Full text of Federal Reserve Bulletin : July 1949
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ESERV
FEDERA
BULLETIN
JULY 1949
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
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
Recent Changes in Production and Prices. .
763-775
Statements on Recent Federal Reserve Policy Actions. .
Revision in Bank Examination Procedure. .
776
776-777
1949 Survey of Consumer Finances—Part III. Distribution of Consumer Income
in 1948
778-792
Estimated Liquid Asset Holdings of Individuals and Businesses.
793-794
Third Annual Report of the National Credit Council of France.
795-796
Law Department.
797-798
Current Events and Announcements
798
National Summary of Business Conditions.
799-800
Financial, Industrial, Commercial Statistics, U. S. (See p. 801 for list of tables)
801-862
International Financial Statistics (See p. 863 for list of tables) .
863-881
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
882
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Publications.
Map of Federal Reserve Districts
883
884-885
886
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FEDERAL
VOLUME 35
RESERVE
July 1949
BULLETIN
NUMBER 7
RECENT CHANGES IN PRODUCTION AND PRICES
Last year, as a result of increases in supplies of both agricultural and industrial
products—and also of the satisfaction of
many deferred demands—price changes became much more selective than they had been
during the long period of widespread postwar shortages. Since late last summer, there
has been a marked decline in demand for
goods, and prices at wholesale have decreased
considerably. Since autumn, production and
employment have been materially reduced at
factories, at mines, and on railroads, while
elsewhere in the economy they have been
generally maintained at earlier high levels.
The reduction in demand has been mostly
in private domestic demand. Government
demands quite generally have risen further
and declines in some foreign demands in
this period have been largely offset by increases in others.
Last autumn consumer demand stopped
increasing and then declined, particularly
for housefurnishings and meats. On the
whole, however, consumer demand for goods
has continued not far below the peak level
of the postwar period. Retail sales of new
passenger automobiles have risen to an exceptionally high level as more cars have become available. Average consumer prices
have shown only small decreases as moderate declines which have occurred, chiefly
in food, clothing, and housefurnishings, have
been offset in part by increases in rents and
JULY
1949
other services. Personal savings out of current income increased substantially in the
latter part of 1948 and also in the first quarter of 1949, despite a decline in the first quarter in personal income after taxes. Subsequently savings appear to have declined
about as much as income but the savings rate
in the second quarter apparently was still
high relative to most prewar periods. Liquid
asset holdings of individuals have continued
at a very high level.
As a consequence of less urgent consumer
demand and also of earlier developments
within the business sector of the economy,
business demands have declined sharply this
year. In considerable part, reductions in demand of business enterprises have reflected a
widespread shift in inventory policy—as
shortages have disappeared many producers
and distributors have tried, with considerable
success in recent months, to reduce rather
than increase inventories. This shift has been
important in the widespread downward adjustments in industrial activity. In part, also,
the declines in business demand have represented a reduction from earlier high levels
in the placing of new orders for plant and
equipment, especially by manufacturing concerns and railroads. Machinery production
has been reduced, particularly during the
second quarter of 1949. There has been a
decline in the volume of new business construction being undertaken. Many postwar
763
RECENT CHANGES IN PRODUCTION AND PRICES
expansion programs have been completed
Market developments in the early part
and some of the incentives for starting new of July included some increases in nonferrous
projects have been diminished. Declines in metal prices, which earlier had declined onetakings of final products by producers and third to one-half from exceptionally high
consumers, in inventory requirements, and levels at the end of 1948. Steel scrap prices
in production for inventory, it may be noted, continued at the reduced level of mid-June,
have been partly dependent on each other down more than one-half since the beginning
and on developments in the field of prices. of the year.
Demands for goods and services on the
CHANGES IN TOTAL PRODUCTION AND
part of Government agencies—Federal, State,
EMPLOYMENT
and local—have increased further. The
As a result of reductions in output and
main increases have been in defense and
transportation
of industrial commodities,
foreign aid programs and in public construction of schools, hospitals, and the like. To and of price declines, the gross national outsome extent Federal price support action has put of goods and services was reduced from
held up farm income, and Government pro- a peak annual rate (seasonally adjusted) of
grams, principally for unemployment com- 265 billion dollars in the fourth quarter of
pensation, have partially offset declines in 1948 to a rate of 256 billion in the first quarter
of 1949, according to the Department of
nonfarm income.
Exports of goods, in considerable part fi- Commerce. It appears that there was a furnanced by the United States Government, ther substantial reduction in the second
have remained at a high level. Abroad, quarter, making a total decrease of perhaps
however, increases in supplies, together with 15 billion dollars or 6 per cent from the
some reductions in demand, have been re- fourth quarter of 1948 to the second quarter
ducing inflationary pressures and raising im- of 1949. In physical volume the decline was
portant questions concerning the availability less than this. Also, in this period the deof markets, the continuance of current price cline in physical volume of gross national
levels, and the maintenance of foreign de- product was less than half as large, percentmand for goods produced in the United agewise, as the decline in industrial production—output at factories and mines.
States.
Industrial production in June was about
As a consequence of the widespread
changes which have occurred in the supply- one-eighth below the peak reached last
demand situation, the general average of autumn. Changes in this field are discussed
wholesale commodity prices in the United in some detail in the section following this.
Activity in the construction field as a
States at the end of June was down 10 per
cent from the peak of last August. Con- whole has been maintained close to earlier
sumer prices of goods and services were levels. In the aggregate, private projects
down about 3 per cent. Values in capital have been down from a year ago and public
markets have not shown marked changes, al- projects up. Private residential building in
though farm land values have decreased recent months has shown a more than seaslightly since last November and there ap- sonal rise from the reduced level of last
pears to have been some easing in urban autumn and winter, and by June the number
real property values.
of new housing units started was up to the
764
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN PRODUCTION AND PRICES
high level of a year ago. Public utility construction has risen further. Prices of building materials have been lowered appreciably
and the easing of supply conditions for materials and labor has made possible additional
cost reductions through greater efficiency of
operation.
In agriculture, output of crops this year
will be close to the high level of 1948, if
average growing conditions prevail during
the remainder of the season. Feed supplies
are ample and output of livestock products,
which so far has been slightly above the
moderate level of a year ago, is expected to
increase further in the latter part of this year.
Prices of agricultural products at the farm
are down 15 per cent from year-ago levels,
but for many products the decline has been
limited by Federal price support action.
With a reduction in total output of goods,
the volume of freight being transported is
down from earlier high levels. Most of the
decline has been in rail freight traffic.
Passenger traffic, except on the airlines, has
also decreased while private auto transportation has continued to increase.
The decline in production and transportation has been accompanied by declines in the
number employed and reductions in the
working hours of many of those employed.
Layoffs and shorter hours have occurred
chiefly at manufacturing and mining establishments and on railroads. In the construction industry, public utilities, and other nonagricultural lines, employment has continued
near earlier record levels. Total nonagricultural employment in the middle of June
was below last autumn by about 4 per cent
on a seasonally adjusted basis and 5 per cent
on an unadjusted basis. The number unemployed, which reflects changes in the labor
force as well as in all types of employment,
according to the Census figures was about
JULY 1949
3.8 million in early June as compared with
2.2 million a year ago. Claims for unemployment insurance later in June showed little
change.
DECLINE IN INDUSTRIAL PRODUCTION
The physical volume of industrial production—output at factories and mines—has
declined markedly from the near-capacity
levels which prevailed from the latter part
of 1947 to the latter part of 1948. The Board's
seasonally adjusted index in June is estimated at 169 per cent of the 1935-39 average
as compared with 195 last November—a reduction of 13 per cent in 7 months. The
decline was gradual through February and
fairly rapid from March to June, as is shown
on the chart. For the period since November, declines in industrial output have been
quite general except for the aircraft, automobile, newspaper publishing, and food
industries.
INDUSTRIAL PRODUCTION
PHYSICAL VOLUME. SEASONALLY ADJUSTED. 1 9 3 5 - 3 9 •
1939
1949
NOTE—Monthly figures. Latest figures shown are estimates
for June. For listing of groups included in each of the lines
shown see table on page 766.
In some industries, including apparel wool,
rayon textiles, paperboard, petroleum, and
lumber, marked curtailments earlier have
been succeeded, beginning in April or May,
by little change or some increase. On the
765
RECENT CHANGES IN PRODUCTION AND PRICES
other hand, output in certain other lines
which showed little reduction or rose during
the winter has recently declined quite rapidly. Steel is a conspicuous example, with
ingot output rising to a peak of 103 per cent
of capacity in March and declining since
then to a scheduled rate of 78 per cent in
mid-July.
The magnitude of the over-all decline in
industrial output, the length of the period
over which the reduction has extended, and
the broad incidence of declines throughout
industry reflect a marked weakening in
markets for industrial products since the
latter part of 1948. This weakening has been
evident also in price reductions for industrial
goods, and especially for materials. The
decline in demand has resulted to some degree from smaller purchases of finished
products by ultimate users and in part from
a sharp shift in inventory policies of many
distributors and manufacturers. The decline
in demand from ultimate users has come at
different times in different lines—last autumn
for some consumer goods, last winter for railroad freight cars—and the significance of
declines in new orders in many instances
has been difficult to appraise promptly because of the large volume of unfilled orders
on hand.
In June output in industries manufacturing
nondurable goods was down about 10 per
cent from the November level; in the durable
goods group, 15 per cent; and at mines, 16
per cent. Most of the 10 per cent decline
in nondurables had occurred by April while
half of the decline in durables came after
April. Output of minerals was particularly
low in June, as it had been in March, as a
result of work stoppages at coal mines.
The levels of total industrial production
and of production in these broad divisions
of industry in June were about the same as in
766
the middle of 1946, the early part of the postwar expansion period. They were still substantially above the levels of any prewar year
except 1941, both in the aggregate and per
capita.
Estimated June levels relative to the 1935-39
average are shown for all the major industry
groups in the accompanying table. So also
are percentage changes in the various groups
since November and the effects of these
changes on the total index.
INDUSTRIAL PRODUCTION
[Adjusted for seasonal variation; 1935-39 = 100]
Indexes
Change to June
1949 from
November 1948
Industry group
In
June Nov. per
1949 1948 cent
In
points
in total
index
-25.2
Industrial production
169
195
-13
Manufactures
176
201
-12
-21.2
Durable manufactures
194
229
-15
-13.3
135
179
226
124
183
239
187
224
276
145
203
238
-28
-20
-18
-14
-10
0
-1.5
-5.0
-5.5
-0.9
-0.6
+0.1
161
178
-10
-7.9
124
144
179
231
203
155
102
170
164
164
169
203
257
227
156
102
170
159
-24
-15
-12
-10
-10
-1
0
0
-4.4
-0.8
-0.3
-1.6
-0.5
-0.1
0
0
+0.5
134
161
-16
-4.0
99
155
121
147
177
121
-33
-13
O
-2.1
-1.9
0
Nonferrous metals
and products 1
1
Iron and steel
1
Machinery
Lumber and products
Stone, clay and glass products..
Transportation equipment 1 . . . .
Nondurable manufactures2
1
Textiles and products
1
Paper and products
1
Rubber products
'.
.
Chemical products
Petroleum and coal products 1 . .
Printing and publishing
Leather and products
Tobacco products
Manufactured food products.. .
Minerals
Coal1
Crude petroleum1
Metals
+3
1
2
Seasonally adjusted figures same as unadjusted.
Includes also alcoholic beverages, not shown separately.
NOTE.—June 1949 figures largely estimated.
Recent stability in nondurables. Output
of nondurable goods apparently has leveled
off in May and June following a large decline
in the preceding five months. Activity in
textile, paper, rubber, chemical, and petroleum products industries, which had been
substantially curtailed earlier, has shown
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN PRODUCTION AND PRICES
a smaller decline or little change since April,
and output of most other nondurable goods,
mainly foods, has continued at a high level.
In a few industries, notably apparel wool
and rayon textiles, output has shown some
recovery from the sharply reduced April rate.
As shown in the table, the production curtailments in the textile industries accounted
for about half the total decline in nondurable
manufactures after last November. At that
time output in the textile industries was already almost 10 per cent below the exceptionally high levels at the beginning of 1948,
because of substantial decreases in some divisions of the cotton and apparel wool industries. Subsequently, as demand weakened
further, declines in these industries spread.
Also, beginning in the first quarter of this
year, there were substantial cutbacks in activity in the wool carpet and rayon industries,
where output had increased until last
autumn. By April activity at wool and
cotton textile mills was 35 per cent below
earlier postwar peak levels and not far above
the 1935-39 level. Output of rayon textiles,
although greatly reduced, was still about
double the 1935-39 rate.
The large decline in chemicals reflected
chiefly abrupt curtailments at rayon fiber
and yarn mills this spring and smaller decreases in production of many other chemicals
for industrial use. Petroleum refining activity declined from the record level at the end
of 1948 mainly because of smaller demand
for fuel oil for industrial and heating purposes. Gasoline production was somewhat
reduced early this year but has advanced
again in recent months. In the rubber products industry, tire production declined last
winter, mainly because of reduced replacement demand, but in recent months has increased again; activity in most other rubber
consuming lines has declined considerably
JULY 1949
since last November. Output of paperboard
and most types of paper fell considerably last
winter from earlier record rates and, except
for paperboard, production in this group has
since continued downward. Because of increased newspaper advertising, newsprint
consumption has continued to expand, limiting the decline in the printing and publishing
group.
Further mar\ed declines in durables. In
all groups of durable goods industries except
transportation equipment, output in June
was much lower than in November. During the winter activity was reduced in a
number of metal fabricating lines and in the
lumber and furniture industries, reflecting
a slackening in final demand for building
supplies and many consumer durable goods
together with a shift in inventory policies.
Output of most other durable goods, however, was maintained at high levels during
the winter or, as in the case of basic metals,
increased. Most of the decline for machinery and nonferrous metals and products and
all of the decline for iron and steel has come
since March.
Machinery and transportation equipment.
Over-all activity in machinery industries in
June apparently was at a rate about 18 per
cent lower than last fall, reflecting decreases
in output of a wide range of products including household equipment such as washing machines and refrigerators as well as industrial equipment such as machine tools
and textile machinery. Output of farm machinery has shown little decline.
With automobile production increasing
and aircraft production being maintained,
activity in transportation equipment industries as a group showed little change from
November 1948 to June, despite a substantial
decline in shipbuilding and, very recently,
in railroad equipment production. Al767
RECENT CHANGES IN PRODUCTION AND PRICES
though few new orders for freight cars were
placed after the end of the year, the backlog
of orders was large and deliveries continued at a record rate through April before
showing any decrease.
Output of passenger automobiles, which
had been considerably limited in earlier postwar years by material shortages when many
other consumer durable goods were being
produced in record volume, has continued to
advance since last November and in June
was close to an all-time record rate. Production during the first half of 1949 totaled
2.4 million vehicles as compared with 1.8 million in the corresponding period of 1948 and
the earlier record number of 2.8 million cars
produced in the first half of 1929. Output of
small trucks mainly for commercial use has
been maintained at a high level. Production
of heavier trucks, however, and of automobile replacement parts has contracted, and
total activity in the automobile industry has
increased only moderately since last autumn.
Iron and steel. Steel production, which had
reached a new high last November, continued to rise during the winter and in March
was at the highest rate on record—103 per
cent of current capacity of 96 million tons
per year. Shipments of finished steel continued at advanced levels to that time, partly
because of a sustained high level of output
in most steel consuming lines and partly because steel consuming industries and distributors were replenishing and building up
their stocks of steel, which they had been unable to do earlier when demand for steel for
current use had been in excess of supply.
Premium prices for many steel products persisted for a time and some consumers could
obtain supplies only by costly arrangements
for buying ingots produced at one point and
having them processed elsewhere.
Some easing and then definite weakening
768
in the steel situation became evident after
the turn of the year when purchases of steel
scrap by steel companies were curtailed and
prices for scrap dropped sharply. Later developments in markets for finished steel and
evidence of spreading reductions in activity
in some important steel consuming industries confirmed this indication of a weakening in the steel market, and after the middle
of March steel output began to be reduced.
Steel mill operations in June were at 82
per cent of capacity, down about one-fifth
from the March rate. Output of electric
steel declined most rapidly and in June was
three-fifths below the peak level.
The course of dollar sales (shipments),
stocks, and new orders of companies classified
in the iron and steel group, as reported by the
Department of Commerce, is shown from
1946 to date in the left panel of the chart.
Sales and stocks in the transportation equipment and machinery groups and new orders
SALES AND STOCKS IN METAL INDUSTRIES
1946
1947
1948
1946
1947
1948
1949
NOTE.—Department of Commerce data. Stocks (book value
of inventories) relate to end of quarter, and sales and new
orders are quarterly averages. Latest sales and orders figures
shown are preliminary averages for April and May only, while
stocks data are preliminary for end of May. Sales and stocks
for transportation equipment represent Federal Reserve combinations of "automobiles and equipment" and "transportation
equipment, except automobiles" and for the machinery group,
of 'electrical machinery" and "machinery, except electrical."
The level of the indexes for new orders compared with 1939,
and with the corresponding sales and stocks levels, may be
altered materially as a result of revisions now under way.
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN PRODUCTION AND PRICES
in the machinery group are shown in the
right panel. Changes shown are affected
by price changes such as the marked increase
in prices for steel products last summer. The
decline in sales shown for the iron and steel
group for the first quarter reflects decreases
in shipments of fabricated products such as
heating and plumbing equipment. Slackening in demand for such products was probably also reflected in early declines in new
orders received by companies in such industries in the iron and steel group.
Nonferrous metals. Output of nonferrous
metals and fabricated products in June was
about one-fourth below last November, although at that time output of copper and lead
was reduced by strikes and aluminum production was limited by electric power shortages. During the winter, with elimination
of these difficulties, production increased
considerably, partly in the expectation that
an expanded volume of Government purchases for stockpiling would largely offset
the decline in private demands that was
developing.
This spring, buying of copper, lead, and
zinc came to a standstill as growing curtailment in output of many types of products
using these metals indicated that prices of
nonferrous metals, some of which had risen
to very high levels, would fall. Activity was
being curtailed at both the initial fabricating
stages, such as brass mills and foundries, and
at plants making finished products, such as
electrical machinery, watches, and batteries.
Although prices of refined nonferrous
metals were reduced beginning in early
March, buying continued at a low ebb because stocks of copper, lead, and zinc held
by fabricators were still sizable and also because buyers expected further price declines,
which later did materialize. By May shipments of these metals to fabricators had deJULY 1949
clined 40 per cent to the lowest levels since
1939. In June there was ^ome recovery in
such shipments.
After April refinery output of these
metals as a group was reduced. Virgin
aluminum production, however, advanced
further and in May was at a new postwar
peak rate, 9 per cent higher than last
November.
Building materials. Output of many building materials including fabricated metal
products showed much more than the usual
seasonal decline last winter as a result of
earlier increases in stocks and some reduction
in demand, mainly for private residential
and industrial building. Since the beginning of this year changes in lumber production have been largely seasonal, with output
about 10 per cent below a year ago. Output
of cement and some other building materials
has been maintained at advanced levels partly
as a result of an expanding volume of highway and other public construction.
Curtailed output at mines. Output of
minerals in June was estimated to be at a
rate about 16 per cent below last autumn's
level. Output was at a particularly low level
in June, as in March, because of extended
work stoppages at coal mines. In other
months this year, however, coal production
has been at a level about 10 per cent below
that of last autumn and curtailed output
generally has reflected reduced domestic and
export demand for coal. Crude petroleum
production by April was curtailed 12 per cent
as demand for petroleum products other
than gasoline dropped sharply. In May and
June petroleum output showed little change
but in early July declined further. Output
at nonferrous metal mines was curtailed in
May and June, but the June level was still
above that of last November, when output
was reduced by work stoppages. Iron ore
769
RECENT CHANGES IN PRODUCTION AND PRICES
output has been at exceptionally high levels
this spring despite curtailment in pig iron
production.
however, most makes of new cars were
being sold about as rapidly as they could be
produced. Consumer purchases of other
durable goods, chiefly furniture and houseMODERATE REDUCTION IN RETAIL TRADE
hold appliances, declined last autumn and
During the second quarter of 1949 con- then through June remained substantially
sumer purchases of goods were below the below the exceptionally high levels reached
postwar peak rates reached in the third quar- in 1948.
ter of 1948 by 4 or 5 per cent. The over-all
Dollar sales of furniture at department
decline in physical volume was smaller than stores during the April-June quarter were
this. Consumer expenditures for services about one-eighth below the corresponding
continued to rise.
period a year ago; floor coverings were off
At department stores, according to the about one-fifth in the same period. Sales of
Board's seasonally adjusted index shown on refrigerators and other major household apthe chart, sales decreased one-tenth from a pliances during the first quarter of 1949 were
level of 310 per cent of the 1935-39 average at a level more than one-third below the
last summer to around 280 in February and corresponding period a year ago; during the
March, rose to about 294 in April and May, second quarter they increased. In June the
and were estimated to be 284 per cent in June. sales of these products were about one-fourth
DEPARTMENT STORE SALES AND STOCKS
below year-ago levels but still far above prewar. Total sales of radios, phonographs, and
television sets at department stores were
above year-ago levels as a further sharp expansion
for television sets more than offset
250
declines in other items. Dollar sales of
clothing and other semidurable goods, which
200
make up the bulk of department store trade,
were generally maintained at close to last
year's levels, partly through the offering of
better values than before to consumers.
1948.
The failure of consumer outlays for goods
NOTE.—Monthly figures, June sales estimated. The latest
to increase last autumn as they had earlier
figure for stocks is as of the end of May.
reflected an important shift in the demand
The total value of retail trade decreased situation and in turn contributed to declines
to a smaller extent than department store in prices and activity. In some lines, such
sales, owing chiefly to relatively slight reces- as household appliances, curtailments in consions in sales at food stores and to a further sumer purchases from earlier exceptionally
marked rise in output and sales of new pas- high levels have had important direct effects.
senger cars. Demand for new and used cars Reduced consumer purchases of goods have
during the autumn and winter showed some also tended to discourage business accumuseasonal decline for the first time in the lation of inventories and expansion of propostwar period. From March through June, ductive capacity.
DOLLAR VOLUME,SEASONALLY ADJUSTED, 1935-39' 100
1942
1943
770
1944
1945
1946
1947
1949
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN PRODUCTION AND PRICES
LARGE REDUCTIONS IN BUSINESS PURCHASES
While consumer purchases of goods have
been reduced only moderately and Government purchases of goods have increased this
year, there has been a marked decline in private business purchases. Distributors and
manufacturers became more concerned by
the prospects of inventory losses as the decline in prices spread and sharp breaks developed in a number of markets. In addition
the outlook for earnings from current operations was being adversely affected by the
prospect of reduced rates of activity and the
development of competitive pressures.
The most pronounced curtailment in business demand has been evident in manufacturers' orders for raw and semifinished materials and in orders for capital equipment
on the part of manufacturing, mining, railroad, and communication companies. This
downward movement has had a major impact on the metal industries in recent months.
While the average level of expenditures for
capital goods in the second quarter had fallen
only moderately from the peak level reached
in the latter part of 1948, production of many
of these goods had occurred in part in an
earlier period and orders had been placed
even earlier. Marked reductions in manufacturers' purchases of materials have occurred this year not only for ferrous and
nonferrous metals but also for other materials
such as lumber, woodpulp, and textile yarns
and fabrics.
As supplies have become more readily
available and demand has declined from
postwar peak levels, wholesale and retail
distributors have reduced their purchases,
partly because their own sales were being
reduced and partly because they wanted to
shorten their total commitments in the form
of inventories and outstanding orders. Last
JULY 1949
winter and spring commitments in many
lines were being reduced and buying was
in restricted volume. Distributors specializing in housefurnishings and construction
items, for example, apparently reduced their
commitments considerably. On the other
hand, total department store purchases since
last autumn have been not far below current
sales, allowing for seasonal differences. By
last November department stores had already
reduced their total commitments sharply
from the high levels prevailing two years
earlier by cutting down their outstanding;
orders much more than they increased their
inventories. At the end of May total commitments of department stores were about
the same in relation to sales as they were in
the corresponding month of 1940.
Cutbacks in business buying in order to
reduce commitments have lowered outstanding orders—and their counterpart, unfilled
orders—very greatly in many lines. Changes
in inventories have been diverse, but beginning in April total business inventories
have been reduced at a fairly rapid rate. The
decline in the physical volume as well as the
dollar amount of business inventories during
the second quarter appears to have been
greater than the increase which occurred in
the first quarter.
RECENT PRICE DECLINES
Since last summer wholesale prices have
generally receded from the record high levels,
reached at that time, reflecting a marked shift
in the over-all demand-supply situation after
seven years of war and postwar shortages in
this country. Last autumn and winter
important declines occurred in prices of farm
products and of related foods. From February to May of this year prices of thesecommodities recovered somewhat, but decreases in industrial commodities became
771
RECENT CHANGES IN PRODUCTION AND PRICES
widespread and a very rapid decline developed in prices of all scrap metals and of
most refined nonferrous metals. In June
farm products and foods decreased again
and the general wholesale price index of
the Bureau of Labor Statistics at the end
of the month was 153 per cent of the 1926
average as compared with nearly 170 last
August. The index was thus down 10 per
cent but it was still higher than in mid-1947
and about 90 per cent above the 1935-39
average.
Prices of basic commodities, as measured
by the Bureau of Labor Statistics index of
28 items, were down considerably more than
the average level of all commodities—about
30 per cent from last August and 35 per cent
from their peak at the end of 1947. Prices
of a number of these basic commodities in
June were close to the levels prevailing prior
to the elimination of wartime price controls
in 1946. Some others were back to prewar
levels. A few other commodities had shown
little decline from postwar peaks. For a number of foodstuffs, and also for certain industrial materials like cotton and turpentine,
decreases since last summer have been limited by Federal price support action.
Owing in part to the downward tendencies
in domestic demand and increased competition in foreign markets, prices of exports
have generally been reduced since last
summer. Prices of imports have shown less
uniformity of movement during this period
as some commodities like cocoa, copper, and
rubber have fallen sharply, while prices of
others such as coffee, sugar, hides, and wool
have shown relatively little change.
The decline in demand has been greater
for materials than for finished products and
in wholesale markets than in retail markets.
Partly because of the greater decline in demand at wholesale and also because manu772
facturing and marketing costs have not declined as much as material costs, consumer
prices for goods have shown less decline than
prices in wholesale markets. Consumer prices
for services, including rent, have risen somewhat, accounting in part for the limited
extent of the decline in consumer prices as
a whole. Price changes since August of last
year, since the initial lapse in wartime price
control in June 1946, and since the 1935-39
period are summarized in the table.
CHANGES IN PRICES
Percentage increase or decrease to
June 28, 1949 from—
Group
Aug. 1948 June 1946
Basic commodity prices
(28 items)
1935-39
-28
+ 16
+ 93
Total
-10
Farm products
Foods
Other commodities
Textile products
Fuel and light
Metals and products
Building materials
-14
-15
- 5
+35
+ 17
+43
+38
+27
+49
+48
+48
+ 90
+ 116
+ 104
+ 79
General wholesale index:
- 7
- 4
•>
- 6
Prices received by farmers....
Prices paid by farmers
-14
- 2
Consumers' prices.
Foods
Apparel
Rent
- 7
ej
+ 2
+ 16
+30
+27
+38
+21
+ 11
+ 95
+ 73
+ 81
+ 115
+ 136
+ 91
+ 69
+ 101
+ 90
+ 21
NOTE.—Indexes of prices received by farmers and of prices
paid, including interest and taxes, compiled by the Bureau of
Agricultural Economics for midmonth periods. Other indexes
compiled by the Bureau of Labor Statistics. Consumers' price
indexes for June 1949 estimated by Federal Reserve.
Retail food prices decreased 8 per cent last
autumn and winter, rose somewhat in the
spring, and in June were probably down
only 7 per cent from last August, or half
as much as wholesale food prices. Retail
prices of apparel have declined steadily since
last October, but in June were only about
6 per cent below last autumn's peak levels.
Declines in prices of housefurnishings were
also generally small, although prices of some
items like appliances and television sets were
reduced substantially. After some further
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN PRODUCTION AND PRICES
increases in prices of passenger automobiles
last winter, prices of certain makes were
lowered. With stocks of fuels built up to high
levels, prices of coal and fuel oil were reduced but gasoline prices were raised. Controlled rental rates were raised in some areas,
and average prices of miscellaneous goods
and services increased slightly. The average
level of consumers' prices declined about
3 per cent from August to February and has
shown little change since that time. Meanwhile, since the end of last year consumer
incomes have been declining moderately.
Agricultural prices. Wholesale prices of
farm products and foods at the end of June
were about 15 per cent lower than last summer when their average levels were raised
for a time by a substantial advance in prices
of meats and livestock. During the autumn
prices of meats and livestock declined rapidly, as shown in the accompanying chart,
and further decreases occurred in January
and the early part of February. Beginning
last autumn, also, marked recessions occurred
in prices of dairy products. Corn prices,
WHOLESALE
COMMODITY
PRICES
products and toods as grains and cereal products, dairy products, cotton, and sugar as well as "all commodities other than
farm products and foods" exclusive of metals and metal products.
JULY 1949
which for several months had been around
$1.45 per bushel at Chicago, fell to a low of
$1.13 on February 8 (as compared with a
Federal loan level equivalent to about $1.60)
and prices of some other farm products
weakened.
A partial recovery soon occurred in prices
of these products as the Government expanded its actions to prevent further declines
and as consumer incomes and demands for
food remained close to earlier peak levels.
In April and May marketings of livestock,
especially of lambs, were reduced and prices
of meat and livestock advanced until the first
week of June when they were 11 per cent
above the low reached in February and 255
per cent of the 1935-39 average. During
June, however, prices of meat and livestock
moved downward for a time and in the last
week of the month were 236 per cent of the
1935-39 average. Prospects of a larger supply
of meats during the second half of the year
were indicated by the June report that the
spring pig crop was 15 per cent greater than
in 1948 and by available information on increased supplies of poultry and on excellent
range conditions for cattle. Consumer expenditures for meat, which a year ago were
unusually high in relation to consumer income, have been at a relatively lower level
this year.
Prices of most farm products and foods
other than livestock products have declined
since the beginning of the year but decreases
have generally been small, owing in part to
Federal price support measures, the expanded volume of exports of these goods
under foreign-aid grants, and the relatively
slow and moderate declines which have occurred in consumer incomes.
In the latter part of May cash winter wheat
prices declined about 30 cents per bushel to
$1.95 at Kansas City, as marketings of the
773
RECENT CHANGES IN PRODUCTION AND PRICES
new crop expanded. During June prices
averaged 15 cents below the Federal loan
level despite a relaxation of storage standards for Government loans and indications
at harvest time of heavy crop losses. If total
wheat production this season is 1,189 million
bushels, as forecast by the Department of
Agriculture on the basis of July 1 conditions,
even with exports in large volume, the domestic carryover on July 1, 1950 is likely
to be in excess of the large carryover of
300 million bushels on July 1, 1949. Wheat
production abroad and stocks of wheat in
importing countries last year and this year
have shown marked increases from earlier
low levels.
Cotton prices during the past year have
shown only small fluctuations, being close
to the Federal support level and more than
three times the 1939 level. Of last year's
14% million-bale crop and % million bales
of imports, about 7% million is being consumed by domestic mills, 4l/2 million exported—largely under foreign-aid grants—
and the remaining 2l/2 million is being
added to stocks in this country. Official estimates indicate that cotton acreage this year
has been expanded further by 14 per cent.
Accordingly, unless yields are exceptionally
low, cotton production will be substantially
in excess of disappearance in the 1948-49
season and the carryover may rise further.
Industrial commodities. Prices of some
industrial commodities had been weakening
before last August and declined more later in
the year, with most of.the reductions occurring in prices of lumber and nondurable
products. The wholesale price index for
commodities other than farm products and
foods stopped advancing in August and then
beginning early this year declined steadily.
Advances in prices of metals and metal
products had continued during 1948 after
774
prices of most other commodities had leveled off or declined, as shown in the chart
on page 773. During the first half of
1949, however, there has been a sharp reversal of developments in the metal markets.
Some unfilled orders have been canceled
and new purchases have been held below
the current rate of metal consumption in
order to reduce commitments and inventories; in addition, the rate of metal consumption has been reduced considerably.
With the return of competitive conditions,
following a period of marked price advances
and of speculative buying, some metal prices
declined rapidly and the prospect of additional price reductions accentuated the reversal in metal markets.
The reduction this spring in demand for
and prices of basic metals was about as rapid
as any decline on record. Scrap metals fell
by more than 50 per cent in price from December to June, as is indicated in the accompanying chart, and refined copper, lead,
PRICES OF METALS
MONTHLY AVERAGES
1939 1940
1946 1947 1948 1949
1939 I94O
DOLLARS PER TON
1346 1947 1948 1949
NOTE.—Monthly averages of weekly figures compiled by
Federal Reserve. Latest figures shown are for June. Nonferrous metal prices as reported in American Metal Market.
Refined and scrap composites are simple arithmetic averages
of prices of items listed. Scrap quotations are dealers' buying
prices at New York. Iron and steel prices are composites
published in Iron Age. Prices of pig iron and steel scrap are
reported per gross ton; finished steel prices per pound converted to 2,000 pound tons.
FEDERAL RESERVE BULLETIN
RECENT CHANGES IN PRODUCTION AND PRICES
and zinc declined 30 to 50 per cent. Virgin hides and leather, and fats and oils in June
aluminum prices, which at the end of 1948 were also still substantially above their prewere still below prewar levels, were un- war levels but were down considerably from
changed in this period, but prices of remelted their postwar peaks.
aluminum declined 45 per cent in the first
In contrast, wholesale prices of various finhalf of 1949, following sharp advances ished products, such as new automobiles,
earlier. Premium prices for pig iron and farm machinery, wool carpets, and paper
finished steel were eliminated during these products, were generally down only 5 per
months and list prices for some products, cent or less from earlier postwar levels. Reespecially galvanized items, were reduced.
ductions in prices of these products in retail
Reflecting in part declines in prices of markets have also been small, although in
metal products, average prices of building some lines distributors' margins have been
materials, according to the Bureau of Labor lowered with the elimination of premium
Statistics, have declined 7 per cent since last
charges over list and the reintroduction of
summer. The largest reduction has been
concessions from list. Although wage rates
in the lumber price index which has been
in manufacturing and distribution have risen
about one-tenth below postwar peak levels
although still three times the prewar level. somewhat further since last summer, overMost other building material prices had ad- time operations have been largely eliminated
vanced much less and have been reduced and average hourly earnings have shown
more moderately. Average prices of build- little change. Reductions in material costs
ing materials, including lumber, were 212 have been substantial in a number of lines,
per cent of the 1935-39 average at the begin- but not important in some others. Except
where reductions in activity have resulted
ning of July.
Prices of various other materials, like in higher overhead costs per unit, operations
woodpulp, cotton and rayon gray goods, have generally been on a more efficient basis.
JULY 1949
775
STATEMENTS ON RECENT FEDERAL RESERVE POLICY ACTIONS
Press Release of June 28, 1949
The Federal Open Market Committee, after
consultation with the Treasury, announced today
that with a view to increasing the supply of funds
available in the market to meet the needs of
commerce, business, and agriculture it will be the
policy of the Committee to direct purchases, sales,
and exchanges of Government securities by the
Federal Reserve Banks with primary regard to
the general business and credit situation. The
policy of maintaining orderly conditions in the
Government security market, and the confidence
of investors in Government bonds will be continued. Under present conditions the maintenance
of a relatively fixed pattern of rates has the undesirable effect of absorbing reserves from the market
at a time when the availability of credit should
be increased.
Press Release of June 29, 1949
The authority under which the Board of Governors of the Federal Reserve System issued Regu-
lation W, establishing minimum down payments
and maximum maturities for consumer instalment
credit, expires June 30, 1949 and the regulation
will not be effective after that date. Notice to
this effect is being sent to those who, in accordance
with the regulation's provisions, have filed registration statements with a Federal Reserve Bank.
The temporary authority granted by Congress
for increased reserves likewise expires June 30 and
the Board has accordingly revised the Supplement
to Regulation D, under which the following reserve
requirements will be effective with the beginning
of the next reserve period (June 30 for central
reserve city and reserve city members banks and
July 1 for other member banks): Against net
demand deposits—24 per cent for central reserve
city member banks, 20 per cent for reserve city
member banks, and 14 per cent for other member
banks; against time deposits—6 per cent for
member banks of all classes. The changed requirements will result in a reduction of approximately 800 million dollars in required reserves.
REVISION IN BANK EXAMINATION PROCEDURE
Joint Statement of the Comptroller of the Currency, The Federal Deposit Insurance Corporation, The Board of
Governors of the Federal Reserve System, and the Executive Committee of the
National Association of Supervisors of State Banks1
The Comptroller of the Currency, The Federal
Deposit Insurance Corporation, The Board of Governors of the Federal Reserve System, and the
Executive Committee of the National Association
of Supervisors of State Banks have adopted minor
changes in the bank examination and reporting
procedure which has been followed by the supervisory agencies since July, 1938.
The revision provides for abandonment of the
use of Roman numerals II, III and IV in the
examiners' classification of bank assets, and substitution of the terms "substandard", "doubtful",
and "loss", and for discontinuance of the practice
of appraising Group 2 securities on the basis of the
1
Released for morning papers of July. 15, 1949.
776
18-months average of market value. Such securities
will be appraised at current market value.
There will be no change with respect to evaluation of U. S. Government and other Group 1
(investment quality) securities. This policy is intended to apply to recognized sound investment
practices of banks, and is not intended to apply
to undue concentrations in securities other than
U. S. Government issues, nor to other cases where
the condition of the portfolio requires special treatment by the supervisory agency or agencies concerned.
The revision involves no fundamental change in
the present procedure nor does it signify any intention on the part of the supervisory authorities to
become more severe in the classification of bank
assets. Its purpose is clarification and simplification
FEDERAL RESERVE BULLETIN
REVISION IN BANK EXAMINATION PROCEDURE
of procedure in the interest of more uniform application. It also recognizes the fact that use of
the 18-months average price for Group 2 securities
is no longer of practical significance since the banks
of the country have only a nominal investment in
such securities.
Bank Examination Procedure As Revised July 15, 1949
THE CLASSIFICATION OF ASSETS IN BANK
EXAMINATION
The present captions of the classification units,
namely, "I", "II", "III" and "IV" are to be abandoned.
The classification units hereafter will be designated as "Substandard", "Doubtful" and "Loss".
The term "Substandard" will be defined as follows:
Book assets or portions thereof not classified as
doubtful or loss and which involve more than a
normal risk due to the financial condition or unfavorable record of the obligor, insufficiency of
security, or other factors noted in the examiner's
comments. These assets should be given special
and corrective attention, for example, by obtaining suitable reductions in amount, additional
security, more complete financial data concerning the obligor's condition, or other such action
as the specific circumstances may require.
Present practice will be continued under which
the totals of the three classifications are included in
the recapitulation or summary of examiners' classifications.
Fifty per cent of the total of "Doubtful" and all
of "Loss" will be deducted in computing the net
sound capital of the bank. Amounts classified
"Loss" should be promptly charged off.
THE APPRAISAL OF BONDS IN BANK
EXAMINATIONS
Neither appreciation nor depreciation in Group I
securities will be taken into account in figuring
net sound capital of the bank. However, this
policy is intended to apply to recognized sound
investment practices of banks, and is not intended
to apply to undue concentrations in securities other
than U. S. Government issues, nor to other cases
where the condition of the portfolio requires special
treatment by the supervisory agency or agencies
concerned.
JULY 1949
Group I securities are marketable obligations in
which the investment characteristics are not distinctly or predominantly speculative. This group
includes general market obligations in the four
highest grades and unrated securities of equivalent value.
The securities in Group II will be valued at the
market price and fifty per cent of the net depreciation will be deducted in computing the net sound
capital.
Group II securities are those in which the investment characteristics are distinctly or predominantly speculative. This group includes
general market obligations in grades below the
four highest, and unrated securities of equivalent value.
Present practice will be continued under which
net depreciation in the securities in Group III and
Group IV are classified as loss.
Group III securities: Securities in default.
Group IV securities: Stocks.
Present practice will be continued under which
premiums on securities purchased at a premium
must be amortized.
Present practice of listing securities and showing
their book value will be continued.
Present practice will be continued under which
the establishment and maintenance of adequate reserves, including reserves against the securities account, are encouraged.
Present practice will be continued under which
speculation in securities is criticized and penalized.
THE TREATMENT OF SECURITIES PROFITS IN
BANK EXAMINATIONS
Until losses have been written ofT and adequate
reserves established, the use of profits from the sale
of securities for any purpose other than those, will
not be approved.
777
1949 SURVEY OF CONSUMER FINANCES1
PART III. Distribution of Consumer Income in 1948
Total United States output of goods and services
was higher in 1948 than ever before. A record
number of civilians were gainfully employed while
unemployment was at a postwar low. Reflecting
these developments, total consumer money income
rose almost 15 billion dollars from 1947 to 1948.
This substantial increase in income was widely distributed throughout the population. Roughly half
of all consumer spending units reported receiving
higher incomes in 1948 than in 1947 and there is
some evidence that units whose incomes were below
$4,000 in 1947 obtained income increases more frequently than those who had higher incomes.
x
This is the third in a series of articles presenting the
results of the Board of Governors' Survey of Consumer #
Finances in 1949. The first two articles appeared in the
June BULLETIN and covered the general financial position
and economic outlook of consumers, their durable goods
expenditures in 1948, and buying plans for 1949. A discussion of the technical aspects of the survey and the statistical limitations of its results was provided in the appendix
to the first article. Subsequent issues of the BULLETIN will
contain articles on consumer ownership and use of liquid
assets, ownership of nonliquid assets, and consumer saving
patterns during 1948.
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. The Division of Research
and Statistics has responsibility for planning the over-all
content of the survey, analyzing survey results for the
Board's use, and preparing the special articles reporting
survey findings that appear in the BULLETIN.
From the University of Michigan, Rensis Likert, Director
of the Institute for Social Research, and Angus Campbell,
Director of the Survey Research Center, were in general
charge of the survey. The Survey Research Center is a
division of the Institute for Social Research of the University
of Michigan. Responsibility for detailed planning and supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research
Center studies was carried by George Katona in collaboration
with Janet A. Fisher and James K. Dent of the Survey
Research Center's staff. Charles F. Cannell served as head
of the field staff and Roe Goodman as head of the sampling
section of the Center.
The present article was prepared by Clarke L. Fauver
and Irving Schweiger of the Consumer Credit and Finances
Section of the Board's Division of Research and Statistics.
The authors have necessarily maintained a close working
relationship with the staff of the Survey Research Center
at all stages of their work, and their analysis of survey tabulations has had the benefit of many suggestions from the
Center's staff, particularly George Katona and Janet A. Fisher.
778
This article is the third in a series presenting
results of the Board's fourth annual Survey of Consumer Finances, conducted for the Board of Governors of the Federal Reserve System by the Survey
Research Center of the University of Michigan.2
The findings presented in this article provide statistical information about levels of money income
in 1948, distribution of the total amount of income
among groups of the population, and the extent to
which various groups participated in the increase in
money income. Estimates of consumer income both
before and after Federal income taxes are included
in the analysis.
As in the case of previous Surveys of Consumer
Finances made for the Board, the present survey
covered, on a sample basis, the entire population
of the United States residing in private households
during the January-March interview period. The
following groups were omitted: (1) members of
the armed forces and civilians living at military
reservations; (2) residents in hospitals and in religious, educational, and penal institutions; and
(3) the floating population, that is, people living
in hotels, large boarding houses, and tourist camps.
The interview unit was the consumer spending
unit, defined as all persons living in the same
dwelling and related by blood, marriage, or adoption who pooled their incomes for their major
items of expense.
SUMMARY OF FINDINGS ON CONSUMER INCOME
1. About 26 million consumer spending units,
or approximately half of the total number, had
2
Previous surveys were made for the Board of Governors
early in 1948 and 1947 by the Survey Research Center and
the results of those surveys were reported in the June, July,
and August issues of the BULLETIN for those years. One
additional article on the 1948 survey appeared in the September 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 1946 issues of the BULLETIN under the general title
National Survey of Liquid Assets.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
higher incomes in 1948 than in 1947. This was
by a slight margin the highest number of spending units reporting year-to-year increases in incomes
shown by any of the four annual surveys. In round
figures, only 1 spending unit in 5 reported having
made less money last year than in 1947. On the
other hand, about 1 in 5 reported increases in
incomes amounting to at least 25 per cent.
2. There are indications that higher incomes in
1948 were more frequently obtained by spending
units whose 1947 incomes had been below $4,000;
conversely, declines were reported more frequently
by those with 1947 incomes above that amount.
3. Professional persons and clerical and sales personnel reported receiving larger incomes in 1948
than in 1947 more frequently than did persons in
other occupations. About 3 in every 5 members
of these groups had increased incomes. Higher
incomes were also reported by somewhat more
than 1 of every 2 skilled and semiskilled workers,
as well as by 1 of every 2 unskilled workers. Entrepreneurial types—farm operators and managerial
and self-employed persons—were found to have
fewer increases in income and more decreases in
income in 1948 than other occupational groups.
The proportion of these groups receiving increases
in income, however, was somewhat larger in 1948
than in the preceding year.
4. Nearly half (47 per cent) of all spending units
received $3,000 or more last year, as compared
with 42 per cent during 1947. In terms of numbers, roughly 3.5 million more spending units had
incomes of $3,000 or more in 1948 than a year
earlier, and about 1.8 million fewer had incomes
of less than this amount.
5. The median, i.e., middlemost, income of all
spending units increased from about $2,500 in 1947
to more than $2,800 last year. The 1948 median
income was about 10 per cent above the 1947 figure and nearly 25 per cent higher than in 1946.
Because many families contain more than one
spending unit, the median family income is always somewhat larger than the median spending
unit income. The family median in 1948 is estimated at roughly $3,300, or about one-sixth more
than the spending unit median in 1948 and approximately $400 more than the family median in
1947.
6. The survey results do not indicate any further
concentration of income during 1948. As a matter
JULY
1949
of fact, there may have been a slight decrease in
the proportion of total income going to the top
three-tenths of the population. In 1948, this group
received about 58 per cent of total consumer income as compared with approximately 60 per cent
in 1947. The proportion of total income received
by each tenth of the population has not changed
to any substantial extent during the postwar period;
however, relatively small changes in such proportions may be of great economic and social importance.
7. Consumer units with high incomes had considerably different characteristics than those with
low incomes. Units with money incomes of less
than $1,000 tended to be small in size, to live in
rural areas, and to be headed by persons who were
at least 55 years of age. Farm operators, retired
persons, and unskilled workers were the most frequently noted groups in this income bracket.
Spending units with incomes of $5,000 or more
were more frequently larger in size and located
in metropolitan areas. They tended to be headed
by persons between the ages of 35 and 54 who followed a profession, occupied managerial positions,
or were self-employed.
8. There was considerable shifting of spending
units from one income level to another from 1947
to 1948. In certain income brackets, only about
half of the spending units stayed in the same group
for the two years.
9. It is estimated that about two-thirds of all
spending units had Federal income tax liabilities
for the year 1948. These tax liabilities amounted
to 10 per cent or more of income before taxes for
approximately 1 in every 5 spending units in the
population. Median income for all spending units
after deducting tax was roughly $2,700, compared
with $2,800 before tax. The median income after
tax for all families was about $3,000, compared
with $3,300 before tax.
LEVELS OF INCOME IN
1948
The increase over 1947 of almost 15 billion dollars in consumer money income before taxes led
to important shifts in the distribution of spending
units by level of income. About 26 million, or
approximately half, of all spending units reported
receiving higher incomes in 1948 than in 1947.
779
1949 SURVEY OF CONSUMER FINANCES
Roughly one-fifth said their incomes had declined
from the previous year.3
As a result of the changes in consumer incomes,
nearly half (47 per cent) of all spending units
received $3,000 or more last year, as compared with
42 per cent during 1947. The increase in the
number of spending units with incomes between
$3,000 and $4,999 accounted for most of this change,
as can be seen in Table 1. The proportion of units
with incomes of $5,000 or more changed only
slightly from 1947 to 1948. This was in contrast
to the development from 1946 to 1947 when this
income group increased from 10 to 14 per cent of
all spending units.
TABLE 1
DISTRIBUTION
OF SPENDING
UNITS
AND MONEY
INCOME
RECEIVED, BY INCOME GROUPS, 1948, 1947, AND 1 9 4 6 x
[Per cent]
income
hpfore taxes
Spending
units
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.
All income
groups...
Total Spend- Total Spend- Total
ing
ing
money
money
money
income units income units income
12
18
23
20
12
10
5
2
8
16
20
14
17
23
100
100
Median income 2 . $2,840
1946
1947
1948
14
22
23
17
10
9
5
2
10
17
18
13
16
24
100
100
$2,530
17
23
25
17
8
6
4
3
12
21
20
13
11
20
100
100
$2,300
1 Income data for each year are based on interviews during
January,
February, and early March of the following year.
2
The median amount is that of the middle spending unit
when all units are ranked by size of income.
8
Total money income before taxes, as reported in this
survey, is the sum of the net money earnings from civilian
•employment (including wages and salaries and net incomes
or losses from farm and nonfarm business and professional
self-employment), armed forces pay of civilians not in the
services at the time of the interview and of members of the
services living in private households, and net money income
•other than earnings., It does not include income received
in kind, such as the value of home-produced food, free meals,
or rent-free living quarters. Nor does it include the value
of farm inventory changes or farm depreciation charges.
Furthermore, it does not include capital gains or losses.
Heads of spending units (in some cases other members)
were asked by interviewers to report separately the amount
•of rnone^ income received by each member of the spending
unit from each of a number of specified types of income,
such as: wages and salaries; interest, dividends, rents, or
royalties; income from professional practice or unincorporated
business; various types of allotments, pensions, retirement
pay, contributions, and other income of this type; and income
from work other than regular employment.
780
In terms of number of units, roughly 24 million
consumer spending units received incomes of $3,000
or more in 1948, approximately 3.5 million more
than in 1947. About 1.8 million fewer had incomes of less than $3,000 in 1948. Almost 8 million
spending units obtained incomes of $5,000 or more.
This was nearly 1 million more units than in 1947
and roughly double the number at this income level
in 1945.
The movement of spending units into higher
income groups as a result of increases in money
income during the past two years is shown in the
accompanying chart. This upward movement was
reflected in a substantial increase in the amount of
median income, i.e., the income of the middlemost
unit when all spending units were ranked by size
of income. In 1948, the median spending unit
income was somewhat above $2,800, which was
more than 10 per cent larger than the 1947 figure
of about $2,500 and nearly 25 per cent above the
1946 middlemost income of $2,300. The percentage increase in median income since 1946 has
been roughly the same as the percentage increase in
living costs as measured by the Consumers' Price
Index of the Bureau of Labor Statistics.
Averages covering the entire population tell
only part of the story, however. They do not
reveal which groups in the population received
substantial increases in income, which received
DISTRIBUTION OF SPENDING UNITS
BY INCOME GROUPS, 1948, 1947. AND 1946
PER CENT OF
SPENDING UNITS
PER CENT OF
SPENDING UNITS
30
30
!g
§4,000
#4,999
$5,000
$7,499
$7,500
AND OVER
INCOME GROUPS
NOTE.—Covers money income before taxes.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
small increases, and which experienced declines in
income. Some of these changes are presented in
a later section of this article.
COMPOSITION OF THE VARIOUS INCOME GROUPS
It is useful to spell out the characteristics of the
spending units in the various income groups. For
example, were the spending units that made less
than $1,000 in 1948 mostly single-person units or
were they mainly large but poor families? How
old were these people and what were their occupations? The findings of the survey make it possible
to provide some information, as shown in Table 13
at the end of this article, about the size of the
spending units at the several income levels and the
age, education, and other characteristics of the persons who headed these units.
Differences in the various characteristics of consumer units are most marked for those with high
and with low incomes. Units with money incomes
of less than $1,000 tended to be small in size, to
live in rural areas, and to be headed by persons
who were at least 55 years of age. The groups
most frequently noted in this income bracket were
farm operators, retired persons, and unskilled
workers. Spending units with incomes of $5,000
or more were more frequently larger in size and
located in metropolitan areas. They tended to be
headed by persons between the ages of 35 and 54
who followed a profession, occupied managerial
positions, or were self-employed. To some extent
income groups next to the less than $1,000 and
$5,000 and over groups had many of the characteristics of the lowest and highest income receivers, respectively.
More than 40 per cent of the units with incomes
•of less than $1,000 were single-person units and
these, together with two-person units, made up
75 per cent of this income group. Half of the
units in this bracket were located in rural areas.
However, it should be remembered that only
money income is being considered here, and many
units in rural areas have considerable amounts of
nonmoney income. About 60 per cent of the persons who headed the spending units at this income
level were 55 years of age or more. On the basis
.of occupation, farm operators and retired persons
each accounted for roughly 20 per cent of the
spending units in this group; unskilled workers,
for about 16 per cent; and unemployed workers
JULY
1949
and housewives (including widows) each constituted about 10 per cent of this bottom income group.
Only a scattering of persons with other occupations
was found at this income level.
A considerably different type of spending unit
was noted at income levels of $5,000 and over.
About 5 per cent of these spending units contained
only one person, 35 per cent were two-person units,
and about 60 per cent consisted of three or more
persons. Approximately 75 per cent of the highincome units lived in urban areas and more than
40 per cent of them lived in large metropolitan
areas. The persons heading spending units with
$5,000 or more income were between the ages of
35 and 54 in 60 per cent of the cases. Half of the
units were headed by professional, managerial, and
self-employed persons; another one-third by skilled
and semiskilled workers and clerical and sales personnel. Only one-sixth of those with incomes of
$5,000 or more were classified as farm operators,
unskilled workers, retired persons, housewives,
students, or in other miscellaneous occupations
which together made up five-sixths of the bottom
income group.
The characteristics of spending units in the income range between $1,000 and $4,999 do not differ
as sharply as do the low- and high-income groups.
About 60 per cent of the spending units in this
range were headed by skilled and semiskilled workers, unskilled workers, and by clerical and sales
personnel.
CHANGES IN INCOME FROM 1947 TO 1948
As mentioned earlier, approximately half of all
spending units reported receiving higher incomes
in 1948 than in 1947. This was by a small margin
the largest number of spending units with year-toyear increases in income shown by any of the four
annual surveys. About 1 in 5 obtained at least a 25
per cent increase in income over 1947. However,
it should also be noted that 1 in 5 spending units
reported a decline in income from the previous year.
As shown in Table 2, about 60 per cent of professional persons and about the same proportion
of clerical and sales personnel had larger incomes
in 1948 than in 1947. In each of the three yearto-year comparisons afforded by the Surveys of
Consumer Finances, these two occupational groups
have reported the highest frequency of income increases. However, the margin of difference be781
1949 SURVEY OF CONSUMER FINANCES
TABLE 2
INCOME CHANGES FROM 1947 TO 1948 AND 1946 TO 1947 AS REPORTED BY SPENDING U N I T S IN VARIOUS OCCUPATIONAL GROUPS
3
Percentage distribution of spending units within occupational groups
Change in annual
money income
before taxes
All
spending
units
1947
to
1948
1946
to
1947
Professional
Managerial
and selfemployed
1947
to
1948
1946
to
1947
1947
to
1948
62
46
41
54
17
24
20
34
58
60
62
54
22
24
20
38
22
38
24
38
20
34
1946
to
1947
Skilled
and semiskilled
1947
to
1948
1946
to
1947
Clerical
and sales
personnel
1947
to
1948
1946
to
1947
Unskilled
1947
to
1948
1946
to
1947
Farm
operators
1947
to
1948
1946
to
1947
44
45
15
29
21
24
38
Income larger
Larger by 25 per cent or more. .
Somewhat larger
50
49
59
19
31
18
31
19
40
No substantial change in income.
27
30
23
19
30
35
26
24
25
22
26
35
22
36
Income smaller
Somewhat smaller
Smaller by 25 per cent or more.
19
12
7
4
19
11
8
14
11
3
20
14
6
22
13
9
16
12
4
2
4
14
9
5
2
16
11
5
4
21
13
8
4
13
9
4
2
27
17
10
4
16
9
7
2
19
13
6
2
18
11
7
1
2
6
5
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Not ascertained. .
All units
18
44
tween increases for these two occupations and
other groups was less in 1948 than in 1947 and
1946. Higher 1948 incomes were also obtained
by somewhat more than 50 per cent of the skilled
and semiskilled workers and by about the same percentage of unskilled workers. Entrepreneurial
types—farm operators and managerial and selfemployed persons—were found to have fewer increases in income than other occupational groups,
and more decreases.
The explanation most frequently given for larger
incomes in 1948 was a higher wage or salary scale
on the same job. Between one-half and two-thirds
of the income increases in each occupation were
explained on this basis. For persons in salaried
professional, managerial, and clerical and sales categories, the next most important path to a larger
income was transfer to a better-paying job. Roughly
1 in 5 of those with income increases in these occupations reported that they had followed this path.
It was less important in the case of skilled and semiskilled workers, and unskilled workers, having been
mentioned by only about 1 in 10 in these groups.
More important as a means of increasing their
incomes was a greater amount of overtime and
steadier work. However, these factors were mentioned by only about 1 in 5 units with larger 1948
incomes in these occupations.
782
14
24
In three occupational groups—unskilled workers,,
farm operators, and managerial and self-employed,
persons—the proportion of units that reported
income increases was higher from 1947 to 1948
than from 1946 to 1947 (see Table 2). The increase in frequency with which consumer units
obtained larger incomes was greatest for unskilled
workers. Last year, 54 per cent of unskilled workers had higher incomes than in 1947, while in 1947
about 44 per cent of this occupational group had
reported having larger incomes than in 1946. Also,
a slightly smaller proportion of this occupational
group reported a decline in income in 1948 than
had so reported the previous year.
Changes in income during 1948 were more diverse for farm operators than for other occupational
groups. This was the only major group that experienced a higher frequency of both income increases and income decreases from 1947 to 1948
than from 1946 to 1947 (see Table 2) and, accordingly, the proportion reporting no substantial income change declined sharply. However, the proportion of the group having larger incomes increased slightly more rapidly than the proportion
having smaller incomes. Also the additional units
with higher incomes were all in the group receiving
income increases of 25 per cent or more.
The managerial and self-employed group was
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
the only other group for which income increases
were more numerous in 1948 than in 1947. Here,
again, the additional increases were all of the magnitude of 25 per cent or more.
As Table 3 shows, the proportion of spending
units headed by unskilled workers that reported
incomes of $3,000 or more increased significantly
in 1948 over 1947, rising from 14 to 24 per cent.
The number with incomes of $2,000-$2,999 increased only slightly, while the number with incomes of less than $2,000 dropped sharply. The
median estimated annual income of this occupational group increased about 20 per cent from
$1,750 in 1947 to $2,100 in 1948.
Farm operators also showed a substantial rise
in money income. Income data of this group for
1948, however, are not strictly comparable with
earlier periods because of an improvement in the
survey method of ascertaining farm operator income which is believed to have resulted in higher
income than would have been obtained by previous
methods.4 Median money income of farm operator
spending units, as determined by two successive
Surveys of Consumer Finances, showed an increase
of about 20 per cent from 1947 to 1948, while
* Methods of determining income were identical during
the past three Surveys of Consumer Finances with the single
exception that the 1949 survey included more detailed questions and checks about farm operators' gross cash receipts.
Department of Commerce estimates of aggregate
farm income, roughly adjusted to the survey definition, indicate very little change during these two
years. It should be noted that in addition to
a median money income in 1948 of $1,800, farm
operators had a substantial amount of nonmoney
income, such as food produced and consumed on
the farm. Their reported incomes, which refer
to money income solely, are therefore not directly
comparable with those of other occupational groups.
Skilled and semiskilled workers also had a sizable
increase in median income from 1947 to 1948.
Nearly two-thirds of this group reported incomes
of $3,000 or more in 1948 compared with one-half
in 1947. Clerical and sales personnel had a slightly
higher median income than in 1947, while professional persons and managerial and self-employed
groups had the same median in both years. Both
the professional and the clerical and sales groups
had a somewhat smaller proportion of spending
units that received incomes of $5,000 or more in
1948 than in 1947.
Changes in income may also be presented according to the age of the person heading the spending
unit. As in previous years, tabulations on this
basis show that spending units headed by young
persons received increases in income most frequently. About two-thirds of the units headed by
persons less than 35 years of age had larger in-
TABLE 3
DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL GROUPS, BY SIZE OF INCOME, 1948 AND 1947 *
[Per cent]
Professional
Annual money income
before taxes
1948
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
All income groups
^Median income
..
1947
Managerial and
self-employed
1948
1947
Skilled and
semiskilled
1948
1947
Clerical and
sales personnel
1947
1948
1947
1948
1947
14
31
31
17
5
2
18
39
29
10
4
(3)
0
30
23
17
9
5
11
5
34
27
18
7
6
6
2
100
100
100
5
7
5
11
4
12
2
9
3
17
3
18
6
21
16
15
13
14
26
30
30
25
23
10
21
19
100
100
11
13
25
22
100
13
12
23
22
100
33
18
11
1
100
26
15
9
100
Farm
operators 2
1948
3
10
20
17
16
18
Unskilled
24
14
9
2
100
22
11
11
4
100
$4,000 $4,000 $4,500 $4,500 $3,300 $3,000 $3,000 $2,900
100
$2,100
$1,750 $1,800 $1,500
1
Income data for each year are based on interviews during January, February, and March of the following year. Because of the
small number of cases in the various occupational groups and also because of some differences in the coding by occupations between the
two years, these distributions should be considered as approximations only and as very rough guides to general shifts in the distribution
of income between 1947 and 1948. All the occupational groupings are in terms of the occupation of the head of the spending unit. For
comparable 1946 income data, see June 1948 Federal Reserve BULLETIN, Table 7, p. 656; for 1945 income data, see July 1947 BULLETIN,
Table2 2, p. 792.
As explained in the text, income distribution for farm operators is not directly comparable with the distribution for other groups
because
of the large amount of nonmoney income that farmers produce for their own consumption.
3
Less than one-half of 1 per cent.
JULY
1949
783
1949 SURVEY OF CONSUMER FINANCES
comes in 1948 than in the previous year. Where
persons heading consumer units were between 35
and 54 years of age, income increases were obtained in about half the cases. Above the age of
54, the frequency of income increases declined considerably. Only a little more than one-fourth of
the units headed by persons 65 years of age or
older had higher incomes in 1948 than in 1947,
but even in this age group, more units received
increases in income than received decreases.
The proportion of units with stable or unchanged
incomes tended to rise with the age of the spending
unit head. More than four-tenths of the units
headed by persons 65 or more years of age had
stable incomes from 1947 to 1948 while this was
true of a little more than one-tenth of those headed
by persons from 18 to 24 years of age.
There was a tendency for decreases in income
to be more frequent among spending units headed
by persons in older age groups, but there was less
of a contrast between the different age groups in
the frequency of income decreases than in the
frequency of increased incomes from 1947 to 1948.
Another way of studying changes in income is
to relate the increases and decreases to the income
level of the spending unit. For some purposes it is
best to relate to the income level before the change;
for other purposes it may be best to relate to the
income level after the change. In this fourth annual survey, all respondents were asked for the
first time to report their income not only for the
current year (in this case 1948) but also for the
preceding year (in this case 1947). This effort
succeeded to the extent that two-thirds of the
sample did provide data on 1947 as well as on
1948 incomes.
Income data for 1947, based on two-thirds of
the sample, are not as representative as 1948 income
data based on the full sample. Furthermore, because of the memory factor, the data are probably
less reliable for 1947 incomes than for 1948 incomes.
Therefore, these considerations necessitate a cautious appraisal of the significance of the findings.
When 1947 income is used as a base, it is found
that consumer units whose 1947 incomes were
below $4,000 obtained income increases in 1948
with consistently greater frequency than units
whose 1947 incomes were above that amount (see
Table 4). Conversely, declines in income were
784
reported more frequently by spending units with
1947 incomes of $4,000 or more.
Roughly 60 per cent of all units having incomes
below $4,000 in 1947 increased their incomes in
1948. The increases reported were sizable, amounting to at least 25 per cent of 1947 income in approximately 1 of every 3 cases which experienced an
increase. In contrast, somewhat less than half
of the spending units with 1947 incomes of $4,000
or more reported receiving an income increase. It
also appeared that the more the income exceeded
$4,000, the fewer were the income increases.
The extent of shifting of specific spending units
from one income level to another from 1947 to
1948 is brought out by Table 6. Here the units
in each 1948 income group have been distributed
according to their reported level of income in 1947.
At certain income levels only about half of the
units providing both 1947 and 1948 income data
were in the same bracket in two successive years.
Shifting from one income group to another appears
to have been more pronounced if incomes were
$1,000 or more than if they were under $1,000.
This may be because the lowest income group contains a high proportion of retired persons, widows,
and others whose incomes are more or less fixed,
even though, as indicated by Table 4, almost threefifths of this lowest income group did increase
their incomes from 1947 to 1948. It should be
noted that the percentage of change in total income
required to move into another income group is
much larger at this level of income than at any
other.
In Table 5, income change from 1947 to 1948 is
related to 1948 income. More than half of the
spending units with incomes of $2,000 or more in
1948 had increased their incomes since the previous
year—in a considerable number of cases by substantial amounts. Increases in income were less
frequent among spending units having 1948 incomes of $4,000 or more than they were among
units having similar 1947 incomes. Conversely, for
the most part units with incomes below $4,000 in
1948 obtained more increases than had been noted
at this level in the previous year.
It appears from data in Table 5 that when income
changes from 1947 to 1948 were related to income
levels after change, spending units in the higher
brackets had considerably more frequent increases
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
TABLE 4
INCOME CHANGES FROM 1947
RELATED TO INCOMES OF SPENDING UNITS IN YEAR BEFORE CHANGES 1
TO 1948
Percentage distribution of spending units within 1947 income groups
Change in annual money income
before taxes, 1947 to 1948
$1,000
tinder
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
1948 income larger than 1947. . . .
Larger by 25 per cent or more.
Somewhat larger
58
40
18
62
34
28
65
28
37
61
17
44
50
11
39
45
15
30
40
21
19
No substantial change in income. .
26
23
23
22
26
25
31
1948 income smaller than 1947.. . .
Somewhat smaller
Smaller by 25 per cent or more.
16
3
13
15
7
12
8
17
11
6
24
19
5
30
18
12
29
17
12
100
100
100
100
100
100
100
All units.
1
The distribution of income changes within the various income groups is based on reports of two-thirds of the spending units interviewed early in 1949 (fourth survey) concerning 1947 annual incomes and changes in annual incomes from 1947 to 1948. The 1947 income
of one-third of all spending units could not be determined in the 1949 survey.
TABLE 5
INCOME CHANGES FROM 1947
TO 1948
AND 1946
TO 1947
RELATED TO INCOMES OF SPENDING UNITS IN YEAR AFTER CHANGES 1
Percentage distribution of spending units within income groups
Change in annual money
income before taxes
All spending units
$1,000$1,999
Under
$1,000
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 | 1946 1947 1946 1947 |1946
to
to 2 to
to
to
to
to
to
to
to
to
to
to
to
to
to
1948 1947 19485 1947 3 1948 2 1947 s 19482 1947 3 1948 2 1947 3 1948 1947 3 1948 2 1947 • 1948 2 1947 3
45
17
28
40
16
24
51
20
31
57
22
35
63
23
40
54
27
27
60
18
42
32
29
33
29
24
19
26
24
26
11
15
22
12
10
24
12
12
16
12
4
17
13
4
16
9
7
14
11
3
14
10
4
100
100
100
100
Income larger
Larger by 25 per cent or more. .
Somewhat larger
51
20
31
49
18
31
36
14
22
No substantial change in income. .
27
30
Income smaller
Somewhat smaller
Smaller by 25 per cent or more. .
18
19
11
100
100
Not ascertained. . .
All units.
12
6
4
6
2
3
100
100
100
100
100
100
100
100
100
100
Based on changes in amount of annual income received as reported by spending units early in 1949 (fourth survey) and early in
1948 2 (third survey).
Income change from 1947 to 1948 related to 1948 income of spending unit.
8
Income change from 1946 to 1947 related to 1947 income of spending unit.
4
Less than one-half of 1 per cent.
1
TABLE 6
DISTRIBUTION OF SPENDING UNITS WITHIN 1948
INCOME GROUPS BY T H E I R INCOMES IN 1947
X
Percentage distribution of spending units within 1948 income groups
1947 annual money income
before taxes
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
Not ascertained
All income groups
All
spending
units
8
12
17
12
Under
$1,000
46
$1,000$1,999
10
$2,000$2,999
$3,000$3,999
3
1
14
44
2
26
33
6
$4,000$4,999
(2)
1
7
29
30
7
2
40
5
2
1
6
3
(2)
1
2
8
35
45
41
34
30
25
100
100
100
100
100
100
7
5
$5,000$7,499
$7,500
and over
1
(2)
2
2
4
18
35
2
(22)
()
2
19
40
36
39
100
100
1
Based on reports of spending units interviewed early in 1949 (fourth survey) concerning annual incomes in both 1947 and 1948.
As shown
in the table, the 1947 income of one-third of all spending units could not be determined at the beginning of 1949.
2
Less than one-half of 1 per cent.
JULY 1949
785
1949 SURVEY OF CONSUMER FINANCES
in income and fewer decreases than did units at
lower income levels. Income changes in previous
surveys have been presented on this basis and,
as such, constitute important findings. However,
if data in Tables 4 and 6 based on incomes before
change are considered, it is evident that many
units in higher 1948 income brackets who reported
income increases had been at lower income levels
before the change. Conversely, many of the units
in lower 1948 income brackets were there as a result of declines in their incomes.
however, would substantially raise the level of low
incomes. An increase from 9 to 10 per cent of total
income represents an increase of more than 10 per
cent in the average income of the spending units in
the lower three-tenths of the income scale. Moreover, since total consumer income rose by almost
15 billion dollars from 1947 to 1948, the lower income groups may have obtained a slightly larger
share of a somewhat larger total income.
The effect of both factors may be demonstrated
by comparing the incomes of the spending units
at identical points in the 1947 and 1948 income
DISTRIBUTION OF INCOME IN 1948
distributions, as is done in Table 7. This shows
The proportion of money income received in that the income of the lowest spending unit in each
1948 by each tenth of the nation's spending units tenth from the fifth down to the ninth was roughly
when ranked by size of income varied only slightly 15 to 25 per cent larger in 1948 than in 1947, while
from that in 1947. The change, however, was in each tenth from the highest to the fourth highin the direction of a larger share for the seven-tenths est the increases were 7 per cent or less. From
of the population with lowest incomes, as shown this it appears that incomes for spending units in
in Table 7. The proportion of total consumer in- the lower half of the income scale increased more
come obtained by this segment of the population from 1947 to 1948 than incomes for those in the
rose from 40 per cent in 1947 to 42 per cent in 1948. upper half.5
The lowest three-tenths increased their share of
Year-to-year shifts in the proportion of income
total consumer income from 9 per cent in 1947 to 10 received by the tenths of the spending units are
per cent in 1948. This change appears small when
° The influence on this point of the improved method of
stated as a percentage of total consumer income and income reporting for farm operators was checked and found
is not significant in a statistical sense. If such a to be of minor importance. This factor was of minor inbecause approximately the same changes between
change is substantiated by later studies and by other fluence
1947 and 1948 were found for the nonfarm population as for
evidence, even a change of this slight magnitude, the entire population, including farm operators.
TABLE 7
PROPORTION OF TOTAL MONEY INCOME RECEIVED BY EACH T E N T H OF T H E NATION'S SPENDING U N I T S ,
W H E N RANKED BY SIZE OF INCOME, 1948, 1947, AND 1946 X
Percentage of total money income before taxes
Spending units ranked
according to size
of income
Highest tenth
Second.. ,
Third
Fourth
. ..
Fifth
Sixth
Seventh
Eighth
Ninth.
Lowest tenth
. . .
.. .
By each tenth
Income of lowest spending unit
within group
Cumulative
1948
1947
1946
1948
1947
1946
1948
1947
1946
32
15
12
10
33
15
12
10
32
15
12
10
32
46
58
68
33
48
60
70
32
'46
58
69
9
7
6
5
3
1
9
7
6
4
3
1
9
7
6
5
3
1
77
84
90
95
99
100
'78
86
'91
96
99
100
85
91
95
99
100
$6,000
4,500
3,750
3,200
2,840
2,400
2,000
1,500
$5,700
4,200
3,500
3,000
'2,530
2,100
1,700
1,200
$4,850
3,750
3,100
2,700
2,300
2,000
1,500
1,150
860
750
700
«1• Revised.
Income data for each year are based on interviews during January, February, and early March of the following year. It is possible
that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years.
Samples of approximately 3,000-3,500 spending units having been used in these three surveys, it cannot be expected that a completely
representative
sample of the highest dollar incomes was obtained.
2
Not available from survey data.
NOTE.—Detailed figures may not add to cumulative figures because of rounding.
