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FEDERAL




ESEfiVE

BULLETIN
JULY 1948

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

WOODLIEF THOMAS

WlNFIELD W . RlEFLER

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

Real Estate and Construction Markets

755-763

Federal Reserve Statements on Housing Situation

764-765

1948 Survey of Consumer Finances—Part III. Consumer Ownership and Use
of Liquid and Nonliquid Assets.

766-780

Sales Finance Company Operations in 1947, by Milton Moss.

781-786

Retail Credit Survey—1947, by Katharyne P. Reil.

787-793

Special Report of the National Advisory Council

794-809

Law Department:
Interlocking Bank Directorates—Amendment to Regulation L
Foreign Funds Control—Treasury Department Releases.

810
810-813

Current Events and Announcements

813

National Summary of Business Conditions

814-815

Financial, Industrial, Commercial Statistics, U. S. (See p. 817, for list of tables)

817-872

International Financial Statistics (See p. 873, for list of tables)

873-891

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

892

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

893
894-895

Map of Federal Reserve Districts

896

Subscription Price of BULLETIN
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$1.50 for 12 months.




FEDERAL
VOLUME 34

RESERVE
July 1948

NUMBER 7

REAL ESTATE AND CONSTRUCTION MARKETS
Developments in real estate and construction markets during the past year have generally paralleled those in the economy at
large. Demand for houses and other real
property has continued strong, and pressure
for expansion of construction has persisted.
Supplies of building materials, labor, and
other resources have increased gradually,
making possible a further rise in construction which was already at a high level relative to most earlier periods. The number of
new structures built and made available for
use, however, has been small in comparison
with the number of existing structures, and
the increase in the supply of structures has
not been sufficient to meet current demands.
Prices of real estate and costs of construction
have therefore continued to rise, but not as
rapidly as in the previous year. In general,
while demand for real estate is still strong, the
prospect that construction in the aggregate
will expand much further is reduced by the
fact that many of the most urgent demands
accumulated over a number of years have
been met, and that supplies of materials,
labor, and other resources are being fully
used.
Some demands for construction appear to
be strong, in some measure independently
of general economic conditions; and demand for all construction is sustained by
the strength of aggregate demand in the
JULY 1948




economy. Incomes have continued to increase in the past year. Liquid asset holdings, particularly of individuals, have remained large. Expectations of business men
and consumers for the most part apparently
are that general economic activity will continue high for a considerable period. The
reduction of Federal tax liabilities and the
programs of foreign aid and military expansion recently approved by Congress will tend
to strengthen, or at least maintain, the overall demand for goods. At the same time the
foreign aid and military programs will
limit to some extent the resources of labor
and materials available for domestic, civilian
use, including construction.
In residential real estate markets, the number of house purchases has continued large.
Purchases of old houses, however, have declined, reflecting in part the large number
of purchases already made, the high prices
now prevailing for such houses, and the
greater availability of new houses.
A large volume of funds has continued to
be available for investment in residential
mortgages, and this has added to the pressure
on prices in this area by keeping demand in
excess of supply. Although there has been
some stiffening in the mortgage terms offered by lenders, the amount of mortgage
lending in the first half of this year has continued at the high level of the past two years,
755

REAL ESTATE AND CONSTRUCTION

and the amount of mortgage debt outstanding has increased by nearly 3 billion dollars,
from about 30 billion dollars to almost 33
billion.
The recent action by Congress establishing a secondary market for mortgages guaranteed by the Veterans Administration may
modify the recent tendency of lenders toward stricter credit terms. The decision of
Congress not to extend Title VI of the National Housing Act, however, may reduce the
number of people able to buy new houses.
On balance, it seems likely that the growth
during the second half of this year in the
amount of home mortgage debt outstanding
will be as great as during the first half.
MATERIALS, LABOR, AND COSTS

Since the spring of last year most building materials have been produced in large
volume, and stocks have been gradually
replenished. Consequently, supplies of most
items have been more readily available at
construction sites. The construction labor
force has also increased, and employment
is now at a record peacetime level. Largely
as a result of improved supplies of materials
and labor, efficiency of construction at the
site has risen. All these developments taken
together have permitted an increase in the
physical volume of construction activity to
a level in the first half of this year about
a sixth higher than a year ago. Construction costs, however, have continued to rise
because demand has continued strong, because supplies of construction materials and
labor even now are not completely adequate,
and because upward pressures on prices and
wages have persisted in many other parts of
the economy.
Material supplies and prices. Production
of many building materials was at record,
or near-record, levels during 1947 and the
756




MARKETS

early months of 1948. This was true for
some items which builders and contractors
still report to be in short supply, such as
gypsum board and lath, cast iron soil pipe,
hardwood flooring, and nails. In the early
months of 1948, production of building materials generally, as measured by the Department of Commerce, was at a rate slightly
higher than in the corresponding period of
1947 and about half again as high as in 1939.
Lumber production, a major item in the
Department's index, has been relatively low
since the end of last year, in part because of
weather conditions and labor-management
disputes in the Northwest lumber area. Increased production in that area will probably
be delayed somewhat by flood conditions in
June. Production of heating equipment has
been reduced in recent months after being
at an exceptionally high level and in excess
of demand last year.
Stocks of many important items, including
hardwood flooring, some clay products, and
heating and plumbing equipment, are considerably larger now than a year ago.
Manufacturers' stocks of hardwood flooring,
however, are still only about one-fifth as
large as before the war. Lumber stocks
generally have increased from earlier low
levels but seem to be unevenly distributed,
partly because many dealers postponed purchases last year in anticipation of price declines and improvement in quality, only to
find production and supplies low when they
later re-entered the market. Oil burners
appear to have accumulated in the hands
of dealers and manufacturers partly as a result of consumers' doubts about the adequacy
of fuel oil supplies for next winter.
Prices of building materials, reflecting exceptionally strong demand and rising costs
of production and distribution, have generally advanced further during the first half
FEDERAL RESERVE BULLETIN

REAL ESTATE AND CONSTRUCTION MARKETS

of 1948, as is shown in the accompanying
chart. Increases in railroad freight rates,
totaling over one-fifth, have been an important factor in the rise in these prices
during the past year. Average wholesale
prices of building materials are now about 12
per cent higher than a year ago, when prices
had leveled off, following sharp advances
after the elimination of price controls. The
largest increases in prices during the past year
have been in structural items—steel, lumber,
and brick. Prices of heating and other
equipment have shown less marked advances
and prices of paints, lath, and some other
supplies have shown little change or have
declined.
m

layers and plasterers, are still reported, but
such shortages are not as widespread as they
were earlier. The number of apprentices
enrolled in training programs is now about
one-third higher than a year ago.
Wage rates in construction have been rising, typically by negotiation and without
work stoppages. The increases in hourly
earnings during the past year have amounted
to more than 10 per cent, which is somewhat larger than the average for manufacturing industries; for the whole postwar period, however, the increases have been about
the same.
CONSTRUCTION VOLUME

The physical volume of construction during the first half of this year continued at
about the level reached in the latter half
of 1947, considering usual seasonal variations, and was about one-sixth larger than
a year earlier, when there was a period of
marked hesitation. The physical volume of
private construction, which unlike public
construction, has been at a much higher level
than in prewar years, increased further and
during the first half of this year was onefifth larger than a year earlier. Costs of all
types of construction have continued to rise,
however, and the dollar amount of construction in the first half of 1948 was about
one-third larger than in the first half of
1947. The dollar figures, without adjustment for seasonal changes, are shown for
1940
1941 1942 1943 1944 1945 1946 1947 1948
various types of construction in the chart
Bureau of Labor Statistics indexes. Total includes "other
on page 759.
building materials" and "paint materials" subgroups not
shown separately. Latest figures shown are Federal Reserve
Increases in the dollar volume of construcestimates for June 1948.
tion have been fairly steady since last sumEmployment and wages. Employment in mer, allowing for the customary winter deconstruction increased during the first half cline. The largest increases have occurred
of 1948 and lately has been running about in residential building and public construc10 per cent higher than a year ago. Short- tion, particularly highways. Construction
ages of skilled workers, such as brick- for business purposes, which last year was at
WHOLESALE PRICES OF BUILDING MATERIALS
ITHLY, 1926 « IOO

JULY

1948




757

REAL ESTATE AND CONSTRUCTION MARKETS

a high level relative to other types of construction, appears to have increased only
moderately, reflecting diverse changes reported for different types of business construction.
Construction by public utilities, postponed
in large part during the war, has increased
rapidly since early 1946 to meet the strong
demand of business concerns and consumers
for electric power, gas, and telephone facilities, and in the last year has been in much
larger volume than either industrial or
commercial construction. Recent data on
contract awards, together with reports on
investment intentions, suggest that for the
rest of 1948, at least, public utility construction will be at or above current high levels.
Construction by utilities other than electric
power, gas, and telephone companies has
not been unusually large; substantial capital
expenditures by railroads and local transit
systems have been mainly for rolling stock
and other equipment.
Expansion in commercial construction during 1947 and the large volume sustained so
far this year have been mainly in stores, restaurants, and garages, reflecting particularly
the demand for these facilities in newly developed residential areas and in war-built
communities where building of this type
was delayed because of wartime restrictions.
Other types of commercial building declined during most of 1947 and, following
a counter-seasonal increase in the winter
months, has risen only slightly this spring.
As in the case of public utility construction,
there is still demand for a substantial amount
of commercial building, and information on
contract awards and investment intentions
indicates that the volume will continue large
during 1948.
The data on industrial construction included in the business construction figures
758




shown in the chart indicate that industrial
construction has declined fairly steadily from
a record level in the winter of 1946-1947.
Other evidence on the course of plant construction in this period, however, is conflicting, and it may be that the recent volume
of industrial construction, and also of total
business construction, has actually been relatively higher this year than the chart suggests. There is still demand for new plant in
some important manufacturing industries, including petroleum, foods, and chemicals, and
demand for the products of these industries,
as well as for others, may increase further,
depending partly on developments in the
general economic situation.
Since the end of the war business concerns
have been able to finance a large proportion
of their expenditures, including expenditures
for construction, from internal sources, but
they have also raised a large volume of funds
in the security markets and from banks.
Substantial amounts of funds have been available to businesses as a result of large retained
earnings during and since the war, and funds
from external sources have been readily available in most instances at a cost which is low
compared with prewar.
Public construction. Public construction
rose slowly after the end of the war compared with private construction, partly in
response to a public policy of minimizing
competition for scarce supplies of building
materials. In numerous instances plans for
public improvements were not ready, and
necessary preparations for obtaining funds
had not been made. At times, particularly
in the spring of 1947, the hope of obtaining
lower costs by delaying construction was also
a factor.
During the past year supplies of materials
have increased, plans have been formulated,
and funds have been raised. Costs have
FEDERAL RESERVE BULLETIN

REAL ESTATE AND CONSTRUCTION

risen further since last spring, causing public
bodies as well as consumers and business
concerns to doubt that costs will decline
much in the near future. This together with
the urgency of need for public improvements
has made governments decide to proceed
with immediate construction. A noticeable
increase in the dollar volume of public construction, shown in the lower right-hand
section of the chart, has therefore taken place
during the past year, and after the usual
winter decline public construction increased
sharply this spring. The physical volume of
work done has been about 15 per cent larger
than a year ago, but is still considerably below the prewar level.
VALUE OF NEW CONSTRUCTION ACTIVITY
MILLIONS OF DOLLARS

MARKETS

needs of new communities, and the necessity
for replacing many buildings in older areas..
Hospital construction increased substantially
compared with a year ago under the impetus
of an expanded veterans program.
Publicly - financed residential building,
however, has continued at a very low level
since the middle of 1947, reflecting substantial completion of the program of converting war housing for the use of veterans.
Except in one or two cities, the Federallyaided prewar program of low-rent housing
has not been resumed, largely because of
high costs and statutory limitations. In New
York State, some public low-rent housing is
now being built under a program of state
aid; similar programs have been set up in a
few other States but are not yet in operation.
RESIDENTIAL BUILDING

—I

1945

1946

1947

1948

1945

1946

600

1947

Joint estimates of the Departments of Commerce and Labor.
Data are not adjusted for seasonal variation. Latest figures
shown are preliminary estimates for June 1948.

Expenditures for highway construction,
which as usual represented the largest share
of total public construction, have increased
most, and sewage and water facilities were
also built in large volume. The construction
of schools which began to expand in the
early part of 1947 continued to increase
sharply during the first half of this year, providing long-delayed facilities in response to
a generally increasing enrollment, special
JULY 1948




Demand for new houses has continued1
strong since the period of hesitation a year
ago. The volume of private residential building has increased rapidly this spring following a seasonal decline during the winter,
and it appears that practically all available
resources for building have been fully utilized. The dollar volume of residential
building, shown on the chart, has been
three-fifths larger than in the first half of
1947, and the number of nonfarm dwelling
units started in the first six months of the
year, shown in the table on page 760, totaled
about 450,000 as compared with 355,000
started in the same period a year ago.
The time required for completion of
houses has been reduced as building materials, although still not in wholly adequate
supply, have flowed to the site more evenly.
Data on the number of units completed are
no longer available, but it seems likely that
at least 500,000 permanent units were completed in the first six months of 1948, com759

REAL ESTATE AND CONSTRUCTION MARKETS

pared with 360,000 in the corresponding period last year and 832,000 during all of 1947.
An increasing proportion of residential
building in the last two years has taken place
PERMANENT NEW NONFARM FAMILY DWELLING UNITS

[In thousands]
Period

irted

Completed

Under
construction
(End of period)

Monthly averages
Jan.-June
1939
1941
1946
1947
1948

41
61

57

n.a.
n.a.

n.a.
n.a.

59

21
60

349
364

75

n.a.

n.a.

1947—January
February....
March
April
May
Tune
July
August
September. .
October
November. ..
December. . .

39
43
56
67
73
77
81
86
94
94
80
59

63
60
58
59
59
62
65
70
77
83
87
90

347
329
328
336
349
364
380
397
414
426
419
388

1948—January
February....
March
April
May
June 1

50
47
70
90
97
96

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

Monthly totals

n.a.
Not available.
1
Estimated by Federal Reserve.
NOTE.—Data from Department of Labor. Figures for 1946
and first four months of 1947 (shown on p. 638 of BULLETIN for
June 1947) have been revised. Only new permanent family
dwelling units built in nonfarm areas are represented, including
units financed with public funds and with private funds, and units
built by conventional methods and with vtrying amounts of prefabrication. Single-person accommodations, conversions, trailers,
and all temporary structures are excluded.

outside cities and other incorporated places,
reflecting in part high urban land values and
restrictive building codes in cities, as well as
a continuation of the prewar shift of population to the suburbs.
Single-family houses for owner-occupancy
have continued to account for the bulk of
units started, but multifamily units have increased markedly since mid-1947, as is shown
in the table. About 18 per cent of all units
started in the first half of 1948 were in multifamily structures. This proportion is somewhat larger than immediately before the
760




war, and much greater than the 13 per cent
reported for 1947. The number of multifamily units becoming available, mainly for
rent, has been increasing steadily, and rents
on these new units are considerably higher
than on old units which are under rent
control
Two-thirds of the multifamily units
started in the last twelve months, as is shown
in the table, were financed with mortgages
insured by the Federal Housing Administration. The number of new applications to
the Federal Housing Administration for insurance of rental units continued large in
the first quarter of 1948 but declined sharply
after March.
PRIVATE

DWELLING

UNITS

STARTED

AND F H A

Number started
(In thousands)

FINANCING

Percentage
FHA-financed

Period
Total

Sinele- Multi- Total
family family

Sinjde- Multifamily family

Annual totals
530
619

448
533

82
86

34
36

39
40

9
10

208
663
846

185
590
740

24
72
106

20
10
27

20
11
22

21
8
62

70
138

62
123

9
15

27
16

26
17

32
13

1946
338
First half
Second h a l f . . . . 325

298
292

40
32

8
13

9
13

3
14

1947
354
First half
Second h a l f . . . . 492

318
422

36
70

22
31

19
24

50
69

1948
First half1

370

80

34

28

65

1940
1941 .
1945
1946
1947

. .

Semiannual totals
1945
First half
Second h a l f . . . .

450

1
June estimated by Federal Reserve.
NOTE.—Data from Bureau of Labor Statistics and Federal
Housing Administration. "Multifamily" includes units in structures to house 2, 3, and 4 families as well as in apartment structures. The distribution of units covered by mortgages insured
by FHA between single-family and multifamily structures is
estimated in part by Federal Reserve.

PURCHASES OF HOUSES

With demand for new houses strong, the
increased rate of completions has been reflected in a rising volume of purchases of
FEDERAL RESERVE BULLETIN

REAL ESTATE AND CONSTRUCTION

new houses. It is estimated roughly that
450,000 new houses have been bought for
owner-occupancy during the first half of
1948; this is considerably more than half of
the 700,000 bought during all of 1947 and
more than the number bought in all of
1946. Purchases of older houses, however,
have shown no such marked increase during
this period, totaling an estimated 650,000 in
the first half of 1948, compared with slightly
over 1,300,000 in the year 1947 and about
2,000,000 in the year 1946. During both of
the earlier years purchases were greater in
the second half of the year than in the first,
but there are no strong indications that this
will be true this year.
The time required to sell both old and
new houses seems to be increasing, and the
rise in prices of old houses appears to have
been checked, according to trade reports.
There seems to have been no decline in
prices, however, such as was noted when sales
slackened in late 1946 and early 1947. Prices
of new houses have continued to advance,
albeit at a slower rate than in the two earlier
years.
Available information indicates that a
large number of persons are planning to
buy houses during 1948. According to the
Survey of Consumer Finances made for
the Board of Governors in January and February, about two million spending units
planned to purchase houses this year and of
these somewhat more than one million
hoped to buy new houses. These plans were
reported partly before and partly after the
commodity price decline in February, and
in all cases before the income tax reduction
was actually adopted early in April. On the
other hand, most consumers were probably
not aware of the tightening which was then
taking place in mortgage credit terms.
Since the number of new houses available
JULY 1948




MARKETS

for owner-occupancy is not expected to exceed 850,000, some of those who hope to buy
new houses this year will be required to
change their plans. Some will buy old
houses, and some of the remainder will probably find satisfactory housing in new rental
units, of which a substantial number will
become available in the course of the year.
In all, it would appear from the Survey
that more new houses and fewer old houses
will be bought in 1948 than were bought in
1947.
Prospective buyers reported that they were
willing to pay prices about 10 per cent higher
than the average paid in 1947; this would
indicate willingness to buy at prices not far
from present levels, and suggests that markets for new houses are likely to be generally
strong.
The large number of house purchases already made and planned for this year reflects
the continued high levels of income and
liquid asset holdings, the availability of mortgage credit, and the continued expectation of
high levels of economic activity, as well as
continuing dissatisfaction of many consumers with their housing arrangements.
The difference in the strength of the markets for old and new houses has probably
resulted from several developments. The
number of new houses available has increased, and the range of choice open to prospective house buyers has thus widened. New
houses have generally been more compact
than old houses so that, with prices of both
old and new houses high, many people unable
to afford the greater space offered in old
houses have been able to satisfy their minimum requirements in the smaller new
houses. A large number of old houses has
changed hands in recent years, thus reducing
the number of prospective purchasers. Credit
has generally been available on attractive
761

REAL ESTATE AND CONSTRUCTION MARKETS

yield assets. Their holdings of such assets
had shown little change during the war
and had declined as a proportion of total assets, since other asset holdings were increasing.
With the end of the war private deMORTGAGE DEBT
mand for credit increased sharply, but lendThe large volume of nonfarm real estate ers had ample funds available and they comtransfers has been accompanied by a high peted vigorously for loans. Competition was
level of mortgage lending and a further sub- especially keen for mortgage loans, which
stantial increase in the amount of nonfarm are made by several types of lenders. By
mortgage debt outstanding. During the past the end of 1947, however, many lenders were
two and a half years, as the table shows, over less anxious to make mortgage loans on the
25 billion dollars of home mortgage loans easy terms which prevailed earlier. They
have been made, and the amount of debt regarded their mortgage portfolios as fairly
outstanding has increased to the record level adequate, noted the rise in bond yields which
of almost 33 billion dollars, as compared with took place in the latter part of the year, and
about 20 billion both at the beginning and gave increasing attention to the possibility
at the end of the war. This growth is not that real estate prices might be at or near
as great as the rise in residential property their peak.
values, but it stands in marked contrast to
Among the first lines of mortgage credit
the decline in the outstanding farm mortgage in which tightening was felt was the 4 per
debt since the beginning of the war. Fur- cent, 25-year loans guaranteed by the Veterthermore, a very large proportion of this ans Administration, and lending under this
postwar debt has been written at relatively program has declined steadily since last sumhigh ratios of debt to sharply advanced prop- mer, as is indicated in the chart. The preerty values.
miums previously enjoyed by these Gl loans
have declined sharply, and in some cases
MORTGAGE DEBT ON 1- TO 4-FAMILY HOUSES
have disappeared. Premiums on the 4 per
[In millions of dollars]
cent loans insured by the Federal Housing
Apparent Change in
Loans
Loans
Administration under Title VI of the Naretireoutloans
outmade
Period
ments
standing standing
(During
tional Housing Act have also declined, but
(During
(End
of
(During
period)
period)
period)
period)
there has seemingly been less reluctance on
+992
3,810
20,095
1941
2,818
the part of lenders to make loans under Title
-187
3,155
19,908
1942
3,342
-366
3,183
3,549
19,542
1943
VI
at 4 per cent. This may be partly be3,844
-14
3,830
19,528
1944
4,238
+463
4,701
19,991
1945
cause
all of these loans are secured by new
5,023
9,458
+4,434
24,426
1946
4 ,926
10,500
+5,575
30,000
194:7 P
houses which are inspected during construc5,500
2,700
+2,800
1948 (first half)...
32,800
tion, and also because the loans are insured
P Preliminary.
in full, in contrast to the GI loans on which
NOTE.—Data on outstandings and loans made, 1941-46, from
Home Loan Bank Board; first half of 1948 estimated by Federal
the
maximum liability of the Government is
Reserve. Apparent retirements derived from these figures.
generally 50 per cent or less. The authority
During 1946 and most of 1947 lenders were of the Federal Housing Administration to
competing actively for mortgage loans in accept applications for mortgage insurance
order to increase their holdings of higher- under Title VI expired on April 30, but
terms, but over the past year terms have
grown somewhat tighter for the purchase of
old houses than for the purchase of new
houses.

762




FEDERAL RESERVE BULLETIN

REAL ESTATE AND CONSTRUCTION MARKETS

many builders seem to have applied for insurance of mortgages under the permanent
program provided for in Title II of the National Housing Act. On these mortgages,
the maximum interest rate permitted is 4l/2
per cent. The recent provision by Congress
of a secondary market for GI mortgages may
moderate or prevent any further tightening
of mortgage credit terms.
NONFARM MORTGAGE LENDING
MILLIONS OF DOLLARS
1200

MILLIONS OF DOLLARS
1200

MONTHLY

A

1000

A

1000

A 1/
V

eoo
I
MORI 6A6ES
UNDER £ 20,000 1

800

If

600

600

1
400

4

eoo

I

k

400

I

4

K

V

i

_
200

6.1. H0MIE LOANS
/ /

0

!

0

For mortgages under $20,000, data on nonfarm mortgages
recorded during month from Home Loan Bank Board; for GI
home loans, loans closed under the Servicemen's Readjustment
Act: October 1946-date, from Veterans Administration; January-September 1946 estimated by National Housing Agency
from records of Veterans Administration. Latest figures shown
for mortgages recorded are for April 1948; for GI home
loans, May 1948.

The views of the Board of Governors of
the Federal Reserve System and of the Federal Advisory Council with respect to housing and mortgage legislation considered in
the recent session of Congress were given in
various statements, which are published elsewhere in this BULLETIN.
Of the 33 billion dollars of mortgage
debt on 1- to 4-family houses now outstanding, roughly 10^4 billion is insured or guaranteed by the Federal Government, including about 6l/2 billion by the Veterans Admin-

JULY 1948




istration and over 4 billion by the Federal
Housing Administration. A year ago, out
of a total home mortgage debt of about 26
billion dollars, slightly over 7 billion was
underwritten by the Government, divided
about evenly between the Veterans Administration and the Federal Housing Administration.
Federal underwriting of one-third of the
home mortgage debt, together with the
Government obligations implied in the insurance of deposits in banks and of share
accounts in savings and loan associations,
represents an element of strength counteracting, at least in part, the dangers inherent
in the rapid increase in mortgage debt.
Should real estate values decline from their
present high levels, lenders are protected, in
large part, against losses which would arise
from the high ratio of loans to property
values characteristic of lending during recent
years. Moreover, many of the unguaranteed
loans outstanding are safeguarded by substantial margins between the value of the
property and the amount of the loan, or by
amortization payments made over a number
of years.
Any decline in real estate values, however,,
would raise many important problems—
problems of the impact of a declining real
estate market on debtors, on the Government, on the level of residential construction, and on the economy generally. Further
expansion of mortgage credit, whether or
not guaranteed by the Government, will add
to the already excessive demand for housing
and to pressures for rising prices and will
make more difficult the subsequent problems
of adjustment when demands for construction will be less than the available capacity
to meet those demands.

763

FEDERAL RESERVE STATEMENTS ON HOUSING SITUATION
From time to time while the Congress has been
considering general housing legislation, the Board
of Governors of the Federal Reserve System has
submitted statements of its position with respect to
the housing situation to the Senate Banking and
Currency Committee. This position is set forth in
the letters and statement given below.
BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM

May 7, 1948.
Honorable Charles W. Tobey, Chairman,
Banking and Currency Committee,
United States Senate,
Washington, D. C.

the Joint Committee on the Economic Report on
November 25, 1947.1
The desired objective is to build as rapidly as
possible the housing veterans and others so urgently
need of sound quality, and at prices they can
afford to pay and retain ownership. The capacity
of the building industry is limited. Attempts to
force building beyond that capacity by excessive
loans or unsound subsidies lead to shortages of labor
and materials, higher prices and poor quality construction by speculative and unqualified builders.
We approve the specific suggestions on housing
legislation now before Congress in the Board's
letter of April 5, to Senator Tobey.
BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM

My dear Mr. Chairman:

April 5, 1948.

In connection with general housing legislation,
particularly S. 866, which your Committee has
had under consideration, there is enclosed a copy
of a resolution which the Federal Advisory Council has adopted on the subject. The resolution approves the suggestions contained in the Board's
letter of April 5, 1948 and expresses general agreement with the statement of November 25, 1947 on
this subject, and copies of these documents, which
discuss reasons why certain provisions of this legislation are undesirable are enclosed for your convenient reference.
Very truly yours,
(Signed)

S. R. CARPENTER,

Secretary.
NOTE.—Similar letters were sent to the Chairman of the
House Banking and Currency Committee and the Chairman of
the Joint Committee on the Economic Report.
RESOLUTION BY THE FEDERAL ADVISORY COUNCIL,

APRIL 27, 1948
The Board of Governors has asked the judgment
of the Council on the housing situation and on the
position taken by the Board on the financing of
housing programs.
The Council is in general agreement with the
analysis of the problem stated by Mr. Eccles before

764




Senator Charles W. Tobey,
Chairman, Committee on Banking and
Currency,
Senate Office Building,
Washington, D. C.
Dear Mr. Chairman:
The Board has been advised that your committee is considering general housing legislation, particularly S. 2317, introduced by Senator McCarthy,
and amendments to S. 866 proposed by Senator
Flanders.
The Board is in sympathy, of course, with the
major objectives of such legislation, and is in
accord with some of the provisions of these bills.
We feel, however, that in view of the broad responsibilities of the Federal Reserve System in the
field of credit, we should call attention to several
undesirable features of the proposed legislation,
some of which we have had occasion to comment on
previously. In this connection I am enclosing a
copy of our statement of November 25, 1947 on
housing finance to the Joint Committee on the
Economic Report.1
1
The statement on housing finance, sent to the Joint Committee on the Economic Report on Nov. 25, 1947, was published
in the Federal Reserve BULLETIN for December 1947, pp.
1463-65.

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE STATEMENTS ON HOUSING SITUATION
The prospect for inflation is even greater now to lenders and increasing the negotiability of mortthan it was last November. There is still a short- gages. If private lenders are unwilling to hold or
age of many goods in relation to the level of in- buy guaranteed and insured mortgages, perhaps
come, and, because of the imminent reduction in the solution is to improve the quality of the
taxes, coupled with our commitments under the mortgages or increase the return to levels which
European Recovery Program and the recent pro- make mortgages attractive compared with other
gram calling for a large increase in military ex- investments.
Title VI of the National Housing Act, by makpenditures, the Government must anticipate a
deficit rather than a surplus. There is thus addi- ing credit available on excessively easy terms, has
tional reason for the Government to take all steps contributed to the large rise in house prices and
possible to reduce inflationary pressures, particularly building costs, and has encouraged buyers to go
too deeply into debt. We believe that both builders
those generated by an excess of credit.
For these reasons the Board is opposed to some and buyers should have larger equities in their
of the provisions of the bills before your commit- properties in an inflationary period like the present,
tee which would intensify inflationary pressures and that it is both feasible and desirable to return
by making additional credit available and thus to the terms offered under Title II as far as mortincreasing the demand for building labor and ma- gages on houses for owner-occupancy are concerned.
terials. In addition, some of their provisions would The Board has no objection to the continuation of
reduce the capacity of the fiscal and credit agencies Title VI for rental housing, provided safeguards
of the Government to cope with either further are maintained against excessive loans in relation
to value.
inflation or future deflation.
The Board is particularly concerned about three
Several of the proposed changes in Title II of the
proposals contained in these bills: first, creation of National Housing Act are subject to the same
a Government-financed secondary market for mort- criticism as the present Title VI program. Mortgages already underwritten by the Government; gages on small houses for 95 per cent of value and
second, continuation of the undesirable mortgage- running for- 30 years are excessive and so also are
insurance program under Title VI of the National 40-year mortgages of 90 and 95 per cent of value
Housing Act; and third, addition to Title II of the for rental housing.
National Housing Act of a permanent program
Basically, these three proposals are of a type
of excessively easy mortgage credit.
which would be appropriate for combating a seriCreation of a Government-financed secondary ous deflation, and are the opposite of those appromarket would be directly inflationary at this time, priate in an inflationary situation such as we face
because, by making available 500 million dollars today. Measures such as these should be reserved
for the purchase of mortgages, it would represent to cushion deflation should it later develop. Otheradded Government spending and increased de- wise, the only measures available would be direct
mand for new housing which is already excessive, Government lending or subsidies, on a large enough
considering the available supply of labor and scale to protect the real estate and housing market
materials. Furthermore, one of the objectives at from a serious collapse such as developed in the
the time the Government mortgage insurance and early thirties.
guaranty programs were instituted was to elimiSincerely yours,
nate the need for direct mortgage lending by the
(Signed) M. S. ECCLES,
Government, partly by removing some of the risks
Chairman pro tern.

JULY

1948




765

1948 SURVEY OF CONSUMER FINANCES1
PART III. Consumer Ownership and Use of Liquid and Nonliquid Assets
Consumers have added to their stock of liquid
assets at a moderate rate during the past two
years. They increased their holdings by approximately 7 billion dollars in 1946 and about 5 billion
dollars in 1947, according to estimates compiled by
the Federal Reserve Board from over-all Treasury
and banking statistics. These additions brought
the total amount of liquid assets (i.e., United States
Government bonds and savings and checking accounts but excluding some 20 billion dollars of
currency) held by individuals to approximately 130
billion dollars at the end of 1947. Holdings are
so large that, notwithstanding a much slower rate
of growth recently than during the war years, they
continue to have an important bearing upon the
present and future course of consumer expenditures
and investments.
The 1948 Survey of Consumer Finances, conducted for the Board by the Survey Research Center
of the University of Michigan, furnishes information regarding the distribution of these liquid
assets among the population in early 1948, the purposes for which some had been spent in 1947 and
some might be spent in 1948, and, by comparison
with two previously conducted surveys,2 the changes
in liquid asset distribution among various popu1
This article was prepared by Duncan McC. Holthausen of
the Board's Division of Research and Statistics. It is the third
in a series to be issued presenting the results of the Board's
1948 Survey of Consumer Finances. The first two articles
appeared in the June BULLETIN and other articles will appear
in succeeding issues.
From the Survey Research Center, University of Michigan,
Rensis Likert, Director, and Angus Campbell, Assistant Director, were in general charge of the survey. Responsibility for
detailed planning and supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation
of survey studies was carried by George Katona in collaboration
with Miss Janet Austrian. Charles F. Cannell served as head
of the field staff and Roe Goodman as head of the sampling
section of the Center.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Associate Director, of the Division
of Research and Statistics. Mr. Holthausen has been in
charge of the analysis of the data and the preparation of
reports.
2
The second survey was made for the Board of Governors
early in 1947 by the Survey Research Center and results of that
survey were reported in 1947 in the June, July, and August
issues of the BULLETIN. The first survey was made for the
Board of Governors early in 1946 by the Division of Program
Surveys, Bureau of Agricultural Economics, U. S. Department
of Agriculture. The Survey Research Center staff currently
in charge of the survey work was associated with the Division
of Program Surveys at the time of the first survey. Results
of that survey were reported in the June, July, and August
issues of the BULLETIN under the general title National Survey
of Liquid Assets.

766




lation groups since 1946. This report on the
survey also includes a discussion of the ownership
of selected types of nonliquid assets, as well as the
ownership of terminal leave bonds and their uses
by veterans of World War II.
Information presented from the 1948 Survey of
Consumer Finances is based upon the results of
about 3,500 interviews taken in 66 sampling points
throughout the nation. The sample covers the
entire population of the United States residing in
private households.3 The interview unit of the
surveys is the spending unit, defined as all persons
living in the same dwelling and belonging to the
same family who pooled their incomes to meet
major expenses.
SUMMARY OF FINDINGS ON LIQUID AND NONLIQUID
ASSETS

1. Approximately 35 million of the total number
of 48.4 million spending units reported having some
type of liquid asset in early 1948.
2. While there was no change in the total number of spending units holding liquid assets, there
was an appreciable decline in the number of
holders of United States Government bonds.
3. The median amount of liquid assets held by
all spending units was smaller at the beginningof 1948 than in early 1947. Clerical and sales
people, and skilled, semiskilled, and unskilled
workers all showed some decline in the median
amounts of assets held. At the same time managerial and self-employed persons reported somewhat larger holdings and professional persons reported little change in holdings. There was some
indication of an increase in the proportion of
liquid assets held by top income people.
4. Approximately 29 million spending units had
changes in their liquid asset holdings during 1947.
Many reported substantial changes, either additions or withdrawals.
5. About 13 million spending units added to
their Government bonds, savings accounts, or
3
For additional information on survey techniques and design,,
see the June 1948 BULLETIN, pp. 643-46.

FEDERAL RESERVE BULLETW

1948 SURVEY OF CONSUMER FINANCES
checking accounts during the year, increasing their
holdings appreciably. Approximately one-third of
the spending units, or 16 million, reduced their
liquid asset holdings during 1947. These spending
units withdrew approximately 15 billion dollars.
About half of this amount was used to buy houses
or placed in various types of investments, approximately one-third was used for consumer nondurable
goods and services, and the remainder was used
for the purchase of automobiles and other durable
goods.
6. Over two-thirds of the spending units receiving terminal leave bonds cashed them during 1947,
primarily for use in buying consumer goods.
7. Ownership of nonliquid assets varied greatly
by type of asset, with almost four-fifths of all
spending units, or 38 million, having at least one
member with a life insurance policy as compared
to almost one-tenth, or 4.5 million spending units,
with at least one member owning stocks and bonds
other than United States Government bonds.
8. Most spending units continued to indicate a
preference for holding assets of fixed value such as
Government bonds and bank deposits rather than
assets of changing value. Nevertheless about onetenth of the spending units holding $1,000 or more
in liquid assets planned to transfer substantial
amounts during 1948 to various types of investment
including real estate, corporate securities, and
unincorporated businesses.

Table 1, somewhat more than one-fourth of all
spending units had no liquid assets, one-seventh
had only $1 to $199, one-fourth had $200 to $999,
and more than one-third had $1,000 or more in
liquid assets.
TABLE 1
DISTRIBUTION OF SPENDING UNITS, BY SIZE OF LIQUID ASSET
HOLDINGS, EARLY 1948, 1947, AND 1946 X

[Per cent]
Amount? of liquid assets held •

1948

1947

1946

....

27
15
13
12
12
6
6
5
4

24
14
12
14
14
7
7
5
3

24
15
14
14
14
7
6
4
2

100

100

100

Median holdings of all units. .
Median holdings of those with a s s e t s . . . .

S3 50
$820

$470
$890

$400
$750

None
&1-S199
$200-$499
$500-$999
$l,000-$l,999
$2.000-$2,999
$3,000-$4,999
$5,000-$9,999
$10,000 and over.
All units.

1
Liquid asset data for early 1948 are based on interviews in
January-March 1948 (third survey); for 1947 on interviews in
January-March 1947 (second survey); for 1946 on interviews in
January-March 1946 (first survey).
2
Includes all types of U. S. Government bonds, checking accounts, and savings accounts in banks and sayings and loan
associations, postal savings, and scares in credit unions. Excludes
currency holdings.

A somewhat smaller proportion of spending units
with incomes of less than $4,000 held liquid assets
at the beginning of 1948 than a year earlier. Table 2
shows the percentage of spending units within each
income group that held assets in early 1948, 1947,
and 1946. Care must be exercised in the interpretaTHE DISTRIBUTION OF LIQUID ASSETS IN EARLY 1948
tion of this table because the liquid asset holdings
Survey data show that liquid assets continue to at the beginning of each year are related to the
be very broadly distributed. The proportion of income of the spending unit in the previous year
all spending units that held liquid assets was and there was an upward movement in the income
slightly smaller at the beginning of 1948 than a distribution between 1945 and 1947.
As has been pointed out in the two earlier surveys,
year earlier (73 per cent as compared to 76 per
cent), but the number that held some type of there is a great deal of variation within every income
group in the size of liquid asset holdings. This is
liquid asset remained approximately 35 million.
For spending units having some liquid assets, clearly indicated by Table 3, which gives the holdthe median amount held in early 1948 was ap- ings at the various quartile points for spending
proximately $820, or one-twelfth less than at the units within each income group when ranked acbeginning of 1947. When nonholders as well as cording to size of assets. This table shows, for
holders of liquid assets are considered, the median example, that one-half of all spending units with
was $350 early this year as compared with $470 last incomes of $3,000 to $3,999 held over $490 in
liquid assets and as many as one-fourth held over
year.
The amounts of liquid assets held by individual $1,550. At the same time one-fourth of these spendspending units varied greatly in early 1948 and ing units held less than $60. This extreme variathe distribution differed little from the pattern of tion in size of holdings was evident in each income
the preceding two years. As is indicated in category. As compared to a year ago, the median
JULY 1948




767

1948 SURVEY OF CONSUMER FINANCES
TABLE 2
SPENDING UNITS HOLDING VARIOUS TYPES OF LIQUID ASSETS, BY INCOME GROUPS, EARLY 1948, 1947, AND 19461
Percentage of spending units in each income group having:
Any liquid
asset2

Annual money income before taxes

Under $1 000
SI 000-S1 999
$2,000-^2,999
$3 000-S3 999
S4,000-$4,999
S5,OOO-$7,499
f 7 500 and over
All units

U. S. Government bonds3

Checking
accounts

Savings
accounts4

1948

1947

1946

1948

1947

1946

1948

1947

1946

1948

1947

1946

44
59
73
83
90
97
99

49
65
80
89
92
100
100

49
68
85
92
94
98
100

22
34
49
56
61
69
86

25
44
62
69
77
86
91

31
54
74
80
89
91
96

22
34
43
55
58
67
73

26
37
50
60
62
69
69

22
32
43
50
55
60
52

24
24
33
41
50
69
86

21
30
30
39
56
72
89

21
29
28
42
50
67
88

73

76

76

48

56

63

46

47

39

39

37

34

1
Liquid asset data for early 1948 are based on interviews in January-March 1948 (third survey); for 1947 on interviews in JanuaryMarch 1947 (second survey): for 1946 on interviews in January-March 1946 (first survey). Holdings in early 1948 are related to 1947
income;
1947 holdings to 1946 income; and 1946 holdings to 1945 income.
2
Includes all types of U. S. Government bonds, savings accounts, and checking accounts.
3
Includes all types of U. S. Government bonds.
4
Includes savings accounts in banks and savings and loan associations, postal savings, and shares in credit unions.

TABLE 3
DISPERSION OF LIQUID ASSET HOLDINGS WITHIN INCOME
GROUPS, EARLY 1948

1947 annual money income
before taxes

Under $1,000. . .
$l,000-$l,999...
$2,000-$2,999...
$3,000-13,999...
$4,000-$4,999...
$5,000-$7,499.. .
$7,500 and over.

Amount of liquid assets
held by spending unit at: 1
First
quartile

Median

Third
quartile

>

fc

;

0
0
0
60
240
520
2,610

0
80
240
490
840
1,760
6,290

440
590
1,030
1,550

2,290
4,200
15,260

1
Figures refer to spending units within each income group
selected as follows:
First quartile—holdings of the spending unit which separates
the fourth with smallest holdings from the upper three-fourths.
Median—holdings of the spending unit which is the mid-point
of the distribution; half of the spending units are below and half
above.
Third quartile—holdings of the spending unit which separates
the fourth with largest holdings from the lower three-fourths.
For comparable 1947 data, see Federal Reserve BULLETIN,
July 1947, Table 9, p. 798. Similar data as published from the
1946 survey (see BULLETIN for July 1946, Table 5, p. 718) are not
strictly comparable since they include savings in the form of
currency.

and quartile holdings within most income groups
were somewhat smaller. This change reflects the
smaller proportion of spending units in each income category that held liquid assets and, to a
minor extent, reduced holdings on the part of
some of those with assets.
TYPES OF LIQUID ASSETS HELD

There have been very pronounced shifts in the
types of liquid assets held between the close of the

768




war and the current period, as is indicated by the
accompanying chart. The number of spending
units having checking accounts increased somewhat
both in 1946 and 1947, and the number holding
some type of savings account (including shares with
savings and loan associations), although it changed
little during 1947, increased by approximately 4
million between early 1946 and 1947. On the
other hand, approximately 5 million to 6 million
fewer spending units held United States Government securities early in 1948 than early in 1946.
The decline in the number of Government bond
holders reflects the less urgent patriotic motivation
of the public to buy bonds after the war and the
more limited Treasury program to sell bonds in
the past two years. In the first year or so after
the war there was a sizable drop in the number of
persons buying bonds through payroll deduction
plans and for many people it may have become
more convenient to place current savings in various
types of savings accounts rather than in Government bonds. A number of institutions handling
savings accounts, including commercial banks, mutual savings banks, and savings and loan associations, may have attracted a substantial volume of
additional deposits through aggressive solicitation
of personal savings accounts.
United States Government bonds are nevertheless
still the most widely held type of liquid asset.
Early in 1948, approximately 48 per cent of all
spending units held Government bonds as compared to 46 per cent with some type of savings
FEDERAL RESERVE BULLETIN

1948 SURVEY OF CONSUMER FINANCES
PER CENT OF
SPENDING UNIT

OWNERSHIP OF LIQUID ASSETS
EARLY 1948, 1947, 1946

PER CENT OF
SPEN0IN8 UNITS

100

100
1948 1947 1946
ANY LIQUID
ASSET

U. S. GOV'T
BONDS

SAVINGS
ACCOUNTS
CHECKING
ACCOUNTS

More consumer units at most income levels had
savings accounts in 1948 than in 1946. Between
1947 and 1948 an increase in the number of these
holders at upper income levels was accompanied
by little change or some decline in the number
of holders at lower income levels. A somewhat
higher proportion of spending units at lower income levels had checking accounts in 1948 than
in 1947. There was little shift between these two
years in the size of savings and checking accounts,
as shown by Table 16 following this article.
PROPORTION OF TOTAL LIQUID ASSETS HELD AT
VARIOUS INCOME LEVELS

Some increase occurred during 1947 in the
proportion of liquid assets held by top income receivers. The 10 per cent of the spending units
with the highest incomes in 1947, those with incomes of $5,700 and above, held 43 per cent of
NOTE.—For sources and coverage of data, see Table 2.
total liquid assets in early 1948. The 10 per cent
account and 39 per cent with checking accounts. of the spending units with the highest incomes
Also, as great a percentage if not a greater per- in 1946 held 39 per cent of total liquid assets in
centage of the spending units in each income group early 1947. Because of sampling variations, this
owned Government bonds as owned any other type is not to be construed as a precise measure of the
of liquid asset. This is indicated by Table 2. Data change in liquid asset holdings among top income
presented in this table confirm the finding of the receivers.
two previous surveys that the distribution of GovThe proportion of liquid assets held by the other
ernment bonds and savings accounts among differ- nine-tenths of the nation's spending units was still
ent income groups is similar to the distribution large at the beginning of 1948. Forty per cent
of total holdings of liquid assets. In each case of the nation's spending units had incomes under
the proportion of holders increases quite steadily $2,100 in 1947 and, as is shown by Table 4, they held
from lower to higher income groups. Checking
accounts, on the other hand, are held by a relatively
TABLE 4
small percentage of units in the lower and middle PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE
income brackets and by a relatively large percentNATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF
INCOME, EARLY 1948, 1947, AND 1946
age of those in the highest brackets.
It is clear from Table 2 that the sharp reduction
Percentage of liquid assets held:
in the number of holders of United States GovernSpending units
ranked according
ment bonds was not confined to any particular
By each tenth
Cumulative
to their incomes
income group. Considerably fewer spending units
19481 19472 19463 1948
1947
1946
at all income levels held Government bonds in 1948
Highest tentl I
43
39
40
43
39
40
than in either 1947 or 1946.
Second
14
15
13
57
54
53
8
9
10
65
63
63
Despite the sizable drop in the number of savings Third
Fourth
7
7
7
72
70
70
bond holders, there was little change in the number Fifth
5
7
8
77
77
78
Sixth
6
7
6
83
84
84
of spending units with $2,000 or more in savings Seventh j . . .
4
5
5
87
89
89
Eighth
4
4
4
91
93
93
bonds. Table 16 in the appendix following this Ninth
4
4
3
95
97
96
Lowest
tenth
5
3
4
100
100
100
article shows that the proportion of spending units
that held less than $2,000 in savings bonds was
1
For spending units ranked in order of their 1947 annual in(third survey).
much smaller at the beginning of 1948 than early comes
2
For spending units ranked in order of their 1946 annual inin 1947 or 1946. The same change in bond hold- comes
(second survey).
3
For spending units ranked in order of their 1945 annual inings was evident at all income levels.
comes (first survey).
JULY 1948




769

1948 SURVEY OF CONSUMER FINANCES
about 17 per cent of total liquid assets in early 1948.
The remaining 50 per cent of the spending units
had incomes of $2,100 to $5,700 and held 40 per cent
of total liquid assets.
The total amounts of liquid assets held by the
various income tenths can be roughly calculated.
Such data must be used with caution, however,
because of differences between estimates of aggregate individual holdings compiled by using Treasury and banking statistics (130 billion dollars)
and estimates compiled by expanding the survey
data. First, there is a certain amount of underreporting of liquid assets on the part of spending units interviewed in the survey. Secondly,
survey information refers to the noninstitutional
population only, while other estimates include the
institutional population. Finally, the classification
of individual liquid asset holdings considered as
personal or nonpersonal by their holders differs
in the two sets of estimates. With these qualifications, and after allowing approximately 5 billion
dollars for institutional population holdings, it is
estimated that the remaining 125 billion dollars
in liquid assets held in early 1948 would be distributed among the various income tenths as follows: roughly 55 billion dollars held by the 4.8
million spending units which are the 10 per cent
with the highest incomes, 50 billion dollars by
the next 24.2 million (50 per cent of spending
units), and roughly 20 billion dollars by the 19.4
million (40 per cent of spending units) with the

lowest incomes. These allocations of dollar amounts
among the various income tenths assume that the
differences between survey data and Treasury and
banking data did not vary percentagewise from one
income tenth to the next.
A distribution of the proportion of liquid assets
held by the various income groupings of both
spending units and family units is presented in
Table 18 following the article.
CHARACTERISTICS OF LIQUID ASSET HOLDERS

As was pointed out in last year's survey, there
are significant differences among occupational
groups in the amounts of liquid assets held. Professional and business people hold relatively large
amounts, on the average, and few spending units
in these groups are without any. Clerical and
sales personnel have moderate amounts of liquid
assets—the majority hold less than $1,000—and
there are relatively few spending units in this
category that hold either very large amounts or
no liquid assets. A somewhat smaller proportion
of skilled and semiskilled workers hold liquid
assets, and their holdings are somewhat smaller
than those of the clerical and sales group. Among
unskilled workers about half have no liquid assets
and large holdings are exceptional. About onefourth of the farm operators and two-fifths of the
retired people have no liquid assets, but those who
are holders have relatively large amounts.

TABLE 5
SIZE OF LIQUID ASSET HOLDINGS WITHIN D I F F E R E N T OCCUPATIONAL GROUPS, EARLY 1948 AND 1947 1

[Per cent]
Occupational group of head o " spending unit
Amounts of total liquid assets held2

None
$1~$499
$500-$l 999
$2 000-$4,999
$5,000 and over
All units
Median asset holdings

Professional

Managerial
and selfemployed

Skilled
and semiekilled

Clerical
and sales
personnel

Unskilled

1948

1947

1948

1947

1948

1947

1948

1947

1948

1947

6
23
28
24

6
20
32
19

11
21
26
18

10
18
32
22

27
34
23
12

22
30
30
13

17
32
31
14

12
31
34
17

53
26
15
5

48
28
19
5

19

23

24

IS

4

5

6

6

1

(3)

100

100

100

100

100

100

100

100

100

100

$400

$500

$600

. . . $1,350 $1,300 $1,400 $1,250 $250

0

$50

Retired

1948
38 ,
17
19
10

1947

16

40
18
17
13
12

100

100

<4)

(4)

1
Liquid asset data for early 1948 are based on interviews in J a n u a r y - M a r c h 1948 (third survey); for 1947 on interviews in J a n u a r y March 1947 (second survey).
2
Includes all U. S. Government bonds, savings accounts, a n d checking accounts.
3
Less t h a n one-half of 1 per cent.
4
D a t a not available.

770




FEDERAL RESERVE BULLETIN

1948 SURVEY OF CONSUMER FINANCES
Between early 1947 and early 1948 there was
a decline in the proportion of clerical and sales
people and of skilled, semiskilled, and unskilled
workers that had liquid assets, but no change in
the proportion of professional and business people.
Also, as is shown by Table 5, there was a decline
in the median liquid asset holdings of all occupational groups except professional and business
people. The distributions of liquid asset holdings
by occupation of the head of the spending unit,
shown by this table for both early 1948 and 1947,
should be considered as only rough guides to the
true distribution of these holdings as well as to
the changes in their distribution. The number of
sample cases for the separate occupations is relatively small.
Estimates of the percentage of total liquid assets
held by the various occupational groups in 1948
show that the managerial and self-employed and
the professional persons held somewhat more than
two-fifths of total liquid assets, whereas they composed no more than one-fifth of the total population. Skilled and semiskilled workers and clerical
and sales personnel held about one-fourth of the
total liquid assets, or considerably less than their
population weight. Farm operators held onetenth of liquid assets, retired persons somewhat
less, and unskilled workers no more than onetwentieth. As in the case of the liquid asset distributions by occupational groups, these data should
be considered rough approximations only.
There are interesting differences in the types of
liquid assets held by the various occupational
groups. As large a percentage of the professional
group as of any group held each type of liquid
asset, and in some cases a larger percentage. Unskilled workers had the smallest percentage of
holders of United States savings bonds and checking accounts, while farm operators had the smallest
percentage having savings accounts. Approximately two-thirds of the spending units in the
professional, managerial and self-employed, and
farm operator groups had checking accounts in
early 1948, while two-fifths or less of other groups
had checking accounts. The type and size of
liquid asset holdings within the different occupational groups is shown in Table 17 following this
article.
A comparison of the size of liquid asset holdings
according to the place of residence of the spending
unit reveals that spending units in metropolitan
JULY

1948




areas generally had somewhat larger holdings than
spending units living in other urban or in rural
areas. Moreover, about four-fifths of the spending
units in metropolitan areas had some type of liquid
asset as compared with three-fourths of spending
units in other urban areas and about two-thirds of
those in rural areas. This information is included
in Table 19 at the end of this article.
CHANGES IN LIQUID ASSET HOLDINGS DURING

1947

The frequent and substantial changes in the
liquid asset holdings of individuals noted for 1945
and 1946 in the first two surveys continued during
1947. Roughly one-third of all spending units
reported decreases in their liquid asset holdings,
more than one-fourth reported increases, and about
one-sixth reported no change. The remaining onefifth, as shown by Table 6, had no liquid assets
either at the beginning of 1948 or a year earlier.
Since a considerable number of spending units with
incomes under $2,000 had no liquid assets at either
date, the bulk of the turnover in asset holdings
occurred at income levels of $2,000 and above.
While the differences were slight, a somewhat
smaller proportion of spending units reported increases or decreases in liquid asset holdings during
1947 than during 1946.
In relation to the total number of spending units
holding each type of liquid asset, more spending
units reported a decline in savings and checking accounts than in United States Government bonds.
One of every four spending units holding Government bonds reported a decline in such holdings
as compared to one of every three holders of other
liquid assets. On the other hand, one of every
three holders of savings accounts in early 1948
reported a net increase in such holdings as compared to one of every four holders of checking
accounts and one of every five holders of Government bonds. Amounts of increases or decreases
were much larger in the case of savings and checking accounts than in the case of Government bonds.
It should be noted in connection with the data
showing these changes that there may be a tendency
to understate increases and overstate decreases.
Changes in liquid asset holdings were obtained by
asking the heads of spending units about their
holdings both at the time of the interview and a year
earlier. Respondents appeared to recall withdrawing liquid assets more readily than acquiring them.

771

1948 SURVEY OF CONSUMER FINANCES
TABLE 6
CHANGES IN LIQUID ASSET HOLDINGS OF SPENDING UNITS DURING 1947, WITHIN INCOME GROUPS 1
Percenta ge distribution of all spending units within income groups
Changes in
liquid asset holdings

1947 annual money income before taxes
All

spending
units

Increase
..
No change
. ...
Decrease
No liquid assets now or year ago
Not ascertained
All units
1

Under
$1,000

$1,000$1,999

$2 000$2,999

$3,000$3,999

$4,000$4,999

$5,000$7,499

$7,500
and over

27
16
33
22
2

12
13
20
53
2

20
14
29
35
2

27
16
35
19
3

31
15
39
12
3

33
17
40
6
4

38
16
40
3
3

46
17
30
1
6

100

100

100

100

100

100

100

100

Based on liquid asset holdings in early 1948 and a year earlier as reported by spending units during January-March 1948.

and it may be that respondents disregarded the
receipt of interest on savings accounts. Thus it is
possible that both the number and amount of additions to holdings may be too small in relation to
withdrawals.
Among spending units with incomes under
$2,000, roughly one and one-half spending units
had decreases in liquid assets during 1947 for
every one having an increase. As is indicated in
Table 6, about equal numbers of spending units
with incomes of $5,000 and above reported decreases and increases in liquid asset holdings.
No differences were noted between 1947 and
1946 in the relative number of liquid asset holders
with incomes under $3,000 that either increased or
decreased their holdings during the year. More
holders of assets with incomes of $3,000 or more,
however, showed decreases in their holdings during
1947 than during 1946, and at the same time fewer
reported additions to their holdings.

or other durable goods and another one-seventh
to purchase a house, other real estate, or corporate
securities, or to invest in business. One-fifth sought
to accomplish several purposes, primarily the purTABLE 7
PURPOSES OF REDUCTION IN LIQUID ASSETS BY SPENDING UNITS
WITHIN VARIOUS INCOME GROUPS, 1947 *
Percentage distribution of
spending units that reduced
liquid assets

Purpose

Nondurable consumers
goods and services
(including taxes) 2 . . .
Automobiles and other
durable goods
Houses 3 and investments
Several purposes4
All units

THE USE OF LIQUID ASSETS IN

1947

For the third consecutive year, information concerning the purposes for which liquid assets were
withdrawn during the year was obtained from
spending units that reported a net decline in their
holdings. As has already been indicated, approximately one-third of all spending units reported a
net decline in holdings from early 1947 to early
1948.
Somewhat more than half of all spending units
reducing their liquid assets used the proceeds exclusively for nondurable consumers goods and
services. As Table 7 shows, approximately oneseventh used their liquid assets to buy automobiles

772




Net
reduction
All
(Per
cent) income
groups

Income group
Under
$2,000

$2,000- $5,000
and
$4,999
over

28

25

54

70

48

9

13

7

15

16

3t
35

n
20

7
16

14
23

24
32

100

100

100

100

100

1

Only spending units that had smaller amounts of liquid assets
at the beginning of 1948 than at the beginning of 1947 are included
in this table. These units were asked the following question:
"Now adding all that together I find that you now have in bonds
and deposits $
less than you did a year ago. You used
about $
from your savings. Is that right? What sort
of 2things did you use this money for?"
Includes living expenses, emergencies and sickness, repair of
houses, and other nondurable consumption (repairs of automobiles
and other durable goods, purchase of luxury goods, moving, travel,
amusement,
education, and taxes).
3
Includes purchases of real estate, investment in business or
securities,
and
repayment of debt.
4
The distribution of spending units reducing liquid assets for
several purposes is as follows:
Per cent
Nondurable consumers goods, etc., and durable goods.. .
8
Nondurable consumers goods, etc., and houses and
investments
5
Durable goods and houses and investments
4
Other combinations
3
Several purposes
20
For comparable data in 1946, see Federal Reserve BULLETIN,
June 1947, Table 5, p. 654.
FEDERAL RESERVE BULLETIN

1948 SURVEY OF CONSUMER FINANCES
chase of nondurable consumers goods and services
in combination with some other use, as is shown
in the footnote to Table 7.
By income groups the use of liquid assets in
1947 was very similar to that observed in 1946.
Lower income groups used their assets most frequently for nondurable consumers goods and services. In the case of at least three-fourths of the
withdrawals by spending units with incomes under
$2,000 the proceeds were used for such purposes.
Spending units with incomes above $2,000, who
accounted for a substantial majority of all spending
units reducing liquid assets, made as frequent use
of their assets for purchase of durable goods or
houses or for investment purposes as they did for
nondurable consumers goods and services.
In terms of the amounts of liquid assets used for
various purposes in 1947, it is estimated that approximately one-half of the total decrease in holdings was used for the purchase of houses or for
investment purposes. Approximately one-third of
the total decrease was used for nondurable consumers goods and services, and roughly one-fifth
for automobiles and other durable goods. Table 7
(first column) shows a distribution of the amounts
spent for various purposes before allocation of
amounts spent by spending units for a combination
of purposes.
Amounts of liquid assets used by individual
spending units for houses or investment were substantially larger than amounts used for consumers
goods. According to Table 8, about three-fourths
of those reducing assets for houses or investment
used $500 or more. In contrast, about three-fourths
*of those reducing assets for nondurable consumers
goods and services and about half of those reducing
.assets for automobiles or other durable goods
showed a net decline in holdings of less than $500.
It is also evident from this table that the distribution
of amounts spent for several purposes is more similar to the distribution for houses and investment
than for consumption purposes. It is probable, of
.course, that some spending units used somewhat
larger amounts at the time of the purchase or investment than would be indicated in Table 8. The
-amounts of reduction included here represent the
.net decline in the liquid asset holdings of a spending unit for the year as a whole.
Spending units were more likely to show a net
reduction in liquid assets during the year if they
T
had purchased a house or invested in their own
"JULY

1948




TABLE

8

SIZE OF REDUCTION IN LIQUID ASSETS IN 1947,

BY PURPOSE

Percentage distribution of spending units
reducing liquid assets for:
Size of decrease in
liquid assets

NonAutoAll
durable
mobiles
pur- consumers
and
poses goods and
other
services
durable
(incl. taxes) goods

Houses
and
investment

Several
purposes

$1-$199
$200-$499
$500-$999
$1,000 and above. .

31
26
19
24

44
28
17
11

21
33
26
20

8
19
18
55

16
23
21
40

All spending units
reducing liquid
assets

100

100

100

100

100

business or in securities than if they had bought
consumers goods. About two of every three house
purchasers and one of every two investors reduced
their liquid asset holdings as compared to three
of every ten automobile buyers, and. one of every
seven purchasers of other durable goods.
A reduction in the liquid assets of a spending
unit during the year does not necessarily imply that
the spending unit dissaved during the year. First
of all, when liquid assets are spent for the purpose
of buying a house, or investing in other real estate,
corporate securities, or an unincorporated business,
they are merely transferred from one type of asset
to another and no change takes place in the saving
of the spending unit. If the liquid assets are spent
for the purchase of consumers goods or services,
all of which by definition represent expenditures
and are not considered assets, then the spending
unit will have dissaved during the year if amounts
saved in other forms (insurance, retirement funds,
repayment of instalment debt, etc.) did not offset
the reduction in liquid assets.4
There were no striking differences in the purposes for which liquid assets were reduced during
1947 and 1946. Table 9 provides a comparative
breakdown of these purposes for the years 1945-47,
based on the three Surveys of Consumer Finances.
Despite the much larger number of spending units
purchasing automobiles and other durable goods
in 1947 than in 1946, there was little change in
the number of spending units reporting a reduction
in assets for such purposes. There was some indication that a smaller number of spending units
4
The August 1948 issue of the Federal Reserve BULLETIN
will contain a detailed discussion of consumer saving in 1947.

773

1948 SURVEY OF CONSUMER FINANCES
TABLE

9

PURPOSES OF REDUCTION IN LIQUID ASSETS,

Purpose

1947

Percentage distribution
of spending units
reducing liquid assets
1946

Nondurable consumers goods. . .
Emergencies, sickness
Repairs to home 1
Other consumption
Automobiles and other duraLle goods
Farm expenses
Purchases of real estate
Investment in business or securities..
Repayment of debts
Purpose not ascertained
All units 2

34
19
5
19
23
3
12
7
3

32
24
8
12
24
3

6

11
7
2
5

131

128

1945
34
23
6
10
11
1
11
6
2
12

116

1

Includes repairs of automobiles and other durable goods, purchase of luxury goods, moving, travel, amusement, education, and
taxes.
2
More than 100 per cent because some people mentioned several
purposes.

$1 to $999 in assets and somewhat more than
two-fifths of those holding $1,000 or more.
The purposes for which veterans cashed their
terminal leave bonds were quite similar to those
for which spending units reduced their liquid assets
during 1947. As Table 10 shows, about one-third
used the proceeds of their leave bonds to buy nondurable consumers goods while about one-fourth
used the proceeds to buy consumers durable goods.
More than one-tenth reported using the bonds for
emergencies and sickness while another one-tenth
indicated that they had paid back bills. The
payment of back bills may have in part represented
payment of bills for various types of consumers
goods bought in anticipation of the statute allowing
veterans to cash their bonds.
TABLE

10

USES OF T E R M I N A L LEAVE BONDS CASHED

reduced assets for emergencies and sickness and
a larger number reduced assets for certain miscellaneous consumption purposes.
CASHING OF TERMINAL LEAVE BONDS BY VETERANS

During 1946 and 1947 many veterans of World
War II received terminal leave bonds which they
were able to cash beginning in September 1947.
Each veteran entitled to $50 or more received a
single bond. Roughly 2 billion dollars was distributed in bonds to about 9 million veterans. In the
1948 Survey of Consumer Finances veterans ot
World War II were asked whether they had received a terminal leave bond and, if so, the amount
received and the amount cashed for any purpose.
As of early 1948, about three-fifths of all spending
units having received terminal leave bonds indicated
that they had cashed these bonds. Table 20 in the
appendix indicates that the proportion of veterans
that cashed their bonds was higher in lower income groups than in other income groups, although
as many as 55 per cent of spending units in each
income group cashed their bonds. The cashing of
terminal leave bonds was more directly related to
the amount of liquid assets held than to size of
income. The proportion of veterans that cashed
these bonds was much higher among those with
no holdings of liquid assets than among those with
some holdings. About four-fifths of veterans with
no liquid assets cashed their terminal leave bonds
as compared to about three-fifths of those holding

774




Use

Percentage distribution
of spending units cashing terminal leave bonds

Nondurable consumers goods
Durable consumers goods
Emergencies and sickness
Payment of back bills
Luxuries
Repairs (home)
Miscellaneous expenses
Savings and checking accounts
Investment in business (nonfarm)
Payment of mortgage or business debt. .
Investment in real estate
Investment in securities
Farm expenses or machinery
Taxes
Other

32
26
13
10
4
1
1
7
3
1
5
3
1
1
7

All units

115 1

1
Totals over 100 per cent as some respondents mentioned two
>es.

Relatively speaking, not quite as many spending,
units used leave bonds for investment purposes as
used liquid assets. This is understandable in view
of the relatively small amounts of the bonds. It
should also be pointed out that almost one-tenth
of those cashing leave bonds placed some part of
the proceeds in savings and checking accounts..
Since the veteran received only one bond, those
who cashed them but had immediate use for only
part of the proceeds, may have placed the remainder in some type of savings or checking;
account.
OWNERSHIP OF SELECTED NONLIQUID ASSETS

Some consumer assets other than Governmentbonds, savings accounts, and checking accounts areFEDERAL RESERVE BULLETIN;

1948 SURVEY OF CONSUMER FINANCES
liquid in nature but perhaps not as readily converted to cash and converted at a known and fixed
value. In the 1948 Survey of Consumer Finances,
information was collected about the ownership of
some of these less liquid assets including houses,
farms, corporation stock, bonds other than United
States Government bonds, unincorporated businesses, and life insurance. Except for corporate
stocks and bonds other than United States Government issues, no information was obtained on the
valuation of these nonliquid assets.
There was wide variation in the extent of ownership of nonliquid assets. At one extreme, 78 per
cent of the nation's spending units reported that at
least one member carried life insurance; 45 per cent
reported that they owned either a house or a farm.
At the other extreme, 9 per cent of the nation's
spending units reported ownership of stocks and
bonds other than Federal and the same percentage
owned an unincorporated business either partly or
fully. Table 21 in the appendix indicates the percentage of spending units and also family units
reporting ownership of these assets.
As with liquid asset holdings, there were proportionally more spending units owning nonliquid
assets among higher income groups than among
lower income groups. The differences in the extent
of ownership among the various income groups
were not as great in the case of the more widely
held nonliquid assets as in the case of less widely
held assets such as corporate securities and unincorporated businesses. Table 11 shows the variance in ownership of nonliquid assets by income
groups.
TABLE

11

SPENDING U N I T S O W N I N G VARIOUS T Y P E S OF NONLIQUID
ASSETS, BY INCOME GROUPS, EARLY

1948

Percentage oi spending units in each
income group having:
1947 annual
money income
before taxes

Under $1,000
$l,000-$l,999
$2,Q00-$2,999
$3,000-$3,999
$4,G00-$4,999
$5,G00-$7,499
$7,500 an-d over
All units
1
2

Life
insurance

Home1

Unincorporated
business

Stocks
and bonds
(excl. U. 2S.
Govt.)

45
67
84
90
89
93
91

43
35
36
45
46
53
73

2
5
8
8
13
21
36

3
5
5
8
10
21
49

78

39

9

9

Nonfarm owner-occupied houses.
Includes corporate, State, county, and municipal securities.

JULY

1948




Ownership of nonliquid assets was less closely
correlated to the size of a spending unit's liquid
asset holdings than to its income. Except for units
with no liquid assets, for example, the proportion
of spending units having life insurance policies was
about the same whether the amount of liquid assets
held was large or small. For homes, the proportion
of owners did not vary greatly between groups
holding $500 to $5,000 in liquid assets. On the
other hand, the frequency of ownership of unincorporated businesses and of non-Federal securities increased with the amounts of liquid assets
held.
OWNERSHIP OF STOCKS AND BONDS

Information was obtained in 1948 for the first
time in these surveys about the relative amounts
(at current values) of stocks and bonds other than
United States Government bonds held by spending
units, and the extent to which the various members
of a spending unit were owners of such securities.
One or more members of approximately 9 per
cent of the spending units owned common or preferred stock, and one or more members of 1 per
cent of the spending units owned corporate, State,
or municipal bonds.
Among stock-owning spending units, it was
usual for the stocks to be in the name of the head
of the spending unit, and quite often two members
of the unit including the head owned stock.3
There was stock ownership in approximately 4.5
million spending units which included an estimated 5.5 million persons (adults and children)
who were stockholders. It is estimated that an
additional half million persons owned bonds of
corporations, States, or municipalities. Thus holders of stocks and bonds other than United States
Government bonds numbered approximately 6 million.6 This should perhaps be considered the minimum number of persons owning stocks and bonds.
Approximately two-fifths of the spending units
owning stocks and bonds reported that they held
amounts below $1,000 while somewhat more than
one-fourth reported that they held amounts of
$5,000 or more. Table 12 indicates that owners of
stocks and bonds among spending units with in5
In approximately 7 per cent of the spending units, one
person only, generally the head of the unit, owned corporate
stock. In 2 per cent of the spending units, two persons owned
stock; and in less than one-half of 1 per cent of the spending
units,
three or more persons owned stock.
6
Exclusive of the institutional population of the United States.

775

1948 SURVEY OF CONSUMER FINANCES
TABLE
SIZE

OF

STOCK

WITHIN

AND

BOND

TABLE

12

HOLDINGS

VARIOUS I N C O M E

OF

SPENDING

G R O U P S , EARLY

UNITS

1948

AMOUNTS OF STOCKS AND BONDS HELD, BY SIZE OF LIQUID
ASSET HOLDINGS

(Excluding U. S. Government securities)

(Excluding U. S. Government securities)

Percentage distribution of stock and
bond holders within income groups 2
Amounts of stocks
and bonds held l

1947 annual money income
before taxes
All
income
groups

Under
$3,000

$3,000$4,999

$5,000
and
over

38
26
17
10
9

54
22
12
1
11

49
31
11
2
7

29
27
22
12
10

100

100

100

100

$l-$999
$l,000-$4,999
$5,000-S24.999
$25,000 and over
Amount not ascertained. . .
All owners

HOLDINGS

$1$499

None

None 2
$1-$199
$l,000-$4,999
£5,000-$24,999
$25,000 and over
Amount not ascertained

$500$1,999

$2,000- $5,000
and
$4,999
over

99
(3)
(3)
(3)
(3)
(3)

95
2
1
(33)
()
1

90
6
2
1
(3)
1

81
7
6
4
1
1

65
7
10
9
7
2

100

100

100

100

100

1

TABLE
AND BOND

Amounts of stocks
and bonds held 1

Includes corporate, State, county, and municipal securities.
Includes 1 per cent of all spending units for which stock ownership
was ii3t ascertained.
3
Less than one-half of 1 per cent.
2

comes of $5,000 or more held considerably larger
amounts than those in lower income groups.
Amounts of stocks and bonds owned by spending units generally varied directly with the size
of liquid asset holdings. About one-third of the
spending units with liquid assets of $5,000 or more
reported stock and bond ownership and half of
these owners reported stocks and bonds to the
amount of $5,000 or more. Only 1 per cent of
spending units with no liquid assets and fewer than
10 per cent of those with less than $2,000 in liquid
assets, reported stock or bond ownership. Table 13

OF STOCK

Percentage distribution of spending
units within liquid asset groups

All units

1
Includes corporate, State, county, and municipal securities
valued a t early 1948 prices.
2
Excludes spending units that held no stocks and bonds.

SIZE

13

OF S P E N D I N G U N I T S

shows the amounts of stocks and bonds held by
units having various amounts of liquid assets.
Other characteristics of spending units owning
stocks and bonds (excluding U. S. Government
bonds) are given in Table 14. Higher percentages
of professional persons and managerial and selfemployed people than of other occupational groups
owned stocks and bonds, and there were very few
owners among skilled, semiskilled, and unskilled
workers. Stock and bond owners in the professional, business, and retired groups were more often
large holders than were owners in other occupational groups.
14
WITHIN

OCCUPATIONAL AND O T H E R

GROUPS,

EARLY

1948

(Excluding U . S. Government securities)
[Per cent]
Residence of head of
spending un't

Occupation of head of
spending unit
Amounts of stocks
and bonds held x

None 2
Sl-$999
$1.000-$4,999
$5,000-S24,999
$25,000 and over
Amount not ascertained. .
All units
1
2
3

Professional

Managerial
and
selfemployed

Clerical
and
sales
personnel

Skilled,
semiskilled
and unskilled
workers

Retired

73
9
7
6
3
2

79
6
4
5
4
2

91
4
4
1
0)
(8)

97
2
1
(3)
0
(3)

86
4
3
4
3
0

88
4
3
3
1

92
3
2
1
1
1

92
3
3
2
3
()

100

100

100

100

100

100

100

citv Citv Town
Metro2 ,500
under
poli- 50,000
to
and
2,500
tan
over 50.000

X

Age of head of
spending unit

Open
country

1824

2534

3544

4554

5564

65
and
over

(3)

91
3
2
1
1
2

93
4
1
1
3
()
1

97
3
(3)
0
0
0

94
3
1
1
(3)
1

90
4
3
1
1
1

87
5
3
2
2
1

88
4
3
2
1
2

88
2
3
4
2
1

100

100

100

100

too

100

100

100

100

Includes corporate, State, county, and municipal securities.
Includes 1 per cent of all spending units for which stock ownership was not ascertained.
Less than one-half of 1 per cent.

776




FEDERAL RESERVE BULLETIN

1948 SURVEY OF CONSUMER FINANCES
In metropolitan areas, the proportion of spending
units that owned stocks and bonds was higher than
it was in other urban and in rural areas. Large
holders were also more numerous in metropolitan
areas. As is indicated in Table 14, spending units
with younger people as heads owned stocks and
bonds less frequently than did other spending units.
PREFERENCE FOR VARIOUS TYPES OF ASSETS

In early 1948 the great majority of spending
units indicated that they preferred assets with
fixed value (bank deposits and Government bonds)
to assets with changing value (real estate and securities). This preference, given in replies of
spending units with incomes of $2,000 or more,
was a repetition of the preference expressed in the
two previous years.
Even in the group having incomes of $7,500 or
more, a definite preference for assets of fixed value
was expressed by at least two-thirds of the spending
units. About one-fourth of this group expressed
a preference for having all or at least part of their
holdings in assets of changing value. About onetenth of the spending units with incomes of $2,000
to $5,000 indicated that they preferred assets of
changing value or a combination of assets of fixed
and changing value.
Although the 1948 data on preferences for various
types of assets are not strictly comparable with information available for earlier years, there do not
appear to have been any significant changes in the
indicated preferences of spending units between
early 1947 and early 1948. Government bonds
were still given preference over bank deposits, and
among spending units that preferred assets of
changing value, real estate was mentioned most
frequently. Between 1946 and 1947, however,
there had been a significant shift in preferences
from Government bonds to bank deposits, as was
pointed out in last year's survey. A second change
during this period was a decline in the number of
spending units expressing a preference for assets
of changing value, particularly real estate.
In the 1948 survey, more detailed information
was obtained on the reasons given by people for
and against holding various types of assets. These
data are shown in Table 15. Not all, but substantial numbers of spending units, gave reasons for or
against holding each type of asset.
The principal arguments advanced by people with
JULY

1948




TABLE

15

REASONS FOR AND AGAINST HOLDING VARIOUS T Y P E S OF
ASSETS, EARLY

1948 1

(Spending units with incomes of $2,000 or above)
[Per cent]

Reasons for and
against holding various
types of assets

Type of asset
Bank
Savings
deposits bonds

For
Safe, not a gamble... .
Interest rate or return
satisfactory
Liquid
Familiar with
Help country

32
18
2
12

Against
Not safe, a gamble.. . .
Interest rate or return
low
Not liquid
Not familiar with
Takes lots of money
to buy
Price too high, capital
loss expected

23
4

Common
stock

9
4
4

5
1

58
12
1
1
6

62
26

4

3
9
1
4
3
1

19

No reason given *
All u n i t s

60
37
18
2

Real
estate

100

30

4

3

34

3

30

33

33

100

100

100

1
44
The questions were: "Suppose
a man decides not t© spend his
money. He can either put it in a bank or in bonds or he can invest
it. What do you think would be the wisest thing for him to do
with the money nowadays—put it in the bank, buy savings bonds
with it, invest it in real estate, or buy common stock with it? Way
do2 you make that choice?"
Less than one-half of 1 per cent.
3
Not applicable, not coded.
4
Most of the respondents gave reasons for or against holding
one of the four types of assets, but some respondents, as indicated
by this line, did not discuss each one of the four types of assets.

incomes of $2,000 or more in favor of bank deposits
were "safety" (mentioned by 18 per cent) and
"liquidity" (12 per cent), but the fact that little
interest is earned was regarded as a disadvantage
by 19 per cent of these spending units. In the
case of savings bonds, three-fifths of all spending
units expressed reasons in favor of holding them,
primarily because of safety and secondarily because
of the rate of interest received. Roughly threefifths of all spending units gave reasons against
holding real estate. Most thought real estate prices
too high and others considered such holdings "not
safe." Least attractive of the four types of assets
was common stock. Its high returns were considered only a minor advantage as compared to
the disadvantages occasioned by lack of familiarity
and lack of safety.
Relative safety or lack of safety received first
consideration when deciding which of the four
types of assets should be acquired. The rate of
return was next in importance. Although not as

777

1948 SURVEY OF CONSUMER FINANCES
many spending units mentioned liquidity as an important consideration, it is possible that they did
not distinguish between safety and liquidity.
CONTEMPLATED INVESTMENT OF LIQUID ASSETS
IN 1948

At the beginning of 1948, as a year earlier, only
a small percentage of holders of substantial amounts
of liquid assets expressed intentions to transfer
any part of these assets to other forms of investment such as real estate, corporate securities, or
business, but the amounts that these holders expected to transfer were comparatively large.
There was no marked preference for any one
type of nonliquid investment. From 5 to 6 per
cent of the substantial holders of liquid assets
(those holding $1,000 or more) indicated a preference to invest these assets in either real estate,
corporate securities, or unincorporated businesses.
There was some indication that the proportion of
spending units planning to transfer liquid assets
to a business of their own was smaller in early 1948
than at the beginning of 1947, but there was little

778




change in the proportion of spending units planning
to transfer liquid assets to real estate or corporate
securities. Altogether, 10 per cent of the spending
units with $1,000 or more in liquid assets planned
to use them to acquire less liquid investments.
By income groups, there was some difference in
the extent to which the substantial holders of
liquid assets planned to transfer them, but the
difference was not as marked as might have been
anticipated. Among the spending units with liquid
assets of $1,000 or more, as many as 9 per cent of
those having incomes of $1,000 to $5,000, and no
more than 17 per cent of those with incomes of
$7,500 or more had such plans. Of course, the
proportion of spending units with incomes under
$5,000 that held $1,000 or more in liquid assets
was considerably smaller than the proportion of
such holders with incomes of $7,500 or more.
It is nevertheless interesting that income status did
not make a vast difference in the investment plans
of substantial holders of liquid assets.
Tables 16 through 21 contain supplementary
information relating to results presented in the text.

