Full text of Federal Reserve Bulletin : January 1949

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ESERY

FEDERAL




BULLETIN
JANUARY 1949

.***?****

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

EDITORIAL COMMIX TEE
ELLIOTT THURSTON

WOODLIEF THOMAS

W I N FIELD W. RIEFLER

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

CONTENTS
PAGE

Economic Developments in 1948

1-13

Revised Consumer Credit Series.

14-15

Central Bank for Soviet Zone of Germany

16-20

Law Department—Consumer Instalment Credit

21-22

Current Events and Announcements.

23-26

National Summary of Business Conditions

27-28

Financial, Industrial, Commercial Statistics, U. S. (See p. 29 for list of tables)

29-84

International Financial Statistics (See p. 85 for list of tables)

85-103

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

104

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

105
106-107

Map of Federal Reserve Districts

108

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VOLUME 35

January 1949

NUMBER 1

ECONOMIC DEVELOPMENTS IN 1948
During 1948 production in most areas
of the world was larger than at any other
time since the end of the war and more
goods and services were made available to
consumers and producers, tending to ease
inflationary pressures. The increase in supplies resulted from further progress toward
orderly conditions of production and trade
in many parts of the world, inauguration by
the United States of a broad program of
aid to Western Europe, expansion in plant
capacity and material supplies, more favorable growing conditions for crops in important areas, and continued high demand.
With supplies increased, the excess of demand over supply narrowed, and as a consequence price developments were more selective—by country, by product, and by
stage of production and distribution.
In the United States, where production
and consumption had already risen to unusually high levels—in the aggregate and
on a per capita basis—further increases during 1948 and for the year as a whole were
generally moderate. Crop production was
considerably larger, however, and there were
substantial increases over 1947 levels in construction activity and electric power production. Output of manufactures and minerals
expanded only moderately, owing in part to
supply limitations and in part to a leveling
off or a reduction in demand in a number of
lines. As before, more goods were shipped
abroad than were received but the difference,
JANUARY

1949




which had been very great in 1947, was considerably reduced in 1948 because exports declined and imports increased. Government
purchases for stockpiling and other military
purposes expanded, but altogether the share
of domestic production available for civilian
use was somewhat larger than in 1947 and
actual supplies available to consumers and
businesses reached new high levels.
Private as well as public demands for goods
and services were generally strong, leading to
somewhat higher levels of production, employment, and income and holding unemployment to a minimum. Outlays of
businesses for plant and equipment and of
farmers for machinery were at exceptionally
high levels, and consumer expenditures were
in very large volume, reflecting in part the
further rise in incomes and a reduction in
Federal income taxes. Producers and consumers drew upon their large liquid asset
holdings to help finance their purchases, and
they also increased their borrowings further.
Expansion of credit was not quite as large
as in 1947, however, with a marked slowing
down in the growth of bank credit, and
there was considerable evidence that demand
in many lines, especially toward the end of
the year, was not as urgent as it had been
earlier. The number of new houses started
showed a marked decline after the middle
of the year, as a result of increased resistance
to advanced costs and some tightening of
credit. Value of department store sales in

ECONOMIC DEVELOPMENTS IN 1948

the fourth quarter increased less than the
usual seasonal amount and was little larger
than the year before, and sales of some
products, notably household appliances, were
down considerably. As the year ended the
problem of adjusting prices to levels which
would stimulate trade was more in the foreground than it had been earlier.
Commodity price changes were unusually
diverse in 1948. Prices of most crops declined to Federal support levels and some
feedstuffs were sold below those levels.
Livestock and meat prices fluctuated widely,
declining considerably in February along
with grain prices, advancing sharply to
record highs in the summer, and declining
again in the latter part of the year to levels
which for livestock were below those prevailing at the end of 1947 and for meats
were about the same. In contrast to the
easing in prices of farm products and various
related commodities, prices of metals and
many of their products rose considerably.
Consumer prices for goods and services in
mid-December averaged between 2 and 3
per cent higher than in December 1947
while wholesale commodity prices on the
average were no higher.
In the field of labor, considerable opposition to further large wage rate increases developed early in 1948, but during the late
spring and summer, when the general situation strengthened and living costs were again
rising, substantial increases in wage rates
were negotiated in leading industries. Corporate profits in 1948 exceeded earlier record
levels and net income from farm operations, including in income the building up
of crop inventories, was somewhat above
the advanced level of 1947. In the general
field of capital values, agricultural land
values rose further in most areas while
urban real estate values apparently continued




around earlier high levels. Corporate stock
prices rose in the spring but dropped in
November to the level prevailing in 1947.
Despite further progress in reconstruction
and more selective price movements, the
economies of the world at the end of 1948
were still operating on a basis which reflected
not only the aftereffects of six years of war
but also great uncertainty concerning future
international political and economic developments. Major peace treaties remained to be
negotiated; the obstacles to the flow of international trade and investment continued
great; the problems of managing huge public
debts influenced many market adjustments;
and the share of production going into military activities was still large. Prospective
economic developments in the United States,
as well as in other countries, continued to
depend in considerable part on the course
of international political events.
PRODUCTION AT HIGH LEVEL

Output in the economy in 1948 continued
at about as high a level as resources permitted, although demand for the products
of certain industries was reduced from earlier
advanced levels, in some cases leading to
reductions in output. The physical volume
of new construction was up about 13 per
cent for the year as a whole and output of
electric and gas utilities was up about 10 per
cent. Agricultural production was 9 per
cent greater, reflecting mainly a considerably
larger cotton crop and a feed grain harvest
which was 40 per cent greater than the short
crop in 1947. Marketings of farm products
showed little change, as large quantities of
crops were added to inventory. Industrial
production and transportation activity expanded by only a small amount. Activity in
trade and service likewise showed only a
small further increase.
FEDERAL RESERVE BULLETIN

ECONOMIC DEVELOPMENTS IN 1948

Civilian employment in the economy expanded from an annual average of 58 million in 1947 to a record of 59.4 million in
1948, and the number of persons unemployed remained at a peacetime minimum of
around 2 million. Reflecting increases in
prices as well as in physical volumes, the
gross national product was up 9 per cent,
from 232 billion dollars to about 253 billion.
Physical output at factories and mines for
the year, as measured by the Federal Reserve
index of industrial production, was 3 per
cent larger than in 1947 and 92 per cent
above the 1935-39 average. Increases from
1947 were generally much smaller than from
1946 to 1947, when total industrial production rose 10 per cent, and at the end
of 1948 production was no greater than at
the end of 1947. The somewhat higher
level for the year 1948, evident in the chart,
reflected fuller utilization of existing capacity and some further increases in capacity.
In general, output of raw and semifinished
materials increased more than output of finished goods and this was reflected in larger
supplies of materials on hand and a speeding
up of deliveries of materials and finished
products.
INDUSTRIAL

PRODUCTION

-

/v

/
-

\
-

I* V
V

y
/

-

1941

1942

1943

1944

1946

1947

Federal Reserve index. Latest figure shown is for November.
The December index is estimated at 191.

Factors supporting the high level of industrial activity in 1948 included growing
JANUARY

1949




demands associated with the foreign-aid
and rearmament programs; increasing expenditures by State and local governments;
exceptionally large demands by farmers,
utilities, railroads, and industrial and commercial enterprises for capital equipment;
and active consumer demand for automobiles and many other products, both durable
and nondurable. Although demand for and
production of various household appliances
were reduced in the latter part of the
year from the record levels reached earlier,
output in industries producing durable
goods was generally in very large volume
throughout the year.
Of special importance in an increase of 2
per cent over 1947 in output of durable manufactured goods was a rise in production of
iron and steel. Steel ingot capacity at the
beginning of 1948 was 3 million tons larger
than a year earlier, and an additional 1.9
million tons was added in 1948, bringing
capacity at the end of the year to 96 million
tons. Steel production for the year was
88.5 million tons as compared with 84.9 in
1947, and during the last quarter was at
an annual rate of 94.1 million tons, the
highest on record. Exports of steel were
substantially reduced in 1948, reflecting in
part increased foreign production, and supplies of steel available for domestic consumption were thus a larger proportion of
total output.
Increased military demands, under the
greatly expanded air force program and
the stockpiling program, were added to
continued strong export and domestic civilian demands for nonferrous metals and
their products. Possibilities of expanding
supplies of most of these metals were
limited. Output of nonferrous metals increased slightly, mainly because of a 10 per
cent gain in aluminum production. While

ECONOMIC DEVELOPMENTS IN 1948

demand for aluminum continued to exceed
the supply, production leveled off after the
spring of the year as a result of limited electric power supply. Output of most other
nonferrous metals showed some expansion
in the first half of the year but was curtailed
by labor disputes in the second half.
Demand for most nondurable goods was
maintained at a high level in 1948, and output for the year was 3 per cent above 1947.
The largest increases, as in 1947, were in
the rayon, paper, printing, and petroleum
refining industries, where there were substantial increases in plant capacity and material supplies. Output of chemicals and manufactured food and tobacco products was
also maintained in large volume throughout
the year. In other nondurable lines, however, following large increases in output in
the latter part of 1947 or in the early part
of 1948, output proved to be in excess of the
rate of consumer takings; and after considerable accumulation of inventories by distributors and manufacturers, production was
reduced. Output of rubber products decreased in early 1948 and for the year as a
whole was about 8 per cent below 1947.
Activity in textile industries was 8 per cent
above the 1947 rate during the first half of
1948 but declined in the latter part of the
year as output of cotton and wool textiles was considerably curtailed. Output of
leather and products for the year as a whole
was 5 per cent below production in 1947,
mainly because of a sharp reduction at the
end of the year.
Minerals production exceeded the previous
year by about 4 per cent, mainly because of
an 8 per cent increase in output of crude
petroleum. Production of iron ore was also
larger. Coal production was about 5 per cent
smaller, reflecting a marked reduction in exports and, in the latter part of the year, some




decline in domestic demand, attributable
largely to earlier accumulation of stocks and
unusually mild early winter weather. By
the end of the year production of crude
petroleum was showing little change after
two years of exceptionally large increases,
which brought output up to a rate 76 per
cent higher than the 1935-39 average and
led to an accumulation of stocks of petroleum products.
In the latter part of 1948 total industrial
production was at about the same level as a
year earlier, averaging 193 per cent of the
1935-39 average in the fourth quarter as
compared with 192 per cent in the final quarter of 1947. The index for December is
estimated at 191, as compared with 192 a
year earlier. Production levels for major
industry groups are shown in the table.
INDUSTRIAL PRODUCTION

[Adjusted for seasonal variation, 1935-39 average = 100]
Fourth quarter

Industry group
1948

1947

Percentage
increase,
or
decrease

Industrial production. . .

193

192

Durable manufactures
Iron and steel
Machinery
Transportation equipment
Nonferrous metals and products.
Lumber and products
Stone, clay and glass products. . .

228
222
276
238
190
145
205

226
205
283
236
184
149
202

1
3
-3
2

Nondurable manufactures
Textiles and products
Leather and products
Foods
Alcoholic beverages
Tobacco products
Paper and products
Printing and publishing
Petroleum and coal products. . . .
Chemical products
Rubber products

176
162
107
159
198
165
166
158
220
255
203

176
166
121
157
205
164
162
150
206
251
226

0
-2
-12
1
-3
1
2
5
7
2
-10

Minerals
Coal
Crude petroleum
Metals

158
143
177
115

155
156
166
111

NOTE.—Fourth quarter 1948 partly estimated.

CONSTRUCTION ACTIVITY
AT ADVANCED LEVEL

Construction activity increased further in
1948, reflecting strong demand for most
FEDERAL RESERVE BULLETIN

ECONOMIC DEVELOPMENTS IN 1948

types of new construction and the availability
of larger supplies of materials and more
construction workers. Construction costs
rose further, especially during the spring
and early summer months, and probably
about half of the 26 per cent increase for the
year in expenditures for new construction—
from 14 billion dollars in 1947 to about \ll/i
billion in 1948—represented higher costs
rather than increased physical volume.
During the second half of the year there
was a marked slackening in demand for new
housing, and the number of new units
started declined more than seasonally from
the peak level reached in the spring—from
nearly 100,000 permanent units in each
month in the second quarter to an average of about 65,000 in the fourth quarter.
Starts for the year totaled about 925,000
units as compared with 850,000 the year before. The number of units finished and
made available for occupancy increased to
about 1,000,000 from about 830,000 in 1947.
The larger supply of new housing units
served to reduce inflationary pressures in the
housing market, where the number of people
able to buy had already been reduced somewhat by sharp advances in prices and by
moderate tightening of the mortgage market. The demand for houses was still large,
however, and prices continued close to peak
levels.
Physical volume of construction for business purposes continued at a high level
during 1948 as demand for goods and services remained strong and the outlook for
business profits continued favorable. Commercial construction rose considerably, reflecting additional large expenditures for
stores, restaurants, and garages, as well as
for warehouses and office buildings. In
manufacturing industries there was considerable expansion in petroleum refining,
JANUARY

1949




chemicals, paper, and iron and steel. Construction by most other manufacturing industries seems to have been at about or somewhat below the level of a year ago.
Construction by privately owned public
utilities, particularly by electric and gas companies, continued to rise sharply. Construction by railroads and local transit systems
continued at about the 1947 level; capital expenditures by these companies were largely
for rolling stock and other equipment.
The total volume of publicly financed construction increased materially in 1948—about
30 per cent in dollar terms—as Federal,
State, and local governments continued to
carry out programs delayed by the war and
to initiate new ones. The largest rise in dollar volume was in construction of highways,
the biggest item in public construction expenditures. Construction of educational facilities went ahead rapidly. Hospital construction increased about one-and-a-half
times over 1947, reflecting mainly increased
outlays on the veterans' hospital program.
Federal and State conservation and development work was expanded rapidly during the year and outlays for sewage and
water facilities, chiefly in connection with
the development of new residential areas,
were increased. The amount of publicly
sponsored residential building fell sharply
to one-third of the already reduced 1947
amount, reflecting completion of practically
all of the postwar program of converting
war housing for veterans.
FURTHER GROWTH IN EMPLOYMENT
AND INCOME

The labor market continued generally
strong throughout 1948 and, while the number of persons in the labor force showed a
considerably larger than ordinary increase,
unemployment remained at a low level,

ECONOMIC DEVELOPMENTS IN 1948

averaging 2 million for the year. Toward
the end of 1948 the labor market eased somewhat with lay-offs reported in a number of
areas and claims for unemployment compensation increasing above earlier low levels.
The number unemployed in early December
was estimated to be about 300,000 higher
than in December 1947.
The number of wage and salary workers
employed in nonagricultural establishments
averaged 1.2 million more in 1948 than in
1947, but by the latter part of the year the
gain over the corresponding period of 1947
was considerably reduced. Employment
showed some decline toward the end of
the year, after allowance for seasonal variation, instead of increasing substantially as
it had a year earlier. This decline reflected
chiefly developments in manufacturing,
where employment, after reaching a peak
level in September and October, declined
in November and also, according to preliminary indications, in December. The
principal increases in nonagricultural employment between the latter part of 1947
and the latter part of 1948 were in Federal, State, and local government units, in
the construction industry, and at trade establishments.
For the year, average hours worked at factories were at about the same level as in
1947, when they averaged slightly over 40
per week. However, toward the end of 1948
they were below the corresponding period of
1947, with marked reductions occurring in
the textile, apparel, and leather industries.
In durable goods industries, hours were little
changed.
Average hourly earnings of factory workers continued to advance in 1948 but in-




creases were not as large as in the two
preceding years. The average increase
amounted to about 8 per cent as compared
with 11 per cent from the end of 1946 to the
end of 1947. Wage and salary rates in most
other lines also advanced further but the
increases were somewhat more diverse in
amount and more selective as to industry
and occupation than in 1947.
Total wage and salary income at the end
of the year was at a level about 6 per cent
higher than at the end of 1947. This increase reflected mainly the higher wage rates,
since the increase in the number employed
was largely offset by the reduction in average hours. Other forms of personal income,
such as corporate dividends, and interest, also
increased over the year.
Total personal income for the year
amounted to about 212 billion dollars as compared with 195 billion in 1947. As is shown
in the chart, most of the rise during 1948
occurred in the summer months when there
was a broad advance in wage and salary rates.
PERSONAL INCOME

Department of Commerce estimates.
for November, are preliminary.

Latest figures shown,

FEDERAL RESERVE BULLETIN

ECONOMIC DEVELOPMENTS IN 1948

From August to the end of the year, personal income was at a seasonally adjusted
annual rate of about 216 billion dollars.
The year-end level of income was probably
about 9 billion dollars higher than a year
earlier, which was an increase about one-half
as large as occurred in each of the two preceding years. For personal incomes after
taxes, the contrast was less marked because in
the spring of the year Federal income taxes
on individuals were reduced substantially.

RETAIL SALES
BILLIONS OF DOLLARS
40

ANNUAL RATES, SEASONALLY ADJUSTED

130

/

//

10

00

90

80

70

OTHER STORES

f

120

FLUCTUATIONS IN RETAIL TRADE

/
A/1
FOC)D STORES

i

^ J

J
/

~s

60

Total value of retail trade in the spring of
1948 reached a seasonally adjusted rate of
about 130 billion dollars per year, which was
4 per cent higher than in the fourth quarter
of 1947 and 13 per cent higher than in the
spring of 1947. Sales generally continued at
or slightly above this advanced level through
the third quarter, as is shown in the accompanying chart. In the fourth quarter, however, total sales showed less seasonal expansion than in other recent years and declines,
after seasonal adjustment, were more general
than in any other period since the end of
the war. The declines were moderate, however, for most classes of stores and for most
types of goods, and in those instances in
which the drop in the value of sales was
marked, like household appliances, used automobiles, meats, and feeds, either prices had
been exceptionally high or the number of
units sold had been unusually large. Moreover, retail sales of most new models of
automobiles and of some other products continued to be limited only by the available
supplies. In December sales at department
stores rose more than seasonally but were
still below the level prevailing in the spring
and summer.
JANUARY 1949




BILLIONS OF DOLLARS

1945

1946

1947

1948

-—I
1945

H0MEFURNISHIN6S,
HARDWARE, ETC

/"*

!
1946

STORES

1947

1948

Department of Commerce monthly indexes converted to annual rates in dollars by Federal Reserve. Latest figures shown,
for November, are preliminary. Sales at automotive stores are
mainly motor vehicles and parts and accessories; "homefurnishings, hardware, etc." group includes building material and
equipment, farm implement, and jewelry stores; "other stores"
sell mainly nondurable goods.

The rise in retail sales in the spring probably was stimulated somewhat by the reduction in personal income taxes, the announcement of expanded programs of rearmament
and foreign aid, and the strengthening of
numerous markets after some reaction earlier
in the year. Also, larger quantities of new
automobiles and some other goods in short
supply became available during the spring
and early summer months. An important
temporary exception was the marked drop
in automobile output in May as a result of
industrial disputes, which accounted for the
sales declines shown for that month on the
chart. In the middle of the year substantial
increases in wage rates granted by major
industries were important in maintaining
the advanced level of trade. Also, sales of
numerous durable goods were large in the
period immediately preceding September 20,
partly in anticipation of new consumer
credit regulations which became effective on
that date.
During October and November, with new
stimulants to buying lacking and a number

ECONOMIC DEVELOPMENTS IN 1948

of factors operating to discourage buying,
retail sales increased less than usual, despite
continued high income. As a result of the
previous high rate of purchases, some of the
most urgent deferred demands for appliances, farm machinery, and various other
equipment items had been met. Mild temperatures made less urgent the buying of
seasonal merchandise and, with supplies generally more ample than in other recent years,
consumers could readily defer part of their
holiday shopping. Prices of many goods had
advanced further at retail during the summer and early autumn, and there had also
been some increase in rents and prices of
various essential services. Such developments as the post-election decline in common
stock prices, further reductions in prices of
farm products, and scattered reports of curtailments in industrial employment and
working time tended to make retail buyers
more cautious. Their caution was evident
not only in sales but also in consumer credit,
which showed less increase than previously.
Preliminary data for the third quarter indicate that consumers as a group did not increase their expenditures for consumption as
much relatively as their incomes rose, and
this tendency toward larger savings apparently continued in the fourth quarter.
Department stores. In December sales at
department stores showed a more than seasonal rise and the Board's seasonally adjusted
index was estimated at 307 per cent of the
1935-39 average, as compared with 287 in
November, 306 in October, and a level of
312 from May to September. Total value
of sales for November and December was
about the same as last year's record amount.
Sales earlier in 1948 had been showing
gains of 5 to 10 per cent over the previous
year, which influenced retailers to make
larger commitments for goods than were nec-




essary for the volume of sales that materialized. New orders for merchandise and total
outstanding orders were reduced sharply in
November, while stocks on hand increased
further as receipts of goods exceeded sales.
At the end of November value of stocks held
by department stores was 11 per cent larger
than at the same time in 1947 and the Board's
seasonally adjusted stocks index was 304 per
cent of the 1935-39 average. Stocks of finished
goods held by wholesalers and manufacturers
also were generally substantially larger than
a year earlier when, however, supplies of
merchandise were still short relative to demand.
Sales of particular types of goods showed
divergent trends during the latter part of
1948. Sales of women's wear were at exceptionally high levels in the third quarter
and again in the fourth quarter and sales
of women's coats and suits were substantially
above a year ago, as is shown in the table.
Value of men's clothing sold, on the other
hand, in the third quarter was down from
the level of the third quarter of 1947, which
was high for the season, and in the fourth
CHANGES IN D E P A R T M E N T STORE SALES
TOTAL AND SELECTED

DEPARTMENTS

Percentage increase, or decrease (—)
Department

Total store. .

4th quarter 3rd quarter 1948 from—
1948 from
4th quarter 3rd quarter 3rd quarter
1947
1939
1947
1

8

197

Apparel and accessories.. .
Women's and misses. . .
Coats and suits
Men's and boys' wear. . .
Men's clothing. .

3
3
25
2

5
7
31
-3
-7

Housefurnishings
Furniture
Major appliances
Radios and phonographs

-4
0
-3r
~6

9
13
11
19

*
*
260
*
134
*
149
475
*

* Not available.
NOTE.—Comparisons with 1939 shown for some departments
are based on 1939-40 data for New York and Cleveland Districts only. All figures are based on reports from leading independent stores. Fourth quarter of 1948 partly estimated.

FEDERAL RESERVE BULLETIN

ECONOMIC DEVELOPMENTS IN 1948

quarter sales were in about the same amount
as last year. Furniture sales, which were at a
very high level in the third quarter, did not
show the usual seasonal rise in the fourth
quarter; they were, however, at about the
high level of the fourth quarter of 1947.
Average retail prices of these and many other
department store goods had risen about 5 per
cent from the fourth quarter of 1947 to the
corresponding period in 1948, according to
Bureau of Labor Statistics series in the consumers' price index. Thus sales of furniture,
men's clothing, and certain other goods at
department stores were apparently somewhat
smaller in physical terms than in the same
period in 1947.
The most important drop in the fourth
quarter was in sales of refrigerators, stoves,
and other major household appliances.
Sales of these goods at leading department
stores had reached new record rates during
the third quarter, when they were about 475
per cent above 1939. In the fourth quarter
the values of sales of major household appliances was still about 325 per cent above the
corresponding period in 1939 and, although
prices had risen considerably, the physical
volume of sales was still more than double
prewar.

volume of 1947. Heavy exports in that year
had resulted in considerable part from drawings on United States Government credits
and from the use of large gold and dollar
balances by a number of countries. Financing
of purchases proved much more difficult in
1948 although some countries obtained more
funds than before from current shipments of
goods to the United States.
Dollar value of exports in 1948 was still
four times that of prewar years, with about
half of the rise reflecting higher prices.
By the end of the year, moreover, exports
scheduled under the foreign-aid program
were increasing. The low volume recorded
for November resulted mainly from a maritime strike.
Most of the decline in exports during 1948,
as in the latter part of 1947, was in nonagricultural products, as is shown in the chart.
FOREIGN TRADE

SHIFTS IN FOREIGN TRADE

During most of 1948 exports of goods declined, continuing the downward movement
from the peak rates reached in the spring of
1947. Imports, on the other hand, were
maintained during 1948 at the advanced level
reached at the beginning of the year. Exports continued to exceed imports, but by the
latter part of the year the margin had been
reduced to about one-half of the early 1947
peak.
The total value of goods exported in 1948
was about 20 per cent below the exceptional
JANUARY

1949




1945

1946

Department of Commerce data for exports of U. S. merchandise and imports of merchandise for consumption. Latest
figures shown are for the fourth quarter, with December figures
estimated by Federal Reserve. Beginning in the first quarter
of 1947 exports are shown inclusive of shipments of goods for
the Department of the Army Civilian Supply Program.

Shipments of agricultural products in the
autumn were at about the same level, in value

ECONOMIC DEVELOPMENTS IN 1948

terms, as a year earlier, although meanwhile
prices had declined.
The value of nonagricultural exports during the autumn was about 25 per cent less
than in the corresponding period in 1947 and
the physical quantity was probably down
about one-third. Export declines were general for these products, with the most important drop recorded in cotton goods. Exports of cotton goods, although still far above
prewar levels, had been curtailed by about
one-half in this period and by a larger
amount from the peak of early 1947. Another important shift in exports was the
decline after the autumn of 1947 in exports
of coal and petroleum products to Europe.
This drop in fuel exports, combined with
large increases in imports of crude petroleum
and fuel oil from other areas, contributed to
an easing of the domestic fuel supply situation, which had been very tight in the winter
of 1947-48.
Imports of most types of goods were in
larger volume in 1948 than in 1947 although
in the latter part of 1948 imports of some
commodities, including rayon, wool, and
wood pulp, were curtailed. Demands from
this country for petroleum and metals were
large in 1948 and measures to expand
strategic Government stockpiles tended to
strengthen demand for a number of imported materials.
DIVERGENT PRICE MOVEMENTS

Commodity prices generally moved upward during the spring and early summer of
1948, following a marked decline in February. The high point of this advance was
in August when average price levels exceeded
somewhat the earlier peaks reached in
January. During the remaining months of
the year prices generally declined moderately.
In December, as is shown in the table,
10




average prices of basic commodities were
about 15 per cent lower than a year earlier,
while the general level of wholesale commodity prices was about the same as at that
time and consumers' prices for goods and
services were still somewhat higher.
CHANGES IN PRICES

Group

Percentage increase, or
decrease ( —) to
December 1948 from—
Dec. 1947

Basic commodity prices
(28 items)

-15

Dec. 1945

1935-39

61

152

General wholesale index:
0

52

102

-9
-5
5

36
58
52

135
117
88

Textile products
Building materials
Fuel and light
Metals and products...

-2
6
10
15

43
69
62
65

104
125
82
90

Prices received by farmers..
Prices paid by farmers

-11
1
3

29
40

151
93

32

71

Total
Farm products
Foods
Other commodities

Consumers' prices • • •

NOTE.—December 1948 figures for general wholesale and
consumers' price indexes estimated by Federal Reserve. These
indexes and the basic commodity index are compiled by the
Bureau of Labor Statistics. Indexes of prices received by
farmers and of prices paid, including interest and taxes, are
compiled by the Bureau of Agricultural Economics.

In general, the largest declines during 1948
occurred in those broad groups of commodities that had shown the largest increases
since the prewar period, while the largest
increases were in those groups that had
previously not increased as much. These
changes in prices during the year represented
some readjustment of the price structure
toward prewar relationships.
During most of 1948 increases in costs
and demand generally exerted an upward
influence on prices, but the development
of more competitive conditions, resulting
mainly from a further expansion in over-all
supplies of goods, limited price rises and in
some instances brought important reductions.
The impact of changes in costs, demand, and
supplies on prices of particular commodities
FEDERAL RESERVE BULLETIN

ECONOMIC DEVELOPMENTS IN 1948

varied considerably, owing partly to the persistence of unstable foreign conditions and
the unusual relationships in domestic prices
which had developed during and since the
end of the war. In addition, commodity
prices showed divergent movements during
1948 depending on their stage of processing
or marketing, their origin or use, and the
pricing policies of their dominant producers.
Divergent changes were also evident in retail
prices of various consumer goods and services.
Basic commodities. The diverse character
of price movements in 1948 is illustrated by
the behavior of three groups of basic commodities shown in the accompanying chart.
Average prices of the 6 domestic crops included in this index of the Bureau of Labor
Statistics declined 30 per cent during the
year and in December were at the lowest
level since the ending of Federal maximum
price controls in the autumn of 1946. Prices
of most crops were at or below Federal support levels. For the three leading crops—
cotton, wheat, and corn—support levels were,
respectively, 178, 139, and 108 per cent higher
PRICES OF BASIC COMMODITIES

Bureau of Labor Statistics data. Latest figures shown are
for December. Grouping of crops, metals, and other commodities made by Federal Reserve.
JANUARY

1949




than average prices for these crops in the
1935-39 period.
Prices of basic metals, on the other hand,
rose sharply during 1948. Most of the increase occurred in the middle of the year,
following advances in wage rates and prices
in the automobile and coal industries. Copper and tin prices increased about one-tenth
at that time and steel scrap prices advanced
somewhat less. Subsequently prices of these
commodities remained unchanged until the
end of the year when steel scrap and nonferrous metal scrap prices weakened. Prices
of zinc and lead increased during the second
half of the year and in December zinc was
two-thirds higher than at the end of 1947.
As a group, prices of metals in December
were closer to prices of other commodities as
compared with prewar relationships than at
any time during and since the end of wartime price controls.
Average prices of the remaining 16 commodities in this index, including both foodstuffs and industrial njaterials, in December
were down about one-fifth from the peaks
reached 12 months earlier. Coffee and
shellac prices showed little change during
this period while reductions in other commodities ranged up to two-fifths for print
cloth, silk, and tallow.
Gomfnddities at wholesale. Divergent
price movements were also evident among
the broad groups of commodities in the general wholesale price index, which in December was estimated at 163 per cent of the 1926
average, the same as a year earlier. During
the latter part of the year average wholesale
prices of farm and food products declined
about 10 per cent from the advanced levels
reached in the middle of the year, while
prices of most industrial products showed
little change. In December farm and food
products were lower than at the end of 1947,
11

ECONOMIC DEVELOPMENTS IN 1948

while average prices of industrial products
were about 5 per cent higher. As a result,
more than one-third of the earlier marked
difference in the price levels of these two
major divisions of commodities relative to
prewar was eliminated.
Prices of iron and steel, nonferrous metals,
many metal products, coal, cement, glass and
clay products showed further substantial increases in 1948, while wholesale prices of
most other industrial commodities showed
little change or declined.
Prices of farm products in December were
about 10 per cent lower than a year earlier,
having lost the marked advance which occurred in the second half of 1947. Prices of
grains were lower by about 35 per cent, cotton by 10 per cent, and livestock by 5 per
cent, while prices of poultry and wool were
higher. Livestock prices, after declining in
February, advanced sharply in the spring
and early summer reflecting a large reduction in marketings and some further rise in
consumer demand for meats. During the
latter part of the year prices declined substantially as marketings increased seasonally and
consumers spent a smaller share of their incomes for meats. Hog prices in December
were about one-fifth lower than a year earlier
while cattle prices were about the same.
Prices of butterfat showed a marked counterseasonal decline in the latter part of the year
to levels substantially lower than at the end
of 1947. The shift from a feed shortage
situation in the latter part of 1947 to surpluses in the latter part of 1948 had already
had some effect on prices of livestock products by the year-end and had also contributed
to an unexpected increase of 8 per cent in
the fall pig crop and to prospects of a somewhat larger increase in the spring pig crop.
Wholesale food prices in December were
5 per cent lower than at the end of 1947 but
12




were still 115 per cent above prewar, as is
shown in the table. A decline of 12 per cent
in cereal products was the largest for any
particular group of foods in 1948. Flour
prices were down 22 per cent but bread
prices were unchanged. Dairy products
were down 7 per cent while meats showed
no net change over the year. An average
advance of 5 per cent for fruits and vegetables
reflected a more marked increase for fruits
and some decline for vegetables. Decreases
in other foods, averaging 11 per cent, covered
a wide range of changes including such
shifts as a drop of about 35 per cent for
vegetable oils and lard, a 6 per cent decline
for sugar, and a 2 per cent increase in coffee
prices.
CHANGES IN WHOLESALE PRICES OF FOODS

Group

Percentage increase, or
decrease ( —) to Dec. 1948 from—
Dec. 1947

Total
Cereal products
Dairy products
Fruits and vegetables
Meats
Other foods

Dec. 1945

1935-39

-5

57

115

-12
-7
5
0
-11

57
50
10
103
42

78
119
115
161
97

NOTE.—Bureau of Labor Statistics indexes, with Federal Reserve estimates for December 1948. Marked increases from
December 1945 levels reflected in part the elimination in 1946
of the Federal subsidy program inaugurated during the war to
limit increases in prices of dairy products, meats, flour, and some
other foods.

Further increases in processing and distribution costs tended to limit declines in
prices of manufactured foods although prices
of their basic raw materials showed marked
decreases, as in the case of bread and wheat.
Increased costs of transportation and marketing also accounted to some extent for the
higher level, as compared with a year ago,
of retail prices of foods relative to wholesale
prices.
Goods and services at retail. In retail
markets, prices of foods at the end of 1948,
although down by more than 5 per cent from
FEDERAL RESERVE BULLETIN

ECONOMIC DEVELOPMENTS IN 1948

the record level prevailing in July and August, were only slightly below the high levels
CONSUMERS' PRICES

1944

1945

1946

1947

Bureau of Labor Statistics data. Latest figures shown are
for mid-November. "All items" includes housefurnishings,
solid fuels, and refrigeration in addition to groups shown
separately.

JANUARY

1949




of December 1947. The drop over the year
in food prices, while small, was in contrast
to a further gradual rise during 1948 in
prices of most other groups of items purchased by consumers, as shown in the accompanying chart.
In November and December some reductions occurred in retail prices of fuel oil,
soap, and household textiles. Special sales of
apparel and housefurnishings increased, but
the average level of prices of these products
indicated by the consumers' index was still
about 5 per cent higher than at the end of
1947.
In some instances marked increases in
prices continued during the latter part of the
year, as in the case of new automobiles, public transit fares, and hospital fees, all of
which are included in the miscellaneous
group shown on the chart. Federal controls
over rental rates continued to prevent any
marked general rise in rents. Regulatory
considerations as well as high levels of operations were important in limiting increases
in rates charged for electricity and gas.

REVISED CONSUMER CREDIT SERIES
Revised consumer credit estimates, with brief
notes on the nature of the revisions, are presented
in the accompanying table for the following types
of credit: (1) insured repair and modernization
loans; (2) instalment loans of small loan companies;
and (3) instalment loans of miscellaneous lenders.
Estimates for total instalment loans, total instalment
credit, and total consumer credit have also been
revised to incorporate the changes made in the parts.
INSURED REPAIR AND MODERNIZATION LOANS

The series on repair and modernization loans insured by the Federal Housing Administration has
been revised from July 1934 through the present.
The revision is the result of two factors: (1) more
detailed information on the proportion of FHA
Title I loans which constitute consumer credit, and
(2) new information concerning the repayment
period. The effect of the former has been to lower
the level of the series approximately 5 per cent
from early 1938 through the third quarter of 1947.
After that date the second factor, which indicated
a lengthening of the repayment period, caused a
gradual rise in the level of the old series. The
increase amounted to about 13 per cent as of
November 30, 1948. The new insured repair and
modernization series checks closely with the April

30, 1948 call data submitted to the Federal Housing
Administration by lending institutions after adjustment for nonconsumer loans.1
INSTALMENT LOANS OF SMALL LOAN COMPANIES
AND MISCELLANEOUS LENDERS

The series on instalment loans of small loan companies has been adjusted to official data submitted
to State supervisory authorities by licensed loan
companies at the end of 1946. In States where reports are required at some time other than the end
of the year, adjustments were made to bring these
figures to the December 31 date.
The series on instalment loans of miscellaneous
lenders has been revised from January 1946 to date
on the basis of changes in the movement of loans
at small loan companies. Both series have been
lowered slightly by these adjustments.
TOTAL CONSUMER CREDIT

Revisions of the segments noted above made little
change in the totals of instalment loans, instalment
credit, and consumer credit. All the revised series
are presented in the following table.
1
For a more detailed description of this series see Federal
Reserve BULLETIN, December 1944, p. 1179.

TOTAL CONSUMER

CREDIT

[Revised estimates of amounts outstanding.

Iti millions of dollars]

Insta lment loans
Total
consumer
credit

Total
instalment
credit

Total

1934—July
August
September. . . .
October
November. . . .
December

4,027
4,069
4,140
4,218
4,234
4,389

1,769
1,800
1,805
1,832
1,832
1,860

489
499
507
521
530
543

1
4
9
15
21
25

1935—January
February
March
April
May
t . •*•"••*

4,273
4,249
4,367
4,536
4,634
4,763
4,815
4,892
4,993
5,095
5,208
5,434

1,841
1,843
1,909
2,019
2,124
2,222
2,311
2,389
2,431
2,469
2,521
2,622

550
558
572
592
615
643
675
706
734
760
785
817

29
34
41
50
61
74
90
107
125
141
158
170

End of month

June

July
August
September. . . .
October
November. . . .
December
1

Insured repair
and modernization loans J

Instalment loans
Total
consumer
credit

Total
instalment
credit

July
August
September. . . .
October. . . . .
November. . . .
December

5,342
5,334
5,482
5,681
5,912
6,041
6,117
6,208
6,348
6,480
6,552
6,788

2,609
2,607
2,712
2.863
3,023
3,154
3,254
3,319
3,361
3,386
3,400
3,518

1,017
1,037
1,054
1,082

182
196
210
219
223
225
228
233
239
243
245
244

1937—January
February
March. . . . .
April
May
June.
....

6,632
6,591
6^746
6.902
7.083
7,228

3,471
3 442
3! 537
3.667
3,807
3,936

1,094
1,108
1,131
1,152
1.168
1.183

244
245
242
236
224
213

End of month

1936—January
February
March
April
May

June

Total
842
866
904
932
956
960
974
996

Insured repair
and modernization loans *

Includes only loans insured by Federal Housing Administration.

14




FEDERAL RESERVE BULLETIN

REVISED CONSUMER CREDIT SERIES
TOTAL CONSUMER CREDIT—Continued

[Revised estimates of amounts outstanding.

In millions of dollars]
Instalment loans

Instalment loans
Total
consumer
credit

End of month

Total
instalment
credit

Insured
repair and
modernization loans x

End of month

Total

1943—Mar. . .
Apr. .. .
May...

1937—July. . .
Aug...
Sept...
Oct....
Nov. . .
Dec. .

7,262
7,347
7,433
7,473
7,442
7,480

3,997
4,045
4,051
4,031
3,975
3,960

1,192
1,195
1,197
1,198
1,196
1,208

202
191
179
168
158
147

1938—Jan
Feb....
Mar. . .
Apr. . .
May...

June. ..

July. . .
Aug...
Sept. . .
Oct... .
Nov. . .
Dec. . .

7,155
6,933
6,879
6,855
6,810
6,785
6,668
6,665
6,715
6,736
6,813
7,047

3,812
3,682
3,629
3,607
3,586
3,567
3,518
3,510
3,487
3,474
3,491
3,595

1,193
1,179
1,185
1,195
1,202
1,218
1,224
1,232
1,244
1,252
1,260
1,282

136
126
124
124
124
126
129
133
138
143
146
146

1939—Jan
Feb....
Mar. . .
Apr. . .
May...
June...
July. . .
Aug. . .
Sept. . .
Oct
Nov. . .
Dec...

6,847
6,774
6,854
6,953
7,104
7,214
7,213
7,298
7,465
7,598
7,676
7,969

3,555
3,529
3,597
3,691
3,829
3,949
4,013
4,082
4,130
4,217
4,281
4,424

1,294
1,304
1,329
1,360
1,398
1,440
1,476
1,511
1,545
1,584
1,611
1,632

147
147
151
156
163
169
174
178
183
190
196
200

1940—Jan... .
Feb....
Mar. . .
Apr. .
May...
June...
July...
Aug...
Sept...
Oct....
Nov. . .
Dec...

7,786
7,693
7,795
7,921
8,099
8,256
8,250
8,332
8,459
8,613
8,745
9,115

4,391
4,380
4,460
4,586
4,748
4,881
4,968
5,038
5,061
5,142
5,219
5,417

1 651
1,669
1,702
1,726
1,770
1,815
1,840
1,874
1,897
1,916
1,934
1,967

202
203
205
209
214
219
228
239
250
259
265
268

1941—Tan
8,914
Feb....
8,880
Mar. . . 8,983
Apr. . . 9,290
May...
9,616
June. . . 9,856
July. . . 9,908
A u g . . . 10,059
Sept. . . 10,074
Oct... . 9,962
Nov. . . 9,811
Dec. . . 9,862

5,379
5,413
5,486
5,726
5,975
6,142
6,232
6,333
6,215
6,093
5,955
5,887

1,986
2,003
2,033
2,084
2,131
2,169
2,197
2,217
2,208
2,185
2,159
2,143

269
267
266
267
269
271
274
280
287
291
289
285

1942—Jan
Feb....
Mar. . .
Apr . . .
May...
June...
July...
Aug...
Sept. . .
Oct... .
Nov. . .
Dec...

9,500
9,130
8,957
8,710
8,289
7,843
7,329
7,031
6,868
6,717
6,476
6,452

5,583
5,321
5,096
4,867
4,590
4,303
4,017
3,729
3,493
3,254
3,053
2,922

2,077
2,026
1,995
1,951
1,888
1,831
1,774
1,700
1,633
1,553
1,484
1,431

279
273
267
262
257
250
243
237
230
223
215
206

1943—Jan
Feb....

5,994
5,772

2,665
2,473

1,353
1,285

196
185

Preliminary.

JANUARY

1949




Total
consumer
credit

Total
instalment
credit

Total

Insured
repair and
modernization loans l

Aug
Sept...
Oct....
Nov. . .
Dec. . .

5,630
5,522
5,355
5,338
5,100
5,015
5,102
5,200
5,288
5,310

2,333
2,239
2.134
2,071
1,985
1,936
1,909
1,885
1,874
1,933

1,265
1,222
1,181
1,176
1,148
1,131
1,125
1,109
1,099
1,119

176
168
160
153
147
143
138
133
127
123

1944—Jan....
Feb....
Mar. . .
Apr. . . .
May. . .
June. . .
July. . .
Aug...
Sept...
Oct....
Nov. . .
Dec. .

4,962
4,809
4,991
4,980
5,090
5,160
5,089
5,137
5,209
5,355
5.543
5,747

1,831
1,780
1,798
1,781
1,793
1,814
1,818
1.823
1,838
1,860
1,897
2,005

1,089
1,075
1.103
1,092
1,094
1,108
1,113
1,115
1.119
1,117
1,125
1,170

118
114
108
104
100
98
98
101
105
108
111
113

1945—Jan.. . .
Feb....
Mar. . .
Apr... .
May. . .
June. . .
July. . .
Aug...
Sept...
Oct . . .
Nov...
Dec...

5,450
5,307
5,565
5,445
5,501
5,651
5,590
5,562
5,595
5,876
6,198
6,598

1.937
1,893
1,916
1,913
L,925
L.950
1,954
1,949
1.975
2^048
2,151
2,325

1,160
1,152
1,185
1.190
1,207
1,231
1,242
1,243
1,258
L.294
1,346
1,422

116
120
121
123
125
126
127
131
140
152
160
164

1946—Jan.. . .
Feb....
Mar. . .
Apr....
May. . .

6,389
6,494
6,946
7,327
7,562
June. . . 7,859
July. .. 7,981
Aug...
8,321
Sept...
8,590
Oct....
8,960
Nov. . . 9,479
Dec. . . 10,101

2,324
2,365
2,461
2,603
2,732
2,850
2,964
3,104
3,226
3,395
3,582
3,910

1,447
L.486
1,556
1,646
1,728
1,815
1,894
1,980
2,049
2,134
2,224
2,352

167
170
178
193
212
228
241
255
271
289
305
322

439
444
454
472
481
493
506
520
528
538
555
597

94
95
97
97
99
100
101
102
103
105
109

1947—Jan
9,977
Feb
9,980
Mar. . . 10,349
A p r . . . . 10,608
May. . . 10,918
June. . . 11,224
July. . . 11,304
A u g . . . 11,441
S e p t . . . 11,698
O c t . . . . 12,074
Nov. . . 12,663
Dec. . . 13,426

3,999
4,115
4,297
4,510
4,720
4,909
5,042
5,180
5,300
5,480
5,758
6,187

2,433
2,507
2,602
2,698
2,792
2,873
2,950
3,013
3,043
3,110
3,208
3,348

339
357
374
394
415
437
457
475
494
518
544
568

601
601
608
617
623
628
639
642
633
637
659
701

109
109
110
111
112
112
113
113
113
113
115
119

1948—Jan. . . .
Feb....
Mar. . .
Apr... .
May. . .

6,221
6,299
6,555
6,797
6,993
7,185
7,369
7,578
7,774
7,817
7,917

3,404
3,458
3,563
3,654
3,728
3,813
3,889
3,953
4,000
4,004
4,024

588
610
633
657
676
693
705
716
730
745
760

705
709
722
727
736
746
757
763
771
772
776

120
120
121
122
123
124
125
125
126
126
127

June. . .
July. . .

13,127
13,053
13.539
13,762
13,986
June. . . 14,321
July. . 14,354
A u g . . . 14,522
Sept... 14,815
Oct.p .. 15,102
NOV.P . 15,319

Includes only loans insured by Federal Housing Administration.

Small
loan
companies

Misc.
lenders

94

CENTRAL BANK FOR SOVIET ZONE OF GERMANY
On July 20, 1948, by order of the Soviet Military
Government of the Eastern zone of Germany, the
German Ban\ of Issue was given the exclusive right
to issue currency. This was the third step ta\en by
the Soviet Military Government to reform central
banking in the Eastern zone after the socialization
of ban\ing in 1945. In 1946 the Government
established a Ban\ of Issue and Transfer in each
of the five Laender (states) in the Soviet zone}
On May 29, 1948, the German Ban\ of Issue and
Transfer was established to act as the central banking agency of the entire Eastern zone.2 This ban\
was transformed into the German Ban\ of Issue
(Deutsche Notenban\) by the order of July 20,
1948.
The German Ban\ of Issue is also authorized to
ma\e general rules concerning the organization of
banking and financial transactions; to regulate and
supervise the Laender Ban\s of Issue and Transfer;
and to establish, with the approval of the Department of Finance of the German Economic Commission for the Soviet zone, minimum reserve requirements for the Ban\s of Issue and Transfer and
all*other financial institutions in the Soviet zone.
All functions of the Ban\ are under the direct
1
For establishment and functions of similar banks (Land
Central Banks) in Western Germany, see Federal Reserve
BULLETIN,
February 1947, pp. 130-35.
2
For establishment and functions of a similar bank (Bank
of the German States) in Western Germany, see Federal
Reserve BULLETIN, March 1948, pp. 279-83.

control of the German Economic Commission and
thus indirectly under the control of the Soviet Military Government. The Commission decides on the
issue of new currency; supervises, through its Department of Finance, all the Ban1(s transactions;
and appoints the majority of the Ban1(s Board of
Directors.
The Statutes of the German Ban\ of Issue, also
dated July 20, 1948, call for a capital subscription
of 100 million mar\s, to be provided by participation in varying amounts by several departments
of the German Economic Commission and by the
Ban\s of Issue and Transfer of the five Laender.
The unit of currency issued by the German Ban\
of Issue is the German mar\ (Deutsche Mar\),
the same unit that applies to currency issued by the
Ban\ of the German States in the Western zones
of Germany? In contrast to the Ban\ of the German States, however, the German Ban\ of Issue is
under no obligation to publish statements of its
financial position or the volume of its currency
issues.
Following is a translation of the order of July
20, 1948 (No. 122/1948) and of the Statutes of
the Ban\}
3
For authorization of the Bank of the German States to
issue currency, see Federal Reserve BULLETIN, September
1948,
pp. 1101-02.
4
Based upon the following German texts: Order No.
122/1948, as published in Deutsche Finanzwirtschaft,
Vol. 2,
p. 69; Statutes, as published in Zentralverordniingsblatt,
No.
56. Sept. 1, 1948, pp. 403-06.

ORDER OF THE SOVIET MILITARY GOVERNMENT NO. 122/1948 CONCERNING THE
TRANSFORMATION OF THE GERMAN BANK OF ISSUE AND TRANSFER INTO THE
GERMAN BANK OF ISSUE
In order to transfer to the German institution
established for the purpose of regulating the circulation of currency the exclusive right of issuing new
currency in the Soviet zone of occupation and in
Berlin,
I give the following order:
1. The proposal of the German Economic Commission concerning the transformation of the German Bank of Issue and Transfer into the German
Bank of Issue shall be carried out.

16




2. The German Bank of Issue shall have the
right to issue new currency.
3. New currency shall be issued exclusively by
the German Bank of Issue upon decision of the
German Economic Commission.
4. The Board of Directors of the German Bank
of Issue is instructed to draft the statutes of the
Bank and the German Economic Commission is
instructed to confirm the statutes, establishing the
conditions and the procedure for issuing the new
currency.
Berlin, July 20, 1948.
FEDERAL RESERVE BULLETIN

CENTRAL BANK FOR SOVIET ZONE OF GERMANY
STATUTES OF THE GERMAN BANK OF ISSUE
SECTION 1

(1) The German Bank of Issue (hereinafter referred to as the "Bank") shall be an institution
under public law. Its seat shall be in Berlin.
(2) The Bank shall have a corporate seal.
(3) It shall have authority to establish branches
and to participate in enterprises which are of similar
character or required for the conduct of its business.
SECTION 2

The Bank shall actively support economic planning by means of currency and credit policy, with
the purpose of reconstructing and developing the
economy of Germany. The Bank's activity shall
serve to promote capital formation and to direct
funds according to economic needs.
SECTION 3

(1) The Bank shall regulate currency circulation, organize the transfer of payments, and establish a clearing system with the other zones of
occupation and foreign countries. In order to fulfill these functions it shall have exclusive authority
to issue generally binding regulations concerning
credit organizations and currency, transfer, and
checking transactions.
(2) It shall supervise the activities of the Banks
of Issue and Transfer and issue regulations for
these banks concerning the control of currency
circulation and credit matters.

Department of—
Millions of German marks
Commerce and Supply
5
Transportation
5
Post and Telecommunications
5
Bank of Issue and Transfer of—
Saxony
15
Saxony-Anhalt
10
Thuringia
8
Brandenburg
7
Mecklenburg
5
100
SECTION 6

The officers of the Bank shall include:
(a) the Board of Directors;
(b) the Board of Managers.
SECTION 7

(1) The Board of Directors shall determine the
policy and supervise the activities of the Bank.
Its members shall be:
(a) the heads of the Departments participating
in the capital according to Section 5,
(b) a second representative of the Department
of Finance to be appointed by the head of the
Department of Finance,
(c) the presidents of the Banks of Issue and
Transfer participating in the capital according to
Section 5,
(d) two representatives of the Board of the Free
SECTION 4
German Federation of Labor Unions,
The Bank shall issue binding regulations con(e) a representative of the Central Organization
cerning minimum reserve balances to be kept by of Mutual Farm Aid,
the Banks of Issue and Transfer and other financial
(f) a representative of the socialized enterprises
and credit institutions, including the postal check- to be appointed by the German Economic Coming and savings offices. These regulations require mission.
approval by the Department of Finance.
(2) The head of the Department »of Finance
shall be the chairman of the Board of Directors.
SECTION 5
(3) The members of the Board of Directors shall
The capital of the Bank shall be 100 million
serve
without compensation; they shall be reimGerman marks, in which the following departments
bursed
for expenses.
and banks shall participate in the amounts indi(4)
The
members of the Board of Directors may
cated below.
appoint substitutes in the case of inability to attend;
Department of—
Millions of German marks the substitutes shall have only an advisory voice.
Finance
25
(5) The President and the Vice President of the
Economic Planning
5
Bank shall attend the meetings of the Board of
Engineering and Power
5
Directors; they also shall have only an advisory
Agriculture and Forestry
5
voice.
JANUARY

1949




CENTRAL BANK FOR SOVIET ZONE OF GERMANY
SECTION 8

The Board of Directors shall be called together
by the chairman whenever necessary, but shall
meet at least once every six months. It shall determine its own rules of procedure.
SECTION 9

(1) The Board of Directors as a whole or
through individual members may inspect all books
and records of the Bank and require the Board of
Managers to supply such information as the directors consider necessary for the supervision of the
management.
(2) The Board of Directors shall arrive at its
decisions by simple majority; in the case of a tie
the vote of the chairman shall be decisive.
(3) The approval of the Board of Directors is
required for:

the chairman objects. The appointment of such
committees shall not affect the responsibility of the
Board of Directors for the fulfillment of its functions.
(2) The Board of Managers of the Bank shall
execute all transactions in accordance with these
statutes and governing legislation.
(3) The Board of Managers shall consist of the
President and the Vice President of the Bank and
three other members. The President and the Vice
President shall be appointed by the German Economic Commission upon nomination by the head
of the Department of Finance in consultation with
the Board of Directors; the other members shall
be appointed by the Board of Directors upon nomination by the President of the Bank. For sufficient
cause, the German Economic Commission, after
consultation with the Board of Directors, may discharge the President or Vice President of the Bank;
and the Board of Directors, after consultation with
the President of the Bank, may discharge other
members of the Board of Managers.

1) The establishment of interest rates (Section 19);
2) The selection of all domestic and foreign
securities bearing fixed rates of interest that
SECTION 12 1
are purchased by the Bank (Section 15, para(1) The Board of Managers shall represent the
graph 3). The Board of Directors may fix
maximum amounts for several or all cate- Bank in judicial proceedings and all other matters.
The Board of Managers shall arrive at its decisions
gories of these securities;
by
simple majority. In case of a tie the vote of
3) The selection of securities and the estabthe
President shall be decisive. The Board of
lishment of the loan valuation and the loan
limits of bonds, Treasury bills, and other Managers shall determine its own rules of procedure
domestic and foreign securities bearing fixed subject to approval by the Board of Directors.
(2) Legally binding statements (Willenser^laerates of interest, on which loans may be
rungen)
on behalf of the Bank shall be made by
granted by the Bank (Section 15, paragraph
any two members of the Board of Managers or by
5b);
4) The rules and regulations governing one member of the Board of Managers together
transactions with the Bank issued by the with one other person authorized to sign on behalf
of the Bank (Projurist). In special cases where
Board of Managers (Section 22);
5) The purchase and sale of real estate and employees of the Bank are authorized by the Board
business participations. The Bank may pur- of Managers to be co-signatories of documents on
chase real estate only as required for the behalf of the Bank, the authorization shall be
published according to Section 27.
conduct of its business;
(3) Documents signed by two members of the
6) The Bank's organization chart and
Board of Managers and bearing the corporate seal
budget;
shall be considered public documents.
7) The annual accounts;
8) The appointment of persons authorized
SECTION 13
to sign on behalf of the Bank (Prokuristen)
Employees of the Bank shall be appointed and
(Section 12).
dismissed by the Board of Managers.
SECTION 14

SECTION 10

(1) The Board of Directors may transfer some
of its functions to committees of its members unless

18




The Bank shall deal exclusively with or for the
1

Editor's Note: No Section 11 appeared in the German text.
FEDERAL RESERVE BULLETIN

CENTRAL BANK FOR SOVIET ZONE OF GERMANY
account of central authorities, central financial and
credit institutions, and other central agencies.
SECTION 15

The Bank may:
(1) Purchase and sell bills of exchange and
checks of socialized enterprises or State agencies,
municipalities or other public institutions, corporations of all kinds, and individuals, with signatures
of three persons of known solvency. The bills of
exchange must mature within three months from
the day of purchase; they should be good commercial bills (commodity bills). The requirement of
a third signature may be waived if the payment
of the bill or check is guaranteed by collateral;
(2) Purchase and sell bills of exchange issued
hy State agencies, municipalities, or other public
institutions and maturing within three months, and
"bonds and Treasury bills maturing within two
years from the day of purchase;
(3) Purchase and sell other domestic and foreign
securities bearing fixed rates of interest;
(4) Buy and sell precious metals, foreign currencies, and foreign exchange (Devisen);
(5) Grant interest-bearing loans secured by collateral for not more than three months (Lombard
transactions), viz.,
(a) upon bills of exchange that fulfill the
requirements of paragraphs 1 or 2 of this
section, for no more than nine-tenths of
their face value,
(b) upon bonds and Treasury bills that fulfill the requirements of paragraph 2 of this
section and upon other domestic and foreign
securities bearing fixed rates of interest;
(6) Accept funds for transfer or as deposits;
(7) Take securities and other valuables into cus
tody and administration. The Bank shall function
as a security deposit bank (Wertpapiersammelban\)\
(8) Cooperate in the marketing of bonds and
Treasury bills;
(9) Certify checks drawn upon the Bank, making itself liable to pay the check to its holder. The
rules and regulations (Section 22) shall determine
the details;
(10) Carry out banking transactions for the
account of others upon coverage in advance.
SECTION 16

The Bank may grant cash credits to the DepartJANUARY

1949




ment of Transportation and the Department of
Post and Telecommunications, the maximum
amount of which shall be determined by the Board
of Directors.
SECTION 17

The Bank shall act as a clearing agency for
payment among its affiliated central financial and
credit institutions according to Section 14 and
between these institutions and the clearing institutions in other zones of occupation of Germany
and in foreign countries.
SECTION 18

The Bank shall carry on transactions other than
those permitted according to Sections 14-17 only
as required for the conduct of its business and for
the execution or liquidation of permitted transactions.
,n
c
SECTION 19

The Bank shall publish the interest rates to be
applied in its transactions.
SECTION 20

The Bank shall publish details about the denomination and the distinctive features of the currency
issued by it, the replacement of damaged currency,
and the withdrawal of currency.
SECTION 21

(1) Currency issued by the Bank must be covered
at all times by the Bank's holdings of:
(a) Bills of exchange and checks of socialized
enterprises, State agencies, municipalities or other
public institutions, corporations of all kinds, and
individuals according to Section 15, paragraph 1;
(b) Bills of exchange, bonds, and Treasury bills
issued by State agencies, municipalities, or other
public institutions according to Section 15, paragraph 2;
(c) Other domestic and foreign securities bearing
fixed rates of interest according to Section 15, paragraph 3;
(d) Claims resulting from loans according to
Section 15, paragraph 5.
(2) The Board of Directors shall decide whether
and at what valuation precious metals, foreign
currencies, and foreign exchange (Section 15, paragraph 4) held by the Bank may serve as cover for
currency issued. It also shall determine the valua-

19

CENTRAL BANK FOR SOVIET ZONE OF GERMANY
tion of foreign securities, if any, held by the Bank
according to paragraph 1 (c) of this section.

the loss unless the Board of Directors decides otherwise.

SECTION 22

The Department of Finance shall exercise supervision over the Bank.

SECTION ID

The Bank shall issue detailed rules and regulations to govern transactions with the Bank. These
rules and regulations shall be published.
SECTION 23

The fiscal year of the Bank shall be the calendar
year.
SECTION 24
(1) The Board of Managers shall submit the
balance sheet and the profit and loss account of
the Bank to the Board of Directors within three
months after the close of the fiscal year.
(2) The head of the Department of Finance shall
issue regulations concerning the auditing of the
Bank.
(3) The Board of Directors shall determine the
distribution of the net profits of the Bank. If, in
a fiscal year, the expenditures of the Bank exceed
its receipts, the Department of Finance shall bear




SECTION 26

The Board of Directors may amend the statutes
with the approval of the Secretariat of the German
Economic Commission.
SECTION 27

Notices concerning the Bank shall be published
in the Central Register (Zentralverordnungsblatt).
Berlin, July 20, 1948.
These statutes of the German Bank of Issue have
been confirmed by the Secretariat of the German
Economic Commission.
The statutes of the Bank of Issue and Transfer
of May 29, 1948 (Central Register, page 209) are
thus rendered invalid.

FEDERAL RESERVE BULLETIN

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

Consumer Instalment Credit
Amendment to Regulation W

The Board of Governors of the Federal Reserve
System has adopted an amendment to Regulation
W—Consumer Instalment Credit—which releases
from the scope of the regulation articles priced
just under $50 in localities having sales taxes which
make the price to the purchaser exceed $50.
Hitherto certain articles which sold for $50 or more
only because of the inclusion of the applicable sales
tax were subject to the regulation.
The amendment, which became effective January
1, 1949, was adopted to reduce operating difficulties
in the trade, particularly for those merchants serving areas which include some localities with and
others without sales taxes.
The text of the amendment is as follows:
AMENDMENT NO. 2 TO REGULATION W

Regulation W is hereby amended in the following respects, effective January 1, 1949:
By inserting after "$50.00" in Part 1 of the Supplement to Regulation W the following language
and footnote reference:
exclusive of any applicable sales tax,5
and by adding the following footnote to Part 1 of
the Supplement:
5
The exclusion of sales taxes in this Part of the Supplement does not affect the use of the term "Cash price" elsewhere in the regulation. "Cash price" as defined in section
8(^)(7) generally includes applicable sales taxes.

Preservation of Records

Among other things, section 8(#) of Regulation
W requires a Registrant to preserve relevant documents for the "life of the obligation to which they
relate." This, of course, includes the "Statement
of the Borrower."
The Board's view is that "the obligation," as
that term is used in section S(a) means the original
obligation with respect to which the Statement was
procured, and, therefore, does not require the presJANUARY

1949




ervation of the Statement executed in connection
with any such original obligation after a new obligation has arisen by virtue of a revision of the old
credit.
In substance, this interpretation is the same as
the interpretation concerning "Preservation of Records" which was issued under the old regulation
and published at page 28 of the January 1947
Federal Reserve BULLETIN.
Conversion of Noninstalment Credit
to Instalment Basis
Questions have been presented under Regulation
W as to the conversion of a charge account covering the sale of a "listed article" to an instalment
basis and the conversion of a single-payment loan
to an instalment basis.
In any case where investigation shows that a
Registrant is converting an undue number of credits to an instalment basis after originating them on
a noninstalment basis, the inference would be
fairly plain that the Registrant is violating section
6(7) by attempting to disguise instalment credit
as noninstalment credit.
Accordingly, it is the view of the Board that if
a credit originates in good faith as an obligation
payable in a lump sum, its later conversion to an
instalment basis does not make it subject to the
regulation. It is essential of course that the original transaction be in good faith and not a subterfuge.
In substance, this interpretation is the same as
the interpretation concerning "Conversion of Noninstalment Credit to Instalment Basis" which was
issued under the old regulation and published at
page 28 of the January 1947 Federal Reserve
BULLETIN.

Amendments to Summaries of Previously Published
Interpretations

The November 1948 Federal Reserve BULLETIN
on pages 1364-1368 contained summaries of previously published interpretations of Regulation W
still in effect, one of which was entitled "Listed

21

LAW DEPARTMENT
articles." The first sentence of the fourth paragraph and the first two sentences of the eighth
paragraph of this summary have been amended,
respectively, to read as follows:
The classification "Refrigerators, mechanical"
does not include cabinets to hold or display ice
cream or other products for sale; nor coin-operated machines for dispensing beverages; nor
water coolers; nor milk coolers not designed for
household use.
The classification "Furniture" does not include
an ice refrigerator of 12 cubic feet or more
rated capacity. The classification "Furniture"
includes mirrors, unpainted furniture, kitchen
or breakfast room sets, swings, and prefabricated
decorative fireplaces not suitable for heating
purposes.
These amendments concern only "milk coolers"
and "prefabricated decorative fireplaces."
Deliveries in Anticipation of Sales
Section 6(g) of Regulation W, as amended,
applies to the delivery of a listed article "in anticipation of an instalment sale of that article or a
similar article." If there has been a present instalment sale of a listed article, such sale, of course, is
subject to the regulation in the usual manner without regard to section 6(g), and this is true even
though a part of the sales agreement gives the
buyer an option to return the article, instead of
paying the price, and thereby revest in the vendor
complete ownership or property in the article.
However, where a listed article or listed-article
"demonstrator" is delivered to a prospective instalment buyer and he must subsequently in some way
manifest his acceptance or willingness to buy before ownership or property in the article or a
similar article passes to him, then the original
delivery in such a transaction would be of the type
covered by section 6(g).
In order for the Registrant to delay the collection
of the necessary deposit equal to the down payment that would be required on an instalment
sale of an article such as the one so delivered, the
second paragraph of section 6(g), as amended,




requires the execution and delivery to the prospective purchaser of a specific written agreement
covering the two points set out in such paragraph.
If such an agreement is so executed and delivered
in connection with an agreement evidencing a
present instalment sale, as for example, a conditional sales contract, and collection by the Registrant
of the required deposit or down payment is delayed, such an arrangement would not fall within
or comply with section 6(g), nor would it comply
with the requirements of section 3(a) of the regulation.
Sets and Groups of Articles
On page 270 of the March 1947 Federal Reserve
BULLETIN there was published an interpretation
with respect to the application of section 6(h) of
Regulation W covering "Sets and Groups of Articles." This interpretation is still applicable under
the new Regulation W, which became effective
September 20, 1948, and it was so stated in the
September 1948 BULLETIN at page 1111.
The Board's attention has been directed to the
advertising terms on an open stock bedroom suite
consisting of a vanity and chest for $48.98 each, a
bed for $34.98, and a bench for $11.98, offered as
a suite at $144.92, which is the sum of the individual pieces, without reduction. The down payment
terms quoted were $1.00 for each item or $4.00*
for the four-piece suite, with the deferred balance
payable at the rate of $3.00 per week.
Instalment sales in accordance with this advertisement would not appear to be in violation of the
regulation, especially in view of the last paragraph
of the aforementioned interpretation of section6(h) of the regulation. However, if the Registrant's
records should disclose that sales of single pieces
or different groups of the "open stock" furniture
are rarely made, then a question would arise as
to whether the customers, regardless of the advertisement, may not have a free choice to buy the
items separately or in different groups so that, in
effect, the items would be sold at a combination
price, rather than separate prices. In such eventr
there would not be compliance with the regulation unless the Registrant obtained a down payment based on the combination price.

FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Appointments of Chairmen, Deputy Chairmen, and Directors

The following designations and appointments at the Federal Reserve Banks and branches have
been made by the Board of Governors of the Federal Reserve System.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR

Federal Reserve Ban\
Boston
New York
Cleveland
Richmond
Atlanta
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

1949

Name of Appointee
. . Albert M. Creighton of Boston, Massachusetts
. . . Robert T. Stevens of South Plainfield, New Jersey
. . . .George C. Brainard of Lyndhurst, Ohio
. * Charles P. McCormick of Baltimore, Maryland
.. . Frank H. Neely of Atlanta, Georgia
, . 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 Burlingame, California
DEPUTY CHAIRMEN FOR YEAR

1949

.. .Harold D. Hodgkinson of Boston, Massachusetts
. William I. Myers of Ithaca, New York
. Warren F. Whittier of Chester Springs, Pennsylvania
. * A. Z. Baker of Lakewood, Ohio
. . * J. B. Woodward of Newport News, Virginia
. * Rufus C. Harris of New Orleans, Louisiana
. . * Franklin J. Lunding of Highland Park, Illinois
. . Wm. H. Bryce of Memphis, Tennessee
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

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

CLASS C DIRECTORS

Boston
New York
Cleveland
Richmond
Atlanta
Chicago
Minneapolis
Kansas City
Dallas
San Francisco

(Appointed for three-year terms beginning January 1, 1949)
. Ames Stevens of North Andover, Massachusetts
William I. Myers of Ithaca, New York
* L. L. Rummell of Columbus, Ohio
W. G. Wysor of Richmond, Virginia
* Paul E. Reinhold of Jacksonville, Florida
. * Franklin J. Lunding of Highland Park, Illinois
. Paul E. Miller of St. Paul, Minnesota
. Lyle L. Hague of Cherokee, Oklahoma
R. B. Anderson of Vernon, Texas
Harry R. Wellman of Berkeley, California

Indicates position filled by a new incumbent.
JANUARY

1949




CURRENT EVENTS AND ANNOUNCEMENTS
BRANCH DIRECTORS

Federal Reserve Ban\ and Branch
New YorJ^
Buffalo
Cleveland
Cincinnati
Pittsburgh

Name of Appointee
.Carl G. Wooster of Union Hill, New York
* Ernest H. Hahne of Oxford, Ohio
A. H. Burchfield, Jr., of Pittsburgh, Pennsylvania

Richmond
Baltimore
Charlotte

James E. Hooper of Ruxton, Maryland
. R. Flake Shaw of Greensboro, North Carolina

Atlanta
Birmingham
Jacksonville
Nashville
New Orleans

,Wm. Howard Smith of Prattville, Alabama
J. Hillis Miller of Gainesville, Florida
.H. C. Meacham of Franklin, Tennessee
John J. Shaffer, Jr., of Ellendale, Louisiana

Chicago
Detroit

.+ Ernest Gilbert of Waldron, Michigan

St. Louis
Little Rock
Louisville
Memphis

. . Cecil C. Cox of Stuttgart, Arkansas
#
John W. Taylor of Louisville, Kentucky
. .Leslie M. Stratton, Jr., of Memphis, Tennessee

Minneapolis
Helena

. # f James A. McCain of Missoula, Montana

Kansas City
Denver
Oklahoma City
Omaha

. *f G. Norman Winder of Craig, Colorado
. f Rufus Green of Duncan, Oklahoma
f Fred S. Wallace of Gibbon, Nebraska

Dallas
El Paso
Houston
San Antonio

. Dorrance D. Roderick of El Paso, Texas
. . Ross Stewart of Houston, Texas
.Henry P. Drought of San Antonio, Texas

San Francisco
Los Angeles
Portland
Salt Lake City
Seattle

. f Fred G. Sherrill of San Marino, California
f R. B. Taylor of Adams, Oregon
. f Merle G. Hyer of Lewiston, Utah
f John M. McGregor of Hooper, Washington

* Indicates position filled by a new incumbent.
t Indicates appointment for two-year term beginning Jan. 1, 1949. All other appointments are for three-year terms.




FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
The new appointees are as follows:
Federal Reserve Bank of Cleveland
Mr. A. Z. Baker of Lakewood, Ohio, who has been a Class C director of the Federal Reserve Bank
of Cleveland since August 8, 1942, was appointed Deputy Chairman for the year 1949. Mr. Baker is
Chairman of the Board of the Cleveland Union Stock Yards Company, Cleveland, Ohio.
Mr. L. L. Rummell of Columbus, Ohio, was appointed a Class C director of the Federal Reserve Bank
of Cleveland for a three-year term beginning January 1, 1949. Mr. Rummell is Dean of the College of
Agriculture, Ohio State University, Columbus, Ohio.
Federal Reserve Bank of Richmond
Mr. Charles P. McCormick of Baltimore, Maryland, who has been a Class C director of the Federal
Reserve Bank of Richmond since August 31, 1939, and Deputy Chairman since January 1, 1947, was
designated Chairman and Federal Reserve Agent for the year 1949. Mr. McCormick is President and
Chairman of the Board of McCormick and Company, Inc., Baltimore, Maryland.
Mr. J. B. Woodward, Jr., President and General Manager, Newport News Shipbuilding and Dry Dock
Company, Newport News, Virginia, was appointed a Class C director of the Federal Reserve Bank of
Richmond for the unexpired portion of the term ending December 31, 1949, to succeed Mr. Edward
R. Stettinius, Jr., Rector of the University of Virginia, Rapidan, Virginia, who resigned. Mr. Woodward
was also appointed Deputy Chairman for the year 1949.
Federal Reserve Bank of Atlanta
Mr. Rufus C. Harris of New Orleans, Louisiana, who has been a Class C director of the Federal
Reserve Bank of Atlanta since January 28, 1938, was appointed Deputy Chairman for the year 1949.
Mr. Harris is President of Tulane University of Louisiana, New Orleans, Louisiana.
Mr. Paul E. Reinhold of Jacksonville, Florida, was appointed a Class C director of the Federal Reserve
Bank of Atlanta for a three-year term beginning January 1, 1949. Mr. Reinhold is President of the
Foremost Dairies, Inc., Jacksonville, Florida.
Federal Reserve Bank of Chicago
Mr. Franklin J. Lunding of Highland Park, Illinois, was appointed a Class C director of the Federal
Reserve Bank of Chicago for a three-year term beginning January 1, 1949, and Deputy Chairman for
the year 1949. Mr. Lunding is President of the Jewel Tea Company, Inc., Barrington, Illinois.
Branches
Federal Reserve Bank of Cleveland
Mr. Ernest H. Hahne of Oxford, Ohio, was appointed a director of the Cincinnati Branch of the
Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1949. Mr. Hahne is
President of Miami University, Oxford, Ohio.
Federal Reserve Bank of St. Louis
Mr. John W. Taylor of Louisville, Kentucky, was appointed a director of the Louisville Branch of
the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1949. Mr. Taylor
is President of the University of Louisville, Louisville, Kentucky.
Federal Reserve Bank of Minneapolis
Mr. James A. McCain of Missoula, Montana, was appointed a director of the Helena Branch of the
Federal Reserve Bank of Minneapolis for a two-year term beginning January 1, 1949. Mr. McCain is
President of Montana State University, Missoula, Montana.
Federal Reserve Bank of Kansas City
Mr. G. Norman Winder of Craig, Colorado, was appointed a director of the Denver Branch of the
Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1949. Mr. Winder
is engaged in sheep raising.
JANUARY

1949




CURRENT EVENTS AND ANNOUNCEMENTS
Resignation of Class C Director

Effective December 31, 1948, the Board of Governors accepted the resignation of Mr. Edward R.
Stettinius, Jr., Rector of the University of Virginia,
Rapidan, Virginia, as a Class C director of the Federal Reserve Bank of Richmond. Mr. Stettinius
had served as a Class C director since July 3, 1947.
Changes in Board's Staff
Mr. Edward L. Smead, Director of the Division
of Bank Operations, retired at the end of the year
as a member of the Board's staff, under the provisions of the Federal Reserve Retirement System.
Mr. Smead became associated with the Board on
April 19, 1915, and had served as Director of the
Division of Bank Operations since April 12, 1920.
Mr. Smead also served successively as Acting Administrator for the War Loans Committee and Administrator for War Loans during the period from
October 1942 to August 1946. Mr. Robert F.
Leonard who was appointed Associate Director of
the Division of Bank Operations effective September
1, 1948, succeeded Mr. Smead as Director of the
Division on January 1, 1949.
Mr. J. R. Van Fossen, Assistant Director of the
Division of Bank Operations, also retired as of the
close of the year as a member of the Board's staff,
under the provisions of the Federal Reserve Retirement System. Mr. Van Fossen joined the Board's
staff on October 22, 1917, and had served as Assistant Director of the Division of Bank Operations
since January 1, 1922.
Federal Reserve Charts on Bank Credit, Money Rates,
and Business
The Board of Governors has completed a substantial revision of the monthly Federal Reserve




Chart Book on Bank Credit, Money Rates, and
Business. The first monthly issue of the revised
charts, containing all information available as of
January 14 with space for continuation through
1950, is now available. The figures used in bringing the charts up to date will be published each
month in the Federal Reserve BULLETIN (see pages
79-82 of this issue).
The revised Chart Book contains approximately
75 charts on bank reserves and Reserve Bank credit,
deposits and currency, bank and other credit, Government finance, money rates and security markets,
business finance, business conditions, and international trade and finance. Several new charts have
been added, some old charts \\ave been materially
revised, and a few charts have been discontinued.
Data prior to 1939 have been eliminated from
many of the charts, inasmuch as retrospective data
will be included in a supplementary single-issue
chart book to be published as early as possible in
1949. It is suggested that subscribers to the monthly
Chart Book retain the December issue as a source
of retrospective data until the supplement becomes
available.
The annual subscription price for 12 issues of the
Chart Book and a copy of the supplementary historical Chart Book is $9.00. Single copies of
monthly issues or the historical supplement may be
purchased for $1.00 each; in quantities of 10 or
more copies of a single issue for shipment to one
address, there is a special price of 75 cents per copy.
Admission of State Bank to Membership in the
Federal Reserve System
The First State Bank, Abilene, Texas, was admitted to membership in the Federal Reserve System on November 18, 1948.

FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 28 and released for publication December 30]

Industrial activity was maintained in November
at about the high October rate. Department store
sales were 5 per cent below last year's level but in
the early part of December sales increased more
than a year ago. Commodity prices showed further moderate decreases in November and the first
half of December.
INDUSTRIAL PRODUCTION

Output at factories and mines showed little
change in November, and the Board's seasonally
adjusted index of industrial production was 194 per
cent of the 1935-39 average as compared with 195
in October and 192 in November 1947.
Activity in the automobile, machinery, and nonferrous metals industries showed small reductions
in November, but output of most other durable
goods was maintained at the level of the preceding
month. The number of new automobiles assembled declined about 4 per cent in November, but
rose again in the early part of December to a new
postwar peak rate. Output for the year has been
about 5,275,000 passenger cars and trucks, the
largest annual total since 1929. Copper smelting
was curtailed sharply in November as a result of a
labor dispute affecting mine output. Steel production, on the other hand, showed a slight further
gain, averaging 100.4 per cent of capacity in November as compared with 100 in October.
Production of nondurable goods declined slightly
in November, reflecting in large part further curtailments in output of textile and leather products.
Cotton consumption decreased 5 per cent and was
18 per cent smaller than in November 1947. Newsprint consumption was reduced somewhat from the
peak rate reached in October. Activity at paper
and paperboard mills continued at record levels,
and output of most other nondurable goods was
maintained at about the October rate.
Minerals production increased somewhat in November, reflecting a slight further gain in crude
petroleum output and an unusually large volume of
iron ore production for this season. Coal output
JANUARY

1949




was maintained in November at the October rate
but declined about 5 per cent in the first half of
December.
EMPLOYMENT

Employment in nonagricultural establishments
showed a small decline in mid-November from the
record level in October. The decline, which was
unusual for this season, reflected mainly some further curtailment of employment in industries manufacturing nondurable goods. Trade employment
continued to increase seasonally, although the gain
was the smallest for November since 1942. Employment in most other lines showed little change.
CONSTRUCTION

Value of contracts awarded for most types of private and public construction declined more than
seasonally in November, according to reports of the
F. W. Dodge Corporation. The number of new
housing units started decreased further in November to 65,000 as compared with 72,000 in October
and 80,000 a year ago.
DISTRIBUTION

Value of department store trade in November
showed less than the usual seasonal rise and the
CONSTRUCTION CONTRACTS AWARDED

v s

_ -^—><__

194!

1942

1943

1944

1945

i

1946

I

1947

j o

1948

F. W. Dodge Corporation data for 37 Eastern States. Other
includes nonresidential buildings and public works and utilities.
Monthly figures, latest shown are for November.

NATIONAL SUMMARY OF BUSINESS CONDITIONS
average daily rate of sales was 5 per cent smaller
than a year ago. The Board's adjusted sales index
was 287 per cent of the 1935-39 average as compared with the advanced level of about 310 which
prevailed from April to October. Sales recovered
to year-ago levels during the first half of December,
however, and it is estimated that total dollar sales
for the holiday shopping period will be near last
year's record volume. Sales of appliances and various other durable goods except new automobiles
have been below the exceptionally high levels prevailing at the end of last year.
Railroad carloadings of most classes of merchandise showed more than the usual seasonal decline
in November and early December and total shipments were about 9 per cent below the same period
a year ago. Loadings of coal were about 15 per
cent below a year ago. Shipments of manufactured
goods were down about 5 per cent, owing to a further diversion of freight to other forms of transportation and a reduction in the physical volume
of goods shipped for export. This reduction was
augmented in November by a maritime dispute.

were reduced. Additional advances were reported
in prices of metals.
BANK CREDIT

Federal Reserve System holdings of Government
securities were further reduced in the first three
weeks of December, reflecting sales of Treasury bills,
certificates, and bonds. These securities were purchased primarily by commercial banks, which had
an abundant supply of funds as a result of a seasonal increase in the volume of checks in clearing
and a further gold inflow. Absorption of bank
reserves by the pre-Christmas outflow of currency
was somewhat smaller than usual.
Loans and investments at banks in leading cities
showed little change in November, but increased
somewhat in the first half of December. Loans to
businesses showed a much smaller growth than in
the same period last year. Loans to brokers and
dealers for purchasing Government securities rose
sharply in November while bank holdings of Treasury bills declined. Deposits declined slightly at all
commercial banks in November, but increased
sharply at banks in leading cities during the first
half of December.

COMMODITY PRICES

Wholesale prices and consumers' prices declined
about 1 per cent from mid-October to mid-November, reflecting chiefly decreases in livestock and
foods. In the first three weeks of December prices
of foods continued to decline, various industrial
materials weakened further, and prices of some appliances and textile, petroleum, and soap products

SECURITY MARKETS

Prices of U. S. Government bonds and high-grade
corporate and municipal bonds rose slightly during
the first three weeks of December. Common stock
prices were steady with a moderate volume of trading.
LOANS AT MEMBER BANKS IN LEADING CITIES

DEPARTMENT STORE SALES AND STOCKS
PER CE^

DOLLAR VOLUME SEASONALL Y

T

)NS OF DOLLARS

ADJUSTED

300
SA

250

ij

/STO

200

3KS

/

/

/

\

\ /

1

150

100
1941

I94Z

1943

1944

1945

Federal Reserve indexes. Monthly figures, latest shown for
Sales are November and for Stocks December.

28




Excludes loans to banks.
are for December 29.

Wednesday figures, latest shown

FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAGE

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

31

32
33-36
37
37-38
39-40
40
41
42-43
44-45
46-49
50
51
52-53
54
55-57
58
59-68
69-72
72
73
74-75
76-78
79-83
83
84

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

1949




29

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
ILL10NS OF DOLLARS

BILLIONS OF DOLLARS

30

f
""

1940

1941

1942

1943

1944

I

1945

RESERVE BANK
CREDIT

1946

1947

1948

TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES

I 0

1940




1941

1942

1943

1944

1945

Wednesday figures, latest shown are for December 29.

1946

1947

1948

See page 31.
FEDERAL RESERVE BULLETIN

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

Member
bank reserve
balances

U. S Government
securities
Discounts
and
advances Total

Date

Monthly averages of
daily figures:
1947—Sept .. .

Treasury
bills
and
certificates

All
other

All
other 1 Total

Gold
stock

TreasOther
Treasdeury
Treas- ury
posits Non- FedMoney
curury
eral
with
memcirrency inculacash
Reber de- serve
outhold- Federal
Retion
posit
s
standings
acserve
ing
counts Total
Banks

Excess 2

163
208
313
383
357
353

22,067 20,886 1,181
22,092 20 847 1,245
22,082 20,158 1,924
21,632 11,353 10,279
23,168 12,272 10,896
23,028 11,050 11,979

386
498
472
394
412
449

22,616
22,798
22,866
22,409
23,937
23,830

21,866
22,149
22,479
23,829
23,958
24,110

4,551
4,551
4,551
4,570
4,574
4,580

28,654
28,598
28,648
28,152
28,188
28,277

1,315
1,327
1,330
1,320
1,319
1,321

1,287 1,011
927
1.321
958
1,598
984
1,563

638
647
631
578
588
540

16,866
17 073
16,'988
18,509
19,818
19,835

931
954
850
884
815
773

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

92
296
331
325
339
337

22,329 21,138 1,191
22,168 20,650 1,518
22,209 19,813 2,395
23,413 12,199 11,214
23,042 11,246 11,796
23,206 11,227 11,979

308
442
435
333
494
339

22,730
22,906
22,975
24,071
23,875
23,881

21,955
22,294
22,614
23,872
24,004
24,166

4,552
4,554
4,557
4,575
4,580
4,585

28,567
28,552
28,766
28,118
28,176
28,331

1,309
1,330
1,324
1,321
1,321
1,332

842
1,091
884
1,400
1,277 1,180
843
1,664
1,610 1,074
932
1,601

643
631
626
585
542
541

16,784
16,956
16,974
19,986
19,736
19,894

841
864
829
1,038
742
809

Wednesday figures:
1948—Feb. 4
Feb. 1 1 . . . .
Feb. 18
Feb. 2 5 . . . .

240
578
295
279

20,523
20,817
20,943
21,034

13,882
13,815
13,704
13,645

6,641
7,002
7,240
7,389

413
337
543
394

21,175
21,732
21,782
21,707

22,934
22,933
22,981
23,028

4,560
4,559
4,557
4,557

28,124
28,189
28,053
28,054

1,309
1,308
1,335
1,326

1,187
1,725
1,656

974
944
899
901

562
559
558
557

17,084
17,037
16,750
16,799

913
1,001
765
964

3....
10
17... .
24
31... .

257
298
363
447
430

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

13,575
13,145
12,956
13,168
13,332

7,496
7,532
7,417
7,439
7,555

523
350
451
375
291

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

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

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

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

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

954
751
677

1,027

1,006
L.458 1,018
999
1,972

557
559
586
589
588

17,552
17,366
17,351
16,870
16,639

1,157
977
904
684
655

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

260
221
234
259

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

12,816
12,832
12,537
12,400

7,662
7,762
7,857
8,040

347
315
338
253

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

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

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

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

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

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

994
929
911
856

590
590
590
587

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

822
894
701
879

May
May
May
May

5....
12
19
26....

230
250
225
321

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

12,085
12,110
11,823
12,323

8,166
8,238
8,275
8,270

374
440
351
287

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

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

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

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

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

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

810
792
795
788

545
544
546
547

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

817
884
294
723

June
June
June
June
June

2....
9....
16....
23
30

239
312
294
353
265

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

12,543
12,224
12,638
12,900
13,193

8,141
8,125
8,112
8,110
8,173

369
294
476
358
268

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

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

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

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

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

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

754
828
879
827
859

551
551
593
598
592

17,094
17,154
17,999
17,408
17,389

941
908
1,132
728
742

July 7 . . . .
July 1 4 . . . .
July 21. . . .
July 2 8 . . . .

398
316
285
327

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

13,367
13,243
12,919
12,692

8,168
8,278
8,407
8,517

310
302
277
187

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

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

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

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

1,334
1,331
1,324
1,329

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

877
898
920
875

612
613
611
576

17,584
17,631
17,503
17,534

1.0C3
937
723
759

Aug.
Aug.
Aug.
Aug.

282
293
301
324

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

12,510
12,486
12,283
12,064

8,868
9,081
9,267
9,396

237
205
273
210

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

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

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

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

1,330
1,324
1,322
1,324

1,852
1,756

860
865
965
843

569
570
566
567

17,606
17,834
17,603
17,668

730
1,003
729
811

Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29

318
310
283
309
357

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

11,818
11,588
10,963
11,072
12,137

9,594
9,652
10,242
10,788
11,145

208
284
433
376
314

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

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

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

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

1,323
1,326
1,321
1,319
1,324

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

855
872
875
858
864

564
565
592
591
586

17,724
17,817
18,737
18,694
19,884

853
926
1,647
979
940

Oct. 6 . . . .
Oct. 13
Oct. 2 0 . . . .
Oct. 27

296
500
289
300

23,143
23,303
23,192
23,242

12,747
12,655
12,158
11,680

10,396
10,648
11,034
11,562

268
164
388
254

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

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

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

867
916
913
888

596
596
590
583

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

607
929
870
874

3....
10
17
24

320
326
282
582

23,239 11,270
23,144 11,097
22,930 10,975
22,993 11,046

11,969
12,047
11,955
11,947

170
458
622
366

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

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

28,202
28,284
28,157
28,091
28,254
28,337
28,215
28,305

1,324
1,317
1,326
1,322

Nov.
Nov.
Nov.
Nov.

23,888
23,965
23,983
23,996
24,007
24,097
24,110
24,150

1,317
1,317
1,324
1,317

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

886
912
901
922

539
539
539
542

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

858
922
815
830

Dec.
Dec.
Dec.
Dec.
Dec.

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

306
399
266
426
255

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

11,200
11,105
11,067
10,981
11,539

11,965
11,899
11,926
11,864
11,808

312
324
659
950
512

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

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

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

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

1,338
1,314
1,327
1,326
1,329

1,527
1,540

927
986
994

541
548
640
647
653

19,877
783
19,727
660
20,435 1,216
19,899
P7O9
20,238 *>l,049

Oct

Nov
1948—Sept
Oct

Nov

Mar.
Mar.
Mar.
Mar.
Mar.

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

553
945

616

984

:L.963

1,902
661

969

1,007
908

955

1,575 1,033
1,283 1,106

p
Preliminary.
1
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
* End of month and Wednesday figures are estimates.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

JANUARY

1949




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) i

Federal Reserve Bank

Rate

Effective

IX
IX
IX
IX
IX
IX
IX
IX
IX

Aug. 13, 1948
Aug. 13, 1948
Aug. 23, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 19, 1948
Aug. 13, 1948
Aug. 16. 1948
Aug. 13, 1948
Aug. 13, 1948

Boston......
New Yerk. . .
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. L&uis
Minneapolis..
Kansas City..
Dallas
San Francisco

\-X
\-X

IX

Other secured advances
[Sec. 10(b)]

Rate

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

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate

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

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

14, 1948
6, 1946
23, 1948
13, 1948
16, 1946
24, 1948
13, 1948
12, 1948
23, 1948
19, 1948
14, 1948
25, 1946

1
Rales 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 obligation!
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 month!
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.
439443
439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
AND COMMITMENTS UNDER SECTION 13b
RATES ON BANKERS' ACCEPTANCES
OF THE FEDERAL RESERVE ACT
[Per cent per annum]
Maturities not exceeding five years
Rate on
In effect bePrevious
[In effect December 31. Per cent per annum]
Maturity
ginning—
rate
Dec. 31

IX

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

i%

i Aug. 13, 1948
i1 Aug. 13, 1948
Aug. 13, 1948

To industrial or
commercial
businesses

IX

1
Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

On discounts or
purchases

Federal
Reserve
Bank

On
ments

On
loans l

commit-

2X-5
2X-5
2X-5
2X~5
2X-5
2X-5

X-iX
X-1X
X-iX
X-iX

l '--l

x-ix
X-iX
x-ix
X-iX
x-ix

Net demand deposits l
Central
reserve
city
banks

Period in effect

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

21, 1917-Aug. 15, 1936..
16, 1936-Feb. 28, 1937..
1, 1937-Apr. 30, 1937..
1, 1937-Apr. 15, 1938..
16, 1938-Oct. 31,1941..
1, 1941-Aug. 19, 1942..
20, 1942-Sept. 13, 1942. .
14, 1942-Oct. 2, 1942. .
3, 1942-Feb. 26.1948..
27, 1948-June 10, 1948. .
11, 1948-Sept. 15, 1948.
.
16-24, 1948 and after2. . .

13
22M
26
22M
26
24
22
20
22
24
26

Reserve
city
banks
10
15
17H
20
17H
20
20
20
20
20
20
22

Time
deposits
(all
Country member
banks
banks)
7

3

*X
14
12
14
14
14
14
14
14
16

5
6
6
6
6
6
6
73^

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. 1 S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
Change effective Sept. 16 at country banks; Sept. 24 at other classes.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established bV
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]

Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco.. .

23J

y

2X-5
2X-5
2X-5
2X-5

Portion
for which
institution is
obligated

Remaining
portion

2^-5

23^-5

x-ix

x-\x

1K-2

1
2
8
4

On
commitments

;I

Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the
discount
rate.
6
Charge of X per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS 1
[Per cent of market value]

Prescribed in accordance with
Securities Exchange Act of 1934

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

To financing institutions

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

Julv 5. Jan. 21, Effec19451946tive
Jan. 20, Jan. 31, Feb. 1,
1946
1947
1947

75
75

100
100

75
75

75

100

75

1

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

32




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.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE BULLETIN

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

E nd of month

Wednesday figures

Assets
Gold certificates
Redemption fund
F. R. notes

Dec. 15

Dec. 22

Dec. 29

1947

1948

1948
Dec. 8

]Dec.

Nov. 24

1

Nov. 17

Dec.

Nov.

Dec

22 ,325 ,430 22 ,325 ,429 22 ,329,430 22 332,431 22 260 ,430 22 255 ,431 22 215 ,428 22 335 ,430 22 ,260,431 20 ,810, 170

for

630 ,650

Total gold certificate reserves.... 22

0S6 080

634 ,493

630,492

264 ,882

219 ,628

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

64 ,722

233 ,662

70,518

190 ,125

192 ,575

196,075

254 ,847

426 ,237

266,593

8S1

868

888

5 ,466 406

s ,070 ,995

S ,127,866

Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds

231,049

627 ,249

627 ,250

244 ,854

255 ,486

198,397

85 ,291

350 ,789

51 ,078

201,075

221 ,075

231 ,075

231 ,075

399,472

306 ,366

581 ,864

282 ,153

925

033

080

973

S 056,860

5 138 ,794

227,781

6 ,072 ^569 ' 5 ,960 ,369 ' 5 ! 939',119 6 048,119

806 ,550

628 ,182

630 ,650

628,181

687, 127

22 OSO 0 7 ? 22 ,959,922 22 960,691 9 9 888 61? 22 882 681 22 8 4 ? 677 ? ? 9 6 6 ,080 22 ,888,612 21 ,497, 297

Other cash

Total discounts and
advances

628,260

806 ,950

813,950

788,950

OSO

243,537

272, 631

32 ,680

115,576

34, 825

190 ,125

221,075

50, 600

222 ,805

336,651

8 5 , 425

83?

974

1, 387

292 ,303

,025 .794 4 041 444 5 487 ,406 5 ,175,794 11 ,433, 410

6 061 .119 6 ,020,619

706

260 ,700

780.950

6 ,033 ,819

708 700

6 ,077 ,569

790

6 , 796',505
797,950 1 ,476, SSO
2 ,852, 869

6 ,051,119

SSO

11 ,001 ,069 11 ,056 ,550 11 ,112,453 11 109,586 11 ,168 ,376 11 ,165 ,827 11 ,156 ,309 10 ,977 ,221 11 ,180,973

Total U. S. Govt.
23 ,346 ,594 22 ,844 ,864 22 ,993,388 23 003,515 23 165 ,239 22 ,993 ,190 22 ,029 ,772 23 ,332 ,746 23 ,205,836 22 ,559, 334
securities
Other Reserve Bank
540 ,984
658,141
364 ,616
620 , 8 7 0
322,741
credit outstanding. . .
535 331
949 ,056
310 ,666
510 ,831
337,516
Total Reserve Bank
credit outstanding 24 ,113 ,123 24 ,221 ,025 23 ,919,010 23 726,653 23 ,783 ,204 23 ,940 ,650 23 .833 , 7 6 8 24 ,097 ,367 23 ,880,977 23 ,181 477
Liabilities
Federal Reserve notes . 24 7 9 1 ,886
Deposits:
Member bank — reserve account
20 ,238 ,244
U. S. Treasurer—gen1
eral account
,394
,850
Foreign
492 ,554
Other
22 ,628 ,042
Total deposits
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...

24 3 0 7 448 24 ,209,331 24 238,160 7 4 176 0 7 8 24 ,166 ? 6 0 24 0 8 0 8 6 1 7 4 161 ,103 7 4 ,172,325 7 4 ,820 4S4

19 ,898 ,699 20 ,435,147 19 726,885 19 ,876 ,917 19 ,934 ,421 19 ,952 , 5 2 3 20 ,479 ,200 19 ,894,128 17 ,899 371
969,211 1 539,690 1 S76 787 1 6S0 70S 1
531,160
511,915
465 ,940
480 ,004
462,722
473,897
456 ,204
437 ,864
22 ,506 ,629 22 ,398,240 22 252,387 77 330 567 22 ,506 858 22
1 S74 ,577
,383
483 ,970

49.0

49.0

49.3

49.2

49.4

soo 887 1 199 000 1 ,601,124
870
,692
471 , 7 2 6
391
480,055
569
547 ,252
452,161
428 , 9 8 0
444 116 ?,?, 791 ,044 7 ? ,427,468 10 ,730

49.0

48.9

49.1

49.1

0S1
849
433
684

48.3

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Industrial loans:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
U. S, Government securities:
Dec.
Dec.
Dec.
Dec.
Dec.

JANUARY

1949




16 to 30
days

306,366
399,472
266,593
426,237
254,847

173,066
221,629
81,632
256,337
100,419

20,519
28,054
45,147
32,295
44,120

933
925
888
868
851

769
783
752
784
757

93
80
63

23,165,239
23,003,515
22,993,388
22,844,864
23,346,594

1
8
15
22
29

Within
15 days

31 to 60
days

84,757
71,530
51,455
40,895
32,271

61 to 90 91 days to 6 months 1 year to 2 years to Over
days
6 months to 1 year 2 years
5 years
5 years
28,024
78,259
88,359
96,710
78,037

1,394,099 1,010,521 1,558,529 2 225,445
1,414,142 1,363,526 1,048,873 2,277,119
1,515,799 1,279,579 1,207,282 2,211,006
1,839,555 660,273 1,439,287 2,227,680
1,797,127 469,550 1 ,770,345 2,620,684

2
2
2
2
2

44
35
46
57
67

854,243
853,2
839,743
838,743
878,343

4 364,126
355,126
4 245,626
4 217,876
4 246,976

15
15
15
15
15
589,900 1,959,417 9,208,959
581,900 1,958,017 9,151,569
581,
2,052,415 9,060,038
564,900 2 ,048,972 9,007,578
562,500 2 ,047,422 8,953,647

33

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

Boston

Assets
Gold certificates:
22,260,430 793,676
Dec. 1
Dec. 8.
22,332,431 787,396
Dec. 15
22,329,430 789,795
Dec. 22
22,325,429 818,950
Dec. 29
22,325,430 769,037
Redemption fund
for F R. notes:
628,182
52,389
Dec. 1
52,246
628,260
Dec. 8
54,217
Dec 15 ....
630 492
634,493
54,218
Dec. 22
Dec. 29
630,650
54,026
Total gold certificate reserves:
22,888,612 846,065
Dec. 1
22,960,691 839,642
Dec. 8
22,959,922 844,012
Dec. 15
22,959,922 873,168
Dec. 22
Dec. 29
22,956,080 823,063
Other ca^h:
244,854
23,005
Dec. 1
227,781
22,167
Dec. 8
231,049
23,461
Dec. 15
219,628
23,048
Dec. 22
264,882
33,616
Dec. 29
Discounts & advances:
Secured by
U. S. Govt.
securities:
84,903
3,950
Dec. 1. .
198,085
Dec. 8..
4,575
Dec. 15..
70,205
4,635
Dec. 22.. 233,447
7,850
Dec. 29. .
64,550
3,790
Other:
13,928
Dec. 1 • • 221,463
201,387
12,668
Dec. 8..
Dec. 15.. 196,388
12,353
Dec. 22. .
12,132
192,790
Dec. 29. .
190,297
11,978
Industrial loans:
933
Dec
1
925
Dec. 8
888
Dec. 15
Dec. 22
868
851
Dec. 29
U. S. Govt.
securities:
Bills:
Dec. 1.... 5,138,794 335,992
Dec. 8.... 5,056,860 332,709
Dec. 15. ... 5,127,866 327,840
Dec. 22. ... 5,020,995 290,857
Dec. 29
5,466,406 341,783
Certificates:
Dec. 1.... 6,061,119 407,453
Dec. 8.... 6,048,119 406,579
Dec. 15. ... 5,939,119 399,251
Dec. 22. ... 5,960,369 400,680
Dec. 29. ... 6,072,569 408,223
Notes:
53,574
796,950
Dec. 1....
53,036
Dec. 8....
788,950
54,717
813,950
Dec. 15
Dec. 22. ...
806,950
54,246
54,219
Dec. 29. ...
806,550
Bonds:
Dec. 1.... 11,168,376 750,783
Dec. 8.... 11,109,586 746,831
Dec. 15.... 11,112,453 747,024
Dec. 22
11,056 550 743,266
Dec. 29.... 11,001,069 739,536
Total U. S. Govt.
securities:
23,165,239 1,547,802
Dec. 1
23,003,515 1,539,155
Dec. 8
22,993,388 1,528,832
Dec. 15
22,844,864 1,489,049
Dec. 22
23,346,594 1,543 761
Dec. 29.
Total loans and
securities:
23,472,538 1,565,680
Dec. 1
23,403,912 1,556,398
Dec. 8
23,260,869 1,545,820
Dec. 15
23,271,969 1,509,031
Dec. 22
23,602,292 1,559,529
Dec. 29
D u e from foreign
banks:
3
49
Dec. 1
49
3
Dec. 8
49
3
Dec. 15
49
3
Dec. 22
49
3
Dec. 29
1

New
York

Philadelphia

Richmond

Cleveland

Atlanta

Chicago

1,410,282 998,450 1,035,373 4,341,665
1,476,897 1,041,859 1,067,409 4,458,132
1,372,275 1,004,672 1,054,390 4,381,172
1,467,055 985,074 1,040,939 4,412,652
1,449,261 964,030 1,058,706 4,468,818

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

663,819
660,903
658,367
659,017
669,042

481,188
488,812
475,843
462,645
464,738

805,155
823,748
830,100
833,371
815,736

602,936
642,523
613,387
587,622
573,078

2,807,985
2,845,938
2,787,143
2,792,239
2,800,646

103,962
106,913
106,679
106,679
106,421

45,014
44,955
44,936
44,936
44,871

23,213
23,180
23,159
23,159
23,136

36,307
36,249
36,235
36,235
36,192

26,823
26,804
26,761
26,761
26,711

46,692
46,540
46,501
46,501
46,363

1,080,138 4,445,627
1,112,031 4,565,045
1,098,968 4,487,851
1,085,517 4,519,331
1,103,114 4,575,239

708,833
705,858
703,303
703,953
713,913

504,401
511,992
499,002
485,804
487,874

841,462
859,997
866,335
869,606
851,928

629,759
669,327
640,148
614,383
599,789

2,854,677
2,892,478
2,833,644
2,838,740
2,847,009

33,075
32,535
34,001
32,952
37,622

18,834
16,006
14,028
12,502
15,052

13,802
12,034
13,259
11,694
11,825

11,200
9,977
10,195
9,243
10,343

12,745
11,670
11,085
10,764
11,924

31,693
28,752
30,750
28,284
32,878

6,812
4,479
4,809
7,759
6,020

750
28,650
2,900
23,990
1,000

13,885
4,935
2,360
110
1,410

198
1,728
273
2,373
425

8,498
8,113
11,013
7,275
8,535

180

700
5,100
2,500
3,700
4,850

9,230
8,410
8,205
8,061
7,917

30,066
27,346
26,666
26,190
25,857

7,959
7,239
7,059
6,933
6,845

5,527
5,027
4,902
4,814
4,753

7,788
7,088
6,913
6,790
6,704

7,517
6,837
6,667
6,548
6,464

19,454
17,694
17,254
16,946
16,731

7,298,661
6,988,579
7,367,999
7,224,437
7,262,934

1,021,240
1,050,235
994,287
1,041,428
1,029,404

56,829
56,157
55,996
55,996
55,182

59,881
59,624
59,564
60,564
60,212

73,948
73,685
74,598
75,598
75,340

58,359
57,285
57,268
59,268
57,788

7,355,490
7,044,736
7,423,995
7,280,433
7,318,116

1,081,121
1,109,859
1,053,851
1,101,992
1,089,616

1,484,230
1,550,582
1,446,873
1,542,653
1,524,601

1,056,809
1,099,144
1,061,940
1,044,342
1,021,818

31,726
32,729
28,992
31,817
38,750

10,394
9,161
11,831
10,661
15,815

16,523
16,456
15,002
15,943
17,195

18,705
17,119
16,712
14,926
16,970

23,152
19,175
21,733
17,794
22,892

13,990
116,650
28,040
151,400
19,180

6,565
6,260
6,095
5,310
3,485

13,970
10,870
6,190
10,530
7,740

15,405
6,725
1,390
7,150
8,115

70,744
64,344
62,744
61,624
60,840

17,907
16,287
15,882
15,599
15,400

20,414
18,499
18,039
17,717
17,492

10,929
9,948
9,704
9,436
9,316

44,765
44,622
44,578
44,578
44,408

6,000

37
28
39
50
60

896
897
849
818
791

1,232,192
1,212,546
1,229,573
1,203,947
1,310,746

367,065
361,213
366,285
358,651
390,465

492,657
484,802
491,609
481,363
524,064

333,735
328,413
333,024
326,084
355,010

257,622
253,515
257,075
251,717
274,047

748,684
722,865
741,866
752,027
794,332

259,382
277,745
283,125
277,224
301,817

157,293
154,785
156,958
153,686
167,321

239,524
235,705
239,015
234,034
254,795

232,884
229,170
232,388
227,544
247,732

481,764
463,392
469,108
463,861
504,294

1,453,347
1,450,230
1,424,094
1,429,189
1,456,093

432,946
432,017
424,232
425,750
433,764

581,079
579,833
569,384
571,421
582,177

393,633
392,789
385,710
387,089
394,377

303,863
303,211
297,745
298,811
304,435

861,213
859,365
843,877
846,897
862,839

334,653
333,936
327,916
329,090
335,285

185,524
185,127
181,791
182,441
185,875

282,515
281,908
276,828
277,818
283,048

274,683
274,095
269,156
270,118
275,203

550,210
549,029
539,135
541,065
551,250

191,094
189,176
195,171
193,492
193,396

56,926
56,355
58,140
57,640
57,612

76,404
75,637
78,033
77,362
77,324

51,757
51,238
52,861
52,407
52,381

39,953
39,552
40,806
40,455
40,435

113,237
112,100
115,653
114,658
114,601

44,002
43,560
44,941
44,554
44,532

24,394
24,149
24,914
24,700
24,688

37,147
36,774
37,939
37,613
37,594

36,117
35,754
36,887
36,570
36,552

72,345
71,619
73,888
73,253
73,216

2,677,976
2,663,879
2,664,566
2,651,162
2,637,858

797,757
793,558
793,762
789,769
785,806

1,070,712
1,065,076
1,065,351
1,059,991
1,054,673

725,319
721,501
721,687
718,057
714,453

559,904
556,957
557,101
554,298
551,517

1,586,892
1,578,539
1,578,946
1,571,003
1,563,120

616,639
613,393
613,552
610,465
607,402

341,853
340,053
340,141
338,430
336,732

520,569
517,829
517,963
515,357
512,771

506,140
503,475
503,605
501,072
498,557

1,013,832
1,008,495
1,008,755
1,003,680
998,644

5,554,609
5,515,831
5,513,404
5,477,790
5,598,093

1,654,694 2,220,852
1,643,143 2,205,348
1,642,419 2,204,377
1,631,810 2,190,137
1,667,647 2,238,238

1,504,444
1,493,941
1,493,282
1,483,637
1,516,221

1,161,342 3,310,026
1,153,235 3,272,869
1,152,727 3,280,342
1,145,281 3,284,585
1,170,434 1 334,892

1,254,676
1,268,634
1,269,534
1,261,333
1,289,036

709,064
704,114
703,804
699,257
714,616

1,079,755
1,072,216
1,071,745
1,064,822
1,088,208

1,049,824 2,118,151
1,042,494 2,092,535
1,042,036 2,090,886
1,035,304 2,081,859
1,058,044 2,127,404

5,639,343
5,696,825
5,604,188
5,690,814
5,678,113

1,680,062
1,666,587
1,665,245
1,653,537
1,687,323

2,255,236
2,234,717
2,228,606
2,218,384
2,263,470

1,530,815
1,510,642
1,504,415
1,500,273
1,533,712

1,177,384 3,340,842
1,166,124 3,328,865
1,165,741 3,309,908
1,161,101 3,334,765
1,184,371 3,361,749

1,276,520
1,280,808
1,278,953
1,268,376
1,297,291

714,789
710,869
708,979
706,444
719,794

1,096,041
1,087,417
1,089,671
1,078,887
1,103,447

1,057,521 2,138,305
1,049,331 2,115,329
1,048,703 2,110,640
1,047,852 2,102,505
1,064,508 2,148,985

i 16
1
16
1
16
1
16
i 16

4
4
4
4
4

4
4
4
4
4

2
2
2
2
2

2
2
2
2
2

1
1
1
1

2
2
2
2
2

2
2
2
2
2

7
7
7
7
7

1

2
2
2
2
2

4
4
4
4
4

After deducting $33,000 participations of other Federal Reserve Banks on Dec. 1; Dec. 8; Dec. 15; Dec. 22; and Dec. 29.

34




FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Federal Reserve
notes of other
Banks:
130,818
Dec. 1
123,864
Dec. 8
138,164
Dec. 15
150,078
Dec. 22
168,085
Dec. 29
Uncollected
items:
2,748,698
Dec. 1
2,576,725
Dec. 8
3,588,603
Dec. 15
3,434,415
Dec. 22
2,867,014
Dec. 29
Bank premises:
32,175
Dec. 1
32,263
Dec. 8
32,279
Dec. 15
32,302
Dec. 22.
32,321
Dec. 29
Other assets:
228,858
Dec. 1
231,151
Dec 8
Dec. 15
143,760
144,250
Dec. 22
148,062
Dec. 29. .
Total assets:
49,746,602
Dec. 1
49,556,436
Dec. 8
50,354,695
Dec. 15
50,212,613
Dec. 22
Dec. 29
50,038,785
Liabilities
Federal Reserve
notes:
24,176,028
Dec. 1
24,238,160
Dec. 8
24,209,331
Dec. 15
24,397,448
Dec. 22
24,221,886
Dec. 29
Deposits:
Member bank
reserve
account:
Dec. 1.. 19,876,917
Dec. 8.. 19,726,885
Dec. 15.. 20,435,147
Dec. 22. . 19,898,699
Dec. 29. . 20,238,244
U. S. Treasurer-general
account:
Dec. 1. . 1,526.782
Dec. 8. . 1,539,690
969,211
Dec. 15..
Dec. 2 2 . . 1,574,577
Dec. 29. . 1,283 394
Foreign:
Dec. 1 . .
489,004
511,915
Dec. 8 . .
531,160
Dec. 15..
549,383
Dec. 2 2 . .
Dec. 2 9 . .
613,850
Other:
Dec. 1. .
437,864
473,897
Dec. 8. .
462,722
Dec. 15..
483,970
Dec. 22. .
Dec. 29. .
492,554
Total deposits:
Dec. 1 . . . . . . 22,330,567
Dec. 8
22,252,387
Dec. 15
22,398,240
Dec. 22
22,506,629
Dec. 29
22,628,042
Deferred availability items:
2,438,081
Dec. 1
2,254,033
Dec. 8
2,930,511
Dec. 15
2,485 408
Dec 22
Dec. 29
2,356^232
Other liab. inch
accrued div.:
13,778
Dec. 1
16,893
Dec 8
Dec. 15.
15,025
Dec. 22
15,293
18,120
Dec. 29
Total liabilities:
48,958,454
Dec. 1
Dec. 8
48,761,473
Dec. 15
49,553,107
Dec. 22
49,404,778
Dec. 29
49,224,280

NewYork

Boston

Cleveland

Philadelphia

Richmond

St.
Louis

Chicago

Atlanta

Minneapolis

!
Kansas j Dallas
City

San
Francisco

i
j

i
1

21,83
20,22
22,44
24,84
30,54

11,64
10,85
13,39
11,56
15,00

14,848
16,198
17,011
19,245
22,698

6,27
7,66
9,46
8,67
10,09

11,01
8,08
5,79
7,48
7,96

7,680;
6,87; :
8,60: ;
7,624["••
9,86<: ;

7,379
7,830
6,591
8,833

18,903
17,329
17,352
24,588
23,237

240,20
224,35
295,71
290,93
235,320

170,24
177,06
223,863
225,760
178,90

431,848
411,509
570,700
536,106
469,453

121,91
124,02
160,47
146,04
120,83

75,03
72,87
93,55
80,86
75,29

161,84; !
168,765>i
187,47; i
176,824U
154,67£ ;

122,649
121,772
160,380
169,564
142,166

237,145
206,635
269,999
288,805
235,058

4,78
4,876
4,87
4,869
4,86

2,56
2,564
2,564
2,564
2,55

1,580
1,580
1,580
1,580
1,574

3,039
3,039
3,056
3,092
3,124

1,94
1,94
1,94
1,94
1,94

1,18
1,18
1,18
1,18
1,17

2,38t
2,3Sf
2,3St
2,38e

>

758
758
758
758
759

1,645
1,645
1,645
1,645
1,638

15,934
16,167
9^596
9,956
10,141

22,132
22,294
13!392
13,852
14,351

14,79
14,893
8,973
9,292
9,643

11,50
11,675
6,985
7,261
7,468

32,426
32,796
20,085
20,535
21,115

12,85
13,106
8,003
8,155
8,423

6,90
7,010
4,19
4,35
4,495

10,681
10 85S
6^73
6,593 1
6,724

10,804
10,405
6^218
6,512
6,778

20,876
21,246
12,779
13,258
13,692

2,977,324
2,973,110
3,005,247
3,014,392
2,996,296

4,072 123
4,093,440
4,100,259
4,164,216
4,121,349

2,885,724
2,888,942
2,912,764
2,887,178
2,850,562

2,475,648
2,498,511
2,532,263
2,510,579
2,513,325

8,301,712
8,389,994
8,442,619
8,466,033
8,491,007

2,147,174
2,149,418
2,176,169
2,149,650
2,167,549

1,327,133
1,324,043
1,325,965
1,297,826
1,308,432

1,663,925 2,136,113
1,670,960 2,149,505
1,672,070 2,153,026
1,684,603 2,173,846
1,672,258 2,159,154

1,669,172
1,675,523
1,668,463
1,687,394
1,669,687

1,332,892
1,341.882
1.337,569
1,352,478
1,337,417

4,584,809
4,602,317
4,598,007
4,629,314
4,602,647

1,135,956
1,142,706
1,145,126
1,156,424
1,147,910

633,655
637,20
632,54
636,43
632,127

941,468|
945,220 j
940,178
942,947
938,687

631,437
631,882
628,738
632,198
627,925

2,477,835
2,476,131
2,454,839
2,455,271
2,433,851

1,430,398
1,422,238
1,467,514
1,447,172
1,471,504

829,853
842,968
854,023
816,990
823,385

817,769
849,075
849,829
819,112
859,364

3,024,950
3,064,856
3,118,633
3,035,888
3,142,215

737,295
736,706
757,371
734,878
775,914

499,324
495,724
504,697
490,793
492,462

896,834
913,858
959,121
929,857
932,327

942,205
971,857
967,657
971,320
949,860

2,363,074
2,365,695
2,379,569
2,389,893
2,406,462

121,610
123,986
63.924
96,094
98,807

130,401
174,941
57,294
164,333
113,694

108,705
92,148
67,186
102,326
83,087

107,918
85,606
77,572
78,912
87,676

145,911
195,674
90,404
258,914
181,767

104,218
97,329
72,024
85,803
77,554

95,359
94,790
81,174
71,378
78,628

104,096
101,980
76,958
100,170
92,220

107,453
109,765
85,553
71,583
82,776

94,647
103,541
50,406
89,500
98,412

U70.367
^72,057
182,173
!186,637
1
234,701

37,949
40,476
41,569
43,205
45,158

43,102
45,973
47,214
49,073
51,290

22,957
24,485
25,147
26,137
27,318

19,209
20,488
21,041
21,869
22,857

7,432
7,742
5,657
6,343
7,573

2,123
2,633
2,330
1,901
2,165

1,872

1,638
335
704

11,713
12,493
12,830
13,335
13,938
2,104
1,405
1,555
2,173
4,685

15,929
16,990
17,449
18,136
18,955

1,825
1,979
1,833
4,799
2,181

16,866
17,989
18,475
19,202
20,070
6,441
6,400
6,017
6,592
6,146

16,397
17,489
17,962
18,669
19,512

369,191
409,102
392,909
409,406
417,057

63,716
67,959
69,795
72,542
75,820
3,123
2,453
2,358
2,538
3,005

519

584
994
415
520
447

994,885
970,297
984,291
984,126
975,966

7,378,998
7,138,751
7,481,915
7,414,415
7,425,064

1,099,975
1,096,922
1,075,596
1,097,650
1,109,665

1,611,333 963,638
1,650,894 962,234
1,577,679 948,686
1,666,921 947,354
1,644,061 935,955

945,983
955,809
950,080
920,228
970,601

3,237,700
,330,942
,281,190
,369,882
,402,807

864,820
858,424
853,887
846,475
879,684

608,500
604,412
600,256
577,679
589,713

,019,199
,034,119
,054,798
,049,809
,044,578

1,066,171
1,099,606
1,071,074
1,061,559
1,052,038

41,283
44,035
45,173
46,974
49,108
40,361
36,706
43,640
44,164
43,928
2,539,365
2,549,977
2,518,788
2,570,531
2,597,910

200,569
178,806
245,719
206,239
184,485

446,913
387,051
548,088
464,800
424^095

149,578
140,813
192,739
166,801
148^00

250,244
218,026
293,991
247,155
2411001

211,368
209,086
253,153
209,468
201^347

162,110
165,782
209,290
202,151
169,160

369,379
346,009
451,529
354,131
371,610

115,409
116,806
145,317
114,522
107,248

63,464
60,667
71,321
61,647
64,297

140,123^
136,110
145,038
126 9171
124J193

114,335
109,764
143,887
132 950
123^835

214,589
185,113
230,439
198,627
196,561

760
802
834
846
957

3,593
6 495
4,'559
4,345
5,607

870
907
892
923

671
772
674
750
879

574
616
602
681
780

2.128
2,121
2,424
2,385
2,723

550
612
604
644
749

498
527
423
440
477

570^

1,091

1,621
1,582
1,'492
1,608
1,836

684
556
619
683
776

1,259
1,400
1,369
1,449
1,621

,623,213
,581,213
,664,787
,635,968
,592,836

13,371,271
13,065,816
13,579,393
13,485,345
13,423,561

2,914,348
2,909,602
2,941,297
2,949,977
2,931,414

3,999,311
4,020,007
4,026,188
4,089,530
4,046,052

,844,849
,847,615
,870,976
,844,966
,807,868

,441,559
,464,089
,497,541
,475,538
,477,958

,194,016
,281,389
,333,150
,355,712
,379,787

,116,735
.,118,548
2,144,934
2,118,065
2,135,591

,306,117
,302,813
,304,541
,276,197
,286,614

4,500
5,846
6,081
6,817
5,176

14,820
13,027
17,646
16,735
16,668

5,416
4,543
6,004
5,566
8,610

6,50
5,38
7,78
9,53
9,39

217,551
191,090
281,599
263,773
212,432

506,224
455,774
705,469
667,136
573,672

181,335
163,731
255,658
229,623
181,734

282,70
259,12
383,72
358,97
287,47

1,190
1,190
1,190
1,185
1,200

8,042
8,042
8,045
8,045
8,045

3,058
3,058
3,058
3,053
3,053

15,628
15,733
13,937
10,576
9,938

54,321
54,968
33,120
33,904
35,294

2,673,622
2,632,069
2,716,103
2,687,601
2,644,957

13,609,982
13,306,117
13,821,471
13,728,900
13,668,674

1,426,999
1,431,308
1,433,943
1,444,757
1,431,428

5,541,767
5,533,519
5,544,831
5,601,785
5,568,795

840,814
829,288
879,084
829.051
850,789

6,555,810
6,304,139
6,729,379
6,480,193
6,570,443

938,591
930,481
968,270
953,552
963,519

122,834
106,477
69,262
117,385
85,910

283,630
253,453
177,454
338,179
202,863

29,516
31,481
32,332
33,604
35,123
1,721
3,051
3,613
4,086
4,144

1

1,087
640

7,409

2,131,295 11,841,617 5,303,248
2,146,279 1,871,095 5,283,418
2,171,13711,873,885 15,276,813
2,151,165 1,857,24415,297,829
2,139,374 1,834,759 5,302,501

792
757

1,113

503

533:
539j
624:

,101,360' 1,812,627 5,233.048
,115,952! 1,841,808 5,212,621
140,547! 1,844,318 .5,205,435
,120,212; 1,827,390.5,225,878
,108,082 1,804,574 5,229,943
1
1
After deducting $318,580,000 participations of other Federal Reserve Banks on Dec. 1; $339,796,000 on Dec. 8; $348,976,000 on Dec. 15; $362,712,000 on Dec. 22; and $379,100,000 on Dec. 29, 1948.
JANUARY 1949




35

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

Total
Capital Accts.:
Capital paid in:
Dec. 1
Dec. 8 . . . .
Dec. 15
Dec. 22
Dec. 29
Surplus:
(section 7):
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29. . . .
(section 13b):
Dec. 1
Dec. 8 . . . .
Dec. 15
Dec. 2 2 . . . .
Dec. 29
Other cap. accts.:
Dec. 1
Dec. 8 . . . .
Dec. 1 5 . . . .
Dec. 22
Dec. 29

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

200,213
200,287
200,805
200,984
201,158

11,349
11,356
11,357
11,359
11,364

68,986
68,984
69,293
69,324
69,327

14,645
14,679
14,684
14,684
14,681

19,019
19,007
19,046
19,079
19,073

8,544
8,564
8,635
8,646
8,708

7,844
7,848
7,848
7,862
7,874

25,277
25,275
25,294
25,309
25,325

6,603
6,604
6,668
6,671
6,689

4,421
4,427
4,435
4,446
4,455

6,897
6,914
6,914
6,962
6,968

7,804
7,804
7,804
7,813
7,851

18,824
18,825
18,827
18,829
18,843

448,189
448.189
448,189
448,189
448,189

28,117
28,117
28,117
28,117
28,117

138,596
138,596
138,596
138,596
138,596

35,350
35,350
35,350
35,350
35,350

42,173
42,173
42,173
42,173
42,173

21,210
21,210
21,210
21,210
21,210

19,110
19,110
19,110
19,110
19,110

66,217
66,217
66,217
66,217
66,217

16,972
16,972
16,972
16,972
16,972

11,233
11,233
11,233
11,233
11,233

16,148
16,148
16,148
16,148
16,148

14,111
14,111
14,111
14,111
14,111

38,952
38,952
38,952
38,952
38,952

27,543
27,543
27,543
27,543
27,543

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

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

4,489
4,489
4,189
4,489
4,489

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

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

762
762
762
762
762

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

521
521
521
521
521

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

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

1,307
1,307
1,307
1,307
1,307

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

112,203
118,944
125,051
131,119
137,615

7,932
8,372
8,831
9,146
9,629

23,810
25,402
26,870
28,316
29,871

8,492
8,990
9,427
9,892
10,362

10,614
11,247
11,846
12,428
13,045

7,772
8,204
8,594
9,007
9,427

6,373
6,702
7,002
7,307
7,621

14,773
15,684
16,529
17,366
18,249

6,343
6.773
7,074
7,421
7,776

4,289
4,497
4,683
4,877
5,057

5,753
6,128
6,391
6,706
7,039

5,768
6,065
6,345
6,623
6,916

10,284
10,880
11,459
12,030
12,623

andDec.
cap. accts.:
1
49,746,602
Dec. 8 . . . . 49,556,436
Dec. 1 5 . . . . 50,354,695
Dec. 22. . . . 50,212,613
Dec. 29
50,038,785
Contingent liability on bills
purchased for
foreign correspondents:
Dec. 1
1,791
Dec. 8 . . . .
1,873
Dec. 1 5 . . . .
3,361
Dec. 22
3,372
Dec. 29. . . .
3,329
Commit, to make
indus. loans:
Dec. 1 . . . .
6,022
6,015
Dec. 8 . .
6,062
Dec. 15
Dec. 22. . . .
6,090
Dec. 29
6,109

2,673,622
2,632,069
2,716,103
2,687,601
2,644,957

13,609,982
13,306,117
13,821,471
13,728,900
13,668,674

2,977,324
2,973,110
3,005,247
3,014,392
2,996,296

4,072,123
4,093,440
4,100,259
4,164,216
4,121,349

2,885,724
2,888,942
2,912,764
2,887,178
2,850,562

2,475,648
2,498,511
2,532,263
2,510,579
2,513,325

8,301,712
8,389,994
8,442,619
8,466,033
8,491,007

2,147,174
2,149,418
2,176,169
2,149,650
2,167,549

1,327,133 2,131,295
1,324,043 2,146,279
1,325,965 2,171,137
1,297,826 2,151,165
1,308,432 2,139,374

1,841,617
1,871,095
1,873,885
1,857,244
1,834,759

5,303,248
5,283,418
5,276,813
5,297,829
5,302,501

113
118
212
213
210

1573
1599
11,075
11,079
il,065

145
152
272
273
270

165
172
309
310
306

88
92
165
165
163

73
77
138
138
136

244
255
457
459
453

64
67
121
121
120

61
64
114
115
113

157
165
296
297
293

204
202
251
281
308

985
981
981
981
973

130
134
133
131
131

288
288
288
288
288

483
482
481
481
481

A OL3.1 llcLUlUXlGb

75
75
75
75
75

45
47
84
84
83

63
65
118
118
117

107
103
103
103
103

3 750
3 750
3,750
3,750
3,750

i After deducting $1,218,000 participations of other Federal Reserve Banks on Dec. 1; $1,274,000 on Dec. 8; $2,286,000 on Dec. 15; $2,293,000
on Dec. 22; and $2,264,000 on Dec. 29.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Total

F. R. notes outstanding
(issued to Bank):
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Collateral held against
notes oustanding:
Gold certificates:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Eligible paper:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
U. S. Govt. sec:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Total collateral:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

Cleveland

Richmond

701,194
,715,850
,747,746
,773,260
,760,449

1,708,795
1,715,564
1,724,945
1 ,739,482
1,732,359

,194,473
,208,276
,223,311
,241,006
2,238,519

1,717,939
1,724,437
1,729,160
1,742,336
1,734,448

460,000 4,770,000
460,000 4,820,000

460,000 4,820,000
460,000 4,870,000
460,000 4,870,000

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

735,000
735,000
735,000
745,000
745,000

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

6,565
6,260
6,095
5,310
3,485

24,889,325 ,480,858
24,978,461 1,486,400
25,059,659 ,490,892
25,203,378 1,502,419
25,153,933 1,494,462

13,294,000
13,384,000
13,384,000
13,474,000
13,579,000

New
York

Philadelphia

Boston

63,006
152,786
50,706
182,768
49,040

3,950
4,575
4,635
7,850
3,790

13,755
115,300
22,390
149,450
18,880

12,300,000
12,300,000
12,300,000
12,300,000
12,200,000

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

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

1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000
1,200,000 1,500,000

1,150,000
1,150,000
1,150,000
1,150,000
1,150,000

25,657,006
25,836,786
25,734,706
25,956,768
25,828,040

1,563,950 5,783,755
1,564,575 5,935,300
1,564,635 5,842,390
1,567,850 6,019,450
1,563,790 5,888,880

1,756,565 2,235,000
1,756,260 2,235,000
1,756,095 2,235,000
1,755,310 2,245,000
1,753,485 2,245,000

1,790,405
1,781,725
1,776,390
1,781,650
1,782,615

36



Atlanta

Chicago

1,383,957 4,669,742
1,393,378 4,696,150
1,394,085 4,700,258
1,398,192 4,746,396
1,400,543 4,746,604
575,000
575,000
575,000
575,000
575,000

2,600,000
2,630,000
2,630,000
2,660,000
2,765,000

St.
Louis

Dallas

San
Francisco

965,265
968,328
965,842
967,267
970,278

662,883
661,135
660,965
664,392
660,504

2,583,751
2,582,263
2,586,961
2,585,153
2,577,154

Minne- Kansas
apolis
City

1,175,473 644,995
1,177,255 649,425
1,186,738 648,756
1,193,725 649,750
1,190,158 648,455

315,000
315,000
315.000
315,000
315,000

200,000
210,000
210,000
210,000
210,000

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

184,000 2,000,000
184,000 2,000,000
184,000 2,000,000
184,000 2,000,000
184,000 2,000,000

13,885
4,935
2,360
110
1,410

198
1,728
273
2,373
425

8,548
8,163
11,063
7,325
8,585

700
5,100
2,500
3,700
4,850

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

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

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

500,000
500,000
500,000
500.000
500,000

1,425,000 4 ,700,000 1,278.885 650,198
1,425,000 4 ,730,000 1,269,935 661 ,728
1,425,000 4,730,000 1,267,360 660,273
1,425,000 4,760,000 1,265,110 662,373
1,425,000 4,765,000 1,266,410 660,425

988,548
988,163
991,063
987,325
988,585

684,000 2,800,700
684,000 2,805,100
684,000 2,802,500
684,000 2,803,700
684,000 2,804,850

15,405
6,725
1,390
6,650
7,615
850,000
850,000
850,000
850,000
850,000

:2,100,000
2,:
>, 100,000
:2,100,000
2,:
2,100,000
2,000,000

FEDERAL RESERVE

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

BULLETIN

WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.

[Amounts in thousand 3 of dollars
Guaranteed loans
authorized
to date

Guaranteed
loans
outstanding

End of month
Number
565
1942—June...
Dec.. . . 2,665

Portion
guaranteed

Total
amount

Amount

81,108
803,720

310,680
2,688,397

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

69,674
632,474

137,888
1,430,121

1943—June...
Dec....

4,217
5,347

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

1944—June...
Dec....

6,433
7,434

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

1945—June..
Dec....

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

1946—June...
Dec....

8,771
8,771

10,344,018
10,344,018

70,267
18,996

60,214
17,454

142,617
28,791

1947—June...
Dec....

8,771
8,771

10,344,018
10,344,018

3,589
2,412

3,218
2.183

6,726

1948—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July...
Aug
Sept.. .
Oct....
Nov

8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018
8,771 10,344,018

2,357
1,959
1 R35
1,787
1,761
L,609
1,605
1,414
1,332
L 331
L ,301

2,133
L ,777
1,666
1,623
1,599
1,463
1,460
1,282
1,208
1,207
,186

Month, or
week ending Thursday

T o t a l reserves h e l d :
1947—October
November. . . .
1948—October
November. . . .
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

Excess reserves:
1947—October
November. . . .
1948—October
November....
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

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.

Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

[Amounts in thousands of dollars]

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

Applications
approved
to date
Number

Amount

984
1 ,993
2 ,280
2 ,406
2 ,653
2 ,781
2 ,908
3 ,202
3 ,423
3 ,471
3 ,489
3 ,511

49
124
139
150
175
188
212
279
408
491
525
544

,634
,493
,829
,987
,013
,222
,510
,860
,737
,342
,532
,961

Ap-

Loans Commitproved
ments
outbut not
outcom- standing 2
pleted i (amount) standing
(amount)
(amount)

Participations
outstanding
(amount)

320

13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
14,126
10,532
3.894
1,995

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

1 296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17,930
2,706
1,086

615

1,210
554

5 ,366
8 ,309

1,110
2,670

20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
4,248
926

1,295

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

552 ,711
565 ,913

4,577

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

572 ,836
586 ,726

195
945

1,778
1,387

7 ,018
7 ,434

4,043
4,869

1,025

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

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

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

1948

Jan. 31. ..

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

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

589
596
600
604
606
610
611
612
613
614
614

,986
,048
,322
,623
,305
,956
,694
,099
,820
,402
,725

145
45
70
120

1,045

620
65
45
185
85

916
851
802
883

1,011
1,116
1,151

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.

JANUARY

1949




4
11
18
25
2
9
16
23

Central reserve
city banks

Reserve
city
banks

Country
banks *

New
York

Chicago

17,073
16,986
19,818
19,835

4,324
4,273
5,331
5,292

1,024
1,010
1,298
1,301

6,781
6,756
7,435
7,467

4,944
4,947
5,753
5,774

19,770
19,913
19,870
19,795
19,789
19,761
20,087
20,104

289
295
5,252
5,309
5,355
5,290
5,457
5,445

1,297
1,289
1,308
1,308
1,293
1,293
1,303
1,298

,448
,503
,471
,461
,432
,448
,533
7,535

5,735
5,825
5,839
5,717
709
5,730
5,794
5,826

954
850
815
773

60
39
46
25

263
214
226
200

618
587
537
540

777
857
789
695
715
680

31
25

217
241
183
176
168
169
215
183

520
591
596
484
482
496

10
10
-1
4
6
3

P778

25
66
11
117
18

171
274
111
118

70
60
30
25

66
154
45
62

26
54
25
29

87
78
120
169
118
144
81
195

5
46
51
3
56

61
52
48
79
67
43
37
44

26
21
26
29
48
30
44
27

P895

Borrowings a t Federal
Reserve B a n k s :
1947—October
November. . . .
1948—October
November. . . .