786
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
generally slight and it is unlikely that a change sufficiently large to be statistically significant in the
technical sense would occur between successive
surveys.6 The actual change in proportions of total
consumer income received by the various income
groups as found by the surveys represents, of course,
the most probable direction of change. However,
other evidence obtained in the fourth survey also
indicates that there may have been a slight increase
in the proportion of total income going to the
seven-tenths of the population with the lowest incomes.
Naturally all survey information on income
changes is interrelated and may be the result of
random deviation between the samples of two successive surveys. Nevertheless, the following results
of the 1949 survey are worth noting: (1) a statistically significant increase in the proportions of
unskilled workers and farm operators who reported
increases in income, and especially increases of 25
per cent or more; (2) a statistically significant increase in the proportion of spending units with incomes between $3,000 and $7,499 together with a
statistically significant decrease in the proportion of
units with incomes below $2,000, and a practically
unchanged proportion of units with incomes above
$7,500; (3) the smaller income share of the top
decile which cannot be ascribed to the chance variation of spending units with the highest incomes
represented in the two successive samples; (4) the
higher frequency of income increases among units
whose 1947 incomes had been below $4,000, and
the greater frequency of income decreases among
units whose 1947 incomes had been $4,000 or more;
and (5) the greater rate of increase in incomes of
units in the lower than in the higher income deciles.
survey, then, is equivalent to the "family" and
"individual not in family" definitions of the Bureau
of the Census, United States Department of Commerce.
There may be more than one spending unit in a
family since a spending unit is defined as all persons living in the same dwelling and belonging to
the same family who pool their incomes to meet
their major expenses. For example, a grown son
who is working and does not pool his income with
his parents' income, even though he may pay something for board and room, constitutes a separate
spending unit if he retains more than half of his
income. Likewise, married children or other relatives who do not pool their incomes with that of the
head of the family, even though living in the same
dwelling, constitute separate spending units. In
tabulating on a family basis, the incomes of all related persons living in the same dwelling are combined.
It is estimated that at the beginning of 1949 there
were approximately 43.8 million family units and
50.4 million spending units. Because some families
contain more than one spending unit, the same total
amount of consumer income is distributed among
the smaller number of family units. It is therefore
to be expected that families will have somewhat
higher average incomes than spending units.
TABLE 8
DISTRIBUTION OF FAMILY UNITS AND MONEY INCOME R E CEIVED, BY INCOME GROUPS, 1948, 1947, AND 1946 x
[Per cent]
FAMILY INCOME IN 1948
The income data reported by spending units in
the Survey of Consumer Finances are tabulated by
family units as well as by spending units since for
some purposes data are needed on a family unit
basis. A family is defined as all persons living in
the same dwelling who are related by blood, marriage, or adoption. A single person may constitute
a "family" if he is living by himself or with persons
unrelated to him. A family unit as used in the
6
A discussion of the problem of statistical significance
of survey findings is presented in the June 1949 Federal
Reserve BULLETIN, p. 645.
JULY 1949
1947
1948
Annual money
income
before taxes
1946
Total Family Total Family Total
Family2 money
money units 2 money
units income units 2 income
income
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.
11
15
20
20
12
14
8
2
6
12
18
14
21
27
All income
groups. . .
100
100
Median income3. $3,320
13
18
20
17
11
13
8
2
7
13
15
13
20
30
100
100
$2,920
15
20
22
18
10
9
6
2
9
17
19
14
16
23
100
100
$2,600
1
Income data for each year are based on interviews during January, February, and early March of the following year. Family
units are defined as all persons living in the same dwelling who are
related
by blood, marriage, or adoption.
2
Includes single-person family units.
3
The median amount is that of the middle family unit when all
units are ranked by size of income.
787
1949 SURVEY OF CONSUMER FINANCES
liabilities, apart from taxes on capital gains and
losses; and that State and local income taxes are
not included.
The distribution of spending units by income
after Federal taxes shows, of course, a general
downward shift from the distribution by income
before taxes. The downward shift was most
marked at the upper end of the income distribution,
as can be seen in Table 9. The number of spending units with incomes of $5,000 or more (before
taxes) was reduced by one-fifth through taxation—
from 15 per cent to 12 per cent of the approximately
50.4 million spending units. Median income was
lowered to $2,700 from $2,840.
Survey estimates show that about two-thirds of
DISPOSABLE INCOME
all consumer units had Federal income tax liabilThus far this article has been discussing the dis- ities. As Table 10 indicates, these units come
tribution of money income before taxes. For some from the bottom as well as from the top of
purposes it is more useful to know the distribution the income scale. The proportion of units incurof income after taxes. A beginning step in this ring tax liability increased very sharply from lower
direction was made in the 1948 survey in which to higher income groups. It is estimated that less
estimates of Federal personal income tax liability than one-tenth of the units with incomes under
on 1947 income, apart from tax on capital gains or $1,000 had tax liabilities, while more than ninelosses, were prepared for each spending unit. Fol- tenths of all units with incomes of $4,000 or more
lowing a somewhat improved procedure, the data incurred tax liabilities.
of the 1949 Survey of Consumer Finances have
been utilized to prepare like estimates ^of personal
TABLE 9
income tax liability for 1948 incomes.
DISTRIBUTION OF SPENDING UNITS AND TOTAL MONEY INCOME
Income after tax, called disposable income in this
BEFORE AND AFTER FEDERAL INCOME TAX
article, was estimated for each spending unit by
BY INCOME GROUPS, 1948
deducting computed Federal income tax liability
Per cent]
from money income before taxes.7 The tax estimates, unlike other survey data, were not based on
Spending units
Total money income
special information concerning tax liabilities obAfter
After
tained during the interview. They were calculated
Federal
Federal
Before
Before
Income group
income
income
Federal
Federal
on the basis of the income, size, and composition of
tax 1
taxi
income
income
(Dis(Distax
each spending unit and the number of persons not
tax
posable
posable
income)
income)
living in the dwelling who were dependent on the
members of the spending unit for support. A de- Under $1,000
2
12
12
2
8
21
18
10
tailed presentation of the estimating procedure is $l,000-$l,999
16
25
23
$2,000-$2,999
20
20
19
$3,000-$3,999
20
given in the appendix to this article.
21
14
11
$4,000-$4,999
12
15
It should be stressed that these income tax esti- $5,000-$7,499
17
8
10
15
23
4
$7,500 and over
5
17
mates are only approximations; that they refer not
100
100
100
All
income
groups.
.
100
to payments but to Federal personal income tax
As shown in Table 8, the median family income
in 1948 was $3,320, which was roughly one-sixth
greater than the median income for spending units.
It was found that 54 per cent of all families had
incomes of $3,000 or more in 1948 compared with
47 per cent of spending units. The grouping of
more than one spending unit into a family unit in
some cases was responsible for the fact that 22 per
cent of the family units had incomes of $5,000 or
more as compared with 15 per cent of the spending
units. The same general shift toward higher income levels in 1948 was apparent in the income
distributions for spending units as well as family
units.
7
The U. S. Department of Commerce, in estimating disposable income for its national income series, deducts from
income actual Federal personal income tax payments (not
liabilities), including taxes on capital gains and losses, as
well as other tax and nontax receipts, chief of which are
Federal estate and gift taxes and State and local personal
tax and nontax receipts.
788
Median income 2
$2,840
$2,700
1
Money income after deduction of estimated Federal personal
income tax liability. See appendix, pp. 790-791, for method of estimating disposable income. Money income figures exclude capital
gains or losses and tax estimates do not make any allowance for
such
gains or losses.
2
The median amount is that of the middle spending unit when
all units are ranked by size of income.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
greater part of the downward shift in tax liabilities
from 1947 to 1948 that is evident in Table 10
reflects this revision. However, improved methods
of working out survey estimates of 1948 taxes also
tended to lower slightly the level of 1948 tax liabilities compared with the estimates for 1947.
Despite an increase of almost 15 billion dollars in
consumer income before taxes from 1947 to 1948,
the downward revision in Federal personal income
taxes in 1948 was sufficient to drop more than a
million spending units from the tax rolls and to
lower somewhat the level of tax liability of the
remainder. The proportion of units with taxes of
or more was reduced by about one-fifth and
For roughly 1 spending unit in 5 Federal income
tax amounted to 10 per cent or more of income
before tax. The number with higher rates of liability dropped sharply so that only about 1 unit in 100
incurred a tax liability of 20 per cent or more of
income before tax (see Table 11).
Estimates from the survey data indicate that
about three-fifths of the approximately 34 million
spending units with tax liabilities had obligations of
$200 or more. For almost one-fourth of the units
with tax liabilities, the amounts were $500 or more.
The Revenue Act of 1948 revised Federal personal income taxes in a manner that reduced liabilities at all levels of the income distribution. The
TABLE 10
ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITIES OF SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, 1948 AND 1947
Percentage distribution of spending units within income group before taxes
Estimated
tax liability l
All income
groups
Under
$1,000
$2,000$2,999
$1,000$1,999
$3,000$3,999
1948
1947
1948
1947
1948
1947
1948
1947
1948
1947
1948
None
.
$l-$49
$50-$99
$100-$199
$200-$499
$500-$999
$l,000-$l,999.. .
$2,000-$4,999...
$5,000 and over.
Not ascertained.
32
5
8
15
26
9
3
1
(2)
29
5
7
14
27
12
3
1
1
1
94
6
0
0
0
0
0
0
0
83
11
5
0
0
0
0
0
0
1
57
8
15
20
(2)
(*)
0
0
0
0
48
9
15
21
7
0
0
0
0
0
29
10
11
23
27
0
0
0
0
(2)
23
6
10
25
36
(2)
0
0
0
0
15
4
11
23
46
1
0
0
0
(2)
7
4
7
17
61
4
0
0
0
0
5
3
3
9
66
14
0
0
0
0
All units....
100
100
100
100
100
100
100
100
100
100
100
(2)
$5,000$7,499
$4,000$4,999
1947
1948
2
1
$7, 500
and over
1947
1948
1
1
(2)
(2)
(S)
(2)
0
1947
o
54
40
0
0
0
0
1
2
33
62
1
0
0
0
18
73
8
0
0
0
46
17
8
0
0
(«)
1
2
9
46
28
14
0
100
100
100
100
100
(2)
(2)
o
(28)
(29)
1
Tax liability apart from capital gains or losses. Money income figures exclude capital gains or losses and tax estimates do not make
allowance
for such gains or losses.
2
Less than one-half of 1 per cent.
NOTE.—The schedule of Federal personal income taxes was revised in 1948 in a manner which would tend to lower liabilities at all
levels of the income distribution. For the most part, the downward shift in tax liabilities reflects this revision. However, improved
methods of working out the 1948 tax estimates also tended to lower slightly the level of 1948 tax liabilities as compared with those for 1947.
TABLE 11
ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY AS A PERCENTAGE OF SPENDING UNIT INCOME
BEFORE TAXES, BY INCOME GROUPS, 1948
Percentage distribution of spending units ]within 1948 income group
Estimated tax liability as a percentage
of money income before taxes 1
None
1-4
5-9
10-14
15-19
20 and over
Not ascertained
All units
All
spending
units
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
32
16
30
20
1
(2)
94
5
1
0
0
0
0
57
14
25
4
0
0
0
29
24
26
21
0
0
2
()
16
25
47
12
0
0
2
()
5
16
49
30
0
0
0
2
6
40
51
1
0
0
(2)
1
7
63
20
9
0
100
100
100
100
100
100
100
100
1
1948 t a x liability a p a r t from capital gains or losses.
m a k e2 allowance for such gains or losses.
Less t h a n one-half of 1 per cent.
JULY
1949
M o n e y income figures exclude capital gains or losses a n d t a x estimates do n o t
789
1949 SURVEY OF CONSUMER FINANCES
the proportion of units who had no tax liabilities,
or whose obligations were relatively small (less than
$200), increased by roughly one-tenth.
The cut in liabilities was especially marked at
the top and bottom of the income distribution. At
the lowest income level (under $1,000), the proportion of units with some income tax liability
dropped by more than half. At the $7,500 and over
income level, only 25 per cent of the spending units
incurred a tax liability of $2,000 or more in 1948
compared with more than 40 per cent in 1947.
These differences are due primarily to changes in
tax laws although, to some extent, changes in the
composition of spending units may also have been a
factor.
As shown in Table 11, the effect of the Federal
personal income tax in both 1947 and 1948 was to
reduce somewhat the proportion of total income received by the units with the highest incomes. In
1948, the highest tenth of income receivers before
tax obtained about 32 per cent of total personal income, while the tenth with the largest disposable
incomes obtained approximately 29 per cent. Using
unrounded figures, the difference was 2.4 percentage points. Spending units in the lower half of the
income scale had a somewhat larger proportion
of income when ranked by size of disposable income than when ranked by income before taxes.
The evidence in Table 12 indicates that the reduction in Federal income taxes may have had only
a relatively small effect on the distribution of dis-
posable income compared with the shift that seems
to have occurred from 1947 to 1948 in the distribution of income before taxes.
TABLE
12
PROPORTION OF TOTAL MONEY INCOME RECEIVED BY EACH
T E N T H OF THE NATION'S SPENDING U N I T S W H E N RANKED BY
SIZE OF INCOME, BEFORE AND A F T E R FEDERAL
INCOME T A X , 1948
AND
1947
Percentage of total income
received by each tenth
Spending units
ranked according1
to size of income
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth. . . .
Money income
before Federal
income tax
Money income after
Federal income tax
(Disposable income)2
1948
1947
1948
1947
32
15
12
10
9
7
6
5
3
1
33
15
12
10
9
7
6
4
3
1
29
15
12
10
9
8
7
5
4
1
31
15
12
10
9
8
6
5
3
1
1
Units have been ranked by size of money income either before
or 2after tax, as indicated by the column headings.
Money income after deduction of estimated Federal personal
income tax liability. See appendix, pp. 790-791, for method of
estimating disposable income. Money income figures exclude
capital gains or losses and tax estimates make no allowance for such
gains or losses.
Estimates of the tax liabilities and disposable incomes of family units have also been prepared and
these are presented in supplementary Tables 14 and
15 at the end of this article.
APPENDIX
METHOD OF ESTIMATING DISPOSABLE INCOME
Estimates of disposable personal income, defined
for purposes of the Consumer Finances Surveys as
the total money income of a spending unit less its
Federal income tax liability, were made for the
second time in the 1949 survey. While no questions about Federal income tax payments were
asked in the Interviews, it was possible to estimate
a rough tax liability figure for each spending unit
by taking into account the number of income receivers and dependents in each unit and by making
certain assumptions about the filing of joint returns,
deduction allowances for contributions, and other
considerations entering into the tax computations.
790
In the 1949 survey, but not in the preceding one, information was obtained on the number of dependents living outside of the dwelling. This improvement in method tended to lower estimated tax liabilities, although only about 5 per cent of the cases
were affected. The estimates thus made represented the Federal tax liabilities on 1948 incomes,
not the tax payments of spending units during 1948.
No estimates were made for State and local taxes.
The disposable income figures shown in this
report therefore represent total money income less
estimated Federal tax liabilities. These disposable
income figures differ from the disposable personal
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
income figures that are a part of the personal income series of the Department of Commerce in
that the Commerce series excludes tax payments
(not liabilities) and State and local as well as Federal taxes.
Certain information which would have been
necessary in order to calculate personal income tax
liability with precision was not available. The most
important missing item was exact information on
deductions claimed by spending units. The survey
deduction allowance was the Treasury standard deduction on incomes up to $5,000 and 10 per cent of
incomes of $5,000 or more. Some units undoubtedly claimed deductions that were larger than the
amounts estimated for them, and some units with
incomes of $10,000 or more may have claimed less
than the estimated deduction. Table 10 shows the
amounts of tax liability estimated for spending
units within various income groups.
The tax liability for each spending unit was
estimated by using a standardized procedure of
computation.1 The steps in the calculation were as
follows:
1. A table was prepared giving the amount of
tax by size of income and by number of dependents (including an extra exemption where the head
of the unit or his wife was over 65 years of age).
The table provided for the Treasury standard deduction for contributions, medical bills, etc., on incomes up to $5,000, and a deduction of 10 per cent
of taxable income (excluding items in (2) below),
for incomes larger than $5,000.
2. Taxable income was calculated by deducting
from total income amounts received by individual
income recipients from social security benefits, sickness and injury benefits, armed forces pay and allowances up to the limit of their special exemption,
contributions for support, and other allowable deductions. Tax-free interest was not deducted but
would be received by only about 1 per cent of the
income recipients.
3. In the case of spending units containing one
person only, the tax was taken directly from the
prepared table.
Acknowledgment is made of the assistance of members
of the Division of Tax Research, Treasury Department, in
formulating the method of estimate.
JULY
1949
4. In all cases of spending units containing a
husband and wife, it was assumed that a joint return would be filed.
5. If persons other than the head of the spending
unit and his wife received income in such amounts
that filing separate tax returns reduced the tax
liability of the entire spending unit, separate returns
were calculated for the additional earners. Dependents were always included on the tax return
of the main income receiver, unless a different
handling was indicated by the interview.
6. Where more than one tax return was estimated for a given spending unit, the separate tax
liabilities were computed and added together and
the total was considered to be the tax liability of
the spending unit.
7. Where a family contained more than one
spending unit, the separate tax liabilities were computed and added together and the total was considered to be the tax liability of the family.
This method of estimating taxes made no provision for the following:
1. Special exemption for the blind;
2. Larger deductions than the Treasury standard
deduction on incomes up to $5,000, or larger or
smaller deductions than 10 per cent on incomes
greater than $5,000;
3. Tax-free interest;
4. Taxes on alimony received;
5. Taxes on capital gains and losses;
6. Carry-over of business and capital losses from
previous years;
7. Allocation of income among the taxpayers in
a spending unit that may differ somewhat from
the survey allocation;
8. Number of exemptions claimed for dependents not living in the dwelling that may differ from
the survey figure because no question was asked in
the survey about the relative size of contributions
to dependents; and
9. State and local income taxes, which amount
to about one-tenth of Federal personal income tax.
For individual spending and family units, taxes
may have been over- or under-estimated. The
limitations of these tax estimates should be recognized in making use of either the tax or disposable
income data.
791
1949 SURVEY OF CONSUMER FINANCES
TABLE
13
DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF INCOME, 1948 *
[Per cent]
Annual money income before taxes
Characteristics of spending unit
Under
$1,000
$1,000$1,999
$2,000$2,999
100
25
30
27
11
3
3
1
12
6
16
12
21
24
20
24
13
15
13
13
5
6
100
5
14
17
11
23
23
14
10
9
14
28
15
100
11
6
Number of income receivers in
spending unit:
One
Two or more
100
100
13
8
19
12
25
18
20
21
10
17
8
18
5
6
Age of head of spending unit:
18-24
25-34
35-44
45-54
55-64
65 and over.
100
100
100
100
100
100
15
4
5
8
15
43
31
16
12
15
19
24
33
25
21
20
25
14
12
28
25
21
17
7
7
2
10
14
14
9
4
(2)
14
16
12
9
5
3
7
10
6
3
Place of residence of spending
unit:
Metropolitan area 3
Other urban4 area . . . .
Rural area
100
100
100
7
11
19
14
18
22
23
24
22
21
21
17
14
12
8
14
9
8
7
5
4
Education of head of spending unit:
Grammar school
High school
College
100
100
100
19
7
5
23
15
11
23
26
16
18
24
18
9
14
14
6
11
18
2
3
18
Number of persons in spending unit:
One
Two
100
100
Three
Four
Five or more
$3,000$3,999
$4,000$4,999
$7,500
and over
All income
groups
$5,000$7,499
*For comparable 1947 data, see June 1948 Federal Reserve BULLETIN, p. 656; for 1946 data, see July 1947 BULLETIN, p. 793; for
1945
in iPart
x 7 t ^ data,
vj.ci.cci, see
o t c Tables
l a u i t o 18,
x o , 19,
A-'J and
a n u 20
&>\J
l l A diTwo of National Survey of Liquid Asset Holdings, Spending, and Saving, Division of Program
Surveys,
U.
Surveys,
U. S.
S. Department
Department of
of Agriculture.
Agriculture.
2
Less than one-half of 1 per cent.
3
The 12 largest cities in the nation and their suburbs.
4
Towns with less than 2,500 population and open country
TABLE
14
TABLE
15
DISTRIBUTION OF FAMILY U N I T S AND TOTAL MONEY INCOME
DISTRIBUTION OF FAMILY U N I T S BY ESTIMATED
BEFORE AND A F T E R FEDERAL INCOME T A X
BY INCOME GROUPS,
1948
FEDERAL
PERSONAL INCOME T A X LIABILITY, 1948 AND 1947
x
[Per cent]
Family units x
Income group
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999....
$5,OOO-$7,499...
$7,500 and over. .
All income
groups
[Per cent]
Total money income
Before After Federal Before After Federal
Federal income tax 2 Federal income tax 2
income (Disposable income (Disposable
income)
tax
tax
income)
11
15
20
20
12
14
8
100
Median income 3 .. $3,320
1
2
11
17
22
20
12
12
6
2
6
12
18
14
21
27
2
7
16
19
15
20
21
100
100
100
$3,000
Includes single-person families.
Money income after deduction of estimated Federal personal
income tax liability. See appendix, pp. 790-791, for method of estimating disposable income. Money income figures exclude capital
gains or losses and tax estimates make no allowance for such gains
or 3losses.
The median amount is that of the middle spending unit when
all units are ranked by size of income.
792
Estimated tax liability
2
1948
1947
None
$l-$49
$50-$99
$100-$199
$200-$499
$500-$999
$1,000-$ 1,999..
$2,000-$4.999. .
$5,000 and over
32
5
8
13
25
12
3
1
1
29
5
7
12
25
15
4
2
1
All units...
100
100
1
2
Includes single-person families.
Tax liability apart from capital gains or losses. Money
income figures exclude capital gains or losses and tax estimates
make no allowance for such gains or losses.
NOTE.—The schedule of Federal personal income taxes was
revised in 1948 in a manner which would tend to lower liabilities
at all levels of the income distribution. For the most part, the
downward shift in tax liabilities reflects this revision. However,
improved methods of working out the 1948 tax estimates also
tended to lower slightly the level of 1948 tax liabilities as compared with those for 1947.
FEDERAL RESERVE BULLETIN
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES1
Liquid asset holdings of individuals increased
during 1948 by an estimated 2.5 billion dollars
while total business holdings decreased by 0.7
billion. The annual gain in individual holdings
was the smallest since before the war and compares
with an increase of 7.1 billion in 1947. In 1948
corporations added to their liquid assets for the
first time since 1945 while unincorporated businesses continued to draw down their liquid funds
for the third successive year.
Estimates of liquid asset holdings of individuals
and businesses as of December 31, 1948, and for
end-of-year and selected midyear dates from December 1939 to December 1948, are presented in the
accompanying table. These estimates cover the
principal assets which are most readily convertible
for use and for which there are representative
statistics of ownership. Currency and demand
deposits are the basic forms of cash ordinarily used,
and under existing practices time deposits, shares
of savings and loan associations, and United States
Government securities are readily convertible into
cash.
Although individuals added a smaller amount
to their store of liquid assets in 1948 than in 1947,
total personal saving as defined by the Department
of Commerce increased substantially. The growth
in saving reflected primarily considerably larger *
investment in housing, farms, nonfarm unincorporated businesses, and securities of corporations
and State and local governments. Also, the increase in personal indebtedness was somewhat
smaller in 1948 than in the preceding year.
Unincorporated businesses continued to draw
upon their accumulated liquid assets to help finance
their continued high rate of investment in plant,
equipment, inventories, and consumer receivables.
The reduction of these assets was greater in 1948
than in 1947 chiefly because of less reliance on
credit from corporate businesses and banks. In
1948 corporations increased their holdings of liquid
assets by 0.5 billion dollars, reversing the decline
of the two preceding years. In part, this reflected
some reduction in the rate of their investment in
inventories and customer receivables and an increase
1
A detailed description of the methods used to obtain
the estimates, together with the basic worksheets, may
be secured from the Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
JULY
1949
in their retained profits and allowances for depreciation and depletion.
Of the increase in assets of personal trust funds
in 1948, only about half was held in liquid asset
forms, primarily United States Government securities, as compared with about two-thirds in 1947.
Other personal holdings of the two most liquid
types of assets—currency and demand deposits—
were reduced in 1948 while holdings of other
liquid asset types—time deposits, savings and loan
shares, and United States Government securities—
were enlarged. Individuals added more United
States Government securities and a smaller amount
of time deposits to their accumulated liquid savings
than they did in other postwar years. It is noteworthy in this connection, however, that according
to the fourth Survey of Consumer Finances conducted early this year, the number of spending units
holding United States Government securities
showed a further decline in 1948, although this
reduction was considerably smaller than in 1946
and 1947.2
The estimates presented in the accompanying
table include liquid assets held by individuals (including farmers), unincorporated businesses, and
corporations other than insurance companies. They
do not include holdings of Federal, State, or local
governments, Government agencies, foreigners,
banks, savings and loan associations, insurance companies, or nonprofit associations. The estimates are
approximations of amounts shown or implied in
accounting records of the holders rather than those
reported by banking and Treasury records, although
they are derived primarily from bank and Treasury
reports. The deposit estimates, therefore, differ
somewhat from the figures reported by banks and
regularly published among banking statistics.
The basic classifications used and method of estimate are the same as those employed previously.
Some small revisions have been made in the
estimates for December 1947.3
2
This survey, conducted for the Board by the Survey
Research Center, University of Michigan, provides information on the distribution of holdings of liquid assets by individuals at the beginning of 1949 and their attitudes toward
spending these assets. The survey data on liquid assets will
be presented in the August issue of the BULLETIN.
3
See Federal Reserve BULLETINS for June 1945, February
1946, November 1946, September 1947, and June 1948 for
previously published estimates.
793
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[In billions of dollars
1939 1940
Type of holder
Total1...
Currency
Demand deposits 2
Time deposits.
Savings & loan shares4 3
U. S.Govt. securities . .
1941
1945
1944
1943
1942
1947
1948
Dec.
Dec.P
Dec. Dec. June Dec
June Dec.
69.0 74.7 78.4 85.4
5.8 6.6 7.5 8.9
20.9 24.6 26.5 27.9
26.3 26.9 27.1 26.9
4.0 4.2 4.4 4.5
12.0 12.4 12.9 17.2
94.6 116.2 135.9 156.4 175.5 195.9 212.9 227.5 228.5 231.5 '237.0 238.8
10.2 13.1 15.0 18.0 20.0 22.6 24.2 25.5 25.5 25.7 25.4 24.7
30.9 36.8 42.7 47.1 47.9 53.1 56.0 60.2 62.5 64.6 '66.2 64.6
26.5 27.7 29.6 32.0 35.0 39.0 43.5 47.7 50.9 53.0 '55.2 56.1
'9.6 10.8
5.8
5.1
8.4
7.2
6.7
4.6 4.8
7.8
6.2
5.4
22.4 33.8 43.5 53.9 66.8 75.0 82.5 86.9 81.8 79.8 80.6 82.6
June
Dec.
June
Dec
June
Dec.
June
Dec,
49.5
55.9
62.9
67.5
72.3
73.0
69.6
66.3
'64.7
64.0
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
1.7
1.6
12.5 15.5
2.0 2.0
0.1 0.
3.2 3.0
1.9
16.5
2.1
0.1
3.0
2.1
16.6
2.0
0.1
5.1
2.3 2.8
18.6 21.7
2.0 2.1
0.1 0.1
6.5 12.7
3.1
27.5
2.2
0.2
16.5
3.6
28.9
2.3
0.2
20.9
3.9
29.4
2.5
0.2
26.9
4.3
31.3
2.7
0.2
29.0
4.5
33.7
2.9
0.2
31.0
4.7
33.7
31.3
4.8
34.7
3.2
0.3
26.6
4.9
33.5
3.4
0.3
24.2
4.8
'33.9
3.5
0.3
'22.2
4.7
33.8
3.5
0.3
21.7
Corporations—total
13.0
15.0
15.7
17.4
19.6
27.1
34.2
38.6
43.1
44.7
47.2
45.1
41.9
38.9
'38.2
38.7
0.7
9.5
0.7
0.7
11.7
0.7
0.8 0.8
12.3 12.4
0.7 0.7
0.8 0.8
13.8 16.0
0.7 0.7
0.8
20.0
0.7
0.
12.6
0.9
20.9
0.7
0.1
16.0
0.9
21.4
0.7
0.1
20.0
0.9
22.1
0.7
0.1
20.9
0.9
24.0
0.7
0.1
21.5
0.9
22.1
0.7
0.1
21.3
1.0
22.9
0.7
0.1
17.2
1.0
21.8
0.7
0.1
15.3
1.0
'22.2
0.7
0.1
'14.2
1.0
22.7
0.7
0.1
14.2
Business holdings—total. . .
Currency
Demand deposits
Time deposits
Savings & loan shares......
U. S. Govt. securities
Financial 5corporations—
total
Demand deposits
Time deposits
U. S. Govt. securities. . .
Nonfinancial corporations
—total
Currency
Demand deposits
Time deposits
Savings & loan shares. . .
U. S. Govt. securities. . .
19.4 22.3 23.6 25.9 29.5 39.4
1.9
Y.9
1.2
0.1
0.5
1.3
0.1
0.5
1.7
1.1
0.1
0.5
3.5
4".3 *9.6
2.2
2.4
2.5
3.8
4.1
'4.3
4.5
1.3
0.1
0.8
1.3
0.1
1.0
1.2
0.1
1.2
1.3
0.1
1.4
1.3
0.1
1.7
1.3
0.1
2.0
1.5
0.1
2.2
1.6
0.1
2.4
2.0
0.1
2.7
2.1
0.1
2.5
2.1
0.1
2.2
'2.2
0.1
2.0
2.2
0.1
2.2
3.1
11.3 13.2
13.8 15.2
17.2 24.6
31.4
35.5
39.7
40.9
43.1
40.3
37.2
34.5
'33.9
34.2
0.7 0.7
8.4 10.5
0.6 0.6
0.8 0.8
11.0 11.1
0.6 0.6
0.8 0.8
12.5 14.8
0.6 0.6
' '8*. 4
0.
18.7
0.6
0.1
11.2
0.9
19.6
0.6
0.1
14.3
0.9
20.1
0.6
0.1
18.0
0.9
20.6
0.6
0.1
18.7
0.9
22.4
0.6
0.1
19.1
0.9
20.1
0.6
0.1
18.6
1.0
20.8
0.6
0.1
14.7
1.0
19.7
0.6
0.1
13.1
1.0
'20.0
0.6
0.1
'12.2
1.0
20.5
0.6
0.1
12.0
12.3
15.3
17.3
19.
22.8
25.1
27.9
27.7
27.4
'26.5
25.3
2.0
5.7
1.4
0.1
3.1
2.3
7.5
1.5
0.1
3.9
2.7
8.0
1.6
0.1
4.9
3.4
9.2
2.0
0.1
8.1
3.6
9.7
2.2
0.1
9.5
3.8
11.6
2.4
0.1
10.0
3.8
11.8
2.5
0.2
9.4
3.9
11.7
2.7
0.2
8.9
3.8
'11.7
2.8
0.2
8.0
3.7
11.1
2.8
0.2
7.5
i. 4
Unincorporated business—total
6.4
7.3
7.9
8.5
9.9
Currency
D e m a n d deposits
T i m e deposits
Savings & loan s h a r e s . . . .
U. S. G o v t . s e c u r i t i e s . . . .
0.9
3.0
1.3
0.1
1.1
1.0
3.8
1.3
0.1
1.1
1.1
4.2
1.4
0.1
1.1
1.3
4.2
1.3
0.1
1.6
1.5
4.8
1.3
0.1
2.2
3.0
8.0
1.8
0.1
6.9
Personal holdings—total. .
49.6 52.4 54.8 59.5 65.1 76.8
86.4 100.5 112.6 128.4 140.6 154.5 158.9 165.2 172.3 174.8
Currency
Demand deposits
Time deposits
Savings & loan shares. .
U. S. Govt. securities. .
7.9 10.3
4.2 4.9 5.6 6.8
8.4 9.1 10.0 11.3 12.3
24.3 24.9 25.0 24.9 24.5
3.9 4.1 4.3 4.4 4.5
15.9 21.1
8.8 9.4 9.9 12.
11.9
15.2
27.4
4.9
27.0
14.4
18.2
29.7
5.2
33.0
16.1
18.5
32.5
5.6
39.9
18.3
21.8
36.3
6.0
46.0
19.7
22.3
40.6
6.5
51.5
20.8
26.5
44.6
7.0
55.6
20.7
27.8
47.7
7.5
55.2
20.8
31.1
49.6
8.1
55.6
20.6
32.3
'51.7
'9.3
'58.4
20.0
30.8
52.6
10.5
60.9
Trust funds—total
6
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
Other Personal—total7
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities. . . .
4.5
4.7
4.8
5.6
6.2
6.9
8.4
10.0
11.7
13.4
14.7
15.9
17.8
19.4
21.6
22.9
1.2
0.2
1.3
0.3
1.4
0.3
1.4
0.3
1.2
0.2
0.1
5.4
1.2
0.2
0.1
6.9
1.3
0.2
0.1
8.4
1.3
0.2
0.1
10.1
1.4
0.2
0.1
11.7
1.5
0.2
0.1
12.9
1.6
0.2
0.1
14.0
1.8
0.3
0.1
15.6
1.7
0.3
0.2
17.2
1.6
0.3
0.2
19.5
1.6
0.5
0.2
20.6
69.9
78.0
90.5
100.9
115.0
125.9
138.6
141.1
4.2 4.9 5.6 6.8
7.9 10.3
7.2
7.8 8.6 9.9 11.0 13.9
24.1 24.6 24.7 24.6 24.3 25.4
3.9 4.1 4.3 4.4 4.4 4.6
5.7 6.3 6.8 8.2 11.3 15.7
11.9
14.0
27.2
4.8
20.1
14.4
16.9
29.5
5.1
24.6
16.1
17.2
32.3
5.5
29.8
18.3
20.4
36.1
5.9
34.3
19.7
20.8
40.4
6.4
38.6
20.8
24.9
44.4
6.9
41.6
20.7
26.0
47.4
7.4
39.6
3.1
3.
45.1
47.7
3.1
3.9
1.3
0.2
0.1
4.6
50.0
53.9
58.9
145.8 '150.7 151.9
20.8
29.4
49.3
7.9
38.4
20.6
30.7
'51.4
'9.1
'38.9
20.0
29.2
52.1
10.3
40.3
' Revised.
P Preliminary.
1
Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and
agencies
are not included in the totals shown.
2
These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based
on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total
demand deposits as of Dec. 31, 1948 on a holder-record basis (see table) amounted to 64.6 billion dollars while on a bank-record basis these deposits
amount to 77.8 billion. This is because checks are constantly in the mail, i. e., deducted on payor's records and not yet added on payee's records,
and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from
payor's
deposits as per bank records.
3
Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates.
4
Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, as follows, in millions of dollars: 1128; 58; 29;
12; 7.5 Armed forces leave bonds are included beginning December 1947, as follows, in millions of dollars: 767; 464.
Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and
dealers,
holding companies not otherwise classified, etc.
6
Includes
only amounts administered by corporate trustees.
7
Includes holdings of farmers and professional persons.
794
FEDERAL RESERVE BULLETIN
THIRD ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF
FRANCE
The formulation and coordination of credit
policy in France is the junction of the National
Credit Council created by the Banking Law of
December 2, 1945. The Third Annual Report
of the Council reviews the principal changes in
banking organization since inauguration of the
Council, gives a detailed account of the development of the French economic and monetary situation during 194S, and describes the important
changes in credit policy that were carried out in
September 1948. The following passage is a
translation of the conclusion of the report}
By virtue of the progressive recovery of industry
and agriculture, as well as the repeated efforts of
the country and the public authorities to restore
financial equilibrium, the French economy last
year made further progress toward the economic
rehabilitation to which the country has been looking forward since liberation. This rehabilitation
was aided by a series of measures designed to combat inflation and required the assistance of the
authorities responsible for bank credit.
Credit policy, without adhering to any preconceived system, continued to play its auxiliary
role and to be carried out by a variety of measures
that has characterized the work of the National
Credit Council since its creation. Adapting itself
to the changing needs of the economic situation,
this policy first encouraged economic recovery and
reconstruction of plant and equipment by deliberately supplying credit to meet the inadequacy
of savings. So long as major shortages prevailed,
the main objective of this policy was to prevent
the insufficiency of funds in certain industries from
aggravating the grave physical deficiencies from
which the country was still suffering.
1
Translated from the Troisieme Rapport Annuel du Conseil National du Credit, 1948 (Paris, 1949). For excerpts
from the Second Annual Report of the Council, see Federal
Reserve BULLETIN for August 1948, pp. 950-60.
A translation of the Banking Law of December 2, 1945
was published in the BULLETIN for May 1946, pp. 483-88.
For an account of the changes in credit policy carried out
in France in September 1948, see Albert O. Hirschman and
Robert V. Rosa, "Postwar Credit Controls in France,"
Federal Reserve BULLETIN, April 1949, pp. 348-60.
JULY
1949
During this phase of reconstruction, credit policy
could not be expected to become an important
weapon against price inflation. In this period the
price level was repeatedly driven upward by
advances in the prices of foodstuffs on all markets
(official, clandestine, or free), and credit plays a
relatively minor role in these markets. The price
increases in turn were regularly consolidated by
upward adjustments in wages, exchange rates, the
cost of public services, taxes, industrial prices, and
profit margins.
The ensuing contraction of business working
capital, which resulted for the most part because
costs generally increased before selling prices,
inevitably caused a nonspeculative demand for
credit. It would have been dangerous, and no
doubt impossible, not to satisfy this demand. At
most it was possible to determine the genuineness
of the needs for credit and to reject applications
that were not well founded. This is what the
Council did in the earlier stages of reconstruction.
With the considerable economic improvement
during 1948, credit policy became a more direct
part of the national effort to attain monetary
equilibrium. In spite of inevitable hostility to
this more active policy, its necessity is no longer
contested.
The good harvest, which was the most important
factor in the economic improvement, led to a
decline in certain agricultural prices, insured an
adequate supply of foodstuffs, and favored stability
of wages. Nevertheless, it was to be expected that
time would elapse before domestic industrial prices
would decline in response to increased production
and declining world prices.
For adjustment of the more plentiful but still
dear supply of goods to a demand which was not
only less urgent but also restrained by the expectations of lower prices or by lack of purchasing power,
it was necessary that certain profits be partly
sacrificed and even that losses be accepted in some
sectors of the economy.
In the long run, this adjustment could no doubt
have taken place of its own accord, without any
795
THIRD ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
limitation of credit. If such a limitation has
nevertheless been undertaken—and if it has been
applied with a strictness making the meeting of
maturities difficult—this has been done because
it was essential to hasten the process of adjustment, necessarily painful to producers and traders
alike. The objective of this policy was to neutralize
as much as possible the first defensive reaction
against marketing difficulties—i. e., recourse to
credit—and to provoke instead other reactions
which were more desirable for the community—
in particular the reduction of costs and selling
prices, and increased exports.
While slowing down of purchases is attributable
partly to a perceptible return of confidence in the
currency, this confidence is not yet sufficiently firm
to permit all demands for liquid funds to be met
unconditionally. Elements of uncertainty and instability still remain—the outcome of the next
harvest, the level of tax receipts, the balance of
payments, etc.—and call for continued vigilance.
If confidence in the currency is consolidated,
however, and if savings leave their present hide-outs
to flow into productive investments, this vigilance
will shift to other aspects of the monetary problem
of which the National Credit Council is keenly
aware. The legitimate demand for means of payment will in time tend to bring the money supply
to the level called for by the prices and expanding
activity of a rehabilitated economy. Today, how-
796
ever, the money supply is considerably below the
level that will have to be approached if a high
degree of employment is to be maintained.
It cannot be predicted today when this change
in the situation will come about. But at that point
there would be danger that even the special measures already adopted by the Bank of France to
spare the market certain too serious repercussions
of the global limitation of credit would no longer
permit normal cash requirements to be satisfied.
The Council holds that the credit ceilings at
present applicable to banks and business enterprises
could then be revised to allow for expansion insofar
as it wTould no longer entail excessive risk. The
Council is also of the opinion that internal credit
should not be called upon to constitute the sole
basis and counterpart for the necessary increase
in the money supply. It would be desirable that
the gold or foreign exchange reserves of the Bank
of France be increased to permit the reconstitution
both of means of international payments and of
a genuine cover for the domestic currency circulation.
On a monetary foundation thus consolidated,
with the possible help of national savings, credit
policy could shift with more assurance from combating inflation toward the development of production and employment, the building up of the
real income of the nation, and the attainment of
a better standard of living.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Termination of Consumer Credit Control
and Temporary Authority to Increase
Reserve Requirements
In connection with the expiration on June 30,
1949, of the temporary authority of the Board of
Governors of the Federal Reserve System to regulate consumer instalment credit and to prescribe increased reserves for member banks, there is set
forth on page 116 of this issue of the Federal
Reserve BULLETIN the text of a statement for the
press issued by the Board on June 29, 1949, regarding this matter. The text of the revised Supplement to the Board's Regulation D, mentioned in
the press statement, is as follows:
the Federal Reserve System, is permitted to maintain 14 per cent reserves against its net demand
deposits;
24 per cent of its net demand deposits if located
in a central reserve city, except as to any bank
located in an outlying district of a central reserve
city or in territory added to such city by the extension of the city's corporate limits, which, by
the affirmative vote of Rvc members of the Board
of Governors of the Federal Reserve System is
permitted to maintain 14 per cent or 20 per cent
reserves against its net demand deposits.
Common Trust Funds
Distribution of Accrued Income
SUPPLEMENT TO REGULATION D
The Board has recently considered the question
whether
a bank operating a common trust fund
Effective as to member banks not in reserve and
central reserve cities at opening of business on may make advances to the fund for use in disJuly 1, 1949, and as to member banks in reserve tributing accrued interest and declared dividends
and central reserve cities at opening of business receivable on investments of the fund prior to the
receipt of such income where such advances are
on June 30, 1949.
made from a "general trust account" consisting of
RESERVES REQUIRED TO BE
commingled uninvested funds of all trusts adminisMAINTAINED BY MEMBER BANKS
tered by the bank.
WITH FEDERAL RESERVE BANKS
The Board has previously expressed the view that
Pursuant to the provisions of section 19 of the the use of uninvested cash in a common trust fund
Federal Reserve Act and section 2(a) of its Regu- to distribute accrued interest and dividends relation D, the Board of Governors of the Federal ceivable on investments of the fund prior to receipt
Reserve System hereby prescribes the following is not inconsistent with the Board's Regulation F,
reserve balances which each member bank of the and has stated that it would not object if uninvested
Federal Reserve System is required to maintain on cash in a common trust fund were so used in reasondeposit with the Federal Reserve Bank of its dis- able amounts.
trict:
The situation is different, however, where the
bank operating a common trust fund makes ad6 per cent of its time deposits plus—
14 per cent of its net demand deposits if not vances to the fund for this purpose. Subject to an
exception which is not pertinent here, subdivision
in a reserve or central reserve city;
20 per cent of its net demand deposits if in a numbered (3) of the fourth paragraph of section
11 (a) of Regulation F provides as follows:
reserve city, except as to any bank located in an
outlying district of a reserve city or in territory
(3) A bank administering a Common Trust
added to such city by the extension of the city's
Fund shall not have any interest in the assets
held in such Common Trust Fund, other than
corporate limits, which, by the affirmative vote
in its capacity as fiduciary, * * *.
of five members of the Board of Governors of
JULY 1949
797
LAW DEPARTMENT
Where a bank operating a common trust fund
advances its own funds to the common trust fund
in order to distribute accrued but uncollected income of the fund, the bank relies upon the assets
of the fund for reimbursement of its advances; and,
in the Board's opinion, the bank acquires an interest
in assets of the common trust fund which is prohibited by the above-quoted provision of Regulation F.
Where a bank advances uninvested trust funds
held in a "general trust account" of the kind referred to above, it is the Board's opinion that, in
view of the bank's liability to the trusts whose funds
are advanced, the bank acquires an interest in assets
of the common trust fund which does not differ,
in substance, from the interest which would be
acquired by advances of its own funds, and that, in
any event, this practice is not permissible because
it violates section 11 (c) of Regulation F which
reads as follows:
(V) Dealings between trust accounts—A national
bank acting as fiduciary shall not make any advance to any trust from the funds belonging to
any other trust, except when the making of such
advances to a designated trust is specifically
authorized by the trust instrument covering the
trust from which such advances are made.
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meeting
A meeting of the Federal Open Market Committee was held in Washington on June 28, 1949.
Change in Board's Staff
Effective June 26, Mr. G. Howland Chase was
appointed by the Board as Assistant Solicitor. Mr.
Chase became associated with the Board's Legal
Division on May 2, 1932, and served in that division
798
until December 7, 1948, when he was appointed
Attorney in the newly created Office of the Solicitor.
Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to membership in the Federal Reserve System during the
period May 16, 1949 to June 15, 1949:
Michigan
Flat Rock—The State Savings Bank of Flat Rock
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled June 24, and released for publication June 28]
Production at factories and mines declined further in May and June. Construction activity increased somewhat and employment in most other
lines was maintained. Prices of industrial commodities continued downward and prices of farm
products and foods declined in June following some
advance in May. Department store sales were maintained at relatively high levels.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production declined 5 points in May to
174 per cent of the 1935-39 average and, according
to present indications, may show a similar decrease
in June. The May decline reflected mainly a further
substantial reduction in activity in industries manufacturing durable goods. Output of nondurable
goods and of minerals, which earlier had declined
more than output of durable goods, showed only
slight decreases in May.
Activity in the iron and steel, machinery, and
nonferrous metals industries showed marked declines in May, reflecting a reduced volume of
orders. Steel production averaged 93 per cent of
capacity and since then has declined further to a
scheduled rate of 84 per cent of capacity during the
week beginning June 20, as compared with the
peak of 103 in March. Machinery production has
declined about one-fifth since the end of last year.
Output of passenger cars was temporarily curtailed
in May as a result of a major work stoppage, but by
mid-June increased to new record postwar rates.
Activity in most other industries manufacturing
durable goods declined slightly in May.
Activity in the cotton and rayon industries decreased further. Output of wool textiles, however,
increased from the exceptionally low April rate,
which was about 40 per cent below peak postwar
levels. Cotton consumption in May was at the
lowest rate since 1939. Petroleum refining activity
showed a slight gain in May, and newsprint consumption rose further to a new record rate.
Activity in most other nondurable goods industries
showed little change.
Minerals output was slightly smaller in May.
Activity at nonferrous metal mines was substantially curtailed and iron ore output, after allowance
for seasonal changes, was slightly below the exceptionally high April level. Crude petroleum
production showed little change. Coal output increased somewhat in May, but has been curtailed
sharply in June.
CONSTRUCTION
Value of construction contracts awarded, according to the F. W. Dodge Corporation, rose slightly
in May reflecting further increases in awards for
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
INDUSTRIAL PRODUCTION
PER
PH VSICAL VOLUME, SEAS ONALLY
CE NT
ADJUSTED, 1 35 - 3 9 • 0 0
PEF
260
240
/
220
r
S
NUFACTU
VND MINIM
\
1
/
200
L
\
/
A
/
vy
/
180
160
T RADE
180
V
1
1
160
V
9
^^
^
GOVERNMENT
h—H
FINANCE AND SERVICE
-
~ "
140
1
TRANSPORTATION
AND UTILITIES
1
CONSTRUCTION
.
120
1941
1942
1943
1944
1945
1946
1947
!
|
i
;
1948
1949
100
1941
1942
1943
1944
Federal Reserve index.
for May.
JULY
1949
1945
1946
1947
1948
1949
Monthly figures, latest shown are
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic servants are not included. Midmonth figures, latest shown are
for May.
799
NATIONAL SUMMARY OF BUSINESS CONDITIONS
public construction. Private awards were slightly
smaller than in April and continued considerably
below a year ago. The number of new housing units
started increased further in May and was close to
the peak level of 100,000 units a year ago, according to estimates of the Department of Labor.
In May retail prices of most groups of consumers'
goods were somewhat lower than in April. The
B.L.S. index for all items, including rents and other
services, was 169.2 as compared with 169.7 in
April and the recent low point of 169.0 in February.
DISTRIBUTION
Business loans at banks in leading cities declined
substantially during May and by somewhat smaller
amounts during the first half of June. Real estate
and consumer loans increased slightly. Banks purchased about 2 billion dollars of Government
securities of both long and short maturities, in
part out of reserve funds released by the reduction
in reserve requirements effective in early May.
Treasury expenditures were considerably greater
than receipts in the first half of June, and Treasury
deposits at the Reserve Banks declined substantially.
This supplied banks with reserve funds and banks
bought Government securities from the Federal Reserve System and increased their excess reserve
balances. Subsequently banks lost reserve funds
as Treasury balances at the Reserve Banks were
built up by quarterly income tax payments. Reserve
System holdings of Government bonds declined
further during June.
Value of department store sales in May showed
little change from April, after allowance is made
for the usual seasonal fluctuation. Sales in the first
half of June were 7 per cent below the high level
of the corresponding period in 1948, reflecting in
part lower retail prices for apparel and housefurnishings.
Shipments of railroad freight declined in May
and early June, reflecting mainly a marked reduction in loadings of miscellaneous products. Total
carloadings, after allowance for seasonal changes,
have declined about 12 per cent since last autumn.
COMMODITY PRICES
BANK CREDIT
The general level of wholesale commodity prices
declined 2 per cent from the middle of May to the
third week of June. Meat and livestock prices
showed small net change, as decreases in mid-June
followed advances in the latter part of May. Cash
wheat prices declined about 10 per cent as marketings of another large crop commenced. Prices of
industrial commodities, especially textiles, paper,
metals, and building materials, continued downward from May to June.
Common stock prices decreased about 9 per cent,
with a moderate volume of trading, in the four
weeks ended June 13 and recovered part of the
decline in the following 10 days. Prices of highgrade corporate bonds changed little.
WHOLESALE COMMODITY PRICES
SECURITY MARKETS
SECURITY MARKETS
1926* IC
COMMON STOCK PRICES
..........
^
N \
V
.-
.^
BOND YIELDS
|
— u.s.0
1942
1943
1944
1945
1946
1947
1948
1949
Bureau of Labor Statistics' indexes. "All items" includes
fuel and housefurnishings groups not shown separately. Midmonth figures, latest shown are for July 5.
800
(943
1944
1945
1946
1947
T
1948
1949
Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; u. S. Government bond yields, U. S. Treasury Department. Weekly figures,
latest figures are for June 29.
FEDERAL RESERVE BULLETIN
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; rates on
time deposits; reserve requirements; margin requirements.
Federal Reserve Bank statistics.
..
Deposits and reserves of member banks; bank suspensions.
Money in circulation.
Bank debits and deposit turnover; Postal Savings System.
All banks and the money supply
All banks in the United States, by classes. . . .
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks.
..
Number of banking offices on Federal Reserve par list and not on par list
Commercial paper, bankers' acceptances, and brokers' balances. .
Money rates; bank rates on business loans; bond yields.
Security prices and new issues.
Corporate sales, profits, and dividends.
Treasury
finance
....
Government corporations and credit agencies.
Business indexes
..
Department store statistics.
Cost of living.
Wholesale prices
Gross national product, national income, and personal income.
Consumer credit statistics.
Current statistics for Federal Reserve chart books.
Member bank earnings by size of bank, 1948
803-804
804-805
806-810
810-811
812-813
813
814
815-817
818-819
820-823
824
825
826
827-828
829-830
831-833
834
835-844
845-848
848
849
850-851
852-854
855-859
860-862
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
1949
801
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
• 10NS0FDOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
^
1941
1942
1943
1
1944
- 1947
1946
1948
1949
~i 3 0
TOTAL RESERVE BANK HOLDINGS,
OF U. S. GOVERNMENT SECURITIES -
L
20
15
1941
1942
1943
1944
1945
1946
1947
1948
1949
Wednesday figures, latest shown are for June 29. See p. 803.
802
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Member bank
reserve balances
U. S. Government
securities
Date or period
Wednesday
figures:
1948—June 2.
June 9.
June 16.
June 23.
June 30.
Discounts
and
advances
239
312
294
353
265
Total
All
Bills,
1
certifi- other
Bonds cates,
and
notes
20,683 6,183 14,500
20,349 6,182 14,167
20,749 6,177 14,572
21,010 6,175 14,835
21,366 6,206 15,160
369
294
476
358
268
Gold
stock
Total
21,292 23,343
!0,955 23,362
21,519 23,515
21,721 23,523
21,900 23,532
Treasury
cash
holdings
Treasury deposits
with
Federal
Reserve
Banks
27,895
27,864
27,808
27,792
27,903
1,335
1,337
1,331
1,317
1,327
1,567
1,144
984
1,863
1,928
754
828
879
827
859
551
551
593
598
592
17,094
17,154
17,999
17,408
17,389
16,153
941
16,246
908
16,867 1,132
16,680
728
16,647
742
4,562 28,142
4,562 27,959
4,561 27,864
4,563 27,821
1,334
1,331
1,324
1,329
1,841
1,861
1,879
1,822
877
898
920
875
612
613
611
576
17,584
17,631
17,503
17,534
16,581 1,003
16,694
937
16,780
723
16,775
759
Treasury
currency
outstanding
4,565
Money
in circulation
Other
Non- Federal
memReber de- serve
posits
acTotal
counts
Required2
Excess2
July
7.
July 14.
July 2 1 .
July 28.
398 21,535
316 21,521
285 21,326
21,209
6,210
6,321
6,449
6,564
15,325
15,200
14,877
14,645
22,243 23,584
302 22,139 23,593
23,650
277
21,723 23,670
Aug.
4.
Aug. 11.
Aug. 18.
Aug. 25.
282 21,378
293 21,566
301 21,551
324 21,460
6,966
7,215
7,410
7,587
14,412
14,351
14,141
13,873
23'
205
273
210
21,897 23,679
22,064 23,688
22,125 23,708
21,993 23,711
4,564
4,564
4,565
4,564
27,922
27,966
27,979
27,965
1,330
1,324
1,322
1,324
1,852
1,756
1,963
1,902
860
865
965
843
569
570
566
567
17,606
17,834
17,603
17,668
16,876
730
16,831 1,003
16,874
729
16,857
811
Sept.
Sept.
Sept.
Sept.
Sept.
318
310
283
309
35:
21,411
21,240
21,205
21,860
23,282
7,795
7,864
8,455
8,944
9,202
13,616
13,376
12,750
12,916
14,080
208
284
433
376
314
21,937 23,725
21,834 23,793
21,921 23,850
22,545 23,865
23,953 23,872
4,568
4,571
4,571
4,570
4,573
28,072
28,287
28,156
28,083
28,080
1,323
1,326
1,321
1,319
1,324
1,693
1,331
661
,436
,660
855
872
875
858
864
564
565
592
591
586
17,724
17,817
18,737
18,694
19,884
16,871
853
16,891
926
17,090 1,647
17,715
979
18,944
940
Oct.
6.
Oct. 13.
Oct. 20.
Oct. 27.
296
500
289
300
23,143 9,483 13,660
23,303 9,736 13,567
23,19: 10,132 13,060
23,242 10,683 12,559
268
164
388
254
23,707
23,967
23,869
23,797
4,572
4,572
4,574
4,575
28,202
28,284
28,157
28,091
1,324
1,317
1,326
1,322
,596
,551
,530
,524
867
916
913
596
596
590
583
19,584
19,840
19,910
19,960
18,977
18,911
19,040
19,086
607
929
870
874
Nov. 3 .
Nov. 10.
Nov. 17.
Nov. 24.
320
32i
28:
58:
23,239
23,144
22,930
22,993
11,137
11,223
11,156
11,166
12,102
11,921
11,774
11,827
170
458
62:
366
23,729 24,007
23,929 24,097
23,834 24,110
23,941 24,150
4,578 28,254
4,579 28,337
4,579 28,215
4,580 28,305
1,317
1,317
1,324
1,317
,473
,553
,591
,650
886
912
901
922
539
539
539
542
19,846
19,947
19,953
19,934
18,988
19,025
19,138
19,104
858
922
815
830
Dec.
Dec.
Dec.
Dec.
Dec.
306
399
266
426
255
23,165
23,004
22,993
22,845
23,347
11,168
11,110
11,112
11,057
11,001
11,997
11,894
11,881
11,788
12,346
312
324
659
950
512
23,783
23,727
23,919
24,221
24,113
24,165
24,218
24,230
24,234
24,236
4,583 28,322
4,585 28,415
28,369
28,560
4,585 28,325
1,338
1,314
1,327
1,326
1,329
927
,527
,540
986
969
994
,575 1,033
,283 1,106
541
548
640
647
653
19,877
19,727
20,435
19,899
20,238
19,094
783
19,067
660
19,219 1,216
19,237
662
19,180 1,058
229 22,919
364 22,465
241 22,117
458 22,039
10,907
10,772
10,603
10,265
12,012
11,693
11,514
11,774
579
364
640
463
23,727 24,249
23,193 24,253
22,999 24,264
22,960 24,268
4,586
4,586
4,586
4,587
28,151
27,919
27,717
27,561
1,322
1,323
1,327
1,333
951
939
804
1,135
1,167
1,145
1,267
1,138
597
600
602
613
20,375
20,105
20,133
20,035
19,244 1,131
19,118
987
19,183
950
19,113
922
29 22,215 10,191 12,024
25 22,350 10,105 12,245
238 22,303 9,993 12,310
22,358 9,92 12,436
314
235
385
186
22,827
22,836
22,926
22,847
24,279
24,279
24,284
24,290
4,588
4,587
4,586
4,586
27,556
27,557
27,480
27,551
1,327
1,327
1,323
1,326
1,284
1,430
1,754
1,591
1,203
1,176
1,177
1,193
613
614
615
621
19,711
19,597
19,447
19,441
19,072
18,921
18,841
18,754
639
676
606
687
Mar. 2.
Mar. 9.
Mar. 16.
Mar. 23.
Mar. 30.
21,837 9,868
203 21,529 9,737
21,500 9,588
594 21,675 9,458
298 21,828 9,277
11,969
11,792
11,912
12,217
12,551
343
271
419
244
25:
22,422 24,290
22,003 24,295
22,348 24,305
22,512 24,307
22,378 24,311
4,587
4,587
4,588
4,588
4,591
27,557
27,577
27,500
27,423
27,403
1,320
1,320
1,324
1,327
1,320
877
711
591
1,432
1,678
1,233
1,223
1,227
1,197
1,190
628
631
663
669
671
19,684
19,424
19,936
19,360
19,019
18,872
18,787
18,946
18,655
18,503
812
637
990
705
516
Apr. 6.
Apr. 13.
Apr. 20.
Apr. 27.
21,597
23: 21,491
45; 21,288
266 21,208
9,151
9,064
8,989
8,905
12,446
12,427
12,299
12,303
22,143 24,317
333 22,056 24,321
309 22,050 24,324
231 21,705 24,329
4,591
4,592
4,589
4,592
27,514
27,507
27,408
27,356
1,329
1,318
1,333
1,330
1,116
1,028
1,054
1,146
1,104
1,110
1,094
1,093
676 19,311
678 19,327
678 19,398
19,020
18,479
18,505
18,519
18,492
832
822
879
528
May 4.
May 11.
May 18.
May 25.
20,839
20: 20,130
773 19,706
19,691
8,671
8,581
8,440
8,371
12,168
11,549
11,266
11,320
258 21,576 24,334
226 20,559 24,335
256 20,735 24,338
20,048 24,339
4,592
4,592
4,591
4,591
27,447
27,452
27,392
27,367
,324
,314
,313
,312
990 1,045
913 1,017
1,026 1,005
668
978
623 19,073
18,164
18,302
627 18,027
912
18,161
879
17,285
17,248 1,054
722
17,305
June 1.
June 8.
June 15.
June 22.
June 29.
158 19,76
157 19,594
139 19,461
19,166
150 19,517
8,274
8,202
8,051
7,932
7,780
11,493
11,392
11,410
11,234
11,737
220
205
311
27'
209
20,145 24,342
19,956 24,381
19,911 24,423
20,113 24,421
19,875 24,466
4,595
4,596
4,596
4,596
4,597
27,515
27,484
27,391
27,345
27,426
,321
,315
,309
,304
1,324
1.
8.
15.
22.
29.
1.
8.
15.
22.
29.
1949—Jan.
5.
Jan. 12.
Jan. 19.
Jan. 26.
Feb.
Feb.
Feb.
Feb.
2.
9.
16.
23.
23,888
23,965
23,983
23,996
622
378
9
508
497
911
946
906
943
959
18,076 17,288
788
639 18,170 17,249
921
708 18,606 17,387 '1,219
18,314 17,340
P974
719 18,013 17,375
P638
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) 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 1949
803
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Member bank
reserve balances
Reserve Bank credit outstanding
Date or period
Discounts
and
advances
U. S. Government
securities
Total
Gold
stock
All
Bills, other 1 Total
certifiBonds cates,
and
notes
TreasTreasdeTreas- ury
ury
Money
posits
ury
curin
cirwith
cash
rency
culaouthold- Federal
tion
Restandings
serve
ing
Banks
Other
Non- Fedmem- eral
Reber de- serve
posits acRe- 2 ExTotal quired
cess3
counts
End of period
1929—June
1933—June
1939—June
Dec.
1941—June
Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
29. .
30..
30 . .
30. .
30. .
31. .
30. .
31. .
29. .
31. .
30. .
31. .
1948—May
306 20,662
265 21,366
318 21,325
323 21,577
325 23,413
June
July
Aug
Sept
Oct
Nov
Dec
216
1,037
71
145
164 1,998
441 1,557
5 2,551
911 1,640
7 2,484 1,351 1,133
2 2,184 1,364
820
3 2,254 1,467
787
46 21,792 1,113 20,679
249 24,262
947 23,315
157 23,783
755 23,028
163 23,350
753 22,597
21,872
70
727 21,145
85 22,559 2,853 19,706
,
6,319 14,343
6,206 15,160
6,757 14,568
7,781 13,796
9,260 14 ,153
339 23,042 10,925 12,117
337 23,206 11,181 12,025
223 23,333 10,977 12,356
147 1,400
58 2,220
23 2,579
102 2 ,593
81 2 ,267
104 2 ,361
466 22,304
580 25,091
516 24,456
581 24,093
228 22,170
536 23,181
4,037
4,031
16,110
17,644
22,624
22,737
20,213
20,065
20,270
20,529
21,266
22,754
2,019
2,286
2,881
2,963
3,149
3,247
4,145
4,339
4,539
4,562
4,552
21,576
21,900
22,035
22,107
24,071
23,875
23,881
24,097
23,304
23,532
23,679
23,725
23,872
24,004
24,166
24,244
608
268
392
207
333
494
339
542
204
264
2,563
2,409
2,275
2,215
2,279
2,287
2,251
2,272
,314
,336
36
35
944
634
980
867
599
977
833
393
756
870
28
166
739
653
1,831
1,360
1,668
1,308
1,250
822
881
961
374
346
258
251
290
291
450
495
561
607
629
563
4,562
4,565
4,565
4,571
4,575
4,580
4,585
4,589
27,812
27,903
27,866
28,055
28,118
28,176
28,331
28,224
,322
,327
,323
,321
,321
,321
,332
,325
1,684
1,928
,755
,919
,664
,610
,601
,123
1,057
859
1,067
864
843
1,074
932
1,189
546
592
572
565
585
542
17,021
17,389
17,696
17,679
19,986
19,736
19,894
590 20,479
16,173
848
16,647
742
16,819
877
16,842
837
18,948 1,038
18,994
742
19,085
809
19,277 1,202
,514
,423
,482
984
628
1,194
1,194
1,154
1,243
930
611
618
670
618
628
19,540
19,617
19,118
19,076
18,024
19,063
18,809
18,432
18,438
17,230
477
808
686
638
794
874
,420
890
,487
957
,829
912
,834
927
,321
958
,598
984
,563
,398 1,051
545
576
607
568
578
588
540
600
16,933
17,396
17,526
17,690
18,509
19,818
19,835
19,990
16,191
16,544
16,709
16,854
17,626
19,001
19,061
19,193
743
852
817
837
884
817
773
797
1,211
1,233
1,255
1,185
1,067
603
616
652
671
593
19,991
19,570
19,417
19,185
18,146
19,153
18,860
18,723
18,479
17,369
838
710
694
706
777
22,109
22,342
21,688
21,094
19,704
10,224
9,883
9,241
8,902
8,356
11,885
12,459
12,447
12,192
11,348
22,914 24,271
262 22,855 24,290
333 22,267 24,314
340 21,737 24,332
141 20,092 24,342
4,589
4,588
4,592
4,593
4,596
27,580
27,557
27,439
27,417
27,507
,336
,323
,309
,324
,315
1948—May
June....
July
Aug
Sept
Oct
Nov
Dec
301 20 315
330 20 752
326 21 340
411
632
383
168
357
028
330 23,002.
6,284
6,183
6,372
7,334
8,454
9,994
11,172
11,085
14,031
14,569
14,968
14,077
13,178
13,174
11,856
11,917
427
418
355
310
394
412
449
23,243
23,457
23,615
23,700
23,829
23,958
24,110
24,218
4,560
4,561
4,562
4,564
4,570
4,574
4,580
4,584
27,749
27,846
27,955
27,977
28,152
28,188
28,277
28,423
1,323
,324
,324
,323
,320
,319
,321
,319
1949—Jan
Feb
Mar
Apr
May....
347
284
302
249
303
22,289 10,620 11,669
22,320 10,032 12,288
21,615 9,588 12,027
21,361 9,049 12,312
19,974 8,511 11,463
513
350
353
407
298
23,150
,259
22,953 24,283
22,
,301
22,017 24,322
20,575 24,304
4,587
4,587
4,588
,591
4,592
27,850
27,545
27,508
27,462
27,438
,327
,321
,319
,318
1,312
1949—Jan
Feb
Mar
Apr
May . . . .
456
251
245
303
247
.356
,292
,018
,653
,051
,450
14,920
15,915
16,123
16,139
16,112
17,899
4,459
5,434
7,047
7,598
9,612
11,160
26,746
28,515
28,245
28,952
28,297
4.562J 28,868
2,333
1,817
5,878
6,444
7,841
9,365
13,335
14,457
15,011
15,577
15,374
16,400
23
475
4,140
5,209
5,210
3,085
1,585
1,458
1,112
562
738
1,499
Averages of
daily figures:
21,042
21,501
22,021
22,042
22,409
23,937
23,830
645 23,978
1,014
1,539
1,009
1,109
914
For footnotes see preceding page.
MARGIN REQUIREMENTS
MAXIMUM RATES ON TIME DEPOSITS
[Per cent of market value]
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
Prescribed in accordance with
Securities Exchange Act of 1934
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
2H
2
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
804
1
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Jan. 21, Feb. 1,
Effec19461947tive
Jan. 31, Mar. 29, Mar. 30,
1947
1949
1949
100
100
75
75
50
50
100
75
50
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295.
FEDERAL RESERVE
BULLETIN
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
Effective
Rate
Boston
New York
Philadelphia
Cleveland
IX
IX
1H
IK
IK
ix
Richmond
Atlanta
Chicago
St. Louis
K
Minneapolis
Kansas City
Dallas
San Francisco. . . .
IK
IK
IK
Aug.
Aug.
Aug.
Aug.
13,
13,
23,
13,
Other secured advances
[Sec. 10(b)]
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Rate
Effective
1948
1948
1948
1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 23, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 19, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 19, 1948
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,
1948
1948
1948
1948
Effective
Jan. 14,
Apr. 6,
Aug. 23,
Aug. 13,
2K
2K
2K
2K
2K
2M
2K
1948
1946
1948
1948
Mar. 16, 1946
Jan. 24, 1948
Aug. 13, 1948
Jan. 12, 1948
1948
1948
1948
1948
Aug. 23,
Jan. 19,
Feb. 14,
Apr. 25,
1948
1948
1948
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.'—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm
Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal
Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and
9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
•corporations made under the last paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
RATES ON BANKERS' ACCEPTANCES
[Per cent per annum]
Maturity
Rate on
In effect beginning—
June 30
1- 90 days
91-120 days
121-180 davs
IK
1%
1H
x
Aug. 13. 1948
lAug. 13, 1948
!Aug. 13, 1948
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Previous
rate
Maturities not exceeding five years
[In effect June 30.
1H
To industrial or
commercial
businesses
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]
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-Sept. 15-23, 1948
Sept. 16-24, 1948-Apr. 30May 4, 1949 2
May 1-5,
1949-June 29-30,
19492
June 30-July 1, 1949 and after2
Central
reserve
city
banks
On
loans l
On
commitments
Reserve
city
banks
Boston
New York. . . .
Philadelphia. .
Cleveland....
2K-5
2K-5
2K-5
2K-5
4-1%
Richmond. . . .
Atlanta
Chicago
St. Louis
2K-5
2K-5
2K-5
3 -5
Minneapolis. .
Kansas City. .
Dallas
San Francisco.
2K-5
2K-5
2K-5
2K-5
Time
deposits
(all
Country member
banks)
banks
7
IOK
14
12
14
14
14
14
14
14
6
5
6
6
6
6
6
6
22
16
7K
21
20
15
14
7
6
10
15
13
19K
22%
26
22%
26
24
22
20
22
24
20
17 X
20
20
20
20
20
20
26
24
24
17K
3
4K
5M
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U.2 S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
Changes effective Sept. 16, May 1, and July 1 at country banks;
Sept. 24, May 5, and June 30 at other classes.
JULY
1949
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
Net demand deposits x
Period in effect
Per cent per annum]
IK
Remaining
portion
On
commitments
()
2K-5
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 3^ per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
805
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
Item
1949
June 22
June 29
Assets
Gold certificates
Redemption fund
F. R. notes
for
June 8
June 15
May 25
June 1
May 18
June
May
June
22,651, 429 22, 617,430 22,617,429 22,569,429 22,524,431 22,529,431 22 517,429 22,656,431 22 524,428 21,642,17a
588, 722
587,722
590,503
588,752
591,698
587,138
588,722
601,848
591,949
615,643
Total gold certificate reserves
23,240,151 23,205,152 23,207,932 23,158,181 23,116,129 23,116,569 23,119,277 23,245,153 23,116,377 22,257,813
Other cash
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds
281,591
287,162
270,800
258,277
62 715
580,275
48,657
66,443
87 600
90,600
90,600
90,600
150,315
670,875
139,257
157,043
474
466
515
578
4,520,129 4,032,129
276,866
273,970
71,200
63,590
87,600
107,600
158,800
619
250,068
283,293
255,398
640,369
15,095
139,565
34,632
132,600
87,600
107,600
231,000^
171,190
772,969
102,695
247,165
265,632
627
637
480
618
851
,189,028 4,346,460
,231,635
,576,881
,717,800 6,857,
359,100
359,
,440,400 7,780,
,757,800 4,616,007
359,100 1,967,800^
,355,900 6,205,681
4,004,443 4,202,135 4,279,135 4,213,635
220,000
6,842,100 6,826,600 6,830,100 6,855,100 6,747,800
359,100
359,100
359,100
359,100
5
359,100
7,932,300 8,050,500 8,202,300 8,273,600
370,600
6,857,
359,
7,780,
255,770
Total U. S. Govt.
19,516, 529 19,165,629 19,460,643 19,593,635 19,766,935 19,691,135 ,706,328 19,342, 860 ,704,435 21,366,369'
securities
Other Reserve Bank
310,106
185,107
255,132
204,463
218,974
140,281
267,109*
207,
276,257
249 831
credit outstanding....
Total Reserve Bank
credit outstanding 19,875,160 20,113,227 19,910,521 19,955,719 20,145,328 20,048,059 20,735,066 19,695,866 20,092,499 21,899,961
Liabilities
Federal Reserve notes. . 23,317,411 23.236,950 23,270,836 23,338,516 23,355,966 23,240,920 23,269,894 23,372,547 23,345,562 23,751,812Deposits:
Member bank — re18,012,905 18,314,369 18,605,961 18,170,433 18,076,034 18,026,670 18,301,543 17,867,131 18,024,100 17,389,027
serve account
U. S. Treasurer—gen497,
508,263
8,758
667,528
438
378,461
622,339
,025,583
627,658 1,927,559eral account
507,
476,755
468,004
482,609
494,002
487
481,963
453,018
471,221
405,250*
Foreign
466,021
451
511,289
438,026
495,358
453
463,626
458,189
459,108
454,141
Other
Total deposits
19,468,538 19,765,408 19,520,749 19,494,483 19,609,580 19,672,165 20,332,417 19,246,246 19,582,087 20,175,97r
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
54.3
54.0
54.2
53.8
54.1
53.9
53.0
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT
HELD BY FEDERAL RESERVE BANKS
54.5
53.8
50. T
SECURITIES
[In thousands of dollars]
Total
Discounts and advances:
June 1
June 8
June 15
June 22
June 29
Industrial loans:
June 1
June 8
June 15
June 22
June 29
U. S. Government securities:
June 1
June 8
June 15
June 22
June 29
806
Within
15 days
158,800
157,043
139,257
670,875
150,315
69,549
64,943
43,494
574,612
56,167
619
578
515
466
474
548
517
455
409
420
19,766,935
19,593,635
19,460,643
19,165,629
19,516,529
16 to 30
days
1,421,255 3
1,334,576 3
1,560,935 3
3,746,677
3,701,590
6,451
6,450
3,310
2,289
3,903
31 to 60
days
2,907
2,947
5,739
5,709
80,336
3
3
3
27
469,016 994,329
299,778
784,629
152,912 670,378
570,251
782,155
474,978 1,245,835
61 to 90 91 days to 6 months 1 year to 2 years to
6 months to 1 year 2 years
5 years
days
79,399
82,209
86,702
87,772
9,896
490
490
9
490
10
4
4
3
3
3
44
31
34
27
4
4
7
7
7
7
7
1,004,535
1,393,152
1,450,218
1,785,046
1,949,726
4
4
1,846,200 3 ,000,000
1,846,200 2,975,000
1,846,200 2 ,971,500
,987,000
1,604,
1,608,200 2 ,998,000
1,652,000
1,637,300
2,111,400
2,098,400
2,090,200
Over
5 years
6 ,379,600*
6 ,323,000
5 ,697,100'
5 ,591,9005 ,448,000'
FEDERAL RESERVE BULLETIN?