FEDERAL RESERVE BULLETIN

1948 SURVEY OF CONSUMER FINANCES
TABLE 16
TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN VARIOUS INCOME GROUPS, EARLY 1948, 1947, AND 1946x
Percentage distribution of spending units within income groups
Amounts of liquid
assets held

Total liquid assets:None
$l-$499
$500-$l,999
$2,000-$4,999
$5,000 and over... .
All units. .
V. S. savings bonds
(Series A-F):z
None
$l-$499
$500-$l,999
$2,000 and over... .
All units
Savings accounts:*
None
$l-$499
$500-$!,999
$2,000 and over. .. .
All units
Checking accounts:
None
$l-$499
$500-$l,999
$2,000 and over... .
All units

All spending units

Under $1,000

$5,000 and over

$3,000 -$4,999

$l,000-$2,999

1948

1947

1946

7
. 23
41
22
7

2
13
24
27
34

0
10
22
27
41

2
4
25
29
40

100

100

100

100

100

43
32
19
6

28
36
30
6

18
39
35
8

25
20
30
25

13
21
34
32

9
21
40
30

100

100

100

100

100

100

100

56
21
17
6

63
18
14
5

44
24
19
13

39
20
25
16

49
19
22
10

31
15
23
31

31
15
18
36

43
8
27
22

100

100

100

100

100

100

100

100

100

79
17
3
1

72
19
7
2

70
19
9
2

72
19
8
1

56
30
10
4

56
26
14
4

55
26
14
5

25
28
29
18

21
26
30
23

25
25
30
20

100

100

100

100

100

100

100

100

100

100

1948

1947

1946

1948

1947

1946

1948

1947

1946

1948

1947

27
27
24
13
9

24
26
28
14
8

24
29
29
12
6

56
21
14
6
3

51
27
15
5
2

51
29
15
3
2

34
32
23
7
4

27
31
30
9
3

24
35
29
9
3

14
31
30
18
7

10
24
34
24
8

100

100

100

100

100

100

100

100

100

100

53
26
14
7

44
32
18
6

37
37
20
6

79
17
2
2

75
19
4
2

69
24
6
1

60
28
9
3

47
37
13
3

37
45
15
3-

100

100

100

100

100

100

100

100

55
19
15
11

53
18
18
11

61
16
16
7

77
9
8
6

74
15
8
3

78
13
6
3

62
20
13
5

100

100

100

100

100

100

61
23
11
5

63
21
12
4

66
18
14
2

77
13
8
2

79
14
6
1

100

100

100

100

100

1946

1

Liquid asset data for early 1948 are based on interviews in January-March 1948 (third survey); for 1947 on interviews in JanuaryMarch
1947 (second survey); for 1946 on interviews in January-March 1946 (first survey).
2
Includes
all types of U. S. Government bonds, savings accounts, and checking accounts.
3
Amounts for 1948 are shown at 80 per cent of maturity value except for recent purchases, which are shown at purchase price;
amounts
for
1947
and 1946 are shown at purchase price.
4
Includes savings accounts in tanks and savings and loan associations, postal savings, and shares in credit unions.
TABLE 17
TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN DIFFERENT OCCUPATIONAL GROUPS, EARLY 1948x

[Per cent]
Occupational group of head of spending unit
Amounts of liquid assets held

U. S. savings bonds (Series A-F):2
None
$l-$499
$500-$l,999
$2,000 and over
All units
Savings accounts (lit banks only):3
None
$l-$499
$500-$l,999
$2,000 and over
All units. ..
Checking accounts:
None
$l-$499
$500-$l,999
$2,000 and over
All units

'

Professional

Managerial
and selfemployed

Skilled
and semiskilled

Clerical
and sales
personnel

Unskilled

Farm
operators

Retired

29
30
24
17

40
23
21
16

54
29
14
3

43
32
19
6

73
23
3
1

57
25
12
6

63
18
9
10

100

100

100

100

100

100

100

44
23
17
16

55
11
15
19

55
23
14
8

50
26
17
7

72
15
10
3

83
5
5
7

67
6
13
14

100

100

100

100

100

100

100

32
39
22
7

31
31
24

74
20
5
1

59
29
9
3

87
9
3
1

38
25
25
12

64

100

100

100

100

100

100

100

14

13
9

1
Liquid
2
Valued
3

asset data for early 1948 are based on interviews in January-March 1948 (third survey).
at 80 per cent of maturity value except for recent purchases, which are valued at purchase price.
Savings accounts in banks only. Excludes other savings accounts, such as those with savings and loan associations, postal savings
and shares in credit unions.

JULY 1948




779

1948 SURVEY OF CONSUMER FINANCES
TABLE 18
PROPORTION OF LIQUID ASSETS HELD BY SPENDING UNITS AND
FAMILY UNITS AT VARIOUS INCOME LEVELS, EARLY 1948 1

TABLE 19
TYPE AND SIZE OF LIQUID ASSET HOLDINGS BY PLACE OF
RESIDENCE, EARLY 1948 x

[Per cent]
Spending units
1947 annual money
income before taxes

Proportion of
liquid
assets
held

Percentage
distribution

14
22
23
17
10
9
5

Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
All units

6
10
12
13
9
16
34

100

100

Percentage
distribution

Proportion of
liquid
assets
held

5
8
9
10
9
19
40

13
18
20
17
11
13
8
100

100

1

The 1947 income data and early 1948 liquid assets data are
based on interviews in January-March 1948.
For comparable spending unit data in early 1947 and 1946, see
Federal Reserve BULLETIN, July 1947, Table 14, p. 801. For
comparable family unit data, see same BULLETIN, Table 18, p. 802.

CASHING OF T E R M I N A L

Percentage distribution
of spending units
within place of residence

Family units

TABLE

20

LEAVE

BONDS BY SPENDING

UNITS

Amounts of liquid assets held

Under
$2,000

$2,000$4,999

$5,000
and over

Cashed
Under $100
$100-$199
$200-$499
$500 and over
Not ascertained....

63
8
21
31
2
1

74
15
31
27
0
1

61
5
20
33
3
0

54
9
14
26
5
0

Not cashed
Under $100
$100-$199
$200-$499
$500 and over
Not ascertained....

37
3
11
19
3
1

26
3
8
11
0
4

39
4
12
21
2
0

46
2
14
22
7
1

100

100

100

100

1
Includes single individuals as well as families of two or more
persons.
2
Owner-occupied homes of nonfarm population. If expressed
as percentages of nonfarm units, the figures would be 43 per cent
and 49 per cent, respectively. If owner-occupancy of nonfarm
dwellings were related to the total number of private dwellings,
the3 percentage of owner-occupancy would be higher than 50.
Not available.
4
Includes corporate, State, county, and municipal securities.




28
28
26
10
8

33
26
21
12
8

100

100

100

46
28
18
8

53
27
14
6

60

100

100

100

45
23
18
14

61
19
13
7

75
10
8
7

100

100

100

69
19
9
3

61
24
10
5

54
24
15
7

100

100

100

All units

All units
Savings accounts (In banks only):*
None
$l-$499
$500-$l,999
$2,000 and over

Checking accounts:
None
$l-$499
.
$500-$l,999
$2,000 and over
All units

24

10
6

1
Liquid asset data for early 1948 are based on interviews in
January-March
1948 (third survey).
2
Includes all types of U. S. Government bonds, savings accounts
(both
in
banks
and
other institutions), and checking accounts.
3
Valued at 80 per cent of maturity value except for recent
purchases, which are valued at purchase price.
4 Savings accounts in banks only. Excludes other savings
accounts, such as those with savings and loan associations, postal
savings, and shares in credit unions.

TABLE 21
PERCENTAGE OF SPENDING UNITS AND FAMILY UNITS
OWNING SPECIFIED NONLIQUID ASSETS
Type of nonliquid asset

Footnotes for Table 21.

780

20
29
24
17
10

U. S. savings bonds (Series A-F):*
None
$l-$499
$500-$l 999
$2,000 and over

1947 annual money income
before taxes

groups

All units

Rural
area

All u n i t s . . .

Percentage distribution, within income
groups, of spending units with
terminal leave bonds

All

Other
urban
area

Total liquid assets:2
None
$l-$499
$500-$l,999
$2,000-$4,999
$5,000 and over

W I T H I N VARIOUS INCOME GROUPS

Amount of terminal
leave bonds

Metropolitan
area

Life insurance
Home 2

.

Farm

Unincorporated business
Stocks and bonds (excl. U. S. Government) 4
See opposite column for

Spending
units

Family
units 1

78
39
6
9
9

83
44
10
11

footnotes.

FEDERAL RESERVE BULLETIN

SALES FINANCE COMPANY OPERATIONS IN 1947
by
MILTON MOSS

At the end of 1947 there were approximately
1,400 sales finance companies operating throughout
the United States holding receivables amounting to
an estimated total of more than 2 billion dollars.
During the year the aggregate volume of instalment
notes purchased and of other credits granted by
these firms was in excess of 7 billion.2
Notes based on the financing of retail instalment
sales of automobiles and other goods, the primary
business of sales finance companies, accounted for
nearly 1.5 billion dollars or more than two-thirds of
the total receivables held by these companies at the
close of the year. The total volume of retail paper
acquired during 1947 was just under 2.4 billion
dollars.
Although not an important part of their operations, instalment cash loans directly to consumers
were made by some sales finance companies. In
the past year about one-fourth of a billion dollars
was advanced to borrowers in this manner and at
the end of the year instalment loan balances
amounted to somewhat more than 100 million
dollars.
In addition to instalment credit, at the end of
the year sales finance companies held a half billion
dollars of receivables representing extensions of
credit to business firms—in large part for the wholesale financing of motor vehicles. Business financing
totaled over 4.5 billion dollars during the year and,
in terms of volume of credit advanced, surpassed
any other type of sales finance company activity.
The short-term character of most of this credit explains the relatively small amount outstanding at
the year-end.
These estimates are based on a survey conducted
by the Federal Reserve System, of all known firms
whose receivables consist primarily of instalment
contracts purchased from retailers. The purpose of
the survey was to obtain as nearly complete information as possible on the 1947 financing activities of
one of the most important types of agency in the
field of retail instalment credit.
Sales finance companies as a group are engaged
in a complex of credit activities that reach manufacturers, retailers, consumers, and the commercial
JULY

1948




banking system. By purchasing from dealers instalment contracts arising from sales of automobiles
and other durable goods, the sales finance group
extends credit indirectly to consumers through retailers; by financing transactions at the wholesale
level it constitutes a link between manufacturers
and retailers; and by obtaining working funds-very
largely from commercial banks, it serves as an intermediary between the banking system and the
ultimate users of credit.3
When a dealer sells an automobile to be paid
for by the buyer in instalments, the note arising
from the sale is usually sold and in the majority
of cases it is sold to a sales finance company. Firms
purchasing such paper are called by various names
including "finance," "credit," "discount," "trust,"
"contract-purchase," or "acceptance" companies. In
addition to financing retail instalment sales, many
of these concerns extend credit to business firms
through direct loans or such activities as inventory and receivables financing. Some sales finance
companies are licensed to make personal loans,
either directly or through subsidiaries.
Sales finance companies, as defined in this survey, do not include commercial banks or industrial type banks. Although many of the latter
1
This article summarizes the results of a nation-wide survey
of companies specializing in the financing of retail instalment
sales. The survey was conducted early in 1948 and covers
financing activities during the past year. The individual company reports were obtained by the Federal Reserve Banks, while
all editing and tabulating was performed at the Board's offices.
The survey was under the general supervision of Bonnar Brown,
Assistant Director of the Board's Division of Research and
Statistics, and under the immediate direction of Clarke L.
Fauver
of the Board's staff.
2
The estimates of national totals for all sales finance companies presented in this article are based upon reports tabulated
for 1,124 firms that accounted for approximately 95 per cent
of the total receivables of such firms.
The results of the survey complement the monthly release,
G.20, on the activities of Sales Finance Companies, which is
published by the Board of Governors of the Federal Reserve
System. The monthly summary, based on reports received from
135 to 150 companies representing a substantial portion of the
industry in terms of business done, is available without charge
upon request from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington
25,3 D. C.
For a comprehensive discussion of the operations of sales
finance companies, see the following publications of the National Bureau of Economic Research: Wilbur C. Plummer and
Ralph A. Young, Sales Finance Companies and Their Credit
Practices (1940); John M. Chapman and Associates, Commercial Banks and Consumer Instalment Credit; and Ernest A.
Dauer, Comparative Operating Experience of Consumer Instalment Financing Agencies and Commercial Banks, 1929-1941,
(1944).

781

SALES FINANCE COMPANY OPERATIONS IN 1947
that by the end of 1947 balances outstanding on
such credit amounted to about two and one-fourth
times the balances at the end of 1939. Motor vehicle
balances, on the other hand, were about one and onefourth times larger than the 1939 total. In 1947,
retail financing of home repairs, furniture, appliances, and a variety of other goods was larger relative to motor vehicle financing than during the
years prior to the war.
The more vigorous postwar increase of nonautomotive finance was largely a result of rapid growth
in credit for home repairs. Another factor was
that motor vehicle production in 1947 was still
somewhat under the prewar peak while production
of such articles as washing machines, vacuum cleaners, and radios had reached a record volume. Not
INSTALMENT FINANCING
to be overlooked is the fact that the competition in
Sales finance companies deal in two types of retail automobile financing is more keen than becredit repayable in instalments which account for fore the war. Commercial banks are more actively
nearly three-fourths of their total receivables. The engaged in acquiring retail paper directly. Furprincipal type, as is noted in Table 1, is retail in- thermore, dealers themselves are in a stronger fistalment paper based on sales of motor vehicles nancial position than in prewar years and thereby
and other goods. To a minor extent, sales finance are able to carry larger amounts of their own paper.
companies are also engaged in making direct inDirect instalment loans by sales finance comstalment loans to individuals.
panies to individuals accounted for slightly less than
Traditionally, motor vehicle financing has domi- 6 per cent of the total receivables held by the sales
nated the instalment credit portfolios of sales finance finance group at the end of 1947. As noted above,
companies. Much of the growth of these agencies such loans are made in large part by subsidiary
was closely allied with the rise of the automobile establishments organized as small-loan or industrial
industry. At the end of 1947 almost one-half of loan companies.
total sales finance company receivables represented
Motor vehicle financing. In 1947, sales finance
balances arising from motor vehicle financing, as
companies
acquired an aggregate of retail instalcontrasted with about one-fifth based on retail sales
ment contracts evidencing the credit sales of more
of other goods.
Since the war, financing of goods other than than 2 million new and used motor vehicles. The
motor vehicles has risen rapidly, and it is estimated total value of these contracts, which included both
passenger automobiles and commercial vehicles, was
TABLE 1
about 1.8 billion dollars, while total balances outYEAR-END RECEIVABLES AND TOTAL CREDITS OF SALES
standing at the end of the year amounted to almost
FINANCE COMPANIES,
1947
1 billion dollars.
BY TYPE OF CREDIT
As is indicated in Table 2, motor vehicle fi[Estimates, in millions of dollars]
nancing in 1947 was predominantly of used veBalances
Credit
hicles, which were about 2.4 times as numerous
Type of credit
outstanding
advanced
Dec. 31, 1947 during 1947
as the new vehicles financed. It is estimated on
the basis of additional detail reported by a sample
2,385
1.465
Retail instalment paper purchased .
group of sales finance companies that passenger
1,766
979
Motor vehicle
619
486
Other retail
car paper accounted for about 80 per cent of total
262
126
Direct loans
4.516
557
Business credit
new motor vehicle paper, and about 93 per cent
3,679
322
Wholesale motor vehicle
paper....
161
40
Other wholesale paper
of used motor vehicle paper acquired in 1947.
676
195
Other business credit
Taking new and used vehicles together, passenger
7,163
Total...
....
2,148
car paper constituted a little over 87 per cent of

agencies purchase instalment contracts from retailers, either directly or through subsidiaries, they
differ functionally from the sales finance company
in that they engage actively in collateral or supplementary financing activities. Also excluded
from the sales finance company group are firms
whose consolidated operations consist mainly in
making personal loans. Estimates of retail motor
vehicle instalment paper purchased from dealers
and held by agencies other than sales finance companies will, however, be included in this article.
The article is concerned principally with the magnitude of retail instalment credit activity of sales
finance companies in 1947. Other credit activities
of these firms are discussed briefly.

782




FEDERAL RESERVE BULLETIN

SALES FINANCE COMPANY OPERATIONS IN 1947
the total amount of motor vehicle paper acquired
by sales finance companies in 1947.

TABLE 3
INSTALMENT

SALE

CREDIT

OUTSTANDING

V E H I C L E S , D E C E M B E R 31,
TABLE 2
MOTOR

VEHICLE

INSTALMENT

OF

SALES

[Dollar estimates in millions]

FINANCE

1

Balances outstanding
Dec. 31, 1947
Agency

Paper acquired
Type of
vehicle

New
Used

Number
of
vehicles

Amount

Balance
outstanding
Average Dec
31, 1947
per
vehicle

617,413 $ 721.142.000 $1,168 $405,136,000
1,476,030 1,045.029,000
708 574,192,000

T o t a l . . . . 2,093,443 $1,766,171,000 $
1

844 $979,328,000

Excludes loans made directly to individuals.

The average value of instalment contracts was
$1,168 on new vehicles and $708 on used vehicles,
as is noted in Table 2. On the basis of these averages, and after allowance for the probable down
payment (including trade-in allowance) and for
customary finance and insurance charges, the average retail price of the vehicles financed during
1947 was in the neighborhood of $1,800 for new
vehicles, and $950 for used vehicles.
An approximate distribution of motor vehicle
instalment sales paper held by sales finance companies as well as other financing agencies is shown
in Table 3. Sales finance companies, specializing in
the purchasing of motor vehicle paper, hold the
major portion of this type of credit. Commercial
banks hold a little over one-fifth of total motor vehicle paper originating from instalment sales of
dealers. Paper retained by motor vehicle dealers
and not sold to finance companies or banks accounts
for approximately 10 per cent of the total and is
included in the "other agency" classification. The
small remainder of this paper is divided among industrial banks, small-loan companies, and industrial
loan companies which engage in the purchase of
motor vehicle paper to a minor extent.
The figures in Table 3 do not include cash loans
made directly to the buyer, an increasing amount
of which is employed for the purchase of automobiles. Commercial banks make the bulk of such
loans, and, at the end of 1947, automobile instalment loan balances of commercial banks were somewhat more than half a billion dollars. The portfolios of other consumer instalment lenders also
included a sizable amount of loans extended to automobile buyers.
JULY

1948




MOTOR

BY T Y P E O F F I N A N C I N G A G E N C Y

PAPER

C O M P A N I E S , 1947

ON

1947

Amount
Sales finance companies.
Commercial banks
Other1
Total..

$

979
348
231

$1,558 a

Per cent
62.9
22.3
14.8
100.0

1
Includes automobile dealers, industrial banks, small-loan companies, and industrial loan companies. The amounts held by the
two latter types of agencies are estimated to exclude the paper
held by subsidiaries of sales finance companies, but to include the
amounts held by subsidiaries of small-loan and industrial loan
companies.
2
The estimate of automobile instalment sale credit for Dec. 31.
1947, published elsewhere in this BULLETIN, amounting to 1,151
million dollars, is not comparable with the figure of 1,558 million
shown in this table. The automobile instalment sale credit
estimate in the consumer credit series refers to sales of passenger
cars only.
NOTE.—In this table, the holdings of sales finance companies
include paper based on sales of commercial vehicles, and those of
automobile dealers include paper for repair services in addition to
commercial vehicles. Moreover, some duplication in holdings by
type of agency may arise as a result of transfers of paper among
financial agencies. Holdings of commercial and industrial banks,
industrial loan companies, and small-loan companies are based on
passenger cars only. It is probable that even after allowance for
these factors, the automobile instalment sale credit estimate in
the consumer credit series may be somewhat low.

Other retail financing. Sales finance company
holdings of notes arising from retail financing other
than for motor vehicles amounted to 486 million
dollars at the end of 1947. The volume of credit
advanced for such notes during the year was 619
million. As has been indicated, instalment contracts originating from home repairs and purchases
of furniture, appliances, and other hard and soft
goods make up other retail paper.
The largest segment of other retail financing by
sales finance companies is in the field of home
repair and modernization, and according to Table
4 the amount outstanding on December 31, 1947
was approximately 300 million dollars. The bulk
of residential repair and modernization credit, about
four-fifths, is insured by the Federal Housing Authority under Title I of the National Housing Act.
These credits are used by property owners in such
work as repairing the foundation of a house, replacing a worn-out furnace, improving the lighting
or plumbing system, and other additions or alterations to houses already built. Notes of this type
are generally acquired by sales finance companies
after arrangements have been made between individuals and contractors or dealers in building
783

SALES FINANCE COMPANY OPERATIONS IN 1947
materials. It is estimated that the average size of
note is from $400 to $500 and the average maturity
is approximately 30 months.
Recovering from a decline during the war, this
class of consumer indebtedness increased rapidly
in the past three years, and by the end of 1947 the
aggregate amount outstanding for credit institutions of all types was more than 80 per cent above
the level at the end of 1941. Sales finance companies hold from 35 to 40 per cent of all home repair
credit insured under Title I of the National Housing Act. The rapid increase in this type of credit
resulted from a more steady flow of building materials which enabled many persons to carry out
war-delayed plans for repairing, improving, and
enlarging existing housing space.
TABLE
OTHER

RETAIL

INSTALMENT

4
PAPER

COMPANIES,

1947

OF
X

SALES

FINANCE

such loans amounted to 126 million at the end of
the year. The proceeds of these loans are employed for a variety of personal needs, including a
small but undetermined part for the purchase of
automobiles and other durable goods. Before the
war, direct lending by sales finance companies
was "a much smaller proportion of total receivables
than it is today. In the war period these companies
were faced with an extreme scarcity of discount
paper based on sales of durable goods; many concerns organized small-loan departments, and others
absorbed cash lending establishments, merging such
business with their former operations. With these
changes, and the opening of many new branch
offices since the end of the war, salesfinancecompanies were thus in a position to share in the sharp
rise in cash lending that has occurred in the past
three years.
BUSINESS CREDIT

In addition to extending instalment credit, sales
finance companies are active in a variety of other
Paper
Balances
credit operations, the most significant types of
acquired
outstanding
Type of paper
during 1947
Dec. 31, 1947
which are the financing of wholesale paper and the
financing of business accounts receivable. The total
Residential repair and modernization
$293,270,000
$301,217,000
amount of business credit held by sales finance
Domestic appliances and furnicompanies at the end of 1947 was 557 million
ture
95,389,000
169,792,000
Miscellaneous
156,081,000
89,702,000
dollars, or more than one-fourth of their total reTotal
$486,308,000
$619,143,000
ceivables.
Approximately 2.6 million new and used motor
Excludes loans made directly to individuals.
vehicles were financed at the wholesale level by sales
As is shown in Table 4, sales finance company finance companies in 1947, involving an aggrereceivables from sales of furniture, household ap- gate volume of credit extended during the year
pliances, and similar goods amounted to about 95 of 3,679 million dollars. These credits are of short
million dollars, and receivables based on miscel- duration: in a good many instances they mature in
laneous retail sales amounted to approximately 90 less than 30 days. As a result of the short-term charmillion at the close of 1947. Most of the paper acter of this type of financing the amount outstandin the miscellaneous category refers to noncon- ing at the year-end was only 322 million, or less
sumer goods including farm machinery, office than one-tenth of the volume of credit advanced.
equipment, and some industrial equipment. A
Wholesale financing of goods other than motor
small part consists of a wide variety of goods and vehicles was in smaller volume, totaling 161 million
services such as automotive repairs, cameras, cloth- in credit granted during the year and 40 million in
ing, jewelry, and sporting goods.
outstanding balances at the close of the year. The
volume of other business credit, largely accounts
Direct loans. Although sales finance companies receivable financing, totaled 676 million dollars, and
are typically engaged in the financing of sales by balances outstanding at the year-end amounted to
retailers, in many instances they are also licensed to 195 million.
make cash loans directly to consumers. In 1947 the
total volume of instalment loans extended by sales RELATIONSHIP OF COMPANY SIZE TO TYPE OF
FINANCING
finance companies, largely through small-loan and
industrial loan subsidiaries, was approximately 262
Analysis of the types of credit and amounts of
million dollars, and the outstanding balances on receivables held by sales finance companies of differBY

TYPE

OF PAPER

1

784




FEDERAL RESERVE BULLETIN

SALES FINANCE COMPANY OPERATIONS IN 1947
ent sizes, as is shown in Table 5, reveals some
interesting differences between the smaller and
larger concerns. For example, motor vehicle balances accounted for nearly three-fifths of the total
receivables of companies having less than $500,000
in receivables, whereas they made up only slightly
more than two-fifths of the total receivables of the
largest companies.
Among the other types of retail paper, household
appliance and furniture notes accounted for a larger
portion of the receivables of the smaller companies
than they did of the larger companies, but the opposite was found to be true in the case of receivables
based on home repair and modernization. Outstanding balances of the latter type made up nearly
one-fifth of the total receivables of those concerns
with portfolios aggregating more than 10 million
dollars as compared with only 3 per cent of the
balances of those companies with totals of less
than $500,000.
Direct loans to consumers tended to assume larger
proportions of the total receivables of all companies
in the size groups under 10 million dollars. They
accounted for 10 per cent to 13 per cent of the
outstanding balances held by these concerns, as
against less than 4 per cent for the group of largest
sales finance companies.
The percentage of the total receivables allocated
to business credit varied in direct relationship
to the size of the company. The larger the concern,
the greater was the proportion of its total receivables
devoted to wholesale motor vehicle paper and other
types of business credit. The proportions ranged
from about one-twelfth of the total receivables of the

smallest companies to more than one-fourth of the
receivables of the concerns with totals of more
than 10 million dollars.
How

THE SURVEY WAS CONDUCTED

The canvass was largely conducted by mail but
there was an extensive personal follow-up by each
Reserve Bank to assure maximum coverage within
its district. The list of companies used was compiled basically from a roster of all firms that registered as sales finance companies with the Federal
Reserve System pursuant to Regulation W. Most
of these firms registered in the fall of 1941. The
American Finance Conference was of major assistance in making the survey a success by helping
to prepare the schedule and by obtaining the cooperation of its membership in returning the questionnaire. Other sources for respondents included
data supplied by the National Credit Office, Moody's
Manual of Investments, and State banking reports.
Returns were received from 2,558 of a total of
3,154 concerns on the original mailing list. Of
these returns, 1,434 were not used because the
respondent indicated that the company was either
out of business, was a subsidiary or branch office
whose figures were included in a consolidated report, or was in some type of activity other than
retail sales financing. To make estimates for the
sales finance companies which are in business but
did not reply to the inquiry, the first step was to
classify all nonreporting concerns in each district
as either active or nonactive. This was done
according to the pattern of the firms which did
report in each district. The number of active, but

TABLE 5
PERCENTAGE DISTRIBUTION OF SALES FINANCE COMPANY RECEIVABLES, DECEMBER 31,

1947

BY TYPE OF CREDIT AND BY SIZE OF COMPANY

Size of company (total receivables)
Type of credit

Retail instalment paper purchased
Motor vehicle
Home repair and modernization
Household appliances and furniture
M iscellaneous
Direct loans
Business credit
Wholesale motor vehicle paper
Other paper
Other business credit
Total

JULY 1948




All
companies

Under
$100,000

$100,000$499,999

$500,000$999,999

$1,000,000- $10,000,000
and over
$9,999,999

68.2
45.6
14.0
4.4
4.2
5.9
25.9
15.0
1.9
9.0

81.0
59.9
3.0
10.3
7.8
10.6
8.4
2.7
1.2
4.5

74.8
59.9
3.0
7.6
4.3
9.6
15.6
10.6
1.5
3.5

74.0
55.5
5.5
7.7
5.3
11.8
14.2
12.1
1.3
.8

63.9
49.3
2.8
5.4
6.4
13.1
23.0
13.6
.7
8.7

68.1
43.0
17.9
3.7
3.5
3.6
28.3
15.9
2.2
10.2

100.0

100.0

100.0

100.0

100.0

100.0

785

SALES FINANCE COMPANY OPERATIONS IN 1947
nonreporting, sales finance companies, thus derived,
was then distributed on the same basis as the companies actually reporting in each size classification
with year-end receivables under 10 million dollars.
Coverage of companies having year-end receivables
of 10 million dollars or more was believed to be
complete. As a result of this procedure, the net
number of nonreporting firms believed to be active
sales finance companies was estimated at just under
300 with year-end receivables totaling 120 million
dollars. In one Federal Reserve district, an intensive follow-up of companies that had not reported by the tabulating cut-off date yielded a
sizable number of last-minute reports. The total
amount and composition of receivables held by the
group of companies thus obtained provided sub-

786




stantial confirmation of the method used in estimating for the nonreporting firms.
NOTE.—For an earlier nation-wide survey of sales finance
companies, see Sales Finance Companies and Banks* Holdings
of Retail Instalment Paper, Census of Business, 1939, U. S.
Department of Commerce.
It should be pointed out that the Federal Reserve study is
not comparable in some respects with the 1939 Census. Information on the financing of commercial, industrial, and farm
equipment, or on the financing of wholesale transactions or
other types of business credit was not included in the Census
study. Also, the Census included some types of agencies which
were not sales finance companies as defined in the current
survey.
Comparisons can be made with Census totals for retail motor
vehicle and household equipment paper, although the 1939
survey did not obtain information on repair and modernization
credit insured by the Federal Housing Administration. According to the Census report, sales finance companies during
1939 purchased nearly 2 billion dollars of retail instalment
paper of which approximately 1.5 billion was automotive paper
and the remaining 0.5 billion was based on other retail transactions. Holdings of the 1,086 companies enumerated at that
time amounted to over 1.3 billion at the end of 1939, of which
about 1.0 billion resulted from automobile sales and the balance
from other retail sales.

FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY- -1941
by
KATHARYNE P. REIL

Instalment sales in 1947 reached an all-time high
of 8.5 billion dollars, exceeding the 1941 peak by
approximately one-fifth. Notwithstanding two
years of rapid expansion during which sales of this
type have more than trebled, they still have not
regained their prewar importance in total retail
trade. Charge-account sales continued to increase
in 1947 for the fourth consecutive year but at a rate
less than half that for the volume of instalment
transactions. Estimates of credit sales, based on
findings of the annual Retail Credit Survey covering 1947 operations, indicate that total credit sales
were 37 per cent above the 1946 level and accounted for more than 31 billion of the nearly 118
billion dollars in sales at all retail establishments.
The rise in cash sales in 1947, as in the preceding
year, was by no means comparable with the gains
in either charge-account or instalment credit sales.
For the year as a whole, cash transactions made up
about the same proportion of total retail sales as in
1942 and a considerably smaller part than in any
subsequent year. These data are shown in Table 1
and the accompanying chart.
The substantial growth in the volume of instalment sales during 1947 may be attributed primarily
to the sizable increases in the quantities of durable
TABLE 1
RETAIL SALES BY TYPE OF TRANSACTION

Annual estimates for total retail trade
Sales

In billions of dollars)

v^ear
Total

Cash

Charge
ac-

count
1939
1940
1941
1942
1943
1944
1945
1946
1947

42.0
46.4
55.5
57.6
63.7
69.5
76.6
100 3
117.7

27.2
29.7
35.6
42.0
49.5
55.1
61.2
77.4
86.5

9.9

10.9
12.8
12.2
11.3
11.6
12.6
17.8
22.7

Instalment
4.9
5.8
7.1
3.4
2.9
2.8
2.8
5.1
8.5

Percentage of total
sales
Cash Charge
account
65
64
64
73
77
79
80
77
74

23
23
23
21
18
17
16
18
19

Instalment
12
13
13
6
5
4
4
5
7

NOTE,-—Estimates of total retail sales compiled by the Bureau of
Foreign and Domestic Commerce, United States Department of
Commerce. Sales by type of transaction are based on data from
the Census of Business for 1939, projected for subsequent years
according to Retail Credit Survey data. Estimated sales of each
type have been revised for the years 1940 to 1946, inclusive.

goods available for sale. Production in durable
goods industries during 1947 was considerably
above 1946 levels and in most cases exceeded prewar output. Only in the case of automobiles,
stoves, and refrigerators was output in 1947 of the
same magnitude as, or less than, prewar levels.
RETAIL SALES

INSTALMENT
CHARSEACCOUNT
I CASH

i hi
I
1939

1940

I94f

>942

1943

1944

1945

1946

1947

Sales of all durable goods stores rose 38 per cent
during 1947 and accounted for nearly 25 per cent
of total retail transactions, according to Department
of Commerce estimates. During the war years the
durable goods stores made up only about 15 per
cent of total sales volume in contrast to 28 per cent
in 1941.
A slight rise in the percentage of durable goods
1
Miss Elsie T. Nelson has been in charge of the compilation
of the various national summaries and in addition has prepared
several analyses of the individual trades included in the final
published report mentioned below. The survey—which is the
sixth consecutive annual study of credit-granting retail stores
conducted by the Board of Governors of the Federal Reserve
System and the Federal Reserve banks—was under the general supervision of Bonnar Brown, Assistant Director of the
Board's Division of Research and Statistics, and the immediate
direction of Clarke L. Fauver of the Board's staff. The individual store reports were collected and district data tabulated
by the staff of each Reserve bank.
The 1947 survey covers nine trades and is based on data
from 8,650 stores, all of which transacted a part of their business on credit. The excellent response to this year's inquiry
resulted in an increase of 34 per cent in the number oi stores
included. Totals include concerns which submitted consolidated
reports for multiple units which could not be classified by size,
or in some cases, by Federal Reserve districts.

Copies of the 1947 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request from the

Division of Administrative Services, Board of Governors of the Federal Reserve System, Washing
ngton 25, D. C.
JULY

1948




787

RETAIL CREDIT SURVEY
sold on an instalment basis also contributed to the
increase in total instalment sales. Retail Credit
Survey data show that instalment sales at durable
goods stores made up a larger proportion of the
total in 1947 than in 1946.
Despite the record level of instalment sales in
1947, sales of this type were small relative to their
prewar importance in the total retail sales volume.
With disposable income at peak levels and an unprecedented amount of liquid assets available to
consumers, there is less use of credit in buying
durable goods today than there was before the war.
Increases in the demand for credit should occur as
more people with small or no holdings of liquid
assets come into the market for durable goods.
Cash and charge-account sales reached new high
levels in 1947, but there was a decline in the relative importance of cash sales. On the other hand,
the proportion of charge-account sales continued to
increase.
SALES EXPERIENCE IN SELECTED TRADES

The course of retail sales at the nine kinds of
credit-granting stores covered by the Retail Credit
Survey varied considerably in 1947. As in 1946,
the largest increases occurred at outlets handling
major durable goods, but the rate of growth for

1947

sales of these establishments was less marked than
a year earlier. Automobile dealers' sales were up
more than 50 per cent from 1946, bringing the total to the highest level in history. The year-to-year
gain at household appliance stores amounted to 40
per cent and at hardware and furniture stores, many
of which are now handling some appliances, to 17
per cent and 15 per cent, respectively. Of the
durable goods groups included in the survey, only
jewelry stores reported a perceptible decline in sales
in 1947. Automobile tire and accessory stores
showed little change.
For credit-granting stores selling primarily nondurable goods, there was little change in total dollar
sales volume between 1946 and 1947. Men's clothing stores reporting in the survey showed a 6 per
cent increase in sales while women's apparel stores
indicated a 1 per cent decline. The 7 per cent rise
in total sales of reporting department stores resulted
in large part from further sharp expansion in business transacted in major household appliances and
increased activity in floor coverings, silverware, and
housewares. Percentage changes from 1946 to 1947
in sales of the credit-granting retail stores covered
in the survey and a percentage distribution by type
of sale are shown in Table 2. Since data in this
table are based on sales of credit-granting stores

TABLE

2

RETAIL SALES BY T Y P E OF TRANSACTION AND BY K I N D OF BUSINESS

Stores reporting in 1947 Retail Credit Survey
Percentage of total sales, 19472

Percentage change, 1946-47
Kind of business

Number
of stores
reporting 1

Total
sales

Department stores
Men's clothing stores
Women's apparel stores

1,755
546
558

+7
+6

Furniture stores
Household appliance stores
Jewelry stores

1,273
892
525

+15
+40
-5

Hardware stores
Automobile dealers
Automobile tire and accessory store;

793
1,161
1,140

+17
+55
(3)

Chargeaccount
sales

Instalment
sales

-3

+ 13
+20
+5

+18
-19

+20
+39
(3)

+7
+59

+26
+36

-11

-4

+54
+48
+20
+26
+78
+18
+51
+79
+ 111

Cash
sales

()

-1

Instalment

Cash

Charge
account

57
59
48

35
38
49

3
3

23
35
44

18
33
24

59
32
32

49
64
48

47
22
38

4
*14
14

1

The. extent of coverage in the various trade groups is indicated by the following comparisons of the sales volume of the reporting
credit-granting stores with the estimated total sales volume of all stores for each trade: Department stores, 64 per cent; furniture stores,
16 per cent; men's clothing stores, 15 per cent; automobile tire and accessory stores, 10 per cent; women's apparel stores, 9 per cent;
jewelry stores and automobile dealers, 8 per cent; hardware and household appliance stores, 6 per cent. Because there were more than
500 stores in each trade group, it is believed that even this degree of coverage affords reliable indication of trends. Related to the sales
of credit-granting
stores only, sample coverage would be considerably larger.
2
Since the survey is composed of credit-granting stores only, the proportion of total sales transacted on credit is larger than it would
be if 3all stores were included.
Less than one-half of 1 per cent.
4
The proportion of instalment sales reported by automobile dealers is believed to be substantially understated because of the accounting methods used in handling instalment paper sold.

788




FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY
only, the proportion of sales transacted on a credit
basis is larger than if all stores in each kind of
business were covered.
Instalment sales of all nine trade groups expanded considerably during 1947. Less pronounced
gains were recorded for charge-account sales of
seven kinds of business covered, while sales of the
other two, jewelry stores and automobile tire and accessory stores, were roughly at 1946 levels. The
dollar volume of cash sales increased only at the
three kinds of outlet experiencing the largest total
sales gains in 1947.
The more widespread use of credit in 1947 was
apparent in the distribution of sales by type of
transaction. In all nine kinds of business, instalment sales accounted for a larger proportion of the
total than a year earlier, with the most pronounced
shifts evidenced in those designated as durable goods
stores. At both jewelry and household appliance
outlets instalment transactions rose from around
one-fourth of all sales in 1946 to approximately onethird in the following year. Sales of this type
doubled in importance at automobile tire and accessory stores but still accounted for less than onesixth of the total. The growing importance of instalment transactions was usually accompanied by
further gains in the relative position of chargeaccount sales. Automobile dealers, automobile tire
and accessory stores, and household appliance stores
reported some decline in the proportion of opencredit sales. Automobile dealers reported an upward shift in cash sales, but this may reflect their
method of handling instalment paper sold.2
From data reported in the 1947 survey, sales experience was generally more favorable among the
larger stores than among the smaller outlets but the
variation by size was not marked.3 In those trades
in which credit-granting multi-unit operations are
widespread, the tendency was for the total amount
of credit sales to increase more rapidly than for
establishments with only one outlet.
CHARGE-ACCOUNT SALES AND RECEIVABLES

The dollar volume of charge-account sales transacted at all retail establishments continued to increase in 1947 but at a somewhat less rapid rate
than a year earlier. Sales of this type during 1947
2
At a few stores customarily selling all instalment paper as
soon as it is written, sales of this type are entered on the
books as cash transactions since total payment is received by the
retailer at the time of the sale. Therefore, cash transactions
of automobile dealers and perhaps of household appliance stores

JULY

1948




1947

are estimated at 23 billion dollars, the highest figure
on record. Nearly all of the nine kinds of business
covered by the survey shared in this gain, with the
largest percentage increases again reported by
household appliance stores and automobile dealers.
Nevertheless, these two groups transacted a smaller
proportion of their total business on a chargeaccount basis in 1947 than in either of the two preceding years.
For retail trade as a whole, charge-account sales
amounted to nearly one-fifth of the total volume of
transactions in 1947, the highest proportion since
1942. The preferential treatment accorded chargeaccount customers in the distribution of scarce items
had brought about some increase in the use of this
type of credit in 1946. After removal of wartime •
restrictions on open-credit accounts near the end of
that year, many stores in the general merchandise
and apparel fields reinstated the 90- and 120-day
credit plans they had used before. The increased
use of charge accounts in 1947 appears to have been
as prevalent at small-size stores as at the larger ones,
but the larger stores continued to make a greater
proportion of their total sales on this basis.
End-of-year charge accounts receivable increased
from 1946 to 1947 at all kinds of business included
in the survey. Generally, the rate of growth in
receivables exceeded the percentage gain in annual
charge-account sales.
From the average collection periods for the various trades, as is shown in Table 3, it is clear that
the trend during 1947 was toward slower collections
than in 1946. There were three trade groups for
which the indicated repayment period for charge
accounts passed the 60-day mark—furniture, men's
may
be somewhat overstated with a compensating error appearing31 in the instalment segment.
Reporting firms are classified as small, medium, and large
on the basis of 1947 annual sales volume. These classifications
have different meanings for the various kinds of business. The
size range for each is indicated below:
Kind of business

Large
Small
Medium
(1947 annual sales. In thousands of dollars)

Department stores.
Men's clothing
stores
Women's apparel
stores
Furniture stores...
Household appliance stores
Jewelry s t o r e s . . . .
Hardware stores. .
Automobile dealers
Automobile tire
and accessory
stores

Under 1,000 1,000 to 10,000 10,000 and over
Under

250

250 to 1,000

1,000 and over

Under
Under

250
200

100
100
100

1,000
500
250
500
500

1,000 and over
500 and over

Under
Under
Under

250 to
200 to
100 to
100 to
100 to

Under

250

250 to

500

50

50 to

100

Under

250 and over
500 and over
500 and over
500 and over
100 and over

789

RETAIL CREDIT SURVEY

1947

TABLE 3
RETAIL ACCOUNTS RECEIVABLE

Stores reporting in 1947 Retail Credit Survey
Percentage change in
accounts receivable
during 1947
Kind of business
Charge
account

Instalment

Instalment paper
sold as percentage of
instalment sales

Average collection period for
accounts receivable
Charge account
(In days)

Instalment
(In months)
1947

1947

1946

1947

1946

Department stores
Men's clothing stores
Women's apparel stores

+19
+29
+16

+74
+68
+24

55
64
63

49
59
55

10
7
6

Furniture stores
Household appliance stores
Jewelry stores

+37
+41
+ 15

+47
+ 104
+56

65
47
57

57
46
49

9
8
9

6
6

Hardware stores
Automobile dealers
Automobile tire and accessory stores

+31
+16
+9

+61
+ 106
+ 176

52
34
43

51
40
38

10
13
9

8
10
7

1
2

1

1

0)

0)

2
10
21
48
1

16
48
1

No instalment paper sold.
Less than one-half of 1 per cent.

clothing, and women's apparel stores. None of the
trade groups reported periods as long as this in
1946.
The differences in average collection periods for
1946 and 1947 amounted to about a week at all
kinds of business except hardware and household
appliance stores. The largest increases (8 days)
were reported by women's apparel, furniture, and
jewelry stores. Available figures for the early
months of 1948 point to a further gradual decline
in the collection ratio on so-called 30-day accounts,
but there is no evidence of an immediate return to
the slow rates prevailing at some retail outlets before the war.
INSTALMENT SALES AND RECEIVABLES

Instalment sales of all retail establishments
showed a further sharp rise in 1947. In that year,
as in the preceding one, the increase might have
been greater had passenger cars and some major
appliances been more readily available throughout
the year. By the close of 1947 most household appliances except refrigerators and stoves were in fair
supply but immediate delivery on some brandnamed merchandise was not offered in many parts
of the country. Slow deliveries of automobiles continued.
The 1947 instalment business of automobile dealers and household appliance stores was more than
three-fourths greater than in the preceding year.
These gains may be attributed not only to increased

790




sales of new durable goods but also to a greater
turnover of used durable goods. In the case of
automobile dealers, large repair costs on existing
cars, including installation of new engines, also contributed to sales volume. Increases in several kinds
of business may have been stimulated to some extent by tie-in sales required for procurement of
scarce durable commodities. Instalment sales of
furniture stores increased only 26 per cent during
1947, but they accounted for three-fifths of all sales
at credit-granting furniture stores.
Rising prices and the increasing promotion of
budget accounts have encouraged more consumer
purchases of nondurable goods on an instalment
basis. At men's clothing stores instalment sales
were half again as large as in 1946 and at women's
apparel stores they rose about one-fifth above the
level of the preceding year. Nondurable goods
stores, however, still transact a relatively small part
of their total business on extended credit terms.
Gains in instalment sales in 1947 were accompanied by a more than proportionate rise in yearend receivables. Eight of the nine kinds of business covered in the survey reported a slower rate
of repayment for instalment indebtedness in 1947
than a year earlier. This slackening reflected the
effect of somewhat longer maturity provisions in
original contracts plus some possible slowdown in
collections. At automobile dealers the average
length of time required for paying off instalment
accounts was nearly one-third longer than in 1946.
FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY
The average period for liquidating indebtedness
was extended also at household appliance and furniture stores.
For several years jewelry stores have reported a
relatively fast collection rate on instalment accounts.
Repayment of accounts at these stores rose to nine
months in 1947, percentage-wise the largest change
recorded in the survey. In the nondurable goods
stores only a slight increase in the liquidation period
was evident.
INSTALMENT PAPER SOLD

Among retail establishments which normally sell
at least some of their instalment paper to banks or
to sales finance companies, there was a tendency
during 1947 to sell slightly larger proportions in
relation to total instalment sales than during the
preceding year. Automobile dealers indicated that
they sold paper equal to nearly half of their total
sales, but it is believed that for reporting purposes
the accounting methods used in handling down
payments and trade-ins on cars understate the proportion of paper actually sold.
The corresponding ratio for household appliance
stores was 10 per cent in 1947 as against 8 per cent
in the preceding year, which showed that, as the
volume of instalment sales increased, they were
following the practice of selling a greater proportion of their paper. Hardware stores reported the
sale of paper amounting to approximately one-fifth
of their total instalment sales during 1947, substantially above the ratio for the preceding year.
It is evident from Table 3 that only a relatively
small share of the instalment paper held by other
types of retail trade was disposed of, and no paper
was reported sold by the men's clothing stores included in this survey.
As in previous years, the size of the store had a
direct eflect on the proportion of instalment paper
transferred. Generally the smaller the store the
greater the share of paper it sold, reflecting primarily the limited capital resources of the smaller
stores. This was true for nearly all trade groups.
BAD DEBTS

One of the important additions to the current
Retail Credit Survey was the collection of data on
the bad-debt loss experience of the various kinds of
retail outlet. This was the first time such information had been obtained from the participating
respondents other than department stores since the
JULY

1948




1947
TABLE 4
BAD DEBT LOSSES BY KIND OF BUSINESS

Stores reporting in 1947 Retail Credit Survey
Total bad
debt losses
as percentage
of total
credit sales

Bad debt
losses on
charge
accounts as
percentage
of chargeaccount sales

Bad debt
losses on
instalment
accounts as
percentage
of instalment sales

1947

1946

1947

1946

1947

Department stores...
Men's clothing stores
Women's apparel
stores.

.34
.56

.26
.43

.30
.51

.21
.38

.55

.40

1.48

1.46

.34

.27

.33

.25

.61

.48

Furniture stores
Household appliance
stores
Jewelry stores

.51

.50

.30

.28

.65

.67

26
.98

.22
.86

29
.46

23
.47

21

1.49

.23

1.30

.36
.14

.36
.15

.82

.60

Kind of business^

Hardware stores
Automobile dealers. .
Automobile tire and
accessory stores. . .

.46
.24

.39
.26

.44
.34

.37
.32

.43

.24

.30

.23

1946

1940 survey, which was conducted by the Department of Commerce.
Although the loss ratios for most lines of business
were still well under the prewar levels, the chargeoffs during 1947 tended to be somewhat higher
than in the preceding year. This was particularly
true for sales made on a charge-account basis, where
it was found that jewelry stores were the only
group to report a lower bad-debt-to-sales ratio than
in 1946, and even here the decrease was only fractional. The trends for instalment accounts were
mixed, as is shown in Table 4. Five trade lines
showed higher bad-debt losses, three indicated
lower ratios, and hardware stores reported no
change from the preceding year.
Analyzing the charge-ofTs on charge-account balances, it was found that only one trade group—
men's clothing stores—reported losses amounting to
as much as one-half of 1 per cent of total chargeaccount sales. Jewelry stores showed the next highest bad-debt loss ratio, followed by hardware stores.
Automobile dealers and women's apparel shops
wrote off amounts approximating one-third of 1 per
cent of their total charge-account sales. Household
appliance outlets had the smallest write-off (.29 per
cent), but this was only slightly better than the
record of automobile tire and accessory, furniture,
and department stores.
Generally speaking, most retailers charged of? as
bad debts a slightly higher proportion of their in-

791

RETAIL CREDIT SURVEY
stalment sales than they did of their charge-account
sales.
Of those stores reporting their bad-debt experience on instalment sales, the men's clothing and
jewelry stores again ranked highest, from the standpoint of the ratio of charge-ofls to total sales of
this type. These retailers reported J^ad-debt losses
in excess of 1 per cent of total instalment sales.
Next in line were automobile tire and accessory,
furniture, women's apparel, and department stores,
the ratios of which were between one-half and 1
per cent. Below this level were hardware stores,
household appliance outlets, and—with the smallest
loss ratio—automobile dealers.
Although the figures are not directly comparable
because of the differences in the composition of the
sample, it is interesting to compare the 1947 experience with that reported by similar trade lines in
prewar 1940.4 In department store charge accounts,
for example, bad-debt losses in 1940 were reported
as equal to .21 per cent of total charge-account
sales; during the past year, as indicated above, the
ratio was .30 per cent. The women's apparel shops
showed a slightly higher percentage of losses during
1947 than in 1940. For furniture, hardware,
jewelry, and men's clothing stores the loss experience on charge-account sales in the current survey was somewhat lower than during the prewar
period. On the other hand, the bad debts written
off by automobile dealers, automobile tire and accessory stores, and household appliance stores were
substantially less in proportion to sales in 1947
than they were in 1940.
The picture for instalment bad-debt losses has
somewhat the same mixed characteristics: some retailers (automobile dealers and men's clothing
stores) reported higher loss ratios during 1947 than
they did in 1940; in contrast, the bad debts accumulated by automobile tire and accessory, furniture,
household appliance, jewelry, and women's apparel
stores were well below the levels of the earlier
period.
From the data reported in the 1947 survey, it is
apparent that there is a well-defined relationship
between the size of the retail outlet and the ratio
of its bad-debt losses to total credit sales. Without
exception, the highest percentage of losses in each
trade group was shown by those stores with the
* U. S. Department of Commerce, Retail Credit Survey—
1940.

792




1947

smallest annual volume of sales; and conversely
with only two exceptions, the lowest ratio of chargeoffs to total credit sales was found among those
stores with the highest annual volume of sales.
This may be explained by the more highly developed credit departments in the larger stores, which
usually employ people especially trained in credit
matters, maintain detailed records of past credit
experience, and have a systematic procedure for
checking credit records and following up delinquent accounts.
INVENTORIES

With the production of most consumers' goods,
both durable and nondurable, at or above prewar
levels, retailers were concerned during 1947 with
rounding out inventory positions so as to achieve
a better balance of goods on hand. This process
resulted in larger stocks for practically all types of
credit-granting stores, as is shown in Table 5, but
the increases were by no means comparable with
those registered during 1946. Higher prices were
an important consideration in the inventory increases which were, of course, reported on a dollar
basis. After allowance for these changes, the physical volume did not show material gains except in
those lines where scarcities still existed in the early
months of 1947. In spite of the higher prices,
small declines in inventory balances were reported
in some lines.
At the beginning of 1947 the most serious deficiencies in the supplies of consumers' goods existed
in the field of durables such as automobiles, refrigerators, washing machines, vacuum cleaners, and
ranges. It is natural therefore that, among creditgranting stores in the nine types of business, inventories of household appliance stores and automobile
dealers should show the largest percentage gains
during the past year, 50 per cent and 34 per cent, respectively. These same retail outlets had reported
some of the highest increases during 1946, as well.
Credit-granting hardware stores, which likewise
were affected by the slower return of hard goods,
showed a gain of 26 per cent in their inventories
in 1947. Furniture stores reported a 15 per cent
increase in their stocks over the 12-month period,
which was only about one-fifth the gain shown in
the preceding year.
Of those stores included in the Retail Credit Survey which handle primarily soft goods, the largest
rise in inventories, 27 per cent, was shown by men's
FEDERAL RESERVE BULLETIN

RETAIL CREDIT SURVEY
clothing stores. The over-all total of merchandise
on hand in department stores was reported to have
increased 5 per cent from December 31, 1946 to
December 31, 1947, but data available from the
regular index of department store stocks compiled
by the Board of Governors indicates that the trends
within individual departments were mixed, and
tended somewhat to follow the pattern of the
corresponding trade groups.
The only kinds of business covered by the survey to report lower inventories at the end of 1947
than a year earlier were jewelry and women's apparel stores, which showed declines of 1 per cent
and 4 per cent, respectively.
Even though the inventory increases for all trade
lines were considerably less than they were in
1946, turnover statistics indicate that stocks were
accumulating somewhat faster than sales, and consequently five of the nine trade groups showed
lower turnover ratios than in the preceding year.
The only exceptions to this trend were automobile
dealers, which reported an abnormally high turnover rate of nearly 10 times, and women's apparel
stores. The most significant declines in turnover

JULY 1948




1947

rates were shown by men's clothing and automobile
tire and accessory stores. Department and furniture stores indicated no change from their 1946
rates.
TABLE 5
INVENTORIES BY KIND OF BUSINESS AND BY SIZE OF STORE

Stores reporting in 1947 Retail Credit Survey

Kind of business

Department stores. .
Men's clothing stores
Women's apparel
stores

Inventory turnover in 1947
Perby size of store1
centage
change
Not
durMe- Large classiTotal Small dium
ing
fied
1947
by size

+5
+27

4.8
4.0

3.9
2.9

5.0
3.7

5.2
4.8

4.2
3.9

- 4

5.1

4.3

5.1

5.1

5.1

Furniture stores
Household appliance
stores
Jewelry stores

+ 15

3.0

2.5

2.9

3.0

3.1

+50i

4 0
1.8

3.5
1.4

4.5
1.7

4.3
1.7

3.8
2.0

Hardware s t o r e s . . . .
Automobile dealers..
Automobile tire and
accessory stores...

+26
+34

3.4
9.7

2.6
6.1

3.3
7.9

3.7

3,5

10.4

10.4

+21

4.0

2.8

3.0

4.0

4.4

1
For basis of size classification, see footnote 3, p. 789.
NOTE.—Figures in this table are based on inventories at retail
prices.

793

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

Given below is the text of the report submitted
to the President by the National Advisory Council
on International Monetary and Financial Problems
on May 13, 1948, and forwarded to the Congress
on May 18. The Report reviews the operations
and policies of the International Monetary Fund

and the International Ban\ for Reconstruction and
Development during the two years since their
inception in the spring of 1946. It is the first
of the biennial reports required of the Council by
Section 4 (b)(6) of the Bretton Woods Agreements Act.

CHAPTER I—INTRODUCTION
The International Monetary Fund and the International Bank for Reconstruction and Development began operations in the spring of 1946. The
major part of their transactions, however, began
in 1947. The postwar international situation as it
has developed, has been quite different from that
which had been anticipated when the institutions
were projected at the Bretton Woods Conference in
1944. The postwar period has been characterized
by economic and trade dislocation of an unprecedented order, and monetary and financial conditions have been scarcely conducive to the most
effective operation of the Bank and the Fund.
The war left enormous areas of destruction in
Europe and Asia. The parts of the economy which
had not been destroyed were sadly run down during
the war. Stocks of raw materials and fuel were exhausted. The whole delicate organization of production and trade within countries and of the interchange of goods between countries was dislocated.
While Europe and Asia suffered heavy damage,
many countries in other parts of the world greatly
increased their productive capacity during the war.
Production in the United States, for example, rose
in 1946 to 165 per cent of the 1935-39 average and
to 176 per cent in 1947.
Although some countries increased their productive capacity, their resources had been diverted
to production for war and the end of the war left
these countries with large unfulfilled needs for
consumer goods and for repairs and replacements
to consumer goods industry. The rapid shift in
world productive capacity resulting from the war
and the process of reconversion to peace production all over the world set up new stresses and
strains. Inevitably, time was required for the
structure of world trade and finance to become
adjusted to the needed shifts in production.

794




Recovery in production was rapid in the wartorn countries, due in large part to the provision of
rehabilitation supplies through UNRRA and the
initial United States postwar assistance, but this
proved to be insufficient to bring about world recovery in the short period since the end of the
war. With help needed for reconstruction and readjustments all over the world, the resources available were insufficient to complete the job in a few
years. Foodstuffs were in short supply in Europe,
and in parts of Asia as well, thus putting an unprecedented drain on Western Hemisphere production and raising food prices throughout the
world. The scarcity of equipment from Europe
and the United States impeded increases in production in Latin America of products for Europe.
The disruption of the usual trade channels contributed to scarcities of materials formerly supplied
by some foreign areas to others so that the demands on the American economy increased.
Rising prices also contributed to the severity of
the dollar crisis which appeared in 1947. Wholesale prices in the United States had almost doubled
between 1939 and 1947, with the most rapid increases occurring after 1945. Consequently the
cost of obtaining supplies in the United States
in the postwar period rose correspondingly. Inflation in some other countries has been more serious in
distorting production and retarding recovery. Conspicuous illustrations are Hungary, Greece, China,
Italy, and France. In the countries of the British
Commonwealth of Nations, on the other hand,
prices have generally remained at levels comparable to those in the United States. In Latin America,
even though the countries had not suffered war
damage and had experienced considerable increases
in production during the war, price rises also were
significant. Changes in relative prices contributed
FEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
significantly to the disorganization of the normal
trade relations of the world.
Most countries have found it necessary or desirable to impose fairly rigid controls over foreign
exchange movements, partly to prevent the flight
of capital and partly to assure that the limited supplies of foreign exchange available would be used
for the purchase of commodities deemed most
essential to the national economy. As a result of
such controls, which were almost inevitable in this
situation, the currencies of the world have generally not been convertible into gold or dollars.
Currency inconvertibility, particularly of sterling
except for a short period, has had serious consequences for the world economy in strengthening
the trend toward bilaterally balanced trade. Hence
bilateral payments and clearing agreements and
special bilateral trade agreements assumed a dominant role in world trade. While these agreements
permitted the resumption of trade, the mutual
credits provided under the agreements have not
been adequate to permit an expanding volume
of trade. Moreover the trade which has taken
place has not been as mutually advantageous as it
would have been had trade been governed purely
by economic considerations.
Postwar conditions in Europe and Asia thus
served to accentuate the balance of payments problem of other countries with respect to the United
States. Relatively greater need for dollars, in proportion to the dollars available, existed than before
the war. The United States has for many years
exported more than it has imported. In the prewar
period the difference was made up in part by excess
payments from the United States to other countries for shipping services, tourist expenditures, remittances, and so on, while prior to the great depression of the thirties there had been a considerable
flow of capital from the United States to other
countries. During the war the shortage of many
types of goods entering international trade and
the existence of Lend-Lease obscured some of the
underlying balance of payments difficulties which
became more apparent after the war. In 1946
foreign countries received 15.3 billion dollars in
goods and services from the United States while
they earned only 7.1 billion dollars from the sale
of goods and services to this country. In 1947
our surplus on current international account reached
11.3 billion dollars, with total exports of goods and
services amounting to 19.6 billion dollars.
The postwar current account deficit of foreign
JULY

1948




countries was in part covered by the reduction of
their dollar balances and the sale of gold to the
United States, to the amount of 5.3 billion dollars
between June 30, 1945 and December 31, 1947.
The remainder of the deficit was covered by loans
and credits extended by United States agencies,
United States contributions to UNRRA, the provision of supplies by United States agencies in
occupied areas and elsewhere, liquidation of foreign
investments in the United States, private investments abroad, remittances and, to some extent, by
the operations of the Fund and Bank. Of the total
loans, credits and grants extended by the United
States, foreign countries utilized 14.6 billion dollars during this period, and on December 31, 1947
the unutilized balances amounted to 3.6 billion
dollars.
In terms of the dollar aid extended to foreign
countries, the operations of the International Bank
and the International Monetary Fund appear relatively small. The total purchases of dollars from
the Fund amounted to 600 million dollaxs (as of
April 30, 1948), and the loans extended by the
International Bank, to 513 million. The importance of these institutions, however, is not to be
measured in terms of the dollars made available but
rather in their significance as organizations for international cooperation. The International Monetary Fund, as shown in the third chapter, has contributed significantly to the formulation and adoption of desirable exchange policies, while the Bank
has begun lending operations which it is hoped
will assume far greater importance for the development of the world economy in future years.
The people and the Congress of the United
States have fully recognized the need for American assistance to foreign countries at this time. In
addition to the grants, loans and credits previously
authorized, the Congress has authorized additional
expenditure of 5.3 billion dollars for the recovery
of Europe. This aid will be given partly in the form
of grants and partly in the form of loans, depending upon the estimated ability of the recipient
countries to repay in the future. Congress has also
voted aid to China and made additional appropriations for special aid programs in Greece, Turkey
and Trieste and the occupied areas. The President
has also requested Congress to increase the lending
capacity of the Export-Import Bank of Washington by 500 million dollars. This would enable
the Export-Import Bank to give greater assistance
795

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

in the development of Latin American countries.
These measures of special United States assistance
are not intended to supersede the activities of the

International Monetary Fund and the International
Bank, which will continue to operate along the
lines originally laid down.

CHAPTER II—INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
The International Bank for Reconstruction and
Development is an institution designed to promote
mutual assistance among the member countries in
the reconstruction and development of their territories, the long-range growth of international
trade, and the maintenance of equilibrium in the
balances of payments of members, by making loans
and encouraging private foreign investment. The
Bank and the International Monetary Fund at present have 46 member countries, of which 40 participated in the Bretton Woods Conference. Four
countries represented at Bretton Woods (Haiti,
Liberia, New Zealand, and the Soviet Union) have
not become members of the Fund and the Bank.
I. CAPITALIZATION

The subscribed capital of the Bank was $8,263,100,000 as of April 30, 1948, of which the United
States share is $3,175,000,000, or 38.4 per cent.
Subscribed capital is divided into three parts: (1)
2 per cent or $165,262,000, paid in gold or dollars
(of this amount, the payment of $4,915,000 by
formerly enemy-occupied countries was postponed
until 1951, in accordance with the Articles of Agreement); (2) 18 per cent, or $1,487,358,000, paid
in the local currency of the member country; and
(3) 80 per cent, or $6,610,480,000, not paid in, and
not available for use in the lending operations of
the Bank, but in the nature of a guaranty fund,
subject to call and use only if required to meet
the Bank's obligations. Of the $1,647,705,000
paid-in capital, $731,847,000 represents gold or
United States dollars, $635,000,000 provided by
the United States and the remainder by means of
the 2 per cent capital subscriptions of other
members.
Under the Articles of Agreement, the Bank's
operations may be financed in three ways:
(a) From the Bank's own funds. The Bank may
make direct loans out of the receipts of the 20
per cent capital stock subscribed for this purpose.
This has been the principal source of its loanable
funds to date. Of the 20 per cent, the original 2
per cent paid in gold or dollars by all members
may be freely used by the Bank for any purpose.
The remaining 18 per cent, however, may not be

796




loaned or exchanged for other currencies without
the consent of the member whose currency is used.
Under the Bretton Woods Agreements Act, the National Advisory Council has the duty of determining
whether to give or withhold such consent on behalf
of the United States, and on April 10, 1947, the
Council agreed to permit the Bank to utilize this
18 per cent of the United States capital subscription. Through April 30, 1948 Belgium is the
only other member which has consented to loan
or exchange its currency and such consent is limited
to the equivalent of 2 million dollars of Belgian
francs. There have not been any requests for
loans in other currencies.
(b) Loans from borrowed funds. Although the
Bank's paid-in capital is the equivalent of over
1.5 billion dollars, more than half of this amount
consists of currencies other than the dollar. During the past two years the only significant demand
has been for loans in dollars, and, for this reason,
the Bank has entered the United States private
investment market to secure additional loanable
dollars. Furthermore, there are few countries
other than the United States that are at present
in a position to export capital—i.e. export their
products without having to obtain other goods in
exchange to meet their current needs. In most of
the European nations, the physical disruption caused
by World War II was enormous, and adequate recovery will require the full use and retention of all
available production for a number of years. Under
such circumstances, few of these countries are expected soon to be in a position to produce and export larger amounts of goods and services than they
themselves require for domestic reconstruction and
development. At least for the present, therefore,
the United States will remain the principal source
of funds for capital export, including capital exports financed by the Bank.
(c) Guaranteed loans. In addition to its power
to make loans from subscribed capital or from
borrowed funds, the Bank is also authorized, under
the Articles of Agreement, to guarantee foreign
loans made by private investors. The Bank's international character and financial strength place it
in a position where it may assume this role of
FEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
guarantor of a part of new foreign private investment. Through April 30, 1948, no loans had been
guaranteed by the Bank.
II. THE BANK'S LOAN POLICY

According to its charter, the Bank's loans may
not be granted for relief or for political purposes;
they must be for either reconstruction or development, and must show reasonable prospects of repayment. The project or program to be financed
must be recommended, after study of the proposal,
by a competent committee appointed by the Bank,
and the borrower must be unable to obtain the
loan elsewhere under conditions considered by
the Bank to be reasonable. When a loan made or
guaranteed by the Bank is not made directly to a
member government, it must be fully guaranteed
either by the member government or by its central
bank, or some comparable agency of the member
government which is acceptable to the Bank.
The Bank's first emphasis has been on reconstruction, because in that field not only is there
great urgency, but also great opportunity for rapid
improvement in productivity, and, with it, improvement in world trade among all the members
of the Bank. Except in the case of Chile, all loans
to date have been for reconstruction of countries
suffering direct damage from World War II. The
Chilean loan is a developmental loan, and was made
specifically to provide foreign exchange for the
purchase of equipment and supplies which are required for the development of electric power, water
facilities, and agricultural resources.
Through April 30, 1948, the Bank had made five
loans amounting to $513,000,000 against which dis-

Borrower
Credit National
(France)
Kingdom of the
Netherlands...
Kingdom of Denmark
Republic of Chile
Grand-Duchy of
Luxembourg...

Unused
balance of
commitment

Loan
commitment

Disbursement

$250,000,000

$250,000,000

195,000,000

138,459,092

$56,540,908

40,000,000
16,000,000

7,322,104

32,677,896
16,000,000

12,000,000

7,032,517

4,967,483

$513,000,000

$402,813,713

$110,186,287

bursements to March 31, 1948 totaled $402,813,713:
All of the Bank's loans have been made since
May 9, 1947, and all have been in dollars, with
the exception of 2 million dollars worth of Belgian
francs made available out of its subscribed capital
JULY

1948




by Belgium to cover the purchase of railroad equipment by Luxembourg.
The Council, as directed by the Bretton Woods
Agreements Act, has kept closely in contact with
all of the policy activities of the Bank. Prior to the
granting of each loan, the Council was consulted
by the United States Executive Director on the
policy to be followed. Careful consideration was
given to the amount of the loan, with particular
regard to its appropriateness for achieving the
desired purposes. The Council also considered the
borrower's prospects for economic recovery and
development, and the prospects of the loan's contributing to a broader revival of world productivity
and trade, as well as possible alternative sources of
financing and the potential requests of other member countries.
The United States Executive Director has consulted the Council about the Bank's policies on
interest and commission charges: The interest rate
charged by the Bank has been such as to enable the
Bank to meet the cost of borrowing and still leave
a sufficient margin to cover operating expenses and
to build up appropriate reserves. A commitment
fee has been charged from the date on which the
Bank undertakes a firm commitment up to the
time of disbursement. The Articles of Agreement
stipulate that, during the first 10 years of the
Bank's operations, the commission rates on loans
made from borrowed funds shall not be less than
one per cent, and not greater than one and one-half
per cent per annum. This commission, which has
been fixed at one per cent, is to be set aside in a
special reserve to meet the obligations of the Bank
in the event of default on its loans.
The Council believes that the Bank has adhered
to the terms of its charter in making loans to date.
The statement of purposes prescribes that the Bank
shall "arrange the loans made or guaranteed by
it in relation to international loans through other
channels so that the more useful and urgent projects,
large and small alike, will be dealt with first."
Through April 30, 1948, the largest part of the
Bank's loans has been for reconstruction rather than
development purposes. However, much greater
emphasis is expected on the developmental phase of
its operations in the coming months.
Coordination of lending policy between the Export-Import Bank and the United States representatives on the International Bank will continue
through the Council, and will be guided by the
797

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
particular circumstances in each case. Frequent
consultations between officials of the two Banks
will continue as in the past. In general, long-term
development projects are referred to the International Bank in the first instance. The ExportImport Bank makes loans which have a special
and important United States interest, for example,
because the project is designed to open up an additional supply of essential imports into the United
States, or because it requires United States equipment and services of kinds which it is especially
desirable to export. Such interest may also exist
because the project is being sponsored and financed
in part by private United States interests, or because it covers a field in which the Export-Import
Bank already has participated financially, or because
the applicant country is not yet a member of the
International Bank.
The Bank and the European Recovery Program.
The Bank has a definite role in the European Recovery Program but it can be expected to carry only
a small part of the total burden. Conservative estimates of the requirements of the war-torn nations
now indicate that their needs will aggregate many
billions of dollars, far exceeding the total that the
Bank is in a position to borrow in the American
private capital market. The Bank may be expected
to finance some of the dollar capital requirements
of the European countries, particularly where they
require permanent additions to their equipment.
It does not seem likely, however, that it will be in
a position to assume the risks involved for more
than a small portion of that part of the program
which will be placed on a loan basis. To the extent
that the program satisfies the needs of the participating countries for foreign exchange with which to
purchase foods, feedstuffs, clothing, fuel and raw
materials, it will improve their balance of payments positions and make it easier for the Bank
to negotiate long-term loans with such countries,
which in turn will assist in the successful outcome
of the European Recovery Program.
III. FLOTATION OF BANK SECURITIES

As previously noted, the Bank's primary source
of loanable funds is to be the private investment
market. In this respect, the Bank has beta termed
a bridge between government and private financing
in the international banking field. During the
winter of 1946-47, the United States Executive Director on the Bank discussed with the Council
various problems connected with the flotation of

798




the Bank's securities in the United States. The
Council advised the United States Executive Director that this government approved the Bank's
selling an initial issue of securities in this market,
and subsequently gave its formal consent to the
sale of these securities in accordance with Article
IV, Section 1, of the Bank's charter, and Section
4{b)(4) of the Bretton Woods Agreements Act.
Accordingly, the first public offering of International
Bank bonds appeared on July 15, 1947. It consisted
of 100 million dollars of 10-year 2*4 per cent bonds
due July 15, 1957, and 150 million dollars of
25-year 3 per cent bonds due July 15, 1972. Both
issues were favorably received.
Since the long-term success of the Bank is contingent upon its ability to obtain private loanable
funds, the Council has assisted the Bank in its efforts
to secure the widest possible distribution of its
securities. In this connection, the Comptroller of
the Currency issued a statement that International
Bank debentures were qualified for purchase by
national banks up to the legal limit of 10 per cent
of their capital and surplus. Although the Council
has given its consent to the Bank's buying and reselling its own bonds in the United States for market
stabilization purposes, to date the Bank has not supported the market price of its securities.
As the economies of the war-torn nations tend to
revive, the risk factor on loans to many potential
borrowers will decline. Under such conditions, the
Bank would be in a better position than at the
present time to expand its loan portfolio. As stated
in the Articles of Agreement, investors in the Bank's
securities have, as a guaranty, in addition to the
assets in trie Bank's portfolio, the obligations of the
member governments on the 80 per cent uncalled
portion of their capital subscriptions, of which
2,540 million dollars is a commitment of the United
States Government. As of April 30, 1948, the
Bank's obligations aggregated only 250 million dollars. As the investing community becomes more
familiar with the Bank's securities, the Council believes that the Bank will be in a position to borrow
larger amounts in the United States market, and
thus to make further loans of such sizes and types
as private investors are unable or unwilling to
undertake.
IV. FISCAL OPERATIONS

As of March 31, 194S, the Bank had an accumulated net profit of 1.2 million dollars from operations in addition to having 2 million dollars in its
FEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
special reserve (as provided in the Articles of Agreement) to meet possible losses. At the end of September 1947, the organizational expenses of the
Bank, plus those entailed in the flotation of its
securities, had resulted in a deficit of about 2 million dollars. Since that time the income from the
Bank's loans and other investments has been more
than sufficient to wipe out this deficit.
V. CONCLUSION AND RECOMMENDATIONS

In the drafting of the Bretton Woods Agreements
almost four years ago, it was impossible to foretell
with any degree of accuracy the extent to which the
economies of the nations of the world would be
disrupted at the conclusion of World War II, and in
the immediate postwar period. The unfavorable
postwar situation abroad, both politically and
economically, has made the problem of finding suitable investments very difficult, and has done much
to curtail the Bank's activities. Severe war destruction, followed by postwar inflation, has made
it imperative that most nations of the world use
all of their available resources for reconstruction and
development at home. Few countries, other than
the United States, are in any position to export
capital to satisfy the needs of the rest of the world.
As a consequence, the Bank must look to the United
States as the prime supplier of loanable funds.
Since the Bank's resources are limited in relation
to the demands made upon it, first consideration to
date has been given to the most urgent needs, such
as the elimination of bottlenecks, and the restoration
"and expansion of productive facilities that will contribute most effectively to the healthy revival of
the world economy. As economic conditions in
foreign nations are raised from their wartime and
postwar levels, the Bank may be expected to assume
.a greater role in international finance. When the
most urgent needs of foreign countries have been
•met, and sound currency and fiscal policies adopted,
•many requests for loans for the development of
economic resources may be expected. Throughout
the world, much of the wartime destruction and
deterioration has yet to be made good. After com-

JULY

1948




pletion of reconstruction, large sums will be required for capital improvements and expansion,
principally in industry, agriculture, transportation,
mining, hydroelectric, and harbor projects. The
gradual revival of commerce and world trade should
do much to alleviate the present hesitancy of American investors to engage materially in large-scale
overseas enterprises, and should also permit the
Bank to,borrow loanable funds in other markets.
The Council does not, at this time, propose any
changes in the Bank's capital structure or amendments to the Articles of Agreement. It has recommended the amendment of the Securities Act of
1933 and the Securities Exchange Act of 1934 so
as to exempt International Bank securities from
those Acts, and the amendment of Section 5136 of
the Revised Statutes to permit dealing in these
securities by member banks of the Federal Reserve
System (subject to existing limitations on the total
amount of securities of any one obligor that a member bank may hold at any one time). The Council
has also recommended that the Congress enact
legislation which would permit insurance companies organized in the District of Columbia to
invest in the Bank's securities. This would follow
legislation already enacted by many State legislatures with respect to insurance companies and
savings institutions. The Council believes that
these measures are justified in view of the nature
of the Bank, and the need for broadening the
market for its securities.
Future activities of the Bank will depend, to a
considerable extent, on economic and political developments throughout the world, as well as on
the speed with which reconstruction can be carried
out and economic stability established in the wartorn countries. With a general improvement in
economic conditions abroad, it is to be hoped that
trade barriers will decline, and that a freer flow
of international capital will occur into the most
economic markets. The Bank, in the opinion of the
Council, will have an increasingly important role
in this future development and expansion of the
international capital markets.

