,2 p . 2 5 5 .
Revised index from March
Sources.—See BULLETIN for
1
i
161
101
99
100
101
1
1
P1
Pi
United
C a n King- France
United
a d a
d o m
States
(1938
( 1 9 3 5 - 3 9 ( 1 9 3 5 - 3 9 ( J u n e 1 7 = 100)
= 100)
= 100)
1947
= 100)!
Year or
month
102
106
105
112
ioo
158
184
108
129
199
150
= 100)
U 3 2
137
130
137
138
151
139
137
140
154
175
174
187
195
193
203
117
124
117
118
200
199
175
224
126
128
139
119
119
124
201
203
204
285
393
645
208
209
208
1946-December.
153
127
204
865
212
1947-January...
February..
M a r c h . . . .
April
M a y .
153
153
156
156
127
128
129
131
204
203
204
203
856
858
838
837
2
2
2
2
156
157
158
133
135
136
203
886
935
965
216
217
217
June
July .
August....
September.
October...
222
222
229
P230
,089
,187
,309
,378
99
100
Switz-
Netherlands
land
( 1 9 1 1 - 1 3 (June
= 1 0 0 ) 1914
November.
160
164
164
165
137
139
142
Pi 44
*203
1101
100
101
101
P103
1,068
1,157
Pl,268
Pl.336
1
1
1
1
2
2
2
3
218
218
223
P223
100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 i
n e w w e i g h t e d s o - c a l l e d " i n t e r i m " i n d e x . F o r a d e s c r i p t i o n o f t h i s i n d e x s e e M i n i s t r y of L a b o u r G a z e t t e , A u g u s
1936 (seeBULLETIN for April 1937,p. 373).
July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
S E C U R I T Y P R I C E S
[Index numbers except as otherwise specified]
Bonds
Year or
month
U n i t e d1
States
(derived
price)
Canada2
(1935-39
= 100)
United
K i n g d o m
(December
1921 = 100)
France
(1938
=
100)
N e t h e r3 lands
United
States
(1935-39
= 100)
15
(2)
87
50
13
402
N u m b e r o f i s s u e s . ..
1939
1940
1941
1942
1943
1944
1945
1946
Common stocks
Canada4
(1935-39
= 100)
United
France5
K i n g d o m
(December
(1926 = 100) 1938 = 100)
100
278
77.4
67.5
64.2
83.5
83.8
99.6
115.7
75.9
7C.8
72.5
75.3
84.5
88.6
92.4
96.2
5
295
N e t h e r6 lands
(1938 = 100)
37
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
1
1
1
1
1
1
1
1
12.3
18.3
23.8
27.3
27.8
27.5
28.3
32.1
114.2
114.2
8 143.4
146.4
146.6
150.5
152.1
144.6
109.0
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
1 9 4 6 — D e c e m b e r . . . 1. 2 1 . 5
117.6
134.7
142.6
106.9
125.5
106.4
97.8
1,244
1 5 9 . 8
122.6
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.8
118.1
118.2
117.9
118.2
118.6
119.3
119.2
119.0
118.8
P118.5
135.0
134.0
133.3
132.6
132.9
132.1
131.1
126.4
126.4
128.0
128.2
142.1
140.8
139.8
138.6
136.9
135.4
131.1
128.6
125.2
P122.0
P121.4
109.0
106.9
105.9
104.3
104.6
105.0
105.3
106.3
106.6
105.9
125.2
128.7
123.7
119.3
115.2
119.1
126.0
124.5
123.1
125.1
123.6
106.2
109.4
106.4
104.8
104.4
105.3
107.4
105.5
104.1
105.5
P1O7.3
98.6
96.7
96.9
96.6
97.9
97.5
98.2
92.2
88.7
89.3
90.2
1,068
1,028
1,103
1,017
1,003
1,124
1,135
1,265
1,298
P 1,245
V 1 , 2 9 4
180.1
179.5
183.6
201.9
203.0
201.4
203.4
206.5
P219.1
....
1947—January
February. . ..
March
April
M a y
June
July
August
S e p t e m b e r . ..
October
N o v e m b e r . ..
1
1
1
1
1
1
1
1
13.8
15.9
17.8
18.3
20.3
20.9
22.1
23.4-
7
112
7
140
8
308
479
540
551
694
875
r
P1 P r e l i m i n a r y .
Revised.