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Assets
Gold certificates:
June 1
22,524,431 777,651 7,173,541 1,143,425 1,608,393 1,017,705 1,012,736 4,354,964 679,698
June 8
22,569,429 808,229 7,250,121 1,144,006 1,602,502 1,033,630 1,022,667 4,333,287 675,303
June 15
22,617,429 808,575 7,369,016 1,179,273 1,606,923 1,006,964 979,026 4,339,592 670,864
June 22
22,617,430 825,983 7,186,324 1,175,397 1,639,171 1,022,009 1,001,340 4,412,692 657,943
June 29
22,651,429 834,701 7,193,394 1,189,910 1,634,569 1,035,109 1,010,405 4,379,618 661,957
Redemption fund
for F. R. notes:
591,698
52,015
51,438
56,812
72,821
51,265
42,496
91,719
44,040
June 1
June 8
588,752
51,852
50,715
56,518
72,634
50,088
42,347
91,700
43,974
June 15
590,503
51,851
50,715
56,518
72,634
52,088
42,347
91,500
43,974
June 22
587,722
51,725
50,142
56,285
72,462
51,016
42,202
91,304
43,919
June 29
588,722
51,725
50,142
57,285
72,462
51,016
42,202
91,304
43,919
Total gold certificate reserves:
June 1
23,116,129 829,666 7,224,979 1,200,237 1,681,214 1,068,970 1,055,232 4,446,683 723,738
June 8
23,158,181 860,081 7,300,836 1,200,524 1,675,136 1,083,718 1,065,014 4,424,987 719,277
23,207,932 860,426 7,419,731 1,235,791 1,679,557 1,059,052 1,021,373 4,431,092 714,838
June 15
23,205,152 877,708 7,236,466 1,231,682 1,711,633 1,073,025 1,043,542 4,503,996 701,862
June
22
June 29
23,240,151 886,426 7,243,536 1,247,195 1,707,031 1,086,125 1,052,607 4.470,922 705,876
Other cash:
250,068
24,479
June 1
10,941
50,835
23,525
18,462
19,901
34,510
13,312
258,277
25,410
55,789
11,503
26,055
17,997
19,177
37,178
12,035
June 8
270,800
25,928
54,480
12,038
24,845
18,122
23,182
39,108
13,041
June 15
287,162
25,467
59,821
14,325
28,737
19,308
22,040
41,976
13,657
June
22
June 29
281,591
26,687
54,602
14,493
26,296
18,563
22,897
40,671
14,361
Discounts & advances:
Secured by
U. S. Govt.
securities:
62,038
6,710
8,237
5,560
7,515
8,430
6,440
6,180
2,315
June 1. .
65,557
2,890
23,372
3,250
2,890
8,955
1,191
11,700
2,115
June 8. .
47,772
6,315
14,377
3,030
4,395
6,910
1,891
2,925
1,725
June 15. .
7,215
418,917
2,668
13,750
20,150
8,391
65,250
14,330
June 22. . 579,445
June 29. .
62,549
7,395
15,017
2,768
9,650
14,000
1,570
3,150
4,400
Other:
June 1. .
96,762
3,874
5,519
27,682
8,608
4,292
14,849
9,899
4,462
91,486
5,708
28,630
7,248
8,335
4,439
3,764
12,503
3,262
June 8..
91,485
5,708
28,630
7,248
8,335
4,439
3,764
12,503
3,262
June 15. .
91,430
5,708
28,630
7,248
8,335
4,439
3,764
12,503
3,262
June 22. .
87,766
5,519
27,682
7,008
8,209
4,292
3,592
12,089
3,154
June 29..
Industrial loans:
619
578
41
June 1
578
June 8
547
31
515
June 15
485
30
466
June 22
439
27
474
June 29
450
24
V. S. Govt.
securities:
Bills:
June
1....
June 8
June 15
June 22
June 2 9 . . . .
Certificates:
June 1 . . . .
June 8
June 15
4,279,135
4,202,135
4,004,443
4,032,129
4,520,129
6,855,100
6,830,100
7,046,600
June 22
6,842,100
June 2 9 . . . . 6,857,100
Notes
359,100
June• 1 . . . .
359,100
June 8
June 1 5 . . . .
359,100
June 22
359,100
359,100
June 29
June 1 . . . . 8,273,600
June 8
8,202,300
June 1 5 . . . . 8,050,500
June 22
7,932,300
June 29
7,780,200
Total U. S. Govt.
securities:
19,766,935
June 1
June 8
19,593,635
June 15
19,460,643
June 22
19,165,629
June 29
19,516,529
JULY
1949
San
Francisco
Minneapolis
Kansas
City
Dallas
445,584
439,795
428,880
427,066
439,147
813,809
812,090
810,069
805,550
815,129
610,441
616,584
601,391
633,205
603,675
2,886,484
2,831,215
2,816,856
2,830,750
2,853,815
22,765
22,740
22,740
22,719
22,719
35,572
35,547
35,546
35,511
35,511
26,091
26,081
26,034
25,992
25,992
44,664
44,556
44,556
44,445
44,445
468,349
462,535
451,620
449,785
461,866
849,381
847,637
845,615
841,061
850,640
636,532
642,665
627,425
659,197
629,667
2,931,148
2,875,771
2,861,412
2,875,195
2,898,260
7,032
6,284
7,502
6,500
7,866
9,464
8,660
10,504
10,617
11,821
8,540
9,293
11,334
12,523
12,259
29,067
28,896
30,716
32,191
31,075
1,050
343
243
243
393
393
606
806
806
650
8,652
7,570
4,180
12,050
2,500
7,506
1,056
2,690
2,265
2,265
2,265
2,190
4,009
4,082
4,082
4,027
3,154
3,082
3,187
3,186
3,186
3,081
7,796
8,063
8,063
8,063
7,796
379,166
372,343
354,826
357,279
393,874
575
975
8,825
295,209 1,014,112
289,897
995,864
276,258
949,013
278,168
955,574
306,660 1,128,451
291,486
286,241
272,775
274,661
302,793
394,669
387,567
369,334
371,887
409,979
274,708
269,764
257,073
258,851
285,364
229,417
225,289
214,690
216,175
238,317
638,520
627,030
597,531
601,662
663,289
231,253
227,092
216,408
217,904
240,224
138,528
136,036
129,636
130,532
143,902
206,973
203,249
193,687
195,026
215,002
185,094
181,763
173,212
174,410
192,274
472,919
471,195
486,130
472,022
473,058
24,774
24,774
24,774
24,774
24,774
1,624,591
1,618,666
1,669,974
1,621,510
1,625,065
466,956
465,253
480,001
466,070
467,092
632,253
629,947
649,915
631,054
632,437
440,077
438,473
452,370
439,242
440,205
367,523
366,182
377,790
366,826
367,631
1,022,897
1,019,166
1,051,472
1,020,958
1,023,196
370,463
369,111
380,812
369,761
370,570
221,921
221,111
228,120
221,500
221,985
85,103
85,103
85,103
85,103
85,103
24,461
24,461
24,461
24,461
24,461
33,120
33,120
33,120
33,120
33,120
23,053
23,053
23,053
23,053
23,053
19,252
19,252
19,252
19,252
19,252
53,584
53,584
53,584
53,584
53,584
19,407
19,407
19,407
19,407
19,407
570,779
565,860
555,388
547,234
536,740
1,960,760
1,943,863
1,907,888
1,879,876
1,843,829
563,581
558,724
548,383
540,332
529,972
763,082
756,506
742,506
731,604
717,576
531,140
526,563
516,819
509,230
499,466
443,573
439,750
431,612
425,274
417,119
1,234,562
1,223,923
1,201,272
1,183,634
1,160,938
447,122
443,269
435,065
428,677
420,458
11,625
11,625
11,625
11,625
11,625
267,841
265,533
260,618
256,792
251,868
331,567
330,358
340,829
330,938
331,664
17,369
17,369
17,369
17,369
17,369
400,178
396,729
389,387
383,670
376,313
296,517 607,416
295,436 605,202
304,801 624,386
295,954 606,265
296,603 607,594
31,819
15,533
31,819
15,533
31,819
15,533
31,819
15,533
31,819
15,533
357,875 733,107
354,791 726,789
348,224 713,338
343,112 702,865
336,533 689,388
1,363,681
1,351,726
1,342,550
1,322,198
1,341,232
4,684,566
4,643,496
4,611,978
4,542,063
4,682,448
1,346,484
1,334,679
1,325,620
1,305,524
1,324,318
1,823,124
1,807,140
1,794,875
1,767,665
1,793,112
1,268,978 1,059,765 2,949,563
1,257,853 1,050,473 2,923,703
1,249,315 1,043,344 2,903,859
1,230,376 1,027,527 2,859,838
1,248,088 1,042,319 2,901,007
1,068,245
1,058,879
1,051,692
1,035,749
1,050,659
639,915
634,305
629,999
620,449
629,380
956,087
947,705
941,272
927,003
940,348
855,019
847,523
841,770
829,009
840,943
1,751,508
1,736,153
1,724,369
1,698,228
1,722,675
807
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
19,926,354
19,751,256
19,600,415
19,836,970
19,667,318
1,375,910
1,360,324
1,354,573
1,335,121
1,354,146
4,720,485
4,695,498
4,654,985
4,989,610
4,725,147
1,361,230
1,345,724
1,336,383
1,315,879
1,334,544
1,840,538
1,818,365
1,807,605
1,789,750
1,810,971
1,281,741
1,271,278
1,260,694
1,254,992
1,266,404
49
49
49
49
49
3
3
3
3
3
i 16
i 16
116
4
4
4
4
4
4
4
4
4
4
2
2
2
2
2
2
2
2
2
2
90,845
100,691
110,682
111,767
108,802
3,806
4,004
4,422
6,188
5,284
10,152
14,149
14,513
13,539
14,038
3,597
4,364
5,050
6,193
4,751
6,811
6,011
7,882
6,414
5,890
17,036
14,556
16,042
16,578
15,910
2,340,063
2,325,942
3,025,531
2,703,790
2,330,939
201,003
173,647
239,050
216,409
178,494
450,860
407,345
545,240
463,557
436,551
162,449
142,029
199,244
180,027
160,216
225,530
209,859
304,879
278,318
206,817
32,389
32,417
32,634
32,629
32,595
1,162
1,162
1,162
1,162
1,157
7,995
7,995
8,000
8,000
8,005
3,025
3,025
3,025
3,020
3,020
176,262
179,021
116,150
115,433
118,512
12,152
12,443
12,591
8,545
8,252
40,936
41,813
25,993
26,511
27,861
11,763
11,779
7,146
7,407
7,676
45,932,159
45,805,834
46,364,193
46,292,952
45,779,957
2,448,181
2,437,074
2,498,155
2,470,603
2,460,449
12,506,258
12,523,441
12,722,958
12,797,520
12,509,756
2,753,246
2,718,952
2,798,681
2,758,537
2,771,899
1,383,815
1,382,844
1,381,288
1,379,801
1,397,077
5,350,874
5,332,691
5,317,178
5,314,215
5,347,780
752,536
783,236
806,611
770,079
758,701
5,864,614
5,923,769
6,166,389
6,151,462
5,866,975
847,096
847,395
873,390
863,395
863,090
1,325,101
1,326,702
1,362,495
1,312,972
1,333,275
755,372
766,624
780,661
751,516
761,784
789,775
789,803
779,788
767,514
771,774
40,834
21,255
103,839
93,825
37,890
26,082
58,885
28,694
44,468
26,674
27,629
43,307
109,293
82,707
19,455
47,111
56,604
38,819
St.
Louis
San
Francisco
Minneapolis
Kansas
City
Dallas
1,074,434
1,064,256
1,056,679
1,053,341
1,058,213
643,655
637,145
633,239
631,539
632,220
968,748
959,357
949,534
943,080
946,002
858,444
850,953
845,199
832,588
844,417
1,759,910
1,745,022
1,733,238
1,713,797
1,731,527
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
8,030
8,699
10,356
11,012
11,526
14,026
13,270
14,896
14,805
14,934
5,336
7,262
6,148
7,241
6,360
3,116
4,392
4,437
4,483
4,950
4,159
5,356
6,224
6,929
5,654
3,206
4,256
4,973
4,504
4,727
11,570
14,372
15,739
13,881
14,778
197,975
207,841
254,130
239,249
199,983
154,325
171,540
206,725
179,279
146,188
344,262
361,822
464,365
381,450
363,285
127,754
*31,281
168,622
138,608
124,769
62,540
68,997
90,377
78,778
69,766
118,625
137,187
149,233
145,156
124,994
115,711
117,369
139,129
130,307
110,661
179,029
197,025
264,537
272,652
209,215
4,796
4,796
4,791
4,792
4,783
2,520
2,520
2,520
2,520
2,513
1,549
1,549
1,548
1,547
1,545
3,182
3,182
3,182
3,182
3,177
1,922
1,922
1,922
1,922
1,919
1,164
1,164
1,164
1,164
1,161
2,351
2,351
2,351
2,351
2,351
739
740
740
740
740
1,984
2,011
2,229
2,229
2,224
16,564
16,745
10,457
10,784
11,454
11,401
11,477
7,126
7,380
7,540
9,471
9,619
5,990
6,228
6,281
26,469
27,082
17,108
17,580
17,652
10,056
10,231
6,531
7,002
7,223
5,600
5,736
3,444
3,588
3,698
8,352
8,548
5,299
5,429
5,550
7,795
7,696
4,766
4,993
5,088
15,70S
15,852
9,6999,986
10,237
3,798,982 2,598,107
3,756,971 2,609,389
3,840,020 2,617,688
3,830,432 2,613,054
3,773,246 2,597,040
2,319,177
2,331,028
2,318,175
2,303,332
2,288,527
7,839,731
7,815,434
7,889,045
7,900,587
7,826,894
1,956,554
1,946,266
1,967,783
1,923,635
1,918,723
1,191,457
1,186,254
1,191,784
1,175,838
1,181,528
1,961,082
1,969,098
1,968,762
1,954,625
1,947,014
1,288,854 4,487,645
1,288,125 4,484,061
1,279,475 4,472,229
1,275,003 4,470,746
1,279,321 4,471,136
1,082,248
1,081,043
1,077,048
1,073,700
1,073,839
611,861
612,634
609,001
607,850
606,948
915,460
917,077
912,964
908,680
912,448
596,836
599,855
596,123
594,227
599,177
2,391,447
2,397,146
2,387,751
2,377,026.
2,384,176
2,793,696
2,796,408
2,828,291
2,801,855
2,788,799
645,496
661,721
670,781
646,939
645,780
451,840
452,722
462,346
438,564
444,144
844,045
852,873
868,263
833,299
832,586
841,602
845,160
860,566
846,302
827,775
2,164,861
2,124,020
2,146,380<
2,130,472
2,118,222
33,695
29,594
78,542
37,916
51,873
21,174
38,151
17,829
35,233
28,603
38,452
26,640
19,316
33,538
103,499
57,675
17,317
26,150
39,891
17,088
1,671
20,242
30,493
30,323
32,274
32,207
24,158
59,038.
29,727
1,505
33,926.
54,237
Atlanta
Chicago
Assets (cont.):
Total loans and
securities:
June 1
June 8
June 15
June 22
June 29
Due from foreign
banks:
June 1
June 8
June 15
June 22
June 29
Federal Reserve
notes of other
Banks:
June 1
June 8
June 15
June 22
June 29
Uncollected
items:
June 1
June 8
June 15
June 22
June 29
Bank
Junepremises:
1
June 8
June 15
June 22
June 29
Other assets:
June 1
June 8
June 15
June 22
June 29
Total assets:
June 1
June 8
June 15
June 22
June 29
U6
i 16
1,070,667 2,970,592
1,055,428 2,947,906
1,048,999 2,919,287
1,039,682 2,937,591
1,047,481 2,916,246
1,630,969 4,928,415
1,632,974 4,878,953>
1,633,568 4,917,574
1,644,854 4,919,935
1,607,561 4,897,320-
Liabilities
Federal Reserve
notes:
June 1
23,355,966
June 8 . . . . 23,338,516
23,270,836
June 15
June 22
23,236,950
June 29
23,317,411
Deposits:
Member bank
•—reserve
account:
June 1. . 18,076,034
June 8. . 18,170,433
June 15. . 18,605,961
June 2 2 . . 18,314,369
June 2 9 . . 18,012,905
U. S. Treasurer-general
account:
June 1. . 622,339
378,461
June 8. .
8,758
June 15..
508,263
June 22..
June 29..
497,109
Foreign:
June
June
June
June
June
Other:
June
June
June
June
June
548
813
1,615,219 2,088,669
1,612,997 2,084,245
1,619,158 2,079,248
1,615,684 2,078,594
1,615,370 2,080,987
547
554
1,543,038
1,545,798
1,539,373
1,541,424
1,549,152
513
508
505
571
506
517
1. .
8. .
15. .
22. .
29. .
453,018
481,963
468,004
476,755
507,153
29,547
29,975
28,986
29,799
31,557
2132,182
2
156,461
2153,272
2153,201
2
164,509
37,520
38,064
36,808
37,840
40,072
43,148
43,774
42,329
43,516
46,083
22,981
23,314
22,545
23,177
24,544
19,229
19,508
18,864
19,393
20,537
64,722
65,660
63,494
65,274
69,124
16,884
17,129
16,564
17,028
18,032
11,725
11,895
11,503
11,825
12,523
16,884
17,129
16,564
17,028
18,032
16,415
16,653
16,104
16,555
17,532
41,781
42,401
40,971
42,119
44,608
1. .
8. .
15. .
22..
29. .
458,189
463,626
438,026
466,021
451,371
2,607
3,230
4,714
3,338
2,977
392,770
399,106
365,257
404,031
390,715
1,338
1,828
7,924
1,538
2,079
5,059
5,824
5,876
4,485
4,762
2,769
3,411
2,411
1,889
1,570
1,747
1,281
2,484
1,775
3,002
3,825
2,732
5,402
5,449
5,610
6,261
6,180
1,247
1,740
1,917
2,010
1,173
6,949
6,768
6,019
3,365
4,975
428
545
387
467
446
35,389
32,669
34,455
33,95032,964
454
862
798
1
2
After deducting $33,000 participations of other Federal Reserve Banks on June 1; June 8; June 15; June 22; and June 29.
After deducting $320,796,000 participations of other Federal Reserve Banks on June 1; $325,447,000 on June 8; $314,709,000 on June 15; $323,532,000 on June 22; and $342,616,000 on June 29.
FEDERAL RESERVE BULLETIN.
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.):
Total deposits:
June 1 . . . .
June 8
June 15
June 2 2 . . . .
June 2 9 . . . .
Deferred availability items:
June 1 . . . .
June 8
June 1 5 . . . .
June 2 2 . . . .
June 2 9 . . . .
Other liabilities
including accrued
dividends:
June 1 . . . .
June 8
June 1 5 . . . .
June 2 2 . . . .
June 29
Total liabilities:
June 1 . . . .
June 8
June 1 5 . . . .
June 2 2 . . . .
June 2 9 . . . .
19,609,580
19,494,483
19,520,749
19,765,408
19,468,538
825,524
837,696
840,859
830,845
836,542
6,493,405
6,573,161
6,685,731
6,817,987
6,504,906
923,844
913,369
918,669
922.228
952,352
1,432,193
1,404,994
1,411,254
1,417,577
1,422,939
825,590
820,023
806,130
815,034
814,538
844,446
840,186
799,614
807,085
826,647
2,939,444
2,901,759
2,895,292
2,974,453
2,918,330
719,655
705,473
693,526
687,545
696,142
504,703
483,445
477,437
472,641
488,333
906,029
894,599
891,352
884,015
887,867
893,678
890,961
877,574
895,531
869,911
2,301,069
2,228,817
2,223,311
2,240,467
2,250,031
2,121,138
2,121,528
2,715,474
2,427,582
2,123,146
184,736
162,067
221,094
204,688
171,054
409,500
363,535
464,615
408,566
397,994
147,470
125,435
193,401
152,728
135,735
200,008
189,161
270,517
254,609
188,982
185,119
198,783
227,133
211,024
187,326
148,728
165,224
201,346
183,133
144,055
296,419
312,508
403,406
336,524
317,465
121,445
126,149
163,372
128,196
114,160
52,045
67,122
81,840
71,777
62,577
106,765
124,360
131,133
128,398
112,800
108,752
110,356
127,791
122,711
105,749
160,151
176,828
229,826
225,228
185,249
12,659
13,845
14,193
14,772
17,070
837
866
883
928
769
853
795
847
1,019
3,314
3,933
4,036
3,897
4,929
1,007
1,517
1,520
1,437
1,615
1,790
611
724
632
774
866
561
638
599
683
780
1,934
2,088
2,294
2,255
2,544
525
575
556
612
712
378
419
696
589
509
514
611
608
681
797
668
545
574
651
742
1,031
1,073
1,083
1,240
1,375
45,099,343
44,968,372
45,521,252
45,444,712
44,926,165
2,394,912
2,383,473
2,444,124
2,416,262
2,405,692
12,257,093
12,273,320
12,471,560
12,544,665
12,255,609
2'687,302
2,652,654
2,732,023
2,691,487
2,704,464
3,722,387
3,679,920
3,762,456
3,752,395
3,694,698
2,554,358
2,565,328
2,573,268
2,568,256
2,551,882
2,282,589
2,294,173
2,281,034
2,265,904
2,250,803
7,725,442
7,700,416
7,773,221
7,783,978
7,709,475
1,923,873
1,913,240
1,934,502
1,890,053
1,884,853
1,168,987
1,163,620
1,168,974
1,152,857
1,158,367
1,928,768
1,936,647
1,936,057
1,921,774
1,913,912
204,492
204,509
204,588
204,936
204,984
11,474
11,474
11,482
11,493
11,503
69,707
69,708
69,706
69,972
69,962
14,880
14,890
14,891
14,892
14,892
19,227
19,228
19,228
19,233
19,233
8,915
8,915
8,920
8,967
8,978
8,070
8,070
8,072
8,078
8,086
25,853
25,853
25,854
25,863
25,869
6,767
6,769
6,770
6,773
6,773
4,540
4,540
4,542
4,543
4,544
7,203
7,205
7,206
7,211
7,212
8,207
8,208
8,219
8,223
8,234
19,649
19,649
19,698
19,688
19,698
466,711
466,711
466,711
466,711
466,711
29,347
29,347
29,347
29,347
29,347
143,019
143,019
143,019
143,019
143,019
36,704
36,704
36,704
36,704
36,704
43,968
43,968
43,968
43,968
43,968
22,417
22,417
22,417
22,417
22,417
20,028
20,028
20,028
20,028
20,028
68,842
68,842
68,842
68,842
68,842
17,974
17,974
17,974
17,974
17,974
11,797
11,797
11,797
11,797
11,797
17,008
17,008
17,008
17,008
17,008
40,653
40,653
40,653
40,653
40,653
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
14,954
14,954
14,954
14,954
14,954
1,307
1,307
1,307
1,307
1,307
134,070
138,699
144,099
149,050
154,554
9,437
9,769
10,191
10,490
10,896
29,120
30,075
31,354
32,545
33,847
9,871
10,215
10,574
10,965
11,350
12,394
12,849
13,362
13,830
14,341
9,068
9,380
9,734
10,065
10,414
7,728
7,995
8,279
8,560
8,848
18,165
18,894
19,699
20,475
21,279
7,419
7,762
8,016
8,314
8,602
5,060
5,224
5,398
5,568
5,747
6,966
7,101
7,354
7,495
7,745
6,567
6,788
7,026
7,250
7,487
12,275
12,647
13,112
13,493
13,998
45,932,159
45,805,834
46,364,193
46,292,952
45,779,957
2,448,181
2,437,074
2,498,155
2,470,603
2,460,449
12,506,258
12,523,441
12,722,958
12,797,520
12,509,756
2,753,246
2,718,952
2,798,681
2,758,537
2,771,899
3,798,982
3,756,971
3,840,020
3,830,432
3,773,246
2,598,107
2,609,389
2,617,688
2,613,054
2,597,040
2,319,177
2,331,028
2,318,175
2,303,332
2,288,527
7,839,731
7,815,434
7,889,045
7,900,587
7,826,894
1,956,554
1,946,266
1,967,783
1,923,635
1,918,723
1,191,457
1,186,254
1,191,784
1,175,838
1,181,528
1,961,082
1,969,098
1,968,762
1,954,625
1,947,014
5,208
4,915
4,836
5,153
5,175
328
302
305
318
326
11,646
!1,635
^,528
n,697
n,636
417
383
387
404
414
479
441
445
465
476
255
235
237
248
254
214
196
198
207
212
719
662
667
697
714
187
173
174
182
186
130
120
121
126
129
187
173
174
182
186
2,375
2,326
2314
2,311
2,283
60
60
6C
60
60
108
127
130
127
105
1,788
1,788
1*788
l',788
1,788
94
30
15
15
15
229
229
229
229
223
9
9
9
9
9
1,599,934 4,853,698
1,601,717 4,803,864
1,602,062 4,841,971
1,613,120 4,843,961
1,575,579 4,820,831
Capital Accts.:
Capital paid in:
June 1 . . . .
June 8 . . . .
June 1 5 . . . .
June 2 2 . . . .
June 29
Surplus:
(section 7):
June 1 . . . .
June 8
June 1 5 . . . .
June 2 2 . . . .
June 2 9 . . . .
(section 13 b)
June 1 . . . .
June 8 . . . .
June 1 5 . . . .
June 22
June 29
Other cap. accts.
June 1 . . . .
June 8 . . . .
June 1 5 . . . .
June 22
June 29
2,140
2,140
2,140
2,140
2,140
X OLcLl HclDHlLlcS
andJune
cap. accts.
1....
June 8
June 15. . . .
June 22
June 29
ity on acceptances purchased for foreign
correspondents
June 1 . . . .
June 8 . . . .
June 15
June 2 2 . . . .
June 2 9 . . . .
Commitments to
make industria
loans:
June 1 . . . .
June 8 . . . .
June 1 5 . . . .
June 2 2 . . . .
June 2 9 . . . .
1,630,969 4,928,415,
1,632,974 4,878,953.
1,633,568 4,917,5741,644,854 4,919,935
1,607,561 4,897,320.
182
168
169
177
181
464
427
431
450
461
87
83.
83
83
83
1
After deducting $3,562,000 participations of other Federal Reserve Banks on June 1; $3,280,000 on June 8; $3,308,000 on June 15; $3,456,000
on June 22; and $3,539,000 on June 29.
JULY
1949
809
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
F.R.notesoutstanding
(issued to Bank):
June 1
June 8
June 15
June 22
June 29
Collateral held against
notes outstanding:
Gold certificates:
June 1
June 8
June 15
June 22
June 29
Eligible paper:
June 1
June 8
June 15
June 22
June 29
U. S. Govt. sec:
June 1
June 8
June 15
June 22
June 29
Total collateral:
June 1
June 8
June 15
June 22
June 29
Philadelphia
Total
Boston
New
York
24,022,644
24,056,621
24,019,317
24,021,630
24,040,510
,425,810
,434,098
,430,211
,434,791
,438,306
5,486,134
5,489,795
5,487,865
5,490,744
5,493,944
13,554,000
13,554,000
13,554,000
13,554,000
13,554,000
440,000
440,000
440'000
440,000
440,000
4,570,000
4,570,000
4,570,000
4,570,000
4,570,000
550,000
550,000
550,000
550,000
550,000
41,715
40,053
38,013
491,426
46,486
6,710
2,890
6,315
7,215
7,395
8,037
13,072
13,752
418,917
14,217
5,560
3,250
3,030
2,668
2,768
11,625,000
11,625,000
11,625,000
11,625,000
11,625,000
1,100,000
1,100,000
,100,000
1,100,000
1,100,000
25,220,715
25,219,053
25,217,013
25,670,426
25,225,486
1,546,710
1,542,890
1,546,315
1,547,215
1,547,395
Cleveland
1,662,404 2,154,560
1,662,798 2,152,474
1,656,675 2,149,287
1,664,083 2,148,125
1,669,363 2,153,546
900,000
900,000
900,000
900,000
900,000
Richmond
Atlanta
,594,771
,600,286
,594,133
,596,991
,600,921
1,331,994
1,335,780
1,332,140
1,327,378
1,329,896
625,000
625,000
625,000
625,000
625,000
1,755,560
1,753,250
1,753,030
1,752,668
1,752,768
2,200,C
2,200,000
2,200,C
2,200,000
2,200,000
St.
Louis
575,000 2,805,000
575,000 2,805,000
575,000 2,805,000
575,000 2,805,000
575,000 2,805,000
1,657,930 1,425,000
1,658,955 1,425,000
1,656,410 1,425,000
1,669,150 1,425,000
1,663,500 1,425,000
1,800,000
1,800,000
1,800,000
1,800,000
1,800,000
936,859 626,083 2,498,925
940,800 630,759 2,503,670
937,301 630,187 2,500,926
932,719 626,345 2,509,781
935,121 628,975 2,500,740
315,000 210,000
315,000 210,000
315,000 210,000
315,000 210,000
315,000 210,000
280,000
280,000
280,000
280,000
280,000
184,000 2,100,000
184,000 2,100,000
184,000 2,100,000
184,000 2,100,000
184,000 2,100,000
1,050
575
975
8,825
650
9,507
8,390
5,000
12,815
2,500
606
806
806
7,506
1,056
2,315
2,115
1,725
14,330
4,400
850,000
850,000
850,000
850,000
850,000
San
Francisco
Minne- Kansas Dallas
City
apolis
4,562,922 1,116,163 626,019
4,564,275 1,115,017 626,869
4,562,086 1,112,900 625,606
4,555,027 1,112,366 623,280
4,553,821 1,113,400 622,477
7,930
8,955
6,410
19,150
13,500
,000,000 1,200,000 1,300,000 1,025,000
,000,000 1,200,000 1,300,000 1,025,000
,000,000 ,200,000 1,300,000 1,025,000
,000,000 1,200,000 1,300,000 1,025,000
,000,000 ,200,000 1,300,000 1,025,000
5,578,037
5,583,072
5,583,752
5,988,917
5,584,217
Chicago
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
4,605,000 1,217,315
4,605,000 1,217,115
4,605,000 1,216,725
4,605,000 1,229,330
4,605,000 1,219,400
661,050
660,575
660,975
668,825
660,650
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
800,000
800,000
800,000
800,000
800,000
989,507 684,000 2,900,606
988,390 684,000 2,900,806
985,000 684,000 2,900,806
992,815 684,000 2,907,506
982,500 684,000 2,901,056
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
MEMBER BANK RESERVES AND BORROWINGS
[Amounts in thousands of dollars]
[Averages of daily figures. In millions of dollars]
Date (last
Wednesday
or last day
of period)
1939
1940
1941
1942
1943
1944
1945
1946
1947
Participations
ApLoans Commit- of financproved
to
outments ing instibut not
tutions
com- standing2 outpleted i (amount) standing out(amount) standing
Num- Amount (amount)
ber
(amount)
Applications
approved
13,683
9,152
10,337
14,126
10,532
3,894
1,995
2,781
2,908
3,202
3,423
3,471
3,489
3,511
3,542
3,574
188,222
212,510
279,860
408,737
491,342
525,532
544,961
565,913
586,726
2,659
13,954
8,294
4,248
945
1,387
3,587
3,593
3,595
3,599
3,600
3,603
3,604
3,606
3,606
3,607
600,322
604,623
606,305
610,956
611,694
612,099
613,820
614,402
614,725
615,653
45
70
120
3,785
1,394
3,607
3,608
3,610
3,613
3,614
615,893
616,340
620,192
620,595
620,984
926
1,295
320
4,577
554
9,220
5,226
14,597
10,661
9,270
4,165
1,644
8,309
7,434
10,981
6,386
19,600
17,305
17,930
2,705
1,086
2,670
4,869
7,700
6,646
6,612
6,482
6,417
6,187
6,246
6,085
6,099
1,643
5,109
4,234
3,272
3,238
3,346
3,353
4,212
4,153
4,166
1,990
1,677
1,624
3,270
2,399
2,349
2,077
2,042
3,677
2,811
2,737
1948
Mar. 31. . .
Apr. 3 0 . . .
May 31. . .
June 30. . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30., .
Oct. 3 0 . . .
Nov. 30. . .
Dec. 3 1 . . .
1,045
620
65
45
185
85
335
916
851
802
883
1,011
1,116
1,151
995
1949
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 3 0 . . .
May 31. . .
85
45
45
152
245
1,005
907
906
819
753
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.
810
Month , or
week ending Wednesday
All
member 1
banks
Central reserve
city banks
Reserve
city
banks
Country
banks*
York
Chicago
16 933
19 185
18 146
4 511
5 169
4 798
1,057
1,211
1,160
6 ,496
7 ,216
6 ,881
4 ,869
5 ,589
5 ,308
17
17
17
18
18
18
4
4
4
4
4
4
695
726
742
860
880
848
1,141
1,148
1,156
1,168
1,148
1,138
6 ,826
6 ,822
6 816
6 ,842
6 ,854
6 ,818
5 ,267
5 ,245
5 ,208
5 ,311
5 ,249
5 ,273
743
706
777
18
42
44
8
10
5
202
184
174
514
471
554
676
687
660
933
814
P661
11
28
29
140
115
10
2
3
5
21
5
3
144
165
166
206
182
137
519
491
461
566
512
P511
144
98
176
50
19
81
5
3
18
47
39
39
42
37
38
387
233
15
24
69
51
35
32
31
12
49
34
27
50
35
47
61
New
Total reserves held:
1948—May
1949—April
May.
M a y 18
M a y 25
June 1
June 8
June 15
June 22
Excess reserves:
1948—May
1949—April
May
M a y 18
M a y 25
June 1
June 8
June 15
June 22
Borrowings at Federal
Reserve Banks:
1948—May
1949—April
May.
M a y 18
M a y 25
June
June
June
June
1
8
15
22
929
941
922
181
132
077
77
112
66
60
191
1
69
6'
12
P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
FEDERAL RESERVE BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Central reserve
city banks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
First half May 1949
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deposits adjusted '
Time deposits ^
.
Demand balances due from domestic banks. . .
Reserves with Federal Reserve Banks:
Total
Required
Kxcess
Borrowings at Federal Reserve Banks
Centra reserve
city 1)anks
New
York
Chicago
Reserve
city
banks
Country
banks
Second half May 1949
86,286
10,118
76,168
76,215
69,450
29,194
20,690
3,692
16,998
19,127
4,881
1,002
3,878
4,447
32,019
4,640
27,378
27,903
28,697
784
27,913
24,738
20,595
3,588
17,007
19,079
4,910
975
3,934
4,468
31,874
4,460
27,414
27,845
28,511
758
27,753
24,738
14,898
85,890
9,781
76,109
76,129
69,550
29,225
1,681
1,042
11,574
4,901
40
119
1,597
1,712
1,044
11,582
14,887
3,146
4,737
42
115
1,579
3,002
18,356
17,491
4,855
4,812
1,166
1,165
6,945
6,760
865
43
1
185
5,390
4,754
17,950
17,255
4,744
4,699
1,153
1,145
6,822
6,658
5,231
4,753
695
45
8
164
184
89
20
39
478
36
169
74
16
39
40
636
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) 4 are estimated for all member banks, but not by class of bank.
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report..
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
Demand
deposits
except
interbank
April
May
April
May
1948
1949
16,019
16.163
Time
deposits
8,807
18,796
Demand
deposits
except
interbank
11,869
11,812
Time
deposits
6,057
6,046
16,289
16,209
8,829
8,830
11,753
11,622
6,063
6,062
1,838
2,985
1,206
1,294
841
2,210
815
925
333
1,029
886
1,009
236
1,152
896
818
Richmond. . .
Atlanta
Chicago
St. Louis
1,089
1,568
2,201
646
409
472
1,603
344
825
672
1,624
970
480
220
956
284
Minneapolis..
Kansas City..
Dallas
San Francisco
583
556
1,010
1,233
300
105
151
656
740
1,574
1,470
490
452
207
69
292
r
1
Revised.
Includes any banks in outlying sections of reserve cities that have
;en given permission to carry the same reserves as country banks.
JULY 1949
Member
banks
Total,
all
banks
In places of under
15,000 population
By districts,
May 1949
Boston
New York. . .
Philadelphia..
Cleveland
BANK SUSPENSIONS *
Number of banks suspended:
1934-42
1943
1944
1945
1946
1947
1948
1949—Jan -June
Nonmember
banks
National State
330
20
4
2
1
6
Noninsuredi
Insured
216
2
1
0
0
1
0
4
1
4
Deposits of suspended banks
(in thousands of dollars) :2
1934-42
137,362 18,016 26,548 51,567 41,231
1943
1944
1945
1946
1947
1948
1949—Jan.-June ..
6,223 4,982
405
0
0
167
0
2,443
1,241
405
167
2,445
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks,
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time t h e
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;;
for description, see pp. 281-282 in the same publication.
811
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation *
End of year or
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
Coin and small denomination currency 2
Total
Coin »$1
Large denomination currency 2
$2
$5
$10 $20
442
402
,519 4,167
452
423
,536 4,292
460
478
,882 4,518
499
517
,543 5,021
505
537
,550 5,015
524
550
,856 5,147
559
590
,598 5,553
610
648
,732 6,247
695
751
,160 8,120
801
,410 11,576
880
909
,449 14,871 1,019
987
,307 17,580 1,156
,515 20,683 1,274 1,039
,952 20,437 1,361 1,029
,868 20.020 1,404 1,048
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
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
6,275
,342
,326
,359
,501
,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
Total
Unassorted
$50 $100 $500 $1,000 $5,000 $10,000
,360
364
618
337
577
,254
358
627
,369
399
707
,530
710
,542
387
770
,714
409
919
2,048
460
112
2,489
538
433
3,044
724
910
3,837
,019
912
5,580 1,481
153
7,730 1,996
220
7,834 2,327
8,518 2,492 4,771
8,850 2,548 5,070
125
112
122
135
139
160
191
227
261
287
407
555
454
438
428
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
8
5
7
7
6
17
20
30
24
9
9
10
7
8
5
10
7
16
18
12
32
32
60
46
25
22
24
24
26
17
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
1948—February.... 28,019
March
27,781
27,716
April
27,812
May
27,903
June
27,866
July
28,055
August
September... 28,118
28,176
October
November. . . 28,331
December. . . 28,224
19,335
19,169
19,144
19,259
19,323
19,309
19,450
19,488
19,531
19,680
19,529
1,385
972
1,394
975
1,399
976
1,409
994
1,421 1,000
1,422
994
1,432 1,006
1,442 1,020
1,451 1,026
1,464 1,042
1,464 1,049
63
62
61
62
63
62
63
63
63
64
64
2,005
1,986
1,991
2,015
2,017
2,010
2,023
2,031
2,037
2,054
2,047
6,084
6,013
6,017
6,054
6,085
6,059
6,099
6,090
6,087
6,137
6,060
8,826
8,738
8,700
8,724
8,737
8,762
8,827
8,844
8,867
8,918
8,846
,687
,614
,574
,555
,581
,559
,607
,632
,647
,654
,698
2,492
2,470
2,456
2,453
2,465
2,452
2,464
2,466
2,467
2,475
2,494
4,996
4,962
4,951
4,943
4,945
4,940
4,977
5,011
5,035
5,048
5,074
421
416
412
410
407
404
403
402
401
400
400
762
749
739
735
749
748
748
739
730
717
707
5
5
5
5
5
5
5
5
5
5
5
12
11
10
10
10
9
11
10
9
9
17
3
1
1
2
2
2
2
2
3
3
3
1949—January
February....
March
April
May
19,003
19,029
18,930
18,925
18,993
1,441 1,000
1,441
996
1,445
992
1,450
994
1,456 1,011
62
63
61
60
61
1,972
1,976
1,965
1,967
1,986
5,892
5,929
5,913
5,913
5,934
8,636
8,625
8,555
8,541
8,544
,579
,531
,510
,493
,515
2,459
2,444
2,428
2,421
2,422
5,020
5,000
4,980
4.970
4,980
396
394
392
390
388
689
679
696
700
712
5
5
5
5
5
10
10
10
9
9
3
3
1
1
1
27,580
27,557
27,439
27,417
27,507
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
against
May 31,
gold and
1949
Treasury
silver
cash
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, 1949
Apr. 30, 1949
May 31, 1948
24,342
23,159
24,003
4,596
493
1,985
32,257
989
372
347
316
94
. .
(4)
(4)
0)
23,159
2
1,183
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
20,301
2,815
748
255
Money in circulation 1
May 31,
1949
Apr. 30,
1949
May 31,
1948
43
23,205
4,259
43
23,146
4,228
45
23,525
4,242
' ' 3 2', 257' '
50
82
271
1,985
56
3
163
162
155
16
6
3
178
35
11
25
3
1
2,079
938
355
318
312
93
2,054
934
353
315
315
93
2,061
910
344
315
357
100
3 819
3,963
3,958
27 507
(55)
()
25,416
25,397
24,342
- J. u dvum uupiiLciiiuii, ainuum ui onvci uuiJeiis aiiu
1 315
1,324
1,322
_
20 301
20,284
19,220
27,417
_
27,812
_
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 for explanation of these duplications.
Less than $500,000.
notes of 1890— $156,039,431 in gold
NOTE.—There
' ~
'"
bullion; (ii) as secu
receipt; (iii) as s
Reserve Bank notes and national bank notes are in process of retirement.
812
FEDERAL RESERVE
BULLETIN
POSTAL SAVINGS SYSTEM
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
fOutside Treasury and Federal Reserve Banks. In millions of dollars]
[In millions of dollars]
Assets
Amount—
unadjusted
for seasonal
variation
Date
End of period:
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series 1
+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
28,224
-644
Averages of daily figures
1948—June
July
August
September...
October
November...
December. . .
27,846
27,955
27,977
28,152
28,188
28,277
28,423
27,986
28,011
28,118
28,208
28,188
28,192
28,142
+41
+25
+107
+90
1949—January
February....
March
April
May
June
27,850
27,545
27,508
27,462
27,438
27,432
27,767
27,545
27,591
27,683
27,631
27,570
-375
-222
+46
+92
-52
-61
-20
+4
-50
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year end, adjustment factors have been revised somewhat
"for dates affected, beginning with December 1942.
End of month
Depositors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
anetc.2
teed
1940—Dec.. .
1941—Dec. .
1942—Dec...
1943—Dec. .
1944—Dec. .
1945—Dec.. .
1946—Dec.. .
1947—Dec.. .
1,304
1,314
1,417
1,788
2,342
2,933
3,284
3,417
1,348
1,396
1,464
1,843
2,411
3,022
3,387
3,525
36
26
16
10
8
6
6
6
1,224
1,274
1,345
1,716
2,252
2,837
3,182
3,308
1,078
1,128
1,220
1,716
2,252
2,837
3,182
3,308
1948—July. .
Aug.. .
Sept..
Oct.. .
Nov. .
Dec. .
3,368
3,356
3,348
3,342
3,336
3,330
3,483
3,472
3,464
3,459
3,454
3,449
6
6
7
7
7
7
3,275
3,260
3,260
3,244
3,244
3,244
3,275
3,260
3,260
3,244
3,244
3,244
202
206
198
208
203
198
1949—Jan.. .
Feb.. .
Mar. .
Apr.. .
May
3,334
3,333
3,327
3,314
3,454
3,454
3,447
3,435
7
7
7
7
3,244
3,244
3,254
3,239
3,244
3,244
3,254
3,239
203
202
186
188
146
146
126
88
95
102
118
152
179
200
212
P3,294
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
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York
City*
140
other
centers l
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City 3
Other
leading
cities 8
New
York
City 3
Other
leading
cities 3
792,937
891.910
974,102
1,050,021
1,125,074
1,249,630
296,368
345.585
404,543
417,475
405,929
449,002
419,413
462,354
479,760
527,336
599,639
667,934
77,155
83,970
89,799
105,210
119,506
132,695
16.5
17.1
18.3
19.0
21.0
23.7
11.7
10.8
9.7
10.0
12.0
12.9
258,398
298,902
351,602
374,365
407,946
400,468
445,221
369,396
403,400
412,800
449,414
522,944
598,445
660,155
20.5
22.4
24.2
25.5
25.2
24.1
27.2
17.4
17.3
16.1
16.9
16.5
18.0
19.2
97,603
108,639
102,940
97,940
104,754
107,141
102,887
122,277
35,429
40,633
35,832
33,031
37,531
38,169
34,754
46,194
51,807
56,667
55,972
54,118
55,980
57,413
56,815
63,714
10,367
11,339
11,136
10,791
11,243
11,559
11,318
12,368
23.0
25.4
22.5
20.9
24.6
24.0
23.7
28.6
12.4
13.0
12.8
12.3
13.2
12.9
13.8
14.1
37,060
38,942
36,350
32,540
36,354
38,014
34,988
44,861
51,557
55,442
55,233
53,757
54,635
56,905
56,977
62,745
27.9
28.0
26.6
23.9
27.5
27.9
27.8
32.1
18.7
19.1
19.1
18.5
19.4
19.3
20.8
21.0
105,192
»-89,850
'109,741
'99,703
99,288
38,429
31,982
39,698
35,832
36,974
'55.651
'48,198
'58,637
'53,374
52,003
11,112
9,669
11,407
10,497
10,310
25.0
23.0 *
24.1
22.7
24.6
12.9
12.2
12.8
12.2
12.3
38,767
32,226
37,788
36,887
36,444
55,348
47,968
56,737
52,869
50,768
29.3
27.1
27.2
27.6
28.3
19.3
18.6
19.2
18.6
18.5
Total, all
reporting
centers
1943
. ...
1944
1945
1946—old series 4
1946—new series 4
1947
1948
Annual rate of
turnover of total
deposits, except
interbank
1948—May
June
July
August
September
October
November
December
1949—January
February
March
April
May
|
' Revised.
National series for which bank debit figures are available beginning with 1919.
Number3 of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
city. 4
Weekly reporting member bank series.
Statistics for banks in leading cities revised beginning July 3, 1946;for description of revision and for back figures see BULLETIN 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.
1
2
JULY 1949
813
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated. In millions of dollars]
Assets
Other
securities
Total
assets,
net—
total
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
u. s.Government
Commercial
Loans,
net
and
Total
savings
banks
obligations
Federal
Reserve
Banks
Other
Capital and Liabilities
(other than domestic
deposits and currency
outside banks)
Capital
and
misc.
accounts,
net
Treasury
cash
Foreign
bank
deposits*
net
29.
30.
30.
31.
30.
31.
30.
31.
29.
31.
30.
31.
4,037
4,031
16,110
17,644
22,624
22,737
20,213
20,065
20,270
20,529
21,266
22,754
2,019
2,286
2,881
2,963
3,149
3,247
4,145
4,339
4,539
4,562
4,552
4,562
41,082
21,957
21,310
22,157
25,305
26,605
27,948
30,387
31,570
35,765
38,373
43,023
5,741
10,328
22,483
23,105
26,984
29,049
118,041
128,417
122,740
113,110
107,873
107,086
5,499
8,199
18,770
19,417
23,539
25,511
93,655
101,288
95,911
86,558
82,679
81,199
1,998
2,551
2,484
2,184
2,254
21,792
24,262
23,783
23,350
21,872
22,559
1,162
1,204
1,261
1,284
2,594
2,867
3,046
3,202
3,322
3,328
11,819
9,863
9,532
9,302
9,098
8,999
8,003
8,577
9,175
9,491
10,051
10,723
64,698
48,465
72,316
75,171
87,160
90,637
178,350
191,785
188,294
183,457
182,115
188,148
8,922
6,436
6,875
6,812
"7,803
7,826
10,310
10,979
12,079
11,800
12,882
12,800
204
264
2,563
2,409
2,275
2,215
2,279
2,287
2,251
2,272
1,314
1,336
991
1,217
'1,9491,498
2,378
2,141
1,894
1,885
1,657
1,682
1948—May 26.
June 30.
July 28.
Aug. 25.
Sept. 29.
Oct. 27.
Nov. 24.
Dec. 31.
23,300
23,532
23,700
23,700
23,900
24,000
24,200
24,244
4,600
4,565
4,600
4,600
4,600
4,600
4,600
4,589
44,700
45,299
45,500
46,100
47,100
47,300
48,000
48,341
101,800
101,451
101,800
101,800
100,800
101,400
100,600
100,694
77,900
76,774
77,300
77,000
74,200
74,900
74,300
74,097
20,600
21,366
21,200
21,500
23,300
23,200
23,000
23,333
3,300
3,311
3,300
3,300
3,300
3,300
3,300
3,264
11,100
11,208
11,300
11,400
11,500
11,300
11,300
11,422
185,500
186,055
186,900
187,500
187,900
188,600
188,600
189,290
13,300
13,200
13,500
13,500
13,400
13,500
13,400
13,168
1,300
1,327
1,300
1,300
1,300
1,300
1,300
1,325
1,600
1,727
1,800
1,800
1,800
1,800
1,900
«2,103
1949—Jan. 26?
Feb. 23 P
Mar. 30?
Apr. 27P
May 25P
24,300
24,300
24,300
24.300
24,300
4,600
4,600
4,600
4,600
4,600
48,200
47,800
48,100
47,100
46,700
99,900
99,500
97,700
98,100
97,800
74,600
73,900
72,600
73,600
74,900
22,000
22,400
21,800
21,200
19,700
3,300
3,300
3,300
3,300
3,200
11,300
11,400
11,500
11,600
11,700
188,200
187,600
186,200
185,700
185,100
13,400
13,200
13,600
13,700
13,700
1,300
1,300
1,300
1,300
1,300
2,200
2,200
2,100
2,000
1,800
1929—June
1933—June
1939—June
Dec.
1941—June
Dec.
1945—Tune
Dec.
1946—Tune
Dec.
1947—June
Dec.
216
26
131
365
50
Deposits and Currency
U. S. Government
deposits
Total
deposits
adjusted,
U. S. Govt.
deposits,
and
currency
outside
banks
At commercial
and
savings
banks
29
30
30
31
30
31
30
31
29
31
30
31
55,207
41,715
61,887
64,733
75,133
79,098
163,383
176,378
172,070
167,500
166,263
172,330
1948—May 26
June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31
1949—Jan.
Feb.
Mar.
Apr.
May
Date
1929—June
1933—June
1939—June
Dec.
1941—June
Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
26?
23P
30?
27P
25?
At
Federal
Reserve
Banks
Total
deposits
adjusted
and
currency
outside
banks
Demand
deposits
adjusted 2
381
852
792
846
753
1,895
24,381
24,608
13,416
3,103
1,367
1,452
36
35
944
634
980
867
599
977
833
393
756
870
54,790
40,828
60,151
63,253
73,400
76,336
138,403
150,793
157,821
164,004
164,140
170,008
169,300
169,803
170,300
171,000
171,300
172,000
172,000
172,693
2,400
2,180
2,400
2,400
2,800
2,300
2,200
2,451
1,800
,928
,800
.900
,700
,500
,700
,123
171,300
170,900
169,200
168,700
168,300
2,000
3,000
3,400
2,100
1,900
,100
,600
1,700
1,100
700
814
Time deposits adjusted
3
Currency
outside
banks
Total
Commercial
banks
Mutual
savings4
banks
Postal
Savings
System
22,540
14,411
27,355
29,793
37,317
38,992
69,053
75,851
79,476
83,314
82,186
87,121
28,611
21,656
26,791
27,059
27,879
27,729
44,253
48,452
51,829
53,960
55,655
56,411
19,557
10,849
15,097
15,258
15,928
15,884
27,170
30,135
32,429
33,808
34,835
35,249
8,905
9,621
10,433
10,523
10,648
10,532
14,426
15,385
16,281
16,869
17,428
17,746
149
1,186
1,261
1,278
1,303
1,313
2,657
2,932
3,119
3,283
3,392
3,416
3,639
4,761
6,005
6,401
8,204
9,615
25,097
26,490
26,516
26,730
26,299
26,476
165,100
165,695
166,000
166,700
166,900
168,100
168,100
169,119
82,800
82,697
83,300
83,800
83,900
85,100
85,200
85,520
56,900
57,360
57,300
57,300
57,300
57,300
57,000
57,520
35,500
35,788
35,700
35,700
35,700
35,700
35,500
35,804
18,100
18,194
18,200
18,200
18,300
18,300
18,200
18,387
3,400
3,378
3,400
3,400
3,300
3,300
3,300
3,329
25,400
25,638
25,500
25,600
25,700
25,700
25,900
26,079
168,200
166,300
164,200
165,500
165,700
85,400
83,400
81,100
82,400
82,600
57,600
57,800
58,000
58,100
58,200
35,800
35,900
36,000
36,100
36,100
18,500
18,600
18,700
18,700
18,800
3,300
3,300
3,300
3,300
3,300
25,200
25,100
25,100
24,900
25,000
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Other
Class of bank
and date
Cash
assets *
Total
Loans
Total
All b a n k s :
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—June
Nov.
Dec.
1949—Jan.
Feb.
Mar.
Apr.
May
30
31
31
31
31
30
31
31
312
30
24«
31
26 •
23 •
30 •
27 •.
25 •
Total Number
of
capital
accounts banks
U. S.
Government
obligations
Other
securities
19,417
20,972
25,511
45,951
65,932
85,885
101,288
86,558
81,199
76,774
74,320
74,097
74,580
73,860
72,560
73,630
74,880
9,302 23,292 68,242
9,449 28,090 75,996
8,999 27,344 81,816
8,280 28,701 99,803
7,433 28,475 117,661
7,561 30,790 141,448
8,577 35,415 165,612
9,491 35,041 155,902
10,723 38,388 161,865
11,208 35,000 156,353
11,270 37,480 158,560
11,422 39,474 161,248
11,300 36,930 158,560
11,420 36,820 157,590
11,520 35,050 154,760
11,580 '34,760 154,660
11,710 33,650 154,560
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
13,033 95,727
11,436 90,823
11,540 93,200
12,269 94,671
11,660 92,500
10,930 92,110
10,490 89,470
10,310 89,420
10,430 89,110
25,852
8,194
8,302
26,499
8,414
26,479
27,058
8,566
31,081
8,996
9,643
37,551
45,613 10,542
50,784 11,360
53,105 11,948
54,093 12,241
53,820 12,470
54,308 12,479
54,400 12,550
54,550 12,570
54,800 12,650
54,930 '12,680
55,020 12,700
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,714
14,719
14,709
14,703
14,700
14,690
14,692
14,692
14,691
Total 1
Interbank l
Demand
Time
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133,081
133,500
133,693
134,060
133,100
132,300
132,440
133,450
22,165 28,719
23,756 30,422
26,615 34,511
23,916 54,231
23,601 73,365
26,015 93,446
30,362 109,865
35,648 96,050
43,002 91,923
45,099 87,982
47,910 85,590
48,174 85,519
48,180 85,880
47,820 85,280
48,220 84,080
47,230 85,210
46,860 86,590
All commercial b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—June 30
Nov. 24 «
Dec. 31
1949—Jan. 26 •
Feb. 2 3 •
Mar. 30 •
Apr. 27 •
May 25 •
40,668
43,929
50,746
67,393
85,095
105,530
124,019
113,993
116,284
113,855
114,220
114,298
114,470
113,410
112,500
112,510
113,440
17,238
18,800
21,714
19,221
19,117
21,644
26,083
31,122
38,057
39,865
42,320
42,488
42,450
42,030
42,370
41,320
40,880
23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
78,226
73,990
71,900
71,811
72,020
71,380
70,130
71,190
72,560
16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
69,221
64,798
62,780
62,622
62,970
62,240
60,880
61,950
63,220
7,114 22,474 57,718
7,372 27,124 65,337
7,225 26,551 71 283
6,793 28,039 89,135
6,136 27,677 105,923
6,329 30,206 128,072
7,331 34,806 150,227
8,091 34,223 139,033
9,006 37,502 144,103
9,192 34,168 138,142
9,120 36,680 140,340
9,189 38,596 142,843
9,050 36,130 140,040
9,140 36,030 139,010
9,250 '34,240 136,070
9,240 '34,030 135,910
9,340 32,920 135,750
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
13,032 95,711
11,435 90,806
11,540 93,180
12,269 94,654
11,660 92,480
10,930 92,090
10,490 89,450
10,310 89,400
10,430 89,090
15,331
6,885
15,844
7,010
7,173
15,952
7,330
16,395
7,719
19,350
8,265
24,184
8,950
30,241
9,577
33,930
35,360 10,059
35,900 10,287
35,620 10,480
35,921 10,480
35,900 10,550
35,990 10,560
36,130 10,620
36,200 '10,650
36,230 10,660
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14,181
14,187
14,177
14,171
14,168
14,159
14,162
14,162
14,161
AH m e m b e r b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Nov. 24«. . . .
Dec. 31
1949—Jan. 26 e . . . .
Feb. 23 •. . . .
Mar. 30«. . . .
Apr. 27 e
May 25 «. . . .
33,941
37,126
43,52
59,263
74,258
91,569
107,183
96,36
97,846
95,449
95,514
95,616
95,824
94,819
93,95
93,993
94,964
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
32,628
33,871
35,929
36,061
36,024
35,614
35,891
34,855
34,470
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
65,218
61,578
59,585
59,557
59,800
59,205
58,064
59,138
60,494
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
57,914
54,139
52,219
52,154
52,478
51,794
50,536
51,644
52,917
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
7,304 32,845 122,528
7,439 30,303 117,452
7,366 32,539 119,135
7.403 34,203 121,362
7,322 31,908 118,817
7,411 31,823 117,855
7,528 30,323 115,282
7,494 ••30,140 115,212
7,577 29,011 115,064
9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
12,403
10,833
10,918
11,641
11,050
10,364
9,951
9,765
9,900
28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
81,785
77,796
79,636
80,881
78,943
78,596
76,323
76,370
76,066
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,340
28,823
28,581
28,840
28,824
28,895
29,008
29,077
29,098
5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,464
8,624
8,778
8,801
8,837
8,845
8,894
'8,929
8,939
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,923
6,925
6,919
6,918
6,914
6,913
6,913
6,914
6,911
All m u t u a l savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 312
1948—June 30
Nov. 24". . . .
Dec. 31
1949—Jan. 26 •
Feb. 23 •
Mar. 30 •
Apr. 27 e
May 25 «
10,21
10,24
10,37
10,75
11,87
13,93
16,20
17,70
18,64
19,22
19,28
19,395
19,59
19,69
19,800
19,930
20,010
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,526
4,944
5,234
5,590
5,686
5,730
5,790
5,850
5,910
5,980
5 289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,696
13,992
13,690
13,709
13,860
13,900
13,950
14,020
14,030
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
11,978
11,976
11,540
11,476
11,610
11,620
11,680
11,680
11,660
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,400
1,718
2,016
2,150
2,233
2,250
2,280
2,270
2,340
2,370
3
4
6
6
8
10
14
16
17
17
20
17
20
20
20
20
20
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,745
18,193
18,200
18,387
18,500
18,560
18,670
18,730
18,790
,309
,292
,241
,236
,276
,378
,592
,784
,889
,955
1,990
1,999
2,000
2,010
2,030
2,030
2,040
551
551
548
546
545
543
542
541
533
532
532
532
532
531
530
530
530
818
966
793
663
797
584
609
818
886
832
800
878
800
790
810
730
730
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,763
18,211
18,220
18,405
18,520
18,580
18,690
18,750
18,810
i'
1
i
i1
e
r
Partly estimated.
Revised.
* "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 two pages.
JULY
1949
815
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
i n d nvestments
Loans <
Deposits
Investments
Class of bank
and date
Total
Loans
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 . . . .
1948—June 30
Nov. 24*
Dec. 31
1949—Jan. 26"
Feb. 23 e
Mar. 30«
Apr.
May 256
Chicago:
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Tune
Nov
Dec.
1949—Jan.
Feb.
Mar.
Apr.
May
30
31
31
31 . . . .
31
30
31
31
31
30
24 e.
31
26«
23«! '. '.'. '.
30 e
27e
25«. . '. . .
9 , 339
10, 910
12, 896
17, 957
19, 994
2 4 , 003
2 6 , 143
2 0 , 834
2 0 , 393
19, 019
1 8 , 585
18, 759
1 8 , 762
18, 394
18, 273
1 8 , 314
18, 668
3,296
3,384
4,072
4,116
4,428
5,760
7,334
6,368
7,179
7,550
7,955
8,048
8,104
7,960
8,179
7,595
7,598
2 , 105
2 , 377
2, 760
3 , 973
554
5] 443
5, 931
4 , 765
5 , 088
4 , 742
4 734
4 799
4 795
4 759
4 348
4 669
4 832
569
696
954
832
1,004
1,184
1,333
1,499
1,801
1,714
1,813
1,783
1,777
1,733
1,697
1,603
1,569
6 , 043
7, 527
8 , 823
1 3 , 841
15, 565
1 8 , 243
18, 809
14, 465
1 3 , 214
1 1 , 469
10, 630
10, 712
10, 658
10, 434
10, 094
10 719
11 070
1
1
1
3
3
4
4
3
3
3
2
3
3
3
2
3
3
536
681
806
141
550
258
598
266
287
028
921
016
018
026
651
066
263
U. S.
Government
obligations
4 , 772
6 , 044
7 , 265
12, 547
14, 563
17, 179
17, 574
13 308
11 972
10 358
9 608
9 649
9 624
9 353
8 943
9 626
9 993
1
1
1
2
3
3
4
2
2
2
2
2
2
2
2
2
2
Other
Cash
assets 1
Total 1
Other
securities
Interbank 1
Total
Number
capital
of
accounts banks
•pi
JL>c-
Time
mand
1,272
1,483
L,559
1,294
L,002
1,066
L.235
L.158
1,242
1,110
1,022
1,063
1,034
1,081
1,151
L.093
1,077
6 , 703
8 , 423
6 , 637
5 , 864
5 , 197
4 , 921
6 , 439
6 , 238
7 , 261
6 , 798
7 , 295
7, 758
7, 171
7 , 017
7, 008
6 , 699
6 , 171
14, 509
17, 744
17, 932
2 2 , 078
2 3 , 256
2 6 , 773
3 0 , 121
2 4 , 723
2 5 , 216
2 3 , 362
2 3 , 140
2 4 , 024
2 3 , 177
2 2 , 789
2 2 , 529
2 2 , 364
2 2 , 225
4 ,238
4 678
4 207
3 ,945
3 ,680
4 ,041
4 ,657
4 ,246
4 ,464
4 ,027
3 ,901
4 ,213
4 ,069
3 ,863
3 ,644
3 ,666
3 ,700
203
307
430
789
238
913
213
912
890
667
552
633
634
632
248
651
831
333
375
376
352
312
345
385
355
397
361
369
383
384
394
403
415
432
1, 446
1, 578
1, 566
1, 352
1, 283
1, 378
1, 489
1, 545
1, 739
1, 726
1, 898
1 932
1 885
1, 847
1, 558
1 715
1 639
3 , 330
3 , 710
4 , 057
5 , 040
5 523
6 , 468
7, 046
5 , 905
6 , 402
6 , 039
6 171
6 293
6 182
6 126
5 411
5 940
5 985
888
,004
,035
,117
985
,148
,312
1 ,153
1 ,217
1 ,077
1 ,027
1 ,064
1 ,023
973
1 ,074
959
981
Reserve city m e m b e r
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30 . . . .
Nov. 24«
Dec. 31
1949—Jan.
Feb. 23 e
Mar. 30 e
Apr. 27e
M a y 25 e .
12
13
15
20
27
33
40
35
36
35
35
35
35
35
34
34
34
272
013
347
915
521
603
108
351
040
065
367
332
547
080
839
638
952
5,329
5,931
7,105
6,102
6,201
6,822
8,514
10,825
13,449
13,373
14,268
14,285
14,191
13,996
13,974
13,640
13,384
6 944
7 081
8 243
14 813
21 321
26 781
31 594
24 527
22 591
21 692
21 099
21 047
21 ,356
21 ,084
20 ,865
20 ,998
21 ,568
5 194
5 204
6 467
13 038
19 682
25 042
29 552
22 250
20 196
19 ,222
18 ,624
18 ,594
18 ,906
18 ,596
18 ,332
18 ,446
18 ,948
1.749
1,877
1,776
1,775
1,639
1.739
2^042
2,276
2,396
2,470
2,475
2,453
2,450
2,488
2,533
2,552
2,620
6
8
8
9
9
10
11
11
13
11
12
13
12
12
11
11
11
Country m e m b e r
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31 .
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Nov. 24*
Dec. 31
1949—Jan. 26«
Feb. 23 c
Mar. 30«
Apr.
May 25*.". '.'.
10 224
10 826
12 ,518
16 ,419
22 ,188
28 ,520
35 ,002
35 ,412
36 ,324
36 ,623
36 ,828
36 ,726
36 ,720
36 ,586
36 ,495
36 ,372
36 ,512
4,768
5,309
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,234
11,893
11,945
11,952
11,925
12,041
12,017
11,919
5 ,456
5 ,517
6 ,628
11 ,380
17 ,534
23 ,610
29 ,407
27 ,408
26 ,125
25 ,389
24 ,935
24 ,782
24 ,768
24 ,661
24 ,454
24 ,355
24 ,593
3 ,159
3 ,269
4 ,377
9 ,172
15 ,465
21 ,552
26 ,999
24 ,572
22 ,857
21 ,892
21 ,435
21 ,278
21 ,314
21 ,213
21 ,013
20 ,921
21 ,145
2,297
2,248
2,250
2,208
2,069
2,058
2,408
2,836
3,268
3,497
3,500
3,504
3,454
3,448
3,441
3,434
3,448
4 848
5 685
6 402
7 ,638
7 ,983
9 ,323
10 ,632
10 ,151
10 ,778
10 ,050
10 ,825
11 ,196
10 ,685
10 ,679
10 ,149
' 1 0 ,038
9 ,857
785
278
518
426
327
238
286
654
066
729
521
317
167
280
608
688
344
17
19
22
28
35
41
49
44
46
44
45
45
44
44
43
43
43
9 533
12, 247
12, 917
17 399
18 729
21 730
2 4 , 227
19, 028
19 307
17 659
17 626
18 131
17 487
17 324
17 232
17 082
16 904
1
2
2
3
4
4
5
3
4
4
4
4
4
4
3
3
3
736
819
807
734
847
1,002
1,236
1,449
1,445
1,676
1,613
1,680
1,621
1,602
1,653
1,616
1,621
1,592
1,615
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,262
2,283
2,306
2,306
2,314
2,307
2,316
2,326
36
36
36
37
37
37
37
37
37
35.
35
35,
35.
3S
35
35
35:
947
197
546
468
029
700
015
922
273
011
189
227
143
129
333
940
960
495
509
476
455
508
620
719
829
913
951
955
1,001
L.016
1,024
1,004
L.041
1,044
250
270
288
304
326
354
377
404
426
436
440
444
440
440
443
445
453
14
13
13
13
13
13
12
14
14
14
13
13
13
13
13
13
13:
741
844
313
700
070
804
085
477
467
149
050
943
959
541
634
469
450
3 ,686
4 ,076
4 ,460
4 ,957
4 ,874
5 ,524
6 ,448
5 ,570
5 ,649
4.909
5 ,075
5 ,400
5 ,038
4 ,688
4 ,446
4 ,377
4 ,465
9 439
11 018
13 047
18 747
24 086
28 525
32 877
28 049
29 395
27 930
28 701
29 153
28 ,527
28 409
27 ,717
27 ,556
27 ,428
4,616
4,750
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,310
11,274
11,391
11,394
11,444
11,471
11,536
11,557
1,828
1,904
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,870
2,921
2,928
2,929
2,932
2,958
2,973
2,972
346,
13 762
15 132
17 ,415
22 ,459
28 ,414
35 ,871
43 ,418
43 ,066
44 ,443
43 ,903
44 ,774
45 ,102
44 ,499
44 ,399
43 ,708
43 ,439
43 ,404
598
665
822
980
1 ,015
1 ,171
1 ,223
1 ,091
1 ,073
821
915
964
920
840
787
763
754
7 ,312
8 ,368
10 ,335
14 ,909
19 ,594
24 ,818
29 ,700
27 ,921
28 ,810
28 ,196
29 ,120
29 ,370
28 ,786
28 ,734
28 ,041
27 ,792
27 ,774
5,852
6,100
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,886
14,739
14,768
14,793
14,825
14,880
14,884
14,876
1,851
1,909
1,982
2,042
2,153
2,321
2,525
2,757
2,934
3,056
3,134
3,123
3,162
3,159
3,186
'3,195
3,188
5,966
6,089
6,219
6,275,
6,331
6,408,
6,476
6,494
6,519
6,541
6,536
6,535
6,531
6,530
6,529
6,530
6,529
34a,
351
354
357
356
359*
355
353
335
335
335
335
335
336
336
334
2
December 31, 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.
For other footnotes see preceding and opposite page.
816
FEDERAL RESERVE BULLETIN.
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
All insured commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
Other
Cash
assets
Total
U. S.
Government
obligations
Other
securities
Loans
Total
Interbank
83,507
103,382
121,809
112,178
114,274
111,794
112,286
18,841
21,352
25,765
30,733
37,583
39,372
41,968
64,666
82,030
96,043
81,445
76,691
72,421
70,318
58,683
75,875
88,912
73,554
67,941
63,490
61,388
5,983
6,155
7,131
7,891
8,750
8,931
8,929
27,183
29,733
34,292
33,694
36,926
33,699
38,087
104,094
125,714
147,775
136,990
141,851
135,945
140,642
National member
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
47,499
58,308
69,312
63,723
65,280
63,638
63,845
10,116
11,480
13,925
17,272
21,428
22,243
23,752
37,382
46,828
55,387
46,451
43,852
41,395
40,093
34,065
43,292
51,250
41,658
38,674
36,091
34,852
3,318
3,536
4,137
793
178
,303
16,017
17,570
20,114
20,012
22,024
20,415
22,974
59,961
71,858
84,939
78,775
82,023
78,753
81,407
7,159
8,056
9,229
8,169
8,410
7,305
7,842
State member banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
26,759
33,261
37,871
32,639
32,566
31,811
31,771
6,171
7,196
8,850
9,424
11,200
11,628
12,308
20,588
26,065
29,021
23,216
21,365
20,183
19,463
18,883
24,393
27,089
21,384
19,240
18,048
17,301
1,705
1,672
1,933
1,832
2,125
2,135
2,161
7,773
8,290
9,731
9,575
10,822
9,888
11,228
32,302
39,059
44,730
39,395
40,505
38,699
39,955
Insured nonmember
commercial banks:
1943—Dec. 31
1944_Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
9,258
11,824
14,639
15,831
16,444
16,360
16,685
2,556
2,678
2,992
4,040
4,958
5,504
5,911
6,702
9,146
11,647
11,791
11,486
10,856
10,774
5,739
8,197
10,584
10,524
10,039
9,362
9,246
962
949
1,063
1,268
1,448
1,494
1,528
3,395
3,875
4,448
4,109
4,083
3,397
3,887
Noninsured n o n m e m ber commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—June 30
Dec. 31
1,588
2,148
2,211
1,815
2,009
2,062
2,013
276
292
318
389
474
493
520
1,312
1,856
1,893
1,426
1,535
1,569
1,493
1,160
1,682
1,693
1,226
1,280
1,308
1,234
153
174
200
200
255
261
259
All nonmember commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—June 30
Dec. 31
10,847
13,972
16,849
17,646
18,454
18,422
18,698
2,832
2,971
3,310
4,429
5,432
5,997
6,431
8,014
11,002
13,539
13,217
13,021
12,425
12,267
6,899
9,880
12,277
11,749
11,318
10,670
10,479
Insured m u t u a 1 savings
banks:
1943—Dec. 31
I944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
7,525
9,223
10,846
11,891
12,683
13,142
13,312
3,073
3,110
3,081
3,250
3,560
3,769
4,109
4,452
6,113
7,765
8,641
9,123
9,373
9,202
4,345
4,708
5,361
5,813
5,957
6,084
6,083
1,411
1,260
1,198
1,275
1,384
1,465
1,577
2,935
3,448
4,163
4,538
4,573
4,619
4,506
,819
3,522
3,833
3,813
3,808
3,680
Noninsured mutual
savings banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—June 30
Dec. 31
Demand
Total
Numbe
capital
of
accounts banks
Time
19,081
23,879
29,876
33,526
34,882
35,418
35,441
7,453
7,989
8,671
9,286
9,734
9,955
10,158
13,270
13,263
13,297
13,354
13,398
13,415
13,413
42,605
50,900
59,486
52,194
54,335
51,921
54,020
10,196
12,901
16,224
18,412
19,278
19,528
19,545
3,950
4,265
4,644
5,138
5,409
5,533
5,657
5,040
5,025
5,017
5,007
5,005
4,998
4,991
3,397
3,827
4,411
3,890
3,993
3,529
3,799
23,833
28,874
32,334
26,726
27,449
25,875
26,862
5,072
6,357
7,986
8,779
9,062
9,295
9,295
2,525
2,703
2,945
2,957
3,055
3,091
3,144
1,698
1,789
1,867
1,893
1,918
1,927
1,927
11,842
14,809
18,119
18,836
19,340
18,509
19,296
149
190
244
260
266
202
259
7,870
9,987
12,196
12,225
12,515
11,695
12,419
3,823
4,632
5,680
6,351
6,558
6,611
6,618
979
1,022
1,083
1,193
1,271
1,333
1,358
6,535
6,452
6,416
6,457
6,478
6,493
6,498
494
473
514
530
576
469
509
1,829
2,358
2,452
2,043
2,251
2,197
2,201
299
161
181
336
363
400
368
1,261
1,892
1,905
1,302
1,411
1,315
1,353
270
305
365
404
478
482
479
267
276
279
290
325
331
322
764
729
714
690
783
772
758
1,115
1,122
1,262
1,468
1,703
1,755
1,788
3,889
4,348
4,962
4,639
4,659
3,867
4,396
13,671
17,168
20,571
20,879
21,591
20,706
21,497
448
351
425
597
629
602
628
9,131
11,879
14,101
13,526
13,926
13,010
13,772
4,092
4,938
6,045
6,756
7,036
7,093
7,097
1,245
1,298
1,362
1,483
1,596
1,664
1,680
,299
,181
130
7,147
7,261
7,265
7,256
3,844
5,509
7,160
7,946
8,165
8,169
7,795
608
604
606
695
958
1,204
1,407
559
400
429
612
675
644
684
7,534
8,910
10,363
11,428
12,207
12,581
12,772
7,527
8,902
10,351
11,415
12,192
12,566
12,757
808
892
1,034
1,173
1,252
1,302
1,334
184
192
192
191
194
193
193
2,246
689
629
641
705
760
811
826
238
184
180
206
211
188
194
4,204
4,466
5,022
5,442
5,556
5,630
5,633
4,203
4,464
5,020
5,439
5,553
5,627
5,631
468
485
558
611
637
653
665
361
351
350
350
339
339
339
5,241
74,309
10,705
89,761
12,074
13,883 104,015
12,320 91,144
12,670 94,300
89,491
11,035
11,900 93,300
For footnotes see preceding two pages.