799

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

CHAPTER III—THE INTERNATIONAL MONETARY FUND
The International Monetary Fund was established
by international agreement to promote monetary
cooperation and to facilitate the expansion of world
trade by the promotion of exchange stability and the
maintenance of orderly exchange arrangements.
The Fund provides a continuing organization for
consultation with and among the members on the
problems of international payments and related
questions of foreign exchange practices and policies.
As a specialized agency concerned primarily with
balances of payments, foreign exchange questions
and the monetary policies of its members, the Fund
cooperates with the International Bank for Reconstruction and Development and other international
organizations in the economic field in matters of
mutual interest. It shares with these other organizations the common objective of the improvement of
economic conditions throughout the world, particularly through the attainment of a high level of
international trade and investment.
The Fund's resources are available to assist members in carrying out policies in conformity with the
Fund's objectives, i.e., to provide financial assistance
to overcome temporary disequilibria in their
balances of payments and so to help them to avoid
policies restrictive of trade or detrimental to the
welfare of the international economy as a whole.
The Fund's currency operations are limited in general by the Articles of Agreement "to transactions
for the purpose of supplying a member, on the
initiative of such member, with the currency of
another member in exchange for gold or for the
currency of the member desiring to make the purchase." These currency transactions are for the
purpose of giving temporary assistance in financing
balance of payments deficits on current account
for monetary stabilization operations. The Fund
is not designed to make long-term loans. Currencies acquired by the Fund from member countries are to be repurchased by them with convertible
currencies or gold, within a reasonable period of
time.
I. PAR VALUES AND EXCHANGE STABILITY

(a) Provisions of the Fund articles. One of the
primary objectives of the Fund is "to promote exchange stability, to maintain orderly exchange arrangements among members_, and to avoid competitive exchange depreciation." Exchange stability
implies that the market prices of foreign exchange
do not fluctuate except within a narrow range. Ac800




cordingly, the Fund Agreement provides that each
member currency shall have a par expressed in
terms of gold or United States dollars of the weight
and fineness in effect on July 1, 1944, and that the
minimum or maximum rates of exchange between
currencies may not differ more than one per cent
above or below the par value in the case of spot
transactions. A larger margin may be established
by the Fund for other exchange transactions. The
members agree to collaborate with the Fund in
promoting exchange stability, to maintain orderly
exchange arrangements with other members, and
to avoid competitive exchange alterations. A member country, such as the United States, whose
monetary authorities in fact freely buy and sell
gold for the settlement of international transactions
within the limits prescribed by the Fund is deemed
to be fulfilling its obligations with respect to the
maintenance of exchange stability.
The Fund Articles recognize that par values once
established need not be permanent and so provide
a mechanism for orderly change in the par values
by agreement with the Fund. Proposals to change
par values must be initiated by the member and
may be made only after consultation with the Fund.
The Fund may not raise an objection to a proposed
change in par value if the change, when taken in
conjunction with previous alterations, does not exceed 10 per cent of the initial par value agreed with
the Fund. If a member proposes a change which
does not exceed 20 per cent of the initial par, th»
Fund may concur or object, but is required to give
its decision within 72 hours, if the member so requests. For larger changes the Fund may accept
or reject the proposal, but is entitled to have a longer
period for consideration. These provisions do not
apply in case the Fund proposes a uniform change
in the par values of all currencies. Moreover, the
Fund is required to concur in a proposed change
"if it is satisfied that the change is necessary to correct a fundamental disequilibrium." If a member,
despite the objection of the Fund, changes its par
value, it becomes ineligible to use the resources of
the Fund unless the Fund determines otherwise,
and, if after a reasonable period, the Fund and the
member cannot agree on the par value, the member
may be required to withdraw from the Fund.
(b) The determination of initial par values. In accordance with the Articles, the Fund on September
12, 1946 announced that it would "shortly be in a
position to begin exchange transactions" and reFEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

quested each member to communicate the par the Fund will be faced with new problems of advalue of its currency based on the rates of exchange justment and will have to recognize the unusual
prevailing on October 28, 1945, i.e., the 60th day circumstances under which the initial par values
before the entry into force of the Agreement. The were determined. It is just at such times that the
par values communicated were to be accepted for Fund can be most useful in seeing that necessary
the purposes of the Fund, unless the member exchange adjustments are made in an orderly
notified the Fund that it regarded the par as un- manner and competitive exchange depreciation is
satisfactory or unless the Fund notified the mem- avoided." The Fund realized that the rates of
ber that in its opinion the par value could not be exchange prevailing at the close of 1946 were in
maintained without "recourse to the Fund on the some instances out of line with relative wage and
part of that member or others on a scale prejudicial price levels in the various member countries.
to the Fund and to members." Acceptance by the Limited production in the postwar period and the
Fund of a par value is a condition for making the great need for imports which the member countries
member eligible to draw upon the Fund's resources. could not finance without external assistance, would
In the case of countries which had been occupied make it almost impossible to bring about equiby the enemy the member could postpone the librium in the balance of payments of the members
by mere changes in the parities of their currencies.
declaration of a par value.
Most of the members communicated their current Moreover, devaluation of currencies at that time
par values under this clause and requested the Fund might have accentuated existing inflationary forces
to agree to them for the purposes of the Fund and so tended to add to the instability of the situaAgreement. Canada and France, however, had tion. Accordingly, the Fund properly felt that "the
changed their par values in the period between major significance of the present step is not in the
October 28, 1945 and September 12, 1946, and particular rates of exchange which are announced,
accordingly requested acceptance of their new par but in the fact that the participating nations have
now fully established a regime wherein they are
values.
The Fund on December 18, 1946 accepted the pledged to promote exchange stability, to make no
parities proposed by 32 members and announced changes in the par value of their currencies except
that exchange transactions would begin on March in accordance with the Fund Agreement, and to
1, 1947. The determination of par values was assist each other in attaining the general objectives
postponed in nine cases, Brazil, China, Dominican of the Fund."
The National Advisory Council had given careful
Republic, Greece, Poland, Uruguay, Yugoslavia,
France in respect of French Indo-China, and the attention to the problem of the initial parities before
Netherlands in respect of the Netherlands Indies. the Fund's action was taken. The Council was in
Subsequently par values were agreed for the agreement with the position taken by the Fund,
Dominican Republic, and for Venezuela, Turkey, since it too recognized that any action taken at the
Syria, Lebanon, and Australia which were not yet time could be only tentative, and that the time was
members at the time the initial parities were estab- not ripe for bringing about some of the adjustments
lished. Par values have not yet been agreed with in the exchange rates which would ultimately be
the Fund (as of May 1, 1948) for Brazil, China, required if the member countries were to carry on
Finland, Greece, Italy, Poland, Uruguay, Yugo- their international trade without considerable exslavia, French Indo-China, and the Netherlands ternal assistance.
The Council has the exchange rate policy of
Indies.
It was recognized by both the Fund and the mem- the Fund and the members under continual study
ber countries that the acceptance of par values was and it believes that some adjustments in exchange
tentative and that some of the rates would need rates may have to be made in the near future. Any
modification in time. The Executive Directors in action in Europe must, however, be related to the
their first annual report issued in September 1946 provision of American assistance under the Eurohad stated that "In some cases the initial par values pean Recovery Program, and in all instances must
that are to be established may later be found in- also be related to the steps taken toward the internal
compatible with the maintenance of a balanced in- stabilization of the economic and financial situaternational payments position at a high level of tions of the member countries. The adjustment
domestic economic activity. . . . When this occurs, of exchange rates cannot be made simultaneously for
JULY

1948




801

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
all countries since they will attain the requisite
degree of internal stability at different periods, and
their balances of payments will more closely approach equilibrium at varying times depending
upon the circumstances affecting the trade of the
various countries with the rest of the world. The
Council is of the opinion that the Fund provides a
most satisfactory means of dealing with this problem in conjunction with the European Recovery
Program, and it has outlined to the Congress a
proposal for utilizing the Fund's mechanism for
this purpose. Under this proposal, whenever the
Council believes that a country's exchange rate is
imposing an unjustifiable burden on its balance of
payments, the United States Government would,
after discussion with the Government of the country
concerned, require that country (if a member of
the Fund) to raise the problem with the Fund and
to use the Fund's procedures for making an orderly
adjustment.
(c) Modifications of exchange rates. Difficult
problems have arisen in connection with the exchange rates of several member countries. At the
time that Italy was admitted to the Fund (March
1947), Italy had a system of multiple fluctuating
exchange rates whereby exporters to certain areas
were required to sell half of their foreign exchange
receipts at an official rate and might sell the other
half on the open market. Importers of some goods
purchased their exchange at the free market rates
which were considerably higher than the official
rate and importers of other goods purchased their
exchange at the official rate. Considering the Italian
economic situation the Fund approved the request
of Italy to defer agreement on a par value for the
lira. In November 1947 Italy proposed a modification of its exchange system which reduced the
number of effective rates, almost eliminated the
spread between import and export rates and brought
many cross rates into line with the official rates.
The Fund believed that this new system eliminated
some of the objectionable features of the Italian
system and was a step in the right direction. Although the Fund recognized as a general principle
that any system of fluctuating exchange rates is not
in accord with the long-run objectives of the Fund,
it also recognized that extraordinary measures might
be required to meet temporary situations. The Fund
accepted the Italian Government's assurance that it
would work in the direction of fixed and stable exchange rates, and that the fluctuating rate system
was merely a temporary expedient to be used until
802




such time as the internal situation of Italy and its
balance of payments would make possible the establishment of a rate consonant with the Fund's objectives.
In January 1948 the French Government proposed to modify its exchange system to include multiple rates and to change the par value of the franc,
which had been agreed with the Fund. The official
par was to be changed from approximately 119 to
214 francs to the dollar. The exchange rates for
currencies other than the dollar and other convertible currencies were to be based on the official
cross rate with the dollar, although dollar transactions would take place largely at a "free market"
rate. French exporters receiving dollars or other
convertible currencies would be permitted to sell
half of the proceeds on a "free market," while the
other half would be sold at the official rate. The
free market would also receive the exchange from
invisible transactions. While certain commodities
could be imported at the official rate of exchange,
particularly certain prime necessities, other items
could be imported only by securing exchange on
the free market. Purchase of exchange, however,
was restricted to licensed transactions, so that the
French authorities still retained considerable control over the operations in the free market.
The French Government presented its proposal
to the Fund and engaged in full consultation with
it. The Fund fully agreed that a change in the
rate of the franc was desirable and was prepared to
concur in a devaluation of the franc to a realistic
rate which would be applicable to all member currencies. It decided, however, that it could not accept the exchange system proposed by France.
While the Fund recognized the special difficulties
of France, it was unable to agree to a system which
involved the inclusion in a market
"with fluctuating rates of any part of the proceeds
of exports, as in its judgment this entailed the risk
of serious adverse effects on other members of the
Fund, without being necessary to achieve the trade
objectives sought by the French authorities.
"The Fund felt that there would be scope for competitive depreciation in the application by one country of a fluctuating rate on exports to one area while
other rates remained stable and other countries
maintained the parities agreed by the Fund. Such a
system, operating in an important trading country,
would encourage trade distortions and might cast
unwarranted doubt on the real strength of many
FEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
currencies through the apparent discount applied
to them in the French system."
The Fund also believed that the adoption of a
system as proposed by France might lead to the
adoption of similar systems by other countries so
that there would be uncertainty and instability in
the exchange rates of a large part of the world.
This disorderly exchange situation would have adverse effects upon all the members of the Fund.
Despite the Fund's objections, France put this system into effect on January 25, 1948. While this
action disqualified France from using the Fund's resources, it did not require France's withdrawal from
membership. The French Government and the
Fund have continued discussions subsequently in
the hope of bringing about a modification of the
French exchange system which would meet the
special requirements of France, while at the same
time not endangering exchange stability or operating to the economic disadvantage of other members of the Fund. France in agreement wTith the
Fund, has subsequently unified the effective import
and export rates applicable to many of the transactions with convertible currency countries, thus
reducing the number of multiple rates to this
extent. The French Government has indicated
that its present system is a temporary device and
that it is its intention to return to a unitary rate
system when circumstances permit.
The Council has kept the Italian and French exchange systems under close and extensive study, and
through the United States Executive Director actively supported the positions taken by the Fund.
The Council and the Fund share the desire to have
stable exchange rates established without discriminatory features as soon as this is practicable. The
Council strongly favors the adoption by all member countries of policies consistent with the Fund's
objectives. While it recognizes that some concessions must be made to meet the requirements of particular countries, it believes that temporary action
to meet immediate situations should not be such
as to prejudice the attainment of exchange stability.
II. EXCHANGE RESTRICTIONS AND MULTIPLE
CURRENCY PRACTICES

One of the ultimate objectives of the Fund is the
establishment of a multilateral system of payments
for international transactions and the elimination
of exchange restrictions on current transactions.
Members accepting the obligations of Article VIII,
JULY

1948




Section 2 of the Agreement agree not to impose
restrictions on payments and transfers for current
international transactions without the prior approval of the Fund. Similarly, under Article VIII,
Section 3, the members may not engage in discriminatory currency arrangements or multiple currency
practices unless authorized by the Agreement or
approved by the Fund. Since many discriminatory
exchange practices were in existence at the time
the Fund Articles came into effect, the members
agreed to consult with the Fund as to their progressive removal. The Articles recognized, however,
that in the postwar transitional period the retention
of exchange restrictions would be essential to the
economies of many member countries and so under
Article XIV gave the members great latitude in
retaining and adapting these arrangements to
changing circumstances without prior approval of
the Fund. Moreover, countries which had been
occupied by the enemy were permitted to introduce
restrictions which had not been in effect previously.
After three years of the Fund's existence the
members must report on such restrictions as are
still in force under the Articles, and after five years
the member may retain such restrictions only with
the consent of the Fund. At that time the Fund
will consult with the member and give it an opportunity to state its position. If the member
persists in retaining these restrictions despite the
Fund's objection, the member may be compelled
to withdraw from the Fund.
The foreign exchange systems of the member
countries have a great variety of controls over current transactions and many of the systems provide
for multiple rates, and in some cases, fluctuating
rates. The arrangements vary greatly from country to country. They sometimes are relatively new
devices introduced in the years preceding the outbreak of the war, or later, for the specific purpose
of protecting the exchange resources of the members
under war conditions. In other countries the multiple currency practices and exchange controls have
become deeply imbedded in the financial institutions of the country and are used as a matter of
trade policy, as well as a means of providing the
Government with special revenues through exchange taxes or discriminatory exchange rates.
Business practices as well as the pattern of trade
in these countries, particularly in Latin America,
have been adjusted to the system of controls so that
it would be scarcely feasible to eliminate them
rapidly.
803

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
The Fund has undertaken a study of the exchange restrictions and multiple currency practices now in force in all of the member countries,
and it has, on request of governments, sent missions to discuss with the members ways and means
of bringing their exchange policies in closer conformity with the Fund objectives. While countries must be dealt with separately because of the
complexities of their systems, the Fund has nevertheless stated its position with regard to the principal types of discriminatory exchange arrangements. The Fund has held that even during the
transitional period its jurisdiction extends to the
introduction or modification of exchange arrangements, when these involve changes in exchange
rates. Moreover, members by the Agreement undertake to collaborate with the Fund to promote
exchange stability and orderly exchange arrangements and the Fund believes that members must
pay due regard to this obligation in their administration of multiple currency practices. Under Article XIV, Section 4, the Fund is empowered to
make representations to a member that conditions
are favorable for the withdrawal of particular restrictions. This power may be exercised "in exceptional circumstances" during the transitional
period so that the Fund is given considerable discretion in dealing with this question. In practice,
it has approached the problem realistically and has
recognized that abrupt changes in the foreign exchange policies of the members might have undesirable consequences for their economies, and
might have further repercussions on the economic
well-being of other countries. In its advice to the
member countries it has consistently attempted to
eliminate as many of the restrictions as practicable
and has tried to induce them to work toward uniform exchange rates.
In accordance with Article XIV, Section 3, each
member, before it becomes eligible to purchase
currencies from the Fund, must notify the Fund
as to whether it intends to avail itself of the transitional arrangements or whether it is prepared to
accept the obligations of Article VIII, Sections 2,
3, and 4, which prohibit the member from imposing restrictions on current payments without the
agreement of the Fund and which require the
member to eliminate discriminatory currency arrangements or multiple currency practices. These
sections also require a member to convert its currency into other currencies at the request of other
members. Thus a member accepting the obliga804




tion of Article VIII, Section 4, agrees with certain
exceptions to buy balances of its currency held by
another member either with gold or with the other
member's currency, provided that these balances
have arisen as the result of recent current transactions or that the conversion of the balance is necessary for making payments for current transactions.
On November 8, 1946 the Fund requested the
members to inform it whether they intended to
avail themselves of the transitional arrangements
or whether they were willing to accept the obligations of Article VIII, Sections 2, 3, and 4. The
United States Government, acting through the
Council, notified the Fund on December 10, 1946
that it was ready to assume the obligations of Article VIII, Sections 2, 3, and 4. The only other
countries which are now accepting these obligations
are El Salvador, Guatemala, Mexico, and Panama.
All other menibers availed themselves of the privileges of the transitional period, either because they
had exchange restrictions in eflect at the time
which would be contrary to Article VIII, Sections 2
and 3, or because they were unable in their present
position to assure the convertibility of their own
currency into other member currencies, or into
gold if requested by the other members.
The Fund discussions with members regarding
their exchange practices and related financial policies are carried on for the most part on an informal
confidential basis, since these discussions may result in important legislative or administrative acts
on the part of the country concerned. In a few
instances, however, the Fund and the member
concerned have made public announcement of the
steps taken. Thus Ecuador requested the Fund's
advice about means of conserving its foreign exchange resources and suggested a new system of
allocation of its foreign exchange receipts. Ecuador
was induced to modify its system of exchange and
the Fund withdrew objections to the proposed
Ecuadorian system, despite its introduction of new
multiple currency practices. The system was accepted only as a temporary device for two years
under the transitional period provisions. By that
time it was believed that Ecuador could bring about
a sufficient degree of equilibrium in its balance
of payments and an adjustment of prices and costs,
as well as other domestic monetary and credit reforms, which would ultimately enable it to make
foreign exchange available for all current transactions at a single uniform rate.
In January 1948 the Fund agreed with Chile
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SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

on a program for the progressive simplification
of its multiple exchange rate system in the course
of 1948. As a first step, the compensation system,
whereby Chilean importers and exporters directly
matched imports and exports, was to be eliminated
and exchange transactions were to be effected
through normal banking channels. Chile also
took steps toward financial stability. Discussions
with the Fund are continuing, and it is expected
that in 1949 the bulk of Chile's foreign exchange
transactions will take place within a revised system
with a new rate of exchange to be established at a
more realistic level than the prevailing rates.
The National Advisory Council is aware of the
difficulties which the Fund faces in trying to bring
about the rapid adoption of unified stable exchange
rate systems. A series of steps must be taken by
the various member countries to simplify their
exchange rates and to eliminate the discriminatory
features now existing. The Council is of the opinion that the Fund's policy with regard to exchange
restrictions is directed toward the purposes for
which the Fund was created and believes that the
Fund has made some significant advances in the
right direction. The Council believes that greater
efforts must be made by the Fund and by the member countries to eliminate multiple currency practices, so that at the end of the transitional period
as many countries as possible will be able to undertake the obligations of convertibility of their currencies and the avoidance of restrictions, which
have in practice operated to the detriment of world
trade. In this connection the Council notes with
satisfaction the provisions of the International
Trade Organization Charter completed on March
25, 1948, which assign an important role to the
Fund in the determination of the circumstances
under which it is permissible for a country to impose import restrictions for the purpose of maintaining its external financial position and equilibrium
in its balance of payments. It is the hope of the
Council that the combined activities of the ITO and
the Fund will eventually bring about the freedom of
exchange and trade which is desirable in the interests of expanding world trade and the development of the economies of the member countries.
III. GOLD POLICY

The gold purchase and sales policies of member
countries are closely allied to the maintenance of
exchange stability. For some time the United
JULY

1948




States Government and the Fund have been greatly
concerned over the existence of markets for gold
in some of the member countries, in which gold
was sold in international transactions at prices considerably in excess of the gold values of the currencies of the members as determined by their par
values accepted by the Fund. Some of this gold
moved into private hoards and some was used to
make international payments in contravention of
the relevant exchange regulations. Trading in gold
also sometimes involved dollar payments and to a
degree may have affected exchange operations in
the dollar. Such transactions have a tendency to
undermine confidence in officially established
parities.
Article IV, Section 2, of the Fund Agreement
authorizes the Fund to prescribe a margin above
and below par value for transactions in gold by
members and prohibits members from buying
gold at a price above the par value, plus the margin, or selling gold at a price below par value,
minus the margin. To implement the provisions,
the Fund on June 10, 1947, adopted a regulation
which prescribed the permissible margin as onefourth of 1 per cent, exclusive of the cost of converting the gold into good delivery bars, or the
cost of transporting the gold to the place where
it is sold, or to the country whose currency is used
in the purchase of the gold, and other incidental
charges necessary for making the transfer. The
United States Treasury Department's practice in
gold sales and purchases is fully in accord with
this rule since the Treasury buys gold delivered to
the mints or assay offices at $35 per fine ounce,
less one-fourth of 1 per cent and other mint charges,
and sells gold at f35, plus one-fourth of 1 per cent
and other incidental charges.
On June 18, 1947 the Fund issued a statement
to its members deprecating international transactions in gold at premium prices, i.e., at prices exceeding the prescribed margins and requested the
members to take the steps necessary to stop such
transactions. The text of the Fund's statement
is given in appendix A. On June 24, 1947 the
National Advisory Council published the Fund's
statement and announced to the press that it was
in full agreement with it. A month later the Secretary of the Treasury and the Board of Governors
of the Federal Reserve System issued a joint statement requesting American individuals and firms
to refrain from engaging in premium gold trans805

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

actions. This statement is given in appendix B.1
To implement these two statements of policy
the Treasury Department announced on July 31,
1947 that it was considering the amendment of the
Regulations under the Gold Reserve Act. After a
public hearing the Regulations were amended by
the Secretary, with the approval of the President,
and became effective on November 24, 1947. The
amended Regulations provided that after their effective date licenses would not be issued for the export of gold in bar form for industrial, artistic, or
professional purposes, and that gold produced from
imported gold-bearing materials could be exported
only to the consignor or to his order, provided that
the license request showed that the export from the
country of origin and the import into the country
of destination were in accord with the regulations
of the countries concerned. United States nationals
were prohibited from exporting gold obtained from
imported gold-bearing materials on their own account and were prohibited from engaging in the
sale of such gold at premium prices for the account
of others.
On November 17, 1947 the Canadian Government announced a project for a subsidy to gold
production intended to prevent further decline in
Canadian gold mining as a consequence of increased operating cost and to increase production
so as to obtain dollar exchange. The Canadian
Government began consultations with the Fund
and with the United States Government, which,
as the principal buyer of gold, was greatly concerned about the matter. The Fund took the position in the course of these discussions that a subsidy of a fixed amount per ounce of gold produced
was in violation of Article IV, Section 2, of the
Fund Agreement which prohibits the members
from buying gold at a price above par value, plus
the agreed margin. In deference to the Fund's
objection the Canadian Government revised its
proposal so that the subsidy would be used to defray
part of the increased cost of production and would
vary with the costs of individual producers.
On December 11, 1947, the Fund issued a policy
statement which emphasized the necessity of member consultation with the Fund in all matters relating to gold subsidies, since gold subsidies might
threaten to undermine exchange stability or change
the par values of currencies as expressed in gold.
The Fund also believed that such subsidies were
1
The two appendices referred to above are not included here.
The statements appeared in the Federal Reserve BULLETIN for
July 1947 (p. 851) and August 1947 (p. 978).

806




objectionable, for example, "if subsidies were to cast
widespread doubt on the uniformity of the monetary value of gold in all member countries." The
Fund stated that it would deal with each particular
case as it arose and it determined "that in the present circumstances'7 the proposed Canadian action
was not inconsistent with the policies stated by the
Fund. On the following day the Secretary of the
Treasury, on behalf of the National Advisory Council, issued a statement approving of the position
taken by the Fund. The United States, as the
principal gold-buying country, has a special interest in all matters of gold production. The Secretary stated, "In particular, the United States would
view with disfavor any tendency for countries to
become dependent on subsidized gold production
as a solution to the problem of arriving at and
maintaining equilibrium in their balances of international payments." The Secretary also announced that the Council did not believe there
was any reason for granting a subsidy to gold production in the United States.
IV. USE OF THE FUND'S RESOURCES

One of the major problems of policy confronting the Fund during its first year of operations was
the formulation of appropriate policies relating to
the use of the Fund's resources by the member countries. The United States, which contributed $2,750,000,000 to the financial resources of the Fund, had
a particular interest in this matter especially since
the Fund's exchange operations have been confined almost entirely to the sale of dollars.
The Articles of Agreement specify in general
terms the conditions under which member countries may purchase currencies from the Fund. The
Fund's resources are to be used to meet temporary
foreign exchange deficits arising from current international transactions. Article XIV, Section 1,
explicitly provides that the Fund's resources are not
to be used for relief or reconstruction. It was
clearly the intent of the Agreement not to bar countries from using the Fund's resources during the
postwar reconstruction period, but these resources
were to be used only for the purposes of the Fund
and not contrary to its Articles. The Fund was
anxious to make a contribution toward the reestablishment of international trade and the maintenance of exchange stability in the postwar period.
It was faced, nevertheless, with the possibility that
under the abnormal conditions prevailing some requests for currency might involve such a substantial element of "relief" or "reconstruction" as to be
FEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
contrary to the Agreement. Therefore the Fund, by the United States, has become the basic criterion
while aiding the war-torn countries by the sale in the determination by the Fund whether indiof dollars to them, was required to exercise careful vidual requests to purchase currency from the Fund
judgment, and its sales of currency have been should be granted.
made only after careful study of the economic and
The United States representatives on the Fund
financial conditions of the members applying.
have urged that the Fund must continually examine
There was a very real danger that, if the Fund's the economic and financial situation of the member
resources were used in large part by countries countries to determine whether their use of the
in process of reconstruction, or by countries carry- Fund's resources would be consistent with the
ing on programs of economic development which Fund Agreement. This policy, fully supported
might require foreign dollar exchange to meet by the Council, is intended to conserve the Fund's
capital requirements, the long-range purposes of resources so that they may be used most effectively
the Fund would be lost sight of and that its re- to achieve the objectives for which the Fund was
sources would be quickly exhausted before the created. It is recognized that considerable flexibility
date at which the Fund could become fully effec- in the Fund's operations is required because of the
tive in maintaining exchange stability and prevent- changing circumstances of particular countries or
ing discriminatory exchange practices. The United of the general international economic situation. In
States Executive Director, with the approval of the dealing with this question, the most desirable pro*
Council, has consistently opposed the view that the cedure would clearly be for the member country
use of the Fund's resources was automatic. The and the Fund both to understand in advance the
Fund has tried to strike a balance between the ex- conditions under which requests for currency would
treme of conserving its resources entirely for the meet with the Fund's approval. Unanticipated repost-transitional period and the use of its resources jections of requests would be disturbing to the
to deal with the pressing exchange needs of the member involved, while, on the other hand, an
members at the present time.
automatic use of the Fund's resources would deTo carry out Section 13a of the Bretton Woods feat its purposes. Accordingly, on June 7, 1947,
Agreements Act, the United States Governor and the Fund sent all members a memorandum on its
Executive Director of the Fund took steps at its policy regarding the use of its resources. The
inaugural meeting to obtain "an official interpreta- Fund made it clear that it would consider caretion by the Fund as to whether its authority to use fully all requests for currency in the light of existits resources extends beyond current monetary ing circumstances and that their requests for forstabilization operations to afford temporary as- eign exchange could be challenged by the Fund
sistance to members in connection with seasonal, in cases where it had reason to question the corcyclical, and emergency fluctuations in the balance rectness of the declaration. The Fund indicated
e-of payments of any member for current transac- that it would study the situation in the member
tions, and whether it has authority to use its re- countries before, rather than after, the request for
sources to provide facilities for relief, reconstruc- the purchase of exchange, and that unless the memtion, or armaments, or to meet a large or sustained ber had been informed to the contrary it could
<outflow of capital on the part of any member." promptly purchase exchange from the Fund in
On September 26, 1946, the Board of Executive moderate amounts. In this way the member would
'Directors made an interpretation which was ac- have access to the Fund's resources as a second line
cepted by the Board of Governors, to the effect that of reserve. On the other hand, the members were
"the use of the Fund's resources was "limited to informed that where the Fund felt that members
-use in accordance with its purposes to give tempo- should have no access to the Fund's resources or
rary assistance in financing balance of payments only limited access, the matter would usually be
^deficits on current account for monetary stabiliza- handled informally in advance so that the member
tion operations." In the opinion of the Council could avoid submitting requests which might be
this interpretation is fully responsive to the require- rejected.
ments of the Bretton Woods Agreements Act, so
A number of countries have been informally adthat it believes that no amendment of the Fund's vised that the Fund did not regard it as desirable
Articles is necessary to satisfy the mandate of the for them to use the Fund's resources under preCongress. Moreover, this interpretation, requested vailing circumstances and these countries have
|ULY

1948




807

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL
refrained from making requests for exchange. In
certain instances after conditions in a given country have improved, the Fund has subsequently
informed it that it might purchase currencies from
the Fund. By these informal and confidential arrangements, possible misunderstanding has been
avoided. The United States representatives on
the Fund, with the agreement of the Council, have
strongly urged this position in the Fund Board and
the representatives of the other countries have
generally supported policies best suited to the longrun interests of the Fund as an institution for promoting exchange stability and the expansion of
world trade. In the opinion of the Council this
practice of continuous consultation in the Fund
Board has helped to develop a wider appreciation
among the member countries of the problems of
the other countries and has influenced the policy
of many of the member countries in the proper
direction.
The exchange operations of the Fund have
been moderate despite the widespread and acute
need for dollars by most of the member countries
during this period. Approximately 500 million
dollars of the Fund's resources was used by members, largely the European countries, in the first
year of operations. But these countries have also,
at the same time, used up large parts of their gold
and dollar resources and the lines of credit extended to them by agencies of the United States
Government. The European Recovery Program
will have considerable effect on the course of the
Fund's operations during the life of the program.
The participating countries will receive aid from
the United States, designed to cover a large part
of their dollar requirements which they are not
able to finance from other resources hitherto available and in estimating these resources no allowance
has been made for drawings from the Fund. The
participating countries should have little occasion
to require United States dollar assistance from the
Fund except under unforeseen and exceptional
circumstances. Non-European countries will also
benefit from the Recovery Program since dollars
will become available to them for goods procured
outside of the United States for the purposes of the
program. Consequently, aid under this program
will make it easier to preserve the resources of the
Fund for the post-transitional period when they can
be used more directly and effectively for the attainment of exchange stability and the elimination of
discriminatory currency practices.




V. CONCLUSION AND RECOMMENDATIONS

The National Advisory Council believes that the
Fund has made considerable progress toward achieving its objectives, despite the existence of serious
obstacles to its success. In the first two years of its
operations the Fund has created a satisfactory mechanism for the establishment, maintenance and modification of exchange rates. The member countries have submitted their exchange rates to the
scrutiny of an international body and have consulted with it about the basic problems involved
in the maintenance of exchange stability. In the
opinion of the Council the Fund has given valuable
advice to the member countries about their financial
and exchange policies. The Council believes that
the existing pattern of exchange rates is not by any
means satisfactory for all countries, but it is fully
cognizant of the difficulties in establishing rates
which can be maintained by the member countries
without undue recourse to the Fund under the
circumstances prevailing in the world today.
The postwar financial crisis has proved to be far
more serious than was anticipated at the time the
Fund was established. The disruption of the economies of the countries involved in the war, along
with the unfavorable conditions affecting their crops
and their industrial production, have increased their
need for dollars. Despite the large amount of aid
and credit extended by the United States Government, the countries of the world, particularly in
Europe, have been unable to return to normal economic conditions within three years after the war.
The Congress has recognized the need for special
assistance to the European countries and to China.
This aid should materially contribute to the restoration of levels of production and international trade
which will make the realization of the Fund's
purposes more probable. In the opinion of the
Council, the exchange rates of some of the European countries will require adjustment during the
life of the European Recovery Program. It believes that the Fund provides a satisfactory means
for critical evaluation of exchange policies, as well
as orderly procedure for their modification.
The Council believes that the Fund can make
a significant contribution to economic recovery by
its advisory activities with regard to foreign exchange problems and related fiscal and monetary
policies. This advisory function will be a useful
supplement to the consultative work of the Economic Cooperation Administration in the case of
FEDERAL RESERVE BULLETIN

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL

countries participating in the European Recovery The United States Executive Director and his AlterProgram. The Fund's advice should prove par- nate have been fully apprised of United States
ticularly valuable in matters of foreign exchange, policies affecting their work. All important matmonetary stabilization or other matters related to ters have been referred to the Council by the Execuits specialized interest.
tive Director and the Council has given him advice
Among the objectives of the Fund has been the and direction. As the result of this policy the deprogressive removal of exchange controls and the cisions taken by the Fund Board have been in
elimination of multiple currency practices. The harmony with the views of the Council.
great shortage of foreign exchange in most countries
The Fund has made considerable forward strides
has prevented them from removing more or less and it is the expectation of the Council that further
rigid control over the foreign exchange transac- progress will be made in the next few years. While
tions of their nationals. The dangers of capital it may be necessary in the future to suggest amendflight are considerable, while exchange resources ments to the Articles of Agreement, it is the opinion
might be dissipated in unessential purchases if of the Council that amendment of the Articles at
there is not careful husbanding of exchange by this time would be unwise, since the experience
public authorities. Moreover, the multiple currency of the last two years indicates that the objectives
practices of some of the countries have been so can be achieved by proper application of the existing
firmly established in their economic and financial agreement. The Council also at this time does not
systems that time will be needed to secure their recommend any change in the amount of the United
eventual removal in line with the Fund's policies. States subscription to the Fund.
Despite these handicaps, the Fund has succeeded
The Council believes that the objectives of the
in some cases in obtaining modifications of exFund parallel those of the United States in the
change systems in accordance with its purposes.
field of international finance. The maintenance of
The Council believes that the Fund should be able
exchange stability, the orderly adjustment of exto secure additional changes in the coming years.
change rates, and the progressive removal of conThe Council also believes that the Fund has
trols over current exchange operations are accepted
succeeded in steering the proper course in the use
objectives of United States international policy
of its resources in the course of the last year. The
now, as they were in 1944, when this Government
Fund has endeavored to reconcile the use of its
took the lead in the establishment of the Fund.
assets for the purposes for which the Fund was
The Council recognizes that the unusual conditions
created with the practical exigencies of this disprevailing in the postwar period have delayed the
ordered period in world finance.
The National Advisory Council is of the opinion realization of these objectives, but it also realizes
that there has been entirely satisfactory coordina- that more rapid progress was scarcely possible under
tion of the policies and operations of the United existing conditions. It believes that the Fund can
States representatives on the Fund with the activi- more fully achieve its purposes in the future
ties and policies of the United States Government. years and that it will have an especially important
The United States Executive Director on the Fund function in conjunction with the European Reand his Alternate have regularly attended the Coun- covery Program and other measures which the
cil's meetings and have participated in the work Congress may see fit to adopt to assist in the ecoof its staff committee and special working groups. nomic recovery of the world.
The existence of the Fund as an international
The Executive Director has submitted regular reconsultative
body is of great importance to the
ports to the Council and has given special reports as
needed. The Council has been kept fully informed United States. The Council believes that the inof actions taken and matters under consideration ternational financial policies of the United States
by the Fund. The Council has also supplied the can be furthered most effectively through continued
United States Executive Director with the infor- participation in an international body of this kind.
mation and studies available to the United States In the opinion of the Council, the Fund may be
expected to make an increasingly important conagencies represented in the Council.
The Council and the United States representa- tribution toward maintaining conditions of intives on the Fund Executive Board have been in ternational economic stability, which are vital to the
agreement with the policies pursued by the Fund. well-being of the United States.
JULY

1948




809

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

Interlocking Bank Directorates
Amendment to Regulation L

General License No. 1A (Section 131.1 A) is hereby revoked, effective June 15, 1948.
JOHN W. SNYDER,

Secretary of the Treasury.

The Board of Governors, on July 1, 1948, amended
Regulation L entitled "Interlocking Bank Directorates Under the Clayton Act," by adding a new
paragraph to section 3 dealing with "Relationships
Permitted by Board." The text of the amendment
is as follows:
AMENDMENT TO REGULATION L

Section 3 of Regulation L is amended, effective
July 1, 1948, by adding at the end thereof the following new paragraph:
(f) Any director, officer, or employee of a
member bank of the Federal Reserve System may
be at the same time a director, officer, or employee of not more than one bank which is
principally engaged in international or foreign
banking and which does not receive deposits or
make loans in the United States except as may
be incidental to its international or foreign
business.
Foreign F u n d s Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
the Treasury under authority of the Executive Order
of April 10, 1940, as amended, and the Regulations
issued pursuant thereto:

Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
AMENDMENT TO GENERAL LICENSE NO.

11

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section 5 (b) of the Trading
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
General License No. 11 (Section 131.11) is hereby
amended effective June 15, 1948, to read as follows:
(a) Certain payments for living expenses from certain
blocked accounts authorized. A general license is
hereby granted authorizing payments and transfers
of credit in the United States from blocked accounts
in domestic banking institutions held in the name
of an individual within the United States to or
upon the order of such individual, provided that:
(1) Such payments and transfers of credit are
made for the living, traveling, and similar personal expenses in the United States of such
individual or his family; and
(2) The total of all such payments and transfers of
credit made under this general license from
the accounts of such individual does not
exceed $250 in any one calendar month.
(b) Duty of banking institutions acting under this
license. Banking institutions effecting any such
payment or transfer of credit shall satisfy themselves that the terms of this license are complied
with.
(c) Restrictions of General Ruling No, nA.
Attention
is directed to the special restrictions contained in
General Ruling No. 11A pertaining to dealings
in certain property in which there is any interest
of Germany or Japan or certain nationals thereof.
JOHN W. SNYDER,

Treasury Department

Secretary of the Treasury.

FOREIGN FUNDS CONTROL

May 29, 1948
REVOCATION OF GENERAL LICENSE NO.

Treasury Department
1A

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section S(b) of the Trading
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*

810




FOREIGN FUNDS CONTROL

May 29, 1948
AMENDMENT TO GENERAL LICENSE NO.

32

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section 5 (b) of the Trading
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
General License No. 32 (Section 131.32) is hereby
amended effective June 15, 1948, to read as follows:
(a) Certain remittances for living expenses authorized.
A general license is hereby granted authorizing
remittances by any person to any individual who
is within any foreign country, provided the following terms and conditions are complied with:
(1) Such remittances are made only for the necessary living expenses of the payee and his household and do not exceed $250 in any one calendar month to any one household;
(2) Such remittances are not made from a blocked
account other than from an account in a banking institution within the United States in the
name of, or in which the beneficial interest is
held by, the payee or members of his household;
(3) Notwithstanding paragraph (b) of General
License No. 94, if the payee is within Austria,
Belgium, Denmark, France, Greece, Italy,
Luxembourg, the Netherlands, Norway, or
Sweden, the remittance may be effected only
by the payment of the dollar amount of the
remittance to a domestic bank for credit to
an account in the name of a bank within such
country;
(4) If the payee is within Portugal, such remittances must be made through a domestic bank
and any domestic bank is authorized to effect
such remittances which, however, may be effected only:
(i) By the payment of the dollar amount of
the remittance to a domestic bank for
credit to a blocked account in the name
of a banking institution within Portugal;
or
(ii) By the acquisition of foreign exchange
from a person in the United States having
a license specifically authorizing the sale
of such exchange.
(5) If the payee is within any foreign country other
than foreign country specified in paragraphs
3 and 4 above, the remittances may be effected
in any manner.
(b) Duty of persons and domestic banhj acting under
this license. All persons making such remittances
and all domestic banks effecting such remittances
shall satisfy themselves that the foregoing terms and
conditions are complied with.
(c) Definition. As used in this general license the term
"household" shall mean:
(1) Those individuals sharing a common dwelling
as family; or
(2) Any individual not sharing a common dwelling with others as a family.
(d) Restrictions of General Ruling No. 11 A. Attention
JULY

1948




is directed to the special restrictions contained in
General Ruling No, 11A pertaining to dealings
in certain property in which there is any interest
of Germany or Japan or certain nationals thereof,
(e) Restrictions of Public Circular No. 25. Attention is
directed to paragraph (4) of Public Circular No. 25
providing that this general license shall not be
deemed to authorize any remittance to any citizen
or subject of Germany, Japan, Bulgaria, Hungary,
or Rumania who is within any such country or to
any citizen or subject of Germany or Japan within
Italy.
JOHN W. SNYDER,

Secretary of the Treasury.
Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
GENERAL LICENSE NO. 32A,

As AMENDED

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section 5 (b) of the Trading
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
General License No. 32A (Section 131.32A) is hereby
amended effective June 15, 1948, to read as follows:
(a) Certain remittances for living expenses authorized.
A general license is hereby granted authorizing remittances from blocked accounts by any person
to any individual within Bulgaria, Hungary or
Rumania who is a citizen or subject of any such
country, provided that:
(1) Such remittances are made only for the necessary living expenses of the payee and his
household and are not made from any account
other than an account in the name of, or in
which the beneficial interest is held by, the
payee or a member of his household; and
(2) Such remittances do not exceed $100 in any
one calendar month plus an additional sum
of not more than $25 for each member of
the payee's household in addition to the payee,
but in no event shall more than $200 per
calendar month be remitted to any such individual and his household.
(b) Refunds. Any person in the United States receiving
the amount of any remittance ordered pursuant to
this general license for transmittal to Bulgaria,
Hungary, or Rumania may refund such amount
when advised that the remittance cannot be effected.
(c) Definition. As used in this general license, the
term "household" shall mean:
(1) Those individuals sharing a common dwelling
as a family; or
(2) Any individual not sharing a common dwelling with others as a family.
JOHN W. SNYDER,

Secretary of the Treasury.

811

LAW DEPARTMENT
Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
REVOCATION OF GENERAL LICENSE NO.

52

Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Section 5 (b) of the Trading
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control.*
General License No. 52 (Section 131.52) is hereby revoked.
JOHN W. SNYDER,

Secretary of the Treasury.
Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
AMENDMENT TO GENERAL LICENSE NO. 53

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section 5(b) of the Trading
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
Paragraph (4) (a) of General License No. 53 (Paragraph
( d ) ( l ) of § 131.53) is hereby amended to read as follows:
§ 131.53 * * *
(d) As used in this general license:
(1) The term "generally licensed trade area" shall include all foreign countries except the following:
(i) Germany and Japan;
(ii) Bulgaria, Hungary, Rumania, and Italy;
(iii) Sweden, Switzerland, Portugal, and Liechtenstein;
(iv) France (including Monaco), Belgium, Norway,
Finland, the Netherlands, Czechoslovakia, Luxembourg, Denmark, Greece, Poland, Estonia, Latvia,
Lithuania, Austria, and Yugoslavia, but not including any colony or other non-European territory
subject to the jurisdiction of any such country except French West Africa, Algeria, Tunisia, and
French Morocco.
JOHN W.

SNYDER,

Secretary of the Treasury.

any citizen of the United States who is within any
foreign country and who is a national of a blocked
country solely by reason of having established residence in a blocked country subsequent to June 6,
1944.
(b) Limited payments from accounts of other United
States citizens authorized. This general license also
authorizes payments and transfers of credit from
blocked accounts in the United States for expenditures within the United States or the Generally
Licensed Trade Area, as defined in General License
No. 53, of any citizen of the United States who is
within any foreign country and who is not entitled to the benefits of paragraph (a) hereof;
provided that the following terms and conditions
are complied with:
(1) Such payments and transfers are made only
from blocked accounts in the name of, or in
which the beneficial interest is held by, such
citizen or his family;
(2) The total of all such payments and transfers
made under this general license does not exceed $1,000 in any one calendar month for
any such citizen or his family.
(c) Certain transactions not authorized. This general
license shall not be deemed to authorize any remittance to any blocked country or, except as expressly
authorized above, any other payment, transfer, or
withdrawal which could not be effected without
a license by a person within the United States
who is not a national of any blocked country.
JOHN W. SNYDER,

Secretary of the Treasury.
Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
PUBLIC CIRCULAR NO. 36

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Sections 3 (a), 5 (b) of the
Trading with the Enemy Act, As Amended by the First
War Powers Act, 1941, Relating to Foreign Funds Control.^

Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
GENERAL LICENSE NO. 74, As AMENDED

Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section 5 (b) of the Trading
with the Enemy Act, As Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
General License No. 74 (Section 131.74) is hereby
amended effective June 15, 1948, to read as follows:
CERTAIN UNITED STATES CITIZENS GENERALLY LICENSED AND
PAYMENTS FROM ACCOUNTS BY CERTAIN OTHER PERSONS
AUTHORIZED.

(a) Certain United States citizens licensed as generally
licensed nationals. A general license is hereby
granted licensing as a generally licensed national

812




Public Circular No. 36, (Part 131 Appendix B).
REVOCATIONS

OF AND RESTRICTIONS ON CERTAIN
LICENSES AND AUTHORIZATIONS

SPECIFIC

(1) Certain specific licenses and authorizations revoked.
To the extent that they authorize any transactions set forth
below, all licenses and authorizations of whatsoever character, other than those contained in General Rulings, General
Licenses and Public Circulars, are hereby revoked effective
June 30, 1948 and all licenses and authorizations hereafter
issued except those which expressly refer to this Public
Circular, shall be ineffective to the extent that they purport
to authorize any such transactions after June 30, 1948.
(a) Withdrawals from blocked accounts for payments
or remittances for the purpose of living, traveling
or other similar personal expenses;
(b) Withdrawals from blocked accounts for remittances,
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
regardless of the purpose, to Austria, Belgium,
Denmark, France, Greece, Italy, Luxembourg, the
Netherlands, Norway or Sweden by any means
other than by the payment of the dollar amount
of the remittance to a domestic bank for credit
to an account in the name of a bank within such
country.
(2) Exceptions. The provisions hereof shall not apply
to any license under which all payments, transfers and withdrawals may be effected from an account, including any
license which permits an account to be treated as the account
of a generally licensed national.
JOHN W.

SNYDER,

Secretary of the Treasury.
Treasury Department
FOREIGN FUNDS CONTROL

May 29, 1948
PUBLIC CIRCULAR NO. 37

Under Executive Order No. 83 89, As Amended, and Executive Order No. 9193, July 6, 1942, As Amended.

This Public Circular, providing for a census of propertyblocked in the United States as of June 1, 1948, relates to
reports to be filed by July 15, 1948, on Form TFR-600 with
respect to property subject to the jurisdiction of the United
States in which certain persons have any interest of any
nature whatsoever, direct or indirect, and may be obtained
from the Federal Reserve Bank of New York.
* Sec. 5(b); 40 Stat. 415, 966, sec. 2, 48 Stat. 1, 54 Stat. 179;
sec. 301, 55 Stat. 839; 12 U. S. C. 95a, 50 U. S. C. App. Sup.,
5(b); E. O. 8389, April 10, 1940, as amended by E. O. 8785,
June 14, 1941, E. O. 8832, July 26, 1941, E. O. 8963, Dec. 9,
1941, and E. O. 8998, Dec. 26, 1941, E. O. 9193, July 6, 1942,
as amended by E. O. 9567, June 8, 1945; 3 CFR, Cum. Supp.,
10 F. R. 6917; Regulations, April 10, 1940, as amended June
14, 1941, February 19, 1946, June 28, 1946, and January 1,
1947; 31 CFR, Cum. Supp., 130.1-7, 11 F. R. 1769, 7184, 12
F. R. 6.
t Appendix B, issued under sec. 3(a), 40 Stat. 412, sec. 5(b),
40 Stat. 415, 966, sec. 2, 48 Stat. 1, 54 Stat. 179, sec. 301,
55 Stat. 839; 50 U. S. C. App. 3(a), 12 U. S. C. 95a, 50
U. S. C. App. Sup., 5(b); E. O. 8389, April 10, 1940, as
amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26,
1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26,
1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567,
June 8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations,
April 10, 1940, as amended June 14, 1941, February 19, 1946,
June 28, 1946 and January 1, 1947; 31 CFR, Cum. Supp.,
130.1-7, 11 F. R. 1769, 7184, 12 F. R. 6.

CURRENT EVENTS AND ANNOUNCEMENTS
Appointment of Branch Director

On June 16, 1948, the Board of Governors announced the appointment of Mr. Smith D. Broadbent, Jr., who is engaged in farming at Cadiz, Kentucky, as a director of the Louisville Branch of the
Federal Reserve Bank of St. Louis for the unexpired
portion of the term ending December 31, 1949. Mr.
Broadbent succeeds Mr. Rosco Stone, a farmer of
Hickman, Kentucky, who resigned.
Resignation of Branch Director
On July 8, 1948, the Board of Governors accepted
the resignation of Mr. Charles S. Lee, a planter and
cattle raiser of Oviedo, Florida, as a director of the
Jacksonville Branch of the Federal Reserve Bank of
Atlanta. Mr. Lee had served the branch as a director since May 15, 1943.
Appointment of Associate Director of Research
Mr. Frank A. Southard, Jr., who has accepted an
appointment as Associate Director of the Board's
Division of Research and Statistics to be in charge
of all international activities of the Division, will
assume his position with the Board on August 16.
JULY

1948




Mr. Southard is Chairman of the Department of
Economics at Cornell University and is on leave of
absence serving as Director of the Office of International Finance of the Treasury Department. He
has had many years of experience in teaching and
research work and is the author of a number of
books on subjects dealing with international trade
and finance. During the war, Mr. Southard
was Financial Adviser at the Allied Force Headquarters in the Mediterranean.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to membership in the Federal Reserve System during the
period May 16, 1948 to June 15, 1948:
Florida
Jacksonville Beach—The Beach Bank
Texas
Lubbock—American State Bank
West Virginia
Charles Town—Peoples Bank of Charles Town

813

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled June 23 and released for publication June 25]

Industrial output and department store sales increased in May and were maintained at advanced
levels in the early part of June. The general level
of wholesale commodity prices rose further in June,
reflecting chiefly sharp increases in livestock. Substantial advances were announced in prices of automobiles and some other industrial products.
INDUSTRIAL PRODUCTION

The Board's seasonally adjusted index of industrial production advanced 4 points in May to a level
of 192 per cent of the 1935-39 average, which was
close to the record peacetime rate prevailing in the
first quarter before output was curtailed by work
stoppages at coal mines.
Production of durable goods in May was above
the April rate but below first quarter levels. Production of iron and steel increased sharply as coal
supplies were restored. Output of nonferrous
metals and of stone, clay, and glass products was
maintained at the high rate of recent months. Production of most other durable goods, however, declined further in May. Activity in the automobile
industry was substantially curtailed as a result of
steel shortages and a labor dispute at plants of a
major producer, and the number of cars and trucks
finished in May was about one-fifth below the first
quarter average.

Output in most nondurable goods industries in
May was maintained at the April level or advanced
somewhat. Petroleum refinery operations increased
further; output of gasoline and fuel oil was 16 per
cent larger than in May of last year. Coke production recovered from the curtailment in April resulting from reduced coal supplies. Meat production
showed a slight gain in May, reflecting settlement
of a labor dispute at major packing establishments
on May 21. Activity at cotton textile and paperboard mills and at printing establishments was
maintained at the April rate.
Minerals output rose to a new high level in May,
owing mainly to a sharp increase in bituminous coal
output and to a further rise in crude petroleum
production to a new record level. Production of
iron ore was maintained in exceptionally large
volume.
CONSTRUCTION

Value of construction contracts awarded in May,
as reported by the F. W. Dodge Corporation, increased further to a new postwar peak more than
10 per cent above April and slightly above the
previous high in May 1946. The increase reflected
mainly large gains in awards for public works and
for educational and hospital buildings. Value of
awards for commercial structures increased further
in May to the highest level in more than two years.

INDUSTRIAL PRODUCTION
PHYSICAL

VOLUME

SEASONABLY

ADJUSTEP,

1935 ' 3 9 '

DEPARTMENT STORE SALES AND S T O C K S

100

PER CEf.

DOLLAR VOLUMIt

T

YADJUSTEB 1935-39-1 5 0

SEASONALl

Pt

300
^

^

I
SAL

250

#
#

M hi

200

/V
! too

1941

1942

1943

1944

1945

1946

1947

1948

Federal Reserve index. Monthly figures, latest shown are for
May.

814




v/

it

/STOCKS

1

V

A. }

I}*
V

100

1941

J942

1943

1944

1945

1946

1947

1948

Federal Reserve indexes. Monthly figures, latest shown are
for May.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Private residential awards also continued to increase.
The number of new dwelling units started, according to the Bureau of Labor Statistics, was 97,000
as compared with 90,000 in April and 73,000 in
May 1947.
DISTRIBUTION

Value of department store sales rose to a new
high in May, after allowance for seasonal changes.
The Board's adjusted index for the month is estimated to be 308 per cent of the 1935-39 average as
compared with 304 in April and an average of 284
for the first quarter. Sales in the first half of June
continued near this advanced level.
Loadings of railroad revenue freight in May and
the first half of June were in substantially larger
volume than in the preceding two months, mainly
because of a sharp rise in coal shipments. Grain
shipments showed a marked further gain during
this period, reflecting chiefly an unusually early
movement of the new wheat crop. Total freight
carloadings in May and early June were at about
the same level as during this period a year ago.
COMMODITY PRICES

The general level of wholesale commodity prices
advanced further in June to about the peak reached
in January. The rise reflected chiefly sharp increases
in livestock prices following settlement of the meat
packing strike. Prices of most other farm products
and foods showed little change.
WHOLESALE PRICES

Prices of industrial materials continued to show
mixed changes in June with further declines reported for cotton goods and some other items and
marked increases in secondary aluminum, tin, and
wool. Prices of automobiles and various other
manufactured products were raised.
The consumers' price index increased .7 per cent
in May, reflecting mainly further advances in retail
prices of meat. Retail prices of most other groups
of items showed little change or increased slightly.
BANK CREDIT

Substantial Treasury cash payments in excess of
receipts during late May and the first half of June
reduced Treasury balances at Reserve Banks by
about 600 million dollars and increased the reserves
of commercial banks. A large gold inflow also
supplied banks with reserve funds, offset in part
by a currency outflow over the Memorial Day
holiday.
Effective June 11, the Board of Governors increased reserve requirements against net demand
deposits at central reserve city banks from 22 to 24
per cent. These banks sold Government securities
to the Reserve Banks as needed to meet the resulting
increase of about 500 million dollars in their required reserves. An increase in Treasury deposits
resulting from tax payments after the middle of
June exercised a drain on bank reserves and caused
additional sales of Government securities to the
Federal Reserve.
Real estate and consumer loans continued to increase at banks in leading cities during May and the
first two weeks of June. Commercial loans were
maintained at about the volume outstanding in the
last half of April.
SECURITY MARKETS

Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending June 26.

JULY

1948




Common stock prices advanced somewhat further
from the middle of May to the third week of June,
and trading remained relatively active.
The Treasury announced on June 10 increases in
purchase limits for F and G bonds bought by savings institutions during the period July 1-15. Prices
of marketable Government bonds, which had risen
during May, declined in June.

815

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.

819

820
821-824
825

Deposits and reserves of member banks.

825-826

Money in circulation.

827-828

Gold stock; bank debits and deposit turnover.
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes.

828
829
830-831

All insured commercial banks in the United States, by classes.

832-833

Weekly reporting member banks.

834-837

Commercial paper, bankers' acceptances, and brokers' balances.

838

Money rates and bond yields.

839

Security prices and new issues.
Corporate earnings and dividends.
Treasury finance
Government corporations and credit agencies.

840-841
842
843-845
846

Business indexes

847-856

Department store statistics.

857-860

Cost of living.
Wholesale prices

860
861

Gross national product, national income, and income payments.

862-863

Consumer credit statistics.

864-866

Current statistics for Federal Reserve chart books.

867-871

Number of banking offices on Federal Reserve par list and not on par list

872

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.

JULY 1948




817

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

WEDNESDAY

FIGURES

BILLIONS OF DOLLARS

30

10

1940

1941

1942

1943

1944

1945

1946

1947

1948
30

30

TOTAL RESERVE BANK HOLDINGS
• OF U S. GOVERNMENT SECURITIES •

25

20

20

15

10

1940

1941

1942

1943

1944

1945

1946

1947

1948

Wednesday figures, latest shown are for June 23. See p. 819.

818




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total

Date

Treasury
bills
and
certificates

All
other

Monthly averages of
daily figures:
1947—Mar
Apr
May
1948—Mar
Aor
May

307 22,978 i 21,831 1,147
208 22,104 20,998 1,105
130 21,782 20,686 1,096
,582 13,097 7,484
262 20,440 12,645 7,796
301 20,315 12,073 8,242

End-of-month figures:
1947—Mar. 3 1 . . .
Apr. 30. ..
May 3 1 . . .
1948—Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .

538
125
179
430
249
306

22,593
21,857
22,088
20,887
20,340
20,662

21,488
20.752
20,984
13,332
12,210
12,386

1,105
1,105
1,105
7,555
8.130
8,276

Wednesday figures:
1947—Aug. 6 . . .
Aug. 1 3 . . .
Aug. 2 0 . . .
Aug. 2 7 . . .

123
183
239
134

21,869
22,030
22,097
22,107

20,777
20,939
21,008
21,018

,092
,091
,089
,089

Sept. 3.,.
Sept. 10...
Sept. 17...
Sept. 24...

125
120
130
119

22,224
22,042
21,756
22,118

21,135
20,848
20,562
20,927

Oct. 1 . . .
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .

156 22,392
22,355
146 22,218
125 21,772
373 22,129

21,195
21,148
21,013
20,564
20,689

Nov.
Nov.
Nov.
Nov.

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

204
429
199
370

Dec. 3 . . .
Dec. 1 0 . . .
Dec. 1 7 . . .
Dec. 2 4 . . .
Dec. 3 1 . . .

All
other* Total

Gold
stock

TreasOther
TreasdeFedury
Treas- ury
posits Noncur- Money
ury
with mem- eral
cirRerency in
cash Federal
culaber de- serve
outholdtion
Reposits
standings
acserve
ing
counts
Banks

Member
bank reserve
balances

Total

Excess1

4,557
4,558
4,559
4,558
4,558
4,560

28,273
28,185
28,158
27,941
27,766
27,749

1,332
1,3291,340
1,326
1,325
1,323

1,344 1,097
723 1 ,060
612
993
1,089 1,069
1,225
986
874j
1,420

633 16,006
639 15,931
15,978
575 17,106
587 16.926
545 16,933

871
833
784
822
811
743

300 23,431 20,463
22,205 20,7741
223 22,738
20,933
21,607 23,137
269 20.858 23.169
21,576 23,304

4,559
4,561
4,558
4,559
4.562
4,562

28 ,230
28 ,114
28 ,261
27 ,781
27 .716
27 ,812

1,336
1,329
1,330
1,325
1,319
1,322

2,014
971
619 1,025
728 1,044
1,972
999
826
1,236
1,684 1,057

638 15,264
627 15,826
16,238
588 16,639
546 16.944
546 17,021

344
654
991
655
737
848

219
282
300
237

22,211 21,602
22,494 21,611
22,636 21,666
22,478 21,766

4,552
4,551
4,551
4,550

28,206
28,223
28,239
28,302

1,330
1,329
1,330
1,335

728 1,071
1,053 1,000
987
1,265
915 1,123

621
622
624
626

16,409
16,428
16,407
16,493

741
779
721
775

,089
,194
,194
,191

274
309
509
336

22,623 21,765
22,472 21,815
22,394 21,935
22,573 21,950

4,552
4,551
4,551
4,552

28,749
28,742
28,633
28,556

1,323
1,329
1,306
1,319

459 1,149
960
243
240
930
800
924

632
632
642
645

,196
,207
,205
,208
,440

383
385
443
451
287

22,931 21,955
22,852 22,092
22,807 22,153
22,348 22,225
22,789 22,294

4,551
4,551
4,551
4,552
4,552

28,559
28,632
28,656
28,569
28,519

1,316
1,328
1,324
1,337
1,338

1,053
909
836
608
1,355

832
837
817
924
917

643
646
648
650
649

16,628
841
16,932 1,015
17,128 1,055
16,831
875
17,034
985
17,142 1,069
17,229 1,154
17,037
857
16,859
721

22,119
222,052
22,222
22,239

20,552 ,567
20,343 ,708
20,117 2,105
19,913 2,327

317
208
620
325

22,640 22,336
22,689 22,442
23,041 22,513
22,934 22,597

4,551
4,550
4,552
4,554

28,635
28,709
28,595
28,725

1,324
1,328
1,327
1,330

926
1,224
1,560
1,314

922
950
926
969

632
632
631
626

17,088
16,839
17,068
17,121

952
766
883
954

262
250
168
283
85

22,120
21,985
21,657
21,900
22,559

19,587
19,273
18,772
18,659
18,230

2,533
2,713
2,886
3,241
4,329

448
382
913
827
536

22,830
22,617
22,738
23,011
23,181

22,680
22,708
22,723
22,743
22,754

4,553
4,556
4,557
4,556
4,562

28,817
28,874
28,923
29,111
28,868

1,342
1,331
1,332
1,318
1,336

1,256
934
616
929
870

986
992
951
967
961

624
618
615
609
563

17,038
17,132
17,581
17,377
17,899

854
935
,165
,073
,499

1948—Jan. 7 . . .
Jan. 1 4 . . .
Jan. 2 1 . . .
Jan. 2 8 . . .

164
165
168
281

21,683 17,148
21,896 17,018
21,540 I 16,311
21,987 15,904

4,536
4,878
5,229
6,082

473
507
518
391

22,320
22,568
22,227
22,658

22,762
22,790
22,829
22,894

4,560
4,559
4,559
4,558

28,658
28,374
28,211
28,086

1,340
1,333
1,323
1,332

562 1,009
819
959
1,268
913
1,945

569
568
565
555

17,503 ,166
17,863 ,537
17,334
993
17,305 1,040

Feb.
4...
Feb. 1 1 . . .
Feb. 1 8 . . .
Feb. 2 5 . . .

240
578
295
279

20,523
20,817
21,782
21,034

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

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

21,175 22,934
337 21,732 22,933
22,981
543 21,782
21,707 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

616
1,187
1,725
1,656

974
944
8991
901

562
559
558
557

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

257
298
363
447
430

21,071
20,678
20,
20,6071!
20,887

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

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

523 21,851 23,036
350 21,326 23,083
21,187 23,119
375 121,429 23,135
21,607 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 1,0271
751
955
677 1,006
1,458 1,018
1,972
999

557
559
586
589
588

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

Apr. 7 . . .
Apr. 1 4 . . .
Apr. 21. . .
Apr. 28. . .

260 20,477 12,816
20,593 12*, 832
234 20,394 12,537
259 20,440 12,400

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

347 21,085 23,1471
315 21,130 23,152|
338 20,966 23,159j
20,952 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|
911i
856!

590
590
590
587

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

822
894
701
879

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

230
250
225
321

20,251 12,085 8,166
20,348 12,110 8,238
20,098 11,823 8,275
20,592 12,323 8,270

374 20,856 23,176!
440 21,038 23,225!

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

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

1,329
1,319
1,3291
1,3331

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

810i
792:
795
788;

545 17,033
544 17,087
546 16,506
547jl6,901

817
884
294
723

June 2 . . .
June 9 . . .
June 16. . .
June 23.. .

239 20,68311
312 20,349H
294120,749:
353)21,010!!

754;
828!
879;;
827

551117,094
941
551 17,154
908
593|l7,999
Pi,169
598 ; 17,408

Mar.
Mar.
Mar.
Mar.
* Mar.

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

12,543 8,141
12,224 8,125
12,638
12,900 8J10

436
411
372
454

23,721
22,722
22,284
21,446
21.103
21,042

20,406
20,586
20,865
23,103
23,154
23 , 243

20,674 23,245
287 21,201 23,295

369
294
476
358

21,292
20,955
|21,519
121,721

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

,562 27,8951
,560 2 7,864
,560 27,808|
27,792!

1,335! 1,567
1,337! 1,144
1,331|
984!
1.3171 1,863'

913
1001
765
964

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

1
2

JULY 1948




819

FEDERAL RESERVE BANK DISCOUNT RATES
[In effect June 30. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1

Federal Reserve Bank

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

Effective
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

H
IX
IX

\x
IX
\x
IX

14,
12,
12,
12,
12,
12,
12,
12,
12,
19,
12,
15,

Other secured advances
[Sec. 10(b)]

Effective

Rate

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

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

14,
12,
12,
12,
12,
12,
12,
12,
12,
19,
12,
15,

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

Effective
Jan. 14,
Apr. 6,
Mar. 23,
Mar. 9,
Mar. 16,
Jan. 24,
Jan. 12,
Jan. 12,
Jan. 15,
Jan. 19,
Feb. 14,
Apr. 25,

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

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

1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK 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
Previous
In effect beRate on
[In effect June 30. Per cent per annum]
Maturity
June 30
rate
ginning—

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

1
x

IH
IV2

To industrial or
commercial
businesses

iKs
iH
IK

Tan. 12, 1948
Jan. 12, 1948
i j a n . 12, 1948

Federal
Reserve
Bank

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

Net demand deposits 1
Period in effect

Central
reserve
city
banks

June 21, 1917-Aug. 15, 1936. .
Aug. 16, 1936-Feb. 28, 1937..
Mar. 1, 1937-Apr. 30, 1937..
May 1, 1937-Apr. 15, 1938. .
Apr. 16, 1938-Oct. 31, 1941..
Nov. 1, 1941-Aug. 19, 1942..
Aug. 20, 1942-Sept. 13, 1942. .
Sept. 14, 1942-Oct. 2, 1942. .
Oct. 3, 1942-Feb. 26, 1948..
Feb. 27, 1948-June 10, 1948..
June 11, 1948 and after

13
193^
22M
26
22M
26
24
22
20
22
24

Reserve
city
banks

Time
deposits
(all
Country member
banks)
banks

10
15

3
43^
5X

10^
12H
14
12
14
14
14
14
14
14

173^

20
17^
20
20
20
20
20
20

6
5
6
6
6
6
6
6

1
D e m a n d deposits subject to reserve requirements, i. e., total
d e m a n d deposits m i n u s cash items in process of collection and d e m a n d
balances due from domestic b a n k s (also minus war loan and series E
bond accounts d u r i n g t h e period Apr. 13, 1943-June 30, 1947, and all
U. S. G o v e r n m e n t d e m a n d accounts Apr. 24, 1917-Aug. 23, 1935).
M A X I M U M RATES O N T I M E DEPOSITS
M a x i m u m rates t h a t m a y be paid by member b a n k s as established by
t h e Board of Governors under provisions of Regulation Q.
[Per cent per annum]

On discounts or
purchases
On
loans 1

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

23^-5
2^-5
23^-5
23^-5
23^-5
2>|-5
2^-5
2H-S

On
commitments

y2-ix
y -\x
y22-\x

H-iH

Y2
2}/2

23J

Portion
for which
institution is
obligated

Remaining
portion

1-5
2^-5

On
commitments

x-n

2-\x

y2-ix

1
2
3
4

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.
5
Charge of X P e r c e n t is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, -Table 118,
pp. 446-447.
MAR*GIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934

Nov. 1,1933- Feb. 1, 1935- Effective
J a n . 31, 1935 Dec.31,1935 J a n . 1, 1936
Savings deposits
Postal savings deposits
Other deposits p a y a b l e :
In 6 m o n t h s or more
In 90 days to 6 m o n t h s
I n less t h a n 90 d a y s

To financing institutions

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

July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947

Effective
Feb. 1,
1947

75
75

100
100

75
75

75

100

75

1
1

N O T E . — M a x i m u m rates t h a t m a y be paid by insured nonmember
b a n k s as established by t h e F . D . I. C , effective F e b . 1, 1936, are the
same as those in effect for member b a n k s . Under Regulation Q t h e
r a t e payable b y a m e m b e r b a n k m a y not in a n y event exceed the maxim u m r a t e payable by S t a t e b a n k s or t r u s t companies on like deposits
under t h e laws of the S t a t e in which the member b a n k is located.

820



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

FEDERAL RESERVE BULLETIN

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

June 16

June 23
Assets
Gold certificates
Redemption fund for
F. R. notes
,

21,642,170
618,904

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

352,946
2,239

May 26

June 2

May 19

May 12

June

May

June

21,623,170*'21,465,170 21,455,170 1,405,170 21 355,170 21 342,170 21 ,642,170 21,415,170 19,329,178
709,924
620,724
620,724
620,722
615,643
618,222
624,221
620,723
623,016

Total gold certificate reserves. .. , 22,261,074 22,241,392
Other cash
271,252
262,839
Discounts and advances:
117,946
59,032
For member banks. . .
For nonmember
235,000
banks etc
235,000
Total discounts and
advances

June 9

End of month

22,035,894 20,039,102

22,085,892 22,075,894 22,025,893

21,979,391 21,965,186 22,257,813

245,245

280,321

255,770

268,262

233,675

75,342

82,456

163,757

68.250

93,183

34,632

148,604

42,397

237,000

157,000

157,000

157,000

157,000

231,000

157,000

27,530

239,456

320,757

225,250

250,183

265,632

305,604

69,927

254,592

294,032

288,907;

286,656

~~

851

916

1,778.

1,868

887

8,395,481 8,240,631

7,934,891 8,273,091 8,196,591

7,703,801

7,944,701

,576,881

4,505,007 4,397,007
1,934,800 1,934,800
6,174,786 6,176,786

4,289,507 4,269,507
4,118,993
1,942,800 1,957,800 1,946,800 1,936,800
6,181,786 6,182,786 6,323,000 6,338,650

4,165,743
1,956,800
6,281,220

,616,007 4,140,493 6,279,766
369,300
967,800 1,957,800
727,390
205,681 6,318,500

,098,244 20,348,464

,366,369 20,662,184 21,872,083

Total U. S. Govt.
21,010,074 20,749,224 20,348,984 20,683,184 20,592,384
securities
Other Reserve Bank
293,026
368,075
473,733
355,999
286,499
credit outstanding. . .
Total Reserve Bank
credit outstanding 21,721,258 21,518,857 20,955,243 21,291,623 21,200,527

878

350,067

438,898

267,109

5,310,080
,245,391 9,185,547

606,841

226,208

674,459 21,038,423 21,899,961 21,575,545 22,169,996
Liabilities
Federal Reserve notes. . 23,669,494 23,688,832 23,722,075
23,751,812 23,675,132 24,154,115
23 596,136 23
Deposits:
Member bank — reserve account
17,407,925 17,998,821 17,154,080 17,094,384 16,901,067 16,505,548 17,086,745 ,389,027 17,020,731 16,111,703
U. S. Treasurer—gen755,571
eral account
1,863,370
983,801 1,143,834 1,567,339 1,787,560
1,319,494 ,927,559 1,683,699
347,293
Foreign
363,924
405,250
375,814
370,967
342,220
372,2'
356,998
368,728
374,276
533,857
Other
463,222
454,141
681,251
411,862
457,477
521,963
415,807
426,451
417

Total deposits

20,098,441

:

19,476,732 18,912,813 19,198,413 20,175,977 19,761,495 17,748,424

19,861,583 19,126,358

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

51.1

51.5

51.2

50.7

51.1

47.8

Corrected.
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thoubands of dollars]
Total

Discounts and advances:
May 26
June 2
June 9
June 16
June 23
Industrial loans:
May 26
June 2
June 9
June 16
June 23
U. S. Government securities:
May 26
June 2
June 9
June 16
June 23

JULY

1948




Within
15 days

16 to 30
days

31 to 60
days

61 to 90 91 days to 6 months 1 year to 2 years to Over
6 months to 1 year 2 years 5 years 5 years
days

320,757
239,456
312,342
294,032
352,946

167,197
88,393
83,021
74,801
141,277

30,575
46,229
35,119
43,584
33,372

61,264
73,320
82,684
62,582
62,337

61,697
31,491
91,494
113,042
103,800

6
11
20,013
19
12,160

887
908
891
1,868
2,239

545
595
579
1,559
1,927

44
38
30

41
171
175
175
157

155
61
66
98
102

68
9
7
2

20,592,384 2,305,259 1,390,441 4,926,694
20,683,184 2,047,330 3,582,580 2 ,577,606
20,348,984 1,804,4 3,782,
,213,955
20,749,224 4 ,175,556 1,494,906 2,181,142
21,010,074 4,449,871 1,195,264 2,329,637

2,197,137
2,308,854
2,376,822
2,632,306
3,464,838

"

17

4
4
4
4
4

1,393,000
1,797,161
1,802,161
1,908,661
1,446,017 1,949,661
175,867
186,867
186,867
1.79,867

16
16
16
16|
16
1,138,651 5,065,335
1,138,651 5,044,135
1,138,651 5,043,135
1,138,651 5,038,135
1,138,651 5,036,135

821

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

Boston

Assets
Gold certificates:
May 26
21,405,170 805,900
June 2
21,455,170 854,042
June 9
21,465,170 851,002
June 16
21,623,170 770,572
June 23
21,642,170 783,453
Redemption fund
for F. R. notes:
May 26
620,723
54,731
June 2.
620,724
54,731
June 9
620,722
54,731
June 16
618,222
54,485
June 23
618,904
54,467
Total gold certificate reserves:
May 26
22,025,893 860,631
June 2
22,075,894 908,773
June 9
22,085,892 905,733
June 16
22,241,392 825,057
June 23
22,261,074 837,920
Other cash:
35,705
May 26
280,321
June 2
245,245
30,458
June 9
254,592
30,475
June 16
262,839
29,397
June 23
271,252
28,206
Discounts & advances:
Secured by
U. S. Govt.
securities:
May 26. .
162,687
12,099
June 2. .
81,388
13,589
June 9 . .
74,271
8,780
June 16. .
57,781
5,440
June 23. . 116,521
4,140
Other:
May 26. .
9,891
158,070
June 2. . 158,068
9,891
June 9. . 238,071
13,671
June 16. . 236,251
14,805
June 23. . 236,425
14,805
Industrial loans:
May 26
887
June 2
908
Tune 9
891
Tune 16 .. . .
1 868
June 23
2,239
U. S. Govt.
securities:
Bills:
May 26. . . . 8,196,591 551,008
June 2
8,273,091 556,150
June 9. . . . 7,934,891 533,415
June 1 6 . . . . 8,240,631 553,968
June 23. . . . 8,395,481 564,378
Certificates:
May 26
4,125,993 277,367
June 2 . . . . 4,269,507 287,013
June 9
4,289,507 288,357
June 1 6 . . . . 4,397,007 295,585
June 2 3 . . . . 4,505,007 302,845
Notes:
May 26
1,946,800 130,871
June 2. . . . 1,957,800 131,611
June 9
1,942,800 130,603
June 1 6 . . . . 1,934,800 130,065
June 2 3 . . . . 1,934,800 130,065
Bonds:
May 26
6,323,000 425,057
June 2. . . . 6,182,786 415,632
June 9
6,181,786 415,565
June 1 6 . . . . 6,176,786 415,228
June 2 3 . . . . 6,174,786 415,094
Total U. S. Govt.
securities:
May 26
20,592,384 1,384,303
20,683,184 1,390,406
June 2
June 9
20,348,984 1,367,940
June 16
20,749,224 1,394,846
June 23
21,010,074 1,412,382
Total loans and
securities:
May 26
20,914,028 1,406,293
June 2
20,923,548 1,413,886
June 9
20,662,217 1,390,391
June 16
21,045,124 1,415,091
June 23
21,365,259 1,431,327
Due from foreign
banks:
May 26
49
3
49
3
June 2
3
49
June 9
49
3
June 16
49
3
June 23
1

New
York

Philadelphia

Cleveland

Richmond

57,277
57,277
57,277
56,889
57,876

73,151
73,152
73,152
72,871
72,832

55,374
55,373
55,373
55,797
55,776

6,807,249
6,821,765
6,700,275
7,300,404
7,130,768
51,941
45,190
49,402
50,265
56,152

1,152,799
1,088,742
1,094,957
1,038,587
1,011,954
13,722
11,893
10,580
11,086
13,457

1,505,358
1,469,132
1,499,404
1,419,283
1,484,556
28,210
25,024
26,815
24,497
25,889

1,058,073
1,107,381
1,087,052
1,012,002
1,080,895
17,112
16,798
15,820
15,323
15,251

42,303
13,842
14,347
14,152
41,587

6,323
5,208
7,173
5,878
5,823

10,225
9,875
12,215
5,290
8,795

50,240
50,240
95,920
75,200
75,200

12,717
12,717
11,097
19,035
19,035

San
Francisco

Minneapolis

Kansas
City

569,455
598,318
593,137
569,784
581,977

423,040
466,563
465,781
425,268
457,285

758,011
763,209
775,129
758,086
748,447

511,506
510,939
527,581
510,387
512,443

2,730,368
2,767,361
2,762,829
2,744,385
2,739,398

97,197
97,197
97,197
96,898
96,857

45,904
45,904
45,904
45,809
45,796

22,554
22,554
22,554
22,524
22,508

34,959
34,960
34,959
34,908
34,900

25,514
25,514
25,514
25,440
25,434

48,701
48,701
48,701
48,461
48,433

1,073,278 4,398,493
1,088,157 4,307,921
1,092,463 4,403,919
1,036,047 4,424,960
1,047,051 4,451,309

615,359
644,222
639,041
615,593
627,773

445,594
489,117
488,335
447,792
479,793

792,970
798,169
810,088
792,994
783,347

537,020
536,453
553,095
535,827
537,877

2,779,069
2,816,062
2,811,530
2,792,846
2,787,831

10,662
8,537
9,752
11,511
11,444

35,875
30,662
32,892
34,807
32,693

620
720
720
600

4,090
2,350
10,350
6,800
7,800

Chicago

6,739,980 1,095,522 1,432,207 1,002,699 1,035,186 4,301,296
6,754,496 1,031,465 1,395,980 1,052,008 1,050,065 4,210,724
6,633,006 1,037,680 1,426,252 1,031,679 1,054,372 4,306,722
7,234,113 981,698 1,346,412 956,205 998,198 4,328,062
7,064,575 954,078 1,411,724 1,025,119 1,009,219 4,354,452
67,269
67,269
67,269
66,291
66,193

!

St.
Louis

Atlanta

38,092
38,092
38,091
37,849
37,832

Dallas

22,996
18,647
18,617
22,174
21,154

35,816
32,891
34,691
34,976
36,302

12,299
11,155
12,179
12,872
14,596

6,120
5,216
5,433
6,394
5,699

9,863
8,774
7,936
9,537
10,409

13,920
6,265
8,045
4,585
16,925

5,569
4,576
1,426
1,326
10,726

37,850
8,750
5,250
1,850
4,810

16,140
6,290
2,040
7,315
10,515

125
50
50

13,423
8,673
3,875
4,425
4,650

14,744
14,744
20,275
21,829
21,823

7,893
7,893
10,833
11,715
11,715

6,622
6,620
9,072
9,804
9,907

21,402
21,402
29,562
32,010
32,010

5,952
5,952
8,112
9,060
9,160

3,925
5,425
5,875
5,875

5,518
5,518
7,618
8,248
8,225

5,350
5,350
7,390
7,990
7,990

13,816
13,816
19,096
20,680
20,680

560
589
570
547
524

261
262
262
262
261

66
57
59
59
54

1,000
1,400

1,965,395
1,983,738
1,902,644
1,975,955
2,013,086

585,483
590,947
566,789
588,628
599,688

785,807
793,141
760,718
790,029
804,875

532,319
537,288
515,324
535,180
545,238

410,920
414,755
397,800
413,128
420,891

1,164,637
1,175,507
1,127,453
1,179,550
1,227,623

452,558
456,782
438,109
446,335
428,814

250,890
253,231
242,879
252,237
256,976

382,051
385,617
369,853
384,104
391,322

371,461
374,928
359,601
373,457
380,473

744,062
751,007
720,306
748,060
762,117

989,338
1,023,752
1,028,548
1,054,323
1,080,220
466,808
469,445
465,848
463,930
463,930

294,720
304,970
306,399
314,078
321,792
139,060
139,846
138,774
138,203
138,203

395,560
409,318
411,235
421,541
431,895
186,639
187,694
186,256
185,489
185,489

267,957
277,279
278,578
285,559
292,573
126,434
127,147
126,173
125,654
125,654

206,847
214,043
215,047
220,435
225,849
97,600
98,151
97,398
96,997
96,997

586,254
606,645
609,487
624,762
640,107
276,617
278,180
276,049
274,912
274,912

227,809
235,732
236,836
242,772
248,736
107,488
108,096
107,268
106,826
106,826

126,293
130,686
131,298
134,588
137,894
59,589
59,926
59,467
59,222
59,222

192,317
199,006
199,938
204,949
209,983
90,742
91,255
90,556
90,183
90,183

186,986
193,489
194,395
199,268
204,163
88,227
88,726
88,046
87,683
87,683

374,545
387,574
389,389
399,147
408,950
176,725
177,723
176,362
175,636
175,636

1,516,142
1,482,520
1,482,280
1,481,082
1,480,602

451,652
441,637
441,566
441,208
441,065

606,186
592,744
592,648
592,169
591,977

410,641
401,535
401,470
401,145
401,015|

316,991
309,961
309,911
309,661
309,561

898,422
878,500
878,358
877,647
877,363

349,112
341,370
341,315
341,039
340,928

193,541
189,249
189,218
189,065
189,004

294,721
288,186
288,139
287,906
287,813

286,552
280,198
280,153
279,926
279,835

573,983
561,254
561,163
560,710
560,529

4,937,683
4,959,455
4,879,320
4,975,290
5,037,838

1,470,915 1,974,192
1,477,400 1,982,897
1,453,528 1,950,857
1,482,117 1,989,228
1,500,748 2,014,236

1,337,351
1,343,249
1,321,545
1,347,538
1,364,480

1,032,358 2,925,930
1,036,910 2,938,832
1,020,156 2,891,347
1,040,221 2,956,871
1,053,298 3,020,005

1,136,967
1,141,980
1,123,528
1,136,972
1,125,304

630,313
633,092
622,862
635,112
643,096

959,831
964,064
948,486
967,142
979,301

933,226
937,341
922,195
940,334
952,154

1,869,315
1,877,558
1,847,220
1,883,553
1,907,232

5,030,226
5,023,537
4,989,587
5,064,642
5,154,625

1,490,515 1,999,422
1,495,914 2,007,778
1,472,368 1,983,609
1,507,577 2,016,609
1,526,130 2,045,115

1,359,230 1,044,549 2,985,182
1,357,464 1,048,106 2,968,984
1,340,482 1,030,654 2,926,159
1,363,897 1,052,351 2,990,731
1,393 174 1,075,331 3,056,825

1,159,059
1,154,222
1,133,680
1,153,347
1 144 979

634,363
637,067
628,337
640,987
649,121

978,772
978,255
959,979
979,815
992,176

939,196
944,611
930,305
949,044
960,744

1,887,221
1,893,724
1,876,666
1,911,033
1,935,712

7
7
7
7
7

2
2
2
2
2

1
1
1
1
1

2
2
2
2
2

2
2
2
2
2

4
4
4
4
4

i 16
i 16
i 16
i 16
i 16

4
4
4
4
4

4
4
4
4
4

2
2
2
2
2

2
2
2
2
2

150
125

1,920

After deducting $33,000 participations of other Federal Reserve Banks on May 26; June 2; June 9; June 16; and June 23.