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

Date (last
Wednesday
or last day
of period)

4
11
18
25
2
9
16
23

All
member
banks *

In millions of dollars]

4
11
18
25
2
9
16
23

105

P Preliminary.
Weekly figures of excess reserves of all member banks and of

1

DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL C E N T E R S i
[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 1947
October 1948

16,002
16,696

8,505
8,806

12,536
12,360

6,091
6,076

November 1948

16,843

8,769

12,477

6,062

Boston
New York
Philadelphia
Cleveland

1,958
3,041
1,283
1,337

854
2,203
810
900

358
1,097
943
1,053

234
1,158
897
816

Richmond
Atlanta
Chicago
St. Louis

1,155
1,557
2,263
674

398
477
1,587
339

923
668
1,715
1,007

475
216
962
279

Minneapolis
Kansas City
Dallas
San Francisco. . .

632
572
1,052
1,319

299
105
148
650

838
1,678
1,635
563

454
206
66
300

1
Includes any banks in outlying sections of reserve cities t h a t have
been given permission to carry the same reserves a,a. country banks.

37

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]

Gross demand deposits
Class of bank and
Federal Reserve district

Total

Interbank

Other

Net
demand
deposits 2

Time
deposits 3

Demand
balances
due
from
domestic
banks

Borrowings
at
Federal
Reserve
Banks

Reserves with Federal
Reserve Banks

Total

Required

Excess

First half of November 1948
All m e m b e r banks

90,813

11 ,342

79,471

79,251

28,803

5,518

19,843

19,028

Central reserve city banks:
New York
Chicago

21,399
5,206

4 ,008
1,080

17,392
4,126

19,736
4,682

1,636
955

47
125

5,259
1,298

5,254
1,289

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

33,870
1,948

28,547
1,680
561
1,877
,772
,614
,532
,462
779
,029
,965
7,686

29,102
1,775
511
1,961
3,563
1,827
1,748
3,365
1,762
894
2,319
2,125
7,252

11,336
185
294
252
1,469
428
406
1,972
335
183
358
380
5,074

1,713
30
25
71
164
102
123
273
102
64
253
244
262

7,478
413
137
455
916
459
431
924
424
215
564
530
2,009

7,253
404
135
450
894
434
415
888
413
211
537
496
1,976

226

2,225
4,057
2,126
2,078
3,988
2,111
1,083
2,843
2,568
8,255

5,323
268
27
348
466
354
464
456
649
304
814
603
569

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

30,337
2,395
4,240
2,250
2,418
2,209
2,404
4,065
1,742
1,548
2,324
2,823
1,919

931
76
87
16
20
120
176
74
56
71
67
135
32

29,406
2,319
4,153
2,233
2,398
2,089
2,228
3,990
1,686
1,477
2,257
2,688
1,888

25,730
2,076
3,696
1,961
2,093
1,826
2,009
3,464
1,462
1,305
1,932
2,253
1,653

14,877
1,092
381
1,716
1,721
876
693
2,553
620
751
311
213
951

3,634
187
319
213
261
288
319
503
244
202
370
522
207

5,808
455
925
491
524
404
413
830
309
296
373
430
358

5,233
414
845
442
464
358
373
746
280
265
332
376
336

576
40
81
4S
60
46
40
84
29
31
41
54

23
3
5
3
1
1
1
2
2

589

815

95
16

9
25
16
36
11
5
27
34
33

56
1
1
1
10
6
5
11
10
2
4

Second half of November 1948
All m e m b e r banks

90,951

11,127

79,823

79,587

28,679

5,328

19,826

19,095

731

142

Central reserve city banks:
New York
Chicago

21,578
5,234

3 ,933
1,056

17,645
4,179

19,837
4,715

1,630
955

49
120

5,326
1,304

5,280
1,297

46

33
5

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

,978
,929
588
,235
,116
,100
,072
,997
,125
,058
,870
,601
,285

5,214
264
28
345
462
339
453
433
638
287
797
598
572

28,764
1,665

11,309
188
293
248
1,470
424
406
1,,972
335
182
358
379
5,054

1,705
34
25
75
164
93
119
266
101
59
252
256
262

7,456
407
137
457
923
447
432
917
427
207
565
534
2,004

7,282
397
135
450
901
432
415
897
420
206
543
500
1,985

174
9
2

68
1
3
2
8
11
9
2
9
3

2,074
2,003
7,713

29,244
1,741
513
1,962
3,595
1,818
1,748
3,407
1,795
874
2,345
2,145
7,300

23
34 !
19 |

16

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

,160
,393
,210
,234
,401
,186
,392
,038
,730
,533
,310
,824
,909

925
79
87
17
20
119
169
72
55
70
67
138
31

29,235
2,314
4,123
2,218
2,381
2,067
2,223
3,966
1,675
1,463
2,243
2,686
1,878

25,791
2,071
3,712
1,964
2,089
1,825
2,020
3,477
1,467
1,307
1,937
2,266
1,656

14,786
1,084
3,341
,699
,710
870
692
,546
616
753
311
216
950

3,454
187
286
198
250
271
301
475
230
189
353
513
199

5,740
443
904
484
518
392
409
821
308
296
375
435
355

5,235
413
844
442
462
357
375
747
281
266
333
379
336

504 |
30
60
42

35
5
13
5
1
2
1
1
2

561
1,890
3,655
1,762
1,619
3,565
1,487

771

35
34
73
27
30
42
56
19

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based1 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process
of collection) of all member banks estimated at 71,500 million dollars in the first half and 71,900 million in the second half of November.




FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation l

End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

Large denomination currency 2

Coin and small denomination currency
Total

4,167
5,519
4,292
5,536
4,518
5,882
5,021
6,543
6,550 5,015
6 856 5,147
5,553
7,598
. . 8 732 6,247
8,120
11,160
15 410 11,576
20,449 14,871
. . . . 25 307 17,580
28,515 20,683
28,952 20,437

Coin

3

Total

$100

$500 $1,000 $5,000 $10,000

$2

$5

$10

$20

442
402
452
423
478
460
517
499
537
505
550
524
590
559
610
648
751
695
880
801
1,019
909
1,156
987
1,274 1,039
1,361 1,029

33
32
33
35
33
34
36
39
44
55
70
81

1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497

1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5 ,705
7,224
9,201
9.310

364
618
1,360
337
577
1,254
627
1,369
358
707
1,530
399
1,542
387
710
1,714
409
770
460
919
2,048
2 489
538 1,112
724 1,433
3,044
3 837 1,019 1,910
5,580 1,481 2,912
7 730 1,996 4,153
7,834 2,327 4,220
8,518 2,492 4.771

125
112
122
135
139
160
191
227
261
287
407
555

237
216
239
265
288
327
425
523
556
586
749
990

454

67

719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2.173

438

$1

73

$50

Unassorted

8
5
7
6
17
20
30
24
9
9
10

10
7
16
18
12
32
32
60
46
25
22
24

801

7

24

2

783

8

26

3

8

10
5
8
7
5
2
4
4
3
2
3

28,434
28,567
28,552
28,766
28,868

19,837
19,881
19,833
20,008
20,020

1,362
1,375
1,385
1,396
1,404

990
1,010
1,011
1,020
1,048

64
64
63
64
65

2,092
2,085
2,078
2,102
2,110

6,308
6,270
6,233
6,303
6,275

9,020
9,077
9,064
9,123
9,119

8,600
8,689
8,721
8,760
8,850

2,477
2,503
2,499
2,513
2,548

4,874
4,941
4,986
5,023
5,070

428
428
427
426
428

804
800
793
782
782

5
5
5
5
5

12
12
11
11
17

2
2
3
3
3

28,111
28,019
27,781
27,716
May
27,812
27
903
June .
July
27,866
August
28,055
September... 28,118
October
28,176
November. . . 28,331

19,369
19,335
19,169
19,144
19,259
19,323
19,309
19,450
19,488
19,531
19,680

1,382
1,385
1,394
1,399
1,409
1,421
1,422
1,432
1,442
1,451
1,464

984
972
975
976
994
1,000
994
1,006
1,020
1,026
1,042

63
63
62
61
62
63
62
63
63
63
64

2,017
2,005
1,986
1,991
2,015
2,017
2,010
2,023
2,031
2,037
2,054

6,064
6,084
6,013
6.017
6,054
6 085
6,059
6,099
6,090
6,087
6,137

8,858
8,826
8,738
8,700
8,724
8,737
8,762
8,827
8,844
8,867
8,918

8,745
8,687
8,614
8,574
8,555
8 581
8 559
8,607
8,632
8,647
8,654

2,511
2,492
2,470
2,456
2,453
2 465
2 452
2,464
2,466
2,467
2,475

5,022
4,996
4,962
4,951
4,943
4 945
4,940
4,977
5,011
5,035
5,048

424
421
416
412
410
407
404
403
402
401
400

771
762
749
739
735
749
748
748
739
730
717

5
5
5
5
5
5
5
5
5
5
5

12
12
11
10
10
10
9
11
10
9
9

3
3
1
1
2
2
2
2
2
3
3

1947—August
September. . .
October
November.. .
December. . .
1948—January .
February....
JVIarch
April

1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation i

Money held in the Treasury

Total outstanding, As security
against
Nov. 30,
Treasury
gold and
1948
cash
silver
certificates

Gold.
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Nov. 30, 1948
Oct. 31, 1948
Nov. 30, 1947

24,166
22,933
24,899
4,585

s2,262

493
1,969

293
1,969

22,933

32,262
973
366
347
340
98
(')
(4)
(4)

2

Money
held by
For
Federal
Federal
Reserve
Reserve
Banks and
Banks and
agents
agents

1,233
51* "
49

20,073

Oct. 31,
1948

Nov. 30,
1947

44
23,994
4,293

44
23.872
4,260

24,475
4,244

47

36

2

161

160

152

5
3
3
1

184
21
7
23
5
1

2,078
947
356
320
334

2,055
937
3S3
318
338

2,042
903
341
320
383
103

3,913

28,331

(5)
25,195
25,040
23,654

2,815
854
244

Nov. 30,
1948

1,332
1,321
1,324

20,073
19,910
18,548

3,981
3,873

97

96

2S,176''

'2S',766' '

1

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. 31, and seasonally adjusted figures in table on p. 40.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is 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
5
significance and is not shown. See note of explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.

JANUARY

1949




39

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 ye£ir figures:
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.

Change in
seasonally
adjusted
series *

Amount—
adjusted for
seasonal
variation

+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
P28.224

-84
P-644

Monthly averages of daily
figures:
1947—December. . . .

28,937

28,650

+88

1948—January
February
March
April
May

28,394
28,096
27,941
27,766
27,749
27,846
27,955
27,977
28,152
28,188
28,277
28,423

28,309
28,096
28,025
27,990
27,945
27,986
28,011
28,118
28,208
28,188
28,192
28,142

-341
-213

June

July
August
September
October
November
December. .

-71
-35
-45

+41
+25
+ 107
+90
-20

Gold
stock
at end
of
period

Increase
in gold
stock

12,76O
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
22,754

1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
-553.9
464.0
3
2,224.9

1947—December. . 22,754
1948—January. . . . 22,935
February... 23,036
March
23,137
April
23,169
May
23,304
23,532
June
July
23,679
23,725
August
September.. 23,872
October. . . . 24,004
November. . 24,166
December. . P24,243

139.5
180.7
101.5
100.4
32.2
135.2
228.5
146.4
46.2
147.2
131.9
161.4
P77.8

Period

2

1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.

Net
gold
import
or export

EarDomarked
mestic
gold: degold
crease
proor induccrease (—) tion I

1
1
3
4

585 5
973 6
574 2
744 5
982. 4
315 7
68. 9
-845. 4
-106 3
311. 5
1 866. 3

-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
210.0

143. 9
148. 6
161. 7
170. 2
169. 1
125. 4
48. 3
35. 8
32. 0
51. 2
75. 8

178. 2
235. 0
159. 4
99. 9
234. 2
151. 3
177. 7
266. 7
39. \
53. 3
121. 6
PS4 , 2

-44.6
-14.9
-72.2
-63.4
-111.5
-2.8
81.7
-188.4
59.5
98.1
1.0
99.7
5 -45.9

6. 8
6. 0
5. 5
6. 4
5. 7
6. 1
5. 7
6. 2
7. 7
7. 4
6. 5
5. 3

+4

(4)

(4)

-50

P Preliminary.
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.

P Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 87.
2
Includes gold in the Inactive Account amounting to 1,228 million
dollars on Dec. 31, 1937.
3
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 3,777.7 million dollars on Dec. 31, 1948. Gold under
earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]

Debits to total deposits accounts, except
interbank accounts

Annual rate of
turnover of total
deposits, except
interbank

Debits to demand
deposit accounts,
except interbank
and Government

Annual rate of
turnover of demand
deposits, except interbank and Government

Year and month
Total, all
reporting
centers
1942 4
641,778
1943
792,937
1944
891,910
1945
974,102
1946—old series 5
1946—new series 5 . . . . |l,050,021
1947
1,125,074
1947—November
December
1948—January
February...
March
April
May

June

...
...

...

July
August
September.
October
November

New
York
Cityi

140
other
centers

l

Other
reporting
centers 2

New
York
City

Other
reporting
centers

New
York
City 3

Other
leading
cities 3

New
York
City 3

Other
leading
cities 3

16.1
16.5
17.1
18.3

13.1
11.7
10.8
9.7

308,913
369,396
403,400
412,800
449,414
522,944
598,445

18.0
20.5
22.4
24.2
25.5
25.2
24.1

18.4
17.4
17.3
16.1
16.9
16.5
18.0

226,865
296,368
345,585
404,543

347,837
419,413
462,354
479,760

67,074
77,155
83,970
89,799

417,475

527,336

105,210

19.0

10.0

405,929

599,639

119,506

21.0

12.0

200,337
258,398
298,902
351,602
374,365
407,946
400,468

92,910
118,382

31,738
46,225

51,002
60,295

10,169
11,862

21.6
27.2

13.1
13.5

33,531
44,131

51,621
59,878

26.5
29.9

19.8
20.0

105,193
90,273
107,636
102,349
97,603
108,639
102,940
97,940
104,754
107,141
102,887

37,615
32,271
39,587
37,955
35,429
40,633
35,832
33,031
37,531
38,169
34,754

56,355
48,507
56,900
53,685
51,807
56,667
55,972
54,118
55,980
57,413
56,815

11,223
9,495
11,148
10,708
10,367
11,339
11,136
10,791
11,243
11,559
11,318

22.3
22.1
23.4
23.7
23.0
25.4
22.5
20.9
24.6
24.0
23.7

12.7
12.6
12.7
12.5
12.4
13.0
12.8
12.3
13.2
12.9
13.8

38,286
32,298
38,648
36,880
37,060
38,942
36,350
32,540
36,354
38,014
34,988

55,902
47,890
56,372
52,740
51,557
55,442
55,233
53,757
54,635
56,905
56,977

26.2
25.6
26.4
26.5
27.9
28.0
26.6
23.9
27.5
27.9
27.8

18.7
18.6
19.1
18.6
18.7
19.1
19.1
18.5
19.4
19.3
20.8

|

1

National series for which bank debit figures are available beginning with 1919.
Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
3
City.
Weekly reporting member bank series.
4
Total deposits, except interbank accounts, and debits to those deposits at all reporting centers are partly estimated for first four months.
5
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp.. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ
slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation.
2

40



FEDERAL RESERVE BULLETIN

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
In millions of dollars
[Figures partly estimated
Total
deposits
adjusted
and

End of month

1099—Tune
December
1933 Tune
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—Tune
December
1946—June
December
1947—j u n e

currency
outside
banks

Total
demand
deposits
adjusted

Time deposits

and

currency
outside
banks

United
States
Government
deposits 2

Total
deposits
adjusted

Demand
deposits
adjusted 1

51 ( 532
51 \ 156
36,919
37^766
60,253
63,436
65,949
68,616
71,027
85,755
94 347
103!975
115 291
127',483
137,687
144 721
140,377
139,156

22,540
22^809
14,411
15,035
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
82,134

1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
3,103
1,367

55,171
54,713
41,680
42,548
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
165,455

102,341
105,992
110,044
108,433

1947—November (Nov. 26) 170,300
December (Dec. 31). '171,462

112,400
113,599

143,800
144,986

85,900
87,123

1,900
1,452

1948—January (Jan. 2 8 ) . . .
February (Feb. 25)..
March (Mar. 31).. .
April (Apr. 28)
May (May 26)
June (June 30)
July (July 28) v
August (Aug. 25)P..
September(Sept.29)p
October (Oct. 27)P..
November (Nov. 24) v

112,400
110,300
107,100
108,100
108,200
108,335
108,900
109,400
109,600
110,700
110,900

144,400
143,200
140,800
142,100
142,200
142,237
143,100
143,500
144,000
144,600
144,200

86,600
84,600
81,500
82,700
82,800
82,697
83,400
83,800
83,900
85,000
85,000

1,300
1,800
2,400
2,500
2,400
2,180
2,400
2,400
2,800
2,300
2,200

. .

170,200
168,900
166,400
167,500
167,600
167,875
168,600
169,100
169,700
170,300
170,100

26,179
26,366
19 172
19i817
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435

94,iro

148i911

381
158
852

1,016
828
753
753

Currency
outside
banks

Total

Commercial
banks 3 4

Mutual
savings
banks 4 5

Postal
Savings
System 6

28,611
28,' 189
21,656
21,715
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35 ,720
39,790
44,253
48,452
51,829
53,960
55,655

19,557
19,' 192
10,849
Il!oi9
15,540
15,777
15,928
15,884
15,610
16,352
17 543
19,'224
21 217
24',074
27,170
30,135
32,429
33,808
34,835

8,905
8,838
9 621
9! 488
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16,869
17,428

1 186
1^208
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
2,657
2,932
3,119
3,283
3,392

149
159

3,639
3,557
4,761
4,782
6,699
7,325
8,204
9,615
10,936
13,946
15 814
18,837
20,881
23,505
25,097
26,490
26,516
26,730
26,299

56,000
56,411

35,000
'•35,249

17,600
17,746

3,400
3,416

26,500
26,476

56,500
56,800
56,900
56,900
57,000
57,360
57,300
57,300
57,300
57,300
57,000

35,200
35,500
35,500
35,500
35,500
35,788
35,700
35,700
35,700
35,700
35,500

17,900
17,900
18,000
18,000
18,100
18,194
18,200
18,200
18,300
18,300
18,200

3,400
3,400
3,400
3,400
3,400
3,378
3,400
3,400
3,300
3,300
3,300

25,800
25,700
25.600
25,400
25,400
25,638
25,500
25,600
25,700
25,700
25,900

r

P Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited
in banks.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
5
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
6
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
1
2
3

POSTAL SAVINGS SYSTEM

BANK SUSPENSIONS

l

[In millions of dollars]

End of month

Depositors'
balances 1

Total

Cash
in depository
banks

U. S. Government
securities
Di-

Total

rect

1939—Dec. .
1940—Dec.. .
1941—Dec. .
1942—Dec. .
1943—Dec.. .
1944—Dec. .
1945—Dec. .
1946—Dec. .
1947—Dec. .

1,279
1,304
1,314
1,417
1,788
2,342
2,933
3,284
3,417

1,319
1,348
1,396
1,464
1,843
2,411
3,022
3,387
3,525

53
36
26
16
10
8
6
6
6

1,192
1,224
1,274
1,345
1,716
2,252
2,837
3,182
3,308

1,046
1,078
1,128
1,220
1,716
2,252
2,837
3,182
3,308

1948—Jan.. .
Feb.. .
Mar. .
Apr.. .
May. .
June. .
July. .
Aug.. .
Sept..
Oct...
Nov. .

3,432
3,441
3,435
3,415
3,395
3,379
3,368
3,356
3,348
3,342

3,541
3,551
3,546
3,528
3,509
3,494
3,483
3,472
3,464
3,459

6
6
6
6
6
6
6
6
7

3 ,332
3,336
3,346
3,316
3,291
3,291
3,275
3,260
3,260
3,244

3,332
3,336
3,346
3,316
3,291
3,291
3,275
3,260
3,260
3,244

P3,334

7

Total,
all
banks

JANUARY

1949




State

Insured

Noninsured

re-

serve
Guar- funds,
anetc.2
teed
146
146
146
126

National

Cash

74
88
95
102
118
152
179
200
212
204
209
194
205
211
196
202
206
198
208

P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
8

Nonmember
banks

Member
banks

Assets

Number of banks suspended:
1934-40
1941
1942 .
1943
1944..
1945
1946
1947 .
1948

313

16

8
9
4
1

4
2

6

207

84

3
6
2
1

1
3

0

0
1

1

Deposits of suspended banks
(in thousands of dollars) :2
1934-40.
131,934 14,872 26,548 49,689 40,825
1941
1942
1943 .
1944
1945
1946..
1947
1948

3,726 3,144
1,702
6,223 4,982
405
0
0
167

503
1,375
1,241
405

79
327

167

1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.

41

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits

Investments
Class of bank
and date

Total

Loans
Total

All b a n k s :
1939—Dec. 30. ,
1940—Dec. 3 1 .
1941—Dec. 31
1942—Dec. 3 1 .
1943—Dec. 31
1944— Dec. 30
1945—Dec. 3 1 .
1946—Dec. 31
1947—June 30*
Dec. 31 r
1948—May 26«
June 30
July 28 •
Aug. 25 Sept. 29 •
Oct. 27 •
Nov. 24*

50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
134,924
133,690
133,081
134,090
134,440
132,890
133,400
133,460

22,165 28,719
23,756 30,422
26,615 34,511
23,916 54,231
23,601 73,365
26,015 93,446
30,362 109,865
35,648 96,050
38.365 92,730
43,002 91,923
44,680 89,010
45,099 87,982
45,440 88,650
46,000 88,440
47,140 85,750
47,140 86,260
47,870 85,590

Other
Cash
assets l

Number
Total
capital
of
accounts banks

IL-S.
Government
obligations

Other
securities

19,417
20,972
25,511
45,951
65,932
85,885
101,288
86,558
82,679
81,199
77,870
76,774
77,320
77,020
74,230
74.920
74,320

9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,491
10,051
10,723
11,140
11,208
11,330
11,420
11,520
11,340
11,270

23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
38,388
32,940
35,000
33,970
33,850
36,880
37,560
37,380

68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
153,349
161,865
154,640
156,353
156,090
156,340
157,520
158,890
158,420

9,874 32,516
10,934 38,562
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
11,679 89,295
13,033 95,727
10,640 90,350
11,436 90,823
11,290 90,810
11,220 91,140
11,280 92,150
11,650 93,160
11,560 93,080

25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
53,105
53,650
54,093
53,990
53,980
54,090
54.080
53,780

8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,360
11,721
11,948
12,220
12,241
12,300
12,360
12,400
12.450
12,470

15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,716
14,714
14,727
14,719
14,717
14,719
14,720
14,712
14,709

Total i

Interbank1

Demand

Time

All commercial b a n k s :
1939—Dec. 30
40,668 17,238
1940— Dec. 31
43,929 18,800
1941—Dec. 31
50,746 21,714
1942—Dec. 31
67,393 19,221
1943—Dec. 31
85,095 19,117
1944—Dec. 30
105,530 21,644
1945—Dec. 31
124,019 26,083
1946—Dec. 31
113,993 31,122
1947—June 30 »
112,756 33,679
Dec. 31«\ . . . . 116,284 38,057
1948—May 26 •
114,570 39,520
June 30
113,855 39,865
July 28 •
114,760 40,140
Aug. 25 •
115,100 40,630
Sept. 29 •
113,600 41,720
Oct. 27 •
114,100 41,620
Nov. 24*
114,180 42,280

23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
78,226
75,050
73,990
74,620
74,470
71,880
72.480
71,900

16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
70,539
69,221
65,870
64,798
65,310
65,100
62,460
63,260
62,780

7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
9,006
9,180
9,192
9,310
9,370
9,420
9,220
9,120

22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
32,704
37,502
32,180
34,168
33,240
33,110
36,000
36,720
36,580

57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
135,907
144,103
136,550
138,142
137,880
138,110
139,240
140,600
140,200

9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,656 92,446
11,679 89,281
13,032 95,711
10,640 90,330
11,435 90,806
11,290 90,790
11,220 91,120
11,280 92,130
11,650 93,140
11,560 93,060

15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,360
35,580
35,900
35,800
35,770
35,830
35.810
35,580

6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,577
9,880
10,059
10,290
10,287
10,340
10,390
10.420
10.460
10.480

14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14.183
14,181
14,194
14,187
14,185
14,187
14,188
14,180
14,177

All m e m b e r b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 3 1 .
1942—Dec. 31
1943—Dec. 3 1 .
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30.
Dec. 31
1948—May 26«
June 30
July 28«
Aug. 25 «
Sept. 29 •
Oct. 27 •
Nov. 24«

19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
28,694
32,845
28,609
30,303
29,407
29,300
32,021
32,677
32,539

49,340
56,430
61,717
78,277
92,262
110,917
129,670
118,170
115,435
122,528
116,049
117,452
117,128
117,274
118.191
119,529
119,135

9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
11,041
12,403
10,107
10,833
10,701
10,624
10,669
11,025
10,918

28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
76,380
81,785
77,375
77,796
77,694
77,937
78,776
79,756
79,636

11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,340
28,567
28,823
28,733
28,713
28,746
28,748
28,581

5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,464
8,638
8,624
8,657
8,698
8.724
8,765
8.778

6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,928
6,923
6,932
6,925
6,919
6,919
6,923
6,920
6,919

iI

3
4
6
6
8
10
14
16
14
17
20
17
20
20
20
20
20

10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,745
18,070
18,193
18,190
18,210
18,260
18,270
18,200

1,309
1,292
1,241
1 ^236
1,276
1 378
1^592
1,784
1,842
1,889
1,930
1,955
1,960
1,970
1,980
1,990
1,990

551
551
548
546
545
543
542
541
533
533
533
532
532
532
532
532
532

All m u t u a l savings
banks:
1939—Dec 30
1940—Dec 31
1941—Dec 31
1942—Dec 31
1943—Dec. 31
1944—Dec 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
1948—May 26 •
June 30
July 28«
Aug. 25 «.
Sept. 29«..'.'.'.
Oct. 27 •
Nov. 24«

33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
97,846
96,052
95,449
96,213
96,475
94,895
95.452
95,514

13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
32,628
33,614
33,871
34,087
34,495
35,453
35,310
35,929

19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
65,218
62,438
61,578
62,126
61,980
59,442
60,142
59,585

14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
57,914
55,055
54,139
54,575
54,371
51,789
52,680
52,219

5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
6,948
7,304
7,383
7,439
7,551
7,609
7,653
7,462
7,366

10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,704
18,339
18,641
19,120
19,226
19,330
19,340
19,290
19,300
19,280

4,927
4,956
4,901
4,695
4,484
4 370
4,279
4,526
4,686
4,944
5,160
5,234
5,300
5,370
5,420
5,520
5,590

5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,696
13,960
13,992
14,030
13,970
13,870
13,780
13,690

3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
12,140
11,978
12,000
11,976
12,010
11,920
11,770
11,660
11,540

2,188
2-078
1,774
1,487
1,297
,232
1,246
1,400
,513
L ,718
,960
2,016
2,020
2,050
2,100
2,120
2,150

818
966
793
663
797
584
609
818
839
886
760
832
730
740
880
840
800

10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,442
17,763
18,090
18,211
18,210
18,230
18,280 !
18,290
18,220

l

I

r
• Partly estimated.
Revised because of changes in reported figures of noninsured nonmember commercial banks in California.
* "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 liability1 data are not available.
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
Amounts in million s of dollars]
Loans and investments

Deposits

Investments
Class of bank
and date
Total

All insured commercial
banks:
1943—Dec. 31 .
1944—Dec. 30.
1945—Dec. 31
1946—Dec. 31
1947—j u n e 30
Dec. 31
1948—June 30

Total

U.S.
Government
obligations

Loans

83,507
103,382
121,809
112,178
110,682
114,274
111,794

18,841
21,352
25,765
30,733
33,250
37,583
39,372

64,666
82,030
96,043
81,445
77,433
76,691
72,421

58,683
75,875
88,912
73,554
69,136
67,941
63,490

National m e m b e r
banks:
1943—Dec 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 3 1 . . . .
1948—J un e 30

47,499
58,308
69,312
63,723
62,982
65,280
63,638

10,116
11,480
13,925
17,272
18,764
21.428
22,243

37,382
46,828
55,387
46,451
44,218
43,852
41,395

State m e m b e r
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—j u n e
Dec.
1948—June

26,759
33,261
37,871
32,639
31,820
32,566
31,811

6,171
7,196
8,850
9,424
9,891
11,200
11,628

[nsured n o n m e m b e r
commercial b a n k s :
1943—Dec. 31 . . . .
1944—Dec. 30.
1945—Dec. 31 . . . .
1946—Dec 31
1947—June 30
Dec. 31
1948—June 30

9,258
11,824
14,639
15,831
15,896
16,444
16,360

Noninsured n o n m e m ber commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec 31
1946—Dec. 31 . . . .
1947—June 30 2
Dec. 31 r
1948—June 30

Other
Cash
assets
Other
securities

c ,983

Total

Interbank

Demand

Time

Total
capital
accounts

Number
of
banks

M31
7.891
5,297
J.75O
,931

27,183
29,733
34,292
33,694
32,190
36,926
33,699

104,094
125,714
147,775
136,990
133,659
141,851
135,945

10,705
12,074
13,883
12,320
11,243
12,670
11,035

74,309
89,761
104,015
91,144
87,930
94,300
89,491

19,081
23,879
29,876
33,526
34,486
34,882
35,418

7,453
7,989
8,671
9,286
9 558
9,734
9,955

13,270
13,263
13 297
13,354
13 386
13,398
13,415

34,065
43,292
51,250
41,658
39,271
38,674
36,091

,318
- .536
4,137
4,793
4,947
5.178
5,303

16,017
17,570
20,114
20,012
19,342
22,024
20,415

59,961
71,858
84,939
78,775
77,146
82.023
78,753

7,159
8,056
9,229
8,169
7,432
8.410
7,305

42,605
50,900
59,486
52,194
50,694
54,335
51,921

10,196
12,901
16,224
18,412
19,020
19,278
19,528

3 950
4,265
4,644
5,138
5,296
5,409
5,533

5 040
5,025
5,017
5,007
5,012
5.005
4,998

20,588
26,065
29,021
23,216
21,928
21,365
20,183

18,883
24,393
27,089
21,384
19,927
19,240
18,048

1.705
1L ,672
1 ,933
] ,832
',001
M25
,135

7,773
8,290
9,731
9,575
9,353
10.822
9,888

32,302
39,059
44,730
39,395
38,289
40.505
38,699

3,397
3,827
4,411
3,890
3,609
3.993
3,529

23,833
28,874
32,334
26,726
25,686
27,449
25,875

5,072
6,357
7,986
8,779
8,994
9.062
9,295

2,525
2,703
2,945
2,957
3,019
3 055
3,091

1,698
1 789
1,867
1,893
1,916
1,918
1,927

2,556
2,678
2,992
4,040
4,597
4,958
5,504

6,702
9,146
11,647
11,791
11,299
11.486
10,856

5,739
8,197
10,584
10,524
9,949
10.039
9,362

962
949
L,063
L,268
,350
.448
,494

3,395
3,875
4,448
4,109
3,498
4.083
3,397

11,842
14,809
18,119
18,836
18,240
19.340
18,509

149
190
244
260
201
266
202

7,870
9,987
12,196
12,225
11,550
12.515
11,695

3,823
4,632
5,680
6,351
6,488
6.558
6,611

979
1,022
1,083
1,193
:1,245
1.271
1,333

6,535
6,452
6,416
6 457
6,461
6,478
6,493

1,588
2,148
2,211
1,815
2.074
2,009
2,062

276
292
318
389
430
474
493

1,312
1,856
1,893
1,426
1,645
1 535
1,569

1.160
1,682
1,693
1,226
1,403
1.280
1,308

153
174
200
200
241
?.55
261

494
473
514
530
514
576
469

1,829
2,358
2,452
2,043
2,248
7 251
2,197

299
161
181
336
436
363
400

1,261
1,892
1,905
1,302
1,351
1.411
1,315

270
305
365
404
461
478
482

267
276
279
290
322
325
331

764
729
714
690
797
783
772

All n o n m e m b e r commercial b a n k s :
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 3 ! '
1948—June 30.

10,847
13,972
16,849
17,646
17,970
18.454
18,422

2,832
2,971
3,310
4,429
5,027
5 432
5,997

8,014
11,002
13,539
13,217
12,943
13 021
12,425

tS.899
9,880
12,277
11,749
11,352
11.318
10,670

1,115
1,122
1,262
1,468
1,591
1.703
1,755

3,889
4,348
4,962
4,639
4,013
4 659
3,867

13,671
17,168
20,571
20,879
20,488
21.591
20,706

448
351
425
597
638
629
602

9,131
11,879
14,101
13,526
12.901
13,926
13,010

4,092
4,938
6,045
6,756
6,949
7 036
7,093

1 .9.4.5

1,298
1,362
1,483
1 566
I 596
1.664

7 299
7,181
7 130
7,147
7,258
7.261
7,265

Insured m u t u a l savings
banks:
1943—Dec 31
1944 Dec 30
1945—Dec 31
1946—Dec. 31
1947—June 30.
Dec. 31
1948—June 30

7 525
9 223
10 846
11,891
12,375
12,683
13,142

3 073
3 110
3,081
3,250
3,370
3,560
3,769

4,452
6 113
7,765
8,641
9,005
9.123
9,373

3,844
5 509
7,160
7,946
8,216
8,165
8,169

608
604
606
695
789
958
L.204

559
400
429
612
658
675
644

7 534
8 910
10 363
11,428
11,901
12,207
12,581

7
g
12
13
12
14
15

7 527
8 902
10,351
11,415
11,889
12,192
12,566

808
892
1 034
1,173
1,218
1,252
1,302

184
192
192
191
191
194
193

] 411
L.260
L 198
1,275
1,316
384
L ,465

2,935
3,448
4 163
4,538
4,649
4 573
4,619

2,246
2,819
3 522
3,833
3,924
3,813
3,808

689
629
641
70S
724
760
811

238
184
180
206
181
211
188

4 204
4,466
5 022
5 442
5,541
5 556
5,630

2
2
3
2
3
2

4 203
4,464
5 020
5 439
5,539
5 553
5,627

468
485
558
611
624
637
653

361
351
350
350
342

banks:
31
30
31
31
30
31
30

Noninsured m u t u a l
savings b a n k s :
1943—Dec 31
1944—Dec 30
1945 Dec 31
1946—Dec 31
1947—June 3 0 '
Dec 31
1948—June 30
2

4 345
4,708
5 361
5 813
5,964
5 957
6,084

t>,155

1
1
1

339

June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
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.

JANUARY 1949




ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Class of bank
and

call date

Loans for
purchasing
or carrying
inAgri- securities Real
ConcludOther Total
culing
To
tate sumer
loans
open- tur- brokloans
loans
al'
To
marers othket
and
padeal- ers
per*
ers
Commercial,

Total
loans
and

invest- Total1
ments

All insured commercial banks:
1941—Dec. 31. . 49,290
1943—Dec. 31. . 83,507
1944—Dec. 30. . 103,382
1945—Dec. 31. . 121,809
1946—Dec. 31. . 112,178
1947—June 30. . 110,682
Dec. 31. . 114,274
1948—June 30. . 111,794
Member banks,
total:
43,521
1943—Dec.
1941—Dec. 31. .. 74,258
1944—Dec. 30. . 91,569
1945—Dec. 31. . 107.183
1946—Dec. 31. . 96,362
1947—June 30. . 94,802
Dec. 31. . 97,846
1948—Apr. 12
95.896
June 30.. 95,449
New York City*
1941—Dec. 31. . 12,896
1943—Dec. 31. . 19,994
1944—Dec. 30. . 24,003
1945—Dec. 31. . 26.143
1946—Dec. 31. . 20,834
1947—June 30.. 20,332
Dec. 31. . 20,393
1948—Apr. 12
19 547
June 30. . 19,019
Chicago:*
1941—Dec. 31. . 2,760
1943—Dec. 31. . 4,554
1944—Dec. 30. . 5,443
1945—Dec. 31. . 5,931
1946—Dec. 31. . 4,765
1947—June 30.. 4,802
Dec. 31. . 5,088
1948—Apr. 12.
4,681
June 30. . 4^742
Reserve city banks:
1941—Dec. 31. . 15,347
1943—Dec. 31. . 27,521
1944—Dec. 30. . 33,603
1945—Dec. 31. . 40,108
1946—Dec. 31. . 35,351
1947—June 30. . 34,611
Dec. 31. . 36,040
1948—Apr. 12. . 34,969
June 30. . 35,065
Country banks:
1 9 4 1 — D e c . 3 1 . . 12,518
1943—Dec. 31. . 22,188
1944—Dec. 30. . 28,520
1945—Dec. 31. . 35,002
1946—Dec. 31. . 35,412
1947—June 30. . 35,057
Dec. 3 1 . . 36,324
1948—Apr. 12. . 36,699
June 30.'. 36,623

Investments

614

9,214
7,777
7,920
9,461
14,016
14,765
18.012
17,834

18,021
16,288
18,676
22,775
26,696
28,655
32,628
33,062
33,871

8,671 972 594 598 3,494
3 , 592
7,421 1,023 1,398 839 3,274 1,484 848
7,531 1,198 2,249 2,108 3,209 1,505 877
8,949 855 3,133 3,378 3,455 1,900 1,104
13,154 884 1,506 1,467 5,358 3,308 1,020
13,820 972 1,507 1,154 6,240 3,998 965
16,962 1,046 811 1,065 7,130 4,662 952

2,807
2,515
2,610
3,044
4,078
4,171
5,361
5,275

954

732
763
738
760

1,094
1,178
1,418
1,357

545

267

123
107
86
80
99
104
111

963

250

161

48
102
163
211
117
100
73

52
52
163
233
101
84
87

22
22
24
36
51
42
46

95
45
45
51
105
130
149

61

75

47

156

412
8
24 1,054
30 1,742

169
323
859

2,453 1,172
1,096 389
1,196 286

6
6
17
2
3
1
3
2

5 54
252
253
287
455
500
564
616

8,823
15,566
18,243
18,809
14,465
13,784
13,214
12.378
372 11,469
153
179
298
250
291
330

1,806
3,550
4,258
4,598
3,266
3,237
3,287
3,018
32 3,028
14
34
40
29
29
26

i
512
114
194 1,527
658
217
267 1,420
301
660
777 1,379
313
311
855
427 1,503 1,459
404
264
704 2,237 1,436
435
185
540 2,713 1,675
405
170
484 3,147 1,969
366

8,243
21,321
26,781
31,594
24,527
23,170
22,591
21,617
126 "428 3,333 2,158 "369 21,692

3,456
3,058
3,034
3,661
5,548
5,726
7,088

300
279
348
205
201
197
225

1,676
1,084
1,149
1,484
2,433
2,744
3,096

659
713
802
648
681
774
818

20
25
32
42
29
26
23

3,279

979

543
356
389
512
862
945

478
482
525
459
474
576
563
735

7,105
6,201
6,822
8,514
10,825
11,441
13,449
13,352
13,373 6,823 "260

ga-

tions

Direct

Total

of

States Other
and secuCertifiGuar- politrities
cates
anical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness

2,265
3,606
1,609
1,278
823 1,190
1,183 1,077

25,500
57,970
72.893
84,408
69,666
66,146
65,218
62,834
16,734 1^241 1,171 ' 956 7\777 5^249 1,040 61,578

4,072
4,428
5,760
7,334
6,368
6,548
7,179
7,169
7,550

5,890
4,654
4,910
5,596
8,004
9,102
10,199
10,877
11,234

1,414
2,269
3,164
1,517
1,517

Obli-

4 , 545
662 4,773
3,159 12,797 4,102 3,651
28,031 21,046 988
922 4,437 1,868
918 64,666 58,683 4,636 13',218 7,672 30,656 2,501 3,287
4,343 1,888 944 82,030 75,875 3,971 15,300 15,778 39,848 978 3,422
22 3,873
4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321
15 4,298
7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,780 53,200
14 4,826
8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505
14 5.129
9.266 5 654 1,028 76.691 67,941 2.124 7,552 5,918 52,334
12 5,434
10,101 6,412 1,119 72,421 63,490 2,327 9,451 5,069 46,630

21,259
18,841
21,352
25,765
30,733
33,250
37.583
39,372

1,004
1,184
1,333
1,499
1,565
1,801
1,663
1,714

1,450
1,505
1,723
1,314
1,358
1,549
1.610
1,976

U. S. Government obligations

183
197
310
471
273
244
227

1. 530
1,823
1,725 528 381
1,719 547 351
707
363
1,881
2,970 1,312 306
3,381 1,693 240
3,827 1,979 229

22

6,628
17,534
23,610
29,407
27,408
25,955
26,125
25,822
204 4^236 2,318 " 267 25,389

20
16
21
31
12
11
13
12

64
82
156
228
142
125
125
121

1,282
8 54
1,165 385
1,136 383
1,224 460
1,748 723
1,963 895
2,139 992
2,328 1,163

19,539
52,948
67,685
78,338
63,042
59,198
57,914
55,364
54,139

3,333
2,696
2,733
3.258
3.592
3 471
3,621
3,497

3,007
6,906
14,127
14,271
5,602
4,369
4,815

11,729 3,832 3,090 2,871
27,265 2,345 2,729 2,294
34,927 902 2.857 2,350
16 3,254 2,815
44,792
11 3,548 3,077
46,219
10 3,982 2,966
46,502
10 4,199 3,105
45,286
4,452 3,018
8 4,436 3,003
2,188 7,597 4 4 0 4 40,242
971

12,071
13.982
16,985
10,043
773 7,544
1,987 5,816

4,360
3,748
2,275
1,167

1,623 3,652 1,679
7,265 311
14,563 1,328 'ii409 1,829 7,014 984
17,179 913 3,740 3,745 8,592 189
1
17,574 477 3,433 3,325 10,337
992 10,202
1
13,308 387 1,725
775 10,555
137 1,103
1
12.571
640
558 9,771
11,972 1,002
11.129
983
10,358 693
520 8,162

729
444
468
606
557
631
638
721
583

830
558
596
629
601
582
604
528
528

119
74
31

182
158
160
181
167
175
213
223
185

193
155
185
204
187
173
185
174
176

1,430
3,238
3,913
4,213
2,912
2,890
2,890
2,620
2,667
6,467
19,682
25,042
29,552
22,250
20,845
20,196
19,234
19,222

903

256
199 ' " 8 7 7
250 1,045
133 1,467
498
60
368
106
235
132

153
484
779
749
146
132
248

1,602
1,809
1,864
2,207
2,284
2,274

160

214

2,043

250

820
751 4.248 1,173
956
1,802 4^691 2,497 9,943 749 913 726
740
1,704 5,730 5,181 11,987 440 1,000
5 1,126
916
1,034 6,982 5,653 15,878
441 3,799 1,993 16,013
4 1,272 1,004
334 3,038 1,503 15,967
962
3 1,364
373 2,358 1,901 15,560
3 1,342 1,053
1,343 1,039
3 1,446 1,024
"783 3,244 i',501 13,692
295

4,377
110
481 2,926
15,465 1,032 3,094 2,096 8,705
882 3,466 4,422 12,540
21,552
26,999 630 5,102 4,544 16,713
279 4,020 2,470 17,797
24,572
197 3,035 1,960 17,696
22,893
480 2,583 2,108 17,681
22,857
22,381
21,892
552 3,121 1,868 16,345

861
538
241
9
6
5
6

1,509
5,739
8,197
10,584
10,524
9,949
10,039
9,362

271
156
76
6
3
4
4
4

1,222
1,214
1,230
1,342
1,551
1,813
2,006
2,165
5 2,223

1,028
855
829

1,067
1,285
1,250
1,262
1,277
1,275

Insured non-

member commercial banks:
1941—Dec. 31. . 5,776 3,241
1943—Dec. 3 1 . . 9,258 2,556
1944—Dec. 30.. 11,824 2,678
1945—Dec. 3 1 . . 14,639 2,992
1 9 4 6 — D e c . 3 1 . . 15,831 4,040
1947—June 30.. 15,896 4,597
Dec. 3 1 . . 16,444 4,958
1948—June 30.. 16,360 5,504

1,049
1,101

70
67
77
79
82
76
79

2,535
6,702
9,146
11,647
11,791
11,299
11,486
10,856

17
276
223
180
104
62
136
138

152 1,069
766 3,395
1,652 4,928
2,087 1,774 6,538
2,247 1,179 6,991
972 7,013
1,897
1,736 1,104 7,058
966
1,855
6,399

*1,319
i*i47

563
560
566
619
752
845
931
999

462
403
383
443
516
505
517
494

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total
and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 131, 1945, these items mav not be entirely comparable with prior figures.
Central reserve city banks.

44



FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits

Demand deposits
Class of bank
and
call date

Reserves
Cash
with
Federal in
vault
Reserve
Banks

AH insured commercial banks:
1941—Dec, 3 1 . .
1943—Dec. 31. .
1944—Dec. 30 .
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
1948—June 30..

12,396
12,834
14,260
15,810
16,013
16,039
17,796
17,355

Member banks
total:
1941—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30.
1945—Dec, 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 3 1 . .
1948—Apr. 12. .
June 30..
New York City*
1941—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—June 30. .
Dec. 31.
1948—Apr. 12
June 30. .
Chicago:1
1941—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—Apr.
June

DeBalances mand
dewith
posits
doad- 6
mestic4
banks justed

Interbank
deposits
DoFormestic* eign

1,829
2,012
L804
2,145
2,063

8,570
8,445
9,787
11,075
9,481
8,498
9,736
8,238

37,845
59,921
65,960
74,722
82,085
80,869
85,751
81,420

9,823
9,743
11,063
12,566
10,888
9,807
11,236
9,628

12,396
12,835
14,261
15,811
16,015
16,040
17,797
16,750
17,356

1,087
1,132
1,271
L.438
1,576
1,409
1,672
1,563
1,606

6,246
5,450
6,354
7,117
5,936
5,521
6,270
5,375
5,419

33,754
52,642
57,308
64,184
70,243
69,595
73,528
69,781
70,051

9,714
9,*03
10,881
12,333
10,644
9,612
10,978
9,133
9,433

5,105
3,596
3,766
4,015
4,046
4,166
4,639
4,481
4,883

93
92
102
111
131
123
151
141
122

141
61
76
78
87
50
70
46
46

10,761
13,899
14,042
15,065
16,429
16,494
16,653
15,701
15,592

3,595
2,867
3,179
3,535
3,031
2,898
3,236
2,776
2,830

1,021

298
158
177
200
172
162
175
146
152

2,215
3,050
3,041
3,153
3,356
3,427
3.737
3^432
3,505

1,027

4,302
4,770
5,421
6.307
5,417
4,773
5,497
4,539
4,751

]L.358

1L,445
11,622

31. .
31..
30.
31.
31. .
30.
31'. .
12
30

1,070
1,051
1,144

43
38
43
36
29
36
30
26
28

Reserve city banks:
1941—Dec. 3 1 . .
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31. .
1947—June 30.
Dec. 31
1948—Apr. 12
June 30..

4,060
5,116
5,687
6,326
6,337
6,274
7,095
6,403
6,462

425
391
441
494
532
470
562
511
521

2,590
1,758
2,005
2,174
1,923
1,864
2,125
1,791
1,852

11,117
18,654
20,267
22,372
24,221
24,166
25,714
24,182
24,316

Country banks:
1941—Dec. 3 1 . .
1943—Dec. 31. ,
1944—Dec. 30..
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30..
Dec, 31. .
1948—Apr. 12
June 30. .

2,210
3,303
3,909
4,527
4,703
4,628
4,993
4,815
4,866

526
611
684
796
883
780
929
884
934

3,216
3,474
4,097
4,665
3,753
3,444
3,900
3,391
3,369

9,661
17,039
19,958
23,595
26,237
25,508
27,424
26,466
26,639

271
313
352
391
437
395
473
457

2,325
2,996
3,434
3,959
3,547
2,979
3,466
2,820

4,092
7,279
8,652
10,537
11,842
11,274
12 223
11,368

821
899
942
928
973

Certified
U. S. States
and
Gov- political and
Offiern- subdi- cers'
ment visions checks,
etc.

972

1,132
1,292
1,130
1,056
1,196
L004
1.055

790
994

673 1,761
893 9,950
948 19,754

3,677
4,352
4,518
5,098
5,967
6,495
6,692
7,132

1,077
1,669
1,354
2,585
2,361
2,111
2,559
2,020

36,544
58,338
64,133
72,593
79,887
78,077
83,723
78,287

158
68
64
70
68
64
54
50

59
124
109
103
119
111
111
111

492
395
423
496
664
771
826

15,146
18,561
23,347
29,277
32,742
33,604
33,946
1,061 34,246

10
46
122
215
39
60
61
63

6,844
7,453
7,989
8,671
9,286
9,558
9,734
9,955

671 1,709
891 9,444
945 18,509

3,066
3,602
3,744
4,240
4,915
5,376
5,504
5,570
5,873

1,009
1,573
1,251
2,450
2,207
1,976
2,401
1,755
1,873

33,061
51,820
56,270
62,950
69,127
67,933
72,704
68,093
68,204

140
62
58
64
62
60
50
42
47

50
120
105
99
114
106
105
102
106

418 11,878
327 14,822
347 18,807
399 23,712
551 26,525
649 27,259
693 27,542
872 27,616
912 27,805

4
39
111
208
30
50
54
235
53

5,886
6,475
6,968
7,589
8,095
8,315
8,464
8,610
8,624

607
866
810 3,395
851 6,722

319
252
199
237
218
260
290
232
272

450
710
361

725
748

11,282
14,373
14,448
15,712
17,216
17,202
17,646
16,345
16,306

6
4
11
17
20
22
12
10
15

5
7
10
15
14
12
14
14

29
26
17
20
39
17
14
54
41

34
44
33
66
47
55
63
37
47

2,152
3,097
3,100
3,160
3,495
3,417
3,853
3,489
3,539

2

1
1

2
2
2
1
1

4
6
9
10
11

476
505
619
719
823
864
902
908
940

104
41
33
30
25
21
22
17
18

20
56
40
38
43
41
45
40
42

243
151
154
160
235
319
332
455
496

4,542
5,902
7,561
9,563
10,580
10,888
11,045
10,792
10,771

1,967
2,135
2,327
2 2,566
4 2,729
11 2,796
1 2,844
60 2,869
3 2,870

,248
,364
,372
.379
,357

1,243
1,353
1,369
1,375
1,375
1,353

23,740
2,930
1,247
1,325
2,052

22,179
2,672
1,095
1,176
2,115
1,846

1,105 6,940
651
1,195
179
1,228
267
1,217
375
1,220
333
L.183

1,338

942
915

1,105

778
816
977

1,206
1,395
1 (i0/
1,418
1,460
1,621

1 648

29 1^862
96 1,966
195 2,120
1
30
119
26

2,205
2,234
2,259
2,268
2,262

152
181
72
102
105

233
174
167
237
228
304
285
251
320

54
491
63 3,373
70 6,157
110 8,221
127
991
109
311
131
405
124
793
140
728

1,144
1,448
1,509
1,763
2,077
2,301
2,282
2,314
2,442

286 11,127
475 18,790
488 20,371
611 22,281
693 24,288
554 23,934
705 26,003
524 24,123
562 24,198

1,370
1,727
1,868
2,004
2,391
2,511
2,647
2,772
2,839

239
344
369
435
524
451
528
468
516

8,500
15,561
18,350
21,797
24,128
23,380
25,203
24,136
24,161

30
17
14
17
17
17
17
15
14

31
56
57
52
55
49
45
46
49

146
149
175
219
272
308
337
354
364

6,082
7,599
9,650
12,224
13,727
14,101
14,177
14,456
14,473

4
10
16
11
26
38
23
55
24

1,982
2,153
2,321
2,525
2,757
2,869
2,934
3,048
3,056

611

68
96
103
135
154
135
158
147

3,483
6,518
7,863
9,643
10,761
10,144
11,019
10,083

18
6
6
6
6
4
4
4

8
4
4
4

74
68
76
97
113
122
132
149

3,276
3,750
4,553
5,579
6,232
6,361
6,420
6,457

6
6
10
7
9
10
7
10

979
1,022
1,083
1,193
1,245
1 271
1,333

8
14
16
20
24
24
21
24
22

885

2
5
8
8
8
8

1,049

7

1,149
1,199
1,067

U. S.
IndiIndi- Bor- CapiGov- States viduals
viduals,
tal
and partner-, row- acernpartner- Inter- ment
ships, ings counts
ships, bank and political
corand corPostal subdi- and
poraporaSav- visions tions
tions
ings

814
798

S
9

108
141
182
233
244
194
258
195

2
2
3
5
11
3
4
4

127
713

1,400
1,552

225

1,962
4,230
5,465
877
424
432
844
680

1

288
326
354
377
404
41(5
426
426
436

Insured nonmember commercial banks:
1941—Dec 31
1943—Dec 31
1944—Dec 30
1945—Dec. 31
1946—Dec 31
1947—j une 30
Dec. 31
1948—June 30 "

53
506

1,245
1,560

258
152
149

207

750
775
858
1,052
1,119
1,188
1,259

5
5
6
6

959

4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
8
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

JANUARY

1949




WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments

Loans

Date or month

Total
loans
and
investments

Total 1

Commercial,
industrial,
and
agricultural

For purchasing
or carrying securities
To brokers
and dealers

To others

U.S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions

U. S. Government obligations

Real Loans
estate to Other Total
loans banks loans

CerOther
tifisecucates
rities
Bills of in- Notes Bonds 2
debtedness

Total

Total—
Leading Cities
3,345 42,066 37,842

1947—November . . . 64,953 22,887 14,154

419

457

451

494 3,356

211

1948—September. . . 63,033 24,472 15,088
62,256 24,605 15,388
October
November. . . 62,430 24,937 15,529
62,174 24,531 15,311
Oct. 6
62,114 24,714 15,458
Oct. 13
62,296 24,539 15,374
Oct. 20
62,441 24,635 15,410
Oct. 27

IB**

448
246
389

400
432
425

235
218
202

490 3,944
488 3,993
487 4,032

265 3,846 38,561 34,118 1,969 4,060 2,582 25,507 4,443
215 3,873 37,651 33,300 2,071 4,441 1,699 25,089 4,351
239 3,884 37,493 33,296 2,358 4,454 1,675 24,809 4,197

269
309
194
213

410
464
414
439

225
220
216
209

489
487
485
490

3,970
3,989
4,002
4,010

239
171
224
226

3,866
3,865
3,877
3,886

37,643
37,400
37,757
37,806

33,235
33,022
33,416
33,526

1,827
1,698
2,257
2,503

4,475
4,456
4,444
4,389

1,718
1,717
1,683
1,678

25,215
25,151
25,032
24,956

4,408
4,378
4,341
4,280

3
10
17
24

62,232 24,730 15,418
62,378 24,863 15,583
62,647 24,944 15,568
62,462 25,212 15,545

223
315
392
624

439
397
410
455

207
200
202
198

488
478
476
506

4,021
4,028
4,035
4,045

295
237
228
198

3,887
3,874
3,882
3,892

37,502
37,515
37,703
37,250

33,268
33,319
33,525
33,073

2,378
2,454
2,511
2,090

4,423
4,420
4,515
4,457

1,673
1,658
1,678
1,692

24,794
24,787
24,821
24,834

4,234
4,196
4,178
4,177

Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 2 9 . . . . .

62,330 25,092 15,527
62,558 25,202 15,459
62,870 25,289 15,595
63,141 25,538 15,614
62,751 25,559 15,561

507
642
580
799
867

467
495
487
487
456

198
203
205
207
210

475
487
470
470
469

4,044
4,052
4,066
4,070
4,062

218
195
196
194
241

3,908
3,920
3,930
3,938
3,946

37,238
37,356
37,581
37,603
37,192

33,075
33,179
33,440
33,455
32,987

2,106
2,199
2,285
2,249
1,807

4,458
4,428
4,826
4,823
4,742

1,688
1,697
1,754
1,811
1,844

24,823
24,855
24,575
24,572
24,594

4,163
4,177
4,141
4,148
4,205

Nov.
Nov.
Nov.
Nov.

897

3,811 2,159 30,975 4,224

New York City
1947—November. . . 19,903

7,088

5,191

320

314

74

193

105

160

731 12,815 11,639

412

629

375

10,223 1,176

1948—September. . . 18,541
18,199
October
November. . . 18,151

7,503
7,463
7,617

5,464
5,609
5,634

389
207
348

280
311
308

29
27
27

192
193
196

184
199
207

221
178
180

830 11,038 9,835
825 10,736 9,617
803 10,534 9,522

877
935
926

769
851
899

520
291
268

7,669 1,203
7,540 1,119
7,429 1,012

Oct. 6
Oct. 13
Oct. 20
Oct. 27

18,259
18,037
18,197
18,302

7,478
7,533
7,393
7,447

5,585
5,663
5,585
5,601

232
254
169
173

290
329
299
327

27
26
28
26

192
193
190
197

191
197
205
204

215
126
185
185

832
831
818
820

10,781
10,504
10,804
10,855

9,613
853
9,364
665
9,690 1,024
9,799 1,198

867
824
865
846

291
293
294
286

7,602
7,582
7,507
7,469

1,168
1,140
1,114
1,056

Nov.
Nov.
Nov.
Nov.

3
10
17
24

18,098
18,081
18,181
18,244

7,473
7,560
7,596
7,841

5,606
5,671
5,639
5,621

195
276
354
567

321
289
296
325

26
27
28
28

193
187
186
219

205
207
208
209

206
189
175
150

807
800
796
808

10,625
10,521
10,585
10,403

9,607 1,040
9,507
973
9,575
923
9,397
767

870
852
948
925

269
268
2 73
261

7,428
7,414
7,431
7,444

1,018
1,014
1,010
1,006

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

18,178
18,339
18,466
18,589
18,496

7,717
7,851
7,829
8,032
8,114

5,599
5,536
5,603
5,622
5,609

467
600
533
743
802

332
380
350
353
343

31
33
30
32
33

184
201
183
182
182

209
216
219
220
213

168
161
169
146
198

813
810
818
810
817

10,461
10,488
10,637
10,557
10,382

9,457
9,491
9,650
9,574
9,340

806
951
832
939
836 1,139
768 1,126
524 1,110

253
254
313
338
363

7,447 1,004
7,466
997
7,362
987
7,342
983
7,343 1,042

1947—November. . . 45,050

15,799

8,963

99

143

377

301 3,251

51

3,182

1,784

20,752 3,048

1948—September. . . 44,492
44,057
October
November. . . 44,279

16,969 9,624
17,142 9,779
17,320 9,895

59
39
41

120
121
117

206
191
175

298 3,760
295 3,794
291 3,825

44 3,016 27,523 24,283 1,092 3,291 2,062 17,838 3,240
37 3,048 26,915 23,683 1,136 3,590 1,408 17,549 3,232
59 3,081 26,959 23,774 1,432 3,555 1,407 17,380 3,185

Outside
New York City
2,614 29,251 26,203

485

Oct. 6
Oct. 13
Oct. 20
Oct. 27

43,915
44,077
44,099
44,139

17,053
17,181
17,146
17,188

9,726
9,795
9,789
9,809

37
55
25
40

120
135
115
112

198
194
188
183

297
294
295
293

3,779
3,792
3,797
3,806

24
45
39
41

3,034
3,034
3,059
3,066

26,862
26,896
26,953
26,951

23,622
974 3,608 1,427
23,658 1,033 3,632 1,424
23,726 1,233 3,579 1,389
23,727 1,305 3,543 1,392

17,613
17,569
17,525
17,487

3,240
3,238
3,227
3,224

Nov.
Nov.
Nov.
Nov.

3
10
17
24

44,134
44,297
44,466
44,218

17,257
17,303
17,348
17,371

9,812
9,912
9,929
9,924

28
39
38
57

118
108
114
130

181
173
174
170

295
291
290
287

3,816
3,821
3,827
3,836

89
48
53
48

3,080
3,074
3,086
3,084

26,877
26,994
27,118
26,847

23,661
23,812
23,950
23,676

1,338
1,481
1,588
1,323

3,553
3,568
3,567
3,532

1,404
1,390
1,405
1,431

17,366
17,373
17,390
17,390

3,216
3,182
3,168
3,171

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

44,152
44,219
44,404
44,552
44,255

17,375
17,351
17,460
17,506
17,445

9,928
9,923
9,992
9,992
9,952

40
42
47
56
65

135
115
137
134
113

167
170
175
175
177

291 3,835
286 3,836
287 3,847
288 3,850
287 3,849

50
34
27
48
43

3,095
3,110
3,112
3,128
3,129

26,777
26,868
26,944
27,046
26,810

23,618
23,688
23,790
23,881
23,647

1,300
1,367
1,449
1,481
1,283

3,507
3,489
3,687
3,697
3,632

1,435
1,443
1,441
1,473
1,481

17,376
17,389
17,213
17,230
17,251

3,159
3,180
3,154
3,165
3,163

1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
Including guaranteed obligations.




FEDERAL RESERVE

BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits
except interbank

Date or month

ReDeserves
Balwith Cash ances mand
Fedwith
dein
eral vault doposits
Remestic ad- 3
serve
banks justed
Banks

IndividCertiuals, States
fied
and
part- politand
nerOffiical
ships, suband
cor- divi- checks,
etc.
pora- sions
tions

In millions of dollars]

Time deposits,
except interbank

Interbank
deposits

IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGov- nerical ment
ern- ships, suband
Postal Doment and
diviForcor- sions Sav- meseign
poratic
ings
tions

Bor- CapBank
row- ital
debacings counts
its 4
Time

Total—
Leading Cities
1947—November .

12,371

816

2 418

47,583 48 ,343 3 090

1,509

1,071 14,144

327

81

9,905 1,380

38

338

5 836

85 152

1948—September .
October
November .

13,624
14,521
14,590

803
834
826

2 259
2 261
2 229

46,987 47 ,439 3 251
46,864 47 ,711 3 141
46,936 47 ,748 3 204

1,350
1,291
1,361

1,355 14,301
1,532 14,330
1,464 14,309

540
535
522

85
84
85

9,034 1,413
9,046 1,417
9,194 1,416

45
47
53

165
169

, 248

5 ,949
5 ,976
5 ,995

90
94
91

,989
,919
,965

6....
13....
20....
27....

14,273
14,538
14,585
14,687

788
886
820
842

2
2
2
2

208
315
318
201

46,441
46,593
46,998
47,422

46
48
47
48

,491
,385
,951
,019

3
3
3
3

202
124
055
182

1,122
1,431
1,248
1,361

1,590
1,581
1,498
1,459

14,337
14,335
14,324
14,321

541
532
536
533

84
83
85
86

9,024
9,127
9,126
8,907

1,407
1,425
1,429
1,406

46
46
48
49

127
284
121
143

5 ,978 22
5 ,973 17
5 ,970 24
5 ,982 22

,721
,710
,696
,685

Nov. 3 . . . .
Nov. 1 0 . . . .
Nov. 1 7 . . . .
Nov. 2 4 . . . .

14,530
14,584
14,557
14,688

813
850
825
817

2
2
2
2

250
208
350
107

46,607
46,929
46,907
47,301

47
47
48
47

,474
,446
,270
,801

3
3
3
3

299
205
141
170

1,315 1,513 14,323
1,264 1,389 14,321
1,441 1,580 14,302
1,425 1,374 14,287

536
527
518
509

85
85
85
85

9,225
9,252
9,538
8,762

1,423
1,405
1,416
1,421

53
53
53
52

212
205
139

435

6 ,006 21
5 ,994 20
5 ,992 21
5 ,988 22

,789
,594
,489
,490

Dec.
1....
Dec.
8....
Dec. 15
Dec. 2 2 . . . .
Dec. 2 9 . . . .

14,574
14,418
15,044
14,593
14.893

812
880
891
916
919

2
2
2
2
2

185
103
406
234
247

47,341
47,584
48,290
47,928
47,794

47
47
49
48
48

,840
,635
,803
,446
,214

3
3
3
3
3

292
230
221
250
282

1,625 1,264 14,238
900 14,282
1,259
944 14,281
1,629
1,489 1,092 14,324
1,549 1,274 14,403

505
509
514
522
540

85
85
85
85
85

9,005
9,002
9,518
9,140
9,079

1,415
1,426
1,482
1,499
1,472

52
52
51
50
51

149
261
100
289
200

6 ,016
6 ,009
6 ,001
6 ,002
6 ,015

,623
,906
,978
,101
,434

1947—November .

4,244

143

43

15,849 16 ,476

326

771

368

1,353

22

12

3,003 1,229

13

161

2

1948—September .
October
November .

5,067
5,293
5,296

122
131
138

35
37
35

15,313 15 ,932
15,153 15 ,782
15,093 15 ,741

264
274
307

669
634
681

350
490
453

1,498
1,491
1,480

27
23
20

14
14
14

2,833 1,232
2,779 1,234
2,777 1,229

28
31
33

98
69
147

2 ,216
2 ,222
2 ,232

36
38
34

,354
,014
,988

6....
13....
20....
27....