Back figures.-—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For
revisions in series prior to June 30, 1947, see BULLETIN for July 1947 pp. 870-871.
JULY 1949
817
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
Inve stments
Loans for
Compurchasing
meror
carrying
Total
cial,
securities
loans
Real ConAgriand
es- sumer Other Total
culinvest- Total 1 ' eluding
To
tate
turloans
ments
open- al2 brokloans loans
To
ers
othket
and
padeal- ers
per*
ers
All insured commercial banks:
1941—Dec. 31. . 49,290
1944—Dec. 30. . 103,382
1945—Dec. 31. . 121,809
1946—Dec. 31. . 112,178
1947—Dec. 31. . 114,274
1948—June 30. . 111,794
Dec. 3 1 . . 112,286
21,259
21,352
25,765
30,733
37,583
39,372
41,968
9,214
7,920
9,461
14,016
18,012
17,834
18,761
1,450 614 662
1,723 2,269 2,265
1,314 3,164 3,606
1,358 1,517 1,609
1,610 823 1,190
1,976 1,183 1,077
2,775 1,336 939
Member banks,
total:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 3 1 . .
1948—June 30. .
Dec. 3 1 . .
1049—A
or • 11
X .7 * •
•* XJ_/X
J- X • >
43,521
91,569
107,183
96,362
97,846
95,449
95,616
93,835
18,021
18,676
22,775
26,696
32,628
33,871
36,060
34,905
8,671
7,531
8,949
13,154
16,962
16,734
17,631
1,198 2,249 2,108
855 3,133 3,378
884 1,506 1,467
1,046 811 1,065
1,241 1,171 956
1,800 1,324 834
3,209
3,455
5,358
7,130
7,777
8,244
New York City:*
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1047 Dec 31
1943—June 30. .
Dec. 3 1 . .
I949—Apr. 11
12,896
24,003
26,143
20,834
20,393
19,019
18,759
18,065
4,072
5,760
7,334
6,368
7,179
7,550
8,048
7,546
2,807
2,610
3,044
4,078
5,361
5,275
5,642
8
412
30 1,742
169
859
545
963
3 1,102
267
250
225
123
86
80
99
111
161
224
954
732
48
163
211
117
73
61
71
52
163
233
101
87
75
63
22
24
36
51
46
47
51
972
594
4 , 545
4,773
4,343 1,888 944
4,677 2,361 1,181
7,103 4,031 1,098
9,266 5,654 1,028
10,101 6,412 1,119
10,666 6,804 1,095
598 3,494
2,453 1,172
1,096 389
28,031
82,030
96,043
81,445
76,691
72,421
70,318
U. S. Government obligations
Total
21,046
75,875
88,912
73,554
67,941
63,490
61,388
Obligations
Direct
of
States Other
and secuCertifiGuar- politcates
an- ical rities
in- Notes Bonds teed subBills of
debtdiviedsions
ness
988
3,971
2,455
1,271
2,124
2,327
2,821
15,300
19,071
12,288
7,552
9,451
10,065
3,159 12,797 4,102 3,651 3,333
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 5,129 3,621
5,918 52,334
12 5,434 3,497
5,069 46,630
8 5.509 3,420
3,394 45,100
25,500 19,539 971
3 , )92
3,007 11,729 3,832 3,090 2,871
877 72,893 67,685 3,748 13,982 14,127 34,927
902 2,857 2,350
16 3,254 2,815
1,104 84,408 78,338 2,275 16,985 14,271 44,792
11 3,548 3,077
1,020 69,666 63,042 1,167 10,043 5,602 46,219
952 65,218 57,914 1,987 5,816 4,815 45,286
10 4,199 3,105
8 4,436 3,003
1,040 61,578 54,139 2,188 7,597 4,104 40,242
5 4,480 2,922
1,006 59.556 52,154 2,588 7,999 2,800 38,761
1,505
1,900
3,308
4,662
5,249
5,585
58,930 51,362
4,637 2,931
5 54
8,823 7,265 311
253
179 18,243 17,179
913
287
298 18,809 17,574
477
455
250 14,465 13,308
387
564
330 13,215 11,972 1,002
616
372 11,469 10,358
693
306 10,712 9.649
643
589
10,519 9,383
1 ,623 3,652 1,679
3', 740 3,745 8,592 189
1
3,433 3,325 10,337
1
992 10,202
1,725
640
558 9,771
983
1.183
520
365
8il62
7,512
729
468
606
557
638
583
563
658
830
596
629
601
604
528
500
478
182
160
181
167
213
185
210
236
193
185
204
187
185
176
174
176
3
Chicago:
1941—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr 11
2,760
5,443
5,931
4,765
5,088
4,742
4,799
4 595
738
1,184
760
1,333
1,499 1,094
1,801 1,418
1,714 1,357
1,783 1,412
1,617
Reserve city banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr. 11. .
15,347
33,603
40,108
35,351
36,040
35,065
35,332
34,741
7,105 3,456
6,822 3,034
8,514 3,661
10,825 5,548
13,449 7,088
13,373 6,823
14,285 7,282
13,740
Country banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 3 1 . .
I949—Apr. 11. .
12,518
28,520
35,002
35,412
36,324
36,623
36,726
36,434
5,890
4,910
5,596
8,004
10,199
11,234
11,945
12,003
5,776
11,824
14,639
15,831
16,444
16,360
16,685
3,241
2,678
2,992
4,040
4,958
5,504
5,911
6
17
2
3
3
2
4
300
348
205
201
225
260
437
9i
45
51
105
149
156
176
34
40
29
26
32
27
194 1,527
1, 512
114
777 1,379
660
313
311
855
404
427 1,503 1,459
704 2,237 1,436
435
264
484 3,147 1,969
366
170
428 3,333 2,158
369
126
360 3,503 2,315
412
130
1,806
4,258
4,598
3,266
3,287
3,028
3.016
2,978
1,430
3,913
4,213
2,912
2,890
2,667
2,633
2,567
256
250
133
60
132
160
183
1^045
1,467
498
235
250
275
153
779
749
146
248
214
217
119
31
8,243
26,781
31,594
24,527
22,591
21,692
21,047
21,001
751 4,248 1,173
956
820
6,467 295
25,042 1,704 5^730 5,181 11,987 440 1,000 740
5 1,126
916
29,552 1,034 6,982 5,653 15,878
4 1,272 1,004
22,250 441 3,799 1,993 16,013
3 1,342 1,053
20,196 373 2,358 1,901 15,560
783 3,244 1,501 13,692
3 1,446 1,024
19,222
1 1.421 1,032
18,594 1,056 3,201 1,090 13,247
18,445
1,471 1,086
6,628
23,610
29,407
27,408
26,125
25,389
24,781
24,431
1,676 659
1,149 802
1,484 648
2,433 681
3,096 818
3,279 979
3,296 1,356
20
32
42
29
23
22
21
183
310
471
273
227
204
187
1,823
1,719
1,881
2,970
3,827
4,236
4,467
4,377
21,552
26,999
24,572
22,857
21,892
21,278
20,967
110
882
630
279
480
552
760
3,466
5,102
4,020
2,583
3,121
3,340
4,422
4,544
2,470
2,108
1,868
1,128
478
525
459
474
563
735
975
20
21
31
12
13
12
12
64
156
228
142
125
121
105
8 54
1,282
2,535 1,509
67 9,146 8,197
1,136 383
77 11,647 10,584
1,224 460
79 11,791 10,524
1,748 723
76 11,486 10,039
2,139 992
79 10,856 9,362
2,328 1,163
89 10,774 9,246
2,426 1,220
17
223
180
104
136
138
234
1,319
2,087
2,247
1,736
1,855
2,066
1,652
1,774
1,179
1,104
1, 530
547
351
707
363
1,312 306
1,979 229
2,318 267
2,451 261
903
1,809
1,864
2,207
2,274
2,043
1,958
481
2,926
12,540
16,713
17,797
17,681
16,345
16,046
1,222
1,230
1,342
1,551
2,006
2,223
2,286
2,272
1,067
1,285
1,262
1,275
1,217
1,192
271
563
566
76
619
6
752
3
4
931
4
999
3 1,030
462
383
443
516
517
494
498
861
241
9
6
6
5
4
1,028
829
Insured nonmember com-
mercial banks:
1941—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 30. .
Dec. 31. .
543
389
512
862
1,049
1,101
1,131
1,069
4,928
6,538
6,991
7,058
966 6,399
594 6,349
152
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
2 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 331, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
818
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
DeBalances mand
dewith
posits
doad- 8
mestic4
banks justed
Interbank
deposits
12,396
14,260
15,810
16,013
17,796
17.355
20,404
1,358 8,570 37,845 9,823
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566
2,012 9,481 82,085 10,888
2,145 9,736 85,751 11,236
2,063 8.238 81,420 9.628
1,939 8,947 84,211 10,344
Member banks
total:
1941—Dec. 31
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30..
Dec. 31. .
1949—Apr. 11. .
12,396
14,261
15,811
16,015
17,797
17,356
20,406
19,186
1,087
1,271
1,438
1,576
1,672
1,606
1,486
1,609
6,246
6,354
7,117
5,936
6,270
5,419
5,674
5,057
33,754
57.308
64,184
70,243
73,528
70,051
72,152
68,972
New York City:*
1941—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 30. .
Dec 3 1 . .
1949—Apr. 1 1 . .
5,105
3,766
4,015
4,046
4,639
4,883
5,643
5,164
93
102
111
131
151
122
117
140
141
76
78
87
70
46
67
41
10,761
14,042
15,065
16,429
16,653
15,592
15,773
14,875
3,595
3,179
3,535
3,031
3,236
2,830
2.004
2,598
1,021
298
177
200
172
175
152
143
129
2,215
3,041
3,153
3,356
3,737
3 ,505
3,604
3,291
1,027
1,132
1,292
1,130
1,196
1,055
1 ^255
43
43
36
29
30
28
28
27
Reserve city banks:
1941—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
1949—Apr. 1 1 . .
4,060
5,687
6,326
6,337
7,095
6,462
7,701
7,220
425
441
494
532
562
521
483
521
2,590
2,005
2,174
1,923
2,125
1,852
1,845
1,678
11,117
20,267
22,372
24,221
25,714
24,316
25,072
24,153
Country banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 3 0 . .
Dec. 31. .
1949—Apr. 1 1 . .
2,210
3,909
4,527
4,703
4,993
4,866
5.736
5,547
526
684
796
883
929
934
858
922
3,216
4,097
4,665
3,753
3,900
3,369
3,619
3,208
9,661
19,958
23,595
26,237
27,424
26,639
27,703
26,653
271
352
391
437
473
457
453
2,325
3,434
3,959
3,547
3,466
2.820
3,273
4,092
8,652
10,537
11,842
12,223
11,368
12,059
Chicago:*
1941—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—June
Dec.
1949—Apr.
31. .
30..
31..
31..
31..
30..
31. .
11..
899
942
928
1,070
1,144
Insured n o n member commercial b a n k s :
1941—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 3 1 . .
1948—Tune 30
Dec. 31
etc.
U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment
ships, bank and political
and corPostal subdiporaSavvisions
tions
ings
Certified
U. S. States
and
and
Gov- political Offiern- subdi- cers'
ment visions
checks,
DoFormestic4 eign
All insured commercial banks:
1941—Dec 31. .
1944—Dec. 30.
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31 . .
1948—Tune 30. .
Dec. 3 1 . .
Time deposits
673 1,761
948 19,754
23,740
2 ,930
1,325
2,052
2,323
3,677
4,518
5,098
5,967
6,692
7,132
7,182
1,077
1,354
2,585
2,361
2,559
2,020
2,113
36,544
. 64,133
72,593
79,887
83,723
78,287
81,682
9,714
671 1,709
945 18,509
10,881
12,333 1,243 22,179
10,644 1,353 2,672
10,978 1,375 1,176
9,433 L ,353 1,846
10,098 L.480 2,122
8,855 1,411 2,563
3,066
3,744
4,240
4,915
5,504
5,873
5,850
5,849
1,009
1,251
2,450
2,207
2,401
1,873
1,962
1,462
33,061
56,270
62,950
69,127
72,704
68,204
70,947
66,766
1,248
1,364
1,379
,357
1,488
607
866
851 6,722
1,105 6,940
651
,195
267
,217
333
1,183
445
,278
471
L,204
8
16
20
24
21
22
26
48
127
319
199
237
218
290
272
241
235
450 11,282
361 14,448
1,338 15,712
942 17.216
1,105 17,646
748 16,306
750 16,695
550 15,526
34
33
66
47
63
47
53
30
152
72
105
188
234
4,302
5,421
6,307
5,417
5,497
4,751
5,213
4,508
54
491
70 6,157
110 8,221
127
991
131
405
140
728
168
801
150 1,017
1,144
1,509
1,763
2,077
2,282
2,442
2,401
2,421
286 11,127
488 20,371
611 22,281
693 24,288
705 26,003
562 24,198
649 25,302
455 23,806
790
2
225
8 4,230
8 5,465
8
877
7
432
680
9
8
688
8
842
1,370
1,868
2,004
2,391
2,647
2,839
2,925
2,937
239
369
435
524
528
516
510
427
611
775
858
68
103
135
154
158
147
151
954
1,149
1,199
1,067
1,049
798
943
796
108
182
233
244
258
195
246
2
3
5
11
4
4
8
53
1,245
1,560
258
149
207
201
1,052
1,188
1,259
1,332
158
64
70
68
54
50
69
59
109
103
119
111
111
117
492
423
496
664
826
15,146
23,347
29,277
32,742
33,946
1 .061 34,246
1,080 34,244
10 6,844
122 7,989
215 8,671
39 9,286
61 9,734
63 9,955
54 10,158
140
58
64
62
50 ,
47
63
67
50
105
99
114
418 11,878
347 18,807
399 23,712
551 26,525
693 27,542
912 27,805
927 27,801
4
111
208
30
54
53
45
199
6
11
17
20
12
15
31
37
2,152
3,100
3,160
3,495
3,853
3,539
3,702
3,299
233
167
237
228
285
320
284
257
1,400
1 [552
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
105
106
111
123
*7
10
15
12
14
14
18
1,030 27,885
29
17
20
39
14
41
20
28
1
5,886
6,968
7,589
8,095
8,464
8,624
8,801
8,949
778
1,648
977
96 1,966
195 2,120
1,206
2,205
1,395
1,418 " 30 2,259
26 2,262
1,621
25 2,306
1,646
104 2,324
1,555
288
354
377
404
426
436
444
445
476
619
719
823
902
940
989
1
2
4
9
11
11
11
1,022
104
33
30
25
22
18
19
17
20
40
38
43
45
42
46
47
243
154
160
235
332
496
547
607
4,542
7,561
9,563
10,580
11,045
10,771
10,798
10,856
2
4
1
3
8
47
1,967
2,327
2,566
2,729
2,844
2,870
2,928
2,980
8,500
18,350
21,797
24,128
25,203
24,161
25,248
24,135
30
14
17
17
17
14
13
12
31
57
52
55
45
49
49
56
146
175
219
272
337
364
350
385
6,082
9,650
12,224
13,727
14,177
14,473
14,369
14,453
4
16
11
26
23
24
12
48
1,982
2,321
2,525
2,757
2,934
3,056
3,123
3,200
3,483
7,863
9,643
10,761
11,019
10,083
10,736
18
6
6
6
4
4
6
8
4
4
5
6
6
6
74
76
97
113
132
149
153
3,276
4,553
5,579
6,232
6,420
6,457
6,459
6
10
959
2
2
1,022
7 1,083
9 1,193
7 1,271
10 1,333
8 1,358
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
6
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
1949
819
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans l
Date or month
Total
loans
and
invest- Total 1
ments
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
seobob- curiliga- ties liga- curities
tions
tions
Government obligations
U.
Real Loans
estate to Other
loans Total
loans banks
CerOther
tifisecucates
2 ritiesBills of in- Notes Bonds
debtedness
Total
TotalLeading Cities
1948—May
63 ,208 23 ,421
14 ,218
502
401
279
479 3,722
227
1949—Man
April
May
61 ,860 24 ,757
61 ,181 24 ,078
62 ,030 23 ,792
15 ,043
14 ,409
13 ,815
737
661
457
537
194
195
862
597
197
438 4,084
427 4,079
424 4,084
262 3 ,836 37 ,103 32 ,764 1 ,771 4 ,920
227 3 ,844 37 ,103 32 ,720 1 ,630 4 ,742
246 3 ,866 38 ,238 33 ,848 2 ,121 4 ,889
1949—Apr. 6
Apr. 13
Apr. 20
Apr. 27
61 ,041
61 ,100
61 ,267
61 ,315
24 ,235
23 ,922
24 ,144
24 ,010
14 ,627
14 ,543
14 ,304
14 ,162
632
464
801
748
514
482
570
580
197
195
190
199
430 4,081
432 4,079
426 4,078
418 4,078
222
199
225
263
3 ,833
3 ,828
3 ,851
3 ,863
May 4 . . ..
M a y 11
May 18
May 25
61 ,635
62 ,049
62 ,154
62 ,281
24 ,007
23 ,585
13 ,976
13 ,908
916
622
550
594
13 ,747 1,016
13 ,628
892
644
602
198
197
194
200
421 4,077
416 4,086
421 4,089
437 4,083
309
201
3 ,861 37 ,628
3 ,862 38 ,464
3 ,872 38 ,278
3 ,871 38 ,582
June
June
June
June
June
62 ,336
61 ,916
62 ,603
62 ,606
62 ,609
23 ,811 13 ,476 1,058
23 ,096 13 ,424
581
23 ,234 13 ,385
627
23 ,562 13 ,292
806
23 ,882 13 ,177 1,025
620
600
652
886
199
201
209
209
931
241
429 4,092
421 4,103
420 4,105
421 4,112
416 4,121
3 ,904
3 ,889
3 ,929
3 ,931
292 3 ,980
180
767 11 958 10 ,872 1 ,085
190
177
1
8
15
22
29
23 ,876
23 ,699
190
284
333
178
206
204
3 ,593 39 ,787 35 ,560 2 ,315 3 ,835 2,415
36 ,806
37 ,178
37 ,123
37 ,305
38 ,525
38 ,820
39 ,369
39 044
38 727
26 ,995 4 ,227
992 25 ,081 4 ,339972 25 ,376 4 ,385
968 25 ,870 4 ,390-
4 ,778
4 ,775
4 ,705
4 ,712
983
980
971
954
33 ,263 1 ,836 4 ,750
34 ,111 2 ,356 4 ,913
960
970
4 ,365
4 ,353
4 ,406
4 ,437
5 225
5 385
5 ,397
5 279
971
957
961
951
490
473
502
529
32 ,397
32 ,767
32 ,765
32 ,951
1 ,387
1 ,639
1 ,666
1 ,827
33 ,872 2 ,088
34 ,145 2 ,203
34 ,035 2 ,105
34 ,347 2 ,165
34 ,867 2 ,516
34 ,515 2 ,224
34 ,178 1 ,832
4 898
4 ,996
5 284
25 ,249 4 ,40925 ,373 4 ,411
25 ,423 4 ,358
25 ,458 4 ,354
25 ,717
25 ,872
967 25 ,919
973 25 ,973
25 734 4
25 ,840 4
25 ,993 4
26 ,061 4
950 26 ,112 4
549
New York City
1948—May
19 ,068
7 110
5 ,067
445
29f
47
184
129
1949—Marc h
April
* May
18 ,036 7 831
17 ,818 7 499
18 ,201 7 486
5 ,517
5 216
672
611
342
400
42
44
169
164
214
207
4 932
811
465
48
166
204
177
779 10 205 9 ,097
776 10 319 9 ,215
778 10 715 9 ,673
1949—Apr. 6
Apr. 13
Apr. 20
Apr. 27
17 ,778 7 586
17 ,654 7 338
17 ,868 7 574
17 ,971 7 496
5
5
5
5
322
293
160
089
586
419
734
704
396
365
418
421
43
42
42
48
166
165
166
158
210
209
205
203
184
167
163
196
775
774
782
773
10
10
10
10
192
316
294
475
590
278
582
493
5
4
4
4
017
975
896
841
872
587
958
826
419
461
502
476
49
46
48
50
161
159
164
181
203
208
202
202
186
163
125
235
780
776
781
776
10
10
10
10
624
039
149
435
719
4
4
4
4
4
798
781
776
708
664
983
534
581
755
947
491
467
492
733
776
53
53
61
57
81
174
168
165
165
166
203
210
206
207
206
229
146
177
121
167
787
774
785
783
806
10
11
11
11
11
May 4
May 11
May 18
May 25
June
June
June
June
June
1
8
15
22
29
18 ,071
. . . 18 ,096
18 ,312
18 ,325
18
18
18
18
18
375
047
539
654
728
7
7
7
7
7
7
7
7
7
8 355 1 086
876
556
595 1 085
558 1 153
120
104
100
7 555 1 042
9 ,060
9 ,195
9 ,205
9 ,399
338 1 222
515 1 173
095
600
780 1 121
119
105
100
93
7
7
7
7
381
402
410
405
1
1
1
1
132
121
089
076
481
818
730
832
9 ,437
9 ,803
9 ,683
9 ,771
711
928
799
769
1
1
1
1
138
217
203
308
97
101
102
100
7
7
7
7
491
557
579
594
1
1
1
1
044
015
047
061
751
008
390
219
009
9 ,671
9 ,928
10 ,289
10 ,099
9 ,893
728
805
095
912
629
1
1
1
1
1
301
422
425
386
414
103
123
127
115
122
7
7
7
7
7
539
578
642
686
728
1
1
1
1
1
080
080
101
120
116
802
1 216
7 297 1 108
7 400 1 104
Outside
New York City
1948—May
44 140 16 311
9 151
57
110
232
295 3,593
47
2 959
1,859 18 640 3 141
1949—Marc h
April
May
43 824 16 926
43 363 16 579
43 829 16 306
9 526
9 193
8 883
65
50
51
115
137
132
152
151
149
269 3,870
263 3,872
258 3,880
72 3 057 26 898 23 ,667 1 176 3 835
50 3 068 26 784 23 ,505 072 3 , 589
69 3 088 27 523 24 ,175 319 3 673
872 17 784 3 231
868 17 976 3 279
868 18 315 3 348
1949—Apr. 6
Apr. 13
Apr. 20
Apr. 27
43
43
43
43
263
446
399
344
16
16
16
16
649
584
570
514
9
9
9
9
305
250
144
073
46
45
67
44
118
117
152
159
154
153
148
151
264 3,871
267 3,870
260 3,873
260 3,875
38
32
62
67
3
3
3
3
058
054
069
090
26
26
26
26
614
862
829
830
23 ,337
23 ,572
23 ,560
23 ,552
124
} 066
May 4
May 11
May 18
May 25
43
43
43
43
564
953
842
956
16, 417
16, 307
16, 294
16, 206
8
8
8
8
959
933
851
787
44
35
58
66
131
133
142
126
149
151
146
150
260
257
257
256
3,874
3,878
3,887
3,881
123
38
65
49
3
3
3
3
081
086
091
095
27
27
27
27
147
646
548
750
23 ,826
24 ,308
24 ,189
24 ,374
} 428
289
June
June
June
June
June
43 961
43 869
44 064
43, 952
43, 881
16, 187
16, 057
16, 085
6, 127
16, 163
8
8
8
8
8
678
643
609
584
513
75
47
46
51
78
129
133
160
153
155
146
148
148
152
160
255 3,889
253 3,893
255 3,899
256 3,905
250 3,915
104
32
29
83
125
3
3
3
3
3
117 27
115 27
144 27
148 27
174 27
774
812
979
825
718
24 ,364
24 ,419
24 ,578
24 ,416
24 ,285 1
1
8
15
22
29
2 826 27 829 24 ,688 1 230
049 3, 556
3, 602
3, 610
047 3, 591
864
875
871
861
17
17
18
18
868
971
013
053
3 277
3, 290
3 269
3 278
125 3, 612
3 696
3 695
434 3 688
863
869
865
873
18
18
18
18
226
315
340
379
3
3
3
3
377
360
421
312
203
868
834
834
836
828
18
18
18
18
18
195 3 410
262 3 393
351 3 401
375 3, 409
384 3 433
3
3
3
3
3
924
963
972
893
870
321
338
359
376
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total
and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
Including guaranteed obligations.
820
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
Reserves
DeBalwith Cash ances mand
Feddewith
in
eral vault
posits
doRemestic ad- 3
serve
banks justed
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
divi- checks,
corsions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
U. S. part- politernnerGovical ment
ships, suband
ernment and
Dodivi- Postal
corSavmes- Forsions
eign
poraings
tic
tions
Bor- CapBank
ital
rowdebacings counts
its <
Time
TotalLeading Cities
1948—May
12,397
788 2,237 46,550 46,555
3,456
1,376 1,422 14,236
503
77
8,515 1,315
174
5,907 88,617
1949—March
April
May
14,254
14,108
13,453
45
761 2.081 45,750 45,594
45,497 45,472
780 2,100 45,
768 2.082 45,985 45,640
3,466
3,445
3,599
1,286 1,869 14,460
1,142 1,585 14,480
1,229 1,060 14,496
598
619
650
88
92
99
8,431 1,402
8,215 1,385
8,185 1,331
57
55
101
363
252
417
6,048 94,525
6,077 89,756
6,097 87,212
1949--Apr. 6 . . .
Apr. 1 3 . . .
Apr. 2 0 . . .
Apr. 2 7 . . .
14,143
14,107
14,263
13,919
742
807
775
797
2,125 44,820 44,395
2,246 45 ,237 45,807
2,018 45,757 45,950
2,009 46,175 45,737
3,487
3,323
3,422
3,548
1,193
1,108
1,078
1,190
2,026
1,698
1,428
1,188
14,469
14,481
14,483
14,485
592
607
632
648
92
92
91
93
8,463
8,522
8,092
7,781
1,389
,402
1,381
1,368
55
56
55
54
173
160
421
253
6,075
6,078
6,072
6,084
22,197
18,946
21,021
20,091
May 4 . . .
May 1 1 . . .
May 18...
May 2 5 . . .
13,988
13,196
13,438
13,189
728
796
761
788
2,062 45,822 45,151
2,136 45,921 45,853
2,081 45,816 45,,788
2,049 46,383 45,770
3,706
3,598
3,498
3,596
1,245
1,222
1,364
1,084
1,058
1,000
1,095
1,087
14,493
14,503
14,493
14,497
645
643
645
666
98
98
98
102
8,298
8,401
8,121
7,918
1,351
1,343
1,327
1,302
75
105
111
113
575
151
714
230
6,104
6,094
6,089
6,099
22,402
19,416
22,620
19,479
June
June
June
June
June
13,243
13,293
13,649
13.475
13,231
749
785
761
769
792
2,099 46,364 46,128
46,295 45,737
2,296 46,844 47,494
2,023 46,319 46,154
2,089 46,093 45,805
3,683
3,545
3,431
3,357
3,361
1,543
790
1,079
576
1,365
770
1,208
890
1,349 1,356
14,513
14,521
14,532
14,544
14,596
667
668
664
662
664
103
103
104
106
115
8,258
8,397
8,767
8,087
8,047
1,330
1,300
1,311
1,334
1,339
115
115
112
110
138
286
119
106
690
250
6,118
6,118
6,115
6,109
6,127
18,120
20,158
20,985
23,008
22,381
4,469
122
15,470 15,994
279
726
377
1,405
2,741 1,157
91
2,208 37,060
4,897
113
120
11
14,870 15,457
14,842 15,416
14,921 15,448
224
251
257
664
554
655
482
393
296
1,488
1,478
1,479
2,606 1,198
2,586 1,181
2,548 1,131
212
134
260
2,257 37,788
2,262 36,887
2,271 36,444
5,180
5,176
5,339
5,075
115
125
116
124
14,652
14,596
14,985
15,135
15,148
15,328
15,613
15,573
224
210
256
315
595
551
486
584
513
421
349
287
1,484
1,475
1,471
1,483
2,683
2,658
2,530
2,473
1,185
1,201
1 ,177
1,159
57
79
293
109
2,264
2,264
2,261
2,260
9,425
7,598
8,273
8,225
May 4 . .
May 11..
May 18..
May 25..
5,214
4,762
4,922
4,690
114
123
112
12
14,926
14,864
14,819
15,075
15,337
15,468
15,426
15,561
337
251
237
204
668
648
784
518
292
270
314
306
1,480
1,479
1,471
1,485
2,572
2,607
2,519
2,492
1,155
1,140
1,126
1,105
423
44
501
74
2,272
2,273
2,270
2,270
9,875
7,988
9,642
7,922
June
June
June
June
June
4,794
4,816
5,098
5,111
4,824
115
122
112
116
130
14,995
14,995
15,357
15,273
15,082
15,734
15,484
16,165
15,864
15,698
209
185
213
215
204
930
520
696
618
759
271
19C
228
252
493
1,501
1,503
1,513
1,519
1,547
2,628
2,602
2,903
2,588
2,578
1,127
1,105
1,108
1,127
1,129
185
10
22
509
203
2,276 7,443
2,269 8,603
2,269 8,526
2,263 9,809
2,272 10,210
1,045
12,831
83
3,699 51,557
151
1...
8...
15...
22.. .
29.. .
New York City
1948—May
1949—March
April
May
1949—Apr. 6..
Apr. 13..
Apr. 20..
Apr. 27..
1...
8..
15..
22.. .
29..,
Outside
New York City
1948—May
7,928
666
2,206 31,080 30,561 3,177
650
1949—March
April
May
9,057
8,916
8,556
648
660
651
2,033 30,880 30,137 3,242
2,067 30,655 30,056 3,194
2,050 31,064 30 ,192 3,342
622 1,387 12,972
588 1,192 13,002
574
764 13,017
573
592
619
5,825
5,629
5,637
204
204
200
1949—Apr. 6..
Apr. 13..
Apr. 20..
Apr. 27..
8,963
8,931
8,924
8,844
62
2,084 30 ,168 29,247
68
2,21 30,641 30,479
659 1,986 30,772 30 ,337
673 1,978 31,040 30,164
3,263
3,113
3,166
3,233
598
557
592
606
1,51
1,277
1,079
901
12,985
13,006
13,012
13,002
565
580
605
621
5,780
5,864
5,562
5,308
204
201
204
209
81
128
3,811
3,814
3,811
3,824
12,772
11,348
12,748
11,866
May 4 . .
May 11..
May 18..
May 25..
8,774
8,434
8,516
8,499
614
673
649
666
2,030
2,104
2,048
2,019
30,896 29,814 3,369
31 ,05 30,385 3,347
30 ,997 30,362 3,261
31,308 30,209 3,392
577
574
580
566
766
730
781
781
13,013
13,024
13,022
13,012
618
616
615
62
5,726
5,794
5,602
5,426
196
203
201
19
152
107
213
156
3,832
3,821
3,819
3,829
12,527
11,428
12,978
11,557
June
June
June
June
June
8,449
8,477
8,551
8,364
8,407
634
663
649
653
66:
2,046
2,066
2,261
1,989
2,055
31,369 30,394 3,474
31 ,300 30,253 3,360
31,487 31,329 3,218
31,046 30,290 3,142
31,011 30,107 3,157
613
559
669
590
590
519
386
542
638
863
13,01
13,018
13,019
13,025
13,049
631
631
630
628
625
5,630
5,79.
5,864
5,499
5,469
203
19J
203
20
210
101
109
84
181
47
3,842
3,849
3,846
3,846
3,855
10,677
11,555
12,459
13,199
12,171
1..,
8...
15..,
22..,
29...
5,774
3,791 56,737
3,815 52,869
157 3,826 50,768
8
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.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Montary Statistics, pp. 127-227.
JULY 1949
821
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans x
Federal Reserve
district and date
Total
loans
and
investments Total
Boston
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U. S.
U.S.
Govt. Othe; Govt Other
obobliga- cun- liga- curitions ties tions ties
Real Loans
estate to Other
Total
loans bank; loans
Bills
1,231
1,237
1,262
1,265
1,267
155
157
164
169
178
11,048 876
11,296 941
11,620 1,211
11,415 1,02
11,130 666
1,441
1,565
1,55:
1,50:
1,529
8,582
154 8,636
8,699
8,742
8,783
1,279
1,280
1,302
1,321
1,319
229
146
177
121
167
964
951
96:
96
984
12,327
12,576
12,922
12,736
12,449
275
275
27
27
278
1,620
1,657
1,668
1,678
1,665
243
245
25:
25:
248
2,87
2,52
2,862 2,514
2,
2,520
2,903 2,554
2,533
2,8
193
194
193
193
194
217
215
216
216
217
1,654 1,518
1,664 1,52
1,673 1,536
1,663 1,525
1,661 1,524
75
6:
78
6'
69
7:
80
69
69
26
26
26
25
24
68
68
67
69
70
194
196
195
197
196
1,463
1,461
1,477
1,46.
1,441
1,267
1,265
1,273
1,268
1,244
21
21
21
21
20
57
56
57
57
56
337
337
338
339
340
397
394
405
401
401
6,152
6,100
6,169
6,099
6,142
5
5
5
5
5
10
10
10
10
10
11
11
11
11
11
164
164
164
164
165
205
206
207
207
209
203
203
203
207
215
2
2
2
3
3
6
6
6
7
7
5
5
5
5
4
64
64
65
65
65
823
823
823
824
825
512
512
509
511
511
4
4
4
4
4
6
6
6
6
5
12
11
11
11
11
229
238
235
221
223
1,036
1,034
1,024
1,014
1,013
709
705
696
686
683
6
7
6
6
7
13
13
14
14
14
37
38
38
38
37
852
906
958
906
916
4,883 2,003
4,879 2,001
4,900 2,014
4,916 2,017
4,918 1,985
15
16
15
16
18
403
317
398
316
354
1,672 1,258
1,632 1,256
1,663 1,258
1,644 1,255
1,658 1,234
31
30
58
37
33
June 1 . . . .
June 8 . . . .
J u n e 15
J u n e 22 . . . .
J u n e 29
,666
,332
,794
,891
,893
12
11
8,339
7,756
7,872
8,155
8,444
5,123
5,106
5,106
5,035
4,99:
985
538
585
757
950
49'
470
495
737
78:
,500
,521
,528
551
544
880
864
860
873
879
479
470
46.
468
460
1
1
1
1
1
21
24
23
26
28
313
298
303
361
340
1,441
1,436
1,434
1,458
1,458
841
842
832
831
828
12
18
19
9
10
1
1
1
18
18
21
20
21
22
22
279
280
279
280
279
463
468
473
464
461
809
804
800
801
800
366
363
357
358
357
6
6
20
20
19
20
20
266
266
27
261
236
803
805
800
796
795
500
500
496
488
484
9
9
14
14
14
14
18
;,653
;,555
,665
,574
,637
2,501
2,45.
2,496
2,475
2,495
1,625
1,618
1,618
1,619
1,600
36
35
63
41
38
,039
,046
,048
,036
021
885
872
865
854
851
492
484
477
463
456
164
158
155
162
166
398
392
393
408
411
365
342
355
352
336
15
10
16
16
15
15
15
130
13:
13'
134
135
191
18.
181
181
182
404
41
408
409
409
Other
securities
Notes Bonds
1
300
29'
302
294
28,
15
24
62.
620
61
609
606
Certificates
of indebtedness
78
72
7'
1,813
1,810
1,845
1,83'
1,843
,826 1,013
,786
976
,812
967
,827
988
,836
993
New York*
Total
196
195
197
196
197
June
1....
June
8....
J u n e 15
J u n e 22
J u n e 29
Philadelphia
June 1. . . .
June 8
June 15. . . .
June 22
June 29
Cleveland
June 1
June 8
June 15
June 22
June 29
Richmond
June 1
June 8
June 15
June 22
June 29
Atlanta
June 1
June 8
June 15
June 22
June 29
Chicago*
June 1
June 8
June 15
June 22
June 29
St. Louis
June 1
June 8
June 15
June 22
June 29
Minneapolis
June 1
June 8
June 15
June 22
June 29
Kansas City
June 1
June 8
June 15
June 22
June 29
Dallas
June 1
June 8
June 15
June 22
June 29
San Francisco
June 1
June 8
June 15
June 22
June 29
City of Chicago*
June 1
June 8
June 15
June 22
June 29
Commercial,
industrial
and
agricultural
Investments
1,658
1,653
1,68
1,670
1,665
118
130
123
12
121
27
2
30
31
31
1,097
1,101
1,108
1,108
1,11
301
298
300
296
299
256
255
25
26.
251
9
9
9'
9'
9'
2,08'
2,087
2,104
2,116
2,118
345
348
349
349
349
182
191
194
192
191
40
40
41
42
40
1,22
1,224
1,221
1,22:
1,224
136
137
137
138
137
61
56
5.
49
33
263
269
276
273
268
36
38
36
36
36
90'
902
906
910
907
196
196
204
197
197
5,436
5,415
5,49.
5,430
5,465
402
399
469
396
421
776
764
771
778
784
242
232
233
232
230
4,016
4,020
4,022
4,024
4,030
716
685
674
669
677
,154
,174
,183
,182
,170
1,017
1,037
1,045
1,041
1,029
48
46
48
54
51
179
193
199
188
177
50
51
48
47
45
740
747
750
752
756
137
137
138
141
141
117
118
118
122
123
766
766
762
754
755
668
669
665
656
656
61
63
48
33
26
137
135
142
147
148
27
19
19
20
20
443
452
456
456
462
98
97
97
98
99
129
129
130
130
130
164
165
167
166
166
1,542
1,519
1,532
1,528
1,511
1,329
1,307
1,321
1,310
1,291
148
126
137
130
113
304
305
307
304
301
70
70
71
71
71
807
806
806
805
806
213
212
211
218
220
87
87
87
87
194
194
193
193
1,193
1,204
1,211
1,207
1,210
1,073
1,082
1,090
1,087
1,090
39
43
48
41
42
270
277
284
285
286
41
39
38
41
41
723
723
720
720
721
120
122
121
120
120
12
12
12
13
11
26 2,146
26 ,145
29 ,149
29 ,149
27 ,153
738
736
740
743
767
5,969
6,027
6,058
5,990
5,998
5,175
5,223
5,253
5,177
5,185
152
161
173
159
173
999
1,007
990
928
943
3,874
150 3,905
151 3,939
3,941
148 3,921
794
804
805
813
813
16
16
16
16
16
74
74
74
74
74
207
203
210
207
209
3,731
3,685
3,735
3,672
3,696
3,242
3,226
288
3,232
3,249
317
321
376
313
315
458
443
446
452
462
194 2,273
2,278
185 2,281
184 2,283
182 2,290
489
459
447
440
447
91
91
91
93
93
14
1,319
1,359
1,368
1,38:
1,366
77
101
10
118
97
* 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.
For other footnotes see preceding table.
822
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
ReIndiserves
DeBalIndi
with Cash ances mand vid- States Certividuals,
Feddewith
uals,
in
and
fied
eral vaul
do- posits part- politpartand u. s.
nerRemestic adical
Offi- Gov- nerserve
banks justed ships, subcers' ern- ships
and
Banks
and
cor- divi- checks, ment corpora- sions etc.
pora
tions
tiom
Federal Reserve
district and date
Boston
June 1
June 8
June 15
June 22
June 29
New York*
June 1
June 8
June 15
June 22
June 29
Philadelphia
June 1
June 8
June 15
June 22
June 29
Cleveland
June 1
June 8
June 15
June 22
June 29
Richmond
Tune 1
June 8
June 15
June 22
June 29
Atlanta
June 1
June 8
June 15
June 22
June 29
Chicago*
June 1
June 8
June 15
June 22
June 29
St. Louis
June 1
June 8
June 15
June 22
June 29
Minneapolis
June 1
June 8
June 15
June 22
June 29
Kansas City
June 1
June 8
June 15
June 22
June 29
Dallas
June 1
June 8
June 15
June 22
June 29
San Franciso
June 1
June 8
June 15
June 22
June 29
City of Chicago*
June 1
June 8
June 15
June 22
June 29
Time deposits,
except interbank
Demand
U. S.
Government
Doand
Postal mes- Foreign
ti
Savings
Time
Bor- Cap- Bank
row- ital
debacings count!
its*
515
538
553
521
529
54
59
58
57
55
2,368 2,33.
2,379 2,32.
112 2,408 2,39.
91 2,376 2,35
93 2,381 2,32
178
179
178
172
178
45
38
44
39
48
2
18
27
31
49
476
476
478
478
477
291
261
284
273
265
32
29
30
31
33
5,121
5,170
5,386
5,414
5,134
157
169
155
160
175
16,618 17,033
106 16,611 16,777
116 16,910 17,505
106 16,798 17,153
16,56: 16,983
599
569
518
508
457
983
561
746
662
800
293
208
254
280
523
2,338
2,340
2,349
2,355
2,384
2,69;
2,668
2,969
2,655
2,641
1,130
1,108
1,112
,130
1,13
49;
485
510
502
504
41
43
43
43
42
96
87
116
91
96
2,012
2,036
2,039
2,05'
2,050
2,117
2,08
2,204
2,127
2,122
92
92
95
81
31
28
27
25
22
32
23
35
42
56
406
406
405
405
41
33
330
35
338
327
11
10
10
9
10
795
797
82.
788
815
80
83
81
80
84
14:
134
163
140
13
2,995
3,004
3,033
3,039
3,020
3,061
3,021
3,136
3,09:
3,06.
170
181
169
175
173
46
43
75
47
4
70
51
66
79
115
1,337
1,335
1,334
1,334
1,335
420
418
430
402
401
46' 1,028
46' 1,014
466 1,172
466 1,261
46
1,191
495
499
519
496
501
61
65
63
65
66
153
158
171
150
153
1,986
1,995
2,005
1,969
1,979
2,003
2,005
2,040
1,975
1,970
157
152
155
155
154
35
41
43
43
4:
28
23
33
38
44
569
569
569
568
568
337
356
366
326
326
224
224
225
22
225
626
682
737
786
680
471
466
458
451
456
3
41
39
41
42
16:
177
189
157
1,753
1,748
1,760
1,724
1,729
1,618
1,626
1,682
1,60
1,596
311
293
293
289
286
20
22
24
23
2:
2:
18
23
2
30
538
539
538
535
536
435
462
455
426
417
10
10
11
10
11
189
189
188
188
188
604
609
662
720
614
327 6,09
339 6,03
335 6,063
5,968
320 6,025
5,943
5,851
6,059
5,834
5,87
660
646
630
610
611
108
85
106
96
92
149 ,553
101 ,557
151 ,555
178 ,555
263 2,556
1,328
1,354
1,375
1,264
1,288
49
48
51
49
50
715 2,535
720 2,753
111
116
116
104
117
1,358
1,364
1,375
1,362
1,342
1,419
1,43:
1,483
1,41
1,381
114
107
111
114
116
24
19
18
17
28
20
15
21
26
37
474
474
474
474
474
530
557
550
500
514
2
2
2
3
4
177
177
178
179
178
500
520
567
606
559
278
288
284
273
266
2
2
2
2
2
100
99
100
100
100
300
353
372
391
335
L ,871 9
L ,868 99
97
1,87
97
L ,868 104
:,879
39:
28
40'
29
413
28
398
29
29
,
States
and
political
subdivisions
Interbank
deposits
100
100
97
91
91
190
45
23
520
205
321
322
322
322
321
729
763
778
823
826
2,474
2,46
2,466
2,458
2,46
7,939
9,120
9,306
10,405
10,846
312
311
311
311
310
643
731
671
873
810
2,892
2,893
2,855
227
225
232
222
222
12
13
13
12
13
85
89
91
84
82
840
833
835
823
841
745
742
764
726
742
190
188
200
202
201
16
13
13
12
13
14
9
14
18
20
248
248
248
248
248
507
519
531
496
507
27
31
31
31
32
254
269
279
260
260
1,834
1,816
1,860
1,802
1,813
1,781
1,774
1,866
1,774
1,760
257
238
232
237
241
24
24
27
24
25
28
24
31
36
41
381
380
380
379
379
2
2
2
2
2
711
742
728
714
704
1
1
1
1
1
198
199
199
200
200
596
680
733
847
673
498
501
513
498
483
32
35
33
35
35
268
267
298
285
290
1,904 1,837
1,891 1,827
1,930 1,899
1,905 1,855
1,907 1,820
225
215
209
199
213
33
29
39
38
33
21
17
23
27
30
354
354
354
356
358
86
86
86
86
85
485
515
508
484
471
5
5
5
5
5
201
202
202
203
202
560
517
647
752
611
858
818
833
821
806
123
118
120
119
115
277
6,238
275
6,273
310 6,626 6,461
251 6,494 6,245
260 6,444 6,172
737
685
644
601
650
178
176
203
182
182
89 4,839
69 4,843
92 4,848
367
369
369
369
370
413
446
461
432
427
78
75
76
83
81
740
741
739
737
747
2,060
2,416
2,448
2,651
2,381
265
257
243
274
278
37
36
35
34
38
3,871
3,783
3,893
3,778
3,804
350
357
340
318
314
64
40
48
39
43
31
31
32
32
32
977
1,003
1,021
937
964
44
44
46
45
45
487 1,877
486 1,851
487 1,879
489 1,846
147
176
160
142
159
3,885
3,841
3,811
3,783
3,812
4,857
4,869
91
57
80
90
154
,329
,333
,332
,333
,336
1,646
For footnotes see opposite page and preceding table.
JULY
1949
823
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec
Dec.
Dec.
May
States total:
31, 1946
31, 1947
31, 1948,
31, 1949P
On par list
Total banks on
which checks are
drawn, and their
branches and offices
Not on par list
(nonmember)
Nonmember
Member
Total
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
14,043
14,078
14,072
14,059
3,981
4,148
4,333
4,432
11,957
12,037
12,061
12,070
3,654
3,823
4,015
4,113
6,894
6,917
6,912
6,904
2,913
3,051
3,197
3,280
5,063
5,120
5,149
5,166
741
772
818
833
490
907
R38
490
907
838
1,127
1,010
1,184
2,489
1,469
1,278
1,750
1.016
309
870
145
284
481
184
586
138
112
10
44
332
782
642
700
480
348
230
806
108
244
235
131
234
42
26
6
22
158
125
196
427
322
219
501
1 269
908
501
309
870
145
284
358
148
562
79
44
10
35
79
64
37
40
123
17
328
37
18
4
13
73
226
10
230
195
143
23
46
21
927
1
Banks
Branches
and offices
2,086
2,041
2,011
1,989
327
325
318
319
208
617
54
337
656
9
108
123
36
24
59
68
By districts a n d
by S t a t e s
May 31, 1949 v
District
New York
Philadelnhia
Cleveland
Richmond
Atlanta
St. Louis
Minneapolis
Kansas City
Dallas
Alabama
Arizona
Arkansas
California
Colorado
State
1,127
802
567
2,435
1,132
1,004
1,431
1 269
495
477
758
620
266
1 196
637
145
983
288
235
128
10
108
195
143
23
46
6
927
1
91
5
67
115
92
23
35
2
883
1
37
5
41
80
51
48
22
622
1,741
98
11
4
44
Connecticut
Delaware
.
District of Columbia...
Florida
Georgia
114
39
30
14
114
39
30
14
66
17
40
3
19
119
40
3
16
4
16
73
37
3
3
46
393
35
100
31
65
30
35
i
Idaho
Illinois
Indiana
Iowa
Kansas
45
885
485
666
609
51
3
99
163
45
883
485
666
607
51
3
99
163
27
506
235
164
214
46
3
43
18
377
250
502
393
5
Kentucky
Louisiana
Maine
Maryland
IVf assachu setts
383
161
63
163
179
40
66
69
112
168
383
58
63
163
179
40
43
69
112
168
112
46
38
77
142
25
37
37
76
152
271
12
25
86
37
15
6
32
36
16
^Michigan
\f innesota
Mississippi
\Iissouri
M[ontana
442
680
203
594
111
219
6
61
442
265
39
528
111
219
6
12
231
207
31
180
84
168
6
5
211
58
8
348
27
51
409
8
74
334
49
2
18
2
144
12
409
8
74
334
49
2
18
2
144
12
143
6
52
286
33
2
17
1
129
2
266
2
22
48
16
1
1
15
10
646
209
737
187
646
95
737
68
567
54
686
37
79
41
51
31
Nebraska
Nevada
New Hampshire
New Jersey
. ...
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
. .
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
West Virginia
Wisconsin
Wyoming
19
182
9
122
15
63
293
4
14
10
3
2
56
163
2
7
103
23
415
164
66
49
114
88
119
18
150
663
384
24
209
1
62
663
376
6
209
1
42
424
225
1
20
239
151
68
92
68
92
30
84
38
973
18
150
175
42
40
973
18
62
744
10
33
147
31
30
229
8
29
48
70
23
62
20
8
3
88
4
170
175
42
36
8
28
11
6
100
25
293
896
84
5
200
839
15
23
11
31
40
21
2
24
29
2
9
93
57
13
55
69
56
5
118
270
23
11
71
5
82
569
55
69
314
102
309
102
204
55
105
47
122
126
122
126
53
119
69
7
151
443
55
21
279
14
179
180
550
55
182
164
41
8
5
71
108
102
6
27
81
107
49
1
- Preliminary.
j. icijiiiiixiaiy.
- Excludes
iiAnuucB mutual
mutual sav
savings banks, on a few of which some checks are drawn.
IIncludes
l d
bbranches
h
andd other
th additional
dditi
offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see BULLETIN for February 1949, p. 191, footnote 3).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
2
824
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES
[In millions of dollars]
OUTSTANDING
Dollar acceptances outstanding
End of month
Held by
Commercial
paper
Total
out- 1
outstanding standing
Based on
Accepting banks
Total
Own
bills
Bills
bought
Others
Exports
from
United
States
Imports
into
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1948—April
May
June
July
August
September
October
November
December
275
254
270
284
309
305
285
287
269
242
256
253
235
221
214
221
239
259
151
161
142
134
122
120
125
141
146
71
71
61
67
60
65
67
71
71
80
90
81
67
62
55
58
70
76
91
95
111
102
99
94
96
99
112
143
155
155
151
143
136
140
152
164
54
57
56
47
40
37
42
48
57
4
3
2
1
1
1
1
1
1
19
19
19
19
20
20
20
24
25
22
21
20
18
17
20
17
15
12
1949—January
February
March
April
May
268
268
257
249
218
262
228
215
204
195
137
114
98
88
84
66
65
58
59
58
70
49
40
28
27
126
114
117
116
110
156
134
127
119
118
57
51
51
46
44
11
6
2
2
2
25
23
22
20
17
13
14
14
17
12
1
As reported by dealers; includes some finance company paper sold in open market.
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
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
EXCHANGE
Customers'
credit balances x
Cash on
hand
and in
banks
Money
borrowed2
58
223
204
186
211
180
160
167
181
196
209
220
313
370
456
395
393
1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
7
99
89
86
86
154
190
188
253
260
333
413
399
312
333
315
1948—June
July
August
September. .
October
November. .
December...
619
3 608
3 573
3 570
3 580
3 551
550
7
326
332
10
312
349
1949—January....
February . . .
March
April
May
3 537
3 527
3 530
3626
3 660
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
376
427
395
368
309
378
529
557
619
726
853
795
498
218
223
240
267
281
255
289
240
270
334
354
424
472
549
654
651
694
650
612
62
54
65
63
56
54
66
65
95
96
121
112
120
120
162
176
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
23
5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
15
269
247
222
213
189
182
212
198
216
227
264
299
3T4
290
271
273
283
3
288
3 252
3 238
3 252
3 244
257
576
3577
3551
3 550
3 540
3 563
586
145
20
11
291
112
28
5
278
3 247
3225
3 254
3 329
3 355
3 573
3 565
3551
3 542
3 535
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, 64; April, 68; May, 67.
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.
JULY 1949
825
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
U. S. Government
security yields
Prime Stock
exbank- change
9-to 12ers'
call
month 3- to 5accept- loan
certifi- year
3ances,
recates
month
90 1
newof in- taxable
bills
«
days
als«
debted- issues
ness
.61
.87
1.11
.375
.604
1.043
.82
.88
1.14
1.16
1.32
1.62
•Jun
1948—June
Jul3
August
September.
October. . .
November .
December..
.06
.06
.13
.19
.19
.19
.19
.998
.997
.053
.090
.120
.144
.154
1.09
.10
.15
.18
.23
.22
.21
1.49
1.56
1.65
1.69
1.71
1.69
1.64
1949—January...
February..
March
April
May
June
.19
.19
.19
1.19
1.19
1.19
.160
.163
.162
.155
.156
.158
.22
.22
.22
.20
.19
1.20
1.59
1.57
1.54
1.53
1.49
1.42
Week ending:
June 4. . .
June 11. . .
June 18. . .
June 2 5 . . .
July 2 . . .
18/16
13/16
13/16
13/16
13/16
.158
.158
.158
.158
.052
1.21
1.20
1.20
1.21
1.16
1.46
1.43
1.42
1.41
1.36
1946 average
1947 average
1948 average
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
Annual averages:
19 cities:
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Quarterly:
19 cities:
1948—Sept
Dec
1949—Mar
June
New York City:
1948—Sept
Dec
1949—Mar
June
7 Northern and Eastern cities:
1948—Sept
Dec
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.25
per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16,
1948;
and 1.63 per cent beginning Aug. 17, 1948.
8
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
All
loans
Area and period
1949—Mar
June
11 Southern and
Western cities:
1948—Sept
Dec . .
1949—Mar
June
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.1
2.1
2.0
2 2
2.6
2.4
2.2
2.1
2.1
2.5
4.4
4.3
4.3
4 4
4.4
4.3
4 3
4.2
4 2
4.4
3.1
3.0
3.0
3 2
3.4
3.3
3 2
3.1
3 1
3.5
2.1
2.0
1.9
2 2
2.5
2.6
2 3
2.2
2 5
2.8
1.8
1.8
1.8
2 0
2.4
2.2
2 0
1.7
1 8
2.2
2.60
2.64
2.70
2.74
4.53
4 50
4.62
4.63
3.58
3 58
3.64
3.70
2.92
2 97
2.89
3.04
2.29
2 34
2.42
2.44
2.32
2.34
2.42
2.35
4.40
4 23
4.22
4.22
3.35
3 40
3.42
3.43
2.68
2 70
2.66
2.78'
2.16
2.25
2.17
2.60
2.68
2.68
2.86
4.55
4.51
4.63
4.67
3.58
3.60
3.66
3.64
2.91
2.97
2.89
2.98
2.34
2.44
2.44
2.66
3.01
3 02
3.12
3.17
4 57
4 62
4.79
4.80
3 71
3 68
3 75
3.89
3.07
3 14
3.04
3.26
2.56
2 57
2.71
2.69
2.13
NOTE.—For description of series see BULLETIN for March 1949
pp. 228-237.
BOND YIELDS *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
15
7 to 9
years
years
and
over
Corporate Moody's)4
Municipal
(highgrade)2
Corporate
(highgrade)3
By ratings
]By
Total
Aaa
Aa
A
Baa
Industrial
groups
Railroad
Public
utility
Number of issues
1-5
1-8
15
10
120
30
30
30
30
40
40
40
1946 average
1947 average
1948 average
1 45
1.59
2.00
2 19
2.25
2.44
1 64
2.01
2.40
2 44
2.57
2.81
2.74
2.86
3.08
2.53
2.61
2.82
2.62
2.70
2.90
2.75
2.87
3.12
3.05
3.24
3.47
2.60
2.67
2.87
2.91
3.11
3.34
2.71
2.78
3.03
1948—June
July
August
September
October
November
December
2 41
2.44
2 45
2.45
2.45
2.44
2.44
2 26
2.33
2.45
2.46
2.45
2.42
2.26
2 73
2.80
2.86
2.85
2.85
2.86
2.81
3 00
3.04
3.09
3.09
3.11
3.12
3.09
2.76
2.81
2.84
2.84
2.84
2.84
2.79
2.85
2.89
2.94
2.93
2.94
2.92
2.88
3.03
3.07
3.13
3.13
. .
1 89
1.96
2.05
2.04
2.05
2.00
1.94
3.16
3.34
3.37
3.44
3.45
3.50
3.53
3.53
2 80
2.84
2.89
2.88
2.90
2.89
2.85
3.23
3.26
3.31
3.32
3.35
3.37
3.36
2.96
3.02
3.07
3.07
3.07
3.09
3.06
...
1.88
1 83
1.80
1.77
1 72
1.66
2.42
2.39
2.38
2.38
2 38
2.38
2.15
2 23
2.21
2.20
2 20
2.28
2.73
2 73
2.71
2.70
2 71
2.72
3.02
3.00
3.00
3.00
3.00
3.00
2.71
2.71
2.70
2.70
2.71
2.71
2.81
2.80
2.79
2.79
2.78
2.78
3.08
3.05
3.05
3.05
3.04
3.04
3.46
3.45
3.47
3.45
3.45
3.47
2.80
2 79
2.78
2.78
2 78
2.78
3.26
3 24
3.27
3.27
3 26
3 29
2.99
2.99
2.97
2.96
2.95
2.93
1.71
1.69
1.67
1.65
1.60
2.39
2.38
2.38
2.38
2.34
2.26
2 27
2.29
2 29
2.29
2.73
2 72
2.72
2 72
2.70
3.00
3.00
3.00
3.00
3.00
2.72
2.71
2.71
2.71
2.70
2.78
2.78
2.78
2.78
2.78
3.03
3.04
3.05
3.04
3.04
3.46
3 46
3.47
3 48
3.48
2.78
2 78
2.79
2 78
2.78
3.27
3 28
3.29
3 30
3.31
2.94
2.94
2.93
2.93
2.92
1949—January
February .
March
April
May
June
. ...
Week ending:
June 4
June 11
June 18
June 25
July 2
.
3.15
3.18
1
2
Monthly and weekly data are averages of daily
figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
< Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
826
FEDERAL RESERVE BULLETIN
SECURITY MARKETS *
Stock prices 5
Bond prices
Corporate 4
U. S. MunicGovipal
ern(highment 2 grade) ! Highgrade
Year, month, or week
Medium-grade
Total
Number of issues
1-8
Industrial
Preferred6
Railroad
Public
utility
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
Indus- Rail- Public shares)
Total
road utility
trial
416
365
20
31
102.8
95.2
198.5
184.7
168.7
140
123
124
143
128
131
143
105
115
120
103
96
1,390
953
1,144
89.8
89.1
86.9
86.8
85.8
85.1
84.5
95.6
95.6
95.0
94.6
94.4
93.6
93.6
173.4
170.8
166.9
166.5
163.8
166.2
168.7
135
132
127
126
128
120
119
143
139
134
132
134
126
126
126
125
120
120
121
109
106
101
100
97
97
97
94
93
1,406
1,171
684
836
929
1,375
1,155
96.1
97.0
97.1
98.0
98.9
98.7
86.4
86.6
83.1
81.6
81.2
80.0
93.8
94.7
95.5
95.6
95.7
96.3
171.4
173.2
172.2
172.2
173.2
176.1
121
117
118
119
118
112
127
123
124
124
124
117
106
100
97
97
96
94
94
95
96
95
93
833
850
859
878
819
808
99.1
99.1
98.9
98.3
98.0
80.7
80.4
80.3
79.5
79.3
95.7
96.3
96.5
96.5
96.5
175.0
176.8
176.4
175.9
176.4
113
112
111
112
113
118
116
116
117
118
91
89
87
88
87
94
94
92
93
93
936
921
927
681
667
15
1946 average
1947 average
1948 average
104.77
103.76
100.84
140.1
132.8
125.3
103.2
98.7
97.5
92.1
102.6
96.3
88.2
85* 4
1948—June
July
August
September
October
November
December
101.23
100.82
100.73
100.70
100.69
100.79
100.89
127.8
126.6
124.4
124.0
124.5
125.0
127.8
100.2
99.2
98.3
98.2
97.8
97.9
98.9
94.4
94.6
93.2
92.9
91.9
91.1
90.9
98.2
99.3
98.1
97.5
95.7
94.5
94.7
1949—January
February
March
April
May
June
101.16
101.51
101.67
101.65
101.62
101.72
129.9
128.6
128.8
129.1
129.1
127.5
100.5
100.5
100.7
101.0
101.0
100.9
92.1
92.7
91.9
91.7
91.9
91.7
Week ending:
June 4
June 11
June 18
June 25
July 2
101.59
101.62
101.66
101.66
102.25
127.9
127.7
127.3
127.3
127.3
100.9
100.8
100.9
100.9
101.1
91.8
91.9
91.9
91.4
91.3
1
2
3
4
6
7
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis
of a 4 per cent 20-year bond.
5
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millioris of dol lars]
Jor new capita!
Year or month
1940
1941
1942
1943
1944
1945
1946
1947
1948
.. .
Total
(new
and
refunding)
4 803
5,546
2,114
2 169
4,216
8,006
8,645
39,691
9,933
1 951 1 948
2,854 2,852
1 075 1 075
State
and
municipal
751
461
518 1,272
342 108
640
176
August. . .
September
October ..
November
December.
660
954
772
706
663
983
656
831
599
888
688
532
574
902
583
753
599
888
688
529
572
901
583
753
182
283
118
237
118
273
150
126
1949—January. .
February.
March....
April
May
675
500
679
949
757
618
436
584
904
681
618
436
584
904
681
192
191
174
190
335
June
July
Federal
agen-1
cies
Corporate
Total
736
1,062
624
Foreign2
Bonds
and Stocks
notes
601
889
506
135
2
1
2
173
118
374
282
92
35
21
67
35
382
584
503
256
453
4628
433
627
299
436
492
195
366
4578
409
564
82
148
10
61
87
49
24
64
7
14
26
33
51
419
231
383
681
295
360
225
311
514
193
60
6
72
168
102
90
235
913
896
471
1,772 1,761
952
4,645
4,635
3
7,566 7,255 2,228
8,806 8,796 2,604
15
26
127
239
294
refunding
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
642
1948—May
For
646
422
224
657
607
1,264
3,556 2,084 1,472
1,219
3,567
4,787
4
906
5,898 44,992
17
12
10
68
10
3
2
1
Total
(domestic
and
forTotal
eign)
2 852
2,693
1,039
1 527
3,303
6,234
4,000
2,125
1,128
2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,948
1,127
61
66
85
175
89
81
73
78
57
64
96
45
76
State
and
municipal
Federal
agen-1
cies Total
Foreign5
Corporate
Bonds
and Stocks
notes
482
344
698
440
2,026
1,557
418
1,834
1,430
407
193
435
181
126
11
4
259
497
685
603
2,466 2,178
4,937 4,281
2,953 2,352
1,482 1,199
251
277
82
288
656
601
283
26
86
1
404
324
208
44
82
418
912
734
422
768
61
66
85
175
89
81
73
78
8
3
2
50
1
6
2
3
49
34
68
123
62
56
56
72
4
29
15
2
26
19
16
3
3
29
15
2
13
19
16
2
57
64
96
45
76
1
4
1
1
7
55
53
55
44
38
1
7
39
1
31
1
7
39
1
11
15
61
105
177
13
2
20
1
2
3
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.
4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.-—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.-—See Banking and Monetary Statistics, Table 137, p. 487.
JULY
1949
827
NEW CORPORATE SECURITY ISSUES »
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollarsJ
Proposed uses of net proceeds
Year or month
Estimated Estimated
net
gross
proceeds* proceeds1
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1948—May
June
July
August
September
October
N o vember
December
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,415
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
6,531
405
654
574
244
473
705
509
684
1949—January
February
March
April .
May
New money
345
321
411
'698
373
Retirement of securities
Total
Plant and
equipment
Working
capital
57
208
858
991
681
325
569
868
474
32
111
380
504
170
424
661
287
26
96
478
417
177
155
145
207
187
638
442
308
657
1,080
3,279
4,591
5,566
•574
141
252
167
405
Bonds and
notes
Total
231
231
1,794
3,143
1,865
3,368
1,100
1,206
1,695
1,854
1,583
911
396
366
739
2,389
4,555
2,868
1,352
257
667
2,038
4,117
2,392
1,155
203
2,115
3,409
4,140
1,164
1,182
1,426
60
114
117
58
106
128
113
75
1
29
8
4
14
10
1
4
8
4
10
10
5
2
356
563
424
222
399
666
635
297
449
307
164
293
538
353
560
336
318
403
"-688
365
312
220
319
r
553
274
172
253
r
402
38
48
66
risi
2
7
37
1
37
1
239
85
18
13
325
8
72
351
438
476
196
53
11
23
49
36
7
26
19
28
35
73
49
27
47
134
379
356
133
231
168
20
45
91
11
28
18
18
5
40
1
24
2
441
26
4
8
151
3
26
21
12
2
7
25
44
126
5
15
16
66
3
7
3
7
Repayment
Other
of
other debt purposes
84
170
154
111
215
69
174
144
138
71
226
190
87
59
128
100
30
1,119
1,637
1,726
1,483
395
642
564
238
465
697
503
673
466
Preferred
stock
7
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
1948
Real estate and financial
Retire- All Total
Retire- All
Retire- All Total
Retire- All Total
Total
New ment of other net
New ment of other
New ment of other net
net
New ment of other net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses ceeds
ties
poses ceeds
ties
poses ceeds
ceeds
poses
ties
ties
172
120
774
338
54
182
319
361
47
160
602
704
21
57
139
228
24
85
115
253
32
46
102
115
129
1948—May
June...
July
August
September..
October
November
December. .
24
83
68
30
41
62
71
45
24
69
68
29
41
62
71
45
1949—January....
February...
March
April
May . . .
36
54
87
17
49
36
50
87
17
49
. .
Industrial
Public utility
Railroad
1 436
283
612
240
541
120
54
558
110
30
97
186
108
15
114
500
31
10
77
1
18
35
56
751
1,208
1,246
1,180
1,340
464
469
1,320
571
130
1,250
1,987
3
8
15
14
1
4
11
30
63
89
180
43
245
317
145
22
40
69
785
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
1,400
2,291
2,159
1,252
2,129
3,212 2,188
939
2,950 2,690
127
209
216
403
363
29
149
176
2
73
75
262
226
14
236
244
7
209
8
228
2
479
457
118
104
179
'276
192
118
102
125
'270
171
2
36
16
42
30
27
50
86
47
13
30
27
25
17
63
93
84
133
7
11
27
23
1
11
21
18'
6
5
62
774
1,280
1,079
831
584
961
828
527
497
25
74
439
616
469
188
167
244
293
228
454
811
34
550
761
373
226
353
738
463
89
199
504
1,033
1,010
1,969
3,601 2,201
981
2,686 1,974
353
59
2,394 1,944
152
93
275
123
118
382
195
143
120
70
168
113
108
361
177
130
162
128
114
'•336
85
139
39
85
"215
77
1
3
3
2
2
2
2
2
150
80
90
136
43
56
121
146
71
76
148
419
20
122
390
71
16
102
155
94
4
21
107
206
323
46
218
57
8
9
42
55
4
13
61
85
164
72
152
19
4
20
7
88
9
18
1
5
104
21
286
460
189
391
4
42
65
64
24
15
4
3
56
95
31
23
104
10
10
19
17
11
4
62
45
10
43
9
9
6
3
60
39
8
25
8
8
3
21
87
29
121
6
20
32
23
58
39
19
29
21
51
28
359
390
7
7
73
55
2
6
2
1
19
1
1
2
1
3
1
7
11
r
Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net
proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors.
1
2
3
828
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Assets of 50 million dollars and over
(82 corporations)
Assets of 10-50 million dollars
(118 corporations)
Year or quarter
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Sales
10,591
13,006
18,291
21,771
28,240
30,348
26,531
21,562
31,149
37,183
1,209
1,844
3,156
3,395
3,683
3,531
2,421
2,033
4,099
5,314
997
1,273
1,519
1,220
1,260
1,255
1,129
1,202
2,521
3,310
722
856
947
760
777
848
861
943
1,167
1,403
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,651
26,015
31,470
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
656
772
854
672
688
755
764
804
1,000
1,210
7,020
7,654
7,694
8,781
999
978
989
1,133
604
598
614
706
246
271
265
386
5,828
6,362
6,412
7,412
843
807
819
954
509
495
508
593
4
8,660
9,003
9,313
10,207
1,218
1,242
1,331
1,523
751
770
832
958
285
311
307
499
7,270
7,559
7,877
8,764
1,050
1,058
1,146
1,339
1949—1
9,381
1,343
825
343
8,092
1,204
Profits
before
taxes
Profits
after
taxes
1,583
1,869
2,600
3,227
4,080
4,497
4,253
3,912
5,134
5 7n
139
206
378
519
571
549
445
460
676
721
114
146
190
164
164
164
165
271
416
450
67
83
93
88
88
93
98
139
167
192
216
235
226
322
1,192
1,291
1,282
1,369
156
171
170
179
95
104
105
112
30
35
38
63
649
657
717
838
247
269
265
429
1,390
1,445
1,435
1,443
168
184
186
183
102
113
115
120
38
42
43
70
740
302
I 289
139
85
41
Profits
before
taxes
Profits
after
taxes
Dividends
Dividends
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1947—1
2
Quarterly
3
4
1948—1
2
3
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power
Railroad
Year or quarter
Operating
revenue
Profits
before
taxes
3,995
4,297
5 347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
126
249
674
1,658
2,211
1,972
756
271
2,040
2,113
2,178
2,354
1948—1 . . .
2. . .
3. . .
4. . . .
1949—1 .
1947—1
2
3
4.
Quarterly
Profits
before
Operating
revenue
535
548
527
490
502
507
534
638
652
661
444
447
437
408
410
398
407
458
494
492
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1 ,992
2,149
2,541
227
248
271
302
374
399
396
277
193
269
191
194
178
163
180
174
177
200
131
183
175
178
172
163
168
168
174
171
134
181
289
247
196
228
191
166
135
160
115
115
111
129
527
478
555
589
67
29
38
58
44
21
27
39
40
32
32
30
1,202
1,118
1,146
1,242
284
233
211
255
186
156
143
176
131
115
115
132
607
627
641
666
64
71
64
69
43
48
44
47
39
44
47
50
'1,281
316
206
124
670
62
42
50
Operating
93
189
500
902
873
667
450
287
479
700
126
159
186
202
217
246
246
235
236
289
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,244
4,708
629
692
774
847
913
902
905
964
961
983
167
190
177
242
92
123
104
160
42
50
37
106
1,075
1,028
1,024
1,118
2,243
2,363
2,555
2,510
144
286
395
323
72
185
246
197
57
56
53
122
2,145
120
58
69
in
1,148
Profits
after
Dividends
Dividends
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Profits
after
taxes
Telephone
r
Revised.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are
obtained from the Federal Communications Commission, except for dividends, which are from published company reports.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power).