822



FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Con tinned
fin thousands of dollars]
Total
Federal Reserve
notes of other
Banks:
May 26
104,385
June 2
95,136
June 9
103,377
June 16
120,110
June 23
111,719
Uncollected
items:
2,509,034
May 26
June 2
2,640,718
June 9
2,502,628
June 16
3,450,644
June 23
2,842,701
Bank premises:
32,617
May 26.
June 2
32,568
June 9
32,568
June 16
32,565
June 23
32,546
Other assets:
May 26
170,509
June 2
169,805
June 9
173,619
June 16
136,715
June 23
137,012
Total assets:
May 26
46,036,836
June 2 . . . . . . 46,182,963
June 9. . .. 45,814,942
June 16
47,289,438
June 23
47,021,612
Liabilities
Federal Reserve
notes:
23,587,925
May 26
June 2
23,741,450
June 9
23,722,075
June 16
23,688,832
June 23
23,669,494
Deposits :
Member bank
reserve
account:
May 26. . 16,901,067
June 2. . 17,094,384
June 9 . . 17,154,080
June 16. . 17,998,821
June 2 3 . . 17,407,925
U. S. Treasurer-general
account:
May 26. . 1,787,560
June 2. . 1,567,339
June 9 . . 1,143,834
June 16..
983,801
June 2 3 . . 1,863,370
Foreign :
May 26. .
372,298
June 2 . .
342,220
June 9. . 370,967
June 16. .
356,998
June 23. .
363,924
Other •
May 26. .
415,807
June 2. . 411,862
June 9 . .
457,477
June 16..
521,963
June 2 3 . .
463,222
Total deposits:
May 26
19,476,732
June 2
19,415,805
June 9
19,126,358
June 16
19,861,583
June 2 3 . . . . . . 20,098,441

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

4,961
4,871
4,495
4,668
5,483

17,408
13,749
15,176
20,039
17,692

5,111
5,468
5,865
6,721
7,651

5,702
5,629
6,117
7,377
6,381

12,319
10,843
12,612
12,657
11,095

10,216
10,610
9,165
12,230
10,053

14,323
13,359
14,486
14,792
14,580

8,933
6,306
8,160
8,673
9,096

3,801
2,734
2,205
3,425
3,541

6,476
5,710
5,637
6,935
6,844

4,090
3,750
4,293
4,943
3,907

11,045
12,107
15,166
17,650
15,396

231,470
222,724
205,023
254,797
240,826

487,926
535,155
448,960
661,945
506,990

169,519
175,105
169,607
275,438
188,493

274,509
263,673
248,593
349,020
281,925

199,805
238,886
216,362
288,016
247,263

151,906
160,188
159,673
221,096
178,035

371,583
414,579
400,419
520,319
421,919

107,770
112,566
118,641
151,417
115,852

61,528
68,508
68,311
86,999
76,338

132,880
141,228
135,810
189,455
160,344

116,200
118,987
116,075
146,499
133,498

203,938
189,119
215,154
305,643
291,21S

1,218
1,218
1,218
1,218
1,218

8,173
8,154
8,154
8,154
8,154

3,119
3,119
3,119
3,119
3,107

4,876
4,874
4,874
4,871
4,871

2,603
2,603
2,603
2,603
2,596

1.542
1,542
1,542
1,542
1,541

3,039
3,030
3,030
3,030
3,031

1,956
1,953
1,953
1,953
1,953

1,198
1,195
1,195
1,195
1,195

2,427
2,421
2,421
2,421
2,421

784
111
111
111
111

1,682
1,682
1,682
1,682
1,682

11,611
11,504
11,954
14,331
10,806

40,535
39,947
41,140
30,998
31,850

11,792
11,873
12,117
9,075
9,328

16,505
16,550
16,571
12,655
13,075

11,116
11,099
11,302
8,548
8,851

8,641
8,689
8,789
6,653
6,852

24,093
24,005
24,510
18,567
19,156

9,740
9,744
10,007
7,635
7,857

5,132
5,149
5,270
3,973
4,112

7,805
7,801
8,028
6,041
6,222

1,149
7,781
7.888
5,994
6,343

15,790
15,663
16,043
12,245
12,560

2,551,892
2,593,437
2,549,292
2,544,562
2,555,789

12,443,474
12,487,513
12,252,710
13,136,463
12,906,247

2,846,581
2,792,118
2,768,617
2,851,607
2,760,124

3,834,586
3,792,664
3,785,987
3,834,316
3,861,816

2,660,260
2,745,076
2,686,235
2,703,048
2,759,127

2,313,130
2,335,941
2,320,905
2,352,095
2,340,019

7,832,536
7,764,776
7,807,221
8,007,382
8,003,129

1,915,118
1,940,170
1,923,663
1,951,492
1,922,108

1,157,737
1,208,987
1,199,087
1,190,766
1,219,800

1,931,195
1,942,360
1,929,901
1,987,200
1,961,765

1,422,295
1,432,198
1,430,726
1,431,615
1,429,828

5,412,755
5,461,396
5,447,214
5,442,452
5,430,011

1,617,288
1,622,974
1,625,747
1,627,467
1,631,959

2,065,655
2,075,896
2,075,722
2,074,060
2,081,396

1,604,514
1,615,929
1,614,610
1,608,413
1,612,205

1,309,994 4,493,928
1,315,693 4,514,097
1,314,264 4,508,813
1,311,517 4,505,986
1,309,504 4,505,099

1,075,487
1,081,911
1,081,795
1,079,604
1,076,419

609,339
612,598
613,741
612,856
612,188

911,275
918,422
919,140
918,134
915,264

588,456
594.973
596,237
593,918
594,264

2,476,939
2,495,363
2,494,066
2,482,810
2,471,357

705,083
721,193
752,034
761,397
736,966

5,447,212
5,532,290
5,489,235
6,098,737
5,819,306

822,514
785,643
806,329
823,933
794,478

1,249,985
1,231,221
1,267,536
1,272,027
1,232,345

713,534
736,156
733,737
732,006
725,885

723,686
739,617
741,803
730,432
714,801

2,579,894
2,623^,397
2,628,005
2,759,364
2,673,175

610,981
622,490
620,076
628,361
609,966

400,063
416,706
411,964
420,338
413,330

791,696
790,301
798,513
814,595
782,950

800,502
808,014
816,273
837.595
804,596

2,055,917
2,087,356
2,088,575
2,120,036
2,100,127

158,498
156,623
106,962
43,547
102,405

458,473
356,929
183,701
274,806
480,617

168,344
136,376
101,133
47,174
78,237

186,615
167,037
116,692
73,611
193,943

97,777
121,842
80,087
52,357
144,303

75,163
80,449
60,089
47,037
78,040

271,104
142,208
165,423
136,230
295,462

81,219
90,880
65,365
63,721
80,444

62,854
96,419
81,443
52,889
97,996

71,880
82,009
56,180
58,152
95,793

77,838
71,567
62.928
52,403
91,566

77,795
65,000
63,831
81,874
124,564

22,327
19,725
22,327
21,281
22,547

H31,921
1129,892
H31.601
H27.9O9
U21.151
359,269
354,175
400,535
458,385
402,905

28,617
25,272
27,621
27,273
28,901
1,577
1,553
1,838
2,040
1,982

32,503
28,704
32,503
30,976
32,826

17,312
15,288
17,312
16,498
17,483

14,485
12,792
14,485
13,805
14,629

48,049
42,432
48,049
45,791
48,525

12.012
10,608
12,012
11.448
12,131

2,592
2,677
1,880
1,896
1,053

861
709

1,161

514
655

2,559
3,290
2,261
3,955
3,925

8,833
7,800
8,833
8,418
8,920
1,445
1,647
1,688
1,240
1,676

12,365
10,920
12,365
11,784
12,488

5,998
5,778
6,377
7,794
6,600

12,719
11,232
12,719
12,121
12,845
5,104
5,713
5,078
5,588
5,462

428
624
145
300
201

518
818
594
349
441

6,396,875 1,021,052 1,475,101
6,373,286 948,844 1,432,740
6,205,072 936,921 1,423,108
6,959,837 900,420 1,384,408
6,823,979 903,598 1,465,714

831,215
875,963
833,016
802,757
888,724

814,195
833,567
817,538
791,788
808,125

2,901,606
2,811,327
2,843,738
2,945,340
3,021,087

710,023
730,315
703,238
709,791
708,717

473,195
522,572
503,928
482,885
521,922

876,369
883,854
867,203
884,831
891,432

890,870
891,007
891,807
901,795
908,734

31,155
27,555
31,140
29,694
31,478
33,985
32,903
33,764
36,406
34,698
2,198,852
2,212,814
2,217,310
2,268,010
2,290,867
192,333
184,015
190,491
257,447
246,779

1,471
1,975
2,156
3,496
3,624
887,379
899,516
883,479
829,721
865,542

1,615,703 4,934,624
1,620,898 4,959,023
1,622,187 4,969,137
1,654,597 5,075,910
1,654,592 5,077,096

J-JtzIfzTlKZKl dVctlld-

bility26items: 2,222,584
May
June 2
2,272,692
June 9
2,209,651
Tune 16
2,976,960
June 23
2,486,751
Other liab. inch
accrued div.:
May 26
17,883
June 2
16,819
June 9
17,054
June 16
18,252
June 23
19,207
Total liabilities:
May 26
45,305,124
June 2
45,446,766
June 9
45,075,138
June 16
46,545,627
June 23
46,273,893

194,447
213,607
186,748
234,502
211,489

403,007
421,658
368,383
500,648
417,503

148,236
160,019
145,330
262,835
163,350

224,527
214,201
217,205
305,329
243,685

186,277
214,668
199,820
252,851
218,859

156,840
154,389
156,599
216,096
189,433

335,619
337,419
352,142
452,577
372,707

101,253
99,420
109,819
133,106
107,726

55,322
53,860
61,317
74,817
65,315

115,466
111,846
115,063
155.543
126,180

109,257
107,590
106,734
131,209
123,725

1,058
1,067
1,047
1,143
1,155

5,296
4,459
4,727
5,317
5,649

1,099
1,057
1,120
1,125
1,169

1,893
1,962
1,728
1,918
2,036

951
899
921
909
971

770
741
769
774
846

2,527
2,436
2,488
2,597
2,765

771
755
766
774
773

549
489
514
504
542

663
694
681
771
743

777
793
713
811
838

2,505,179
2,546,388
2,502,000
2,496,981
2,508,014

12,217,933
12,260,799
12,025,396
12,908,254
12,677,142

2,787,675 3,767,176
2,732,894 3,724,799
2,709,118 3,717,763
2,791,847 3,765,715
2,700,076 3,792,831

2,622,957
2,707,459
2,648,367
2,664,930
2,720,759

2,281,799
2,304,390
2,289,170
2,320,175
2,307,908

7,733,680
7,665,279
7,707,181
7,906,500
7,901,658

1,887,534
1,912,401
1,895,618
1,923,275
1,893,635

1,138,405
1,189,519
1,179,500
1,171,062
1,199,967

1,529
1,467
1,580
1,609
1,720
1,903,773 1,589,360 4,869,653
1,914,816 1,594,363 4,893,659
1,902,087 1,595,491 4,903,447
1,959,279] 1,627,733 5,009,876
1,933,619 1,627,561 5,010,723

1
After deducting $240,244,000 participations of other Federal Reserve Banks on May 26; $212,160,000 on June 2; $239,248,000 on June 9; $228,956,000 on June 16; and $242,624,000 on June 23.

JULY 1948




823

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

Total

Philadelphia

New
York

Richmond

Cleveland

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

Capital Accts.:
Capital paid in:
May 26. .. .
June 2
June 9 . . . .
June 1 6 . . . .
June 2 3 . . . .
Surplus:
(section 7):
May 2 6 . . . .
June 2
June 9
Tune 1 6 . . . .
June 2 3 . . . .
(section 13b):
May 26

June

2

198.120
198,226
197,994
198,359
198,447

11,311
11,311
11,312
11,314
11,314

69.128
69,175
68,898
68,903
68,912

14,546
14,546
14,546
14,545
14,546

18,976
18.976
18,983
18,995
18,997

8,443
8,460
8,466
8,467
8,469

7.747
7,747
7,747
7,757
7,757

24,102
24,104
24,129
24,449
24,490

6,517
6.522
6,522
6,526
6,536

4,364
4.365
4,369
4,369
4,371

6,777
6,793
6,795
6,802
6,813

7,631
7,635
7,635
7,639
7,640

18,578
18,592
18,592
18,593
18,602

448,189
448,189
448,189
448,189
448,189

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1.006
1,006
1,006
1,006
1,006

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

762
762
762
762
762

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

521
521
521
521
521

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

1,137
1,137
1.137
1,137
1,137

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

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

4,274
4,610
4,852
5,139
5,333

10,498
11,624
12,501
13,391
14,278

4,521
4,839
5,114
5,376
5,663

5,255
5,710
6,062
6,427
6,809

4,301
4,598
4,843
5,092
5,340

3,712
3,932
4,116
4.291
4,482

7.108
7,747
8,265
8,787
9,335

3,574
3,754
4,030
4,198
4,444

2,662
2,797
2,912
3,029
3,156

3,360
3,466
3,734
3,834
4,048

3,294
3,482
3,643
3,807
3,973

5,301
5,680
6,006
6,349
6,679

2,551,892
2,593,437
2,549,292
2,544,562
2,555,789

12,443,474
12,487,513
12.252,710
13,136,463
12,906,247

2,846,581
2,792,118
2,768,617
2,851,607
2,760,124

3,834,586
3,792,664
3,785,987
3,834,316
3,861,816

2,660,260
2,745,076
2,686,235
2,703,048
2,759,127

2,313,130
2,335,941
2,320,905
2,352,095
2,340,019

7,832,536
7,764,776
7,807,221
8,007,382
8,003,129

1,915,118
1,940,170
1,923,663
1,951,492
1,922,108

1,157,737
1,208,987
1,199,087
1,190,766
1,219,800

1,931,195
1,942,360
1,929,901
1,987,200
1,961,765

267
267
267
241
241

304
303
303
274
273

162
161
162
146
146

135
135
135
122
122

449
448
449
404
404

119
118
119
107
107

83
82
82
74
74

115
115
115
104
104

316
284
296
320
342

1,286
1,280
1,273
1,273
1,273

131
138
138
134
134

16
16
16
16
16

353
353
353
353
353

580
580
580
580
580

June 9 . . . .
June 1 6 . . . .
June 2 3 . . . .
Other cap. accts.:
May 26
57,860
June 2 . . . .
62,239
June 9 . . . .
66,078
June 1 6 . . . .
69,720
June 23
73,540
Total liabilities
and cap. accts :
May 26. . . . 46,036,836
June 2 . . . . 46,182,963
June 9 . . . 45,814,942
June 1 6 . . . . 47,289,438
June 2 3 . . . . 47,021,612
Contingent liability on bills
purchased for
foreign correspondents:
May 26
3.300
June 2 . . . .
3,291
3,298
June 9
June 1 6 . . . .
2,973
June 23
2,972
Commit, to make
indus. loans:
May 26. . . .
6,634
June 2
6,603
June 9 . . . .
6,604
June 1 6 . . . .
6,624
June 2 3 . . . .
6,646

208
207
208
187
187

1

1,056
i1 1,053
1,056
1951
*951

75
75
75
75
75

1,615,703 4,934,624
1,620,898 4,959,023
1,622,187 4,969,137
1,654,597 5,075,910
1,654,592 5,077,096

112
112
112
101
101

290
290
290
262
262
127
127
123
123
123

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

1
After deducting $2,244,000 participations of other Federal Reserve Banks on May 26; $2,238,000 on June 2; $2,242,000 on June 9; $2,022,000
on June 16; and $2,021,000 on June 23.

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

F. R. notes outstanding
(issued to Bank):
May 26
June 2
June 9
June 16
June 23
Collateral held against
notes outstanding:
Gold certificates:
May 26
June 2
June 9
June 16
June 23
Eligible paper:
May 26
June 2
June 9
June 16
June 23
U. S. Govt. sec:
May 26
June 2
June 9
June 16
June 23
Total collateral:
M a y 26
June 2
June 9
June 16
June 23

Total

Boston

New
York

24,459,891
24,480,424
24,480,222
24,467,437
24,462,336

,471,907
,474,744
,468,886
,468,538
,471,967

5,681,630
5,681,479
5,679,850
5,660,582
5,655,436

13,229,000
13,229,000
13,229.000
13,229,000
13,529,000

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

4,470,000
4,470,000
4,470,000
4,470,000
4,770,000

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

105,528
55,927
54,797
43,964
92,090

12,099
13,589
8,780
5,440
4,140

39,903
13,292
14,272
8,902
41,387

6,323
5,208
7,173
5,878
5,823

13,120
6,165
7,945
4,585
16,925

12,225,000
12,225,000
12,225,000
12,225,000
11,925,000

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

1,300,000
1,300,000
1,300,000
1,300,000
1,000,000

,200,000
,200,000
,200,000
,200,000
,200,000

1,500,000 1,075,000
1,500,000 1,075,000
1,500,000 1,075,000
1,500,000 1,075,000
1,500,000 1,075,000

25,559,528^
25,509,927
25,508,797
25,497,964
25,546,090

1,572,099
1,573,589
1,568,780
1,565,440
1,564,1

5,809,903
5,783,292
5,784,272
5,778,902
11,387

,756,323
,755,208
,757,173
,755,878
,755,82.:3

2,235,000 1,713,120
2,235,000 1,706,165
2,235,000 1,707,945
2,235,000 1,704,585
2,235,000 1,716,925

824



Philadelphia

Cleveland

1,664,977 2,141,410
1,669,590 2,144,956
1,668,054 2,140,355
1,670,848 2,147,781
1,684,420 2 ,144,557

735,000
735,000
735,000
735,000
735,000

Richmond

Atlanta

Chicago

1,664,228 1,359,950 4,576,228
1,669,103 1,,353,219
4,583 ,286
.
1,670,193 1,356,467 4,584,156
1,665,477 1,354,526 4,578,748
1,663,280 1,355,862 4,580,901

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

Minne- Kansas
City
apolis

St..
Louis

1,117,408 630,686
1,116,302 630,975
1,114,096 632 ,938
1,119,601 631,805
1,116,449 631,031

200,000
200,000
200,000
200,000
200,000

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

16,440
6,590
2,340
7,915
11,215

125
50
50

13,428
8,683
3,887
4,444
4,650

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

1,425,000
1,281,440 650,125
1,425,000 4,600,000 1,271,590 650,050
1,425,000 4,600,000 1,267,340 650,050
1,425,000
1,272,915 650,000
1,425,000 4,600,000 1,276,215 650,150

993,428
988,683
983,88
984,444

750,000
750,000
750,000
750,000
750,000

2,700,000
2,700,000
2,700,000
2,700,000
2,700,000

,900,000
,900,000
,900,000
,900,000
,900,000

San
Francisco

941,481 620,486 2 589,500
943,100 622 ,842 2,590,828
945,879 622,994 2,596,354
943,960 6:,24,494 2,601,077
942,191 622,687 2,593,555

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

675,000
675,000
675,000
675,000
675,000

Dallas

169,000
169,000
169,000
169,000
169,000

2,050,000
2,050,000

2,050,000

2,050,000
2,050,000
4,090
2,350
10,350
6,800
7,800

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

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

669,000 2,854,090
669,000 2,852,350
669,000 2,860,350
669,000 2,856,800
984,650 669,000 2,857,800

FEDERAL RESERVE BULLETIN

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

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.

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

Guaranteed
loans
outstanding

End of month
Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

Number

Amount

1942—June...
Dec...

565
2,665

310,680
2,688,397

1943—June...
Dec...

4,217
5,347

4,718,818 1,428,253 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

Total
amount
81,108
803,720

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

1945—June... 8,422 10,149,351 1,386,851 1,190,944 3,694,618
Dec... . 8,757 10,339,400
510,270 435,345
966,595
1946—June... 8,771
Dec... . 8,771

10,344,018
10,344,018

70,267
18,996

60,214
17,454

142,617
28,791

1947—June... 8,771
D e c . . . 8,771

10,344,018
10,344,018

3,589
2,412

3,218
2,183

6,726

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

10,344,018
10,344,018
10,344,018
10,344,018
10,344,018

2,357
1,959
1,835
1,787
1,761

2,133
1,777
1,666
1,623
1,599

8,771
8,771
8,771
8,771
8,771

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars 1
Approved
Loans Commitments
outbut not
com- 1 standing 2 standing
pleted (amount) (amount)
Amount (amount)

Applications
approved
to date
Number

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

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

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

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

1945
June 30. .
Dec. 3 1 . .

3,502
3,511

1946
June 29. .
Dec 3 1 . .

Participations

1,295

537,331
544,961

70
320

3,252
1,995

5,224
1,644

2,501
1,086

3,524
3,542

552,711
565,913

615

1,210

4,577

554

5,366
8,309

1,110
2,670

1947
Mar. 3 1 . .
June 3 0 . .
Sept. 3 0 . . .
Dec. 3 1 . . .

3,548
3,555
3,566
3,574

569,825
572,836
577,614
586,726

4,595

1,081
1,778
1,892
1,387

8,160
7,018
7,395
7,434

2,727
4,043
5,019
4,869

1948
Jan. 3 1 . .
Feb. 2 8 . . . .
Mar. 31. . .
Aor. 30. . .
May 31

3,576
3,582
3,587
3,593
3,595

589,986
596,048
600,322
604,623
606,305

1,025

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

7,077
7,918
7,700
6,646
6,612

5,213
6,770
5,109
4,234
3,272

1,229
945

145
45
70
120

916

1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.

JULY 1948




Chicago

Country
banks x

15,931
15,978
16,926
16,933

4,125
4,141
4,552
4,511

879
911
1,017
1,057

6,294
6,317
6,473
6,496

4,633
4,608
4,884
4,869

May
May
May
May
June
June
June
June

6
13
20
27
3
10
17
24

16,971
16,960
16,934
16,804
17,016
17,126
17,713
17,465

4,524
4,498
4,484
4,515
4,576
4,549
4,958
4,915

1,052
1,050
1,055
1,057
1,074
1,080
1,172
1,148

6,509
6,532
6,500
6,426
6,500
6,550
6,605
6,480

4,886
4,880
4,894
4,807
4,867
4,947
4,978
4,923

Excess reserves:
1947—April
May
1948—April
May

833
784
811
743

13
12
39
18

11
-2
6
8

226
224
231
202

583
550
534
514

777
758
716

P893
P746

13
10
10
11
83
58
22
16

7
3
6
4
21
22
7
2

218
210
172
160
238
258
263
185

539
535
528
452
503
571
P601
P543

Borrowings a t Fed era
Reserve B a n k s :
1947—April
May
1948—April
May

126
107
111
144

16
7
50

51
49
48
47

55
50
42
42

May
May
May
May
June
June
June
June

131
83
277
125
78
103
97

2
55
15
150
2
2
28
16

40
42
32
58
64
31
33
45

40
32
36
48
58
44
39
29

6
13
20
27
3
10
17
24

6
13
20
27
3
10
17
24

627

845
909

DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *

1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17,930
2,706

195

New
York

Reserve
city
banks

P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, e t c

8,225
27,649
20,959
12,780
14,161
9,220
5,226
14.597
10^661
9,270
4,165

926

Central reserve
city banks

standing
(amount;

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

984

All
member
banks *

Total reserves h e l d :
1947—April
May
1948—April
May

May
May
May
May
June
June
June
June

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.

Date (last
Wednesday
or last day
of period)

Month, or
week ending Thursday

In millions of dollars]

[Averages of daily figures.

In millions of dollars]

In places of 15,000
and over population
Demand
deposits
except
interbank

Time
deposits

May 1947
April 1948

15,077
16,032

May 1948

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

Time
deposits

8,416
8,807

11,588
11,856

5,955
6,057

16,178

8,796

11,797

6,046

Boston
New York
Philadelphia. . . .
Cleveland

1,852
2,956
1,179
1,327

869
2,214
790
914

331
1,010
901
1,039

231
1,154
900
822

Richmond
Atlanta
Chicago
St. Louis

1,082
1,550
2,185
650

398
491
1,588
338

851
675
1,671
954

470
217
958
275

Minneapolis
Kansas City. . . .
Dallas
San Francisco. . .

569
549
998
1,280

296
104
145
648

749
1,573
1,511
533

449
204
66
301

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

825

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]

Gross demand deposits
II
Class of bank and
Federal Reserve district

Total

Interbank

Other

Net
demand
deposits i

Time
deposits 3

Demand
balances
due
from
domestic
banks

Reserves with Federal
Reserve Banks

Total

Required

Excess

Borrowings
at
Federal
Reserve
Banks

First half of May 1948
All member banks

87,932

10,431

77,501

77,391

28 ,604

5,179

17,000

16,200

799

Central reserve city banks:
New York
Chicago

21,580
4,996

3 ,878
1,043

17,701
3,953

20,000
4,508

1,534
922

40
141

4 ,516
1,057

4 ,492
1,047

24
10

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

32,528
1,853

27,836
1,598

28,172
1,690

727

805
2,191
1,970
7,108

6 ,536
358
117
418
811
400
393
814
363
176
481
461
1,743

6 ,314
350
116
412
783
386
362
785
348
172
460
416
1,725

223
9
2
7
27
14
32
29
15
4
21
45
17

38
3

1,933
1,892
7,557

11,323
194
300
280
1,410
433
409
1,992
335
180
363
363
5 ,065

1,712

2,669
2,384
8,053

4 ,692
255
28
342
439
297
406
424
538
239
736
492
496

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

28,828
2,267
4,046
2,053
2,393
2,050
2,401
3,926
1,656
1,374
2,188
2,619
1,856

818
80
85
14
23
107
159
62
45
52
58
106
26

28,010
2,187
3,961
2,039
2,370
1,943
2,242
3,864
1,611
1,322
2,130
2,512
1,830

24,711
1,977
3,548
1,787
2,079
1,718
2,027
3,362
1,427
1,190
1,837
2,147
1,613

14 ,825
1,101
3 ,369
1,667
1,737
868
709
2 ,545
613
745
309
211
951

3,286

4 ,890
372
778
392
454
333
365
705
263
236
316
361
314

4 ,348
343
699
350
395
293
326
623
237
211
276
313
283

543
30
80
42
59
40
39
81
26
25
41
48
31

36

184

557
2,237
3,945
2,061
2,000
3,876
1,928

967

529

488

1,895
3,506
1,764
1,593
3,452
1,390

1,976
3,495
1,798
1,686
3,325
1,641

31
25
73
160
96
132
279
88
62
246
249
271
166
305
207
255
254
310
481
199
153
331
431
192

102

6
1
4
8
11
4
2
4
1
1
2

Second half of May 1948
AH member banks

87,831

10 ,221

77,610

77,295

28,613

5,030

16,871

16,180

691

Central reserve city banks:
New York
Chicago

21,723
5,027

3 ,852
1,011

17,871
4,016

20,000
4,525

1,556

42
141

4 ,506
1,058

4 ,493
1,051

13
7

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

32,346
1,845

27,781
1,593
531
1,794
3,518

5,062

1,701
32
23
69
165
93
123
267
92
59
251
259
268

6 ,458
354
118
393
807
398
377
806
355
176
478
445
1,752

6 ,276
346
116
387
779
384
361
785
346
172
4'61
412
1,728

183
8
2
6
28
15
16
21
9
4
17
34
24

56

,756
1,601
3,450
1,407
733
1,966
1,903
7,530

27,995
1,673
489
1,862
3,469
1,789
1,681
3,328
1,629
806
2,197
1,952
7,121

11,275

2,686
2,385
8,031

4 ,565
252
26
324
431
292
384
407
512
231
720
482
502

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

28,735
2,260
4,052
2,134
2,384
2,028
2,358
3,908
1,642
1,365
2,172
2,608
1,824

794
79
82
15
23
104
149
60
44
50
57
103
26

27,942
2,180
3,970
2,119
2,362
1,923
2,209
3,848
1,598
1,315
2,115
2,505
1,797

24,775
1,973
3,570
1,871
2,077
1,706
2,007
3,371
1,425
1,190
1,836
2,151
1,597

14,859
1,099
3,368
1,711
1,737
869
707
2,546
613
743
309
211
946

3,147
166
290
198
246
248
288
457
189
146
318
421
181

4 ,849
367
769
404
451
323
353
701
261
237
315
365
304

4 ,360
342
702
365
395
291
323
625
236
211
276
314
280

489
25
67
40
56
32
29
77
25
25
40
51
23

47
10
15
4
3
5
1
1
3

557
2,119
3,949
2,048
1,985
3,858
1,919

964

923
193
300
240
1,411

432
408
1,996

336
180
362
355

3
1
2
8
6
4
6
7
1
12

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
4
Data not entirely comparable with prior periods due to a change in the reserve classification of individual banks.
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 69,900 million dollars in the first half and 70,000 million in the second half of May.

826



FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946

.
.
.

Total
in circulation l

Large denomination currency 2

Coin and small denomination currency t
Total

Coin

4,167
5,519
4,292
5,536
4,518
5,882
5,021
6,543
6 550 5 015
5,147
6,856
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

442
452
478
517
537
550

$2

$5

402
423
460
499
505

33
32
33
35
33

719
771
815
906
905

»$1

Total

$10

$20

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

1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518

409

460
538
724
1,019
1,481
1,996
2,327
2,492

524

34

946

559
590
610
648
751
695
801
880
1,019
909
987
1,156
1,274 1,039
1,361 1,029

36
39
44
55
70
81
73
67

1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173

1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497

$50

364
337
358
399
387

$100

$500 $1,000 $5,000 $10,000
125
112
122
135
139

237
216
239
265
288

770

160

919
1,112
1,433
1,910
2,912
4,153
4,220
4,771

191
227
261
287
407
555
454
438

618
577
627
707
710

Unassorted

8
5
7
7
6

10
7
16
18
12

8
10
5
8
7

327

17

32

425
523
556
586
749
990
801
783

20
30
24
9
9
10
7
8

32
60
46
25
22
24
24
26

5
2
4
4
3

2
3
2
3

28,304 19,873
28,230 19,807
28,114 19,684
28,261 19,773
28,297 19,769
28,149 19,622
28,434 19,837
August
September... 28,567 19,881
October . . 28 552 19,833
November.. . 28,766 20,008
December. . . 28,868 20,020

1,337
1,344
1,351
1,351
1,355
1,356
1,362
1,375
1,385
1,396
1,404

967
969
972
985
986
980
990
1,010
1,011
1,020
1,048

64
63
63
63
64
63
64
64
63
64
65

2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110

6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275

9,079
9.036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119

8,434
8,424
8,432
8,489
8,530
8,529
8,600
8,689
8,721
8,760
8,850

2,456
2,447
2,442
2,449
2,466
2,453
2,477
2,503
2,499
2,513
2,548

4,755
4,754
4,769
4,789
4,808
4,824
2,874
4,941
4,986
5,023
5,070

433
432
431
430
430
428
428
428
427
426
428

769
771
773
804
810
806
804
800
793
782
782

6
6
5
5
5
5
5
5
5
5
5

14
14
12
11
12
12
12
12
11
11
17

3
1
1
2
2
2

19,369
19,335
19,169
19 144
19,259

1,382
1,385
1,394
1,399
1,409

984
972
975
976

63
63
62
61

8,858
8,826
8,738
8,700
8,724

8,745
8,687
8,614
8,574
8,555

2,511
2,492
2,470
2,456
2,453

5,022
4,996
4,962
4,951
4,943

771
762
749
739

5
5
5
5

12
12
11
10

3
3
1

62

6,064
6,084
6,013
6,017
6,054

424
421
416
412

994

2,017
2,005
1,986
1,991
2,015

410

735

5

10

1947—February

March
April
May
June
July

1948—January
28,111
February... . 28,019
March
27,781
April
27 716
May
27,812

2

2
3
3
3

1
2

1
2

Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury

Total outstanding, As security
Mav 31,
against
Treasury
1948
gold and
cash
silver
certificates

Gold
Gold certificates
Federal Reserve notes
Treasury currency—total. . .
Standard silver dollars...
.
. . .
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes.
National Bank notes. .
Total—May 31. 1948.
Apr. 30, 1 9 4 8 . . .
May 31, 1947

23,304
22,081
24,447
4,562

3

493
1,952
2,260
949
359
347
362
101
(4)
(4)
4

()

22,081

21 ,223

Money
held by
For
Federal
Reserve
Federal
Reserve Banks and
agents
Banks and
agents

19,220

2^815
874
268

Money in circulation x

May 31,
1948

Apr. 30,
1948

May 31,
1947

45
23,525
4,242

46 "
23,489
4,182

48 "
23,953
4,259

' * 2,260 '

48
52

309
1,952

27

3

155

154

148

13
8
3
1

199
26
7
29
4
1

2,061
910
344
315
357
100

2,011
903
342
310
361
100

2,071
874
330
321
410
107

3,958
4,047
3,732

27,812

(5)
24,342
24,211
21,977

1,322
1,319
1,330

19,220
19,094
16,873

27,716

28^261

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. 819, and seasonally adjusted figures in table on p. 828.
2
Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is 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 ot 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.

JULY 1948




827

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
I Outside Treasury and Federal Reserve Banks.
Amount—
unadjusted
for seasonal
variation

Date

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES

In millions of dollars]

Amount—
adjusted for
seasonal
variation

[In millions of dollars]

Change in
seasonally
adjusted
series 1

Gold
stock
at end
of
period

Period

Increase
in gold
stock

DoEarNet
marked mestic
gold
gold
gold: deimport
procrease
or export
ducor in(-)
crease ( —) tion1

End of year figures:

1939
1940
1941
1942
1943
1944
1945
1946
1947

+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84

7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868

Monthly averages of daily
figures:
1947—May
Tune
July
August
September.
October
November
December

28,158
28,236
28,259
28,252
28,654
28,598
28,648
28,937

28,356
28,378
28,316
28,394
28,711
28,598
28,562
28,650

-56
+22
-62
+78
+317
-113
-36
+88

1948—January
February
March
April
May

28,394
28,096
27,941
27,766
27,749
27,846

28,309
28,096
28,025
27,990
27,945
27,986

-341
-213
-71
-35
-45
+41

June

1

For end of year figures, represents change computed on absolute
imounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back

l\Jl

iHUULJ

HI l U ^ U i a U U U ,

CIS

SUU

Table 111, p. 414, and described on p. 405, are based on an older series
i dj
f

2

1937
1938
1939
1940
1941
1942 . . .
1943
1944
1945.
1946 . .
1947

12,760
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—June

1 ,585.5
1,973.6
3,574.2
4,744.5
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
81.2

200.2
219 2
111.7
109.6
450.8
265.7
178.2
235.0
159.4
99.9
234.2
P151.3
(4)

119.0
26.7
42.3
153.1
-4.0
-82.8
-44.6
-14.9
-72.2
-63.4
-111.5
—2.8
581.7

6.1
7.3
7.0
7.0
8.2
6.2
7.3
6.0
5.5
6.4
5.7

333.4
270.6
228.8
189.4
339.0
320.1
139.5
180.7
101.5
100.4
32.2
135.2
P228.5

21,266
21,537
August
21,766
September.. 21,955
October
22,294
November.. 22,614
December. . 22,754
1948—January
22,935
February... 23,036
March
23,137
23,169
April
May
23,304
P23,532
June

Julv . . .

P Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 875.
2
Includes gold in the Inactive Account amounting to 1,228 million
on Dec. 31, 1937.
3
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
4
Not yet available.
6
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions,
amounted to 3,801.5 million dollars on June 30, 1948. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year and month
Total, all
reporting
centers
1942 4 . .
1943
1944....
1945.
1946—old series 5
1946—new series 5
1947.

New
York
City*

Debits to demand
deposit accounts,
except interbank
and Government

Annual rate of
turnover of total
deposits, except
interbank

140
other
centers 1

Other
reporting
centers 2

New
York
City
16 1
16.5
17 1
18.3

13 1
11.7
10 8
9.7

Other
reporting
centers

Annual rate of
turnover of demand
deposits, except interbank and Government

Other
leading
cities 3

New
York
City 3

Other
leading
cities 3

200 337
258,398
298 902
351,602
374,365
407,946
400,468

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

New
York
City 3

641 778
792,937
891 910
974,102

226,865
296,368
345,585
404,543

347 837
419,413
462,354
479,760

67 074
77,155
83,970
89,799

J1,050,021

417,475

527,336

105,210

19.0

10.0

1,125,074

405.929

599,639

119.506

21.0

12.0

1947—May . .
June
July
August
September
October
November
December

87,840
94,447
93,740
84,427
91,903
105,290
92,910
118,382

30,895
35,632
34,779
28,331
31,837
37,504
31,738
46,225

47,464
49,267
49,178
46,720
49,962
56,554
51,002
60,295

9,482
9,548
9,783
9,377
10,104
11,232
10,169
11,862

19.0
22.7
21.2
17.5
20.2
21.8
21.6
27.2

11 3
12.1
11.6
11.0
12.1
12.4
13.1
13.5

31 695
35,092
33,026
29,025
31,605
35 162
33,531
44,131

48 023
48,595
48,525
47,026
49,978
55 025
51,621
59,878

22 7
25.6
22.9
20.6
23.1
23 9
26.5
29.9

17 3
17.9
17.2
16.6
18.0
18 2
19.8
20.0

1948—January
February
March
April
May

105,193
90,270
107,636
102,349
97,593

37,615
32,271
39,587
37,955
35,429

56,355
48,505
56,900
53,685
51,797

11,223
9,495
11,148
10,708
10,367

22.3
22.1
23.4
23.7
23.0

12.7
12.6
12.7
12.5
12.4

38,286
32,298
38,648
36 880
37,060

55,902
47,890
56,372
52 740
51,557

26.2
25.6
26.4
26 5
27.9

18.7
18.6
19.1
18 6
18.7

|

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
Weekly reporting member bank series.
Deposits and debits for first four months are partly estimated.
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

city.

4

828



FEDERAL RESERVE BULLETIN

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]

End of month

1929—June
December
1933—June
December
1940—June
December
1941- -June.
December.
1942- -June. . . . . . .
December.
1943- -June
December.
1944- -June
December.
1945- -June
December.
1946- -June
December.
1947—May (May 28)
June (June 30)
July (July 30)
August (Aug. 27)...
September (Sept.24)
October (Oct. 29)...
November (Nov. 26)
December (Dec. 31).
1948—January (Jan. 28) P..
February (Feb. 25) P.
March (Mar. 31)P..
April (Apr. 28)P.. .
May (May 26) P

Total
deposits
adjusted
and
currency
outside
banks

Total
demand
deposits
adjusted
and
currency
outside
banks

Total
deposits
adjusted

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

26,179
26,366
19,172
19,817
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992
110,044

51 ,532
51,156
36,919
37,766
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
140,377

22,540
22,809
14,411
15,035
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

381
158
852
1,016
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
3,103

165,000
165,455
166,200
166,900
168,400
169,700
"170,300
171,446
'170,200
168,900
"166,500
167,800
168,000

107,600
108,433
109,000
109,400
110,400
111,600
112,400
113,599
112,400
110,300
107,200
108.400
108,600

138,900
139,156
140,200
140,800
142,100
143,500
143,800
144,970
144,400
143,200
140,900
142,400
142,600

81,500
82,134
83,000
83,300
84,100
85,400
85,900
87,123
86,600
84,600
81,600
83,000
83,200

2,200
1,367
1,400
1,700
1,900
1,800
1,900
1,452
1,300
1,800
2,400
2,500
2,400

Time deposits
Demand
deposits
adjusted1

United
States
Government
deposits 2

Commercial
banks z4

Mutual
savings
banks * 5

27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960

19,557
19,192
10,849
11,019
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808

8,905
8,838
9,621
9,488
10,631
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

55,200
55,655
55,800
55,800
56,100
56,300
56,000
56,395
56,500
56,800
56,900
56,900
57,000

34,500
34,835
34,900
34,900
35,100
35,200
35,000
35,233
35,200
35,500
35,500
35,500
35,500

17,300
17,428
17,500
17,500
17,600
17,700
17,600
17,746
17,900
17,900
18,000
18,000
18,100

Total

28,611
28,189
21,656
21,715
27,463
27,738

Postal
Savings
System 6

Currency
outside
banks

149
159
1,186
1,208
1,292
1,303

3,639
3,557
4,761
4,782
6,699
7,325

1,303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
2,657
2,932
3,119
3,283

8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516.
26,730

3,400
3,392
3,400
3,400
3,400
3,400
3,400
3,416

26,100
26.299.
26,000
26,100
26,300
26,200
'26,500
'26,476
'25,800
'25,700
'25,600
'25,400
25,400

400
400
400
400
3,400

r
P Preliminary.
Revised.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
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.
6
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
Table 9, pp. 34-35, for back figures.
1
2
3

BANK SUSPENSIONS 1

POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1

Total

Cash
in depository
banks

Total,
all
banks

U. S. Government
securities

Total

Direct

Cash
reserve
Guar- funds,
etc.2
anteed
74
88
95
102
118
152
179
200

1939—Dec. .
1940—Dec.. .
1941—Dec .
1942—Dec .
1943—Dec.
1944—Dec. .
1945—Dec.
1946—Dec .

1 ,279
1,304
1,314
1,417
1,788
2,342
2,933
3,284

1,319
1,348
1,396
1,464
1,843
2,411
3,022
3,387

53
36
26
16
10
8
6
6

1,192
1,224
1,274
1,345
1,716
2,252
2,837
3,182

1,046
1,078
1,128
1,220
1,716
2,252
2,837
3,182

1947—July. .
Aug...
Sept..
Oct...
Nov...

3,398
3,396
3,407
3,412
3,413
3,417

3,548
3,553
3,542
3,524
3,527
3,525

6
6
6
6
6
6

3,351
3,360
3,325
3,314
3,314
3,308

3,351
3,360
3,325
3,314
3,314
3,308

191
188
212
205
207
212

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

3,432
3,441
3,435
3,415
P3.391

3,541
3,551
3,546
3,528

6
6
6
6

3,332 3,332
3,336 3,336
3,346 3,346
3,316 3,316

204
209
194
205

Dec.

146
146
146
126

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
2

JULY 1948




Number of banks suspended:
1934-40
1941 . .
. . .
1942
1943
1944 . . . .
1945
1946
1947
1948—j a n -June

Nonmember
banks

Member
banks
National

313

16

8
9
4
1
0
0
1

4
2

State

6

Insured

Noninsured

207

84

3
6
2
1

1
3

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—J an -June

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
Corpoiation 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.

829

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits

Loans and investments

Other

Investments
Class of bank
and date

Total

30
31
31
31
31
30
31
31
30 2
29 •
26 •
31
28•
25 •
31 •
28 •
26«

50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
135,060
135,250
134,908
135,370
134,390
132,620
133,340
133,580

Other
securities

22,165 28,719 19,417
23,756 30,422 20,972
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
30,362 109,865 101,288
35,648 96,050 86,558
38,365 92,730 82,679
41,680 93,380 82,750
42,430 92,820 82,220
42,999 91,909 81,186
43,200 92,170 81,390
43,650 90,740 79,970
43,900 88,720 77,560
43,860 89,480 78,330
44,570 89,010 77,870

9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,491
10,051
10,630
10,600
10,723
10,780
10,770
11,160
11,150
11,140

23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
34,590
35,360
38,387
34,490
34,510
33,560
33,720
33,390

68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
153,349
157,970
158,730
161,850
158,230
157,130
154,160
155,220
154,980

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
12,430 92,520
12,290 93,760
13,033 95,727
12,000 93,020
11,470 92,130
10,920 *89,620
10,900 90,670
10,640 90,690

25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
53,020
52,680
53,089
53,210
53,530
53,620
53,650
53,650

8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,360
11,721
11,880
11,900
11,946
11,990
12,040
12,080
12,110
12,220

15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,716
14,729
14,729
14,714
14,718
14,726
14,730
14,731
14,727

7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
8,960
8,920
,9,005
9,010
8,950
9,270
9,220
9,180

22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
32,704
33,920
34,680
37,501
33,640
33,660
32,760
32,970
32,630

57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
135,907
140,300
141,120
144,087
140,350
139,180
136,130
137,160
136,890

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
12,430 92,510
12,290 93,750
13,032 95,711
12,000 93,010
11,470 92,120
10,920 89,610
10,900 90,650
10,640 90,670

15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,360
35,080
35,344
35,340
35,590
35,600
35,610
35,580

6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,577
9,880
10,010
10,030
10,057
10,110
10,150
10,170
10,200
10,290

14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14,183
14,196
14,196
14,181
14,185
14,193
14,197
14,198
14,194

9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
11,041
11,874
11,710
12,403
11,397
10,894
10,364
10,332
10,107

28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
76,380
78,913
80,044
81,785
79,383
78,603
76,270
77,315
77,375

11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,335
28,137
28,340
28,325
28,542
28,556
28,566
28,567

5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,422
8,436
8,464
8,495
8,525
8,545
8,573
8,638

6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,928
6,931
6,928
6,923
6,927
6,926
6,932
6,935
6,931

1
1

3
4
6
6
8
10
14
16
14
10
10
17
10
10
10
20
20

10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,660
17,600
17,745
17,870
17,940
18,020
18,040
18,070

J .309
1,292
L ,241
,236
1,276
L ,378
,592
L.784
1,842
1,870
L.87O
L.889
L.880
L.890
1,910
1,910
1,930

Loans

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. 3 1 .2 . . . . . 113,993 31,122
1947—June 30
112,756 33,679
Oct. 29 •
116,340 36,840
Nov. 26 «
116,590 37,550
Dec. 31
116,268 38,055
1948—Jan. 28 •
116,600 38,240
Feb. 25•
115,540 38,660
Mar. 31 «.
113,600 38,860
Apr. 28 •
114,250 38,760
May 26«
114,460 39,410

23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
79,500
79,040
78,213
78,360
76,880
74,740
75,490
75,050

16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
70,539
70,540
70,120
69,207
69,350
67,930
65,470
66,270
65,870

All member banks:
1939—Dec. 30 . .
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 3 1 .
1947—June 30
Oct. 29 «
Nov. 26 •
Dec. 31
1948—Jan. 28*
Feb. 25 •
Mar. 3 1 Apr. 28 •
May 26*
All mutual savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 30
1945—Dec 31
1946—Dec. 31 2
1947—June 30
Oct. 29*
Nov. 26 •
Dec. 31
1948-*Jan. 28•
Feb. 25 •
Mar. 31 •
Apr. 28 •
May 26«

Total
Number
capital
of
accounts banks

U. S.
Government
obligations

Total

All banks:
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
1945—Dec.
1946—Dec.
1947—June
Oct.
Nov.
Dec.
1948—Jan.
Feb.
Mar.
Apr.
May

Cash
assets *

Total*

33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
97,983
98,199
97,846
98,046
97,051
95,129
95,847
96,052

13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
31,530
32,205
32,628
32,767
33,117
33,179
33,018
33,614

19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
66,453
65,994
65,218
65,279
63,934
61,950
62,829
62,438

14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,171
58,749
57,914
57,989
56,709
54,463
55,383
55,055

5,651 19,782 49,340
5,982 . 23,963 56,430
5,961 23,123 61,717
5,629 24,280 78,277
5,022 23,790 92,262
5,208 25,860 110,917
6,070 29,845 129,670
6,625 29,587 118,170
6,948 28,694 115,435
7,282 29,596 119,122
7,245 30,306 119,891
7,304 32,845 122,528
7,290 29,387 119,105
7,225 29,431 118,039
7,487 28,744 115,190
7,446 28,858 116,213
7,383 28,609 116,049

10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,704
18,339
18,720
18,660
18,641
18,770
18,850
19,020
19,090
19,120

4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,526
4,686
4,840
4,880
4,944
4,960
4,990
5,040
5,100
5,160

5,289
5,292
5,478
6 059
7,387
9,560
11,928
13,179
13,653
13,880
13,780
13,696
13,810
13,860
13,980
13,990
13,960

3,101
3,215
3,704
4^572
6,090
8,328
10,682
11,778
12,140
12,210
12,100
11,978
12,040
12,040
12,090
12,060
12,000

2,188
2,078
1,774
1*487
1,297
1,232
1,246
1,400
1,513
1,670
1,680
1,718
1,770
1,820
1,890
1,930
1,960

818
966
793
663
797
584
609
818
839
670
680
886
850
850
800
750
760

10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,442
17,670
17,610
17,763
17,880
17,950
18,030
18,060
18,090

Interbank l

Demand

Time

551
551
548
546
545
543
542
541
533
533
533
533
533
533
533
533
533

e
Partly estimated.
•"All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and 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.
For other footnotes see following page.

830



FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits

Loans and investments
Investments
Class of bank
and date

All insured commercial
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31

Total

Other
Cash
assets

Total

U. S.
Government
obligations

Other
securities

Loans

Total

Interbank

Time

16,154
19,081
23,879
29,876
33,526
34,486
34,882

7,055
7,453
7,989
8,671
9,286
9,558
9,734

13,343
13,270
13,263
13,297
13,354
13,386
13,398

34,499
42,605
50,900
59,486
52,194
50,694
54,335

8,570
10,196
12,901
16,224
18,412
19,020
19,278

3,729
3,950
4,265
4,644
5,138
5,296
5,409

5,081
5,040
5,025
5,017
5,007
5,012
5,005

3,600
3,397
3,827
4,411
3,890
3,609
3,993

20,024
23,833
28,874
32,334
26,726
25,686
27,449

4,184
5,072
6,357
7,986
8,779
8,994
9,062

2,371
2,525
2,703
2,945
2,957
3,019
3,055

1,598
1,698
1,789
1,867
1,893
1,916
1,918

9,535
11,842
14,809
18,119
18,836
18,240
19,340

145
149
190
244
260
201
266

5,981
7,870
9,987
12,196
12,225
11,550
12,515

3,409
3,823
4,632
5,680
6,351
6,488
6,558

955
979
1,022
1,083
1,193
1,245
1,271

6,667
6,535
6,452
6,416
6,457
6,461
6,478

452
494
473
514
530
514
575

1,332
1,829
2,358
2,452
2,043
2,248
2,236

164
299
161
181
336
436
363

927
1,261
1,892
1,905
1,302
1,351
1,411

241
270
305
365
404
461
462

275
267
276
279
290
322
324

793
764
729
714
690
797
783

,166
,115
,122
,262
,468
,591
,703

760
889
4,348
962
639
4,013
4,658

10,867
13,671
17,168
20,571
20,879
20,488
21,575

309
448
351
425
597
638
629

6,908
9,131
11,879
14,101
13,526
12,901
13,926

3,650
4,092
4,938
6,045
6,756
6,949
7,021

230
245
298
362
483
566
1,595

7,460
299
181
130

861
3,844
5,509
7,160
7,946
8,216
8,165

405
608
604
606
695
789
958

130
559
400
429
612
658
675

2,048
7,534
8,910
10,363
11,428
11,901
12,207

2,044
7,527
8,902
10,351
11,415
11,889
12,192

201
808
892
1,034
1,173
1,218
1,252

56
184
192
192
191
191
194

3,711
2,246
2,819
3,522
3,833
3,924
3,813

1,082
689
629
641
705
724
760

533
238
184
180
206
181
211

8,620
4,204
4,466
5,022
5,442
5,541
5,556

8,618
4,203
4,464
5,020
5,439
5,539
5,553

1,035
468
485
558
611
624
637

490
361
351
350
350
342
339

66,240
83,507
103,382
121,809
112,178
110,682
114,274

18,903
18,841
21,352
25,765
30,733
33,250
37,583

47,336
64,666
82,030
96,043
81,445
77,433
76,691

40,705
58,683
75,875
88,912
73,554
69,136
67,941

6,631
5,983
6,155
7,131
7,891
8,297
8,750

27,586
27,183
29,733
34,292
33,694
32,190
36,926

87,803
104,094
125,714
147,775
136,990
133,659
141,851

National member
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31

37,576
47,499
58,308
69,312
63,723
62,982
65,280

10,183
10,116
11,480
13,925
17,272
18,764
21,428

27,393
37,382
46,828
55,387
46,451
44,218
43,852

23,744
34,065
43,292
51,250
41,658
39,271
38,674

3,648
3,318
3,536
4,137
4,793
4,947
5,178

16,184
16,017
17,570
20,114
20,012
19,342
22,024

50,468
59,961
71,858
84,939
78,775
77,146
82,023

7,400
7,159
8,056
9,229
8,169
7,432
8,410

State member banks:
1942—Dec. 31
1943—Dec. 31
1944— Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31

21,687
26,759
33,261
37,871
32,639
31,820
32,566

5,905
6,171
7,196
8,850
9,424
9,891
11,200

15,782
20,588
26,065
29,021
23,216
21,928
21,365

13,802
18,883
24,393
27,089
21,384
19,927
19,240

1,980
1,705
1,672
1,933
1,832
2,001
2,125

8,096
7,773
8,290
9,731
9,575
9,353
10,822

27,808
32,302
39,059
44,730
39,395
38,289
40,505

Insured nonmember
commercial banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31

6,984
9,258
11,824
14,639
15,831
15,896
16,444

2,818
2,556
2,678
2,992
4,040
4,597
4,958

4,166
6,702
9,146
11,647
11,791
11,299
11,486

3,162
5,739
8,197
10,584
10,524
9,949
10,039

1,004
962
949
1,063
1,268
1,350
1,448

3,308
3,395
3,875
4,448
4,109
3,498
4,083

Noninsured nonmember commercial
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31

,154
,588
148
2,211
1,815
2,074
1,993

318
276
292
318
389
430
472

836
1,312
1,856
1,893
1,426
1,645
1,521

674
1,160
1,682
1,693
1,226
1,403
1,266

162
153
174
200
200
241
255

All nonmember commercial banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
Dec. 31

8,137
10,847
13,972
16,849
17,646
17,970
18,438

3,136
2,832
2,971
3,310
4,429
5,027
5,430

5,002
8,014
11,002
13,539
13,217
12,943
13,008

3,836
6,899
9,880
12,277
11,749
11,352
11,305

Insured mutual savings
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31

2,007
7,525
9,223
10,846
11,891
12,375
12,683

740
3,073
3,110
3,081
3,250
3,370
3,560

1,267
4,452
6,113
7,765
8,641
9,005
9,123

8,747
4,345
4,708
5,361
5,813
5,964
5,957

3,954
1,411
1.260
1,198
1,275
1,316
1,384

4,792
2,935
3,448
4,163
4,538
4,649
4,573

Noninsured mutual
savings banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
Dec. 31

Demand

Total
Number
capital
of
accounts banks

11,144 60,504
74,309
10,705
12,074 89,761
13,883 104,015
12,320 91,144
87,930
11,243
12,670 94,300

7,147
7,258
7,261

* June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see preceding page.

JULY 1948




831

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Class of bank

Total
loans

call date

investments

All insured commercial banks:
1941 Dec 31
49,290
1942—Dec! 31! ! 66^240
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
Member banks,
total:
43 521
1941.—Dec SI
1942—Dec. 31. . 59^263
1943—Dec. 31. . 74,258
1944—Dec. 30. . 91,569
1945—Dec. 31. . 107,183
1946—Dec. 3 1 . . 96,362
1947—June 30. . 94,802
Dec. 31
97,846
1948—Apr. 12. . 95,896
2
New York City:
1941—Dec. 31. . 12,896
1942—Dec. 31. . 17,957
1943—Dec. 31. . 19,994
1944—Dec. 30. . 24,003
1945—Dec. 3 1 . 26,143
1946—Dec. 31. . 20,834
1947—June 3 0 . . 20,332
Dec. 31. . 20,393
1948—Apr." 12! ! 19,547
Chicago:2
1941—Dec. 31. . 2,760
1942—Dec! 31. . 3,973
1943—Dec. 3 1 . . 4,554
1944—Dec. 30. . 5,443
1945—Dec. 3 1 . . 5,931
1946—Dec. 31. . 4,765
I947—June 30. . 4,802
Dec. 3 1 . . 5,088
194g—Apr. 12. . 4,681
Reserve city banks:
1941—Dec. 31. . 15,347
1942—Dec. 31. . 20,915
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
34 969
1948 Apr 12
Country banks:
1941—Dec. 31. . 12,518
1942—Dec! 31. . 16,419
1943—Dec. 31. . 22,188
1944—Dec. 30. . 28,520
1945—Dec. 3 1 . . 35,002
1946—Dec. 3 1 . . 35,412
1947—June 3 0 . . 35,057
Dec. 3 1 . . 36,324
1948—Apr. 12. . 36,699
Insured n o n member commercial b a n k s :
1941—Dec. 3 1 . . 5,776
1942—Dec. 3 1 . . 6,984
1943—Dec. 3 1 . . 9.258
1944—Dec. 30. . 11,824
1945—Dec. 3 1 . . 14,639
1946—Dec. 3 1 . . 15,831
1947—June 30. . 15,896
Dec. 3 1 . . 16,444
JL J7 TT JL

- L ^ V-V-«

KJ

JL •

Commercial,

and

and

•

Investment s

Total

Loans for
purchasing
or carrying
inAgri- securities Real
clud- culCones- sumer Other Total
ing
To
tate loans loans
open- tur- brokTo loans
marr
ers
ket
and othpadeal- ers
per1
ers

614
950

4 545
662 4,773
597 4,646 2,269 1,042
918
922 4,437 1,868
2,265 4,343 1,888 944

21,259
18,903
18,841
21,352
25,765
30,733
33 ,250
37,583

9,214
7,757
7,777
7,920
9,461
14,016
14,765
18,012

1,450
l',642
1,505
1,723
1,314
1,358
1,549
1,610

1,414
2,269
3,164
1,517
1,517

18,021
16,088
16,288
18,676
22,775
26,696
28,655
32,628
33,062

8,671
7,387
7,421
7,531
8,949
13,154
13,820
16,962

972

594

1,089 934 538
1,023 1,398 839
1,198 2,249 2,108
855 3,133 3,378
884 1,506 1,467
972 1,507 1,154
1,046 811 1,065

4,072
4,116
4,428
5,760
7,334
6,368
6,548
7,179
7,169

2,807
2,546
2,515
2,610
3,044
4,078
4,171
5,361

954
832

732
658
763
738
760

3,606
1,609
1,278
823 1,190

4,677
7,103
8,201
9,266

598 3,494

3,423
3,274
3,209
3,455
5,358
6,240
7,130

2,361
4,031
4,893
5,654

1,181
1,098
1,047
1,028

21,046
40,705
58,683
75,875
88,912
73,554
69,136
67,941

988

6,727
13,218
15,300
19,071
12,288
835 9,441
2,124 7,552

4,462
4,636
3,971
2,455
1,271

6,285
12,071
13,982
16,985
10,043
7,544
5,816

3 159 12,797 4 102 3,651 3,333
5', 799 20[999 2^718 3^533 3^098
7,672 30,656 2,501 3,287 2,696
15,778 39,848 978 3,422 2,733
22 3,873 3,258
16,045 51,321
15 4,298 3,592
6,780 53,200
14 4,826 3,471
5,341 53,505
14 5,129 3,621
5,918 52,334
3,007
5,409
6,906
14,127
14,271
5,602
4,369
4,815

11,729 3,832 3,090 2 871
18,948 2,540 2,965 2^664
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

267

8,823
13,841
15,566
18,243
18,809
14,465
13,784
13,214
12 378

52
32
52
163
233
101
84
87

22
23
22
24
36
51
42
46

95
62
45
45
51
105
130
149

18
14
34
40
29
29
26

1,806
3,141
3,550
4,258
4,598
3,266
3,237
3,287
3,018

1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,890
2,620

1, 512
114
194 1,527
808
312
97
153 1,486
658
301
217
267 1,420
660
313
311
777 1,379
855
404
427 1,503 1,459
435
264
704 2,237 1,436
405
185
540 2,713 1,675
366
170
484 3,147 1,969

8,243
14,813
21,321
26,781
31,594
24,527
23,170
22,591
21,617

6,467
13,038
19,682
25,042
29,552
22,250
20,845
20,196
19,234

6,628
11,380
17,534
23,610
29,407
27,408
25,955
26,125
25,822

110
481 2,926
4,377
•9,172 671 1,251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
882 3,466 4,422 12,540
21,552
26,999 630 5,102 4,544 16,713
279 4,020 2,470 17,797
24,572
197 3,035 1,960 17,696
22,893
22,857 480 2,583 2,108 17,681
22,381

2,535
4,166
6,702
9,146
11,647
11,791
11,299
11,486

1,509
3,162
5,739
8,197
10,584
10,524
9,949
10,039

545

48
34
102
163
211
117
100
73

2,453 1,172
1, 96 389
1,196 286

300
290
279
348
205
201
197
225

5,890 1,676
5,038 1,226
4,654 1,084
4,910 1,149
5,596 1,484
8,004 2,433
9,102 2,744
10,199 3,096
10,877

659
772
713
802
648
681
774
818

20
17
25
32
42
29
26
23

183
161
197
310
471
273
244
227

1, 530
1,823
1,797 674 393
1,725 528 381
1,719 547 351
1,881 707 363
2,970 1,312 306
3,381 1,693 240
3,827 1,979 229

543
370
356
389
512
862
945

478
553
482
525
459
474
576
563

20
16
16
21
31
12
11
13

64
59
82
156
228
142
125
125

1,282
1,225
1,165
1,136
1,224
1,748
1,963
2,139

1,049

Total

148
153
179
298
250
291
330

3,456
2,957
3,058
3,034
3,661
5,548
5,726
7,088

3,241
2,818
2,556
2,678
2,992
4,040
4,597
4,958

of

States Other
and secuCertifiGuar- politcates
an- ical rities
inteed subBills of
debt- Notes Bonds
diviedsions
ness

5 54
303
252
253
287
455
500
564

169
193
323
859

1,094
1,178
1,418

7,105
6,102
6,201
6,822
8,514
10,825
11,441
13,449
13 352

ga-

tions

123
117
107
86
80
99
104
111

8
412
21
787
24 1,054
30 1,742

8 54
422
385
383
460
723
895
992

173
70
67
77
79
82
76

Obli-

Direct

3 , 592
25,500 19,539 971
1,847 870 43,175 37,546 4,363
1,484 848 57,970 52,948 4,360
1,505 877 72,893 67,685 3,748
1,900 1,104 84,408 78,338 2,275
3,308 1,020 69,666 63,042 1,167
773
3,998 965 66,146 59,198
4,662 952 65,218 57,914 1,987
62,834 55,364

6
6
6
17
2
3
1
3

1,004
1,184
1,333
1,499
1,565
1,801
1,663

28 031
47^336
64,666
82,030
96,043
81,445
77,433
76,691

U. S. Government obligations

7,265 311
1,623 3.652 1,679
12,547 1,855 '2!144 2,056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
17,179 913 3,740 3,745 8,592 189
1
17,574 477 3,433 3,325 10,337
1
992 10,202
13,308 387 1,725
137 1,103
1
775 10,555
12,571
640
558 9,771
11,972 1,002
11 129
256
397
199
250
133
60
106
132

1,045
1,467

498
368
235

153
391
484
779
749
146
132
248

295

751

1,441
1,802
1,704
1,034

2! 253
4,691
5,730
6,982
441 3,799
334 3,038
373 2,358

1,723
2,497
5,181
5,653
1,993
1,503
1,901

17
99
276
223
180
104
62
136

637
877

442

1,147
1,319
2,087
2,247
1,897
1,736

152
390
766

1,652
1,774
1,179

972

1,104

903

1,282
1,602
1,809
1,864
2,207
2,284
2,274

119
83
74
31

729
593
444
468
606
557
631
638
721

830
701
558
596
629
601
582
604
528

182
166
158
160
181
167
175
213
223

193
186
155
185
204
187
173
185
174

4,248 1,173 956 820
6,810 811 954 821
9,943 749 913 726
11,987 440 1,000 740
5 1,126
916
15,878
4 1,272 1,004
16,013
3 1,364
962
15,967
3 1,342 1,053
15,560
1,343 1,039

1,069
2,053
3,395
4,928
6,538
6,991
7,013
7,058

861
574
538
241
9
6
5
6

271
179
156
76
6
3
4
4

1 222 1,028
1,252 956
1,214 855
1,230 829
1,342 1,067
1,551 1,285
1,813 1,250
2,006 1,262
2,165 1,277

563
569
560
566
619
752
845
931

462
435
403
383
443
516
505
517

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 231, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.

832



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

All insured commercial banks:

Reserves
Cash
with
Federal in
Revault
serve
Banks

BalDeances mand
with
dedoposits
mestic3
ad- 4
banks justed

Interbank
deposits

Certified
U. S. States
and
and
Gov- political
Offiern- subdi- cers'
ment visions
checks,
etc.

DoFormestic3 eign

1,077
1,219
1,669
1,354
2,585
2,361
2,111
2,559

36,544
47,122
58,338
64,133
72,593
79,887
78,077
83,723

158
97
68
64
70
68
64
54

59
61
124
109
103
119
111
111

492
397
395
423
496
664
771
826

15,146
15,697
18,561
23,347
29,277
32,742
33,604
33,946

10
10
46
122
215
39
60
61

671 1,709
811 7,923
891 9,444
945 18,509

3,066
3,318
3,602
3,744
4,240
4,915
5,376
5,504
5,570

1,009
1,142
1,573
1,251
2,450
2,207
1,976
2,401
1,755

33,061
42,139
51,820
56,270
62,950
69,127
67,933
72,704
68,093

140
87
62
58
64
62
60
50
42

50
56
120
105
99
114
106
105
102

418
332
327
347
399
551
649
693
872

11,878
12,366
14,822
18,807
23,712
26,525
27,259
27,542
27,616

4 5,886
5 6,101
39 6,475
111 6,968
208 7,589
30 8,095
50 8,315
54 8,464
235 8,610

866

319
263
252
199
237
218
260
290
232

450
448
710
361

11,282
12,501
14,373
14,448
1,338 15,712
942 17,216
915 17,202
1,105 17,646
725 16,345

6
3
4
11
17
20
22
12
10

5
7
10
15
14
12
14

29
23
26
17
20
39
17
14
54

778
711
816
977

1,206
1,395
1,407
1,418
1,460

1,648
1,727
1,862
1,966
2,120
2,205
2,234
30 2,259
119 2,268
288
304
326
354
377
404
416
426
426

31. .
31. .
31..
30. .
31. .
31. .
30. .
31. :
12. .

12,396
13,072
12,835
14,261
15,811
16,015
16,040
17,797
16,750

1,087
1,019
1,132
1,271
1,438
1,576
1,409
1,672
1,563

6,246
6,147
5,450
6,354
7,117
5,936
5,521
6,270
5,375

33,754
42,570
52,642
57,308
64,184
70,243
69,595
73,528
69,781

9,714
10,101
9,603
10,881
12,333
10,644
9,612
10,978
9,133

New York City:*
1941—Dec. 3i
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .

5,105
4,388
3,596
3,766
4,015
4,046
4,166
4,639
4,481

93
72
92
102
111
131
123
151
141

141
82
61
76
78
87
50
70
46

10,761
11,899
13,899
14,042
15,065
16,429
16,494
16,653
15,701

3,595
3,209
2,867
3,179
3,535
3,031
2,898
3,236
2,776

1,021

298
164
158

1,027
1 105

200
172
162
175
146

2,215
2,557
3,050
3,041
3,153
3,356
3,427
3,737
3,432

1,132
1,292
1,130
1,056
1,196
1,004

8
12
14
16
20
24
24
21
24
54
63
63
70
110
127
109
131
124

Member banks
total:
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—Apr.

Chicago:"*
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—Apr.

3i
31..
31. .
30. .
31. !
31. .
30. .
31'. '.
12. .

1,070
1,051

43
39
38
43
36
29
36
30
26

Reserve city banks:
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .

4,060
4,940
5,116
5,687
6,326
6,337
6,274
7,095
6,403

425
365
391
441
494
532
470
562
511

2,590
2,202
1,758
2,005
2,174
1,923
1,864
2,125
1,791

11,117
14,849
18,654
20,267
22,372
24,221
24,166
25,714
24,182

4,302
4,831
4,770
5,421
6,307
5,417
4,773
5,497
4,539

Country hanks:
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .

2,210
2,842
3,303
3,909
4,527
4,703
4,628
4,993
4,815

526
542
611
684
796
883
780
929
884

3,216
3,699
3,474
4,097
4,665
3,753
3,444
3,900
3,391

9,661
13,265
17,039
19,958
23,595
26,237
25,508
27,424
26,466

790
957
994

1,149
1,199
1,067

271
287
313
352
391
437
395
473

2,325
2,934
2,996
3,434
3,959
3,547
2,979
3,466

4,092
5,651
7,279
8,652
10,537
11,842
11,274
12,223

108
133
141
182
233
244
194
258

902
821
899
942
928
973

Insured nonmember commercial banks:
1941—Dec
194?—Dec.
1943—Dec.
1944—Dec
1945—Dec.
1945—Dec
1947—June
Dec.

31
31
31. .
30
31..
31
30
31

1

177

972

885

1,049

814

6,844
7,055
7,453
7,989
8,671
9,286
9,558
9,734

3,677
3,996
4,352
4,518
5,098
5,967
6,495
6,692

673
1,358 8,570 37,845 9,823
813
1,305 9,080 48,221 10,234
893
1,445 8,445 59,921 9,743
948
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566 1,248
2,012 9,481 82,085 10,888 1,364
1,804 8,498 80,869 9,807 1,372
2,145 9,736 85,751 11,236 1,379

31. .
31..
31. .
30. .
31. .
31..
30. .
31..

IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations

1,761
8,167
9,950
19,754
23,740
2,930
1,247
1,325

12,396
13,072
12,834
14,260
15,810
16,013
16,039
17,796

1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Tune
Dec.

U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment
politships,
and
ical
and cor- bank Postal
subdiporaSav- visions
tions
ings

1,243 22,179
1,353 2,672
1,369 1,095
1,375 1,176
1,375 2,115
607
733
810
851

4,186
3,395
6,722
1,105 6,940
651
1,195
179
1,228
267
1,217
375
1,220

2
2
2
1

4
6
9
10

476
453
505
619
719
823
864
902
908

104
63
41
33
30
25
21
22
17

20
22
56
40
38
43
41
45
40

243
169
151
154
160
235
319
332
455

4,542
4,805
5,902
7,561
9,563
10,580
10,888
11,045
10,792

2
4
11
1
60

1,967
2,028
2,135
2,327
2,566
2,729
2,796
2,844
2,869

8,500
11,989
15,561
18,350
21,797
24,128
23,380
25,203
24,136

30
20
17
14
17
17
17
17
15

31
32
56
57
52
55
49
45
46

146
140
149
175
219
272
308
337
354

6,082
6,397
7,599
9,650
12,224
13,727
14,101
14,177
14,456

4
3
10
16
11
26
38
23
55

1,982
2,042
2,153
2,321
2,525
2,757
2,869
2,934
3,048

3,483
4,983
6,518
7,863
9,643
10,761
10,144
11,019

18
10
6
6
6
6
4
4

8
5
4
4
4
5
5
6

74
65
68
76
97
113
122
132

3,276
3,339
3,750
4,553
5,579
6,232
6,361
6,420

6
5
6
10
7
9
10
7

959
955
979

233
178
174
167
237
228
304
285
251

34
38
44
33
66
47
55
63
37

2,152
2,588
3,097
3,100
3,160
3,495
3,417
3,853
3,489

991
311
405
793

1,144
1,319
1,448
1,509
1,763
2,077
2,301
2,282
2,314

286
385
475
488
611
693
554
705
524

11,127
15,061
18,790
20,371
22,281
24,288
23,934
26,003
24,123

225
2
4 1,090
5 1,962
8 4,230
8 5,465
877
8
424
8
7
432
844
8

1,370
1,558
1,727
1,868
2,004
2,391
2,511
2,647
2,772

239
272
344
369
435
524
451
528
468

611
678
750
775
858

68
76
96
103
135
154
135
158

127
665
713

1,400
1,552
152
181
72
102
491

1,982
3,373
6,157
8,221

2
2
2
3

53
243
506

11
3
4

258
152
149

1,245
5 1,560

1,052
1,119
1,188

29
96
195

2
2

1
1

1

2

1,022
1., 083
1,193
1,245
1,271

3
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

JULY

1948




833

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
L O A N S AND I N V E S T M E N T S
[Monthly data are averages of Wednesday

figures.

In millions of dollars]

Loans

Investments

For purchasing
or carrying securities

Date or month

Total
loans
and
investments

Total

CommerTo brokers
cial,
and dealers
industrial,
U. S.
and
Other
agri- Govt. seculobcuritural
ligaties
tions

U. S. Government obligation s

To others
Real Loan
estate to
U. S
loans bank
Govt Other
seobliga- curitions ties

loans

Total
Total

]Bills

Certificates
of indebtedness

Other
secu1'ities
Notes

Bonds 1

TotalLeading Cities
1947 Mav

63 ,169

19 917 11 891

590

429

530

487 2,876

181

?

1948—January
February
"M. arch
Aoril
May

65 ,178
64 ,405
63 ,366
63 ,030
63 ,208

23 ,315
73 460
73 47?
73 311
23 ,421

14 ,704
14 636
14 S?7
14 758
14 ,218

219
378
437
398
502

432
389
415
435
401

333
302
282
277
279

502
485
479
477
479

163
235
232
250
227

3 ,465
3 ,489
3 ,510
3 S67
3 ,593

2 ,164
7 ,262
1 ,995
7 096
2 ,315

3 ,390
3 ,250
3 918
3 8?S
3 ,835

2,790
2,666
2,496
2,401
2,415

29 ,266
78 576
?7 191
?7 076
26 ,995

3,497
3,546
3,595
3,649
3,722

,933 43 252 39
41 ,863
40 ,945
39 ,894
39 ,719
39 ,787

71Q

37 ,610
36 7S4
3S 600
3S 398
35 ,560

Mar. 31

62 ,220

23 ,452 14 ,417

494

411

286

475 3,615

215

3 ,539 38 ,768 34 ,433 1 ,272

Apr
7
Apr. 14
Apr. 21
Apr. 28

6?

870
62 ,855
63 ,454
62 ,940

? s ,334
23 ,269
23 ,480
23 ,160

14 ,337
14 ,333
14 ,205
14 ,159

403
379
423
387

428
407
482
422

281
272
274
280

476
475
489
469

3,627
3,643
3,656
3,669

239
191
380
190

3 ,S43
3 ,569
3 ,571
3 ,584

May 5
May 12
May 19
May 26

63 132
63 ,174
63 ,456
63 070

73 ?46
23 ,447
23 ,356
?3 634

14 70S
14 ,255
14 ,208
14 ,706

422
480
422
682

404
417
388
394

277
279
280
281

474
474
484
483

3,694
3,717
3,732
3,745

June 2
June 9
June 16
June 23

62 ,936
63 ,426
63 ,085
6? ,872

23 ,521
23 ,564
23 ,615
73 788

14 ,113
14 ,152
14 ,245
14 759

644
505
482
590

414
534
469
440

279
278
282
276

493
502
482
501

3,755
3,771
3,788
3,798

New York City
1947—May

19 798

6 19S

4 757

492

292

101

195

1948—January
February....
March
Aoril
!May

20 ,001
19 ,776
19 ,238
19 ,182
19 068

7 ,045
7 135
7 108
7 074
7 110

5
5
5
5
5

329
245
164
087
067

162
309
376
350
445

308
275
304
324
291

51
47
45
49
47

199
189
188
189
184

Mar. 31

18 ,879

7 137

5 141

432

312

47

185

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

19 ,192
19 ,010
19 ,504
19 023

7
7
7
6

072
048
219
956

5
S
5
S

120
139
059
030

346
332
381
341

326
304
354
311

49
49
49
49

May 5
May 12
May 19
May 26

19
18
19
19

033
958
230
051

6
7
7
7

983
099
046
311

5
5
5
S

047
085
06-?
07S

369
419
376
615

295
304
284
279

18
19
18
18

940
178
820
730

7
7
7
7

245
274
262
354

5 048
5 060
S 1?9
5 146

584
454
427
527

.

June 2
June 9
June 16
June 23

s

678

247

2 773 30 S31

/|

023

4 ,253
4 191
4 294
4 ,321
4 ,227

3 ,745

2,305

27 ,111 4 ,335

1 ,853 3 831
2 ,006 3 ,778
2 ,307 3 ,851
2 ,219 3 ,839

2 403
2,386
2,394
2,420

?7 17%
321
27 ,090 4 ,326
27 ,091 4 ,331
26 ,997 4 ,305

197 3 S73 3 9 ,886
232 3 ,593 39 ,727
234 3 ,608 40 ,100
244 3 S99 39 436

3S 640 7 ,448
770
35 ,499 2 ,296 3 ,809
35 ,866 2 ,571 , 3 ,882
3«r 737 1 94S 3 879

2,441
2,436
2,405
2,379

76 981
26 ,958
27 ,008
77 034

1 246
4 ,228
4 ,234
4 199

219 3 ,604 39 ,415
202 3 ,620 39 ,862
222 3 ,645 39 ,470
248 3 676 39 084

35 ,218
35 ,667
35 ,250
34 869

1 ,986
2 ,368
2 ,124
1 793

4 ,880
4 ,915
4 ,841
4 ,765

2,335
2,400
2,413
2,442

26 ,017
25 ,984
25 ,872
9S 869

4 ,197
4 ,195
4 ,220
4 ,->1S

98

141

6?4

13 603

1?

467

109

1 ,262

813

10 ?78

,141

106
109
113
119
129

129
192
150
180
180

761
769
768
776
767

12 ,956
12 ,641
1? ,130
12 ,108
11 ,958

11 ,747 1 ,157
11 ,476 1 ,149
10 918
923
10,891 1 ,029
10.872
085

626
615
975
890
876

512
541
501
495
556

9 ,452
9 ,171
8 S10
8 ,477
3SS

1 ,209
1 ,165
1 212
1 ,217
086

114

132

774 11 ,742 10 ,501

560

958

460

8 523 1 ,241

186
185
202
183

116
118
118
123

155
145
280
141

774
776
776
778

946
,889
731
9?0
068 1 193
0S8
878

954
842
884
880

481
475
497
528

8
8
8
8

508
-10/1
494
-in

1 ,231
1 231
1 ,217
1 189

47
47
47
47

183
183
184
186

124
128
132
132

154
166
194
206

764 12 050 10 953
767 11 859 10 765
767 \7 184 11 091
771 11 740 10 677

180
036
278
844

861
836
891
915

554
553
564
553

8
8
8
8

358
340
3S8
365

1
1
1
1

097
094
093
063

293
414
353
314

47
46
45
44

191
198
190
197

133
138
145
146

175
179
189
188

774 11 695 10 630
785 11 904 10 835
784 1 558 10 478
792 11 376 10 308

861
139
876
726

167
115
063
034

557
554
551
557

8
8
7
7

045
027
988
991

1
1
1
1

065
069
080
068

?S3

39 536
39 ,586
39 ,974
39 ,780

12 ,120
11 ,962
12 285
\7 067

35
35 ,260
35 ,643
35 ,475

10
10
11
10

1
1
1
1

s

Outside
New York City
1947—May

43 371

13 722

7 639

98

137

429

292 2,778

40

7

309

9Q

649

76

767

569

985

1 960 ^0

1948—"-January • • •
February....
JMarch
April
May

45
44
44
43
44

16
16
16
16
16

270
325
364
237
311

9
9
9
9
9

375
391
358
171
151

57
69
61
48
57

124
114
111
111
110

282
255
237
228
232

303
296
291
288
295

34
43
82
70
47

2
2
2
2
2

704
720
742
791
826

28
28
27
27
27

907
304
764
611
829

25
25
24
24
24

863
278
682
507
688

007
113
072
067
230

2
2
2
2
2

764
635
943
935
959

2,278
2,125
1,995
1,905
1,859

Q

?