Figures represent calculated prices of a4per cent 20-year bond offering ayield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
U n i t e 2d S t a t e s s e e B a n k i n g and M o n e t a r y S t a t i s t i c s , T a b l e 1 3 0 , p . 4 7 5 , a n d T a b l e 1 3 3 , p . 4 7 9 .
This index is based on one 15-year 3per cent theoreticalbond. Yearly averages for 1939 and 1940 are based on monthly averages and
t h e r e a8 f t e r o n t h e c a p i t a l i z e d y i e l d a s c a l c u l a t e d o n t h e 1 5 t h o f e v e r y m o n t h .
B e g i n n i n g F e b r u a r y 1 9 4 7 , t h i s i n d e x r e p r e s e n t s t h e r e c i p r o c a l s o f a v e r a g e y i e l d s f o r 1 3 i s s u e s ( 2 e t e r n a l g o v e r n m e n t , 2g o v e r n m e n t , 2 m u n i c i p a l , 1p r o v i n c i a l , 3m o r t g a g e , a n d 3 i n d u s t r i a l b o n d s ) .
From January 1946 through January 1947 the figures are based on the most
representative
bond 4for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocksthereafter.
8
In September 1946 this index was revised to include 185 metropolitan issues,90 issues of colonial France, and 20 issuesof French comp a n i e 6s a b r o a d .
See "Bulletin de la Statistique Generate," September-November
1946, p. 424.
This is anew index for 37 Netherlands issues (27 industrial, 5banking, and 5shipping shares) and represents an unweighted monthly
average
o f d a 7i l y q u o t a t i o n s . T h e f i g u r e s a r e n o t c o m p a r a b l e w i t h d a t a f o r p r e v i o u s y e a r s s h o w n i n e a r l i e r B U L L E T I N S .
A
v
e
r
a
g
e
b
a
s
e
d
o
n
f
i
g
u
r
e
s
f
o
r
5
m
o
n
t
h
s
;
n
o
d
a
t
a
a
v
a
i
l
a
b
l
e
J
u
n
e
D
e
c
e
m
b
e
r
.
8
Average based onfiguresfor 10 months; no data availableJanuary-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p, 394; and February 1932, p. 121.
JANUARY
1948
127
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M . S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON *
Special Adviser
to the Board of Governors
Assistant
to the Chairman
CHESTER MORRILL,
ELLIOTT THURSTON,
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
S. R. CARPENTER, Secretary
EDWARD L. SMEAD, Director
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES,
LAURENCE F. WHITTEMORE
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
PAUL W. MCCRACKEN, Associate Economist
ALFRED C. NEAL, Associate Economist
WILLIAM H. STEAD, Associate Economist
DONALD S. THOMPSON, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
128
LISTON P. BETHEA, Director
GARDNER
L.
BOOTHE,
II, Assistant Director
FEDERAL
ADVISORY COUNCIL
(December 31, 1947)
Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
J. N . PEYTON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
Account
DIVISION OF ADMINISTRATIVE SERVICES
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
W. RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
JAMES H. PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
ED H. WINTON,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
HERBERT
V.
PROCHNOW,
Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
Albert M. Creighton
Harold D. Hodgkinson
Boston. .
New York. .
William I. Myers
Philadelphia. . . Thomas B. McCabe
Warren F. Whittier
President
First Vice President
Allan Sproul
L. R. Rounds
Alfred H. Williams
W. J. Davis
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond.
W. G. Wysor
Charles P. McCormick
Hugh Leach
J. S. Walden, Jr.
Atlanta. .
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago. .
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis. .
Russell L. Dearmont
Chester C. Davis
F. Guy Hitt
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
Robert B. Harvey2
E. G. Hult
E. 0. Latham
E. 0. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin 3
A. H. Laning
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Laurence F. Whittemore
William Willett
Cleveland
J. N. Peyton
0. S. Powell
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Henry 0. Koppang
Robert L. Mehornay
Dallas
J. R. Parten
R. B. Anderson
San Francisco.. . Brayton Wilbur
Harry R. Wellman
Vice Presidents
R. R. Gilbert
W. D. Gentry
C. E. Earhart
H. N. Mangels
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black2
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
W. N. Ambrose
D. L. Davis
J. M. Leisner3
W. L. Partner
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny
P. M. Poorman2
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley3
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Federal Reserve
Bank of
Chief Officer
Cleveland. .