JULY
1949
829
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1948
1947
1946
1947
1949
1948
1
2
3
1
4
2
4
3
1
Nondurable goods industries
Total (94 corps.)1
Sales
Profits before taxes
Profits after taxes
Dividends
8 ,940 11 ,313 13,364
1 496 1 ,787 2,208
908 1 ,167 1,474
SS1
449
656
Selected industries:
Foods and kindred products (28 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
9
715
435
?S4
105
Chemicals and allied products (26 corps.)
Sales . .
. . . .
Profits before taxes
Profits after taxes
Dividends
9
,550
46S
283
180
Petroleum refining (14 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
9
,080
?69
214
92
9
9
639 9 ,697
45?
408
283
264
114
H9
9
816
437
287
193
3 ,161
490
333
iss
3 ,219
S46
356
133
3 ,289
SS3
362
1S7
3 399
S43
362
141
3 S34 3 9 9 1
56 S
S09
394
327
9?S
146
231 3 447
410
421
?S9
257
135
128
77?
1??
74
27
753
86
S?
29
79?
98
59
29
915
11 S
73
43
835
96
61
29
861
104
64
32
844
906
111
71
42
790
8S
60
32
,108 3,563
S47
655
408
337
91S
254
747
149
90
49
7S4
1?9
79
54
77S
1?9
80
54
839
140
89
S9
848
1S1
91
S3
87S
1SS
9S
S8
904
166
104
S9
936
183
119
8S
896
17S
10S
64
,906 3,945
4S6
721
548
350
1?7
172
6??
88
64
?1
686
101
77
33
741
1?0
91
21
8S8
147
118
S1
947
19S
141
33
94?
18?
133
4S
978
171
132
?9
1 077
173
141
66
993
16?
120
31
714
688
408
1S4
S 991
788
470
166
6 673
958
S64
?74
6 ,160
841
498
197
100
237
145
60
9
,306
304
185
60
? ,602
385
240
90
? ,438
370
220
71
99
30
Durable goods industries
Total (106 corps.)2
Sales
Profits before taxes
Profits after taxes
.
Dividends
19
Selected industries:
Primary metals and products (39 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
,6?S 19 836 23,818 4 381 4 9S7 4 ,878
547
570
607 2 ,312 3,107
552
391
334
295 1 ,355 1,836
327
139
494
746
n?
615
141
s ,429
451
270
211
7 ,S4S 9,067
891 1,174
545
720
247
270
s ,6?1 s ,440 s
1 ,7SS 1 ,884 1 ,831 9 ,077
250
212
227
201
153
141
128
122
51
55
84
57
Machinery (27 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
.
2 ,310 3 ,963 4,781
37
443
569
-9
270
334
97
113
126
819
77
4S
25
996
120
71
25
Automobiles and equipment (15 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
3 ,725 6 ,692 8,093
37
809 1,131
-8
445
639
136
195
282
1 ,463
179
100
45
1 ,651
195
112
47
672
395
IS?
643
373
903
9
,060
248
150
60
9
1 ,165
136
88
37
1 ,091
131
7S
27
1 ,198
144
83
28
1 ,140
118
71
28
1 ,351
177
10S
42
1 ,138
126
79
33
1 ,653 1 ,925
236
200
118
114
56
47
1 ,865
247
142
53
1 ,951
251
146
51
2 ,056
305
175
65
2 ,221
327
176
112
2 ,150
301
180
79
984
110
67
26
1
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper a n d allied products
(15); a n d miscellaneous (1).
2
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other t h a n automobile (6); and miscellaneous (7).
CORPORATE
PROFITS,
(Estimates of the Department of Commerce.
TAXES, AND
DIVIDENDS
Quarterly data a t seasonally adjusted annual rates)
[In billions of dollars]
Year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Profits
before
taxes
Income
taxes
Profits
after
taxes
6.5
9.3
17.2
21.1
24.5
24.3
20.4
21.8
29.8
32.8
1.5
2.9
7.8
11.7
14.2
13.5
11.6
9.0
11.7
12.8
5.0
6.4
9.4
9.4
10.4
10.8
8.7
12.8
18.1
20.1
Cash
dividends
Undistributed
profits
3.8
4.0
4.5
4.3
4.5
4.7
4.7
5.6
6.9
7.8
1.2
2.4
4.9
5.1
5.9
6.1
4.0
7.2
11.2
12 A
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
1947—1
2
3
4
28.9
28.8
29.1
32.4
11.4
11.3
11.4
12.7
17.5
17.5
17.7
19.7
6.4
6.7
6.9
7.1
11.1
10.8
10.8
12.6
1948—1
2
3
4
30.5
32.1
34.0
34.7
11.8
12.5
13.3
13.5
18.7
19.6
20.8
21.2
7.4
7.4
7.7
8.3
11.3
12.2
13.1
12.9
1949—1 i
28.8
11.6
17.2
8.3
8.9
Quarter
1
Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
830
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues l
Total
interestbearing
direct
debt
Total
gross
direct
debt
End of month
1942—June. . . .
72,422
108,170
1943—June
136,696
Dec
165,877
1944—June
201,003
Dec
230,630
1945—June.... 258,682
Dec
278,115
1946—June. . . . 269,422
Dec
259,149
1947—June
258,286
Dec
256,900
1948—June
252,292
Dec
253,374
253,049
252,687
252,460
252,506
252,800
252,620
252,721
251,642
251,530
251,889
252,770
1948—July
Aug
Sept
Oct
Nov,
Dec
1949—Jan
Feb
Mar
Apr
May
June
Nonmarketable public issues
CertifiTotal 2 Treasury cates of Treasury Treasury Total 2
bills
indebtnotes
bonds
edness
Treasury Special
U. S.
tax and issues
savings savings
bonds
notes
NonFully
interest- guaranbearing teed indirect
terestdebt
bearing
securities
2,508
71,968
50,573
107,308
76,488
6,627
135,380 95,310 11,864
164,508 115,230 13,072
199,543 140,401 14,734
228,891 161,648 16,428
256,357 181,319 17,041
275,694 198,778 17,037
268,111 189,606 17,039
257,649 176,613 17,033
255,113 168,702 15,775
254,205 165,758 15,136
250,063 160,346 13,757
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375
11,375
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863
112,462
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,211
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
13,266
12,838
12,628
12,607
12,418
12,224
12,133
12,134
11,648
11,542
11,544
11,536
22,294
22,294
22,294
26,008
26,008
26,525
29,630
29,434
28,803
28,710
28,710
29,427
11,375
11,375
11,223
7,131
7,131
7,131
3,596
3,596
3,596
3,596
3,596
3,596
112,462
112,462
112,011
112,011
112,011
111,440
111,440
111,440
111,440
111,440
111,440
110,426
60,822
60,856
60,978
61,157
61,261
61,383
61,714
62,033
61,999
62,227
62,523
62,839
54,607
54,704
54,776
54,860
54,944
55,051
55,352
55,663
55,893
56,019
56,116
56,260
4,386
4,340
4,404
4,517
4,552
4,572
4,618
4,641
4,383
4,488
4,692
4,860
30,787
30,887
31,221
31,223
31,400
31,714
31,760
31,804
31,926
31,833
31,914
32,776
2,206
2,175
2,170
2,161
2,115
2,220
2,186
2,118
2,068
2,021
2,000
2,009
251,168
250,875
250,518
250,300
250,391
250,579
250,435
250,603
249,573
249,509
249,890
250,762
159,560
159,132
158,319
157,920
157,731
157,482
156,960
156,766
155,648
155,450
155,452
155,147
454
862
4,549
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
76
69
51
47
46
48
53
51
32
22
20
19
20
24
1
2
Including amounts held by Government agencies and trust funds, which aggregated 5,494 million dollars on May 31, 1949.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary, Aimed Forces Leave bonds, and 2)4, per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES SAVINGS BONDS
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JUNE 30, 1949
[In millions of dollars]
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Treasury
July 7,
July 14,
July 21,
July 28,
Aug. 4,
Aug. 11,
Aug. 18,
Aug. 25,
Sept. 1,
Sept. 8,
Sept. 15,
Sept. 22,
Sept. 29,
bills
1949
1949
1949
1949
1949
1949
1949
1949
1949
1949
1949
1949
1949
Amount
1
902
902
904
902
802
900
803
905
901
905
908
903
901
Cert, of Indebtedness
July 1, 1949
\y%
Oct. 1, 1949
lU,
Dec. 15, 1949
l^J
Jan. 1, 1950
\}i
Feb. 1, 1950
1>J
Mar. 1, 1950
lij
Apr. 1, 1950
1M
June 1, 1950
1)1
5,783
6,535
519
5,695
1,993
2,922
963
5,018
Treasury notes
Apr. 1, 1950
3,596
In millions
Issue and coupon rate
Treasury bonds—Cont.
June 15, 1951-54 2..2M
Sept. 15, 1951-53
2
Sept. 15, 1951-55 22....3
Dec. 15, 1951-53 ..2M
Dec. 15, 1951-55
2
Mar. 15, 1952-54... 2M
June 15, 1952-54
2
June 15, 1952-55... 2M
Dec. 15, 1952-54 2
2
June 15, 1953-55 2
2
June 15, 1954-56 2 ..2M
Mar. 15, 1955-60 . . 2 ^
Mar. 15, 1956-58... 2 Y2
Sept. 15, 1956-59 2 .. 2M
Sept. 15, 1956-59...
2M
June 15, 1958-63 32 ..2M
June 15, 1959-62 3 ..2M
Dec. 15, 1959-62 2 . . 2 |
Dec. 15, 1960-65 ..2
June 15, 1962-67 3..2
Dec. 15, 1963-68 3..2
June 15, 1964-69 3..2
Dec. 15, 1964-69 3.. 2
Mar. 15, 1965-70 3..2H
Mar. 15, 1966-71 K.2Y2
June 15, 1967-72 3.. 2 y2
Sept. 15, 1967-72... 2 H
Dec. 15, 1967-72 3..2K
Amount
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
? ,823
919
5,284
3,470
1,485
2,118
,831
,761
3,838
5,197
3,481
7,967
2,716
11,689
RedempAmount Funds received from sales during tions and
maturities
outperiod
standing
at end of
All
All
month
Series Series Series
E
F
G
series
series
Month
Fiscal year
ending:
June—1942. .
1943..
1944..
1945..
1946..
1947..
1948..
1949..
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
56,260 7 ,141 4,278
435
758
802
679
407
360
301
473
2 ,032
2 ,759
2 ,876
2 ,658
2 ,465
2 ,561
1,907
2 ,390
207
848
2,371
4,298
6,717
5,545
5,113
5,067
1948—June. . . 53,274
J u l y . . . 54,607
Aug.. . . 54,704
Sept.... 54,776
Oct
54,860
Nov.... 54,944
Dec.. . . 55,051
497
1 ,673
473
412
415
419
540
341
379
334
304
305
308
399
19
246
18
14
14
15
22
136
1 ,048
122
94
96
95
120
465
438
442
407
55,352
55,663
55,893
56,019
56,116
56,260
647
599
590
454
433
485
438
386
415
331
322
359
29
32
26
19
18
20
180
182
149
104
93
107
476
369
440
398
415
451
1949—Jan.. . .
Feb.. . .
Mar....
Apr.. . .
May. . .
June. . .
393 '
406
432
Maturities and aimounts outstanding June 30, 1949
\
Treasury bonds
Sept. 15, 1949-51... 2
41,292
Dec. 15, 1949-51... 2
2,098
Dec. 15, 1949-52 2 . . 3 ^
491
Dec. 15, 1949-53 2.. 2 K 1,786
Mar. 15, 1950-52... 2
1,963
Sept. 15, 1950-52 2.. 2 M 1,186
Sept. 15, 1950-52... 2
4,939
Dec. 15, 1950
\y2 2,635
Postal savings
bonds
Panama Canal Loan.3
Total direct issues
50
155,147
Guaranteed Securities
Federal Housing Admin.
Various
13
1
Sold on2 discount basis. See table on Open-Market Money Rates,
p. 3826.
Partially tax exempt.
Restricted.
4
Called for redemption on Sept. 15, 1949.
JULY 1949
Year of
maturity
All
series
Series
D
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
Unclassified. .
489
1,002
1,559
4,025
6,951
9,011
7,831
5,746
5 588
6,017
4,212
2,970
891
-33
489
1,002
436
56,260
1,927
Total
Series
E
1,123
4,025
5,677
6,454
5,172
2,679
2,871
3,362
1,829
33,191
Series
F
Series
G
201
511
545
625
501
280
305
480
1,073
2,046
2,114
2,443
2,215
2,376
2,078
2,490
133
759
3,579
17,594
831
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Gross debt
Held by banks
End of
month
Total
interestbearing
securities
Total
ComFederal
mercial Reserve
banks * Banks
Total
1940—June...
1941—June...
1942—June...
1943—June...
1944—June...
1945—June...
1946—June...
Dec...
1947—June...
Dec...
1948—June.,
Dec...
47
54
76
139
201
256
268
257
255
254
250
250
1949—Jan
Feb.. . .
Mar....
April . .
250 ,467
250 ,626
249 ,593
249 ,528
874
747
517
472
059
766
578
980
197
281
132
630
48 ,496
55 ,332
76 ,991
140 ,796
202 ,626
259 ,115
269 ,898
259 ,487
258 ,376
256 ,981
252 366
252 854
252
252
251
251
,656
,747
,666
,553
Held by nonbank investors
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations 2
State
and
local
governments
U. S. GovernniciiL agcuuca
and trust funds
Special
issues
Public
issues
2,305
2,375
2,737
3,451
4,810
6,128
6,798
6,338
5,445
5,397
5,538
5,603
5,645
5,697
5,737
5,686
18 ,566
21 ,884
28 ,645
59 ,402
83 ,301
105 ,992
108 ,183
97 ,850
91 ,872
91 ,259
85 ,966
' 8 5 ,833
16 100
19 700
26 000
52 200
68 400
84 200
84 400
74 500
70 000
68 700
64 ,600
'62 ,500
2 ,466
2 ,184
2 ,645
7 ,202
14 ,901
21 ,792
23 ,783
23 ,350
21 ,872
22 ,559
21 ,366
23 ,333
29 ,930
33 ,448
48 ,346
81 ,394
119 ,325
153 ,123
161 ,715
161 ,637
166 ,486
165 ,722
166 ,400
1 6 7 ,021
10 ,300
11 ,500
18 ,400
31 ,700
46 ,500
59 ,800
64 ,100
64 ,900
67 ,100
66 ,600
67 ,000
67 ,600
6 ,500
7 ,100
9 ,200
13 ,100
17 ,300
22 ,700
25 ,300
25 ,300
25 ,000
24 ,300
23 ,200
21 ,500
3 ,100
3 ,400
3 ,900
5 ,300
7 ,300
9 ,600
11 ,500
11 ,800
12 ,100
12 ,000
12 ,000
11 ,500
2
2
5
15
25
30
25
22
22
21
20
r
21
500
400
400
500
900
900
300
400
300
200
700
400
1,500
3,200
5,300
6,500
6,300
7,100
7,300
7 800
7,900
4 ,775
6 ,120
7 ,885
10 ,871
14 ,287
18 ,812
22 ,332
24 ,585
27 ,366
28 ,955
30 ,211
31 ,714
,809
,542
,288
,994
'62 ,700
'62 ,200
^60 ,600
61 ,900
22 ,109
22 ,342
21 ,688
21 ,094
'167 ,847
'168 ,205
'169 ,378
168 ,559
67 ,900
68 ,200
' 6 8 ,600
68 ,400
21 ,600
21 ,500
21 ,400
21 ,200
11 ,600
11 ,600
11 ,600
11 ,600
'21
r
21
22
21
,600
,500
,100
,700
7,900
7,900
8,000
8,100
31 ,760
31 ,804
31 ,926
31 ,833
'84
r
84
rg2
82
400
600
900
r
Revised.
Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948.
Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury
Bulletin because of rounding.
1
2
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
u. s.
End of month
Total
outstanding
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
ance Other
Resav- comcies
cial
and serve banks ings panies
1
banks
trust Banks C )
funds
Type of
security:
Total :*
1947—June
168,740
Dec
165,791
1948—June.... 160,373
Dec
157,496
1949—Mar.. . . 155,660
Apr
155,462
Treasury bills:
1947—June
15,775
Dec
15,136
1948—June.... 13,757
Dec
12,224
11,648
1949—Mar
11,542
Apr
Certificates:
25,296
1947—June
21.220
Dec
1 9 4 8 — J u n e . . . . 22,588
Dec
26,525
1 9 4 9 — M a r . . . . 28,803
Apr
28,710
Treasury notes:
8,142
1947—June
11,375
Dec
1948—June.... 11,375
7,131
Dec
1949—Mar.. . . 3,596
3,596
Apr
Treasury bonds:
119,323
1947—June
117,863
Dec
1948—June.... 112,462
111,440
Dec
1949—Mar
111,440
111,440
Apr
5,409
5,261
5,402
5,477
5,613
5,562
21,872
22,559
21,366
23,333
21,688
21,094
62,961
61,370
57,599
55,353
53,641
54,900
11,845
11,552
11,522
10,877
11,030
11,024
23,969
22,895
21,705
19,819
19,641
19,453
42,684
42,154
42,779
42,637
44,047
43,429
11 14,496
18 11,433
15 8,577
69 5,487
151 5,176
93 4,866
787
2,052
2,345
2,794
1,781
2,615
1
25
58
50
18
17
1
154
112
84
82
81
1,454
2,650
3,740
4,440
3,870
48 6,280 8,536
30 6,797 6,538
14 4,616 8,552
24 6,078 9,072
22 6,887 8,848
24 6,941 8,882
249
200
317
256
241
232
362 9,821
269 7,386
479 8,610
672 10,423
616 12,189
608 12,023
369 4,855
1,477 5,327
1,968 4,531
7
791 3,099
385 1,802
48
385 1,803
S3
183
98
98
84
63
61
285
245
223
166
105
104
7
4
5,306
5,173
5,336
5,340
5,357
5,356
479
2,443
4,224
4,555
2,984
1,193
1,190
727 48,756 11,407 23,305 29,822
2,853
6,206
10,977
9,241
8,902
47,424
42,146
40,371
41,194
41,583
11,226
11,047
10,486
10,70?
10,713
22,213
20,880
18,891
18,829
18,654
28,974
26,847
25,375
26,112
26,232
End of month
Treasury bonds
and notes, due
or callable:
Within 1 year:
1947—June
Dec
1948—June
Dec
1949—Mar.. . .
Apr
1-5 years:
1947—June
Dec
1948—June
Dec
1949—Mar.. . .
Apr
5-10 years:
1947—June
Dec
1948—June....
Dec
1949—Mar
Total
outstanding
11,255
14,263
13,411
10,216
8,644
12,240
83
42,522
49,948
46,124
44,053
42,090
38,494
469
344
318
226
253
205
18,932
10,270
10,464
10,464
10,464
10,464
423
370
314
314
Apr
10-20 years:
40,352
1947—June
54,757
Dec
1948—June.... 53,838
53,838
Dec
53,838
1949—Mar
Apr
53,838
After 20 years:
1947—June.... 14,405
Dec
U. S.
Govt. Fed- Com- Mu- Insuragen- eral- mer- tual
ance Other
sav- comcies
Recial
and serve banks ings panies
banks
trust Banks 0)
funds
251 6,936
8,244
5,922
5,571
5,565
7,442
374
266
171
232
251
309
420
316
273
329
389
462
698 29,917
1,574
1,876
1,829
1,769
1,555
1,413
2,671
3,046
2,790
2,501
2,317
2,136
40 11,577
426 6,090
546 6,251
434 6,314
174 6,733
160 6,809
1,245
2,002 3,645
880 1,928
911 1,936
997 1,885
974 1,835
958 1,843
78
834
6,751
8,606
8,639
8,048
8,532
8,675
69 1,693
19 2,070
861
98
725
83
87 1,110
316
316
1,377
2,636
3,258
2,779
2,395
3,374
4,393
4,685
4,710
4,752
4,802
2,921
7,215
5,947
5,622
964
29
33,415
30,580
28,045
26,912
25,311
2,587
5,003
3,922
3,541
3,786
3,824
576
506
520
432
378
15,137
18,211
17,129
15,230
15,256
15,202
3,191
3,675
4,956
3,125
1 ,631
2,830
7,193
9,890
7,971
8,254
8,274
7,034
12,425
17,710
16,542
15,094
15,565
15,713
2,593 1,649 3,358 5,812
1948—June
Dec
1949—Mar
Apr.'.'.'..'
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonrcporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
832
FEDERAL RESERVE BULLETIN
SUMMARY Ob TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars
On basis of daily statements of United States Treasury
Increase (+) or
Fiscal
year or
month
Fiscal year:
1048
1949
1948—June..
July. .
Aug...
Sept..
Oct...
Nov...
Dec...
1949—Jan...
Feb.. .
Mar. .
Apr.. .
May. .
June..
during period
Net Budget
exreceipts penditures
Budget
surplus
40,043 39,289
42,211 ^36,701
38 246 37 057
4,859 47,O18
2,096 5 3,558
2,505 2,143
4,543 2,869
2,101 2,685
2,540 2,815
4,014 3,603
3,579 2,968
3,381 2,646
5,435 3,621
1,340 2,748
1,945 2,822
4,767 4,579
+754
4-5,419
4-1,189
-2,159
-1,462
--1,103
+2.706
—3,495
+362
+ 1,674
+ 10
Trust Clearing
ac(+) or counts
ac- 1
deficit
etc.i
-584
-275
+410
+611
+736
+ 1,814
-1,408
-877
+ 188
+2,315
-178
-570
-144
-30
-718
-321
-154
-345
-465
+9
-588
count
Gross
debt
General
fund
balance
Cash oper iting
income and
Genera 1 fund of the Treasury (end of period)
Assets
Balance
in
general
fund
+ 555 -11,136 -10,930 3,308
- 5 0 7 - 5 , 9 9 4 + 1.624 4,932
+366
+478 — 1,462 3,470
- 1 4 4,932
-226
+56
+141 5,074
* +700 + 1,082
-241 4,832
-289
-324
-362
+751 5,583
+9
-781 4,802
-227
+174
- 4 1 7 4,385
-158
+46
-177 4,208
-163
+294
-179
+451 4,659
+340
-51
+631 5,291
+ 101
+87 - 1 , 0 8 0
+476 5,767
1
, 7 7 1 3,995
1
1
1
+213
- 8 3 3 3,163
-324
+359
-173
+308 3,470
+881
Deposits in
Total
3,730
5.370
3,862
5,370
5,506
5,229
6,020
5,205
4,813
4,630
5,042
5,719
6,123
4,428
3,526
3,862
Fed- Speeral
cial
Reserve 2 deposBanks itaries
1,202
1,928
438
1,928
1,755
1,919
1,664
1,608
1,601
1,123
1,514
1,423
1,482
1,226
628
438
Total
liaOther biliassets ties
962
1,773
1,771
1,773
2,081
1,741
2,703
1,976
1,621
1,909
1,735
2,688
2,924
1,563
1,313
1,771
1,565
1.670
1,653
1,670
1,671
1,568
1,653
1,621
1,591
1,599
1,793
1,607
1,717
1,639
1,586
1 ,653
422
438
392
438
433
397
437
403
428
422
383
428
357
433
363
392
Cash Cash
income outgo
43,591 36,931
45,400 36,496
4,877
2,268
3,162
4,667
2,280
3,190
4,106
3,683
3,893
5,555
1,425
2,595
Excess
income
(+) or
outgo
+6,659
+8,903
4,129
+748
2,588
-320
2,950
+212
3,197 + 1,469
2,779
-499
3,474
-283
4,243
-137
'2,855
'+829
'3,258
'+635
'3,854 '+1,700
'3,125 ' - 1 , 6 9 9
3,686 - 1 , 0 9 1
DETAILS OF TREASURY RECEIPTS
On bavsis of daily statements of United States Treasury
Deduct
Income taxes
Fiscal year
or month
Miscella- Social
Total
Secu- Other
Withneous
re- 6 rerity
held
internal
ceipts
ceipts
by em- Other revenue taxes
ployers
Fiscal year:
1947
1948
1949
1948—June. . .
July....
Aug
Sept
Oct....
Nov....
Dec...
1949—Jan....
Feb
Mar....
Apr. . . .
May...
June. . .
10,013 19,292
11,436 19,735
9 842 19,641
695 3,006
535
719
403
1,165
694
537
2,939
643
385
1,198
714
609
2,328
2,152
1,276 1,414
757 4,342
562
747
424
1,119
674
3,145
On basis of reports by collectors of nternal revenue
Individual
Corporation income
and profits taxes
Excess
Normal
and
and
other
surtax
profits
Social
Net
Refunds Security reemployof
ceipts With- Other
ment
taxes
held
taxes 7
8,049 2,039 5,115 44,508
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
564 5,104
145
694
677
67
302 2,300
742
410
228 2,948
676
130
159 4,597
768
65
186 2,199
768
386
204 2,941
702
134
184 4,062
220 3,675
56
638
654
438
152 3,935
170
143 6,133
720
644
81
273 2,306
656
410
141 2,751
704
139
266 4,928
3,006
2,272
2,838
228
140
64
46
39
43
41
58
273
672
891
414
155
1,459 40,043 9,842
1,616 42,211 11,534
1,690 38,246
17 4,859
154
63 2,096
849
380 2,505 1,543
8 4,543
133
59 2,101
808
358 2,540 1,564
7 4,014
34
38 3,579
640
280 3,381 1,922
26 5,435
156
908
75 1,340
391 1,945 1,465
6 4,767
Excise
Esand
tate
other
and miscelgift
laneous
taxes taxes
9,501
9,464
6,055
9,852
3,622
779
323
899
7,285
7,412
1,111
1,877
228
101
432
283
1,016
1,947
19
18
15
20
17
16
18
19
33
24
10
10
61
95
56
59
61
58
65
64
53
105
63
66
629
608
674
660
654
693
678
547
596
646
537
645
448
263
157
85
343
1,960
1,913
905
391
292
1,846
2,529
286
140
406
232
DETAILS OF BUDGET EXPENDITURES AND TRUST ,ACCOUNTS
On basis of daily statements of United St ates Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1947
1948
1949
1948—June
July
Aug .
Sept
Oct
Nov
Dec
1949—j a n
Feb
Mar
Apr
May
June
Trust accounts, etc
Other
InternatVetAid TransExpendit
fers
ional erans'
to
to Other
fiAdagri- trust
InForeign
ExInReNet
nance minis- culvest- Economic
acvest- pendi- ceipts ments
reand tration ture counts
Cooper- Other
ceipts ments tures
aid
ation
Social Security
accounts
InterNational est
on
defense debt
16,766 4,958 4,928 6,442 1,226 4 1,361 3,607 3,235 1,785 1,509 4 3 009 1,577
2,476
11,364 5,211 4,143 6,317
782 4.178 4,797 3 918 2 210 1 640 5 508
8S0
2 109
Pl1,700 5,339 P3,283
6,791 P 2 , 6 6 6
832
P6,361
3,000 1,646
3,722 1,479 2,252 1,992
4
4
929 1,508
433
559
432
481
31
3,O77
174
349
348
553
3,475
6
5 1,155
772 —43
286
155
145
621
183
142
250
276
611
362
455
800
114
530
110
13
138
192
198
438
100
186
100
21
607
715
570
282
481
6
304
256
80
140
559
196
135
23
38
931
212
482
174
275
80
67
530
1
2
226
132
18
159
128
.
122
612
6
72
144
957
105
20
590
206
321
137
347
585
1
1,017 1,112
554
74
8
153
499
482
285
292
158
105
208
1,043
319
527
4
2
200
269
73
22
237
153
536
99
139
189
2
930
141
545
276
137
24
326
141
11
614
114
430
195
1
1,109
589
639
505
261
12
30
135
516
115
88
252
57
1,043
9
178
547
125
189
75
592
403
196
103
—92
235
182
950
125
272
584
132
423
438
30
38
282
120
592
18
233
1,570
*>796
517
504
385
392
P461
270
253
77
254
p Preliminary.
' Revised.
2
i Excess of receipts ( + ) or expenditures (—).
Excluding items in process of collection beginning with July 1947.
' F o r description, see Treasury Bulletin for September 1947 and subsequent issues.
*6 Including 3 billion-dollar transfer
to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months.
6
Change in classification.
Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years
1946-1948
amounted
to
501,
2,886,
and
1,929 million dollars and 1,063, 279, and 161 million, respectively.
7
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
JULY
39,289
36,791
37,057
4
7,018
8
3,558
2,143
2,869
. . . 2,685
2,815
3,603
2,968
2,646
3,621
2,748
2,822
4,579
4
1949
833
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Assets, other than inter agency items
CommodiLoans ties,
supreceiv- plies,
and
able
materials
Corporation or agency
All agencies:
June 30,
Sept. 30,
Dec. 31,
Mar. 31,
1948. .
1948 . .
1948. .
1949. .
Total
Cash
20,120
20,687
21,718
22,324
1,042
751
630
475
Classification by agency,
Mar. 31, 1949
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.. . .
Production credit corporations
Regional Agricultural Credit Corp... .
Agricultural Marketing Act Revolv
Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation
Farmers' Home Administration
Federal Crop Insurance Corp
325
555
97
2
2
70
1,110
2,473
321
39
782
2,458
2,423 1,275
3,060
337
3,049
307
863 1,187 17,875
1,011 1,239 18,225
965 1,663 18,886
884 1,927 19,320
47
494
1
61
29 1,066
344
295
21
309
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee7 Valley Authority
893
1,088
2,160
1,137
226
835
7,304
2
958
2,144
(4)
89
2
3,803
20
1,221
2
6
2
67
1,110
1,245
319
33
206
103
()
1,764
256
362
419
343
202
10
625
2
"(4)"
76 1,012
121 2,039
1,100
226
821
28 7,277
()
1,122
3,385
152
5
201
14
353
20 1,750
164
49
6
304
1,430
1
158
154
159
166
170
260
57
96
2
*( 4 )"
207
369
1,771
225
310
All other
3,531
3,525
3,518
3,515
261
489
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 5
Federal Housing Administration
Federal National Mortgage Association
804
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ernstruc- Other
Other ment owned
tures,
interasliabilinterand
est
U. S. Other equipsets 3 Fully
ities
est
guarGovt. secu- ment
anteed
Other
:
secuby
rities rities
U. S.
Investments
251 1,684
328 1,811
627 1,854
674 2,077
10,373
10,573
11,692
12,228
Liabilities, other than
interagency items
l
134
802
50
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1949
Purpose of loan
To aid agriculture
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
.
Other
Foreign loans
Other
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
75
489
265
Rural
Elec- FarmCommodity trifica- ers'
Home
tion
Credit
Corp. Adm. Adm.
1,775
1,067
Home
Owners'
Loan
Corp.
Recon- ExPublic Fed. struc- portImHous- home tion
port
ing
loan
FiAdm. banks nance Bank
Corp.
(4)
175
531
344
139
300
1
(4)
362
14
61
(4)
489
294
4
11
1
275
261
1,764
1,066
256
1
344
295
362
(4)
5
All
other
All Dec. 31,
agen1948,
cies
all
agencies
6 4,209
331
851
3
36
141
337
4
5
367
3,632
768
140
310
5
520
197 2,152 3,750 6,098
193
101
589
50
7
6
370
6,102
584
368
960 2,144 4,225 12,228
11,692
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development and its subscription of 2,750 million to the International Monetary Fund.
834
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construct on
contract
awarded (va ue)2
1923-25 = 100
Industrial production
(physical volume)* 1
1935-39 = 100
Manufactures
Year or month
Total
Durable
Nondurable
Minerals
AdUnad- AdAdAdjusted justed j u s t e d justed justed
Total
Residential
Employment 8
1939 = 100
All
other
Nonagricultural
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
102 5
96.2
98.9
96 7
96.9
103 1
89.8
110.5
108 5
109.8
117 1
94.8
152
147
148
152
131
113
114
115
117
108
126.4
124 0
122^6
122 5
119!4
100.0
95 4
96.7
95 3
87.1
77.2
77.5
84.9
88.5
75.8
64.4
71.3
83.2
88.7
71 8
49.5
53 1
68 3
78.6
105
78
82
89
92
97
75
73
82
88
108.7
97.6
92 4
95 7
98.1
73 O
64 8
65 9
74 9>
80.0
96.4 91 1
105.8 108.9
90.0 84 7
100.0 100.0
107.5 114.5
107
111
89
101
109
100
107
99
106
114
99 1
102.7
100 8
99.4
100.2
80 8
86 1
78 &
77 1
78.6
132.1
154.0
177.7
172.4
151.8
167.5
245 2
334.4
345 7
293 4
130
138
137
140
135
133
150
168
187
207
105.2
116 5
123.6
125 5
128 4
87 3
98 &
103.1
104 O
105 8
143.4 269.6
157 3 332 1
159.9 365.1
132
143
138
264
286
302
139 3
159 2
171 2
121 1
152 1
165 0
155.2
154.5
156.3
158.9
160.0
160.4
161.1
154.7
153.3
157.8
160.2
160.4
160 8
161.9
327.2
321 8
331.5
345 3
350.1
353 4
365.7
137
135
143
142
145
147
149
285
285
284
292
280
302
300
157.1
158 4
160.3
163 8
163.8
164 9
167.0
147.7
150 6
153.7
157 4
158.5
159 6
163.2
148.6
147.8
147.9
147.2
147.7
148.8
149.5
149.6
150.7
150.8
150.0
149.4
161.2
159.8
160.1
157.1
156.7
158.8
159.8
160.1
163 3
162.8
161.2
158.6
160.5
159.5
160.3
156.1
155.5
158 2
158.5
161.7
164 6
163.3
161.6
159.4
358.7
354.1
358.4
347.1
346.7
359 0
360.0
374.7
382 2
382.9
379.3
377.6
144
138
130
130
142
139
138
142
139
140
137
137
293
293
291
307
305
308
311
309
309
308
289
305
168.8
167.5
166.9
169.3
170.5
171 7
173.7
174.5
174 5
173.6
172.2
171.4
165.7
160.9
161.4
162.8
164.2
166 2
168.7
169.5
168 7
165.2
164.0
162.3
147.8
146.9
146.0
145.5
199 P144.5
155.3
153.6
151.2
149.0
P145.5
154 7
153.3
151.4
148.1
*>144.3
363 1
357.8
131
126
120
127
124
294
281
277
294
293
170 9
169.0
169.5
169 7
169.2
160 6
158.1
158.4
156 9
155.7
71
83
66
71
98
89
92
1926
1927
1928
1929
1930
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
121
117
135
139
135
117
126
87
142
142
50
125
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
37
84
28
25
32
37
13
11
12
21
40
37
48
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
37
59
64
72
41
45
60
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
68
26
170
187
P192
192
220
P225
165
172
P177
134
149
P155
153
157
190
143
142
162
161
169
214
137.0
145.2
149.0
184
176
182
186
191
192
192
185
178
185
190
194
193
190
219
208
211
216
223
224
230
168
163
169
172
176
179
173
148
140
150
153
155
155
156
136
155
166
183
184
193
197
116
136
150
168
170
163
161
152
170
179
195
196
217
227
144.8
144.8
145.2
146.2
147.1
147.3
147.9
193
194
191
188
192
192
186
191
192
195
195
192
189
190
188
186
192
193
187
194
197
199
195
190
229
226
229
217
221
222
219
223
225
231
229
231
178
180
177
177
178
179
169
177
178
179
178
173
154
155
142
147
162
159
153
159
156
158
161
156
191
187
181
181
188
201
205
201
193
184
189
180
152
152
148
154
165
177
187
177
165
157
154
145
223
215
208
202
206
220
219
220
216
206
217
209
191
189
184
179
P174
187
185
181
177
P174
227
»-225
223
213
P201
175
173
168
162
149
149
136
148
P146
174
169
175
176
133
123
129
140
207
207
212
206
180
157
. . .
June
1947
July
August
September
October
November
December
. .
. ..
1948
January
February
"March
April
May .
June
July
August
September
..
October
November
......
December
1949
January
.
..
February
March
April
Mav
.
. . . .
P161
63
63
56
79
84
94
44
30
44
68
81
95
86
94
122
124
120
72
89
166
82
68
41
40
16
Unadjusted
83
99
92
94
105
105
110
62
60
57
67
72
69
76
81
Unadjusted
120
129
110
121
142
139
146
84
93
53
81
103
95
107
122
Adjusted
103.7 103 9
104 1 124 2
79.7 80 2
86 0
100.9 109.1
101
8
93 7
97.0 107 3
7.2
75
58
73
88
82
90
92
= 100
= 100
Ad- Unad- UnadAdAdAdAdAdjusted justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1946
1947
1948
Factory
DepartFacWholetory Freight ment
Consale
pay carload- sales sumers'8 commodity
rolls 3 ings*
prices
(val3
1939 = 1935-39 ue)*
4 1935-39 prices
100
1926
= 100
= 100
1935-39
79
90
65
88
50
95.1
101.4
95.4
100.0
89 105.8
70
74
80
81
149 119.4
131.1
92 138.8
61 137.0
102 132.3
235
>\349. 7
336 5
86.4
r
* Average per working day.
*> Preliminary.
Revised.
For indexes by groups or industries, see pp. 836-839. For points in total index, by major groups, see p. 858.
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358.
For monthly
data (dollar value) by groups see p. 843.
3
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. 845-848.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
2
JULY 1949
835
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1949
1948
Industry
May June July Aug. Sept. Oct. Nov. Dec.
Industrial
Production—Total
Manufactures—Total
Durable Manufactures.
Iron and Steel.
Pig iron
Steel
Open hearth
Electric
Machinery .
Jan. Feb.
Mar. Apr. M a y
192
192
186
191
192
195
195
192
191
189
184
179
P174
197
198
192
197
199
202
201
199
198
196
193
155
P179
221
222
219
223
225
231
229
231
227 '225
223
213
P201
208
208
201
207
214
221
224
223
228
232
233
219
204
193
236
183
608
196
236
181
630
186
228
176
597
200
235
179
635
205
243
185
658
209
252
193
670
212
255
194
685
212
254
194
682
218
260
197
711
220
267
199
755
221 217
264 '240
202 196
706 '551
273
277
269
271
273
277
276
277
268
262
252
240
P230
218
222
233
230
231
243
238
246
244
241
240
238
P221
179
185
202
198
197
209
203
208
209
206
204
206
P186
196
194
185
186
192
192
187
184
183
'185
'183
167
P145
203
194
188
190
193
191
175
183
186
200
'210
209
J>200
194
193
184
185
192
192
192
185
182
180
'172
151
P122
142
140
142
148
143
147
145
143
129
123
129
126
P127
131
163
129
161
135
157
140
163
132
165
135
170
133
169
131
168
117
154
107
154
119
150
118 120
144 P141
206
207
200
210
207
210
203
205
204
202
195
189
201
199
185
207
207
224
184
171
241
189
195
172
241
184
212
173
235
183
218
186
175
247
185
182
226
183
169
237
212
189
208
180
237
248
251
252
249
246
239
209
218
187
438
Manufacturing Arsenals and Depots 1. . . .
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) x
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 1
Lumber and Products.
L u m b e r . . . . .
Furniture
. .
Stone, Clay, and Glass Products.
Glass products
...
Glass containers
Cement
. . ..
.
Clay products
Gypsum and plaster products
Abrasive and asbestos productsl
Other stone and clay products .
.
.
Nondurable M a n u f a c t u r e s . . .
Textile fabrics
Cotton consumption
Rayon deliveries
..
.
..
Nylon and silk consumption 1
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
W^oolen and worsted cloth
. . .
.
.
...
Leather and Products. . .
C a t t l e hide leathers
Calf a n d k i p l e a t h e r s
G o a t a n d kid leathers
S h e e p a n d l a m b leathers
Shoes
. . .
Manufactured Food Products. .
Wheat flour
Cane sugar meltings 1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
218
187
172
241
208
190
176
238
206
188
168
237
244
249
248
178
179
169
177
178
179
178
173
175
173
168
162 P161
177
174
154
166
168
167
164
156
160
157
142
129 P123
163
147
308
159
140
313
138
115
324
152
127
318
154
132
322
153
129
319
148
122
322
140
114
317
144
123
313
142
125
305
130 119 P115
120 111 103
275 '240 213
179
226
191
163
145
189
172
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
178
150
139
166
160
166
226
173
148
136
165
157
168
247
160
148
141
159
157
162
233
143
144
140
149
156
151
206
139
133
127
143
148
150
225
136
125
122
130
149
143 122
214 198
130 107
121 '105
118 100
126 '112
141 '113
112
171
92
98
103
92
107
108
109
96
113
119
113
102
100
108
113
113
106
109
124
81
91
93
107
107
121
80
89
94
110
95
109
64
81
84
96
105
120
78
77
100
119
108
123
79
83
98
126
108
121
82
90
95
117
100
110
80
89
87
104
103
114
89
82
87
97
103
114
88
85
93
111
107
122
85
89
86
117
99
110
'80
90
'78
123
96
109
74
80
76
113 P104
159
163
160
156
163
161
159
158
160
162
162
162
P163
139
138
139
143
128
130
133
128
135
127
113
103
P105
76
161
167
P144 P144 P145 P150 ^154 P153
87
88
75
74
80
86
77
180 192 190 188 '199 193
166
135 126 130 146 161 166
143
..
Textiles and Products
.
...
P!86
'173 '172 179
184 '178 179 188
222 208 213 196
176 171 164 P159
'219 '216 190 P183
'231 '222 201 P199
179
P152 P152 P154 P150
72
71
72
75
73
171 171 168 171 160
185 192 195 198 181
.
P101
P Preliminary.
' Revised.
Series included in total and group indexes but not available for publication separately.
1
836
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1948
1949
Industry
May June July
Aug. Sept
Oct. Nov. Dec,
Jan. Feb. Mar. Apr. M a y
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
127
145
116
104
74
152
176
135
134
94
135
149
124
140
89
126
128
125
147
92
133
136
133
146
101
141
157
127
140
112
155
177
135
144
10S
154
172
143
134
98
152
167
147
115
92
156
172
154
112
87
153
167
155
111
71
145
160
145
106
55
137
146
144
101
58
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
168
150
138
178
159
124
179
167
142
117
182
162
107
119
183
172
162
121
184
169
152
124
181
165
140
124
179
164
142
132
175
166
138
131
179
169
136
136
183
170
154
133
181
171
155
123
183
155
167
170
173
179
189
186
217
197
181
177
187
164
141
157
294
245
145
114
393
243
155
86
402
242
165
73
346
274
176
91
211
336
156
95
244
398
181
112
334
443
185
131
278
287
168
119
328
235
156
118
294
283
176
106
249
295
152
91
271
247
174
162
84
285
270
173
186
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Industrial Alcohol from Beverage Plants 1
Tobacco Products. . .
163
166
148
178
168
174
170
146
159
160
172
162
170
Cigars
Cigarettes
Other tobacco products
105
222
68
108
226
68
98
200
63
113
242
75
127
218
78
122
230
78
130
224
68
97
196
63
102
216
66
100
220
66
99
241
68
98
224
65
98
236
71
Paper and Paper Products. .
. . . 170
165
150
165
166
172
169
153
163
158
151
146
144
164
187
104
112
309
151
160
191
86
169
169
150
99
160
183
106
111
301
146
156
187
86
168
157
145
98
146
172
117
96
283
135
142
165
74
150
160
135
97
161
193
122
110
328
148
156
184
83
160
161
153
101
160
183
116
107
301
145
156
189
83
161
163
148
98
167
195
117
111
330
153
163
193
163
188
104
107
317
149
159
195
150
173
105
104
285
137
146
167
158
188
101
107
327
145
153
182
154
183
96
108
309
145
149
174
Ul
175
95
106
291
'142
143
163
141
166
88
100
274
135
'138
162
139
165
90
97
273
134
135
162
172
165
157
100
150
98
160
158
142
100
158
157
147
98
155
160
138
99
151
152
123
97
151
141
115
100
156
147
155
154
164
156
154
153
153
•152
156
143
145
149
147
155
148
148
149
151
154
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper 2
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)
*220 v220 P217
Petroleum and Coal Products
2
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
^Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition
Other chemical products *
l
1
v227
221 »207
'231 '228
v213
210 v210
170
192
154
193
173
194
162
182
165
180
157
184
170
199
169
183
174
200
159
207
179
204
162
200
174
206
159
196
170
194
150
176
169
186
138
167
170 P175
169 P166
126
157
182
173
•477
174
166
421
175
168
407
170
166
178
170
181
173
181
173
454
183
175
460
184
176
466
184
177
455
185
176
504
178
173
319
249
256
251
259
257
255
257
257
257
250
'245
P234
151
124
304
436
154
124
309
449
161
121
312
433
161
126
312
450
158
134
305
448
156
135
304
446
153
135
306
449
148
137
311
450
149
135
309
447
143
133
309
139
132
300
'427
139 P137
130 P127
P255
417 M 0 9
'182
177 vl78
175
169
394
Rubber Products
201
205
200
207
205
205
203
200
193
•188
Minerals—Total.
162
159
153
159
156
158
161
156
149
149
136
148 P146
Fuels
168
164
160
166
162
166
167
164
156
155
137
148 P149
160
171
116
172
147
157
105
173
134
143
100
172
150
158
117
174
148
156
119
170
145
152
118
176
147
155
116
177
137
145
103
177
133
145
88
167
129
142
74
168
85
93
52
163
133 P136
128
128
113
115
119
113
121
110
104
113
129
145 P129
179
179
155
158
166
157
175
158
149
161
184
210 P181
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver. . . .
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
88
156 P156
r
P2 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.
JULY
1949
837
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1948
Industry
1949
May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May
Industrial Production—Total.
192
193
187
194
197
199
195
190
187
185
181
177 vl74
Manufactures—Total
197
199
193
200
203
205
202
197
195
193
190
183
P179
222
223
220
224
227
232
229
229
225 '223
221
212
P202
208
208
201
207
214
221
224
223
228
232
233
219
204
193
236
183
608
196
236
181
630
186
228
176
597
200
235
179
635
205
243
185
658
209
252
193
670
212
255
194
685
212
254
682
218
260
197
711
220
267
199
755
221 217
264 '240
202 196
706 ••551
209
218
187
438
273
277
269
271
273
277
276
277
268
262
252
240
218
222
233
230
231
243
238
246
244
241
240
238 P221
179
185
202
198
197
209
203
208
209
206
204
206 P186
183
200
-•210
172
Durable Manufactures . . .
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
P230
Manufacturing Arsenals and Depots l
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding
Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption) 1
"Lumber and Products...
Lumber.. .
Furniture.
Stone, Clay, and Glass Products
Glass products
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 l
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured
Food
Products....
196
193
185
186
192
192
188
184
203
193
187
190
193
191
176
183
194
193
184
185
192
192
144
148
151
158
153 154
134
163
141
161
148
157
156
163
147
165
145
170
211
209
201
218
212
233
196
171
243
244
197
206
203
175
243
249
179
198
207
168
237
248
213
227
210
180
248
248
P20O
185
182
180
142
132
118
115
128
169
113
168
100
154
96
154
216 220
208
199
192
187
185
217
230
214
180
247
252
187
191
211
178
246
249
172
171
193
178
241
246
181
185
169
166
227
239
175
179
168
166
-208
•231
'173
'178
171
163
"208
"222
nn
159
231
213
175
243
251
151
P122
126 P130
110
150
124
116
144 P141
186 P191
189
178 201
206
202
160 P158
187 P186
201 P199
177
179
171
180
185
183
179
171
170
168
164
177
174
154
166
168
167
164
156
160
157
142
P123
163
147
308
159
140
313
138
115
324
152
127
318
154
132
322
153
129
319
148
122
322
140
114
317
144
123
313
142
125
305
130
120
275
119 P115
111 103
'240 213
179
226
191
163
145
189
172
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
178
150
139
166
160
166
226
173
148
136
165
157
168
247
160
148
141
159
157
162
233
143
144
140
149
156
151
206
139
133
127
143
148
150
225
136
125
122
130
149
143
214
130
121
118
126
141
122
198
107
105
100
112
113
108
108
94
112
118
114
104
99
108
116
113
109
124
78
89
100
107
104
116
81
90
93
110
91
103
64
80
79
96
103
117
81
75
103
106
121
78
84
96
126
109
123
83
90
95
117
103
115
83
86
92
104
102
114
88
83
82
97
104
116
86
85
87
115
131
89
93
95
117
99
110
79
89
'76
123
153
163
172
188
173
161
153
146
145
140
137
141
P198 P158 P122
82
65
70
145
191
163
135
204
167
134
127
P95
P92
57
125
103
59
129
104
119
174
Wheat flour
Cane sugar meltings 1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
P145
134
137
P201
93
229
257
P223
98
242
265
207
226
111
Ice cream
148
135
P92
64
142
102
128
112
171
92
98
103
92
107
PIOI
96
109
72
83
75
113
P104
P156
99
PIOI
P124 P160 P204
71
'89
112
78
156
170 '207 258
117
182 230
143
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
838
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1948
Industry
1949
May June July Aug. Sept. Oct. Nov. Dec, Jan.
Feb. Mar. Apr. May
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
127
145
116
108
76
151
176
132
134
87
126
132
125
140
86
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
152
97
106
175
160
122
92
181
173
161
157
177
245
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Industrial Alcohol from Beverage Plants
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paper board
Fine paper 2
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 refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
142
147
138
160
116
173
207
141
154
108
181
226
143
126
96
179
219
150
106
98
149
169
141
99
87
141
155
141
104
70
134
146
136
104
53
207
317
156
188
188
197
162
190
172
129
146
188
161
111
134
179
152
90
135
172
153
86
137
174
151
85
123
173
152
94
102
176
186
188
184
195
203
212
174
153
159
173
163
182
183
114
243
243
194
86
233
242
189
73
187
274
178
91
289
336
145
95
631
398
139
112
702
443
148
131
306
287
138
119
213
235
141
118
176
283
163
106
162
295
160
91
162
247
184
84
171
270
163
173
154
184
178
180
173
136
158
153
163
153
170
105
222
68
108
237
70
98
210
63
113
255
73
127
233
83
97
181
56
102
216
65
100
207
64
99
224
68
98
209
65
98
236
71
170
165
149
165
166
239
84
172
130
228
70
170
153
163
158
151
146
144
164
188
112
112
309
151
160
191
86
169
169
150
100
160
183
107
111
301
146
156
187
86
168
160
145
99
145
170
104
96
283
135
141
165
74
150
153
135
95
160
191
107
110
328
148
156
184
83
160
161
153
99
160
181
103
107
301
145
156
189
83
161
163
148
98
167
194
109
111
330
153
163
193
163
189
110
107
317
149
159
195
149
173
107
104
285
137
146
167
158
189
105
107
327
145
153
182
154
183
100
108
309
145
150
174
'148
176
102
106
291
'142
143
163
-142
167
97
100
274
135
-138
162
139
166
98
97
273
134
135
162
172
172
157
100
165
162
150
99
160
153
142
98
157
159
151
99
158
163
147
98
155
160
138
99
'151
153
'123
99
151
141
115
101
159
156
137
147
155
167
163
158
149
152
r
157
159
149
144
125
134
149
163
155
142
146
163
168
157
v220 v220 v217 v221 P207 v217 P227 P231 P228 r>221 P213 P210
l
Chemical Products.
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition ]
Other chemical products x . . .
138
146
144
105
59
l
Tobacco Products
Petroleum and Coal Products.
124
108
144
160
109
174
184
96
185
111
99
127
144
• 90
183
203
129
187
P210
170
196
166
189
173
194
155
184
170
192
152
179
173
194
160
174
165
180
157
182
170
199
169
183
174
200
159
213
179
204
161
206
174
206
154
200
170
194
148
185
169
186
136
170
174
166
421
175
168
407
170
166
318
178
170
447
181
173
444
181
173
454
183
175
460
184
176
466
184
177
455
185
176
504
178
173
319
249
253
247
256
257
258
258
258
255
251
'247
239
156
120
304
436
158
122
309
449
160
120
312
433
159
127
312
156
139
305
156
142
304
446
151
137
306
449
148
137
311
450
146
132
309
447
141
132
309
139
132
300
-427
P141
^124
265 P255
417 P 4 0 9
170
169 P 1 6 6
132
160
182
173
477
r
175
169
394
205
200
205
205
203
200
193
Minerals—Total.
164
163
158
164
160
161
160
151
143
143
131
146 vl48
Fuels
168
164
160
166
162
166
167
164
156
155
137
148
160
171
116
172
147
157
105
173
134
143
100
172
150
158
117
174
148
156
119
170
145
152
118
176
147
155
116
177
137
145
103
177
133
145
88
167
129
142
74
168
85
93
52
163
133 P136
144
144
153
147
149
148
132
114
77
68
76
93
134 P144
210
302
226
331
215
325
213
324
212
314
186
254
160
225
100
93
88
74
101
81
126
110
194 P213
260
Rubber Products. . .
Coal
Bituminous coal.
Anthracite
Crude petroleum...'..
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
182
P178
>149
156 P156
r
1
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
N O T E . — F o r description and back figures see B U L L E T I N 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 1949
839
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory pay rolls
Factory employment
1949
Industry group or industry
Apr.
May
Jan.
Feb.
Mar.
1948
Apr.
May
Mar.
Apr.
May
Jan.
Feb.
Mar.
Apr
Total
Durable goods
Nondurable goods
156.1 155.5 154.7 153.3 '151.4 148.1 144.3 358.4 347.1 346. 363.1 357.8
336.5
185.1 183.9 180.7 177.8 '175.2 171.4 166.0 402.0 393.4 390.8 412.7 402.7 '390.9 380.2
301.9 303.6 314.
314.0 '309.4 293.8
133.3 133.1 134.2 134.1 132.7 129. 127.3 315.
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
161.7
132
226
132
157
167
133
225
135
153
170
161.1 158.8 155.9
141
141
140
226
220
230
136
134
141
142
138
146
126
122
130
195
200
198
197
196
180
178
183
186
179
151.1 145.9
140
204
132
132
117
340.8
261
481
290
374
388
329.6
253
477
275
362
364
334.4
265
479
286
344
371
356.7
305
506
318
347
277
348.4
304
497
307
335
262
336.7
300
471
306
324
261
320.1
295
417
295
299
250
178
169
166
161
439
471
415
463
428
464
418
440
401
429
380
404
328
380
177
179
364
399
395
362
359
Electrical Machinery
Electrical equipment
Radios and phonographs
217.4 211.6 206.9 201.2 194.9 187.5 182.6
190
186
179
194
202
206
201
190
184
213
212
205
459.1
432
488
444., 431.6 454., 442.2 424.1 401.7
421
410
427
420
382
403
469
451
507
478
424
454
379
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
227.4 228.5 223.1 219.1 214.4 206.7 195.7
475.2
463.8 466. • 473.: 463.0
248
289
143
267
130
215
290
227
245
287
180
264
130
214
288
235
240
280
198
268
121
207
276
217
236
276
196
267
118
201
272
210
230
271
194
267
116
197
267
207
221
264
191
266
114
193
257
190
515
632
354
577
249
389
638
455
512
612
249
572
240
393
630
450
509
618
285
571
241
390
631
472
518
610
375
599
224
384
610
461
502
602
367
608
219
367
620
450
485
579
358
601
212
360
594
430
458
550
343
592
205
341
564
369
Transportation Equipment, except Autos
Aircraft, except aircraft engines...
Aircraft engines
Shipbuilding and boatbuilding....
290.9
346
278
177
276.0
315
282
168
280.0
383
323
127
278.3
380
321
124
276.6
383
322
121
271.3
383
317
115
600.4
676
474
384
601.4
695
481
374
566.4
634
494
346
610.3
815
617
272
607.5
830
605
262
599.4
819
587
260
573.9
796
583
246
Automobiles
191.9 190.5 193.0 188.8 188.7 190.0 172.8
396.5 386.2 362.6 455.3 441.5 415.7 436.5
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
176.9 173.7 168.0 164.9 160.7 154.3 149.4
147
149
147
150
148
150
377.1 368.3 362.5 372.2 363.6 345.3 327.0
307
314
322
344
339
344
348
Lumber and Timber Basic Products.
Sawmills and logging camps
Planing and plywood mills
179.4 183.6 171.2 168.9 r169.9 170.9 179.1
182
183
185
195
200
'184
178
184
173
180
182
174
427.6 433.4 461.1 418.2 395.7 '413.9 427.8
471
497
466
451
423
469
'452
435
425
445
440
426
421
414
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
143.4 139.7 134.1 133.2 130.8 128.8 125.7
135
132
129
144
136
140
349.2 333.0 325.6 317.9 315.7 310.7 299.2
321
353
300
336
329
323
314
138
188
136
182
140
169
136
164
150.0
156
150
135
179
126
164
111
160
284
362
272
357
269
347
297
350
277
341
242
333
200
320
143.9 142.2
151
150
132
173
336.6
370
279
304
361
337.9
367
288
313
357
343.4
364
305
329
360
349.5
372
308
331
387
344.5
367
304
329
392
335.9
'356
307
323
385
323.5
343
312
321
94.8
315.6
385
288
322
213
332
307.1
375
288
309
204
329
303.
370
289
308
198
322
276.7
332
276
259
192
309
274.,
333
267
246
194
321
260.3
320
240
'208
191
320
237.6
294
219
173
183
149.2 142.3 133.6
126
124
94
93
161
174
97
343.2
301
253
376
186
306.5
294
248
307
150
297.9
289
241
299
112
328.6
270
198
379
168
348.2
286
219
394
213
344.7
289
231
380
226
147.6
153
149
133
177
,
153.7
171
146
134
171
154.7
170
148
137
173
Textile-Mill and Fiber Products
Cotton goods except small wares. . ,
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
113.7
126
95
111
89
134
113.0 104.9 104.0 100.4 96.1
117
115
118
111
125
91
86
93
80
95
92
95
-82
70
110
83
82
80
82
88
129
128
127
133
128
Apparel and Other Finished Textiles. . ..
Men's clothing, n.e.c
,
Shirts, collars and nightwear
Women's clothing, n.e.c
Millinery
139.8 137.1 143.0 149.
127
122
125
125
91
86
100
99
169
176
149
154
95
87
70
81
Leather and Leather Products
Leather
Boots and shoes
107.1 103.3 105.0 106.0 106.0 103.3
92
95
90
88
93
95
104
104
102
101
103
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
122.6
77
144
126
121
191
94
127.7
92
144
127
111
182
102
138.3
158
149
128
133
185
134.9
152
146
128
128
181
80
135.2
148
143
129
123
192
81
136.3 139.9
142
139
130
121
184
92
285.8
296
292
250
283
324
227
Tobacco Manufactures
Cigarettes
Cigars
92.4
121
81
90.5
121
78
89.3
122
76
88.6
120
76
88.4
120
76
86.5
122
72
204.6 205.7 201.3 200.5 193.5 198.8 188.9
254
247
253
250
240
258
255
187
183
175
169
152
175
168
152.5
159
150
138
178
97.2
87.3
367
306
297.3
263
225
308
168
251.7 227.1 215.4 235.0 240.1 •238.7 222.0
205
206
198
201
202
195
186
234
250
240
220
203
"240
220
267.4
193
305
251
265
350
241
281.3
226
315
259
236
333
260
312.1
344
363
266
305
333
227
302.9
308
331
272
291
334
216
302.7
298
309
270
286
363
213
302.8
285
296
276
270
346
243
r
Revised.
NOTE.'—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for May
1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics.
840
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
1948
Factory pay rolls
1949
1948
1949
Apr.
May
Jan.
Feb.
Mar.
Apr.
146. <
148
163
134
146.5
149
163
132
147.5
148
165
136
145.4
147
163
133
143.6
145
162
130
141.4
144
160
128
Printing and Publishing
Newspaper periodicals
Book and job
131A
122
144
132.0
123
144
132.9 132.1 131.6 131.8 132.0 258.5 259.5 262.2 268.8 269.7 273.9 274.4
126
127
128
129
229
237
260
235
243
248
255
146
144
142
141
302
293
297
309
307
308
291
Chemicals and A Hied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
201.4
233
131
296
351
183
100
195
198.4
231
131
293
352
182
89
171
206.1
241
135
300
372
166
156
162
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
154.9
155
137
157.3 153.0 152.8 152.6 153.2 153.5 320.0 316.7 335.
157
154
154
154
153
307
311
326
149
143
147
147
148
315
321
287
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
163.8
171
162
161.1 157.8 '154.5 151.0 147.8
160
169
163
158
158
154 154
158
149
142
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
178.4
244
217
176.6 169.4 167.9 164.8 162.7 159.9 394.0 382.6 384.2 384.2 381.4 378.2 359.5
243
270
272
275
275
489
590
494
493
588
596
598
214
217
210
211
422
415
213
416
410
441
432
427
Paper and
Paper
Paper
Paper
Allied Products
and pulp
goods, n.e.c
boxes
203.9
242
135
293
367
164
140
181
203.3
239
132
290
364
159
135
206
May
Mar.
Apr.
May
330.8
336
354
305
325.7
333
351
293
331.1
343
355
290
197.7 189.6 425.1
241
488
119
272
284
584
356
675
145
397
121
316
202
540
422.1
480
275
591
648
399
270
530
422.5
482
275
590
684
404
246
470
341.9
349
381
306
459.1
535
305
639
708
381
470
453
Feb.
Mar
Apr.
335.3
341
381
297
327.6
332
368
293
317.0
323
360
280
454.2
536
304
622
730
385
410
507
449.0
530
295
609
714
347
402
591
434.9
526
261
597
695
281
348
594
349.6 339.2 339.4 340.6
332
335
346
334
350
347
358
351
320.6 312.8 318.9 320.6 309.8 r298.4
292
306
295
289
288
286
356
354
'348 r330
347
338
291.4
285
306
For footnote see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1949
1948
Group
Total
Durable
Nondurable
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
157.1
185.5
134.7
156.7
184.1
135.1
158.8
184.0
138.9
159.8
185.1
139.8
160.1
184.9
140.6
163.3
188.0
143.8
162.8
188.7
142.3
161.2
188.5
139.6
158.6
186.4
136.7
155.3
181.2
134.9
153.6
178.3
134.1
151.2
175.5
132.0
Apr.
May
149.0 ^145.5
171.8 P166.1
131.0 P129.2
r
p Preliminary.
Revised.
NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups from
January 1923, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (dollars per hour)
Average hours worked per week
Industry group
All
Iron and steel and products
Electrical machinery
Machinery except electrical
Transportation equipment, except autos.
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products..
Stone, clay, and glass products
Nondurable goods.
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing, and allied industries .
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries
Feb.
Mar.
Apr.
May
May Jan.
Feb.
Mar. Apr.
May
Apr.
May
40.5
40.1
40.2
39.9
39.4
39.0
39.1
1.357
1.366
1.460 '1.459 1.456
40.3
39.6
41.2
40.0
35.2
40.6
42.5
4 1 . 0 40.8
40.7 40.7
40.0
39.7
40.5
39.9
39.
40.5
41.1
39.8
39.7
39.7
39.7
40.3
40.1
39.8
40.3
39.7
40.0
'39.7
38.3
38.6
39.1
38.8
39.3
38.8
40.8
39.1
39.0
38.1 1.416
38.8 1.350
39.0
.431
.478
39.3
.533
38.
.343
38.8
.083
41.7
.131
38.8
.271
39.3
1.423
1.357
1.441
1.481
1.548
1.355
1.115
1.136
1.286
1.530 1.529 1.529
1.446 1.450 1.456
1.521 1.523 1.524
1.577 1.572 1.571
1.711 1.700 1.675
1.444 1.447 1.436
1.121 1.112 1.135
1.183 1.182 1.187
1.357 1.358 1.355
38.6
37.6
38.0
1.220
1.230
1.293
1.289
1.288
.286 1.289
37.0
36.2
-37.4
41 .0
36.1
-41.0
-38.5
40.6
-40.0
-37.1
39.8
35.5
34.2
35.6
40.7
34.8
40.3
38.4
40.1
40.0
36.8
38.3
35.5
35.1
34.5
41.5
36.7
40.3
38.6
40.5
40.5
37.7
38.5
1.138
1.040
1.116
1.201
.973
1.250
1.646
1.327
1.600
1.412
1.228
1.142
1.040
1.118
1.207
.984
1.269
1.663
1.347
1.631
1.424
1.244
1.189 1.185
1.123 1.114
1.140 1.140
1.268 1.265
1.020 1.022
1.336 1.335
1.723 1.739
1.411 1.416
1.752 1.746
1.501 1.502
1.306 1.306
.180
.098
.140
.269
.033
.331
1.770
1.410
1.745
1.499
1.318
.174
.051
.146
.268
.042
.330
.779
.420
.746
.504
.318
'1.374
1.380
39.9
39.9
41.4
40.5
38.6
40.9
42.1
39.6
39.6
38.7 -38.8
39.9
36.2
36.2
42.4
38
42
39
41.0
40.3
37.8
40.4
39.6
35.8
35.5
42.5
37.7
42.8
39.1
41.0
41.2
39.0
40.3
37 A
35.2
37
41
r
Revised.
NOTE.—Figures for May 1949 are preliminary.
JULY 1949
Jan.
Apr.
manufacturing....
Durable goods
1949
1948
1949
1948
36.4
41
38
40.9
41.2
37.9
39.9
37.5
36.0
37.6
41.3
35.3
41.4
38.5
'40.8
40.0
37.5
39.9
r
39.2
39.1
39.8
39.7
'37.9
39.4
'40.4
39.9
-39.5
1.456
.529
.452
.521
.572
.685
.441
.156
.186
.354
1.522
1.454
1.511
1.573
1.705
1.437
1.189
1.191
1.359
1.170
1.022
1.151
1.277
1.036
1.331
1.807
1.437
1.742
1.525
1.317
Back figures are available from the Bureau of Labor Statistics.
841
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Service
Federal.
State, and
local
governmentl
,419
,462
,440
,401
,374
,394
,586
,656
,719
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
4,681
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449
5,658
9,721
9,689
9,779
9,791
9,805
9,806
9,817
9,782
9,769
,696
,699
,700
,737
,752
,741
,740
1,737
1,739
4,768
4,738
4,663
4.645
4,622
4,647
4,641
4,644
4,624
5,567
5,586
5,626
5,710
5,727
5,781
5,788
5,733
5,780
4,032
4,006
'3,948
3,949
3,946
9,697
9,656
'9,705
9,685
9,628
1,725
1,721
'1,717
1,719
1,723
4,549
4,560
'4,597
4,628
4,650
5,790
5,788
5,762
5,763
5,781
1,933
2,052
2,173
2,219
2,253
2,239
2,206
2,162
2,079
3,974
4,042
4,105
4,136
4,139
4,092
4,091
4,066
4,066
9,576
9,617
9,670
9,646
9,660
9,733
9,889
10,034
10,381
1,704
1,716
1,726
1,754
1,761
1,732
1,723
1,720
1,722
4,768
4,738
4,663
4,645
4,622
4,647
4,641
4,644
4,624
5,577
5,624
5,607
5,604
,650
5,801
5,789
5,714
5,994
1,906
1,820
'1,841
1,937
2,010
3,978
3,956
'3,912
3,929
3,959
9,625
9,513
'9,525
9,685
9,557
1,716
1,712
'1,717
1,728
1,740
4,549
4,560
'4,597
4,628
4,650
5,761
5,759
5,762
5,773
5,820
Total
Manufacturing
Mining
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970
45,131
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901
16,277
916
947
983
917
883
826
852
911
925
1,294
1,790
2,170
1,567
1,094
1,132
1,661
1.921
2,060
1948—April
May
June
July
August
September
October
November
December
44,584
44,726
45,053
45,271
45,312
45,654
45,669
45,443
45,252
16,045
16,018
16,172
16,302
16,278
16,556
16.548
16,420
16,195
820
936
947
915
944
945
939
937
940
1949—January
February
March
April
May
44,773
'44,505
'44,231
44,074
43,760
15,954
'15,801
'15,602
15,431
15,139
1948—April
May
June
July
August
September
October
November
December
44,299
44,616
45,009
45,098
45,478
45,889
45,877
45,739
46,088
1949—January
February
March
April
May
44,350
'44,019
'43,893
43,937
43,655
Year or month
1940
1941
1942
1943
1944
1945
1946
1947
1948
Contract
construction
Transportation and
public
utilities
Trade
Finance
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,060
4,065
7,055
7,567
7,481
7,322
7,399
7,685
8,820
9,450
9,746
1,972
2,032
2,110
2,093
2,106
2,093
2,101
2,120
2,121
3,995
4,028
4,056
4,078
4,078
4,085
4,095
4,070
4,084
931
928
920
922
903
2,095
2,045
'1,980
1,977
1,990
15,950
15,892
16,115
16,172
16,441
16,697
16,597
16,461
16,283
817
935
950
922
952
948
941
938
939
15,890
'15,777
'15,625
15,338
15,017
925
922
914
919
902
SEASONALLY ADJUSTED
UNADJUSTED
1
' Revised.
Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
May 1949 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
19402
1941
1942
1943
1944
1945
1946
1947
1948
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
108,482
56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608
62,748
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
61,442
47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027
59,378
37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761
51,405
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266
7,973
8,120
5,560
2,660
1,070
670
1,040
2,270
2,142
2,064
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
45,733
1948—May
June
July
August. . .
September
October...
November
December.
108,262
108,346
108,597
108,660
108,753
108,853
108,948
109,036
61,660
64,740
65,135
64,511
63,578
63,166
63,138
62,828
60,422
63,479
63,842
63,186
62,212
61,775
61,724
61,375
58,660
61,296
61,615
61,245
60,312
60,134
59,893
59,434
50,800
51,899
52,452
52,801
51,590
51,506
51,932
52,059
7,861
9,396
9,163
8,444
8,723
8,627
7,961
7,375
1,761
2,184
2,227
1,941
1,899
1,642
1,831
1,941
46,602
43,605
43,462
44,149
45,176
45,685
45,810
46,208
1949—January...
February..
March....
April
May
109,117
109,195
109,290
109,373
109,458
61,546
61,896
62,305
62,327
63,452
60,078
60,388
60,814
60,835
61,983
57,414
57,168
57,647
57,819
58,694
50,651
50,174
50,254
49,999
6,763
6,993
7,393
7,820
8,974
2,664
3,221
3,167
3,016
47,571
47,298
46,985
47,046
46,006
49,720
3,289
1
Includes self-employed, unpaid family, and domestic service workers.
Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available
from the Bureau of the Census.
2
842
FEDERAL RESERVE
BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
1948
1949
1948
1949
1948
483.0
568.5
747.6
842.6
238.1
232.3
276.5
351.6
369.8
355.3
349.7
337.6
279.7
296 8
264.0
256.7
159.1
193.1
251.8
303 8
June
615.2
682.0
689.8
873.9
970.8
935.2
962.7
854.1
762.2
778 6
611.2
694.0
54.1
71.9
55.3
82.2
91.9
103.8
72.9
77.7
53.6
70.7
49.6
56.3
Year
9,429.6
January
February
I^larch
April
May
July
August
September
October
November
December
3,608.0
1949
839.8
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]
43.6
37.8
66.2
43.8
1949
74.5
75.5
78.5
88.8
103.3
83.1
106.3
77.8
80.4
83 8
60.2
62.9
1948
62.6
58.8
88.4
92.0
1949
58.7
37.8
50.3
55.4
83.8
63 5
103.1
55 8
54.5
48 4
47.0
66.2
975.0
1948
1949
1948
1949
53.3
87.2
65.0
111.2
117.0
113 8
112.8
97 4
91.3
113 5
83.5
81.1
77.6
80.6
112.4
112 2
136.6
177.3
164.3
184 7
205.0
215 7
217.9
207 8
202.7
165 5
106 9
170.9
102.0
153.5
168.4
222 4-
38.1
44.7
60.4
68 4
724.6
Public works
and public
utilities
Other
1,127.1
2,155.2
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars],
1949
1947
Year...
1948
Educational
Public ownership Private ownership
Total
Month
January..
February.
March....
April
May
June
July
August. . .
September
October...
November
December.
Commercial
Factories
572
442
597
602
675
605
660
823
650
793
715
625
1948 1949
615
682
690
874
971
935
963
854
762
779
611
694
7,760 9,430
1947
167
96
143
177
234
226
203
218
193
209
224
207
483
568
748
843
880
1948 1949
1947
160
252
282
319
369
405
346
453
425
441
379
458
605
457
584
492
418
197
248
181
236
298
338
335
276
259
262
199
278
2,296 3,107
1948 1949
419
434
509
638
673
597
628
579
503
517
413
416
323
317
466
524
512
5,464 6,323
1948
Federal Reserve district
May
Apr.
May
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmon
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City.
Dallas
52,468
168,879
54,188
95,247
76,934
105,207
142,109
51,840
32,423
47,273
53,776
45,075
130,629
53,351
78,991
104,545
80,945
155,892
51,402
53,120
32,543
56,093
55,690
170,306
77,809'
77,863
97,943'
102,519'
179,866
44,859
34,160
39,108
90,666
Total (11 districts).
880,344
842,586
970,789
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
1941..
1942
1943
1944
1945
1946
1947
1948
1948—May
June
July
....
August
September..
October
November. .
December. .
1949—January... .
February. . .