765

77

026

77,

932

712

7

787

1 845 18 588

27
27
27
27,

416
624
689
713

24
24,
24,
24,

326
529
575
597

907 2 , 877
086 2, 936
114 2, 967
161 2, 959

1,922
1,911
1,897
1,892

18, 620
090
18, 596 !; 095
18, 597
114
18, 585
116

177
629
128
848
140

3,391
3,437
3,482
3,530
3,593

882

19, 814 3 044
19, 405
026
18, 672
082
18, 600 3 104
141
18, 640

43 341

16 315

?76

62

99

239

290 3 501

83

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

43
43
43
43

678
845
950
917

16,
16,
16,
16,

262
221
261
204

9, 217
9 194
9, 146
9, 129

57
47
42
46

102
103
128
111

232
223
225
231

290
290
287
286

3,511
3,525
3,538
3,546

84
46
100
49

May 5
May 12
May 19
May 26

44
44
44
44,

099
216
226
019

16,
16,
16,
16,

263
348
310
323

9,
9,
9,
9,

158
170
146
131

53
61
46
67

109
113
104
115

230
232
233
234

291
291
300
297

3,570
3,589
3,600
3,613

43
66
40
38

2, 809 7, 836
2, 826 7, 868
2 841 27 916
2, 828 27, 696

24,
24,
24,
24,

687
734
775
560

268 2, 909
260 2, 973
293 2, 991
101 2 f 964

1,887
1,883
1,841
1,826

18,
18,
18,
18,

623
618
650
669

149
134
141
136

June 2
June 9
June 16
June 23

43,
44,
44
44

996
248
265
142

16,
16,
16,
16,

276
290
353
434

9, 065
9, 092
9, 116
9, 113

60
51
55
63

121
120
116
126

232
232
237
232

302
304
292
304

3,622
3,633
3,643
3,652

44
23
33
60

2, 830
2, 835
2, 861
2 884

24,
24,
24,
24,

588
832
772
561

125
229
248
067

1,778
1,846
1,862
1,885

17,
17,
17,
17,

972
957
884
878

132
126
140
147

Mar. 31

.

2 769
2 793
2, 795
2 806

7,
7,
7,
7,

720
958
912
708

3,
3,
3,
3,

713
800
778
731

094

* Including guaranteed obligations.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis
is, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp 127-227.

834



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank

Date or month

ReBalDeserves
with Cash ances mand
dewith
Fedin
do- posits
eral vault
mestic ad- 1
Rebanks justed
serve
Banks

Individuals, States
and
part- politnerical
ships> suband
divicor- sions
porations

Time deposits,
except interbank

Interbank
deposits

IndividU. S.
Demand
Certiuals, States
Govfied
and
U.
S.
parternand
politGov- nerOffiical ment
ern- ships, suband
cers'
and
ment
Dodivi- Postal
checks,
corSavmes- Foretc.
eign
pora- sions ings
tic
tions

TotalLeading Cities
1947—May

11,530

763 2,291 45,966 45,627 3,248

1,396

1,315 13,992

324

8,974 1,379

1948—January . .
February .
March
Anril
May

12,753
12,328
12,576
12,441
12,397

815
778
758
780

3,251
3,204
3,318
3,425
3,456

1,465
1,430
1,523
1,382
1,376

592
872
1,141
1,300
1,422

14,159
14,184
14,236
14,232
14,236

370
457
475
491
503

9,955
9,052
8,848
8,594
8,515

2,445
2,247
2,297
2,256
2,237

48,843 49 ,073
47,709
,873
46,724
,737
46,394 46,416
46,550 46 ,555

169 5,718 79,718

5,830
5,852
5,871
5,892
5,907

94,188
80,188
95,020
89,620
88,617

360 5,884

20,769

138
320
320
197
174

Mar. 3 1 . . .

12.146J

752| 2,237 45,340 45,445 3,363

1,473

1,297 14,221

478

8,375 1,341

12,374
12,490
12,350
12,548

753
799
767
799

2, 219
2, 354
2,271
2,181

45,978
46,210
46, 718
46,671

45,608
47,000
46,636
46,418

3,311
3,297
3,609
3,484

1,257
1,366
1,531
1,376

1,376
1,314
1,199
1,309

14,238
14,229
14,239
14,222

490
495
487
492

8,612
8.821
8,578
8,364

1,363
1,351
1,347
1,310

199
123
325
141

5,890
5,889
5,889
5,902

20,660
19,745
21,643
20,547

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

12,511
12,555
12,034
12,490

743
828
777
805

2,246
2,286
2,285
2,132

46,529
46,373
46,440
46,857

46 ,032
46,888
46,673
46,628

3,534
3,414
3,424
3,451

1,328 1,367 14,245
1,400 1,597 14,239
1,425 1,452 14,230
1,349 1,272 14,229

491
512
505
504

8,666
8,699
8,523
8,171

1,291
1,318
1,340
1,311

138
181
153
225

5,912
5,906
5,902
5,910

21,075
19,975
22,530
20,561

June 2 . . .
June 9 . . .
June 16...
June 2 3 . . .

12,636
12,610|
13,3841!
12,897

764|
805
775!
8O3|

2,269 46,646
2,334 46,9-6
2,467(47,259
2,209146,647

46,627
46,724
48,153
46,689

3,478
3,463
3,395
3,359

1,665
1,333
1,410
1 ,464

1,252
1,301
1,001
1,092

14,283
14,296
14,324
14,346

517
514
510
512

8,572 1,310
8,740 1,319
9,148 1,330
1,351

134
112
127
216

5,924
5,922
5,916
5,915

19,169
19,336
22,904
22,528

4,044

125

37 15,742 16,141

248

776

380

1,347

2,892 1,229

4,439
4,277
4,586
4,535
4,469

132
129
117
124
122

40
36
62
33
31

16,844
16,562
16,290
16,067
15,994

339
228
277
325
279

732
736
835
725
726

172 1,350
240 1,364
308 1,385
347 1,397
377 1,405

3,108 1,192
2,868 ,199
2,803 ,200
2,777 ,188
2,741 ,157

Mar. 3 1 . . .

4,387i

116

174il5,525 16,256

239

768

349

I 1,386

2,578

,185

Apr. 7 . . .
Apr. 14...
Apr. 2 1 . . .
Apr. 2 8 . . .

4,506
4,556
4,475
4,604

119
128
118
129

15,533
15,392
15,763
33 15,608

15,949
16,144
16,135
16,041

227
242
488
341

622
723
832
722

376 1,398
347 1,394
318 1,398
347 1,398

2,769
2,829
2,803
2,706

,209
,198
,190
,156

50
65
169
81

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

4,513
4,552
4,314
4,498|

118
128
115
130

29! 15,504 15,869
15,330 15,969
15,452 16,028
15,593 16,111

312
274
287
242

660
756
774
712

360
426
382
338

1,403
1,401
1,403
1,411

2,781
2,777
2,769
2,640

,135
,164
,178
,152

June
June
June
June

4.561
4,500
5,079

33jl5,445
31115,611
36jl5,634
35)15.444

215
202
219
201

989
699
694

319
333
249
272

1,462
1 ,473

2,787 ,145
2,770 ,156
2,975 1,168
2,760 1,182

1948—January . .
February .
March
Anril
May

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

4,868

I
125;
129
1171
123!

16,399
16,003
15,733
15.574
15,470

16,058
16,128
16,425
16,060

96 2,176 31,695

2,207
2,212
2,208
2,211
2,208

38,286
32,298
38,648
36,880
37,060

26 2,210

8,105

2,211
2,211
2,211
2,210

8,857
7,905
8,670
8,545

62
116
69
119

2,209
2,210
2,207
2,206

8,710
8,290
9,171

69
58
44
125

2,208
2,206
2,203
2,200

8,285
7,800
9,555
9,029

73 3,542

48,023

29
112
93
91
91

8,821

I

Outside
New York City
1947—May

7,486|

638! 2,254)30,22429,486

1948—January . .
February .
March....
Aoril
May

8,314
8,051
7,990
7,905
7,928

683
649
641
656
666

Mar. 3 1 . . .

7,759

636 2,063 29,815 29,189 3,124

705

Apr. 7 . . .
Apr. 14...
Apr. 2 1 . . .
Apr. 2 8 . . .

7,868
7,934
7,875
7,944

634
671
649
670

2,188 30,445
2,319 30,818
2,237 30,955
2,148 31,063

29,659
30 ,856
30 ,501
30 ,377

3,084
3,055
3,121
3,143

635
643
699
654

May 5 . . .
May 12...
May 19...
May 2 6 . . .

7,998
8,003
7,720
7,992

625
700
662
675

2,217
2,253
2,254
2,102

31,025
31,043
30 988
31,264

30,163
30 ,919
30,645
30 ,517

June 2.. .
June 9 . . .
June 1 6 . . .
June 23. ..

8,075
8,110
8,305
8,029

639
676
658
680

2,236 31 ,201
2,303 31,385
2,431 31,625
2,174 31,203

30,569
30,596
31,728
30,629

2

1,344
1,350
1,358
1,343
1,315

Bank
deb-2
its

Apr. 7 . . .
Apr. 14...
Apr. 2 1 . . .
Apr. 28. A.

New York City
1947—May

1

Time

Bor- Caprow- ital
acings counts

2,405
2,211
2,235
2,223
2,206

935 12,645

307

6,082

12,809
12,820
12,851
12,835
12,831

357
404
419
443
460

6,847
6,184
6,045
5,817
5,774

152
151
158
154
158

109
208
227
106
83

948 12,835

425

5,797

156

334 3,674 12,664

12,840
12,835
12,841
12,824

437
444
443
447

5,843
5,992
5,775
5,658

154
153
157
154

149
58
156
60

3,679 11,803
3,678 11,840
3,678 12,973
3,692 12,002

3,222
3,140
3,137
3,209

668 1,007 12,842
644 1,171 12,838
651 1,070 12,827
637
934 12,818

448
469
462
460

5,885
5,922
5,754
5,531

156
154
162
159

76
65
84
106

3,703
3,696
3,695
3,704

12,365
11,685
13,359
11,740

3,263
3,261
3,176
3,158

676
634
716
676

12,821
12,823
12,817
12,839

474
470
472
473

5,785
5,970
6,173

165
163
162
169

65
54
83
91

3,716
3,716
3,713
3,715

10,884
11,536
13,349
13,499

3,000M

32,444 32,229 2,912
31,706 31,311 2,976
30,991 30,447 3,041
.30,348 3,101
31,080 30,561 3,1.77

620

733
694
688
658
650

420
632
833
952
1,045

1,000
967
881
962

933
968
752
820

5,828

3,623
3,640
3,663
3,682
3,699

55,902
47,890
56,372
52,740
51,557

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.

JULY

1948




835

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Federal Reserve
district and date

Total
loans
and
invest- Total
ments

Boston
May 26
June 2
June 9
June 16
June 23
New York*
May 26
June 2
June 9
June 16
June 23
Philadelphia
May 26
June 2
June 9
June 16
June 23
Cleveland
May 26
June 2
June 9
June 16
June 23
Richmond
May 26
June 2
June 9
June 16
June 23
Atlanta
May 26
June 2
June 9
June 16
June 23
Chicago*
May 26
June 2
June 9
June 16
June 23
St. Louis
May 26
June 2
June 9
June 16
June 23
Minneapolis
May 26
June 2
June 9
June 16
June 23
Kansas City
May 26
June 2
June 9
June 16
June 23
Dallas
May 26
June 2
June 9
June 16
June 23
San Francisco
May 26
June 2
June 9
June 16
June 23
City of Chicago*
May 26
June 2
June 9
June 16
June 23

Commercial,
industrial
and
agricultural

795
790
814
805
821

1,095
1,094
1,085
1,078
1,085

727
716
720
7l'7
718

239
170
407
066
933

8,033
7,967
7,998
7,984
8,080

5,419
5,390
5,402
5,469
5,486

506
504
523
514
566

864
858
853
873
898

319
335
335
319
321

Investments

For purchasing
or carrying securities
To brokers
and dealers

U. S. Government obligations

To others

U.S.
U. S.
Govt. Other Govt. Other
obobliga- cun- liga- cuntions ties tions ties

Real Loans
estate to Other
Total
loans banks loan;

12

14
8
10

14
16
16
16
16

121
121
122
122
123

10
19
4
5
3

618
586
457
428
528

283
297
418
356
317

205
210
217
209
215

312
315
321
329
330

206
175
179
189
191

496
496
494
497
501

1
1
1
1
2

16
16
15
16
15

76
78
78
79
79

1,456
1,455
1,472
1,479
1,480

883
879
889
891

12
13
12
14
18

13
13
15
15
14

247
248
251
251
250

533
529
537
553
523

821
823
820
819
817

387
385
382
381
379

5
6
6
6
5

,286
,293
,298
,297
,288

826
819
814
812
811

509
507
501
497
491

,630
,603
,652
,598
,541

2,672
2,665
2,656
2,674
2,692

,029
,019
,027
,021
,020

1,700
189 1,696
187 1,729
188 1,727
1,736
934
938
949
950
959

13,206
13,203
13,409
13,082
12,853

252 1,642
248 1,646
249 1,670
1,641
1,668

Certificates
ofindebted-

Other
secuNotes Bonds rities
1

Total

Bills

1,584
1,579
1,610
1,603
1,609

94
9.
123
11
124

14
224
226
234
235

1,216
127 1,133
1,134
1,126
126 1,124

116
117
119
124
127

11,950 925
11,943 968
12,144 1,244
11,807 998
11,590 800

968
1,266
1,214
1,162
1,135

624 9,433
9,080
629 9,057
625 9,022
9,024

1,256
,260
1,265
1,275
1,263

1,372
1,373
1,399
1,369
1,392

85
80
85
82
110

129
159
169
163
160

#64
65
84
71
71

1,094
1,069
1,061
1,053
1,051

270
273
271
272
276

227
228
232
231

2,863
2,880
2,863
2,840
2,841 2,491

99
106
85
77

181
236
248
243
234

152
126
116
115
113

2,090
2,071
2,071
2,058
2,060

341
341
343
347
350

188
188
189
189
190

188
188
191
192

1,712
1,706
1,717
1,734
1,706

1,589
1,582
1,593
1,609
1,579

65
60
72
88
62

177
203
211
214
220

73
75
72
72
72

1,274
1,244
1,238
1,235
1,225

123
124
124
125
127

6
6
6
6
7

76
75
74
73
74

170
167
168
171
175

1,460
1,474
1,484
1,485
1,477

1,274
1,287
1,297

18
26
34
42
31

222
247
258
262
262

132
130
129
129
132

902
884
876
865
865

186
187
187
187
187

1,817
1,800
1,806
1,816
1,819

35
40
31
33
42

320
320
321
323
323

370 5,958 5,321
373 5,938 5,311
5,996 5,376
5,924 5,306
387 5,849 5,237

341
318
332
292
215

465
660
666
614
608

360
351
392
415
426

4,155
3,982
3,986
3,985
3,988

637
627
620
618
612

899
889
886
887
894

519
510
509
506
505

4
5
4
5
5

148
147
147
147
148

1,130
1,130
193 1,141
196 1,134
198 1,126

984
983
996
989
980

33
46
44
45
46

123
147
154
153
140

87
85
86
86
83

741
705
712
705
711

146
147
145
145
146

,131
,129
,139
,151
,150

416
414
413
419
425

249
249
248
255
254

3
3
3
3
3

56
56
56
55
56

94
95
95
95
99

715
715
726
732
725

635
634
645
651
645

15
16
20
24
16

84
99
104
101
104

51
51
54
64
64

485
468
467
462
461

80
81
81
81
80

,348
,311
,319
,372
,354

799
804
811
815

514
505
510
514
518

4
3
3
4
4

123
123
123
124
124

146
147
147
148

1,540
1,512
1,515
1,561
1,539

1,338
1,312
1,316
1,360
1,339

119
104
110
145
118

260
269
275
289
291

121
118
116
116
117

838
821
815
810
813

202
200
199
201
200

,180
,169
,184
,209
,216

1,010
1,002
1,001
1,009
1,009

693
685
683
689
686

6
6
6
6
6

83
83
83
84
84

166
165
166
168
172

1,170
1,167
1,183
1,200
1,207

1,057
1,054
1,070
1,087
1,094

20
16
24
36
40

166
173
181
196
199

91
91
94
94
98

780
774
771
761
757

113
113
113
113
113

,074
,084
,191
,180
,139

4,734 1,993
4,736 1,991
4,762 2,008
4,770 2,013
4,782 2,014

11
11
13
11
12

1,995
2,001
2,006
2,012
2,017

671
674
676
675
674

6,340
6,348
6,429
6,410
6,357

5,611
5,621
5,701
5,678
5,623

131
151
195
178
147

957
1,197
1,209
1,210
1,177

497
487
501
500
509

4,026
3,786
3,796
3,790
3,790

729
727
728
732
734

,334
,357
,375
,326
,279

1,802
1,801
1,794
1,810
1,826

31
36
27
30
39

70
69
70
70
70

194
197
203
210

3,532
3,556
3,581
3,516
3,453

3,107
3,143
3,173
3,113
3,058

192
221
222
188
128

280
397
394
345
341

236
226
255
283
291

2,399
2,299
2,302
2,297
2,298

425
413
408
403
395

1,397
1,387
1,393
1,402
1,403

1

Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.

836



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Federal Reserve
district and date

Boston
May 26
June 2
June 9
June 16
June 23
New York*
May 26
June 2
June 9
June 16
June 23
Philadelphia
May 26
June 2
June 9
June 16
June 23
Cleveland
May 26
June 2
June 9
June 16
June 23
Richmond
May 26
June 2
June 9
June 16
June 23
Atlanta
May 26
June 2
June 9
June 16
June 23
Chicago*
May 26
June 2
June 9
June 16
June 23
St. Louis
May 26
June 2
June 9
June 16
June 23
Minneapolis
May 26
June 2
June 9
June 16
June 23
Kansas City
May 26
June 2
June 9
June 16
June 23
Dallas
May 26
June 2
June 9
June 16
June 23.
San Francisco
May 26
June 2
June 9
June 16
June 23
City of Chicago*
May 26
June 2
June 9
June 16
June 23

ReBalserves
Dewith Cash ances mand
with
Feddein
do- posits
eral vault
mestic ad- 1
Rebanks justed
serve
Banks

Individuals, States
and
part- politnerical
ships, suband
divicorpora- sions
tions

Certified
and
Officers'
hecks,
etc.

486
502
520
526
504

58
57
59
60
62

96
96
99
113
104

2,308
2,308
2,347
2,356
2,340

2,313
2,325
2,330
2,408
2,361

,786
,859
,794
,383
,150

175
167
175
161
168

114
127
122
136
121

17,076
16,969
17,135
17,197
16,928

17,366
17,345
17,405
17,753
17,337

496
464
474
485
464

44
40
45
43
43

97
104
102
126

2,040
1,988
2,023
1,982
l02 2,032

2,097
2,086
2,082
2,161
2,117

94
100
88
86
84

36
33
29
36
30

769
751
774
776
743

86
82
84
82
86

3,024
2,989
2,992
3,000
2,973

3,072
3,035
3,021
3,149
3,035

196
186
192
188
191

480
489
491
487
485

65
62
66
64
66

151
149
166
163

2,045
2,043
2,051
2,065
2,030

1,5
1,983
2,003
2,059
1,985

432
438
44.
435
425

43
39
42
40
43

171
181
194
215
167

1,748
1,753
1,758
1,784
1,746

,738
,767
,758
,888
,812

100
101
100
99
101

335
362
368
361
351

381
39:
386
388
366

130
132
141
131
126

40
47
46
44
41

Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations

States
and
political
subdivisions

Interbank
deposits

Demand
U. S.
Bor- Cap- Bank
Govrow- ital
debernacits 2
ment
Time ings counts
and
Do- ForPostal mes- eign
Savtic
ings

491
491
491
490
490

255
261
270
291
281

23
23
22
21
23

3
2
2

319
319
320
320
321

826
742
794
922
828

381 2,248
366 2,302
383 2,312

2,347
2,346

2,703
2,855
2,836
3,045
2,826

1,155
1,148
1,159
1,171
1,185

122
77
60
47
127

2,398
2,400
2,398
2,395
2,392

9,338
8,827
8,351
10,187
9,699

57
55
57
48
51

414
413
412
413
412

311
337
333
385
352

12
13
13
13
12

7
4
4
18
6

302
304
304
302
302

697
698
726
773
801

54
51
48
62
54

111
107
111
82
92

1,268
1,268
272
1,273
1,273

416
439
435
473
431

5
4
4
5
5

6
14
24

471 1,104
472 1,039
472
968
471 1,217
472 1,274

206
211
203
199
208

39
52
47
45
47

59
57
59
48
50

586
586
585
584
584

331
341
360
368
339

6
6
6
5
10

215
216
216
217
217

675
600
662
817
751

1,611
1,627
1,623
1,684
1,618

309
312
310
308
296

22
20
22
29
25

38
43
45
33
36

535
535
534
533
532

424
434
458
452
414

9
10
9
9
9

183
184
183
183
181

661
584
623
657
693

6,053
6,019
6,030
6,085
6,005

5,926
5,917
5,876
6,114
5,894

596
618
648
617
622

114
114
104
128
111

242 2,398
240 2,400
245 2,401

2,401
2,415

1,328
1,420
1,455
1,467
1,389

27
26
25
25
26

679
683
684
683
683

2,622
2,541
2,552
3,161
3,149

30
27
31
29
30

102 1,326
111 1,318
117 1,323
114
,318
102
,309

1,401
1,393
1,396
1,434
1,377

105
113
112
111
109

18
21
18
19
23

48
52
53
36
40

463
463
462
462
462

510
533
547
551
515

2
3
2
2
2

172
172
172
173
173

564
551
543
616
620

200
216
206
210
207

13
11
1
13
13

84
93
106
100
81

805
799
802
811
788

742
743
749
776
726

158
159
160
160
169

14
16
14
15
14

26
26
2
21
23

248
248
248
247
247

247
279
288
293
290

3
2
2
2

99
98
99
99
100

245
340
368
431
428

489
48:
491
492
468

32
28
31
30
31

255
298
307
324
291

1,773
1,750
1,754
1,815
1,763

1,746
1,727
1,745
1,843
1,761

241
245
232
228
234

24
25
26
28
26

5
53
54
49
45

377
377
376
375
375

4
4
4
4
4

722
745
773
787
767

189
189
189
189
190

757
652
699
852
869

471
486
485
493
47:

34
31
34
31
34

289
289
301
338
310

1,880
1,865
1,871
1,919
1,

1,842
1,841
1,831
1,924
1,879

182
184
191
183
174

33
36
31
37
44

36
36
3
31
33

341
341
342
342
342

42
51
51
51
53

502
508
531
553
538

195
195
194
193
194

661
557
567
695
751

76
790
786
821
801

125
119
126
123
126

283
306
307
313
285

6,779
6,845
6,910
6,927
6,844

6,524
6,605
6,663
6,848
6,599

695
691
665
644
680

202
205
209
225
21

166 4,860
163 4,859
170 4,861
128 4,857
141 4,8

239
242
242
244
244

422
420
454
483
446

688
692
691
691
690

2,411
2,038
2,483
2,576
2,665

18
172
189
29
250

3
38
38
3
38

16:
186
194
171
164

3,865
3,853
3,867
3,865
3,841

3,902
3,903
3,856
3,981
3,864

294
313
364
337
329

61
59
51
62
46

1,204
1,205
1,207
1,209
1,224

39
39
39
39
39

1,061
1,092
1,100
1,029

153
145
164
147

539
753
527 1,045
739
521
742
540
834
466

56
54
60
48
50

120
120
122
94
104

1,665
1,672

462 1,703
461 2,103

2,108

1
8

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.

JULY 1948




837

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on

Held by
Commercial
paper
Total
out- 1
outstanding standing

End of month

Accepting banks

Total

1047

Aoril
May

Tune
July
August
. ...
September
October
November
December
1948—January
March
April
May

Own
bills

Federal
Reserve
Banks Others
Bills (For own
bought account)

256
250
234
244
244
242
283

215
189
183
187
206
219
237

154
130
132
148
158
168
180

71
67
69

287
287

245
261

188
197

76
88

112
109

290
301

262
253

188
174

85
79
70
71
71

311
275
253

241
242
256

162
151
161

75
71
83
83

Imports
into
United
States

61
59
50
39
48
47
55

140
118
111
115
133
140
144

56
64

147
159

103
94

74
79

92
80
90

79
91
95

83
63
63
74
87
85
97

4
2

Exports
from
United
States

Dollar
exchange

42
45
46
45
47
42
54

Goods stored in or
shipped between
points in
United
States

Foreign
countries

61
63

1
2
4

3
3

25
21
20
21
20
24
23

8
5
6
7
6
11
10

9
11

168
168

53
43

1
2

25
25
27
24

151
143
155

48
54
57

2
4
3

23
19
19

17
22
21

(*)
(J)

13
17

1

As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
•

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

Credit balances

Cash on
hand
and in
banks

Customers'
credit balances 1
Money
borrowed2
Free

Other
(net)

Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

1939—June
December...
1940—June
December...

834
906
653
677

25
16
12
12

73
78
58
99

178
207
223
204

570
637
376
427

230
266
267
284

70
69
62
54

21
23
22
22

6
7
5
5

280
277
269
247

1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...

616
600
496
543
761
788
887
1,041
1,223
1,138
809
537

11
8
9
7
9
11
5
7
11
12
7
5

89
86
86
154
190
188
253
260
333
413
399
311

186
211
180
160
167
181
196
209
220
313
370
453

395
368
309
378
529
557
619
726
853
795
498
217

255
289
240
270
334
354
424
472
549
654
651
693

65
63
56
54
66
65
95
96
121
112
120
118

17
17
16
15
15
14
15
18
14
29
24
30

7
5
4
4
7
5
11
8
13
13
17
10

222
213
189
182
212
198
216
227
264
299
314
289

1947—June
July
August
September. .
October
November. .
December...

552
8 564
8 550
3 570
»606
»593
578

6

333

395

222

650
33 677
656
3
630
3
616
*617
612

162

24

9

271

176'

23

15

273

1948—January....
February. . .
March
April
May

3 568
«537
«550
*572
3615

3
251
3
241
3

280
3 257
247
240

3

7

315

3

3217
3
208
3
229
3 241
3 258

8

622
33 596
592
3614
3619

1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): March, 62; April, 66; May, 69.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.

838



FEDERAL RESERVE BULLETIN

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
U. S Government
s e c u r i t y yields
Prime Stock
exbankchange
com9-to 12ers'
call
mercial acceptmonth 3-to 5paper, ances,
loan
3certifiyear
4- to 6-1 90
rem
o
n
t
h
cates
months days 1
new-2
bills 3
of in- taxable
issues
als
debted-

COMMERCIAL LOAN RATES
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]

Prime

Year,
month, or
week

1945 average
1946 average
1947 average

1.03

1947—June
JulyAugust . . . .
September.
October. . .
November.
December..

1.00
1.00
1.00
1.06
1.06
1.06
1.19

1948—January . . .
February..
March
April
May

1.31
1.38
1.38
1.38
1 38
1.38

June
Week ending:
May 29. .. .

J u n e 5. . . .
June 12....
June 19....
J u n e 26. . . .

.75
.81

1H
1%

1H

.44
.61
.87

1.00
1.16
1.38

.375
.375
.604

.81
.82
.88

1.18
1.16
1.32

.81
.81
.88
.94
.94
.94

.376
.703
.748
.804
.857
.932
.950

.85
.85
.85
.87
.97
.99

1.03

1.38
1.38
1.38
1.38
1.38
1.38
1.38

1.29
1.33
1.31
1.28
1.35
1.47
1.54

1.06
1.06
1.06
1.06
1.06
1.06

1.50
1.50
1.50
1.50
1 .50
1.50

.977
.996
.996
.997
.997
.998

L09

1.10
t.09
L.10
L.09
L.09

1.63
1.63
1.60
1.58
1.51
4
1.49

1 J/£
1 L£

.997
.998
.998
.998
.997

L.08
L.09
1.09
L.09
L.09

1.47
1.46
1.46
41.47
1 .52

11/16
11/16
11/16
11/16
11/16

1/^

1.04

1

Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
* Rate on new issues offered within period.
4
Beginning June 15, includes the following bond issues: 2 per cent,
December 1951-55 and iy2 per cent, March 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

New
York
City

7 other
Northern and
Eastern
cities

11 Southern and
Western
cities

2.53
78
.63
.54

2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33

3.26
3.51

average1
average
average
average
average
average
average
average
average
average

2.72
2.59
2.39
2.34
2.28

1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81

1944—March
June
September.
December.

2.63
2.63
2.69
2.39

2.10
2.23
2.18
1.93

2.75
2.55
2.82
2.61

3.12

1945—March
June
September.
December.

2.53
2.50
2.45
2.09

1.99
2.20
2.05
1.71

2.73
2.55
2.53
2.23

2.91
2.80
2.81
2.38

1946—March
June
September.
December.

2.31
2.41
2.32
2.33

.75
.84
.83
.85

2.34
2.51
2.43
2.43

2.93
2.97
2.75
2.76

1947—March
June
September.
December.

2.31
2.38
2.21
2.22

.82
.83
.77
.82

2.37
2.44
2.25
2.27

2.80
2.95
2.69
2.61

1948—March

2.46

2.09

2.52

2.83

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

ness

Total
19 cities

3.26
3.13
3.02
2.73
2.85
2.76
3.18
3.14

2.65

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

By groups

By ratings

7 to 9
years

15
years
and
over

120

30

30

30

30

40

40

40

1945 average.
1946 average
1947 average

1.60
1.45
1.59

2.37
2.19
2.25

1.67
1.64
2.01

2.54
2.44
2.57

2.87
2.74
2.86

2.62
2.53
2.61

2.71
2.62
2.70

2.87
2.75
2.87

3.29
3.05
3.24

2.68
2.60
2.67

3.06
2.91
3.11

2.89
2.71
2.78

1947—June
July
August
September
October
November
December

1.56
1.57

1.86

2.22
2.25
2.24
2.24
2.27
2.36
2.39

1.92
1.91
1.93
1.92
2.02
2.18
2.35

2.50
2.51
2.51
2.57
2.68
2.75
2.86

2.81
2.80
2.80
2.85
2.95
3.02
3.12

2.55
2.55
2.56
2.61
2.70
2.77
2.86

2.64
2.64
2.64
.69
2.79
2.85
2.94

2.83
2.82
2.81
2.86
2.95
3.01
3.16

3.21
3.18
3.17
3.23
3.35
3.44
3.52

2.60
2.62
2.63
2.67
2.76
2.84
2.92

3.10
3.06
3.03
3.09
3.22
3.30
3.42

2.72
2.72
2.72
2.78
2.87
2.93
3.02

1948—January
February
March
April
May
June

2.09
2.08
2.03
1.99
1.89
1.89

2.45
2.45
2.45
2.44

2.45
2.55
2.52
2.38
2 31

2.85
2.84
2.81
2.77

3.12
3.12
3.10
3.05

2.86
2.85
2.83

2.26

S.02
2.99

2.85

3.17
3.17
3.13
3.08
* 06
3.03

3.52
3.53
3.53
3.47
3.38
3.34

2.91
2.90
2.89
2.85

2.74
2.73

2.94
2.93
2.90
2.87
2 86

2.80

3.44
3.43
3.40
3.34
3.27
3.22

3.03
3.03
3.01
2.97
2.95
2.96

Week ending:
May 29
June 5
June 12
June 19
June 26

1.84
1.84
1.85
1.87
1.94

2.39

2.28
2.24
2.22
2.26
2.29

2.72
2.72
2.72
2.72
2.75

3.00

2.85
2.84
2.84
2.84
2.85

3.04
3.03
3.03
3.03
3.03

3.34
3.34
3.34
3.34
3.34

2.81
2.80
2.79
2.79
2.81

3.24
3.23
3.23
3.22
3.21

2.95
2.94
2.94
2.96
2.97

Number of issues

Aaa
15

2.42
2.41

2.39
2.40
2.41
2.43

Total

2.99
2.99
2.99

3.00

2.78
2.76
2.75

2.75
2.75
2.74
2.74
2.76

Baa

Aa

Industrial

2.82

Railroad

Public
utility

1
2
4

Monthly and weekly data are averages of daily
figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 5, 6, and 8 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

JULY

1948




839

SECURITY MARKETS *
Stock ]Drices5

Bond prices
Corporate 4
Year, month, or week

U. S.
Government 2

1-8

Number of issues

Municipal
(highgrade)3 Highgrade

15

Medium grade

Preferred6

Volume
Common (index 1935-39=100) of
trade
ing1 (in
thousands of
Rail- Public shares)
Total Industrial
road
utility

Total

Industrial

Railroad

Public
utility

14

5

5

4

15

'416

'365

20

'31

122
140
123

123
143
128

137
143
105

106
120
103

1,443
1,390
953

101
102
101
102
101

833
1,158
674
763
1,136

15

1945 average
1946 average
1947 average

102.04 139.6
104.77 140.1
103.76 132.8

103.2

97.5

102.6

88.2

102.8

189.1
198.5
184.7

1947—June
July
August .
September
October
November
December

104.08
103.75
103.89
103.95
103 44
102.11
101.59

134.4
134.7
134 3
134.4
132 5
129.4
126.2

104.6
104.7
104.5
103.6
101 1
99.6
97.9

97.9
98.5
98.5
97.3
95 7
94.5
92.7

103 1
103.2
103 3
102.8
101 2
100 7
99.7

87 6
89.5
89 5
87.5
85 9
84 7
82.1

104 1
103.6
103 5
102.7
101 2
99 3
97.6

186.2
188.4
188 7
188.3
181 2
174 5
172.1

119
126
125
123
125

124
132
130
128
131

98
108
105
104
104

124

130

100

122

129

104

94

1,170

1948—January
February
March
April
May . .

100.70
100 70
100.78
100 84
101.20
101.23

124.5
122 6
123.1
125 7
127 1
127.8

98.1
98 1
98.5
99 4
99.9
100.2

91.2
90 5
90.7
91 4
92.8
94.4

96.5
94 3
94 5
94 9
96 8
98.2

82.1
82 2
82 2
83 5
87 2
89.8

96.0
96 0
96 3
96 7
95 0
95.6

169.5
167 5
170.1
169 9
171 1
173.4

120
114

126
119

107
102

95
93

116
125
130

122
131
137

105
115
123

93
96
99

143

126

101

895
857
1,467
1,980
1,406

101 53
101.54
101.43
101 32
100.94

127 5
128.3
128.6
127 9
127.3

100 2
100.3
100.5
100 5
99.9

93 5
93.9
94.4
94 8
94.5

97 2
97 4
98.0
98 5
98.7

88 7
89 4
90.0
90 0
89.7

94 8
95 1
95.6
96 1
95.6

171 2
172 9
173.7
174 2
174.2

134

142

127

101

135

143

125

101

June

Week ending:
May 29
June 5.
June 12
June 19
June 26

..

'

. .

135

136
136

144
144

125
125

135

142

128

862

97

974

1,657
1,251
1,508
1,545
1,526

102
100
100

r
1
2

Revised.
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.
4
New series, replacing former series. Prices derived from average yields, as computed by
Standard and Poor's Corporation. For a price
5
series6 including both medium- and lower-grade bonds see earlier issues of the BULLETIN.
Standard and Poor's Corporation.
Prices
derived
from
averages
of
median
yields
on
noncallable
high-grade
stocks
on
basis
of
a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital

Year or month

1939
1940
1941
1942
1943
1944
1945
1946
1947

Total
(new
and
refunding)

For refunding

Domestic
Total
(domestic
and
forTotal
eign)

State
and
municipal

2,239 931
924
1,948 751
461
518 1,272
2,852
1,075 342
108
640 176
90
896 235
15
1,761 471
26
4,635 952
127
7,136 2,225
203

5,790
4,803
5,546
2,114
2,169
4,216
8,006
8,645
39,608

2,277
1,951
2,854
1,075
642
913
1,772
4,645
37,448

702
1947—May
1,038
June
«1,033
July
517
August.. .
785
September
813
October. .
705
November
December 1,160

348
745
*863
326

333
740
619
326

106
212
124
185

15
15
12
8

621

621

713
713
571
571
1,029 1,024

277

85

541
1948—January . .
February.
857
March. . . 1,374
951
April
652
May

495
802
1,222
784
591

495
801
1,221
783
591

114
101
99
114
217
630
171
182

Domestic

Total
(doCorporate
For-2 mestic
Fedeign
and
eral
Total
foragen-1
Bonds
eign)
cies Total • and Stocks
notes

16

39
31
50
35

383
736

287
601

97
135

889
1,062
173
624
506
118
92
374
282
646
422
224
1,264
607
657
3,556 2,084 1,472
4,708 3,493 1,215

212
514
483
132
258

80
430
311
121
175

38
2
1

' 2
17
12
10
68

132
83
172
11

15
5

84

599
470
925

410
336
780

189
134
144 '"'5'

365
546
560
562
374

323
368
531
432
293

41
178
29
131
81

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

195
482
435

354
293
170
191

354
255
170
191

1
2
11
3

165

165

101
134
130
1
2
2

State
and
municipal

46
56
152
166
61

181
259
404
324
208
44

Federal
agen-1
cies

Corporate

Foreign5

Total

Bonds
and Stocks
notes

440
497
418
912
734
422

1 733
2,026
1 557
418
685
2,466
4,937
2 953
1,517

1 596
1,834
1 430
407
603
2,178
4,281
2 352
1,236

11
82
288
656
601
281

33
38
40
40

319
214
118
147

229
165
107
140

91
48
11
7

1 537
344
698

137
193
126

42

122

113

9

101
134
130

5
2
2

20
48
45

76
84
83

51
78
80

25
6
3

46
56
152
166
61

2
3
1
1
8

42
39
54
114
49

3
14
97
50
4

3
13
87
50
3

1
10

48
4
86

15
61
105
177
*38

1

Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
1

840



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 proceeds8

New money

Total

Plant and
equipment

Retirement of securities
Working
capital

Total

Bonds and
notes

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
6,221

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,111

57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,270

32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,224

26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,046

231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,378

231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,191

1947—May
June
July
August
September
October
November
December

446
738
601
248
441
622
561
1,078

437
727
588
245
434
612
547
1,063

180
498
435
118
244
510
425
932

109
426
370
99
179
388
354
800

71
72
64
19
65
122
71
132

232
207
112
104
154
33
81
93

198
164
103
102
154
15
74
91

346
613
688
636
394

340
594
679
626
384

294
546
560
434
345

193
309
343
334
297

101
237
217
100
48

6
26
84
62
1

6
14
83
62
1

1948—January
February
March
April
May

Preferred
stock

Repayment
Other
of
other debt purposes

71*"
226
190
87
59
128
100
30
72
351
438
476
187

84
170
154
111
215
69
174
144
138
73
49
134
379
310

11
23
49
36
7
26
19
28
35
27
47
133
231
153

34
43
9
3
1
18
7
2

19
15
17
16
9
45
22
12

7
6
24
6
26
24
18
26

26
22
30
104
20

14
1
6
25
18

12 '
1

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 '

. . . .

June

July
August
September.
October
November
December
1948—January
Februarj*...
April
Ma.y

Real estate and financial

Retire- All Total
Retire- All
Total
Retire- All Total
Retire- All 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- purposes ceeds
ties
poses* ceeds
ties
poses
poses ceeds
ties
ceeds
ties

704
283

21
57
139
228
24
85
115
253
32
46
102
115
129
240

37
28
28
23
5
35
37
20

15
28
22
23
4
31
37
20

23
34
80

23
34
42

51
24

32
24

172
120
774
338
54
182
319
361
47
160
602

1,436

1047—Mav

Industrial

Public utility

Railroad

120
54
558
110
30
97
186
108
15
114
500

31
10
77
1

571
35

3
8

18

22
6
2
4

37
19

62
774

25
74
439
616
469
188
167
244
293
228
454
811

34
550
761
373
226
353
738
463
89
199
504

2
150
80
90
136
43
56
121
146
71
76
148
419
325

20
122
390
71
16
102
155
94
4
21
107
206
323
279

46
218
57
8
9
42
55
4
13
61
85
164
169

72
152
7
7
88
9
18

1
5
104
21

4
42
65
64
56

4
3
56
95
54

26
26
43
9
13
20
49
56

10
19
21
6
13
45
35
18

10
21
14
2
51
16
21
54

5
21
3
2
38
7
15
9

5

923

225
536
307
140
306
303
277
493

31
353
234
28
157
280
245
480

179
181
68
95
136
8
31
11

16
2
4
16
13
16
1
1

165
141
239
79
71
259
213
496

129
96
175
65
45
193
129
422

164
119
320

149
106
281

6
12
34

9
1
5

95
425
123

70
390 ""'li'
13
83

25
21
27

57
16
157

52
15
153

265
216

233
209

14

17
7

269
141

154
109

91
31

41
4

15
3

751

1,208
1,246
1,180
1,340
464
469

1,320

11
30
63
89
180
43
245
317
145
22
40
69
785

42
30
27
50
86
47
13
30
27
25
17
63
93
76

130

1,250
1,987

1,400
2,291
2,129
3,121 2,122

77

1,190
1,897
611
943

1,157
922
993
292
423

1,343
2,159
1,252

1,280
1 ;079
831
584
961
828
527
497

1,033
1,969
1,010
981
3,601 2,201
364
2,429 1,740

24
1

1
1
4

i

26

19
4
20

7

10
9
8
5
19
5

1
3
5

21

1
2
3

Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net
proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.

JULY

1948




841

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits,1 by industrial groups

Dividends

Manufacturing and mining
Year or quarter
Iron
and
steel

629

47

69

15

1,465
1,818
2,163
1,769
1,800
1,896
1,925
'2,545
3,670

146
278
325
226
204
194
188
283
437

115
158
193
159
165
174
163
171
334
-19
49
32

Number of companies.
Annual

1939
1940
1941
1942
1943
1944
1945
1946
1947

. .

Quarterly
1946—i
2
3

22
67
96
97

323
604
698

»853

4

1947—i
2
3
4

8

70

151

98

186

88
113
90
83
88
88
8

148
159
151
162
175
199
356
354

112
174
152
186
220
223
2Rt
480

194
207
164
170
187
187
273
345

20
26
41
50

12
37
41
8

65
74
93
124

56
62
77
85

63
66
67
77

62
71
77
91

82
80
93
66

96
92
93
90

63
71
80
80

93

57

173
227
182
180
190
169
127
205

-34
21
42
102

* -5

1,033

126
100
100
112

70
83
77
105

94
105
103
115

1,030

121

87

130

871
867
900

165

238

57

53
4 57
4 46

47
46
45
59

51
58
59
71

98
64
85
108

89
110
121
160

88
87
81
88

"61

49

62

83

196

90

4

80

133
153
138
128
115
108
136
198

102

242
274
209
201
222
243
130
417

45

30

Other
nondurable
goods

119

223

4 44

Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
49

77

*51
<38

Other
durable
goods

75

68

449

...

1948—1

Other Nontrans- ferrous
MaAu- portametals
chin- tomo- tion
and
ery
biles equip- prodment
ucts

Total

MiscellaNet 1
neous profits
ComservPreices *
ferred mon

74

152

134

122

160
187
136
149
147
154
302
370

132
152
161
171
184
203
321
293

847
1,028
1,137

152
90

564

90
92
88
86
86
85
82
89

669
705
552
556
611
612
657
837

415

20
21
20
21

146
153
149
209

421
432
432
501

20
23
22
23

177
192
190
278

527

22

207

888
902
970
989

1,786

8

152

116
250
310

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad «
Year or quarter

Operating
revenue

Annual

1939
1940
1941
1942
1943
1944
1945
1946
1947

Income
before
income
tax8

Telephone 7

Electric power •

Net
income1

Dividends

126
159
186
202
217
246
246
235
236

Income
before
income
tax 8

Net
income1

Dividends

2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,244

629
692
774
847
913
902
905
970
961

535
548
527
490
502
507
534
647
652

444
447
437
408
410
398
407
456
470

1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
2,149

227
248
271
302
374
399
396
277
192

191
194
178
163
180
174
177
200
131

175
178
172
163
168
168
173
171
133

43
43
43
42

Operating
revenue

Operating
revenue

Income
Net
before
income
income1
tax8

Dividends

3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685

1,658
2,211
1,972
756
273
778

93
189
500
902
873
667
450
289
480

. . 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

1947—1
2
3

166
189

89
121

115
115

527
478

67
29

157

196

135

44
21

239

103

1,075
1,028
1 .024
1,118

191
166

112

44
52

289
247

184

228

160

111

555

129

38

589

27

32

4

. . 2,039
2,111
2,177
2,357

58

39

30

1948—1

2,243

/•I44

72

57

1,202

284

186

131

607

64

43

39

1946—1
2
3
4

Quarterly

126
249
674

38

40
32

r
1
1

Revised.
" N e t 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.
1
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts
(in millions 5of 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.
1
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
1
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.
revenue
publish.
„
r
o
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).

842



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 x

Nonmarketable public issues

Fully
guaranteed interestbearing
securities

Total
gross
direct
debt

Total
interestbearing
direct
debt

1941—Dec
1942—June
Dec
1943—June
Dec. ,
1944—June
Dec.
1945—June
Dec
1946—June
Dec
1947—June....

57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
258,286

57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
257,649
255,113

41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
168,702

2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17.033
15,775

3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296

5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142

33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323

8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045

6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49.776
51,367

2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560

6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366

487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173

6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83

1947—July
Aug
Sept
Oct
Nov
Dec.

259,448
260,097
259,145
259,071
258,212
256,900

256,321
257,110
256,107
256,270
255,591
254,205

168,509
168,390
167,946
167,109
166,404
165,758

15,756
15,735
15,725
15,732
15,335
15,136

25,122
25,025
24,894
24,808
24,501
21,220

8,142
8,142
7,840
7,840
7,840
11,375

119,323
119,323
119,323
118,564
118,564
117,863

59,296
59,499
58,640
59,714
59,670
59,492

51,552
51,664
51,759
51,897
52,008
52,053

5,592
5,642
5,531
5,618
5,534
5,384

28,516
29,220
29,520
29,447
29,517
28,955

3,127
2,987
3,038
2,801
2,621
2,695

74
73
70
78
83
76

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

256,574
254,605
252,990
252,240
252,236
252,292

253,958
252,100
250,634
249,920
249,958
250,063

164,917
162,759
161,339
160,875
160,888
160,346

14,838
14,438
13,945
13,748
13,761
13,757

20,677
18,920
20,331
20,065
20,065
22,588

11,375
11,375
11,375
11,375
11,375
11,375

117,863
117,863
115,524
115,524
115,524
112,462

59,893
60,095
60,023
59,843
59,747
59,506

52,479
52,793
52,988
53,065
53,143
53,274

5,403
5,327
5,100
4,886
4,741
4,394

29,148
29,246
29,272
29,201
29,323
30,211

2,616
2,505
2,356
2,320
2,278
2,229

72
74
73
70
70
69

End of month

Total*

CertifiTreasury cates of Treasury Treasury Total *
indebtbonds
bills
notes
edness

Special
U . S . Treasury
and issues
savings tax
bonds savings
notes

# Noninter estbearing
debt

1
1

Including amounts held by Government agencies and trust funds, which aggregated 5,420 million on May 31, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary, Armed Forces Leave bonds, and 2 ^ per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JUNE 30, 1948
On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate

Amount

Treasury bills»
July 1, 1948
July 8, 1948
July 15, 1948
July 22, 1948
July 29, 1948
Aug. 5, 1948
Aug. 12, 1948
Aug. 19, 1948
Aug. 26, 1948
Sept. 2, 1948
Sept. 9, 1948
Sept. 16, 1948
Sept. 23, 1948

1,200
1,205
1,007
1,002
1,006
905
1.006
1.004
1.108
1,101
1,105
1,104
1,006

Cert, of indebtedness
July 1, 1948Ser."F" H
July 1, 1948Ser."G" %
1948Ser."H" %
1948 Ser."J"
1948Ser."K"
Oct.
1949
1
Jan.
1949
1
Feb. , 1949
\
Mar.
1949
1
Apr.
1949
1
June

2,742
1,127
2,209
1,354
1,467
2,592
2,189
3,553
1,055
4,300

Treasury notes
Sept. 15, 1948
Oct. 1, 1948
Jan. 1,1949

3,748
4,092
3,535

8&

Treasury Bonds
Sept. 15, 1948 2
Dec. 15, 1948-50 2
June 15, 1949-51
Sept.
15, 1949-51
D p 15, 194951
Dec. 15, 1949-51

1
1
1

In millions

Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 2.. 3 H
Dec. 15, 1949-53 2 . . 2 ^
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2 . . 2 ^
Sept. 15, 1950-52
2
Dec. 15, 1950
ty2
June 15, 1951-54 2..2%
Sept. 15, 1951-53
2
Sept. 15, 1951-55 2....3
Dec. 15, 1951-53 2..2M
Dec. 15, 1951-55
2
Mar. 15, 1952-54. . .2}/2
June 15, 1952-54
2
June 15, 1952-55...2M
Dec. 15, 1952-54 2
2
June 15, 1953-55
2
June 15, 1954-56 22..2M
Mar. 15, 1955-60 ..2 H
Mar. 15, 1956-58... 2 ^
Sept. 15, 1956-59 *..2%
Sept. 15, 1956-59... 2 M
June 15, 1958-63 « . . 2 ^
June 15, 1959-62 K. 2 ^
Dec. 15, 1959-62 23..234
Dec. 15. 1960-65 . . 2 %
June 15, 1962-67 33 . . 2 ^
Dec. 15, 1963-68 ..2Y2
June 15, 1964-69 33 . . 2 ^
Dec. 15, 1964-69 . . 2 ^
Mar. 15, 1965-70'.. 2 ^
Mar. 15, 1966-71 " . . 2 ^
June 15, 1967-72 3•. .2Y2
Sept. 15, 1967-72..3 . 2 ^
Dec. 15, 1967-72 ..2K
Postal Savings
bonds
2>^
P a n a m a Canal Loan. 3

2

1

451
571
1,014
1,292
2,098

Total direct issues

Amount

491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
114
50
160,346

Guaranteed securities
Federal Housing Admin.
Various

Sold on discount
basis. See table on Open-Market Money Rates,
2
p. 839.
Partially tax exempt.
3 Restricted.

JULY

1948




UNITED STATES SAVINGS BONDS
[In millions of dollars]

Month

Fiscal year
ending:
June—1941..
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1947—June...
July...
Aug... .
Sept....
Oct
Nov. . .
Dec....
1948—Tan.. . .
Feb.. . .
Mar....
Apr.. . .
May. . .
June. . .

RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
All
Series Series Series
month
series
E
F
G
series
203
4,314 1 ,492
10,188 5 ,994 3,526
21,256 11 ,789 8,271
34,606 15 ,498 11,820
45,586 14 ,891 11,553
49,035 9 ,612 6,739
51.367 7 .208 4.287
53,274 6 ,235 4,026
482
301
51,367
559
339
51,552
460
294
51,664
466
304
51,759
488
304
51,897
412
263
52,008
487
325
52,053
770
479
52,479
607
367
52,793
588
383
52,988
468
320
53,065
432
305
53,143
497
341
53,274

67
435
758
802
679
407
360
301
24
27
21
21
22
17
24
44
40
30
20
17
19

395
2 ,032
2 ,759
2 876
2 658
2 465
2 ,561
1 907
157
193
144
142
162
131
137
248
201
175
128
110
136

148
207
848

2,371
4,298
6,717
5,545
5,113
433
457
404
431
404
357
434
454
364
462
452
428
465

Maturities and amounts outstanding June 30, 1948
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
... .
1958
1959
1960
Unclassified. .
Total

..

All
series
301
822
990
1 559
4 149
7,347
9,557
8,322
6 112
6,042
4,543
2,506
1 062

Series
C-D
301
822
990
430

Series
E

1 129
4 149
6,038
6,912
5,554
2 930
3,223
1,763

Series
F

Series
G

204
§51

522
299
327
152

1,105
2,119
2,198
2 532
2,298
2,481
2,179
910

3,251

15,822

526
570

-39

53,274

2,543

31,696

843

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED*
[Estimates of the Treasury Department. Par value, in millions of dollars]
Gross debt
Held 1:>y nonbank investors

Held by banks
End of
month

Total
interestbearing
securities

Total

Total

Commercial2
banks

Federal
Reserve
Banks

Total

Individuals

Insurance
companies

Mutual
savings
banks

Other
corporations
and
associations

State
and
local
governments

U. S. Government agencies
and trust funds
Special
issues

Public
issues

400
600
700
900
000
500
100
200
300
300
500
500

4 ,775
6 ,120
6 ,982
7 ,885
9 ,032
10 ,871
12 ,703
14 ,287
16 ,326
18 ,812
20 ,000
22 ,332
24 ,585
27 ,366

2 ,305
2 ,375
2 ,558
2 ,737
3 ,218
3 ,451
4 ,242
4 ,810
5 ,348
6 ,128
7 ,048
6 ,798
6 ,338
5 ,445

1940—June
1941—June
Dec.
1942—June
Dec.
1943—June
Dec.
1944—June
Dec.
1945—June
Dec.
1946—June
Dec.
1947—June

47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
255,197

48,496
55,332
64,262
76,991
112,471
140,796
170,108
202,626
232,144
259,115
278,682
269,898
259,487
258,358

18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
91,872

16,100
19,700
21,400
26,000
41,100
52,200
59,900
68,400
77,700
84,200
90,800
84,400
74,500
70,000

2,466
2,184
2,254
2,645
6,189
7,202
11,543
14,901
18,846
21,792
24,262
23,783
23,350
21,872

29,930
33,448
40,608
48,346
65,182
81,394
98,665
119,325
135,598
153,123
163,620
161,715
161,637
166,486

10,300
11,500
14,100
18,400
24,500
31,700
38,400
46,500
53,500
59,800
64,800
64,100
64,900
67,100

6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
25,000

3 ,100
3 ,400
3 ,700
3 ,900
4 ,500
5 ,300
6 ,100
7 ,300
8 ,300
9 ,600
10 ,700
11 ,500
11 ,800
12 ,100

2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,900
28,100
30,900
30,200
25,300
22,400
22,300

1947—Nov
Dec.

255,674
254,281

258,301
256,981

91,709
91,259

69,500
68,700

22,209
22,559

166,592
165,722

66,700
66,600

24,700
24,300

12 ,100
12 ,000

21,700
21,200

7 ,300

7 ,300

29 ,517
28 ,955

4 ,675
5 ,397

1948—Jan.
Feb.

254,030
252,174
250.707
249,990

256,651
254,683
253,068
252,315

90,925
88,524
86,287
86,740

69,000
67,500
65,400
66,400

21,925
21,024
20,887
20,340

165,726
166,159
166,781
165,575

66,600
66,700
66,800
66,700

24,100
23,900
23,800
23,500

12 ,000
12 ,000
12 ,100
12 ,000

21,200
21,400
21,800
21,200

7 ,200
7 ,200
7 ,500
7 ,300

29 ,148
29 ,246
29 ,272
29 ,201

5 ,452
5 ,637
5 ,701
5 ,613

Mar

Apr.

1
1
2
3
4

5

6
6
6 ,300
7 100

1
2

Revised to include non-interest bearing debt.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 400 million on
March 31, 1948.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Marketable public securities. In millions of dollars]

End of month

Total
outstanding

U. S.
Government
agencies
and
trust
funds

Fed- Com- Mueral
mer- tual
Recial
savserve banks ings
Banks (»)
banks

Insurance Other
companies

Type of
security:
Total:*
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Mar....
Apr
Treasury bills:
1945—Dec
1946—June
Dec
1947—June....
Dec
1948—Mar....
Apr
Certificates:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Mar....
Apr
Treasury notes:
1945—Dec....
1946—June....
Dec
1947—June....
Dec
1948—Mar
Apr
Treasury bonds:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Mar
Apr

198,820
189,649
176,658
168,740
165.791
161,367
160,903

7,019 24,262
6,768 23,783
6,302 23,350
5,409 21,872
5,261 22,559
5,564 20,887
5,476 20,340

82,830
76,578
66,962
62,961
61,370
58,087
58,998

10,491
11,220
11,521
11,845
11,552
11,624
11,608

2,476
1,142
1 187

3

23,183
24,285
24,346
23,969
22,895
22,310
22,049

51,035
47,015
44,177
42,684
42,154
42,895
42,432

17,037
17,039
17,033
15,775
15,136
13,945
13,748

5
2
2
11
18
89
28

2,052
1,984
3,017

1
25
78
67

38,155
34,804
29,987
25,296
21,220
20,331
20,065

38 8,364 18,091
58 6,813 16,676
64 7,496 11,221
48 6,280 8,536
30 6,797 6,538

91
243
257
249
200

36
28

4,481 7,128
4,236 7,217

356
354

11,211
10,438
10,459
9,821
7,386
410 7,920
431 7,799

9
9
6

2,120 15,701
1,748 11,396
355 6,120
369 4,855
1,477 5,327
1,883 4,556
1,963 4,628

179
227
211
183
98
133
124

576 4,382
623 4,258
603 2,795
285 2,443
245 4,224
244 4,555
222 4,437

947 46,535 10,217
6,915
755 47,335 10,743
6,654
753 48,408 11,049
6,185
727 48,756 11,407
5,306
5,173 2,853 47,424 11,226
5,400 5,671 44,394 11,054
5,382 6,167 44,110 11,059

22,230 33,579
23,073 30,763
23,226 29,702
23,305 29,822
22,213 28,974
21,369 27,636
21,182 27,624

22,967
18,261
10,090
8,142
11,375
11,375
11,375
120,423
119,323
119,323
119,323
117,863
115,524
115,524

7
4
4
1

12,831
14,466
14,745
14,496
11,433
8.851
7,974

787

1 1,724
1 1,425
11 1,088
1
479
154 1,454
273 2,670
200 2,462
360
576
490
362
269

End of month

Treasury bonds
and notes.
due or
callable:
Within 1 year:
1945—Dec
1946—June
Dec
1947—June....
Dec
1948—Mar
Apr
1-5 years:
1945—Dec
1946—June....
Dec.
1947—June...'.
Dec
1948—Mar. . . .
Apr
5-10 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Mar....
Apr
10-20 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Mar....
Apr
After 20 years:
1945—Dec
1946—June....
Dec
1947—June....

Total
outstanding

U. S.
Government
agencies
and
trust
funds

15,222
10,119
7,802
11,255
14,263
15,459
15,459

185
4
29
83
69

35,376
35,055
39,570
42,522
49,948
46,413
46,413

408
443
576
469
344
344
338

33,025
32,847
27,283
18,932
10,270
10,270
10,270

787
716
529
423
370

34,985
37,189
32,384
40,352
54,757
54,757
54,757

Fed- Com- Mu- Insureral
mer- tual
Recial
sav- ance Other
serve banks ings comBanks C1)
banks panies

2,017
1,431
72
251
1,693
23 2,002
20 2,082

235 2,761
495 2,418
591 2,591
420 3,191
316 3,675
338 5,604
317 ..5,483

9,956
5,655
4,341
6,936
8,244
7,247
7,332

63
116
181
374
266
245
225

25,165
25,285
28,470
29,917
1,377 33,415
2 0S8 31,050
2,554 30,705

1 047
l',574
1,876
1,982
1,924

1,742
1,506
2,101
2,671
3,046
2,877
2,835

21,007
21,933
16,657
11,577
6,090
503 6.047
503 6,099

2,058
1,609
2,042
1,245

2,902
2,822
2,826
2,002

90 3,691
2,779
83 3,308
3,400
78 2,433
2,975
78 2,587
3,374
834 5,003
4,393
4,669 2,991 4,607
4,680 2,991 4,602

5,523
6,026
5,303
6,751
8,606
8,394
8,479

10,996
12,547
11,708
15,137
18,211
17,530
17,375

11,905
11,829
9,886
12,425
17,710
16,566
16,630

2,051
2,510
2,687
1,649

6,933
6,325
6,602
3,358

10,559
8,826
8,313
5,812

367
345

24,781 2,764
22,372 2,103
22,372 2,084
964
14,405

693
797
831
698

210
135
72
40
426

57
57
55
29

2,418
2,550
2,632
2,593

701
709

576
565
555

6,673
6,319
6 550
7,'193
9,890
8 102
8,057

6,063
5,632
5,156
3,645
880 1,928
867 1,921
877 1,891

Dec

1948—Mar
Apr

* 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.

844



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]

Period

MisWar TransIncome taxes 1 cellaSocial
Inand fers to Other Total
neous Secu- Other Total Net
terdetrust
budget
exinter- rity
rerere- 3 est fense
acpendi- expenWith-2
ceipts
counts
nal
taxes
ceipts
ceipts
on
activditures
tures
held Other reveetc.
debt ities
nue 1

Fiscal year ending
June 1946.... 9,392 21,493 7,725 1,714 3,953
June 1947..., 10,013 19,292 8,049 2,039 5,325
June 1948... 11,436 19,735 8,301 2,396 4,494
778 2,492
602
125 1,48
1947—June
625
757
663
80 344
July
1,255
413
643
352 203
August
797 2,639
699
136 616
September.
644
782
71 258
October...
702
695
1,31
329 363
November
350
767
880 1,1
145 578
December.
624 6 2,613
1948—January...
656
51 366
February. . 1,563 61,597
629
423 40.
March
998 4,168
739
180 281
684 1,174
662
April
83 278
C
c
May
, 1 ,358 428
673
401 223
695 3,006
694
579
14
June

44,276
44,
46,362
5,481
2,470
2,866
4,885
2,456
3,054
4,260
4,310
4,614
6,365
2,881
3,083
5,119

Social Security
accounts
Net
receipts

Net expenditures
in checking accounts of
ExInvest- pendiGovernments
ment
tures
agencies

Fiscal year ending:
June 1946
June 1947....
June 1948

2,978
3,235
3,918

1947—June
July
August....
September.
October
November.
December..

••248
633
574
66
164
524
80

1,261
1,785
2,210
476
398
150
272
24
274
119

1948—January...
February. .
March
April
May
June

254
433
92
173
577
348

68
230
51
-34
106
553

(+) or
deficit

43 038 4,722 48,870 1,918 8,204 63,714 -20,676
259 4,958 17,279 1,355 18,914 42,505
+754
44 746 5,211 Pll,597 74,177 P18,341 39,326 +5,419
18 1,957
5,540
5,473 ,396 ,169
-67
3,669 -1,272
981
549 1,895
2,397 245
3,060
910
2,536 103
273 1,773
-524
2,932 + 1,940
4,872 668 ,008
9 1,246
2,445
2,390 157 ,154
60 1,074
-55
2,194
936
2,743 127
20 1,112
+549
3,224 + 1,022
996
4,246 972
23 1,233
1,343 2,879 + 1,396
4,275 401
,069
1,399 2,402 + 1,934
4,336 142
850
2,070 3,546 +2,788
6,334 608
850
1,975 3,109
2,806 154
909
-302
1,546 7 2,604
707 124
933
+ 103
7,261 -2,159
5,102 1,508 ,003 73 077 Pi,673

-524 -10,460 + 10,740
-548 -10,930 -11,136
+2,199 + 1,624 -5,994
-57
-634
-758
-129
-239 + 1,161
+649
+206
+332
-435
-953
+552
+283
-74
+155
+138
-859
-172
-547
-838 -1,312
-326
+482 + 1,551
-295
-330 -1,969
-139 + 1,035 -1,615
+312
-750
-741
-3
+235.
+334
-14
+2,089 j
+56

General fund of the Treasury (end of period)

Details of trust accounts, etc.

Period

Increase ( + ) or
decrease ( —)
Trust
during period
accounts General
etc.*
Gross
fund
debt
balance

Budget
surplus

Other

Assets
posits
in
Federal
Reserve
Banks

Deposits
in
special
depositaries

De-

Total
liabilities

Balance
in
general
fund

Receipts

Investments

Expenditures

4,735
3,009
5,598

2,407
1,577
850

2,817
2,117
2,217

14,708
3,730
5,370

1,006
1,202
1,928

12,993
962
1,773

708
1,565
1,670

470
422
438

14,238
3,308
4,932

139
155
135
125
124
108
116

95
-196
400
90
158
176
47
-216
128
57

••476

305
46
281
24
14
17
25

348
159
26
212
103
19
464

3,730
3,460
3,705
4,331
4,498
4,292
3,454

1,202

153
400
180
168
160
153

962
958
1,362
1,618
1,437
1,417
968

1,565
1,617
5 1,593
1,622
1,668
1,585
1,621

422
391
304
378
391
357
357

3,308
3,069
3,400
3,952
4,107
3,935
3,097

126
134
152
150
142
174

-283
11!
54
-166
148
188

313
149
185
162
101
3,475

21
28
28
7
10
349

154
374
131
66
39
470

5,042
4,664
5,692
5,037
5,327
5,370

2,256
1,571
1,972
1,236
1,714
1,928

959
1,434
1,972
2,156
2,007
1 ,773

1,828
1,658
1,749
1,645
1,606
1,670

394
346
339
425
381
438

4,648
4,318
5,353
4,612
4,946
4,932

1,656
1 ,509
1,640

Total

884

6749
1,091
1,393
1,290
866

Other
assets

c
r
P1 Preliminary.
Corrected.
Revised.
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
3
Total
receipts
less
social
security
employment
taxes,
which are appropriated directly
to the Federal old-age and survivors insurance trust fund.
4
5
6
Excess of receipts ( + ) or expenditures ( —).
Change in classification.
Based on telegraphic rather than the usual mailed
reports
7
for these months; this accounts in part for the increase in January and decrease in February from corresponding months of 1947.
Including
3 billion transfer to Foreign Economic Cooperation Trust Fund.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
CASH OPERATING INCOME AND OUTGO
O F T H E
[On basis of reports of collections. In millions of dollars]
UNITED STATES TREASURY i
[In millions of dollars]
Individual
Corporation income
Excess inincome taxes
Estate Excise and
and profit taxes
Cash
Cash come (+)
and
other misPeriod
Period
income
or outoutgo
gift
cellaneous
Normal Excess
Other
go ( - )
Withtaxes
taxes
and
Other
profits
held
profits
surtax
taxes
Fiscal year ending:
June—1943
25,245 78,979
-53,735
Fiscal year ending:
1944
47,984 94,079
-46,095
37
407
2,547
1,418
1,852
164
June—1941
1945
51,041 95,986
-44,945
3,405
3,263
3,069
57
433
1942.
1,618
1946
47,784 65,683
-17,899
4,124
5,944
4,521
686
5,064
84
447
1943
1947
46,637 39,978
+6,659
4,842
5,284
7,823 10,438
9,345
1944
137
511
1947—May
3 315 3,350
-35
6,317
8,770
4,880 11,004
10,264
1945
144
643
+ 102
5,295
5,193
June
7,036
8,847
4,640
9,858
7,822
1946
91
677
—827
2,564
3,390
July
7,285
9,501
6,055
9,842
3,566
1947
55
779
+41
3,152
August
3,193
September...
+753
4,711
3,959
1,528
158
539
1947—May
170
63
3
62
October
+18
2,630
2,612
33
1,068
June
1,386
61
560
2
55
November.. . 3,348
+816
2,533
1,133
297
July
370
49
2
66
618
December. . . 4,030
+510
3,520
1,495
62
August
276
43
1
79
572
26
1,128
September..
1,514
35
1
64
625
4,542
1948—January
+1,986
2,556
246
October.-. . . 1,188
384
28
1
65
736
February... . 4,718
2,895
+ 1,824
1,491
67
November..
249
22
2
54
627
March
6,472
3,871
+2,601
36
408
December. .
1,463
24
1
65
691
April
2,960
2,956
+4
May
3,330
2,868
+462
645
2,338
473
17
1
72
562
1948—January
2,250
1,004
326
22
4
586
1
February...
56
Difference between these figures and changes
279
2,034
2,276
20
1
603
March
125
in the general fund balance represents net cash
1,165
602
376
13
1
April
578
118
borrowing
( + ) or net repayment of borrowing
1,670
167
268
17
1
May
584
75
( —). For description, see Treasury Bulletin for
September 1947.

JULY 1948




845

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES*
[Based on compilation by United States Treasury Department.

In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items

Assets, other than interagency items 1

Corporation or agency
Total

All agencies:
Mar. 31, 1947
June 30, 1947
Sept. 30, 1947
Dec. 31, 1947
Mar. 31, 1948
Classification by agency,
Mar. 31, 1948
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations. ..
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration. . . .
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration and
affiliate:
Public Housing Administration...
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association
Reconstruction Finance Corp.6
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions "...
War Shipping Adm. functions 8
All other»

32,337
<29,666
31,037
30,966
31,10

1,588
1,792
1,556
1.481
1,369

Investments

7,294 1,003
7,662
851
9,212 1,093
9.714
822
10,134
570

,985
,777
,725
.685
,845

3,426
3,565
3,553
3.539
3,526

15,486
12,691
12,662
12.600
12,535

169
83
84
82
76

380 1,176
165 1,163
283
953
747
879
245
882

1,250
506
667
689
781

3,142 27,268
2,045 26 ,763
2,144 28 005
2,037 28 015
1,868 28 233

42
418

248
67
100
2

242
432

306
488
100
2
2
125
817
1,048
354
35

U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenern- owned
struc- and Other tures payable Other ment
tures, undis- asinterinterliabilU. S.
est
and
tribest
sets Fully
Govt. Other
guar- Other ities
equip- uted
secusecu- rities 2 ment charges1
anteed
rities
by U.S.

CommodiLoans ties,
resupCash ceivplies,
able
and
materials

32
(
16
22
379
22
24

666

1
86
785
260
270

1
23
9
148
53
9

259
(5)
2

374

270

192
484

()
498
4
4

2
121
817
507
350
32

91

120

321

187
12
203
1
1

24
10

1,387

10
(5)
4
1

520
54
178
10

236

1,152

177
35

1,936
1,031
233
788

911
(5)

2 ,097

2,113
1,065
233
800

(

88

140
764

4,192
7,003

1
560
163
33 3,805

3 3,305
6,507
3,385 1,574

4
3
18

134

188
467

295

530
54
210
10

509
269
138
143
150

1^052

6

( )

19

(5)

13
29
115
10

212
191
47

393

3,799
6,670
8,844

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1948
Purpose of loan

To aid agriculture
To aid home owners
To aid industry:
Railroads. .
Other
To aid financial institutions:
Banks
Other
.
. . .
Foreign loans
Other
Less: Reserve for losses
Total loans receivable (net)...

Fed.
Fed. inter- Banks Com- Rural
ElecFarm medi- for co- modity trificaMort. ate opera- Credit
tion
Corp. credit tives Corp. Adm.
banks
101

432

243

281

786

Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.

ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
(a)

549
454

133

3
451

145
228
1
5
238
209'
49
911

374

15
86

(5)
432

295

/
242

20
260

1
785

279
270

295

374

All
other

Dec. 31,
1947,
All
all
agen- agencies
cies

8 2,399
35
623

2,299
556

3
31

147
272
5
442
5,673
714
395
9,714

147
259

4
5
379
i!l05 ' 3 i 7 5 O 6,093
109
613
384
7
9
2,097 3,930 10,134

* Includes certain business type activities of the U. S. Government.
Assets are shown on a net basis, i.e., after reserve for losses.
Includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and Development—476, 635, 635, 635, and 635 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948, respectively;
International
Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948.
8
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
* Federal land banks are excluded
beginning June 30, 1947; U. S. Government interest in
these banks was liquidated June 26, 1947.
6
7
s Less than $500,000.
Includes U. S. Commercial Co. and War Damage Corp.
Figures
are for Mar. 31, 1947. ^ » Figures are for
9
Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
Figures for two small agencies included herein
are for dates other than Mar. 31.
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.
1
2

846



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

Employment 8
1939 = 100

Manufactures
Minerals

Total
Durable

Total

Nondurable

Residential

All
other

Nonagricultural

Factory

DepartWholeFac- Freight ment
Consale
tory carload- store sumers'
compay
sales
modity
ings*
prices
rolls '
(valprices8
1939 = 1935-39
ue)** 1935-39
1926
= 100 1935-39
= 100
100
= 100
= 100

Ad- U n a d - AdAdAd- Unad- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925

Adjusted

Unadjusted

Unadjusted

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

30
44
68
81
95
124

90
65
88
86
94
120

103.7
104.2
79 7
88.2
101.0
93 8
97.0

103.9
124.2
80.2
86.0
109.1
101.7
107.2

83

63
56
79
84
94
122

129
110
121
142
139
146

99
92
94
105
105
110

123.8
143.3
127.7
119.7
121.9
122.2
125.4

138.6
154.4
97.6
96.7
100.6
98.1
103.5

96
95
99
110
91

114
107
117
132
98

79
83
85
93
84

100
100
99
107
93

129
129
135
117
92

121
117
126
87
50

135
139
142
142 102.5
125 96.2

98.9
96 8
96.9
103.1
89 8

110.5
108 5
109.7
117.1
94.7

152
147
148
152
131

113
114
115
117
108

126.4
124.0
122.6
122.5
119.4

100.0
95.4
96.7
95.3
86.4

75
58
69
75
87

67
41
54
65
83

79
70
79
81
90

80
67
76
80
86

63

37

87.1
77.2
77.5
84.9
88.5

75 8
64.4
71 3
83.1
88.7

71 8
49.5
53 1
68.3
78.6

105

97

78
82
89
92

75
73
82
88

108.7
97.6
92.4
95.7
98.1

73.0
64.8
65.9
74.9
80.0

1936
1937
1938... .
1939
1940

103
113
89
109
125

108
122
78
109
139

100
106
95
109
115

99
112
97
106
117

55
59

37
41

100
107

45
60
72

96.4 91.2
105 8 108 8
90 0 84 7
100 0 100 0
107 5 114.5

107
111

64
72
81

89
101
109

99
106
114

99.1
102.7
100.8
99.4
100.2

80.8
86.3
78.6
77.1
78.6

1941
1942
1943
1944..
1945

162
199
239
235
203

201
279
360
353
274

142
158
176
171
166

125
129
132
140
137

122

89

68

26

105.2
116.5
123.6
125.5
128.4

87.3
98.8
103.1
104.0
105.8

1946
1947.

170
187

192
220

165
172

134
149

153

143

157

142

139.3
159.2

121.1
151.8

170
172
178
180
182
183
182

171
174
180
184
184
183
180

193
202
208
212
214
214
211

162
157
164
165
168
173
174

139
146
144
146
145
136
137

133.3
141.2
144.1
145.9
148.6
152.2
153.3

112.9
124.7
129.1
124.0
134.1
139.7
140.9

189
189
190
187
185
184
176
182
187
190
192
192

184
185
187
185
185
185
178
185
191
194
193
189

221
222
225
222
218
219
207
210
217
223
224
229

176
176
175
172
170
168
163
169
172
176
179
173

146
146
148
143
151
148
140
150
153
155
155
156

141.5
144.5
149.5
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.7
163.2

193
194
191
188
P192

189
190
188
186
P192

229
226
229
217
*>222

178
180
177
177
P177

154
155
142
147
P163

165.7
160.8
161.4
162.7
163.8

1926
1927
1928..
1929
1930

.

1931
1932
1933
1934
1935

June

63

28
25
32
37

166
68
41

44

13
11
12
21

82
40
16

79

84

40
37
48
50

70 95.1
74 101.4
95.4
100.0
105.8

80
81
89

149 119.4
235 131.1
92 138.8
61 137.0
102 1 3 2 . 3

161 '"137.0
169 145.2

1946

July
August
September
October
November
December
1947
January
February
March
April. .
May

June..

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

,.

132 1
154.0
177 7
172 4
151.8

'•136.8
138.0
139.3
'140.7
••141.5
'•143.0
'•143.5

167.5
245.2
334 4
345 7
293.4

285

133

275

139
141
138
139
137
140

272
292
271
259
271
276

150
142

265
267

146

272

277
289
288
286
283
292
278
302
302

153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0

145
139
130
130
141

284
285
284
304
309

168.8
167.5
166.9
169.3
170.5

172

143 2
145.7
148 0
150.6
151 4
154.1
155.1

143 0
145.1
149 4
151.4
151 8
154.5
155.5

'265 5
'270.4
'288 5
'294.9
'297 9
'303.9
'312.6

146
151

144
152

132

129

148 '•143.5 156.2
149 1 4 4 . 1 156 9
134 1 4 4 . 2 156 7
142 1 4 3 . 4 1 5 6 . 8
140 1 4 3 . 5 155 0
152 '•144.8 155.2
170 1 4 4 . 8 1 5 4 . 5
179 1 4 5 . 2 1 5 6 . 3
195 1 4 6 . 2 1 5 8 . 9
196 1 4 7 . 1 1 6 0 . 0
217 1 4 7 . 3 1 6 0 . 4
227 1 4 7 . 9 161.1

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
215 1 4 7 . 8
208 147 9
202 1 4 7 . 1
P147.3

160 5
159.5
160 3
156.1
P155.O

'358 7
'354.1
'358 2
'346.5

152
152
148

181

154

161 2
159.8
160 1
157.1
P156.1

207
264

168
158
155
148
152
163

191
187
181

187

135
132

177

123
110
116
136
150
168
170
163
161

140

133

150
168

143

161
157
147
140
122
143

133
127
136
155
166
183
184
193
197

130

138
137

6
1 4 3 4 '269
157 3 r332 1

165
158
151
145
139
154

174

120

137
142
137
134
143
142
145
147
149

* Average per working day.
P Preliminary.
r Revised.
For indexes by groups or industries, see pp. 848-851. For points in total index, by major groups, see p. 870.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 855 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 857-860.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, p. 1055; for department store sales, June
1944, pp. 549-561.
1
!
8

JULY

1948




847

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1947

1948

Industry

June

July

Aug.

183

184

176

182

187

191

191

183

188

192

218

219

207

210

197

193

181

193
215
179
469

189
211
176
458

273

Nov

Dec.

Jan.

Feb.

190

192

192

193

194

191

188

P192

197

199

198

200

201

200

195

P!97

217

223

224

229

229

226

229

217

P222

188

195

204

202

205

203

203

207

177

207

174
198
166
429

187
205
170
454

188
214
177
477

198
224
184
509

197
222
182
503

196
226
185
516

197
224
182
526

196
226
180
551

190
234
184
587

208
154
'591

193
233
183
591

275

266

267

276

280

281

288

285

284

283

225

233

217

213

227

232

234

244

244

237

P222

179

191

185

180

197

198

200

206

206

192

'202

198

P183

187

179

171

170

174

179

185

189

194

198

200

199

P199

198

188

181

180

182

176

177

183

187

189

192

202

P202

183

176

167

167

171

180

188

192

197

202

203

198

P197

142

142

133

142

140

143

150

153

155

150

151

144

P138

134
158

133
160

121
155

133
160

128
164

128
172

137
176

139
181

143
179

135
178

137
177

132
168

P\25
P162
P205

May

Industrial Production—Total

Iron and Steel
Steel
Open hearth . .
Electric
Machinery
Manufacturing

Sept. Oct.