5,082
5,313
5,400
5,375

124
143
123
135

42
30
44
34

14,984
14,912
15,258
15,457

15
15
15
16

,444
,652
,941
,091

277
270
268
280

466
803
586
680

529
516
469
447

1,501
1,493
1,484
1,485

27
21
23
23

14
14
14
14

2,749
2,814
2,838
2,715

1,230
1,245
1,244
1,218

30
30
31
33

65
100
22
87

2 ,225
2 ,225
2 ,221
2 ,219

9
6
9
9

,394
,816
,652
,374

Nov. 3 . . . .
Nov. 1 0 . . . .
Nov. 1 7 . . . .
Nov. 2 4 . . . .

5,249
5,306
5,263
5,366

134
149
129
141

33
34
38
34

14,918
15,112
15,048
15,297

15
15
15
15

,582
,651
,844
,888

368
287
303
272

634
614
718
757

480
438
486
408

1,485
1,477
1,471
1,486

23
23
18
18

14
14
14
14

2,842
2,766
2,850
2,648

1,236
1,218
1,228
1,233

33
33
33
32

118
109
91
272

2 ,234
2 ,233
2 ,233
2 ,227

8 ,688
7 ,703
7 ,770
8 ,541

Dec.
1....
Dec.
8....
Dec. 1 5 . . . .
Dec. 2 2 . . . .
Dec. 2 9 . . . .

5,380
5,193
5,553
5,356
5,433

129
143
148
159
147

37
31
38
38
37

15,363
15,404
15,631
15,546
15,509

16 ,106
15 ,923
16 ,633
16 ,237
16 ,239

274
241
206
177
231

888
587
881
794
863

360
246
249
283
335

1,482
1,496
1,508
1,524
1,545

17
17
16
16
16

14
14
14
14
14

2,812
2,684
2,986
2,806
2,822

1,231
1,241
1,296
1,303
1,274

32
33
31
31
31

31
180
36
201
161

2 ,240
2 ,231
2 ,236
2 ,232
2 ,235

8 ,287
8 ,400
11 ,133
10 ,169
9 ,268

1947—November . 8,127

673

2 375

31,734 31 ,867 2 764

738

703

12,791

305

69

6,902

151

25

177

3

1948—September . 8,557
October... . 9,228
November . 9,294

681
703
688

2 ,224
2 ,224
2 ,194

31,674 31 ,507 2 ,987
31,711 31 ,929 2 867
31,843 32 ,007 2 ,897

681
657
680

1,005 12,803
1,042 12,839
1,011 12,829

513
512
502

71
70
71

6,201
6,267
6,417

181
183
187

17
16
20

67
100
101

3 ,733
3 ,754
3 ,763

54
56
56

,635
,905
,977

Oct. 6 . . . .
Oct. 1 3 . . . .
Oct. 2 0 . . . .
Oct. 2 7 . . . .

9,191
9,225
9,185
9,312

664
743
697
707

2 ,166
2 ,285
2 ,274
2 ,167

31,457
31,681
31,740
31,965

31
32
32
31

,047
,733
,010
,928

2
2
2
2

,925
,854
,787
,902

656
628
662
681

1,061
1,065
1,029
1,012

12,836
12,842
12,840
12,836

514
511
513
510

70
69
71
72

6,275
6,313
6,288
6,192

177
180
185
188

16
16
17
16

62
184
99
56

3
3
3
3

,753
,748
,749
,763

13
10
15
13

,327
,894
,044
,311

Nov.
Nov.
Nov.
Nov.

3....
10....
17....
24....

9,281
9,278
9,294
9,322

679
701
696
676

2 ,217
2 ,174
2 ,312
2 ,073

31,689
31,817
31,859
32,004

31
31
32
31

,892
,795
,426
,913

2
2
2
2

,931
,918
,838
,898

681
650
723
668

1,033 12,838
951 12,844
1,094 12,831
966 12,801

513
504
500
491

71
71
71
71

6,383
6,486
6,688
6,114

187
187
188
188

20
20
20
20

94
96
48
163

3
3
3
3

,772
,761
,759
,761

13
12
13
13

,101
,891
,719
,949

Dec. 1 . . . .
Dec. 8 . . . .
Dec. 1 5 . . . .
Dec. 2 2 . . . .
Dec. 2 9 . . . .

9,194
9,225
9,491
9,237
9,460

683
737
743
757
772

2 ,148
2 ,072
2 ,368
2 ,196
2 ,210

31,978
32,180
32,659
32,382
32,285

31
31
33
32
31

,734
,712
,170
,209
,975

3 ,018
2 ,989
3 ,015
3 ,073
3 ,051

737
672
748
695
686

12,756
12,786
12,773
12,800
12,858

488
492
498
506
524

71
71
71
71
71

6,193
6,318
6,532
6,334
6,257

184
185
186
196
198

20
19
20
19
20

118
81
64
88
39

Oct.
Oct.
Oct.
Oct.

New

York

Oct.
Oct.
Oct.
Oct.

r

20
20
24
25
22

City

,207 33 ,531

Outside
New York City

904
654
695
809
939

,629 51 ,621

3 ,776
3 ,778
3 ,765
3 ,770
3 ,780

12 ,336
12 ,506
13 ,845
14 ,932
13 ,166

r
Revised.
3
Demand deposits
4

other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.

JANUARY

1949




47

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Investments

For purchasing
or carrying securities
Federal Reserve
district and date

Total
loans
and

nvest- Total
ments

Boston
Dec.
Dec.
Dec.
Dec.
Dec.

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

New York*
Dec. 1 . . .
Dec. 8 . . . .
D e c . 15. . . .
D e c . 22
D e c . 29
Philadelphia
Dec. 1
Dec. 8 . . . .
Dec. 15
Dec. 2 2 . . . .
Dec. 2 9 . . .
Cleveland
Dec. 1 . . .
Dec. 8 . . .
Dec. 15
Dec. 22
Dec. 2 9 . . .

Richmond
Dec. 1 . . . .
Dec. 8
Dec. 15
Dec. 22
Dec. 29..
Atlanta
Dec. 1 . . .
Dec! 8
Dec. 15
Dec. 22
Dec. 2 9 . . .
Chicago*
Dec. 1 . . .
Dec. 8
Dec. 15
Dec. 22. . . .
Dec. 2 9 . . .

St. Louis
Dec. 1 . . . .
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Minneapolis
Dec. 1 . . . .
Dec. 8
Dec. 15
Dec. 22
Dec. 2 9 . . . .
Kansas City
Dec. 1 . . . .
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Dallas
Dec. 1..
Dec. 8 . . . .
Dec. 15
Dec. 22
Dec. 29
San Francisco
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
City of Chicago*
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29..

1

Commercial,
industrial
and
agricultural

To brokers
and de^^1**5

U. S. Government obligations
_

To others

U.S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions

Certifi-

Real -oans Other
state to
Total
oans anks oans

Total

Bills

of indebtedness

Other
secuNotes Sonds2 rities

2,766
2,767
2,772
2,808
2,778

1,105
1,101
1,113
1,118
1,109

736
729
730
721
709

10
11
14
14
21

8
8
8
15
7

12
12
20
20
20

18
17
18
18
17

134
134
135
135
135

3
4
2
9
13

201
203
203
203
204

1,661
1,666
1,659
1,690
1,669

1,558
1,565
1,562
1,593
1,571

136
139
145
167
127

230
227
232
235
228

90
94
94
94
95

1,102
1,105
1,091
1,097
1,121

103
101
97
97
98

20,327
20,512
20,624
20,770
20,664

8,469
8,608
8,584
8,789
8,870

5,954
5,893
5,959
5,977
5,966

467
600
534
745
804

336
384
354
356
347

37
42
36
38
39

203
220
201
201
200

412
420
423
423
417

168
161
169
147
198

991
987
997
990
994

1,858
1,904
2,040
1,981
1,794

0,651
0,705
0,852
0,797
0,552

844
888
884
838
583

1,032
1,020
1,219
1,207
1,191

308
309
366
391
416

8,467
8,488
8,383
8,361
8,362

1.207
1,199
1,188
1,184
1,242

2 ,549
2,516
2,542
2,581
2,524

920
924
932
938
938

533
536
542
542
538

1
1
1
1
1

15
15
17
17
17

3
3
3
3
3

8
8
7
8
7

91
92
92
91
91

3
3
4
9
12

274
274
274
275
277

1,629
1,592
1,610
1,643
1,586

1,359
1,322
1,340
1,370
' ,313

124
90
104
123
97

122
124
130
133
117

81
76
76
77
77

1,032
1,032
1,030
1,037
1,022

270
270
270
273
273

4,309
4,312
4,332
4,336
4,337

1,494
1,466
1,473
1,481
1,492

917
905
911
922
932

7
6
7
8
9

14
14
15
13
13

33
33
33
33
33

21
21
21
20
20

276
277
277
276
276

21
1
1
\
1

219
223
222
222
222

2,815
2,846
2,859
2,855
2,845

2,480
2,510
2,516
2,511
2,500

133
160
160
139
128

237
237
263
274
272

152
152
158
168
168

1,958
1,961
1,935
1,930
1,932

335
336
343
344
345

2,534
2,527
2,503
2,506
2,503

875
872
874
876
874

415
413
414
416
418

5

1
1
1

6
6
5
6

16
16
16
16
16

23
21
21
21
22

204
203
204
203
204

4
3
3
4

1,659
1,655
1,629
1,630
1,629

1,532
1,525
1,503
1,504
1,502

85
85
60
66

5

213
214
214
215
209

75

197
189
199
198
181

57 1,193
60 1,191
55 1,189
54 1,186
58 1,188

127
130
126
126
127

2 287
2,292
2,312
2,309
2,289

872
872
877
873
873

553
553
557
553
553

6
7
6
7
6

17
17
17
18
18

37
37
38
37
37

65
66
65
66
65

6
6
5
5
5

195
194
196
195
197

1,415
1,420
1,435
1,436
1,416

1,227
1,232
1,246
1,248
1,229

38
41
54
51
33

271
273
277
282
281

69
69
69
71
72

849
849
846
844
843

188
188
189
188
187

8,582
8,540
8,613
8,644
8,536

2,793
2,757
2,800
2,795
2,764

54
30
50
42
30

25
24
24
19
19

63
63
63
61
61

338
337
338
339
338

2
6
4

406
408
410
412
413

5,789
5,783
5,813
5,849
5,772

5.162
5.131
5,188
5,214
5,139

307
290
347
352
287

584
567
644
652
643

413 3,858
412 3,862
415 3,782
422 3,788
426 3,783

627
652
625
635
633

2,140
2,155
2,171
2,176
2,141

1.027
1,033
1,045
1,039
1,023

633
639
655
647
632

11
11
11
11
11

13
12
12
12
12

159
159
159
160
160

4
5
2
2
1

208
208
207
208
209

1,113
1,122
1,126
1,137
1,118

978
988
991
983

90
92
86
95
72

152
157
166
178
179

73
70
74
63
64

663
669
665
665
668

135
134
135
136
135

1,183
1,171
1,170
1,165
1,158

438
438
439
440
437

253
252
252
249
245

114
114
114
117
119

745
733
731
725
721

665
653
651
644
640

55
46
43
35
29

132
127
131
130
129

33
34
33
33
35

445
446
444
446
447

80
80
80
81
81

2,324
2,391
2,392
2,396
2,388

891
891
891
902
894

582
581
582
586
583

161
161
161
162
162

1,433
1,500
1,501
1,494
1,494

1,227
1,294
1,294
1,288
1,287

97
144
142
136
130

269
279
285
277
280

87
93
91
101
100

774
778
776
774
777

206
206
207
206
207

2,318
2,323
2,331
2,341
2,336

1,110
1,113
1,116
1,131
1,133

773
772
774
781
783

192
195
196
199
197

1,208
1,210
1,215
1,210
1,203

1,087
1,090
1,094
1,089
1,082

52
53
64
58
51

230
232
244
233
233

67
67
67
79
78

738
738
719
719
720

121
120
121
121
121

11,011 5,098
11,052 5,127
11,108 5,145
11,109 5,156
11,097 5,152

2,264
2,290
2,297
2,303
2,298

2
2
2

734 5,913
739 5,925
736 5,963
740 5,953
743 5,945

5,149
5,164
5,203
5,196
5.189

145
171
196
189
195

1,002

1,036
1,024
1,008

258
261
256
258
255

3,744
3,736
3,715
3,725
3,731

764
761
760
757
756

1,483
1,476
1,498
1,496
1,48

17
20
18
25
23

219 3,449
220 3,455
221 3,476
223 3,508
223 3,414

3,044
3,024
3,070
3,092
3,002

194
190
232
236
155

335
316
355
360
353

292
290
293
300
305

2,223
2,228
2,190
2,196
2,189

405
431
406
416
412

5,348
5,325
5,389
5,412
5,293

1,899
1,870
1,913
1,904
1,879

1,914
1,896
1,922
1,917
1 ,904

17
19
18
25
23
2
1
1
1

62
63
63
63
63

6
6
6

7

8

6
6
6
6
6

12
12
12
12
12

127
128
128
128
128

7
6
6
6

16
17
16
18
20

42
41
42
45
45

88
87
88
88
88

12
13
13
13
12

16
16
17
18
17

30
30
30
30
31

2,088
2,086
2,094
2,098
2,097

5

48
24
4.
3
2

20
19
19

54
54
54
52
5

1L
74
75
75
7

2

1

i

i
«

\L

1

2
1

7
1

A,

9
t

1,001

996

* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table,
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
For other footnotes see preceding table.




FEDERAL RESERVE

The figures

BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Federal Reserve
district and date

Boston
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
New York*
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Philadelphia
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Cleveland
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Richmond
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Atlanta
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Chicago*
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
St. Louis
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Alinneapolis
Dec. 1
Dec, 8
Dec. 15
Dec. 22
Dec. 29
Kansas City
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Dallas
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29.
San Francisco
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
City of Chicago*
Dec, 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

ReBalDeIndiserves
with Cash ances mand vid- States Certiwith
deuals,
Fedin
fied
and
eral vault do- posits part- politand
Remestic ad- ; nerOffiical
serve
banks usted ships, subcers'
and
Banks
divi- :hecks,
cor- sions
etc.
porations

Individuals,
U. S. partGov- nerern- ships,
ment and
corporations

States
and
political
subdivisions

Interbank
deposits

Demand
U. S.
Govern
ment
Doand
Postal mes- Foreign
tic
Savings

Time

572
563
594
557
576

64
68
71
70
66

98
98
123
114
107

2,376
2,385
2,420
2,398
2,368

2,369
2,359
2,461
2,401
2,369

163
160
152
148
145

47
43
52
48
44

482
482
481
480
481

1
1
1
1
1

273
270
288
284
287

22
22
23
24
22

5,724
5,511
5,902
686
5,762

176
197
200
212
198

122
108
138
122
127

16,847
16,907
17,162
17,069
17,012

17,420
17,246
18,038
17,594
17,597

518
486
436
410
466

940
631
929
842
906

,319

277 ,334
281 ,345
320 ,362
378 ,386

20
20
19
19
19

2,880
2,752
3,056
21 2,870
2,891

,234
,244
,299
,306
,277

545
538
571
566
570

47
52
52
53
50

2,197
2,172
2,158 2,309
108 2,186 2,280
104 2,111 2,203

90
85
83
82

29
30
34
32
30

57
36
41
50
62

408
407
406
407
410

32
32
30
29
28

331
326
351
333
338

13
12
11
12
12

866
853
893
871
896

94
98
98
98

152
134
157
141
140

3,055
3,074
3,131
3,090
3,092

3,148
3,133
3,350
3,210
3,217

166
159
151
154
152

65
53
62
55
55

114
80
82
97
117

,305
,305
,305
1,308
1,317

49
48
47
47
47

446
439
465
451
450

541
543
558
536
528

64
70
70
71
7:

151
150
178
15:
164

2,065
2,076
2,088
2,034
2,040

2,065
2,072
2,112
2,042
2,031

176
167
179
178
170

50
49
50
48
48

45
40
44
49
56

566
564
558
563
563

9
9
9
9
10

481
504
509
490
516

4
46
45
47
48

185
189
223
19
172

1,755
1,775
1,814
1,772
1,766

1,663
1,691
1,767
1,707
1,663

283
280
293
293
289

22
25
23
23
26

33
24
27
33
38

523
518
517
518
520

2,036
2,077
2,096
2,002
2,129

104
114
113
121
117

333 6,173
306 6,204
6,306
34
323 6,206
353 6,249

6,197
6,164
6,485
6,224
6,288

560
529
524
559
545

121
92
111
97
109

288
203
205
237
266

468
462
483
463
49'

29
32
32
33
33

116
110
117
116
115

1,410
1,39
1,41
1,419
1,407

1,496
1.49J
1,56'
1,519
1,498

110
109
114
114
11

30
22
23
19
18

246
239
24:
240
245

12
1
1
1
14

90

851
839
852
845
85:

804
775
82
795
799

163
169
157
15
158

1
14
15
14
15

53
538
59
57
573

28
32
32
35
35

263

275
304
288
302

1,749
1,816
1,877
1,855
1,

1,761
1,838
1,940
1,
1,866

213
205
214
224
231

33
28
34

550
577
572
570
554

32
36
3
35
37

293
283
32'
313
30C

1,972 1,907
1,984 1,906
2,016 1,991
2,015 1,97
1,997 1,92

236
236
238
233
230

2,01
2,013
2,027
2,04
2,045

127
126
130
127
151

278
268
27'
275
275

6,983
7,022
7,049
7,039
7,019

6,813
6,78'
6,959
6,816
6,759

1,395
1,432
1,426
1,368
1,464

37
42
41
46
43

155
14C
16'
148
164

3,953
3,961
4,036
3,977
3,965

4,049
4,019
4,233
4,052
4,097

104 2,105
97 2,105

88

For footnotes see opposite page and preceding table.

JANUARY

Time deposits,
except interbank

1949




Borrowings

Cap- Bank
ital
deb-4
accounts its

323
323
323
322
323

774
799
892
977
885

47
182
46
203
161

2,435
2,427
2,430
2,426
2,430

8,798
8,949
1,746
0,795
9,820

19
4
9
9
4

306
305
3 04
304

730
731
860
907
891

5
5
6
5
5

461
461
458
459
457

1,179
1,106
1,347
1,573
1,241

380
393
400
392
384

5
5
6
5
6

221
221
221
221
221

666
719
808
855
1,102

6
5
5
5
5

492
529
544
527
514

12
11
11
11
11

186
186
185
185
184

660
685
722
820
687

2,418
2,452
2,451
2,450
2,462

41
41
41
40
40

1,413
1,395
1,437
1,399
1,392

29
31
33
33
31

696 2,934
696 2,849
695 3,290
696 3,360
696 2,919

49
36
36
42
51

457
45
456
456
458

11
11
11
11
11

642
680
704
684
687

2
3
3
4
4

175
175
175
176
176

595
645
666
749
609

20
15
1
20
23
48
34
36
40
51

247
247
247
247
248

300
298
295
277
274

2
3
2
3
3

98
98
98
98
99

367
391
397
411
339

372
37
371
372
373

817
835

1
1
1
1
1

192
193
191
193
194

843
789
813
937
721

33
33
37
35
49

28
22
26
31
36

344
344
343
34'
346

62
62
60
65
65

613
633
645

195
196
195
195
196

664
646
725
878
658

614
645
680
698
695

240
239
259
247
222

133
98
107
123

4,79
4,80C
4,80
4,81'
4,835

270
276
287
293
311

451
470
498
47'
46

290
274
273
299
275

63
42
48
45
52

167 ,236
115 ,272
110 ,27

40
40
40
4C

1,051
1,036
1,066
1,033
1,038

,27
,278

4C

62
607

82

728 2,413
728 2,597
726 2,712
727 2,839
735 2,562
469 1,886
469 1,874
469 2,103
469 2,146
469 1,865

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Commercial
paper
out- 1 Total
outstanding standing

Held by

Based on

Accepting banks

Total

Federal
Reserve
Banks
Others
Own
Bills
(for own
bills bought account)

1947—October
November
December....

283
287
287

237
245
261

180
188
197

83
76
88

97
112
109

19 48—January
ebruary..
Fi"
March
April
May
June
July
August....
September.
October.. . ,
November.

290
301
311
275
254
270
284
309
305
285
287

262
253
241
242
256
253
235
221
214
221
239

188
174
162
151
161
142
134
122
120
125
141

85
79
70
71
71
61
67
60
65
67
71

103
94
92
80
90
81
67
62
55

2

0)

58

70

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

Goods stored in or
shipped between
points in
United
States

Foreign
countries

55
56
64

144
147
159

54
61
63

23
25
25

10
9
11

74
79
79
91
95
111
102
99
94
96
99

168
168
151
143
155
155
151
143
136
140
152

53
43
48
54
57
56
47
40
37
42
48

27
24
23
19
19
19
19
20
20
20
24

13
17
17
22
21
20
18
17
20
17
15

1
As reported by dealers; includes some finance company paper sold in open market.
» Less than $500,000.
Backfigures.—SeeBanking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances

Debit balances

End of month

Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances
investment investment
(net) 1
and trading and trading
accounts
accounts

Cash on
hand
and in
banks

Customers'
credit balances1
Money
borrowed8

570
637
376
427
395
368
309
378
529
557
619
726
853
795
498
218
223

Other
(net)

230
266
267
281
255
289
240
270
334
354
424
472
549
654
651
694
650

70
69
62
54
65
63
56
54
66
65
95
96
121
112
120
120
162

21
23
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24

6
7
5
5
7
5
4
4
7
5
11
g
13
13
17
10
9

280
277
269
247
222
213
189
182
212
198
216
227
264
299
314
290
271

176

23

15

273

145*"

20

ii

291

25
16
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6

73
78
58
99
89
86
86
154
190
188
253
260
333
413
399
312
333

178
207
223
204
186
211
180
160
167
181
196
209
220
313
370
456
395

1947—December...

578

7

315

393

240

612

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

8 568
8 537
8 550
8 572
8615
619
88 608
573
3
57O
3 580
3551

332

8217
3 208
8 229
3 241
3 258
283
3
288
3 252
33 238
252
3 244

88 622
596
8 592
8 614
3619
576
8 577
8551
3
550
3 540
3 563

7

326

In firm
In partners'
capital
investment investment In
and
trading accounts
and trading
(net)
accounts
accounts

Free

834
906
653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552

1939—June
December...
1940—June. .
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June

Other credit balances

1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'
own partners.
a
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
1
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): September, 47; October, 45; November, 49.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—SeeBanking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
In detail at semiannual dates prior to 1942.

50



FEDERAL RESERVE BULLETIN

COMMERCIAL LOAN RATES

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Year,
month, or
week

U. S. Government
security yields
Stock
Prime
exPrime bankchange
com9-to 12ers'
call
mercial acceptmonth 3- to 5paper, ances,
loan
certifi3A *-r\ fi
year
re4~ t o Omonth cates
90
newbills 3 of in- taxable
months 1 days 1
2
als
debted- issues
ness

1.11

.61
87

1.16
1.38
1.55

1.19

1.03

1.31
1.38
1.38
1.38
1 38
1.38
1.38
1.44
1.56
1.56
1.56
1.56

1.06
1.06
1.06
1.06
1.06
1.06
1.06
1.13
1.19
1.19
1.19
1.19

1946 average
1947 average
1948 average

1.03
1.44

1947—December..
1948—January. . .
February. .
March
April . ..
May
June
July
August....
September.
October. . .
November .
December. .

.81

Week ending:
1^-1%
Dec. 4
Dec. 1 1 . . . .
Dec. 18
Dec. 24
Dec. 31
1^-1^8

13/16
13/16
13/16
13/16
13/16

.375

Total
19 cities

New
York
City

7 other
Northern and
Eastern
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
1948 average

2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
2.62

1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.18

2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
2.70

3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
3.02

1944—December.

2.39

1.93

2.61

2.65

1945—March....
June
September.
December.

2.53
2.50
2.45
2.09

1.99
2.20
2.05
1.71

2.73
2.55
2.53
2.23

2.91
2.80
2.81
2.38

4 .64

1946—March
June
September.
December.

2.31
2.41
2.32
2.33

.75
.84
.83
.85

2.34
2.51
2.43
2.43

2.93
2.97
2.75
2.76

L 67
L.65
L.65
L.64
L.63

1947—March....
June
September.
December.

2.31
2.38
2.21
2.22

.82
.83
1.77
1.82

2.37
2.44
2.25
2.27

2.80
2.95
.69
.61

1948—March. . . .
June
September.
December.

2.46
2.59
2.70
2.71

2.09
2.10
2.26
2.27

2.52

2.83
3 03
3 13
3.09

1,043

1.14

.82
.88

1.16
1.32
1.62

1.38

.950

1.04

1.54

1.50
L.50
L.50
L.50
L 50
L.50
L.50
L.63
L.63
L.63
L.63

.977
.996
.996
.997
.997
.998
.997
1.053
1.090
1.120
1.144
1.154

L.09
L.10
1.09
1.10
L.09
L.09
1.10
L.15
L.18
L.23
L.22
L.21

1.63
1.63
L.60
L.58
L.51
L.49
L.56
L.65
1.69
L.71
L.69

1M-1M 1.152

L.21
L.21
L.21
L.22
L.22

1.63

604

13^-1 % 1.153
1 i ^ _ i ^ 1.154
1.157
1.155

AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]

4

1
2

Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per3 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
4
Beginning Dec. 15, 1948, includes only the 2 per cent bond of
Dec. 15, 1952-54.
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.

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) 3

120

30

30

30

30

1.45
1.59
2.00

2.19
2.25
2.44

1 64
2 01
2.40

2 44
2 57
2.81

2.74
2 86
3.08

2 53
2 61
2.82

2.62
2 70
2.90

2.75
2.87
3.12

3 05
3 24
3.47

2 35
2
2
2
2
2

Total
Aaa

Number of issues
1946 average
1947 average
1948 average

By groups

By ratings

7 to 9
years

15
years
and
over

Aa

Baa

1947—December

1.86

2.39

2 86

3.12

2.86

2 94

3.16

3.52

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

2.09
2.08
2.03
1.99
1.89
1.89
1.96
2.05
2.04
2.05
2.00
1.94

2.45
2.45
2.45
2.44
2.42
2.41
2.44
2.45
2.45
2.45
2.44
5 2.44

45
55
52
38
31
26
2.33
2.45
2.46
2 ,45
2.42
2.26

2 85
2 84
2 81
2 77
2 74
2 73
2 80
2 86
2.85
2 85
2.86
2.81

3.12
3 12
3 10
3 05

2
2
2
2
2
2

3.17
3.17

09
09
3 11
3.12
3.09

2 84

2 94
2 93
2 90
.87
2 86
85
,89
2 94
2.93
2.94
2.92
2 .88

3.07
3 13
3.13
3.15
3.18
3.16

3 52
3 53
3 53
3 47
3 38
3 34
3 37
3 44
3.45
3.50
3.53
3.53

Week ending:
Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec. 31

1.96
1.95
1.94
1.93
1.92

2.44
2.44
62.44
2.43
2.43

2.34
2.29
2.25
2.23
2.21

2.84
2.82
2.81
2.80
2.77

3.11
3.10
3.10
3.08
3.07

2.81
2.80
2.80
2.78
2.76

2.90
2.89
2.89
2.87
2.85

3.17
3.17
3.17
3.15
3.14

3.54
3.55
3.54
3.53
3.51

1
2
4

3 04

86
85
83
78
76
76
-81

Industrial

Railroad

Public
utility

2 60
2 67
2.87

2.91
3.11
3.34

2.71
2.78
3.03

2 91

3.44
3.43
3.40
3.34
3.27
3.23
3.26
3.31
3.32
3.35
3.37
3.36

3.03
3.03
3.01
2.97
2.95
2.96
3.02
3.07
3.07
3 07
3.09
3.06

3.37
3.37
3.36
3.35
3.33

3.08
3.08
3.08
3.06
3.03

3 02

2.84

2.86
2.86
2.86
2.85
2.83

Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
* U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced
from
10
to
5
and
6
issues,
respectively,
and
the railroad Aaa and Aa groups from 10 to 5 issues.
5
Number of issues included decreased from 8 to 7 on Dec. 15, 1948.
Back figures,—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

JANUARY

1949




SECURITY MARKETS *
Bond prices

Stock prices*

Corporate 4
U. S.
Government2

Year, month, or week

Municipal
(highgrade) 3 Highgrade
Total

Number of issues

1-8

12

15

1946 average
1947 average
1948 average

104.77 140.1
103.76 132.8
100.84 125.3

1947—December

101.59

126.2

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

100.70
100.70
100.78
100.84
101.20
101.23
100.82
100.73
100.70
100.69
100.79
100.89

Week ending:
Dec. 4. .
Dec. 11. ..
Dec. 18. .
Dec. 2 4 . . . .
Dec. 31

100.82
100.84
100.84
100.94
100.98

Preferred6

Medium-grade
Industrial

Volume
of trading7 (in
thousands of
Public shares)
utility

Common (index, 1935-39=100)

Public
utility

Railroad

Total

Industrial

416

365

20

31

140
123
124

143
128
131

143
105
115

120
103
96

1,390
953
1,144

Railroad

102.8
95.2

15
198.5
184.7
168.7

82.1

97.6

172.1

122

129

104

94

1,170

82.1
82.2
82.2
83.5
87.2
89.8
89.1
86.9
86.8
85.8
85.1
84.5

96.0
96.0
96.3
96.7
95.0
95.6
95.6
95.0
94.6
94.4
93.6
93.6

169.5
167.5
170.1
169.9
171.1
173.4
170.8
166.9
166.5
163.8
166.2
168.7

120
114
116
125
130
135
132
127
126
128
120
119

126
119
122
131
137
143
139
134
132
134
126
126

107
102
105
115
123
126
125
120
120
121
109
106

95
93
93
96
99
101
100
97
97
97
94
93

895
857
974
1,467
1,980
1,406
1,171
684
836
929
1,375
1,155

84.7
84.5
84.5
84.4
84.5

93.4
93.6
93.6
93.7
93.9

167.9
168.3
168.7
169.1
169.5

118
120
119
119
120

124
126
126
125
126

107
107
106
104
106

93
93
93
93
93

1,176
1,163
1,015
1,007
1,405

14

97.5
92.1

102.6
96.3

88.2
85.4

92.7

99.7

124.5
122.6
123.1
125.7
127.1
127.8
126.6
124.4
124.0
124.5
125.0
127.8

103.2
98.7
97.9
98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
97.8
97.9
98.9

91.2
90.5
90.7
91.4
92.8
94.4
94.6
93.2
92.9
91.9
91.1
90.9

96.5
94.3
94.5
94.9
96.8
98.2
99.3
98.1
97.5
95.7
94.5
94.7

126.4
127.3
128.1
128.4
128.8

98.5
98.6
98.8
99.0
99.5

90.8
90.9
90.9
91.0
91.1

94.5
94.6
94.7
94.8
95.0

1

Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
* Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from average yields, as computed by Standard and Poor's Corporation.
* Standard and Poor's Corporation.
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.
1
4
8
7

NEW SECURITY ISSUES
[In millions of dollars]
For new capital

Year or month

Total
(new
and
refunding)

Domestic
Total
(domestic
and
forTotal
eign)

State
and
municipal

5,790
4,803
5,546
2,114
2,169
4,216
8,006
8,645
39,611

2,277
1,951
2,854
1,075
642
913
1,772
4,645
37,451

1947—November
December

705
1,160

571
1,029

571
1,024

101
99

1948—January..
February.
March. . .
April
May

541
837
1,374
936
652
954

495
782
1,222
769
591
888

495
781
1,221
768
591
888

114
217
630
156
182
283
118
237

571
652

569
651

118
273

583

583

150

1939
1940
1941
1942
1943
1944
1945
1946
1947

June

July
August...
September
October . .
November

For refunding

763
706

660
733
656

679
531

Federal
agen-1
cies Total

2,239
931 924
1,948
751 461
2,852
518 1,272
1,075
342 108
90
640
176
235
896
15
471
1,761
26
952 127
4,635
7,139 2,228 203

679
528

Domestic
Corporate

Foreign2

Bonds
and Stocks
notes

287
97
383
601
135
736
889
173
1,062
506
118
624
282
92
374
422
224
646
1,264
607
657
3,556 2,084 1,472
4,708 3,493 1,215

38
2
1

Total
(domestic
and
forTotal
eign)

17
12
10
68

3,513
2,852
2,693
1,039
1,527
3,303
6,234
4,000
2,160

3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,983

2

State
and
municipal

Federal
agen-1
cies Total

195 1,537
344
482
698
435
440
181
259
497
418
404
912
324
734
208
422
44

Corporate
Bonds
and Stocks
notes

1,733 1,596
2,026 1,834
1,557 1,430
418
407
685
603
2,466 2,178
4,937 4,281
2,953 2,352
1,517 1,236

470
925

336
780

134
144

5

134
130

134
130

2
2

48
45

84
83

78
80

39
31
50
35
21

365
526
560
562
374
584

323
348
531
432
293
436

41
178
29
131
81
149

1
2
2

46
56
152
166
61
66

46
56
152
166
61
66

2
3
1
1
8
3

42
39
54
114
49
34

3
14
97
50
4
29

3
13
87
50
3
29

67
35

494
256

484
194

85
175

2
50

68
123

15
2

364
328

85
175

15
2

450
378

10
61

26
19

13
19

73

73

2

56

16

16

16

4

433

409

87
50
24

3
4

2
1

89
81

89
81

1
6

62
56

Foreign1

137
193
126
11
82
288
656
601
281

48
4
86

15
61
105
177

6
3
1
10

i
13

1
2
3
4

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.
Excludes the Shell Petroleum Company issue of 250 million dollars, placed privately. This issue is considered a foreign issue by the Department of Commerce but is not included with such issues because the foreign category does not reflect private placements.
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.

52



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
proceeds2 proceeds3

New money
Total

Plant and
equipment

Retirement of securities
Working
capital

Total

Bonds and
notes

Preferred
stock

Repayment
of
other debt

Other
purposes

1934
1935..
1936
1937..
1938
1939
1940
1941 .
1942
1943
1944
1945
1946
1947

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466

57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,591

32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,409

26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,182

231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352

231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155

71
226
190
87
59
128
100
30
72
351
438
476
196

84
170
154
111
215
69
174
144
138
73
49
134
379
356

11
23
49
36
7
26
19
28
35
27
47
133
231
168

1947—November
December

542
1,170

528
1,155

425
1,026

354
905

71
121

76
53

69
51

7
2

19
43

7
33

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

346
613
688
636
405
654
574
244
473
'705
494

340
594
679
626
395
642
564
238
465
r
697
488

294
546
560
434
356
563
424
222
399
r
666
451

193
309
343
334
297
449
307
164
293

101
237
217
100
60
114
117
58
106
128
98

6
26
84
62
1
29
8
4
14
10
8

6
14
83
62
1
4
8
4
10
10

26
22
30
104
20
45
91
11
28
18
26

14
1
6
25
18
5
40
1
24
2
3

"•538
353

12
1
26
4

"s"

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]

Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946 . . .
1947

172

704

21

120

57
139
228
24
85
115
253
32
46
102
115

54
558
110
30
97
186
108
15
114
500
1,320

129

571
35

283

240

1947—November..
December. .

37
20

37
20

1948—January... .
February...
March
April
May

23
34
80
51
24
83
68
30
41
62
71

23
34
42
32
24
69
68
29
41
62
71

July
August
September..
October... .
November..

Real estate and financial

All
RetireAll
RetireTotal
Retire- All Total
Retire- All Total
Total
net
New ment of other
net
New ment of other
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
ties
poses ceeds
poses ceeds
ties
ties
ceeds

120
774
338
54
182
319
361
47
160
602
1,436

June

Industrial

Public utility

Railroad

31

10
77
1

"is"

3
8

37
19
14
1

130

11

L.25O
30
1,987
63
751
89
L,208 180
1,246
43
L,180 245
340 317
145
464
22
469
1,400
40
2,291
69
2,129
785
3,212 2,188

77

1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,252
939

278
510

246
498

31
8

164
119
320
265
216
403
176
75
262
'244
228

149
106
281
233
209
363
149
73
226
'236
209

6
12
34
14

29
2
14
7
8

42

30
27
50
86
47
13
30
27
25
17
63
93

84
1
4
9

5
17
7
11
27
"'23'
1
11

62

25

34

550
774
74
761
1,280
439
373
1,079
616
226
831
469
353
584
188
738
961
167
463
828
244
89
527
293
199
497
228
454
504
1,033
1,969
811 1,010
981
3,601 2,201
2,686 1,974
353

193
593

127
497

95
425
123
269
152
93
275
123
118
r

70
390
83
154
120
70
168
113
108
P
361
163

382
180

45
43
14
13
24
1
3'
3

2
150
80
90
136
43
56
121
146
71
76
148
419
359

20
122
390
71
16
102
155
94
4
21
107
206
323
286

46
218
57
8
9
42
55
4
13
61
85
164
189

72
152
7
7
88
9
18

19
4
20
7
1
5
104
21

4
42
65
64
24

4
3
56
95
73

21
53

21
33

15
11

1
3

5
19

25
21
27
91
31
23
104
10
10
19
17

57
16
157
41
4
62
45
10
43
9
9

52
15
153
15
3
60
39
8
25
8
8

5

5
1
3
21

6*
2

2
19
1
1

r

Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3
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.
1

2

JANUARY

1949




53

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits, 1 by industrial groups
Manufacturing and imining
Year or quarter
Total

Machinery

629

47

69

15

1,465
1,818
2,163
1,769
1,800
1,896
1,965
32,552
3,671

146
278

115
158

223
242

204
194
189
282
437

165
174
164
3 171
334

340
586
705
3 855

22
67
96
97

-3
31
33
3 62

871

126

70

94

866

100

83

105

Number of companies.
Annual

1939
1940
1941
1942
1943
1944
1945
1946
1947

. .

Quarterly
1946—i
2
3

4
1947—i
2

900
1,033

3

4 .
1948—i
2
3

NonOther
trans- ferrous
Au- portametals
tomo- tion
and
biles equip- products
ment

Iron
and
steel

1 023
1,101
1,178

325
226

100
112

193
159

77
105

274
209

201
222
241
131
417
4

89

129

92
93

151
163

102
173
227
182

Oil
Foods, producIndusbevertrial
ing
ages,
chemiand
and
cals
refintobacco ing

Other
nondurable
goods

Common

30

80

74

152

152

152

98
112

186
194

134
160

122
132

564
669

207
164

187
136

152
161

847
1,028
1,137

90
90

174
152

705
552

75

49

45

119
133

70
88

151
148

153
138

113
90

159
151

83
88
90
3
163
239

162
175
199
357
354

186
220
224
281
480

149
147
155
302
370

171
184
202
324
293

888

128
115
109
135
198

170
187
187
275
345

902
970
996
31,144
1,786

92
88

86
86
85
81
88

556
611
628
662
841

-5
50
40
4 44

20
26
40
49

13
35
41
»56

65
74
95
124

56
62
77
86

63
66
67
79

61
73
77
91

82
81
95
66

116
250
312
8
417

20
20
20
21

146
154
149
213

44 49
53
4
57
4
46

47

51

98

89

88

96

63

421

20

177

46

58

110

92

71

432

121
160

93
90

432
501

23

81
88

80
80

192

59
71

64

87

45
59

4
4

46

64

77

192

91

101

57

523

22

190
283
207

53
59

71
78

86
91

194
186

98
103

100
107

77
80

559
610

22
22

218
223

4
4

103
115

114

77

180
190
207
129
205

—34
22
43
100

110
150

68

Other
durable
goods

Dividends
MiscellaNet 1
neous profits
serv-2
Preices
ferred

64
69
* 68

85
108

22
23

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad

Electric power 6

5

Income
before
Net
income income 1
tax a

Telephone 7

Operating
revenue

Income
before
Net
income income x
tax s

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685

249
674
1,658
2,211
1,972
756
273
778

189
500
902
873
667
450
289
480

159
186
202
217
246
246
235
236

2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,244

692
774
847
913
902
905
970
961

548
527
490
502
507
534
647
652

447
437
408
410
398
407
456
470

^ .067
1,129
1,235
L.362
1,537
1,641
1,803
.992
2,149

248
271
302
374
399
396
277
192

194
178
163
180
174
177
200
131

178
172
163
168
168
174
171
133

1,869
1,703
2,047
2,008

39
-57
161
130

14
-45
128
191

56
52
41
85

967
919
931
998

303
225
212
229

196
151
143
157

107
109
109
130

475
497
502
519

84
75
56
62

54
53
44
49

43
43
43
42

4

2,039
2,111
2,177
2,357

166
189
184
239

89
121
112
157

44
52
38
103

1,075
1,028
1,024
1,118

191
166
135
160

115
115
111
129

527
478
555
589

67
29
38
58

44
21
27
39

40
32
32
30

1948—i
2
3

2,243
2,363
2,555

144
285

72
185

57
56

186
156

131
115

607
627

64
71

395

245

53

1,202
1,118
1,146

289
247
196
228
284
233
211

143

115

641

64

43
48

39
44

Year or quarter

Annual
....

1939.
1940
1941
1942
1943
1944
1945
1946
1947

. .

1946—i

Quarterly

2

3
4

.

.

.

.

1947—1
2
3

126

93

Dividends

126

Operating
revenue

629

535

Dividends

444

Operating
revenue

Income
before
Net
income
income x
tax 8

227

191

44

Dividends

175

47

1
2

"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation
other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
3
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts
(in millions6 of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
6
Class
A
and
B
electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).




FEDERAL RESERVE

BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues 1

Nonmarketable public issues

Total
gross
direct
debt

Total
interestbearing
direct
Total
debt

1941—Dec
1942—June
Dec
1943—June
Dec
1944—June
Dec
1945—June
Dec
1946—June
Dec
1947—Tune
Dec

57.938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900

57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
257,649
255,113
254,205

41,562
2,002
50,573 2,508
76,488 6,627
95,310 11,864
115,230 13,072
140,401 14,734
161,648 16,428
181,319 17,041
198,778 17,037
189,606 17,039
176,613 17,033
168,702 15,775
165,758 15,136

3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220

5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375

33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863

8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492

6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053

2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384

1948—Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec

256,574
254,605
252,990
252,240
252,236
252,292
253,374
253,049
252,687
252,460
252,506
252,800

253,958
252,100
250,634
249,920
249,958
250,063
251,168
250,875
250,518
250,300
250,391
250,579

164,917
162,759
161,339
160,875
160,888
160,346
159,560
159,132
158,319
157,920
157,731
157,482

14,838
14,438
13,945
13,748
13,761
13,757
13,266
12,838
12,628
12,607
12,418
12,224

20,677
18,920
20,331
20,065
20,065
22,588
22,294
22,294
22,294
26,008
26,008
26,525

11,375
11,375
11,375
11,375
11,375
11,375
11,375
11.375
11.223
7,131
7,131
7,131

117,863
117,863
115,524
115,524
115,524
112,462
112,462
112,462
112,011
112,011
112,011
111,440

59,893
60,095
60,023
59,843
59,747
59,506
60,822
60,856
60,978
61,157
61,261
61,383

52,479
52,793
52,988
53,065
53,143
53,274
54,607
54,704
54,776
54,860
54,944
55,051

5,403
5,327
5,100
4,886
4,741
4,394
4,386
4,340
4,404
4,517
4,552
4,572

End of month

CertifiTreasury cates of Treasury Treasury Total
indebtbonds
bills
notes
edness

2

2

Noninterestbearing
direct
debt

Fully
guaranteed interestbearing
securities

6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955

487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695

6,317
4,549
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
76

29,148
29,246
29,272
29,201
29,323
30,211
30,787
30,887
31,221
31,223
31,400
31,714

2,616
2,505
2,356
2,320
2,278
2,229
2,206
2,175
2,170
2,161
2,115
2,220

72
74
73
70
70
69
51
47
46
48
53
51

Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes

1
2

Including amounts held by Government agencies and trust funds, which aggregated 5,492 million dollars on Nov. 30, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary, Armed Forces Leave bonds, and 23^ per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES SAVINGS BONDS
[In millions of dollars]

UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING DECEMBER 31, 1948
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate Amount
Treas u r y bills i
Jan. 6, 1949 . . .
Jan. 13, 1949
Jan. 20, 1949
Jan. 27, 1949
Feb. 3, 1949
Feb. 10, 1949
Feb. 17, 1949
Feb. 24, 1949
Mar. 3, 1949
Mar. 10, 1949
. '.'.'.
Mar. 17, 1949
Mar. 24, 1949
Mar.. 31, 1949
Cert, of indebtedness
Jan. 1, 1949
Feb. 1, 1949
1
Mar. 1, 1949
1
Apr. 1, 1949
, .1
June 1, 1949
1
Tuly 1, 1949
1
Oct. 1, 1949
l
Dec. 15, 1949

Treasury notes
Jan.
Apr.

1, 1949
1, 1950

1H
\H

Treasury bonds
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51

2
2
2

3,535
3,596

\\i

1

bonds—Cont.
1951-54 2.2%
1951-53.
55
1951-55 2
1951-53 *
1951-55.
1952-54.
2
1952-54
1952-55. 2lA
1952-54 2 2
1953-55 2 . . . 2
1954-56 . 2 \ i
1955-60 2 . 2 ^
1956-58. .2H
1956-59 2.2%
1956-59. .2XA
1958-63 2.2%
1959-62 3. 2 M
1959-62 3.2*4
1960-65 2.2%
1962-67 ' . 2 ^
1963-68 ' . 2 H
1964-69 3.2H
1964-69 3.2K
1965-70 3. 2 Yi
1966-71 3 . 2 ^
1967-72 %.lYi
1967-72. .2K
1967-72 3.2 3^

Postal savings
bonds

Amount

Month

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

Fiscal year
ending:
June—1941. .
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1947—Dec...
1948—Jan
Feb.. . .
Mar....
Apr
May.. .

113

1,014
50
1,292 Panama Canal Loan. 3
2,098
Total direct issues
157,482

Dec. 15, 1949-52 2 .3^
491
Dec. 15, 1949-532.2 Vi 1,786
Mar. 15, 1950-52
2 1,963
Sept. 15, 1950-522.2 H
1,186
Sept. 15, 1950-52
2 4,939

Dec. 15, 1950

Issue and coupon rate

Treasury
June
15,,
J
S
Sept. 15,
Sept. 15,
Dec. 15,
Dec. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
June
15,
1 ,103
1 ,001 Mar. 15,
Mar. 15,
1 ,102
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
1 ,101
902
901
901
801
901
803
900
901
905

In millions

2,635

Guaranteed securities
Federal Housing Admin.
Various

14

Sold on discount basis. See table on Open-Market Money Rates,
p. 351.
2 Partially tax exempt.
Restricted.

JANUARY

1949




June. . .

July...
Aug
Sept....
Oct.. . .
Nov
Dec.. . .

Redempfrom sales during tions
and
Amount Funds received
period
outmaturities
standing
at end of
All
All
Series Series Series
month series
E
F
G
series

4,314 1,492
10,188 5,994
21,256 11,789
34,606 15,498
45,586 14,891
49,035 9,612
51,367 7,208
53,274 6,235
52,053
487
52,479
770
607
52,793
588
52,988
468
53,065
432
53,143
497
53,274
54,607 1,673
473
54,704
412
54,776
415
54,860
419
54,944
540
55,051

203

67
435
758
802
679
407
360
301
24
44
40
30
20
17
19
246
18
14
14
15
22

3,526
8,271
11,820
11,553
6,739
4,287
4,026
325
479
367
383
320
305
341
379
334
304
305
308
399

395

2,032
2,759
2,876
2,658
2,465
2,561
1,907

148
207
848

2,371
4,298
6,717
5,545
5,113
434
454
364
462
452
428
465
438
442
407
393
406
432

137
248
201
175
128
110
136

1,048

122
94
96
95
120

Maturities and amounts outstanding December 31, 1948
Year of
maturity
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
Unclassified. .
Total

All
series

Series
D

822
995
1,557
4,063
7,126
9,251
8,044
5,899
5,777
6,086
2,440
2,918
71

823
995

55,051

2,250

433

Series

E

1,124
4,063
5,835
6,654
5,336
2,780
3,013
3,372

32,177

Series

Series
G

202

517
555
635
509
289
316
471

1,089
2,080
2,154
2,484
2,255
2,424
2,124
2,447

3,495

17,058

F

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Gross debt
Held by nonbank investors

Held by banks
End of
month

Total
interestbearing
securities

Total
Total

Commericall
banks

Federal
Reserve
Banks

Total

Individuals

Insurance
companies

Mutual
savings
banks

Other
corporations
and
associations 2

State
and
local
governments

U. S. Government agencies
and trust funds
Special
issues

Public
issues

1940—June...
1941—June...
1942—June...
1943—June...
1944—June...
1945—June...
1946—June...
Dec... .
1947—June...
Dec...

47,874
54,747
76,517
139,472
201,059
256,766
268,578
257,980
255,197
254,281

48,496
55,332
76,991
140,796
202,626
259,115
269,898
259,487
258,358
256,981

18,566
21,884
28,645
59,402
83,301
105,992
108,183
97,850
91,872
91,259

16,100
19,700
26,000
52,200
68,400
84,200
84,400
74,500
70,000
68,700

2,466
2,184
2,645
7,202
14,901
21,792
23,783
23,350
21,872
22,559

29,930
33,448
48,346
81,394
119,325
153,123
161,715
161,637
166,486
165,722

10,300
11,500
18,400
31,700
46,500
59,800
64,100
64,900
67,100
66,600

6,500
7,100
9,200
13,100
17,300
22,700
25,300
25,300
25,000
24,300

3,100
3,400
3,900
5,300
7,300
9,600
11,500
11,800
12,100
12,000

2,500
2,400
5,400
15,500
25,900
30,900
25,300
22,400
22,300
21,200

400
600
900
1,500
3,200
5,300
6,500
6,300
7,100
7,300

4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955

2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,397

1948—May...
June...
July...
Aug
Sept.. .
Oct.. . .

250,028
250,132
251,219
250,921
250,564
250,348

252,311
252,366
253,429
253,101
252,738
252,513

86,262
85,966
86,525
86,477
85,913
86,142

65,600
64,600
65,200
64,900
62,500
63,100

20,662
21,366
21,325
21,577
23,413
23,042

166,049
166,400
166,904
166,624
166,825
166,371

'66,900
'67,000
'67,200
'67,300
'67,300
67,400

23,400
23,200
23,000
22,600
22,300
21,900

12,000
12,000
12,000
11,900
11,700
11,600

'21,200
'20,700
'20,400
'20,500
'20,800
20,700

'7,700
'7,800
'7,900
'8,000
'7,800
7,800

29,323
30,211
30,787
30,877
31,221
31,223

5,556
5,538
5,580
5,568
5,606
5,626

r

Revised.
Including holdings by banks in territories and insular posessions, which amounted to 400 million dollars on June 30, 1948.
Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury
Bulletin because of rounding.
1

2

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
U. S.

End of month

Fed- Com- MuTotal Govt.
agen- eral- mer- tual
outsavcial
cies
Restand- and serve banks ings
ing
trust Banks C1) banks
funds

Insurance Other
companies

Type of
security:
Total:2
1946—June
1947—June....
Dec
1948—June
1948—Sept
Oct
Treasury bills:
1946—June
1947—June
Dec
1948—June
1948—Sept.. . .
Oct
Certificates:
1946—June....
1947—June
Dec
1948—June
1948—Sept.. . .
Oct
Treasury notes:
1946—June
1947—June....
Dec
1948—June....
1948—Sept
Oct.
Treasury bonds:
1946—June....
1947—June
Dec
1948—June.
1948—Sept.
Oct

189 ,649
168 ,740
165 ,791
160 ,373
158 ,333
157 ,934

6
5
5
5
5
5

768
409
261
402
481
501

23 ,783 76,578
21 ,872 62,961
22 ,559 61,370
21 ,366 57,599
23 ,413 55,318
23 ,042 55,848

11
11
11
11
11
11

220
845
552
522
148
037

24
23
22
21
20
20

285
969
895
705
642
244

47,015
42,684
42,154
42,779
42,331
42,262

2,052
2,345
2,191
3,378
16,676
8,536
6,538
8,552
7,474
8,719

3
1
25
58
69
78

1 1,425
479
1
154 1,454
112 2,650
274 2,992
280 3,676

243
249
200
317
240
331

576 10,438
362 9,821
269 7,386
479 8,610
572 8,808
681 10,106

11 ,223
7 LSI

1 ,748
369
1 ,477
1 ,968
1 ,954
871

11,396
4,855
5,327
4,531
4,341
2,965

227
183
98
98
165
96

623
285
245
223
262
169

4,258
2,443
4,224
4,555
4,501
3,030

119 ,323
119 ,323
117 ,863
112 ,462
112 ,011
112 ,011

755
6 ,654
727
5 ,306
5 ,173 2 ,853
5 ,336 6 ,206
5 ,343 9 ,260
5 ,342 10 ,925

47,335
48,756
47,424
42,146
41,292
40,767

23 073
23 305
22 213
20 880
10 ,673 19 ,526
10 531 19 106

30,763
29,822
28,974
26,847
25,917
25,340

17 ,039
15 ,775
15 ,136
13 ,757
12 ,628
12 ,607

2
11
18
15
78
97

34 ,804
25 ,296
21 ,220
22 ,588

58 6 ,813
48 6 ,280
30 6 ,797
14 4 ,616
24 5 ,176
24 6 ,147

22 ,294
26 ,008
18 ,261
8 ,142
11 ,375
11 ,375

9
7
4

14 ,466
14 ,496
11 ,433
8 ,577
7 ,024
5 ,098

1,142

787

10
11
11
11

743
407
226
047

End of month

Total
outstanding

Treasury bonds
and notes, due
or callable:
Within 1 year:
1946—June
1947—June
Dec
1948—June....
1948—Sept.. . .
Oct
1-5 years:
1946—June....
1947—June
Dec
1948—June....
1948—Sept.. . .
Oct
5-10 years:
1946—June
1947—June
Dec
1948—June... .
1948—Sept
Oct
10-20 years:
1946—June
1947—June....
Dec
1948—June....
1948—Sept
Oct
After 20 years:
1946—June....
1947—June
Dec
1948—June
1948—Sept
Oct

10,119
11,255
14,263
13,411
10,505
6,413
35,055
42,522
49,948
46,124
48,428
48,428
32,847
18,932
10,270
10,464
10,464
10,464
37,189
40,352
54,757
53,838
53,838
53,838

U. S.
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
cies
sav- ance Other
Recial
and serve banks ings comtrust Banks C1) banks panies
funds

4 1 431
251
83
69 1 693
19 2 070
19 1 662
19
575

5,655
6,936
8,244
5,922
4,219
2,829

443
469
344 1
318 2
318 3
318 3

797
698
377
636
316
689

25,285
29,917
33,415
30,580
31,468
31,070

716
423
370
314

135 21,933
40 11,577
426 6,090
546 6,251

314
314

529
513

116
374
266
171
236
164
1
1
1
1
1

495
420
316
273
276
172

2 ,418
3 ,191
3 ,675
4 ,956
4 ,093
2 ,654

1 ,506
2 ,671
3 ,046
2 ,790
853 2 ,686
890 2 ,720

6 ,315

709
574
876
829

6,275
6,266

1 609
1 245
576
506
525
548

83 3,308
3,400
78 2,587
3,374
834 5,003
4,393
4,685 2 ,921 3,922
4,692 5 ,707 3,672
4,692 7 ,019 3,568

6 026
6 751
8 606
8 639
8 ,224
8 026

22,372 2,103
964
14,405

7 ,193

9 ,890

7 ,971

8 ,787
8 ,741

2 ,822 5 ,632
2 ,002 3 ,645
880 1 ,928
911 1 ,936
922 1 ,899
959 1 ,864
12 ,547
15 ,137
18 ,211
17 ,129

11 ,825
12 ,425
17 ,710
16 ,542

15 ,905 15 ,638
15 ,424 15 ,109

57 2,550 2 ,510 6 ,325 8 ,827
29 2,593 1 ,649 3 ,358 5 ,812

* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable
issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.

56



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
On basis of daily statements of United States Treas u r y

Fiscal
year or
month

Fiscal year:
1946
1947
1948
1947—Dec...
1948—Jan...
Feb...
Mar..
Apr...
May..
June. .
July. .
Aug.. .
Sept..
Oct...
Nov...
Dec. .

Net Budget
exreceipts 1 penditures

Budget
surplus

(+) or
deficit

during period
Trust Clearing
acaccounts
etc.2 count 2

—524
43,038 63,714 —20,676
+754 — 1,103 +555
43,259 5 42,505
44,746 39,326 +5,419 +2,706 —507
-80
-468
4,246 3,224 + 1,022
+259 +222
4,275 2,879 +1,396
-194 -101
4,336 2,402 +1,934
-53
-86
6,334 3,546 +2,788
+86 +226
-302
2,806 3,109
+378 - 1 4 4
+103
2,707 5 2,604
5,102 7,261 - 2 , 1 5 9 +2,315 - 2 2 6
-178 s +700
2,236 6 3,698 - 1 , 4 6 2
+10 - 2 8 9
+362
2,569 2,207
-570
4,589 2,915 +1,674
+9
- 1 4 4 +174
-584
2,140 2,724
-30
-158
-275
2,583 2,859
-718 -163
+410
4,055 3,644

Gross
debt

Assets
Balance
in
general
fund

General
fund
balance

Deposits in

+10 740 — 10 460 14,238
— 11,136 - 1 0 , 9 3 0 3,308
—5 994 + 1 624 4,932
- 8 3 8 3,097
-1,312
- 3 2 6 + 1,551 4,648
- 3 3 0 4,318
-1,969
- 1 , 6 1 5 +1,035 5,353
- 7 4 1 4,612
-750
-3
+334 4,946
- 1 4 4,932
+56
+141 5,074
+1,082
- 2 4 1 4,832
-324
+751 5,583
-362
- 7 8 1 4,802
-227
- 4 1 7 4,385
+46
- 1 7 7 4,208
+294

DETAILS OF TREASURY

Fiscal year
or month

Fiscal year:
1946
1947
1948
1947—D ec
1948—j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Total Withreceipts 1 byheld
em- Other
ployers
44,276 9,392 21,493
44,718 10,013 19,292
46,362 11,436 19,735
880 1,889
4,260
624 2,613
4,310
4 614 1 563 1,597
4,168
6,365
998
1 174
2 881
684
428
3,083 1,358
695 3 006
5 119
719
2,300
535
403
2,948 1,165
694
2,939
4,597
537
643
2,199
2,941 1,198
385
4,062
714 2,328

Miscellaneous
internal
revenue
7,725
8,049
8,301
767
656
629
739
662

Social
Security
taxes

14,708
3,730
5 370
3,454
5,042
4,664
5,692
5,037
5,327
5,370
5,506
5,229
6,020
5,205
4,813
4,630

2,886
1,929
420
53
241

180
83

108
86

501

673
694

401
145

49
364

677
742
676
768

67
410
130
65

71
51
41
32

768
702

26
32

386
134

708
1 006 12,993
962 1,565
1,202
1 928 1,773 1 670
968 1,621
866
959 1,828
2,256
1,571 1,434 1,658
1,972 1,972 1,749
1,236 2,156 1,645
1,714 2,007 1,606
1,928 1,773 1,670
1,755 2,081 1,671
1,919 1,741 1,568
1,664 2,703 1,653
1,608 1,976 1,621
1,601 1,621 1,591
1,123 1,909 1,599

Cash
income

Cash
outgo

Excess
income

(+) or
outgo

470 47 784 65 683 — 17 899
422 46,637 39,978 + 6 659
438 47 680 38 744 + 8 936
357 4,037 3,526
+510
394 4,552 2,566 + 1,986
346 4,727 2,903 +1,824
339 6,479 3,877 +2,601
425 2,969 2,965
+4
381 3,334 2,871
+462
438 5,105 4,357
+ 748
433 2,404 2,765
-361
397 3,227 3,005
+221
437 4,713 3,275 +1,438
403 2,319 2,835
-516
428 3,234 3,509
-275
422

RECEIPTS
On basis of reports by collectors of internal revenue

Surplus Other
property
rereceipts ceipts 7

1,714
2,039
2,396
145
51
423

Total
liaOther biliassets ties

Fed- Speeral
cial
Reserve 3 depositaries
Banks

Total

On basis of daily statements of United States Treasury
Income taxes

Cash operating

General fund of the Treasury (end of period)

Increase (+) or

Individual
income taxes
Withheld

Other

3,451 9,858
2,439 9,842
2,565 11,534
159
36
313
645
162 2,250
173
192

175
215

231
178
118
153

178
152

279

1,165
1,670
154

Corporation income
and profits taxes
Normal Excess
and
surtax profits

8,847
9,501
9,464
408
2,338
1,004
2,034

4,640
6,055
9,852
1,463
473
326
2,276

602

376

167
1,111

268
1,877

849

228
101

133
808

1,016

432
283

1,947

157
85

448
263

1,543
1,564

Excise
and
Estate other
and
miscelgift
laneous
taxes

Other
profits

7,822
3,566
305
24
17
22

91

677

1
1

779
899
65
72
56

7,036
7,285
7,412
691
562
586

17
16

1
2

125
118

603
578

95
56
59
61
58

608
674
660
r

20
13
17
13
19
16
15

55
18
1
1
4

75
61

1
2
1
1
2

584
629

654
693

DETAILS OF BUDGET EXPENDITURES AND TRUST ,ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total

InternatVeterans' ional
Interfiest on National Addebt defense minis- nance
tration and r
aid

Aid
to
agriculture

Trust accounts, etc.
Social Security
accounts

Refunds
of
taxes

Transfers
to
trust Other Net
acrecounts
ceipts

ExInRevest- pendi- ceipts
ments tures

Other
Expendit
Invest- Foreign
ments Economic
Cooper- Other
ation

Fiscal year:
727 - 2 0 3 3,034 1,927 1,766 2,978 1,261 1,656 4,735 2 407
2 912
63 714 4,722 48,870 2,871
1946
2,476
42,505 4,958 16,766 6,442 4,928 1,229 3,050 1,361 3,772 3,235 1,785 1,509 5 3,009 1,577
1947
5
812 2,326 54,178 4,975 3,918 2,210 1,640 5,598
850
2,109
39,326 5,211 11,364 6,317 4,143
1948
24
80
119
53
333
153
25
116
83
226
545
972
987
441
3,224
1947—Dec
66
254
68
78
453
126
313
73
516
228
401
1,063
93
2,879
1948—Jan
21
11
433
230
182
364
134
149
69
518
269
142
846
384
2,402
Feb
28
17
92
51
465
321
152
185
110
579
600
608
845
133
3,546
28
Mar
71
173
-34
7
162
150
475
42
555
338
571
154
903
125
3 109
Apr
1
577
352
388
106
142
101
10
28
530
124
930
251
43
2,604
May
348
491
233 6 3,077
553
174 «3,475
349
31
559
1,508
929
433
432
57,261
June
6
611
455
609
152
276
142
362
250
-43
286 " 1,155 6 772
183
155
145
3,698
July
13
607
430
72
100
186
100
21
110
530
114
800
192
138
198
2,207
Aug
6
38
53
304
140
552
135
23
256
481
570
715
196
80
282
2,915
Sept
80
159
46
1
2
132
524
128
18
275
482
212
931
226
67
174
2,724
Oct
585
144
137
105
584
122
72
347
957
2,859
20
6
321
49
206
612
Nov
208
292
158
74
105
^961
499
3,644 1,112
Dec
8
1 P514
47
P171 P2S5
554
r
p
Revised.
Preliminary.
1
Net receipts are total receipts less social security
employment taxes, which are appropriated directly to the Federal old-age and survivors
2
insurance trust fund.
Excess of receipts ( +) or expenditures ( —).
*4 Excluding items in process of collection beginning with July 1947.
For description, see Treasury Bulletin for September 1947.
6
Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months.
6
Change in classification.
7
Including receipts from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 1,063; 279, and 161 million dollars,
respectively.
JANUARY 1949




57

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 *
CommodiLoans ties,
resupceiv- plies,
able
and
materials

Corporation or agency
Total Cash

All agencies:
Sept. 30, 1947
Dec. 31, 1947
Mar. 31, 1948

31,037
30,966
31,107

1,556 9,212 1,093 1,725 3,553 12,662
822 1,685 3,539 12,600
1,481 9,714
570 1,845 3,526 12,535
1,369 10,134

Mar. 31, 1948 3
19,912
646 10,134
20,120 1,042 10,373
June 30, 1948 3
20,687
751 10,573
Sept. 30, 1948 3
Classification by agency,
Sept. 30, 1948 3
Department of Agriculture:
Farm Credit Administration:
337
273
Banks for cooperatives
512
596
Federal intermediate credit banks
99
Production credit corporations. . .
2
Regional Agricultural Credit Corp.
Agricultural Marketing Act Re1
2
volving Fund
()
74
87
Federal Farm Mortgage Corp
10
922
956
Rural Electrification Administration
22
308
1,115
462
Commodity Credit Corp
267
28
358
Farmers' Home Administration
28
43
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration s
Federal Housing Administration... .
Federal National Mortgage Association

767

U. S. PriBonds, notes,
Gov- vately
DeLand, ferred
and debenern- owned
structures
payable
ment
and Othe]
Other inter- intertures, undisasliabil- est
est
U. S.
and
tribsets Fully
ities
Govt. Other
equip- uted
secuguarsecu- rities2 ment charges
anteed Other
rities
by U.S.
Investments

26

198
424
1,808
212
100

462
251
328

1,845 3,524 2,723
1,684 3,531 2,458
1,811 3,525 2,423

283
247
245

953
879
882

667
689
781

101
479
11
771
17 1,258

781
863
1,063

2,144 28,005
2,037 28,015
1,868 28,233

138
143
150

17,764
17,875
18,225

150
154
159

1,142
1,187
1,239

268
47

51
543

98
2
1
610
8
6

296

486

252

417

120

1,451
1

136

Reconstruction Finance Corp.6

2,068

927

1,031

110 1,958

Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority

2,116
1,066
222
813
7,298

2,100
(4)
89
2
3,801

15
9
2
5
14

141 1,975
35 1,031
222
799
7,271

All other7

1^054
3,385

(
131
783
52

142

4
194
16
405
21 1,787
149
49
3
97

194
12

393
296
22
100

2
84
956
470
350
37

(*)

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1948 3
Purpose of loan

To aid agriculture
To aid home owners
To aid industry:

Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
88

512

275

Home
Com- Rural
Elec- FarmOwnmodity trificaers'
ers'
Credit
Home Loan
tion
Corp. Adm.
Adm. Corp.
314

923

542
395

Other
To aid financial institutions:
Banks
Other
• •
Other
Less: Reserve for losses
Total loans receivable (net).. .