March
April
May
Total
1,172
1,137
Property
improvement *
935
875
666
755
249
141
87
114
171
321
1,787
3,338
265
329
286
277
276
318
272
298
269
279
283
269
279
534
614
54
59
50
51
48
52
40
49
35
47
45
34
35
1
Small
home
construction
21
15
1
(3)
7
1
(3)
1
2
Mortgages on
War and
1- to 4- Rental
Vetand
family group
erans'
houses housing housing
(Title
(Title
(Title
ID
VI) 2
ID
877
691
245
216
219
347
446
880
53
72
71
76
92
98
105
117
128
123
135
127
130
13
6
(3)
7
4
3
7
13
284
603
537
272
85
808
1,836
158
197
164
149
136
168
127
131
98
108
102
109
113
Net proceeds to borrowers.
Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
JULY
1949
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
Savings
Com- Mutual
and
mersavloan
cial
ings associbanks banks
ations
Insur- Fedance
eral
com- agen- Other*
panies cies x
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
228
430
634
902
1,162
1,465
1,669
1,705
8
27
38
71
130
186
236
256
41
56
118
110
212
149
342
192
542
224
789
254
276 1,032
292 1,134
5
32
77
153
201
234
245
79
27
53
90
133
150
179
163
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—Tune
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
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.
843
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports *
Merchandise imports *
Excess of exports
Month
1946
1945
1947
1948
January
February
March
903
887
1,029
798
670
815
1,114
1,146
1,326
1,092
1,086
1,139
April
May
June
1,005
1,135
868
757
851
878
1,294
1,414
1,235
August
September. . .
895
738
514
826
883
643
October
November
December... .
455
639
737
3,824
July
. .
Jan.-Apr
1949
1945
PI,090
1946
1947
1948
1949
1946
571
561
664
405
352
431
583
709
882
545
497
464
P500
P614
1947
1948
332
325
365
394
318
385
531
437
445
547
589
675
1,121
Pl.102
Pi,015
366
372
360
406
393
382
512
474
463
532
?554
P625
639
764
508
351
457
496
782
940
772
589
P548
P390
1,155
1,145
1,112
Pl.019
P990
P926
358
361
339
431
422
377
450
400
473
P563
P606
536
378
175
395
461
266
705
745
639
P456
P385
P365
537
986
1,097
1,235
1,141
1,114
Pl,021 P 1 , 1 4 8
P820
Pi,285
347
325
298
394
478
529
492
455
603
P600
P554
P72O
109
314
439
142
508
567
743
687
511
P421
P266
P565
3,040
4,880
1,389
1,502
1,924
2,342
2,436
1,539
2,956
P1,033
P1,154
4,437
P590
P568
P632
P560
*>534
1949
1945
P465
P522
2,095 P2,100
p 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 75.9 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, M,424
p. 318; March 1943, p. 261; February 1940,*>2,324
p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
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
1948
101
109
130
138
137
140
135
132
143
138
98
111
123
135
138
143
134
130
147
141
102
137
168
181
186
185
172
146
182
183
107
101
112
120
146
139
151
138
150
136
96
96
91
104
117
124
125
129
107
88
100
114
139
155
141
143
129
143
153
149
110
147
183
206
192
180
169
136
181
190
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
Miscellaneous
Merchandise
l.c.l.
101
110
136
146
145
147
142
139
148
146
97
96
100
69
63
67
69
78
75
68
SEASONALLY
ADJUSTED
144
1948—January
F e b r u a r y . . . . 138
130
March
130
April
M^ay. .
. . . '142
June .
July
August
September. . .
October
November. . .
December. . .
1949—January
February....
March
April
May
..
139
138
142
139
140
137
137
131
126
120
127
124
155
151
98
105
163
153
144
153
149
147
138
131
130
124
79
129
130
183
178
162
137
186
187
183
194
192
194
198
192
189
187
174
188
173
131
103
109
123
129
144
158
144
127
150
155
147
125
113
139
138
150
84
76
79
105
96
86
86
80
85
93
90
85
79
75
77
76
73
153
140
146
141
139
150
165
162
152
149
144
139
129
112
117
119
123
156
173
173
'208
r208
191
185
182
182
178
178
201
175
185
236
'215
215
152
146
150
145
143
140
141
145
144
145
144
148
141
136
138
132
126
69
71
73
70
69
66
64
66
66
68
66
62
60
61
60
59
59
[In millions of dollars]
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
3,995
4,297
5,347
7 466
9,055
9,437
8,902
7,628
8 687
P9.672
1948—March
April
May
June
July
August....
September..
October... .
November..
December. .
1949—January
February...
March
April
3,406
3,614
4,348
5 982
7,695
8,331
8,047
7,009
7,904
Net
railway
operating
income
Net
income
589
93
189
500
P8,670
682
998
1,485
1,360
1,106
852
620
780
Pl.002
761
726
705
684
55
42
22
9
795
856
701
719
94
137
819
842
836
845
833
811
727
744
737
756
752
739
92
99
99
89
81
72
62
102
57
768
740
722
742
703
688
663
689
64
51
59
53
P20
1948—March
April
May
June
JulyAugust . . . .
September..
October
November..
December. .
777
729
716
676
61
53
'36
27
796
706
90
838
842
868
845
878
825
807
713
737
752
734
767
741
742
125
105
116
111
111
84
65
64
94
76
1949—January
February...
March
April
731
676
739
747
697
646
674
682
33
30
65
65
....
902
873
667
450
289
490
700
SEASONALLY
ADJUSTED
65
65
56
49
40
34
20
26
UNADJUSTED
1948—January
February....
March
April
May
ajr
t
July
J une
August
September. . .
October
November. . .
December. . .
1949—January
February....
March
April
May
133
129
122
128
143
144
143
146
150
151
141
128
120
117
111
125
125
155
151
98
105
163
153
144
153
149
147
138
131
130
124
79
129
130
193
189
164
134
184
183
177
187
190
190
198
201
198
198
175
184
171
131
101
100
108
114
147
189
156
142
150
152
138
125
111
128
121
132
81
61
62
94
86
74
66
76
113
143
114
82
76
60
61
68
66
137.
135
146
141
145
156
165
171
164
158
141
123
116
107
117
119
128
39
43
50
206
r
272
296
296
273
273
240
196
62
44
.46
68
228
267
139
137
143
143
144
144
142
146
156
159
149
139
65
69
73
71
69
66
63
67
70
71
68
60
129
128
131
130
127
57
58
61
60
59
r
Revised.
NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. 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.
844
UNADJUSTED
86
83
84
62
50
12
5
41
P40
P Preliminary.
»• Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average =100]
Federal Reserve district
Year or month
United
States *
Boston
New
York
Philadelphia x
Cleveland
Richmond1
Atlanta
Chicago
St.
Louis
187
207
264
286
302
162
176
221
234
239
150
169
220
239
'249
167
184
235
261
283
182
201
257
281
303
215
236
292
304
321
244
275
345
360
386
176
193
250
275
290
200
227
292
314
335
164
185
247
273
288
205
229
287
311
327
245
275
352
374
404
224
248
311
336
353
1948—May
June
July
August
September
October
November
December
305
308
311
309
309
308
289
305
242
252
255
237
252
232
228
245
262
262
259
256
254
252
229
247
284
283
'289
'290
'293
'302
'268
284
307
306
313
308
316
319
293
300
322
327
321
319
338
330
306
346
386
379
402
393
394
404
374
378
286
290
297
299
291
298
278
295
340
346
355
354
362
338
321
338
288
288
294
290
287
304
286
288
329
328
330
330
327
334
323
320
'404
401
414
405
419
410
390
397
'357
365
360
366
352
342
338
362
1949—January
February
March
April
May
294
281
277
294
P293
246
234
208
251
P243
243
229
220
242
239
283
265
272
274
271
311
284
279
301
295
301
299
290
307
317
378
374
365
389
377
289
272
266
277
275
290
310
309
321
335
265
274
267
292
P273
293
311
301
314
P309
387
393
392
374
384
341
301
322
'339
339
1948—May
June
July
August....
September.
October. . .
November.
December..
-299
289
243
259
319
328
357
495
240
242
176
175
260
258
285
428
252
246
181
187
257
280
298
414
287
266
'208
217
'296
'323
356
480
304
288
244
268
320
338
366
491
'316
294
235
260
357
359
388
575
375
333
314
354
410
424
434
635
289
290
243
248
305
313
345
460
333
311
277
305
366
362
404
517
294
277
238
261
316
343
334
431
326
302
270
304
344
361
375
502
'392
345
331
365
444
427
475
648
'331
338
311
338
355
346
391
582
1949—January
February
March
April
May
226
227
254
295
P288
187
180
194
256
P241
194
192
209
237
230
209
199
249
'284
277
230
227
254
304
292
224
239
274
309
311
287
314
339
393
365
216
212
239
280
277
238
261
287
327
328
203
202
241
295
P279
223
252
280
311
P306
306
315
353
377
373
271
266
'288
331
322
162
166
213
255
291
147
153
182
202
223
150
160
195
225
241
'147
150
191
220
251
151
156
205
243
277
190
198
'248
289
'322
185
188
258
306
366
161
159
205
246
281
159
166
225
274
314
169
165
211
266
326
157
158
210
259
301
177
190
250
321
395
178
183
238
300
347
1948—May
June
July
August
September
October
November. . . .
December
'293
'285
'285
'285
'290
'290
'296
'291
228
212
204
204
215
220
233
229
'244
241
242
242
243
236
242
236
'254
'229
'254
'253
'252
'249
'255
'248
277
267
258
261
265
269
296
293
'325
'323
'325
'322
'318
'320
'324
'309
368
343
333
330
348
362
402
450
286
281
281
284
284
284
286
282
313
302
293
292
302
317
325
329
324
321
314
327
330
323
315
314
304
300
301
300
302
297
297
296
388
400
403
407
415
403
391
382
348
339
337
333
351
346
340
320
1949—January
February
March
April
May
'279
278
'284
281
P274
221
214
226
223
219
228
224
232
230
224
'245
'239
'243
'244
P240
274
275
285
260
267
'294
'295
'305
'315
304
360
369
365
355
343
'271
'268
'264
266
265
303
313
323
321
296
303
302
297
305
291
282
287
283
P276
376
373
377
373
358
321
327
344
342
321
1948—May
June
July
August
September. .
October
November. .
December...
297
278
274
'288
304
318
330
262
226
204
198
215
232
249
265
206
'248
228
215
242
256
267
278
215
259
'236
226
245
262
287
'291
218
280
262
257
275
290
305
319
245
'331
291
304
325
333
355
360
279
357
346
343
356
383
406
422
366
289
270
258
275
293
309
326
265
313
302
305
318
336
355
347
276
331
315
326
329
341
345
347
294
310
300
295
294
308
'318
327
264
396
384
387
411
423
419
431
352
360
341
347
332
352
364
377
299
1949—January. . . .
February.. .
March
April
May
250
265
287
285
P277
196
202
219
218
216
201
218
238
237
227
208
230
'250
'254
P245
240
255
282
265
269
269
287
314
'329
310
324
343
365
352
332
244
260
275
273
268
260
282
314
321
296
283
294
312
310
P302
265
276
293
292
345
361
392
388
365
297
309
337
338
333
SALES 2
1944
1945
1946
1947
1948
Minne- Kansas
Dallas
apolis
City
San
Francisco
SEASONALLY ADJUSTED
UNADJUSTED
STOCKS 2
1944..
1945..
1946..
1947..
1948.,
SEASONALLY ADJUSTED
P301
UNADJUSTED
P282
P Preliminary.
' Revised.
Stocks indexes adjusted to reflect revised seasonal factors.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
2
JULY 1949
845
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Department
Number of
stores
reporting
Per cent change from
a year ago
(value)
Sales during
period
Apr.
1949
Miscellaneous m e r c h a n d i s e d e p a r t m e n t s . . .
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
324
298
239
144
262
193
Apr.
3.0
.+2
213
199
208
640
648
663
-6
-12
-15
-10
-12
-1
-8
-4
-11
3.8
3.0
2.7
4.3
2.7
4.5
5.0
4.0
4.4
3.4
2.6
2.4
3.6
2.2
4.2
4.8
3.4
4.3
177
258
242
178
315
136
131
143
122
204
328
383
364
309
143
138
176
119
215
312
300
184
395
166
149
195
145
665
776
664
757
845
611
650
572
532
654
813
877
867
832
586
635
565
538
723
796
745
633
856
691
716
653
624
3.8
2.8
3.1
3.8
4.5
6.3
2.9
7.1
5.3
3.7
3.0
4.1
4.0
2.6
2.8
4.3
4.8
4.8
3.8
8.1
5.0
4.1
3.3
4.4
165
284
246
132
177
161
248
231
133
163
163
313
277
125
168
631
810
762
506
802
625
836
756
506
792
644
770
752
541
793
126
155
134
142
175
156
180
138
137
145
127
132
673
572
404
575
643
562
458
592
680
589
487
588
2.0
2.3
1.8
3.6
0.6
2.3
2.5
1.7
2.9
2.9
3.0
2.5
2.4
1.7
3.3
2.6
3.4
2.4
3.1
2.4
5.1
1.0
4.2
2.9
2.1
3.0
3.1
3.0
2.9
3.4
2.6
4.2
5.0
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
6.5
250
239
294
138
304
222
277
171
204
230
207
173
288
248
278
225
203
248
110
239
148
256
149
185
217
184
164
266
187
227
217
197
247
115
189
137
261
154
205
217
215
175
234
170
220
500
560
535
494
176
506
703
284
595
679
617
440
709
414
903
533
580
598
492
251
571
712
282
583
665
620
415
733
442
920
524
595
588.
575
182
571
743
324
612
655
637
514
816
443
922
261
321
248
336
238
275
437
369
334
342
347
260
315
329
311
225
241
281
206
270
465
404
572
383
557
487
668
402
515
430
654
402
266
224
50
242
197
73
252
242
48
648
445
286
653
421
343
631
473
299
+1
Furniture and bedding
Mattresses, springs and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and 4carpets 4
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
(including minor appliances)
Gift shop 4
Radios, phonographs, television, records,
etc. 4 .
Radios, phonographs, television 4
4
Records, sheet music, and instruments . . . .
1948
Mar.
3.2
350
214
248
337
324
212
275
79
250
280
146
244
323
247
165
171
280
158
106
303
254
254
248
264
165
233
185
154
Apr.
3.0
Small wares
Housef urnishings
1949
Apr.
2.8
-17
-17
-19
-20
-18
-13
-27
-15
335
259
321
306
201
1948
Mar.
-4
321
300
191
168
189
314
284
250
246
M e n ' s and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.
Apr.
-4
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linen and towels
Domestic—muslins, sheetings
Blankets, comforters, and spreads
358
358
314
288
174
335
344
352
352
261
293
254
333
339
250
213
226
358
349
214
199
324
295
320
347
264
278
346
297
276
1949
Apr.
1949
Stocks at end
of month
A
361
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 shoes 4
Women's shoes 4
Women's and misses' read-to-wear apparel
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Womens' and misses' 4dresses
Inexpensive dresses
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
Sales during
period
April
-3
361
MAIN STORE—total
Women's and misses' apparel and accessories.
Stocks
(end of
mo.)
Index numbers
without seasonal adjustment
1941 average monthly sales = 100 2
+4
GRAND TOTAL—entire store 3 . . .
Laces, trimmings, embroideries, and ribbons...
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry 4
Fine jewelry and watches 4
Art needlework
Books and stationery
Books and magazines
Stationery
4 mos.
1949
Ratio of
stocks xto
sales
+1
-9
-11
0
-5
-1
-16
-6
-19
-10
+6
+5
+24
+ 12
-8
+6
+6
+7
+2
+2
-2
+ 11
+73
+23
-19
-17
-15
-16
24
-23
-20
-6
0
-7
-4
-9
-1
—2
+4
-1
-3
0
+5
+4
+9
+4
+4
+3
-4
-2
-8
-4
+2
-7
-3
+2
-3
-9
-3
0
-2
-13
-12
-17
+1
+4
-47
— 12
-1
-40
-6
+4
-2
+7
+ 15
+7
+5
+28
+1
+1
-21
-13
-9
+92
-7
i
+7
-5
-7
-9
-15
-6
-11
-6
-13
-3
+3
+3
+16
0
-1
-2
-9
-3
+6
+23
+46
+26
+75
+ 17
+ 10
+ 17
+9
+32
+39
+22
+68
-3
-4
-4
+5
-3
+1
-6
-3
-1
-3
-3
+6
0
-3
-12
-9
-13
-15
+13
-5
+1
+1
+5
+15
+21
+ 19
+20
+61
+63
+6
+ 11
-4
-1
+15
-14
-6
-8
-17
+1
-4
+2
-3
-14
-13
—7
-3
-6
-2
-3
+5
+3
+7
-10
-6
-13
-5
-4
-6
1.1
1.1
1.4
1.2
1.6
1.4
1.2
+2
449
352
-6
-9
2.0
5.8
-3
3.7
4.3
3.8
2.6
4.7
4.4
4.0
4.6
5.0
6.1
194
192
167
272
185
156
168
136
196
148
166
195
151
158
150
722
827
632
713
871
714
819
601
774
747
780
686
787
925
4.4
4.7
2.2
5.3
4.9
5.0
4.0
3.6
3.9
7.6
3.6
3.6
5.6
4.1
3.7
5.9
3.6
4.1
2.0
4.7
3.6
3.7
3.7
3.8
3.7
6.2
1.7
3.3
5.4
4.4
4.1
5.3
198
173
204
182
244
207
862
814
865
806
882
859
943
914
2.9
5.0
4.5
5.4
4.7
0.7
3.4
5.4
5.9
5.0
4.6
1.7
+6
-8
-9
-5
-1
-5
-10
-4
+4
+5
-15
-9
+ 13
+ 10
-5
+4
-9
-7
-12
-9
-3
-2
-4
-8
-18
205
186
143
213
272
203
191
147
237
262
218
202
155
404
308
743
725
,087
766
975
765
683
,061
842
968
830
747
963
708
,043
200
146
114
151
168
168
105
86
109
155
186
139
89
173
184
579
728
514
826
780
577
668
525
702
754
629
758
533
870
833
For footnotes see following page.
846
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
Stocks
(end of
mo.)
Sales during
period
Apr.
1949
Four
mos.
1949
Apr.
1949
199
175
185
178
156
128
116
+16
+16
+24
+8
+30
+10
+13
+85
+31
+3
+2
+5
+1
+5
+ 10
163
144
94
117
104
+21
+5
+8
+3
+96
+1
Housef u r n i s h i n g s
104
-12
rShoes
131
+23
NONMERCHANDISE—total *...
182
+4
+9
204
BASEMENT STORE—total.
Domestics and blankets4
. . . .
"Women's a n d misses' ready-to-wear
Intimate aDoarel *
Coats and suits *
Dresses*
Blouses skirts and sportswear *
Infants' wear ^
.
.
M e n ' s a n d boys' wear
Men's clothing *
Men's furnishings *
Boys' wear 4
.
.
. . . .
. .
Barber and beauty shop 4
140
82
Ratio of
stocks to
sales l
+4
+2
0
-1
+7
+2
-2
+3
+8
Index numbers
without seasonal adjustment
1941 average monthly s a l e s = 1 0 0 2
Sales during
period
April
1949
1949
Stocks a t end
of m o n t h
1948
1949
1948
1948
Apr.
Mar.
Apr.
Apr.
Mar.
Apr.
235
209
204
437
444
464
-6
1.9
2.3
-8
3.1
2.9
-5
-5
1.8
2.2
1.0
1.2
2.2
2.6
2.7
263
228
213
358
372
372
0
-8
-11
-10
1.4
2.0
0.8
1.1
1.8
1.3
1.9
-11
-12
-4
-16
-10
2.3
2.5
2.4
2.5
1.5
3.1
3.0
2.8
3.1
3.3
230
193
189
521
527
587
-3
2.7
2.4
186
195
211
501
503
521
-2
2.9
3.6
197
152
160
566
570
571
(5)
(5)
(5)
(5)
(5)
(5)
+2
1
T h e ratio of stocks to sales is obtained by dividing stocks a t the end of the m o n t h by sales during the month and hence indicates t h e
number of m o n t h s ' supply on hand a t the end of the m o n t h in terms of sales for t h a t month.
2
T h e 1941 average of monthly sales for each d e p a r t m e n t is used as a base in computing the sales index for t h a t department.
T h e stocks
index is derived by applying to the sales index for each m o n t h the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. T h e titles of the tables on pp. 857 and
:858 were reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p . 845.
4
Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
D a t a not available.
N O T E . — B a s e d on reports from a group of large department stores located in various cities throughout the country.
In 1947, sales and stocks
a t these stores accounted for about 50 per cent of estimated total department store sales and stocks. N o t all stores report d a t a for all of t h e
^departments shown; consequently, the sample for the individual departments is not so comprehensive as t h a t for the total.
WEEKLY INDEX OF SALES
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES 1
[Weeks ending on dates shown.
Without seasonal adjustment
Amount
(In millions of dollars)
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
1939]average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
1948 average
128
136
156
179
204
227
255
318
••337
••353
344
353
419
599
'509
'535
563
••715
'826
71948—May
June
July
August
September
October. . .
November,
December.
'341
'338
'270
r298
'360
'390
-415
'599
'926
'866
'834
'897
"•948
'1,062
1,058
'821
339
462
551
545
539
507
379
292
1949—January.. .
February.,
March. . .
April
May
r267
••255
••320
347
P328
'790
'852
'918
907
P897
388
378
310
236
P210
Aug.
Sept.
108
194
263
530
560
729
909
552
466
P Preliminary.
' Revised.
These figures are not estimates for all department stores in the
United States.
Back figures.—Division of Research and Statistics.
1
[ULY
1949
1935-39 average =100]
Oct.
Nov.
Dec.
Jan.
1947
2....
9
16....
23
30....
6
13....
20
27....
4
11
18....
25....
1
8....
15....
22
29....
6
13
20....
27....
.220
.223
.225
.243
.277
.265
.291
.301
.316
.326
.304
.299
.306
.313
.347
.380
.395
.367
.508
.570
.576
.358
1948
3
10....
17
24....
31....
.204
.251
.232
.226
.233
1948
July 3 1 . . .
Aug.
7...
14...
21...
28...
Sept. 4 . . .
11...
18...
25...
Oct.
2...
9...
16...
23...
30...
Nov. 6 . . .
13...
20...
27...
Dec.
4...
11...
18...
25...
Jan.
1949
1...
8...
15...
22...
29...
1948
7...
14...
21...
28...
Mar. 6 . . .
13...
20...
27...
Apr. 3 . . .
10...
17...
24...
May
1...
8...
15...
22...
29...
June 5 . . .
12...
19...
26...
July 3 . . .
10...
17...
24...
. .204
. .272
..244
. .230
..218
. .235
..261
..258
..271
..255
. .308
. .285
..337
..319
..327
..336
..331
..344
..319
..320
..346
..371
..347
. .485
..564
..576
..473
Feb.
' Revised.
NOTE.—Revised series. For description
BULLETIN for September 1944, pp. 874-875.
. .240 Feb.
..238
. .249
..248
. .266 Mar.
..279
..313
..331
..280 Apr.
. .298
..294
. .296
. .300
..330 M a y
..293
..295
..297
. .282 June
. .304
..310
. .262
. .265 July
..217
. .236
..231
and
back
1949
5....
12
19....
26....
5....
12
19
26....
2....
9
16
23....
30....
7
14
21
28....
4
11
18
25
2....
9
16
23....
.229
.238
.227
.232
.244
.256
.261
.277
.301
.320
.314
.266
.286
.334
.285
.280
'275
.259
.288
.285
.247
.238
.201
figures,
see
847
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
5
May Apr. mos.
1949 1949 1949
United States..
Boston
New Haven. . . .
Portland
Boston Area....
Downtown
Boston
Springfield
Worcester
Providence
New York 1
Bridgeport . . . .
Newark l
Albany
Binghamton....
Buffalo i
Elmira
Niagara Falls.. 1.
New York City
Poughkeepsie..
.
Rochester 1
Schenectady.
..
l
Syracuse
Utica
Philadelphia...
Trenton x
Lancaster J l
Philadelphia
. .
Reading 1
Wilkes-Barre
»..
York 1
Cleveland
Akron x
Canton *
Cincinnati J1. . . .
Cleveland 1
Columbus 1
Springfield
....
Toledo 1
Youngstown 1. .
+3
+12
+7
+ 7j
+ 4 + 14
+ 4 + 15
—4 + 16
-1
-5
-4
-3
-9
-9
-16
-12
_5
-12
-1
+7
+ 12
0
—4
+1
+6
+3
+7
0
-5
-3
—7
+6
-10
7
—7
c
-4
-3
-9
+ 11
+5
+6
+4
+6
-4 r+9
+ 1 +22
-8
-2
-10
-3
-9
-4
-6
-6
-4
-1
_2
-6
-3
-4
+ 10
+9
+2
+5
+ 11
+8
+ 13
+ 10
+5
+6
+9
-4
+ 11
+8
5
M a v Apr.
1949 1949 1949
5
M a v Apr.
1949 1949 1949
-4 Cleveland-cont.
x
0 Erie
Pittsburgh 1. . . .
- 3 Wheeling 1
—5
+2 Richmond
Washington l.. .
+3 Baltimore
0 Hagerstown. . . .
- 3 Asheville, N. C.
- 4 Raleigh,
- 6 Winston-Salem.
S.C.
- 9 Charleston,
Columbia
- 7 Greenville,
S.
+3 Lynchburg C.
-7
+ 1 Norfolk
- 8 Richmond
- 1 Ch'ls'ton.W.Va.
— 7 Huntington
- 2 Atlanta
- 5 Birmingham l. .
+ 1 Mobile
- 6 Montgomery *. .
— 4 Jacksonville 1...
- 3 Miami*
+5 Orlando
Tampa 1x
- 2 Atlanta
- 4 Augusta
- 4 Columbus
-6
1
- 3 Macon
Rome
- 1 Savannah
- 1 Baton Rouge x l..
- 1 New Orleans
. .
- 4 Jackson x
- 1 Meridian
+ 1 Bristol
x
- 7 Chattanooga . .
- 1 Knoxville 1i
+2 Nashville
Chicago
+ 5 Chicago x
0 Peoria i
0 Fort Wayne 1..
1
—3 Indianapolis ..
Haute *..
+ 3 Terre
..
- 4 Des Moines.
Detroit x
Cj
— 7 Flint i
+ 3 Grand Rapids.
- 1 0 Lansing
1
...
+6 Milwaukee
Bay 1.. .
+ 6 Green
Madison
0
-6
-8
-3
+ 14
+ 12
+24
+1
+9
+5
+ 10
+3
+2
+3
+ 13
+26
+ 1 —6
+ 5 - 1 0 St. Louis
+ 6 —2 Fort Smith 1
+ 9 - 2 Little Rock . .
+25 + 6 Evansville....
l
+ 7 —5 Louisville .. . .
+7 - 3 Quincy
East
St.
Louis.
+7 - 1 St. Louis 1
- 7 -15
Louis Area.
+ 8 - 5 St.
- 8 - 1 2 Springfield....
l
+ 9 - 4 Memphis . . . .
+ 5 - 3 IMinneapolis. .
0
- 6 Minneapolis *..
+7 - 4 I St. Paul i
+25 + 1 | DuluthSuperior *
-1
-8
+ 9 - 1 2 Kansas City. .
- 1 - 1 2 Denver
+ 13 - 1 Pueblo
+20 +5 Hutch inson. . .
+ 11 + 4 Topeka
+ 6 +4 Wichita
—2 - 1 0 Kansas City.. .
+ 11 - 7 Joplin
+ 4 - 8 St. Joseph. . . .
-4
+ 1 Lincoln
+5 - 7 Omaha
-5
_2
+4
+ 11
-13
+ 13
+2
-9
-14
-3
+2
+5
-4
-2
-5
—7
-1
-7
-3
+2
-5
-1
-8
-15
-14
+2
+3
+5
+6
-8
-9
-6
-5
-10
+8
-5
-3
_5
-9
-2
—2
-6
—S
0
+1
+8
-3
+7
+3
+5
0
-5
-3
-4
-12
-1
-3
-2
—4
+23 +23 + 13
-8
+2
-10
-8
0
-3
-11
+6
-1
+ 11
+5
+2
+ 3 + 11
—1
-10
-3
+1
-1
+9
+ 4 . +2
+4 - 3
-4
-4
-9
0
-5
-4
-7
-6
IJ
-10
-13
0
+1
0
-11
—1
-2
-13
+4
+4
+4
+1
+8
2
0
-1
+6
+1
+6
-7
-9
-4
-6
-4
-1
-4
+2
+8
-13
-2
-6
-4
May Anr.
1049 1949
Kansas City—
cont.
Oklahoma City.
Tulsa
Dallas..
Shreveport
Corpusx Christi..
Dallas
...
Fort W o r t h . . . .
Houston l
San Antonio....
-7
-14
-5
0
0
—6
— 11
-3
—4
—5
-6
+ 10
+2
—8
—7
0
—6
-3
— 11
-9-
+8
0
—5
P - 7
+1 - 7
— 1San Francisco.
x
-1
-8
-11
- 3 Phoenix
- 9 -11
— 16
Tucson
+ 2 Bakersfield 1 ....
-1
—7
—4
0
—5
0
-7
- 1 1 Fresno *
—3 - 1 1
Beach 1x.. . - 1 4
— 1 Long
P - 1 1
4
-9
Los
Angeles
..
.
-6
- 5 Oakland and
6
Berkeley
*
+ 11 - 2
-5
- 5 Riverside and
+5 - 6
San
Bernardino
-16
1
0 +23
. ..
+2
+2 Sacramento
—6
-9
+2
San Diego x . . . l.
- 4 San Francisco .
0
+
12
- 2 San Jose *
0
+
11
7 Santa Rosa : . . .
-2
- 2 + 12
p - 2 r + 16 - 2
Stockton
- 1 Vallejo and
— 13
-6
+8' — 11
Napa 1
.
- 5 Boise and
—6 — 12
-10
Nampa
-9
-3
—7
- 2 Portland
3
-6
—7
- 4 Salt Lake City i.
+
l
—5:
-9
.
.
.
+
1
+2 Bellingham
x
- 3 -11
+2
- 9 Everettl
+8 — 1
+2
7 Seattle x
+2 +2: - 4
7 Spokane 1
—1
—1
7 Tacoma J
+ 4 + 7; — 1
0 Yakima
r
c
P Preliminary.
Revised.
Corrected.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average =100]
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
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
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159 2
171.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193 8
210.2
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
117.4
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139 9
149.9
169.3
170 5
171.7
173 7
174.5
174.5
173 6
172.2
171.4
207.9
210 9
214.1
216 8
216.6
215.2
211 5
207.5
205.0
196.4
197.5
196.9
197.1
199.7
201.0
201.6
201.4
200.4
116.3
116.7
117.0
117.3
117.7
118.5
118.7
118.8
119.5
130.7
131.8
132.6
134.8
136.8
137.3
137.8
137.9
137.8
194.7
193.6
194.8
195.9
196.3
198.1
198.8
198.7
198.6
147.8
147 5
147.5
150 8
152.4
152.7
153 7
153.9
154.0
170.9
169.0
169.5
169 7
169.2
204.8
199.7
201.6
202.8
202.4
196.5
195.1
193.9
192.5
191.3
119.7
119.9
120.1
120.3
120.4
138.2
138.8
138.9
137.4
135.4
196.5
195.6
193.8
191.9
189.5
154.1
154.1
154.4
154.6
154.5
Year or month
1940. .
1941
1942
1943.
.
1944
1945.
1946
1947
1948
.
. . .
1948—April
May
June
..
July
August
September
October
November
December
1949—January
February
March
April
May
. .
Back figures.—Bureau of Labor Statistics, Department of Labor.
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
.'ear, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938..
1939
1940
1941
1942...
1943
1944
1945
1946
1947
1948
1948—May .
1 une
July
August
September
October
November
December
1949—January
February
March
April
May
Week endine: 1
Mav 4
Mav 11
May 18
May
25.
.'..'..'.
Tune 1
June 8
Tune 15
Tune 2 2
June
29.......
All
commodities
Farm
products
Foods
Total
Fuel
Metals
and
and
Textile
prod- lighting metal
products
mateucts
rials
Building
materials
94 .3
97 .7
84L 9
11 .1
7< . 8
81 .5
80.6
81 .7
85 .7
&(..8
Sf .3
85 .5
94 .3
102 .4
102 .7
104L 3
104 .5
111 .6
131 .1
144 .5
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5
120.5
97.5
84.3
65.6
55.1
56.5
68.6
77.1
79.9
84.8
72.0
70.2
71.9
83.5
100.6
112.1
113.2
116.8
134.7
165.6
178.4
94.5
88.0
77.0
70.3
70.5
78.2
82.2
82.0
87.2
82.2
80.4
81.6
89.1
98.6
100.1
100.8
101.8
116.1
146.0
159.4
142
143
144
145
121.5
121.5
120.3
119.7
119.9
119.0
119.2
118.5
177.6
182.6
184.3
182.0
181.0
177.0
175.2
172.1
158.6
159.6
162.6
164.6
163.9
160.2
158.7
157.5
117.3
115.3
115.7
115.6
113.6
169.3
165.8
167.2
165.8
166.0
156.2
154.0
154.1
152.9
151.4
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.2
188.3
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
179.1
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2
150.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
141.7
148.6
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
134.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
163.6
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7
199.0
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
182.4
188.0
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
127.3
135.1
P164.2
166.2
168 7
169.5
168.7
165.2
164 0
162.3
189.1
196.0
195.2
191.0
189.9
183.5
180.8
177.3
177.4
181.4
188.3
189.5
186.9
178.2
174 3
170.2
149.5
149 5
151.1
153.1
153.3
153.2
153 5
153.0
152.1
149.6
149.4
148.9
147.9
146.9
147 5
146.7
132.6
133.1
135.7
136.6
136.7
137.2
137 3
137.0
157.1
158.5
162.2
170.9
172.0
172.4
173 3
173.8
197.0
196.8
199.9
203.6
204.0
203.5
203 0
202.1
188.4
187.7
189.2
188.4
187.5
185.5
186.2
185.3
136.3
135.8
134.4
132.0
133.3
134.8
133.9
130.6
147
145
145
.6
.2
.5
.4
.6
.5
.2
.4
160.6
158.1
158.4
156.9
155.7
172.5
168.3
171.5
170.5
171.2
165.8
161.5
162.9
162.9
163.9
152.9
151.8
150.7
148.8
146.7
146.1
145.2
143.8
142.2
140.5
137.1
135.9
134.3
132.0
130.1
175.6
175.5
174.4
171.4
168.0
202.3
201.5
200.0
196.5
194.0
184.8
182.3
180.4
179.9
179.3
126.3
122.8
121.1
117.7
118.2
145
145
145
14/
14e
.1
.3
.0
.0
.2
155 2
155.9
156.0
156.5
156.1
156.1
154.8
153^2
153.1
168.3
171.6
172.0
174.5
173.7
173.9
170.7
167 0
165.2
161 8
163.4
163 4
165^6
165 .9
166^9
163 .8
159^9
161.6
147.1
146.9
146.8
146.2
145 8
145^3
145 .2
145^0
144.8
139 1
138.9
138 8
136.1
135 5
135^3
135 .3
135 !l
135.1
130 4
130.6
130 6
130^6
130 5
130^5
131.0
131.0
131.0
169 3
168.1
168.0
167^5
167 .3
167^2
166.1
165 6
165^6
195.4
195.3
193.6
193 A
192 .2
19K6
191.9
190.9
191.7
1948
Feb.
Mar.
Apr.
162.6
195^0
158.6
163 .8 159.9
189^0 19L5
160.0 160.9
154.8 147.2
146.5 145.3
151.7 158.1
214.8 216.0
126^6 127^6
187.8
181 .8
178.9
145.6
186.9
183'. 4
177.8
144.7
147.1 146.4
180.1 1 7 6 2
101.2 101.2
50.1
50.1
41.8
41.8
161.8 160.9
184.9 180.9
137.9
'195 ?
222.9
67 .9
92.8
115.9
135.0
190.7
222.8
' 92^3
113.3
May
1949
May
Feb.
Metals and Metal Products:
Agricultural mach & eoi ip.. . 1 3 0 . 4 144,2
132.1 146^7
Farm machinery
148.9 169.1
Iron and steel. .
161.7 175.8
Motor vehicles.
150.0 172.5
145.9
Nonferrous metals 143.5 156.1
145.1
eating
167 .3 Bui Iding Materials:
1 5 3 . 3 162 .4
215 .2
Brick and tile
1 2 8 . 4 134 3
128^6
Cement
••315.2 296.9
Lumber
Paint and paint
1 5 8 . 3 165 3
184.0
1 4 3 . 5 156'.1
188^6
Plumbing and h eatinc
153 3 178.8
177.4
Structural steel
163.1 179.1
144.6
Other building materials
Chemicals and Allied Products:
1 2 6 . 9 119.5
146.0
Chemicals
1 5 3 . 4 148 9
172 6
Drugs and pharmaceutics^
115.0 120.8
100.4
Fertilizer materials
103.2 108.3
50.1
Mixed fertilizers
Oi1<?
n
n
r
i
fnt<3
'•213.8
131.7
40.8
159.7 HousefurnishinR Goods:
145.8 154.2
179.1
Furnishings. . .
139.6 142.3
Furniture
133.8 Mi
64.7
63.5
188.9
Auto tires and t ubes
222 . 7
291.1 190.4
Cattle feed
167.4 168 0
Paner and pulp
38.8
47 6
Rubber crude
129.7 126.4
110.7
Other miscellaneous... .
' Revised.
1
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.
ucts
All other
129.2
129.3
129.5
129.3
128.7
127.6
127.5
127.4
126.5
1948
1949
Farm Products:
Grains
213 5 157.2
219.0 187.2
Livestock and poultry
Other farm products
163.3 158.9
Foods:
176.6 159.8
Dairy products.. .
156.3 146.7
Cereal products..
147.0 152.3
Fruits and vegetables
233.2 205.1
Meats
1 4 4 . 1 127^5
Other foods
Hides and Leather Products:
Shoes
185 6 187.8
218.C 185.9
Hides and skins. . .
Leather .
188 2 183.9
150.9 145.4
Other leather products
Textile Prod ucis:
Clothing
1 4 7 . 4 147.3
Cotton goods
217.8 184.8
105.4 101.3
Hosiery and underwear
Silk
46.4
50.1
40 7
41 S
Rayon
Woolen and worsted goods.. . 1 5 6 . 4 162.1
174.2 186.9
Other textile products
Fuel and Lighting Materials:
125.5 138.0
Anthra cite
181 8 106.9
Bituminous coal.
205.4 222 .9
Coke..
EJectri city
65 4
68' 5
91 9
89 3
Gas
122.1 118.7
Petroleum products
JULY 1949
14<:
Subgroups
May
Manufactured
prod-
Miscellaneous
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
152.1
165.0
Subgroups
Raw
materials
Hides Chemi- Housecals and
furand
nishleather allied
prodprodin g
ucts
ucts
goods
Mar
Apr.
144 .2 144.3
146 7 146.7
1 6 8 .3 166.2
175 .2 174.6
168 .4 156.4
155 .3 155.3
May
144.3
146.7
165.2
173.8
138.1
155.2
162 .4
134 .3
294 . 7
162 .3
155 .3
178 .8
178 .3
160.8 160.8
134.3 134.3
290.6 285.2
157.9 157.4
155.3 155.2
178.8 178.8
173.8 170.5
118 .4
142 .4
119 .6
108 3
129 .3
117.2
123.0
119.7
108.3
121.2
116.9
123.6
118.9
108.3
127.0
153 9 152.4
142 1 141.6
152.0
140.3
64. C 64.5
64 .6
209 .2 231.5 213.8
167 2 165.1 163.3
37.4
40 !o 38. tJ
125 .6 124.1 122.6
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
1948
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
1933
1939
103.8
55.8
90.4 125.3 212.2 209.3 231.6
8.8
7.0
.6
-.1
7.2
7.1
.7
1.2
-.1
87.4
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
-2.0
.3
.0
1.5
1.2
2.1
.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
8.1
9.4
.5
.5
1941
9.3
11.3
.5
.5
1944
11.9
14.0
.5
4.1
1946
11.8
17.5
.6
1.0
1947
254.9 244.9 251.9 258.1
14.4 14.0
19.8 19.1
.6
.6
-2.9
.1
.7
.9
103.8 182.4 179.3 202.5
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
14.6 24.0 16.8
24.7
2.8
5.2
5.6
5.9
.0
-.2
.0
.0
2.6
3.1 10.8 11.1
1.3
2.8
4.5
4.4
4.5
4.7
5.6
6.9
.5
.5
.6
.6
95.3 164.5 178.1 195.2
3.3
18.9 18.9 21.6
2.0 17.5 17.2 19.7
1.3
1.4
1.7
2.0
92.0 145.6 159.2 173.6
82.3 110.4 147.4 164.8
9.8 34.2 11.8
8.8
264.9 255.9
14.6
20.0
.6
-5.1
14.9 15.2
20.3 20.0
.6
.6
- 6 . 4 n.a.
.0 - . 2
.2
-.2
225.0 213.9 222.3 228.2
.2
.2
235.6 n.a.
13.3
18.5
.6
-3.4
.5
72.5
1949
1948
5.1
.0
10
4.6
7.8
.6
213. 6
21.0
18.9
2.1
192.6
177.7
14.9
14.3
19.7
.6
-5.2
25.3 29.6 30 2
5.2
5.0
5.0
-.1
.1
.1
11.0 10.7 10.3
4.6
4.5
4.5
7.7
7.4
7.4
.6
.6
.6
207.0 210.8 216.3
23.0
20.6 20.0
21.0 18.5 17.9
2.1
2.1
2.1
183.9 190.2 196.2
172.5 177.3 180.1
11.4 12.9 16.1
34.3
5.1
-.1
9.9
4.6
8.3
.6
219.6
20.2
18.0
2.2
199.4
181.0
18.4
n.a.
5.2
.1
11.1
4.6
8.3
.6
216.6
18.8
16.5
2.3
197.8
176.6
21.2
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1948
1929
National income
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valua
tion adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1933
1939
1941
1944
1946
1947
87.4
39.6
72.5
103.8 182.4 179.3 202.5
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
64.3 121.1 117.3 127.5
61.7 116.9 111.7 122.2
51.5 83.3 91.0 104.7
1.9 20.7
7.8
3.9
12.8 12.9 13.6
8.3
2.6
4.2
5.6
5.3
20.8 34.1 41.8 46.0
9.6 15.4 20.4 23.2
11.9 14.6 15.6
6.9
4.3
6.7
6.7
7.1
139
134.4
115.6
3.5
15.2
5.0
50.9
25.2
18.2
7.4
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
14.6
17.2
7.8
9.4
-2.6
4.1
'29.8 25.3
'32.8 30.5
11.8
m.
*20. 18.7
-3.0 -5.3
4.9 4.7
24.0
24.3
13.5
10.8
-.3
3.1
16.8
21.8
9.0
12.8
-5.0
3.4
24.7
29.8
11.7
18.1
-5.1
4.3
225.0 213.9 222.3 228.2
134.0 136.3 142.4
129
131.3 137.4
111.4 113.2 118.2
3.4
3.5
3.5
14.2 14.6 15.6
4.9
5.1
5.0
49.9 51.6 50.6
24.8 25.3 25.2
17.6 18.9 18.1
7.5
7.4
7.4
29.6
32.1
12.5
19.6
-2.5
4.8
30.2
34.0
13.3
20.8
-3.9
5.0
235.6 n.a.
144.7 141.9
139 136.8
119.6 116.9
3.7 3.7
16.2 16.2
5.1 5.1
51.4 50.0
25.6 24.9
18.4 17.7
7.4 7.4
34.3
34.7
13.5
21.2
-.4
5.2
n.a.
n.a.
n.a.
n.a.
1.9
5.3
r
Revised.
n.a. Not available.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period
1929-43, and quarterly data for 1939,1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shownin that issue of the BULLETIN have since been revised.
1
2
850
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
Annua totals
1949
1948
1929
1933
1939
1941
1944
1946
1947
1948
1
Gross national product
2
4
3
•
103.8
55.8
90.4 125.3 212.2 209.3 231.6 254.9 244.9 251.9 258.1 264.9 255.9
78.8
9 4
37.7
31 7
15.8
7.8
6 4
1.6
.8
46.3
3 5
22.3
20 6
1.3
1.1
1 8
— 1.6
.2
67.5
6 7
35 3
25 5
9.0
4.0
4 6
8 5
1.3
8 0
2.0
2.0
13 1
5.2
1.3
3 9
24 7
16.9
13.8
3 2
7.2
5.9
7.9
7.8
Personal consumption expenditures
Durable goods
Nondurable goods
Services . . . .
Gross private domestic investment
New construction 1
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
.4
.9
82.3 111.4 147 A 164.8 177.7 172.5 177.3 180.1 181.0 176.6
9 8
6 9 16 2 21 0 22 7 21 3 22 8 23 7 22 9 21 5
44.0 67.5 87.5 96.5 103 6 101 4 103 7 104 3 105.1 101 4
28 5 37 0 43 6 47 3 51 4 49 8 50 8 52 1 53 0 53 7
17.2
6.4 26.5 30.0 39.7 38.0 38.0 40.2 42.8 37.7
5.7
2.3
8.9
11.7 14.6 14.3 14.4 14.8 14.7 13.5
7 7
5 4 12 8 17 8 21 4 19 8 21 0 21 9 22 7 22 0
2.2
3.9 - 1 . 4
4.8
.6
3.8
3.9
2.6
3.5
5.3
4.7
8.9
1.5
2.7
1.1 - 2 . 1
3.9
- 3 - 4
1.5
96 5
89.0
88.6
1 6
1.2
7.5
30 8 28 0
20.8 15.6
21.2 }l6.9
2 5
2.9
1.3
10.0 12.3
36 0
20.9
21.5
.6
15.1
30 5
16.7
17.9
1.2
13.7
33 9
19.1
19.8
.7
14 8
38 2
22.7
22.9
.2
15.5
41.5
25.2
25.4
.2
16.3
40.1
23.5
23.7
.2
16.7
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
Government
Dividends
ProLess emand
prietors'
Other
ployee
perand
labor 5
contrisonal
rental
income
butions
income6 interest
for
income
social
insurance
NonTransagriculfer
pay- 7
tural
ments income8
1929
85.1
50.0
50.2
21.5
15.5
8.2
5.0
.1
.5
19.7
13.3
1.5
1933
46.6
28.7
28.8
9.8
8.8
5.1
5.2
.2
.4
7.2
8.2
2.1
43.0
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
74 0
68.3
72 6
78.3
95 3
122.2
149 4
164.5
170.3
178 1
195 2
213.6
45 4
42.3
45 1
48.9
60 9
80.5
103 5
114.8
115.2
109 8
120.1
132.3
45 9
42.8
45 7
49.6
61.7
81.7
105.3
117.1
117.5
111 7
122.2
134.4
18.4
15.3
17 4
19.7
27.5
39.1
48 9
50.3
45.8
46 1
54.6
60.6
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
31 2
35.0
38.9
6 9
6.7
6.9
7.3
7.8
8.6
9.5
10.5
11.5
13 8
15.1
16.1
7.5
8.2
8.2
8.5
10.2
16.1
26.9
33.5
35.5
20.7
17.4
18.7
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
2.0
.5
.5
.5
.6
.6
.7
.9
1.3
1.6
1.6
10.3
8.7
9.2
9.4
9.9
9.7
10.0
10.6
11.4
13.5
15.6
17.3
2.4
2.8
3.0
3.1
3.1
3.2
3.0
3.6
6.2
11.4
11.7
11.1
66.5
62.1
66.3
71.5
86.1
108.7
134.3
149.0
154.3
159.4
174.9
190.5
1948—April
May
. . . .
June
July
August. . .
September. . . .
October
November. . . .
December
208.6
209 2
214.4
214.8
216.7
217.3
218.5
219.9
221.0
126.8
129.0
131.4
133.4
135.9
136.7
137.5
138.0
137.7
128.8
131.0
133.6
135.6
138.0
138.9
139.6
140.1
139.9
57.3
58.5
60.4
60.9
62.3
63.0
63.0
63.8
63.6
37.8
38.6
38.8
39.5
40.0
40.0
40.2
39.7
39.8
15.9
15.9
16.1
16.4
16.5
16.4
16.6
16.6
16.6
17.8
18.0
18.3
18.8
19.2
19.5
19.8
20.0
19.9
1949—January
February
March
April?
219 2
216.3
214.6
213.7
136.3
134.7
132.7
133.2
138.6
136.9
134.9
135.3
62.1
61.5
59.5
59.1
39.9
39.0
38.9
39.7
16.6
16.5
16.7
16.7
20.0
19.9
19.8
19.8
76.8
2.1
1.8
2.1
2.0
15.4
14.0
14.7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0
50.9
2.0
2.0
2.2
2.2
2.1
2.2
2.1
2.1
2.2
2.3
2.2
2.2
2.1
2.0
2.0
2.0
2.1
2.1
2.
2.
2.
2.
51.2
50.4
53.0
51.7
50.3
50.4
50.7
51.4
52.1
16.7
16.8
16.9
17.0
17.3
17.5
17.8
18.1
18.4
11.9
11.0
11.1
11.1
11.1
10.6
10.4
10.3
10.7
185.3
186.6
189.7
191.3
193.8
195.0
195.6
196.3
197.4
2.
2.
2.
2.
51.4
49.7
49.1
48.0
18.3
18.3
18.3
18.2
11.1
11.5
12.4
12.2
195.4
194.1
193.1
193.2
p Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as for preceding page.
1
2
3
4
JULY 1949
851
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of year
or month
Total
consumer
credit
Noninstalment credit
Total
instalment
credit
Sale credit
Total
Automobile
Other
Loans1
Total
noninstalment
credit
Singlepayment
loans2
Charge
accounts
Service
credit
1929...
7,628
3,158
2,515
1,318
1,197
643
4,470
2,125
1,749
596
1933
3,912
1,588
1,122
459
663
466
2,324
776
1,081
467
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
7,047
7,969
9,115
9,862
6,578
5,378
5,803
6,637
10,191
13,673
16,319
3,595
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
2,313
2,792
3,450
3,744
1,617
882
891
942
1,648
3,086
4,528
970
1,267
1,729
1,942
482
175
200
227
544
1,151
1,961
1,343
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
3,452
3,545
3,698
3,975
3,530
3,377
3,742
4,273
6,191
7,239
7,719
1,442
1,468
1,488
1,601
1,369
1,192
1,255
1,520
2,263
2,707
2,902
1,487
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
523
533
560
610
648
687
729
772
874
920
963
1948—April
May
Tune
July
August
September
October
November
December
14,059
14,311
14,669
14,723
14,916
15,231
15,518
15,739
16,319
7,094
7,318
7,533
7,738
7,972
8,190
8,233
8,322
8,600
3,440
3,590
3,720
3,849
4,018
4,193
4,239
4,310
4,528
1,468
1,536
1,602
1,689
1,781
1,858
1,889
1,922
1,961
1,972
2,054
2,118
2,160
2,237
2,335
2,350
2,388
2,567
3,654
3,728
3,813
3,889
3,954
3,997
3,994
4,012
4,072
6,965
6,993
7,136
6,985
6,944
7,041
7,285
7,417
7,719
2,795
2,816
2,839
2,840
2,847
2,855
2,869
2,892
2,902
3,236
3,245
3,352
3,185
3,130
3,227
3,457
3,557
3,854
934
932
945
960
967
959
959
968
963
1949—Tanuary
February
March
April?
15,749
15,332
15,361
15,622
15,847
8,425
8,339
8,428
8,631
8,884
4,371
4,306
4,363
4,516
4,711
1,965
1,996
2,105
2,241
2,386
2,406
2,310
2,258
2,275
2,325
4,054
4,033
4,065
4,115
4,173
7,324
6,993
6,933
6,991
6,963
2,904
2,865
2,816
2,765
2,745
3,457
3,176
3,148
3,258
3,249
963
952
969
968
969
Mayp
p1 Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Commercialx
banks
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
1
modern- mercial
banks
ization3
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
1929..
643
43
263
21 9
23
95
463
41 3
1933..
466
29
246
121
20
50
322
202
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
312
523
692
784
426
316
357
477
956
129
131
132
134
89
67
68
76
117
166
204
95
99
104
107
72
59
60
70
98
134
160
103
135
174
200
130
104
100
103
153
225
312
117
96
99
102
91
86
88
93
109
119
131
146
200
268
285
206
123
113
164
322
568
739
792
639
749
942
664
827
912
975
784
800
869
956
1,435
1,709
380
448
498
531
417
364
384
439
597
701
817
1,793
2 ,636
3^069
1948—April
May
June
July
August
September. .
October
November. .
December.. .
3,654
3,728
3,813
3,889
3 ,954
3,997
3,994
4,012
4,072
1,570
1,597
1,634
1,669
1,701
1,712
1,700
1,701
1,709
727
736
746
757
763
771
772
780
817
180
189
194
199
203
206
204
204
204
146
147
150
152
154
155
155
156
160
252
260
272
282
291
300
302
304
312
122
123
124
125
125
126
126
127
131
657
676
693
705
717
727
735
740
739
1949—January. . . .
February. . .
March
April P
Mayp
4,054
4,033
4,065
4,115
4,173
1,705
1,695
1,720
1,749
1,788
812
806
807
815
818
202
201
203
207
213
159
159
161
163
165
309
308
315
323
333
130
130
130
131
131
737
734
729
727
725
Credit
unions
38
32
1,231
1,432
1,534
238
261
255
255
182
151
155
166
231
310
376
176
194
198
203
146
128
139
151
210
282
319
176
237
297
344
236
201
198
199
286
269
258
275
277
270
254
222
237
251
121
123
127
130
126
122
116
134
180
31
31
37
33
32
31
29
31
37
27
25
27
26
27
26
24
26
31
501
47
54
52
52
51
44
46
57
236
215
287
278
289
112
109
142
146
135
31
28
36
33
34
26
25
30
29
28
42
44
58
58
59
460
680
1,017
1,198
428:
577
P1 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 98 million dollars and
loans2 made during May were 10 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
852
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excluding automobile
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
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1,343
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
302
377
439
466
252
172
183
198
337
650
874
485
536
599
619
440
289
293
296
386
587
750
266
273
302
313
188
78
50
51
118
249
387
70
93
110
120
76
57
56
57
89
144
152
220
246
271
284
179
111
109
113
174
305
404
1,972
2,054
2,118
2,160
2,237
2,335
2,350
2,388
2,567
680
703
720
732
759
786
797
812
874
578
601
621
629
652
685
687
696
750
282
306
322
339
356
377
379
377
387
121
121
121
120
118
119
117
127
152
311
323
334
340
352
368
370
376
404
2,406
2,310
2,258
2,275
2,325
816
778
754
758
771
704
685
675
683
695
366
353
349
353
370
141
130
124
123
123
379
364
356
358
366
1948
April
May
June
July
August. . ..
September.
October. . .
November.
December.
1949
January. . .
February..
March
AprilP
May?
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
Year or month
Outstanding at end
of period:
1946
1947
1948
Total
Automobile
Other
Repair Personal
instaland
modern- ment
cash
ization
loans
loans 12
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purchased
Pur- Direct and
chased loans direct
Automobile
retail
Year or month
Outstanding at end of
period:
1946
1947
1948
1948—April
May
June
July
August
September...
October
November...
December. . .
1949—January
February....
March
AprilP
Mayp
Volume extended during month:
1948—April
May
June
July
August
September...
October
November...
December. . .
1949—January
February
March
AprilP
Mayp
Total
Repair
and
modernization
loans12
Personal
instalment
cash
loans
1,591
2,701
3,563
3,057
3,137
3,229
3,319
3,410
3,486
3,504
3,528
3,563
3,558
3,517
3,556
3,629
3,738
165
346
570
431
448
472
502
529
550
561
565
570
564
572
598
631
665
306
536
736
628
649
668
691
713
723
723
730
736
737
737
759
785
816
275
523
751
628
646
661
678
698
725
731
736
751
758
724
709
712
731
273
500
636
538
555
572
582
592
608
620
631
636
631
626
630
636
652
572
796
870
832
839
856
866
878
880
869
866
870
868
858
860
865
874
521
487
524
512
504
503
433
447
468
426
383
517
527
568
92
81
87
91
93
90
73
76
75
68
71
105
113
113
112
109
109
115
116
105
93
98
98
94
90
129
129
138
122
112
126
113
105
122
99
97
110
100
74
94
99
121
52
48
52
45
49
49
48
49
42
32
33
45
48
55
143
137
150
148
141
137
120
127
143
132
115
144
138
141
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
Year or month
Outstanding at end
of period:
1946
1947
1948
162.7
233.5
286.2
27.5
50.0
66.6
17.8
30.2
43.4
28.3
43.3
51.7
89.1
110.0
124.5
1948—April
May
June
July
August
September .
October
November.
December. .
253.3
265.1
271.6
277.8
282.3
286.7
285.9
285.5
286.2
56.8
59.0
61.4
64.3
66.3
67.8
67.1
66.8
66.6
35.7
38.0
40.1
42.1
43.3
44.3
43.5
43.3
43.4
46.7
48.3
48.8
49.1
49.8
50.6
51.3
51.6
51.7
114.1
119.8
121.3
122.3
122.9
124.0
124.0
123.8
124.5
1949—January...
February..
March . . . .
Aprils
Mayp
Volume extended
during month:
1948—April
May
,
June
July
August. . . ,
September.
October...
November.
December.
283.4
280.8
282.9
287.6
294.7
66.1
66.0
67.7
70.7
73.2
42.3
41.5
41.6
43.1
45.9
51.0
50.3
49.5
49.5
50.0
124.0
123.0
124.1
124.3
125.6
42.0
40.8
44.2
41.4
40.1
38.8
33.5
35.1
39.0
11.3
10.1
10.5
11.3
10.6
9.8
7.6
8.1
7.9
6.4
6.8
7.4
6.9
6.5
6.6
4.9
4.6
5.4
4.4
4.2
3.4
3.1
3.6
3.5
3.5
3.4
3.0
19.9
19.7
22.9
20.1
19.4
18.9
17.5
19.0
22.7
1949—January...,
February . ,
March.
AprilP
Mayp
Volume extended
during month:
1948—April
May
June
July
August
September.
October...
November.
December.
1949—January...
February..
March , . . .
Aprils
M
33.1
31.2
41.6
41.5
43.3
7.6
7.6
11.3
12.0
11.9
4.3
4.3
5.8
6.8
7.8
2.3
2.2
2.6
2.8
3.6
18.9
17.1
21.9
19.9
20.0
1949—January...
February.
March....
AprilP
M
1948—April
May
June
July
August
September.,
October
November.
December.,
Total
Repair Personal
and
instalmodern- ment
cash
ization2
loans
loans !
Automobile
Other
108.4
148.2
177.1
15.0
27.1
38.3
7.4
17.1
23.7
2.4
4.2
5.0
83.6
99.8
110.1
161.8
163.1
166.0
168.0
170.1
171.8
171.8
173.5
177.1
31.1
31.9
33.3
34.9
36.2
37.4
37.5
38.3
38.3
20.1
20.5
21.2
21.0
21.7
22.6
22.7
23.4
23.7
4.4
4.5
4.5
4.6
4.6
4.8
4.9
4.9
5.0
106.2
106.2
107.0
107.5
107.6
107.0
106.7
106.9
110.1
176.0
176.1
178.1
180.9
182.5
37.9
38.0
38.4
39.4
39.9
23.2
22.9
23.4
24.1
25.9
5.0
4.9
4.8
4.9
5.1
109.9
110.3
111.5
112.5
111.6
30.5
27.7
30.6
29.1
28.6
28.1
25.4
27.7
30.7
6.9
5.7
7.1
6.7
6.0
6.1
5.1
6.0
5.3
3.8
3.7
3.5
3.3
3.6
3.8
3.0
3.4
3.4
0.4
0.4
0.4
0.5
0.5
0.4
0.5
19.4
17.9
19.6
18.6
18.6
17.7
16.8
17.9
21.5
25.7
25.1
31.8
31.4
31.8
4.9
4.8
6.9
7.1
6.9
2.7
2.8
3.8
4.0
5.3
0.3
0.3
0.4
0.4
0.6
17.8
17.2
20.7
19.9
19.0
x
P2 Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
JULY 1949
853
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
Percentage change
from corresponding
month of preceding
year
May
1949^
Apr.
1949
Mar.
1949
May
1949?
Apr.
1949
Mar.
1949
+9
+9
+5
+ 18
-15
-26
+ 10
+4
+8
-10
-22
-5
-19
-10
-23
-13
-22
-12
-13
+9
+ 13
+ 10
+ 15
+ 14
+ 16
+6
+9
-5
-1
0
+3
+6
+3
-10
+3
+2
Collections during
month:
Total
Instalment
-2
2
Inventories, end of
month, at retail value.
-5
-1
+7
+24
+ 10
-2
0
9
+1
-3
+1
-7
-9
P Preliminary.
Charge
accounts
Instalment accounts
Year or month
Household ap- Jewelry Department
pliance stores
stores
stores
Department
stores
Furniture
stores
1948
April
May
June
July
August
September...
October
November...
December. . .
25
24
24
23
23
24
24
24
25
15
15
16
14
14
14
14
14
14
17
18
17
17
17
16
16
15
15
15
15
16
16
16
16
16
17
20
52
52
52
51
51
53
54
55
53
1949
January
February
March
April
Mayp
22
22
25
24
24
12
12
14
13
13
15
14
15
14
14
14
13
14
14
14
52
50
56
53
53
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average =100
Averages of monthly
data:
1941
1942
1943.. .
1944
1945
1946
1947
1948
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
Collections during
month
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
100
100
100
100
100
100
100
114
130
145
162
202
214
131
165
188
211
242
237
82
71
65
67
101
154
102
103
112
125
176
200
78
46
38
37
50
88
225
'236
191
219
142
213
191
'184
179
162
193
215
'202
'216
'278
136
132
171
188
182
208
131
213
134
1948—April
May . . .
June
July
August
September
October
November
December
217
172
188
'229
'249
'264
381
'220
'227
228
186
197
'231
'256
'273
'409
1949—January
February
March
Aprilp
May
173
163
'204
224
208
182
169
'209
232
210
218
211
159
177
228
250
'263
370
171
162
204
221
210
91
79
84
94
138
174
198
191
192
103
80
70
69
91
133
110
107
112
127
168
198
181
222
171
211
172
214
136
138
144
151
155
160
176
192
167
165
188
206
219
281
176
169
173
186
196
204
212
163
157
151
151
152
219
187
182
191
192
212
195
209
195
197
Cash
sales
Instalment
sales
48
9
56
61
64
64
59
55
6
5
4
4
4
Chargeaccount
sales
43
38
34
32
32
37
39
41
52
7
51
8
41
52
7
41
217
213
184
188
220
243
252
52
'53
52
50
51
51
53
7
8
9
8
7
7
6
41
'39
39
42
42
42
41
313
234
226
209
220
52
51
51
51
50
7
7
7
8
8
41
42
42
41
42
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. 845.
854
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1949
June
June
June
15
June
22
Reserve Bank credit, t o t a l . . . .
U. S. Govt. securities, total..
Bills
Notes and certificates....
Bonds
Gold stock
Money in circulation
Treasury cash and deposits....
Member bank reserves
2,
Required reserves
Excess reserves'*
Member bank reserves (weekly
avg.):
New York City
Chicago
Reserve city banks
Country banks e
20.15
19.77
4.28
7.21
8.27
24.34
27.52
1.94
18.08
17.29
.79
19.96
19.59
4.20
7.19
8.20
24.38
27.48
1.69
18.17
17.25
19.91
19.46
4.00
2
7.41
8.05
24.42
27.39
1.32
18.61
17.39
.92
1.22
20.11
19.17
4.03
7.20
7.93
24.42
27.35
1.81
18.31
P17.34
p. 97
4.74
1.16
6.82
5.21
4.86
1.17
6.84
5.31
4.88
1.15
6.85
5.25
4.85
1.14
6.82
5.27
62.34
34.04
25.73
6.20
2.11
18 4.49
1 46.36
14
.89
1 23.81
18 13.48
18 4.09
61.92
34.35
25.84
6.34
2.17
4.47
46.30
62.60
34.87
25.99
6.36
2.52
4.50
46.84
62.61
34.52
26.06
6.23
2.22
4.53
46.32
MEMBER BANKS IN LEADING CITIES
18
18
18
18
2.31
1.26
1.05
3.90
.68
.87
.99
23.10 23.23 23.56
13.42 13.39 13.29
4.10 4.11 4.11
1.80
1.91
.78
.84
1.02
3.89
1.07
3.93
2.32
1.02
1.31
3.93
15 18.38 18.05 18.54 18.65
15 9.67 9.93 10.29 10.10
17 7.54 7.58 7.64 7.69
1
5.89 5.94 6.08 6.12
17 1.40
1.55
1.55
1.50
.73
.81
.91
1
1.10
15 15.00 15.00 15.36 15.27
.29
.21
.25
.27
15
15 3.76 3.71 4.01 3.72
15 1.64
1.64
1.64
1.64
15 7.62
7.04 7.15 7.44
1
4.80 4.78 4.78 4.71
19
19
1
19
.53
.47
.22
.98
.58
.49
.23
.99
.76
.73
.22
.99
15 43.96 43.87
15 24.36 24.42
18.20 18.26
4.79 4.80
1.38
1.36
31.37 31.30
44.06
24.58
18.35
4.81
1.42
31.49
43.95
24.42
18.38
4.73
1.31
31.05
.98
.49
.23
.99
Banks outside New York City:
Loans and investments
U. S. Govt. securities, total.
Bonds
Notes and certificates
Bills
Demand deposits adjusted..
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
Real estate
For purchasing securities.
Other
Chart
book
page
June
June
In billions of dollars
WEEKLY FIGURES 1
RESERVE BANK CREDIT, ETC.
All reporting b a n k s :
Loans and investments....
U. S. Govt. securities, total
Bonds
Notes and certificates. . .
Bills
Other securities
Demand deposits adjusted..
U. S. Govt. deposits
Loans, total
Commercial
Real estate
For purchasing securities:
Total
U. S. Govt. securities..
Other securities
Other
New York City b a n k s :
Loans and investments
U. S. Govt. securities, total.
Bonds, total holdings . . . .
Due or callable—5 years
Notes and certificates....
Bills
#
Demand deposits adjusted..
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
To brokers:
On U. S. Govts
On other securities.. .
To others
Real estate and others . . .
June
29
.60
.47
.63
.73
5.83 5.99 6.07 5.71
15 13.66 13.67 13.67 13.68
15 16.19 16.06 16.09 16.13
8.68 8.64 8.61 8.58
1
3.89 3.89 3.90 3.91
1
.61
.58
.61
.61
1
3.12 3.12 3.14 3.15
1
WEEKLY FIGURES J—Cont.
19.88
BUSINESS CONDITIONS
19.52
4.52 Wholesale prices:
7.22
Indexes (1926=100):
7.78
Total
65
24.47
Farm products
65
27.43
Foods
65
1.8:
Other commodities
65
18.01
Basic commodities:
^17.38
(Aug. 1939=100):
P. 64
Total
Foodstuffs
Industrial materials
4.82
Selected farm products:
1.14
Wheat (cents per bushel).
6.78
Corn (cents per bushel)...
5.17
Cotton (cents per pound).
Steers (dollars per 100
pounds)
Hogs (dollars per 100
62.61
pounds)
34.18
Butter (cents per pound)..
26.11
Eggs (cents per dozen)...
6.23 Production:
1.
Steel (% of capacity)
4.55
Automobile (thous. cars). . .
46.09
Crude petroleum (thous,
1.47
bbls.)
23.88
Bituminous coal (mill, tons).
13.18
Paperboard
(thous. t o n s ) . . .
4.12
Meat (mill, pounds)
Electric
power
(mill. kw. hrs.)
2.61 Freight carloadings
(thous. cars)
1.27
Total
1.35
Miscellaneous
3.98 Department store sales
(1935-39=100)
18.73
9.89
7.73
6.12
1.54
.63
15.08
.52
3.71
MONTHLY FIGURES
1.68
7.72
DEPOSITS AND CURRENCY
4.66
.95
.78
.25
1.01
Deposits and currency:e
Total
Excluding U. S. Govt. deposits
Demand deposits adjusted..
Time deposits adjusted
Currency outside b a n k s . . . .
U. S. Govt. deposits
Money in circulation, total....
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills...
43.88
24.29
18.38
4.70
1.20
31.01
.95
5.68
13.72
16.16
8.51
4
3.92 Turnover of demand deposits:
New York City
.6
Other
leading
cities
3.17
Per cent per annum
MONEY RATES, ETC.
COMMERCIAL BANKS
U. S. Govt. securities:
Bills (new issues)
30 1.158 1 .158 1 .158 1 .158 1.052
1.16
1.20
1.21
Certificates
30 31.21 1.20
1.36 Cash assets*
1.43
1.42
1.41
3-5 years
30 1.46
1.60 Loans and investments, total 8 .
1.69
1.67
1.65
7-9 years
30 1.71
Loans*
15 years or more
30, 32 2.39 2.38 2.38 2.38 2.34
U. S. Govt. securities*
Corporate bonds:
Other securities*
Aaa
32 2.72 2.71 2.71 2.71
Holdings of U. S. Govt. seBaa
32 3.46 3.46 3.47 3.48
curities:
High-grade (Treas. series). . 32 2.73 2.72 2.72 2.72
Bonds:
Total
In unit indicated
Within 1 year
1-5 years
Stock prices (1935-39=100):
112
111
113
112
5-10 years
Total
34
118
116
116
117
Over 10 years
Industrial
3
91
87
88
89
Notes and certificates
Railroad
. 34
94
94
92
93
Bills
Public utility
34
.94
.92
.93
.68
Guaranteed securities
Volume of trading (mill, shares) 3<
June
15
June
June
In unit indicated
156.1
173.7
165.9
145.8
156.1
173.9
166.9
145.3
154.8
170.7
163.8
145.2
153.2
167.0
159.9
145.0
153.1
165.2
161.6
144.8
236.7 233.7 231.4 230.9 228.3
282.0 280.4 278.2 281.7 278.0
217.7 214.4 212.1 209.5 207.0
198.8 212.3 207.2
131.1 136.1 136.5
32.5 32.8
33.0
199.5 190.4
137.1 137.5
32.9 32.5
27.00 26.39 25.84
25.89
21.99 21.58 20.89
58.3
58.9 58.8
42.4 43.3
45.0
21.32 21.16
58.9 59.2
44.1 43.8
91.8
92
89.1
130
86.7
140
84.4
145
79.9
141
4,889 4,876 4,867 4.889 4,819
.37 1.98
1.85 2.16
.23
166
167
170
154
138
293
271
260
275
255
5,018 5,300 5,373 5,466 5,410
699
302
808
339
649
333
803
336
259
288
285
247
644
328
1949
Apr.
Mar.
May3
In billions of dollars
6
P167.60
P167.6O
P167.60
6
6
6
6
6
P164.20
P81.10
P58.OO
P25.1O
P3.40
27.44
8.51
14.47
4.46
P165.50
P82.40
P58.10
P24.90
P2.10
27.42
8.49
14.45
4.47
z>165.70
P82.60
P58.20
P25.OO
Pl.90
27.51
8.52
14.48
4.51
Annual rate
26.4
18.8
29.5
19.1
28.5
18.8
In billions of dollars
10
10
1C
1C
1C
1C
10
10
P34.20
P112.60
P42 .40
P60.90
P9.30
P34.00
P112.50
P41.30
P62.OO
P9.20
P32.90
P113.40
P40.90
P63.20
P9.30
41.21
5.58
25.11
6.73
3.79
10.65
1.78
41.60
5.65
25.31
6.81
3.83
10.68
2.62
42.20
5.71
25.67
6.95
3.87
10.90
2.78
For footnotes see p. 858.
JULY 1949
855
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
MONTHLY FIGURES-Cont.
1949
Mar.
Apr.
May 3
In billions of dollars
1949
Mar.
Apr.
May
In billions of dollars
MONTHLY FIGURES—Cont.
GOVERNMENT FINANCE—Cont.
MEMBER BANKS
All m e m b e r banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted'
Time deposits
Balances due to banks
Balances due from banks
Reserves
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due to banks
Reserves
Reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due to banks
Balances due from banks
Reserves
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due from banks
Reserves
12
12
12
12
12
12
12
12
12
93.96
35.89
50.54
7.53
68.53
29.07
10.37
4.89
19.42
93.99
34.86
51.64
7.49
69.79
29.13
10.10
4.80
19.18
94.96
34.47
52.92
7.58
69.89
29.22
9.94
4.82
18.15
12
12
12
12
12
12
12
12
22.62
9.88
11.19
1.55
17.84
2.69
4.78
6.45
22.98
9.20
12.28
1.51
18.88
2.69
4.74
6.38
23.50
9.17
12.82
1.51
18.87
2.76
4.63
5.96
13
13
13
13
13
13
13
13
13
34.84
13.97
18.33
2.53
24.25
11.49
4.75
1.59
7.31
34.64
13.64
18.45
2.55
24.44
11.55
4.55
1.60
7.22
34.95
13.38
18.95
13
13
13
13
13
13
13
13
36.50
12.04
21.01
3.44
26.44
14.89
3.15
5.66
36.37
12.02
20.92
3.43
26.47
14.89
3.03
5.59
36.51
11.92
21.15
3.45
26.53
14.89
3.0'
5.31
2.62
24.49
11.57
4.55
1.59
6.88
CONSUMER CREDIT •
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
Chart
book
page
20
20
20
20
20, 21
21
21
21
21
GOVERNMENT FINANCE
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes. . . .