Mar. Apr.

r

May

276

Arsenals and Depots1
r

232

(Aircraft; Railroad cars; Locomotives; Shipbuilding—
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

Plate glass
Glass containers
Cement
.
Clay products
Abrasive and asbestos Droducts

Textiles and Products
Textile fabrics
Rayon deliveries
Wool textiles
Cariiet wool consumotion
^fool and worsted yarn
^^orsted yarn

Cattle hide leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Manufactured dairy products
Butter
Cheese
Canned and dried milk

••

r

200

207

195

199

202

201

201

205

202

207

210

211

229
163
251
141
162
210
247

230
154
257
171
164
216
239

207
124
235
164
160
224
220

211
151
231
171
162
225
216

219
151
243
171
160
221
226

210
156
229
174
161
230
224

207
143
229
178
162
236
226

199
141
218
196
166
236
244

187
149
200
199
179
246
215

197
166
208
208
168
246
242

205
160
219
196
176
248
••248

212
165
r
227
193
173
247
243

201
152
218
187
P\69
P241

170

168

163

169

172

176

179

173

178

180

177

177

P\77

164

155

142

154

160

164

172

163

rl79

179

175

174

P177

152
148
271

143
133
263

129
118
263

142
130
267

147
130
278

152
139
280

159
149
290

149
131
287

165
153
300

166
153
295

161
147
302

161
147
297

P\63

161
191
186
147
126
177
156

155
175
175
144
124
174
152

130
141
149
121
108
139
132

156
184
176
147
134
165
148

168
192
184
162
144
188
159

167
194
185
160
140
188
159

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

190
166
'•144
196
171

179
225
196
164
145
190
171

113

107

101

116

122

126

124

114

120

123

115

110

P106

119
138
96
88
83
109

114
130
94
92
84
103

106
121
78
90
84
97

115
130
93
87
101
117

120
131
103
94
118
123

121
136
94
100
112
128

122
141
88
93
108
126

113
129
83
89
101
114

116
132
85
96
101
122

116
133
80
95
100
127

102
115
69
'92
123

105
118
78
91
91
113

^107

155

154

155

157

158

156

158

158

158

160

158

157

P158

144

152

143

148

136

136

143

133

140

134

122

134

P148 P147
76
75
167
163
160
157

Pi 40
66
151
137

P139
67
156
127

P139
65
150
134

69
159
158

P152

79
191
173

P155 P157
82
85
197
196
184
188

P147

74
174
158

P138

66
148
130

177

147
309

P149

7U " 12
170* 170
175

p
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.

1

848



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1947

1948

Industry
May June July Aug.

Sept. Oct.

Nov. Dec.

Jan.

Feb.

Mar. Apr.

May

Manufactured Food Products—Continued
IVteat packing .
. . . .
Pork and lard
Beef
Veal .
.
.
L a m b and mutton

151
154
159
119
102

152
157
154
141
104

156
171
149
154
93

145
155
140
158
91

146
144
153
174
99

142
141
146
171
109

170
185
159
190
114

160
173
154
149
107

150
156
154
128
98

147
161
141
115
102

131
140
131
98
91

125
136
122
102
83

158
138
... 153
164

154
132
135
163

156
133
119
168

160
138
118
173

163
149
125
174

161
134
134
172

160
129
144
171

164
138
150
173

165 168
141 '144
149
144
174
177

167
155
143
174

166 P166
147 P150
138
176 P176

162

159

164

176

198

229

219

167

167

198

191

182

167

149
106
350
194

150
79
319
215

157
55
329
231

168
56
385
238

196
78
277
297

204
71
323
468

203
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

142

159

156

160

163

175

169

149

153

155

164

183

163

106
187
55

101
216
66

98
210
72

107
211
80

113
213
83

126
229
80

124
224
68

100
201
61

104
204
69

113
203
70

102
225
67

101
257
75

105
222
68

161

160

146

158

159

163

165

158

163

163

166

168

169

155
173
.... 97
112
265
151
152
184
.
88
160
148
. . . .
141
92

155
178
105
116
277
151
151
179
88
162
147
144
91

140
160
108
98
253
131
137
166
75
147
136
124
91

153
178
113
105
278
151
149
178
86
157
148
138
94

153
171
110
104
259
149
150
182
87
157
151
135
97

157
177
105
107
275
154
154
184
89
167
152
141
91

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
88

157
174
88
109
276
151
155
187
86
162
163
145
82

160
158
177 178 180
90
97
94
110 103 108
285
293
269
161 153 r 151
155 157 l60
179 192 192
85
87
88
170 '161 '166
161 '161
150 rl48 '151
89
82
83

164
186
103
112
309
151
160
191
87
169
170
150
95

142

146

139

145

144

152

152

146

148

157

150

154

156

125

131

131

133

131

138

137

131

134

144

139

143

143

.
. .

.

. . .

Other manufactured foods
Processed fruits and vegetables
Confectionery
...
Other food products

.

.

Alcoholic Beverages
!Malt liquor
Whiskey
Other distilled spirits
Rectified liQuors

Tobacco

Products

.

.

.

. . . .

Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Pulp
Groundwood pulp
Soda pulp

.

Sulphite pulp
.
.
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Printing and Publishing

.

.

Newsprint consumption .
Petroleum and Coal Products

P184

Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products *. .
Coke
.
.
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals

P191

P195 P201 P203 P204

P205

P208

P214

P214 . « ,

P211

P215

r

127
145
116
104
74

145
171
163
175

154
173
168
182

157
178
157
186

163
180
164
177

162
183
154
169

162
187
160
177

159
186
162
178

160
193
170
187

159
201
163
199

155
206
164
213

154
200
164
210

164
194
158
197

168
161
428

165
160
340

161
156
307

171
164
415

170
162
439

177
169
449

177
170
414

179
171
440

178
171
442

179
171
421

166
164
237

137
135
186

253

250

251

249

248

248

251

254

255

r250

249 P250

153
137
292
435

151
142
251
439

152
135
291
438

152
135
294
431

153
137
295
425

152
138
294
427

155
148
297
431

155
150
299
438

158
151
298
437

158 154
147 140
301 303
434 r433

150 PU7
123 P122
305 P 3 0 5
439 P 4 3 8

P169
P198

174
166
422

Rubber Products

220

216

207

210

217

223

225

230

223

215 r205

200

P195

Minerals—Total

151

148

140

150

153

155

155

156

154

155

142

147

P163

Fuels

156

153

144

155

160

162

163

162

160

161

146

149 P168

153
165
104
157

140
147
110
159

113
117
93
160

143
151
114
161

153
161
122
164

156
163
126
166

159
169
119
165

153
164
111
166

152
161
112
165

148
155
118
167

99
97
108
169

103
102 #171
105 P116
171 P172

124

122

117

117

111

107

109

117

117

120

118

136 P132

169

166

160

163

153

145

146

159

159

163

161

193 P186

64
66

63
61

60
51

56
47

55
55

53
63

55
73

55
78

59
67

59
64

58
59

..

Coal

....
Bituminous coal
Anthracite
Crude petroleum

.

..

Metals
Metals other than gold and silver
Gold
Silver

.

...

.

.

.

57

r
1
v Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2

JULY 1948




849

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1947

1948

Industry
May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May

Industrial Production—Total.
Manufactures—Total

185
191

191

Durable M a n u f a c t u r e s . . . .

219

220

Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery

185

178

185

191

194

193

189

189

190

188

186

P192

184

191

191

200

200

196

197

197

197

193

P197

208

212

219

224

224

227

226

223

••227

217

P222

197

193

181

188

195

204

202

205

203

203

207

177

207

193
215
179
469

189
211
176
458

174
198
166
429

187
205
170
454

188
214
177
477

198
224
184
509

197
222
182
503

196
226
185
516

197
224
182
526

196
226
180
551

190
234
184
587

151
'208
154
'591

193
233
183
591

273

275

266

267

276

280

281

288

285

284

283

276

P275

225

233

217

213

227

232

234

244

244

'232

'241

237 P222

179

191

185

180

197

198

200

206

206

192

'202

198 P183

187

179

171

170

174

179

185

189

194

198

200

199 P199

198

187

180

180

182

176

178

183

187

189

183

176

167

167

171

180

188

197

'202

203

198

145

149

141

151

150

150

148

140

138

137

143

143

138
158

143
160

133
155

147
160

143
164

138
172

133
176

119
181

117
179

116
178

125
177

131 P 1 2 8
168 P 1 6 2
208

Manufacturing Arsenals and Depots1..
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 1
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 1 ..
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption x.. .
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

P140

206

209

196

207

210

210

206

200

190

193

201

242
163
269
148
162
213
247

229
154
254
183
163
221
239

200
124
225
181
160
224
220

218
151
241
193
166
226
216

223
151
248
198
166
225
226

215
156
236
202
169
236
224

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

205
160
219
160
169
238

212
212
152
165
233
'227
196
183
168 P 1 6 9
243 P 2 4 5

•248

P241

164

173

178

181

180

171

173

176

173

174

179

175

174

P177

161
147
297

P163

169

168

164

155

154

160

164

172

152
148
271

143
133
263

129
118
263

142
130
267

147
130
278

152
139
280

159
149
290

149
131
287

165
153
300

166
153
•295

161
147
302

161
191
186
147
126
177
156

155
175
175
144
124
174
152

130
141
149
121
108
139
132

156
184
176
147
134
165
148

168
192
184
162
144
188
159

167
194
185
160
140
188
159

172
196
182
164
142
194
167

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
225
196
164
145
190
171

113

106

99

116

121

126

126

113

120

126

114

110

119
138
92
86
89
109

112
125
96
92
83
103

100
114
77
89
78
97

114
126
97
84
105
117

118
129
101
95
115
123

123
137
96
100
112
128

126
146
91
90
114
126

112
129
82
90
96
114

117
135
83
96
94
122

124
144
84
99
110

101
115
68
91
'89

105
118
74
94
89

154

166

178

182

167

161

154

146

Manufactured Food Products.
Wheat flour
Cane sugar meltings x
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...

202 P202

138

146

141

147

148

144

P202 P229 P 2 2 9 P 1 9 2 P156 P121
102
113
104
81
64
73
256
279
242
195
147
170
240 254
218
163
127
147

163

132
P91
50
113
99

52
106
100

-179

127

123

113

144

141

143

136

120

128

63
143
155

72
176
197

P176

147
309

vlO6

P151

140

P139

P87

P99

55
116
103

58
123
120

93
228

Ice cream
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.

1

850



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
May June July Aug.
Manufactured Food

Sept. Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

127
145
116
108
76

Products—Continued

I^Ieat packing
Pork and lard
Beef.. . .
Veal
L a m b and mutton

.

Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages

. .

Malt liquor
. . .. .
^Vhiskey
Other distilled spirits
Rectified liquors

.

Tobacco Products
Cigars
..
Cigarettes
Other tobacco products
Paper and Paper Products

151
154
159
124
104

150
157
151
141
96

146
150
151
154
90

127
119
141
155
89

136
114
165
191
106

144
133
159
195
113

189
216
165
203
114

187
229
154
140
104

175
204
157
119
103

141
158
130
101
103

121
130
119
92
89

116
124
115
100
80

143
90
118
160

146
101
100
165

163
173
97
171

186
263
128
176

196
290
162
177

179
173
176
181

167
118
170
180

161
108
152
176

'•152
92
148
167

152
91
151
168

149
85
133
167

148 P151
90
114
169 P172

167

178

182

181

206

252

196

146

142

176

172

178

17 3

170
106
210
194

189
79
198
215

196
55
191
231

192
56
208
238

197
78
379
297

190
71
837
468

157
1
251
562

132
5
103
376

139
37
143
264

154
115
259
310

146
152
342
239

160
160
230
255

161
157
176
245

142

165

162

165

172

181

172

139

153

147

155

173

163

106

101

98

107

113

126

124

100

104

101

187
55

222
78

105

227
67

221

113

102

228
89

238
85

228
70

185
54

204
67

190
68

209
67

239

222
68

161

160

158

159

163

165

157

163

163

167

72

.

Paper and pulp
Pulp
Groundwood pulp .
Soda pulp
Sulphate pulp
.
Sulphite pulp
Paper
Paper board
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 refining2
Gasoline
Fuel oil
Lubricating oil
Kerosene
.
.
Other petroleum products 1
Coke . .
By-product coke
Beehive coke

75

145
155
174
105
112
265
151
152
184
88
160
148
141
93

155
178
106
116
277
151
152
179
88
162
150
144
92

145
129

140
159
96
98
253
131
137
166
75
147
131
124
89

152
176
100
105
278
151
149
178
86
157
148
138
93

153
170
98
104
259
149
150
182
87
157
151
135
97

157
177
97
107
275
154
154
184
89
167
154
141
91

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
r
l61

146

130

139

145

156

158

150

144

155

153

129

113

120

132

145

149

138

125

141

145

P184 P191
145
171
170
176

169

P195

P201 P203

P204

P205 P208

P214

154
173

157
178

163
180

162
183

162
187

159
186

160
193

159
201

168
171

156
173

162
170

154
168

160
177

162
183

168
192

158
203

P215
155
206
163
224

'148
82

P211

163
182
107
108
293
151
160
192
87
M73
'151
91

170
164
188
111
112
309
151
160
191
87
169
170
150
95
159

151
P214

149
P225

154
200

164 P169
194 P198

162
214

164
201

166

137

168
161
428
252

165

161

171

170

177

177

179

178

160
340

156
307

164
415

162
439

169
449

170
414

171
440

171
442

247

247

245

248

251

252

255

253

157
133
292
435

156
140
251

150
134
291

151
136
294

151
143
295

152
145
294

153
149
297

155
150
299

155
148
298

157
146
301

439

438

431

425

427

431

438

437

434

Rubber Products

220

216

207

210

217

223

225

230

22J

215 r205

Minerals—Total

153

152

145

155

158

158

155

151

149

149

'136

145

P165

Fuels

156

153

144

155

160

162

163

162

160

161

146

149

P168

153
165
104
157

140
147
110

113
117
93

143
151
114

153
161
122

156
163
126

159
169
119

153
164
111

152
161
112

148
155
118

99
97
108

159

160

161

164

166

165

166

165

167

169

103 P 1 6 0
102 P 1 7 1
105 P 1 1 6
171 P172

140

148

151

151

145

132

106

85

81

83

82

200
279

213
306

220
334

219
326

206
298

183
257

136
159

101
76

97
70

103
73

103
77

56
65

59
59

58
50

61
46

63
55

62
63

62
73

57
78

56
68

53
65

51
61

Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Kxplosives and ammunition *
Other chemical products l

Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver...
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

r253 r252

174
166
422
251 P249

154
140
303
'433

151 P 1 5 2
120 P118
305 P 3 0 5
439 P 4 3 8

179
171
421

164
237

135
186

200 P195

125

P148

178 pin
228 P 3 1 8
51

r
1
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
2
This series is in process of revision.
NOTE.—For description and back 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.

JULY 1948




851

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry group or industry

1947
Apr.

May

Factory pay rolls
1948

1948

Jan.

Feb.

Mar.

Apr.

May

Mar.

Apr.

May

Jan.

Feb.

Mar.

Apr.

Total
Durable goods
Nondurable goods

155.9 1 5 3 . 8 160.5 159.5 160.3 156.1 155.0 '320.9 '317.6 '319.3 '358.7 '354.1 '358.2 '346.5
184.7 1 8 2 . 0 188.2 1 8 5 . 8 188.1 185.1 183.1 '358.9 '359.0 '363.0 '403.1 '393.1 '401.7 '392.2
133.2 1 3 1 . 5 138.7 1 3 8 . 7 1 3 8 . 4 1 3 3 . 3 132.8 '283.7 '277.2 '276.6 '315.3 '316.0 '315.7 '301.8

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

'160.9 '159.6 '164.9 '164.2 '164.8 '161.7 160.2 '298.8 '301.5 '310.2 '341.9 '337.6 '340.8 '329.6
253
132
258
261
131
133
214
238
261
131
221
126
127
453
214
442
457
214
216
383
400
442
211
389
207
207
275
132
302
290
144
140
244
252
320
149
250
133
133
342
149
354
355
152
153
301
308
353
149
303
142
142
345
158
387
369
176
169
354
351
396
180
348
171
171

Electrical Machinery
Electrical equipment
Radios and phonographs

210
192

202
190

194
195

196
195

194
193

184
190

422
409

411
407

167

167

170

169

171

171

307

309

394
415
317

404
456

425
447

417
447

392
440

340

335

343

341

, '222.6 '217.7 '227.0 '225.4 '222.9 '217.4 209.0 '437.1 '403.6 '414.4 '471.0 '465.1 '459.1 '444.3
424
420
408
204
431
206
200
382
376
390
205
202
207
488
222
507
496
469
226
212
486
491
243
234
498
228

Machinery except Electrical
'230.9 '230.2 '233.0 '234.0 '233.1 '227.4 229.6 '424.5 '431.0 '437.7 '473.8 '471.9 '475.2 '463.8
Machinery
and
machine-shop
494
495
496
496
242
241
239
452
463
456
products
244
242
241
612
626
622
632
292
293
289
580
587
578
Engines and turbines
296
293
293
249
354
352
354
198
199
143
278
305
290
Tractors
177
179
196
572
535
551
577
262
266
267
398
441
425
Agricultural, excluding tractors..., 227
231
254
240
250
254
249
138
135
130
277
265
271
157
152
138
Machine tools
393
399
398
389
218
217
215
416
398
409
242
234
219
Machine-tool accessories
610
622
627
618
294
287
281
624
627
619
314
311
294
Pumps
450
479
434
454
232
230
227
361
397
390
209
213
235
Refrigerators
Transportation Equipment, except Autos '306.5 '299.3
Aircraft, except aircraft engines. . . 358
348
Aircraft engines
316
303
208
Shipbuilding and boatbuilding
203
Automobiles

'297.3 '292.6
341
340
280
284
184
192

'292.7 '290.9 277.0 '567.3 '576.0 '572.1 '611.2 '593.3 '600.- '601.4
695
629
667
657
657
676
343
346
662
481
469
278
488
477
483
474
277
480
374
177
385
399
396
417
384
182
386

, '192.5 '179.1 '196.0 '178.9 '195.1 '192.7 185.5 '353.9 '349.5 '335.0 '408.7 '357.6 '394.4 '382.5

Nonferrous Metals and Products
'187.8 '182.5
Primary smelting and refining
148
144
Alloying and rolling, except aluminum
160
155
Aluminum manufactures
209
197

'178.4 '178.5 '180.0 176.9 174.4 '364.8 '359.8 '354.8 '372.7 '372.9 '377.1 '368.3
314
304
145
284
287
303
307
148
283
145
148
137
192

141
192

301
385
'162.3 '168.8 '175.6 '175.0 '178.3 '178.7 183.9 '336.7
168
171
335
160
167
169
171
170
171
323
158
159
170
171

Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products

138
192

138
188

296
371

285
351

273
371

273
367

284
362

272
357

'352.0 '383.3 '413.5 '417.2 '427.6 '425.2
401
412
405
351
385
400
403
404
334
351
399
413

'139.6 '137.3 '149.1 '149.2 '147.8 '143.4 139.5 '309.0 '303.7 '302.1 '352.2 '350.2 '349.2 '333.0
282
315
135
289
334
140
331
129
127
140
139
279
333
'152.4 '148.9
172
171
146
122
125
124
166
166

'151.6 '150.9
164
161
149
150
131
127
166
167

'153.9 '153.7 153.6 '298.0 '301.4 '299.5
165
335
333
329
165
151
248
203
240
149
131
257
276
253
130
167
317
324
315
170

'322.9 '321.4 '336.6 '337.9
355
340
358
343
286
300
285
291
279
297
306
297
337
338
349
353

Textile-Mill and Fiber Products
'109.5 '107.2
Cotton goods except small wares. . 124
122
Silk and rayon goods
82
83
Woolen and worsted manufactures 108
104
Hosiery
80
77
Dyeing and finishing textiles
121
119

'113.0 '114.2
126
125
88
85
114
113
84
83
124
126

'114.7
127
88
113
84
125

113.7 113.1 '271.4 '261.6 '254.5
337
329
126
317
222
213
88
213
275
261
111
253
173
160
83
153
269
265
125
260

'303.0 '310.6 '315.6 '307.1
375
379
377
385
253
262
268
267
292
321
322
309
189
191
198
189
304
311
309
306

Apparel and Other Finished Textiles. . . , '128.9 '125.4
Men's clothing, n.e.c
122
124
Shirts, collars, and nightwear
99
99
Women's clothing, n.e.c
142
136
Millinery
86
79

'145.3 '147.7
136
134
111
110
170
166
109
103

'147.5 '139.8 136.8 '303.4 '267.2 '259.8 '337.0 ' 345.2 '343.2 '306.5
135
325
317
137
281
267
313
316
271
111
280
275
111
234
273
272
227
229
154
376
307
168
340
375
387
278
260
92
214
172
108
197
204
239
138
119

Leather and Leather Products
Leather
Boots .and shoes

,

'109.9 '106.1 '114.9 '115.8 '114.1 '107.1 102.6 '236.7 '228.8 '220.9 '258.7 '262.5 '251.7 '227.1
93
92
89
94
92
185
184
94
184
202
192
184
200
96
92
99
92
214
100
101
198
205
236
234
197
226

Food and Kindred Products
'133.6 '134.8
Slaughtering and meat packing..., 124
128
Flour
133
139
Baking
111
111
Confectionery
111
115
Malt liquors
165
161
Canning and preserving
90
90
Tobacco Manufactures
Cigarettes
Cigars

'87.5
120
120
72
73

'139.3 '135.6 '134.5 '122.6 126.7 '255.5 '259.8 '270.4 '296.6 '288.5 '285.8 '266.5
139
134
74
146
233
263
277
178
227
249
304
138
136
135
141
299
298
276
287
289
275
306
114
115
114
113
201
234
227
228
203
208
222
126
118
109
134
234
303
260
241
233
232
295
166
167
172
168
256
290
293
316
270
288
289
82
81
86
197
217
205
217
84
212
218
216
'93.6
123
79

'93.9
122
80

'93.4
121
80

'92.3
121
78

90.7 '193.1 '181.6 '182.8 '210.5 '195.7 '204.5 '205.9
227
254
218
219
246
221
260
176
160
164
183
180
176
182

' Revised.
NOTE.'—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in June 1948. These indexes have been adjusted to final 1946 data made available by the Bureau of Employment Security of the Federal Security Agency. Indexes
for individual industries, with the exception of those in the Transportation Equipment and Tobacco groups, have been adjusted to final 1945 data.
Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period
ending nearest middle of month and cover production workers only. Figures for May 1948 are preliminary.

852



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
Apr.

Paper and
Paper
Paper
Paper

Factory pay rolls

1948

May

Jan.

Feb.

1947

Mar.

Apr.

May

Mar.

1948

Apr. M a y

Jan.

Feb. Mar. Apr.

'147.5 '146.1 n48.7 '147.8 '148.0 '146. c 146.4 '296.0 '296.0 '296.3 r328.0 '328.9 '330.8 '325.7
140
140
145
145
281
284
328
289
145
325
328
330
146
154
154
153
302
302
324
152
150
307
329
327
328
152
141
147
142
139
295
290
293
134
283
309
307
305
137

Allied Products
and Pulp
goods, n.e.c
boxes

Printing and Publishing
Newspaper periodicals
Book and job

'130.9 "131.0 '134.0 '133.5 '132.8 '131.8 132.1 '231.7 '234.9 '238.6 '255.3 '254.7 '258.5 '259.5
202
197
118
119
121
121
122
123
209
219
225
235
229
142
254
138
141
139
137
137
255
283
279
279
280
255

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

'200.8 '199.5 '204.1 '204.2 '203.6 '201.4 198.6 '384.1 '385.2 '389.1 '426.7 '425.6 '425.1 '422.1
253
250
465
239
238
237
462
233
462
491
489
488
477
126
127
246
131
132
132
250
131
249
269
270
272
275
280
281
506
283
281
281
521
283
512
561
559
559
565
291
291
477
301
303
307
507
304
471
580
588
585
562
158
163
334
179
182
183
354
183
338
381
389
397
396
101
86
301
142
128
115
220
100
248
397
338
316
270
169
158
444
161
172
184
423
177
440
433
440
492
483

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

'147.8
144
129

Rubber Products
Rubber tires and inner tubes
Rubber goods, other

'183.2 '174.6 '173.5 '172.0 '168.9 '163.8 161.1 '353.3 ' 363.1 *347.5 '354.9 '337.2 '320.6 '312.8
227
324
220
209
206
193
397
414
330
201
399
356
388
168
156
167
167
162
347
165
349
348
326
356
368
366

Miscellaneous industries
Instruments, scientific
Photographic apparatus

'183.7 '180.3 '180.9 '181.9 '182.6 '178.4 176.1 '375.4 '368.8 '364.6 '388.2 '393.9 '394.0 '382.6
250
494
244
245
452
487
489
245
245
244
454
441
508
205
424
208
221
422
416
220
375
376
418
220
217
383

151.9 '155.0 '153.9 '155.4 '154.9
149
150
151
152
150
141
131
141
137
140

'266.0 '269.7 '280.6 '318.1 ' 315.4 '320.0 '316.7
301
253
255
297
295
299
263
294
321
252
320
316
247
272

For footnotes see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1947
Group

Total
Durable
Nondurable

1948

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

156.8
185.1
134.6

155.0
182.2
133.5

155.2
183.4
133.0

154.5
178.8
135.4

156.3
180.7
137.1

158.9
183.2
139.7

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 P156.1
185.5 P183.2
134.7 P134.8

P Preliminary.
NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in June 1948.
1939 may be obtained from the Division of Research and Statistics.

May

Back figures from January

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry group

Mar. Apr. Dec.

Jan. Feb.

1948

1947

1948

1947

Mar. Apr.

Mar.

Apr.

Dec.

Jan.

Feb.

Mar.

Apr.

All manufacturing

40.4

40.1

41.2

40.5

40.2

40.4

40.0

118.0

118.6

127.8

128.5

128.7

128.9

129.1

Durable goods

40.7

40.5

41.7

40.9

40.5

40.9

40.4

123.6

124.3

135.4

135.5

135.2

135.2

135.6

40.4
40.5
41.5
39.8
39.7
41.0
41.0
41.7
40.5

40.4
40.0
41.5
39.8
38.5
40.8
41.4
41.5
40.5

41.2
41.1
42.2
40.8
41.4
41.8
43.2
42.7
41.0

40.6
40.5
41.8
40.3
39.6
41.2
42.4
41.9
40.0

40.4
40.4
41.4
39.6
38.1
41.2
41.7
41.4
39.8

40.6
40.3
41.6
40.3
38.9
41.1
42.3
41.7
40.8

39.9
39.9
41.5
40.4
38.5
40.8
41.6
40.9
40.8

126.9
121.2
129.8
136.2
139.6
122.6
98.3
103.1
114.4

128.0
121.0
130.8
136.3
140.6
123.4
99.0
103.2
114.9

141.2
134.6
141.3
146.5
156.3
132.7
105.6
111.7
124.5

141.4
135.2
141.5
147.9
153.8
133.6
105.0
112.2
125.3

140.9
134.8
141.7
148.2
154.8
133.8
108.0
112.7
125.5

141.2
135.0
142.2
147.1
153.4
134.4
107.1
112.6
126.0

141.5
135.0
143.0
147.8
152.6
134.3
108.0
113.1
127.0

40.1

39.6

40. < 40.0

39.9

39.9

39.6

111.9

112.2

119.6

121.0

121.7

121.9

121.9

40.0 39.1 41.0 40.5
Textiles—mill and fiber products
36.7 35.5 37.1 36.6
Apparel and other finished products
39.0 38.3 39.1 39.0
Leather and manufactures
42.3 42.1 43.3 42.0
Food and kindred products
37.5 36.7 39.9 38.6
Tobacco manufactures
43.2 43.0 43.8 43.1
Paper and allied products
Printing, publishing and allied industries.. . 40.3 40.1 40.4 39.5
41.3 41.0 41.5 41.4
Chemicals and allied products
40.2 40.5 40.8 40.7
Products of petroleum and coal
39.8 39.5 40.9 39.7
Rubber products
41.0 40.6 41.2 40.4
Miscellaneous industries

40.2
36.7
39.0
41.6
36.2
43.1
39.1
41.1
40.8
38.5
40.8

40.6 39.9
36.7 36.2
36.2
37.8
41.6 42.3
37.8 38.3
43.1 42.7
39.5 39.2
41.2 41.0
40.9 40.3
37.8 37.8
40.6 40.4

102 .4
104.5
102.8
108.8
93.9
110.9
144.3
117.7
140.8
133.0
113.9

102.7
99.9
102.9
109.7
94.8
112.1
146.2
119.2
141.8
139.7
114.2

110.0
105.2
109.2
117.5
98.3
122.6
156.8
129.3
155.1
145.4
121.9

111.5
109.4
109.5
117.7
98.4
123.5
157.9
131.1
158.6
144.4
122.7

113.9
109.8
110.2
118.1
96.8
124.5
160.4
131.5
158.1
142.1
123.0

114.0
109.1
110.6
118.7
97.5
124.9
162.1
131.4
158.7
140.8
122.9

113.8
103.8
111.6
119.9
98.0
125.0
164.5
132.5
159.6
141.3
122.9

Iron and steel and products
Electrical machinery
Machinery except electrical
Transportation equipment, except a u t o s . . .
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products....
Stone, clay, and glass products
Nondurable goods

NOTE.—Preliminary May 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.9 and 129.9; Durable 40.3
and 136.3; Nondurable 39.6 and 122.9, respectively. Back figures are available from the Bureau of Labor Statistics.

JULY 1948




853

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Federal,
State, and
local
government

Total

Manufacturing

Mining

Contract
construction

Transportation and
public
utilities

Trade

Finance

Service

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
917
883
826
'852
'911

1,150
1,294
1,790
2,170
1,567
1,094
'1,132
'1,661
'1,921

2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
'4,060

6,705
7,055
,567
,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

1947—April
May
Tune
July
August
September
October
November
December

43,429
43,457
43,860
43,854
43,967
44,291
44,557
44,625
44,800

15,844
15,693
15,725
15,705
15,804
16,039
16,161
16,216
16,266

884
912
916
883
916
918
919
922
926

1,835
1,847
,900
,927
,959
,969
,999
2,006
2,018

3,865
3,967
4,080
4,097
4,102
4,128
4,101
4,080
4,089

9,325
9,347
9,430
9,458
9,497
9,542
9,613
9,636
9,679

1,628
1,627
1,626
1,658
1,680
1,676
1,688
1,690
1,693

4,552
4,590
4,711
686
619

4,634
4,662
4,670
4,688

5,496
5,474
5,472
5,440
5,390
5,385
5,414
5,405
5,441

1948—January
February
March
Aoril
May

45,019
44,755
44,791
44,543
44,627

16,332
16,208
16,246
15,990
15,922

927
920
928
821
931

2,056
1,945
1,941
2,006
2,044

4,075
4,071
4,069
3,998
4,044

9,694
9,664
9,636
9,697
9,676

1,688
1,698
1,697
1,696
1,698

4,723
4,730
4,729
4,768
4,726

5,524
5,519
5,545
5,567
5,586

1947—April
May
June
July
August
September
October
November
December

43,221
43,345
43,816
43,686
44,125
44,513
44,758
44,918
45,618

15,750
15,569
15,672
15,580
15,962
16,175
16,209
16,256
16,354

881
910
919
890
923
921
922
923
925

1,798
1,865
1,957
2,043
2,096
2,107
2,099
2,046
1,978

3,845
3,981
4,129
4,155
4,163
4,134
4,097
4,077
4,071

9,255
9,277
9,324
9,316
9,356
9,471
9,684
9,886
10,288

1,636
1,643
1,650
1,675
1,688
1,668
1,671
1,673
1,676

4,590
4,711
4,686
4,619
4,634
4,662
4,670
4,688

5,504
5,510
5,454
5,341
5,318
5,403
5,414
5,387
5,638

1948—January
February
March
ADril
May

44,603
44,279
44,599
44,279
44,517

16,267
16,183
16,269
15,896
15,796

922
914
922
818
930

1,871
1,731
1,805
1,966
2,064

4,020
4,019
4,032
3,977
4,058

9,622
9,520
9,599
9,573
9,604

1,680
1,690
1,697
1,704
1,715

4,723
4,730
4,729
4,768
4,726

5,498
5,492
5,546
5,577
5,624

Year or month

1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADJUSTED

UNADJUSTED

'1 Revised.
Includes Federal Force Account Construction.
NOTE.—All monthly figures shown, and most annual estimates for 1945, 1946, and 1947, have been revised. Revised unadjusted monthly
data from 1945 on are available from the Bureau of Labor Statistics; revised seasonally adjusted figures beginning January 1939 may be obtained
from the Division of Research and Statistics. 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. May 1948 figures are preliminary.

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
Employed J

Total noninstitutional
population

Total
labor
force

Total

1940 2
1941
1942
1943
1944
1945
1946
1947

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—May 3
June
July
August
September
October
November
December

107,330
107,407
107,504
107,590
107,675
107,755
107,839
107,918

1948—January
February
March
April
May

107,979
108,050
108,124
108.173
108,262

Year or month

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

61,760
64,007
64,035
63,017
62,130
62,219
61,510
60,870

60,290
62,609
62,664
61,665
60,784
60,892
60,216
59,590

58,330
60,055
60,079
59,569
58,872
59,204
58,595
57,947

49,370
49,678
50,013
50,594
50,145
50,583
50,609
50,985

8,960
10,377
10,066
8,975
8,727
8,622
7,985
6,962

1,960
2,555
2,584
2,096
1,912
1,687
1,621
1,643

45,570
43,399
43.469
44,573
45,544
45,535
46,330
47,047

60,455
61,004
61,005
61,760
61,660

59,214
59,778
59,769
60,524
60,422

57,149
57,139
57,329
58,330
58,660

50,089
50,368
50,482
50,883
50,800

7,060
6,771
6,847
7,448
7,861

2,065
2,639
2,440
2,193
1,761

47,524
47,046
47,119
46,414
46,602

1
2
8

Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.

854



FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

January
February
March
April
May

June

July
August
September
October
November
December
Year

Nonresidential building

Residential
building

Total

Factories

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

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

7,759.9

1947

1948

86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
941.4

3,153.8

June

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

358
387
698
735
952
808
718
680
620
573
504
457

572
442
597
602
675
605
660
823
650
793
715
625

7,490 7.760

615
682
690
874

47
56
146
127
197
215
202
205
187
134
130
109

971

167
96
143
177
234
226
203
218
193
209
224
207

1,754 2,296

Title I Loans
Year or month

June

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
75.5
78.5
88.8

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

1947

58.7
37.8
50.3
55.4

391.9

1948

1947

1948

53.3
87.2
65.0
111.2

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

55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
47.4
61.3
59.8
64.1
596.9

1 890 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
197
248
181
236

311
331
551
608
756
593
516
475
433
439
373
348

298

405
346
453
425
441
379
458
605
457
584
492
418

419
434
509
638
673

5,735 5.464

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]

1937
1938
1939
1940
1941
1942
...
1943
1944
1945
1946
1947.
1947—May

1947

Public works
and public
utilities

Other

Public ownership Private ownership

Total

January....
February...
March
April
May

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

54.1
71.9
55.3
82.2

Commercial

* ...

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

Total

489
684
950
1.017
1,172
1.137
935
875
666
755
1,787
107
146
163
175
183
244
192
228
224
228
272
2Q2
265

Property
improve-1
ment
54
151
204
242
249
141
87
114
171
321
534
37
44
50
43
46
46
47
68
56
45
49
63
54

Mortgages on
War and
1- to 4- Rental
and
Vetfamily group
erans'
houses housing housing
(Title
(Title (Title
ID
II)
VI) 2

Small
home
construction
"'13'
25
26
21
15
1
"(33)
()
(3)
' ' (33)
(3)
()
O
(33)
()
(3)
(8)
(3)
(3)

'

424
473
669
736
877
691
245
216
219
347
446
36
39
39
37
41
48
39
48
48
45
53
51
53

11
48
51
13
13
6
(')
4
3

13
284
603
537
272
85
808
34
63
74
95
96
150
106
112
120
137
170
177
158

1
Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22. 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947 figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
> 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.

JULY 1948




1947

Federal Reserve district
May

Apr.

May

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

55,690
170,306
77,809
77,863
97,943
102,519
179,866
44,859
34,160
39,108
90,666

53,912
133,291
60,202
86,714
93,394
122,971
142,586
63,845
27,907
34,296
54,764

39,717
120,389
47,978
58,045
70,712
71,950
122,093
44,063
26,067
19,220
54,423

Total (11 districts)

970,789

873,882

674,657

INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

End of month

Total

Savings
Com- Mutual
and
mersavloan
cial
ings associbanks banks
ations

1936—Dec
1937—Dec. . .
1938—Dec
1939—Dec
1940—Dec

365
771
1,199
1,793
2,409

228
430
634
902
1,162

8
27
38
71
130

56
110
149
192
224

41
118
212
342
542

5
32
77
153
201

27
53
90
133
150

1941—June
Dec

2,755
3,107

1,318
1,465

157
186

220
234

154
179

1942—June
Dec.....

3,491
3,620

1,623
1,669

219
236

237
668
789
254
272
940
276 1,032

243
245

195
163

1943—June
Dec

3,700
3,626

1,700
1,705

252
256

284 1,071
292 1,134

235
79

158
159

1944—June...,
Dec

3,554
3,399

1,669
1,590

258
260

284 1,119
269 1,072

73
68

150
140

1945—June
Dec

3,324
3,156

1,570
1,506

265
263

264 1,047
253 1,000

43
13

134
122

1946—June
Dec

3,102
2,946

1,488
1,429

260
252

247
233

974
917

11
9

122
106

1947—June
Dec

2,860
2,871

1,386
1,379

245
244

229
232

889
899

8
7

102
110

Insur- Federal
ance
com- agen- Others
panies cies l

1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United
States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.

855

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports1

Merch andise importsJ

Excess of exports

Month
1946

1948

1947

1944

1945

1948

1944

1947

1946

1948

1944

1945

January
February
March

1,124
1,107
1,197

903
887
1,030

798
670
815

1,114 P 1 , 0 9 2
1,146 P 1 , 0 8 7
1,326 P I . 1 4 1

301
314
358

334
325
365

394
318
385

531
437
445

P546
P582
P666

823
793
839

569
561
665

405
352
431

583
709
882

P546
P505
P475

April
May
June

L ,231
1,455
1,296

1,005
1,135
870

757
851
878

1,295 P 1 , 1 2 2
1,414
1,235

361
386
332

366
372
360

406
393
382

512
P474
P463

P527

870
1,069
965

639
763
511

351
457
496

782
P940
P772

P595

July
August
September....

I 1Q7
L 191
1,194

893

826

356

431

537

395

304

360

422

887

378

461

643

282

335

377

P450
P400
P473

903

883

1 155
1 145
1,112

294

737
514

912

180

266

P705
P745
P639

October
November
December

1,144
I 185
938

455
639
736

537
986
1,097

1,235
1,138
1 114

329
323
336

344
322
297

394
478
529

P492
P455
P603

815
862
602

111
317
439

142
508
567

P744
P684
P511

Jan.-Apr

1,659

3,825

3,040

4,881 P 4 , 4 4 1

1,334

1,390

1,502

3,325

2,435

1,539

2,956

1946

1947

1,924 P 2 , 3 2 1

1945

P2.120

Preliminary.
1
Including both domestic and foreign merchandise- Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.4 million dollars.
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS

FREIGHT CARLOADINGS BY CLASSES
[Index numbers, 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock
prod- Ore
ucts

Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947

Miscellaneous

Merchandise
l.c.l.

185

107
101
112
120
146
139

96
96
91
104
117
124

100
114
139
155
141
143

110
147
183
206
192
180

101
110
136
146
145
147

97
96
100
69
63
67

172
146

151
138

125
129

129
143

169
136

142
139

182

150

153

181

69
78

107

148

75

175
171
180

157
147
159

123
111
121

163
166
159

152
145
151

77
76
78

173
185
173
170
184

151
138
140
168
162

111
104
107
107
92

148
148
145
152
152

147
145
142
143
149

79
76
74
71
73

180
192
195
191

137
152
145
138

105
104
105
96

149
147
150
158

176
172
171
184
184
184
194
190
181
163
163
192

145
149
151
156

73
75
75
74

155
150
98
105
163

183
178
162
137
185

132
103
109
123
129

84
76
79
105
96

153
140
146
141
139

180
195
195
r
213
213

152
146
150
145
143

68
71
72
70
69

138
133
137
134
144
May
142
June
140
July
August
148
September... 153
156
October
November.. . 150
December. . . 139

163
149
147
119
155
141
115
146
153
156
160
155

184
182
182
169

157
144
146
133

118
88
95
98

147
159
159
148

44
43
50
157

139
136
143
145

74
74
79
80

183
170

121
143

94
87

154
151

267
286

146
146

76
73

165
177
178
188
195
201

202
175
153
152

142
130

87
87
139
161
133
92

153
160
161
155
147
141

311
284
272
235
163
60

145
150
157
163
158
147

71
73
77
78
77
71

133
129
122
128
143

155
150
98
105
163

192
188
163

132
101
100

81
61
62

137
135
146

45
49
57

139
137
142

65
69
73

134
183

108

94
86

141
145

212
277

143
144

70
69

101
109
130
138
137
140
135
132
143

98
111
123
135
138
143
134
130
147

102
137

150
142
146
137
142
137
134
143
August
September... 142
145
October
November... 147
December. . . 149

163
149
147
119
155
141
115
146
153
156
160
155

145
139
130
130
141

168
181
186

SEASONALLY
ADJUSTED
1947—January
February
March
April
May
June
July

1948—January
February....
March
April
May
UNADJUSTED

Total
Total
railway railway
operating expenses
revenues
Annual

Net
Net
railway
operating income
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

698
696
723
685
698
731
683
719
716
739
786
806

624
631
642
637
633
649
634
655
6S1
696
708
722

74
65
65
82
48
64
36
43
78
83

42
33
48
15
32
49
18
31
4
9
47
50

767
781
761
726

707
710
705
684

60
71
55
42

28
38
22

1947—January..'.
February..
March....
April
May
June
July
August
September.
October...
November.
December.

686
636
719
'650
724
697
705
745
727
794
755
807

627
592
645
631
649
637
644
664
679
718
690
727

59
44
74
58
76
60
61
81
48
76
66
80

32
17
••47
.33
46
38
37
51
20
49
43
60

1948- -January...

751
716
777
729

709
676
716

41
39
61
53

19
18
35
P27

1939..:...
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY
ADJUSTED

1947—January...
February..
March
April
May
June
July
August:?..
September.
October...
November.
December.
1948—January...
February..
March. . . .
April
UNADJUSTED

1947—January
February...
March
April

1948—January
February....
March
April
May

[In millions of dollars]

113

' 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.

856



February..
March
April

676

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

Boston

SALESi
106
114
133
150
168

1939
1940
1941
1942
1943
1944
1945
1946
1947

187
207
264
285

SEASONALLY ADJUSTED
1947 M a v
.. .

June
July • • •
August
September
October
November
December

•
.

1943—January
February
April

May

Atlanta

Chicago

St.
Louis

101
106
119
128
135
150

104
111
129
143

106
114
138
153
167
182
201
257
281

109
120
144
170
194

113
123
145

215
236
290
303

107
116
135
149
161
176

111
119
143
158
179
200

275
345
360

193
250

in

275

292
314

247
274

298
284

'301
317

367
365

104
108
126
140
148
162
176
221
235

169
220
239

244
249

253
249

151
167
184
235
261
'259
256

162
204
244

Minne- Kansas
apolis
City

106
109
123
129
148
164
185

276
278

321
299

'273
278

281

301

336

281

320

268

234
236
211
248
243

246
239
225
248
241

258
266
265
280

273
290

282
303.

271
296
309

297
310
322

352
361
348
383
394

266
290
266
298
293

307
337
308
339
337

271
287

216
223
235

240
241
229

272

284
284

286
306

355

271
281

317

242

255
268

284

270
295
320

241
232
164

237
231
171

261
238
185

283
267
220

'299

266
219
236
299
298

176
248

179
244

193
266

237
293

302
302

280
,

Richmond

257

284
304
309

UNADJUSTED
1947—May
June
July August
September
October
November
December

Cleveland

251

284
285

194g—January
Februarv
M^arch
April
May

Philadelphia

237

289
288
286
283
292

278
...

New
York

277
280
263

278

352

374

109
119
139
171
203
223
247
308
331
325
330
327
348
336
333
339
352

'378
361

286
267
278

306
292

283
306

337
336

390
368
384
448
418

297
281
250

356
307
288

277
336

327
387

396
507

278
308
336
343
411

633

554

276
281

277

394

280
289

349
307
269

276
270
219

315
269
249

'262

278
215
233
322

310
368

224
296

242
311
304
335
424

321
314

274

184
205
229
287
311

112
116
138
157
212
245
275

San
Francisco

306
305
298
307
323
320
335
334

291
307
318
343
340

359
368
c
390

105
110
127
149

Dallas

264
217

307

378
376
368

360
415
389

340
319
331
'353

354
'303

299

280
370
460

290
371
479

324
394
542

372
460
619

284
364
455

264
340
330
428
516

204
216

216
233
284
280
304

214
245

284
316
387
366

217
225
266
283
289

239
258
318
326
333

214
206
263
'284
294

245
254
301
320

316
324
384
399
393

275
288
319
'324
330

152
159
166
225
274

103
110
138
171
151
169
165
211
266

99
105
125
159
152

106
113
130
161
159

106
114
137
190
173

374
483

234
306
419

253
323
408

224
237
284
287
299

170
174
228
'231
240

192
202
234
237
252

99

150
191
220

284
'262

287

317
295
312

375

99
106
130
182
144

107
113
139
191

107
115
140
178

175

151
156
205
243

190
198
250
289

161
185
188

238

336
392
505

STOCKSi
1939
1940
1941
1942
1943
1944
1945
1946
1947

.. .

.

155
162
166
213
255

182
202

97
102
123
181
143
150
160
195
225

252
242
231
227
231
251
273
283

198
188
188
184
189
213
221
221

221
215
204
206
210
224
234
236

215
212
205
206
210
231
238
245

292
270
265
261
252
281
310
323

309
280
270
273
282
300
337
344

243
232
226
221
225
245
259
264

272

268

231
217
219
222
238
268
272

267
247
250
246
274
290
297

288
303
312
308
295

219
227
238
243
230

233
250
255
249
243

243
253
261
'264
254

277
286
298
286
277

332
339
334
340
337

345
378
370
379
368

274
290
304
293
289

253

194

224

217

241

286

300

237
232
245

180
181
195
206

206
193
215
227

201
195
214
231

222
217
236
246

259
268
294

239
249

253
263

263
262

274
283

283
320
329

283
278
295
311

243

201

208

225

269

336
354

211

252

199

205

211

243

278
302

214
233

232
254

307
296

233
226

251
247

246
261
'270

266
287
295
280

102
108
131
179

105
124
165
142

147
153

96
99
119
167

141
148

103

102

111

108
134
176

258
306

134
186
160
161
159
205
246

157

177

178

158
210
259

190
250
321

182
236
295

256
254
241
246
251
281
306

267
248
212
214
224
239
266
300

333
308
276
282
285
306
357
397

285
282
270
248
257
287
319
342

309
331
329
331
313

310
324
343
'363
334

316
329
353
325
315

385
424
420
'422
417

352
366
380
377
337

243

272

266

261

316

296

227
222
236
250

267
257
273
273

248
259
255
265

248
236
240
251

298
299
318
319

287
286
273
290

275
285

318
338

SEASONALLY ADJUSTED

1947—May
June
July
August
September
October
November
December
1943—January
February
March
April
May
UNADJUSTED

1947—May
July.::
August
September
October
November
December
1943—January
February
starch
April
May

256
283
295

.
•

...

257

279
303
268

345
382

238

307
310
250

272
284

289

246

333

280

283

311

236

265

273

346

310

320
333
342
330

352
370

264
294

298
319

293
289

331
313

296
317
'315
309

377
399
409
396

321
353

376
357

282
309
345
r
347

332

372
350

r
1

c
Revised.
Correction.
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.

JULY

1948




857

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Ratio of
stocks 1to
sales

Per cent change
from a year ago
(value)
Number of
stores
reporting

Department

3

Sales during
period
Four
mos.
1948

+5
+4
+3
+4
+4
-1
+7
+2
+4
+4

-5
+36

0

+2

+7

-1

GRAND TOTAL—entire store

357

+3

357

+3

Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery

314
292
188
157
177
308
274
240
245

+6
+8
+2
-1

+18
+4
+2
+9
0

-1

+4

-7

1948

+10

3.0

+11

3.2

3.0

+5
+7

3.4
2.6
2.4
3.4
2.2
4.2
4.8
3.4
4.3

3.4
2.6
2.3
3.9
2.2
4.2
5.1
2.7
4.5

3.9
2.4
2.7
4.3
4.7
4.7
3.6
8.1
5.0
4.1
3.8
4.4

+ 10

-14
-rl6

+4

+17
-3
-7

+ 11

+4

+3
-9

+18
—5

-4
-1
-4
-8
-4

+5
+3

+10
+14
+12
-10

Housef urnishings
Furniture and bedding
Mattresses, springs and studio beds4
Upholstered and other furniture4
Domestic floor coverings
Rugs and4 carpets4
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
Gift shop4
Radios, phonographs, records,
and instruments4.
Radios and phonographs,4
Records, sheet music, and instruments4

318
242
157
158
273
145
97
299
243
249
244
253
148
226
174
142

+15

+9

+ 18

+ 12
+ 14

Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy4

313
288
227
136
250
187

-7
-3
-15

+ 11

+3
+4
+5

-6
-14
-12
-6
-19
—4

+7
+5
+3
+6
-1

+5

-10

+ 10
+ 17
+3
+ 11
+15
-5
-10
-3
-10
-24
-12

+25
+16
+20
+20
+ 15

+5

+ 14
+ 17
+24
+ 12
+ 11

+5
+7
+2

+6

-3
-44

-4
-5
-4

+5

354
353
308
283
180
333
338
350
345
249
279
244
329
3"" 1
245
201
214
354
342
216
205
316
285
312
344
254
262
341
291
273

0
-6
-2
-18
-18
-31
0

+6

+2
+ 13

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
Women's and misses' coats44
Women's and misses' suits
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
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers

329
253
303
298
187

Apr.
1948

+ 12
0
-4

-15
-9
-2
-5
-15
-6

-4
0
-9
-1

+ 16
+2
+2
+5
-5
-4

+3
+2
+2
+2
+8
+7
+12
0
+7
+8
+6
+7
+ 12
+3
+ 16
+6

+6
-7

+15

+5

+21
+32
+20

+9
+15
+11
+24
+26
+23

+4

+10
+17
+6
+9

+7

+10

+3
—1
+6
-1

+1

-13

+7

-1

+18

+2

+52

-4
-3
0

+ 11
+16
+ 18

+1
+9

+10
+ 13

+7

+ 10
—4
—6

+3
-1
0
-5

+4

0
-15

April

Sales during
period

+6
0

+21
+16
+ 16
+15
+ 15
+32
+32

+64
+8
+3
+19
+57

+7
—2

+ 14
+16
+14
2

+7
-5

+ 14
+ 16
-15

Stocks at end
of month

1947

1948

Apr.
1948

MAIN STORE—total

346
204
234
327
319
196
259
75
242
272
135
230

Stocks
(end of
mo.)

Index numbers
without seasoilal adjustment
1941 average monthly sales=10(>»

1948

1947

1947
Apr.

Mar.

Apr.

Apr.

Mar.

Apr.

208

223

203

663

669

602

215
312
300
184
395
166
149
195
145

214
363
435
391
339
142
134
176
120

203
290
294
186
335
160
147
179
145

723
796
745
633
856
691
716
653
624

727
830
952
711
886
693
725
680
666

685
748
606
806
710
664
749
473
674

3.8
2.6
2.9
4.3
4.1
4.1
3 3
7 0
4.7
4.0
3.4
4.3

163
313
277
125
168

170
326
242
133
173

166
302
237
129
180

644
770
752
541
793

641
817
761
547
791

633
755
679
552
752

137
145
127
132

163
165
168
158

140
152
149
141

680
589
487
588

664
572
491
588

678
600
597
505

2.4
3.0
2.4
5.0
1.0
4.2
2.9
2.1
3.0
3.0
3.0
2.9
3.4
2.6
4.2
4.9
4.1
1.9
1.3
1.2
1.4
2.1
1.5
3.2
1.4
1.2
1 8
2.5
2.0
6.2

2.2
2.4
2.1
4.5
0.7
3.1
2.4
2.2
2.5
2.4
2.6
2.5
2.6
2.0
3.2
3.2
3.2

217
197
247
115
189
137
261
154
205
217
215
175
234
170
220

257
246
318
146
303
221
274
182
202
214
219
166
313
242
284

216
209
252
141
231
197
262
139
199
208
204
186
271
194
235

524
595
588
575
182
571
743
324
612
655
637
514
816
443
922

544
597
649
557
218
588
768
312
601
648
623
528
804
448
908

476
522
508
620
175
609
649
309
507
*485
515
463
709
401
743

238
275

268
342

222
262

449
352

485
451

431
325

241
281
206
270

369
358
397
249

243
267
229
246

515
430
654
402

550
480
652
430

481
430
581
391

252
242
48

263
186
80

227
209
50

631
473
299

629
478
367

635
467
281

4.4
4.0
4.5
5.0
6.1

3.4
2.5
3.9
3.8
4.4

166
195
151
158
150

199
210
162
284
188

185
202
167
207
171

747
780
686
787
925

721
761
650
778
908

636
502
650
789
766

3.6
4.2
2.2
4 6
3.7
3.7
3.8
3.8
3.7
6.2
1.7
3.4
5.4
4.4
4.0
5.5

244
214
3.6
4.2
207
179
2.3
4 7
3.3 '"248' ' 216'
3.4
2 7
218
191
3.7
4.1
202
175
6.1
155
142
1.4
404
381
3.5
308
258
6.0
4.1
3.6
4.9

211
176

882
859

901
848

761
743

207

914

924

672

208
830
886
176
747
754
133
963
919
326
708
832
276 1,043 1,048

765
724
799
446
979

3.4
5.4
6.0
5.0
4.5
1.7

3.2
4.9
5.3
4.7
3.8
1.1

200
143
105
164
189

641
709
559
789
739

2.8

\.2
1.0
1 4
2.0
1.5
2.6
1.6
1.4
18
2.8
2.2
5.5

186
139
89
173
184

199
127
107
136
150

629
758
533
870
833

588
670
491
792
817

For footnotes see following page.

858



FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR

DEPARTMENTS—Continued

Per cent change
from a year ago
(value)
Number of
stores
reporting

Department

BASEMENT STORE—total

201

Domestics and blankets 4

133

Women's and misses' ready-to-wear
4
Intimate apparel
Coats and
suits4
4
Dresses
Blouses, skirts,
and sportswear4
Girls' wear4 4
- Infants' wear

198
168
177
172
152
120
113

Men's and boys'
wear
Men's wear4
Men's clothing4 4
Men's furnishings
Boys' wear4

161
137
95
112
117

Housef urnishings. . .

102

Shoes

130

NONMERCHANDISE—total 4

187

Barber and beauty shop4

105

Stocks
(end of
mo.)

Sales during
period
Apr.
1948

Ratio of
stocks to
sales i

1948

+12

+9

2.3

+1
+14
+ 18
+12
+ 17
+23
+8
+9
+13
+ 14
+ 19
+9
+ 10

+11
+9
+ 15
+ 19

2.9

+8
+14
+7
+4

+2
+14

1

+6
+4
+5
-19

+16
+3
+5
+7

-2
2

+ 16
+9
+13
+ 18
+24
+ 15
-3

Stocks at end
of month
1947

Apr.
1948

-11
-1

Sales during
period

April

Four
mos.
1948

+6
+8
+7
+ 16
+1
+ 18
+ 12

Index numbers
without seasonal adjustment
1941 average monthly sales=100 *

1947
Apr.

Mar.

Apr.

Apr.

Mar,

Apr.

2.2
2.8

204

225

192

464

474

424

1.8
2.3
1.0
1.2
2.2
2.6
2.8

1.7
2.3
0.9
1.4
2.4
2.0
2.5

213

251

199

372

379

343

3.1
3.0
2.8
3.1
3.3

2.7
2.7
2.4
2.8
2.8

189

217

190

587

586

524

2.4

2.8

211

170

181

521

567

517

3.6

3.2

160

196

155

571

565

504

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.
» For movements of total department store sales and stocks see the indexes for the United States on p. 857.
* Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
i
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]

SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *

Without seasonal adjustment

Amount
(In millions of dollars)
1946
Year or month

1939 a v e r a g e . . : . .
1940 average
1941 average
1942 average.... .
1943 average
1944 average
1945 a v e r a g e . . : . .
1946 average
1947 average
1947—May

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

Outstanding
orders
(end of
month)

Sales
(total
for
month)

Stocks
(end of
month)

128
136
156
179
204
227
255
318
336

344
353
419
599
508
534
563
714
823

108
194
263
530
560
729
909
553

'336
304
253
274
341
367
416
584

'816
768
732
789
823
912
941
770

'353
470
603
622
676
663
605
544

271
263
355
331
P338

789
878
941
938
P915

633
575
420
356
P336

1947

1947

.220
3... ..217 Aug. 2
9
10... . .228
.223
16
.225
17... . . 23 C )
23.... .243
24... . . 255
30.... .277
31... ..281
.265
Sept. 7... ..264 Sept. 6
13
291
14... . .293
20.... .301
21... . .280
27.... .316
28... ..257
.326
Oct. 5... ..277 Oct. 4
11
.304
12... . .281
18.... .299
19... ..295
.306
25
26... . .287
.313
Nov. 2... ..277 Nov. 1
.347
8
9... . .314
.380
15
16... ..342
22.... .395
23... ..363
.367
29
30... . .334
Dec. 7... ..475 Dec. 6 ....508
13.... .570
14... ..519
20... .576
21... ..532
27.... .358
28... ..281

Aug.

Feb.

Mar.

Apr.

May

Jure

July
1947
Jan.

1948

4... ..188 Jan. 3.... .204
10..:. .251
11... ..232
17.... .232
18... ..223
24.... .22C
25... ..220

1948

1 ... ?17 Jan. 31
233
8.... .219 Feb. 7
.240
15.... .246
14.... .238
22.... .216
21
.249
1
.238
28
.248
.254 Mar. 6.... .266
8
13
.279
15
267
22.... .286
20..!. .313
29
.283
27.... .331
5
.319 Apr. 3.... .280
12.... .265
10
.298
.271
19
17
.294
26.... .267
24
.296
.279 May 1
3
.300
10
.311
8.... .330
17.... .273
15.... .293
.277
24
22.... .295
29.... '297
31.... .250
7
.293 June 5.... .282
.300
12.... .304
14
.310
19
21.... .256
26.... .262
28.... .245
5 ... .20* July 3
12 . .228
10
17
19.... .217
24
26.... .213

r

r
v Preliminary.
Revised.
i These figures are not estimates for all department stores in the
United States.
Back figures.—Division of Research and Statistics.

JULY 1948




Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.

859

DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Five
May Apr. mos.
1948 1948 1948

Five
May Apr. mos.
1948 1948 1948
United States.
Boston
New Haven...
Portland
Boston Area. .
Downtown
Boston . . . .
Springfield.»..
Worcester, rr:.
Providence....
New York
Bridgeport *...
Newark l
Albany
Binghamton...
Buffalo i
Elmira
Niagara Falls...1
New York City .
Poughkeepsie...
Rochester 1 ...:.
Schenectady.
..
Syracuse 1 ...:..
Utica
Philadelphia
Trenton» l
Lancaster
Philadelphia
Reading 1 ... 1
Wilkes-Barre
.;
York 1
Cleveland
Akron 1 1
Canton
Cincinnati l . . . .
Clevelandl 1 .:::.
Columbus . 1. . .
Springfield
....
Toledo 1
Youngstown 1 . .

+7 Cleveland-cont
1

+7

0 Erie
0 Pittsburgh1 i . . .

+

Wheeling

+2
+5
+3
+2

+

+1
+1
+8
+2
+1
+4
+3
+7
-1
+2
+5
+7
+5
+3
+6
+5
+3
+3
+5
+7
+1
+3
+8
-1
+4
+3

0

+1
+5
+2
0

+6

+5

-1

+

+4
+5

Richmond....
0
Washington *..
—6
Baltimore
Raleigh, N. C .
Winston-Salem.
+1
Charleston^. C.
Greenville, S. C
+3
Lynchburg
Norfolk
+ 10
Richmond....
+5
Roanoke
-6
Charleston,
W. Va
+ 19
Huntington....
+8

Five
May Apr. mos.
1948 1948 1948

Chicago
+10 +8 Kansas City—
i
+ 12 + 12 Chicago
r+6 +4 cont.
Peoria 1
0
+ 1 + 7 Oklahoma City. +6 +16
1
+5
Fort
Wayne
..
+4 Tulsa
+8
+20| r +23
Indianapolis 1l..
+ 1 +2 +2
Terre
Haute
.,
Dallas
r-3
+8
0
+2 +4
+6 +15
Des Moines...
+
16
+20
Shreveport
+21
+3
+13
+
Detroit 1
+1 +14 +10 Corpus1 Christi.. - 4 - 3
+ + 1 Flint
i
0
+15 +4 Dallas
+9
p —•
, +12
+ + 3 Grand Rapids. +4 +6 + 13 Fort Worth
x
+3| +13
Lansing
+6
+24
Houston
x
+5 +9 + 13 San Antonio... . +18; +31
10 Milwaukee 1...
+ 1 ++6
+ 7| +10
+ 12 + 18 + 15
Green Bay ...
+
10 + 17 + 12 SanFrancisco. . P + 5 + 7
+ 13 + 12 Madison
+ 14 +7 Phoenix *
0 +5 St. Louis
+io; +n
+10 +4 Tucson
-1
+3 Fort Smith
1
-1
+2
Bakersfield
....
1
l
+4
Little
Rock
.
.
+7
+ 16
+4J +12
+4 + 15 Evansville
p+20 +27
+27 Fresno
Long Beach *... +6i +10
+6 + 13 Louisville
l
....
+ 13 + 11 Los Angeles J . . . p - l l
0
+ 1 +3 Oakland and1
+5 + 7 Quincy
0 +7
East St. Louis.
+ 19
+3! +5
Berkeley
+5 + 12 St.
1
Louis . . . .
+ 1 +7 +6 Riverside and
+ 11 + 16 St. Louis
+ 1 +7 + 7 San Bernardino - l ! +5
+4 +6 SpringfieldArea. P+3
+ 11 +8 Sacramentox J . .. + 7j +5
+5 Memphis 1....
-5
PO
+9 +4 San Diego . . .l . +9| +10
+6
-8
.
+31
0
+ 16 +27 Minneapolis.
+8 +8 +7 San Francisco
Jose 1 1
-4| +1
0 +7 Minneapolis *..
+8 +7 +8 San
1
Santa
Rosa
.
.
+2|
+4
+8 +7 St.
+3 + 1 +3 Stockton
Paul
-13
+3\
-2
- 3 Duluth+ 12 + 15 Superior 1 . . . + 13 + 18 + 14 Vallejo and
3!
-6
Napa 1
+2 +3
-11
- 3 Kansas City .. P+6 +10 +8 Boise and
+4 +4 +4 Nampa
0 + 10 Denver
+1
+24 +5 + 17 Portland
+2 +6 Pueblo
+
+6 +7 +6 Salt Lake City *. P+4
P+6
+ 14 + 12 Hutchinson. . .
+ 11
0 + 13 +9 Bellingham
i. . . - 1 5
+ 11 +5 Topeka
+1
1
P-7
+9 + 12 +9 Everett1
+ 1 - 3 Wichita
P - 1
+5 + 13 + 10 Seattle
- 2 Kansas City.:.
+3
+1 +8 +6 Spokane l *
-2
-2
- 3 Joplin
+5
+ 1 Tacoma
0
-2
+33 + 12 St. Joseph
+1
-2
+3 +7 +5 Yakima l
+2 Omaha
+4 +7

+ 11
+ 15 +11
+9
+ 17 + 1
+5
+ 17
+4
P+3
+ 15 + 10 Atlanta
Birmingham 2 . . + 11
+ 3 ++9
10
Mobile
+5
+ 11 +5
1
+1
+ 1 +7 Montgomery x . .
Jacksonville
...
P
+4
+4
Miami x
+1
+6 +10 Orlando
+25
+8 + 11 Tampa l
P+4
+4 +8 Atlanta 1
+4
0 +7 Augusta
-2
+ 10 +9 Columbus
+
12
+5 +9 Rome
3
J
+5 +8 Macon
-6
+5 +8 Savannah 1 +24
+7 Baton Rouge .. +6
-6
+8 +9 New Orleans 1 . . +6
P0
+2 +6 Jackson x
-6
+6 +9 Meridian
+8 + 10 Bristol, Tenn..J . - 9
-7
+4 Chattanooga
-1
..
x
+ 10
+ 11 +9 Knoxville 1
+ 10 Nashville
+3
+ 10
r
P Preliminary.
Revised.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
*2Data
not
available.
3
JFour months 1948.

li

+ 10
+ 18
+ 11
+20
+2
+5
+9
+23
+ 10
+7
+ 10
+4
+ 17

+7
+8

0

+9
+3
+ 11
+ 11
+2
-1
+5
-2

-4

+9
+6
-6
-1

+2
+1
0
+4

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 ice

House
furnishings

Miscellaneous

1929

122.5

132.5

115.3

141.4

112.5

111.7

104.6

1933

92.4

84.1

87.9

100.7

100.0

84.2

98.4

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—March
April
May

156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0

189.5
188.0
187.6
190.5
193.1
196.5
203.5
201.6
202.7
206.9

184.3
184.9
185.0
185.7
184.7
185.9
187.6
189.0
190.2
191.2

109.0
109.0
109.2
109.2
110.0
111.2
113.6
114.9
115.2
115.4

117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2
126.9
127.8

182.3
182.5
181.9
182.6
184 3
184.2
187.5
187 8
188.9
191.4

138 2
139.2
139 0
139.1
139 5
139 8
140.8
141 8
143.0
144.4

168.8
167.5
166.9
169.3
170.5

209.7
204.7
202.3
207.9
210.9

192.1
195.1
196.3
196.4
197.5

115.9
116.0
116.3
116.3
116.5

129.5
130.0
130.3
130.7
131.8

192.3
193.0
194.9
194 7
193.6

146.4
146.4
146.2
147 8
147.5

Year or month

June

July
.
August
September
October
November
December

. . .

.

. .

1943—January
March
April
May

.

.

. . . .

Back figures.—Bureau of Labor Statistics, Department of Labor.

860



FEDERAL RESERVE BULLETIN

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 = 100]

Other commodities
Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
. . . .
1943
1944
1945
1946
1947
1947—January
February
March
April
.
...
May
June
July
August
September
.
October
November
December
1948—January
February
March
April
May
Week ending :i
1948—Apr. 3
Apr 10
Apr. 17
Apr 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26

All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
151.8
141.5
144.5
149 5
147.7
147.1
147 6
150.6
153.6
157 4
158.5
159.7
163.2
165.7
160.8
161.4
162 7
163.8

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
181.3
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
189.7
187.9
196.7
199.2
185.3
186.0
186.7
189.1

160.1
160 6
162.9
163 6
162.6
161.9
163 5
163.5
164.4
164.2
164.9
165.3
166.7

183.9
183.1
189.2
188 9
186.9
184.0
187.9
189.2
193.0
192.4
193.5
194.5
198.4

Total

Fuel Metals
Hides
and
Textile and
and
leather- prod- lighting metal
mate- prodproducts
rials
ucts
ucts

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
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
179.3
177.8
178.0
178.4
179.9
172.4
173.8
176.7
177.4

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
134.8
127.6
128.5
131.1
131.8
131.9
131.4
133.4
136.0
138.2
140.0
142.4
145.6
148.2
147.5
147.7
148.6
148.9

90.4
109.1
100.0
80.3
66.3
86.1
72.9
54.9
80.9
64.8
86.6
72.9
70.9
89.6
95.4
71.5
104.6
76.3
92.8
66.7
95.6
69.7
100.8
73.8
108.3
84.8
117.7
96.9
97.4
117.5
116.7
98.4
118.1 100.1
137.2 116.3
181.9 140.9
175.1 136.6
173.8 138.0
174.6 139.6
171.5 139.2
170.8 138.9
173.2 138.9
178.4 139.5
182.1 140.8
184.8 142.0
191.7 143.0
202.4 144.7
203.1 147.6
200.3 147.6
192.8 148.4
185.4 149.8
186.1 149.6
187.5 149.6

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
97.7
97.9
100.7
103.4
103.3
103.9
108.9
112.5
114.1
115.9
118.1
124.3
130.0
130.7
130.9
131.6
132.6

172.4
174.5
178.8
180 4
177.5
174.8
178 9
177.2
178.0
178.0
180.1
180.7
183.0

147.7
147 9
148.3
149 0
148.7
148.9
149.0
149.2
149.3
149.3
149.3
149.5
149.9

145.1
145.5
145.9
148.2
148.1
148.2
148.1
148.6
149.5
149.2
148.8
148.5
149.1

131.7
131.8
131.9
132.6
132.6
133.0
133.4
133.7
133.8
133.8
133.8
134.0
134.0

1947
Subgroups
May

Farm Products:
Grains
Livestock and poul t r v
Other farm product 3
Foods:
Dairy products
Cereal products...
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins...
Leather
Other leather prodiicts .
Textile Products:
Clothing . . .
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods.
Other textile products
Fuel and Lighting Materials:
Anthracite
r
Bituminous coal
Coke
Electricity
Gas
Petroleum products
. ..

186.0
186.2
187.2
187.1
188.0
188.2
189.0
188.6
187.6
187.0
186.7
187.7
188.6

Chemi- HouseBuild- cals
and furing
allied
nishmateproding
rials
ucts
goods

95.4
94.3
100.5
94.0
92.1
89.9
88.7
92.7
84.5
79.2
84.9
79.3
80.2
71.4
73.9
75.1
79.8
77.0
72.1
75.8
86.9
86.2
75.3
81.5
86.4
85.3
79.0
80.6
87.0
86.7
78.7
81.7
95.7
95.2
82.6
89.7
95.7
90.3
77.0
86.8
94.4
90.5
76.0
86.3
95.8
94.8
77.0
88.5
99.4 103.2
84.4
94.3
103.8 110.2
95.5 102.4
103.8 111.4
94.9 102.7
103.8 115.5
95.2 104.3
104.7 117.8
95.2 104.5
115.5 132.6 101.4 111.6
145.0 179.5 127.3 129.1
138.0 169.7 128.1 123.3
137.9 174.8 129.3 124.6
139.9 177.5 132.2 125.8
141.3 178.8 133.2 127.8
141.4 177.0 127.1 128.8
142.6 174.4 120.2 129.2
143.8 175.7 118.8 129.8
148.9 179.7 117.5 129.7
150.7 183.3 122.3 130.6
151.1 185.8 128.6 132.3
151.7 187.5 135.8 137.7
152.3 191.0 135.0 139.7
154.7 193.1 138.8 141.4
155.3 192.6
134.6 141.8
155.9 193.1 136.1 142.0
157.2 194.9 136.2 142.3
157.1 196.3 134.7 142.7
156.6
157.1
157.1
157.2
157.2
156.8
156.5
156.6
156.6
156.8
157.1
157.6
158.8

193.2
193.4
194.9
195.3
195.2
195.9
195.9
196.6
196.9
196.6
196.9
197.2
197.4

135.5
136.8
136.8
136.5
133.7
133.4
134.4
135.6
134.8
135.2
137.1
136.0
135.5

Mar.

Apr.

Subgroups
May

202/ I 220.0 218 0 217.9 213 5
198/ c r 210.0 209.4 204.4 219.0
153 5 159 9 162 2 166 4 163 3
138/ I
151/ r
144 :
203 ()
138 4I

184.8
160.2
144 8
206 2
146 7

179.8
158.6
146 3
217 1
144 3

181.0
158.0
149 3
226 0
144.4

176.6
156.3
147 0
233 2
144 2

172/ 177/ i
176 :I
138/ i

194.7
207.2
199 9
143.8

193.6
186.2
186 9
143.8

191.7
199.3
183 6
143.3

185.6
218.0
188 2
143.3

133/ )
193.( )
100/ 5
67/)
37.C )
129/
176 1

143.0
214.9
105.0
46.4
40.7
142.8
180.2

144.6
218.3
105.4
46.4
40.7
145.2
174.7

145.8
216.7
105.4
46.4
40.7
147.5
170.0

145.8
215.2
105.4
46.4
40 7
147.5
174 0

112.2
145 1
155.7
64 1
85 C
86.fi

124.4
177.8
190.6
66 6
85.8
121.7

124.6
177.9
190.6
65 7
88.7
121.8

124.6 125.6
178.9 181 8
197.5 205.4
89.1
121.8 122.1

Metals and Metal Products:
Agricultural imnlements
Farm machiner]
Iron and steel
Motor vehicles.
Nonferrous met als
Plumbing and h eating..
Buildine Materials:
Brick and tile..
Cement
Lumbe r
Paint a nd paint materials....
Plumbi ng and heating
Stnicti ral steel
Other building 1naterials
Chemicals and Alliec Products:
Chemicals
Drugs and Pharmaceuticals..
Fertilizer materials. . . .
Mixed fertilizers
Oils and fats. . .
Housefurnishing Goods:
Furnishings
Furnitiire2
Miscellaneoi
is:
Auto tires and t u b e s . . .
Cattle f e e d . . . .
Paper and pulp
Rubber, crude.
Other miscellaneous

Manufactured
products

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
114.3
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117.1
118.8
121.5
123.5
119.9
120.8
121.8
121.5

97.5
94.5
84.3
88.0
65.6
77.0
55.1
70.3
56.5
70.5
68.6
78.2
77.1
82.2
79.9
82.0
84.8
87.2
82.2
72.0
70.2
80.4
71.9
81.6
83.5
89.1
100 6
98 6
112.1 100.1
113.2 100.8
116 8 101 8
134.7 116.1
165.6 145.4
152.1 136.7
154.9 139.7
163 2 143 3
160 1 141 9
158.6 141.7
160 2 141 7
165 3 144 0
167.0 147.6
170 8 151 6
175 1 151 1
175.5 152 3
182.0 154.7
183.9 157 6
174.9 154.5
174.7 155.8
175 5 157 5
177.6 158.4

121.0
120.7
121.5
122 2
121.3
121.3
121.2
121.4
121.0
121.0
120.9
121.1
121.2

174.8
174 1
178 0
177 8
176 8
175.1
177 7
178 6
180.8
180 9
181.6
182 7
185.2

1947

1948
Feb.

144.3
144.7
144.7
144.4
144.4
144.6
144.7
144.7
144.7
145.1
145.1
145.1
145.0

Raw
materials

Miscellaneous

154 9
156 0
157 8
158 9
157 9
157.6
159 0
158 7
159.1
158 6
159.3
159 5
160.5

1948

May

Feb.

Mar

117.8
119.2
128 6
149.3
143.9
120.0

128.9
130.4
146 3
161.6
146.8
138.7

129

134.5
114.0
269 A
169.2
120.0
127.7
144.8

15

127.2
303.8
159.6
138.7
149 4
159.6

118.7
173.6
102.5
96.7
179.9

126.5 126 8 126.fi 125 9
154.3 154 4 153.fi 153.3
114.8 114 Q 115 2 115 0
102.8 103 1 103.1 103 2
201.5 211 4 '212 3 205 0

1

130
147
161
146
138

Apr.

8
7
6
8
7

129 8
131.3
149 4
161.6
149.8
138 7

May

130 4
132.0
148 8
161.8
150.0
143 2

151 ^
127 4

'303
156
138
155
161

152 5 152 8
127 5 128 2
8 '•309.2 312.9
7 157.5 157.8
7 138.7 143.2
155 fi 153 3
8 162.2 163.1

136.9 144.4
120.3 139.4

144 7
139 4

'145 2 145 8
139.7 139.7

73.0 63.4
237.4 262.0
154.3 167.1
45.6 42.7
122.1 130.4

63 4
284
167 0
42
130 2

63 4 63 4
296.9 291 1
167 5 167 4
46.7 47 6
130.2 129.7

r
Revised.
*1 Weekly figures not directly comparable with monthly data.
Revised figures for the period May-October 1947 will be shown in future issues of the BULLETIN.
Back figures.—Bureau of Labor Statistics, Department of Labor.

JULY 1948




861

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters

Annual totals

Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposal personal income
Less: Personal consumption expenditures
Equals: Personal saving

1929

1933

1939

103.8

55.8

90.4 125.3 210.6 203.7

8.8
7.0
.6
-.1

7.2
7.1
.7
1.2

8.1
9.4
.5
.5

1941

9.3
11.3
.5
.5

1944

1946

1947

1947

229.6 218.6 221.0 226.9 229.4

1948P

240.9 244.3

11.0
16.9
.5
-2.1

12.4 11.5 12.1 12.3 12.4
17.9 17.7 17.2 17.4 17.8
.5
.5
.5
.6
.5
'-4.4 -2.1 -3.6 -3.0 -4.9

12.7
19.1
.5
r
-5.9

12.7
18.7
.5
n.a.

-.1
87.4

.1
.7
.5
72.5 103.8 182.3 178.2

-.1 -.1
-.2
.1 - . 3
203.1 191.0 194 6 199.8 203.3

-.2
214.3

-.4
n.a.