4
" " 14 " ( ) "
512
74

ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
1

(4)
179

1

143
240

3

6

1

274

3

295
1

273

308

922

267

393

296

All
other

June 30,
All
1948,
agenall
cies agencies

7 2,660
122
697

2,386
633
147
260

(4)
486

146
275
4
5
(4)
491
5
221 '2^108 '3,750 6,079
195
592
102
7
371
7
57

5
481
6,214
611
364

486

927 2,100 4,015 10,573

10,373

3
34

*1 Includes certain business type activities of the U. S. Government.
Assets are shown on a net basis, i. e., after reserve for losses.
2
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development
and its subscriptions of 2,750 million to the International Monetary Fund.
3
Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly dates
shown
above, are as of Mar. 31,
1947. Inclusion of current data for the Commission will be resumed when available.
4
5
Less than $500,000.
Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, and
Veteran's Re-use Housing program, which were previously shown under "All other," as well as Public Housing Administration activities under
the United
States Housing Act, as amended.
6
Includes War Damage Corporation, Smaller War Plants Corporation, and Defense Homes Corporation, all of which are in liquidation.
7
Certain activities previously included are now shown under "Public Housing Administration"; see footnote 5. Figures for one small agency
included herein are for a date other than Sept. 30, 1948.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the
BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.

58



FEDERAL RESERVE

BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
1923-25 = 100

Industrial production
(physical volume)*1
1935-39 = 100

Year and month

Manufactures
Total
Durable

Nondurable

Minerals

Total

Residential

Employment >
1939 - 100

All
other

Nonagricultural

Factory

DepartWholeFacsale
Freight ment
Contory carloadstore sumers'
compay
sales
ings*
prices modity
rolls « 1935-39
(val- 1935-39
prices3
1939 = = 100 ue)**
100
1935-39 = 100 =1926
100
= 100

AdAdAdAdAd- Unad- AdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925

Adjusted

Unadjusted

Unadjusted
138
154
97
96
100
98
103

72
75
58
73
88
82
90

84
93
53
81
103
95
107

62
60
57
67
72
69
76

71
83
66
71
98
89
92

63
63
56
79
84
94
122

44
30
44
68
81
95
124

79
90
65
88
86
94
120

103 7
104 1
79 7
88 2
100.9
93.7
97 0

103 9
124 2
80 2
86 0
109.1
101 8
107.3

120
129
110
121
142
139
146

83
99
92
94
105
105
110

123
143
127
119
121
122
125

1926
1927
1928
1929
1930

9*6
95
99
110

114
107
117
132

79
83
85
93

100
100
99
107

129
129
135
117

121
117
126
87

135
139
142
142

91

98

84

93

92

50

125

102.5
96.2

98 9
96.7
96.9
103.1
89.8

110 5
108 5
109.8
117.1
94.8

152
147
148
152

113
114
115
117

126 4
124 0
122 6
122 5
119.4

100 0
95 4
96 7
95.3
86.4

1931
1932
1933
1934
1935

75

67

79

80

63

37

84

58
69
75

41
54
65

70
79
81

67
76
80

40
37
48

71.8
49 5
53 1
68 3
78.6

97

13
11
12

75.8
64 4
71 3
83 2
88 7

105

28
25
32

87.1
77.2
77.5
84 9
88.5

78
82
89

75
73
82

108 7
97 6
92 4
95 7
98.1

73 0
64 8
65 9
74 9
80.0

96 4 91 1
105.8 108 9
90.0 84.7
100.0 100 0
107 5 114 5

107

100

111
89
101
109

107
99
106
114

99
102
100
99
100

1
7
8
4
2

80 8
86 3
78.6
77 1
78 6

133
150
168
187

105 2
116 5
123 6
125 5
128.4

87 3
98.8
103 1
104.0
105.8

. ..

1936
1937
1938
1939
1940

87

83

90

86

37

21

50

108

100

99

55

37

70

113
89
109
125

122
78
109
139

106
95
109
115

112
97
106
117

59
64
72
81

41
45
60
72

74
80
81
89

162
199
239
235

201
279
360
353

142
158
176
171

125
129
132
140

122
166
68
41

89
82
40
16

149
235
92
61

203

274

166

137

68

26

119 4
131.1
138.8
137.0
102 132.3

132 1
154.0
177.7
172.4
151.8

167 5
245.2
334 4
345.7
293.4

130
138
137
140

135

207

170

192

165

134

153

143

220

149

264

172

157

142

143.4 269 6
157 3 332 1

132

187

161 137.0
169 145 2

143

286

139 3
159 2

121 1
152 1

182

180

211

174

137

154

143

163 143.5 155.1 155.5 312.6

140

276

153.3

140.9

189

185

221

176

146

146

144

223
225
222
218
219
208
211

176
175
172
170
168
163
169

146
148
143
151
148
140
150

151
132
133
127
136
155
166

152
129
123
110
116
136
150

266

185
187
185
186
185
178
185

142
146
137
142
137
135
143

267
271
278
291
288
286
284

179

155

193

173

156

197

148 143.5
149 144.1
134 144.2
142 143.4
140 143.5
152 144.8
170 144.8
179 145.2
195 146.2
196 147.1
217 147.3
227 147.9

150

189
190
187
185
184
176
182

153 3
153 2
156 3
156 2
156 0
157 1
158 4
160 3
163.8
163 8
164 9
167.0

142 0
145 2
150.0
148 0
147 3
147 7
150 6
153 7
157.4
158 5
159 6
163.2

168 8
167 5
166.9
169.3
170 5
171 7
173 7
174 5
174.5
173.6
172.2

165 7
160.9
161.4
162.8
163.9
166 2
168.7
169 5
r
168.7
r
165.2
163.9

•...

1946
1947
1946
December

1947
January
February
March
April
May
June
July
August
September
October
November
December

1948
January
February
March
April
May

186
191
....
. .•

June

July
August
September
October
November

108

6
4
6
7
6
1
5

103

. .

1941
1942
1943
1944
1945

131

8
3
7
7
9
2
4

192

192

190
194
193

190

193

189

194

190

191
188

192
192
186
191

192
195
P194

216
223
224
230
229

226

172
176

168
170
163

161

178

154

191

152

155

187

152

229
217

177
177

192
193
187
194

221
222
219
223

178
179
169
177

224
230
P228

183
184

180

188
186

197
198
P195

153
155

178
179
P177

142
147

181
181

162
159
153
159

188
201
205
201

156
158
P160

193
184
189

148
154
165
177
187
177

165
157
154

95.1
101.4
95.4
100.0
105 8

156.2
156.9
156.7
156.8
155.0
155.2
154.5
156.3
158.9
160.0
160.4
161.1

155.6
156.6
157.0
155.9
153.8
154.7
153.3
157.8
160.2
160.4
160.8
161.9

314.2
317 6
320.9
317 6
319.3
327 2
321.8
331 5
345.3
350.1
353 4
365.7

223 148.6 161.2
215 147.8 159.8
208 147.9 160.1
202 147.2 157.1
206 147.7 156.7
220 148.8 158.8
219 149.5 '159 8
220 149.6 160.1
216 '150.7 163.1
206 150.8 162.7
217 »149.9 H60.8

160.5
159.5
160.3
156.1
155.5
158.2
158.5
161.7
164.5
163.2
P161.2

358 7
354.1
358.4
347.1
346.7
359 0
360.0
'374.7
381.7
381.5

92

88

142
145

294
279

147

302

149

303

145

286

139

286

130
130

284
306

141
139
138
142

139
140
137

311
312
316
312

r

312
306
287

r

* Average per working day.
* Preliminary.
Revised.
For indexes by groups or industries, see pp. 60-63. For points in total index, by major groups, see p. 82.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 67 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.
• For indexes by Federal Reserve districts and other department store data, see pp. 69-72.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
s
8

JANUARY 1949




59

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average=100]
1948

1947
Industry

Nov. Dec. Jan. Feb.

Mar. Apr.

May

June July Aug. Sept. Oct.

Nov.

Industrial Production—Total

192

192

193

194

191

188

192

192

186

191

192

195

Manufactures—Total

199

198

201

201

200

195

197

198

192

197

199

202

P200

224

230

229

226

229

217

221

222

219

223

224

230

P22S

203

206

203

203

207

177

208

208

201

207

214

221

22?

197

196

197

196

190

151

193

196

186

200

Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric

.

. .

Machinery
Manufacturing Arsenals and Depots

Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) x
Nonferrous Metals and Products
Smelting and refining . . .
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) *
Lumber and Products

Lumber

Furniture

Stone Clay and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
.
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products *

. . . .

Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
..
Rayon deliveries
Nylon and silk consumption *
Wool textiles
.
. . . .
Carpet wool consumption
Apparel wool consumption
^^ool and worsted yarn
.
Woolen yarn
Worsted yarn .
Woolen and worsted cloth
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products

Wheat flour
Cane sugar meltings l
Manufactured dairy products
Butter
Cheese
Canned and dried milk .
Ice cream

223
183

228
186

225
182

226
180

234
184

208
154

236
183

236
181

228
176

510

524

527

553

589

593

608

630

597

635

'209
243 252
185 1r 9 3
658
67O

281

288

285

284

283

275

273

277

269

271

273

234

244

244

232

240

237

218

222

233

'230

'227

236 P231

200

206

206

192

202

197

179

1&5

202

198

192

199 P194

185

189

195

199

201

200

196

194

185

186

192

192 PJ87

177

183

188

190

192

203

203

194

188

190

193

191 P175

188

192

198

202

204

199

194

193

184

185

192

193

P192

150

153

155

150

151

145

142

140

142

148

143

147

Pi 45

137

139

143

135

137

132

181

178

178

169

140

132

135

133

176

131

135

179

129

163

165

170 P170
210

P205

235
179

205

277

212

252
194
667
P27 5

1

Transportation Equipment

Leather and Products

P194

163

161

157

201

205

202

207

211

211

206

207

200

210

207

207
143
229

199
141
218

187
149
200

197
166
208

205
160
219

212
165
227

201
152
218

199
170
208

185
123
206

207
152
226

178
162
236
226

196
166
236
244

199
179
246
215

208
168
246
242

196
176
248
248

193
173
249
244

187
172
241
244

190
176
238
249

188
168
237
248

207
172
218

179

173

178

180

177

177

178

179

172

163

179

179

175

175

177

159
149
290

165
153
300

166
153
296

161
147
303

161
147
298

163
147
308

172
196
182
164
142
194
167

149
131
287
166
183
171
161
141
189
164

181
212
192
172
152
200
175

185
212
202
176
154
206
181

177
216
190
166
144
196
171

179
227
196
164
146
190
171

124

114

120

123

115

122
141
88
93
108
126

113
129
83
89
101
114

116
132
85
96
101
122

116
133
80
95
100
127

102
115
69
92
92
123

158

158

158

160

143

133

140

134

P138 P139 P139
67
65
66
66
151 148 156 150
137 130 127 134

P140

191
195

186
175
247
248

183
169
237
248

225
184
172
242
251

P169
P242
P252

169

177

178

179

P177

174

154

166

'168

167 P164

159
140
313

138
115
323

152
127
318

154
132
321

152 P149
129 122
319 321

179
226
191
163
145
189
172

176
220
184
162
146
185
172

137
158
153
125
114
140
137

168 166
226 226
178 1 7 3
150 1 4 8
139 1 3 6
166 165
160 157

110

108

109

96

113

119

113 Pi 06

105
119
78
91
91
113

109
124
82
91
93
107

107
121
80
89
94
110

95
109
65
80
84
96

105
120
78
76
100
119

108
123
80
83
'98
126

108
122
82
90
95
117

P105

158

157

159

163

160

156

163

161

P159

122

134

139

138

139

143

128

130

P138

167
245
161
148
140
158
156

P149 pisi P152 P152 ?154 P150 P148 P144
71
72
69
71
75
73 '76
75
72
167
159 170 171 171 168 171 160 1 6 1
175
195
192
181
167
143
158
198
185

r
p Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average=100]

1947
Industry

1948

Nov. Dec

Jan.

Feb.

Mar. Apr. May June July

Aug. Sept. Oct.

No-

Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.

170
185
159
190
114

173
154
149
107

150
156
154
128
98

147
161
141
115
102

131
140
131
98
91

125
136
122
102
83

127
145
116
104
74

152
176
135
134
94

135
149
124
140
89

126
128
125
147
92

133
136
133
146
101

141
157
127
140
112

Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products

160
129
144
171

164
138
150
173

165
141
144
174

168
144
149
177

167
155
143
174

166
147
138
176

168
150
138
178

169
159
124
179

167
142
117
182

162
107
119
183

172
162
121

169 P164
154 P135
124
P178

219

167

167

198

191

182

167

170

173

179

203
1
119
562

165
5
94
376

169
37
220
264

171
115
431
310

157
152
526
239

153
160
383
255

141
157
294
245

145
114
393
243

155
86
402
242

165
73
346
274

169

149

153

155

164

183

163

166

148

178

Cigars
Cigarettes
Other tobacco products.

124
224
68

100
201
61

104
204
69

113
203
70

102
225
67

101
257
75

105
222
68

108
226
68

98
200
63

Paper and Paper Products. . .

165

158

163

163

166

168

169

165

160
182
97
112
281
159
156
186
89
168
158
146
90

153
168
96
107
255
148
150
177
86
162
158
139

157
174
88
109
276
151
155
187
86
162
163
145
82

158
177
94
110
269
161
155
179
88
170
161
150
83

160
178
90
103
285
153
157
192
85
161
161
148
82

163
180
97
108
293
151
160
192
87
166
171
151
89

164
187
104
112
309
151
160
191
86
169
169
150
95

152

146

148

157

150

154

137

131

134

144

139

143

Manufactured Food Products—Continued

Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors

Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard 2
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.
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke

P205

l

Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition l
Other chemical products 1. . .

P208 P214 P215

217

156
95
244
398

181
112
334
443

168

174

170

113
242
75

127
218
78

122
230
78

130
224
68

150

165

166

172

169

159
183
106
111
301
146
156
187
86
168
157
145
94

146
172
117
96
283
135
142
165
74
150
160
135
93

160
193
122
110
328
148
155
184
83
160
161
153
96

160
183
116
107
301
145
156
189
83
161
163
148
93

167
195
117
111
330
153
162
193

163
188
104
107
317
149
159
195

172'
170
157
96

165'
162
150
94

156

157

147

155

154

164

156

143

146

145

147

155

148

189
176
91
211
336

P217 P221 P207 P217

P213 P220

159
186
162
178

160
193
170
187

159
201
163
199

155
206
164
213

154
200
164
210

164
194
158
197

170
196
159
187

173
194
155
196

170
192
154
193

173
194
162
182

165
180
157
184

177
170
414

179
171
440

178
171
442

179
171
421

166
164
237

137
135
186

174
166
421

175
168
407

170
166
318

178
170
447

181
173
444

251

254

255

252

250

249

249

256

251

259

155
148
297
431

155
150
299
438

158
151
298
437

158
147
301
434

154
140
303
433

150
123
305
439

151
124
304
436

154
124
309
449

161
121
312
433

161
'126
312
450

r

181
173
'454

257

255
156
135
304
446

P138
P303

158

P160

225

230

223

215

205

200

205

200

207

155

156

154

155

142

147

162

159

153

159

156

Fuels.

163

162

160

161

146

,149

168

164

160

166

162

159
169
119
165

153
164
111
166

152
161
112
165

148
155
118
167

99
97
108
169

103
102
105
171

160
171
116
172

147
157
105
173

134
143
100
172

150
158
117
174

148
156
119
170

109

117

117

120

118

137

128

128

113

115

119

146

159

159

163

161

193

179

179

155

158

166 P157

Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

59
67

182
174
458

158
134
305
448

r

Rubber Products

Bituminous coal.
Anthracite
Crude petroleum

P220

170 P173
199 P201
169
183

Minerals—Total...
Coal

135
144
108

186

Industrial Alcohol from Beverage Plants1
Tobacco Products

'184

155
177

206

P167

P145
118
P177
P117

55
61

r
1
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
1

JANUARY

1949




INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average=100]

1947

1948

Industry
Nov. Dec

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

Industrial Production—Total.

193

190

189

190

188

186

192

193

187

194

197

198

Manufactures—Total

200

197

197

197

197

193

197

199

193

200

203

205 v201

224

228

226

224

228

217

222

223

220

224

226

231

203

206

203

203

207

177

208

208

201

207

214

221

222

197
223
510

228
186
524

197
225
182
527

196
226
180
553

190
234
184
589

151
208
154
593

193
236
183
608

196
236
181
630

186
228
176
597

200
235
179
635

205
243
185
658

209
252
193
•670

212
252
194
667

281

288

285

284

283

275

273

277

269

211

273

277 v275

234

244

244

232

240

237

218

222

233

'230

•227

236

P231

206

192

202

197

179

185

202

'198

192

199

P194

Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing Arsenals and Depots

P195

l

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
Lumber and Products.

Lumber...
Furniture.

200
185

189

195

199

201

200

196

193

185

186

192

192

178

183

188

190

193

203

203

193

187

190

193

191

P176

188

192

198

202

193

184

185

192

193

P192

148

140

138

137

143

144

144

148

151

158

153

154

P143

133
176

119
181

117
179

125
178

131
169

134
163

141
161

148
157

156
163

147
165

145
170

P170

201

208

211

209

201

218

215

220

P210

205
160
219
160
169
238
248

212
165
227
183
168
246
244

212
152
233
196
171
243
244

197
170
206
203
175
243
249

179
123
198
207
168
237
248

213
172
227
210
180
248
248

210
152
230
213
175
242
248

193
211
P176
248 P246
251 P252

174

177

179

171

180

185

183

177

174

154

199

128

206

200

190

116
178
193

Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products 1.

209
143
231
192
169
240
226

187
141
203
178
172
242
244

184
149
196
161
166
236
215

193
166
201
158
160
235
242

Nondurable Manufactures...

180

171

173

176

173

172

163

179

179

175

159
149
290

149
131
287

165
153
300

166
153
296

161
147
303

162
147
298

163
147
308

159
140
313

138
115
323

152
127
318

154
132
321

152
129
319

172
196
182
164
142
194
167

166
183
171
161
141
189
164

181
212
192
172
152
200
175

185
212
202
176
154
206
181

177
216
190
166
144
196
171

179
227
196
164
146
190
171

179
226
191
163
145
189
172

176
220
184
162
146
185
172

137
158
153
125
114
140
137

168
226
178
150
139
166
160

166
226
'173
'148
'136
165
157

167
245
161
148
140
158
156

126

113

120

126

114

110

108

108

94

112

118

114 vl07

126
146
91
90
114
126

112
129
82
90
96
114

117
135
83
96
94

124
144
84
99
110
127

101
115
68
91
89
123

105
119
74
94
89

109
124
78
89
100

105
117
81
90
93

90
103
64
79
79
96

103
117
82
74
103

106
121
78
84
'96

109
123
84
90
95
117 P105

161

154

144

141

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 x
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream

144

132

P91

50
113
99

122
146
140
P87

52
106
100

55
116
103

136
P99
58
123
120

120

113

107

110

143

153

163

128 134 132
P155 P201 P224
63
72
93
98
143 176 229 242
155 197 257 265

172

231
214

P179

vl64

119

126

174

188

122
321

173 P161

137

137 P139
141 140
J>198 P158 P122 P 9 5
88
82
57
65
70
207 191 163 145 125
226 204 167 135 103

P223

f
9 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]

1947

1948

Industry
Nov. Dec. Jan.

Feb.

Mar. Apr. May

189
216
165
203
114

187
229
154
140
104

175
204
157
119
103

141
158
130
101
103

121
130
119
92
89

116
124
115
100
80

127
145
116
108
76

167
118
170
180

161
108
152
176

152
92
148
167

152
91
151
168

149
85
133
167

148
90
114
169

196

146

142

176

172

157
1
251
562

132
5
103
376

139
37
143
264

154
115
259
310

146
152
342
239

172

139

153

147

124
228
• • 70

100
185
54

104
204
67

113
190
68

165

June

July Aug. Sept. Oct.

Nov.

151
176
132
134
87

126
132
125
140
86

Ill
99
127
144
90

173
207
141
154
108

152
97
106
175

160
122
92
181

174
184
96
185

183
203
129
r
187

178

173

186

188

160
160
230
255

161
157
177
245

183
114
243
243

194
86
233
242

155

173

163

173

102
209
67

101
239
75

105
222
68

Manufactured Food Products—Continued

Beef
Veal
Other manufactured foods

•

Whiskey
Other distilled SDirits

Cigarettes

Other tobacco products
Paper and Paper Products
p u lp
Groundwood pulp
Sulphate pulp

Fine paper "
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing

Newsprint consumption

Petroleum refining5
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products *
Coke
By-product coke
Beehive coke

142
147
138
160
116

207
317
156
187

188 P171
198 P124
162
190 P 1 8 7

184

195

203

212

189
73
187
274

178
91
289
336

145
95
631
398

139
112
702
443

154

184

178

180

173

108
237
70

98
210
63

113
255
73

127
233
83

122
239
84

130
228
70

r

157

163

163

167

169

170

165

149

165

165

172

169

160
182
103
112
281
159
156
186
89
168
158
146
91

152
168
97
107
255
148
150
177
86
162
153
139
87

157
174
91
109
276
151
155
187
86
162
161
145
82

159
178
98
110
269
161
156
179
88
170
167
150
83

160
179
96
103
285
153
157
192
85
161
161
148
82

163
182
107
108
293
151
160
192
87
166
173
151
91

164
188
112
112
309
151
160
191
86
169
169
150
95

160
183
107
111
301
146
156
187
86
168
160
145
95

145
170
104
96
283
135
141
165
74
150
153
135
91

160
191
107
110
328
148
155
184
83
160
161
153
95

159
181
103
107
301
145
156
189
83
161
163
148
93

167
194
109
111
330
153
163
193
81
172
172
157
96

163
189
110
107
317
149
159
195
75
165
162
150
95

158

150

144

155

153

159

159

156

137

147

155

167

163

149

138

125

141

145

151

149

144

125

134

149

163

161

P205 P208 P214

Petroleum and Coal Products

124
108
144
160
109

P215 P211 P213 P220 P220

P217 v22l P207

P217 r>220

.
159
186
162
183

160
193
168
192

159
201
158
203

155
206
163
224

154
200
162
214

164
194
164
201

170
196
166
189

173
194
155
184

170
192
152
179

173
194
160
174

165
180
157
182

170
199
169
183

P173
P201

177
170
414

179
171
440

178
171
442

179
171
421

166
164
237

137
135
186

174
166
421

175
168
407

170
166
318

178
170
447

181
173
444

181
173
'454

182
174
454

252

255

253

253

252

251

249

253

247

r

256

257

258

P258

153
149
297
431

155
150
299
438

155
148
298
437

157
146
301
434

154
140
303
433

151
120
305
439

156
120
304
436

158
122
309
449

160
120
312
433

159
r
127
312
450

157
'139
305
448

156
142
304
446

P154

Rubber Products

225

230

223

215

205

200

201

205

200

207

206

205

P204

Minerals—Total

155

151

149

149

136

145

164

163

158

164

160

161 P159

Fuels

163

162

160

161

146

149

168

164

160

166

162

166 P167

159
169
119
165

153
164
111
166

152
161
112
165

148
155
118
167

99
97
108
169

103
102
105
171

160
171
116
172

147
157
105
173

134
143
100
172

150
158
117
174

148
156
119
170

145
152
118
176

P145
P152
P116
P177

106

85

81

83

82

126

144

153

147

149

'148

134

pill

136
159

101
76

97
70

103
73

103
77

178
228

210
302

226
331

214
325

213
324

212
314

P186

P147
199

62
73

57
78

56
68

53
65

51
61

51
68

50
67

52
63

55
56

60
59

62
61

Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition x.
Other chemical products1

Coal
Bituminous coal
Anthracite
Crude petroleum

.

Metals

. .

Metals other than gold and silver
Iron ore
(Copper] Lead; Zinc)*
Gold
Silver

.
.

254

P140

P303
P448

. .

r
x
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.

JANUARY

1949




63

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =100]
Factory pay rolls

Factory employment
1948

1947

Industry group or industry

Oct.

Nov.

July

Aug.

Sept.

1947
Oct.

Nov.

Sept.

Oct.

1948
Nov.

July

Aug.

Sept.

Oct.

Total
Durable goods
Nondurable j*oods

160.4 160.8 158.5 161.7 164.5 163.2 161.2 345.3 350.1 353.4 360.0 374.7 381.7 381.5
185 0 186 8 185.0 185 8 188 1 188 7 188 6 382 2 389 9 395 0 403 0 418 8 422 6 432.9
141.1 140.4 137.7 142.7 145.9 143.1 139.6 309.2 311.2 312.8 318.0 331.6 341.7 331.2

Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
. ..
Hardware •
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work .

162.3
130
217

163.3
130
218

161.4
136
224

164.5
138
228

166.2
138
233

167.1
138
234

148
148

148
151

149
146

154
149

158
150

195

196

166

180

187

201
205

201
207

186
196

198
194

177

179

176

181

Electrical Machinery
Electrical equipment
Radios and phonographs

226 9 229 7 206 6 207 7 211 5 213 4 214 1 450.5

166.9

327.7
255
435

331.6
252
445

335.1
255
452

336.9
270
464

360.5
296
499

365.0
300
504

376.0
305
522

153
151

349
324

352
360

420

332
338

190

202
193

206
197

183

187

321
346

353
325

365
347

392
349

439

425

371

417

429

451

414
459

424
468

441
477

415
452

436
468

448
454

475
483

357

366

369

347

385

372

409

464 6 471 9 436 3 454 8 466.9
418

435

444

457

469

489

509

459.6

473.6

482.3

484.0

491.7

499

508

520

523

602
337

585
369

595
369

582
361

532
647
364

574
239

559
247

577
248

598
250

362
605

401
605

391
615

486

491

492

390
620
507

552.4
661
533
305

547.7
698
454
291

581.8
746
570
283

613.3
795
600
291

385 8 395 6 423 3 419.1

417.5

431.4

214

198

199

202

237

242

195

198

204

Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors... .
Machine tools
Machine-tool accessories
Pumps
. .
Refrigerators

229.7

230.5

228.8

227.4

228.7

228.7

249

248

244

242

245

244

495

497

286
185

284
188

276
192

271
189

237
142

283
191

591
322

238
140

281
195

576
333

266
130

216
299

494
257

505
258

483
253

215
298

379
627

380
625

227

228

427

447

434

Transportation Equipment, except Autos.
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding

269.2
337
295
145

284.6
336
291
170

509.8
623
501
262

541.5
664
500
290

555.1
654
479
317

A utotnobiles

201

212
228.8

423

430

502

533

451.4

458.0

255
131

255
131

201
276

214
273

214
278

234

233

270.6
329
287
149

260.8
336
243
144

276.3
349
300
141

282.9
366
309
141

190 0 190 4 195 5 189.7

193.2

192 2 191 7 380.6

263
128
240

176 3 178 8 169 2 172 4 173.9
Nonferrous Metals and Products
144
144
152
150
146
Primary smelting and refining
Alloying and rolling, except alu140
137
134
136
minum . . . .
136
164
185
167
168
Aluminum manufactures. .
. . . . 183

381
642

212
277

231
282.2

474.4

436

212

540

446

176 0 176 5 349 5 359 3 367 3 360 6 379 3 386 3 394.2
345
303
346
342
149
296
300
339
141

258

261

264

284

299

307

308

171

326

346

352

317

333

326

353

Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills

178.6
197
170

178.5
195
174

197.3
217
188

200.8
221
193

200.6
220
192

197.7
216
193

197.9

427.4
480
380

427.2
476
395

429.1
476
401

502.9
563
455

538.8
605
485

523.3
584
479

519.2
575
492

Furniture and Lumber Products
Furniture

144.8
143

147.1
146

137.8
137

140.5
140

142.0
142

143.3
144

142.9

324.3
317

338.8
335

343.0
344

320.4
318

337.3
335

344.5
344

354.9
358

Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products

152.8
172
145

154.0
173
146

153.2
161
152

157.0
168
152

158.2
172
149

159.4
173
152

159.3

320.2
350
286

328.2
359
283

331.2
367
284

334.2
328
319

358.9
369
323

361.2
383
310

372.1
396

132

133

141

144

144

144

298

305

302

336

359

355

169

172

169

177

178

180

331

348

357

345

383

374

400

111.1
124
91
111
87
131

108.7
122
92
106
81
129

111 .4
125
96
108
86
130

110.3
124
97
105
84
129

109.2
122
97
101
84
130

262.9
317
236
269
179
289

271.8
329
244
270
190
291

288.2
362
254
277
200
301

285 .4
342
277
296
184
300

298.2
357
295
298
203
309

295.5
355
301
286
201
311

291.2
350
299
266
209
312

109.2
Textile-Mill and Fiber Products
Cotton goods except small wares. . . 122
Silk and rayon goods
90
Woolen and worsted manufactures. 108
Hosiery
85
Dyeing and finishing textiles
129

108.5

Apparel and Other Finished Textiles
142 7 141 5 135 6 146 5 148 6 148 8 146 1 303 8 320 5 304 8 303 6 342.3
324
Men's clothing, n.e.c
134
135
139
140
285
304
302
294
129
139
247
107
110
104
105
243
259
266
Shirts, collars, and nightwear
102
106
245
167
171
335
350
319
380
Women's clothing, n.e.c..
. . . 162
158
153
171
327
197
Millinery
85
87
97
97
101
173
195
124
165
99
113 2 114.1
100
100
109
108

108.1
94
104

110.4
95
106

109.3
96
104

108.3
95
103

104.3

248.1
212
244

Food and Kindred Products
158.3
Slaughtering and meat packing.. . . 144
El our
151
Baking
129
Confectionery
150
202
Malt liquors
Canning and preserving
176

150.7
151
152
129
156
199
127

159.7
149
154
131
111
218
183

166.0
146
152
132
126
217
217

179.9
145
149
133
144
214
296

163.8
146
148
136
157
202
194

151.2

95.1
122

96.5
124

88.8
122

92.5
126

93.9
127

96.5

84

86

75

79

81

95 .9
128

Leather and Leather Products
Leather
Boots and shoes

. . . .

Tobacco Manufactures
Cigarettes
Cigars
.
. . .

.

.

83

246.9
207
239

352.2
319
368
274
253
436
469

216.3
253

205.5
270

218.3
288

214.8
268

224.3
279

202

171

181

187

197

236.5
204
231

356.1
288
352
244
296
404
755

252 5
214
247
323.5
338
357
249
356
359
294

205.3
244

214.5
253
196

348 1 325 0
302
325
256
254
351
390
193
202

248.3
207
243
351.3
296
369
274
296
420
525

251 8
213
247
332.8
288
355
252
341
377
484

185

316
364

389.8
304
361
283
347
420
835

236.8
206
228
358.2
305
361
287
377
374

544

NOTE.'—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for November
1948 are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.




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
Industry group or industry

1947

Factory pay rolls

1948

1947
Sept.

Oct.

Nov.

July

Aug.

Sept.

Oct.

148.6 149. < 151.0 151.6
150
150
150
164
166
168
137
140
144

315.5
322
334
292

320.5
323
344
304

325.9
325
353
315

341.7
358
355
295

352.1
364
365
319

355.0
363
372
328

357.4
359
381
342

135 .4 131.1
122
124
149
143

131.8 133.0 134.8 134.1
124
126
127
144
145
148

249.7 252.8 257.2 260.1 264.8 273.6 273.6
241
254
252
236
222
222
224
305
305
298
286
293
296
279

156

204.5
241
131
294
340
169
161
155

196.6
230
133
289
376
180
82
136

203.3
232
134
302
381
174
94
142

155.8
154
137

156.1
153
138

160.7 160.3 159.1 153.6 151.6
160
158
148
156
149
147
149
148

307.5 301.8 309.5 353.4 358.2 345.6 344.1
346
326
324
345
287
296
294
351
353
350
288
330
280
293

Rubber Products
Rubber tires and inner tubes
Rubber goods, other

171.7
188
162

174.0
189
166

157.7 160.9 162.8 163.5 163.6
169
169
168
166
156
153
160
164

348.3 354.4 361.4 329.7 347.2 344.9 346.3
341
326
318
355
362
330
355
356
372
384
352
362
332
338

Miscellaneous Industries
Instruments, scientific
Photographic apparatus

187.5
247
219

190.4
246
220

173.9 180.1 184.2 187.8 185.8 378.2 394.1 403.9 375 .0 397.4 411.8 422.5
506
532
558
487
479
481
249
257
469
247
262
444
457
444
456
417
225
394
405
221
225
225

Oct.

Nov.

July

Aug.

Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes

147.8
145
167
142

148.6
146
168
143

146.1
149
160
131

Printing and Publishing
Newspaper periodicals
Book and job

134.6
122
148

Chemicals and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers

203.2
244
130
292
331

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

167
157

Sept.

207.1
233
132
302
379
174
153
152

Oct.

Nov.

208.1 208.4
234
132
300
379
174
175
153

403.1
485
260
552
608
381
316
428

409.6
499
258
555
612
393
443
410

416.4
490
261
566
646
398
449
397

432.7 450.6 462.5
485
491
481
298
290
303
642
600
629
798
796
760
403
411
421
262
459
230
409
397
436

460.1
507
297
629
764
409
542
431

For footnote, see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =100]
1947
Group

Total
Durable
Nondurable
Preliminary.

r

1948

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

160.0
184.8
140.4

160.4
186.8
139.7

161.1
188.6
139.3

161.2
188.7
139.4

159.8
186.4
138.7

160.1
188.4
137.7

157.1
185.5
134.7

156.7
184.1
135.1

158.8
184.0
138.9

159.8
185.1
139.8

160.1
184.9
140.6

163.1
187.7
143.8

162.7 P160.8
188.5 P188.6
142.3 P138.9

Revised.

Nov.

NOTE.—Back figures from January 1919 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

Average hourly earnings (dollars per hour)

Industry group

1948

Sept. Oct. June July Aug. Sept. Oct,

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

Oct.

June

July

Aug.

Sept. | Oct.

40.2

39.

40.1

1.249

1.258

1.316 1.332 1.349 1.362 / . 366

40.6

40.9

40.5

40.0

40.7

40.0

40.7

1.331

1.337

1.385 1.407 1.431 1.449 1.451

40.3
40.4
41.1
39.7
39.2
40.2
42.8
41.5
40.4

40.5
40.6
41.3
40.4
39.5
40.8
42.6
42.1
40.8

40.3
40.4
41.4
39.8
37.7
40.8
42.
40.7
40.6
39.8

39.6
39.4
40.6
39.2
38.5
40.1
41.9
40.3
39.4

40.3
40.0
41.0
39.7
38.9
40.7
43.1
41.0
40.9

39.7
40.0
40.6
39.1
36.9
40.8
41.8
40.8
40.1

40.8
40
41
39
38
41
42
41
41.0

1.396
1.325
1.395
1.424
1.515
1.309
1.062
1.093
1.227

1.397
1.331
1.400
1.437
1.526
1.312
1.063
1.105
1.234

39.5

39.5

39.6

39.

1.165

1.175

1.242 1.252 1.262 1.272

39.5
35.6
37.0
42.8
37.8
42.8
39.1
41.4
40.7
39.7
40.1
40.6 40.3

38.6
35.
37.4
42.6
38.0
42.5
38.9
41.1
40.
39.7
39.4

38.5
36.4
37.9
41.0
39.0
43.1
39.2
41.0
41.2
40.3
40.3

38.0
36.1
37.3
42.5
38.0
42.7
39.4
41.
39.
39.
40.

37.9
34.
36.3
41.7
38.9
42.9
38.9
41.4
40
39.3
40.7

1.048
1.046
1.072
1.129
.952
1.210
1.534
1.263
1.509
1.447
1.191

1.055
1.051
1.082
1.159
.954
1.215
1.540
1.273
1.505
1.438
1 .200

1.147
1.055
1.118
1.217
1.003
1.292
1.676
1.369
1.650
1.439
1.262

All manufacturing
Durable goods

Sept.

40.2 40.2
39.5
36.0
39.1
43.4
39.2
42.9
40.2
41.0
41.0
39.9
40.2

39.7
36.9
39.0
42.
39.7
43.0
40.0
41.4
40.5

.457
,431
.372
.407
.461
.473
.489
.503
.624
.649
.369
.404
.131
.149
.145 1.149
.292 1.307

1.145
1.081
1.114
1.215
1.014
1.317
1.675
1.390
1.703
1 .472
1.269

1.501
1.439
1.498
1.527
1.664
1.424
1.175
1.163
1.322

1 .170
1.106
1.128
1.214
1.008
1.320
1.683
1.407
1.716
1 .500
1.271

1.528
1.450
1.511
1.558
1.683
1.436
1.178
1.181
1.345

1.188
1.117
1.143
1.216
.998
1.334
1.711
1.411
1.748
1.504
1.280

1 .525
1.452
1.519
1.578
1.685
.437
.167
.184
.347

.187
.087
.146
.233
.996
.330
.708
.392
.737
. 508
.281

NOTE.—Preliminary November 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.8 and 1.370; Durable,
40.4 and 1.452; Nondurable, 39.2 and 1.280, respectively. Back figures are available from the Bureau of Labor Statistics.
JANUARY

1949




ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]

Total

Manufacturing

Mining

30,287
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970

10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901

845
916
947
983

1947—October
November
December

44,557
44,625
44,800

16,161
16,216
16,266

1948— Tanuarv
February
March
April
May
June . .
July
August
September . .
October
November

45,019
44,755
44,791
44,584
44,726
45,053
45,271
'45,312
'45,640
45,664
45,406

16,332
16,208
16,246
16,045
16,018
16,172
16,302
'16,278
'16,542
16,527
16,363

1947—October
November
December . .

44,758
44,918
45,618

1948—January
February
March
April
Mav
June
July
August . . .
September
October
November

44,603
44,279
44,600
44,299
44,616
45,009
45,098
'45,478
'45,875
45,872
45,701

Year or month

1939
1940
1941
1942
1943
1944
1945
1946
1947

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

Federal,
State, and
local
government1

,150
,294
,790
',170
1,567
,094
,132
,661
.921

2,912
3,013
3,248
3 433
3,619
3,798
3,872
4,023
4 060

6,705
7,055
7.567
7,481
7,322
7,399
7,685
8,820
9,450

1,382
1,419
1,462
1,440
1,401
1,374
1,394
1,586
1,656

3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622

3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449

1 999
2,006
2,018

4.101
i1,080
1.089

9,613
9,636
9,679

1,688
1,690
1,693

4,662
4,670
4,688

5,414
5,405
5,441

i1,075
i1,071

820
936
947
915
944
945
939
933

2,056
1 945
1,941
1,972
2,032
2,110
2,093
2,106
2.093
2,092
2,108

4,078
'4,085 *
4 094
4,080

9,694
9,664
9,634
9,721
9,689
9,779
9,791
9,805
9,806
9,817
9,781

1,688
1,698
1,697
1,696
1,699
1,700
1,737
1 .752
1,741
1,740
1.735

4,723
4,730
4,729
4,768
4,738
4,663
4,645
4,622
4,647
4,667
4,673

5,524
5,519
5,545
5,567
5,586
5,626
5,710
5,727
5,781
5,788
5,733

16,209
16,256
16,354

922
923
925

2,099
2,046
1,978

4,097
4 077
4,071

9,684
9,886
10.288

,671
,673
,676

4,662
4,670
4,688

5,414
5,387
5,638

16,267
16,183
16,269
15,950
15,892
16,115
16,172
'16,441
'16,683
16,576
16,403

922
914
924
817
935
950
922
952
948
941
934

1,871
1,731
1,805
1,933
2,052
2,173
2,219
2,253
'2,239
2,197
2,150

4,020
4 019
4,032
3,974
4,042
4,105
4 136
4,139
'4 092
4,090
4,076

9,622
9,520
9,598
9,576
9,617
9,670
9,646
9,660
9,733
9,889
10,033

,680
,690
,697
1,704
,716
L.726
1L.754
1,761
11,732
1,723
L 718

4,723
4,730
4,729
4,768
4,738
4.663
4,645
4,622
4,647
4,667
4,673

5,498
5,492
5.546
5,577
5,624
5,607
5,604
5,650
5,801
5,789
5,714

917

883
826
852

911

SEASONALLY ADJUSTED

919
922

926
927
920
930

i

1,069
$,995
1,028
1,056
L O7«

UNADJUSTED

' Revised.
»Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
November 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.

Thousands of persons 14 years of age and over]
Civilian labor force

Total noninstitutional
population

Total
labor
force

Total

100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458

56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608

1947—November
December

107,839
107,918

February
March
April
May
June
July
%
August
September
October
November

107,979
108,050
108,124
108,173
108,262
108,346
108,597
108,660
108,753
108,853
108,948

Year or month

1940«
1941
1942
1943
1944
1945
1946
1947

.

. . .

Employed *
Unemployed

Not in the
labor force

Total

In nonagricultural industries

In
agriculture

55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168

47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027

37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761

9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266

8,120
5.560
2,660
1,070
670
1,040
2,270
2.142

44,200
43,990
42,230
39,100
38,590
40.230
45,550
45,850

61,510
60,870

60,216
59,590

58,595
57,947

50,609
50,985

7,985
6,962

1,621
1,643

46,330
47,047

60,455
61,004
61,005
61,760
61,660
64,740
65,135
64,511
63,578
63,166
63,138

59,214
59,778
59,769
60,524
60,422
63,479
63,842
63,186
62,212
61,775
61,724

57,149
57,139
57,329
58,330
58,660
61,296
61,615
61,245
60,312
60,134
59,893

50,089
50,368
50,482
50,883
50,800
51,899
52,452
52,801
51,590
51,506
51,932

7,060
6,771
6,847
7,448
7,861
9,396
9,163
8,444
8,723
8,627
7,961

2,065
2,639
2,440
2,193
1,761
2,184
2,227
1,941
1,899
1,642
1,831

47,524
47,046
47,119
46,414
46,602
43,605
43,462
44,149
45,176
45,685
45,810

1

Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
s

66



FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported Dy the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

1947

1948

1947

1948

571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
650.0
793.3
715.1
625.4

615.2
682.0
689.8
873.9
970.8
935.2
962.7
854.1
762.2
778.6

257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268.5
349.5
290.2
226.8

238.1
232.3
276.5
351.6
369.8
355.3
349.7
337.6
279.7
296.8

February
March
April
May
.
June
July
August
September
October
November
December
Year

Nonresidential building

Residential
building

Tots

7,759.9

Factories
1947

1948
54. 1
71. 9

86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5

55. 3
82. ?
91. 9
103. 8
72. 9
77 7
53. 6
70. 7

941.4

3,153.8

Year

1947

38.3
46.4
52.6
66.3
59.2
58 4
81.6
77 2
75.9
80.0
84.3
65.3

1948
74. 5
75. s

1948

19.7
13 5
21.4
22 7
47.7
40 1
38.5
45 6
42 8
41.1
27.2
31.5

78. 5
88 8
103 3
83 1
106 3
77 8
80. 4
83 8

1947

58. 7
37 8

55.9
9 4
35.8
29 6
57.7
44 7
51.2
80 0
47 4
61.3
59.8
64.1

50. 3
55 4
83. 8
63
103. 1
55 8

54 s
48. 4

391.9

1948
53.
87 9

65. 0
Ill ?
117. 0
113
112. 8
97 4
91

113. 5

596.9

1947

1948

113 9
90 5
122.0
161 4
184.7
185 7
165.9
223 5
141 5
165.9
181.5
154.1

136.6
177 3
164.3
184 7
205.0
215 7
217.9
207 8
202 7
165.5

1,890.4

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1948

1946 1947 1948 1946 1947 1948 1946 1947 1948
358
387
698
735

572
442
597
602

615
682
690
874

952

675

971

808
718
680
620
573
504
457

605
660
823
650
793
715
625

935
963
854
762
779
611

7,490 7,760

47
56
146
127

167
96
143
177

197
248
181
236

197

234

298

215
202
205
187
134
130
109

226
203
218
193
209
224
207

1,754 2,296

405
346
453
425

419
434
509
638

756

441

673

593
516
475
433
439
373
348

379
458
605
457
584
492
418

611
628
579
503
517
413

311
331
551
608

324
335
276
259
262
199

5,735 5,464

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month

Total

1941
1,172
1,137
1942
935
1943
. ...
875
1944
666
1945
755
1946
. . .
1947
. . . 1,787
192
1947—November..
December. .
228
224
1948—January....
228
February...
272
March
292
April
265
May
329
June
286
July
277
August
277
September..
318
October
272
November. .

Property
improve-1
ment

Small
home
construction

249
141
87
114
171
321
534
47
68
56
45
49
63
54
59
50
51
48
52
40

21
15
1

(")
(')
(»)

8(•)
(

l

?
r

Mortgages on
War and
1- to 4- Rental
Vetand
family group
erans'
houses housing housing
(Title
(Title (Title
ID
VI) 2
ID
877
691
245
216
219
347
446
39
48
48
45
53
51
53
72
71
76
92
98
105

13
6
7
4
3

13
284
603

537
272
85
808
106
112
120
137
170
177
158
197
164
149
136
168
127

i
Net proceeds to borrowers.
Mortgages
insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
Bale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
1

JANUARY

1947

Public works
and public
utilities

Other

Public ownership Private ownership

Total

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

Educational

785.5

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month

Commercial

2

1949




1947

Federal Reserve district
Nov.

Oct.

Nov.

Boston
New Y o r k . . .
Philadelphia.
Cleveland. . .
Richmond...
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis.
Kansas City.
Dallas

37,146
126,014
31,858
47,271
60,011
66,095
99,544
44,213
20,643
24,347
54,074

47,565
142,747
52,610
73,953
79,420
77,599
144,907
47,883
27,856
24,943
59,123

36,932
128,560
32,044
65,185
70,075
70,712
132,107
63,737
18,832
25,689
71,235

Total (11 districts)

611,216

778,606

715,108

INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

Total

Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations

Insur- Federal
ance
com- agen- Others
panies cies 1

1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec

365
771
1,199
1,793
2,409
3,107
3,620
3,626

228
430
634
902
1,162
1,465
1,669
1,705

8
27
38
71
130
186
236
256

41
56
118
110
212
149
342
192
542
224
789
254
276 1,032
292 1,134

5
32
77
153
201
234
245
79

27
53
90
133
150
179
163
159

1944—June
Dec

3,554
3,399

1,669
1,590

258
260

284 1,119
269 1,072

73
68

150
140

1945—June
Dec

3,324
3,156

1,570
1,506

265
263

264 1,047
253 1,000

43
13

134
122

1946—June
Dec

3,102
2,946

1,488
1,429

260
252

247
233

974
917

11
9

122
106

1947—June
Dec

2,860
2,871

1,386
1,379

245
244

229
232

889
899

8
7

102
110

1948—June

2,988

1,402

251

245

973

7

110

End of month

!The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.

67

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2

Merchandise exports *

Excess of exports

Month
1948

1,114
1,146
1.326

Pi,092
Pi,086
Pi, 138

301

334

314
358

325
365

Pl,120
Pi,103
Pl.013

361
386

366
372

406
393

512
474

878

1,294
1,414
1,235

332

360

382

826
883
643

1,155
1,145
1,112

Pl.020
P986
P926

294
304
282

356
360
335

431
422
377

329
323

344
322

336

297

3,260

3,517

1945

January
February
March

1,124
1,107
1,197

903

798

887
1,030

670
815

April

1,231
1 455
1,296

1,005
1,135

757
851

870

July
1,197
1,191
August
September.... 1,194

893
737
514

1,144
1 185

455
639

938

736

537
1,235
986 p .142
1,097 j»l , 1 1 4

12,136

8,431

7,657 12,175

June .. .

October
November
December
Jan.-Oct

1944

1947

1946

1944

PIO.504

1945

1947

1948

1947

1948

1944

394

531

569

405

583

P546

437
445

P545
P582
P666

823

318
385

793
839

561
665

352
431

709
882

P504

870
1,069

639
763

351
457

782
940

P592
P553

463

P528
P55O
P616

965

511

496

772

P398

450
400
473

P558
P598
P558

903
887
912

537
378
180

395
461
266

705
745
639

P387
P368

394
478

492
P455

P597

815
862

111
317

142
508

743
P687

529

P603

602

439

567

P511

3,901

4,676

8,876

4,915

3,756

1946

P5,798

1946

1945

7,499

P473

P461

P4

706

r

P Preliminary.
Revised.
1
Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars (preliminary).
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947. p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
FREIGHT CARLOADING BY CLASSES
[Index numbers, 1935-39 average =100]
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts

SEASONALLY
ADJUSTED
1947—june ,
July
August
September. ..
October
November. . .
December. . .
1948—January
February....
March
April

May

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

May

Merchandise
l.c.l.

98
111
123
135
138
143
134
130
147

102
137
168
181
186
185
172
146
182

107
101
112
120
146
139
151
138
150

96
96
91
104
117
124
125
129
107

100
114
139
155
141
143
129
143
153

110
147
183
206
192
180
169
136
181

101
110
136
146
145
147
142
139
148

97
96
100
69
63
67
69
78
75

137

141

174

140

107

145

184

142

74

135
143
142
145
147
149
145
139
130

115
146
153
156
160
155
155
150
98

170
184
180
192
195
191
183
178
162

168
162
137
152
145
138
132
103
109

107
92
105
104
105
96
84
76
79

149
147
150
158
153
140
146

194
190
181
163
163
192
180
195
195

143
149
145
149
151
156
152
146
150

71
73
73
75
75
74
68
71
72

130
141
139
138
142

105
163
153
144
153

137
185
187
183
194

123
129
144
158
144

105
96
86
86
80

141
139
150
165
162

213
213
191
185
182

145
143
140
141
145

70
69
66
64
66

149
147
138

192
194
198

127
150
155

85
93
90

152
149
144

182
178
178

144
145
144

66
68
66

June
July
August
September... 139
140
October
November. . . 137

UNADJUSTED
1947—j u n e

Miscellaneous

101
109
130
138
137
140
135
132
143

CnCn
to to

Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS

142

141

170

143

87

151

286

146

73

140

115

165

201

87

153

311

145

71

148
153
156
150
139

146
153
156
160
155

177
178
188
195
201

87
139
161
133
92

160
161
155
147
141

155
150
98

192
188
163

81
61
62

137
135
146

284
272
235
163
60
45
49
57

150
157
163
158
147
139
137
142

73
77
78
77
71

133
129
122

175
153
152
142
130
132
101
100

65
69
73

128
143
144
143
146

105
163
153
144
153

134
183
183
177
187

108
113
147
189
156

94
86
74
66
76

141
145
156
165
171

212
277
296
296
273

143
144
144
142
146

70
69
66
63
67

149
147
138

190
190
198

142
150
152

113
143
114

164
158
141

273
240
196

156
159
149

70
71
68

June
July
August. ..
September... 150
151
October
November. . . 141

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.




[In millions of dollars]
Total
railway
operating
revenues
Annual

1939
1940
1941
1942
1943
1944
1945
1946
1947

Net
Total
railway
railway operating
expenses
income

Net
income

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
P8.685

3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
P7.904

589
682
998
1,485
1,360
1,106
852
620
P781

93
189
500
902
873
667
450
289
P480

683
719
716
739
786
S06

634
655
681
696
708
722

48
64
36
43
78
83

18
31
4
9
47
50

767
781
761
726
795
856
819
842
836
845

707
710
705
684
701
719
727
744
737
756

60
71
55
42
94
137
92
99
99
89

28
38
22
9

1947—July
August....
September.
October.. .
November.
December.

706
746
727
>"795
755
807

645
665
679
718
690
727

61
81
48
'77
66
80

34
53
r21
49
43
60

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

751
716
777
729
796
838
842
868
845
878

709
676
716
676
706
713
737
752
734
767

41
39
61
53
90
125
105
116
111
111

19
18
35
27
64
94
76
86
83
P85

SEASONALLY
ADJUSTED

1947—July
August
September.
October.. .
November.
December.
1948—January...
February..
March....
April
May
June
July
August....
September.
October . .

62

102
57
65
65

UNADJUSTED

r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.

FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
United
States

Year or month

San
Francisco

Richmond

Atlanta

Chicago

St.
Louis

106
114
138
153
167
182
201
257
281

109
120
144
170
194
215
236
292
303

113
123
145
162
204
244
275
345
360

107
116
135
149
161
176
193
250
275

111
119
143
158
179
200
227
292
314

106
109
123
129
148
164
185
247
274

105
110
127
149
184
205
229
287
311

112
116
138
157
212
245
275
352
374

••281
277

296
309

••311
326

383
394

298
293

339
337

'280
277

335
334

415
389

240
241
229
255
268
265
266
256
252
250
229

272
280
263
278
284
283
288
289
295
307
269

284
284
270
295
320
306
313
308
316
316
293

288
307
303
327
318
327
321
319
338
r
330
306

355
359
368
390
394
397
392
402
402
396
362

271
281
274
289
289
299
312
295
299
292
283

291
307
318
343
340
346
355
354
362
338
321

286
267
278
283
306
291
294
292
291
'311
279

306
292
307
337
336
328
322
336
320
343
318

390
368
384
448
418
406
436
419
423
388
390

306
419

323
408

370
460

371
479

'395
542

460
619

364
455

428
516

335
424

392
505

507
633

225
238
285
288
300
289
243
259
319
••328
356

170
174
228
231
240
242
176
175
260
258
285

192
202
234
237
252
246
181
187
257
280
298

204
216
284
262
287
266
207
217
295
322
356

216
233
284
280
304
288
244
268
320
338
366

214
245
317
295
311
294
235
260
357
359
388

284
316
387
367
375
333
314
354
410
424
434

217
225
266
283
289
290
243
248
305'
313
345

239
258
318
326
333
311
277
305
366
362
404

214
206
263
284
294
277
238
261
316
-343
334

245
254
301
320
326
301
270
303
343
360
372

316
324
384
399
393
345
331
365
444
427
475

281
295
326
333
339
338
311
338
355
346
390

102
108
131
180
155
162
166
213
255

99
105
124
165
142
147
153
182
202

97
102
123
181
143
150
160
195
225

96
99
119
167
141
148
150
191
220

99
106
130
182
144
151
156
205
243

107
113
139
191
175
190
198
250
289

107
115
140
178
161
185
188
258
306

103
111
134
186
160
161
159
205
246

102
108
134
176
152
159
166
225
274

103
110
138
171
151
169
165
211
266

99
105
125
159
152
157
158
210
259

106
113
130
161
159
177
190
250
321

106
115
137
190
174
178
183
238
300

273
284

219
224

228
232

r

239
245

268
272

310
323

337
344

259
264

290
297

281
306

267
300

357
397

327
353

289
303
312
308
297
285
275
268
275
282
304

224
227
240
238
228
212
204
204
215
220
233

233
240
247
244
243
241
242
242
243
236
242

243
253
261
264
257
248
238
236
238
r
251
264

277
286
298
286
277
273
257
254
261
265
302

332
339
334
340
337
304
308
289
297
311
339

345
378
370
379
368
343
333
330
348
362
402

274
290
304
293
289
275
264
257
264
276
296

309
331
329
331
313
302
293
292
302
317
325

310
324
343
363
333
325
321
310
316
r
310
328

316
329
353
325
315
300
265
262
274
'•278
304

385
424
420
422
417
396
358
364
378
370
402

360
377
388
386
347
335
328
302
312
329
356

1947—November
December

296
244

249
201

263
211

'263
208

283
225

329
269

354
289

285
238

310
250

303
268

^285
246

382
333

346
289

1948—January
February
March
April
May
June
Tulv
August
September
October
November

253
279
303
308
297
278
274
287
304
318
330

199
214
233
233
226
204
198
215
232
249
265

205
232
254
251
247
228
215
242
256
267
278

211
246
261
270
259
235
226
245
262
••287
290

243
266
287
295
280
262
257
275
290
305
319

283
320
333
342
330
291
304
325
333
355
360

311
352
370
376
357
346
343
356
383
406
422

236
264
294
293
289
270
258
275
293
309
326

265
298
319
331
313
302
305
318
336
355
347

282
309
345
347
331
315
326
329
341
'345
351

273
296
317
315
309
300
295
293
307
r
317
326

346
377
399
409
396
384
387
411
423
419
431

317
331
360
381
360
341
347
332
352
364
377

SALESi
1939
1940
1941
1942
1943
1944
1945
1946
,
1947. ...

New
York

. .. 106
114
133
150
168
187
207
264
286

104
108
126
140
148
162
176
221
234

101
106
119
128
135
150
169
220
239

104
111
129
143
151
167
184
235
261

302
303

244
239

'249
241

286
286
284
306
311
312
316
312
312
'306
287

224
226
228
243
242
252
255
237
252
232
228

376
485

SEASONALLY ADTUSTED
1947—November
1948—January
February
March
April
May
June .
Tuly
August
September
October
November

Phila- Clevedelphia land

Boston

. ...

UNADJUSTED
1947—November
December
1948—January
February
March
April..
May
July
August
September
October
November

Minne- Kansas
Dallas
apolis
City

109
119
139
171
204
224
248
311
336

r

347
361
348
327
339
362
365
372
365
383
355
336
322

r

419
571

STOCKS i
1939
1940
1941
1942
1943
1944
1945
1946
1947

. . .

SEASONALLY ADJUSTED
1947—November
December
1948— January
February .
March
April
May
.

..
*

June
July
August
September
October
November....

r

UNADJUSTED

' Revised.
i 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.
JANUARY

1949




69

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Number of
stores
reporting

Department

3

Oct.
1948

Ten
mos.
1948

GRAND TOTAL—entire store . .

354

+6

MAIN STORE—total

354

+4

Piece goods and household textiles

311
287
184
158
176
305
269
238
239

+2
+8
+4
+17

342

0
-5

Piece goods
Silks, velvets, and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads

Small wares
Laces, trimmings, embroideries, and ribbons....
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery

tocki
;end of
mo.)

Sales during
period

-2
-5
-7

+2

Ratio of
stocks to
sales *•

Index numbers
without seasonal adjustment
1941 average monthly sales=100 2

October

Sales during
period
1948

Oct.
1948

1948

1947

+6

+9

2.7

2.6

+5
+4
+6
+2
+6
+10
+1

+10
+8
+ 10
+11
+5
+14
+6
+2
+29

2.9
3.1
2.6
3.0
1.6
3.7
3.4
4.2
3.1
2.9

-2
0

3.7
3.3
3.1
4.0
4.1
4.6
2.4

0
-25
-1

-3

Stocks at end
of month

1947

1948

1947

Oct.

Sept

Oct.

Oct.

Sept,

Oct.

2.8

242

226

232

711

668

646

2.9
2.5
2.8
1.7
3.2
3.2
4.0
2.2
3.1

233
319
291
601
195
192
165
189
223

227
298
271
546
188
195
164
207
221

229
295
280
514
199
199
173
203
218

716
820
882
938
717
670
698
590
659

676
808
749
,059
687
623
640
553
640

664
713
610
796
620
631
717
441
681

3.8
3.1
2.9
4.3
4.0
3.8
2.7
6.8
3.1
3.9
3.5
4.1

192
238
255
143
212

178
213
241
141
198

191
251
249
144
216

708
787
780
568
867

623
715
723
485
781

711
851
701
615
834

217
206
175
202

177
180
155
187

208
201
171
198

675
775
585
789

640
623
501
663

675
781
803
637

+1
+5
+8

+9

+3

+1
+ 14

+4
+2
+2
+2

+1

+4

-3
-1

-3
-3
-2

3.8
3.4
3.9

351
351
306
285
178
333
335
348
343
250
284
247
327
335
245
203
215
351
341
220
209
313
286
313
342
252
260
339
288
273

+10

+6
+1

+7
+ 11

253
227
261
142
299
143
252
160
198
229
192
170
329
209
260

244
236
356
168
246
178
264
215
211
238
206
192
320
201
238

566
666
631
746
213
776
704
438
742
791
730
700
858
504
908

541
612
554
595
209
722
684
403
633
670
627
559
838
426

528
600
631
849
236
815
647
267
666
608
648
730
791
467
783

309
480

281
354

253
322

464
442

469
521

460
467

373
402
359
235

367
389
367
241

288
302
287
222

551
442
718
360

554
463
697
333

564
452
719
331

+ 15
+3
-7

+8
0
+ 14
+2
+8
-5

2.2
2.5
1.8
5.2
1.0
4.6
2.4
1.2
3.2
2.6
3.2
3.9
2.4
2.4
3.3
3.4
3.3
1.8
1.4
1.5
1.3
2.0
1.4
2.5
1.4
1.4
1.6
1.9
2.4
3.2

270
233
314
165
263
202
250
183
217
263
202
198
336
203
231

+2
0
+ 11
+ 19
+26
+6
+ 13
+ 16
+9
+9
+ 14
+3
+ 14
+8
-13

2.1
2.9
2.0
4.5
0.8
3.8
2.8
2.4
3.4
3.0
3.6
3.5
2.6
2.4
3.9
3.6
4.0
1.5
0.9
0.8
1.3
1.4
1.1
2.0
1.5
1.2
1.8
1.6
2.6
3.3

319
142
182

327
153
134

277
138
195

527
366
604

491
334
651

512
336
610

Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

327
250
308
294
191

+8
+7
+4
+18
+4

-1
0
_2
+1

+ 12
+38
+2
+3
+6

3.9
3.7
4.1
3.4
5.6

3.7
2.9
4.2
3.8
5.5

218
245
192
258
179

186
184
155
267
184

203
229185
219
171

851
913
787
871
994

817
924
692
883
911

752
658
771
837
946

Houseffurnishing
ngs
Furniture and beddingg
4
Mattresses, springs and studio beds
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
Gift shop*
Radios, phonographs, records,
and instruments 4 .
Radios and phonographs 4
Records, sheet music, and instruments 4

315
239
153
160
270
148
102
295
245
245
241
248
151
224
170
139

-4
—1

+7
+ 11
+14
+ 11
+ 10
+ 12
—1
+2
+8
+8
+7
+4
+ 12
+3
+6

+21
+27
+33
+25
+39
+37
+57
+10
+ 13
+20
+54
+9
+4

3.6
3.7
1.8
4.1
3.3
3.2
4.1
3.1
2.8
6.2
3.2
3.5
4.7
3.9
3.4
5.8

2.8
2.9
1.4
3.3
2.3
2.3
2.3
2.9
2.7
5.4
1.4
3.2
5.0
3.4
3.2
3.9

249
213

243
212

259
215

897
791

854
773

739
619

293

934

944

663

259
268
175
284
286

202
214
165
413
292

255
815
823
250
760
695
169 1,087 1,035
397
913
790
291 1,002
942

738
667
896
587
910

Miscellaneous merchandise departments

313
287
226
134
257
186

3.8
6.1
6.1
5.7
5.5
1.3

3.5
5.1
4.7
5.4
4.7
1.4

198
215
215
218
16 0

181
153
120
172
194

204
761
709
225 1,311 1,079
229 1,300
990
222 1,248
923
172
751
884

716
1,143
1,066
1,252
806

Women's and misses' apparel and accessories

Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes4
Women's shoes4
Women's and misses' ready-to-wear apparel. . . .
Women's
and misses' coats and suits
Coats4
Suits4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' 4dresses
Inexpensive dresses
Better dresses4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs

Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy4

203
238
326
319
201
262
71
240
272
138
226

+3
-1
-2
-5

+2
-9

-2
-12
-2

0
-1

-4
-3

-1
-2

+7
+ 13

+1

+3
+10

+5
+3
+6
+4

-5
-15
-2

+3
+5
+1
-3

+4
-4

+ 22
+49
+64
+6
+30
+33
+25
+6

+ 12
0

+1
-3

-10

+1
+7
+3

-28
-2

+ 10
-6

-22

-3
-4
-6
-2
-7
-2

-6
-1

-4
-3

+3

0

-1

-4

-1
-1
-4

+3

0
-11

-9

-7
-2

-4
-15
-9
-6

+9
+63
+ 11
+27
+ 10
-7
+8
+6
+15
+9
+ 17

0
-6
-9

+6
-2
-2

+15
+6
+15
+20
+4
+9
-5

286

For footnotes see following page.

70



FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS BY MAJOR DEPARTMENTS—Continued
Per cent change
from a year ago
(value)
Number of
stores
reporting

Department

Sales during
period
Oct.
1948

Stocks
(end of
mo.)

1948

+2
+6

2.0

2.2

2.4

2.3

1.5
2.4
0.8
1.4
1.4
1.6
1.8

+16
+2

+11

132

Women's and misses'
ready-to-wear
4

195
167
176
170
151
115
113

+25
+8
+61
+20
+23
+33
+16

+15
+ 15
+21
+ 17
+ 17
+ 13
+9

0
+15
-21

159
136
91
111
115

+17
+15
+ 19
+12
+26

+10
+10
+14
+8
+10

-1
0

101

-2

131

+4
+15
+11

+4
+6
+9
+7

Men's and boys'
wear
!Men's wear 4
Men's clothing 4 4
Men's furnishings
Boys' wear 4

. .

Housefurnishings
Shoes
NONMERGHANDISE—total 4

172

Barber and beauty shop 4

79

Sales during
period

1948

199

. . . .

October

Oct.
1948

BASEMENT STORE—total

. . . .