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks e . . .
Fed. agencies and trust f u n d s . . .
F. R. Bankse
Individuals
Corporations and associations
«. .
Insurance companies e
Mutual savings banks e«
State and local govts.
Marketable public issues:
By class of security:
Bills-—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding
Commercial bank and F. R.
Bank
'.
F. R. Bank
22
22
22
22
22
15.36 P15.62 ^15.85
2.82 P2.77 P2.75
3.15 P3.26 P3.25
P.97
.97
P.97
P8.63
8.43
PS.88
4.07 P4.12 P4.17
4.36 P4.52 ?>4.71
2.11 P2.24 ^2.39
2.26 P2.28 P2.33
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.
By class of security—Cont.
Bonds—Total outstanding. . . . 24
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
24
Commercial bank and F. R.
Bank
24
F. R. Bank
24
By earliest callable or due date:
Withinlyear—Total outstanding 25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
1-5 years—Total outstanding.
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
5-10 years—Total outstanding 25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
Over 10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
Cash income and outgo:
Cash income
26
Cash outgo
26
Excess of cash income or o u t g o . . . . 26
111.60
43.85
60.51
31.83
111.60
43.85
60.81
31.91
22
3.82
3.76
3.73
23
23
23
23
23
23
23
23
'60.60
37.66
21.69
r
68.60
22.10
21.40
11.60
8.00
61.90
37.52
21.09
68.40
21.70
21.20
11.60
8.10
24
11.65
11.54
24
24
7.48
4.87
24
6.96
5.18
32.40
32.31
32.31
24
24
17.92
7.27
18.01
7.33
7!l2
P63.00
37.54
19.70
P68.60
P22.30
P21.00
2*11.60
P8.20
.01
4.23
P7
68.83
68.50 "68.20
50.45
9.24
50.50 *50.56
8.90
8.36
49.21
52.60
52.61
28.99
12.79
42.09
31.87
12.92
38.49
"31.45
12.05
38.49
29.69
2.78
10.46
27.71
2.40
10.46
2.22
10.46
6.91
.17
6.97
.16
.11
53.89
53.89
53.89
11.11
10.79
9.73
5.95
9.45
5.62
5.56
3.85
1.43
+ 1.70
"•3.13
'•-1.70
5.32
2.60
3.69
-1.09
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Corporate bonds:
Aaa
Baa
F. R. Bank discount rate
Commercial paper
Stock yields:
Dividends /price ratio:
Common stock
Preferred stock
29
1.162
29
29
29
29
2.70
3.47
1.50
1.56
2.70
3.45
1.50
1.56
2.71
3.45
1.50
1.56
33
33
6.88
4.07
7.02
4.07
7.29
4.04
1.155 1.156
In unit indicated
5
75
118
50
119
50
118
438
530
254
551
.86
427
626
329
542
424
660
355
535
.82
48
48
214.6
132.7
213.7
133.2
48
48
67.4
14.5
66.2
14.3
49
49
49
49
49
62.3
60.8
3.2
57.6
50.3
62.3
60.8
3.0
57.8
50.0
50
50
50
50
50
50
»-44.23
••16.52
1.98
r
3.95
9.71
5.76
44.07
16.35
1.98
3.95
9.69
5.76
51
51
51
'53.59
'•1.374
39.0
52.70
1.376
38.3
Margin requirements (per cent)
35
Stock prices (1935-39 = 100), t o t a l . . .
35
Stock market credit (mill, dollars):
Bank loans
35
Customers' debit balances
35, 36
Money borrowed
36
Customers' free credit balances.... 36
251.67 251.55 251.91 Volume of trading (mill, shares)
35
111.60
44.05
60.28
31.93
111.60 111.60
BUSINESS CONDITIONS
Personal income
(annual rates, bill,
dollars): • 4
Total
Total salaries and wages
Proprietors' income, dividends, and
interest
All other
Labor force (mill, persons) :e
Total
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagriculturale 4establishments (mill, persons) :
Total
Manufacturing and mining
Construction
Transportation and utilities
Trade
Government
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (dollars)
Hours worked (per week)
••63.5
62.0
3.3
58.7
49.7
P43.76
P16.04
PI.99
P3.95
P9 .63
P5.78
P53.08
Pl.375
P38.6
For footnotes see p. 858.
856
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1949
Mar.
Cont.
Industrial production:4
Total (1935-39=100). ..'
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
Manufacturing production
(1935-39=100), total
Durable
Nondurable
Selected durable manufactures
(1935-39= ICO):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
Cotton consumption
Shoes
Paperboard
Newsprint consumption
Manufactured food p r o d u c t s . . . .
Fuel oil
Gasoline
Industrial chemicals
Rayon
Orders, sales, and inventories:
Sales (bill, dollars):
Manufacturing, total
Durable
Nondurable
Wholesale
Retail
Inventories (bill, dollars):
Manufacturing, total
Durable, total
Goods in process
Purchased materials
Finished goods
Nondurable, total
Goods in process
Purchased materials
Finished goods
Wholesale
Retail
New orders (1939 = 100) :
Manufacturing, total
Durable
Nondurable
Construction contracts 4(3 mo. moving
avg., mill, dollars):
Total
Residential
Other
Residential construction:
Contracts awarded (mill, dollars) :4
Total
1- and 2-family dwellings
Other
Dwellings started (thous. u n i t s ) . . .
Value of construction activity (mill,
dollars):
Total*
Nonresidential: e
Public
Private
Residential: 6
Public
Private
Freight carloadings:4
Total (1935-39 = 100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 =100) :*
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Chart
book
page
May3
In unit indicated
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
Apr.
52
52
52
52
84.4
'78.9
20.7
53
53
53
193
223
168
54
54
54
54
54
54
••210
264
208
119
240
252
55
55
55
55
55
55
55
55
55
55
107
120
123
163
151
162
186
169
427
300
56
57
57
56
56
18.1
7.7
56
57
57
57
57
57
57
57
57
56
56
31.8
15.3
5.9
10.4
7.5
10.5
4.6
4.7
16.5
2.4
7.5
6.6
8.4
14.5
16.1
6.8
9.3
7.1
10.8
31.3
15.1
f
5.9
4.6
4.7
16.1
2.3
7.3
6.6
8.2
14.3
30.7
14.7
16.0
7.9
13.
215
243
199
196
209
187
58
58
58
717
238
480
724
257
467
739
288
450
59
59
59
59
231
167
64
69
254
198
55
86
296
203
93
95
60
1,267
1,378
,584
60
60
306
531
367
552
452
587
60
60
10
420
14
445
15
530
127
124
61
61
61
61
75.8
16.7
27.4
63
63
'3.
2.9
3.3
2.6
3.4
2.7
64
64
64
64
64
169.5
201.6
193.9
120.1
154.4
169.7
202.8
192.5
120.3
154.6
169.2
202.4
191.3
120.4
154.5
158.4 156.9
••171.5 170.5
162.9 162.9
'15O.7 148.8
143.8 142.2
180.4 179.9
121.1 117.7
134.3 132.0
200.0 196.5
174.4 171.4
115.7 115.6
155.7
171.2
163.9
146.7
140.5
179.3
118.2
130.1
194.0
168.0
113.6
65
65
65
65
66
66
66
67
67
67
66
69
69
246
261
246
260
245
256
70
70
70
70
1,973
1,269
1,850
1,231
592
27
PI.947
Pl.287
P633
P27
677
27
INTERNATIONAL TRADE AND FINANCE
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports or imports
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Foreign exchange rates:
See p. 879 of this BULLETIN
76
76
76
1,154 P 1 , 1 4 8 P 1 , O 7 7
*>534
P632
P539
P522
77
77
P5.95
P2.93
P5.86
77
77
77
P. 79
P3.02
P 99
P. 75
P3. 06
P.95
78, 79
1948
56
56
56
Oct.Dec.
QUARTERLY FIGURES
72.5
27.5
'27.0
68.9
27.7
27.7
62
62
277
'284
294
'281
293
274
63
63
63
••320
••918
310
••347
••907
236
328
897
210
May *
Cont.
Department stores—Cont.
179
296 stores—Cont.
Ratios to sales (months' supply):
80.7
P76.2
Total commitments
P75.4
Stocks
75.8
P22.9 :onsumers' prices (1935-39=100):
22.5
All items
185
P179
Food
213
P201
Apparel
162
P161
Rent
Miscellaneous
Wholesale prices (1926 =100):
209
P200
Total
••240
218
Farm products
213
196
Food
118
P120
Other commodities
238
P221
Textile products
240
P230
Hides and leather products
Chemicals and allied products. . .
Fuel and lighting materials
92
Building materials
111
103
Metals and metal products
113
P104
Miscellaneous
163
162
Prices paid and received by farmers
154
161
(1910-14=100):
162
P163
Paid
169
P166
Received
170
P175
Cash farm income (mill, dollars):
417
P409
Total
265
Livestock and products
Crops
Govt. payments
16.8
7.2
9.5
7.0
11.1
Apr.
In unit indicated
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
Mar.
Jan.Mar.
Apr.June
In billions of dollars
GOVERNMENT FINANCE
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National defense
27, 28
Veterans' Administration
28
International aid
28
Interest on debt
28
All other
28
Receipts:
Net receipts
27
Individual income taxes
28
Corporate income, etc
28
Miscellaneous internal revenue. .
28
All other
28
Tax refunds (deduct)
28
9 .10
2 .90
1 .65
1 .61
1 .45
1 .41
9.23
3.08
1.71
1.58
1.05
1.74
10.15
P3.04
1.65
Pl.95
1.87
Pl.51
8 .65
3 .08
2 .72
2 .24
.74
.12
12.40
7.26
3.29
2.01
8.05
.84
2.66
1.00
Per cent per annum
MONEY RATES
Bank rates on loans to business:
All loans:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities. .
Loans of $l,000-$10,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities..
1949
31
31
31
31
2.64
2.34
2.68
3.02
2 .70
2 .42
2 .68
3 .12
2.74
31
31
31
31
4.50
4.23
4.51
4.62
4 .62
4 .22
4 .63
4 .79
4.63
4.22
4.67
4.80
2.35
2.86
3.17
For footnotes see p. 858.
JULY
1949
857
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
Stock yields:
Earnings /price ratio, common
stocks
Chart
book
page
Apr.June
1948
Jan.Mar.
Oct.Dec.
Apr.June
In unit indicated
QUARTERLY FIGURES—Gont.
BUSINESS FINANCE—Cont.
3.58
31
31
31
31
3.40
3.60
3.68
3
3
3
3
31
31
31
31
2.97
2.70
2.97
3.14
2 .89
2 .66
2 .89
3 .04
31
31
31
31
2.34
2.16
2.44
2.57
2 .42
2 .25
2 .44
2 .71
33
.64
.42
.66
.75
3.70
3.43
3.64
3.89
Plant and equipment
expenditures
(bill, dollars) :«6
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
3.04
2.78
2.98
savings:
3.26 Individual
Gross savings
Liquid savings
2.44
Cash
2,17
U. S. Govt. securities
2.66
Other securities
2.69
Insurance
Debt liquidation
42
5.4
4.7
4.8
42
42
3.8
2.5
3.2
2.1
3.3
2.1
In billions of dollars
43
43
43
43
43
43
43
16.51 P14.28
In unit indicated
BUSINESS FINANCE
Corporate assets
and liabilities (bill,
dollars): e
Current assets total
Cash
U. S. Govt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
Corporate security issues:
Total (bill, dollars) e
New money, total (bill, dollars) e...
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars): e
Public
Private
Corporate profits, taxes, and dividends
(annual rates, bill, dollars) : e
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e. . . .
Large corporations, total (bill, dollars)
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
JanMar.
Cont.
Bank rates on loans to business—Cont.
Loans of $10,000-$100,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities. .
Loans of $100,000-$200,000:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities . .
Loans of $200,000 and over:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities. .
858
Oct.Dec.
1949
Per cent per annum
QUARTERLY FIGURES—Gont.
MONEY RATES
1948
37
37
37
37
37
37
37
37
37
'126.7
'24.0
r
13.9
'48.5
'38.7
'61.9
'37.1
'11.9
'64.8
125.0
23.4
14.0
48.5
37.5
59.2
34.6
11.2
65.8
38
38
1.87
1.77
1.06
.85
38
38
38
1.57
.07
.11
.72
.05
.08
39
39
39
39
1,451
898
117
435
699
343
174
182
39
39
39
39
316
4
60
233
152
2
38
38
.86
.81
.58
.33
40
34.7
28.8
40
40
21.2
12.9
17.2
8.9
41
5.3
81
41
1.4
1.1
41
41
564
394
498
327
41
41
223
197
248
58
+ 10 .6
+ 1 87
+1
0 0
+0 7
9
- 2 .0
Annual rates,
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
Gross national product 4
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income,
consumption, and
saving:4
Personal income
Disposable income after taxes
Consumption expenditures
Net personal saving
44
264.9
255.9
44
44
46
46
46
41.5
181.0
22.9
105.1
53.0
40.1
176.6
21.5
101.4
53.7
44
42.4
39.2
45
45
45
45
22.7
14.7
5.3
-.4
22.0
13.5
2.2
1.5
47
47
47
47
219.6
199.4
181.0
18.4
216.6
197.8
176.6
21.2
1949
June
30
Dec.
31
June
30
SEMIANNUAL FIGURES
In billions of dollars
INSURED COMMERCIAL BANKS
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local government securities
Other securities
11
11
11
11
11
11
11
11
17.83
1.97
10.10
6.41
1.18
1.08
5.43
3.50
18.76
2.78
10.67
6.80
1.34
0.94
5.51
3.42
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT
Chart
book
page1
1949
Mar.
Apr.p
May?
In millions of dollars
Consumer credit outstanding, total...
Instalment credit, total
Instalment loans
Instalment sale credit
Charge accounts
Single-payment loans
Service credit
Consumer credit
outstanding, cumulative totals: 2
Instalment credit
Charge accounts
Single-payment loans
Service credit
Consumer instalment sale credit
outstanding, cumulative totals: 2
All other retailers
Department stores and mail-order
houses
Furniture and household appliance stores
Automobile dealers
.
3
3,5
5
5
3
3
3
15,361 15,622 15,847 Consumer instalment
sale credit
8,884
8,428 8,631
granted, cumulative totals: 2
4,173
4,065 4,115
By all other retailers
4,711
4,363 4,516
By department stores and mailorder houses
3,148
3,258 3,249
2,745
By furniture and household appli2,816
2,765
969
ance stores
969
968
6
4,363
4,516
By automobile dealers
Consumer instalment loan credit
outstanding, cumulative totals: 2
Commercial and industrial banks.
Small loan companies
Credit unions
Miscellaneous lenders
Insured repair and modernization
loans
4,711
6
3,883
4,035
4,222
6
6
3,129
2,105
3,277
2,241
3,451
2,386
4
4
4
4
15,361 15,622 15,847
6,963
6,933 6,991
3,785 3,733 3,714
969
969
968
Chart
book
page1
1949
Mar.
Apr.p
May?
In millions of dollars
685
746
600
645
706
493
358
520
371
571
403
065
142
335
020
4 ,115
2 ,159
1,344
1,021
4,173
2,172
1,354
1,021
729
727
725
811
P 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.
1
2
JULY
1949
859
MEMBER BANK EARNINGS BY SIZE OF BANK, 1948
ALL MEMBER BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
25,00050,000
10,00025,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits. . . .
Other charges, fees, etc
Trust department
Other current earnings
2,816,827
11,000
58,213
214,079
233,208
310,204
231,728
851,942
157,348
1,285,650
18,273
140,730
65,155
144,102
153,627
2,931
518
6,160
42
426
25
261
16,833
3,172
30,978
157
3,362
2,129
56
1,526
65,892
13,559
106,679
689
13,020
6,975
1,036
6,229
71,110
15,165
112,887
1,110
15,572
6,380
2,909
8,075
95,686
18,597
142,501
1,435
21,028
7,864
8,608
14,485
69,999
13,209
103,658
1,400
15,694
5,293
9,183
13,292
64,987
10,219
92,071
1,061
12,038
4,779
18,246
12,277
464,504
82,909
690,716
12,379
59,379
31,309
104,039
97,482
Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
1,786,873
295,697
576,116
14,842
249,421
3,129
89,664
39,256
518,748
6,889
2,503
868
165
841
9
361
192
1,950
35,723
11,026
5,510
871
5,803
64
1,864
1,040
9,545
132,796
34,129
25,951
2,960
24,173
130
7,102
3,871
34,480
147,941
31,435
35,054
2,486
27,429
131
7,574
4,057
39,775
203,030
36,319
56,152
2,520
36,006
177
10,498
5,575
55,783
155,096
25,073
47,797
1,319
23,302
168
7,870
3,886
45,681
145,192
22,369
47,828
1,040
18,194
186
7,332
3,972
44,271
960,206
132,843
356,956
3,481
113,673
2,264
47,063
16,663
287,263
1,029,954
4,111
22,490
81,283
85,267
107,174
76,632
70,486
582,511
240,297
446
1,982
8,466
11,221
17,566
14,244
15,758
170,614
25,595
23,273
54,329
25
238
104
470
1,025
115
2,027
2,132
520
2,470
3,158
777
3,461
1,270
570
3,046
1,651
1,114
3,780
16,096
20,172
38,971
33,824
45,516
57,760
238
8
71
828
55
386
2,873
439
1,987
2,890
793
2,416
3,717
1,398
5,055
2,620
2,489
4,249
1,953
2,258
5,002
18,705
38,076
38,594
419,027
938
5,077
22,107
29,490
40,760
36,591
37,36:
246,702
67,446
35,494
16'
16
1,120
257
5,431
1,090
7,407
1,167
7,245
1,763
6,347
2,004
7,446
1,820
32,283
27,377
23,599
246,757
45,731
436
205
114
1,355
1,731
614
3,626
8,793
3,16"
2,975
14,650
3,291
2,63
24,124
4,993
1,813
22,440
3,987
2,095
21,058
4,943
8,664
153,756
24,622
Net current earnings before
income taxes
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
637
215,678 1,542,717
Profits before income taxes
851,224
3,619
19,395
67,642
66,998
83,980
54,285
48,882
506,423
Taxes on net income..
Federal
State
232,697
217,908
14,789
636
600
36
3,77'
3,558
219
15,782
15,008
774
19,453
18,620
833
26,003
24,883
1,120
16,943
16,285
658
14,871
14,144
727
135,232
124,810
10,422
Net profits.
618,527
2,983
15,618
51,860
47,545
57,97
37,342
34,011
371,191
Cash dividends declared
On preferred stock z
On common stock
292,898
3,866
289,032
947
13
934
4,549
33
4,516
16,386
173
16,213
16,942
394
16,548
23,063
545
22,518
17,216
395
16,821
16,175
967
15,208
197,620
1,346
196,274
7,01
9,270
10
86
19
401
107
663
80
946
125
828
316
754
6,363
5,582
359
287
1,664
362
2,590
521
3,613
1,142,972
1,355
2,948
13,235
25,422
Memoranda items
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
16,993
39,61
36,031,875
52,097,233
7,398,19'
941,99'
34,168,85.
106,583
149,752
21,85^
2,455
106,225
584,543 2,150,90' 2,332,908 3,112,153 2,440,29. 2,370,862 22,933,625
898,360 3,689,57' 4,090,328 5,720,002 4,333,398 4,152,672 29,063,144
530,066 3,643,416
708,912
956,919
133,360
769,329
634,338
518,936
88,189
90,616
109,903
12,280
66,22
53,397
545,96< 2,029,31' 2,197,239 3,041,832 2,507,87. 2,580,298 21,160,105
Total assets.
131,267,10:
387,147 2,175,89:
8,564,33
Time deposits
Total deposits
Total capital accounts. .
28,883,814
121,259,34.
8,779,87.
86,81
594,45<
350,904 2,003,82:
35,318
166,66<
2,562,99= 3,085,318 4,256,182 2,808,77:
7,961,94' 8,833,924 12,095,63 9,444,95'
816,58
608,35.
607,15
585,003
Number of officers
Number of employees..
Number of banks
46,12
246,99C
6,89
1,06.
754
3,61
3.93C
8,76i
14,97'
46;
1,33:
2,46
9,467,554 12,964,570 10,108,535 9,760,56: 77,838,507
6,32
17,81
1,26.
5,85:
27.26J
3,46
22,32:
2,267,15< 13,222,109
9,116,53< 71,451,625
586,49 5,374,294
2,79C
21,94
14,244
137,985
12'
171
79.
1
2
Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits.
Includes interest on capital notes and debentures.
For other footnote see following page.
860
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS BY SIZE OF BANK, 1948— Continued
NATIONAL BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits.. . .
Other charges, fees, etc
Trust department
Other current earnings
1,887,974
7,816
39,980
159,250
171,934
221,409
153,063
136,600
997,922
574,371
110,265
885,153
11,688
96,997
42,777
59,108
107,615
2,139
412
4,285
26
453
281
23
197
11,699
2,347
20,915
106
2,355
1,453
36
1,069
50,317
10,835
77,502
498
9,668
5,083
634
4,713
53,506
11,707
81,718
807
11,483
4,758
1,888
6,067
70,883
13,541
100,017
749
15,142
5,471
5,228
10,378
48,048
9,088
66,874
912
10,603
3,947
4,549
9,042
42,998
6,969
59,914
866
8,128
3,345
5,635
8,745
294,781
55,366
473,928
7,724
39,165
18,439
41,115
67,404
Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
,175,613
196,044
365,563
9,948
173,622
1,810
61,007
27,437
340,182
4,859
1,750
617
119
615
9
245
137
1,367
24,465
7,499
3,859
615
3,920
41
1,215
759
6,557
98,436
25,087
19,429
2,275
17,765
103
5,245
2,954
25,578
107,958
22,965
25,473
1,824
19,746
95
5,521
2,967
29,367
142,642
25,771
39,371
1,798
24,793
96
7,599
4,025
39,189
100,904
16,341
30,992
854
14,159
119
5,141
2,521
30,777
91,293
14,225
28,800
592
11,788
112
4,905
2,638
28,233
605,056
82,406
217,022
1,871
80,836
1,235
31,136
11,436
179,114
712,361
2,957
15,515
60,814
63,976
78,767
52,159
45,307
392,866
159,682
326
1,417
6,374
8,186
11,097
9,615
9,922
112,745
19,110
11,206
37,083
23
170
76
349
908
81
1,600
1,643
471
1,805
2,102
425
2,420
983
368
2,189
982
438
2,701
12,299
9,423
25,943
24,467
23,910
43,906
169
4
54
620
21
257
2,222
198
1,365
2,183
288
1,796
2,554
275
3,321
2,055
816
3,204
1,357
270
4,174
13,307
22,038
29,735
275,642
669
3,611
16,691
22,763
28,914
25,572
25,183
152,239
45,841
23,530
132
15
903
210
4,500
847
6,176
909
5,196
1,121
5,099
1,244
5,511
771
18,324
18,413
19,267
160,176
26,828
310
141
71
944
1,158
396
2,740
6,476
2,128
2,303
10,882
2,493
1,964
17,421
3,212
1,638
14,733
2,858
1,600
14,485
2,816
7,768
94,880
12,854
Net c u r r e n t e a r n i n g s
i n c o m e taxes
before
Recoveries, transfers from r e serves, a n d profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before i n c o m e taxes
596,401
2,614
13,321
50,497
49,399
60,950
36,202
30,046
353,372
Taxes on net i n c o m e
Federal
State
175,375
165,719
9,656
471
441
30
2,631
2,464
167
11,821
11,205
616
14,864
14,242
622
19,283
18,463
820
12,249
11,859
390
10,450
10,031
419
103,606
97,014
6,592
Net profits
421,026
2,143
10,690
38,676
34,535
41,667
23,953
19,596
249,766
Gash dividends declared
On preferred stock
On common stock
193,147
1,301
191,846
713
8
705
3,302
16
3,286
12,510
77
12,433
13,098
249
12,849
16,695
265
16,430
11,173
66
11,107
9,979
344
9,635
125,677
276
125,401
15
330
99
480
41
556
39
528
60
508
5,327
4,001
271
1,209
250
1,969
186
2,717
517
1,961
208
1,937
7,159
20,737
Memoranda items
Recoveries credited to reserves
(not included in recoveries
above) :
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
,
5,582
6,484
71
256
8,667
30,815
391,503 1,557,739 1,685,272 2,165,688 1,579,644 1,573,607 14,703,459
616,598 2,787,217 3,051,657 4,227,285 3,014,188 2,772,893 18,232,930
386,779 2,453,444
489,591
586,080
712,111
94,918
497,597
334,049
56,779
55,626
47,787
77,341
9,197
40,527
373,004 1,523,338 1,642,413 2,261,005 1,787,414 1,832,090 13,458,023
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
23,730,855
34,810,562
5,237,353
623,061
22,951,060
73,943
107,794
16,833
1,755
73,773
Total assets
87,788,702
274,308 1,486,218 6,411,302 7,021,630 9,459,814 6,944,672 6,643,407 49,547,351
Time deposits
Total deposits
Total capital accounts
19,575,575
81,322,737
5,650,619
61,323
393,259 1,883,317 2,212,301 2,969,043 1,793,372 1,455,031 8,807,929
246,876 1,362,659 5,949,996 6,550,956 8,845,068 6,512,056 6,236, 372 45,618,754
374,623 3,252,282
580,641
394,812
26,662
120,032
448,665
452,902
Number of officers
Number of employees
32,362
159,301
756
525
2,442
2,726
6,520
11,239
4,699
12,928
4,972
330
899
1,829
940
Number of banks
4,238
19,194
2,241
14,630
1,794
13,439
9,672
84,620
190
86
112
NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year.
Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or
other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits,
reserves for contingencies, and other capital reserves.
Tables showing member bank earnings and ratios by class of banks and by District for 1948 were published in the May BULLETIN, pp. 583-90.
For other footnotes see preceding page.
JULY 1949
861
MEMBER BANK EARNINGS BY SIZE OF BANK, 1948— Continued
STATE MEMBER BANKS
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans.
Other charges on loans
Service charges on deposits.. . .
Other charges, fees, etc
Trust department
Other current earnings
928,853
3,184
18,233
54,829
61,274
88,795
78,665
79,078
544,795
277,571
47,083
400,497
6,585
43,733
22,378
84,994
46,012
792
106
1,875
16
184
145
2
64
5,134
825
10,063
51
1,007
676
20
457
15,575
2,724
29,177
191
3,352
1,892
402
1,516
17,604
3,458
31,169
303
4,089
1,622
1,021
2,008
24,803
5,056
42,484
686
5,886
2,393
3,380
4,107
21,951
4,121
36,784
488
5,091
1,346
4,634
4,250
21,989
3,250
32,157
195
3,910
1,434
12,611
3,532
169,723
27,543
216,788
4,655
20,214
12,870
62,924
30,078
Expenses
Salaries—officers
Salaries and wages—others....
Directors' fees, etc
Interest on time deposits
Interest on borrowed money.. .
Taxes other than income
Recurring depreciation
Other current expenses
611,260
99,653
210,553
4,894
75,799
1,319
28,657
11,819
178,566
2,030
753
251
46
226
116
55
583
11,258
3,527
1,651
256
1,883
23
649
281
2,988
34,360
9,042
6,522
685
6,408
27
1,857
917
8,902
39,983
8,470
9,581
662
7,683
36
2,053
1,090
10,408
60,388
10,548
16,781
722
11,213
81
2,899
1,550
16,594
54,192
8,732
16,805
465
9,143
49
2,729
1,365
14,904
53,899
8,144
19,028
448
6,406
74
2,427
1,334
16,038
355,150
50,437
139,934
1,610
32,837
1,029
15,927
5,227
108,149
Net current earnings before
income taxes
317,593
1,154
6,975
20,469
21,291
28,407
24,473
25,179
189,645
80,615
120
565
2,092
3,035
6,469
4,629
5,836
57,869
6,485
12,067
17,246
2
68
5
121
117
34
427
489
49
665
1,056
352
1,041
287
202
857
669
676
1,079
3,797
10,749
13,028
208
34
129
651
241
622
707
505
620
1,163
1,123
1,734
565
1,673
1,045
596
1,988
828
5,398
16,038
8,859
Recoveries, transfers from reserves, and profits
On securities:
Recoveries
Transfers from reserves
Profits on securities
On loans:
Recoveries
Transfers from reserves
All other
Losses, charge-offs, and transfers to reserves
On securities:
Losses and charge-offs
Transfers to reserves
On loans:
Losses and charge-offs
Transfers to reserves
All other
Profits before i n c o m e t a x e s . . . .
Taxes o n n e t i n c o m e
Federal
State
Net profits
Cash dividends declared
On preferred stock 2
On common stock
Memoranda items
Recoveries credited to reserves
(not included in recoveries
above):
On securities
On loans
Losses charged to reserves (not
included in losses above):
On securities
On loans
28
9,357
21,606
13,854
143,385
269
1,466
5,416
6,727
11,846
11,019
12,179
94,463
21,605
11,964
35
1
217
47
931
243
1,231
258
2,049
642
1,248
760
1,935
1,049
13,959
8,964
4,332
86,581
18,903
126
64
43
411
573
218
2,317
1,039
672
3,768
798
671
6,703
1,781
175
7,707
1,129
495
6,573
2,127
896
58,876
11,768
254,823
1,005
6,074
17,145
17,599
23,030
18,083
18,836
153,051
57,322
52,189
5,133
165
159
6
1,146
1,094
52
3,961
3,803
158
4,589
4,378
211
6,720
6,420
300
4,694
4,426
268
4,421
4,113
308
31,626
27,796
3,830
197,501
840
4,928
13,184
13,010
16,310
13,389
14,415
121,425
99,751
2,565
97,186
234
5
229
1,247
17
1,230
3,876
96
3,780
3,844
145
3,699
6,368
280
,6,088
6,043
329
5,714
6,196
623
5,573
71,943
1,070
70,873
183
39
390
86
300
256
246
1,036
1,581
112
621
335
896
627
1,011
1,147
1,011
6,076
4,685
1,435
2,786
8,326
8,796
14
13
103
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
12,301,020
17,286,671
2,160,844
318,936
11,217,795
32,640
41,958
5,024
700
32,452
193,040
281,762
38,442
3,083
172,965
16
455
946,465
860,650
797,255 8,230,166
593,168
647,636
902,360 1,038,671 1,492,717 1,319,210 1,379,779 10,830,214
219,321
136,741
244,808
143,287 1,189,972
183,249
12,870
32,562
32,563
33,837
18,434
184,887
505,976
720,459
780,827
748,208 7,702,082
554,826
Total assets
43,478,400
112,839
689,673 2,153,035 2,445,924 3,504,756 3,163,863 3,117,154 28,291,156
Time deposits
Total deposits
Total capital accounts
9,308,239
39,936,608
3,129,254
25,494
104,028
8,656
201,200
873,017
679,678
641,163 2,011,953 2,282,968
46,637
154,255
136,338
Number of officers
Number of employees
Number of banks
13,759
87,689
307
229
1,172
1,204
2,246
3,735
1,626
4,885
1,919
138
433
632
324
1,015,406
812,125 4,414,180
2,932,898 2,880,164 25,832,871
213,542
211,874 2,122,012
1,226
7,692
996
8,505
4,572
53,365
43
59
For footnotes see preceding two pages.
862
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
864-869
Gold production .
869
Reported gold reserves of central banks and governments. .
870
Gold movements; gold stock of the United States. .
871
International Monetary Fund and Bank. .
872
Central banks .
872-876
Money rates in foreign countries. .
877
Commercial banks
878
Foreign exchange rates..
879
Price movements:
Wholesale prices .
880
Retail food prices and cost of living. .
881
Security prices .
881
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 1949
863
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—
Increase in foreign banking
funds in U. S.
Total
Total
Official i
Other
Increase in
banking
funds of international
institutions
in U. S.
Foreign
securities:
Return
of U. S.
funds 2
Decrease
in U. S.
banking
funds
abroad
Domestic
securities:
Inflow of
foreign
funds *
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936).
1936—Dec 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
631.5
989.5
1,259.3
1,513.9
2,522.4
38.0
140.1
334.7
327.0
634.1
593.5
849.4
924.6
1,186.9
1,888.3
361.4
431.5
449.1
510.1
650.4
125.2
316.2
583.2
641.8
725.7
316.7
917.4
1,162.0
1,219.7
1,133.7
6.0
12.9
47.5
47.6
80.6
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941).
31
31 «
31
5,807.9
5,354.1
5,980.2
7,267.1
3,239.3
2,979.6
3,465.5
4,644.8
1,281.1
1,177.1
1,557.2
2,610.0
1,958.3
1,802.6
1,908.3
2,034.8
775.1
791.3
888.8
877.6
803.8
855.5
848.2
925.9
888.7
626.7
673.3
701.1
100.9
100.9
104.4
117.8
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31
31
31
31
7,728.4
8,802.8
8,009.5
8,335.2
4,865.2
6,144.5
5,272.3
4,120.3
2,624.9
3,469.0
2,333.6
1,121.8
2,240.3
2,675.5
2,938.7
2,998.5
453.8
2,242.0
805.8
742.7
427.2
186.5
1,019.4
972.8
1,237.9
1,276.9
911.8
798.7
464.5
367.0
126.3
144.1
153.7
142.4
7,870.0
7,948.1
8,045.7
7,931.9
7,984.0
8,075.6
8,251.2
8,560.6
8,653.0
8,715.5
8,651.2
8,576.1
4,285.9
4,351.9
4,432.9
4,522.1
4,570.3
4,651.7
4,782.3
5,119.5
5,220.2
5,298.9
5,216.9
5,126.4
1,299.0
1,352.3
1,389.3
1,513.9
1,547.6
1,685.0
1,796.9
2,126.0
2,221.2
2,294.2
2,221.7
2,090.9
2,986.9
2,999.6
3,043.6
3,008.2
3,022.7
2,966.7
2,985.4
2,993.6
2,999.0
3,004.7
2,995.2
3,035.5
1,935.1
1,907.7
1,909.1
1,898.9
1,895.1
1,899.5
1,880.6
1,844.3
1,914.2
1,892.1
1,897.3
1,880.5
-15.3
35.7
68.6
54.0
68.7
69.6
103.8
116.8
139.3
138.4
150.1
189.9
L,304.0
1,306.7
L.311.9
1,161.2
1,167.5
L.170.7
1,178.0
L,182.1
L.186.9
1,188.2
L,176.8
,173.4
213.6
203.9
189.7
166.2
157.9
162.6
181.8
174.8
72.2
79.8
87.6
86.9
146.8
142.2
133.5
129.6
124.5
121.5
124.6
123.1
120.3
118.1
122.6
118.9
1948—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31 v
Apr. 30*>
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,
through—
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec.
3i
31
31
31
31 .
31
31 .
1948—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1949—j an . 3i
Feb. 28
Mar. 3 1 P
Apr. 30P
International institutions
Total
United
King- France
dom
5,354.1
674 1
5,980.2
837.8
7,267 1 1,257.7
7,728.4 1,090.0
8,802 8 892.5
563.1
453.8 7,555.7
2,067 3 6,267 9 437.0
1,760 6
1,738 3
1,739.7
1,729.5
1,725.8
1,732.2
1,713 3
1,677 1
1,672.5
1,650.5
1,639.6
1,622.9
6,109 4
6,209 9
6,306.0
6,202.4
6,258.2
6,343.4
6,537.8
6,883 4
6,980.5
7,065.0
7,011.6
6,953.2
449 9
558 0
489.4
486.8
462.5
479.5
500.9
659 7
682.4
689.7
618.2
557.4
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
639.9
625.9
636.8
585.7
464.2
384.8
234.3
464.4
474.0
487.7
506.2
539.7
326.4
213.8
725 7
592.1
629.1
664.3
722.3
766.1
839.3
50.5
48.1
48.2
63.1
106.5
287.5
150.1
L,071.7
1,030.3
L.133.3
1,172.5
1,311.8
L.246.3
L.100.6
567 5
3,626.3
340.5
425.1
3,608.1
835.8
4,192.8
951.0
760.3
4,081.8
976.4 1,193.7
4,037.0 1,395.7 1,338 4
3,574.2
979.7 1,474.0
2,975.1
688.6 1,383.4
691 1
932.9
1,161.6
1,273.6
1,784.1
1,258.3
975.8
128 6
178.3
201.4
203.0
247 5
269.6
244.9
64.8
59 5
51.6
56.6
44.9
51.3
57.7
74 2
58.6
56.6
61.4
65.3
125.2
120.1
102.1
92.8
86.6
76.0
88.2
103 0
127.6
122.9
128.8
121.6
860 9
858 3
863.4
853.1
829.9
823.8
818.5
846 0
871.2
859.9
878.9
917.4
216.6
210.2
238.7
270.0
307.1
316.4
330.3
335.9
383.7
403.7
388.9
387.4
1,066.7
L.005.5
L.006.7
977.4
L,008.1
L.021.4
L,089.0
L,122 2
1,145.8
L,192.9
L.173.4
L,156.8
2,784.2
878.7 1,329 5
2,811.6
911 2 1,384 0
2,751.8
938.2 1,381.1
2,736.8
816.3 1,420.5
2,739.1
849.3 1,441.0
2,768.3
868.0 1,464.2
930.3 1,448 5
2,884.5
947 3 1,503 6
3,141 1
3,269.3
970.0 1,524.0
3,325.9
996.4 1,541 9
3,249.5 1,011.4 1,510.8
3,205.8
960.7 1,556.2
893 6
897 5
1,009.8
997.9
999.0
1,001.8
1,044 1
1,056 7
990.6
963 4
986.5
986.3
223.5
205.6
225.1
230.8
229.8
241.1
230 5
234 9
226.7
237 5
253.4
244.2
P
Preliminary.
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at 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
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such
institutions are included in foreign securities.
8
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.
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. For revision of earlier figures to include movement in official Philippine accounts held with U. S.
Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported
by Banks in the United States, By Countries" 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. 578-591,
and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971.
864
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 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
International
institutions
From Jan. 2, 1935.
through—
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31...
31..
31..
31..
31..
31..
31..
1948—May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1949—Jan. 3 1 . .
Feb. 28..
Mar. 31P.
Apr. 30*>.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
2,979.6 328.6
3,465.5 493.3
4,644.8 939.4
4,865.2 804.4
6,144.5 646.4
453.8 5,272.3 397.6
2,242.0 4,120.3 264.9
416.5
394.5
404.1
356.6
229.9
165.8
87.6
161.0
170.0
176.7
193.1
265.0
208.2
126.7
326.2
166.3
192.7
221 A
286.3
359.0
432.8
-3.4
-6.2
-6.9
7.0
50.1
247.6
132.8
538.0
479.8
565.3
611.2
745.8
687.2
576.6
1,766.9 273.1 296.7
541.4
1,697.5 399.5 482.8
743.9
2,271.2 704.7 578.7
928.2
2,193.7 818.6 794.7
888.6
2,223.4 1,414.2 924.9 1,369.1
2,065.5 823.9 983.3 1,135.7
1,621.4 301.6 1,095.0
877.3
101.6
141.9
162.0
169.7
212.9
263.9
224.9
,935.1
,907.7
,909.1
,898.9
895.1
,899.5
,880.6
,844.3
,914.2
,892.1
,897.3
1,880.5
82.6
87.0
82.9
87.9
79.5
86.4
93.8
112.6
89.8
87.9
90.0
93.7
93.6
96.3
93.9
106.1
98.4
91.2
95.3
106.1
112.1
103.1
108.8
91.3
515.8
527.1
534.9
535.9
515.1
512.0
509.2
525.3
546.9
534.5
551.4
580.5
195.5
192.4
216.7
251.0
285.2
295.1
310.4
313.2
364.4
389.5
376.0
371.5
568.0
498.4
496.5
483.9
506.1
520.0
551.9
574.8
594.0
636.1
604.0
583.8
1,734.9
1,785.7
1,736.1
1,775.3
,768.9
,805.9
,879.6
2,117.1
2,214.0
193.3
174.5
192.3
199.5
196.3
207.8
198.6
198.6
190.8
198.2
213.9
205.1
4,285.9
4,351.9
4,432.9
4,522.1
4,570
4,651.7
4,782.3
5,119.5
5,220.2
5,298.9
5,216.9
5,126.4
279.4
384.4
311.2
310.6
284.6
301.2
318.9
485.0
506.8
515.6
451.1
375.3
2,266.7
2,181.3
2,096.2
462.6
483.6
508.7
548.4
578.0
593.8
657.1
667.2
727.8
750.3
762.2
709.5
,085.5
,104.0
,081.2
,104.7
,102.7
,139.7
,106.2
,165.4
,173.9
,194.6
,148.2
,204.6
809.6
804.1
914.5
894.2
924.4
904.6
940.8
971.2
913.7
889.2
911.3
911.0
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Total
United
King- France
dom
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31..
1944—Dec. 31..
1945—Dec. 3 1 . .
1946—Dec. 31..
1947—Dec. 31.
791.3
888.8
877.6
805.8
742.7
427.2
186.5
271.2
279.4
272.1
266.1
266.6
244.3
262.8
76.9
77.8
77.9
77.7
78.0
73.4
55.7
-17
-132
-30.5
1948—May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.,
Oct. 31.,
Nov. 30.
Dec. 31.
1949—Jan. 3 1 .
Feb. 28.
Mar. 31 P
Apr. 3 0 P
-15.3
35.7
68.6
54.0
68.7
69.6
103.8
116.8
139.3
138.4
150.1
189.9
266.7
270.4
270.3
268.4
271.1
271.1
273.7
267.5
267.7
265.0
257.5
274.0
-43.6
-47.9
-45.8
-44.1
-45.3
-43.9
-44.9
-39.9
-36.9
-37.3
-36.7
-35.3
-40.6
-40.7
-40.3
-56.6
-50.9
-51.2
-40.4
-32.7
-12.7
-6.8
-6.5
7.0
From Jan. 2, 1935, through—
Netherlands
17.6
18.1
18.3
Switzerland
Italy
5.4
6.6
5.1
6.8
5.2
-1.7
1.1
2.2
1.7
1.1
.6
1.6
1.2
1.3
1.7
.3
1.0
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
25.8
26.2
26.2
26.2
26.2
10.6
5.5
250.5
253.5
256.8
231.5
235.1
226.9
190.9
593.4
421.3
485.5
62.7
58.6
55.1
64.8
39.5
40.7
65.4
17.7
68.3
55.7
37.0
9.1
-58.8
-346.3
64.7
93.8
102.7
77.7
99.2
29.9
2.0
-1.2
6.6
7.5
-.3
1.5
-5.8
-20.1
9.4
6.0
10.1
7.4
10.3
9.6
8.2
10.8
7.0
1.9
.4
3.4
163.1
170.4
172.9
155.0
162 A
161.5
184.9
203.5
207.8
212.5
224.0
226.9
357.1
359.7
368.3
330.8
348.2
347.9
383.0
410.3
434.2
437.0
439.1
477.0
68.0
66.9
68.9
68.2
67.3
63.6
52.9
53.0
52.2
54.4
53.3
58.7
-413.7 - 1 5 . 9
-376.2
-4.4
-356.1
-3.2
-343.9
10.0
-325.4 - 1 2 . 0
-343.5
11.7
-342 A
22.0
-348.6
10.3
-338.7
.8
-345.1
-1.5
-334.9
-.9
-337.9
-.9
-10.9
-10.3
-9.2
-11.1
-9.4
-10.2
-11.7
-8.3
-9.1
-6.4
-6.5
-7.0
AH
other
647.4
661
656.
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935,
through—
1941—Dec
1942—Dec.
1943—D ec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
3i
31
31
31
31
31
31
International
institutions
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
-249.3
855.5
848.2
925.9
1,019.4
079 R
1,237.9
L.526.2
127 6
125 4
127.6
126 5
117.7
96.8
94.9
51 6
52 4
50.6
510
51.2
50.2
47.1
31 5
31 6
33.0
33.6
33.0
26.0
-3.9
44 3
44.9
44.7
44.5
45.2
31.2
16.3
28.1
28.0
27.9
27.6
27.5
26.7
26.5
238.4
244 1
246.6
246.9
249.2
260.2
275.8
521.3
526.3
530.3
530.1
523.8
491.2
456.7
35.4
—3.0
41.2
104.9
49.1
236.6
441.8
221.1
245.4
272.3
302.0
317.1
448.4
537.6
61.2
61.5
62.2
61.3
60.8
61.1
61.6
16.6
18.0
19.9
21.0
22.0
.7
28.4
—249.3
-249.3
—249.3
-249.3
—249 3
-249.3
—249 3
—249 3
-249.3
—249 3
—265 3
-265.3
1,553.3
1,556.0
L,561.2
1,410.5
1,416 8
1,420.0
1,427 3
. 431 3
1,436.1
1,437 5
1,442 0
1,438.7
89 0
87.7
87 5
87.3
86 5
86.0
85 6
84 9
84.8
82 5
82.0
81.8
44 4
43.5
43.3
43.2
43 2
43.0
43 1
42.9
42.8
42 9
42.9
42.9
—6 6
-6.7
-8.1
-8.7
-8 8
—8.6
—8 7
-9.1
-9.3
—9 4
-9.0
-9.7
—4 8
-8.6
-10.7
-13.9
-15.2
-16.3
-17 4
-19.0
-18.7
-17 9
-17.0
-16.4
26 5
26.5
26.5
26.5
26.6
26.5
26 5
26.5
26.6
26.6
26.7
27.0
278 3
281.4
282.2
282.8
283.3
283.8
284.4
287.2
288.1
289.0
289.5
290.1
426 8
423.8
420.6
417.3
415.6
414.5
413 6
413.3
414.3
413.8
415.0
415.7
469.9
472.7
477.4
327.7
331.8
334.6
338.8
339.7
341.5
341.6
342.6
343.2
559.6
561.9
565.2
567.3
570.7
571.8
575.4
578.3
580.0
581.5
583.4
577.9
62.2
62.3
62.4
62.5
62.6
62.6
63.0
63.2
63.2
63.2
63.3
63.8
34.7
35.2
35.5
35.8
36.2
36.5
36.6
36.9
37.1
37.4
37.8
38.0
...
1948—May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov 30
Dec 31
1949—j an> 31 1
Feb 28
Mar. 31 P
Apr. 30?
P Preliminary.
JULY 1949
865
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 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
International
institutions
From Jan. 2, 1935,
through—
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec.
3i
31
31
31
31
3i
3i
1948—May 31
June 30
July 31
Aug. 31
Sept 30 . .
Oct. 31
Nov. 30
Dec. 31
1949—Jan. 3i
Feb. 28.
Mar. 31 P
Apr. 30?
74.5
74.8
79 8
79.9
79 9
79.9
82 0
82.0
82 1
...
7.6
7.6
7 6
7.6
Total
United
King- France
dom
Netherlands
Switzerland
626.7
673.3
701.1
911.8
798.7
464.5
292.4
- 7 0 . 1 74.9
- 7 7 . 6 80.5
— 100 3 82 7
-125.4 77.3
-157 9 81.7
-194.9 74.9
-203.8 24.7
236.7
236.9
239 9
239 0
233.5
207 0
108.7
336.4
360.5
367 3
368.5
355.4
337.9
350.9
138.8
124.1
109.8
86.3
77.9
80.6
99.8
92.7
64.6
72.2
80.0
79.3
-202.9 - 3 7 . 0
-202.3 - 4 1 . 3
-197.0 - 4 6 . 9
— 196.2 —48.0
-196.3 -49.7
— 195 5 —51 2
-194.1 -51.0
— 194 7 —58 1
-194.0 -53.8
-190.4 - 5 3 . 3
— 189.8 —51 6
-190.4 - 5 2 . 6
66.5
58.8
45.7
41.2
38.3
34 5
32.4
29 5
27.8
26.5
25.4
23.1
Italy
_
t
-.1
.6
1.9
2.2
2.1
-15.0
304.2 - 1 5 . 2
297.3 - 1 5 . 1
298.2 - 1 5 . 1
294.8 - 1 5 . 3
295.9 - 1 5 . 6
300.2 — 15 3
312.2 - 1 5 . 3
311 0 — 15 0
314.9 — 14.7
3t7.8 - 1 4 . 7
320.9 - 1 4 7
328.3 - 1 5 . 0
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
37 1
44.4
55 4
72.4
68.0
57.3
43.1
615.0
644 7
645 7
633.7
582.9
484.3
308.7
—44.7
-45.1
—58.2
-28.1
-126.6
-143 0
-139 8
28.1
35.2
40.5
54.9
81.3
87.6
84.2
17.5
27.7
62.5
240.5
251.3
26.8
28.3
10.9
10.9
10.6
10.7
9.9
8.8
11.0
45.4
44.2
43.7
44.3
44.7
44 7
45.1
45.7
45.3
44.7
44.6
44.8
161.0
141.6
128.5
120.8
117.4
117.5
129.3
118.4
125.5
130.5
134.9
138.1
-142.1
-132.6
-137.1
-147.2
-147.4
-142.6
— 137.2
— 132.3
-171.0
-168.7
-165.8
-170.6
83.9
81.7
83.1
82.4
84.7
83.3
89.7
94.4
97.1
97.5
98.7
99.6
30.1
27.9
29.2
24.1
17.1
15.9
11.3
5.8
5.5
6.1
6.2
6.2
6.5
5.1
5.7
6.6
7.2
7.3
5.0
7.2
Asia
All
other
5.4
4.9
7.5
7.3
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
Total
From Jan. 2, 1935, through—
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31
31 . . . .
31
31
31
31
31
1948—May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 . . . .
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31 v
Apr. 30P
.
. ..
United
King- France
dom
Netherlands
Switzerland
Italy
100.9
104.4
117 8
126.3
144 1
153.7
142.4
16.8
17.4
18.8
18.5
19 8
19.2
18.2
19.9
20.7
21.5
23.1
23 4
20.5
19.1
17.6
17.5
19 9
22.3
26 0
17.5
12.7
13.5
13.7
19.3
23.0
30 3
39.6
38.2
.2
146 8
142.2
133.5
129.6
124.5
121 5
124.6
123.1
120.3
118.1
122.6
!118.9
17.6
17.8
17.5
16.7
16.5
16 6
16.8
17 0
17.0
17.0
17.3
16.8
18.4
18.3
18.2
17.6
17.2
17 0
16.6
16.7
16.8
16 5
16.8
16.6
12.3
12.4
10.9
10.9
43.6
40.8
39.9
35.6
33.6
27 0
24.6
27.5
26.8
23 8
23.3
24.0
.4
.4
.5
.4
9.6
10 0
9.5
9.3
9.8
9 5
10.1
9.9
.2
.3
.3
.4
.4
.3
.5
.5
.5
.4
.4
.4
.5
.5
Latin
Canada America
Other
Europe
Total
Europe
7.7
8.5
9.2
10 4
13 6
14.7
14.2
75.7
78.1
89.1
97.7
113.6
112.0
102.7
14.1
15.2
17.6
16.2
19.5
21.5
19.6
12.0
11.1
11.4
11.4
11.6
11 4
10.9
11.0
10.5
10.7
11.2
11.1
104.3
100.8
98.3
92.6
89.1
82 6
78.9
81.9
81.3
77.9
79.3
78.8
20.2
20.6
20.2
19.3
19.6
18.4
18.6
19.6
19.6
18.8
19.2
19.9
3.9
6.3
.8
4.2
3.8
5.1
5.9
13.4
12.9
6.0
6.0
5,6
3.8
.9
1.3
1.8
1.3
4.8
2.0
6.6
.7
14.1
12.6
7.7
10.0
7.6
.6
.6
.5
.5
7.0
6.9
7.0
7.0
7.2
7.2
.5
.6
.4
.6
.5
.7
.8
.8
8.3
13.0
19.7
14.0
11.7
13.4
15.4
11.9
7.6
6.8
7.3
7.8
7.4
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS
In-
Date
ternational
institutions
Total i oreign
countries 2
Official
and
private
United
NethKing- France
erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
Official
1941—Dec. 31
1942—Dec 31
1943—Dec 31
1944—Dec. 31
1945—Dec 31
473.7
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . . 2,262.0
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5
4,854.4
1,314.9
400.8
2,244.4
554.6
3,320.3 1,000 8
3,335.2
865.7
4 179 3
707.7
3,043.9
458.9
1,832.1
326.2
448.6
432.3
439.9
401.2
310 0
245.9
167.7
174.9
186.6
193.3
209.7
281.6
224.9
143.3
339.9
184.2
210.6
239.3
304.2
372.6
446.4
15.4
12.1
11 3
27.3
70.4
267.9
153.1
614.6
650.9
728^6
774.5
909 1
850.5
739.8
1,994.0 373.2
417.7
2,020.7 507.4
597.7
2,584.5 812^6
693^7
909.3
2,517.8 926.5
2,583.0 1,522 2 1,046 4
2,420.7 931.8 1,104^8
1,976.7 409.6 1,216.6
780.0
930.0
1,108^8
1,069.2
1,549.7
1,316.4
1,057.9
113.6
149.6
175^3
174.0
181 8
232^8
193.7
1,955.1
1,927.7
1,929.0
1,918.8
1,915.1
1,919.5
1,900.6
1,864.3
1,934.1
1,912.1
M a r . 31P.. 1,917.2
Apr. 30*.. 1,900.5
5,020.0
5,086.0
5,167.0
5,256.2
5,304.4
5,385.9
5,516.5
5,853.7
5,954.3
6,033.1
5,951.1
5,860.6
2,009.3
2,062.6
2,099.6
2,224.2
2,257.9
2,395.3
2,507.2
2,836.3
2,931.5
3,004.5
2,932.0
2,801.2
340.7
445.8
372.5
371.9
346.0
362.5
380.3
546.3
568.2
576.9
512.5
436.6
162.7
167.2
163.0
168.0
159.6
166.5
174.0
192.8
169.9
168.0
170.1
173.9
110.2
112.9
110.5
122.7
115.0
107.8
111.9
122.8
128.7
119.7
125.4
108.0
529.4
540.7
548.5
549.5
528.7
525.6
522.8
538.9
560.5
548.1
565.0
594.1
215.8
212.7
237.1
271.3
305.5
315.4
330.7
333.5
384.7
409.8
396.3
391.8
731.3
661.7
659.8
647.1
669.3
683.2
715.2
738.1
757.3
799.4
767.3
747.1
2,090.1
2,140.9
2,091.4
2,130.5
2,124.1
2,161.1
2,234.9
2,472.4
2,569.3
2,621.9
2,536.6
2,451.5
990.2
984.7
1,095.2
1,074.8
1,105.0
1,085.2
1,121.5
1,151.8
1,094.4
1,069.8
1,091.9
1,091.6
162.1
143.3
161.1
168.3
165.1
176.6
167.4
167.4
159.6
167.0
182.8
173.9
1948—May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30...
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1949—Jan. 3 1 . . .
Feb. 2 8 . . .
570.6
591.5
616.7
656.4
686.0
701.8
765.1
775.2
835.7
858.2
870.1
817.4
L,207.0
,225.6
1,202.7
L.226.2
L.224.3
L,261.2
L,227.7
L,287.0
L.295.4
L,316.1
L.269.7
L,326.1
P Preliminary.
Amounts
outstanding Apr. 30 (in millions of dollars): foreign brokerage balances in U. S., 66.9; U. S. brokerage balances abroad, 24.8.
1
Country breakdown is for "Official and private."
866
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA
Other Europe x
Other
Europe
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31.
31.
31.
31.
31.
31.
..
..
..
..
..
..
1948—May 31. . .
June 30. . .
July 31. . .
Aug. 31. . .
Sept. 30. . .
Oct. 31 . . .
Nov. 30. . .
Dec. 31 . . .
1949—Ian. 33 . . .
Feb. 28.7.'.
Mar. 3 1 P .
Apr. 30*.. .
650.9
728 6
774,5
9C9 1
850 5
739 8
Belgium
121
122
124
185
159
124
8
9
3
0
5
9
731 3 i 133 7
(61.7 I 125 5
659.8 1 121 7
114 2
647.1
669.3 116 8
117 0
683.2
112 6
715.2
128 7
738.1
757.3 129 0
163 3
799.4
142 .4
767.3
147 .6
747.1
Denmark
Finland
17
13
14
25
66
52
7
7
7
5
22
30
7
9
8
9
5
8
46 3
39 4
42 8
42 0
41 3
40 7
46 1
44 7
48 8
49 8
46 8
40 .4
GerI uxem- Normany2 Greece tourg
way
9
7
1
5
2
5
7
6
6
7
7
89
5
5
8
0
1
5
39
43
48
70
49
34
3
5
7
8
3
29 0
29 3
26 7
25 4
22 1
18 8
17 1
19 1
17 2
16 9
16 0
17 .3
107
83
72
76
101
125
153
178
186
196
190
180
1
7
7
8
4
2
2
9
2
1
8
1
36
34
32
25
22
20
21
21
23
24
28
30
3
2
3
0
1
4
9
1
7
7
4
7
.1
Portugal
Rumania
18.3
18 4
18 6
22 3
22 6
21 7
132
158
220
216
123
56
4
9
8
1
5
2
35.7
53.4
54.5
47.9
39.0
47.1
9.4
9.3
9.5
9.3
8.9
17.5
16.8
16.0
15.7
14 8
14.9
16.0
16 0
14 1
14 1
12.8
14.3
55
58
58
66
68
71
72
77
77
81
83
77
7
5
9
0
9
6
7
7
5
2
1
4
38.5
35.0
45.3
47.4
39.7
43.7
42.1
37.7
42 4
39.4
39.5
39.1
All
Sweden USSR Yugoslavia other
Spain
153
163
152
210
172
8.7
17 .5
31 . 8
43 .4
31 .7
16 .4
12 .8
58.6
14 3
12.3
16 1
28.0
60.5
73.7
7.7
7.5
7.6
7.0
7.2
6.9
7.7
7.0
6.2
5.9
5.9
5.4
20 8
17 8
17 3
16 1
15 7
16 1
18 2
13 6
15 .5
14 .7
14 9
12 .8
42
38
48
45
48
49
42
49
53
54
51
49
73.7
54.1
55.7
44.7
41.4
32.8
28.5
21.3
22.7
20.2
14.0
13.6
5
2
1
1
6
0
2
1
7
8
3
5
0
1
5
9
7
17.7
9.9
5.7
5.7
12.4
12.1
22.0
17.1
11.7
14.6
10.6
19 4
24.8
19.9
14.9
13.3
11.9
7.3
57.9
76.9
52.1
43.7
89.9
116.5
101.1
104.8
102 9
106.7
118.4
106.4
111.8
103.3
106.0
105.7
108.6
111.9
Latin America x
NethLatin
America
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31.
31.
31.
31.
31.
31.
Argentina
Bolivia
Brazil
Chile
597. 7 67.6
. .
. .
693. 7 69.8
. .
909.3 93.9
77.3
. . 1 ,046. 4
. . 1 ,104. 8 112.6
. . 1 ,216. 6 236.2
10 . 8
12 .6
17 .7
14 .5
14 . 0
17 . 8
67 .7
98 .7
140 . 8
195 .1
174 .0
104 .7
34
54
55
66
50
46
1 ,207 0 185.2
1 ,225. 6 187.3
1 ,202. 7 189.8
1 ,226. 2 189.8
1 ,224. 3 208.2
1 ,261. 2 224 8
1 ,227 7 210.0
1 ,287. 0 215.8
1 ,295 4 225.7
1 ,316 1 226.9
1 ,269 7 224.7
1 ,326 1 223.5
13 .5
14 .3
12 .1
13 . 0
12 .5
14 .4
16 .2
17 .1
16 . 4
15 . 3
15 .0
14 .6
125 .1
115 . 8
113 . 8
117 . 4
115 .7
122 .3
131 .3
123 .7
120 .1
118 .9
99 .0
126 .2
48 6
53 . 0
60 .2
55 .9
51 . 5
58 3
52 .9
55 .6
1948—May 31. . .
June 30. . .
July 31. . .
Aug. 31. . .
Sept 30
Oct. 31. . .
Nov. 30. . .
Dec. 31. . .
*949—Jan. 3 1 . . .
Feb. 2 8 . . . .
Mar. 31P ..
Apr. 3 0 P . . .
5
0
0
3
7
3
54.5
56 . 0
52 .0
62 .1
Colombia
Costa
Rica
Cuba
4
1
6
2
8
1
12.4
12.2
100.3
40 2
48 4
48 7
12.2
10.0
43
67
83
79
57
46
46.5
38
46
50
54
55
49
42
39
9
2
5
0
5
1
4
2
7.4
6.9
7.7
7.3
9.0
8.6
7.2
6.9
8.0
8.9
9.7
10.6
10.3
10.7
French
West
Indies
and
Guiana
70 4
139 3
128.3
153 5
234 7
255
228
225
234
231
3
8
6
9
2
217
219
218
226
224
3
4
8
0
3
221.4
229.2
er-
Mexico
lands
West
Indies
and
Surinam
4.9
2.6
4.4
7.1
5.4
2.4
95
70
83
116
139 2
20.7
41.2
36.0
28.2
16.1
14.9
1.3
.9
1.1
1.0
.8
.8
1.2
1.2
.9
.9
134 2
126 2
135 4
152 6
150 7
148 .9
145 .7
146 7
142 9
138 .6
143 .2
138 . 3
19.3
18.1
18.4
17.8
21.5
23.3
22.3
24.3
24.8
25.5
23.9
24.6
7
4
1
4
152.2
.7
.7
Other
Vene- Latin
zuela Amer-
Panama
Peru
36.9
57.6
69.1
88.7
77.2
70.3
17.7
17.4
27.7
43.9
40.9
41.8
20 .9
24 .2
31 .5
49 .7
74 . 0
78 .0
80.3
79.7
73.1
70.7
67.7
71.0
69.8
71.8
72.2
72.8
78.8
76.9
39.5
38.4
45.1
48.4
50.4
52.1
50.5
52.6
51.0
50.4
46 0
50.3
58 . 8
110 .3
76 . 0
76 .7
88 .7
97 .5
77 . 9
121 .7
122 .4
129 . 6
114 .6
134 .9
ica
64.2
95.4
119.8
144.8
168.7
176.8
193.6
194.3
194.5
192.9
179 3
173.3
174.2
174.0
180.6
195.7
194.6
195.0
Asia and All Other *
Date
Asia
Egypt
China
PhilBritand French Union
and French Hong
Aus- New Angloish
All
IndoOther
ippine
Turof
Man- Indo- Kong India Ma- Japan nesia
Zea- Egyp- Mo- South
Othei
key Asia3 other trachu- China
lia
land
rocco Africa
laya
public
tian
ria
Sudan
..
..
. .
..
..
. .
930.0
L.108.8
L,069.2
t,549.6
L,316 4
1,057.9
360.9
574.2
427.3
582.3
431.9
229.9
27.4
27.4
27.4
28.0
39.9
6.5
41 . 6
23 .9
22 .9
27 .4
44 .9
39 . 8
13 .1
18 .2
22 .1
33 .4
43 .5
62 .4
1948—May 31. . .
June 30. . .
July 31. . .
Aug. 31. . .
Sept 30. . .
Oct. 31. . .
Nov 30. .
Dec. 3 1 . . .
1949— Jan. 31. . .
Feb. 28. . .
Mar. 3 1 P . .
Apr. 30?.. .
990.2
984.7
1,095.2
1,074.8
L.105.0
U085.2
,121.5
,151.8
,094.4
,069.8
1,091.9
1,091.6
156.4
142.8
158.2
146.4
181 7
154.6
194.1
216.2
190.1
182.2
179.2
161.6
5.4
5.2
5.3
5.9
5.3
6.4
5.7
7.8
8.2
8.3
8.4
7.8
46 .1
48 .1
49 .7
47 .2
49 . 0
43 .3
48 .7
51 .1
57 . 3
52 .9
53 .3
52 .5
56 . 0
73 .4
63 .5
50 .6
44 .8
40 .9
44 .7
51 .8
42 . 4
42 .8
52 .0
52 .6
1942—Dec.
1943—Dec.
1944—Dec
1945—Dec.
1946—Dec
1947—Dec.
31.
31.
31
31.
31.
31.
17.3
11.0
4 .8 160 4 254.7
4 .1 110 1 259.1
4 . 0 110 5 365.8
4 .1 113 7 629.1
16 .6 127 1 446.6
31 .3
69 3 488.6
10.6
82 .4
1.0
.9
1.3
1.2
9.6
15.6
14.7
15.8
13.9
9.7
12.9
11.4
10.1
10.5
12.3
79.1
79 .2
76 .8
74 .2
76 . 8
77 .9
81 .4
91 .6
121 .6
128 .7
119 .5
29 .9 36 .2 149 6
35 .4 55 .5 175 3
23 .7 64 2 174 0
52 .5 78 0 181 8
54 .7 93 .8 232 8
37 .6 81 .5 193 7
474.8 23 .5
7 464.6 23 .1
517.4 21 .1
7 521.7 22 .4
51.9 496.1 24 . 4
54 0 508.4 18 .0
50 1 502.0 18 . 0
41 5 488.3 17 .5
41 0 450.4 18 .7
38 8 402.5 19 .5
34 8 414.1 20 .6
33 4 426.6 17 .3
49
34
32
36
0
9
85 9
104 .3
152 3
152 5
161 9
162
143
161
168
165
176
1
3
1
3
1
6
167
159
167
182
173
4
6
0
8
9
168.9
7 167.4
170
183
183
191
190
208
3
4
2
4
1
23. 1 4 8
25 3 5 . 1
52 9 3 5
28. 9 4 3
45. 5 8 0
30. 6 5 9
7 3
18^9
20 8
25.0
12
10
4
10
14
10
1
3
3
0
9
1
11
4
g
6
47
46
0
5
3
4
2
4
91.8
124.1
97 6
113.4
96 4
75.8
21. 0
18. 7
23. 8
22. 0
18. 7
19. 1
20. 2
22. 2
17. 5
17. 5
17. 2
15. 5
29.2
27.3
33.2
42.6
36.3
36.8
30.9
27.7
24.2
25.5
37.0
37.9
8
8
10
11
11
11
12
11
11
11
11
14
5
9
9
26
9
15
12
8
8
10
15
12
12
20
10
6
3
7
4
6
8
g
8
6
3
2
0
71.9
75.5
73.7
74.6
83^.5
94.7
87.9
84.9
89.4
95.8
92.6
91.1
5
3
3
5
6
5
5
5
4
4
4
4
0
6
7
5
9
3
3
3
3
7
7
8
6.8
6.1
0
9
2
4
5
2
1
8
. authorities for foreign trade purppsss..
ided with India.
JULY 1949
867
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
United
King- France
dom
Total
Date
31..
31..
31..
31..
31..
31..
31..
1948—May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .
1949—Jan. 31. .
Feb. 28. .
Mar. 31 P.
Apr. 3 0 P .
Netherlands
Switzerland
Italy
CanOther
Total
Europe Europe ada
Latin
America
Asia
All
other
367.8
246.7
257.9
329.7
392.8
708.3
948.9
20.9
12.6
19.9
25.9
25.4
47.7
29.2
1.8
1.3
1.1
1.4
1.1
5,7
23.4
1.1
.5
.4
.3
36.3
151.0
49.1
2.6
1.5
3.0
1.3
2.9
9.8
7.0
1.5
.4
.4
.3
.3
16.0
21.1
60.5
56.3
52.9
78.3
74.6
82.8
118.9
88.4
72.6
77.6
107.5
140.7
312.9
248.6
33.6
34.3
37.8
28.1
53.3
52.2
27.5
148.3
99.7
112.2
131.0
158.9
226.8
514.3
87.9
35.3
26.3
51.4
29.9
99.2
127.0
9.7
4.8
3.9
11.7
9.9
17.2
31.5
1,150.8
,099.8
,066.9
,081.5
,066.
,065.9
1,031.7
1,018.7
996.1
997.1
985.4
945.6
25.3
21.6
21.7
23.6
20.9
'20.9
18.3
24.5
24.3
27.0
34.5
18.0
122.7
127.0
124.9
123.1
124.3
123.0
124.0
119.0
116.0
116.4
115.8
114.4
59.2
59.3
58.9
75.3
69.5
69.8
59.1
51.4
31.4
25.4
25.1
11.7
6.0
6.5
7.0
7.5
7.6
7.4
6.5
6.9
6.8
6.4
7.8
7.1
17.2
20.6
16.5
19.1
16.3
17.0
18.3
15.8
19.6
24.7
26.1
23.1
146.7
139.4
136.9
154.8
147.3
148.3
124.9
106.3
102.0
97.3
85.8
82.9
377.0
374.4
365.9
403.3
385.9
386.2
351.1
323.8
300.0
297.2
295.0
257.2
24.9
26.0
23.9
24.7
25.6
29.3
40.0
39.8
40.7
38.5
39.6
34.2
581.7
544.2
524.1
511.9
493.4
511.5
510.4
516.6
506.7
513.1
502.9
505.9
145.0
133.5
132.3
119.1
141.0
117.3
107.1
118.8
128.3
130.6
129.9
130.0
22.3
21.7
20.6
22.5
20.8
21.6
23.1
19.7
20.5
17.8
17.9
18.4
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe 1
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31.
31.
31.
31.
31.
31.
1948—May 31.
June 30.
July 31. .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 30. .
Dec. 31. .
—Jan. 31 .
Feb. 28..
Mar. 3 1P.
Apr. 3 0 P .
Other
Europe
Belgium
Denmark
Finland
56.3
52.9
78.3
74.6
82.8
118.9
146.7
139.4
136.9
154.8
147.3
148.3
124.9
106.3
102.0
97.3
85.8
82.9
,8
,7
.7
.6
7.5
(( 22))
5.6
7.6
(J)
(*)
6.2
8.0
15.0
18.8
18.6
18.5
20.0
17.7
21.0
21.3
21.4
20.4
18.5
18.3
16.5
(2)
(2)
.5
2.2
8 6
3.5
.7
.6
.0
L.I
L.I
.6
L.5
i.3
L.7
L.4
5.6
5.7
5.3
4.6
3.8
3.4
3.3
3.4
3.8
4.2
3.0
3.9
Germany
34.0
339
33.9
33.9
30.4
30.5
30.3
30.4
30.4
30.4
29.5
33.6
30.4
30.5
29.6
29.5
29.8
29.6
Greece
Luxembourg
way
.2
.2
1.1
.6
.6
35.1
31.6
.7
12.4
10.6
6.8
4.7
4.6
4.1
3.3
3.6
3.5
1.2
.9
.8
.9
1.0
Nor-
3.3
9.2
(*)
(J). 3
.1
(2)
(2)
(2)
(2)
11 5
11.6
12.7
17.2
24.2
27.3
14.9
Portugal
Rumania
2.4
1.4
.8
.5
1.0
1.1
1.1
1.0
.9
.8
.7
.7
.5
.7
.7
8.4
.2
.1
14.8
14.9
.6
.6
.5
8.7
8.3
Spain
Sweden
8
(s)
3.2
3.2
1.8
1.6
7.2
.9
.4
.2
.2
.9
4.9
5.4
(2)
(2)
5.5
3.3
(2)
' 2.5
4.1
5.2
7.2
5.2
2.3
1.6
1.0
1.4
1.5
1.3
1.5
1.4
A
(')
(2)
1(2)
8
3.3
5.4
5.5
2.7
2.9
1.2
1.8
1.6
2.8
TTQQP
8o
Yugo- All
slavia other
(')
(22)
()
(*)
.i
(i)
(*)
(*)
(j)
(j)
li
i
8
17.0
11.3
11.1
7.5
6.0
(2)
82
()
8.4
5.0
5.1
4.7
9.4
35.8
54.3
55.3
54.1
51.2
48.1
39.1
38.5
29.7
27.4
24.3
19.7
17.4
Latin America 1
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31.
31.
31.
31.
31.
31.
1948—May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1949—Jan. 31.
Feb. 28.