10.3 - 2 . 0
.2
.3
.0
.0
1.5
.9
1.2
1 0
5.8
2.1
.6
.7
85 1 46.6
26
1.5
1.3
.5
1.4
1.0
82.5 45.2
78.8 46.3
3.7 - 1 . 2

5.8
2.1
.0
2.5
1 2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7

'23.6
5.7
.0
11.1
4.5
6.8
.5
196.8
21.5
19.7
1.8
175.3
164.4
10.9

26.1
n.a.
5.2
5.3
.0
.0
10.5 10.9s
4.4
4.5
7.3
7.5
.5
.5
205.8 209.2
22.1 23.0
20.2 21.1
1.9
2.0
183.7 186.1
172.5 173.2
11.2 12.9*

14.6
2 8
.0
2.6

1.3
4.5
.5
95.3
3,3
2.0
1.3
92.0
82.3
9.8

11.8
14.0
.5

1946

2.6

23.5 16.5
5.2
6 0
-.2
0
3 1 10 8
2 8
45
4.7
5.6
.5
.5
164 9 177.2
18 9 18 8
17.5 17.2
1.4
1.6
146.0 158.4
110.4 143.7
35.6 14.8

18.8 20.4 23.9 23.9
5.3
6.0
5 4
6.1
.0
.0
.0
.0
9.8 10.3 10.1 13.7
4.5
4.5
4.5
4.6
5.9
6.3
6.5
6.8
.5
.6
.5
.5
187.5 189.8 191.4 199.6
19.5 21.0 21.2 21.6
17.9 19.3 19.4 19.8
1.7
1.8
1.9
1.6
168.0 168.8 170.1 177.9
154.9 156.9 162.3 165.8
7.8 12.1
13.1 11.9

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annual totals

National income
Compensation of employees
Wages and salaries*
Private
Military
Government civilian
Supplements to wages and salaries
,
Proprietors' and rental income 8
,
Business and professional
Farm
Rental income of persons
Corporate profits a n d inventory valuation a d j u s t m e n t
Corporate profits before tax
,
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest

1939

1941

1944

Seasonally adjusted annual rates by quarters

1929

1933

1946

87.4

39.6

72.5 103.8 182.3 178.2

50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8

29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0

47.8
45.7
37.5
.4
7.8
2 1
14 7
6 8
4.5
3.5

10.3 - 2 . 0
.2
9.8
.5
1.4
-.4
8.4
.5 - 2 . 1
6.5
5.0

5.8
6.5
1.5
5.0
-.7
4.2

64 3 121.2 116.8
61.7 116.9 111.1
51.5 83.3 90.2
8 0
1.9 20.8
8 3 12.8 12.9
42
5.6
2 6
20 8 34 4 41 8
9.6 15.3 19.7
6 9 12.4 15.2
6.9
6.7
4.3
14.6
17.2
7.8
9.4
-2.6
4.1

23.5 16.5
23.8 21.1
13.9
8.6
9.9 12.5
- . 4 -4.7
3.2
3.2

1947

1946

1947

203.1 191.0 194.6 199.8
128.1 122.2 124.7 125.6
122.8 117.1 119.1 120.0
105.2 98.0 101.2 102.7
4.1
4.6
4.1 5.6
13.4 13.5 13.3 13.2
5.6
5.6
5.4 5.1
47.8 46.7 46.2 46.7
23.5 22.0 22.4 22.9
17.0 17.8 16.8 16.6
7.2
7.0
7.3 7.0
'23.6
'29.2
rll.5
'17.8
-5.7
3.6

203.3

1948*

214.3

128.7
123.6
106.2
3.9
13.5
5.1
47.0
23.5
16.2
7.3

n.a.
132.9 134.6
127.8 129.5
110.3 111.9
3.8
3.8
13.7 13.8
5.1
5.1
51.5 52.6
25.4 25.5
18.5 19.3
7.8
7.6

18 8 20.4 23.9 23.9
27.1 28.9 27.8 28.2
11.0 11.5 10.9 11.1
16.1 17.4 16.9 17.1
- 8 . 3 -8.6 - 3 . 8 - 4 . 3
3.2
3.3
3.7
3.5

26.1 n.a.
32.2
n.a.
12.6
n.a.
19.7
n.a.
—6.1 - 5 . 9
3.8
3.8

r
n.a. Not available.
P Preliminary.
Revised on basis of corporate profits data for fourth quarter of 1947.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
• Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September
1947.

862



FEDERAL RESERVE BULLETIN

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters

Annual totals

1929

1933

1941

1939

1944

1946

1947

4

Gross national product

103.8

Personal consumption expenditures
Durable goods
Nondurable goods
Services . . .
Gross private domestic investment
New construction *
..
Producers' durable equipment
Change in business inventories

Net foreign investment
Government purchases of goods and
services
Federal
War
Nonwar
Less: Government sales 2
State and local

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
1.3

8.0
2.0
2.0

(3)

/•3\
5.9

7.2

1947

1946
1

2

1948P
3

4

1

90.4 125.3 210.6 203.7 229.6 218.6 221.0 226.9 229.4 240.9

244.3

67.5
6.7
35.3
25.5
9.0
4.0
4 6

82.3 110.4 143.7 164.4 154.9 156.9 162.3 165.8 172.5
19.3 20.2
21.3
18.2
18.2
9.8
14.9 19.8
6.8
44.0 67.2 87.1 99.3 93.6 94.7 98.4 99.9 104.2
28.5 36.5 41.7 45 3 43.1 44.0 44.6 45.7 47.0
26.1 27.0 29.9
28.2
17.2
5.7 24.6 27 8 30.4
9.6
10.4 12.4
10.3
9.3
5.7
10.7
2.3
8.5
17.9
18.4 18.8
16.4
15.7
7 7
5 3 12 4 17.9
1 6 -1.4 -1.7 -1.3
5 4
3 9 —2 0
3 7
1 l -2 1
8.2
7.8
8.3
10.4
5.2
8 7
4 8

173.2
20.7
104.3
48.2
36.0
13.1
18.8

13.1
5.2
1.3
3 9

24.7
16.9
13.8
3 2

96.6
89.0
88.6
1 6
1 2

7.9

7.8

7.5

4
9

30.7

20.7
21.3
2 4
3 0
10.0

28.7
16.4

12.3

28.2 27.6
16.9
16.2
15.8
3 3 |l8.3
2 1
2 2
11.4
11.2

28.2
16.3
17.7
1 4
11.9

28.7
16.2
17.2
1 0
12.5

30.3
16.9
17.7
.8

13.3

4.1
4.2

31.0
17.7
19.0
1.3

13.3

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Per-

Year or month

sonal
income

Total
receipts*

Total
disbursements

Commodity
producing industries

Distributive
industries

21.5
18.5
14.3

15.5
14.4
12.5

i929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
i940
1941
1942
1943
1944
1945
1946
1947

85 1
76 2
64 8
49.3
46 6
53 2
59 9
68 4
74 0
68 3
72 6
78.3
95 3
122.2
149 4
164.9
171 6
177 2
196.8

50 0
45.7
38.7
30.1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109 2
120.7

50.2
45 9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
122.8

12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48 9
50.3
45 8
45 7
55.3

10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
34.9

1947—April
May
June
.
July
August
September.
October.. .
November
December.

189.4
190.5
194 1
194.9
193.8
209.9
203.2
204.2
210.4

116.0
117.3
120 1
119 9
121.2
123.2
123.7
126.4
128.1

118.2
119.4
122.2
122.0
123.3
125.2
125.7
128.4
130.1

52 8
53 5
54 9
54 4
55 5
56 7
57 2
58.8
60.3

1948—January.. .
February..
March....
Aprils

211.4
207.7
207.7
209.1

128.2
127.1
126.4
125.8

130.3
129.2
128.5
127.9

60.1
58.3
57.9
57.4

9.9
9.8

9.8
8.8
9.9

Service
industries

8 2
7.7
6.8
5.7

S.I
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5

Government

5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8.2
8.5

Dividends
ProLess emand
prietors'
ployee
Other
perand
labor
contrisonal
butions income6 rental 8
for
income interest
income
social
insurance
.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2

5
.5
.5
.4
.4
.4
.4
.5
.5
.5
.5
.6
.6
.7

1 8

.Q

Nonagricultural
income1

1.5
1.5
2.7
2.2
2.1
2.2
2.4
3.5
2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.

8.7

8.6

12.1
12 6
15.4
14.0
14.7
16.3
20 8
28.1
32 1
34.4
37 1
41 8
47 8

8 6
10 1
10.3

10 0
10.7
11 6
13 3
14.8

11 3
11.6

76.8
70.0
60.1
46.2
43.0
49.5
53.4
62 8
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.4
157 9
174 9

14 3
14 4
14 6
14.7
14.9
15.6
15.4
15.5
15.6

10 9
10 5
10 5
11 1
10 4
21 2
11 8
10 5
10.8

168 3
169 7
172 4
173 0
173.8
188.7
180.6
182.3
184.6

15.7
15.8
16.0
16.1

11.1
11.3
12.0
11.7

184.8
184.1
184.8
184.6

19 7
15.7
11 8

13.3
12.6
11.1

7.4

9.1

7 2

8 2

10.5
11.5
13.6
15.0

10.2
16.1
26.9
33.6
35.5
20 9
17.6

2.2

3

2 3
1 9

s

2.1

8

33 1
33 8
34 9
35 0
35.2
35.8
35.8
36.8
37.1

14 8
14 9
15 2
15 4
15 2
15.2
15 1
15.2
15.2

17 5
17 2
17.2
17 2
17.4
17.5
17.6
17.6
17.5

2 2
2 1
2 1
2 1
2.1
2.0
2.0
2.0
2.0

L7
8
I 8
I 8
L 8
I 9
I 9
1.9

46 5
46 5
47 1
47 4
45.5
48 1
50 4
49 9
54.0

37.4
37.7
37.4
37.1

15.4
15.5
15.5
15.6

17.4
17.7
17.7
17.8

2.1
2.1
2.1
2.1

L.9
1.9
1.8
L.8

54.5
51.6
51.5
53.7

8

Transfer
payments7

8.7

9 2
9.4

9 9
9.7

x
v2 Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
a
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
weL 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947.

JULY 1948




863

CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit

End of year
or month

Instalment credit

Service
credit

Charge
accounts

Total

Automobile

Other

1929

7,637

3,167

2,515

1,318

1,197

652

2,125

1,749

596

1933

3,919

1,595

1,122

459

663

473

776

1,081

467

7,491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
6,638
10,166
13,385

3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
6,156

2,752
2,313
2,792
3,450
3,744
1,491

1,384

1,368
1,343
1,525
1,721
1,802
1,009

1,558
2,839

,014
,688

1 .219
1,299
1,657
1,998
2,176
1,457
,143
,199
.462
2,418
3,317

1 504
1,442
1,468
1,488
1,601
1,369
.192
1,255
1,520
2,262
2,697

1 459
1,487
1,544
1,650
1,764
1,513
L.498
1,758
L.981
3,054
3,612

557

1,267
1,729
1,942

1947—April
I^Iay
June
July
August
September
October
November
December

10,631
10,934
11,230
11,302
11,433
11,682
12,055
12,636
13 385

4,536
4,739
4,919
5,045
5,179
5,290
5,463
5,733
6,156

1,812
1,928
2,036
2,092
2,167
2,257
2,370
2,551
2,839

1,004
1,047
1,099
L, 151

,059
,112
,156
,170
,202
,253
,323
,452
1,688

2,724
2,811
2,883
2,953
3,012
3,033
3,093
3,182
3,317

2,423
2,460
2,508
2,548
2,579
2,607
2,645
2,677
2,697

2 782
2,835
2,887
2,786
2,755
2,864
3,029
3,309
3 612

921
918
917
920

1948—January
February
March
April?

13,058
12,945
13,391
13,599
13,804

6,186
6,249
6,498
6,737
6,957

2,818
2,835
2,986
3,139
3,284

1,202
1,254
1,367
1,470
1,559

,616
,581
: ,619
1 ,669
,725

3,368
3,414
3,512
3,598
3,673

2,708
2,701
2,686
2,664
2,654

3,240
3,067
3,281
3,265
3,255

924
928
926
933
938

1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

. . .
. ...

~Mayp

Sale credit

Singlepayment
loans2

Total
instalment
credit

970

482
175
200
227
544

814
835
903

1,151
753
816
880
922
965

Loans1

639
635
676

523
533
560
610
648
687
729
772
874
920
890
900
916
923
920

pPreliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
2

CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total

Commercial
banks *

Small
loan
companies

Industrial
banks2

Industrial
loan
com- 2
panies

Loans made by principal lending institutions
(during period)
Credit
unions

Miscellaneous
lenders

Insured
repair
Comand
modern- mercial
1
banks
ization
loans*

Small
loan
companies

Industrial
banks2

Industrial
loan
com- 2
panies

Credit
unions

1929

652

43

263

219

32

95

463

413

1933

473

29

246

121

27

50

322

202

33

. .

J .219

129
131
132
134
89
67
68
76
117
166

95
99
104
107
72
59
60
70
98
134

93
112
147
189
217
147
123
122
128
185
269

125
117
96
99
102
91
86
88
93
110
120

148
154
213
284
301
215
128
120
179
344
558

662
664
827
912
975
784
800
869
956

409

1L,657

374
380
448
498
531
417
364
384
439
608
712

221

. . .

258
312
523
692
784
426
316
357
477
956

1,793
2,537

627
633
638
649

133
138
143
148

113
116
119
121

204
213
224
233

112
113
113
114

412
431
450
467

213
212
211
217

1937
1938
1939
.
1940
1941
1942
1943
1944
1945
1946
1947 .

. . .

1,299

1,998
2,176
L 457
1,143
L,199
L.462

...
....

2,418
3,317

1,358

. . . .

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

2,724
2,811
2 883
2,953
3,012
3,033
3,093
3,182
3,317

1.123
1,167
1,196
1,221
1,248
1,255
1,281
1,309
1,358

652
643
647
670
712

152
154
157
162
166

124
125
127
130
134

240
245
250
257
269

1948—January... .
February...
March
April?
Mayp

3,368
3,414
3,512
3,598
3,673

1,385
1,403
1L,449
L,489
1 ,516

717
721
733
739
747

165
167
173
180
190

137
140
143
146
148

271
275
287
300
309

1947—April
May

.

114
114
114
116
120

121
121
123
123
124

482
497
517
538
558
572
587
604
621
639

368
460
680

1,017
1,198

792
639
749
942

204
206
218
221
254

235
209
272
256
239

42

1,251
1,454

238
261
255
255
182
151
155
166
231
310

176
194
198
203
146
128
139
151
210
282

148
179
257
320
372
247
228
230
228
339
497

116
115
117
123

24
24
26
29

24
24
24
23

39
42
43
44

22
24
23
25
30

42
41
45
44
53

26
25
29
27
25

44
44
56
58
55

113
107
121
142
191

25
27
28
27
33

110
107
140
121
123

27
25
32
31
31

P Preliminary.
* Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and
a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of May amounted to 112 million
dollars,
and
loans
made
during May were 14 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans1 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.

864



FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Total,
excludng automobile

End of
year or
month

Department
stores
and
mailorder
houses

Furniture
stores

Household
appliance
stores

Jewelry
stores

All
other
retail
stores

1929

1,197

160

583

265

56

133

1933

663

119

299

119

29

97

1,368
1,343
1,525
1,721
1,802
1,009

314
302
377
439
466
252
172
183
198
337
650

469
485
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

386
409
423
429

366
382
395
398

32
32
37
39

108
114
119
120

167
175
182
184

1937
1938
1939
1940
1941
1942
1943 .
1944
1945
1946
1947

639
635
676

1,014
1,688

1947
April
May .
June
July
August
September.
October. . .
November.
December.

1 059
1,112
1,156
1,170
1,202
1,253
1,323
1,452
1,688

440
462
495
555
650

408
423
443
474
528

41
43
46
49
52

1948
January...
February..
March....
April?
May?

1,616
1,581
1,619
1,669
1,725

632
624
653
680
704

502
492
497
511
529

52
52
54
60
65

124
128
131
145
192

189
197
208
229
266

176
164
160
155
155

254
249
255
263
272

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Year and month

Retail instalment paper 2
Total

Automobile

Other

Repair Personal
instaland
modern- ment
ization12
cash
loans
loans

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Repair
and
modernization
loans 12

Personal
instalment
cash
loans

100
275
513
337
364
388
405
416
429
449
475
513
560
561
583
618
636

124
273
486
314
334
358
379
401
430
454
471
486
490
495
506
528
544

315
572
718
637
652
664
672
683
681
690
695
718
722
725
736
748
754

69
77
92
75
70
76
87
89
112
117
88
101
121
111

36
42
44
42
45
54
54
42
47
36
34
44
51
48

115
114
117
120
111
111
117
112
135
120
r
106
137
129
122

Other
retail,
purchased
Pur- Direct and
hased loans direct
Automobile
retail

Year or month

Total

Outstanding at end of
period:
1945
742
1946
1,591
1947
2,602
1947—April....:...
1,922
May
2,027
June
2,125
July
2,200
2,271
August
2,332
September...
2,409
October
2,493
November...
December. . . 2,602
1948'—Januaiy
2,690
F e b r u a r y . . . . '2,726
March
2,832
April?
2,956
Mayp
3,034
Volume extended during month:
1947—April...::...
364
May
375
June
392
July
384
363
August
387
September...
412
October
406
November...
467
December. . .
1948—January
442
February
f-384
March
487
Aprils
506
Mayp
462

64
165
348
237
254
276
288
301
314
324
339
348

139
306
537
397
423
439
456
470
478
492
513
537

360

558
571
603
630
650

>-374
404
432
450

84
83
80
84
79
80
86
94
103

98
89
116
112
103

CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Retail instal-2
ment paper
Automobile Other

Repair Personal
and
instalmodern- ment
ization
cash
loans12
loans

Year or month

Total

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

104.1
162.7
233.5

13.8
27.5
50.0

9.8
17.8
30.2

17.2
28.3
43.3

63.3
89.1
110.0

Outstanding at end
of period:
1945
1946
1947

July
August
September
October. . .
November.
December.

184.2
191.4
199.2
206.7
212.6
215.5
221.0
227.9
233.5

36.4
38.6
40.6
42.8
44.9
46.3
48.1
49.6
50.0

20.5
21.8
23.1
24.3
25.3
26.0
27.0
28.5
30.2

31.4
33.1
35.0
36.9
38.4
39.4
41.2
42.5
43.3

95.9
97.9
100.5
102.7
104.0
103.8
104.7
107.3
110.0

1947—April.:::::
May....:.
June..•.::::
July......
August . . .
September.
October...
November.
December.

124.6
128.5
131.3
134.0
137.8
138.4
141.1
144.8
148.2

18.7
20.6
21.7
22.4
23.6
24.3
25.3
26.3
27.1

9.9
10.8
11.8
12.8
13.4
14.1
14.7
15.9
17.1

2.7
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.2

93.3
94.1
94.6
95.4
97.2
96.2
97.1
98.4
99.8

1948—January .
February..
March. . . .
AprilP....
May P. . . .

231.8
234.6
242.3
253.3
265.6

49.0
50.3
53.4
56.8
59.0

31.0
31.4
32.8
35.7
38.0

43.5
44.0
44.8
46.7
48.3

108.3
108.9
111.3
114.1
120.3

1948—January . .
February..
March
April?. . . .
Mayp....

151.7
154.6
158.2
161.8
163.4

28.0
28.7
29.9
31.1
31.9

17.7
18.0
19.0
20.1
20.7

4.2
4.2
4.3
4.4
4.5

101.8
103.7
105.0
106.2
106.3

June...::.
July
August . . .
September
October...
November.
December.

27.4
26.9
27.3
26.4
25.6
27.1
27.1
28.1
31.4

4.8
4.7
4.8
5.1
5.1
5.2
5.5
5.2
5.2

2.4
2.4
2.7
2.9
2.7
3.0
3.3
3.3
3.7

0.3
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.3

19.9
19.3
19.3
17.9
17.3
18.4
17.8
19.1
22.2

1948—January . .
February..
March....
AprilP....
MayP. . . .

28.3
26.6
32.1
30.5
27.8

5.7
5.3
6.9
6.9
5.7

2.8
2.8
3.4
3.8
3.8

0.3
0.3
0.4
0.4
0.4

19.5
18.2
21.4
19.4
17.9

Outstanding at end
of period:
1945
1946
1947
1947—April
May

June

Volume extended
during month:
1947—April
May
June. . ; . .
July
August. . .
September
October.. .
November.
December.

32.4
32.8
33.8
36.5
33.2
34.8
36.2
34.5
39.8

7.7
7.5
7.5
8.2
8.1
8.8
8.8
8.3
8.6

4.1
4.3
4.3
4.4
4.2
4.1
4.7
4.9
5.8

3.1
3.7
3.9
4.0
3.6
3.7
4.3
3.4
3.5

17.5
17.3
18.1
19.9
17.3
18.2
18.4
17.9
21.9

1948—January. .
February..
March....
Aprils....
Mayp. . . .

33.7
31.5
41.9
42.0
40.7

8.6
8.0
11.2
11.3
10.1

4.6
4.4
6.0
6.4
6.7

2.7
2.8
3.7
4.4
4.2

17.8
16.3
21.0
19.9
19.7

Volume extended
during month:
1947—April..::::
May..:...

r
l
P2 Preliminary.
Revised.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.

JULY

1948




865

CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month

Item

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Percentage change
from corresponding
month of preceding
year

Year and month

May
1948?

Apr.
1948

Mar.
1948

May
1948?

Apr.
1948

Mar.
1948

Net sales:
Total .
Cash sales
Credit sales:
Instalment
Charge account

+4
+4
+3
+3

+7
+5
+7
+9

+22
+16

-12

+6

+12
-8

-11

+31
+13

+17
+2

+26 +20
+6 , - 1

Accounts receivable, end
of month:
Total
Instalment .
. .

+4
+3

+3
+1

+1
+1

+43
+48

+46
+47

+45
+51

Collections during
month:
Total
Instalment

+3
+1

+3
+8

+6
+11

+11
+13

+ 16
+21

+13
+16

Inventories, end of
month, at retail value.

-3

0

+3

+16

+ 16

+19

+8

v Preliminary.

Charge

Instalment accounts

accounts

Household ap- Jewelry Department
pliance
stores
stores
stores

Department
stores

Furniture
stores

1947
April...
May
June
July
August......
September..
October
November...
December...

30
30
28
28
28
31
31
30
29

23
24
23
22
22
24
23
23
20

44
44
45
41
39
39
40
39
39

25
26
24
23
23
25
23
24
31

54
56
54
53
51
53
57
55
54

1948
January
February
March
April
Mayp

24
23
27
25
24

18
17
19
19
19

36
32
'35
33
34

19
18
•"20
20
20

53
49
53
51
52

P Preliminary.
' Revised.
1
Collections during month as percentage of accounts outstanding at
beginning of month.

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales

Index numbers, without seasonal adjustment, 1941 average =100

1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
1947—April
May
June
July
August

.

.

..... .

October
No vem ber
December
1948—January
February
March
April
Mayp

Accounts receivable
at end of month

Sales during month

Year and month

.

Collections during
month

Cash
sales

Instalment
sales

Chargeaccount
sales

Total

Cash

Instalment

Charge
account

Instalment

Charge
account

Instalment

Charge
account

100
114
130
145
162
202
214

100
131
165
188
211
242
237

100
82
71
66
68
101
154

100
102
103
111
124
176
199

100
78
46
38
37
50
88

100
91
79
84
94
138
174

100
103
80
70
69
91
133

100
110
107
112
127
168
198

48
56
61
64
64
59
55

9
6
5
4
4
4
6

43
38
34
32
32
37
39

229
241
218
184

'138
139
125
114

192
'2 01
181
142

79
81
82
83

163
167
165
146

123
127
122
124

186
198
193
190

55
55
55
57

6
6
6
6

39
39
39
37

196
236
251

131
157
180

157
207
225

84
87
95

145
167
181

123
138
147

162
167
203

56
54
53

38
40
40

174
160
'177
171
172

299
217
207
211

53
54
54
53
'52
51

6
6
7

39
40
41
41

214

52

7
7
'7
8
7

206
'215
195 .
160
174
217
234

266
369

285
403

224
278

253
348

111
136

204
264

173
168
227
214

188
177
235
222

140
144
196
192

163
161
223
209

127
124
129
131

206
181
'190
192

218

227

212

136

193

187

152
171

215
235

7
7

40
39

41

P Preliminary.
' Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 857.

866



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS •

Chart
book
page

1948
May
26

June

June

June

(In billions of dollars)

WEEKLY FIGURES'
RESERVES AND CURRENCY

Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves"
4
Excess reserves (weekly avg.):
Total*
5
New York City
5
Chicago
5
Reserve city banks
5
Country banks'
5

21.20 21.29 20.96
20.59 20.68 20.35
8.20 8.27
7.93
4.13
4.27
4.29
1.95 1.96 1.94
6.32
6.18
6.18
23.30 23.34 23.36
27.70 27.90 27.86
3.12
2.90
2.48
16.90 17.09 17.15
16.18 16.15 16.25
.94
.91
.72

21.52
20.75
8.24
4.40
1.93
6.18
23.52
27.81
2.32
18.00
P16.83
Pl.17

.63
.01
3
()
.16
.45

.85
.08
.02
.24
.50

.91
.06
.02
.26

.57

89
.02
.01
.26
P. 60

63.07
35.24
27.03
3.88
2.38
1.94
4.20
46.86
1.35
23.63
14.20
3.74

62.94
35.22
26.02
4.88
2.34
1.99
4.20
46.64
1.33
23.52
14.11
3.76

63.43
35.67
25.98
4.92
2.40
2.37
4.20
47.00
1.38
23.56
14.15
3.77

'63.09
35.25
25.87
4.84
2.41
2.12
4.22
47.26
1.08
23.62
14.24
3.79

1.84
.96
.88
3.84

1.83
.92
.91
3.82

1.82

1.72
.76
.95
3.87

19.05
10.68
8.37
.92

.55
.84
15.59
.35
3.79
1.46
7.31
5.08

P.

.78
1.04
3 82

18.94 19.18 18.82
10.63 10.84 10.48
8.04
8.03
7.99
1.17 1.12 1.06
.56
.55
.55
1.14
.86
.88
15.44 15.61 15.63
.34
.33
.26
4.14
3.93 3.93
1.51
1.55
1.53
7.24
7.27
7.26
5.04
5.06
5.13

.62
.28
.23
1.11

.58
.29
.24
1.08

.45
.41
.24
1.10

.43
.35
.24
1.12

44.02
24.56
18.67
2.96
1.83
1.10
31.26
1.00
5.69
13.30
16.32
9.13
3.61
.71
2.87

44.00
24.59
17.97
3.71
1.78
1.13
31.20
1.00
5.95
13.31
16.28
9.07
3.62
.72
2.87

44.24
24.83
17.96
3.80
1.84
1.23
31.39
1.03
6.13
13.32
16.29
9.09
3.63

44.27
24.77
17.88
3.78
1.86
1.24
31.63
.82
6.34
13.31
16.35
9.12
3.64

.71

.70

2.86

2.89

Per cent per annum

MONEY RATES, ETC.

U. S. Govt. securities:
Bills (new issues)
34, 35
Certificates
34, 35
3-5 years
34
7-9 years
34
15 years or more
34, 36
F. R. Bank discount rate
35
Commercial paper
35
Bankers' acceptances
35
Corporate bonds:
Aaa
36
Baa
36
High-grade (Treas. series)... 36

23 1

1948
May
26

June

June

June

June

16

23i

In unit indicated

WEEKLY FIGURES2—Cont.
MONEY RATES, ETC.—Cont.

MEMBER BANKS IN LEADING CITIES

All reporting banks:
Loans and investments
16
U. S. Govt. securities, total. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted. , 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U.S. Govt. securities,.. 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total. . 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
Allother
21
Banks outside New York City:
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21

June

Chart
book
page

.997
1.08
1.84
2.39
1.25
1.38
1.06

.998
1.09
1.46
1.84
2.39
1.25
1.38
1.06

.998
1.09
1.46
1.85
2.40
1.25
1.38
1.06

.998
1.09
1.47
1.87
2.41
1.25
1.38
1.06

2.75
3.34
2.72

2.75
3.34
2.72

2.74
3.34
2.72

2.74
3.34
2.72

1.47

21.72 Stock prices (1935-39=100):
21.01 Total
40
8.40
Industrial
40
4.51 Railroad
40
1.93
Public utility
40
6.1 Volume of trading (mill, shares) 40
23.5
27.79
3.18
BUSINESS CONDITIONS
17.41
'16.70 Wholesale prices:
Indexes (1926=100):
p.71
Total
73
P.75
Farm products
73
.0:
Other than farm and foods. 73
.02 Selected farm products:
.19
Wheat (cents per bushel). 78
Corn (cents per bushel). . 78
P.54
Cotton (cents per pound). 78
Hogs (dollars per 100
pounds)
78
Butter (cents per pound). 78
62.
Eggs (cents per dozen)... 78
34.87 Production:
25.87 Steel (% of capacity).
80
4.77
Automobile (thous. cars).... 80
2.44
Paperboard (thous. tons)... 81
Crude petroleum (thous.
1.79
bbls.)
81
4.22
Electric power (mill. kw.
46.64
hrs.)
82
1.17
23.79 Basic commodity prices
(Aug. 1939 = 100)
82
14.26
3.80 Total freight carloadings
(thous. cars)
83
1.81 Department store sales
.87
(1935-39=100)
'83
.94
3.92
18.73
10.31
7.99
1.03
.56
MONTHLY FIGURES
.73
15.44
RESERVES AND CURRENCY
.29
3.94
7
1.56 Reserve Bank credit
7.35 Gold stock
7
5.14 Money in circulation
7
Treasury cash
7
Treasury deposits
7
.53 Member bank reserves:
.31 Total
4, 7, 14
.24 Central reserve city banks... 14
1.13
Reserve city banks
15
Country banks
15
44.14 Required reserves:
24.56 Total
4
17.88 Country banks
15
3.73 Excess reserves:
1.89
Total
4, 5
1.0'
New York City
5
Chicago
5
31.20
.89 Reserve city banks
5
6.00
Country banks
5
13.33 Money in circulation, total. . . 9
Bills of $50 and over
9
$10 and $20 bills
9
9.11
Coins, $1, $2, and $5 bills
9
3.65
.73
2.94 ALL BANKS IN THE UNITED STATES
Deposits and currency:*
Total*
Excluding U. S. Govt.
deposits*
Demand deposits adjusted*...
Time deposits adjusted*
"urrency outside banks*
U. S. Govt. deposits*

.997
1.09
1.52
1.94
2.43
ALL COMMERCIAL BANKS
1.25
1.38
1.06 Cash assets*
Loans and investments, total*
Loans*
2.76
U. S. Govt. securities*
3.34
Other securities*
2.73

135
143
125
101
1.25

136
144
125
102
1.51

136
144
125
100
1.55

135
142
128
100
1.53

164.4 164.2
193.0 192.4
149.3 149.3

164.9
193.5
149.3

165.3
194.5
149.5

166.7
198.4
149.9

134
142
127
101
1.66

231.8 228.0 224.0 224.4 226.0
232.2 235.0 230.6 233.4 235.1
37.7
37.4 37.1
37.6
36.7
24.73 23.97 24.23 26.03 27.98
79.9
80.7
80.9
81.3
81.2
41.7
41.7
41.6
41.5
41.6
96.8
93
192

96.0
76
169

96.1
110
193

96.0
109
182

96.2
95
187

5,452 5,476 5,480 5,492
5,076 4,845 5,132

5,159

5,257

322.4 325.5 330.5 329.7
905

821

907

907

>-297

282

304

310

Mar.

Apr.

5,494

331.0
262

May1

In billions of dollars

21.46
23.10
27.94
1.33
1.09

21.10
23.15
27.77
1.32
1.22

21.04
23.24
27.75
1.32
1.42

17.11
5.67
6.51
4.93

16.93
5.57
6.47
4.88

16.93
5.57
6.50
4.87

16.28
4.36

16.12
4.35

16.19
4.35

.82
.05
.01
.20
.56
27.78
8.61
14.75
4.42

.81
.04
.01
.23
.53
27 .72
8.57
14.72
4.43

.74
.02
.01
.20
.51
27.81
8.56
14.78
4.48

10

P166.50

P167.80 P168.0O

10
10
10
10
10

P164.10
P81.60
P56.90
P25.60
P2.40

P165.30 P165.6O
P83.00
P83.2O
P56.90
P57.OO>
P25.40
P25.40P2.50
P2.4O

11
11
11
11
11

P32.80
P113 70
P38.90
P65.50
P9.30

P33.00
P32.6D
P114.30 P114.5O
P38.80
P39.40
P66.30
P65.90
P9.20

For footnotes see p. 870.

JULY 1948




867

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page

1948
Mar.

May1

Apr.

In billions of dollars

MONTHLY FIGURES—Cont.
MEMBER BANKS

All m e m b e r b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Central reserve city b a n k s :
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted6
Time deposits
Balances due to banks
Reserve city banks: 4
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted* .*
Time deposits
Balances due to banks
Balances due from banks
Country banks:*
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks

95.13
33.18
54.46
7.49
68.72
28.61
10.78
5.25

95.85
33.02
55.38
7.45
70.04
28.62
10.46
5.14

14
14
14
14
14
14
14

23.63
8.93
13.04
1.66
18.36
2.45
5.04

24.16
8.73
13.82
1.61
19.41
2.46
4.96

15
15
15
15
15
15
15
15

34.89
13.44
19.06
2.40
24.12
11.31
4.86
1.74

35.04
13.34
19.29
2.41
24.41
11.30
4.66
1.73

15
15
15
15
15
15
15

36.60
10.81
22.36
3.43
26.24
14.84
3.33

36.65
10.95
22.28
3.43
26.22
14.86
3.23

22
22
22
22
22, 23
23
23
23
23

13.39 P13.60
2.69 P2.66
3.28 P3.27
.93

P.93

6.50
3.51
2.99
1.37
1.62

P6.74
P3.60
P3.14
Pl.47
Pi.67

6.47
3.87

2.96
2.96

1948
Mar.

Apr.

May 1

In billions of dollars

MONTHLY FIGURES—Cont.
TREASURY FINANCE

14
14
14
14
14
14
14
14

CONSUMER CREDIT •

Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other

Chart
book
page

Cont.

96.05
33.61 Ownership of U. S. Govt. securities—Cont.
55.06
Marketable public issues—Cont.
7.38
By earliest callable or due date:
70.25
Within 1 year-Total outstanding 31
28.62
Commercial bank and F. R.
10.32
Bank
31
5.10
F. R. Bank
31
1-5 years—Total outstanding.
31
24.20
Commercial bank and F. R.
9.
Bank
31
13.58
F. R. Bank
31
1.48
5-10 years—Total outstanding 31
19.42
Commercial bank and F. R.
2.49
Bank
31
4.89
F. R. Bank
31
Over 10 years-Total outstanding 31
35.07
Nonbank (unrestricted
13.39
issues only), commercial
19.25
bank, and F. R. Bank
31
2.43
Commercial bank and F. R.
24.48
Bank
31
11.27
F. R. Bank
31
4.63
1.71
36.79
MONEY RATES, ETC.
11.09
22.22
3.48
26.35 U. S. Govt. securities:
Bills (new issues)
14.86
Certificates
3.21
Bonds, 15 years or more
F. R. Bank discount rate
Commercial paper
P13.80 Bankers' acceptances
P2.65 Corporate bonds:
P3.26
Aaa
P. 94
Baa
P6.96
High-grade (Treas. series)

49.90

49.39

49.40

31.71
15.33
46.41

3 1 . 87
14. 29
4 6 . 41

«31.50
14.46
46.41

33.11
2.06
10.27

33. 26
2. 55
10. 27

*33.43
2.72
10.27

6.55
54.81

6 . 60
50
54." 81

«6.60
.50
54.81

8.95

8 . 93

7.60
2.99

7 . 59
2.99

.50

«7.58
2.98

Per cent per annum

P3.67
P3.28
Pl.56
Pl.73

33, 35
35
36
33, 35
35
35

.996
1.09
2.45
1.25
1.38
1.06

.997
1.10
2.44
1.25
1.38
1.06

.997
1.09
2.42
1.25
1.38
1.06

33,36
36
36

2.83
3.53
2.81

2.78
3.47
2.77

2.76
3.38
2.74

In unit indicated

TREASURY FINANCE

Cash income and outgo:
Cash income
Cash outgo
Excess of cash income and outgo. . .
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks*
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F . R.
Bank
F. R. Bank
Certificates—Total outstanding
Commercial bank and F . R.
Bank
F. R. Bank
Notes—Total outstanding. . . .
Commercial bank and F . R.
Bank
F. R. Bank
Bonds—Total outstanding....

27
27
27

+2.60

28
28
28
28
28

250.71 249.99 250.03
115.52 115.52 115.52
45.65 45.19 45.20
60.02 59.84 59.75
29.27 29.20 29.32

+ .46

0

29
29
29
29
29
29
29
29

65.40
34.97
20.89
65.70
20.50
23.80
12.10
7.50

66.40
34.81
20.34
65.70
19.90
23.50
12.00
7.30

P65.80
P34.88
20.66
P65.80
P20.30
P23.30
P12.00

30

13.95

13.75

13.76

30
30
30

10.84
8.85
20.33

10.99
7.97
20.06

10.77
8.25
20.06

30
30
30

11.61
4.48
11.37

11.45
4.24
11.37

30
30
30

Nonbank (unrestricted
issues only), commercial
bank, and F. R. Bank
30
Commercial bank and F. R.
Bank
30
F. R. Bank

3.33
2.87

30

P7.40

e

11.42
4.14
11.37

6.44
6.59
«6.48
1.96
1.88
1.96
115.69
115.69 115.69
69.83

69.82

*69.81

50.08
5.67

50.29
6.17

*50.43
6.32

Stock prices (1935-39=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended to customers
Money borrowed
Customers' free credit balances....

39
39
39
39
39

116
122
105
93
.97

125
131
115
96
1.47

130
137
123
99
1.98

41
41
41

550
229
592

572
241
614

615
258
619

52
52

'207.7
126.4

209.1
125.8

52
52

67.5
'13.8

69.8
13.5

53
53
53
53
53

61.0
59.8
2.4
57.3
50.5

61.8
60.5
2.2
58.3
50.9

61.7
60.4
1.8
58.7
50.8

'44.5
'16.8
'9.7
'5.6
'4.0
'2.0

P44.6
P16.9
P9.7

BUSINESS CONDITIONS

Personal income
(annual rate, bill,
dollars): * 6
Total
Total salaries and wages
Proprietors' income, dividends, and
interest
All other
Labor force (mill, persons): •
Total
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagricultural58establishments (mill, persons):*
Total
mm
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
Hours worked (per week)

54
54
54
54
54
54

'44.8
'17.2
'9.6
'5.5
'4.1
'1.9

55
55
55

52.06 51.68 P51.89
128.9 129.1 P129.9
40.4
40.0 P39.9

P5.6
P4.0
P2.0

For footnotes see p. 870




FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
MONTHLY FIGURES—Cont.

1948
Mar.

Apr.

In unit indicated

MONTHLY FIGURES—Cont.

BUSINESS CONDITIONS—Cont.

Industrial production:5
Total (1935-39 = 100)
57, 58
Groups (points in total index):
Durable manufactures
57
Machinery and trans, equip...
58
Iron and steel
58
Nonferrous metals, lumber, and
other durables
58
Nondurable manufactures
57
Textiles and leather
58
Food, liquor, and tobacco
58
Chemicals, petroleum, etc
58
Paper and printing
58
Minerals
57,58
Selected durable manufactures
(1935-39 = 100):
Nonferrous metals
59
Steel
59
Cement
59
Lumber
59
Transportation equipment
59
Machinery
59
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
60
Cotton consumption
60
Manufactured food products....
60
Paperboard
60
Leather
60
Industrial chemicals
60
Rayon
60
Sales and inventories (bill, dollars):
Sales:
Manufacturing—Durable
61
—Nondurable
61
Wholesale
61
Retail—Durable
61
—Nondurable
61
Inventories:
Manufacturing—Durable
61
—Nondurable....
61
Wholesale
61
Construction contracts (3 mo.5 moving
ayg., mill, dollars), total
63
Residential
63
Other
63
Residential contracts (mill, dollars): 5
Total
64
Public
64
Private, total
64
1- and 2-f amily dwellings
64
Other
64
Value of construction activity (mill.
dollars), total*
65
Nonresidential:«
Public
65
Private
65
Residential:«
Public
65
Private
65
Freight carloadings:8
Total (1935-39 = 100)
67
Groups (points in total index):
Miscellaneous
67
Coal
67
Allother. .
67
Department stores:
Indexes (1935-39 = 100) : 5
Sales
68
Stocks
68
296 stores:
Sales (mill, dollars)
69
Stocks (mill, dollars)
69
Outstanding orders (mill, dollars)
69
Stocks-sales ratio(months' supply) 69
Consumers' prices (1935-39=100):
All items
71
Food
71
Apparel
71
Rent
71
Wholesale prices (1926 = 100), t o t a l . . .
73
Farm products
73
Foods
74
Other than farm and foods, t o t a l . . .
73
Textile products
74
Hides and leather products
74
Chemicals and allied products...
75
Fuel and lighting materials
75
Building materials
75
Metals and metal products
75
Miscellaneous
74

Chart
book
page

Mayi

Mar.

Apr.

May 1

In unit indicated

BUSINESS CONDITIONS — C o n t .

191

188

86.9
45.6
22.8

82.3
44.5
19.5

P84.0
P43.5
P22.7

18.6
82.9
'22.2
22.8
r
23A
14.9
21.5

18.3
83.0
22.1
22.8
23.0
15.2
22.3

»17.8
P83.1
P22.2
P22.4
P23.2
PIS.4
P24-.7

192
234
196
137
'241
283

202
••208
193
132
237
276

'190
147
158
192
102
'433
303

196
147
157
192
105
439
305

P202
233

187
P125

P222
P275

147
P158

191
P438
P305

'7.4
'10.7
13.8
2.7
8.0

6.8
10.4
13.6
2.8
7.8

P6.5
PlO.O
P13.0
P2.7
P8.0

13.5
15.5
8.2

13.7
15.4
8.1

P14.0
P15.5
P8.1

744
273
471

742
284
457

244
4
241
186
55

290
-8
298
235
63

309
7
303
239
64

1,166

1,302

1,445

221
465

281
490

334
531

5
475

6
525

5
575

130

130

82.1
20.8
27.3

79.4
22.4
28.3

r

Prices paid and received by farmers
(1910-14 = 100):
Paid
Received
ash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments

77
77

247
283

249
291

250
289

79
79
79
79

2,001
1,263
698
40

2,096
1,377
670
49

2,178
1,462
678
38

INTERNATIONAL TRADE AND FINANCE

Exports and imports (mill, dollars):
Exports
85 Pi,141 Pl.123 P I . 1 0 3
Excluding Lend-Lease exports...
85
1 , 1 4 1 Pl.123 Pl.103
Imports
85
P666
P549
Excess of exports or imports excluding Lend-Lease exports
85
P475
P595
P553
Foreign exchange rates:
See p. 889 of this BULLETIN
86-87
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
88
4.94
Official
.
88
1.97
Invested in U. S. Treasury bills
7 .22
and certificates
88
' 2.97
Private
88
1.05
Total assets
88
1947
JulySept.

QUARTERLY FIGURES

26
26
26
26
26
26
26

33
37
37
37

304
308

355
941
420
2.7

331
938
356
2.8

166.9
202.3
196.3
116.3
161.4
186.0
173.8
147.7
'149.8
r
185.4
136.1
130.9
193.1
155.9
120.8

169.3
207.9
196.4
116.3
162.7
186.7
176.7
148.6
149.6
186.1
136.2
131.6
"•194.9

'•157.2
121.8

9.66
2.90
9.81
8.46
4.14
2.29
2.02

7 .86
3.09

9 .38
7 .85
3 .44
2 .17
2 .24

8.83
2.77
14.95
13.69
8.55
3.14
2.00

2 .21
1 .77
2 .25
2 .69

2 .22
1 .82
2 .27
2 .61

2.46
2.09
2.52
2.83

34.6
28.6

In unit indicated

BUSINESS FINANCE
284
312

Jan1.Mar.

Per cent per annum

MONEY RATES

Bank rates on customer loans:
Total, 19 cities
New York City
141
Other Northern and Eastern cities.
Southern
and Western cities
78.2

Oct.Dec.

In billions of dollars

TREASURY FINANCE

Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue

1948

309
295
P338
P915
P336
P2.7

170.5
210.9
197.5
116.5
163.8
189.
177.4
148.9
149.6
187.5
134.7
132.6
196.3
157.1
121.5

Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) •. .
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):4
Public
Private

42
42

1.27
.80

2.22
1.87

1.61
1.40

42
42
42

.55
.16
.09

1.45
.12
.30

1.13
.09
.18

43
43
43
43

649
414
49
186

1,543
981
87
472

844
531
97
212

43
43
43
43

148
6

325
24

99

272

555
5
3
331

42
42

.57
.41

.91
.82

.61
.72

For footnotes see p. 870.

JULY 1948




869

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS •—Continued
Chart
book
page

QUARTERLY FIGURES—Gont.

1947
JulySept.

1948

Oct.Dec.

GALL DATE FIGURES 9

In unit indicated

BUSINESS FINANCE—Cont.

Corporate assets and liabilities (bill,
dollars) :*
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts p a y a b l e . . . .
Federal income tax liabilities
Net working capital
Plant and equipment
expenditures
(bill, dollars):*8
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars):*
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) •. . . .
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars)
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)

1947

1946
Dec.
31

Dec.
31

June
30

In billions of dollars

ALL MEMBER BANKS

44
44
44
44
44
44
44
44
44

110.7
22.3
12.9
39.9
33.8
50.3
31.3
9.1
60.4

116.0
22.9
13.7
42.0
35.7
54.2
34.2
10.0
61.8

45

4.1

5.0

45
45

2.8
2.1

3.3
2.5

46

28.2

32.2

46
46

17.1
10.3

19.7
12.4

47

4.3

4.9

Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
4.5
To others
State
local govt. securities
3.0 Other and
securities
2.1

46 .23
5 .60
10 . 0 4
1 .17

46.51
4.37
7.54

45.29
4.82
5.82
1.99

13
13
13
13

13 .15
.88
5 .36
3 .31

13.82
6.24
4.00

16.96
1.05
7.13
4.66

13
13
13
13

1 .51
1 .47
3 .55
3 .08

1.51
1.15
3.98
2.97

.81
1.07
4.20
3.11

FIGURES FOR SELECTED DATES

.77
.97

1.1

1.3

1.3

47

440

508

510

47

380

446

462

47
47

162
112

199
157

229
72

JulySept.

1948

Oct.Dec.

Jan.Mar.

Annual rates
in billions of dollars
48

229.4

240.9

244.3

48
48
49
49
49

28.7
165.8
20.2
99.9
45.7

30.3
172.5
21.3
104.2
47 0

31.0
173.2
20.7
104.3
48.2

48

34.8

38.1

50
50
50
50

18.4
10.4
-1.7
7.8

18.8
12.4
-1.3
8.2

+4.1
4.2

51
51
51
51

199.6
177.9
165.8
12.1

205.8
183.7
172.5
11.2

209.2
186.1
173.2
12.9

Individuals and business:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities

24
24
24
24

231.5
143.3
8.4
79.8

236.8
146.7
9.5

24
24
24
24

165.2
101.5
8.1
55.6

172.0
104.7
9.2
58.1

24
24
24

38.9
23.
15

38.4
23.8
14.5

24
24
24

27.4
18.3
8.9

26.4
18.2
8.0-

OWNERSHIP OF DEMAND DEPOSITS*

18.8
13.1

individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit assns. and others

Dec?

Dec.

In billions of dollars

LIQUID ASSET HOLDINGS*

47

GROSS NATIONAL PRODUCT, ETC.

12
12
12
12

1947

1947

Gross national product 65
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: e5
Personal income
Disposable income
Consumption expenditures
Net personal saving

Chart
book
page

Jan.Mar.

80.6

1947

1948

Feb. 26

Jan. 30P

25

77.8

82.4-

25
25
25
25
25

37.2
16.0
12.5
4.2
4.5

39.a
17.3
13.4
4.1
4.9

25
25
25

6.5
2.1
4.5
28 9
22.0
6.9
5.2

7.4
2.7
4.?

25
25
25
25

30.1
22.9*
7.2!
5.1

r
« Estimated.
P Preliminary.
Revised.
For charts on pp. 26, 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN table 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.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
3
Less than 5 million dollars.
4
Beginning Mar. 1, 1948, data are not strictly comparable with earlier figures due to a redesignation of reserve cities on that date.
6
Adjusted for seasonal variation.
6
Revised, January 1939 to date.
7
As of Feb' 29. 1948.
8
Estimates for April-June 1948 quarter are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.2;
manfacturing
and mining. 2.2.
9
Member bank holdings of State and local government securities on Oct. 6, 1947, and on April 12, 1948, were 4.22 and 4.45 billion dollars,
respectively, and of other securities were 3.08 and 3.02 billion dollars, respectively; data for other series are available for June and December dates
only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1

870



FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT •

Chart
book
page1

1948
Mar.

Apr.p

Chart
book
page 1

May?

out13,391 13,599 13,804 Consumer instalment sale credit
standing, cumulative totals: 2 —Cont.
6,498 6,737 6,957
Furniture and household appli3,512
3,598 3,673
ance stores
2,986 3,139
3,284
Department stores and mail3,281
3,265 3,255
2,686 2,664 2,654
order houses
938
All other
926
933
Consumer instalment sale3 credit
granted, cumulative totals:

13,391 13,599 13,804 Consumer instalment loan credit
outstanding, cumulative totals: 2
6,893 • 6,862 6,847
3,612
Commercial and industrial banks.
3,597 3,592
Small loan companies
938
926
933
2,986

3,139

3,284

Mar.

Apr.?

May?

In millions of dollars

In millions of dollars
Consumer credit outstanding, total...
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding, cumulative totals: 1
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
Automobile dealers
6

1948

Credit unions
Miscellaneous lenders
Insured repair and modernization
loans

1,619

1,725

1,068
415

098
418

1,131
427

3,512
1,890
1,157
870

,598
,929
,190
890

3,673
1,967
1,220
911

604

621

639

v Preliminary.
* Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
* The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting
from
the
figure shown, the total immediately following it.
8
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.

JULY 1948




871

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES

Federal Reserve
district or State

United States total:
Dec. 31, 1945
Dec 31 1946
Dec. 31, 1947
May 31 1948**.

On par list

Total banks, branches
and offices on which
checks are drawn

Total

Member

Not on par list
(Nonmember)

Nonmember

Banks 1

Branches
and offices2

Banks

Branches
and offices

Banks

Branches
and offices

Banks

14,002
14,043
14,078
14,092

3,947
3,981
4,148
4,219

11,869
11,957
12,037
12,078

3,616
3,654
3,823
3,898

6,877
6,894
6,917
6,927

2,909
2,913
3,051
3,105

4,992
5,063
5,120
5,151

Branches
and offices

707
741

772
793

Banks

Branches
and.offices

2,133
2,086
2,041
2,014

325
321

331
327

By districts and
by States
May 31, 1948 v
District
495

296

495

296

336

218

159

78

917
844

917
844

1,144

843
135
257

1,144

843
135
257

790
647
711

780
100
221

127
197
433

63
35
36

Atlanta
Chicago
St. Louis

1,014
1,171
2,488
1,471

440
165
573
131

317
129
548
71

478
345

2,433
1,127

1,000

321
205

1,433

495

207
113
223
39

632

110
16
325
32

215
621
55
344

123
36
25
60

Minneaoolis
Kansas City
Dallas
San Francisco

1,278
1,751
1,012
507

111
9
40
1,219

622
1,742

43
9

476
760

26
6

146
982

17
3

656
9

68

902

31

616

1,219

273

286

11
67

110

9

503

20

222

22

113

22

10
229

41
19

10
104

41
5

New York "*
Philadelphia.
Cleveland

State
Alabama
Arizona
Arkansas
California
Colorado

• •••

799
550

1,152

230

88

22

25

5
66

31
1

5
38

109
10
4
43

193
142

903
1

193
142

903
1

115
92

860
1

78
50

115
39
19
178

24
14
39
2

115
39
19
116

24
14
39
2

65
17
16
73

31

27

65

50
22
3
43

385

99

12
4
36
2

26

34

1

48

45

48

45

26

43

22

2

882
487
664

3
94
163

880
487
664

3
94
163

502
237
163

3
38

378
250
501

56
163

384
161
63

38

38

64
69

384
58
63

41
69

113
46
38

25

36
37

271
12
25

5
32

166

102

166

102

78

184

158

147

144

88

34

184

158

68

211

442

211

230

162

212

Minnesota ..'
Mississippi
Missouri
Montana *

442
678
206
596

6
55

264
40
529

49

6

206
32
180

6
1

58
8
349

6

Nebraska

410

.. •

Connecticut
Delaware
District of Columbia...
Florida
Georgia
Idaho .* r
Illinois

Juliana
Iowa

Kansas

'

•.

Kentucky
Louisiana
Maine

Massachusetts . . . .

608

606

7

112

112

214

392

84

37

4

125

14

62
286

4

12
10
3

2
2
13

103

23

414
166
67

48

117
89

120
18

14

28

2
18

410

265

2
137
11

73
339
48

2
137
11

52
291
33

2
17

73
339
48

1
123
2

21
48
15

1
14
9

New York..:
North Carolina
North Dakota
Ohio
Oklahoma
... .

650
208
150
668

720
177
24
196

650
91
61
668

720
57
6
196

569
54
42
425

668
34

385

1

377

1

225

1

81
37
19
243

52
23
6
26

Oregon.;; r
Pennsylvania . . .
Rhode Island
South Carolina * * r
South Dakota

70
990
19
150
170

86
152
41
33
47

70
990
19
61
70

86
152
41
31
22

33
758
11
32
63

80
128
29
26
20

6

Tennessee
Texas

294
893

75
4

199
834

59
4

17
11

17
11

81
566

47
4

58
69

37
232
8
29
7
118
268

315

89

308

88

202

43

106

45

7

122
182
553
55

121

118
180
445
55

121

54
109
163
40

114

64
71
282
15

7

4
2

80

108

; . .......

8

New Tersev
New iMexico.."

Utah
Vermont
Virginia

. .

58
69

.

Washington
.
West Virginia..:
Wisconsin
Wyoming
. .

151

8

2
18

101

145
6

35
40

170

15
2

21

2

152

23
29

1

8

24
12
5
2
12

89
100
95
59

2
25
16

2
9
1

50

v1 Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
'Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 241 of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statisiics, Table 15, and Annual Reports.

872



FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Reported gold reserves of central banks and governments.

874

Gold production

875

Gold movements .

875

International capital transactions of the United States..,
International Monetary Fund and Bank. .
Central banks .

876-881
882
882-886

Money rates in foreign countries. .

887

Commercial banks

888

Foreign exchange rates. .

889

Price movements:
Wholesale prices .

890

Retail food prices and cost of living. .

891

Security prices .

891

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.

JULY 1948




REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States

Argentina 1

Belgium

17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
21,266
21,537
21,766
21,955
22,294
22,614
22,754
22,935
23,036
23,137
23,169
23,304

474
416
497
614
838
992
1,197
1,072
635
514
491
451
367
323
322
313
296
266
229
214

609
734
734
735
734
716
735
643
644
649
650
599
593
597
593
578
591
606
615

End of month

India

Iran
(Persia)

1939—Dec,
1940—Dec...
1941—Dec,
1942—Dec.
1943—Dec.
1944—Dec...
1945—Dec.
1946—Dec.
1947—June.,
July..
Aug..,
Sept..
Oct...
Nov..
Dec...
1948—Jan...
Feb...
Mar..
Apr. .
May. ,

274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274

26
26
26
34
92
128
131
127
133

Swe-

Switzerland 6

End of month
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1948—Jan.. .
Feb...
Mar..
Apr. .
May..

End of month
1939—Dec.
1940—Dec..
1941—Dec. ,
1942—Dec..
1943—Dec..
1944—Dec.
1945—Dec..
1946—Dec..
1947—June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1948—Jan...
Feb...
Mar..
Apr. .
May.

den
308
160
223
335
387
463
482
381
168
144
126
93
101
101
105
104
101
97
96
93

127
127
127
127
127
127
127
127
127

6

549
502
665
824

965
,158
1,342
1,430
1,355
L.37O
,373
1,386
,389
1,372
1,356
1,352
1,353
1,353
1,352

Brazil Canada
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
354

214
27
5
6
5
6
2
361
2
543
8
6
7
8
6
7
2
294
7
7
7
7

Italy

Japan

Java

144
120
124
141
118
24
24
28
28
28
28
28
28
28
28
28
28
28
28

164
164
5 164

Tur-

United
Kingdom

key
29
88
92
114
161
221
241
237
191
185
174
169
169
170
170
171
171
171
168
168

90

Chile

Colombia

Cuba

30
30
31
36
54
79
82
65
45
46
45
45
45
45
45
45
45
45
45
46

21
17
16
25
59
92
127
145
93
87
88
89
83
84
83
84
85
86
81

1
1
1
16
46
111
191
226
259
259

New
Mexico Netherlands Zealand
692
617
575
506
500
500
270
265
190
190
190
190
191
223
231
220
209
193
182
183

23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23

Uruguay

Venezuela

Yugoslavia

B.I.S.

68
90
100
89
121
157
195
200
189
189
183
183
177
175
175

52
29
41
68
89
130
202
215
235
235
215
215
215
215
215
215
230
240
243
263

59
82
483

189

56
58
61
61
61
61
61
61

279
279
279
279
279
279
279

32
47
47
39
203
222
294
181
131
98
99
100
100
100
100
96
86
87
86
78

235
216

Czecho
Slovakia

7
12
12
21
45
37
39
32
27
27
26
29
28
30
30
33
35
40
39
32




Egypt

France

53
52
44
44
44
44
38
38
32
32
32
32
32
32
32
32
32
32
32
32

55
52
52
52
52
52
52
53
53
53
53
53
53
53
53
53
53
53
53

2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
696
544
544
444
444
548
548

Norway

Peru

81
75
58

20
20
21
25
31
32
28
24
20
20
20

80
91
77
77
77
73
73
72
72
70
69
66
66
Other
countries 7

178
170
166
185
229
245
247
240
240
240
240
240
240
240
240
241
242
P242
P242
P243

p Preliminary.
1
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, December 1947 when gold holdings of Foreign Exchange Control3 Board are included also.
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.
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 882. 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.

874

Denmark

Poland

Greece

Hungary

29
29
29
29
29
29

28
28
28
28
28
28

24
24
24
24
24
24

24
30
30
30
33
33
33
34
34
34
34
34
34

548

548
548
548
Portugal 3

<84

220
213
205
203
200
195
193
189
189
184

20
20
20
20
20
20

Germany

Rumania

South
Africa

Spain

152
158
182
203
260
267
269

249
367
366
634
706
814
914
939
757
752
775
805
804
796
762
764
448
438
446

42
42
91
105
110
111
111
111
111
111
111
111
111
111
111

P267
P265

P215
P215
P215
P215
P216

Government gold reserves 1 not included in
previous figures
United
BelEnd of month United
France gium
States Kingdom
1938—Dec
1939—Aug.
Dec
1940—Aug
Dec
1941—Sept....
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Sept
Dec
1947—Mar

June

Sept
Dec

80

2

759
»876

331
«460

156

*293
48

24
25
12
43

12
18
71

113
177
163

151
129
114

17
17

292

< 151
5
2,354
5
2,341
5
2,196
5
2,535
5
2 587
5
2,345
5

44

214
457

17
17
17

17
17

2,382
•2,341
'2,035

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.
1
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.
8
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. 879.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 882, footnote 4, and p. 883,
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.
fin thousands of dollars]
Estimated
world
production
Total
reported South | Rhooutside
U.S.S.R.i monthly || Africa j desia

Production reported monthly
North and South America
Other
West I Belgian United I CanNica- AustraMex- IColom- I Chile
India 7
Africa2 \ Congo' States 4 1 ada
lia*
ico
bia
ragua*
6
9
=
i5
/n
grains
of
gold
/io
fine;
i.
e.,
an
ounce
of
fine
gold
=
$35.
$1

Year or
month

1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—Apr..,
May..
June.,
July.,
Aug..
Sept..
Oct...
Nov..
Dec,
1948—Jan.. ,
Feb..
Mar..
Apr..

1,142 400
1,219 400
1,311 450
1,265 600
1,130 ,115
880 495
794 ,080
745 430
762 ,195

968,320
,031,214
,106,447
,110,379
982,130
773,817
701,259
682,888
696,602
710,880
57,892
63,133
60,108
64,601
62,069
61,286
61,095
60,188
60,891

425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
417,64?
392,004
31,824
35,308
33,984
35,396
34,875
34,692
35,361
33,888
34,025
34,775
32,459
34,384
34,175

28,532
28,009
29,155
27,765
26,641
23,009
20,746
19,888
19,061
18,296

24,670
28,564
32,163
32,414
29,225
19,74(
18,445
18,865
20,47!
19,320

16,564
18,258
19,413
19,571
17,992
15,522
12,471
12,021
11,200
10,780

1,537
1,508
1,498
1,554
1,541
1,516
1,540
1,513
1,489
1,504
1,442

,890
,820
f680
,855
,855
,820
35
,225
,750
,890
,820
,820

945
945
980
980
910
805
840
770
770
910
840
910

178,143
196,391
210,109
209,175
130,963
48,
35
32
51,182
81,219

165,379
178,303
185,890
187,081
169,446
127,796
102,302
94,385
99,139
107,432

32,306
29,426
30,878
27,969
28,018
22,081
17,793
17,458
14,703
16,250
8,921
1,015
9,412
1,703
9,418
973
9,149
1,525
9,131
1,360
8,668
1,389
9,057
922
8,826 2,491
9,614
778

6,246
7,220
6,117
7,319
7,033
6,979
8,185
6,243
7,281
6,214
9,568
5,489 '9,156
6,372 10,070
5,650 10,012

18,225 10,290
19,951 11,376
22,117 11,999
22,961
9,259
20,882 6,409
19,789 6,081
19,374 7,131
17,734 6,282
15,301
8,068
13,406 5,908
540
1,464
528
1,130
553
1,065
513
1,112
410
1,079
530
1,044
424
915
383
945
529
680
369
1,124
288
1,302
809

1,557
3,506
5,429
7,525
8,623
7,715
7,865
6,985
6,357
7,403
610
502
520
636
684
658
679
742
672
648
682
634
652

55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
32,808

11,284
11,078
10,126
10,008
9,111
8,828
6,577
5,893
4,612
6,055

2,340
2,533
2,830
4,003
,701
,696
2,718
2,636
2,813
2,625

560
523
490
560
490
490
420
525
490
455
420
525
525

Gold production in U. S. S. R.i No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage change
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annua
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
' Revised.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly
figures
are reported by American Bureau of Metal Statistics.
6
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
Beginning 1946, subject to revision.
7
Monthly figures reported by the American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938,
p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for
these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:

Total
net
imports

Year
or month

United
Kingdom

France

Belgium

Netherlands

315,678
1,955
68,938
88
-845,392 -695,483
160
-106,250
-14
458
311,494
1,866,348 488,433 162,941

1942
1943
1944
1945
1946
1947
1947
May

July
Aug
Sept
Oct
Nov
Dec

129,734
200,233
219,201
111,657
109,600
450,830
265,700
178,166

-75
-1U8
-1,002
1
-449
2
22,515
-5
245,712 140,568
142,821
101,541

1948
Jan
Feb
Mar
Apr
May?. . .

234,978
159,388
99,943
234,156
151,326

182,808
104,264
20,274
167,906
157,131

June

P Preliminary.

Sweden

27,990

13,903
14,088

9,970
31,301
61,931
20,023

6,132
5,523

Canada

Argentina

Other PhilipLatin
AusMexico Ameri- pine tralia
can Re- Republics public

South
Africa

All
other
countries

India

208,917
321
99 40,016 39,581
66,920 -10,817 -3,287 24,306
46,210 -50,268 -109,695 -58,292
53,148
-5
103
15,094-41 ,743
-403 - 1 5 6
344,130 -134,002
3,591
445,353 335,505 -7,110 10,684 •3,508

528 4,119
129
307
152
199 3,572
357
106
41 118,550-2,613
124410,691 4,423

'20,013
-8,731
18,365
-133,471
-18,083
'» - 3 3 7

9,485
26,442
52,913 94,601
102,405
51,820
2,220 90,463
499 23,444
552 48,190
63,697 56,849
37,735 35,436

-87
262 14,867
217 1,425
-70
282 1,489 -1,111
- 9 4 -1,543
330
242 1,286 -286
152 1,073
-56
103 1,434 -252
208 2,126
85

80,446
-78
53,228 -334
60,081 -551
16,042
37,760
21
29

-1,529
'-638
44 5,233

12,009

74
201 2,418
1,102 -289
211
271 2,673 -1,279
242 4,872 -208
161 -24,092 -228

458
289
-19,660
-10,693
-29,635

29,998
4,145

17
28
40
19
9

32,991
•227 23,674
6 40,888
22,756
97 39,331

4

4,221

104t 215
' 490
997
1,026

'-5,950
-1,390
-5,161
s-6,871
-1,106

' Revised.

1
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.
3
Includes
$27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries.
4
Includes imports from U. S. S. R. as follows: July, $5,626,000; August, $5,627,000; September, $11,287,000;
6
Includes
$4,491,000 to U.S.S.R., and $2,380,000 to other countries.
6

October, $5,346,000.

Includes $30,052,000 to Venezuela.
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.

JULY 1948




875

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 *

Other

Increase in
funds of international
institutions
in U . S .

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)

265.9
632.5
920.2
1,440.7

64.1
230.3
371.5
631.5

4.4
22.6
16.3
38.0

59.7
207.7
355.2
593.5

155.0
312.8
388.6
361.4

31.8
43.7
40.1
125.2

-6.2
15.8
90.3
316.7

21.1
29.8
29.8

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

1,546.3
1,993.6
2,331.9
2,667.4

613.6
823.4
947.1
989.5

79.6
80.3
86.0
140.1

534.0
743.1
861.1
849.4

390.3
449.0
456.2
431.5

114.4
180.5
272.2
316.2

427.6
524.1
633.3
917.4

.4
16.5
23.2
12.9

1937—Mar.
June
Sept.
Dec.

2,998.4
3,639.6
3,995.5
3,501.1

1,188.6
1,690.1
1,827.2
1,259.3

129.8
293.0
448.2
334.7

1,058.8
1,397.1
1,379.0
924.6

411.0
466.4
518.1
449.1

319.1
395.2
493.3
583.2

,075.7
,069.5
,125.1
,162.0

4.1
18.3
31.9
47.5

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)

3,301.3
3,140.5
3,567.2
3,933.0

1,043.9
880.9
1,275.4
1,513.9

244.0
220.6
282.2
327.0

799.9
660.4
993.2
1,186.9

434.4
403.3
477.2
510.1

618.5
643.1
625.0
641.8

,150.4
,155.3
,125.4
,219.7

54.2
57.8
64.1
47.6

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

4,279.4
4,742.0
5,118.2
5,112.8

1,829.4
2,194.6
2,562.4
2,522.4

393.2
508.1
635.0
634.1

,436.2
,686.5
,927.3
,888.3

550.5
607.5
618.4
650.4

646.7
664.5
676.9
725.7

,188.9
,201.4
,177.3
,133.7

63.9
74.0
83.1
80.6

1940—Mar. ( ^pr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

5,207.8
5, 531.3
5, 831.2
5,807.9

2,630.9
2,920.7
3,175.9
3,239.3

631.0
,012.9
,195.4
,281.1

,999.9
,907.8
,980.5
,958.3

631.6
684.1
773.6
775.1

761.6
785.6
793.1
803.8

,095.0
,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

,388.6
,459.8
,424.0
,177.1

,841.0
,818.2
,817.7
,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.
June
Sept.
Dec.

(Apr. 1)
30»
30
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

,068.9
,352.8
,482.2
,557.2

,752.0
,864.2
,873.5
,908.3

819.7
842.3
858.2
888.8

849.6
838.8
830.5
848.2

624.9
632.0
646.1
673.3

104.3
106.2
107.5
104.4

1943—Mar.
June
Sept.
Dec.

31
30
30
31

6,292.6
6,652.1
6,918.7
7,267.1

3,788.9
4,148.3
4,278.0
4,644.8

1,868.6
2,217.1
2,338.3
2,610.0

,920.3
,931.2
,939.7
2,034.8

898.7
896.9
888.6
877.6

810.5
806.8
929.3
925.9

685 9
687 9
708 1
701.1

108.6
112.1
114.8
117.8

1944—Mar.
June
Sept.
Dec.

31
30
30
31

7,611.9
7,610.4
7,576.9
7,728.4

5,034.4
5,002.5
4,807.2
4,865.2

3,005.0
2,812.2
2,644.8
2,624.9

2,029.4
2,190.3
2,162.3
2,240.3

868.0
856.6
883.5
805.8

904.1
929.8
,026.2
,019.4

685 8
702 4
737 8
911.8

119.6
119.1
122.2
126.3

1945—Mar.
June
Sept.
Dec.

31
30
30
31

8,002.6
8,422.8
8,858.6
8,802.8

5,219.4
5,671.0
6,042.2
6,144.5

2,865.1
3,313.2
3,554.9
3,469.0

2,354.3
2,357.9
2,487.2
2,675.5

848.5
760.4
865.3
742.7

983.7
,011.2
998.2
972.8

820 6
848.4
818.4
798.7

130 5
131 8
134.6
144.1

1946—Mar.
June
Sept.
Dec.

31
30
30
31

8,730.8
8,338.2
8,250.1
8,009.5

6,098.8
5,662.7
5,681.7
5,272.3

3,384.6
2,852.0
2,834.4
2,333.6

2,714.1
2,810.7
2,847.3
2,938.7

70.6
190.8
249.1
453.8

703.6
624.5
519.8
427.2

,073.0
,103.9
,170.7
,237.9

645.1
615.0
478.3
464.5

139.9
141 4
150 4
153.7

1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

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
r
8,693.5
-•8,551.9
'•8,321.2

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
,725.4
,718.8
,448.7
,447.2
,616.8
.726.9
,298.5
,232 9
.200 0
,121.8

2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
3,144.7
3,086.4
3,143 5
3.157 5
3.091 2
3,062 4
2,998.5

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
r
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

,308.2
,229.8
,282.6
,341.6
,380.7
,398.0
,193.6
,230.3
,243.6
,254.5
,274.9

464 4
439.7
414.3
416 7
398 5
393.4
385.9
362.6
338.8
310.0
290.0
<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

1948—Jan. 31
Feb. 29

'•8,159.4
8,187.2

4,082.0
4,208.1

,135.4
,261.2

2,946.6
2,946.9

"2,185.0
2,124.6

106.5
88.7

1,285.7
1,290.4

359.6
340.3

140.6
135.2

31
30
29
29

,177.3

6.0

' Revised.
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
1
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development.
(Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
4
Includes inflow of 74.5 million dollars resulting from purchase 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 September 1945, pp. 960-974.

876



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. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29

United
King- France
dom

Netherlands

Switzerland

Italy

5,112.8 1,101.3 468.7
5,807.9 865.2 670.3
5,354.
674.1 639.9
980
837.8 625.9
7,267 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
918.9 3,790.1
55.4 1,098.6 4,056.6
50.5 ,071.7 3,626.3
48.1 ,030.3 3,608.1
48.2
,133.3 4,192.8
63.1 ,172.5 4,081.8
106.5 ,311.8 4,037.0
287.5
,246.3 3,574.2

256.7
391.7
356.8
340.5
336.0
329.8
311.4
258.7
240.4
213.8
189.2
188.7

786.1
801.6
804.6
799.3
811.8
808.0
800.8
810.6
820.5
839.3
836.2
840.0

215.8
221.7
198.7
181.2
161.2
158.1
145.1
139.8
140.4
150.1
160.1
180.7

Total 1

7,029.7
7,069.0
6,688.9
6,746.5
3
6,582.5
6,758.8
6,363.2
6,212.1
6,171.5
*6,079.1
5,974.4
6,062.6

489.6
595.8
453.5
441.7
614.1
648.5
486.7
447.7
464.2
437.0
451.4
523.9

351.4
332.0
319.8
390.2
306.2
324.6
308.2
359.6
318.8
234.3
153.0
161.8

Other
Europe

,262.9
,210.0
,161.5
,093.2
,112.2
,161.3
,131.3
,135.6
,124.7
,086.6
,096.2
,073.0

Total
Europe

3,362.5
3,552.8
3,294.9
3,246.2
3,341.6
3,430.2
3,183.6
3,152.0
3,109.0
2,961.1
2,885.9
2,967.9

Canada

Latin
America

229.4 483.4
411.7 606.8
340.5 567.5
425.1 835.8
760.3 951.0
976.4 ,193.7
,395.7 ,338.4
979.7 ,474.0
853.1
764.8
763.1
803.4
794.7
830.3
780.6
681.0
684.9
688.6
727.8
721.5

,384.3
,364.7
,318.6
,447.1
,477.0
,531.4
,470.0
,446.4
,406.1
,383.4
,328.9
,352.3

Asia2

All
other1

522.6
642.6
691
932.9
,161.6
,273.6
,784.1
,258.3

87.4
90.2
128.6
178.3
201.4
203.0
247.5
269.6

,179.8
,142.0
,072.6
,018.7
972.1
958.0
931.6
937.3
981.0
975.8
946.0
931.7

250.0
244.6

239.6
231.1
«-2.9
8.9
-2.6
-4.6

-9.4
*70.2
85.8
89.2

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 3, 1940)
(Jan. 1 1941)
31
31
31
31
31
31

1947—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 3i
Feb. 29

Total

United
King- France
dom

Netherlands

Switzerland

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

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
4,082.0
4,208.1

312.2
423.1
279.7
267.2
438.1
471.2
307.8
275.5
293.1
264.9
274.9
343.6

146.2
129.6
117.8
190.2
109.7
125.6
114.9
188.5
156.8
87.6
88.5
124.2

166.7
205.0
189.7
192.6
197.2
210.0
199.7
156.3
141.8
126.7
107.5
112.3

378 5
383.6
388.9
381.5
388.9
385.5
382.1
392 2
405.9
432 8
435.6
446.7

Total
Europe

CanLatin
ada America

Asia*

All
other*

Italy

Other
Europe

19.7
9
—3^4
—6.2
—6 9
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
2,065.5 823.9

215.1
417.0
326.4
531.2
541.4
296.7
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

198.2
205.4
184.1
166.8
146.8
143 1
129.7
126 3
125.6
132.8
143.0
163.4

719.1
689.2
647.8
589.0
619.8
669.2
635.1
637.2
626.5
576.6
583.0
565.7

1,921.0
2,035.9
1,808.0
1,787.2
1,900.6
2,004.5
1,769.4
1,776.0
1,749.8
1,621.4
1,632.6
1,756.0

670.2
519.6
469.6
478.8
455.8
484.2
420.5
319.2
319.3
301.6
327.0
322.7

956.1 1,042.5
1,000.0 1,012.7
1,009.4
973.1
966.7
1,120.9
1,168.9
932.6
910.8
1,221.0
884.4
1,144.6
877.0
1,116.3
883.5
1,081.3
1,095.0
877.3
846.0
1,038.5
1,054.9
840.1

251.5
247.2
237.9
238.2
245.3
249.7
237.1
235.6
228.5
224.9
237.9
234.4

7.0

TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

(Jan. 3, 1940)
(Jan. 1, 1941) .
31
31
31 ..
31
31 ..
31

1947—Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—j an# 3i
Feb. 29
1
8
8
4

Total

United
King- France
dom

Netherlands

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

12.9
17.7
17.6
18.1
18.3
18.3
—17.7
-132.3

337 1
333.6
255.3
202 5
156.3
168.2
178.3
172.1
211 6
174.6
106.5
88.7

63.4 — 137.1
256.2
57.9
249.6
-32.4
60.2
252 A
-20.6
252.7
59.0
—30.4
57.6
255.1
-28.6
257.9
58.1
-27.3
57.0
—28.2
262.8
258.9
61.5
-30.0
260.2
64.1
—28.6
55.7
30.5
262.8
269.5 - 1 8 . 7
-32.5
273.1 - 3 4 . ( - 3 3 . 7

73.8
74.6
76.9
77.8
77.9
77.7
78.0
73.4

Switzerland

Latin
Canada America

Asia2

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

52.6
43.2
17.7
68.3
55.7
37.0
9.1
-58.8

-21.5
34.8
64.7
93.8
102.7
77.7
99.2
29.9

402.4
482.8
490.0
466.2
455.3
460.1
465.5
468.2
475.2
473.5
406.0
387.8

53.9
56.5
56.1
56.5
58.8
60.7
63.8
63.1
66.4
65.4
67.7
67.5

-140.6
-213.7
-270.0
-256.9
-276.9
-283.8
-279.7
-298.7
-309.5
-346.3
-351.3
-349.5

40.2
31.0

Italy

Other
Total
Europe Europe

5.4
6.6
5 1
6.8
5.2
-1.7

15.5
25.3
25.8
26.2
26.2
26.2
26.2
10.6

206.2
241.4
250.5
253.5
256.8
231.5
235.1
226.9

—3 3

6 0

-.2

4.5
2.7
2.5
2.3
3.0
3.3
1.6

217.1
203.4
196.7
182.2
170.9
170.1
171.9
174.4
174.1
178.9
180.5
175.3

2.9
6.5

-1.4
.3

-2.1
-1.7
-1.2

1.7
2.4
1.1
1.8
2.1

3 0
5.5
5.4
5.6

1.8

-44.3
-56.0
-48.6
-48.4
-35.5
1.4
2.0
2.4

—5.4

All
other1
-.8
2.1

-1.2
6.6
7.5

-.3
1.5
-5.8
— 18.7
-23.0
-22.6
-19.1
-24.9
-20.3
-22.9
-24.9
-21.9
-20.1
-18.3
-11.7

Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
See Table 1, footnote 3.
See Table 1, footnote 4.

JULY

1948




877

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)

From Jan. 2, 1935, through1939—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--Mar. 3 1 . .
Apr. 30..
May 31 .
June 30 .
July 3 1 . .
Aug. 3 1 . .
Sept. 30. .
Oct. 3 1 . .
Nov. 30. .
Dec. 3 1 . .
1948—Jan. 3 1 . .
Feb. 29..