Buffalo
Cincinnati
Pittsburgh
I. B. Smith4
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta. . ,
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis... .
Little Rock
Louisville
Memphis
C M . Stewart
C. A. Schacht
William B. Pollard
New York...
1
Also Federal Reserve Agent.
JANUARY
1948
2
Cashier.
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas City. . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
El Paso
Houston
San Antonio
Dallas
3
Branch
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
1
Mac C. Smyth
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
129
FEDERAL RESERVE PUBLICATIONS'
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the
Federal Reserve System.
FEDERAL RESERVE BULLETIN.
Issued monthly. Sub-
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $9.00 per
annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digests of
Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1947. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
MONETARY AND BANKING
REFORM
IN PARAGUAY.
Includes translation of laws, accompanying reports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES. (8 pamphlets.)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND AND INTERPRETATION.1 25 cents per copy;
copy. N o charge for individual sections (unin quantities of 10 or more copies for single
bound), as listed on page 1577 of the December
shipment, 15 cents each.
1947 BULLETIN.
PROVISIONS OF STATE LAWS RELATING TO BANK R E -
SERVES as of December 31, 1944. 1945. 30 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
Individual regulations
with amendments.
* A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN.
130
1
Available early in 1948.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
(From Federal Reserve Bulletin except as otherwise indicated)
BUSINESS LOANS OF MEMBER BANKS, by Albert R.
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
March
NEW
STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
MEMBER
BANK
LOANS TO SMALL
Charles H . Schmidt.
BUSINESS, by
August 1947. 16 pages.
BUSINESS LOANS OF MEMBER BANKS.
From March
May, June, July, and^ August 1947 issues of
BULLETIN.
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
April 1947.
From the July 1943, June 1944, May 1945, and
June 1946 BULLETIN, with supplementary information for separate trades.)
THE
Koch. March 1947. 11 pages.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
DEBT BY BANKS.
PUBLICATIONS
THE
80 pages.
BRITISH CRISIS.
September 1947.
12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
4 pages.
GUATEMALAN BANK LAW, by David L. Grove.
AND BUSINESSES.
September 1947. 2 pages.
April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
FINANCIAL POSITION OF MANUFACTURING AND TRADE
TERM LENDING TO BUSINESS BY COMMERCIAL BANKS
by Albert R. Koch and Charles H. Schmidt.
September 1947. 12 pages.
IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
REVISION
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
FOR MEMBER
June-July 1947.
9
pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith.
pages.
June 1947. 17
SURVEY OF CONSUMER FINANCES—I. EXPENDITURES
FOR
DURABLE GOODS AND INVESTMENTS.
1947.
June
SURVEY OF CONSUMER FINANCES—II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS.
July 1947.
15 pages.
SAVING IN 1946 AND OWNERSHIP OF SELECTED
August 1947.
SURVEY OF CONSUMER FINANCES.
12 pages.
From the June,
July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL CREDIT SURVEY—1946.
From
July
1947
BULLETIN with supplementary information for
nine separate trades. 40 pages. (Also, RETAIL
CREDIT SURVEY—1942, 1943, 1944, and
TISTICS.
September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna.
pages.
September 1947. 8
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T . Allen.
pages.
October 1947. 13
FINANCIAL POSITION AND BUYING PLANS OF CONPOSTWAR BANK CREDIT PROBLEMS, by Marriner S.
Eccles. October 1947. 5 pages.
THE
SURVEY OF CONSUMER FINANCES—III. CONSUMER
JANUARY 1948
REVISION OF NATIONAL INCOME AND PRODUCT STA-
SUMERS, July 1947. October 1947. 4 pages.
17 pages.
NONLIQUID ASSETS.
IN RELATION TO SIZE AND PROFITABILITY, 1946,
1945.
CURRENT INFLATION PROBLEM—CAUSES AND
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
December
FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by
Philip T. Allen. December 1947. 6 pages.
FARM PRODUCTION LOANS AT COMMERCIAL BANKS,
by Herman Koenig and Tynan Smith.
ber 1947. 8 pages.
THE
Decem-
STRUCTURE OF INTEREST RATES ON COMMER-
CIAL BANK LOANS TO FARMERS, by Richard Young-
dahl. December 1947. 10 pages.
131
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§>
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1948
git:
@FedFRASER