Index numbers
without seasonal adjustment
1941 average monthly sales=100 2

Ten
mos.
1948

Domestics and blankets4
I n t i m a t e apparel
C o a t s a n d suits 4
Dresses 4
Blouses, skirts, a n d sportswear 4
Girls wear 4
I n f a n t s ' wear 4

Ratio of
stocks to
sales i

+4

+1
-5
-5

+4
+7
-4
-5

+6
+8
(5)
5

()

1947

Stocks at end
of month

1947

1947

1948

Oct.

Sept.

Oct.

Oct.

Sept.

Oct.

248

219

213

485

466

477

1.9
2.2
1.6
1.7
1.8
2.2
2.1

266

230

212

407

391

407

2.4
2.5
2.3
2.7
2.2

2.9
2.9
2.6
3.1
2.9

257

218

219

634

614

640

2.2

192

240

521

489

450

175

162

571

531

531

2.0

236

3.4

3.3

169

5

()

5

()

(5)

(5)

1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the 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 pp. 857 and
858 were
reversed.
8
For movements of total department store sales and stocks see the indexes for the United States on p. 69.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100

SALES, STOCKS, A N D OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *

Without seasonal adjustment

Amount
(In millions of dollars)
Year or month

Outstanding
orders
(end of
month)

Sales
(total
for
month)

Stocks
(end of
month)

average
average
average
average
average
average
average
average
average

128
136
156
179
204
227
255
318
336

344
353
419
599
508
534
563
714
823

194
263
530
560
729
909
553

1947—November.:
December. .

416
584

941
770

605
544

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

271
263
355
331
339
336
268
295
357
387

789
878
941
938
919
859
827
893
944

633
575
420
356
339
462
551
545
539
507

1939
1940
1941
1942
1943
1944
1945
1946
1947

P412

1,058
Pi,051

108*'

JANUARY

1949




Mar.

Apr.

May

June

July

Aug.

1947

1948

8 . . . ..219 Feb.
1 5 . . . ..246
2 2 . . . ..216
1 . . . . .238
8 . . . ..254 Mar.
1 5 . . . ..267
2 2 . . . ..286
2 9 . . . ..283
5 . . . ..319 Apr.
1 2 . . ; ..265
1 9 . . . ..271
2 6 . . . ..267
3 . . . ..279 May
1 0 . . . ..311
1 7 . . . ..273
24.. i . . 2 7 7
31... ..250
7 . . ; . .293 June
14... ..300
21..; ..256
28... ..245
5 . . . . 2 0 8 July
12... ..228
19... ..217
26... ..213
2 . . . .220

7....
14....
21....
28
6....
13
20....
27....
3
10
17
24
1....
8....
15....
22....
29....
5....
12
19....
26....
3....
10....
17....
24
31....

1947
.240
.238
.249
.248
.266
.279
.313
.331
.280
.298
.294
.296
.300
.330
.293
.295
.297
.282
.304
.310
.262
.265
.217
.236
.231
.235

Aug.

Sept.

Oct.

Nov.

Dec.

1948
Jan.

1948

9 . . . . .223 Aug. 7 . . . 261
258
14...
16... ..225
2 1 . . . 271
2 3 . . . ..243
2 8 . . . ..255
3 0 . . . . .277
6 . . . ..265 Sept. 4 . . . . . 3 0 8
1 1 . . . ..285
1 3 . . . ..291
1 8 . . . ..337
2 0 . . . ..301
25... ..319
2 7 . . . ..316
4 . . . ..326 Oct. 2 . . . . . 3 2 7
9 . . . ..336
1 1 . . , ..304
1 6 . . . ..331
18... ..299
23... ..344
2 5 . . . ..306
3 0 . . . ..319
1 . . . ..313
8 . . . ..347 Nov. 6 . . . ..320
1 3 . . . ..346
1 5 . . . . 380
2 0 . . . ..371
2 2 . . . . 395
2 7 . . . ..347
29... ..367
6 . . : •:.508 Dec. 6. . . ..485
11. . . ..564
13.:: :.570
1 8 . . . ..576
20.r: ..576
2 5 . . . ..473
2 7 . . . ..358
1949

3 . . . ..204 Jan. 1. . .
8. . .
1 0 . . . ..251
15. . .
17. . . . .232
22. . .
2 4 . . . ..226
29
3 1 . . . ..233

?385

P Preliminary.
These figures are not estimates for all department stores in the
United States.
Back figures.-—Division of Research and Statistics.
1

Feb.

NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.

DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
11
Nov. Oct. mos.
1948 1948

Nov.| Oct. I
1948 1948
United States..
Boston
New Haven.. . .
Portland
Boston Area. . .
Downtown
Boston
Springfield
Worcester
Providence
New York
Bridgeport *... .
Newark 1
Albany
Binghamton....
Buffalo1..
Elmira
Niagara Falls...l
New York City
Poughkeepsie..
.
Rochester 1
Schenectady. . .
Syracuse *
Utica
Philadelphia.
.
Trenton 1 x
Lancaster
Philadelphia *, .
Reading 1
1
Wilkes-Barre
..
York 1
Cleveland
Akron 1
Canton x J
Cincinnati . . . .
Cleveland »
Columbus xJ. . . .
Springfield
Toledo 1
Youngstown *. .

Cleve land- cont.
Erie i
+ 14 + 17
Pittsburgh l
+ 12
Wheeling
i
- 3 + 14
0
+2 Richmond
- / +10
l
.. .
0 + 10
+3 Washington
Baltimore
+6 Raleigh, N. C. . + 60 + 9
13
+2 Winston-Salem. - 3 +
+20
+2 Charleston, S.C.
+3 +12
+5 Greenville, S. C. +7 + 15
-5
+9
— 1 Lynchburg
- 2 + 13
+3 Norfolk
-2
+7 Richmond
+1
-5
+ 11 Roanoke
+5
+10 Charleston,
+24
W.
Va
+8
- 4 + 15
+7 Huntington

- 2 j +«| +7
+ | +2
P-4\
+5 +2
-5
+ 12
+6

-1
+7
-41 +10
- 9 +10
- 8 +10
-4\
-6
-6
+i; +
+11
- +1
1 1 +10
+4
-11
9
+7
-5
+4
+5 + 10 Atlanta
-I
+20 +10 Birmingham 1. .
0 +19 + 10 Mobile
1
+3
- 4 +16 +5 Montgomery 1. .
+ 12
...
- 5 + 12 +7 Jacksonville
J
Miami
+10
0
-3 + 14 + 14 Orlandox
- 3 + 12 +8 Tampa 1
+1 +7 +7 Atlanta
- 1 + 16 +9 Augusta
- 2 + 14 +10 Columbus
- 3 +21 + 10 Rome
Macon x
+9
+3 +12
+ 11 +7 Savannah
Baton Rouge xl. .
+6j +14 +12 New Orleans
..
+ 10 + 7 Jackson x
+ 1 + 13 +9 Meridian
+ 1 +16 + 12 Bristol, Tenn..l .
| +7 +4 Chattanooga ..
+4; +17 + 10 Knoxville l
+5| +13 + 11 Nashville *

-2
-2
-10
-5
-17

+2

-5
-6
-1
-8
-1
-24
-5
-9

+6
+9
+8

+6
+5
+3
+6
+8

+5

+ 12

+7

+12
+8

+4

+ 17
+ 13

+10 +9
+ 13 + 12
+ 1 + 10
+9 +6
+3 + 1

+7

+7

+ 1 +21
0
+5
+ 14 + 8
0
+6
+8 + 15
-1

+2

Nov. Oct. 11
1948 1948 mos.
1948
Chicago
Chicago1 1
Peoria
Fort Wayne 1l.
Indianapolis
Terre Haute 1 .
Des Moines. .
Detroit *
Flint l
Grand Rapids
Lansing
Milwaukee 1 ..
Green Bay 1 ..
Madison
St. Louis
Fort Smith...
Little Rock ».
Evansville. . .
Louisville l . . .
Quincy
East St. Louis
St. Louis 1. . .
St. Louis Area
Springfield.
..
Memphis J . . .
Minneapolis. l
Minneapolis .
St. Paul 1
DuluthSuperior *..

-1
- 1 Kansas

+6 +7 Denver
+5 +20 + 10 Pueblo

City.

+ 3 + 8 + 12 Hutchinson. .
+ 7 +22 + 11 Topeka
-6
-6
- 1 Wichita
- 6 + 17
+ 4 Kansas City.
-10
+ 3 + 3 Joplin
+ 9 +29 +22 St. Joseph. . .
+2 + 7 + 7 Lincoln

T

-2
0

+1
0

+7
-5
-4
-14
2
-2

+5
-3

+1
+1

-3
-3
-2
-10

-1
P+4

+4
-3

+1
P-3

0
-6
-9
+3
+6
-6
-6
-9

+5

+7
+7
+9
+7
+8
+27
+7
+8
+ 14
+8
+ 11
+ 10
+ 14
+ 13
+7
+ 17
+7
+20
+9
+ 12
+ 14
+6
+6
+2
+6
+9
+8
+5
+20
+5
+6
+ 10
+8
+

^

til
-51

+7
+5
+7
+7
+4
+ 10
+ 14
+8
+6
+8
+5
+ 10
+ 11
+ 13
+8
+7
+9
+20
+10
+8
+ 15
+7
+8
+3

Nov. Oct.
1948 1948

1948

Kansas City—

cont.

Omaha
Oklahoma City .
Tulsa

+4
+7 +6
-5
+ 1 +7
+ 1 +10 +15

Dallas
Shreveport
Corpus1 Christi..
Dallas
Fort Worth
Houston l
'
San Antonio....

-2

+6
+7
+8
+3

+ 11
+6
+4
+ 12
+5
+9
+ 10
+6
+6
-2

+8

San Francisco..
Phoenix J
Tucson
Bakersfield 1 ....
Fresno l
Long Beach J1. . .
Los Angeles . . .
Oakland and1
Berkeley
Riverside and
San Bernardino
Sacramentox l.. .
San Diego . . .x.
San Francisco .
San Jose 1 1
Santa Rosa
Stockton
Vallejo and
Napa l
Boise and
Nampa
Portland
l
Salt Lake City
.
l
Bellingham
. ..
J
Everettx
Seattle l
Spokane1
Yakima

-4
-5
-2
0
P-5

-5
-4
()
-6
-12
2

+4 +10
+23 + 18

+1
+4
+ 1 +7
+ 10 +23
+ 1 +8
-4
+5
0 +7
-2
+3
-2 +13
- 6 +5
-7
+3
-6

-1

-10
-5

-3
0
-11

+1
+2
+2
+4

+7
-2

+5
+5
0
+7
+2

+3
+10

+8
+4
+3
+6
+3

-24

-29

-4
-1
-1
-1 -13
—9 - 1 0
-4
-2

-3

P-13

+8
+2

-2
-1

+3
+ 1 +3
+4
-3

+5

-1

r

* Preliminary.
Revised.
Indexes for these cities may be! obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
Ten months 1948.

1
2

COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
All items

Food

Apparel

Rent

Fuel, electricity, and
refrigeration

House
furnishings

Miscellaneous

122.5

132.5

115.3

141.4

112.5

111.7

104.6

92 4

84.1

87.9

100.7

100.0

84.2

98.4

1937 .
..
1938
1939 .
.
1940
1941
1942
. .
1943
1944
1945
1946
1947

102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2

105.3
97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8

102.8
102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8

100.9
104.1
104.3
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2

100.2
99.9
99.0
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121.2

104.3
103.3
101.3
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4

101.0
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9

1947—November
December

164.9
167.0

202.7
206.9

190.2
191.2

115.2
115.4

126.9
127.8

188.9
191.4

143.0
144.4

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

168.8
167.5
166.9
169 3
170.5
171.7
173.7
174.5
174.5
173.6
172.2

209.7
204.7
202.3
207.9
210.9
214.1
216.8
216.6
215.2
211.5
207.5

192.1
195.1
196.3
196.4
197.5
196.9
197.1
199.7
201.0
201.6
201.4

115.9
116.0
116.3
116 3
116.7
117.0
117.3
117.7
118.5
118.7
118.8

129.5
130.0
130.3
130.7
131.8
132.6
134.8
136.8
137.3
137.8
137.9

192.3
193 0
194.9
194.7
193 6
194.8
195.9
196 3
198.1
198.8
198.7

146.4
146.4
146.2
147.8
147.5
147.5
150.8
152.4
152.7
153.7
153.9

Year or month
1929..
1933

Back figures.—Bureau of Labor Statistics, Department of Labor.

72



FEDERAL RESERVE BULLETIN

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics,

1926=100]

Other commodities
All

Year, month, or week

commodies

Farm
products

Foods

Fuel

Total

Metals

and
and
Textile
prod- lighting metal
ucts
mate- prodria s
ucts

Building

mate-

Hides Chemi- Houseand
cals and furleather allied
nishin g
prodproducts
ucts
goods

Raw

Miscellaneous

materials

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5

97.5
84.3
65.6
55.1
56.5
68.6
77.1
79.9
84.8
72.0
70.2
71.9
83.5
100.6
112.1
113.2
116.8
134.7
165.6

Manufactured
products

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
152.1

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.2

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7

91.6
85 2
75 !o
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2

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

100.5
92 1
84 .'5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0

95.4
89.9
79.2
74.1
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7

109.1
100 0

141. 7

83.0
78 5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
108.7

127.3

92 .7
84 !9
75 .1
75 .8
81 .5
80 .6
81 _ 7
89 !7
86 .8
86 .3
88 .5
94 .3
102 .4
102 .7
104 .3
104 .5
111 .6
131 .1

159.6
163.2

187.9
196.7

177.9
178.4

142.1
145.5

145. 2
148. 0

118.2
124.6

150.8
151.5

187.7
191.0

202.5
203.4

135 8
135. 0

137 .5
139 .4

118.8
121.5

175.5
182.0

94.5
88.0
77.0
70.3
70.5
78.2
82.2
82.0
87.2
82.2
80.4
81.6
89.1
98.6
100.1
100.8
101.8
116.1
146.0
152.4
154.9

165.7
1948—January
February
160.9
161.4
March
162.8
April
163.9
May
166.2
Tune
168.7
July
169.5
August
September... . 168.7
165.2
October
163.9
November

199.2
185.3
186.0
186.7
189.1
196.0
195.2
191.0
189.9
183.5
180.8

179.9 148.3
172.4 147.6
173.8 147.7
176.7 148.7
177.4 149.1
181.4 149.5
188.3 151.1
189.5 153.1
186.9 153.3
178.2
153.1
174.3 153.3

148. 4
148. 9
149. 8
150. 3
150. 2
149. 6
149. 4
148. 9
147. 9
146. 9
146. 1

130.0 154 3
130.8 155.3
130.9 155.9
131.6 157.2
132.6 157.1
133.1 158.5
135.7 162.2
136.6 170.9
136.7 1 7 2 . 0
137.2 172.4
137.3 173.3

193.3
192.7
193.1
195.0
196.4
196.8
199.9
203.6
r
204.0
r
203.5
202.9

200.3
192.8
185.4
186.1
188.4
187.7
189.2
188.4
187.5
185.5
186.2

138
134
136
136
134
135
134
132
133
134
133

8
6
1
2
7
8
4
0
3
4

141 .3
141 .8
142 .0
142 .3
142 .6
143 .2
144 .5
145 . 4
146 .6
147 .4
148 .2

123.6 183.9
120.1 174.9
120.8 174.7
121.8 175.5
121.5 177.6
121.5 182.6
120.3 184.3
119.7 182.0
119.9 1 8 1 . 0
119.0 1 7 7 . 0
119.2 175.2

157.8
154.5
155.8
157.6
158.5
159.6
162.6
164.6
163.9
160.2
158.7

1929...
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942... .
1943
1944
1945
1946
1947

....

1947—November. .
December

Week ending: 1
1948—Oct. 5 . . .
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30..
Dec. 7
Dec. 14
Dec. 21
Dec. 28

165.9
165.0
166.2
164.7
164.2
164.2
164.3
164.9
165.1
163.7
163.0
163.8
163.5

179.3
179.5
183 3
177.5
176.5
176.3
175.2
177.6
179.4
175.5
174.0
177.6
177.4

182.1
177.3
179 9
177.8
175.9
176.1
177.5
177 1
177.0
173.7
172.6
174.1
173.6

1947

147. 3
146. 7

153.1
153.0
153.1
153.1
153.1
153^2
153.2
153 5
153.4
153.4
153.1
152.8
152.5

146 7
146. 3
146 8
146'. 8
147. 0
147 1
147. 0
146. 1
145 7
145 7
145 6

136.9
136.7
136 7
136.7
136 6
136.6
136.8
136.8
136.8
136.9
136.9
136.9
136.9

Petroleum products

1949




77. 0
76. 0
77. 0
84. 4
95. 5
94. 9
95. 2
95. 2
101 4

2
All other
134.0
134.2
134 2
134!4
134 5
134.8
134.5
134.7

203.7
203.6
203 6
203.6
203 3
203 !o
202.4
203 .3
203! 2
203 2
203.2
201.8
200.3

134 5
133.7
133.3
132.8
1948

1947

Aug.

Sept.

Oct.

Nov.

245.5 179.2 176.9 170.4 171.1
211.0 250.0 244.2 223 .4 213 .4
157^2 157^8 1 5 9 . 6 162 !o 162!6
175.9
172 1
135.5
217.6
159.4

185.1
154 0
140.5
273.7
146.9

179.9
153^3
139.4
266.5
149.1

174.9
149.6
137 .1
239.8
150.4

170. 7
150. 7
139.6
227.4
149.4

187.0
263.2
216.9
141.3

189.4
212.1
186.0
148.6

190.0
210.6
181.9
148.6

189.7
202.0
180! 4
148.6

188.1
206.0
183!8
148.6

137.1
209.3
101.4
73.3
37.0
134^9
174.9

148.3
205.3
104.9
46.4
41.6
149! 4
186.6

148.6
199! 8
104.8
46.4
41 8
15o!o
189.3

148.8
195.0
104.6
46.4
41.8
150.7
190.5

149.2
19l!7
104.3
46.4
41.8
150! 7
190.5

123 A
173.7
182.2
66.3
83 6
99^9

136.0
194.6
217 .4
65! 5
86 9
1221

136.5
195.1
217 .5
66! 3
90 7
122!2

Metals and Metal Products: n
Agricultural mach. & equ' Farm machinery
Iron and steel
Motor vehicles.
Nonferrous met?iQ
Plnmhinff and h eating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and h eating
Structural steel.
Other hiiiirh'na materials
Chemicals and Allied Products:
Chemicals
Drugs and pharmaceutics Is
Fertilizer materials
Mixed fertilizers
Oils anri fats
Housefurnishing Goods:
Furnishings . .
Furniture

136.4 136.4 Mi
195.1 195.1
218.7 219.0
90 9
122 .'8 "l22!8

Auto tires and tubes.
Cattle feed
Paper and pulp
Rubber crude
Other miscellaneous... .

*1r Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
series for the hides, chemicals, housefurnishings, and miscellaneous groups.
Backfigures.—Bureauof Labor Statistics, Department of Labor.

JANUARY

82.6

94.3

Subgrou]3S
Nov.

Gas

72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
182.4

1948

Subgroups

Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products . .
Fruits and vegetables
Meats
Other foods..
Hides and Leather Products:
Shoes
Hides and skins .
Leather
Other leather products . .
Textile Products:
Clothing
. ...
Cotton goods
Hosiery and underwear....
Silk
Rayon
Woolen and worsted goods.
Other textile products . . .
Fuel and Lighting Materials:
Anthracite
Bituminous coal.. .
Coke
Electricity

172.2
172.5
172 5
172.6
172 6
172.6
173.1
173 .8
173! 8
173.8
173.8
173.8
173.8

94. 0
88 7
79! 3
73. 9
72. 1
75. 3
79. 0
78. 7

861

Oct.

Nov.

142 .6
144.S
164.5
175.3
167 .C
157 !^

143.8
146.2
165.0
175.3
171.4
157.3

148.1
120.6
296.0
161.8
136! 1
143 .0
152 !6

158.6 158 9 159.4
133 .2 133 3 133.7
317 1 314.5
158.1 160 2 160.4
153 !9 157 0 157 .3
178! 8 178 8 178.S
173 .4 174 8 174.8

160.5
133.7
310.3
161.6
157.3
178.8
175.6

124.3
151.1
112!4
100.8
226 7

126.3
153 .3
114.9
105 .9
180 3

126 r\ 127.5
152 7 152. t
116 2 117.2
107 8 107 S
188
189.^

124.8
151.9
119.5
107.9
189.8

Nov.

Aug.

Sept.

125.5
127 .0
139.5
160.3
142 2
136.1

135 .6
137^7
163.1
174.1
165 .9
153 .9

140
142
164
175
166
157

5
8
0
0
4
0

140.5 149.3 151 5 152.4 I 153.5
134!7 14l!6 141 6 142.5 142.8
61.0 66.2 66 2 66.2
282.7 198.4 201 7 195 .*Ir
160. 7 169.0 170 9 170.2
49 3 48.1 46 4 45 C>
128!5 132!2 132 .1 131! 1

66.2
217.9
169.9
40 4
130! 5

The index for "All other" includes selected

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Annual totals

Seasonally adjusted annual rates by quarters
1947

1929

1933

1939

1941

1944

1946

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

103 8

55 8

90 . 4

125 3

8 8
7 0
6
1

7 2
7 1
7
t 2

8 .1
9 .4
5
5

9 3
11 3
5
5

1
87 4

39 6

0)

5
72 5

1
103 8

10 3
2
0
9
1 0
5 8
6
85 1
2 6
1 3
1 4
82 5
78 .8
3.7

> 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
I 5
I 2
8
5
72 6
2 4
1 2
1 2
70 .2
67 .5
2 .7

14 6
2 8
0
2 6
3
4 5
5
95 3
3 3
2 0
1 3
92 0
82 3
9 8

212.2 209.3 231 .6
11.9
14.0
5
4.1

11.8
17.5
.6
1.0

13 .3
18 .5
.6
- 3 .4

.9

—.1

7

182 4 179.3 202 .5
24.0

16.8

3 1
28

1G.8

5.2
-.2

4.7
5

5.9

4.5
5.6
.6

164.5 178.1
18 9 18 9
17 5 17.2
14

1.7

145.6 159.2
110.4 147.4
34.2 11.8

24 .7
5 .6
.0
11 .1
4 .4
6 .9
.6
195 . 2
21 6
19 .7
2 .0
173 .6
164 .8
8 .8

4

3

2

Gross national product. . . .

1948

1947
2

1

3

228.3 227. 9 243 8 244.9 250.4 255.9
13.3
18.1
-2.7

13. 4
18. 4
6
-5. 4

.3

— 3

— 4

24. 3
5. 2
.0
13. 6
4. 5
6. 9
6 7
.6
6
189.6 196! 7
21 4 21. 7
19.4 19. 8
1.9
2. 0
168.2 175. 0
164.2 165. 6
4.1
9. 4

27. 5
5. 1
0
10. 6
4. 5
7. 1
6
203! 1
22. 2
20. 2
2. 0
180. 9
171. 1
9. 7

.6

13. 8

19.4
6
3

-3.

14.0
19.1

14.3
19.7

14.6
20.1

-4.2

-6.0

-6.4

-.2

-.1

26.2

30.9

31.7

10.9

10.6

10.2

.6

.6

.6

+ .3
199.3 200. 6 212! 8 215.1 221.7 227.3
25.2
6.1
.0
9.9
4.4

5.0
.0
4.6
7.3
.6

5.0
.0
4.7
7.3
.6

5.2
-.1
4.8
7.7
.6

207.3 209.0 213.9
23.2 20.8 20.2
21.1 18.7 18.1
2.1

184.1 188^2 193.7
172.1 176.5 178.5
12.0 11.7 15.2

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annual totals

Seasonsilly adjusted annual rates by quarters
1947

1929

1933

1939

1941

1944

1946

2

National income
Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income *
Business and professional.
Farm . , .
Rental income of persons.
Corporate profits and inventory valuation adjustment
. . .
Corporate profits before tax
Corporate profits tax liabilitv
Corporate profits after tax.
Inventory valuation adjustment
Net interest . .

87 4

6

50. 8
50
45

29 h

47 8

23 7

\7

7

T,

4 6
6
19 7
8 3
5 7
5 8

4 9
5
7 2
2 9
2 3
2 0

10
9
1
8

I 0
2
5
4
2 1
5 0

3
8
4
4
5
6 5

7?

1
8
1
7
8
5
i 5

7
2
14
6
4

5 .8
6 .5
1 .5
5 .0
.7
4 2

1948

1947
3

4

1

2

3

IS? 4

179

202 5 199

64. 3
61 7
SI

121 . 1
U6 0
83
7
12 . 8
4 .2
34
15 .4
11 9
6 .7

117 3
111 7
91 0
7
12 .9
5 .6
41 8
20 4
14 6
6 .7

127.5 125. 3 127.6 132 2 133 7 134 2 140.6
122 2 119 •i 122 5 127 1 128
135 6
105 3 109 5 111 1 111
104 7 102
116 4
3 0
3
3
3 7
3 7
39
3 6
15.6
13.6 13. 4 13.5 14.0 14 2 14 5

5

3
2 6
20. 8
9 6
fx 9
\ 3

14
17
7
9.
-2.
4.

6
2
8
4
6
1

24
24
13
10
_
3

.0
3
.5
.8
.3
.1

16
21
9
12
5
3

.8
8
.0
.8
.0
4

5.3

7

227 3

101 8

200 6 212 8 215 1 ??f

50.2
24.8
17.9

9
4
0
4
2 5
4 7

31.7
35.6
13.9
21.7
-3.9

7
6
7
9
0

5.1

5.0

44 4
23.0
14.3

48.6
24.7
16.5

4
50
25.
18.
7.

9
6
0
0
5

5
51
25
18
7

24.7 2 5 .
29.8 28.
11.7 1 1 .
18.1 17.
-5.1 - 3 .
4.
4 3

2
8
3
5
6
2

24.3
29.1
11.4
17.7
-4.8

27.5
32.4
12.7
19.7
-4.9

26.
31.
12.
19.
c
4.

2
4
2
2
3
6

30
33
13
20

7.1

7.1

4.4

7.4

4.5

5.0

0
8
4
9
6

5.
44.
22.
14.
7.

46.0
23.2
15.6

7.5

4.8

1

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
1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period
1929-43, and quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown
in that issue of the BULLETIN have since been revised.
2

74



FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Annual totals

Seasonally adjusted annual rates by quarters
1947

1929

1933

1939

1941

1944

1946

2

Gross national product

103.8

Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction

1

Producers' durable equipment
C h a n g e in b u s i n e s s i n v e n t o r i e s

. . .

Net foreign investment
Government purchases of goods and
services
Federal
War
Nonwar
Less: Government sales 2 . . .
State and local

1.3

67.5
6.7
35.3
25.5
9.0
4.0

4

1

3

2

4.6
.4

.9

82.3 111.4 147.4 164.8 164.2 165.6 171.1 172.1 176.5 178.5
9 8
6.9
16.2 21.0 21.1 21 1 22.1 21.2 22 6 23 6
44.0 67.5 87.5 96.5 96.3 96.8 100.2 101.2 103.2 102.9
28 5 37.0 43.6 47.3 46.7 47 7 48.8 49 7 50 6 51 9
17.2
6.4 26.5 30.0 26.4 25.6 35.4 38.7 37.6 39.0
8.9
5 7
11 7 10.3 11 6 14.0 14 3 14 4 14 8
2.3
5.4
12.8 17.8 17.9 17.6 18.9 19.8 20.9 21.4
7.7
6 - 1 8 —3 5
4 8
2.5
3 9 — 1.4
4 6
2 3
2 8
8.4
4.7
8.2
8.9
10.2
2.9
1.1 - 2 . 1
3.9
.7

8.0
2.0
2.0

13.1
5.2
1.3
3 9

24.7
16.9
13.8
3 2

96.5

5.9

7.9

7.8

7.5

89.0
88.6
1 6
1.2

(3)

7.2

3

90.4 125.3 212.2 209.3 231.6 228.3 227.9 243.8 244.9 250.4 255.9

55.8

78.8 46.3
9.4
3.5
37.7 22.3
31.7 20.6
15.8
1.3
7.8
1.1
6.4
1.8
1 6 — 1.6
.8
.2
8.5

1948

1947

30.8 28.0
20.8
15.6
21.2 }l6.9
2 5 ]
2.9
\ ^
10.0 12.3

27.6
15.7
17.0

28.3
15.7
16.6

29.0
15.5
16.3

30.1
16.4
17.6

33.5
18.8
19.3

37.7
22.2
22.6

1.4

.9

.8

1.2

5

.4

11.9

12.6

13.5

13.7

14.7

15.5

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

Commodity
producing industries

Distributive
industries

Service
industries

Government

Dividends
ProLess emand
prietors'
Other
ployee
perand
contrilabor
sonal
butions income6 rental 8
income interest
for
income
social
insurance

Transfer
payments7

Nonagricultural
income8

1929

85.1

50.0

50.2

21.5

15.5

8.2

5.0

.1

5

19.7

13.3

1.5

76.8

1933

46.6

28.7

28.8

9.8

8.8

5.1

5.2

.2

4

7.2

8.2

2.1

43.0

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.5
170.3
178.1
195.2

45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.8
115.2
109.8
120.1

45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.7
122.2

18.4
15.3
17.4
19.7
27.5
39.1
48 9
50.3
45.8
46.1
54.6

13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
31.2
35.0

6 9
6.7
6.9
7.3
7.8
8.6
9.5
10.5
11.5
13.8
15.1

7.5
8.2
8.2
8.5
10.2
16.1
26.9
33.5
35.5
20.7
17.4

6
6
6
7
.8
1.2
1.8
2.2
2.3
2.0
2.1

5
5
5
6
6
7
9
13
1 6
1 6
1.8

15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0

10.3
8.7
9 2
9.4
9.9
9.7
10.0
10.6
11.4
13.5
15.6

2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
11.4
11.7

66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.3
159.4
174.9

1947—October.. .
November
December.

200.0
201.4
207.7

122.7
125.5
127.4

124.7
127.3
129.4

55.9
57.4
59.2

36.0
37.1
37.4

15.2
15.2
15.2

17.6
17.6
17.6

2.0
1.8
2.0

1.9
1 9
1.9

47.5
47.1
51.3

15.9
16.1
16.2

12.0
10.8
10.9

179.7
181.4
184.2

1948—January...
February..
March....
April
May
June
July
August....
September.
October?. .

209.4
206.8
205.6
207.4
207.2
212.3
212.9
214.6
214.9
215.6

127.5
126.9
125.7
125.0
126.8
129.7
131.8
134.3
134.7
134.9

129.7
128.9
127.8
127.0
128.8
131.9
134.0
136.5
137.0
137.2

59.3
58.0
57.0
56.3
57.2
59.6
60.0
61.3
62.0
62.0

37.5
37.8
37.5
37.2
37.9
38.2
39.0
39.5
39.3
39.5

15.3
15.4
15.4
15.6
15.6
15.8
16.2
16.3
16.1
16.0

17 6
17.7
17.9
17.9
18.1
18.3
18.8
19.4
19.6
19.7

2.2
2.0
2.1
2.0
2.0
2.2
2.2
2.2
2.3
2.3

1 9
2.0
1.9
2.0
2.0
2.0
2.1
2.1
2.1
2.1

52.4
50.0
49.3
51.9
50.7
52.8
51.0
50.0
50.1
50.7

16.5
16.6
16.6
16.7
16.8
16.8
17.0
17.3
17.5
17.7

11.1
11.3
12.1
11.8
10.9
11.1
11.0
10.9
10.5
10.2

184.7
184.5
184.1
183.7
184.4
187.7
189.3
191.6
192.5
192.8

...

P Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as for preceding page.
1
2
3
4

JANUARY

1949




CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit

Total

End of year
or month

consumer
credit*

Sale credit

Total
instalment
credit 1

Total

Automobile

Other

Loans

2

Singlepayment
loans 3

Charge
accounts

Service
credit

1929

7,628

3,158

2,515

1,318

1,197

643

2,125

1,749

596

1933

3,912

1,588

1,122

459

663

466

776

1,081

467

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

7 480
7,047
7 969
9,115
9,862
6 452
5,310
5 747
6,598
10 101
13,426

3,960
3,595
4,424
5,417
5,887
2,922
1,933
2,005
2,325
3,910
6,187

2,752
2,313
2,792
3,450
3,744
1,491

1,384
970
1,267
1,729
1,942

1,368
1,343
1,525
1,721
1,802
1,009

1.151

1,014
1,688

1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,255
1,520
2,263
2,707

1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612

557

1,558
2,839

1,208
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348

1947—October
November
December

12,074
12,663
13,426

5,480
5,758
6,187

2,370
2,550
2,839

,047
,099
,151

1,323
1,451
1,688

3,110
3,208
3,348

2,647
2,679
2,707

3,029
3,309
3,612

918
917
920

1948—January
February
IVIarch
April
IMay
June
July
August
September
October?
November?

13,127
13,053
13 539
13,762
13 986
14,321
14,354
14,522
14,815
15,102
15,319

6,221
6,299
6 555
6,797
6 993
7,185
7,369
7,578
7,774
7,817
7,917

2,817
2,841
2,992
3,143
3,265
3,372
3,480
3,625
3,774
3,813
3,893

L,2O2
L,254
L ,367
,468
1,536
L,602
1,689
1,781
1,858
L.889
1,936

1,615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,916
1,924
1,957

3,404
3,458
3,563
3,654
3,728
3,813
3,889
3,953
4,000
4,004
4,024

2,742
2,765
2,783
2,795
2,816
2,839
2,840
2,847
2,855
2,873
2,887

3,240
3,061
3,275
3,236
3,245
3,352
3,185
3,130
3,227
3,457
3,557

924
928

482
175
200
227
544

814
835
903

639
635
676

523
533
560
610
648
687
729
772
874
920

926
934
932
945
960

967
959
955
958

P1 Preliminary.
Revised beginning July 1934. See footnote 2.
2
Includes repair and modernization loans insured by Federal Housing Administration. Totals revised to include new estimates of instalment
loans of small loan companies and miscellaneous lenders, and insured repair and modernization loans. For description and back figures see pp.
14-15 of this BULLETIN.

3
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.

CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total i

Commercial2
banks

Small
loan
companies 1

Industrial
banks'

Industrial
loan
com- 3
panies

Loans made by principal lending institutions
(during period)

Credit
unions

Insured
Miscel- repair
Comand
laneous1 modernmercial
lenders ization banks 2
loans1

Small
loan
companies1

Industrial
banks 3

Industrial
loan
com- 3
panies

Credit
unions

1929

643

43

263

219

23

95

463

41

1933

466

29

246

121

20

50

322

202

32

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

1,208
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348

258
312
523
692
784
426
316
357
477
956
1.435

374
380
448
498
531
417
364
384
439
597
701

129
131
132
134
89
67
68
76
117
166

221

95
99
104
107
72
59
60
70
98
134

83
103
135
174
200
130
104
100
103
153
225

125
117
96
99
102
91
86
88
93
109
119

147
146
200
268
285
206
123
113
164
322
568

368
460
680
1,017
1,198
792
639
749
942
1,793
2,636

662
664
827
912
975
784
800
869
956
1,231
1,432

400
238
261
255
255
182
151
155
166
231
310

176
194
198
203
146
128
139
151
210
282

150
176
237
297
344
236
201
198
199
286
428

1947—October
3,110
November. . 3,208
December... 3,348

L.350
1,383
1,435

637
659
701

157
162
166

127
130
134

208
215
225

113
115
119

518
544
568

228
233
267

120
140
188

28
27
33

23
25
30

39
39
46

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

1,462
1,482
L,53O
L,57O
1,597
L,634
1,669
L.701
1,712
L.700
1,702

705
709
722
727
736
746
757
763
771
772
776

165
167
173
180
189
194
199
203
206
204
204

137
140
143
146
147
150
152
154
155
155
157

227
230
241
252
260
272
282
291
300
302
298

120
120
121
122
123
124
125
125
126
126
127

588
610
633
657
676
693
705
716
730
745
760

248
221
287
269
258
275
277
270
254
222
236

109
107
139
121
123
127
130
126
122
116
130

27
25
32
31
31
37
33
32
31
29
31

26
25
29
27
25
27
26
27
26
24
26

38
38
48
50
47
54
52
52
51
44
45

3,404
3,458
3,563
3,654
3,728
3,813
3,889
3,953
4,000
4,004
4,024

38

x
? Preliminary.
Revised. For description and back figures see pp. 14-15 of this BULLETIN.
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 105 million dollars
and loans
made during November were 10 million.
3
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
2

76



FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]

End of
year or
month

Total,
excludng automobile

Department
stores
and
mail
order
houses

Furniture
stores

Household
appliance
stores

[ewelry
stores

All
other
retail
stores

1929

1,197

160

583

265

56

133

1933

663

119

299

119

29

97

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

1,368
1,343
1,525
. . 1,721
1,802
1,009

1,014
1,688

314
302
377
439
466
252
172
183
198
337
650

469
185
536
599
619
391
271
269
283
366
528

307
266
273
302
313
130
29
13
14
28
52

68
70
93
110
120
77
66
70
74
123
192

210
220
246
271
284
159
101
100
107
160
266

1,323
1,451
1,688

495
555
650

443
474
S28

46
49
S2

131
144
192

208
229
266

639
635
676

1947
October. .
November.
December
1948
January...
February..
March
April
May
June
July
August....
September.
October?. .
November?

1.615
1,587
1,625
1,675
1,729
1,770
1,791
1,844
1,916
1,924
1 ,957

632
624
653
680
703
720
732
759
786
797
810

502
492
497
511
528
541
545
560
586
583
588

52
52
54
60
65
68
72
76
81
81
82

175
169
165
160
161
162
160
158
161
160
169

254
250
256
264
272
279
282
291
302
303
308

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
Year or month

Outstanding at end
of period:
1945
1946
.
1947

Total

Automobile

Other

Repair Personal
instaland
modern- ment
ization1 2
cash
loans
loans

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Automobile
retail

Year or month

Outstanding at end of
period:
1945
1946
1947
1947—October
November. . .
December . . .
1948—January . .
February....
March
April
May

June

July
August
September...
October?....
November?. .
Volume extended dur
ing month:
1947—October
November. . .
December . .
1948—January
February
March . . . .
April
May
June
July
August
September...
October?. . . .
November?. .

Other
retail,
Total
purPur- Direct chased
chased loans and
direct
742

1,591
2,701
2,499
2.588
2.701
2,787
2,825
2,931
3,057
3,137
3,229
3,319
3,410
3,486
3.504
3,531
423
421
484
456
398
504
521
487
524
512
504
503
433
449

Repair
and
modernization
loans12

Personal
instalment
cash
loans
315
572
796
758
769
796
801
807
819
832
839
856
866
878
880
869
866

64
165
346
322
337
346
359
373
402
431
448
472
502
529
550
561
565

139
306
536
492
513
536
556
570
602
628
649
668
691
713
723
723
731

100
275
523
462
486
523
567
569
591
628
646
661
678
698
725
731
737

124
273
500

68
69
70
70
66
89
92
81
87
91
93
90
73

86
94
103

89
91
115

98
89
116
112
109
109
115
116
105
93
98

118
90
102
122
112
126
113
105
122
99
98

54
43
47
56
35
44
52
48
52
45
49
49
48
49

76

465
483
500
504
506
517
538
555
572
582
592
608
620
632

126
124
149
134
118
153
143
137
150
148
141
137
120
128

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month

Total

Automobile

Other

Repair
and
modern
ization
loans 12

Personal
instalment
cash
loans

Outstanding at end
of period:
13 8
27 5
50.0

9.8
17.8
30.2

17 2
28 3
43.3

63.3
89 1
110 0

1945
1946
1947

76.7
108 4
148.2

11.0
15.0
27.1

4.0
7.4
17.1

1.5
2.4
4.2

60.2
83.6
99.8

1947-October.... 221.0
November.. 227.9
December. . 233.5

48.1
49.6
50 0

27.0
28.5
30.2

41 2
42 5
43 3

104.7
107.3
110.0

1947—October
November .
December. .

141.1
144.8
148.2

25.3
26.3
27.1

14.7
15.9
17.1

4.0
4.2
4.2

97.1
98.4
99.8

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

49 0
50 3
53.4
56.8
59.0
61.4
64.3
66.3
67.8
67.1
66.8

31 0
31.4
32.8
35.7
38.0
40.1
42.1
43.3
44.3
43.5
43.3

43 5
44.0
44.8
46.7
48.3
48.8
49.1
49.8
50.6
51.3
51.6

108 3
108.9
111.3
114.1
119.8
121.3
122.3
122.9
124.0
124.0
123.7

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

151.7
154 6
158 2
161 8
163.1
166.0
168.0
170.1
171.8
171.8
173.7

28.0
28.7
29.9
31.1
31.9
33.3
34.9
36.2
37.4
37.5
38.3

17.7
18.0
19.0
20.1
20.5
21.2
21.0
21.7
22.6
22.7
23.6

4.2
4.2
4.3
4.4
4.5
4.5
4.6
4.6
4.8
4.9
4.9

101.8
103.7
105.0
106.2
106.2
107.0
107.5
107.6
107.0
106.7
106.9

27 1
28.1
31 4

5.5
52
5 2

3 3
3.3
3 7

0 5
0 5
0 3

17.8
19.1
22.2

28 3
26.6
32.1
30.5
27.7
30.6
29.1
28.6
28.1
25.4
27.8

5 7
5 3
6.9
6.9
5.7
7.1
6.7
6.0
6.1
5.1
6.0

2.8
2.8
3.4
3.8
3.7
3.5
3.3
3.6
3.8
3.0
3.6

0 3
0 3
0.4
0,4
0.4
0.4
0.5
0.4
0.5
0.5
0.4

19.5
18.2
21.4
19.4
17.9
19.6
18.6
18.6
17.7
16.8
17.8

Volume extended
during month:
1947—October..
November.
December.
1948—January..
February...
March. . . .
April. .
May
June
July
August
September.
October?. .
November?

104.1
162.7
233.5

231.8
234 6
242.3
253.3
265.1
271.6
277.8
282.3
286.7
28.5.9
285.4

36.2
34.5
39.8

8 8
8 3
8 6

47
49
58

4.3
3.4
3.5

18 4
17 9
21 9

33 7
31.5
41.9
42.0
40.8
44.2
41.4
40.1
38.8
33.5
35.0

11 2
11 3
10.1
10.5
11.3
10.6
9.8

86
80

4 6
4 4
6.0
6.4
6.8
7.4
6.9
6.5
6.6
4.9
4.6

27
2.8
3.7
4.4
4.2
3.4
3.1
3.6
3.5
3.5
3.4

17.8
16.3
21.0
19.9
19.7
22.9
20.1
19.4
18.9
17.5
18.9

?1 Preliminary.
2

7.6

8.1

Volume extended
during month:
1947—October...
November.
December..
1948—January .
February..
March
April
May
June
,
July
August....
September
October?. . ,
November?

Includes not only loans insured by Federal Housing Administration but also noninsured loans
Includes both direct loans and paper purchased.

JANUARY 1949




CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1

FURNITURE STORE STATISTICS
Percentage change
from preceding
month

Item

Nov.
1948P

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

Oct.
1948

Percentage change
from corresponding
month of preceding
year

Sept. Nov.
1948 1948P

+8
+11
+8
+5

-13

+6

-2

Accounts receivable, end
of month:
Total
Instalment
..

+1
+1

0
-1

Collections during
month:
Total
Instalment

0
-1

Inventories, end of
month, at retail value..

+1

Oct.
1948

Sept.
1948

+4

+3

-3

-12
-16

-14
-26

-24

-20

+9

-11
-4

-12
-10

+ 17
-9

+5
+4

+30
+30

+40
+36

+46
+47

+5
+3

+1
+2

+7
+11

+8
+7

+4
+3

+5

+6

+ 15

+ 16

+ 17

+5

Preliminary.

Charge
accounts

Instalment accounts
Year and month

Household ap- Jewelry Department
pliance
stores
stores
stores

Department
stores

Furniture
stores

1947
October
November...
December. . .

31
30
29

23
23
20

40
39
39

23
24
31

57
55
54

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

24
23
27
25
24
24
23
23
24
24
24

18
17
19
19
19
20
18
18
17
18
18

36
32
35
33
34
33
34
33
32
31
31

19
18
19
19
19
19
19
19
19
19
21

53
49
53
52
52
52
51
51
53
54
55

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
Accounts receivable
at end of month

Sales during month

Year and month

Percentage of total sales

Collections during
month

Cash
sales

Instalment
sales

Chargeaccount
sales

Total

Cash

Instalment

Charge
account

Instalment

Charge
account

Instalment

Charge
account

1941 average
1942 average
1943 average
1944 average
1945 average
1946 average. . . .
1947 average

100
114
130
145
162
202
214

100
131
165
188
211
242
237

100
82
71
65
67
101
154

100
102
103
112
125
176
200

100
78
46
38
37
50
88

100
91
79
84
94
138
174

100
103
80
70
69
91
133

100
110
107
112
127
168
198

48
56
61
64
64
59
55

9
6
5
4
4
4
6

43
38
34
32
32
37
39

1947—October
November
December

234
'265
373

250
••284
408

179
'222
282

226
'252
351

95
111
136

181
204
263

147
152
170

203
214
235

53
53
54

7
7
7

40
40
39

174
168
226
213
218
217
173
188
228
248
264

189
177
235
220
228
228
187
196
230
255
272

142
142
196
191
186
178
160
192
215
203
219

164
162
222
208
213
211
158
177
228
250
262

127
124
129
131
134
136
138
144
151
155
160

205
181
190
191
192
192
167
165
188
206
219

174
160
177
171
172
176
169
173
186
196
204

299
217
207
211
214
217
213
184
188
220
243

54
53
52
51
52
52
54
52
50
51
51

7
7
7
8
7
7
8
9
8
7
7

39
40
41
41
41
41
38
39
42
42
42

1948—January
February
March
April
May
June
July
August
September
October
November P

r
* 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. 69.

78



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book 1
page

1948
Dec.

WEEKLY FIGURES 2

Dec.
15

Dec.
22

Dec.
29 2

MONEY RATES, ETC.

Dec.

Dec.
15

Dec.
22

Dec.
29

In unit indicated

BUSINESS CONDITIONS

23.73 23.92 24.22 24.11 Wholesale prices:
(1926=100):
23.00 22.99 22.85 23.35 Indexes
Total
5.06 5.13 5.02 5.47
Farm products

23.78
23.17
5.14
6.86
11.17
24.17
28.32
2.87
19.88
19.09
.78

6.84
11.11
24.22
28.42
2.85
19.73
19.07
.66

6.75
11.11
24.23
28.37
2.30
20.44
19.22
1.22

6.77
11.06
24.23
28.56
2.90
19.90
^19.19
P.71

6.88
11.00
24.24
28.33
2.61
20.24
19.19
Pi.05

5.36
1.29
7.43
5.71

5.29
1.29
7.45
5.73

5.46
1.30
7.53
5.79

5.44
1.30
7.54
5.83

5.40
1.28
7.53
5.77

MEMBER BANKS IN LEADING CITIES

All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds
16
Notes and certificates. . . . 16
Bills
16
Other securities
18
Demand deposits adjusted. . 14
U. S. Govt. deposits
14
Loans, total
14
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities. . 18
Other securities
18
Other
18
New York City banks:
Loans and investments
U. S. Govt. securities, total.
Bonds
17
Notes and certificates.... 17
Bills
1
Demand deposits adjusted. . 1
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
For purchasing securities:
To brokers:
On U. S. Govts
19
On other securities.. . 19
Toothers
19
Real estate and other. . . . 19
Banks outside New York City:
Loans and investments
U. Bonds
S. Govt. securities, total. 17
Notes and certificates . . . . 17
Bills
17
Demand deposits adjusted. . 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities. 19
Other
19

Dec.
1

WEEKLY FIGURES 2 —Cont.

In billions of dollars

RESERVES AND RESERVE BANK
CREDIT

Reserve Bank credit, total. . . . 2
U. S. Govt. securities, total. . 3
Bills
3
Notes and certificates.... 3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits. . . . 2
Member bank reserves
2,
Required reserves
4
Excess reserves e
4
Member bank reserves (weekly
avg.):
New York City
5
Chicago
5
Reserve city banks
Country banks e
5

Dec.

1948

Chart
book 1
page

62.33
33.08
24.82
6.15
2.11
4.16
47.34
1.35
25.09
15.53
4.04

62.56
33.18
24.86
6.13
2.20
4.18
47.58
.98
25.20
15.46
4.05

62.87
33.44
24.58
6.58
2.29
4.14
48.29
1.03
25.29
15.60
4.07

63.14
33.46
24.57
6.63
2.25
4.15
47.93
1.18
25.54
15.61
4.07

62.75
32.99
24.59
6.59
1.81
4.21
47.79
1.36
25.56
15.56
4.06

1.65
.71
.94
3.91

1.83
.85
.98
3.92

1.74
.79
.96
3.93

1.96
1.01
.96
3.94

2.00
1.08
.93
3.95

Foods
Other commodities
Basic commodities:
(Aug. 1939=100):
Total
Foodstuffs
Industrial materials
Selected farm products:
Wheat (cents per bushel).
Corn (cents per bushel).. .
Cotton (cents per pound).
Steers (dollars per 100
pounds)
Hogs (dollars per 100
pounds)
Butter (cents per pound)..
Eggs (cents per dozen)...
Production:
Steel (% of capacity)
Automobile (thous. c a r s ) . . .
Crude petroleum (thous
bbls.)
Bituminous coal (mill, tons).
Paperboard (thous. t o n s ) . . .
Meat (mill, pounds)
Electric power (mill. kw. hrs.)
Freight carloadings (thous. cars)
Total
Miscellaneous
Department store sales
(1935-39=100)

18.18 18.34 18.47 18.59 18.50
9.46 9.49 9.65 9.57 9.34
7.45 7.47 7.36 7.34 7.34
1.20
1.19
1.45
1.47
1.46
.81
.84
.5:
.83
.77
15.36 15.40 15.63 15.55 15.51
MONTHLY FIGURES
.3.
.37
.26
.26
.30
4.04 3.93 4.28 4.11 4.10
DEPOSITS AND CURRENCY
1.55
1.56
1.57
1.59
1.53
7.72 7.85 7.83 8.03 8.11 Deposits and currency: e
5.60 5.54 5.60 5.62 5.61
Total«
Excluding
U. S. Govt. deposits 6
e
.60
.47
.53
.74
.80 Demand
deposits
adjusted
.
e
.33
.38
.35
.34 Time deposits adjusted
.35
. ...
e
.22
.23
.21
.22
.21
Currency
outside
banks
.
.
.
1.02
1.04
1.03
1.03
1.03
U. S. Govt. deposits e
Money
in
circulation,
t
o
t
a
l
.
.
.
.
44.15 44.22 44.40 44.45 44.26
Bills of $50 and over
23.62 23.69 23.79 23.
23.65
$10
and
$20
bills
17.38 17.39 17.21 17.23 17.25
Coins, $1, $2, and $5 bills.. .
4.94 4.93 5.13 5.17 5.11
1.30
1.37
1.45
1.48
1.28
31.98 32.18 32.66 32.38 32.29
.72
.77
.97
.88 1.01
6.38 6.50 6.72 6.53 6.46
13.27 13.30 13.29 13.33 13.40 Turnover of demand deposits:7
17.38 17.35 17.46 17.51 17.45
New York City
9.93 9.92 9.99 9.99 9.95
Other leading cities
3.84 3.84 3.85 3.85 3.85
.65
.63
.61
.65
.64
3.10 3.11 3.11 3.13 3.13
Per cent per annum

63
63
63
63

162.4
177.3
169.7
153.4

161.7
175.9
168.7
153.1

162.5
179 A
170.0
152.8

162.2
179.2
169.6
152.5

65 304.9 303.4 297.7 297.8 296.5
65 343.9 340.3 328.4 332.5 330.3
65 280.1 279.7 278.7 278.2 278.2
66 231.7 229.8 226.6 226.3 226.2
66 142.8 144.0 143.3 143.8 147.1
66 32.0 32.2 32.1 32.1 32.1
66 30.20 29.83 28.53 28.91 27.98
66 22.83 22.25 21.65 21.63 22.00
66 64.4 64.4 64.5 64.8 65.3
66 52.2 48.8 48.6 49.0 48.6
69 100.1 100.0 100.0
125
123
69
124

88.6
95

97.3
82

70 5,615 5,620 5,645 5,641 5,611
70 1.91 1.99 1.89 1.91 1.74
198
195
82
191
174
71
394
366
288
393
281
71
73 5,646 5,705 5,790 5,508 5,470
72
72

804
383

783
379

755
368

609
297

73

485

564

576

471

585
294

1948
Sept.

Oct.

Nov. s

In billions of dollars

6
6
6
6
6

P169.70

^170.30

P170.10

*>166.90

*>168.00
P85.OO
P57.30
P25.7O
*2.30
28.18
8.65
14.95
4.58

2*167.90
*>85.00
P57.OO
P25.90
P2.20
28.33
8.65
15.06
4.62

P83.90
P57.3O

P25.7O
*>2.80
28.12
8.63
14.93
4.56

Annual rate

8

28.9
19.8

30.3
19.9

28.1
20.0

In billions of dollars

COMMERCIAL BANKS

U. S. Govt. securities:
Bills (new issues)
30 1.152 1.153 31.154 1.157 1.155 Cash assets e
1.21
investments, total e .
Certificates
30 1.21
1.21 1.22
1.22 Loans and
1.65 4 1.65 1.64
3-5 years
30 1.67
1.63
Loans e
e
1.95
7-9 years
30 1.96
1.92
U. S. Govt. securities
1.94
1.93
Other securities e
15 years or more
30, 32 2.44 2.44 5 2.44 2.43 2.43
Corporate bonds:
Holdings of U. S. Govt. seAaa
32 2.81 2.80 2.80 2.78 2.76
curities:
Baa
32 3.54 3.55 3.54 3.53 3.51
Bonds:
High-grade (Treas. series). . 32 2.84 2.82 2.81 2.80 2.77
Total
Within 1 year
1-5 years
In unit indicated
5-10 years
Stock prices (1935-39 = 100) :
Over 10 years
Total
33
120
118
119
119
120 Notes, certificates, and bills:
Industrial
33
124
Total
126
126
126
125
Railroad
33
107
Notes and certificates. . . .
106
107
106
104
Public utility
33
93
Bills
93
93
93
93
Volume of trading (mill, shares) 33 1.18
Guaranteed securities
1.16 1.02 1.01 1.41

163.6
181.2
172.7
153.3

P36.00
^113.60
P41.7O
P62.50
P9.40

P36.7O
P114.10
P41.60
P63.30
P9.20

10
10
10
10
10

41.31
1.77
29.59
6.28
3.67

40.78
1.77
29.18
6.27
3.57

10
10
10
10

14.01
11.82
2.19
.01

15.06
11.68
3.38
.01

P36.60
P114.20
P42.30
P62.80

For footnotes see p. 82.
JANUARY

1949




7Q

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDTT, MONEY RATES, AND BUSINESS •—Continued
Chart
book
page '

1948
Sept.

Oct.

In billions of dollars

MONTHLY FIGURES—Cont.
MEMBER BANKS

All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Balances due from banks
Reserves
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities.
Demand deposits adjusted e
Time deposits
Balances due to banks
Reserves
Reserve city banks:
Loans and investments, t o t a l . . . .
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Balances due from banks
Reserves
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due from banks
Reserves

Nov.

Chart
book ]
page

6

Nov.6

GOVERNMENT FINANCE—Cont.

12
12
12
12
12
12
12
12
12

94.90
35.45
51.79
7.65
71.02
28.80
11.00
5.33
18.51

95.45
35.31
52.68
7.46
72.05
28.80
11.02
5.29
19.82

12
12
12
12
12
12
12
12

23.23
9.78
11.87
1.59
19.03
2.61
5.09
6.24

23.40
9.35
12.61
1.44
19.36
2.59
5.04
6.63

13
13
13
13
13
13
13
13
13

34.83
13.94
18.34
2.55
24.61
11.31
5.04
1.73
6.87

35.25
14.13
18.59
2.52
25.02
11.33
5.01
1.71
7.43

13
13
13
13
13
13
13
13

36.84
11.73
21.58
3.52
27.38
14.89
3.42
5 40

36.81
11.83
21.48
3.50
27.67
14.88
3.40
5.75

CONSUMER CREDIT6

20
20
20
20
20, 21
21
21
21
21

GOVERNMENT FINANCE

Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes. . . .
Special issues
Guaranteed, noninterest - bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks e
Fed. agencies and trust funds . . .
F. R. Banks€
Individuals
e
Corporations and associations
..
Insurance companies e e
Mutual savings banks e
State and local govts.
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and Certificates—Total
outstanding
Commercial bank and F. R.
Bant:
F. R. Bank

Oct.

In billions of dollars

MONTHLY FIGURES—Cont.

95.51 Ownership of U. S. Govt. securities—Cont.
35.93 Marketable public issues—Cont.
52.22
By class of security—Cont.
7.37
Bonds—Total outstanding. . . .
24
72.01
Nonbank (unrestricted issues
28.63
only), commercial bank,
11.23
and F. R. Bank
24
5.42
Commercial bank and F. R.
19.83
Bank
24
F. R. Bank
24
23.32
By earliest callable or due date:
9.77
Withinl year—Total outstanding
25
12.16
Commercial bank and F. R.
1.39
Bank
25
19.20
F. R. Bank
25
2.58
1-5 years—Total outstanding.
25
5.04
Commercial bank and F. R.
6.59
Bank
25
F. R. Bank
25
35.37
5-10 years—Total outstanding
25
14.27
Commercial bank and F. R.
18.62
Bank
25
2.48
F. R. Bank
25
25.12
Over 10 years—Total outstand11.29
ing
25
5.27
Nonbank (unrestricted issues
1.71
only), commercial bank,
7.47
and F. R. Bank
25
Commercial bank and F. R.
36.83
Bank
25
11.89
F. R. Bank
25
21.44 !ash income and outgo:
3.50
Cash income
,
26
27.69
Cash outgo
26
14.76 Excess of cash income or outgo. . .
26
3.54
5.77
MONEY RATES, ETC.

Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other

Sept.

22
22
22
22
22
22
23
23
23
23
23
23
23
23
24
24
24
24
24
24

14.82
2.86
3.23
.96
7.77
4.00
3.77
1.86
1 .92

Treasury bills (new issues)....
Corporate bonds:
Aaa
P15.10 015.32 Baa
P2.S7 P2.89 F. R. Bank discount rate
P3.56 Commercial paper
P3A6
P.96
P. 96
P7.82 P7.92
P4r. 00

P3.81
Pl.89
Pi.92

68.98

70.23 "70.49

50.57
9.26

51.71 "51.95
10.93 11.18

45.54

45.14

27.76
13.86
48.43

26.76 e26.23
11.82 11.78
48.43 48.43

34.78
3.32
10.46

34.76 "34.72
3.69
3.66
10.46 10.46

44.95

6.80
.53

6.78
.51

"6.76
.49

53.89

53.89

53.89

10.69

11.95

9.38
5.71

10.59 "10.84
7.02
7.27

4.71
3.28

2.32
2.84
-.52

+ 1.44

3.23
3.51
-.28

°er cent per annum

29

1 . 390

29
29
29
29

2 .84
3 .45
1 50
1 .56

1 .;120
2
3
1
1

1. 144

84
50
50
56

2 .84
3 .53
1 .50
1 .56

In unit indicated

M.02
P3.89
Pl.94
Pl.96 Stock prices (1935-39 =100), total. .

34
Stock market credit (mill, dollars):
Customers' debit balances
34,35
Money borrowed
35
Customers' free credit balances. . .
35

252.74 252.51 252.56
BUSINESS CONDITIONS
112.17 112.17 112.17
46.15 45.75 45.56
59.38
(annual rates, bill,
59.50 Personal income
59.18
dollars): e 7
31.22 31.22 31.40
Total
3.94
3.99
Total salaries and wages
4.02
Proprietors' income, dividends, and
interest
62.50 63.10 P62.60 Allother....
e
36.83 36.85 37.02 Labor force (mill, persons):
23.41 23.04 23.21 Total
67.30 67.40 P67.40 Civilian
Unemployment
20.80 20.70 P21.30
Employment
22.30 21.90 P21.7O
Nonagricultural
11.70 11.60 Pll.50
7.80 P7.80 Employment in nonagriculturale 7estab7.80
lishments (mill, persons):
Total
12.63 12.61 12.42 Manufacturing and mining
Trade
8.48 P8.06 Government
9.22
5.10
5.18
Transportation and utilities
7.02
Construction
33.14
Hours
and earnings at factories:
33.14
33.52
Weekly earnings (dollars)
18.95 18.70 P18.53 Hourly earnings (dollars)
Hours worked (per week)
7.02
6.85
7.13

112.17 112.17 112.17

126

128

570
238
550

580
252
540

551
244
563

46
46

214.9
134.7

215.6
135.0

216.7
135.2

46
46

67.6
12.6

68.2
12.4

69.1
12.4

47
47
47
47
47

63.6
62
1.9
60.3
51.6

63.2
61.8
1.6
60.1
51.5

63.1
61.7
1.8
59.9
51.9

48
48
48
48
48
48

45.6
17.5
9.8
5.8
4.1
2.1

45.7
17.5
9.8
5.8
4.
2.1

P45.4
P17.3
P9.8
P5.7

49
49
49

54.18
1.362
39.8

P4.1

P2.1

54.50 P54.49
1.366 Pl.370
39.9
P39.8

For footnotes see p. 82.

80



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page i

Oct.

Nov.

Sept.

Oct.

Nov. s

In unit indicated
MONTHLY FIGURES—Cont.

Cont.

Industrial production:7
Total (1935-39 =100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
Manufacturing production
(1935-39=100), total
Durable
Nondurable
Selected durable manufactures
(1935-39=100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption. . .
Cotton consumption
Shoes
Paperboard
Newsprint consumption
Manufactured food products . . . .
Fuel oil
Gasoline
Industrial chemicals
Rayon
Orders, sales, and inventories:
Sales (bill, dollars):
Manufacturing, total
Durable
Nondurable
Wholesale
Retail
Inventories (bill, dollars):
Manufacturing, total
Durable, total
Goods in process
Purchased materials
Finished goods
Nondurable, total
Goods in process
Purchased materials
Finished goods
Wholesale
Retail
New orders (1939 = 100):
Manufacturing, total
Durable
Nondurable
Construction contracts 7(3 mo. moving
avg., mill, dollars):
Total
Residential
Other
Residential contracts (mill, dollars) :7
Total
Public
Private, total
1- and 2-family dwellings
Other
Value of construction activity (mill,
dollars):
Total 6
Nonresidential: e
Public
Private
Residential: e
Public
Private
Freight carloadings:7
Total (1935-39 =100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 = 100) :7
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Stocks-sales ratio (months' supply)

Chart
book
page l

6

In unit indicated

MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS

Sept.

BUSINESS CONDITIONS

50
50
50
50

192
85.0
83.5
23.7

51
51
51

199
224
178

52
52
52
52
52
52

193
243
183
132
227
273

53
53
53
53
53
53
53
53
53
53

173
132
126
189
147
163
180
165
448
305

54
55
55
54
54

18.8

18.8

7.6

7.8

11.2

11.0

8.3

8.4

11.1

11.5

54
55
55
55
55
55
55
55
55
54
54

30.7
14.2

30.8
14.3

5.7
4.7
3.8

5.7
4.7
3.9

16.5

16.5

2.4
8.1
6.0
8.2

2.4
8.0
6.1
8.4

14.7

15.3

18.0
7.5
10.5
8.2
11.0
14.5
5.7
4.8
4.0
16.7
2.3
8.0
6.3
8.5
15.6

54
54
54

265
303
242

249
278
231

250
277
234

56
56
56

793
305
489

754
289
465

775
284
491

57
57
57
57
57

286
5
281
214
67

275
27
248
214
34

283
32
251
218
33

58

1,782

58
58

445
647

58
58

5
685

59
59
59
59

139
79.1
31.6
28.2

-Cont.

Consumers' prices (1935-39=100):
All items
62
P86.4 Food
87.1
62
83.9
P83.2 Apparel
62
P24.2
24.0
Rent
62
Miscellaneous
62
202
P200
Wholesale prices (1926 = 100):
230
P228
Total
63
P177
179
Farm products
63
Food
63
Other commodities
63
191
P175
Textile products
64
252
Hides and leather products
64
252
195
Chemicals and allied products...
64
184
P133
Fuel and lighting materials
65
135
P231
Building materials
65
236
P275
Metals and metal products
65
277
Miscellaneous
64
Prices paid and received by farmers
161
(1910-14=100):
129
122
Paid
67
Received
67
117
195
193
Cash farm income (mill, dollars):
148
155
Total
68
Livestock and products
68
161
P201
199
Crops
68
Govt. payments
68
170
P448
446
INTERNATIONAL TRADE AND FINANCE
P303
304
195

1,707

438
615
4
650
140
79.7
31.2
29.4

1,552
371
578
3
600
137

Exports and imports (mill, dollars):
Exports
Imports
Excess of exports or imports
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Foreign exchange rates:
See p. 101 of this BULLETIN

173.6
211.5
201.6
118.7
153.7

172.2
207.5
201.4
118.8
153.9

168.7
189.9
186.9
153.3
147.9
187.5
133.3
136.7
204.0
172.0
119.9

165.2
183.5
178.2
153.1
146.9
185.5
134.4
137.2
203.5
172.4
119.0

163.9
180.8
174.3
153.3
146.1
186.2
133.2
137.3
202.9
173.3
119.2

250
290

249
277

247
271

3,132
1,544
1,583
5

3,714
1,572
2,135
7

P3.314
Pl,579
P I , 725
P10

P819

74
74
74

P558

P597

P55O

P368

P423

P269

75
75

P5.31
P2.23

P5.38
P2.3S

75
75
75

P. 45
P3.08
Pl.07

P.50
P3.00
Pi.08

P926

76, 77

1948

Apr
QUARTERLY FIGURES

June

JulySept.