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia*

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

29.4
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

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
.7

,282.6 101.4
,341.6 102.9
,380.7 103.6
,398.0 105.7
,177.3 104.2
,193.6 104.3
,230.3 101.5
,243.6
99.1
,254.5 96.9
,274.9 94.9
,285.7
93.2
,290.4 93.3

50.1
50.0
49.6
49
48
47.9
47.9
47.5
47.2
47.1
46.8

22.8
22.5
2.2
1.7
.7
.2
-1.1
-2.6
-3.3
-3.9
-4.4
-4.9

30.9
31.9
31.4
31.2
31.2
30.1
26.5
22.7
18.8
16.3
13.7
10.7

26.8
26.9
26.9
26.8
26.7
26.7
26.7
26.6
26.5
26.5
26.4
26.4

265.1
257.7
258.3
265.4
266.4
267.3
267.9
267.8
267.9
273.8
274.7
275.1

497.1
491.8
472.0
480.4
477.5
476.5
469.4
461.1
453.9
454.7
450.5
447.3

253.7
309.5
358.8
374.7
389.1
397.0
417.3
421.9
427.2
441.8
451.3
454.6

464.4
468.2
474.2
478.8
481.8
488.0
507.9
523.3
534.0
537.6
542.1
546.2

61.1
61.0
61.0
61.1
61.2
61.4
61.3
61.3
61.6
61.6
61.7
61.7

6.4
11.1
14.7
3.0
-232.2
-229.3
-225.6
-224.0
-222.3
-220.9
-219.8
-219.4

Asia*

All
othei 1

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

88.2
90 6
86.5
85.3
84.2
82.7
78 5
84 6
82 9
84.2
87.8
91.0

30.6
30 3
28.8
28.4
27.5
27.3
27 1
27 7
27 8
28.3
28.5
28.6

8.1
8.1

'85.6
85.4
85.3

46.6

TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Secur ities)
Neth- SwitzUnited
Latin
Total
Other
CanKing- France
erFrom Jan. 2, 1935, through—
erTotal
Italy Europe
ada America
Europe
dom
lands
land
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—Mar 31
Apr 30
May 31
June 3 0 . . . . ,
July 31
Aug 3\
Sept 30
Oct. 31
Nov. 30
Dec 31
1948—j a n 3i
Feb 29

1,133.7
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

344.7
348.1
336 4
360.5
367.3
368 5
355 4
337.9

414.3
416 7
398.5
393.4
385.9
362.6
338 8
310.0
290.0
3367.0
359.6
340.3

-197.9
-198 3
-200.5
-202.7
-203.5
-203.3
—204.1
-205.1
-205.7
-203.8
-203.7
-203.6

71 2
73 8
72.3
71.8
71.1
73.6
69.0
42.9
31.5
24.7
17.3
6.6

188.0
179 3
168.6
158.4
149.7
129.9
124 4
118.0
113.9
108.7
106.2
102.9

338.4
344 2
345.4
343.1
351.2
350.7
350 4
352.0
353.9
350.9
347.2
343.2

-4.9
2.7
— .1

2.2
2.1

32 2
35.8
37 1
44 4
55.4
72 4
68 0
57.3

-15.5
-15 6
-15.4
-15.3
-15.1
-15.1
-15 1
-15.2
-15.2
-15.0
-15.3
-15.2

47.8
46 0
45.2
42.6
40.8
40.6
42 2
41.8
42 1
43.1
44.1
43.8

-.1

.6
1.9

1,004 4
—2 6
-18.4
851.3
615 0 —44 7
644.7
-45.1
-58.2
645.7
633 7
—28 1
582.9 - 1 2 6 . 6
484.3 — 143 0
432.0
429 5
415.5
398.0
394.2
376.3
366 9
334.5
320 5
308.7
295.7
277.6

-144.6
— 141 9
-141.0
-126.3
— 128.1
-131.7
— 141 7
— 142 6
— 147 0
-139.8
-137.8
-142.3

All
other1

9.9
8.8

8.7
8.0
8.1

8.0
8 1
5.9
5.7

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—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29

Total

United
King- France
dom

Netherlands

Switzerland

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia*

All
other1

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
3.8
5.1
5.9
13.4

-3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.8

2.1
1
.8
.9
1.3
1.8
1.3
2.0

154.5
161.6
156.4
160.8
159.8
164.1
159.9
162 2
153.1
142.4
140.6
4135.2

17.7
18.6
18.4
18.9
20.2
18.3
18
19
19
18.2
17.5
17.4

20.4
20.5
19.9
19.7
19.5
19.4
19.5
19.2
19.1
19.1
19.1
18.9

16.3
17.3
16.9
18.2
17.0
17.0
16.6
16.9
16.6
12.7
12.4
12.2

41.5
42.1
40.4
43.2
42.6
43.4
43.0
42.0
39.6
38.2
37.8
37.2

13.8
13.7
13.5
14.0
14.3
14.2
14.3
14.4
14.1
14.2
13.7
13.1

110.0
112.7
109.5
114.5
114.0
112.8
112.5
112.2
109.5
102.7
101.1
99.3

20.0
21.2
19.6
19.7
19.1
20.0
20.7
19.5
19.0
19.6
19.6
19.1

16.3
19.5
18.5
19.0
19.0
23.5
18.7
20.9
17.3
12.9
11.8
9.7

5.5
7.0
8.0
6.7
6.9
7.1
7.3
6.8
6.5
6.6
7.4
6.6

2.8
1.2
.9
1.0
.8
.8
.8
2.8
.7
.7
.7
.6

1
1

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All othier.
Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstnuction
and 1Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
4
Amounts outstanding Feb. 29 (in millions of dollars): foreign brokerage balances in United States, 85.4; United States brokerage balances
abroad, 27.1.

878



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-

Date

ternational
institutions

1938—Dec.11

I939—Dec.
1940—Dec*.....
1941—Dec# 31
1942— Dec. 31
1943—Dec. 31
1944—Dec# 31
I945—j)ec 31
1946—Dec. 31..
1947—Mar. 31..
Apr. 30...
May 31..
June 3 0 . . .
July 3 1 . .
Aug. 3 1 . . .
Sept. 30. .
Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 29...

Total foreign
countriesx

United
NethKing- France erdom
lands

Official
and

Switzerland

Italy

Other
Total
Europe Europe

Canada

Latin
America

Asia2

All
other 2

Official

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
436.1
781.0
448.2
1,418.9
365.5
400.8
1,314.9
2,244.4
554.6
3,320.3 1,000 8
865.7
3,335.2
4,179.3
707.7
3,043.9
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

1,237.8 201.8
248.5
1,882.6 274.6
336.0
447.3
2,213.5 434.3
1,994.0 373.2
417.7
2,020.7 507.4
597.7
2,584.5 812.6
693.7
2,517.8 926.5
909.3
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

2,726.9
2,722.5
2,839.3
2,714 2
2,881 0
2.777.9
'2.675.3
n. 501.3
n .400.3
'2.262.0
'•2,205.0
2,144.5

5,575.4
5,549 6
5,232.2
5,326.0
5,437.3
5,604.5
5,190.1
5,058.3
4,996.6
4,854.4
4,816.2
4,942.3

2,435.7
2,429.1
2,159.0
2,157.5
2,327.1
2,437.2
2,008.8
1,943.2
1,910.3
1,832.1
1,845.7
1,971.5

226.4
209.8
197 9
270.3
189.8
205.8
195.0
268.6
236.9
167.7
168.7
204.4

183.3
221.6
206.3
209 2
213.8
226.6
216.4
172.9
158.4
143.3
124.1
128.9

392.2
397.2
402.5
395.1
402.5
399.1
395.8
405.8
419.5
446.4
449.3
460.3

218.5
225.7
204.4
187.1
167.1
163.4
150.0
146.6
146.0
153.1
163.3
183.7

882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
789.8
739.8
746.3
729.0

2,276.3
2,391.2
2,163.3
2,142.5
2,255.8
2,359.8
2,124.6
2,131.2
2,105.0
1,976.7
1,987.9
2,111.2

778.2
627.5
577.6
586.8
563.7
592.2
528.4
427.1
427.2
409.6
434.9
430.6

1,223.1
1,193.3
1,153.7
1,147.4
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1,057.9
1,026.6
1,020.8

220.3
216.0
206.7
207.0
214.1
218.5
205.9
204.4
197.3
193.7
206.8
203.2

373.6
484.4
341.0
328.5
499.5
532.5
369.1
336.8
354.5
326.2
336.2
404.9

1,077.6
1,121.6
1,130.9
1,242.5
1,290.4
1,342.5
1,266.1
1,237.9
1,202.8
1,216.6
1,160.0
1,176.4

LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Greece Luxembourg

Finland

Germany

7.9
7.7

7.5
6.5
6.8
7.0
7.1

39.3
43.5
48.7
70.8
49.3

6.9
9.1

39.7
39.8
37.7
32.2
32.2
36 0
41.5
48.5
45.7
34.7
38.7
41.8

Date

Other
Europe

Belgium

Denmark

1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 31. .
1945—Dec. 31.
1946—Dec. 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

22 2

1947—Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 30
July 31....
Aug. 31. .
Sept. 30..
Oct. 31. .
Nov. 30.. .
Dec. 31. . .
1948—Jan. 3 1 . . .
Feb. 29.

882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
789.8
739.8
746.3
729.0

178.8
163.0
150.9
142.5
164.0
185.3
132.0
135.7
131.7
124.9
124.2
126.0

62.5
57.8
56.9
52.0
45.6
48.8
42.2
48.9
55.0
52.8
52.9
51.4

31.3
26.8
22.4
22.7
36.2
39.9
42.0
39 2
39.2
30.5
31.1
29.3

7 1

5,5

21.5
27.3
46.3
53.6
63.2
74.9
79.1
89.5
95.1
94.5

Norway

Portugal

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

22.9
22.2
22.2
22.3
22.6
20.1
19.7
19.2
22.5
21.7
22.0
20.2

105.3
111.2
100.6
91.2
80.0
79.2
79.3
76.2
70.7
56.2
54.7
50.5

54.2
52.2
52.3
42.5
40.1
47.7
48.0
47.8
49.8
47.1
45.9
46.0

12.2
11.3

18.8
18.1
17.5
11.8
12.2
12.1
11.7
10.1
11.9
12.8
16.2
17.2

165.2
157.3
152.2
133.2
122.9
115.2
109.4
86.8
72.9
58.6
56.8
52.4

58.5
60.0
50.4
50.6
50.3
52.5
58.5
64.1
69.4
73.7
74.8
66.1

French
West
Indies
and
Guiana

Panama

Peru

Other
Vene- Latin
zuela America

Rumania

8.3
8.2
8.2
9.4
9.5
8.7
8.3
8.7
8.9
7.7

Spain

All
Sweden USSR Yugoslavia other
17.7
9.9
5.7
5.7

12.4
14.7
15.3
12.5
11.8
13.1
12.5
9.7
9.4

10.6
12.1
10.6
20.5

57.9
76.9
52.1
43.7
89.9
111.4
108.4
105.6
104.0
109.3
120.2
131.7
130.8
122.9
116.5
114.4
105.4

Latin America
Neth__te

Latin
America

Argen
tina

Bo
livia

Brazil

Chile

Colombia

Costa
Rica

Cuba

er-

Mexico

lands
West
Indies
and
Surinam

1942—Dec. 31.
1943—Dec 31
1944—Dec 31
1945—Dec 31,
1946—Dec. 31.

597.7 67.6
693.7 69.8
909.3 93.9
1,046.4 77.3
1,104.8 112.6

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
7.4
6.9
7.7

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

1947—Mar. 31.
Apr. 30.
May 31. .
June 30..
July 31 . . .
Aug. 3 1 . .
Sept. 30. .
Oct. 31. .
Nov. 30. . .
Dec. 31. . .
1948—Tan. 31. . .
Feb. 2 9 . . .

1,077.6
1,121.6
1,130.9
1,242.5
1,290.4
1,342 5
1,266 1
[,237.9
1,202.8
L,216.6
,160.0
1,176.4

12.8
11.7
10.3
16.4
14.6
15.2
17.3
22.4
20.6
17.8
16.1
14.3

127.6
115.3
96.7
85.2
98.8
110.8
106.3
103.6
97.4
104.7
110.4
123.0

51.0
53.4
45.3
50.7
41.2
44.9
38.2
38.3
41.8
46.3
43.1
41.1

51.9
56.2
57.8
42.4
32.0
34.2
32.6
39.1
42 A
46.1
49.2
43.4

8.5
9.3
8.5
8.6
6.9
8.6
8.3
7.9
7.0
7.3
9.2
9.8

150.8
168.0
162.0
289.6
284.0
287.7
271.9
256.6
249.4
234.7
217.3
225.5

4.0
3.2
3.6
2.9
3.2
2.3
2.8
2.5
2.8
2.4
2.7
1.8

139.1
127.6
128.8
126.7
137.7
149.2
157.2
148.7
140.5
139.2
132.7
131.7

10.5
10.6

73.2
71.0
68.9
69.9
69.7
71.5
76.6
72.6
70.9
70.3
71.6
72.9

34.0
35.9
38.9
39.7
38.2
41.7
43.2
40 9
41.0
41.8
39.2
40.0

46.7
49.4
46.3
53.6
66.2
74.0
89.5
73.4
61.1
78.0
89.1
75.3

186.1
186.6
202.9
181.4
178.6
181.3
180.6
171.5
169.0
176.8
175.1
178.7

181.4
223.0
252.0
265.0
309.3
307.5
229.0
245.7
240.5
236.2
187.1
200.6

9.0

10.3
10.1
13.6
12.6
14.7
18.4
14.9
17.2
18.3

For footnotes see following page.

JULY 1948




879

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other

Asia

Date

Egypt
Neth- PhilChina
Britand French Union
and French Hong
erAus- New Angloippine
TurAll
ish
Other
of
Man- Indo- Kong India Ma- Japan lands
tra- Zea- Egyp- Mo- South
Isother
key
Asia*
chu- China
East lands
lia land tian rocco Africa
laya
ria
Indies
Sudan

Other

31...
31...
31. . .
31...
31...

930.0
1,108.8
L.069.2
,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

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
4.5
8.3
6.4
47.2

91.8
124.1
97.6
113.4
96.4

1947—Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 3 1 . . .
Sept 3 0 . . .
Oct.. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Feb. 29. . .

1,223.1
1,193.3
1,153.7
1,147.4
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1,057.9
,026 6
,020.8

373.2
369.1
354.3
339.1
309.6
286.1
269.7
263.3
250.2
229.9
213.5
188.7

39.1
38.4
40.5
37.2
36.2
35.3
8.2
8.7
9.3
6.5
6.2

38.9
39.0
41.5
41.1
47.2
44.7
45.5
43.6
41.8
39.8
41.1
41.6

40.7
36.1
33.4
41.2
43.3
53.6
54.4
55.0
56.7
62.4
67.7
57.8

18.7 122.9 447.1 55.8 79.4 220.3 40.4 9.6
18.9 103.7 438.9 65.4 75.6 216.0 38.7 8.7
18.0 95.4 432.2 57.0 71.8 206.7 36.2 8.7
16.7 94.9 448.8 51.0 68.5 207.0 47.8 8.6
17.6 85.8 452.6 40.4 68.7 214.1 42.4 9.4
17.6 82.8 440.3 41.7 74.9 218.5 46.2 9.5
17.8 70.8 464.3 41.7 79.1 205.9 47.5 8.3
25.5 59.7 470.9 39.7 78.9 204.4 43.8 6.5
28.9 65.9 476.0 39.2 79.7 197.3 34.8 6.5
31.3 69.3 488.6 37.6 81.5 193.7 30.6 5.9
37.1 65.7 466.8 34.2 82.5 206 8 26.2 5.4
53.8 57.0 484.6 34.6 83.3 203.2 28.5 6 . 2

19.6
19.0
20.5
22.6
19.4
21.1
24.4
25.8
26.9
25.0
37.6
42.7

16.5
16.1
14.9
13.9
13.7
13.3
11.8
11.4
10.2
10.1
9.4

43.7
47.3
50.0
39.5
49.5
55.5
37.6
43.3
46.3
46.4
55.1
41.5

90.5
86.2
76.5
74.5
79.7
72.9
76.2
73.6
72.7
75.8
73.1
75.1

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

6.3

7.2
8.3
9.6
8.8
11.8
14.6
13.8
12.4
16.5
11.0
11.8
13.1

160.4
110.1
110.5
113.7
127.1

254.7 29.9
259.1 35.4
365.8 ?3 7
629.1 52.5
446.6 54.7

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

9.2

x

Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

Footnotes
to table on preceding page.
r
Revised.
1
Country
breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
8
Report
dates
for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
4
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
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. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31 . .
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 . . . .
Nov. 30
Dec. 31
1948—Jan 31
Feb. 29

Total

United
King- France
dom

Netherlands

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
1.4
1.1
5.7

24.2
5.7
.9
1.1
.5
.4
.3
36.3
151.0

798.4
801.8
880.2
933 0
979.2
967.3
957.2
963.4
923.9
960.9
1,029.0
1,046.8

35.8
42.4
39.6
39.3
36.9
34.1
29.2
33.1
31.8
29.2
22.5
18.9

15.6
21.1
18.8
20.1
21.4
20.9
22.1
17.6
14.9
23.4
97.8
113.7

155.8
51.0
39.3
49.0
47.2
45.9
46.8
48.6
47.2
49.1
51.1
52.3

1.1

Switzerland

Italy

Total
Other
Europe Europe

Canada

Latin
America

Asia*

All
other »

1.3
2.9
9.8

13.5
11.8
2.0
1.5
.4
.4
.3
.3
16.0

135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
82.8

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
9.3
6.4
9.7
34.8
.9
11.7
9.9
17.2

11.4
8.3
9.5
7.8
10.2
9.8
9.3
6.4
5.7
7.0
6.3
6.0

20.6
22.0
23.8
24.1
24.3
23.6
23.2
24.9
23.6
21.1
21.2
20.9

92.6
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5

331.8
251.3
244.1
268.0
278.9
274.0
268.6
266.0
258.9
260.6
328.2
346.3

39.0
36.4
36.8
36.4
34.0
32.2
29.1
29.8
26.5
27.5
25.2
25.4

308.6
381.7
438.0
424 9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
517.5

88.9
98.1
127.3
173 3
185.0
177.7
177.5
164.6
127 7
127.0
126.6
134.4

30.1
34.3
34.0
30 5
36.3
31.7
34.3
36.3
33 3
31.5
29.7
23.1

5.5

5.2
1.5
2.6
1.5
3.0

1

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.




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

Bel-

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

.7
.7
.6
7.5

1947—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29.

92.6
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5

8.0
8.9
8.9
10.1
9.0
10.3
11.2
13.2
12.9
15.0
12.7
11.3

Date

Denmark

Finland

Germany

5.6
7.6
6.2

34.0
33.9
33.9
33.9
30.4

8.3
7.1
9.1
11.4
17.8
17.9
17.5
13.1
11.9
8.0
8.3
7.6

30.4
30.4
30.3
30.3
30.3
30.3
30.3
30.5
30.5
30.5
30.6
30.5

0)
0)

.3
.3
.4
.6
.6
.4
.6
1.0
1.1
2.2
1.5
3.2

Greece Luxembourg

Norway

Portugal

Rumania

1.1
.6
.6
.7
12.4

.2
.2
35.1
31.6
3.3

2.4
1.4
.8
.5
1.0

8

13.2
12.8
13.0
12.9
13.0
12.6
12.4
12.8
12.8
10.6
10.1
10.2

4.2
5.2
5.9
6.3
7.0
8.0
9.4
10.3
8.1
9.2
11.3
10.7

1.0
1.0
1.2
1.5
1.3
1.3
1.2
1.3
1.1
1.1
1.2
1.2

4.2
6.9
7.0
6.9
11.9
12.0
12.0
12.0
12.0
12.0
12.0
12.0

C1)

.3

8
0)

Spain Sweden

0)

3.2
3.2
1.8
1.6
7.2

.4
.2
.2
.9
4.9

3.8
3.7
3.5
4.3
1.6
1.3
1.2
1.3
1.4
.9
1.5
3.5

6.0
7.1
7.4
7.5
8.7
9.3
9.3
9.3
7.6
5.4
4.0
3.7

Yugo- All
USSR slavia
other

0)
0)

C1)

0)1
C)

0)
0)
0)
0)1

8.4
5.0
5.1
4.7
9.4

()
0)
0)1

13.2
22.9
26.3
35.4
37.5
36.2
32.6
30.6
36.1
35.8
35.8
40.5

C)

0)
0)
0)
0)
0)1
C)

C1)'

0)

C)
C1)
0)
0)
(x)
0)
C1)
f1)

0)

Latin America

Latin
BoAmer- Argenlivia
tina
ica

Brazil

Chile

1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31

99.7
112.2
131.0
158.9
226.8

16.7
18.9
25.3
24.7
49.8

15.3
16.6

21.0
41.8

3.0
1.8
1.8
1.3
2.3

1947—Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29.

308.6
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
517.5

49.9
57.8
60.7
57.6
65.8
71.8
65.5
67.4
66.4
65.2
60.0
60.3

3.0
4.8
5.3
3.6
3.3
3.2
3.4
4.2
2.9
2.0
2.4
2.3

69.6
115.4
150.2
160.9
164.1
163.6
161.4
162.3
162.0
165.8
169.8
175.2

Date

6.9

15.3
3.1

Colombia

Costa
Rica

Cuba

French
West
Indies
and
Guiana

.6
.7
1.2
1.2
2.9

20.1
47.4
33.3
25.7

0)
C1)

14.6

20.7
12.2
15.5
16.8
26.4

16.0
18.6
20.3
17.4
20.5
22.7
21.7
22.8
22.3
27.8
29.3
27.1

26.8
30.4
36.4
40.3
35.7
35.2
35.9
32.0
31.2
32.6
35.7
36.9

4.0
3.4
3.6
3.9
3.9
3.8
3.6
4.0
3.6
3.5
3.3
3.5

45.2
53.8
60.1
46.0
53.3
54.5
59.7
73.8
91.5
108.6
113.4
106.4

C11)
C)

9.0
6.6

8.3

.2

Netherlands
West
Mexico Indies Panama
and
Surinam

C1)
0)1
C1)
C)

.1
.1

14.2

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

11.7
33.4
23.1

30.7
33.7
34.8
32.9
27.6
31.0
30.2
39.5
38.3
52.2
51.8
52.7

.8
1.1
1.0
1.0
1.0
1.1
1.1
1.2
1.2
1.1
.8
1.1

2.2
2.2
2.1
2.6
2.7
3.8
4.9
4.9
5.0
4.7
4.8
4.2

7.0
7.8
7.6
5.6
5.9
6.3
6.5
6.7
6.1
4.3
4.1
3.9

19.6
15.4
19.2
16.7
18.2
18.5
15.3
14.6
15.1
15.3
14.2
16.9

33.9
37.3
36.7
36.3
42.3
36.2
38.3
33.4
31.9
31.0
29.6
26.8

8.6

.1
.3
.6
.1

Other
Vene- Latin
zuela Amer
ica

.3
.5
.3
.5
.8

4.8

11.2

.2

Peru

8.7

Asia and All Other

Date

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

31
31
31
31
31

1947—Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
1
2

Egypt
Neth- PhilChina
Britand French Union
erand French Hong
New Anglo
ish Japan lands
ippine Tur- Other All Ausof Other
MoIndotraZeaManIndia
Asia
MaIsAsia'
other
key
EgypKong
East
lia land tian rocco South
chu- China
laya
Africa
ria
Indies lands
Sudan
35.3 11.1
26.3
1.7
51.4
1.5
29.9
1.0
99.2 53.9

0)
0)1

41.2
47.0
76.1
104.8
110.7
108.2
103.7
78.6
41.3
40.8
37.1
37.9

Cl1)
( 1)
C)

88.9
98.
127.3
173.3
185.0
177.7
177.5
164.6
127.7
127.0
126.6
134.4

C)

0)

C1)

.1
.3
3.2
3.3
3.3
.3
.2
.3

.9 2.2
1.0 2.0
.9 22.3
.8 7.5
5.9 12.0
4.1
4.0
3.5
3.5
3.1
3.1
2.1
2.2
1.9
2.6
2.9
3.9

14.6
14.2
13.2
32.8
33.7
27.5
27.5
28.9
28
29.6
27.0
25.5

.7
.5
.1
.1
.2

.5
.5
.5
.5
.2

1.0
1.3
1.1
2.2
1.6
1.6
.8
1.0
.8
.9
.7
.7

.2
.2
.2
.2
.3
.3
.3
.3
.3
.9
4.0
5.7

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

1.4 20.3 2.0
1.9 22.4 2.5
1.5 23.2 2.7
.5 20.2 3.3
.5 25.1 3.2
.5 24.5 3.5
.7 *24.5 5.6
.4 27.7 13.1
.4 29.0 12.9
.5 27.4 17.7
.4 29.3 17.6
3.1 31.0 18.6

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
3.9
4.5
5.8
5.8
6.7
8.4
9.0
9.1
9.6
6.3
7.4
7.7

30.1
34.3
34.0
30.5
36.3
31
34.3
36.3
33.3
31.5
29.7
23.1

6.5
7.5
6.6
9.0
11.3
9.0
10.2
12.0
10.2
9.0
8.5
6.4

C1)

8

C 1 )'

1.7
2.4
9.7
4.7
10.1

1.2
.7
1.0
2.5
2.2

16.0
18.3
18.9
15.2
18.8
15.8
15.0
14.5
14.2
14.4
14.3
10.0

5.5
6.8
6.0
5.0
4.2
4.9
6.7
7.0
6.0
6.0
5.0
5.0

Less than $50,000.
Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.

JULY

1948




881

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948

1947

1948

1947

International Bank

International Fund
May
Gold
m
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

Feb.

Nov.

May

1,357

1,356

1,333

1,559 1,626 2,030
3,869 3,630 3,155
1,176 1,309 1,202
C1)
0)
7,961 7,922 7,722
-1
1948

Currency bought 2
(Cumulative figures)
May

Belgian francs
Chilean pesos
Danish kroner
French francs
Indian rupees
Mexican pesos
Netherlands guilders
Norwegian kroner
Turkish liras
Pounds sterling

Apr.

1947
Mar.

33.0

May

33.0

8.8
6.8
10.2 10.2
125.0 125.0 125.0
36.1 28.0 28.0
22.5 22.5 22.5
75.4 68.5 68.5
2.5
.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0
621.0 606.0 600.1

Total.

25.0
12.6

Mar.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3.
Loans (incl. undisbursed portions)
Other assets
Bonds outstanding
,
Loans—undisbursed
Other liabilities
Special reserve
Capital 3
Accumulated net income

Dec.

165
914

Sept.

267
909

Mar.

335
873

430
624

410
412
407
148
5
45
411
5
497
455
497
3
3
7
250
250
250
197
223
94
4
2
2
1 t1)
2
1,653 1,645 1,645 1,603
-1
-1
1
-2

1
Less than $500,000.
2 As of May 31, 1948, the Fund has sold 608.1 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.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,610 million dollars as of Mar. 31, 1948, of which 2,540 million represents the subscription of the United States.

37.0

CENTRAL BANKS
Assets of issue
department

Bank of England
(Figures in millions of
pounds sterling)

. .

Other
assets 2

Gold*

1935—Dec
1936—Dec.
1937—Dec
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.

25
30
29
28
27
25
31
30
29
27
26
25

1947—June
July
Aug.
Sept
Oct.
Nov.
Dec.

25
30
27
24
29
26
31

.2

1948—Jan.
Feb
Mar.
Apr.
May

28
25
31
28
26

.2
.2
.2
.2
.2

260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
L,250.0
L,400.0
L,450.0

200.1
313.7
326.4
326.4
.2
.2
.2
.2
.2
.2

.2
.2
.2
.2
.2
.2
.2
5
5
i

Liabilities of banking department

Assets of banking department
Cash reserves
Coin
6

.6
.8

.8
1.0
.9
.3
.9
.9
1.9
.4

1.3

1.8

L,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
L,450.0

2.4
2.5
2.3
2.0
1.5
.3

L,400.0
1,350.0
1,300.0
1,300.0
1,300.0

.3
.2
.5
.7
.6

Notes

35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
22.1
55.2
30.9
56.8
73.7
89.4
109.8
100.5
131.3
118.6
54.4
62.4
56.0

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
20.6
28.6
16.6
14.6
5.9
4.5

15.2
12.7
11.3
14.4
14.5
9.8

Note
circulation 8
Bankers'

Public

Other

Other
liabilities and
capital

176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6

424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
L.238.6
L,379.9
L.428.2

72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9

12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3

37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3

18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1

337.0
364.6
332.0
325.9
318.9
302.1
331.3

L,395.0
1,419.3
1,393.4
1,376.5
1,360.8
1,340.5
L.349.7

290.3
301.8
282.0
289.6
288.8
292.5
315.1

274.3
284.3
367.0
350.6
366.9

1,269.0
1,231.6
1.245.9
1,237.8
1,244.2

290.8
290.6
314.3
307.4
311.8

8.0
11.3
14.0
16.2
13.8
14.0
18.6
16.3
12.1

98.3
95.1
93.4
92.1
95.9
93.3
95.5
93.0
93.3
94.3
90.3
93.0

18.1
18.3
18.4
18.5
17.8
18.0
18.1
18.3
18.4
18.6
17.8
18.0

Securities
94.7
155.6
135.5
90.7

Deposits

5.2
5.3

10.3

9.0

12.6
10.7

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 2three pence.
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
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
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. 560-561 in same publication.

882



FEDERAL RESERVE

BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)

1938—Dec.
1939—Dec.
1940—D ec
1941—Dec.
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec
1946—Dec

31
30
3i
31
31
31
30
31
31

Sterling
and United
States
dollars

Gold

185.9
225.7
(*)

Feb.
Mar
Apr
May

Dominion and provincial government
securities

Deposits
Other
assets

Shortterm i

Note
circulation2
Chartered Dominion
governbanks
ment

Other

144.6
181.9
448.4
391.8
807.2
787.6
906.9
11,157.3
] 1,197.4

40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2

5.2
5.5
12.4
33.5
31.3
47.3
34 3
29.5
42.1

175.3
232.8
359.9
496.0
693.6
874 4
,036 0
1,129.1
1,186.2

200.6
217 0
217.7
232.0
259.9
340.2
401 7
521.2
565.5

16.7
46 3
10.9
73.8
51 6
20.5
12 9
153.3
60.5

3.1
17 9
9.5
6.0
19 1
17.8
27 7
29.8
93.8

9.3
13 3
28.5
35.1
24 0
55.4
209 1
198.5
42.7

4.0

1,063.7
1,081.9
1,141.5
1.088.0
1,136.4
1,039.9
1,022.0

716.0
722.6
720.3
744.7
799.4
820.6
858.5

40.4
42.0
39.0
49.5
53.1
46.2
43.7

1L.152.6

1,172.2
1,179.4
1,182.3
1,211.4

474.4
468.3
515.0
481.1
548.7
536.7
536.2

105.6
124.1
133.6
128.2
143.4
84.2
68.8

54.4
63 7
58.7
62.0
71.2
62.0
67.5

36.9
37 3
37.1
40.5
46 9
42.8
42.4

931.3
974.4
985.2
1.124.1
1,179.7

863.2
825.7
806.7
767.8
775.0

48.2
47.2
62.7
60.5
51.6

1,157.5
1,156.3
1,180.8
1,183.0
1.195.7

538.3
531.8
519.2
558.9
547.3

44.6
60.8
42.2
57.9
135.9

60.6
75.0
86.7
126.0
95.8

41.7
24.0
25.9
26.9
32.0

7
2.4

1.9
.7
1.4

2.0

31
m

28
31
30
31

«
.1
.2

.5

L.153.7

1L.158.9

Assets
Bank of France
(Figures in
millions of francs)

Gold'

7
Open
market 7 Special

Liabilities
Advances to
Government

Domestic bills
Foreign
exchange

Other

Other
liabilities
and
capital 8

28.4
64.3
38.4
200.9
.5
.6
172 3
156.8
1.0

1947—j u n e 30
July 31
Aug. 30
Sept 30
Oct 31
Nov. 29
Dec 31
194Q—jan

Liabilities

Other

For occupation
Other 1
costs 8

Other
assets 9

Deposits
Note
circulation
Govern- C.A.R.i°
mtnt

Other

Other
liabilities
and
capital

110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
570,006 12,048
765
721,865

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

1938-Dec. 2 9 . . . 87,265
1939 - D e c . 2 8 . . . 97.267
84,616
1940—Dec. 2 6 . . .
1941 -Dec. 3 1 . . . 84,598
84,598
1942—Dec. 3 1 . . .
1943—Dec. 3 0 . . . 84,598
75,151
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . . 129,817
94.817
1946—Dec. 2 6 . . .

821
112
42
38
37
37
42
68
7

7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
77,621

1,797
2,345
661
12
169
29
48
303
3,135

7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254

72,317
142,507
210,965
326,973
426,000
426,000
426,000

67,900

18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577

1947—May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .
Oct. 3 0 . . .
Nov. 2 7 . . .
Dec. 3 1 . . .

82,817
82,817
64,817
64,817
52,817
52,817
65,225
65,225

6
6
6
3
7
10
13
12

82,221
82,983
99,114
97,490
107,877
108,050
111,368
137,397

125
84
8
20
130
250
285
64

88,429
87,134
85,195
98,224
101,935
132,913
150,065
117,826

426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000

63,700
95,000
113,600
124,900
139,300
127,800
116,000
147,400

11103,846
"119,662
"120,046
"105,639
"103,067
"108,155
"110,303
"121,061

775,053
807,064
831,587
838,442
852,195
867,700
879,492
920,831

745
834
792
750
779
762
846
733

66,745
76,747
71,329
70,651
71,299
81,030
87,513
82,479

4,599
9,040
5,075
7,250
6,861
6,502
11,408
10,942

1948—Jan. 2212. .
Mar. 2 5 . . .
Apr. 2 9 . . .
May 2 7 . . .

65,225
65,225
65,225
65,225

9
15
17
22

145,814
157,997
156,424
149,849

64
12
55
27

125,687
147,841
149,341
165,265

426,000
426,000
426,000
426,000

120,700
155,000
129,500
121,800

"104,474
"108,979
"113,590
"113,938

891,546
773,199
759,054
768,567

771
791
790
812

82,849
271,034
265,123
256,948

12,808
16,045
15,186
15,800

20,627
34,673
63,900
69,500
68,250
64,400
15,850

41,400
64,580
16,857
10,724

1 Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
• Beginning November 1944, includes a certain amount of sterling and United States dollars.
• On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
«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.
9
From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs by a payment from the State to the Bank.
i° Central Administration of the Reichskreditkassen.
"12 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
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.
!

JULY 1948




883

CENTRAL BANKS—Continued
1948

Central Bank
(Figures as of last report
date of month)

May

Apr.

1947
Mar.

May

C o m m o n w e a l t h Bank of Aus- I
tralia (thousands of pounds):
'
Gold and foreign e x c h a n g e . . . .
Checks and bills of other banks f
Securities (incl. Government and j
Treasury bills)
J
Other assets
i
Note circulation
j
Deposits of Trading Banks:
j
Special
Other
i
Other liabilities and capital..

National Bank of Belgium

(millions of francs):
Gold
Foreign exchange
.
Net claim on Int'l. Fund 3
Loans to Government
Other loans and discounts.. .
Claim against Bank of Issue..
Other assets
Note circulation
Demand deposits 4
Blocked accounts
Other liabilities and capital,.

Deposits
2,449
Other liabilities and capital....
2,261
958
National
Bank of Costa Rica—
36
Issue dept. (thousands of colones):
16^814 16,168 15^361 10,408
Gold
2,747 2,673 2,635 2,305
Foreign exchange
5,787 5,686 5,522 4,306
Contributions to Int'l Fund and
739
515
313
336
to Int'l. Bank
1,716
1,578
1,797
901
Loans and discounts
13,955 13,816 13,529 12,085
Securities
217
206
139
77
Other assets
842
868
712
809
Note circulation
Demand deposits
Other liabilities and capital...
244,695 215,231 226,245
4,466 5,264 2,590 National Bank of Czechoslovakia
(millions of koruny):
Gold and foreign exchange 7 . . . .
400,258 419, 556 397,277
Loans and discounts
24,499 31,209 11,997
Other assets
196,893 198,643 200,680
Note circulation—Old
New
287,510 279,010 279,784
Deposits—Old
30,973 34,632 22,123
New
158,543 158,976 135,522
Other liabilities and capital....
667
2,173
881

,
!
j
j
|
|
j

j
| 26,939
12 ,186
544
51,026
6,732
64,597
1,944
77 ,856
5 ,380
j 78,553
j 2 ,179

717
2,203
881

26,577
12,281
544
51,021
7,191
64,597
1,893
77,805
5,637
78,557
2,104

832
2,250
1,032

27,998
10,255
2,014
49,338
4,530
64,597
2,250
75,446
4,811
79,099
1 ,626

1,139
159
3
1,132
787
1,536
1,251
4,363
846
332
465

1,138
77
3
1,125
787
1,499
1,249
4,327
858
289
405
140,985
23,836
21,867
1,225
144,063
110,701
46,200
289,136

Mar.

May

158,027 162,117 169,130
41,714 38,733 42,894

11,529 11,528 11,292
32,573 27,635 12,842
30,321
74,393
16,462
1,010
115,934
43,733
6,621

30,321
78,046
13,387
1 ,541
118,286
37,436
6,736

30,321
63,284
4,040
1,458
73,430
43,001
6,805

3,705 3,385 3,899 4,689
16,753 16,591 14,268 4,062
124,254
51,610 50,795 55,123
931
(8)
(8)
(8)
58,686
43,719
59,479 58,566
69,412
(8)
(8)
00
1,597 2,368 1,797 9,936
10,991 9,837 12,806 9,008
70
105

70
136

71
123

71
79

65
22
16
104
5,405
174
1,486
1,754
2,572
149

65
22
15
95
5,480
183
1,512
1,882
2,522
149

17
99
5,530
195
1,527
1,852
2,573
148

71
18
101
6,208
257
1,487
2,081
3,092
144

276,292 275,243 273,549
19,393 27,163 3,150
16,881 16,881 16,877
204,555 199,257 212,573
101,598 102,273 130,732
305, 894 303,852 320,430
238,622 243,752 267,416
74,205 73,211 49,034

National Bank of Egypt (thou1,158
130
3
1,120
805
1,374
1,239
4,277
847
301
404

239,
43
565
1,258
1,096
1,891
3,729
632
200
531

Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund«
Paid-in capital—Int'l. B a n k . . .
Loans and discounts
Government loans and securities.
Other assets
Note circulation

(millions of kroner):
Gold
Foreign exchange
Contributions to Int'l Fund and
to Int'l. Bank
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account..
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital....

922
210 Central Bank of Ecuador
(thousands of sucres):
311
Gold
430
787
Foreign exchange (net) 8
15
15
Net claim on Int'l Fund . . . .
1.673
Loans and discounts
203
94S
Other assets
12
231
Note circulation
Demand deposits
,
Other liabilities and capital....

j

Central Bank of Chile (millions j
of pesos):
Golds
Foreign exchange (net) 8
Net claim on Int'l. Fund
Discounts for member b a n k s . . .
Loans to Government
Other loans and discounts.. . •
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital...

Apr.

National Bank of Denmark
25,896
13,378
544
49,791
7,166
64,597
1 ,932
77,442
5,241
78,565
2,056

Central Bank of Bolivia—Mone- j
tary dept. (millions of bolivianos): i
Gold at home and abroad
[
Foreign exchange
j
Loans and discounts
j
Government securities
!
Other assets
!
Note circulation
|
Deposits
!
Other liabilities and c a p i t a l . . . . . J..
National Bank of Bulgaria'

May

Bank of the Republic of Colombia
—Cont.

Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange
Government securities
Temporary advances to Govt. 1
Rediscounts and loans to banks
Other assets
Currency circulation 2
Deposits—Member bank
Government l
Nationalized
Other
Other liabilities and capital

1947

1948

Central Bank

(Figures as of last report
date of month)

150,
17.
21
1
129
105
45
270

161,02
63,734
21,867
1,22
77,947
83,896
40,990
238,660

sands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital

Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 8
Net claim on Int'l Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and c a p i t a l . . . .

6,376 6,376 6,376
17,332 16,649 14,699
2,707 4,807 2,989
307,015 304 709 305,830
21,869 28,632 26,386
135,256 132,447 131,106
79,290 ;2,563 89,653
132,312 129,883 117,549
8,440 16,279 17,972

36,659
48,963
1,564
259
5,295
1,550
54,118
34,611
5,560

36,695
49,816
1,564
321
5,310
1,527
55,687
33,983
5,563

37,160
47,602
1,563
488
5,475
1,691
52,128
33,487
8,364

i 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.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
6 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
Gold not reported separately beginning Dec. 31, 1946.
8
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
8
8

884



FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital.
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
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
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
Sterling securities
Indian Govt. Securities....
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
c

1
2
3

1947
May

Apr.

Mar.
(Dec.
1947)i
1,458
5,685
27,464
2,832
28,331
37,433
27,769
567

May

8,618
37,420
2,832
19,878
48,860
19,776
112

Central Bank
(Figures as of last report
date of month)

1948
May

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

224
268
2
135
-407
-352
2,033
1,642
- 3 , 0 6 5 - 3 , 3 0 7 - 2 , 8 9 8 -5,882 Bank of Japan (millions of yen):
37,119 37,617 33,855 31,451
Cash and bullion
366
370
412
406
Advances to Government
I
1,164
1,372
798
1,653
Loans and discounts
27,112 27,850 26,776 21,653
Government s e c u r i t i e s . . . . . . . . .
1,233
1,653
1,296
1,876
Reconversion Fin. Bk. bonds. . .
7,155 6,367 6,141 5,864
Other assets
Note circulation
(Nov.
Deposits—Government
1947)1
Other
641
761
Other liabilities
19
16
2
760
645 Bank of Java
1,079
824
135
87 Bank of Mexico (millions of pesos):
829
676
Monetary reserve 3
81
65
"Authorized" holdings of securi229
168
ties, etc
1,495
1,424
Bills and discounts
Other assets
Note circulation
Demand liabilities
27,228 C27,228
27,228
Other liabilities and capital
22,244 22,8l8
23,651
1,250
1,250
1,250 Netherlands Bank (millions of
2,142 «2,562
1,530
guilders):
11,626 ^10,904
8,109
Gold
30,805 "31,053
29,643
Silver (including subsidiary coin)
2,912 ^2,931
2,799
Foreign bills
C
6,988
6,583
6,885
Loans and discounts
14,237 ^13,919
14,072
Govt. debt and securities
c
9,953 9,870
^8,369
Other assets
Note circulation—Old
New
Deposits—Government
403
403
314
403
Blocked
60
57
179
43
Other
1,681 1,687
1,928
666
Other liabilities and capital
340
340
340
340
208
Reserve Bank of New Zealand
339
342
338
252
(thousands of pounds):
2,015
1,995
1,408
1,973
Gold
244
177
5
184
Sterling exchange reserve
568
214
176
73
Advances to State or State un452
436
393
351
dertakings
Investments
Other assets
Note circulation
Demand deposits
444
444
444
Other liabilities and capital
11,353 11,353 11,353
1,138
1,028
578 Bank of Norway (millions of kroner):
427
369
266
Gold
13,231 13,044 12,270
Foreign assets (net)
Loans and discounts
132
371
151
Securities
4,156
3,926 4,663
Occupation account ( n e t ) . . . . . .
93
18
32
Other assets
1
13
Note circulation
709 ' " 771
730
Deposits—Government
4,794
4,574 5,503
Banks
297
294
307
Blocked
Other
Other liabilities and capital
2,646
2,646
2,646 2,646
40,393 40,587 41,113 37,882
43,039 43,233 43,759 40,528

Apr.

1947
Mar.

May

525
525
523
,351
12,494
5,162
671,046 633,950 488 ,526
16 18,604
15
236 80,056
124,648
673 115,629
134,674
454 27,710
89,367
447 478,801
761,625
474 79,019
59,766
7,054
61,822
054 58,379
723 93,375
123,397
506 19,583
26,159
574
1,426
59,828 20,628
58,058 47,660
91,349 69,883
42,476
6,093
10,565
4,350
218,775 129,685
12,421
4,561
18,240 11,328
13,414
4,464

594

600

609

680

1.447
693
129
1.676
701
487

1,469
674
98
1,667
731
442

1,501
660
104
1,678
759
437

1,636
571
87
1,686
1,035
254

482
2
470
164
3,300
322
122
2.947
779
71
503
317

481
3
477
151
3,500
290
123
2,881
1,040
60
483
315

509
3
380
175
,500
230
124
,948
921
77
488
240

519
1
312
155
,600
110
126
,730
935
103
591
212

2,802
2,802
2,802
76,036 69,442 92,307
32,304 41,742 27,254
7,868 3,868
7,868
3,308
1,131
3,387
48,312 48,558 47,008
70,834
75,601
68,594
5,772 4,753
5,491
302
492
109
65
7,924
67
1 ,984
3,952
1.258
826
268
671

303
435
106
65
8.094
63
1,987
3,851
1,304
832
417
675

303
503
107
68
8,094
57
1,993
3,967
1,282
837
389
664

339
468
126
75
8,108
65
1,856
4,158
985
902
341
940

Corrected.

Latest month available.
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

JULY 1948




885

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1948
May

Apr.

Bank of Paraguay—Monetary
dept. (thousands of guaranies):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund*
Paid-in capital—Int'l.Bank. . . .
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital

Mar.

May

715
721
,877 25,696
,709
2,709
-16
-16
,000 18,249
,958
,575
,218 45,686
,972
366
,628

Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchangel
Net claim on Int'l. Fund
Contribution to Int'l. B a n k . . . .
Loans and discounts to banks .. .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital

94 ,076
20 ,496
2 ,356
155 ,096
689 ,651
77 ,962
701 046
237 799
100

Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
National Bank of Rumania

1947

,870
,354
,547
6
,070
,779
396
,725
,829
,467

101
20
2
'86
660
'86
641
202
113

870
491
480
045
308
699
979
657
256

,428
,710
455
,299
475
,230
,878
,406
853

4,394 4,483
10,198 10,381
399
398
1,280
1,283
519
503
8,436
8,327
1,314
,256
6,382
,284
930
908

2

South African Reserve Bank
(thousands of pounds):
Gold »
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital.

109 ,541
75 ,063
86 ,287
7 ,474
63 844
207 ,632
6 889

ank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 5
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital

107,695
74,193
86,721
15,812
63,682
213,952
6,788

193
9
4
13
63
151
6

610
316
680
769
216
582
577

4

(Feb.)
1,215
500
15,908
10,476
3,448
25,781
1,102
3,898
766

,214
522
,884
,182
,079
,553
,431
,912
986

205
181

213
205

213
308

418
279

3,129
99
347

,977
111
361
,791
634
172
269

2,716
141
355
2,730
632
103
268

,322
118
526
,556
581
192
335

2,734
602
334
292

1948

Central Bank
(Figures as of last report
date of month)
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
,
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey6 (thousands of pounds):
Gold
Foreign exchange and foreign
clearings.
,
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital

May

Apr.

5,672
107
247
92
4,158
1,298
663

5,662
86
329
95
4,179
1,329
663

1947
Mar.

5,625
67
235
104
4,185
1,148
698

May

5,037
138
65
87
3,908
1,179
241

470,296 470,296 478,550 579,794
170,296
,501
630,241
,412
178,539
30,694
881,567
,530
153,021
,021
224,732
,307
220,746 215,017

197, 766 288,065
602,520 580,672
179,869
28,012
867,346 961,991
178,435
240
290,503
243,646 225,484

Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. Bank. .. .
Advances to State and government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital

54,737 24,604
183,113 138,779
261, 358 396,690
237, 099 223,226
64,224 43,152
267, 290 247,324
231, 339 350,689

Central Bank of Venezuela (thou
sands of7 bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation—Central Bank
National banks.
Deposits
Other liabilities and capital

705,510 643,347 684,054 617,912
39,389 136,620 63,973
670
84,607 75,192 75,653 62,296
637,783 632,557 617,532 498,006
3,406 3,574 3,713
5,726
171,446 165,664 145,978 141,120
16,870 53,363 56,457 36,025

National Bank 2of the Kingdom
of Yugoslavia
Bank for8 International Settlements (thousands of Swiss gold
francs):
Gold in bars
Cash on hand and on current
account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments. . .
Funds invested in Germany . . .
Other assets
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities and capital

(Jan.)*
287,803 290,991
12,628 13,008
318
314

99,241 120,673 122,429 82,712
35,286 40,781
374
497
31,323 30,006
7,695
9,478
83,857 70,431
297,197 291,160
2,893
1,164
17,585 17,592

42,637 24,943
251
496
23,846
15,913
58,414
291,160
1,161
17,650

26,326
13,368
64,594
291 ,160
2,503
18,107

49,076 57,783 48,463
8,970
4,270 5,918

9,303
3,381

228,909 228 ,909 228,909 228,909
259,808 252 ,205 251,819 246,402

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.
* Latest month available.
6
Includes small amount of non-Government bonds.
6
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.8
See BULLETIN for December 1936, p.




1025.

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.
193 7
May 10, 1 9 3 8 . . .
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939.
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 2 8 .
Oct. 26
Dec, 15
Jan. 25, 1940. .
Apr. 9
May 17
Mar. 17, 1 9 4 1 . . .
May 2 9 .
June 27
Jan. 16, 1945
Jan. 20
Feb 9
Nov. 7, 1946..
Dec. 19
Jan. 10, 1947.

Central
bank of —

United
Ger- Bel- Neth- Swe- SwitKing- France many
zergium erdom
lands den
land

3

2

4

2
4

2

IK

IK

Central
bank of—

Data
effective

Rate
June
30

Date
effective

21 1940
1, 1936
3, 1945
27, 1947
8 1940

Ireland:::...
Italy
Japan
Java
Latvia
..

Nov. 23, 1943
2H
Sept. 6, 1947
4.38 Apr. 26,1948
3
Jan. 14, 1937
5
Feb. 17, 1940

A u g 14 1946
8 1944
Feb

Lithuania:: ,
Mexico
Netherlands .
NewZealand.
Norway
Peru

6

Dec. 16, 1936
July 18, 1933
Apr. 1, 1939
Oct. 28, 1945

3V2 Jan. 15, 1946
June 8 1943
4
Oct. 15, 1946
1 1935
Oct
6, 1948
Feb.
7M

Portugal.;...
Rumania....
South Africa.
Spain
Sweden

9, 1947

Switzerland..
Turkey
United Kingdom
U . S . S . R.. . .
Yugoslavia. .

Albania
Argentina
Belgium

3

3

Rate
June
30

Mar.
Mar.
Aug.
Aug.
Nov

6

2K
2 V£

2

Bulgaria
Canada
Chile...

4
3

Costa Rica
Czechoslovakia

3

3
2

1 \L
3-4 K
4
3

July 15,
June 4,
June 27,
July 26,
Jan. 9,
Nov. 13,

1939
1942
1941
1941
1946
1947

2K

Jan. 12.
Mar. 25,
2,
June
Oct. 27,
Feb. 9,

1944
1948
1941
1947
1945

4

Nov. 26, 1936
July 1, 1938

2
4
1-4

Oct. 26, 1939
July 1, 1936
Jan. 1, 1947

6

3
2
3 ^A.

Denmark . . . .
Ecuador
El Salvador .

31Z

1%
9 1 /

1H

3

Finland

2K
3

&2H

Aug. 27
Oct. 9

A \ Z

1 1 /

France

Oct.

Germany
Greece
Hungary.:;...

Apr.
Aug
Nov.
Nov.

3K
10
5
3

9, 1940
16 1946
1, 1947
28, 1935

2K
35

2K

&3

In eff ect June 30,
194 8

2

&3

3

NOTE.—Changes since May 31: None.
3K

3K

2K

2H IK

OPEN-MARKET RATES
[Per cent per annum]

United Kingdom

Canada
Year and
Month

France

Netherlands
Treasury
bills
3 months

Day-today
money

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

Treasury
bills
3 months

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-today
money

.77
.50
.64
.74
.59
.54
.50
.39
.37
.37
.41

2.19
.59
.96
.59
.55
.55
.53
1.40
1.03
.03
.03
.03
.03
.03
.53
.53

.07
.50
.89
.51
.52
.53
.51
.36
.03
.01
.01
.01
.01
.01
.51
.51

1.91
.61
.88
.75
.75
.75
.75
.76
1.00
1.00
1.00
1.03
1.13
1.00
.63
63

3.42
2.55
1.38
1.84
.75
.74
.66
.73
.47
.25
.41

.90
1.59

.50
1.11

1.50
1.50
1.50
1.80
2.25
1.00
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

.41
.41
.41
.41
.41
.41
.41
.41

.53
.53
.53
.53
.53
.53
.53
.53

.51
.51
.51
.51
.51
.51
.51
.51

.63
.63
.63
.63
.63
.63
.63
.63

.46
.45
.51
.46
.44
.64
2.12
2.04

1.45
1.46
1.52
1.30
1.08
.95
.93
1.13

1.08
.86
1.09
1.00
.75
.95
.74
.53

1.25
1.25
1.25
1.25
1.25
1.38
1.38
1.38

.41
.41
.41
.41

.54
.56
.56
.56

.51
.50
.51
.51

.63
.63
.63
.63

2.02
2.00

1.28
1.38
1.45
1.38

.57
.78
.99
.93

1.50
1.50
1.50
1.50

1932—Apr..
1933—Apr..
1934—Apr..
1935—Apr..
1936—Apr..
1937—Apr..
1938—Apr..
1939—Apr..
1940—Apr..
1941—Apr..
1942—Apr..
1943—Apr..
1944—Apr..
1945—Apr..,
1946—Apr..
1947—Apr..
1947—May.
June.
July..

Aug..
Sept..
Oct...
Nov..
Dec.
1948—Jan...

Feb...
Mar..
Apr...

Bankers'
allowance
on deposits

Day-today
money

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.

JULY

1948




887

COMMERCIAL BANKS
Assets

United Kingdom »
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

Liabilities

Money at
call and Bills dis- Treasury
Loans to
deposit2 Securities customers
short
counted receipts
notice

Deposits

Other
assets

Total

Demand

Time

Other
liabilities
and
capital

1941—December.
1942—December.
1943—December.
1944—December.
1945—December.

366
390
422
500
536
499

141
142
151
199
252
432

171
198
133
147
369
610

758
896
,307
,667
,523
,560

999
,120
,154
,165
,234
,427

823
794
761
772
827
994

324
325
349
347
374
505

3,329
3,629
4,032
4,545
4.850
5,685

2,168
2,429
2,712
3,045
3,262
3,823

,161
,200
,319
,500
,588
,862

253
236
245
250
265
342

1947—May
June
July

460
464
475
479
465
468
488
502

430
451
442
455
472
466
476
480

659
672
699
724
758
825
799
793

,350
,330
,283
,248
,193
147
,196
,288

,470
,479
,488
,492
,493
,500
,500
,483

,099
,131
,139
,154
,155
,185
,205
,219

489
518
504
473
476
487
492
567

5,571
5,658
5,644
5,628
5,615
5,690
5,767
5,935

3,593
3,667
3,668
3,663
3,653
3,713
3,781
3,962

,978
,992
,975
,965
,962
,977
,986
,972

386
386
386
396
397
387
389
396

476
465
472
478

460
442
468
463

800
713
804
778

217
157
,153
240

,480
,485
,486
1,482

,231
,280
1,308
1,315

513
500
507
509

5,776
5,642
5,794
5,861

3,821
3,700
3,686
3,744

,955
,942
2,108
2,117

401
400
404
404

1946—December.

August . . .

September

October...
November
December.
1948—January. .
February .
March... .
April

Liabilities

Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Security
loans
abroad
and net Securities
Other
due from
Security loans
and foreign
loans discounts
banks

Entirely in Canada
Cash

Other
assets

Note
circulation

Deposits payable in Canada
excluding interbank deposits
Total

Demand

Time

Other
liabilities
and
capital

1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.

356
387
471
550
694
753

32
31
48
92
251
136

,169
,168
,156
,211
,274
,507

168
231
250
214
227
132

1,759
2,293
2,940
3,611
4,038
4,232

653
657
744
782
869
1,039

71
60
42
34
26
21

3,105
3,657
4,395
5,137
5,941
6,252

1,436
1,984
2,447
2,714
3,076
2,783

1,669
1,673
1,948
2,423
2,865
3,469

962
1,049
1,172
1,289
1,386
1,525

1947—May
June
October...
November
December.

631
637
645
670
663
702
695
731

81
106
99
82
83
93
92
105

,664
,709
,761
,805
2,027
1,931
2,065
1,999

113
126
119
116
113
102
107
106

4,162
4,131
4,110
4,109
3,963
3,882
3,850
3,874

998
1,041
1,036
1,014
933
1,156
1,051
1,159

20
20
20
19
19
19
18
18

6,066
6,152
6,170
6,186
6,193
6,283
6,279
6,412

2,383
2,508
2,481
2,412
2,387
2,531
2,569
2,671

3,682
3,644
3,690
3,774
3,806
3,753
3,710
3,740

1,563
1,578
1,580
1,591
1,570
1,563
1,562
1,544

1948—January...
February .
March... .
April

698
679
698
710

77
70
65
76

1,953
1,933
1,922
1,930

97
108
106
108

3,972
3,968
4,036
4,072

1,029
1,017
1,123
1,114

18
18
18
18

6,281
6,227
6,399
6,464

2,457
2,346
2,472
2,513

3,824
3,881
3,927
3,951

1,526
1,531
1,532
1,528

July

August . . .

September

(4 large banks. End
of monthfiguresin
millions of francs)

Liabilities

Assets

France

Cash
reserves

Due from
banks

Bills discounted

Loans

Deposits

Other

Total

Demand

Time

Own
acceptances

Other
liabilities
and
capital

1941—December
1942—December
1943—December
1944—December

6,589
7,810
8,548
10,365
14,602
17,943

3,476
3,458
4,095
4,948
13,804
18,919

61,897
73,917
90,897
99,782
155,025
195,177

8,265
10,625
14,191
18,653
36,166
64,933

2,040
2,622
2,935
2,190
7,360
23,392

76,656
91,549
112,732
128,758
213,908
291,894

75,744
91,225
111,191
126,578
211,871
290,004

912
324
1,541
2,180
2,037
1,890

413
462
428
557
2,898
15,694

5,199
6,422
7,506
6,623
10,151
12,777

1947—April
May
June
July

18,578
17,516
27,316
21,428
21,585
20,950
19,696
21,597
22,551

20,877
20,684
20,419
20,388
19,464
20,451
19,018
20,691
19,410

202,425
209,977
196,762
208,792
210,551
209,323
211,760
205,314
219,374

69,670
68,656
73,569
79,789
80,220
85,712
86,269
92,010
86,344

21,081
22,377
22,866
24,928
29,200
31,391
32,338
33,482
37,291

306,356
311,244
312,289
324,665
326,393
331,219
330,949
333,858
342,166

303,857
308,256
309,137
321,678
323,415
328,438
327,997
331,059
338,710

2,499
2,988
3,152

2,987
2,978
2,781
2,952
2,799
3,457

16,772
17,606
17,679
18,589
21,932
23,149
23,304
23,632
25,175

9,503
10,360
10,964
12,072
12,695
13,459
14,830
15,603
17,628

1948—January
February

31,004
29,111
36,687

28,345
30,800
27,214

230,986
250,402
260,660

100,960
98,196
101,565

28,604
29,248
32,114

384,403
401,930
419,991

379,194
396,683
414,629

5,210
5,247
5,362

25,218
25,123
26,173

10,278
10,704
12,076

1945—December
1946—December

August
September
October
November
December
March

1
From September 1939 through November 1946, this table represents aggregates offiguresreported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946,figuresfor all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at 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.




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.

Year or month

Argentina
(peso)
r»«; • i Special
Official
^
E

Australia
(pound)
Official

port

Belgium
(franc)

Free

In cents per unit of foreign currency]

Brazil
(cruzeiro1)
Official

Free

Canada
(dollar)
Official

Chile
(peso)
Export

China
(yuan
Shanghai)

5.1664 2 4.0000

25.313

Official

Free
2

1941
1942
1943
1944
1945
1946
1947

29.773
29.773
29.773
29.773
29.773
29.773
29.773

23.704
23.704
24.732
25.125
25.125
25.125
25.125

322.80 321.27
322.80 321.50
322.80 2321.50
322.80
2
322.80 '321.17
321.34
321.00

1947—July
August. . .
September
October. .
November
December.

29.773
29.773
29.773
29.773
29.773
29.773

25.125
25.125
25.125
25.125
25.125
25.125

320.90
320.92
321.12
321.19
321.15
321.21

2.2818
2.2821
2.2833
2.2830
2.2812
2.2789

5.4406
4406
4406
4406
4406
5.4406

100.000
100.000
100.000
100.000
100.000
100.000

91.652
91.998
90.362
89.989
89.589
88.359

1948—January..
February.
March
April
May
June

29.773
29.773
29.773
29.773
29.773
29.773

25.125
25.125
25.125
25.125
25.125
25.125

321.16
321.20
321.21
321.23
321.21
321.21

2.2784
2.2789
2.2793
2.2796
2.2798
2.2805

5.4406
5.4406
5.4406
5.4406
5.4406
5.4406

100.000
100.000
100.000
100.000
100.000
100.000

90.455
89.062
89.280
90.633
92.273
93.229

Finland
(markka)

France
(franc)

Hong
Kong
(dollar)

India
(rupee)

Italy
(lira)

30.137
30.122

5.0703

Colom- Czecho- Denbia
slovakia mark
(peso) (koruna) (krone)

Year or month
1941.
1942.
1943.
1944.
1945.
1946.
1947.

57.004
57.052
57.265
57.272

1947—July
August....
September.
October. . .
November.
December..

56.980
56.980
56.980
56.980
56.980
56.980

2.0060
2.0060
2.0060
2.0060
2.0060
2.0060

20.862
20.862
20.861
20.861
20.863
20.860

1948—January..
February.
March....
April
May
June

56.991
57.010
57.010
57.010
57.010
57.010

2.0060
2.0060
2.0060
2.0060
2.0060
2.0060

20.860
20.860
20.860
20.860
20.860
20.859

57.014
57.020
57.001

Year or month

2

2.2860
2.2829
2.2817

6.0575 5 .0705 90.909
6.0584 5 .1427 90.909
6.0586 5 .1280 90.909
6.0594 5 .1469 90.909
6.0602 5 .1802 90.909
6.0602
95.198
5.4403
100.000

Official

Free

22.0101

2

2.0060 220.876
2.0060 20.864

7

New
South
ZeaSpain
Norway PortuAfrica
gal
land
(krone) (escudo) (pound) (peseta)
(pound)
2

87.345
88.379
89.978
89.853
90.485
93.288
91.999

Mexico
(peso)

Netherlands
(guilder)

20.538
20,569
20.577
20.581
20.581
20.581
20.577

37.933
37.813
37.760

21.9711
.8409
.8407

30.122
30.122
30.122
30.155
30.164

.8407
.8405
.8407
.8407
.8404
.8403

30.171
30.171
30.167
30.169
30.176
30.177

20.575
20.582
20.578
20.576
20.576
20.575

37.760
37.753
37.751
37.762
37.768
37.699

6.8400
.4671
'.3270
.4671
.3270
.4671
.3277
.4671
.3272
.4671
.3268

30.172
30.168
30.168
30.169
30.169
30.169

20.576
20.575
20.575
20.578
20.574
20.573

37.654
37.714
37.750
37.765

Straits
Settlements
(dollar)
47.133
2 46.919

Sweden
(krona)

Switzerland
(franc)

.4434

United
Kingdom
(pound)
Official

2

2

Free

403.50 403.18
403.50 403.50
403.50 2 403.50
403.50
2403.50 '403.02
2 25.859 2 23.363
403.28
27.824 23.363
402.86

37.755
37.718

Uruguay
(peso)
Controlled

Noncontrolled

65.830
65.830
65.830
65.830
65.830
65.830
65.830

43.380
52.723
52.855
53.506
55.159
56.280
56.239

1941
1942
1943
1944
1945
1946
1947

322.54
322.78
324.20
324.42

323.46
322.63 2 20.176 2 4.0501
322.29 20.160
4.0273

398.00
398.00
398.00
398.00
399.05
400.50
400.74

1947—July
August
September.
October
November.
December.

322.18
322.20
322.41
322.48
322.44
322.50

20.160
20.159
20.158
20.159
20.159
20.159

4.0161
4.0257
4.0203
0240
3.9985
4.0088

400.75
400.75
400.75
400.75
400.75
400.75

9.132
9.132
9.132
9.132
9.132
9.132

27.827
27.826
27.822
27.823
27.825
27.826

23.363
23.363
23.363
23.363
23.363
23.363

402.71
402.73
403.00
403.10
403.05
403.13

65.830
65.830
65.830
65.830
65.830
65.830

56.259
56.203
56.204
56.204
56.204
56.204

1948—January..
February.
March....
April
May
June

322.45
322.49
322.50
322.51
322.49
322.50

20.159
20.160
20.160
20.160
20.160
20.158

0043
9700
9856
3.9966
4.0334
4.0345

400.75
400.75
400.75
400.75
400.75
400.75

9.132
9.132
9.132
9.132
9.132
9.132

27.825
27.826
27.826
27.826
27.825
27.824

23.363
23.363
23.363
23.363
23.363
23.363

403.07
403.11
403.13
403.15
403.12
403.13

65.830
65.830
65.830
65.830
65.830
65.830

56.198
56.180
56.180
56.180
56.180
56.180

1
2
8

2 4.0023

9.130

29.132
9.132

23.829 2 23.210

Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
i n the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
« The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July
1-19 is 5.1902, and for Jan. 1-July 19, 5.1860,
while the average for the new rate for July
25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
6
6
7
Based on quotations through
June 22.
Based on quotations through Jan. 23.
Based on quotations beginning Feb. 10.
8
9
Excludes Pakistan.
Based on quotations through June 10.
NOTE.—For back figures see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947 ,
p. 933; February 1944, p. 209; and February 1943, p. 201.

JULY

1948




PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbersi

Year or month

United
States
(1926 =
100)

1926
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—j u n e
m
July
August
September
October
November
December
1948—January
February
March
April
IVtay

....

Mexico
(1929 =
100)

Canada
(1926 =
100)

100

100

75
80
81
86
79
77
79
87

72
72
75
85
79
75
83
90

United
Kingdom
(1930 =
100)

France
(1938 =
100)

i 124

106

88
89
94
109
101
103
137
153

58
52
63
89
100
105
139
171

95
95
101
119
126
127
128
136

Italy
(1938 =
100)

Netherlands
(July 1938June 1939
= 100)

Sweden
(1935 =
100)

Switzerland
(July 1914
= 100)

132

150

i 126

144

99
103
110
133
140
155
173
183

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

Japan
(1933 =
100)

65
72
80
94
100
104
121
136
153

99
103
104
106
121
152

96
100
103
104
109
129

148
182
227
247
286
302

159
163
166
169
175
192

201
234
265
375
648
989

5* i61

197
209
233
308
1,599
5,103

148
151
154
157
159
160
163

128
129
131
134
139
143
144

297
293
292
298
304
306
303

190
193
194
195
199
203
204

904
888
1,004
1,096
1,129
1,211
1,217

5,329
5,779
5,889
6,202
6,010
5,647
5,544

3,456
4,871
6,503
6,960
7,833
8,599
8,863

270
272
271
272
274
277
280

199
199
199
202
203
204
205

222
223
223
224
230
232
232

166

147

302

212

147

304

217

147
149

1,463
1,537
1,535
PI 555
Pl.653

P5,391
P5,343
P5,318

9,144
9,288
9,480

279

161

161
163

207
••209
210
213

235
234

164

303
303

217
219

313

220

279

279
P279

234
234
P233

r
p Preliminary.
Revised.
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]

Year or month

United Kingdom
(1930 = 100)

Canada
(1926 = 100)

United States
(1926 = 100)
Other
Farm
commod- products
ities

Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods

Netherlands
(July 1938-June 1939 = 100)

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

130
131
133
134
139
143
145

116
116
117
123
128
131
132

166
168
167
165
167
171
172

203
207
209
213
218
221
222

205
207
204
205
213
227
236

323
337
338
339
339
341
342

277
276
276
277
277
279
279

148
147
147
150

137
137
137
137

174
181
181
182
182

235
237
239
241
243

235
233
232

340
340
339

279
280
280

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—June
July
August
September
October
November
December

178
181
182
186
190
188
197

162
167
172
179
178
178
178

131
133
136
138
140
142
146

125
126
126
127
129
133
137

1948—January
February
March
April
May

199
185
186
187
189

180
172
174
177
177

148
148
148
149
149

141
139
138
141

Foods

Industrial raw
products

Industrial
finished
products

Foods

Farm
products

Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

890



FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]

RETAIL FOOD PRICES
[Index numbers]

Year or
month

SwitzUnited
United
CanKing- France Nether- erlands
land
ada
dom
States
(June
(1935-39 (1935-39 (June 17 =(1938
100) (1911-13
= 100)
1947
= 100)
1914
= 100)
= 100)i
= 100)

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
3 101

1947-June
July
August
September
October. . .
November.
December.

191
193
197
204
202
203
207

158
160
161
165
171
174
179

U61
U01
99
100
101
103
103

941
974
L,089
1,187
1,309
L,378
:L.393

1948-January.. .
February..
March....
April
May

210
205
202
208
210

182
186
186
187
191

104
108
109
109

1,437
1,541
i1,518
P 1,524
V L ,541

'"ioo"
108
129
149
174
224
275
377
645
1 .043

120
127
130
130
150
177
191
198

United
SwitzUnited CanKing- France Nether- erStates
ada
dom
lands
land
(1935-39 (1935-39 (June 17 =(1938
(June
100) (1911-13
= 100)
= 100)
1947
1914
= 100)
= 100)i
= 100)

Year or
month

1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

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
«101

108
129
150
175
224
285
393
645
1,030

222 1947-June
July
221
August....
222
September
222
October. . .
229
November.
230
December.
230

157
158
160
164
164
165
167

135
136
137
139
142
144
146

1203
U01
100
101
101
103
104

935
965
1,068
1,157
1,268
1,336
1,354

217
217
218
218
223
223
223

230 1948-January...
February..
230
March....
229
April
229
May
P229

169
168
167
169
171

148
150
151
152
153

104
106
106
108

1,414
1,519
1,499
Pl.499
Pi,511

224
224
223
223

120
130
130
132
146
175
200
211
215
215
210
222

"ioo"

2 132
137
139
140
154
175
187
195

130
137
137
138
151
174
193
203
208
209
208
217

P223

P Preliminary.
i The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947 = 100 is
also the base period
used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
2
1947, 3 p. 255.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
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

United
Statesi
(high
grade)

Canada 2
(1935-39
= 100)

Number of issues. . .

12

(2)

United
Kingdom
(December
1921=100)

Netherlands *

United
States
(1935-39
= 100)

50

13

416

87

113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
1
103.2

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

1947—June
July
August
September. . .
October
November. . .
December....

104.6
104.7
104.5
103.6
101.1
99.6
97.9

118.6
119.3
119.2
119.0
118.8
118.5
117.9

1948—January
February. . . .
March
April
May

98.1
98.1
98.5
99.4
99.9

108.6
108.6
103.4
103.6
104.9

1939
1940
1941
1942
1943
1944
1945
1946
1947

France
(1938=
100)

114.2
114.2
M43.4
146.4
146.6
150.5
152.1
144.6
132.0

132.1
131.1
126.4
126.4
128.0
128.2
130.1
130.5
130.6
130.0
129.1
129.1

Netherlands 8
(1938=100)

278

>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
140
8 308
479
540
551
694
875
1,149

155.9
202.7

119.1
126.0
124.5
123.1
125.1
123.6
122.4

105.3
107.4
105.5
104.1
105.5
107.3
106.2

97.5
98.2
92.2
88.7
89.3
90.2
92.6

1,124
1,135
1,265
1,298
1,245
1,294
1,211

201.4
203.4
206.5
218.7
225.1
212.9
215.3

120.1
114.2
116.4
124.6
130.2

107.5
102.2
101.5
109.1
116.5

93.9
91.1
90.2
93.2
94.8

1,301
1,229
1,239
Pl.190
Pl.127

P225.4
P239.8

109.0
105.6

94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0

135.4
131.1
128.6
125.2
122.0
121.4
122.2

105.0
105.3
106.3
106.6
105.9
104.0
103.7

118.9
119.1
119.0
P119.1
P118.2

108.3
107.3
107.6

7

France *
United
Canada *
(1935-39 Kingdom (December
=100)
(1926=100) 1938= 100)
100

37

7

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 published
previously 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.
5
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique 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.

JULY 1948




891

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

ELLIOTT THURSTON, Assistant

CHESTER MORRILL, Special Adviser

to the Board

to the Board

OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary

WINFIELD W. RIEFLER,

Assistant

to the Chairman

DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director

EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director

DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director

LEGAL DIVISION
GEORGE B. VEST, General Counsel

J. LEONARD TOWNSEND, Associate General Counsel

J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant

Director

DIVISION O F PERSONNEL

DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director

RALPH A. YOUNG, Associate Director
BONNAR BROWN, Assistant Director

FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
ERNEST G. DRAPER
MARRINER S. ECCLES
R. M. EVANS
R. R. GILBERT
H. G. LEEDY
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
C. S. YOUNG
CHESTER MORRILL, Secretary

ADMINISTRATION

FRED A. NELSON, Director

DIVISION OF ADMINISTRATIVE

SERVICES

LISTON P. BETHEA, Director

GARDNER L. BOOTHE, II, Assistant Director

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,

BOSTON DISTRICT

First Vice President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. W I L L I A M S ,

PHILADELPHIA DISTRICT

JOHN H . M C C O Y ,

CLEVELAND DISTRICT

ROBERT V . FLEMING,

RICHMOND DISTRICT

Second Vice President
J. T . BROWN,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President

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

892



JAMES H . PENICK,

ST. LOUIS DISTRICT

HENRY E. ATWOOD,

MINNEAPOLIS DISTRICT

JAMES M . KEMPER,

KANSAS CITY DISTRICT

J. E. WOODS,

DALLAS DISTRICT

R E N O ODLIN,

SAN FRANCISCO DISTRICT

HERBERT V. PROCHNOW,

Secretary

FEDERAL RESERVE BULLETIN

CHAIRME1NI, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman

President
First Vice President

Boston

Albert M. Creighton
Harold D. Hodgkinson

Laurence F. Whittemore
William Willett

Robert B. Harvey2
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
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin
A. H. Laning3
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid

Philadelphia....
Warren F. Whittier

Vice Jr residents

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
Wm. G. McCreedy
P. M. Poorman3
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

Cleveland

George C. Brainard
Reynold E. Klages

Ray M. Gidney
Wm. H. Fletcher

Richmond

W. G. Wysor
Charles P. McCormick

Hugh Leach
J. S. Walden, Jr.

Atlanta

Frank H. Neely
J. F. Porter

W. S. McLarin, Jr.
L. M. Clark

Chicago..

John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sillier
W. W. Turner
Chester C. Davis
Paul E. Schroeder
Russell L. Dearmont
William H. Stead
Wm. H. Bryce
F. Guy Hitt
C. M. Stewart
R. E. Towle
J. N. Peyton
Roger B. Shepard
Sigurd Ueland
W. D. Cochran
0. S. Powell
Harry I. Ziemer
John Phillips, Jr.
H. G. Leedy
Robert B. Caldwell
G. H. Pipkin2
Robert L. Mehornay
Henry 0. Koppang
C. E. Sandy
D. W. Woolley
R. R. Gilbert
W. H. Holloway
E. B. Austin
J. R. Parten
Watrous H. Irons
R. B. Coleman
R. B. Anderson
W. D. Gentry
L. G. Pondrom3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
W. L. Partner
Albert C. Agnew
Brayton Wilbur
C. E. Earhart
C. R. Shaw
W. N. Ambrose
Harry R. Wellman
H. N. Mangels
H. F. Slade
D. L. Davis 3
W. F. Volberg
J. M. Leisner
0. P. Wheeler
PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Clarence W. Avery
Paul G. Hoffman

St. Louis
Minneapolis. . . .
Kansas C i t y . . . .

Dallas

San Francisco.. .

VICE
Federal Reserve
Bank of

Branch

C. S. Young
Charles B. Dunn

Federal Reserve
Bank of

Chief Officer

New York

Buffalo

Cleveland.

Cincinnati
Pittsburgh

I. B. Smith4
B. J. Lazar
J. W. Kossin

Richmond

Baltimore
Charlotte

W. R. Milford
R. L. Cherry

Atlanta. . .

Birmingham
Jacksonville
Nashville
New Orleans

P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris

Chicago..

Detroit

E. C. Harris

St. Louis.

Little Rock
Louisville
Memphis

C. M. Stewart
C. A. Schacht
Paul E. Schroeder

1

JULY

Also Federal Reserve Agent.
1948




1

P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel<B. Fort, Jr.
Allan M. Black2
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
C. A. Schacht
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes

Cashier.

Branch

Minneapolis. . . . Helena

Chief Officer
R. E. Towle

Kansas City

Denver
Oklahoma City
Omaha

G. H. Pipkin
R. L. Mathes
L. H. Earhart

Dallas

El Paso
Houston
San Antonio

C. M. Rowland
W. H. Holloway
W. E. Eagle

San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle

* Also Cashier.

4

W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

General Manager.

893

FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained from
ports, and introduction reviewing the monetary
the Division of Administrative Services, Board of
history of Paraguay. July 1946. 170 pages*
Governors of the Federal Reserve System, Wash$1.00 per copy.
ington 25, D. C. Remittance should be made pay- RULES OF ORGANIZATION AND RULES OF PROCEDURE
able to the order of the Board of Governors of the
(Board of Governors of the Federal Reserve SysFederal Reserve System.
tem). September 1946. 31 pages.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Laborador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $9.00 per
annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937. Digests of

Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.

Statistics of

T H E FEDERAL RESERVE ACT, as amended to Novem-

ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.

Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES.

No.
No.
No.
No.
No.
No.

(8 pamphlets)

1. Jobs, Production, and Living Standards,
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public

Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet^
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per DEBITS AND CLEARINGS STATISTICS, THEIR BACKcopy. No charge for individual sections (unGROUND AND INTERPRETATION. October 1947. 50
bound).
pages. 25 cents per copy; in quantities of 10 or
PROVISIONS OF STATE LAWS RELATING TO BANK R E more copies for single shipment, 15 cents each.
SERVES as of December 31, 1944. 1945. 30 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE
MONETARY AND BANKING REFORM

IN PARAGUAY.

Includes translation of laws, accompanying re* A more complete list, including periodical releases and reprints, appeared on pp. 750-53 of the June 1948 BULLETIN.

894




FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.
DISTRIBUTION

OF BANK

DEPOSITS

BY COUNTIESJ

December 31, 1947. July 1948. 122 pages.
FEDERAL RESERVE BULLETIN

FEDERAL RESERVE
REPRINTS

THE

(From Federal Reserve Bulletin except as otherwise indicated)
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-

MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.

Young and Duncan McC. Holthausen.
1947. 9 pages.

March

DEBT BY BANKS. April 1947. 4 pages.

N E W GUATEMALAN BANK LAW, by David L. Grove.

April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
REVISION OF WEEKLY STATISTICS FOR MEMBER
BANKS IN LEADING CITIES. June-July 1947. 9

pages.
From the June,

July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL

CREDIT SURVEY—1947, by Katharyne

P.

Reil, from July 1948 BULLETIN with supplementary information for nine separate trades. 40
pages.

(Also,

RETAIL

CREDIT SURVEY—1943,

1944, 1945, and 1946, from the June 1944, May
1945, June 1946, and July 1947 BULLETIN, with
supplementary information for separate trades.)
BUSINESS LOANS OF MEMBER BANKS.

May, June, July, and August
BULLETIN.

From March,

1947 issues of

80 pages.

T H E BRITISH CRISIS.

September 1947. 12 pages.

FINANCIAL POSITION OF MANUFACTURING AND TRADE
IN RELATION TO SIZE AND PROFITABILITY, 1946,

by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-

TISTICS. September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke

Knapp and F. M. Tamagna.
8 pages.

CURRENT INFLATION PROBLEM—CAUSES AND

CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
BANK LOANS TO FARMERS.

September 1947.

December

From the October and

December 1947 issues of BULLETIN.

36 pages.

BANKING ASSETS AND THE MONEY SUPPLY SINCE

1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE

METHODS OF RESTRICTING MONETIZATION OF PUBLIC

SURVEY OF CONSUMER FINANCES.

PUBLICATIONS

REQUIREMENT

AGAINST THE DEMAND AND T I M E DEPOSITS OF

BANKS, by Marriner S. Eccles.
10 pages.

January 1948.

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 Marriner S. Eccles on April 13,
1948. 7 pages.
WHAT ABOUT MONEY AND CREDIT?

Address by

M. S. Szymczak on May 7, 1948 at the 55th
Annual Convention of the Alabama Bankers
Association. 7 pages.
NEW

COMMERCIAL BANKING OFFICES, 1936-1947,

by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE and
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION

FINANCING, by Charles H . Schmidt. June 1948.
19 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. June 1948. 2 pages.
1948 SURVEY OF CONSUMER FINANCES—I. EXPENDITURES FOR DURABLE GOODS. June 1948. 15 pages.
1948 SURVEY OF CONSUMER FINANCES—II. T H E D I S TRIBUTION OF CONSUMER INCOME IN 1947. June

1948. 8 pages.
1948 SURVEY OF CONSUMER FINANCES—III. CONSUMER OWNERSHIP AND USE OF LIQUID AND N O N -

LIQUID ASSETS.

July 1948. 15 pages.

FINANCIAL POSITION AND BUYING PLANS OF CON- SALES FINANCE COMPANY OPERATIONS IN 1947, by

SUMERS, July 1947. October 1947. 4 pages.

JULY 1948




Milton Moss. July 1948. 6 pages.

895

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

w
o
w

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES

OCTOBER I, 1940
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