Oct.-

Dec

In billions of dollars

GOVERNMENT FINANCE

Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National defense
27, 28
Veterans' Administration
28
Interest on debt
28
International aid
28
Tax refunds
28
All other
28
Receipts:
Net receipts 9
27
Individual income taxes:
Withheld
28
Other than withheld
28
Corporate income, etc
28
Miscellaneous
internal
revenue.
.
28
All other 9
28

9
2
1
1

97
76
66
79

1^02

8.82
2.67
1.78
8

9. 23
P 2 . 85

.97

1.65
1.45

1.15

Pi.62

1 18
1 42

1.91

P\ m 62

10 62

9.39

8.78

2.39
1 35
2.71
2.09 "
1.30

2.45

2 74
2 04
2 57
2 03
1 71

.28

14

2.24

1.16

78.7
29.3
29.3
Per cent per annum

MONEY RATES

60
60

312
275

61
61
61
61

357
387
412
1,051
944 1,058
385
539
507
2.6
2.6
2.7

306
282

174.5
215.2
201.0
118.5
152.7

287
304

Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities

31
31
31
31

2
2
2
3

59
10
71
03

2.70
2.26
2.76
3.13

2 71
2.27
2 82
3 09

For footnotes see p. 82.

JANUARY

1949




81

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page i
QUARTERLY FIGURES—Gont.

1948
Apr.-

June

JulySept.

In unit indicated

Jan.Mar.

Apr.June

JulySept.

Annual rates,
in billions of dollars

QUARTERLY FIGURES—Gont.
GROSS NATIONAL PRODUCT, ETC.

BUSINESS FINANCE

Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) e. . .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars):«
Public
Private
Corporate assets
and liabilities (bill,
dollars): e
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
Plant and equipment
expenditures
(bill, dollars): • 10
All business
..
Manufacturing and mining; railroads and utilities. .
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): e
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) «. . . .
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars)
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)

Chart
book1
page

Oct.Dec.

36
36

1.66
1.35

1.27
1.05

36
36
36

1.07
.18
.10

.91
.06
.08

37
37
37
37

1,079
803
126
149

765
442
138
185

37
37
37
37

274
2

280
6

195

204

36
36

.88
.45

.64
.47

38
38
38
38
38
38
38
38
38

118.4
22.5
12.6
42.9
38.7
54.5
33.8
10.2
63.9

123.3
22.8
13.0
44.6
41.3
57.9
36.2
10.6
65.4

39

4.8

4.8

39
39

3.3
2.3

3.3
2.3

40

33.4

35.6

40
40

20.4
13.1

21.7
14.0

5.4

41

5.1

41

1.4

1.5

41

546

611

41

478

487

41
41

204
185

187
245

ross national product 7
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:7
Personal income
Disposable income after taxes
Consumption expenditures
Net personal saving

42

244.9

250.4

255.9

42
42
44
44
44

30.
172.
101.2
49.7

33.5
176.5
22.6
103.2
50.6

37.7
178.5
23.6
102.9
51.9

42

42.6

40.5

39.7

43
43
43
43

19.8
14.3
4.6
3.9

20.9
14.4
2.3
2.9

21.4
14.8
2.8
.7

45
45
45
45

207.3
184.1
172.1
12.0

209.0
188.2
176.5
11.7

213.9
193.7
178.5
15.2

1948

1947
June
30

SEMIANNUAL FIGURES

June
30

In billions of dollars

INSURED COMMERCIAL BANKS

Loans:11
Commercial
Agricultural
Real estate
Consumer
3.5
For purchasing securities:
2.3
To brokers and dealers
To others
State and local govt. securities
Other securities

Dec.
31

11
11
11
11
11
11
11
11

14.77
1.55
8.20
4.89
1.52
1.29
4.83
3.47

18.01
1.61
9.27
5.65
.82
1.19
5.13
3.62

17.83
1.97

10.10
6.41

1.18
1.08
5.43
3.50

« Estimated.
P Preliminary.
Page references are to charts in the January 1949 issue of the Chart Book announced on p. 26 of this BULLETIN.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
* Number of issues increased from 1 to 2 on Dec. 15, 1948.
4
Number of issues decreased from 2 (average rate of 1.62 per cent) to 1 (average rate of 1.66 per cent) in the week ended Dec. 18, 1948.
5
Number of issues decreased from 8 to 7 on Dec. 15, 1948.
6
For charts on pp. 22, 29, and 34 figures for a more recent period are available in the regular BULLETIN tables that show those series.
Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several
monthly
charts include figures for a more recent date than are shown in this table.
7
Adjusted for seasonal variation.
8
Beginning
with July 1948 includes expenditures from Foreign Economic Cooperation Trust Fund.
9
Net receipts are total receipts less social security employment taxes (included in "All other" receipts).
i° Estimates for January-March 1949 quarter are (in billions of dollars): All business, 4.4; manufacturing and mining, railroads and utilities,
3.0; 11manufacturing and mining, 2.0.
Beginning June 30, 1948, individual loan items are reported gross, i. e., before deduction of valuation reserves; previously they were reported
net of such reserves.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
ssues at $1.00 each.
1
2




FEDERAL RESERVE

BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
1948

Chart
book
page1

Sept.

Oct.p

1948

Chart
book
page1

NOV.P

Sept.

NOV.P

In millions of dollars

In millions of dollars
Consumer credit outstanding,2 t o t a l 2 . .
3
Instalment credit, total
3, 5
Instalment loans2
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit 3 outstanding, cumulative totals:»
Instalment credit2
4
Charge accounts
4
Single-payment lo ins
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 3
Automobile dealers
6

Oct.p

14,815 15,102 15,319 Consumer instalment sale credit
out7,917
standing, cumulative totals: 3 —Cont.
7,774 7,817
Furniture and household appli4,000 4,004 4,024
ance stores
3,744 3,813 3,893
Department stores and mail3,227 3,457 3,557
order houses
2,855 2,873 2,887
958
959
All other
955
Consumer instalment sale4 credit
granted, cumulative totals:
out14,815 15,102 15,319 Consumer instalment loan credit
23
7,041 7,285 7,402 standing, cumulative totals:
Commercial and industrial
banks
3,814 3,828 3,845
2
Small loan companies
959
955
958
Credit unions
Miscellaneous lenders 2
3,774 3,813 3,893
Insured 2repair and modernization
loans

1,916

1,924

1,957

1,249
463

1,260
463

1,287
477

4,000
2,082
1,311
1,011

4,004
2,100
1,328
1,026

4,024
2,118
1,342
1,044

730

745

760

p Preliminary.
»Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
Revised. See pp. 14-15 of this BULLETIN.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting
from the figure shown, the total immediately following it.
4
Figures for this series are in process of revision and will not be available for several months.
• Copies of the Chart Book may be obtained at a price of 50 cents.
2
3

DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF DECEMBER 1, 1948
[In thousands of units]
Cotton
Federal Reserve district

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

Corn

Spring wheat

Production
1947

Estimate
Dec. 1, 1948

Production
1947

Estimate
Dec. 1, 1948

Production
1947

Estimate
Dec. 1, 1948

Production
1947

Estimate
Dec. 1, 1948

Bales

Bales

Bushels

Bushels

Bushels

Bushels

Bushels

Bushels

274
4,084
983

307
4,120
1,248

6,906
24,385
51 515
181,516
167,722
167,139
867,310
300,010
311,826
242,007
57,398
6,236

11,857

14,937

2,383,970

1,121
2,185

1,594
2,847
2

^,210

Total

Winter wheat

4,821

Oats

6,295
32,179
58 168
269 198
179,076
199,109
1,483,210
482,769
455,941
422,894
55,486
6,223

10 448
20 086
54 836
30 392
8,203
71,207
51,942
31,521
552,571
127,459
109,383

13 501
16 435
62 707
26 259
7,975
87,609
71,271
41,336
477,649
57,486
127,870

1^576'
19
255,937
5,285
102
36,139

1,950
22
256,343
5,401

3,650,548

1,068,048

990,098

299,138

298,308

Tame hay

Tobacco

132

80

34,460

White potatoes

Federal Reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City ..
Dallas
San Francisco
Total
1
2

Production
1947

Estimate
Dec. 1, 1948

Production
1947

Estimate
Dec. 1, 1948

Production
1947

Estimate
Dec. 1, 1948

Production
1947

Estimate
Dec. 1, 1948

Bushels

Bushels

Tons

Tons

Pounds

Pounds

Bushels

Bushels

4,102
14,255
12,576
27,817
37,148
32,720
430,334
54,667
365,034
153,161
35,804
31,804

5,116
29,630
18,389
66,477
27,732
30,227
640,036
74,841
417,785
135,271
18,148
28,100

4,108
6,645
2,646
5,872
4,556
3,875
18,044
9,041
9,894
9,584
1,809
13,212

4,059
6,657
2,504
5,535
5,194
3,791
15,607
9,384
9,429
10,355
1 724
12,759

35,856
1,326
58,518
128,945
1,259,188
264,387
37,760
317,254
3,021
3,326

34,891
885
63,505
137,079
1,058,788
226,337
30,172
339,628
2,337
4,304

74,020
39,999
21,482
11,819
25,855
12,580
23,209
8,204
44,926
31,418
5 114
90,422

83,328
44,911
22,533
12,866
27,291
12,174
28,286
8,418
46,070
37,722
4,888
117,363

1,199,422

1,491,752

89,286

86,998

2,109,581

1,897,926

389,048

445,850

Includes 10,000 bales grown in miscellaneous territory.
Includes 15,000 bales grown in miscellaneous territory.
NOTE.—1947 figures for all crops except cotton are as revised in December 1948.

JANUARY

1949




NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES

Federal Reserve
district or State

United
Dec.
Dec
Dec.
Nov

On par list

Total banks, branches
and offices on which
checks are drawn

States total:
31, 1945
31 1946
31, 1947
30 1948*

Member

Total

Not on par list
(Nonrm

Nonmember
Branches
and offices

Banks1

Branches
and offices2

Banks

Branches
and offices

Banks

Branches
and offices

Banks

14,002
14,043
14,078
14,078

3,947
3,981
4,148
4,309

11,869
11,957
12,037
12,070

3,616
3,654
3,823
3,991

6,877
6,894
6,917
6,915

2.909
2,913
3,051
3,175

4,992
5,063
5,120
5,155

707
741
772
816

495
909
842

495
909
842

302
857
138
271

336
783
646
705

222
794
101
233

159
126
196
430

80
63
37
38

335
137
551

477
346

213
120
227
40

322
211

Branches
and offices

Banks

2,133
2,086
2,041
2,008

331
327
325
318

632

122
17
324
33

212
622
54
343

121
36
24
60

145
980
288
234

18
3
12
69

658
9
109
1

68

By districts and
by States
Nov. 30, 1948»
District
Boston
New York
Philadelphia
Cleveland

1,135

302
857
138
271

Richmond
Atlanta
Chicago
.
St. Louis

1,011
1,179
2,488
1,470

456
173
575
133

1,279
1,749
1,017

112
9
40

Minneapolis
Kansas City
Dallas . .
San Francisco

. . .

...

State
Alabama
Arizona
Arkansas . . .
California
Colorado
Connecticu t
Delaware
District of Columbia...
Florida
Georgia

1,135
799
557

2,434
1,127
621

1,740

73

1,002

495

1,243

476
760
620
269

44
9
31

504

1 243

908
503

223
10
230
194
142

22
43
19
915
1

118
10
106
194
142

22
-43
5
915
1

89
5
67
115
92

115
39

26
14

26
6
19

1,432

1,174
22
32
1
871
1

29

5
39
79
50

9

105
11
4
44

124

14

63
291

4

115
39

26
14

66
17

13
4

49
22

39
2

19
118

39
2

16
73

36
2

391

31

100

27

65

26

3
45
35

48
880
487
667
608

47
3
96
161

48
878
487
667
606

47
3
96
161

27
502
237
165
214

44
3
40

21
376
250
502
392

383
161
63
164
183

39
64
69
107
162

383
58
63
164
183

39
41
69
107
162

112
46
38
76
146

25
36
37
70
146

271
12
25
88
37

14
5
32
37
16

442
679
205
595
112

214
6
58

442
263
40
528
112

214
6
10

229
206
32
180
84

164
6
3

213
57
8
348
28

50

New Jersey
New ]Vlexico

409
8
74
334
49

2
18
2
141
11

409
8
74
334
49

2
18
2
141
11

144
6
52
286
34

2
17
1
126
2

265
2
22
48
15

New York
North Carolina
North Dakota
Ohio
Oklahoma

647
209
150
666
384

729
180
24
203
1

647
93
61
666
376

729
64
6
203
1

567
54
42
425
225

678
35
176
1

80
39
19
241
151

51
29
6
27

Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota

70
981
19
149

87
162
42
37

70
981
19
60

87
162
42
33

33
751
11
32

81
136
30
27

37
230
8
28

6
26
12
6

89

4

70

23

62

20

8

3

100

25

Tennessee
Texas
Utah
Vermont
Virginia

293

198

65

81

53

117

12

95

16

270
24
29

2
9

Washington
West Virginia
Wisconsin

Idaho
Illinois
Indiana
Kansas
Kentucky
Louisiana
Maine
l^tassachusetts
Minnesota
Mississippi
Nebraska
Nevada

19
181

170

48
81
3
22
11

839
55
69

314

93

121

124

182
552
55

150

897
55
69

13
10
3
1
3
2
56
161
2

7

103

23

416
165
67

48

1
15
9

89

116
18

8

3
22
11

569
31
40

308

92

203

3
20
2
45

105

47

6

120

124

53

117

67

7

1

181
445
55

101

109
165
41

21

72
280
14

80

1
107

58
1

49

91 Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
1
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 241, of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.

84



FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Reported gold reserves of central banks and governments. .

86

Gold production

87

Gold movements .

87

International capital transactions of the United States. .
International Monetary Fund and Bank. .
Central banks
Money rates in foreign countries...

88-93
94
94-98
99

Commercial banks

100

Foreign exchange rates.

101

Price movements:
Wholesale prices .

102

Retail food prices and cost of living. .

103

Security prices

103

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 1949




85

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...

1948—Jan...
Feb...
Mar..
Apr...
May.,
June.,
July..
Aug...
Sept..
Oct...
Nov..
End of month
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
1948—Jan...
Feb...
Mar..
Apr. .
May..
June..

July..
Aug...
Sept..
Oct...
Nov. .
End of month
1939—Dec..
1940—Dec..
1941—Dec..
1942—Dec..
1943—Dec..
1944—Dec..
1945—Dec..
1946—Dec..
1947—Dec..
1948—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..

United
States

Argentina *

Belgium

Brazil

Canada

Chile

Colombia

Cuba

17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529

474
416
497
614
838
992
1,197
1,072

609
734
734
735
734

40
51
70
115
254
329
354
354

30
30
31
36
54
79
82
65

21
17
16
25
59
92
127
145

22,754
22,935
23,036
23,137
23,169
23,304
23,532
23,679
23,725
23,872
24,004
24,166

322

214
27
5
6
5
6
2
361
2
543
a 294
7
7
7
7
8
9
9
9
7
8
9

45

83

45
45
45
45
46
46
44
44
44
44

84
85
86
81
P69
P65
P63

1
1
1
16
46
111
191
226
279
279
279
279
279

313
296
266
229
214
202
201
196
166
141

716
735
597
593
578
591
606
615
622
637
643
643
*644
634

Iran
India (Persia) Italy

354

354
354
354
354
354
354
354
354
317
317

Japan

Java
90
140
235

274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
264
264
264
264

26
26
26
34
92
128
131
127
127
127
127
127
127
127
127
127
127
124

144
120
124
141
118
24
24
28
28
28
28
28
28
28
28
28
28
28
30

164
164
M64

Sweden

Switzerland 6

Turkey

United
Kingdom

549
502
665

29
88
92
114
161
221
241
237
170
171
171
171
168
168
164
164
161
160
160
160

308
160
223
335
387
463
482
381
105
104
101
97
96
93
85
81
81
81
80
81

824
«965
,158
,342
,430
,356
,352
,353
,353
,352
,351
,345
,322
,332
,371
1,372

4 216

Czecho- Denslomark
vakia
56
58
61
61
61
61
61
61

289

Nether- New
Mexico lands Zealand Nor32
47
47
39
203
222
294
181
100
96
86
87
86
78
71
43
44

692
617
575
506
500
500
270
265

23
23
23
23
23
23
23
23

231
220
209
193
182
183
183
183
172
172
171
170

23
23
23
23
23
23
23
23
23
23
23

81
75
58

80
91
72
70
69
66
66
66
66
66
65
65
58

Uruguay

Venezuela

Yugoslavia

B.I.S.

Other
countries 7

68
90
100
89
121
157
195
200
175
189
200
200
203
203
203
198
187
181

52
29
41
68
89
130
202
215
215
215
230
240
243
263
263
304
304
304
304
324

59
82
*83

7
12
12
21
45
37
39
32

178
170
166
185
229
245
247
240

30
33
35
40
39
32
30
31
31
38
37
44

240
241
242
242
243
244
244
244
245
P245
P245
P245

c
P1 Preliminary.
Corrected.
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos
per U. S. dollar.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, and December 1947 when gold holdings of Foreign Exchange
Control
Board are included also.
8
Total gold holdings are not available. Beginning April 1946, the series is new and represents
gold
held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
4
Figures relate to last official report dates for the respective countries, as follows: Java—
Jan.
31,
1942;
Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
6
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.
NOTE.—For gold holdings of International Fund and Bank, see p. 94.
For back figures,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data,
see pp. 524-535 in the same publication.




Egypt France

53
52
44
44
44
44
38
38

55
52
52
52
52
52
52
53

32
32
32
32
32
32
32
32
32
32
32
32

53

53
53
53
53
53
53
53
53
53

Peru

Poland

20
20
21
25
31
32
28
24

•84

2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
548
548

Greece

29
29
29
29
29
29

28
28
28
28
28
28

Hungary
24
24
24
24
24
24
24
34

34
34
34
34
34
34
34
34
34
34
34

548
548
548
548
548
548
548
548
548

Portu- Ruma- South
gal *
Africa
nia

245
193
189
189
184
181
179
176
174
172
169
167

20
20
20
20
20
20
20
P20
P20
P20

Ger-

152
158
182
203
260
267
269

249
367
366
634
706
814
914
939

P215
P215
P215
215
216
216
217

762
764
448
438
446
388
373
338
307
269
234

Spain

42
42
91
105
110
111
111
111
111
111
111
111
111
111
111

1
Government gold reserves not included in
previous figures

United
End of month United
France
States Kingdom
1938—Dec
1939—Aug
Dec
1940—Aug
Dec
1941—Sept
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar

80

2 759 331
3 876 *460

156

June
Sept.. . .
Dec
1948—Mar
June....

48
24
25
12
43
12
18
71
177
163
151
129
114
79
208

292
« 151
5 2',354"
5 2,341
5 2,196
62,587
5 2,345
6 2,382
52,341
5 2,035
5 2,200
5 1,886

*293

457

Belgium
44
17
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 4England on that date.
Figure for first of month.
6
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings (official and private) of U. S.
dollars, as reported by banks in the United
States, are shown in table on p. 91.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 94, footnote 4, and p. 95,
footnote 6. For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.

FEDERAL RESERVE

BULLETIN

GOLD

PRODUCTION

OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
world
production
Total
outside 1 reported
U.S.S.R.
monthly

Year or
month

1,142
1,219
1,311
1,265
1,130

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

880

794
745
762

400

400
4 SO
600
11S
49 S
080
4S0
195

South
Africa

968,320
1,031,214
1,106,447
1,110,379
982,130
774,086
702,534
683,011
696,998
705,447

425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
417,647
392,004

60,644
59,738
60,433
60,377
57,211
60,861
59,507
60,980
60,112

35,361
33,888
34,025
34,775
32,459
34,384
34,175
34,368
33,941
34,544
33,720
33,345
33,384

1947—Ort
Nov
TVr

1948—inn

Feb
Mar

Apr
May

June . . . .
July
Aug.
Sept
Oct

North and South America

Africa
West Belgian United
Africa* Congo3 States 4

•Rhodesia

Canada

Mexico

$J=, ?5V2i gra ins of gol d Vio fin ?; *". (?., a n ounee of
28,532 24,670 16f564 178,143 165,379 M ,306
28,009 28,564 18 258 196,391 178,303 29 ,426
29,155 32,163 19 413 210,109 185,890 30 ,878
27,765 32,414 19 571 209,175 187,081 27 ,969
26,641 29,225 17 Q9? 130,963 169,446 98 ,018
23,009 19,740 IS 791 48,808 127,796 ?? ,081
20,746 18,445 12 747 35,778 102,302 17 ,793
19,888 18,865 1? 144 32,511 94,385 17 ,4S8
19,061 20,475 11 596 51,182 99,139 14 ,703
18-296 19,320 10 780 75,786 107,432 16 f SO
1,540
L,513
1,489
1,504
1,442
1,431
1,477
L,539
1,462
1,564
1,443
1,462

35

1,225
1,750
1,890
1,820
1,820
1,855
1,855
1,925
1,995
2,030
2,065

840
770
770
910
840
910
94 S
910
980
910
980
94S
875

7,733
5,791
6,828
6,042
5,489
6,372
5,650
6,078
5,719
6,180
7,661
7,388
6,540

9,057
8,826
9,614
9,568
9,156
10,070
'•10,013
10,047
10,152
10,367
10,689
10,320
10,740

Colombia

Chile

Australia«

India'

fine gol i=$ 35.

18.225 10 790
19 ,951 11 376
?? 117 11 999
22 ,961 9 259
?0 ,882 6 409
19 789

19 ,374
17 ,734
15 ,301
H ,406

922

915
94S

? ,491

778
6S8
1 ,367
1 ,166
879
1 ,324
91 S

Other
Nicaragua 5

680
1 ,124
1 ,302
809
7H
916
701
1 ,190

6 081
7 131

6
8 068

s

908
4? 4
383
529
369
288
474
494
602
4SS
407

966
999

1 ,SS7
3 ,506

55,721 11 ?84
57,599 11 ,078

9
s ,4?9 57,540 10 J 6
7 ,525 52,384 10 ,008
8 ,623 40,383 9 111
7 71 S 26,295 8 8?8
7 ,865 22,990
6 ,577
6 ,98S 23,002
893
6 ,357 28,857
4s ,612
ft OSS
7 ,403 32,807

679
74?
672
648
682
634
6S?
611
S99
647
687
666
736

2,720
2,639
2,808
2,433
1,945
2,266
2,129
2,381
2,785
3,640

'PO

s?s
490
45S
420
525
S^S
525
490
S60
SOS
S60

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating a n n u a l
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
r
x
Revised.
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics.
Beginning 1944, they are for Gold Coast only.
8
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint.
Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705
so that aggregate for the year is equal to the annual estimate compiled by the United States Mint.
6
Gold exports, reported by the Banco Nacional de Nicaragua, which states t h a t they represent approximately 90 per cent of total production.
6
7
Beginning 1946, subject to revision.
Monthly figures reported by the American Bureau of Metal Statistics.
N O T E . — F o r explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938,
p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for
these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]

Net imports from or net exports ( —) to:
Year
or month

1942
1943
1944
1945
1946
1947

Total
net
imports

United
Kingdom

France

Belgium

Netherlands

Sweden

Canada

208,917
66,920
46,210
53,148
344,130
—6
3 27,990 445,353

1,955
315,678
88
68,938
—845,392 - 6 9 5 , 4 8 3
160
-106,250
458
-14
311,494
488,433 162,941
1,866,348

Argentina

Mexico

Other
Latin
American Republics

Philippine
Republic

99
40,016 39,581
321
- 1 0 , 8 1 7 - 3 , 2 8 7 24,306
—50,268 -109,695 -58,292
15,094 -41,743
-5
103
3,591
-134,002
-403
— 156
335,505 —7,110 10,684 - 3 , 5 0 8

Australia

South
Africa

India

All
other
countries

4 119
129
20 013
152
307
-8,731
199 3,572
18 365
357
106
1-133,471
41 118,550 - 2 , 6 1 3 2 -18,083
124 410,691 -4,423
3-337

528

1947

Nov
Dec

265,700
178 166

142,821
101 541

3

63,697
37 735

56,849
35 436

103
208

1,434
2 126

-252
85

234,978
159 388
99 943
234 156
151 326
177,741
266 691
39 078
53,290
121 571
54,224

182,808
104,264
20 274
167 906
157,131
177,829
178,038
4,400
1,184
40,678

9,970
31,301
61 931
20,023 6,132
5,523

458
289
— 19,660
— 10,693
-29,635
-12,031
30,512

12,009

201
211

2,418
1,102

74
-289

198 -27,736
3,904 5 6,523
9,706 -35,822
57 3,068
255 2.905
260 -13,895

-144
—53

19
9

29

997
1 026

32,991
23,674
40 888
22,756
97 39,331
40,764
4 40,463
60,625
33,489
127 52,036
57,307
7

-5,950
— 1,390
—5
161
4
—6 871
—1,106
-1,167
— 1 078
—6,412
6
-24,991
6
6 —6 581
-4,171

1948

Jan
Feb

Mar

Apr

Alay

June
July
Aug

Sept
Oct
Nov.?... .

1

26

1,437

698

- 2 2 5,159 11,212
—21 5,695 5,746
27 5,769

676
331
8,848

29,998
4,145
6,942
5,937
23,730
20,519

271
2 673 — 1,279
242
—208
4,871
5
161 5 -24,092
—228
-56

-272
-119
73

227
6

P Preliminary.
Includes $133,980,000 to China and $509,000 from other countries.
2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
34 Includes $27,885,000 from U. S. S. R.. $14,000,000 to China, and $14,223,000 to other countries.
Includes $4,491,000 to U.S.S.R. and $2,380,000 to other countries.
5
Includes exports to Venezuela as follows: May, $30,052,000; June $29,998,000; August, $40,000,000; November, $15,999,000.
6
Includes exports to Switzerland as follows: September, $23,747,000; October, $6,360,000; November, $3,488,000.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.

JANUARY

1949




INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, ( —). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES

From Jan. 2, 1935,
through—

Total

Increase in foreign banking
funds in U. S.
Total

Official i

Other

Increase in
funds of international
institutions
in U. S.

Foreign
securities:
Return
of U. S.
funds

Decrease
in U. S.
banking
funds
abroad

Domestic
securities:
Inflow of
foreign
funds

Inflow In
brokerage
balances

1935—Dec.
1936 Dec
1937—Dec
1938—Dec.

(Jan. 1, 1936).
30
29
(Jan. 4. 1939).

1.440.7
2 667 4
3 501 1
3,933.0

631.5
989 5
1,259 3
1,513.9

38.0
140 1
334 7
327.0

593.5
849 4
924 6
1,186.9

361.4
431 5
449 1
510.1

125.2
316 2
583 2
641.8

316.7
017 4.
1,162.0
1.219.7

6.0
12 9
47.5
47.6

1939,—Mar
June
Sept
Dec.

29
28
27
(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

55015
607 5
618 4
650.4

646.7
664 5
676 9
725.7

1,188.9
1,201 4
1,177 3
.133.7

63.9
74 0
83.1
80.6

1940—Mar
June
Sept
Dec.

(Apr 3)
(July 3)
(Oct 2)
(Jan. 1. 1941).

5,207.8
5,531.3
5,831 2
5.807.9

2,630.9
2,920.7
3,175.9
3,239.3

631.0
1,012.9
1,195.4
1.281.1

1,999.9
1,907.8
1,980 5
1,958.3

631.6
684.1
773 6
775.1

761.6
785.6
793.1
803.8

1,095.0
1,042.1
987 0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2)
June (July 2)
Sept (Oct 1)
Dec 31

5,607.4
5,660.1
5,612 6
5 354 1

3.229.7
3.278.0
3.241.8
2,979 6

1,388.6
1,459.8
1,424.0
1 177 1

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 *
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
L,873 5
L.908.3

819.7
842 3
858 2
888.8

849.6
838.8
830 5
848.2

624.9
632 0
646 1
673.3

104.3
106.2
107 5
104.4

1943—Mar
June
Sept
Dec.

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

L.920.3
1,931.2
1,939 7
5,034.8

898 7
896.9
888 6
877.6

810 5
806.8
929 3
925.9

685 9
687.9
708 1
701.1

108 6
112.1
114.8
117.8

1944—Mar. 31 .
June 30
Sept. 30
Dec. 31

7,611.9
7,610.4
7,576 9
7,728.4

5,034.4
5,002.5
4,807.2
4,865.2

3,005.0
2,812.2
2,644.8
2,624.9

5,029.4
5,190.3
5,162.3
5,240.3

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.

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

r

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

5,714.1
i5,810.7
.,847.3
<- ,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
9,516.8
9,018.6
8,693 5
8,551.9
8,323.2

5.300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3

2,416.0
2,006.2
1,725.4
1.718.8
I,448.7
1,447.2
1,616.8
1,726.9
1,298.5
1,232.9
1,200.0
1,121.8

,884.6
5,041.1
-5,115.9
5,096 7
i
,049 3
,144.7
5,086.4
,143.5
,157.5
,091.2
,062.4
,998.5

449.0
2,705.6
2,707.0
2,702 5
2,819 4
2,694.3
2,861.1
2,758.0
2,655.4
2,481 4
2,380.4
2,242.0

404.8
380 9
337.1
333 6
255 3
202.5
156.3
168.2
178.3
172 1
211.6
174.6

1,308.2
1,229 8
1,282.6
1,341 6
1,380 7
1,398.0
1,177 3
1.193.6
1,230 3
1,243 6
1,254.5
1,276 9

464.4
439 7
414.3
416 7
398 5
393.4
385 9
362.6
338.8
310 0
290.0
4
367 0

150.4
156 6
154.5
161.6
156 4
160.8
159 8
164.1
159.9
162 2
153.1
142.4

8,174.2
8,216.1
8,159.7
7,950.1
7,858.0
7,934.0
8,031 6
7,917 8
7,983.4
8,063.3

4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
4,351.9
4,432.9
4,522.1
4,572.2
4,647.9

1,137.2
1,270.7
1,346.4
1,281.8
1,299.0
L.352.3
,389 3
.513.9
1,518.9
1,670.6

2 ,957.6

2,185.0
2124.6
1,985.3
1,955.2
1,935 1
1,907.7
L,909 1
L,898.9
1,901.5
1,896.6

106.5
88.7
51.7
22.0
—27 3
23.7
56 6
42 0
61.9
60.3

1,287.7
1,292 4
1,296.4
1,304 3
1,304 0
1,304.5
1,309 8
1,159 1
1,165.4
1,168 5

*359.6
4
340 3
«312.3
•272
4
4
213 6
*
203.9
4
189 7
4
166 2
4 158.0
4168.5

140.6
135 2
143.3
146.1
146 8
142.2
133 5
129 6
124.5
121.5

31
30
30
31

31
30
30
3-1

1945—Mar. 31
June 30
Sept. 30
Dec. 31
1947—jan 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 3 1 . .
Nov. 30
Dec. 31
1948—jan 3i
Feb. 29
Mar. 31. .
Apr. 30
May 31
June 30
July 31.
Aug. 31
Sept. 30P
Oct. 31 P

5,354.3
>,357.9
5,487 2
5,675.5

•
•

-,

,964.3

3 ,024.2
? ,968.3
7 ,986 9
2 ,999.6
^ ,043 6

,008 2

3 ,053.3
2 ,977.3

l

P1 Preliminary.
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commerical banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
8
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 4Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30 and 81.6
millions for Oct. 31, resulting from net purchases of domestic securities by international institutions.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for December 1945, pp. 960-974.




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31P

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

5,112.8 1,101.3 468.7
5,807.9 865.2 670.3
5,354.1
674.1 639.9
5,980.2 837.8 625.9
7,267.1 1,257.7 636.8
7,728.4 1,090.0 585.7
8,802.8 892.5 464.2
7,555.7 563.1 384.8

470.3
455.6
464.4
474.0
487.7
506.2
539.7
326.4

773.0
911.5
725.7
592.1
629.1
664.3
722.3
766.1

58.0
55.4
50.5
48.1
48.2
63.1
106.5
287.5

918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,246.3

522.6
3,790.1 229.4 483.4
4,056.6 411.7 606.8
642.6
340.5
3,626.3
567.5
691.1
3,608.1 425.1 835.8
932.9
4,192.8 760.3 951.0 1,161.6
4,081.8 976.4 1,193.7 1,273.6
4,037.0 1,395.7 1,338.4 1,784.1
3,574.2 979.7 1,474.0 1,258.3

6,171.5
6,081.1
5,989.2
6,091.5
6,174.3
5,994.9
5,922.9
6,026.2
6,122.5
6,018.9
6,081.9
6,166.7

240.4
213.8
189.2
188.7
186.2
150.0
125.2
120.1
102.1
92.8
85.2
76.0

820.5
839.3
836.2
840.0
841.2
850.6
860.9
858.3
863.4
853.1
831.5
824.6

140.4
150.1
160.1
180.7
187.0
205.8
216.6
210.2
238.7
270.0
307.1
316.4

1,124.7
1,088.6
1,101.2
1,088.8
1,079.1
1,060.8
1,054.7
991.4
992.6
963.2
993.5
1,007.4

3,109.0
2,963.1
2,891.1
2,983.9
2,984.1
2,853.9
2,772.2
2,797.4
2,737.7
2,722.6
2,726.9
2,754.8

Total »

464.2
437.0
451.4
523.9
562.8
488.8
449.9
558.0
489.4
486.8
462.5
474.4

318.8
234.3
153.1
161.8
127.8
97.9
64.8
59.5
51.6
56.6
47.1
56.0

Canada

684.9
688.6
727.8
721.5
798.0
838.4
878.7
911.2
938.2
816.3
849.3
868.7

Latin
America

All
other
87.4
90.2
128.6
178.3
201.4
203.0
247.5
269.6

981.0 2a 3 - 9 . 4
1,406.1
70.2
1,383.4
975.8
1,338.2
946.3
1,364.9
931.9 2
1,368.0
938.9 «85.3
1,360.8
892.1 828497
3
49.0
1,329.5
893.6
1,384.0
897.5 2*36.1
1,381.1 1,009.8 2"35 5 . 7
1,420.5
997.9 2 1 6 1 . 5
1,443.8
998.1 2 3 63.8
1,466.1 1,001.8 75.4

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30*
Oct. 3U

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,272.3

376.1
293.3
328.6
493.3
939.4
804.4
646.4
397.6

256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8

190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2

362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0

19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
247.6

449.9
580.8
538.0
479.8
565.3
611.2
745.8
687.2

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
823.9

4,262.4
4,120.3
4,094.8
4,235.0
4,370.6
4,250.1
4,285.9
4,351.9
4,432.9
4,522.1
4,572.2
4,647.9

293.1
264.9
274.9
343.6
383.9
314.9
279.4
384.4
311.2
310.6
284.6
298.7

156.8
87.6
88.6
124.3
107.0
94.9
82.6
87.0
82.9
87.9
80.5
86.4

141.8
126.7
107.5
112.3
114.5
108.2
93.6
96.3
93.9
106.1
97.8
91.2

405.9
432.8
435.7
446.7
454.2
471.1
515.8
527.1
534.9
535.9
514.0
512.3

125.6
132.8
143.1
163.4
167.0
184.1
195.5
192.4
216.7
251.0
285.2
295.1

626.5
576.6
586.0
579.5
587.3
576.1
568.0
498.4
496.5
483.9
505.8
520.2

1,749.8
1,621.4
1,635.8
1,769.9
1,813.8
1,749.4
1,734.9
1,785.7
1,736.1
1,775.3
1,767.9
1,803.8

Total

Canada

319.3
301.6
327.0
322.7
400.0
429.0
462.6
483.6
508.7
548.4
578.0
593.3

Latin
America

Asia

All
other

215.1
417.0
326.4
531.2
296.7
541.4
482.8
743.9
578.7
928.2
794.7
888.6
924.9 1,369.1
983.3 1,135.7

60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9

883.5
877.3
846.3
840.3
842.4
783.7
809.6
804.1
914.5
894.2
923.5
904.6

228.5
224.9
238.0
234.5
227.5
190.7
193.3
174.5
192.3
199.5
199.6
209.3

1,081.3
1,095.0
1,047.8
1,067.5
1,087.0
1,097.3
1,085.5
1,104.0
1,081.2
1,104.7
1,103.2
1,136.9

TABLE 4 .—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1945—Dec.

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec. 31
1948—jan# 3i
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30P
Oct. 31 P

.

Total

United
King- France
dom

650.4
775.1
791.3
888.8
877.6
805.8
742.7
427.2

252.2
269.2
271.2
279.4
272.1
266.1
266.6
244.3

211.6
174.6
106.5
88.7
51.7
22.0
-27.3
23.7
56.6
42.0
61.9
60.3

64.1
260.2
262.8
55.7
269.5 - 1 8 . 7
273.1 - 3 4 . 6
273.5 - 3 9 . 4
268.5 —36.9
266.7 - 4 3 . 6
270.4 - 4 7 . 9
270.3 - 4 5 . 8
268.4 - 4 4 . 1
271.1 —44.1
268.6 - 3 9 . 2

73.8
74.6
76.9
77.8
77.9
77.7
78.0
73.4

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

12.9
2.9
17.7
6.5
17.6
5.4
18.1
6.6
18.3
5.1
18.3
6.8
— 17.7
5.2
—132.3 - 1 . 7

15.5
25.3
25.8
26.2
26.2
. 26.2
26.2
10.6

206.2
241.4
250.5
253.5
256.8
231.5
235.1
226.9

563.5
634.7
647.4
661.5
656.5
626.6
593.4
421.3

56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7

-21.5
34.8
64.7
93.8
102.7
77.7
99.2
29.9

-.8
2.1
-1.2
6.6
7.5
-.3
1.5
-5.8

2.4

3.0

1.1
1.8

5.5
5.4

174.1
178.9
180.5
175.3
156.9
149.7
151.1
158 4
160.9
143.0
150.4
149.7

475.2
473.5
406.0
387.8
369.3
352.3
345.2
347.8
356.3
318.8
339.1
338.5

66.4 -309.5
1.4
65.4 -346.3
2.0
2.4
67.7 -351.3
—5.4
67.5 -349.5
64.5 -369.3
—2.0
65.2 -391.6
7.6
68.0 -413.7 - 1 5 . 9
66.9 -376 2
—4 4
68.9 -356.1
-3.2
68.2 -343.9
10.0
67.3 -323 0 - 1 2 . 0
11.7
63.6 -343.5

—21.9
—20.1
—18.3
-11.7
—10 8
-11.4
-10.9
-10 3
-9.2
-11.1
—9.4
-10.1

—28.6
-30.5
-32.5
-33.7
-32.7
-41.5
-40.6
-40.7
-40.3
-56.6
-51.6
-51.2

2.1
1.7
2.2
1.7
1.1
.6
2.9

5.6
9.2
10.6
9.4
6.0
10.1
7.4
10.3

1.0

9.6

1.9

CanLatin
ada America
52.6
43.2
17.7
68.3
55.7
37.0
9.1
-58.8

Asia

All
other

P1 Preliminary.
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of
international
institutions.
2
See Table 1, footnote 3.
' See Table 1, footnote 4.

JANUARY

1949




89

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

725.7
803.8
855.5
848.2
925 9
1,019.4
972 8
1,237.9

125.5
128.6
127.6
125.4
127.6
126.5
117 7
96.8

42.1
43.4
51.6
52.4
50.6
51.0
51 2
50.2

29 A
31.0
31.5
31.6
33.0
33.6
33.0
26.0

45.0
46.0
44.3
44.9
44 7
44.5
45.2
31.2

27.6
28.1
28.1
28.0
27.9
27.6
27.5
26.7

225.6
232.9
238.4
244.1
246.6
246.9
249.2
260.2

l,254.5
11,276.9
l
l,287.7
1,292.4
i1,296 4
il,304.3
1,304.0
1,304.5
1,309.8
1,159.1
1,165.4
1,168.5

96.9
94.9
93.2
93.3
92.0
90.7
89.0
87.7
87.5
87.3
86.5
86.0

47.2
47.1
46.8
46.6
46.1
45.2
44.4
43.5
43.3
43.2
43.2
43.0

-3.3
-3.9
-4.4
-4.9
-5.9
-6.2
-6.6
-6.7
-8.1
-8.7
-8.8
-8.6

18.8
16.3
13.7
10.7
7.4
3.7
-4.8
-8.6
-10.7
-13.9
-15.2
-16.3

26.5
26.5
26.4
26.4
26.5
26.5
26.5
26.5
26.5
26.5
26.6
26.5

267.9
275.8
276.7
277.1
277.8
278.4
278.3
279.3
280.0
280.6
281.1
281.7

From Jan. 2, 1935, through—
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec.

(Jan. 3, 1940)
(Jan 1 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec 31
1948—Jan. 31
Feb 29
Mar 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30?
Oct. 31 P

l

. . . .

CanLatin
ada America

Asia

All

495.2
510.0
521.3
526.3
530.3
530.1
523.8
491.2

-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
236.6

184.0
202.3
221.1
245.4
272.3
302.0
317.1
448.4

42.8
53.0
61.2
61.5
62 2
61.3
60 8
61.1

11.3
13.5
16.6
18.0
19.9
21.0
22 0

453.9
456.7
452.5
449.3
443.9
438.2
426.8
421.6
418.5
415.1
413.4
412.3

427.2
441.8
451.3
454.6
458.6
467.0
469.9
472.7
477.4
327.7
331.8
334.6

534.0
537.6
542.1
546.2
549.3
552.9
559.6
561.9
565.2
567.3
570.7
571.8

61.6
61.6
61.7
61.7
62 0
62.1
62.2
62.3
62.4
62.5
62.6
62.6

1-222 3
1-220.9
l
—219 8
1-219.4
i—217 5
1-215.8
1-214.6
1-214 1
1-213.8
1—213 5
1-213.1
1-212.8

Asia

All
other

other

.7

TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
Total

United
King- France
dom

Netherlands

Switzerland

,133.7
888.7
626.7
673.3
701.1
911.8
798.7
464.5

328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-194.9

76.6
74.4
74.9
80.5
82.7
77.3
81.7
74.9

227.7
233.2
236.7
236.9
239.9
239.0
233.5
207.0

290.0
367.0
2 359.6
J
340.3
2312.3
2
272.4
2213.6
2 203.9
2189.7
2166.2
2 158.0
2168.5

-205.7
-203.8
-203.7
-203.6
-204.4
-203.6
-202.9
-202.3
-197.0
-196.2
-196.3
-195.5

31.5
24.7
17.3

113.9
108.7
106.2
102.9
96.7
78.0
66.5
58.8
45.7
41.2
38.3
34.5

From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 3 1 P

2

6.6

-4.7
-24.5
-37.0
-41.3
-46.9
-48.0
-49.7
-51.2

Italy

Other
Europe

Total
Europe

344.7
348.1
336.4
360.5
367.3
368.5
355.4
337.9

-4.9

.6
1.9
2.2
2.1

32.2
35.8
37.1
44.4
55.4
72.4
68.0
57.3

1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
484.3

353.9
350.9
347.2
343.2
336.7
330.4
304.2
297.3
298.2
294.8
296.3
300.6

-15.2
-15.0
-15.3
-15.2
-16.2
-16.2
-15.2
-15.1
-15.1
-15.3
-15.6
-15.3

42.1
43.1
44.1
43.8
44.0
43.5
45.4
44.2
43.7
44.3
44.5
44.4

2.7
-.1

— .1

CanLatin
ada America
-2.6
-18.4
-44.7
-45.1
-58.2
-28.1
-126.6
-143.0

30.1
25.6
28.1
35.2
40.5
54.9
81.3
87.6

87.6
17.6
17.5
27.7
62.5
240.5
251.3
26.8

14.3
12.6
10.9
10.9
10.6
10.7

320.5 -147.0
308.7 -139.8
295.7 -137.8
277.6 -142.3
252.1 -144.3
207.7 -142.0
161.0 -142.1
141.6 -132.6
128.5 -137.1
120.8 -147.2
117.4 -147.4
117.6 -141.3

82.9
84.2
87.8
91.0
90.3
90.6
83.9
81.7
83.1
82.4
84.7
87.9

27.8
28.3
28.5
28.6
28.9
31.0
30.1
27.9
29.2
24.1
17.1
15.9

5.7
2
85.6
J
85.4
a
85.3
285.4
2 85.1
280.6
J
85.4
285.9
2
86.1
286.2
2
88.4

CanLatin
ada America

Asia

All
other

9.9
8.8

TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31P

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

80.6
100.9
100.9
104.4
117.8
126.3
144.1
153.7

19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2

20.1
19.9
19.9
20.7
21.5
23.1
23.4
20.5

9.3
13.4
17.6
17.5
19.9
22.3
26.0
17.5

17.8
16.2
13.5
13.7
19.3
23.0
30.3
39.6

4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.7

71.6
74.3
75.7
78.1
89.1
97.7
113.6
112.0

8.7
10.7
14.1
15.2
17.6
16.2
19.5
21.5

1.6
9.2
3.9
4.2
3.S
5.1
5.9
13.4

-3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.8

2.1
.7
.8
.9
1.3
1.8
1.3
2.0

153.1
142.4
140.6
135.2
143.3
146.1
146.8
142.2
133.5
129.6
124.5
'121.5

19.7
18.2
17.5
17.4
17.8
18.4
17.6
17.8
17.5
16.7
16.5
16.6

19.1
19.1
19.1
18.9
18.9
19.2
18.4
18.3
18.2
17.6
17.2
17.0

16.6
12.7
12.4
12.2
13.6
11.7
12.3
12.4
10.9
10.9
9.6
10.0

39.6
38.2
37.8
37.2
41.1
43.4
43.6
40.8
39.9
35.6
33.6
27.0

14.1
14.2
13.7
13.1
13.1
13.1
12.0
11.1
11.4
11.4
11.6
11.4

109.5
102.7
101.1
99.3
105.1
106.4
104.3
100.8
98.3
92.6
89.1
82.6

19.0
19.6
19.6
19.1
19.2
19.1
20.2
20.6
20.2
19.3
19.6
18.4

17.3
12.9
11.8
9.7
10.7
11.7
14.1
12.6
7.7
10.0
8.3
13.0

6.5
6.6
7.4
6.6
7.7
7.6
7.6
7.6
6.8
7.3
7.0
6.9

.7
.7
.7
.6
.7
1.1
.6
.6
.5
.5
.5
.6

P Preliminary.
1
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 2Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, and 81.6
million for Oct. 31, resulting from net purchases of domestic securities by international institutions.
3 Amounts outstanding Oct. 31 (in millions of dollars): foreign brokerage balances in United States, 69.3; United States brokerage balances
abroad, 24.6.

90



FEDERAL RESERVE

BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
In-

ternational
institutions

Date

1938—Dec.33.
1939—Dec.3
1940—Dec.
1941—Dec 31
1942—Dec. 31
1943—Dec 31
1944—Dec. 31
1945—Dec 31
1946—Dec. 3 1 . . .
1947—Nov. 30...
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 29...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30?..
Oct. 31 P. .

Total i oreign
countries x

United
NethKing- France erdom
lands

Official

Switzerland

Italy

Other
Europe

Total
Europe

CanLatin
ada America

AH 2
Asia2 other

Official

and

private

473.7

2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5

473.8
781.0
1,418.9
1,314.9
2,244.4
3,320.3
3,335.2
4,179.3
3,043.9

436.1
448.2
365.5
400 8
554.6
1,000 8
865.7
707 7
458.9

187.4
288.2
490.1
448.6
432.3
439.9
401.2
310 0
245.9

101.8
204.9
174.3
174.9
186.6
193.3
209.7
281 6
224.9

218.8
376.3
508.4
339 9
184.2
210 6
239.3
304 2
372.6

20.4
38.5
17.9
15 4
12.1
11 3
27.3
70 4
267.9

273.3
526.4
657.3
614 6
650.9
728 6
774.5
909 1
850.5

248.5
1,237.8 201.8
336.0
1,882.6 274.6
447.3
2,213.5 434.3
417 7
1,994.0 373.2
2,020.7 507.4
597.7
2,584.5 812 6
693 7
909.3
2,517.8 926.5
2,583 0 1,522 2 1,046 4
2,420.7 « 931.8 1,104.8

435.5
655.7
769.9
780.0
930.0
1,108.8
1,069.2
1,549.7
1,316.4

34.1
72.5
73.3
113 6
149.6
175.3
174.0
181 8
232.8

2,400.3
2,262.0
2,205.0
2,144.5
2,005.3
1,975.1
1,955.1
1,927.7
1,929.0
1,918.8
1,921.5
1,916.5

4,996.6
4,854.4
4,829.0
4,969.2
5,104.8
4,984.2
5,020.0
5,086.0
5,167.0
5,256.2
5,306.3
5,382.0

1,910.3
1,832.1
1,847.5
1,981.0
2,056.7
1,992.1
2,009.3
2,062.6
2,099.6
2,224.2
2,229.2
2,380.9

354.5
326.2
336.2
404.9
445.2
376.2
340.7
445.8
372.5
371.9
346.0
360.0

236.9
167.7
168.7
204.4
187.1
175.0
162.7
167.2
163.0
168.0
160.6
166.5

158.4
143.3
124.1
128.9
131.1
124.8
110.2
112.9
110.5
122.7
114.4
107.8

419.5
446.4
449.3
460.3
467.8
484.8
529.4
540.7
548.5
549.5
527.6
525.9

146.0
153.1
163.4
183.7
187.3
204.5
215.8
212.7
237.1
271.3
305.5
315.4

789.8
739.8
749.3
742.8
750.6
739.4
731.3
661.7
659.8
647.1
669.1
683.4

2,105.0
1,976.7
1,991.1
2,125.2
2,169.0
2,104.6
2,090.1
2,140.9
2,091.4
2,130.5
2,123.2
2,159.0

427.2
409.6
434.9
430.6
507.9
537.0
570.6
591.5
616.7
656.4
686.0
701.3

1,064.2
1,057.9
1,026.9
1,021.0
1,023.0
964.4
990.2
984.7
1.095.2
1,074.8
1,104.1
1,085.2

197.3
193.7
206.8
203.4
196.3
159.5
162.1
143.3
161.1
168.3
168.4
178.1

1,202.8
1,216.6
1,169.3
1,189.0
1,208.5
1,218.8
1,207.0
1,225.6
1,202.7
1,226.2
1,224.7
1,258.4

LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Other
Europe

Belgium

Denmark

Finland

31..
31..
31..
31..
31..

650.9
728.6
774.5
909.1
850.5

121.8
122.9
124.3
185.0
159.5

17.7
13.9
14.8
25.9
66.5

7.9
7.7
7.1
5.5
22.2

7.5
6.5
6.8
7.0
7.1

39.3
43.5
48.7
70.8
49.3

1947—Nov. 30..
Dec. 3 1 . .
1948—Jan. 3 1 . .
Feb. 29..
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30..
July 31. .
Aug. 31. .
Sept. 30P .
Oct. 31 P.

789.8
739.8
749.3
742.8
750.6
739.4
731.3
661.7
659.8
647.1
669.1
683.4

131.7
124.9
124.2
126.0
149.2
128.1
133.7
125.5
121.7
114.2
116.8
117.2

55.0
52.8
53.0
51.5
48.0
56.1
46.3
39.4
42.8
42.0
41.3
40.7

39.2
30.5
31.1
29.3
27.7
30.9
29.0
29.3
26.7
25.4
22.1
18.8

79.1
89.5
96.8
103.7
103.5
106.1
107.1
83.7
72.7
76.8
102.0
125.2

45.7
34.7
38.8
41.9
38.0
39.9
36.3
34.2
32.3
25.0
22.1
20.4

Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

GerLuxemmany6 Greece bourg

Norway

Portugal

Rumania

Spain

18.3
18.4
18.6
22.3
22.6

132.4
158.9
220.8
216.1
123.5

35.7
53.4
54.5
47.9
39.0

9.4
9.3
9.5
9.3
8.9

17.5
31.8
43.4
31.7
16.4

153.5
163.2
152.1
210.1
172.6

14.3
12.3
16.1
28.0
60.5

17.7
9.9
5.7
5.7
12.4

57.9
76.9
52.1
43.7
89.9

22.5
21.7
22.0
20.2
19.9
18.9
17.5
16.8
16.0
15.7
14.8
14.9

70.7
56.2
54.7

49.8
47.1
46.0
46.0
33.1
32.9
38.5
35.0
45.3
47.4
39.7
43.7

8.3
8.7
8.9
7.7
7.9
7.9
7.7
7.5
7.6
7.0
7.2
6.9

11.9
12.8
16.2
17.2
19.4
19.7
20.8
17.8
17.3
16.1
15.7
16.1

72.9
58.6
56.8
52.4
53.4
50.3
42.0
38.2
48.1
45.7
48.8
49.3

69.4
73.7
74.8
66.1
72.6
74.0
73.7
54.1
55.7
44.7
40.5
32.8

10.6
12.1
10.6
20.5
24.0
23.9
22.0
17.1
11.7
14.6
10.6
19.4

122.9
116.5
115.4
109.8
99.1
96.4
101.1
104.8
102.9
106.7
118.4
106.4

Mexico

Netherlands
West
Indies
and
Surinam

Panama

Peru

Other
Vene- Latin
zuela America

54.4
55,
58.
58.9
66.0
68.9
71.6

All
Sweden USSR Yugoslavia other

Latin America

Latin
America

Date

Argentina

Bolivia

Brazil

Chile

Colombia

Costa
Rica

Cuba

French
West
Indies
and
Guiana

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

31...
597.7 67.6
31...
693.7 69.8
31...
909.3 93.9
3 1 . . . 1,046.4 77.3
3 1 . . . 1,104.8 112.6

1947—Nov. 3 0 . . .
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 2 9 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept. 30P. .
Oct.

31P...

1,202.8
L,216.6
1,169.3
1,189.0
1,208.5
1,218.8
1,207.0
1,225.6
,202.7
,226.2
1,224.7
1,258.4

240.5
236.2
196.1
213.0
204.4
202.4
185.2
187.3
189.8
189.8
208.2
224.8

10.8
12.6
17.7
14.5
14.0

67.7
98.7
140.8
195.1
174.0

34.5
54.0
55.0
66.3
50.7

43.4
67.1
83.6
79.2
57.8

12.4
12.2

20.6
17.8
16.1
14.3
15.1
15.7
13.5
14.3
12.1
13.0
12.5
14.4

97.4
104.7
110.6
123.2
124.5
112.3
125.1
115.8
113.8
117.4
117.4
122.3

41.8
46.3
43.1
41.1
43.9
50.5
48.6
53.0
60.2
55.9
52.9
58.3

42.4
46.1
49.2
43.4
27.2
26.9
40.2
48.4
48.7
46.5
37.5
46.2

7.0
7.3
9.2
9.8
9.8

7.4
6.9
7.7

10.4
12.2
10.0
9.0
8.6
7.2
6.9

100.3
70.4
139.3
128.3
153.5

4.9
2.6
4.4
7.1
5.4

95.7
70.4
83.1
116.4
152.2

20.7
41.2
36.0
28.2
16.1

36.9
57.6
69.1
88.7
77.2

17.7
17.4
27.7
43.9
40.9

20.9
24.2
31.5
49.7
74.0

64.2
95.4
119.8
144.8
168.7

249.4
234.7
217.3
225.5
259.7
272.6
255.3
228.8
225.6
234.9
231.2
221.4

2.8
2.4
2.7
1.8
1.9
1.7
1.3
.9
1.1
1.0
.8
.8

140.5
139.2
132.7
131.7
132.4
119.6
134.2
126.2
135.4
152.6
150.7
148.9

18.4
14.9
17.2
18.3
17.4
17.2
19.3
18.1
18.4
17.8
21.5
23.3

70.9
70.3
71.7
72.9
78.2
79.2
80.3
79.7
73.1
70.7
67.7
65.3

41.0 61.1
41.8 78.0
39.2 89.1
40.0 75.3
37.8 65.5
33.6 84.5
39.5 58.8
38.4 110.3
45.1 76.0
48.4 76.7
50.4 88.7
52.1 97.5

169.0
176.8
175.1
178.7
190.7
192.2
193.6
194.3
194.5
192.9
178.0
176.3

For footnotes see following page.

JANUARY

1949




91

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

Egypt
Neth- PhilChina French
Britand French Union
erNew Angloand Indo- Hong India ish Japan lands
ippine Tur- Other All Ausof
Zea- Egyp- MoOther
Man- China Kong
MaRekey Asia1 other traEast
land
lia
rocco South
chulaya
public
tian
Africa
Indies
ria
Sudan

930.0
1,108.8
L069.2
1,549.6
1,316.4

360.9
574.2
427.3
582.3
431.9

27.4
27.4
27.4
28.0
39.9

41.6
23.9
22.9
27.4
44.9

13.1 1.0
18.2
.9
22.1 1.3
33.4 1.2
43.5 17.3

4.8
4.1
4.0
4.1
16 6

160.4
110.1
110.5
113.7
127.1

1947—Nov. 3 0 . . . 1,064.2
Dec. 3 1 . . . 1,057.9
1948—Jan. 3 1 . . . 1,026.9
Feb. 2 9 . . . 1,021.0
Mar. 3 1 . . . L.O23.O
Apr. 30. . .
964.4
May 3 1 . . .
990.2
June 3 0 . . .
984.7
July 3 1 . . .
,095.2
Aug. 31. . .
,074.8
Sept. 30*. . 1 ,104.1
Oct. 31*>... ] ,085.2

250.2
229.9
213.5
188.7
173.8
150.2
156.4
142.8
158.2
146.4
181.7
154.6

9.3

41.8
39.8
41.1
41.6
38.8
37.6
46.1
48.1
49.7
47.2
49.0
43.3

56.7
62.4
67.7
57.8
53.1
41.9
56.0
73.4
63.5
50 6
44.8
40.9

28 9
31.3
37 1
53.8
85.4
76.3
82.4
79.1
79.2
76.8
74.2
76.8

65 9
69.3
65 7
57.0
60.5
51.8
49.0
34.7
32.9
36 7
51.0
54.0

1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .

6.5
6.2
6.3
4.9
4.8
5.4
5.2
5.3
5.9
5.3
6.4

16.5
11.0
11 8
13.1
13.9
12.3
10.6
9.6
15.6
14 7
15.8
-3.9

254.7
259.1
365.8
629.1
446 6

36.2
55.5
64.2
78.0
93.8

149.6
175.3
174.0
181.8
232.8

23.1
25.3
52.9
28.9
45.5

4.8
5.1
3.5
4.3
8 0

6.8
6.1
7.3
18.9
20.8

12.1
10.3
4.3
10.0
14.9

11.0 91.8
4.5 124.1
8.3 97.6
6.4 113.4
47.2 96.4

476 0 ^9 ? 79.7
488.6 37.6 81.5
466 9 34.2 82.7
484.7 34.6 83.4
476.4 30.0 86.3
474.2 25.7 89.6
474.8 23.5 85.9
464.6 7% 1 104.3
517.4 21.1 152.3
521.7 ?? 4 152 5
496.1 24.4 161.9
508.3 18.0 168.9

197.3
193.7
206.8
203.4
196.3
159.5
162.1
143.3
161.1
168.3
168.4
178.1

34.8
30.6
26.2
28.5
24.8
19.7
21.0
18.7
23.8
22.0
18.7
19.2

6 5
5.9
S 4
6.2
6.1
4.6
5.0
^ 6
3.7
S S
6.9
5.3

26.9
25.0
37.6
42.7
36.4
31.3
29.2
27.3
33.2
42.6
36.3
36.8

10.2
10.1
9.4
9.2
8.6
8.2
8.5
8.9
10.9
11 1
11.0
11.9

46.3
46.4
55.1
41.5
44.8
21.0
26.6
9.3
15.7
12.4
8.6
8.8

29.9
35.4
23.7
52.5
54 7

72.7
75.8
73.1
75.2
75.6
74.7
71.9
75.5
73.7
74.6
86.9
96.1

P Preliminary.
1
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

Footnotes to table on preceding page.
v Preliminary.
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: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
4
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 millioa dollars, according to the annual report of the Foreign
Exchange
Control
Board of Canada for 1946.
6
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting:
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970.

ASSETS

Date

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 4, 1939)
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31

1947—Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31P

Total

United
King- France
dom

Total
Other
Europe Europe

Canada

Latin
America

Asia 1

All
other *

274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
312.9

60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
52.2

99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
226.8

144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
99.2

15.5

16.0

135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
82.8

23.6
21.1
21.2
20.9
17.4
15.9
17.2
20.6
16.5
19.1
16.3
17.0

135.6
130.9
129.2
134.5
152.9
160.1
158.7
151.4
148.8
166.8
159.3
160.1

258.9
260.6
328.2
346.3
364.9
381.9
389.0
386.4
377.8
415.3
395.1
395.6

26.5
27.5
25.2
25.4
28.4
27.7
24.9
26.0
23.9
24.7
25.6
29.3

477.5
514.3
519.3
517.5
537.3
559.6
581.7
544.2
524.1
511.9
491.0
511.5

127.7
127.0
126.6
134.4
131.1
121.5
145.0
133.5
132.3
119.1
141.0
117.3

33.3
31.5
29.7
23.1
22.1
22.8
22.3
21.7
20.6
22.5
20.8
21.5

Netherlands

Switzerland

24.2
5.7

5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
9.8

13.5
11.8

5.7
7.0
6.3
6.0
6.4
6.2
6.0

594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
708.3

86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
47.7

10.3
4.9
4.2
1.8
1.3
1.1
1.4
1.1
5.7

36.3
151.0

923.9
960.9
1,029.0
1,046.8
1,083.8
1,113.5
1,162.8
1,111.8
1,078.9
1,093.5
1,073.6
1,075.2

31.8
29.2
22.5
18.9
18.5
23.5
25.3
21.6
21.7
23.6
20.9
23.4

14.9
23.4
97.8
113.7
118.5
116.0
122.7
127.0
124.9
123.1
123.2
118.3

47.2
49.1
51.1
52.3
51.3
60.2
59.2
59.3
58.9
75.3
70.2
69.8

.9
1.1
.5
.4
.3

,6.5
7.0
7.5
5.2
7.1

Italy

2.0
1.5
.4
.4
.3
.3

9.3
6.4
9.7
4.8

3.S>
11.7
9.9

17.2

p Preliminary.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
1

92



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

1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
1946—Dec. 31.

56.3
52.9
78.3
74.6
82.8

.8
.7
.7
.6
7.5

C11)
C1)
C1)
C)

5.6
7.6
1

.5

6.2

34.0
33.9
33.9
33.9
30.4

1947—Nov. 30.
Dec. 31.
1948—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30?
Oct. 31P.

135.6
130.9
129.2
134.5
152.9
160.1
158.7
151.4
148.8
166.8
159.3
160.1

12.9
15.0
12.7
11.3
24.2
20.7
18.8
18.6
18.5
20.0
17.7
20.8

1.1
2.2
1.5
3.2
6.6
9.9
8.6
3.5
.7
.6
1.0
1.1

11.9

Date

C1)
C)

8.0
8.3
7.6
7.0
6.1
5.6
5.7
5.3
4.6
3.8
3.4

Greece Luxembourg

Nor-

.1
.1
.1
.1
.1

.2
.2

1.1
.6
.6
.7

12.4

30.5
30.5
30.6
30.5
30.4
30.4
30.3
30.4
30.4
30.4
29.5
33.6

12.8
10.6
10.1
10.2
9.6
7.2
6.8
4.7
4.6
4.1
3.3
3.6

way

Portugal

35.1
31.6
3.3

0)

8.1
9.2

11.3
10.7

0)'
0)1
C)
0)1
C)
0)
(9
.3
C1)

8.9

12.1
11.5
11.6
12.7
17.2
24.2
27.3

.1

Ru-

mania

Spain

Swe-

All
USSR Yugo- other
slavia

den

2.4
1.4
.8
.5
1.0

(*)1

C)
0)

.1
.1

3.2
3.2
1.8
1.6
7.2

.4
.2
.2
.9
4.9

L.I
L.I
L.2
L.2
L.5
L.4
L.I
1.0
.9
.8
.7
.7

12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0

1.4
.9
1.5
3.5
3.7
4.6
5.5
3.3
2.5
3.3
5.4
5.5

7.6
5.4
4.0
3.7
3.5
2.8
4.1
5.2
7.2
5.2
2.3
1.6

0)
0)
(0
0)1
C)
.1
.1
.1

(0

8(0

C1)

8
8
0)

h
h)
0)1
0)

C)
C1)
C1)

8.4
5.0
5.1
4.7
9.4
36.1
35.8
35.8
40.5
45.4
52.9
54.3
55.3
54.1
51.2
48.1
39.1

0)
(x)
C1)
0)
0)

17.0
11.3
11.1

Peru

Other
Vene- Latin
zuela Amer-

Latin America

Date

Latin
BoAmer- Argentina
livia
ica

Brazil Chile

Colombia

Costa Cuba
Rica

31
31
31
31
31

99.7
112.2
131.0
158.9
226.8

6.9
15.3
3.1
21.0
41.8

3.0
1.8
1.8
1.3
2.3

16.7
18.9
25.3
24.7
49.8

15.3
16.6
9.0
6.6
14.6

20.7
12.2
15.5
16.8
26.4

.6
.7
1.2
1.2
2.9

8.3
20.1
47.4
33.3
25.7

1947—Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31?

477.5
514.3
519.3
517.5
537.3
559.6
581.7
544.2
524.1
511.9
491.0
511.5

66.4
65.2
60.0
60.3
57.2
50.5
52.6
58.7
62.2
61.2
62.0
63.8

2.9
2.0
2.4
2.3
2.3
2.2
3.1
2.5
3.6
3.0
2.5
2.9

162.0
165.8
169.8
175.2
185.9
194.5
209.7
187.6
179.1
178.7
173.3
175.0

22.3
27.8
29.3
27.1
24.9
21.9
20.4
21.6
18.7
17.5
19.0
21.0

31.2
32.6
35.7
36.9
39.3
50.5
47.9
48.0
45.6
42.5
39.6
39.8

3.6
3.5
3.3
3.5
3.2
3.1
2.9
2.2
1.8
1.5
2.8
1.1

91.5
108.6
113.4
106.4
109.1
124.1
110.1
90.5
78.7
67.6
59.9
65.5

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

NetherFrench
lands
West
West PanaIndies
Indies
Mexico
and
ma
and
GuiSuriana
nam

0)
0)
0)
0)

0)
0)
0)
0)
0)
0)

4.8
11.2
8.6
11.0
25.5

2.1
1.1
.8
1.1
1.3

2.8
1.4
1.2
1.9
3.7

3.9
3.8
5.1
6.1
8.7

14.2
8.7
11.7
33 4
23.1

38.3
52.2
51.8
52.7
59.9
58.3
75.8
73.4
72.4
76.1
70.6
76.6

5.0
4.7
4.8
4.2
4.1
4.2
4.4
4.4
4.2
3.6
4.1
4.0

6.1
4.3
4.1
3.9
4.1
3.8
4.0
4.1
3.5
4.2
3.9
4.2

15.1
15.3
14.2
16.9
17.6
17.0
19.3
19.9
20.7
20.8
18.8
20.8

31.9
31.0
29.6
26.8
28.5
28.1
30.1,.
29.9
32,0
33.8
33.2
35.5

Asia and All Other

Date

Egypt
Neth- PhilChina
Briter- ippine Tur- Other All Aus- New and French Union
and French Hong
ish
of Other
Mo- South
Asia Man- Indo- Kong India Ma- Japan lands Re- key Asia2 other tra- Zea- AngloEast
lia land Egypchu- China
laya
tian
Africa
Indies public
ria
Sudan
35.3 11.1
1.7
26.3
51.4
1.5
1.0
29.9
99.2 53.9

1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
1946—Dec. 31.
1947—Nov. 30.
Dec. 31.
1948—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30 P
Oct. 31 P

127.7
127.0
126.6
134.4
131.1
121.5
145.0
133.5
132.3
119.1
141.0
117.3

41.3
40.8
37.1
37.9
38.1
36.4
51.7
55.5
56.7
46.2
65.5
39.0

0)
0)
()
()
V)
3.3
.3
.2
.3
.3
.2
.6
.6
.4
.2
.1
.1

.9 2.2
1.0 2.0
.9 22.3
.8 7.5
5.9 12.0

.5
.5
.5
.5
.2

1.6
1.7
1.5
1.4
1.0

14.4
13.9
13.8
13.8
20.2

1.8
3.2
1.8
2.0
1.4

28.2
29.6
27.0
25.5
26.0
26.1
24.3
28.1
22.2
20.2
19.5
20.0

.3
.9
4.0
5.7
5.9
4.0
4.2
1.1
1.5
2.0
7.6
6.1

.4
.5
.4
3.1
.6
.5
.6
.7
.9
.4
.5
.3

29.0
27.4
29.3
31.0
31.1
33.7
42.7
31.7
32.4
33.2
29.5
34.2

12.9
17.7
17.6
18.6
15.5
7.3
6.1
2.0
2.5
2.0
1.8
1.6

1.9
2.6
2.9
3.9
3.7
3.5
4.5
4.6
3.5
3.9
3.5
3.1

.9
.7
.7
.6
.6

1.5
1.1
1.0
.8
1.0
.4

9.6
6.3
7.4
7
9.4
9.3
8.7
8.0
11.3
10.3
11.9
12.5

33.3
31.5
29.7
23.1
22.1
22.8
22.3
21
20.6
22
20
21.5

P Preliminary.
1
Less than $50,000.
* Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

JANUARY

1949




C1)

2.0 4.8 1.0
1.8 3.9
.5
8.8 11.7
.6
2.7 9.9 1.7
4.4 17.2 3.4
10.2
9.0
8.5
6.4
4.7
4.3
3.4
2.2
2.2
3.6
3
3.8

(0
0)
C 1 )'
.2
.1
.1
.1
.1
.2
.2
.1
.5
2.2
.2
.3

1.7
2.4
9.7
4.7
10.1

1.2
.7
1.0
2.5
2.2

14.2
14.4
14.3
10.0
10.1
11.7
11.8
12.0
11.1
9.9
9.7
11.1

6.0
6.0
5.0
5.0
6.0
5.6
6.1
6.5
6.0
5.9
5.9
5.5

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948

1947

1948

International Fund
Oct.1
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Unpaid balance of member subscriptions
Other assets
Member subscriptions
Accumulated net income

July1

1,441
4,000
1,143
( 2 )'
7,986
-1

1,450 1,626
3,992 3,630
1,171 1,309
(2)

7,976

1948

Currency acquired3
(Cumulative figures in dollars)
Nov.

Belgian francs
Chilean pesos
Costa Rican colones
Czechoslovakian koruny.
Danish kroner
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders
Nicaraguan cordobas
Norwegian kroner
Turkish liras
Pounds sterling

33.0

Oct.

(2)
7,922

1947
Sept.

33.0

Nov.

33.0

7.5
6.0
6.0
10.2
10.2
10.2
3.4
.3
125.0
125.0
125.0
44.1
44.1
52.2
22.5'
22.5
22.5
22.5
75.4
36.0
75.4
75.4
.5
9.6
9.6
9.6
5.0
5.0
5.0
5.0
300.0 300.0 300.0 240.0

Total.

Sept.

Nov.

May

1,403 1,400 1,363 1,356
1,434
4,014
1,183
(2)
8,036
-1

1947

International Bank

June

Mar.

Sept.

Gold
Member currencies (balances with depositories and securities payable on
demand):
89
United States
102
165
335
Other members
927
918
914
873
Investment securities (U. S. Govt. obli420
gations)
422
410
407
4
5
Calls on subscriptions to capital stock ..
5
5
45
5
5O1
Loans (incl. undisbursed portions)
497
497
455
9
5
Other assets
7
3
254
254
Bonds outstanding
250
250
18
Loans—undisbursed
27
94
223
2
Other liabilities
4
2
2
4
2
Special 4reserve
3
(2)
1,667 1,657 1,653 1,645
Capital
5
Accumulated net income
1
3!
-2
1
Quarterly statements on a new fiscal year basis.
» Less than $500,000.
»As of Nov. 30, 1948, the Fund had sold 631.5 million U. S. dollars;
in addition, the Netherlands received 1.5 million pounds sterling in
May 1947 and 300 million Belgian francs in May 1948, and Norway
received 100 million Belgian francs in June 1948 and an additional
100 million in July 1948.
* Excludes uncalled portions of capital subscriptions, amounting to
6,669 million dollars as of Sept. 30, 1948. of which 2,540 million represents
the subscription of the United States.
5
Excludes 8 million dollars sold to others under the Bank's guarantee.

648.9 639.9 639.9 439.4

CENTRAL BANKS
Assets of issue
department

Bank of England
(Figures in millions of
pounds sterling)

Other
assets 2

Notes
and
coin

260.0
200 0
220 0
230 0
580 0
630 0
780 0
950 0
1,100.0
1,250 0
1 400 0
1,450.0
1,450.0

36.2
46.8
41 9
52 5
26.6
14 2
28.8
27.7
12.5
13.5
20 7
23.4
100.8

* 1,400 0
1,350 0
1,300 0
1,300.0
1,300 0
1,300.0
1,300 0
1,300 0
1,300.0
1,300.0
1,300.0

131.5
118 9
54.8
63.1
56.7
48.7
16 1
48.0
65.4
72.1
70.2

Gold 1

I935—Dec.
1936—Dec
I937—Dec
193g—Dec
I939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—]}ec
1944—Dec
I945—Dec
1946—Dec
1947—Dec.

25
30
29
28
27
25
31
30
29
27
26
25
31

200.1
313 7
326 4
326
4
4
.2

1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov.

28
25
31
28
26
30
28
25
29
27
24

.2

2
.2
.2
.2
.2
2
.2

.2
....

. .

2
.2
.2
.2
.2
2
.2
.2
.2
.2

Assets of banking
department

8
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
15.2
12.7
11 3
14.4
14.5
9.8

17.8
13 4
5.4

25.0
19.3
28.9

Securities

Liabilities of banking department
Note
circulation 3

Deposits
Bankers'

Public

94.7
155.6
135 5
90 7
176.1
199 1
267.8
267.9
307.9
317.4
327 0
327.6
331.3

424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1.238.6
L.379.9
1,428.2
1,349.7

72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
315.1

12.1
12.1
11.4
15.9
29.7
12.5
11.2

274.3
284 3
367.0
350.6
366.9
383.8
400 5
405.8
397.3
359.6
347.4

1,269.0
L.231.6
1,245.9
1,237.8
1,244.2
1,252.2
1,285.0
1,253.3
1,236.4
1,230.8
L,233.1

290.8
290.6
314.3
307.4
311.8
325.4
311.0
300.3
300.0
307.5
302.7

16.3
12.1

E.C.A.

9.0

10.3
5.2
5.3

10.3
18.6

9.0

12.6
10.7
14.5
11.2
16.9
22.3
13.1
12.3

33.4
53.6
19.6
14.3

Other

Other
liabilities and
capital

37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
95.5

18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
18.1

93.0
93.3
94.3
90.3
93.0
92.2
89.4
90.1
93.3
93.0
99.2

18.3
18.4
18.6
17.8
18.0
18.2
18.3
18.4
18.5
17.8
17.9

1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three pence.
2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
8 Notes issued less amounts held in banking department.
4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939 about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred
from*5 Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary
issue see BULLETIN for February 1948, p. 254.
NOTE .—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-56 1 in same publication.




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
1947—Dec

Sterling
and United
States
dollars

Gold

185.9
225.7

31...
30
31...
31
31
31. . .
30
31. . .
31
31

28*

64.3
38.4
200.9
.5

(4)

.6

172.3
156.8
1.0
2.0

m

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

.6

.1
.2
.5
.2
.1
1
.2
1.0
.1

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation8

Shortterm *

Other

144.6
181.9
448.4
391.8
807.2
787.6
906.9
1 ,157.3
1 ,197.4
1 ,022.0

40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5

5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7

175.3
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4

931.3
974.4
985.2
,124.1
,179.7
1,152.9
[,145.2
L.155 2
,216.3
1,279.6
L,222.1

863.2
825.7
806.7
767.8
775.0
790.9
773.6
778.1
757.2
741.3
794.0

48.2
47.2
62.7
60.5
51.6
56.8
39.2
50.2
55.3
57.7
46.8

,157 5
,156.3
1,180.8
1,183.0
1,195.7
1L,206.5
1,220.3
1,226.9
1,267.7
L.275.1
1,273.5

5.2

Chartered
banks

Dominion
government

200 6

217 .0
217 7
232 .0
259 9
340

401 .7
521
565 .5
536 .2
538
531 8

519 .2
558 9
547 .3
517 0
502
525
550
581
579

S
.1
Q
0
.6

Assets
Bank of France
(Figures in
millions of francs)

Gold*

Other

7 ,422
,273
,194
,115
,661
,699
,288
,038
77 ,621

7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254

87,265
97,267
84,616
84,598
84,598
84,598
75,151
129 817
94.817

1947—Nov. 2 7 . . .
Dec. 3 1 . . .

65,225
65,225

13 111 ,368
12 137 ,397

1948—Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct
Nov.

65,225
65,225
65,225
65,225
65,225
65,225
65,225
65,225
65 225
65,225

9
15
17
22
21
45
50
60
35

22"..
25...
29...
27
24...
29...
26...
30...
28
25...

821
112
42
38
37
37
42
68
7

Open
7
market 7 Special

29...
28...
26...
31...
31...
30...
28...
27
26...

1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.

36

11
43
42
43
44
47

145 ,814
157 ,997
15C ,424
14<i ,849
141 ,276
14? ,812
147 ,288
16C ,930
1 51 ,954
152 ,368

1,797
2,345
661
12
169
29
48
303
3,135

285 150,065
64 117,826
64
12
55
27
55
156
544
4,808
9 901
10,908

16.7
46.3
10.9
73.8
51 6
20.5
12.9
153.3
60.5
68.8

17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5

13.3
28.5
35.1
24 0
55.4
209.1
198.5
42.7
42.4

44.6
60.8
42.2
57.9
135.9
138.4
119.0
105 1
87.3
110.0
86.5

60.6
75.0
86.7
126.0
95.8
107.2
84.1
90 3
78.2
72.2
64.1

41 7
24.0
25.9
26.9
32.0
31 7
32.1
36 2
44 7
41 3
59.2

3.1

9.3

Liabilities

Domestic bills
Foreign
exchange

Other

Other
liabilities
and
capital 3

125,687
147,841
149,341
165,265
165,984
169,674
163,109
161,571
197 297
192,428

Advances to
Government
For ocOther »
cupation
costs 8

72,317
142,507
210,965
326,973
426,000
426,000
426,000

20,627
34,673
63,900
69,500
68,250
64,400
15,850
67.900

Deposits
Other
assets •

18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577

Note
circulation

120,700
155,000
129,500
121,800
122,800
153,200
156,800
160,700
158 000
151,200

"104,474
"108,979
"113,590
"113,938
"102,405
"113,212
"104,213
"138,910
"113,547
"110,989

25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468

2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213

846
733

87,513
82,479

11,408
10,942

771
791
790
81?
738
764
858
788
764

82,849
271,034
265,123
256,948
216,026
225,251
203,467
193,031
187,657
178,090

12,808
16,045
15,186
15,800
16,362
13,646
14,011
13,752
15 780
18,070

Government

110,935 5, 061
151,322 1, 914
984
218,383
517
270,144
382,774 1, 770
578
500,386
748
572,510
048
570,006
721,865 1?, 765

426,000 116,000 "110,303 879,492
426,000 147,400 "121,061 920,831
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000

Other

Other
liabilities
and
capita]

891,546
773,199
759,054
768,567
790,639
836,662
844,894
910,633
917,757
913,234

759

C.A.R.io

ii.ioo
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.
3
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 81940, pp. 677-678).
Less than $50,000.
6
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations and other changes
in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937,
p. 853;
and November 1936, pp. 878-880.
7
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
» From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22 ,1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs
by a payment from the State to the Bank.
10
Central Administration of the Reichskreditkassen.
" Includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
12
Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.

JANUARY

1949




CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks 1 .
Other assets
Currency circulation 2
Deposits—Member bank
Government l
Nationalized
Other
Other liabilities and capital

1947
Nov.

Oct.

Sept

Nov.

1948

Central Bank
(Figures as of last report
date of month)

Nov.

Central Bank of Chile—Cont.
Deposits—Bank
Other
030
540
Other liabilities and capital..
947
179 Bank of the Republic of Colombia
737 (thousands of pesos):
837
Gold and foreig<^lxchange7 8 . . . .
613
Net claim on Int'l. Fund
421 1,320
710
Paid-in capital—Int'l. Bank. . . .
,552
275
Loans and discounts
12
176
147
81
Government loans and securities.
,286
917
,028
Other assets
Note circulation
C o m m o n w e a l t h Bank of AusDeposits
tralia (thousands of pounds):
Other liabilities and capital
Gold and foreign exchange
312, 293 291,717 175 ,526
Checks and bills of other banks..
3, 630 3,250
508 National Bank of Costa Rica—
Securities (inch Government and
Issue dept. (thousands of colones):
Gold
Treasury bills)
359, 756 345,070
,893
Other assets
27, 144 30,505
Foreign exchange
,747
Note circulation
197, 855 196,855
Contributions to Int'l. Fund and
643
to Int'l. Bank
Deposits of Trading Banks:
279,095 268,345 249 ,8-30
Loans and discounts..-.
Special
29
Securities
Other
36,296 30 ,600
196 ,516 169,046 146 602
Other assets
Other liabilities and capital
Note circulation
Austrian National Bank (millions
Demand deposits
of schillings) :
Other liabilities and capital
49
49
Gold
49
48
82
89
Foreign exchange
57 National Bank of Czechoslovakia
83
617
444
Loans and discounts
7 (millions of koruny):
736
,341 7,340
Gold and foreign exchange 9 . . . .
Claim against Government
,340
7,503
4
Loans and discounts
Other assets
3
2
3
Other assets
Note circulation
,299 5,132
5,388
,809
Note circulation
523
593
Deposits—Banks
580
,271
Deposits
494
483
Other
558
,775 1,718
Other liabilities and capital
".
Blocked
1,846
,373
National Bank of Denmark
National Bank of Belgium 3
(millions of kroner):
(millions of francs):
Gold.
Gold
27,782 28,235 28,190 26,003
Foreign exchange
Foreign claims and balances (net) 12,074 11,726 11,081
Loans and discounts
Contributions to Int'l. Fund and
3,132 3,590 4,206
to Int'l. Bank
Consolidated Government debt.. 35,000 35,000 35,000
Clearing accounts (net)
Government securities
4,622 5,815 6,692
Loans and discounts
Other assets
3,118 2,136 2,047
Securities
Note circulation
81,376 81,773 82,359 78,472
Govt. compensation account.. . .
Deposits—Demand
2,052 2,691 2,996
18
Other assets
114
« . C. A
'
365
1,842
Note circulation
1,925
Other liabilities and capital
1,935
Deposits—Government
Central Bank of Bolivia—MoneOther
4
tary dept. (millions of bolivianos):
Other liabilities and capital
(Aug.)
954
941
Gold at home and abroad
228
218 Central Bank of the Dominican
Foreign exchange
Republic (thousands of dollars):
445
259
Loans and discounts
Gold
751
631
Government securities
Foreign exchange
11
41
Other assets
Net claim on Int'l. Fund 7
1,968
,737
Note circulation
Paid-in capital—Int'l. Bank. . . .
177
129
Deposits
Loans and discounts
244
226
Other liabilities and capital
Government securities
Other assets
National Bank of Bulgaria 5
Note circulation
Demand deposits
Central Bank of Chile (millions
Other liabilities and capital
of pesos):
200
1,157
1,156
Gold «
Central Bank of Ecuador
107
28
Foreign exchange (net) 7
1 " " 86 (thousands of sucres):
Net claim on Int'l. Fund
Gold
1,172
1,245
735
Discounts for member banks...
Foreign exchange (net) 7
773
782
810
Loans to Government
Net claim on Int'l. Fund
1,279
323 1,147
Other loans and discounts
386 2,375
Loans and discounts
1,381
Other assets
Other
assets
3,690
4,274
Note circulation
4,360
Note circulation
Demand deposits
Other liabilities and capital
513
1,689
866
873
,751 17,389
,422
,658
433
,622

,241
,868
,230
,664
,741
,386
,416
,055
,659

Oct.

Sept,

Nov.

938
250
408

903
280
379

720
410
533

141,027 137
,868 21
,230 1
175,769 168
120,058 19,
57,510 58,
310,406 295
162,517
44,540

762
868
230
624
718
500
743
103
856

197,129
21,867
1,225
109,321
102,826
46,026
261,908
175,600
40,886

11,539 11,472
5,538 10,829
30,321
86,634
17,282
6,428
99,898
50,783
7,061

4,259
25,114
48,452
68,466
984
8,375

30,321
65,285
3,972
1,108
79,097
36,839
7,051

4,958
3,922
880
564 22,119 10,202
56,421
960 50,579
691 65,153 53,718
5,599
1,094
133
580 10,374 12,264

70
138

70
116

70
98

71
113

65
-23
20
121
5,107
170
1,520
1,826
2,165
157

65
-24
20
105
5,132
158
1,506
1,862
2,119
156

65
-7
23
96
5,161
179
1,465
1,809
2,256
155

20
126
5,654
248
1,522
1,860
2,672
172

c

2,000
4,000 4,000 4,000
11,419 12,691 14,375 11,412
1,250
1,250
1,250
40
40
40
78
4,000
5,000 4,766
143
33
730
765
9,439
16,957 17,348 18,115
5,538 3,888
5,393
6,003
118
156
168
161

277,477 277,299 274 ,894
595 59,944
47,719
882 16,877
16,882
220,423 217 057 256,713
237 67,326
122,101
351,994 340 322 335,680
247,224 237,389 263 ,158
85,383 76,359 76,914

1
2
3

Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures
are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November
1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la
Bourse"
for Sept. 20, 1948.
4
Latest month available.
5
For
last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
7
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 8as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Gold not reported separately beginning May 31, 1948.
9
Gold not reported separately beginning Dec. 31, 1946.

96



FEDERAL RESERVE

BULLETIN 1

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1948
Nov.

Oct.

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

Sept.

Nov.

6,376 6,376
13,578 14,894
3,834 6,628
17,753
22,799
36,280
74,183
43,179
10,698

103,067
28,414
38,457
93,179
12,766
14,976

C e n t r a l Bank
(Figures as of last report
date of month)
National Bank of H u n g a r y (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital

Central Reserve Bank of El SalvaReserve Bank of India (millions of
dor (thousands of colones):
rupees):
36,328 36,375 36,423 36,883
Gold
Issue department:
27,959 27,730 28,808 27,169
Foreign exchange (net) 1
Gold at home and abroad. .
1,564 1,564 1,564 1,563
Net claim on Int'l. Fund
Sterling securities
3,995 2,971 2,007 7,110
Loans and discounts
Indian Govt. securities
Government debt and securities. 5,312 5,326 5,319 5,502
Rupee coin
1,418 1,584 1,574 1,806
Other assets
Note circulation
50,436 48,407 48,921 50,16:
Note circulation
Banking department:
20,218 21,261 20,920 24,198
Deposits
Notes of issue department.
5,922 5,881 5,854 5,673
Other liabilities and capital
Balances abroad
Bills discounted
State Bank of Ethiopia—Issue
Loans to Government
dept. (thousands of dollars):
Other assets
3,621 3,24
Gold
Deposits
3,389 3,179 6,040
Silver
Other liabilities and capital
29,012 31,183 27,603
Foreign exchange
5,83: 5,832 2,832 Central Bank of Ireland (thousand
Treasury bills
31,171 29,626 28,060
of pounds):
Other assets
43,343 43,399 39,726
Gold
Circulation—Notes
28,704 28,704 24,57
Sterling funds
Coin
978
964
236
Note circulation
Other liabilities and capital
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of the German States 2
(millions of German marks)
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation 3
Deposits—Government
Banks
Other
Other liabilities
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital... .
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital... .

268
268
268
874
-141
-57
585
-2,218 -2,792 -3,255 - 2 , 2 6
35,826 38,920 38,351 34,20
908
994
899
38*
916 1,784 1,406
86
27,400 28,011 28,189 25,80c
1,434 3,627 2,392 1,61
7,441 7,309 7,125 6,64

76838
7,806
1,64'
5,885
1,58.
1,03
224
2,320

68<
4.
1,29;

1,38:

28<
1,02;
19

62:
36
7,86"
1,91
5,35;
l,67i
1,32
25'
2,15

1948
Nov.

403
139
69
340
5,664
190
2,544
12
3,527
722

20<

24.
441
1,78:

32.
1,78

27,23i
16,734
l,25i
3,57
11,525
31,295
2,99.
5,53.
10,29
10,19.

27,23(
16,407
1,25C
3,171
12,12:
31,592
2.96C
4,
9,879
10,864

Sept.

Oct.

Nov.

403
93
760
340
2,819
228
2,507
272
=1,239
"625

393
94
1,485
340

427
427
7,966
7,966
3,543
3,543
468
459
12,142 12,048

444
11,353
578
370
11,999

403
113
173
340
,750
299
,586
10
,807
675

262
2,922
29
17
904
3,921
213

"236
1,829
137
183
399

348
3,034
25

747
3,872
7

'"822
4,015
214

1,031
5,424
234

2,646
2,646
2,646
2,646
43,289 42,575 40,262 42,430
45,935 45,221 42,908 45,076

Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital.. .

523
525
579
16,884 17,331 10,098
.42,052 544,303 524,856
4,185
6 3 , 7 9 6 59,724 44,082
6 9 , 7 5 4 65,618 18,498
86,847 96,672 45,886
119,988 809,189 535,998
52,604 53,374 66,393
24,688 28,96:
74,963 48,163
80,004
69,89A 182,958 75,331
32,731 34,728 22,243

Bank of Japan (millions of yen):
Cash and bullion
Advances to Government. . . .
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds.
Other assets
Note circulation
Deposits—Government
Other
Other liabilities

730
639
76,888 77,496
64,505 63,128
111,208 96,996
50,721 51,725
11,250 12,975
279,513 262,112
7,468 10,153
22,280
17,87
8,415
10,446

64
1 Bank of Java <
1,32.
26

1947

2,876
53,570
40,004
75,047
30,134

7,512
178,158
4,759
19,903
6,322

76C

1,07 Bank of Mexico (millions
of pesos):
13.
Monetary reserve 6
82'
"Authorized" holdings of securities, etc
Bills and discounts
Other
assets
22'
Note circulation
Demand liabilities
1,49
Other liabilities and c a p i t a l . . . .
27,225
19,90S
1.25C
2,98f
8,54:
29,60!
2,
7,676
11,206
8,53.7

Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin^
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
E. C. A
Other
Other liabilities and capital....

63!

612

635

642

1,792
64:
20
1,85
68i
73.

1,645
742
20
1,82C
63C
75

1,64<
755
235
1,79C

1,482
638
158
1,692
877
352

44<

45
151
3.30C
34C
11

3,08*
33C
6C
18"
58:
33

45:
45<
14!
3.30C
34.
11

3,01
34
9

14C

66;
33

75<
73 =

45.
45:
14,
3,30C

361
11
3,03
50'
7
10
54
33

589
2
258
151
,500
147
125
,878
805
125
506
209

« Corrected.
1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks, and was published for
the first
time as of Sept. 7, 1948.
3
Excludes currency issued in the Western sector of Berlin, amounting to 407.4 million German marks on Oct. 30, 1948.
4
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
JANUARY

1949




97

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
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....

1947

Nov.

Oct.

Sept,

Nov.

2,802 2,802 2,802
47,349 53,671 65,225
37,203
16,124
21,987
48,787
71,672
5,005

Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities and capital

263
299
-89
43
54
7,924
130
2,072
3,854
1,125
758
188
627

36,082 40,504
13,124
7,868
21,778
909
48,096 48,047
74,370 64,36
4,990 4,894
298
387

333
53

36
56
7,924
71
2,081
3,816
1,181
762
257
676

84
73
8,103
66
1,989
4,035
1,231
856
339
744

1948

Central Bank
(Figures as of last report
date of month)

Nov.

Oct.

1947
Sept

Nov.

Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad-4
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital

178
339

177
250

178
206

222
463

3,297
128
726
2,924
721
255
768

,314
99
734
,935
636
240
763

3,165
100
643
2,884
616
108
683

2,839
85
311
2,702
567
297
355

Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital

5,803
207
139
85
4,345
1,343
546

5,754
186
115
91
4,334
1,268
544

5,774
174
145
97
4,322
1,326
542

,298
77
207
100
,202
,123
358

Central Bank of the Republic of
Turkey (thousands of pounds):
Gold s
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital

448,588 448,588 448,583 475,625

82,966 90. 625 98,726 286,295
801,332 784; 682 744,254 615 ,245
Bank of Paraguay—Monetary
198,109 198, 361 210
dept. (thousands of guaranies):
184,615
738
722
731
724
43,839 43. 990 41.
Gold
36,347
4,618 7,788 9,262 21,872
944,215 953,115 914,719 914 ,041
Foreign exchange (net) l
153,035 153,
Net claim on Int'l. Fund
2,710 2,710 2,709 2,708
153 030 151,119
-14
-14
3
212,697 213,
Paid-in capital—Int'l. Bank. . . .
-14
222 169 281,628
264,888 246,913 253,074 251 ,341
Loans and discounts
60,784 56,355 52,461 17,900
Government loans and securities. 5,099 5,238 5,374 8,965
843 Bank of the Republic of Uruguay
2,961 2,578 2,401
Other assets
58,378 57,678 56,078 40,848 (thousands of pesos):
Note and coin issue
Gold
13,329 12,532 12,567 8,695
274,741 265,076
Demand deposits
Silver
5,175 5,175 4,286 3,471
12,339 12,843
Other liabilities and capital
Paid-in capital—Int'l. Bank. . . .
314
321
Advances to State and governCentral Reserve Bank of Peru
ment
bodies
61,356
35,239
(thousands of soles):
153,468 128,861
Other loans and discounts
Gold and foreign e x c h a n1g e . . . .
230,534 177,554
20,496 20,491
Other assets
Net claim on Int'l. Fund
293,744 259,426
2,356
2,480
Note circulation
Contribution to Int'l. Bank
238,083 218,678
105,544 85,239
Deposits—Government
Loans and discounts to banks..
73,881 53,990
740,765 732,300
Other
Loans to Government
259,425 232,491
85,368 •99,979
Other liabilities and capital
Other assets
301,639 245,298
747,995 690,217
Note circulation.
249,680 255,816 Central Bank of Venezuela (thouDeposits
111,321 123,318
sands of bolivares):
Other liabilities and capital....
Golds
892,197 830,243 830,243 557,408
Bank of Portugal (millions of
Foreign exchange (net)
10,276 125,577 99,140 65,683
escudos):
Other assets
77,532 83,776 80,033 83,623
4,772
4,028 4,081
Note circulation—Central Bank. 651,934 630,756 625 ,397 507,302
Gold
9,461 11,009
9,311
National banks. 2,749 3,026 3,054 4,111
Foreign exchange (net)
422
386
415
Loans and discounts
Deposits
305,615 384,353 362,197 162,041
1,278
1,283
1,278
Advances to Government
19,708 21,460 18,768 33,260
Other liabilities and capital
533
558
533
Other assets
8,436
8,383 National Bank of the Kingdom
8,436
Note circulation
877
1,872
790
of Yugoslavia 2
Demand deposits—Government.
6,766
5,348 5,465
Other
996
990
986 Bank for
International SettleOther liabilities and capital
ments 7 (thousands of Swiss gold
francs):
National Bank of R u m a n i a 2
Gold in bars
134,011 114,667 114,904 92,843
South African Reserve Bank
Cash on hand and on current
(thousands of pounds):
account with banks
15,866 41,671 29,935
7,541
57,522 66,101 195,601
Gold 3
Sight funds at interest
502
496
500
496
50,801 54,381 46,168
Foreign bills
Rediscountable bills and accept96,847 95,176
6,972
Other bills and loans
ances (at cost)
16,697 15,117 17,889 35,898
6,891 11,926
8,318
Other assets
Time funds at interest
29,132 26,231 23,818 19,276
66,143 65,616 63,506
Note circulation
Sundry bills and investments. . . 146,773 112,404 93,761 59,626
139,337 149,176 190,723
Deposits
Funds invested in Germany. . . . 297,201 297,201 297,201 291,160
8,009
7,757
6,438
Other assets
Other liabilities and capital.
2,124
977
1,377
7,448
Demand deposits (gold)
22,371 15,994 16,994 17,672
Bank of Spain (millions of pesetas):
Short-term deposits (various
1,216
1,215
Gold
currencies):
500
523
Silver
Central banks for own ac15,736 15,882
Government loans and securities.
count
139,557 112,499 82,413
7,278
9,872
9,883
Other
Other loans and discounts
1,126
1,391
1,339
6,603
3,474 3,568
Other assets
Long-term deposits: Special ac25,266 24,939
Note circulation
counts
228,909 228,909 228,909 228,909
640
2,281
Deposits—Government
Other liabilities and capital
250,336 249,977 249,731 253,826
4,336 3,243
Other
554
607
Other liabilities and capital
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 (February3 1941), see BULLETIN for March 1942, p. 282.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
Includes small amount of non-Government bonds.
5
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
6
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.7
See BULLETIN for December 1936, p. 1025.




FEDERAL RESERVE

BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

In effect Dec. 31,
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.
Apr.
May
Mar.
May

Central
bank of—

SwitUnited
Ger- Bel- NethzerKing- France many
er- Swegium lands
den land
dom

2

3

2H

Albania

m

2

Date
effective

Central
bank of—

Mar. 21, 1940
Mar. 1, 1936
Aug. 3, 1945
Aug. 27, 1947
Feb. 4, 1948

5H
3H
3H
3H

Rate
Dec.
31

Date
effective

Ireland
Italy
Japan
Java
Latvia

Nov. 23, 1943
Sept. 6, 1947
5.11 July 5, 1948
Jan. 14, 1937
3
Feb. 17, 1940
5

Bulgaria
Aug. 1, 1948
Canada
Feb. 8, 1944
Chile
3-AH Dec. 16, 1936
July 18, 1933
Colombia
A
Apr. 1, 1939
Costa Rica
3
Czechoslovakia
2H Oct. 28, 1945

Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru

6

Denmark
Ecuador
El Salvador...
Estonia
Finland

1H Argentina
Austria
Belgium
Bolivia

"*3

3

91/

V*

4
3

4
3

3
2

July
June
June
July
Jan.
Nov.

15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
13, 1947

3
AH

Jan.
Mar.
June
Oct.
Feb.

12, 1944
25, 1948
2, 1941
27, 1947
9, 1945

iH

Nov. 26, 1936
July 1, 1938

2
A
1-3

Oct. 26, 1939
July 1, 1936
Aug. 20, 1948

AH
2H
2H
6

3

25, 1940. .
9
17
17, 1941
29. . . .

2

3H

3H

1M

June 27
Jan. 16, 1945
Jan. 20

3

7
A

2

Jan.
June
Oct.
Oct.
Feb.

15, 1946
8, 1943
15, 1946
1, 1935
6, 1948

Portugal....
Rumania....
South Africa.
Spain
Sweden

Oct.
June
July
Nov.
Nov.

1, 1948
28, 1948
12, 1948
1, 1947
28, 1935

Switzerland..
Turkey
United Kingdom
U. S. S. R.. . .
Yugoslavia. .

2H
i «

Feb 9
Nov. 7, 1946 .
Dec. 19
Jan. 10, 1947

Aug 27
Oct. 9
June 28, 1948 . .
Sept. 6
Oct. 1
In effect Dec. 31
1948

2
4

4

Rate
Dec.
31

9LZ

France
Germany
Greece
Hungary
India

21/

&2M

2H&3
3H &4
2

3

3
U-5
12
5
3

3%
1

1-5

i 1-5

NOTE.—Changes
since Nov. 30: None.
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land central banks.
3V>

2*

OPEN-MARKET RATES
[Per cent per annum]

France

United Kingdom

Canada

Netherlands

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

Month
Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

.71
.73

.70
.70
.75
.88
.65
.54
.53
.43
.38
.36
.40
.41

.82
.79
.77
.63
.56
.55
.70
1.88
1.03
1.03
1.03
1.03
1.03
.83
.53
.53

1.77
1.02
1.00
1.00
1.00
1.00
.75
.51
.51

.71
.75
.75
.75
.75
.75
.75
1.71
1.00
1.00
1.04
1.00
1.10
.96

1947—Nov.

.41
.41

.53
.53

1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

.41
.41
.41
.41
.41
.41
.41
.41
.41
.41

.54
.56
.56
.56
.56
.56
.56
.56
.56
.56

Treasury
bills
3 months
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
1947—Oct

Dec.

.68

.62
.54
.53

Bankers'
allowance
on deposits

Day-today
money

Treasury
bills 3
months

Day-today
money

2.37

.63
.63

2.35
'2.81
1.62
1.81
1.37
1.61
1.73
1.73
1.25
1.29
1.64

1.30
1.07
.95

1.00
.90
.95

.51
.51

.63
.63

2.12
2.04

.93
1.13

.74
.53

.51
.50
.51
.51
.51
.51
.51
.51
.51
.51

.63
.63
.63
.63
.63
.63
.63
.63
.63
.63

2.02
2.00
2.09
2.00
2.12
2.02
'2.04
1.88
2.84

1.28
1.38
1.45
1.38
"1.33
1.36
1.56
1.35
1.10
1.03

.57
.78
.99
.93
.94
.84
1.35
1.06
.84
.78

.68

69
1.00
1.00
1.25
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.38
2H-A
2HA

1.38
1.38
1.50
1.50
1.50
1.50
1.50
1.50
1.63
1.63
1.63
1.63

' Revised.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172 ,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

JANUARY

1949




99

COMMERCIAL BANKS
Assets

United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

1941—December
1942—December
1943—December
1944—D ecem ber
1945—December
1946—December

366

Treasury
Money at
call and Bills dis- deposit 2 Securities Loans to
customers
short
counted receipts
notice
141

142
151
199
252

198
133
147
369

499

432

610

1947—November
December

488

476

799

480

793

1948—January
February
March
April

476
465
472
478
488
492

460
442
468
463
454
473

800
713
804
778
723
659

489
499
490
485

477
489
490
497

715
695
707
802

May

June
July

August
September . . .
October

758
896

171

390
422
500
536

502

Liabilities

999

Deposits

Other
assets

823

324

Total

Demand

Time

3,329
3,629
4,032
4,545
4,850
5,685

2,168
2,429
2,712
3,045
3,262
3,823

1,161
1,200
1,319
1,500
1,588
1,862

1,307
1,667
1,523
1,560

,120
,154
,165
,234
,427

794
761
772
827
994

505

1,196
1,288

,500
,483

1.205
1,219

492

5,767
5,935

3,781
3,962

1,986
1,972

1,217
1,157
1,153
1,240
1,248
1,361
1,320
1,323
1,345
1.313

,480
,485
,486
,482
,477
,478
,478
,474
,472
,475

1,231
1,280
1,308
1,315
1,334
1,354
1,335
1,334
1,349

513
500
507
509
547
530

5,776
5,642
5,794
5,861
5,869
5,955
5,909
5,903
5,950
6,040

3,821
3,700
3,686
3,744
3,832
3,872
3,834
3,829
3,844
3,927

1,955
1,942
2,108
2,117
2,037
2,083
2,075
2,074
2,106
2,113

325
349
347
374

567

487
477
485
497

365

Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Security
loans
abroad
and net Securities
due from
Other
loans and foreign
banks
discounts

31
48
92
251
136

1.169
1,168
1,156
1,211
1,274
,507

231
250
214
227
132

695

92
105

*,065
,999

107

731

106

698
679
698
710

77
70
65
76

97
108
106
108

728
685
671
712
734
751

80
84
77
77
76
97

,953
1,933
1,922
1,930
1,925
1,930
1,948
L.958
2,023
2,110

1941—December
1942—Decem ber
1943—December
1944—December
1945—December . . . .
1946—December

387
471
550
694
753

1947—November
December
1948—January
February .
March
April
May

356

...

June..
...
July
August
September
October

Security
loans
32

168

127
135
128
144
136
143

Other
assets

Cash
reserves

Due from
banks

Bills discounted

401
400
404
404
401
393
390
388
387
393

Tota 1

Demand

Time

Other
liabilities
and
capital

60
42
34
26
21

3,10.>
3,65'1
4,39.>
5,13' 1
5 94
6,25:I

1,436
1,984
2,447
2,714
3,076
2,783

1,669
1,673
1 948
2,423
2 865
3,469

1,049
L 172
1,289
I 386
1,525.

3 ,874

3 ,850

1,051
1,159

18

6,27S)
6,41i t

2,569
2,671

3,710
3,740

I 562
1,544

3 ,972
3 ,968
.036
,072
,066
,143
,154
4 ,209
4 ,185
4 ,156

1,029
1,017
1,123
1,114
1,107
1,129
1,019
1,082
1,169
1,067

18
18
18
18

6,28
6,22'J
6,399
6,464
6,456
6,528
6,44t
6,609
6,776
6.79JI

2,457
2,346
2,472
2,513
2,501
2,592
2,487
2,606
2,728
2,758

3,824
3 881
3,927
3 951
3,955
3 936
3,959
4,003
4,049
4,040

1,526
I 531
1,532
I 528
1,561
I 561
L 533
1,557
L.530

71

18

17
17
17
17
17
17

Orf9

Liabilities

Loans

Other
assets

Deposits

Total

3,476
3,458
4,095
4,948
13,804
18,919

61,897
73,917
90,897
99,782
155,025
195,177

8,265
10,625
14,191
18,653
36,166
64,933

2,040
2,622
2,935
2,190
7,360
23,392

76,656
91,549
112,732
128,758
213,908
291,894

1947—October
November
December......

19,696
21,597
22,551

19,018
20,691
19,410

211,760
205,314
219,374

86,269
92,010
86,344

32,338
33,482
37,291

330,949
333,858
342,166

1948—January
February
March
April
May .

31,004
29,111
36,687
29,808
32,885
34,770
34,308
35,504
35,994

28,345
30,800
27,214
27,283
26,713
27,317
28,539
28,465
28,232

230,986
250,402
260,660
269,554
270,399
274,098
305,928
295,806
311,939

100,960
98,196
101,565
105,112
113,086
112,566
110,301
113,956
111,682

28,604
29,248
32,114
33,661
35,138
38,313
39,267
41,028
41,525

384,403
401,930
419,991
423,905
435,436
440,776
470,004
464,340
478,129

August
September

396

657
744
782
869
1,039

653

6,589
7,810
8,548
10,365
14,602
17,943

.

342
389

1 ,759
2 ,293
7 ,940
3 ,611
4 ,038
4 ,232

1941—December . . . .
1942—December
1943—December . . .
1944—December
1945—December
1945—December

June
July

Deposits payable in Canada
excluding interbank deposits

Note
circulation

Assets

France
(4 large banks. End
of month figures in
millions of francs)

253

236
245
250
265

Liabilities

Entirely in Canada

Cash
reserves

Other
liabilities
and
capital

Demand
s

7 1,744

91 ,225
111 ,191
1?C>,578
711 ,871
29( ),004

Time
912
324

Own
acceptances
413
462
428
557

Other
liabilities
and
capital
5 199

1,541
2,180
2,037
1,890

2,898
15,694

6,422
7 506
6,623
10,151
12,777

37*r,997

,059
1,710

2,952
2,799
3,457

23,304
23,632
25,175

14,83015 603
17,628

37<;M 9 4
39( >,683
414t,629
4 U 1,077
42S>,788
4 ^ ,902
46" ,104
4S^ ,603
473 ,217

5,210
5,247
5,362
5,828
5,649
4,874
4,900
4,737
4,912

25,218
25,123
26,173
26,878
27,104
28,590
28,044
28,569
27,739

10,278
10,704
12 076.
14,634
15,681
17 698
20,295
21,849
23,504

1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying froim
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,,
except
in June and December, when the statements give end-of-month data.
2
Represent six-month loans to the Treasury at 1H Per cent through Oct. 20, 1945, and at % 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.

100



FEDERAL RESERVE BULLETINS

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month

"Regular"
products i

"Nonregular"
products 2

1943..
1944..
1945..
1946..
1947..
1948..

29.773
29.773
29.773
29.773
29.773
3
29.773

24.732
25.125
25.125
25.125
25.125
3
25.125

1948—January
February
March. .
April
May

29.773
29.773
29.773
29.773
29.773
6
29.773
6
29.773
29.773
29.773
29.773
29.773
29.773

25.125
25.125
25.125
25.125
25.125
6
25.125
3
25.125
25.125
25.125
25.125
25.125
25.125

June

July
August
September
October
November
December

Czechoslovakia
(koruna)

Year or month

1943..
1944..
1945..
1946..
1947..
1948..

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

Year or month

1943...
1944...
1945...
1946...
1947...
1948...

Australia
(pound)
Certain
industrial
products

Official

Free

3 20.000

322.80 3321.50
322.80
322.80
321.34
321.00
321.22

5 20.000
20.000
20.000
20.000
20.000
20.000

321.16
321.20
321.21
321.23
321.21
321.21
321.23
321.23
321.23
321.23
321.23
321.23

3

Denmark
(krone)

Portugal
(escudo)

2.0060
2.0060
2.0060

20.876
20.864
20.857

2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060

20.860
20.860
20.860
20.860
20.860
20.859
20.858
20.855
20.854
20.854
20.854
20.854

South
Africa
(pound)

Spain
(peseta)

France
(franc)
Official

Official

3

2.2860
2.2829
2.2817
2.2816

1.9711
.8409
.8407
.4929 I 3 .3240

30.122
30.122
30.122
30.155
30.164
9
30.169

10.8400
10.4671
i°.3270
.4671
.3270
.4671
.3277
.4671
.3272
.4671
.3268
.4671
.3265
.4671
.3268
.4671
.3213
13.4671 13 .3193
.3179
.4671
.3154
.4671

30.172
30.168
30.168
30.169
9
30.169
9
30.169
9
30.169
9
30.169
9
30.168
9
30.168
9
30.168
9
30.168

3

Sweden
(krona)

Colombia
(peso)

Official

Free

6.0586
5.1280
6.0594
5.1469
6.0602
5.1802
3
6.0602
5.4403
5.4406

90.909
90.909
90.909
95.198
100.000
100.000

89.978
89.853
90.485
93.288
91.999
91.691

57.265
57.272
57.014
57.020
57.001
3
57.006

5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
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

90.455
89.062
89.280
90.633
92.273
93.229
92.829
92.701
92.180
92.898
92.383
92.250

56.991
57.010
57.010
57.010
57.010
7
57.010

Netherlands
(guilder)

New
Zealand
(pound)

2.2784
2.2789
2.2793
2.2796
2.2798
2.2805
2.2807
2.2830
2.2844
2.2850
2.2850
2.2847

India
(rupee)

Canada
(dollar)

Free

4406
4406

5.4406
5.4406

Italy
(lira)

Mexico
(peso)

Norway
(krone)

Free

Switzerland
(franc)

34.0501
4.0273
4.0183

398.00
398.00
399.05
400.50
400.74
400.75

3 9.132
9.132
39.132

3 25.859
27.824
27.824

3 23.363
23.363
23.363

4.0043
3.9700
3.9856
3.9966
4.0334
4.0345
4.0329
4.0327
4.0319
4.0312
4.0316
4.0321

400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75

9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
15
9.132

27.825
27.826
27.826
27.826
27.825
27.824
27.824
27.824
27.823
27.823
27.823
27.823

23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363

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

Brazil
(cruzeiro)

Belgium
(franc)

3

3

In cents per unit of foreign currency]

3

.4434

20.577
20.581
20.581
20.581
20.577
!
18.860

20.576
20.575
20.575
20.578
20.574
20.573
L1
20.573

9

()
ll

14.438
14.490
14.527

United
Kingdom
(pound)
Official

Free

403.50
403.50
U03.50

3 403.50

403.02
403.28
402.86
403.13

403.07
403.11
403.13
403.15
403.12
403.13
403.14
403.15
403.15
403.14
403.15
403.15

3

37.933
37.813
37.760
37.668

324.20
324.42
323.46
322.63
322.29
350.48

37.654
37.714
37.750
37.765
37.755
37.718
37.645
37.621
37.598
37.602
37.572
37.615

322.45
322.49
322.50
322.51
322.49
322.50
322.51
12
353.87
399.15
399.15
399.15
399.15

5

20.176
20.160
20.159
20.159
20.160
20.160
20.160
20.160
20.158
20.158
20.158
20.158
20.158
20.158
20.158

Uruguay
(peso)

65.830
65.830
65.830
65.830
65.830
3
65.830

52.855
53.506
55.159
56.280
56.239
3 56.182

65.830
65.830
65.830
65.830
65.830
65.830
65.830

56.198
56.180
56.180
56.180
56.180
56.180
56.180

(14)
(14)

(14)
(14)

"65.830
65.830
65.830

"56.180
56.180
56.180

3 58.822

"58.822
58.822
58.822

1453.191
53.191
53.191

1 Through June 22, 1948, shown as official rate.
Through June 22, 1948, shown as special export rate.
Average of daily rates for that part of the year during which quotations were certified.
4 At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the
New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
6
The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July
1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average
for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
6
7
Quotations not available June 23-July 14.
Quotations not available after June 10.
8
9
Based on quotations beginning July 15.
Excludes Pakistan, beginning April 1948.
10
u
Quotations not available Jan. 24-Feb. 9.
Quotations not available July 22-Oct. 12.
12 As of Aug. 19, the New Zealand Government increased the value of its currency, placing it on a par with the British pound.
13 Quotations not available Oct. 16-31.
"Quotations not available Aug. 1-Oct. 15. Rates shown in the first two columns are comparable to those shown previously under "Controlled" and "Noncontrolled," respectively. The application of the
new rates depends upon the type of merchandise. Averages for October are
X5
based on quotations beginning Oct. 18.
Based on quotations through Dec. 17.
2
3

JANUARY 1949




101

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

United
States
(1926 =
100)

Canada
(1926 =
100)

Mexico
(1929 =
100)

United
Kingdom
(1930 =
100)

*

1926

100

100

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

75
80
81
86
79
77
79
87
99
103
104
106
121
152

72
72
75
85
79
75
83
90
96
100
103
104
109
129

. .

Italy
(1938 =
100)

France
(1938 =
100)

i 124

106

95
95
101
119
126
127
128
136
148
182
227
247
286
302

88
89
94
109
101
103
137
153
159
163
166
169
175
192

58
52
63
89
100
105
139
171
201
234
265
375
648
989

5,159

Netherlands

Japan

(July 1938June 1939
= 100)

(1933 =
100)

Sweden Switzerland
(1935 = (July
1914
100)
= 100)

132

150

l 126

144

99
103
110
133
140
155
173
183
197
209
233
308

1,599
5,103

90
87
91
108
102
105
131
150
157
160
164
181
251
271

196
100
102
114
111
115
146
172
189
196
196
194
186
199

90
90
96
111
107
111
143
184
210
218
223
221
215
224

65
72
80
94
100
104
121
136
153

1947—December

163

144

303

204

1,217

5,526

8,863

280

205

232

194g—January
February
March

166

147

302

212

279

207

234

147

304

217

234

303
303

209

147
149

217
219

279

161
163

279
279

210
213

235
234

150
152
152
158
158
159
160

313
321
326
331
328
331
329

220
222
222
221
220
220
221

5,373
5,352
5,318
5,240
5,184
5,142
5,139
5,704

9,144

161

1.463
11,537

279
280
279
280
279
*>284

214
216
215
217
217
216

233
233
232
231
230
230

May

164
166
169
170
169
165
164

July
August
September
October
November

1,536
1,555
,653
,691
1,698
,783
.791
Pl.884
Pi,974

9,288
9,485
9,537
9,634
10,007
14,043
16,916
18,182

P5,767

P232

P Preliminary.
i Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October
1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]

United States
(1926 = 100)
Year or month

Canada
(1926 = 100)

Other
Farm
commod- products
ities

United Kingdom
(1930 = 100)

Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods

Netherlands
(July 1938-June 1939 = 100)
Industrial raw
products

Industrial
finished
products

Foods

Industrial
products

73
73
74
81
78
75
82
89
92
93
94
94
99
117

85
87
92
102
97
97
133
146
158
160
158
158
158
165

90
90
96
112
104
106
138
156
160
164
170
175
184
207

103
121
140
157
157
159
172
200
214

112
163
177
175
174
179
193
282
328

104
126
148
154
159
163
184
261
276

145

132

172

222

236

342

279

148
147
147
150
153
156
155
163
163
164
165

137
137
137
137
137
138
139
143
144
144
144

174
181
181
182
182
184
184
183
181
180
181

235
237
239
241
243
244
244
243
243
243
244

235
233
232
231
230
235
229
224
222

340
340
339
340
341
342
340
341
340

279
280
280
280
281
281
280
282
283

Farm
products

Foods

1926

100

100

100

100

100

100

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

...

65
79
81
86
69
65
68
82
106
123
123
128
149
181

71
84
82
86
74
70
71
83
100
107
105
106
131
169

78
78
80
85
82
81
83
89
96
97
99
100
110
135

59
64
69
87
74
64
68
73
85
98
107
112
118
126

64
66
71
84
73
67
75
82
90
99
104
106
110
131

1947—December

197

178

146

137

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

199
185
186
187
189
196
195
191
190
184
181

180
172
174
177
177
181
188
190
187
178
174

148
148
148
149
149
150
151
153
153
153
153

141
139
138
141
144
148
147
145
143
143
144

Foods

r
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

102



FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]

RETAIL FOOD PRICES
[Index numbers]
SwitUnited
King- France Nether- zerUnited Canland
dom
lands
States
ada
(June
(1935-39 (1935-39 (June 17 =(1938
100) (1911-13
1914
= 100)
1947
= 100)
= 100)
= 100)
= 100)

Year or
month

99
103
101
99
100
105
117
124
126
128
139
159

98
101
102
102
106
112
117
118
119
119
124
136

147
154
156
158
184
199
200
199
201
203
204
2 101

100
108
129
150
175
224
285
393
645
1,030

1947-December.

167

146

104

1,354

223

1948-January...
February..
March. . . .
April
May
June
July
August....
September.
October. . .
November.

169
168
167
169
171
172
174
175
175
174
172

148
150
151
152
153
154
157
158
159
160
160

104
106
106
108
108
110
108
108
108
108

1,414
1,519
1,499
1,499
1,511
1,529
1,528
1,670
1,783
Pl.844

224
224
223
223
223
224
223
223
223
223

P1,87O

*>226

120
130
130
132
146
175
200
211
215
215
210
222

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

1 ,393

230

,437
,541
,518
,524
,541
,560
,559
,716
,842
V ,904
V L.873

230
230
229
229
229
230
229
228
229
229
*>235

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

101
105
98
95
97
106
124
138
136
139
160
194

98
103
104
101
106
116
127
131
131
133
140
160

130
139
141
141
164
168
161
166
168
170
169
2 101

100
108
129
149
174
224
275
377
645
1 043

1947-December.

207

179

103

1948-January.. .
February..
March. . . .
April
May
June
July
August.. . .
September.
October. . .
November.

210
205
202
208
211
214
217
217
215
212
208

182
186
186
187
191
194
201
203
204
205
205

104
108
109
109
108
113
108
107
107
108

120
127
130
130
150
177
191
198

SwitUnited
United CanKing- France Nether- zerland
States
ada
dom
lands
(1935-39 (1935-39 (June 17 =(1938
(June
100) (1911-13
= 100)
= 100)
1947
= 100) 1914
= 100)
= 100)

Year or
month

...

. .

U32
137
139
140
154
175
187
195

130
137
137
138
151
174
193
203
208
209
208
217

Preliminary.
vP1 rrenmmary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
2
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
re 203 for retail food prices and 166 for cost of living.
Sources—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

Number of issues. . .
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—December
1948—January
February....
March
April
May
June
July
August
September. . .
October
November. . .

United
States i
(high
grade)

United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 =100)

France
(1938 =
100)

Netherlands 3

50

13

12

(2)

113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
i103.2

98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5

112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8

114.2
U14.2
8 143.4
146.4
146.6
150.5
152.1
144.6
132.0

97.9

117.9

130.1

98.1
98.1
98.5
99.4
99.9
100.2
99.2
98.3
98.2
97.8
97.9

108.6
108.6
103.4
103.6
104.9
104.8
104.6
104.0
104.1
103.8
104.5

130.5
130.6
130.0
129.1
129.1
129.5
129.3
129.7
130.1
130.5
130.4

87

United
States
(1935-39
= 100)

Canada 4
(1935-39
= 100)

France «
United
Kingdom (December
(1926=100) 1938=100)

Netherlands 6
(1938=100)

278

5 295

77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0

75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6

112
7
140
8 308
479
540
551
694
875
1.149

122.4

106.2

92.6

1,211

193.8

120.1
114.2
116.4
124.6
130.2
135.1
131.9
127.1
125.7
127.8
120.4

107.5
102.2
101.5
109.1
116.5
120.3
116.3
113.6
113.4
116.4
117.8

93.9
91.1
90.2
93.2
94.8
93.9
91.4
91.2
90.7
90.6
91.6

1,301
L,229
1,239
1,190
1,127
L,086
1,217
1,208
1,285
V 1,464
V 1,354

202.9
216.0
217.6
208.3
199.2
197.3
197.0
195.7

416

109.0
105.6

94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0

122.2

103.7

118.9
119.1
119.0
119.1
118.2
118.6
117.8
119.3
116.2
P114.4
P113.4

108.3
107.3
107.6
107.6
107.3
108.0
105.6
106.3
106.6

100

37

184.3

p Preliminary.
1
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2 ^ per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the
United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter
on the capitalized yield as calculated on the 15th of every month.
3
This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial
bonds.
The
average yield in the base period (January-March 1937) was 3.39 per cent.
4
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
6
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June
1935, p. 394; and February 1932, p. 121.

JANUARY

1949




103

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER

R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON

CHESTER MORRILL, Special Adviser
to the Board

ELLIOTT THURSTON, Assistant
to the Board

WINFIELD W. RIEFLER, Assistant
to the Chairman

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary

DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director

LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel

DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director

OFFICE OF THE SOLICITOR
J. LEONARD TOWNSEND, Solicitor
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FRANK A. SOUTHARD, JR., Associate Director

FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE,

Chairman

ALLAN SPROUL, Vice

Chairman

LAWRENCE CLAYTON

DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director

FEDERAL
ADVISORY COUNCIL
(December 31, 1948)
CHAS. E. SPENCER, JR., BOSTON DISTRICT
First Vice President

ERNEST G. DRAPER
MARRINER S. ECCLES

W. RANDOLPH BURGESS, N E W YORK DISTRICT

R. M. EVANS

DAVID E. WILLIAMS,

PHILADELPHIA DISTRICT

H . G. LEEDY

JOHN H . MCCOY,

CLEVELAND DISTRICT

M. S. SZYMCZAK

ROBERT V. FLEMING,
RICHMOND DISTRICT
Second Vice President

R. R. GILBERT

JAMES K. VARDAMAN, JR.
ALFRED H . WILLIAMS
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
WATROUS H . IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T. BRUCE ROBB, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
104




J. T. BROWN,

ATLANTA DISTRICT

EDWARD E. BROWN,
President

CHICAGO DISTRICT

JAMES H . PENICK,

ST. LOUIS DISTRICT

HENRY E. ATWOOD,

MINNEAPOLIS DISTRICT

JAMES M. KEMPER,

KANSAS CITY DISTRICT

J. E. WOODS,

DALLAS DISTRICT

RENO ODLIN,

SAN FRANCISCO DISTRICT

HERBERT V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
1
Federal Reserve Chairman
Deputy Chairman
Bank of

President
First Vice President

esidents

Boston

Albert M. Creighton
Harold D. Hodgkinson

Joseph A. Erickson
William Willett

Robert B. Harvey8
E. G. Hult
E. 0. Latham

New York

Robert T. Stevens
William I. Myers

Allan Sproul
L. R. Rounds

E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan

Alfred H. Williams
W. J. Davis

Karl R. Bopp
L. E. Donaldson
Robert N. Hilkert
W. D. Fulton
J. W. Kossin
A. H. Laning3
R. L. Cherry
Claude L. Guthrie8
E. A. Kincaid

Philadelphia....
Warren F. Whittier
Cleveland

George C. Brainard
A. Z. Baker

Ray M. Gidney
Wm. H. Fletcher

Richmond

Charles P. McCormick
J. B. Woodward, Jr.

Hugh Leach
J. S. Walden, Jr.

Atlanta

Frank H. Neely
Rufus C. Harris

W. S. McLarin, Jr.
L. M. Clark

Chicago
Franklin J. Lunding

C. S. Young
Charles B. Dunn

Russell L. Dearmont
Wm. H. Bryce

Chester C. Davis
F. Guy Hitt

Minneapolis. . . . Roger B. Shepard
W. D. Cochran

J. N. Peyton
0. S. Powell

St. Louis

P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black'
Neil B. Dawes
W. R. Diercks
E. C. Harris

H. G. Leedy
Kansas C i t y . . . . Robert B. Caldwell
Robert L. Mehornay
Henry 0. Koppang
Dallas

J. R. Parten
R. B. Anderson

San Francisco.. . Brayton Wilbur
Harry R. Wellman

0. M. Attebery
Wm. E. Peterson
C A. Schacht
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes

R. R. Gilbert
W. D. Gentry

E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle

C. E. Earhart
H. N. Mangels

Albert C. Agnew
W. N. Ambrose
D. L. Davis
J. M. Leisner8

Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
E. C. Hill
Wm. G. McCreedy
P. M. Poorman8
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
W. W. Turner
Paul E. Schroeder
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin1
C. E. Sandy
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom1
C. M. Rowland
Mac C. Smyth
W. L. Partner
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

New York

Buffalo

I. B. Smith*

Cleveland

Cincinnati
Pittsburgh

B. J. Lazar
J. W. Kossin

Richmond

Baltimore
Charlotte

W. R. Milford
R. L. Cherry

Atlanta

Birmingham
Jacksonville
Nashville
New Orleans

P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris

Chicago

Detroit

E. C. Harris

St. Louis

Little Rock
Louisville
Memphis

C. M. Stewart
C. A. Schacht
Paul E. Schroeder

1

Also Federal Reserve Agent.

JANUARY

1949




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

C. M. Rowland
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

General Manager.

105

FEDERAL RESERVE PUBLICATIONS1
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the Division of Administrative Services, Board of
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ington 25, D. C. Remittance should be made pay- T H E FEDERAL RESERVE ACT, as amended to Novemable to the order of the Board of Governors of the
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for 10 or more copies to one address, 15 cents per
No. 3. Public Finance and Full Employment.
copy per month, or $1.50 for 12 months.
No. 4. Prices, Wages, and Employment.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
No. 5. Private Capital Requirements.
RATES, AND BUSINESS. Issued monthly. $9.00 per
No. 6. Housing, Social Security, and Public
. annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipWorks.
ment, 75 cents each.
No. 7. International Monetary Policies.
BANKING STUDIES. Comprising 17 papers on bankNo. 8. Federal Reserve Policy.
ing and monetary subjects by members of the
Board's staff. August 1941; reprinted March The price for the set of eight pamphlets is $1.25;
1948. 496 pages. Paper cover. $1.00 per copy; 25 cents per pamphlet, or, in quantities of 10 or
in quantities of 10 or more copies for single ship- more for single shipment, 15 cents per pamphlet.
ment, 75 cents each.
BANKING AND MONETARY STATISTICS.

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. N o charge for individual sections (unbound).
PROVISIONS OF STATE LAWS RELATING TO BANK R E -

SERVES as of December 31, 1944. 1945. 30 pages.
MONETARY

AND BANKING

REFORM

IN PARAGUAY.

Includes translation of laws, accompanying reports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
1
A more complete list, including periodical releases and reprints, appeared on pp. 1554-1557 of the Dec. 1948 BULLETIN.

106




T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
DEBITS AND CLEARINGS STATISTICS, THEIR
GROUND AND INTERPRETATION.

BACK-

October 1947.

50

pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
DISTRIBUTION

OF BANK

DEPOSITS

BY COUNTIES,

December 31, 1947. July 1948. 122 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE

PUBLICATIONS

REPRINTS

IV. CONSUMER SAVING AND THE ALLOCATION OF

(From Federal Reserve Bulletin unless preceded by an asterisk)

DISPOSABLE INCOME. August 1948.

REVISION OF NATIONAL INCOME AND PRODUCT STA-

TISTICS. September 1947. 12 pages.

1948 SURVEY OF CONSUMER FINANCES.

September 1947.

SUMERS, July 1947. October 1947. 4 pages.

RETAIL CREDIT SURVEY—1947.

THE

SALES FINANCE COMPANY OPERATIONS IN 1947, by

Milton Moss. July 1948. 6 pages.
#

CURRENT INFLATION PROBLEM—CAUSES AND

1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
AGAINST THE DEMAND AND T I M E DEPOSITS OF

BANKS, by Governor Marriner S. Eccles.
ary 1948. 10 pages.

Janu-

T H E FEDERAL RESERVE CHART BOOK AS AN AID TO

BANK MANAGEMENT, by Charles H . Schmidt.

April 1948. 9 pages.
* STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.

Presented by Governor Marriner S. Eccles on
April 13, 1948. 7 pages.
NEW

COMMERCIAL BANKING OFFICES, 1936-1947,

by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

#

MEANS OF COMBATING INFLATION.

Statements of

Governor Marriner S. Eccles before House Banking and Currency Committee on August 3, 1948
and before the Senate Banking and Currency
Committee on July 29 and 30 on S. J. Res. 157.
2 pamphlets.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-

RENCY

COMMITTEE.

Presented

by

Chairman

Thomas B. McCabe on August 2, 1948. August
1948. 8 pages.
REGULATION

OF CONSUMER

INSTALMENT

CREDIT.

Statement by Governor R. M. Evans before the
House Banking and Currency Committee on
August 2, 1948. August 1948. 2 pages.
T H E PHILIPPINE CENTRAL BANK A C T and Text of

the Act, by David Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1948.

Sep-

tember 1948. 16 pages.

AND BUSINESSES. June 1948. 2 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE; with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION

FINANCING, by Charles H . Schmidt.
19 pages.

STEPS TO RESTORE POWERS OF STATES AND LOCALI-

TIES, by Frederic Solomon. Reprinted from the
July 1948 issue of the American Bar Association
Journal. 9 pages.

CONTROLS, by Governor Marriner S. Eccles. December 1947. 8 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE

From July 1948

BULLETIN with supplementary information for
nine separate trades. 41 pages.

October and December

1947. 36 pages.

June, July,

August, and September 1948. 65 pages.

FINANCIAL POSITION AND BUYING PLANS OF CONBANK LOANS TO FARMERS.

Sep-

tember 1948. 8 pages.

STERLING IN MULTILATERAL TRADE, by J. Burke

Knapp and F. M. Tamagna.
8 pages.

19 pages.

V. HOUSING EXPENDITURES AND FINANCE.

June 1948.

1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS. June 1948.

15 pages.
II. T H E DISTRIBUTION OF CONSUMER INCOME IN

1947. June 1948. 8 pages.

BANK CREDIT DEVELOPMENTS.

October 1948.

12

pages.
T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL

RESERVE SYSTEM. Address by Chairman Thomas
B. McCabe on October 26, 1948 at the annual
meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-

SUMERS, July 1948. November 1948. 5 pages.
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE

III. CONSUMER OWNERSHIP AND USE OF LIQUID

OF PAYMENTS PROBLEMS, by David L. Grove and

AND NONLIQUID ASSETS. July 1948. 15 pages.

Gerald M. Alter.

JANUARY 1949




November 1948. 11 pages.

107

CD
00

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

1

«¥== BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
1f BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
#
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES

OCTOBER I. 1948
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

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