Mar. 31*
Apr. 30 P
Latin
BoAmer- Argentina
livia
ica
Brazil Chile
Colombia
Costa Cuba
Rica
99.7
112.2
131.0
158.9
226.8
514.3
6.9
15.3
3.1
21.0
41.8
65.2
3.0 16.7
1.8 18.9
1.8 25.3
1.3 24.7
2.3 49.8
2.0 165.8
15.3
16.6
9.0
6.6
14.6
27.8
20.7
12.2
15.5
16.8
26.4
32.6
.6
8.3
.7 20.1
1.2 47.4
1.2 33.3
2.9 25.7
3.5 108.6
581.7
544.2
524.1
511.9
493.4
511.5
510.4
516.6
506.7
513.1
502.9
505.9
52.6
58.7
62.2
61.2
62.0
63.8
66.8
72.4
65.7
67.2
62.3
58.0
3.1
2.5
3.6
3.0
2.5
2.9
2.4
2.7
2.9
2.2
2.6
2.5
20.4
21.6
18.7
17.5
19.1
21.0
18.8
15.2
15.4
16.0
15.2
15.0
47.9
48.0
45.6
42.5
40.2
39.8
33.7
32.6
31.2
29.3
30.0
32.0
2.9 110.1
2.2 90.5
1.8 78.7
1.5 67.6
1.3 61.4
1.1 65.5
1.5 72.5
1.9 83.1
2.3 84.0
2.2 81.9
2.8 84.9
2.9 79.3
209.7
187.6
179.1
178.7
173.3
175.0
179.8
165.4
171.4
178.7
166.9
175.3
NetherFrench
lands
West
West PanaIndies Mexico Indies
and
ma
and
GuiSuriana
nam
Peru
.2
8s
()
(*)
(a)
Other
Vene- Latin
zuela America
4.8
11.2
8.6
11.0
25.5
52.2
.3
.5
.3
.5
.8
1.1
2.1
1.1
.8
1.1
1.3
4.7
2.8
1.4
1.2
1.9
3.7
4.3
3 9
3.8
5.1
6.1
8.7
15.3
75.8
73.4
72.4
76.1
72.3
76.6
70.4
73.8
70.5
71.8
73.4
74.7
1.4
1.3
1.6
1.4
1.2
1.3
1.0
1.5
1.4
1.2
1.2
1.3
4.4
4.4
4.2
3.6
4.1
4.0
3.9
4.6
4.3
4.3
4.4
4.4
4.0
4.1
3.5
4.2
3.9
4.2
4.2
4.4
4.9
5.1
5.7
5.5
19.3
19.9
2€.7
20.8
18.8
20.8
18.2
26.0
23.4
24.3
23.8
24.7
14.2
31.0
30.1
29.9
32.0
33.8
33.2
35.5
37.1
32.7
29.4
28.8
29.6
30.3
v Preliminary.
not available for most of these countries until June 30, 1942.
Less than $50,000.
1
Breakdown
l
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Asia and All Other 1
Asia
Date
1942—Dec
1943—Dec,
1944- Dec
1045-- Dec
1946—Dec.
t<M7—Dec
31
31...... .
31
31
31 . . . . . . . .
31
China
Britand French
ish Japan
Man- Indo- Hong
India MaKong
chu- China
laya
ria
35.3 11.1
26.3
1.7
51.4
1.5
29.9
1.0
99.2 53.9
127 0 40 8
1948—May 3 1 . . . . . . 145.0 51.7
June 30
133 5 55.5
132.3 56.7
July 31
119.1 46.2
Aug. 31
Sept. 30
, 141.0 65.5
117.3 39.0
Oct 31 . .
Nov. 30
107.1 25.2
Dec 31 ,
118.8 24.2
I949—j a n # 31 m m t
22.7
m 128.3
130.6 21 .6
Feb 28
129.9 19.7
Mar. 31 v
130.0 18.2
Apr. 30P
1
.3
.9 2.2
1 0 2.0
9 22.3
.8 7.5
5 9 12.0
2.6 29.6
.6
.6
.4
.2
.1
.1
.3
1
4.5
4 6
3.5
3.9
3.5
3.1
3.5
3 4
.5
.2
.4
.4
24.3
28.1
22.2
20.2
19.5
20.0
20.2
20.4
5.2 21.3
3.7 20.9
4 2 20.5
4 . 8 20.9
Egypt
Philand French Union
New AngloIndo- ippine Tur- Other All Ausof
MotraZeaRenesia
key Asia2 other lia land Egyp- rocco
South Other
public
tian
Africa
Sudan
.7
.5
.1
.1
2
.9
.5
.5
.5
.5
.2
.9
.6
.7
1.5
4
0
.5
14.4
13 9
13.8
13.8
20 2
27.4
1.8
3.2
1.8
2.0
1 4
17.7
2.0
1.5
1 1
1.0
8
1.0
.4
.5
4
4.2
1.1
1.5
2 0
7.6
6.1
7.8
15 9
22.9
27.7
32 3
34.3
.6
7
.9
4
5
.3
4
42.7
31 7
32.4
33 2
29.5
34.2
36.3
31 3
33 8
33.8
32 8
30.5
6.1
2 0
2.5
2 0
1.8
1.6
1.7
1 4
1 4
1.6
1 1
8.7
8 0
11.3
10 3
11.9
12.5
11.1
13 8
16 7
19.1
17 2
17.7
.6
.9
.6
Q
3 2
.1
1
L.2
1.5
4.8 1.0
.7
3.9
.2
.5
.2
.6
8'.8 11.7
.7
2.7 9.9 1.7
4 4 17 2 3 4 1 1
6.? 31.5 9.0 1.5
.1
,1
,2
.3
4
,1
3.4
.6
2 2
7
2.2
.6
3 6
7
3.8 1.1
.6
3.9
.6
3.5
5
4 7
5.4 1 l
.5
5.1
6
5 7
.2
1
.5
2 2
.2
.3
.2
4
22.3
21 7
20.6
22 5
20.8
21.6
23.1
19 7
20 5
17.8
17 9
18.4
5.5
.8
.1
(3)
.5
.2
2
.2
2
.1
.2
.3
2
5
2
.4
3
.4
2
.5
1.2
.7
1.0
2.5
2 2
6.0
1.7
2 4
9.7
4.7
10 1
14.4
11.8
12 0
11.1
9 9
9.7
11.1
11.7
7 9
6 4
5.1
4 0
|:S
5 .9
Q
0
5.9
JS-8
6 i
6 r\
4.3
.3
7
0
J1> Preliminary.
Breakdown not available for most of these countries until June 30, 1942.
2
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously incLluded with India.
8
Less than $50,000.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Year or
month
South
Africa
Rhodesia
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
730.6
504.3
494.4
448.2
429.8
427.9
417.6
392.0
405.5
27.8
26.6
23.0
20.7
19.9
19.1
18.3
18.0
59.6
61.2
60 2
64.6
62.4
61.8
61.3
60.7
60.4
34.2
34.4
33 9
34.5
33.7
33.3
33.4
33.2
33.1
32 9
31.0
34 6
33.4
1.5
1.5
1.5
1.6
4
5
6
1,265.6
1,130.1
880 5
794.1
745.4
762.2
1941
1942
1943
1944
1945
1946
1947
1948
1948—Apr
May
June
July . . . .
Aug
Sept
Oct
Nov
1949
Production reported monthly
Estimated
world^
production Total
outside 1 reported
U.S.S.R.
monthly
Dec
Jan
Feb
Mar
Apr
Africa
s
s•>
6
6
North and South America
West Belgian United
Africa' Congo3 States4
Canada
15*/* era ins of gold »/io fin ?; i. e., ait
19.6 209.2
32 A
187.1
18.0 131.0 169.4
29.2
48.8 127.8
15.8
19.7
18.4
35.8 102.3
12.7
94.4
32.5
12.1
18.9
51.2
99.1
11.6
20.5
75.8 107.5
10.8
19.3
73.5 123.5
11.1
23.4
1.9
1.9
1.9
2.0
2.0
2.1
2.0
2.1
2.0
.9
.9
1.0
.9
1.0
.9
.9
.9
.9
5.6
6.1
2 0
1 0
3 9
2.0
1.1
3.9
2 0
1.9
1 1
5 7
6.2
7.7
7.4
6.5
5.3
5.0
5 5
5.7
10.0
10.0
10 2
10.4
10.7
10.3
10.7
10 9
11.4
10 8
10 8
12 0
11.4
Mexico
Colombia
'
Chile
ounce of fine gol i =$35.
28.0
23.0
9.3
28.0
22.1
17.8
17.5
14.7
16.3
12.9
20.9
19.8
19.4
17.7
15.3
13.4
11.7
6.4
6.1
7.1
6.3
8.1
5.9
.9
1.3
9
2.3
.6
1.1
.4
.7
.9
.7
1.2
1.0
1.0
1.0
1.2
.8
.5
12
1.0
1 1
5 7
.6
.5
.4
.4
.4
.9
.5
.4
7
Other
Nica- Austraragua*
lia
India8
52 4
40.4
26 3
23.0
23 0
28.9
32 8
r
31 2
10.0
7.5
8.6
7.7
7.9
7.0
6.4
7.4
7.8
.7
.6
6
.6
.7
.7
.7
.6
.6
7
.6
6
.6
2.2
2.4
2 8
3.8
2 6
2.5
2.6
2 7
2.8
2 4
2 4
9.1
8 8
6.6
5 9
4.6
6 1
6.5
.5
.5
5
.7
.6
.6
.6
.6
.6
6
5
.5
r
Revised.
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
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.
* Includes Philippine production received in United States through 1945. Annual figures through 1947 are estimates of United States Mint.
Figures
for 1948 and 1949 are estimates of American Bureau of Metal Statistics.
5
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
Monthly figures reported by the American Bureau of Metal Statistics.
N O T E . — p o r explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938,
p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for
these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
JULY 1949
869
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
Treasury
Total i
Argentina 2
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
22,726
21,938
20,619
20,065
20,529
22,754
22,739
21,981
20,631
20,083
20,706
22,868
614
838
992
1,197
1,072
322
1948—June.,
July. .
Aug..,
Sept..
Oct.. .
Nov..
Dec...
1949—Jan...
Feb...
Mar..
Apr...
May.
23,532
23,679
23,725
23,872
24,004
24,166
24,244
24,271
24,290
24,314
24,332
24,342
23,741
23,820
23,927
24,060
24,203
24,353
24,399
24,448
24,464
24,468
24,461
24,511
202
201
196
166
141
140
End of month
Hungary
End of month
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
24
24
24
1948—June....
July....
Aug
Sept.. . .
Oct
Nov.. . .
Dec
1949—Jan
Feb
Mar
Apr
May....
34
34
34
34
34
34
35
35
35
35
35
35
24
34
735
734
Brazil Canada3 Chile
735
597
36
54
79
82
65
45
25
59
92
127
145
83
16
46
111
191
226
279
622
637
643
643
644
634
624
633
635
641
647
665
354
354
354
317
317
317
317
317
317
317
317
317
350
360
368
378
388
398
408
416
415
415
46
44
44
44
44
43
43
44
44
44
43
44
P65
289
289
289
289
289
289
289
289
289
Java
Italy
274
274
274
274
274
274
34
92
128
131
127
127
141
118
24 •
24
28
58
274
264
264
264
264
261
256
251
247
247
247
127
127
127
124
124
124
124
124
124
124
58
58
58
58
60
70
96
96
96
96
96
112
Turkey
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
335
387
463
482
381
105
824
965
,158
,342
,430
,356
1948r—June..
July. .
Aug...
Sept..
Oct.. .
Nov..
Dec...
1949—Jan...
Feb...
Mar..
Apr...
May..
85
81
81
81
80
81
81
80
80
80
80
71
,345
,322
,332
,371
,372
,383
,387
,390
,394
1,408
1,412
1,432
Cuba
161
230
300
361
543
294
Iran
Switzerland 6
Colombia
115
254
329
354
354
354
India
Sweden
End of month
Belgium
United
Kingdom 7
New
Mexico Netherlands Zealand
5 216
5s 201
180
39
203
222
294
181
100
506
500
500
270
265
231
23
23
23
23
23
23
71
43
44
183
183
172
172
171
170
166
166
166
166
166
166
23
23
23
23
23
23
23
23
23
23
23
178
178
178
Bank
Inter- for
In16
ternaother national
tional
coun-8 Monetary
tries
Fund Settlements
Uruguay
Venezuela
114
161
221
241
237
170
89
121
157
195
200
175
68
89
130
202
215
215
138
172
190
192
195
198
164
164
161
160
160
160
162
162
162
162
161
161
203
198
187
181
172
166
164
164
164
164
263
304
304
304
304
324
323
323
323
323
323
204
215
216
216
216
215
219
222
226
P226
P226
15
1,356
1,363
1,400
1,403
1,403
1,403
1,410
1,436
1,436
1,436
1,436
21
45
37
39
32
30
30
31
31
38
37
44
36
36
41
49
50
55
Czecho- Denslomark
vakia
61
61
61
61
61
Egypt
France
Ger-
Greece
44
44
44
38
38
32
52
52
52
52
53
53
2,000
2,000
1,777
1,090
796
548
29
29
29
28
28
28
32
32
32
32
32
32
32
32
32
32
32
32
53
53
53
53
53
53
53
53
53
53
53
548
548
548
548
548
548
548
548
548
548
548
523
Portugal 4
Rumania
South
Africa
Spain
203
260
267
269
634
706
814
914
939
762
42
91
105
110
111
111
373
338
307
269
234
194
183
187
182
166
175
166
111
111
111
111
111
111
111
111
111
101
96
Norway
Peru
80
91
72
25
31
32
28
24
20
66
66
65
65
58
52
52
52
52
52
52
52
245
193
20
20
20
20
20
20
20
20
20
20
20
870
217
Government gold reserves 1 not included in
previous figures
End of month
1942—Dec.
1943—£>ec
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar
June....
Sept
Dec
1948—Mar
June
p Preliminary.
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is
not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve
statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the
Treasury
statement "United States Money, Outstanding and in Circulation, by Kinds."
2
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.
3
Figures as reported by Foreign Exchange Control Board and Minister of Finance.
4
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.
6
Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange
Equalization Account during 1939.
8
The.se countries are: Algeria, Belgian Congo, Bolivia, Bulgaria, Costa Rica, Dominican
Republic, Ecuador, Eire, El Salvador, Ethiopia, Finland, Guatemala, Iceland, Nicaragua,
Pakistan beginning July 1948, and Siam. Figures for certain of these countries have been
carried fwwatfdb from last official reports.
NQT;B,—For- back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555,
and for a description of figures, including details regarding special internal gold transfers
affecting the reported data, see pp. 524-535 in the same publication.
1
^215*
176
174
172
169
167
163
158
154
150
146
Sept
Dec
United
Kingdom
2
2,354
2 2,341
2
2,196
2
2,587
2
2,345
2
2,382
2 2,341
2 2,035
2 2,200
2
1,886
2
1,733
2
1,822
France
214
457
Belgium
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. K.—Exchange Equalization
Account; France—Exchange Stabilization Fund
and
Rentes Fund; Belgium—Treasury.
2
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. 866.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 872, footnote 4, and p. 873,
footnote 6. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for January 1949, p. 86; November
1947, p. 1433; June 1947, p. 755; February
1945, p. 190.
FEDERAL RESERVE
BULLETIN.
NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES
[Net gold exports from United States (—).
In millions of dollars]
Gold valued at approximately $35 a fine ounce
Total
United
Kingdom
315.7
68.9
-845.4
-106.3
311.5
1,866.3
1,680.4
2.0
.1
-695.5
.2
.5
488 .4
1,095.4
July..
Aug..
Sept..
Oct...
Nov..
Dec.
151.3
177,
266.7
39.1
53.3
121.6
54.2
88.0
157.1
177.8
178.0
4.4
1.2
40.7
1949—Jan...
Feb..
Mar..
Apr..
May P
66.2
21.5
19.8
13.6
9.5
Year
or
month
1942..
1943. .
1944..
1945..
1946..
1947..
1948..
1948—May.
June.
Belgium
France
Netherlands
Sweden
U.S.S.R. Canada
11.3
Argentina
Colombia
.1
-10.8
-50.3
10.6
208.9
66.9
46.2
53.1
344.1
445.4
-29.7
-134.0
335.5
103.3
-29.6
-12.0
30.5
.7
.7
.3
6.9
5.9
23.7
20.5
21.0
25.1
4.0
2.2
-55.3
-56.1
.2
-.8
-136.1
.2
.2
3.9
9.7
.1
.3
.3
.3
.6
.6
.7
.6
.8
.7
.6
.6
-30.1
-30.0
60.9
4.0
1.0
5.0
3.0
2.0
2.0
1.0
1.0
20.3
1.0
.4
.4
.3
.4
.3
.7
.6
.6
.6
.4
-4.0
33.7
27.9
-4.5
28.0
34.4
135.5
5.5
1.4
5.2
5.7
11.2
5.7
5.8
4.1
1.0
3.0
2.0
[Net gold exports from United States (—).
16.3
14 6
— 10.8
7.0
—8.0
-17.1
7 3
.5
.2
.2
.1
1948—May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec.. .
1.4
.7
.8
.5
.3
.2
.5
.6
.1
1949—Jan....
Feb
Mar.. .
Apr
May?.
.7
6
.4
.5
.4
1942
1943
1944
1945
1946
1947
1948
Gold stock at
end of period
.1
.6
South
Africa
All
other
countries
4.1
.3
3.6
.4
118.6
410.7
491.5
8.9
.8
30.2
.5
1,3
-18.6
1
— 63.5
-.2
-.1
-.1
-.1
-.3
-.1
.1
39.4
40.8
40.5
60.6
33.5
52.0
57.3
47.1
-1.1
-1.2
-1.1
-6.4
2
-25.0
2
-6.6
2
-4.2
-3.0
.4
.2
2
— .2
.3
46.7
21 1
21.3
19.4
6.3
-.2
—1 8
-4.3
-5.2
-.6
Philippine
Republic
.3
-9.5
-11.9
-134.0
-55.8
-14.0
.1
.1
-3.5
-2.5
.1
-5.2
P Preliminary.
1 Includes $39,190,000 to Switzerland, $10,691,000 to Greece,
$8,347,000 to French Indo-China, and $5,272,000 to other countries.
2
Includes exports to Switzerland as follows: September, $23,747,000;
October, $6,360,000; November, $3,488,000.
NOTE.—For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524
in the same publication.
JULY 1949
-16.0
-20.0
In millions of dollars]
Period
China
-40.0
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold valued at approximately $35 a fine ounce
Australia
Venezuela
8.7
7.5
7.7
7.4
7.3
7.6
7.9
BY COUNTRIES—Continued
Year or
month
Nicaragua
40.0
-3.3
-109.7
15.1
3.6
-7.1
15.8
NET GOLD IMPORTS TO UNITED STATES
Other
Latin
American
Republics
Mexico
1942
1943
1944
1945
1946
1947
1948
1948—June. .
July...
Aug.. .
Sept...
Oct. . .
Nov.. .
Dec. . .
1949—Jan. . .
Feb...
Mar...
Apr...
May. .
June..
Treasury
Total i
22,12b
21,938
20,619
20,065
20,529
22,754
24,244
22,739
21,981
20,631
20,083
20,706
22,868
24,399
23,532 23,741
23,679 23,820
23,725 23,927
23,872 24,060
24,004 24,203
24,166 24,353
24,244 24,399
24,271 24,448
24,290 24,464
24,314 24,468
24,332 24,461
24,342 24,511
P 2 4 , 4 6 6 ^24,637
EarNet
marked
Increase
Domesin total gold im- gold: de- tic gold
port or
crease
gold
producexport
or instock
tion %
crease
(-)
—23.0
315.7
— 757.9
68.9
— 1,349.8 —845.4
—547.8 — 106.3
623.1
311.5
3
2,162.1 1,866.3
1,530.4 1,680.4
306.2
78.8
107.0
133.4
143.2
149.1
46.2
49.5
16.2
3.6
-6.5
49 7
P125.7
177.7
266.7
39.1
53.3
121.6
54.2
88.0
66.2
21.5
19.8
13.6
P9.5
(4)
—458.4 125.4
—803 .6 48.3
—459.8
35.8
—356.7
32.0
465.4
51.2
210.0
75.8
— 159.2
73,5
81.7
-188.4
59.5
98.1
1.0
99.7
-45.9
-2.7
-22.2
-16.7
-17.7
37.8
6
121.6
5.7
6.2
7.7
7.4
6.5
5.3
5.0
3.9
3.9
5.5
5.7
5.6
(4)
P Preliminary. 1 See footnote 1 on opposite page.
Figures through 1947 are estimates of U. S. Mint; figures for 1948
and 1949 are estimates of American Bureau of Metal Statistics.
3
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 3 ,677.6 million dollars on June 30, 1949. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
2
871
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1949
1948
1949
International Fund
Jan.1 Oct.1 July1 Feb.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
1,436 1,403 1,400 1,357
1,391
4,024
1,181
(2)
8,034
-2
-1
-1
1948
1949
Currency acquired z
(Cumulative figures in dollars)
Apr.
Belgian francs
Brazilian cruzeiros
Chilean pesos
Costa Rican colones
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders....
Nicaraguan cordobas....
Norwegian kroner
South African pounds. . .
Turkish liras
Pounds sterling
1,434 1,441 1,559
4,014 4,000 3,869
1,183 1,143 1,176
(2)
(J)
(2)
8,036 7,986 7,961
33.0
15.0
8.8
1.3
6.0
10.2
3.0
Mar.
Feb.
33.0
33.0
1.3
6.0
10.2
1.3
6.0
10.2
Apr.
33.0
8.8
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 stock 4 . .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities
Special reserve
Capital 4
Accumulated net income
Dec.
Sept.
Mar.
74
929
81
927
89
927
165
914
444
5
429
5
420
5
410
5
559
10
254
509
509
9
254
497
7
250
5
254
26
10
94
18
51
2
4
2
5
2
4
7
6
1,667 1,667 1,667 1,653
1
10
5
1
2
,3
.3
.3
125.0 125.0 125.0 125.0
100.0 100.0 92.5 28.0
22.5 22.5 22.5 22.5
75.4 75.4 75.4 68.5
.5
.5
.5
9.6
9.6 "5.6
9.6
10.0 10.0 10.0
5.0
5 0
5.0
5.0
300.0 300.0 300.0 300.0
Total.
1948
International Bank
Quarterly statements on a new fiscal year basis.
Less than $500,000.
3 As of Apr. 30, 1949, the Fund had sold 708.0 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, and
sold
to Norway 200 million Belgian francs in June and July 1948.
4
Excludes uncalled portions of capital subscriptions, amounting to
6,669 million dollars as of Mar. 31, 1949, of which 2.540 million represents the subscription of the United States.
725.5 707.5 700.0 606.0
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Goldi
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation'
Deposits
Bankers'
Public
25
30
29
28
27
25
31
30
29
27
26
25
31
200.1
313.7
326.4
326.4
« .2
.2
.2
.2
.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
L,400.0
1,450.0
1,450.0
36.2
46.8
41.9
52.5
26.6
14.2
28.8
27.7
12.5
13.5
20.7
23.4
100.8
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
15.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
331.3
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
315.1
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
18.6
1948—June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 29
.2
.2
.2
.2
.2
.2
.2
1,300.0
1,300.0
L,300.0
1,300.0
1,300.0
L-300.0
s L,325.0
48.7
16.1
48.0
65.4
72.1
70.2
36.1
17.8
13.4
5.4
25.0
19.3
28.9
16.7
383.8
400.5
405.8
397.3
359.6
347.4
401.1
L.252.2
L,285.0
1,253.3
1,236.4
1,230.8
1,233.1
1,293.1
325.4
311.0
300.3
300.0
307.5
302.7
314.5
14.5
11.2
16.9
22.3
13.1
12.3
11.7
1949—Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
.2
.2
.2
.2
.2
s 1,300.0
L,300.0
L,300.0
1,300.0
1,300.0
79.9
76.0
53.0
24.2
36.3
26.0
32.1
19.9
13.7
25.9
326.1
325.1
362.1
379.3
381.4
1,224.5
L,228.0
L,250.6
L.280.3
1,267.9
294.7
295.7
294.0
289.9
299.9
21.4
10.9
25.6
16.8
12.0
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
E.C.A.
Other
Other
liabilities and
capital
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
95.5
18.0
18.0
18.0
18.0
17,9
17.9
17.9
17.9
33.4
53.6
19.6
14.3
17.4
92.2
89.4
90.1
93.3
93.0
99.2
92.1
18.2'
18.318.4
18.5
17.8
17.9'
18.1
8.4
17.6
6.7
.7
23.3
89.4
90.6
90.1
92.0
90.4
18.3
18.4
18.6
17.8
17.9
1 7 . S>
17.8
17.8.
18.1
18.1
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. I,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred
from 5Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million on Jan. 5, 1949. For details on previous
changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254.
NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in samepublication.
872
FEDERAL RESERVE BULLETIN.
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31.
30.
31.
31.
31.
31.
30.
31.
31 .
31.
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Short-l
term
Note
circulation2
Chartered
banks
Other
Other
liabilities
and
capital 8
Dominion
government
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
1948—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.
.2
.1
.1
.2
1.0
.1
.4
1,152.9
1,145.2
1,155.2
1,216.3
1,279.6
1,222.1
1,233.7
790.9
773.6
778.1
757.2
741.3
794.0
779.1
56.8
39.2
50.2
55.3
57.7
46.8
45.4
1,206.5
1,220.3
1,226.9
1,267.7
1,275.1
1,273.5
1,289.1
517.0
502.5
525.1
550.9
581.0
579.6
547.3
138.4
119.0
105.1
87.3
110.0
86.5
98.1
107.2
84.1
90.3
78.2
72.2
64.1
81.0
31.7
32.1
36.2
44.7
41.3
59.2
43.1
1949—Jan. 31.
Feb. 28.
Mar. 31 .
Apr. 30.
M a y 31.
()
.4
82.3
61.1
56.4
1,188.3
1,180.5
1,087.1
1,199.0
1,148.1
806.9
800.7
812.1
822.9
836.2
50.2
54.9
70.6
57.9
57.5
1,229.2
1,221.9
1,245.3
1,264.7
1,263.8
545.1
531.0
540.3
587.3
571.2
141.8
178.4
62.6
115.1
101.4
86.8
79.6
84.8
80.8
65.2
42.5
25.7
119.0
93.0
96.7
185.9
225.7
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
Gold
Foreign
exchange
Domestic bills
Open
market 6
Special
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
29.. . 87,265
2 8 . . . 97,267
26.. . 84,616
3 1 . . . 84,598
3 1 . . . 84,598
3 0 . . . 84,598
28.. . 75,151
27.. . 129,817
26.. . 94,817
3 1 . . . 65,225
821
112
42
38
37
37
42
68
7
12
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
1948—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
24.. .
29...
26...
30.. .
28...
25.. .
30...
65,225
65,225
65,225
65,225
65,225
65,225
65,225
21
45
50
60
35
36
30
71,274
78,809
77,286
90,928
81,952
83,365
97,447
55
156
544
4,808
9,901
10,908
8,577
1949—Jan.
Feb.
Mar.
Apr.
May
27...
24...
31...
28.. .
25...
65,225
65,225
65,225
65,225
8
62,274
34 88,286
53 94,010
49 134,911
67 111,190
74 118,855
4,996
4,816
2,523
2,235
1,876
1
Other
Advances to
Government 6
Current
7,880
1,797
5,149
2,345
14,200
3,646 63,900
661
4,517 69,500
12
5,368 68,250
169
7,543 64,400
29
48 18,592
15,850
303 25,548
76,254 67,900
3,135
64 117,826 147,400
165,984
169,674
163,109
161,571
197,297
192,428
238,576
122,800
153,200
156,800
160,700
158,000
151,200
150,900
Other
assets 6
Other
Note
circulation
Deposits
Govern- C.A.R.7
ment
30,627
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
14,028
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
110,935 5,061
151,322
1,914
218,383
984
270,144
1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
920,831
733
558,039
558,039
558,039
558,039
558,039
558,039
558,039
40,368
51,175
42,176
76,873
51,510
48,952
57,622
790,639
836,662
844,894
910,633
917,757
913,234
987,621
972,604
53,426
991,334
47,692
87,254 1,045,053
58,089 1,047,277
56,729 1,043,180
238,795 146,200 558,039
257,345 154,100 558,039
233,189 157,500 558,039
290,365 155,300 558,039
272,698 155,000 560,990
Other
Other
liabilities
and
capital
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
10,942
738
764
858
788
764
759
806
216,026
225,251
203,467
193,031
187,657
178,090
171,783
16,362
13,646
14,011
13,752
15,780
18,070
16,206
822
765
750
440
890
163,513
171,921
180,103
179,099
170,018
18,062
17,260
12,784
13,693
14,409
41,400
64,580
16,857
10,724
Securities maturing in two years or less.
[see BULLETIN for
o6 Less than $50,000.
Composition of these items has been changed: Open market henceforth shows only open market portfolio proper and excludes 65 billion
francs advanced to the Treasury arid 5 billion francs advanced to Caisse Autonome. Current advances represents working fund advances previously shown as "Other advances." Other advances includes advances for occupation costs and a number of perpetual and term loans to the
Government.
Other assets were reduced through the transfer to "Other advances" of several loans to Government.
7
Central Administration of the Reichskreditkassen.
8
Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold
holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September
1937, p. 853; and November 1936, pp. 878-880.
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
1949
873
CENTRAL BANKS—Continued
1948
1949
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks1.
Other assets
Currency circulation *
Deposits—Member bank
Government
Nationalized *
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
*
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium >
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt..
Government securities
Other assets
Note circulation
Deposits—Demand
E. C. A
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Bulgaria *
Central Bank of Chile (millions
of pesos):
Gold *
Foreign exchange (net)
Net claim on Int'l. Fund •
Discounts for member banks....
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange T . . . .
Net claim on Int'l. Fund •
Paid-in capital—Int'l. Bank
Loans and discounts
,
Government loans and securities
Other assets
Note circulation
Deposits
Other liabilities and capital
May
Apr.
Mar.
May
1949
Central Bank
(Figures as of last report
date of month)
May
National Bank of Costa Rica—
Issue dept. (thousands of colones):
667
434
434
Gold
,832
2,173
1,892
Foreign exchange
,721
1,751
881
Contributions to Int'l. Fund and
,948 23,625 16,814
to Int'l. Bank
124
123 2,747
Loans and discounts
,894
5,787
Securities
7,818
Other assets
739
Note circulation
1,716
Demand deposits
17,807 13,955
Other liabilities and c a p i t a l . . . . .
217
588
868 National Bank of Czechoslovakia
1,611
(millions of koruny):
Gold and foreign exchange 8 . . . .
Loans and discounts
391, ,731 377,221 247,574
Other assets
4, ,429 3,756
3,054
Note circulation
Deposits
348, ,568 342,082 405,569
Other liabilities and capital
57. ,074 59,353 28,020
212. ,605 206,605 194,893 National Bank of Denmark
(millions of kroner):
Gold
380,920 380,670 288 ,930
Foreign exchange
24 ,882 23,493 24,899
Contributions to Int'l. Fund and
183 ,396 171,643 175,495
to Int'l. Bank
Clearing accounts (net)
Loans and discounts
50
50
48
50
Securities
144
128
65
111
Govt. compensation account
1,191
,149
154
1,101
Other assets
6,780
,759 6,665 7,317
Note circulation
6
6
6
6
Deposits—Government
5,766
,877 5,833
4,265
Other
372
359
552
362
Other liabilities and capital
799
588
618
602
1,234
,268
2,155 Central Bank of the Dominican
1,136
Republic (thousands of dollars):
Gold
Foreign exchange (net)
29,120
362 28,069 26,939
Net claim on Int'l. Fund •
12,271
726 12,726
Paid-in capital—Int'l. B a n k . . . .
460 5,288
4,770
Loans and discounts
991 34,991
34,991
Government securities
010 5,283
2,571
Other assets
804 3,903
3,858
Note circulation
743 83,580 77,856
82,853
Demand deposits
241
2,275
4,209
Other liabilities and capital
270
288
247
Central Bank of Ecuador
098 2,224
2,165
(thousands of sucres):
Gold
Foreign exchange (net)
956
954
956
Net claim on Int'l. Fund •
182
158
211
Credits—Government
690
354
695
Other
765
771
767
Other assets
41
16
37
Note circulation
,220 2,199
1,844
Demand deposits—Private banks
193
246
167
Other
221
221
241
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
1,324
,345
Gold
1,354
1,139
221
215
Foreign exchange
81
159
1
1
Loans and discounts
1
3
1,294
,018
British, Egyptian, and other
1,097
1,132
737
733
Government securities
768
787
2,120
,964
Other assets
1,841
1,536
1,523
,579
Note circulation
1,578
1,251
5,129
,953 4,910 4,363
Deposits—Government
1,357
,222
Other
1,211
846
199
Other liabilities and capital
188
332
487
409
465 Central Reserve Bank of El Salvador (thousands of colones):
Gold
139,750
915 130, 226 162,555
Foreign exchange (net)
24,367
367 24, 367 21,871
Net claim on Int'l. Fund •
1,370
370
1,370
1,225
Loans and discounts
186,450
931
475 141,416
Government debt and securities.
135,143
190
307 118,679
Other assets
56,154
200
763 48,303
Note circulation
332,554 313,062
913 291,645
Deposits
165,012 160.
867 160,205
Other liabilities and capital
45,669 45, 933
729 42,200
1948
Apr.
Mar.
May
11,543 11,543 11,663
26,678 29,121 36,591
30,321
79,403
22,119
6,689
106,420
63,127
7,206
30,320
82,027
20,443
6,703
108,762
64,454
6,943
30,321
66,770
8,039
1,032
102,204
45,064
7,149
,205 3,204 3,476
3,705
,122 23,382 23,962 16,753
,478 48,621 48,191 51,610
,255 66,174 67,477 59,479
41
660
180
1,597
,508 8,372
7,972 10,991
70
120
70
169
70
187
70
105
65
22
109
,847
213
,472
,716
,115
144
65
65
22
115
4,857
190
1,502
1,773
2,068
144
21
111
4,870
220
1,496
1,843
2,061
143
65
22
16
104
5,405
174
1,486
1,754
2,572
149
4,000
009 4,009 4,006
020 10,245 10,662 15,111
250
1,250
1,250
1,250
40
40
40
178
154
136
974 4,974 5,000 3,000
82
774
536
833
900 17.451 17,373 18,170
5,123
144 3,845
4,092
202
150
183
191
278 ,419 278,264 278,100 276,774
- 9 295 3,125 17,767 11,828
16 881 16,881 16,881 16,880
194
185,149
105 225 102,216
115
95,932
103,415
345
315,179
337
110
227,531
97 ,504 95,145
74,094
146
143
6,376 6,376 6,376
15,616 14,787 17,624
4,926
2,077
4,956
324,057 327 ,473
29,710 24,999
151,569 149,547
100,503 101,195
119,366 119,811
9,276 8,008
029
416
564
191
260
648
176
005
928
36,079
55,557
1,564
191
5,261
1,597
58,937
35,417
5,894
36,123
55,077
1,564
182
5,264
1,665
62,301
31,720
5,855
310,345
20,247
137,510
80,302
130,220
8,636
36,608
45,633
1,563
223
5,243
1,548
53,282
31,938
5,598
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.
1
aret
1948 i.
_
Bourse" for Sept.
4
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
5
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
6
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
7
Gold not reported separately beginning May 31, 1948.
8
Gold not reported separately^beginning Dec. 31, 1946.
874
Untifsuch
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 the German States l
(millions of German marks):
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits:—Government
Banks
Other
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
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange...
Gold contribution to Int'l Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
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
Bills discounted
1949
May
Central Bank
(Figures as of last report
date of month)
1949
1948
Apr.
Mar.
May
4,883
5,845
29,055
9,247
30,317
48,650
29,363
1,335
4,518
5,815
29,325
9,247
30,431
48,650
29,363
1,323
2,157
35
2
Loans to Government
2,486
,224
590
Other assets
31,671
,078
4,689
Deposits
5,832
291
Other liabilities and capital.
293
29.303 Central Bank of Ireland (thousands
42,091
of pounds):
2,646 2,646
,646 2,646
28,704
Gold
44,012 44,422
,993 40,393
655
Sterling funds
46,658 47,068 46 ,639 43,039
Note circulation
May
Apr.
Mar.
May
Reserve Bank of India—Cont.
Banking department:—Cont.
269
269
268
269
-375
658
-352
-446
-1,801 -1,984 -2,193 -3,065
37,904 37,682 36,211 37,119
892
366
871
876
1,411
1,164
851
1,206
28,198 27,741 27,407 27,112
2,309
1,475
1,233
2,142
7,976 7,792
7,531
7,155
1,346
1,591
8,572
2,843
6,745
1,500
1,486
387
4,234
1,205
1,576
8,413
2,599
6,604
1,499
1,471
224
3,995
(Nov.
1948)2
678
51
1,295
1,389
314
1,021
203
608
24
988
1,285
187
956
130
219
474
1,809
65
341
1,600
27,230
17,502
1,250
2,812
12,090
32,844
3,092
3,978
11,450
9,519
27,230
18,464
1,250
3,055
11,992
33,537
3,086
3,930
11,725
9,713
27,229
19,075
1,250
3,161
12,228
33,988
3,077
4,125
11,858
9,895
27,228
22.244
1,250
2,142
11,626
30,805
2,912
6,583
14.237
9,953
412
227
4
311
6,895
247
2,917
(3)
4,544
635
412
226
4
311
7,043
263
2,929
1
4,747
581
412
213
4
312
6,890
225
2,755
1
4,763
538
403
57
1,928
340
208
342
2,015
244
568
452
400
444
400
7,203 7,416 11,353
3,937 3,674 1,278
420
429
474
11,814 11,693 13,289
201
1,808
104
218
2,025
21
216
4,155
19
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds. . .
Other assets.
Note circulation
Deposits-—Government
Other
Other liabilities.
The Java Bank (thousands of
guilders):
Gold
Foreign bills
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Vtexico (millions of pesos):
Monetary reserve *. .
"Authorized" holdings of securities, etc.
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold.
Silver (including subsidiary
coin)
Foreign assets (net) 6
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
E. C. A
Other
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital
525
1,549
1 ,256
31 250 11,992
23,643
657,274 650,227 659 541 686,560
15
181,619 173,859 165 ,071 108,050
201,156 201 ,156 201 237 142,683
321,369 311,378 291 968 96,926
945 755,882
846,994 857
153 58,579
43,757 45
639 9,540
125,011 118
244 50,072
131.153 123
,175 145,290
205,552 191
166 27,387
34,143 32 320
1
92
74
121
73
41
315
45
25
18
147
812
781
036
470,983 470, 972
70,974 76 894
69,677 68 206
937,242 914, 661
80,450 80 577
818,493 774 724
718,715 744, 943
92,117 91, 643
,131
,655
943
894
,305
182
547
349
23 072
143
590
67,565
52,768
81,746
49,562
10,940
223,499
10,902
16,603
t2,166
470,956
58, 763
70.912
866 971
54^
,907
,816
,426
632
647
664
594
1,853
698
130
1,901
629
783
,792
708
164
,906
683
722
,846
693
172
,900
757
718
1,447
693
129'
1,676
701
487
439
7
277
152
3,300
461
79
3,005
53
38
293
908
260
439
6
243
144
,300
378
106
,957
128
59
287
780
194
439
5
283
146
,300
366
107
,983
216
35
250
742
205
482"
2
470'
164
3,300
322
122
2,947
77971
"503
317
843
,843
,826
2,802
78,162'
095
327
834
774
,324 30,735
,095
7,868
,862
3,486
,369 48,383
,015 69,623
,566
5.048
c
Corrected.
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks.
Latest month available.
3
Less than 500.000 forint.
4
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
5
Beginning January 1949. this figure represents a net of the Bank's foreign assets and is not strictly comparable with amounts shown for;
previous months.
1
2
JULY 1949
875
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
Other
Other liabilities and capital
Bank of
Paraguay—Monetary
dept. (thousands of guaranies):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund l
Paid-in capital—Int'l. Bank
Loans and discounts
,
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchangel
Net claim on Int'l. Fund ..... .
Contribution to Int'l. Bank
Loans and discounts to banks...
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of t h e Philippines
(thousands of pesos):
Gold
Foreign exchange
Contribution to Int'l. Fund
Advances to Government
Other assets
Note circulation
Demand deposits—U. S. dollars2.
Pesos
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital..,
National Bank of R u m a n i a 3
S o u t h African Reserve Bank
(thousands of pounds):
Gold*
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Sank 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..
1949
May
Apr.
1948
Mar.
May
Central Bank
(Figures as of last report
date of month)
1948
May
Apr.
Mar.
May
Bank of Sweden(millions of kronor):
232
302
157
176
176
205
Gold
226
492
362
383
307
181
Foreign assets (net)
-70
-64
Swedish Govt. securities and ad- 5
85 ' " 109
87
,186
3,155
3,348
3,129
vances to National Debt Office
51
65
48
83
132
95
99
Other domestic bills and advances
7,813 7,924
7,713
361
370
380
347
Other assets
97
67
92
,906 3,019 2,953 2,734
Note circulation
2,058
2,046 1,984
572
563
641
602
Demand deposits—Government.
3,977
4,064 3,952
230
302
160
334
Other
902
869 1,258
440
422
462
292
Other liabilities and capital.....
661
738
826 Swiss National Bank (millions of
161
164
268 francs):
547
553
671
,037
,948 5,911 5,672
Gold
365
316
365
107
Foreign exchange
151
156
138
247
Loans and discounts
621
627
77
624
745
81
71
92
Other asset3
3,214
,631 -6,612 22,107
,298 4,326 4,158
,279
Note circulation
1,666
2,710
,710 2,710 2,709
,726
,811
1,298
Other sight liabilities
469
-92
-92
-92
-16
520
521
663
Other liabilities and capital.....
87,272
,640 78,601 27,240 Central Bank of t h e Republic of
4,572
,170 6,778 7,059 Turkey (thousands of pounds):
4.674
,446 8,797 1,703
449,727 451,306 454,460 470,296
Gold 6
.488 68,488 51,078
77,788
Foreign exchange and foreign
,642 18,658 7,411
105
122,465 125, 073 170,296
22,375
clearings
738,697 727, 183 630,241
,737 3,663 3,058
751
2,807
Loans and discounts
194,872
185
860 178,539
Securities
47
083 30,694
Other assets
198 901 108,513
912
928,774
919,664
881,567
180
Note circulation
20 496 20,496
153 036
036 153,021
20
Deposits—Gold
2 356 2,356
205
121
312
224,732
2
198,680 214,
Other
143 141 101,486
268 796 270,997 271, 837 220,746
137
Other liabilities and capital
723 892 747,999 Bank of t h e Republic of Uruguay
723
43 073 62,468
(Feb.)7
36
(thousands of pesos):
248,845 308,258
777,240 717,302
787
Gold
11,932 12,342
287
240,122
253
Silver
315
85,894
314
60
Paid-in capital—Int'l. Bank. . . .
Advances to State and govern142,249
63,783
ment bodies
244,044 192,838
2,721
2.
Other loans and discounts
248,932 292,161
685,
669,666
Other assets
281,774 250,759
30.
30,000
Note circulation
66,252 76,465
1
469
Deposits—Government
282,754 265,668
134
134,157
Other
265,537
276,804
580,377
580
Other liabilities and capital
40
40,073
Central Bank of Venezuela (thou142,
127,361
sands of bolivares):
521 705,510
888,521
89,203
90,
Gold*
203 39,389
226,535
Foreign exchange (net)
242 84,607
32,570
Other assets
453
779,228
763
637,783
3,496 4,345
Note circulation—Central Bank.
481
1,447
3,406
7,870 10,139
National banks
334
405
335,364
171,446
439
Deposits
698 16,870
1,265 1,283
31,586
Other liabilities and capital
496 National Bank of t h e Kingdom
500
8,269 8,310
of Yugoslavia 3
238 1,240 Bank for International Settle4,108 6,209 m e n t s » (thousands of Swiss gold
910 francs):
955
169,766 153,030 150,769 99,241
Gold in bars
Cash on hand and on current
20 388 19,554 38,709 35,286
account with banks
494
374
1,914
40,699
,983 40,786 95,323
Sight funds at interest
7 357
1,646
,076 5,431 81,235
Rediscountable bills and accept,601 90,720 86,154
19 931 19,160 17,681 31,323
77,406
ances (at cost)
,657 18,649 11,934
13,994
18 644 22,860 26,639 9,478
Time funds at interest
,699 65,483 64,906
66,400
Sundry bills and investments. . 155 750 166,224 189,351 83,857
,116 81,927 203,269
60,638
Funds invested in Germany. . . 297 201 297,201 297,201 297,197
,501 8,176 6,469
6,707
1 948 1,827 1,643 2,893
Other assets
17 299 17,353 21,654 17,585
Demand deposits ( g o l d ) . . . . . .
,047 1,111
1,216
Short-term deposits (various
497
500
499
currencies):
,965 15,739 15,857
Central banks for own ac,205 8,460 9,748
,637 181,883 218,876 49,076
count
1,317
,985 3,920 2,874
1,344
4,270
,383
Other
,080 25,004 24,825
Long-term deposits: Special ac,379 1,425
1,112
228, 909 228,909 228,909 228,909
counts
,641 2,749 3,681
253, 755 252,281 251,730 259,808
Other liabilities and capital
598
552
575
232
198
232
223
-54
78
48
,813
110
,054
,095
853
714
166
568
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2 as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Account
of National Treasury.
8
For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
• Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
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.
3
Latest
month available.
8
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.9
See BULLETIN for December 1936, p.
.876
1025.
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
King- France Gerdom
Central
bank of—
Switzerland
Rate
June
30
Albania
Argentina.
Au '
Belgium. .
Bolivia. . .
In effect Dec. 31,
1938
Jan. 4, 1939. .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940..
Apr. 9
May 17
Mar. 17, 1941. .
May 29
June 27
Jan. 16, 1945. .
Jan. 20
Feb. 9
Nov. 7, 1946. .
Dec. 19
Jan. 10, 1947. .
Aug. 27
Oct. 9
June 28. 1948 . .
Sept. 6
Oct. 1
May 27, 1949. .
In effect June 30,
1949
Bel- Nether- Sweden
gium lands
sy2
2V2
w2
&2M
2H &3
sy2
iy2
Central
bank of—
Rate
June
30
Date
effective
¥
Mar.
Mar.
Aug.
Aug.
Feb.
21, 1940
1, 1936
3, 1945
27. 1947
4, 1948
Ireland
Italy
Japan
Java
Latvia
Nov. 23, 1943
Apr. 9, 1949
5.11 July 5, 1948
3
Jan. 14, 1937
5
Feb. 17, 1940
Bulgaria.
33
Canada..
3-4 >
Chilt
4
Colombia
3
Costa Rica
Czechoslovakia
Aug.
Feb.
Dec.
July
Apr.
Oct.
1, 1948
8, 1944
16, 1936
18, 1933
1, 1939
28, 1945
Lithuania. . ,
Mexico
Netherlands .
New Zealand.
Norway
Peru
6
Denmark
Ecuador
El Salvador...
Estonia
Finland
Tan. 15, 1946
June 8, 1943
Oct. 15, 1946
Oct. 1, 1935
Feb. 1, 1949
Portugal....
Rumania. . .
South Africa.
Spain
Sweden
Oct. 1, 1948
May 27, 1949
July 12, 1948
Nov. 1, 1947
Nov. 28, 1935
Switzerland..
Turkey
United Kingdom
U. S. S. R.. . .
Yugoslavia. .
France
Germany
Greece
Hungary
India
3y &4
3
Date
effective
334
4
iy2
I"
July
June
June
July
Jan.
Nov.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
13, 1947
Jan.
Mar.
June
Mar.
Feb.
12, 1944
25, 1948
2, 1941
18, 1949
9, 1945
\y2
Nov. 26, 1936
July 1, 1938
2
4
1-3
Oct. 26, 1939
July 1, 1936
Aug. 20, 1948
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since May 31: None.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
France
Netherlands
Sweden
Switzerland
Loana
up to 3
months
Private
discount
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1.00
1.03
1.13
1.00
1942—Apr..
1943—Apr..
1944—Apr..
1945—Apr..
1946—Apr..
1947—Apr..
1948—Apr..
.54
.50
.39
.37
.37
.41
41
1.03
1.03
1.03
1.03
.53
.53
56
1.01
1.01
1.01
1.01
.51
.51
51
1948—May,
June.
July.
Aug.,
Sept.
Oct..
Nov.
Dec.
41
41
.41
41
41
41
41
41
56
56
56
56
56
56
56
.56
.51
.51
.51
.51
.51
.51
.51
.52
1949—Jan..
Feb..
Mar.
Apr..
.41
.42
.42
.49
.56
.56
.56
.58
.52
.52
.52
.51
Bankers'
allowance
on deposits
Day-today
money
Treasury
bills 3
months
1.74
.66
.73
.47
.25
.41
2.00
.90
1.59
1.38
63
63
63
.63
.63
63
.63
.63
2.12
2.02
2.04
1.88
2.84
33
.36
.56
.35
.10
.63
.63
.63
2.09
2.08
2.10
2.12
.63
.63
.63
.63
2.09
2.03
2.00
Day-today
money
.50
1.11
93
94
.84
1.35
1 06
03
.08
.25
.84
.78
.77
.96
.23
.39
1.38
1.29
1.13
.90
1.01
1.24
rate
1.25
1.25
1.25
1.25
.25
.25
.50
.50
.50
.63
.63
.63
.63
.63
.63
.63
.63
1.63
1.63
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 1949
877
COMMERCIAL BANKS
Assets
United Kingdom »
(11 London clearing
banks. Figures in
millions of pounds
sterling)
1941—December
1942—December
1943 —December
1944—December
1945—December
1946—December
1947—December
Cash
reserves
....
366
....
.. .
.. .
1948—^/[ay
June
July
August
September
October
November
December
Treasury
Bills dis- deposit s
counted receipts
141
171
Loans to
Securities customers
758
999
896
1.307
1,667
1,523
1,560
1,288
,120
,154
,165
,234
,427
,483
723
659
715
695
707
802
793
741
1,248
1,361
L.320
1,323
1,345
1,313
1,332
1.397
481
491
795
860
1,267
989
482
481
870
799
956
,477
,478
,478
,474
,472
,475
,480
,478
,487
,487
.496
1,501
390
422
142
151
198
133
500
536
499
502
199
252
432
480
147
369
610
793
488
492
489
499
490
485
454
473
477
489
490
497
532
481
474
500
495
502
1949—January
February
March
April
Money at
call and
short
notice
Liabilities
482
485
1,025
Deposits
Other
assets
823
324
772
827
994
347
374
505
567
794
761
325
349
1,219
Total
Demand
Time
3,329
3,629
4,032
4,545
4,850
5,685
5,935
2,168
2,429
2,712
3,045
3,262
3,823
3,962
1.161
1,200
1,319
1,500
1,588
1,862
1.972
10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
1947—December
356
387
471
550
694
753
731
31
48
92
251
136
105
1948 —May
728
685
671
712
734
751
781
80
84
77
77
76
97
96
June
July
August
September . . . .
October
November... .
December
1949—January
February
March
April
32
5,869
5,955
5,909
5,903
5,950
6,040
6,057
6,200
3,832
3,872
3,834
3,829
3,844
3,927
3,958
4,159
2,037
2,083
2,075
2,074
2,106
2,113
2,099
2,041
401
393
390
388
387
393
1,383
1,405
1.429
1,445
526
519
6,057
5,817
5,815
5,886
4,033
3,810
3,803
3,875
2,024
2,007
2,012
2,011
414
414
516
621
517
540
749
101
1,925
1,930
1,948
1,958
2,023
2,110
2,202
2,148
740
711
718
760
90
108
81
90
2,131
2,119
2,129
2,199
168
231
250
214
227
132
106
Other
assets
Note
circulation
Total
Demand
Time
Other
liabilities
and
capital
657
744
782
869
1,039
1,159
60
42
34
26
21
18
71
3,105
3,657
4,395
5,137
5,941
6,252
6,412
1,436
1,984
2,447
2,714
3,076
2,783
2,671
1,669
1,673
1,948
2,423
2,865
3,469
3,740
1,107
1,129
1,019
1,082
1,169
1,067
1,149
1,169
17
17
17
17
17
17
16
2,501
2,592
2,487
2,606
2,728
2,758
2,935
2,970
3,955
3 936
3,959
4 003
4,049
4,040
4,086
4,057
11,561
16
6,456
6,528
6,446
6,609
6,776
6,798
7,020
7,027
1,054
1,070
1,077
987
16
16
15
15
6,942
6,957
6,927
7,029
2,824
2,797
2,663
2,690
4,118
4,159
4,264
4,339
1,500
1,494
L,484
1,408
127
135
128
144
136
143
140
144
,066
,143
,154
,209
,185
,156
,212
,268
131
136
136
149
,311
,322
\ t,285
4 ,267
653
962
,049
,172:
,289.
,386,
,525
,544
I 561
11,533
1,557
1L.530
1,510
1,542
1,537
Liabilities
Other
assets
Deposits
Due from
banks
Bills discounted
Loans
6,589
7,810
8,548
10.365
14,602
17,943
22,551
3,476
3,458
4,095
4,948
13,804
18,919
19,410
61,897
73,917
90,897
99,782
155,025
195,177
219,374
8,265
10,625
14,191
18,653
36,166
64,933
86,344
2,040
2,622
2,935
2,190
7,360
23,392
37,291
1948—April
May
June
July
August
September
October
November .
December
29,808
32,885
34,770
34,308
35,504
35,994
40,694
40.936
45,406
27,283
26,713
27,317
28,539
28,465
28,232
33,035
34,493
35,534
269,554
270,395
274,098
305,928
295,80(5
311,935
339,126
330,49=
354,131
105,112
113,086
112,566
110,301
113,956
111,682
116,174
127,147
125,154
33,661
35,138
38,313
39,267
41,028
41,525
43,542
45,913
50,780
423, 905
435, 436
440, 776
470, 004
464, 340
478, 129
1949—January
February
March
44,404
44,191
38,024
34,369
32,048
33,720
345,914
343,684
330,902
133,550
141,296
135,617
36,083
37,362
39,720
548 335
....
409
405
1,759
2,293
2,940
3,611
4.038
,232
,874
Cash
reserves
1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
1947—December
Deposits payable in Canada
excluding interbank deposits
Assets
France
(4 large banks. End
of month figures in
millions of francs)
396
420
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
banks
discounts
1,169
1,168
1,156
1,211
1,274
1,507
1,999
250
265
342
396
547
530
487
477
485
497
Entirely in Canada
Cash
reserves
253
236
245
1.334
1,354
1,335
1,334
1,349
1,365
1,355
L.396
Assets
Canada
Other
liabilities,
and
capital
Total
76 656
9 1 . 549
112, 732
128, 758
213, 908
291, 894
U? 166
516 691
520.412
548 796
551 673
528 241
Demand
75.744
Time
Own
acceptances
Other
liabilities
and
capital
21 .871
413
462
428
557
290,004
338,710
1,541
2,180
2,037
1,890
3,457
2,898
15,694
25,175
5,199
6,422
7,506
6,623
10,151
12,777
17,628
418,077
429.788
435,902
465.104
459 603
473,217
510.425
514,284
542,113
5,828
5,649
4,874
4,900
4,737
4,912
6,267
6,128
6,683
26,878
27,104
28,590
28,044
28,569
27,739
27,987
28,687
30,641
14,634
15,681
17,698
20,295
21,849
23,504
27 893
29,887
31,568
541,420
544,466
520,846
6,916
7,207
7,394
30 697
31,876
32,127
15 287
15,033
17,615
911,225
111 .191
126.578
912
324
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except in June and December, when the statements give end-of-month data.
* Represent six-month loans to the Treasury at 1 H 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 Stattsttcs, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
878
FEDERAL RESERVE BULLETIN,
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or
month
"Regular"
products
"Nonregular"
products
1943
1944
1945
1946
1947
1948
29.773
29.773
29.773
29.773
29.773
29.773
24 732
25.125
25.125
25 125
25.125
25 125
20 000
1948—July...
Aug...
Sept...
Oct. . .
Nov...
Dec...
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25 125
25.125
25 125
25.125
25.125
1949—Jan. . .
Feb...
Mar...
Apr...
May . .
June..
29.773
29.773
29.773
29.773
29.773
29.773
Colombia
(peso)
Year or
month
57.265
57.272
57 014
57.020
57 001
57.006
1943
1944
1945
1946
1947
1948
1948—July. . .
Aug
Sept . .
Oct
Nov
Dec . . .
1949—j an
m m
Feb
Mar.
Apr. . .
June .
Year or
month
Portugal
(escudo)
"Bank
notes"
account
Free
322 80
322 80
322.80
321 50
321 .17
321 34
321 00
321 .22
2.2860
2 2829
2.2817
2 2816
20.000
20.000
20.000
20.000
20.000
20.000
321 . 2 3
321 .23
2.2807
2.2830
2.2844
2.2850
2.2850
2.2847
25.125
25 125
25.125
25.125
25.125
25.125
20.000
20.000
20.000
20.000
20.000
20.000
321 .22
321 .23
321 .21
321 .12
321 .15
321 .00
2.2844
2.2847
2.2828
2.2752
2.2750
2.2750
2 2.1000
2.1605
2.1791
2.2211
Czechoslovakia
(koruna)
Denmark
(krone)
India »
(rupee)
Italy
(lira)
321-23
321 . 2 3
321 . 2 3
321 . 2 3
France
(franc)
Official
2 0060
2 0060
2.0060
20.876
20 864
20.857
.4929
3240
2 0060
2 0060
2.0060
2 0060
2.0060
2 0060
20.858
20 855
20.854
20.854
20.854
20.854
.4671
4671
.4671
.4671
.4671
.4671
3265
3268
3213
3193
3179
3154
2.0060
2.0060
2 0060
2 0060
2 0060
2.0060
20.854
20.854
20 854
20.854
20 854
20.854
.4671
.4671
.4671
.4671
.4671
.4671
3141
3138
3136
3106
3038
3032
South
Africa
(pound)
Spain
(peseta)
4 0501
4 0273
4 0183
00
00
05
50
74
75
9.132
9 132
9 132
1948—July...
Aug .
Sept...
Oct. . .
Nov.. .
Dec...
4.0329
4 0327
4.0319
4.0312
4.0316
4.0321
400.75
400 75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
<9.132
1949—Jan. . .
Feb
Mar...
Apr...
May . .
June..
4.0324
4 0327
4.0324
4.0326
4.0327
4.0327
400.75
400 75
400.75
400.75
400.75
400.75
j - 9711
8409
8407
Straits
Settlements
(dollar)
147.083
47 083
47.083
47.166
47.208
47.186
Sweden
(krona)
Canada
(dollar)
Ceylon
(rupee)
Official
Free
Official
6
6
6
6
5 1280
5 1469
5.1802
90
90
90
95
100
100
0586
0594
0602
C60^
s
s
s
s5
s
s
4403
909
909
909
198
000
000
Free
89
89
90
93
91
91
978
853
485
288
999
691
4406
4406
4406
4406
4406
5. 4406
100.000
100 000
100.000
100 000
100.000
100.000
92.829
92 701
92.180
92 898
92.383
92.250
5. 4406
s 4406
4406
5.
5. 4406
5. 4406
5. 4406
100.000
100 000
100.000
100.000
100.000
100.000
92.444
92 668
93.261
93.566
95.150
95.521
New
Zealand
(pound)
Norway
(krone)
20.176
20 160
20.159
Mexico
(peso)
Free
30.122
30.122
30.122
30.155
30.164
30.169
398
398
399
400
400
400
1943
1944
1945
1946
1947
1948
Official
Brazil
(cruzeiro)
Belgium
(franc)
Australia
(pound)
Certain
industrial
products
In cents per unit of foreign currency]
Netherlands
(guilder)
20 S81
20 577
37 933
37 813
37 760
18.860
37 668
324.20
324.42
323 46
322.63
322 29
350.48
30.169
30 169
30.168
30.168
30.168
30.168
20,573
14 490
14 S?7
37
37
37
37
37
37
645
621
598
602
572
615
322 51
353 87
399.15
399.15
399.15
399.15
20 158
20 158
20.158
20.158
20.158
20.158
30.168
30.168
30.168
30.168
30.168
30.168
14 S34
37 664
14 .360
14
37 628
37 .598
37 .650
399.14
399.15
399 12
399.01
399 05
398.87
20.158
20.158
20 158
20.158
20 158
20.158
Switzerland
(franc)
20 S77
20.581
20 581
.4434
14 438
14 303
12 521
11 .911
37 609
37 .615
United
Kingdom
(pound)
Official
130.117
30 117
30.117
30.117
30.117
30.117
Philippine
Republic
(peso)
149.675
49.677
49 721
49.723
49 724
49.730
Uruguay
(peso)
Free
65 .830
65 830
65 830
65 830
52.855
53.506
55.159
56.280
56 239
56.182
25 859
27 824
27 824
23.363
23.363
23.363
403.50
403.50
403.50
403.02
403.50
403.28
i 8<s
403.13
27
27
27
27
27
27
824
824
823
823
823
823
23.363
23.363
23.363
23.363
23.363
23.363
403.14
403.15
403.15
403.14
403.15
403.15
65 .830
56.180
65.830
65.830
65.830
27 823
27 823
27.823
27.823
27.823
27.823
23.363
23.363
23.363
23.363
23.363
23.363
403.13
403.14
403.11
403.00
403.04
402.85
65.830
65.830
65 .830
65 .830
65 .830
65 .830
65 .830
65 .830
58.822
53.191
56.180
56.180
56.180
58.822
58.822
58.822
53.191
53.191
53.191
56.180
56 180
56.180
56.180
56.180
56.180
58.822
58 822
58.822
58.822
58.822
58.822
53.191
53 191
53.191
53.191
53.191
53.191
1
s
Based on quotations beginning Jan. 24, 1949.
Based on quotations beginning Mar. 22, 1949.
*4 Excludes Pakistan, beginning April 1948.
Quotations not available after Dec. 17, 1948.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947,
p. 933; and February 1944, p. 209.
JULY 1949
879
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
France
(1938 =
100)
1926.
100
100
U24
106
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
80
81
86
79
77
79
87
99
103
104
106
121
152
165
72
75
85
79
75
83
90
96
100
103
104
109
129
153
103
110
121
146
179
199
229
242
260
89
94
109
101
103
137
153
159
163
166
169
175
192
219
52
63
89
100
105
139
171
201
234
265
375
648
989
1,712
1948-May
June
July
August....
September.
October
November.
December..
164
166
169
170
169
165
164
162
150
152
152
158
158
159
159
160
259
259
260
268
270
273
271
268
220
222
222
221
220
220
221
221
1,653
1,691
1,698
1,783
1,791
1,887
1,977
1,974
1949—January..
February.
March... .
April
May
161
158
158
157
156
159
158
158
158
156
270
271
275
280
221
221
221
227
231
1,946
1,898
1,872
1,847
Pi,892
Italy
(1938 =
100)
Netherlands
(July 1938June 1939
= 100)
Japan
(1933 =
100)
72
80
94
100
104
121
136
153
5,159
5,443
5,184
5,142
5,139
5,704
5,769
5,724
5,667
5,697
'5,698
5,656
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
132
150
U26
144
103
110
133
140
155
173
183
197
209
233
308
1,599
5,103
'13,909
87
91
108
102
105
131
150
157
160
164
181
251
271
281
100
102
114
111
115
146
172
189
196
196
194
186
199
214
90
96
111
107
111
143
184
210
218
223
221
215
224
233
9,634
10,007
14,043
16,916
18,206
19,138
20,615
'20,894
279
280
279
280
279
284
289
291
214
216
215
217
217
217
217
217
233
233
232
231
230
230
232
231
'21,538
21,936
21,932
295
295
294
295
217
217
216
230
229
227
224
221
P Preliminary.
' Revised.
i Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1949, p. 754; 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]
Canada
:i926=100
United States
(1926 = 100)
Year or month
United K i n g d o m
(1930=100)
R a w and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Farm
products
Foods
Other
commodities
Farm
products
1926
100
100
100
100
100
100
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
79
81
86
69
65
84
82
86
74
70
78
80
85
82
81
64
69
87
74
64
66
71
84
73
67
68
82
71
83
83
89
68
73
106
123
123
128
149
181
100
107
105
106
131
169
96
97
99
100
110
135
188
179
189
196
195
191
190
184
181
177
177
181
188
190
187
178
174
170
173
1948—May
June
July
August
September
October
November
December
1949—Janu ary
February
..
March
April
. .
May
Netherlands
(July 1938-June 1939=100)
Industrial raw
products
Industrial
finished
products
103
112
104
121
140
163
177
126
148
160
164
170
175
184
207
157
157
159
172
200
214
175
174
179
193
282
328
154
159
163
184
261
276
181
242
231
342
283
182
184
184
183
181
180
181
178
243
244
244
243
243
243
244
246
230
235
229
224
222
224
238
241
341
342
340
341
340
343
348
349
281
281
280
282
283
288
291
294
Foods
Industrial
products
73
74
81
78
75
87
92
102
97
97
90
96
112
104
106
75
82
82
89
133
146
138
156
85
98
107
115
124
133
90
99
104
106
110
131
92
93
94
94
99
117
158
160
158
158
158
165
151
150
156
140
'150
150
151
153
153
153
154
153
151
155
154
151
150
149
150
149
153
156
155
163
163
164
164
164
138
138
139
143
144
144
144
144
Foods
166
153
148
163
143
178
247
240
373
295
168
162
152
145
161
142
178
247
242
371
295
'172
'171
163
163
151
149
146
148
162
161
178
186
246
250
242
243
369
369
293
294
171
164
147
141
142
148
160
199
250
142
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
880
FEDERAL RESERVE BULLETIN.
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
SwitzUnited
United
CanKing- France Nether- erlands
land
ada
dom
States
(1938 (1911-13 (June
(1935-39 1935-39 (June
= 100) 1914
= 100) = 100) 17,1947 = 100)
= 100)
= 100)
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
->
1948-June
July
August
September.
October...
November.
December.
1949-January...
February..
March....
April
May
98
95
97
106
124
138
136
139
160
194
210
104
101
106
116
127
131
131
133
140
160
196
141
141
164
168
161
166
168
170
169
1
101
108
100
108
129
149
174
224
275
377
645
1,043
1,662
214
217
217
215
212
208
205
194
201
203
204
205
205
202
113
108
107
107
108
108
108
1,560
1,559
1,716
1,842
1,904
1,873
1,924
205
200
202
203
202
202
200
199
199
200
108
109
108
108
1,932
1,845
1,759
1,738
'1,725
130
130
150
177
191
198
SwitzUnited
United
CanKing- France Nether- erland
dom
lands
States
ada
(1938 (1911-13 (June
(1935-39 (1935-39 (June
1914
= 100) = 100) 17,1947 = 100)
= 100)
-100)
100)
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
101
99
100
105
117
124
126
128
139
159
171
102
102
106
112
117
118
119
119
124
136
155
230 1948-June
229
July
228
August....
229
September.
229
October...
235
November.
232
December.
172
174
175
175
174
172
171
154
157
158
159
160
160
159
231 1949-January...
February..
229
March
228
April
227
227
May
171
169
170
170
169
160
160
159
159
160
130
132
146
175
200
211
215
215
210
222
230
156
158
184
199
200
199
201
203
204
UOl
108
110
108
108
108
108
109
109
109
109
109
109
100
108
129
150
175
224
285
393
645
1,030
1,632
139
140
154
175
187
195
137
138
151
174
193
203
20S
209
208
217
224
1,529
1,528
,670
,783
,844
,870
,928
224
223
223
223
223
226
225
,935
,857
,781
,757
,738
224
223
222
221
222
P1 Preliminary.
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 166 for retail food prices and 203 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]
Bonds
Year or month
Number of issues...
1940
1941
1942
1943
1944
1945
1946
1947
1948
1948—June
July
September. . .
October
November. . .
December....
1949—January
February....
April
May
United
States i
(high
grade)
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 =100)
Common stocks
France
(1938100)
Netherlands «
United
States
(1935-39
= 100)
50
NetherUnited
Canada *
France »
lands •
(1935-39 Kingdom (December
= 100)
(1926=100) 1938=100) (1938=1001
13
416
106
278
»295
115.9
117.8
118.3
120.3
120.9
122.1
123.3
i103.2
98.7
95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5
105.0
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
129.9
M14.2
8 143.4
146.4
146.6
150.5
152.1
144.6
132.0
P117.0
'109.6
105.6
107.1
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
124.4
77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
112.5
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
92.0
M40
«308
479
540
551
694
875
1,149
1,256
184.3
197.5
100.2
99.2
98.3
98.2
97.8
97.9
98.9
104.8
104.6
104.0
104.1
103.8
104.5
104.7
129.5
129.3
129.7
130.1
130.5
130.4
130.4
118.6
117.8
119.3
116.2
114.4
113.4
110.0
108.0
105.6
106.3
106.6
107.3
106.6
106.6
135.1
131.9
127.1
125.7
127.8
120.4
119.4
120.3
116.3
113.6
113.4
116 4
117.8
115.8
93.9
91.4
91.2
90.7
90.6
91.6
«91.4
1,086
1,217
1,208
1,285
1,464
1,354
1,366
197.3
197.0
195.7
194.3
185.9
179.7
176.2
100.5
100.5
100.7
101.0
101.0
104.8
104.8
105.0
105.2
105.2
131.0
131.0
130.8
130.9
130.4
111.6
111.9
107.6
109.0
106.9
105.9
103.0
121.0
117.2
118.0
118.5
117.7
114.3
108.1
106.4
106.4
105.3
91.6
91.7
88.7
88.4
88.9
1,332
1,214
1,114
1,119
176.7
172.6
12
(2)
87
37
P1 Preliminary.
• Corrected
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocka
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.
1
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.
*This
index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949.
6
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
• 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.
1
Average based on figures for 5 months; no data available June-December.
• 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; Junt
1935, p. 394; and February 1932, p. 121.
JULY 1949
881
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
Assistant
to the Board
ELLIOTT THURSTON,
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
Special Adviser
to the Board
CHESTER MORRILL,
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
WlNFIELD W . RlEFLER,
Assistant
to the Chairman
DIVISION OF EXAMINATIONS
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
OFFICE OF THE SOLICITOR
T. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
DIVISION OF PERSONNEL
DIVISION OF RESEARCH AND STATISTICS
DIVISION OF ADMINISTRATIVE SERVICES
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
ERNEST G. DRAPER
ADMINISTRATION
FRED A. NELSON, Director
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
C. E. EARHART
FREDERIC A. POTTS,
PHILADELPHIA DISTRICT
MARRINER S. ECCLES
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
R. M. EVANS
RAY M. GIDNEY
HUGH LEACH
W. S. MCLARIN, JR.
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
EARLE L. RAUBER, Associate Economist
DONALD S. THOMPSON, Associate Economist
O. P. WHEELER, Associate Economist
CHARLES W. WILLIAMS, Associate Economist
IOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
Account
Second Vice President
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. L. HEMINGWAY,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
CHESTER MORRILL,
882
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, A \ N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
Alfred H. Williams
Philadelphia.... Warren F. Whittier
C. Canby Balderston
W. J. Davis
Cleveland
George C. Brainard
A. Z. Baker
Ray M. Gidney
Wm. H. Fletcher
Richmond
Charles P. McCormick
J. B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
Rufus C. Harris
W. S. McLarin, Jr.
L. M. Clark
Chicago
Franklin J. Lunding
C. S. Young
Charles B. Dunn
Russell L. Dearmont
Wm. H. Bryce
Chester C. Davis
F. Guy Hitt
Minneapolis.... Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
St. Louis
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang
Dallas
J. R. Parten
R. B. Anderson
San Francisco... Brayton Wilbur
Harry R. Wellman
R. R. Gilbert
W. D. Gentry
C. E. Earhart
H. N. Mangels
vice Jr residents
Robert B. Harvey2 Alfred C. Neal
Carl B. Pitman
E. G. Hult
0. A. Schlaikjer
E. 0. Latham
R. F. Van Amringe
H. V. Roelse
H. H. Kimball
Robert G. Rouse
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
A. Phelan
E. C. Hill
Karl R. Bopp
Wm. G. McCreedy
L. E. Donaldson
Robert N. Hilkert P. M. Poorman3
A. H. Laning3
Roger R. Clouse
Martin Morrison
W. D. Fulton
Paul C. Stetzelberger
J. W. Kossin
Donald S. Thompson
C. B. Strathy
R. L. Cherry
Claude L. Guthrie3 K. Brantley Watson
Edw. A. Wayne
R. W. Mercer
Charles W. Williams
W. R. Milford
P. L. T. Beavers
Joel B. Fort, Jr.
T. A. Lanford
V. K. Bowman
E. P. Paris
J. E. Denmark
S. P. Schuessler
2
Allan M. Black
John K. Langum
0. J. Netterstrom
Neil B. Dawes
A. L. Olson
W. R. Diercks
Alfred T. Sihler
E. C. Harris
W. W. Turner
0. M. Attebery
Paul E. Schroeder
Wm. E. Peterson William H. Stead
C. M. Stewart
C. A. Schacht
H. G. McConnell R. E. Towle
3
Sigurd Ueland
A. W. Mills
Harry I. Ziemer
Otis R. Preston
John Phillips, Jr.
L. H. Earhart
G. H. Pipkin2
Delos C. Johns
C. E. Sandv
R. L. Mathes
D. W. Woolley
W. H. Holloway
E. B. Austin
Watrous H. Iron
R. B. Coleman
L. G. Pondrom8
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
Albert C. Agnew
W. L. Partner
C. R. Shaw
W. N. Ambrose
H. F. Slade
D. L. Davis 3
W. F. Volberg
J. M. Leisner
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
W. D. Fulton
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.
1949
2
Cashier.
Federal Reserve
Bank of
Branch
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
El Paso
Houston
San Antonio
Dallas
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
* Also Cashier.
4
C. M. Rowland
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
883
FEDERAL RESERVE PUBLICATIONS 1
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
history of Paraguay.
$1.00 per copy.
July 1946. 170 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
scription price in the United States and its posFederal
Reserve System. 372 pages. 50 cents per
sessions, Bolivia, Canada, Chile, Colombia, Costa
paper-bound copy; $1.00 per cloth-bound copy.
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
No. 1. Jobs, Production, and Living Standards.
and Venezuela is $2.00 per annum or 20 cents
No. 2. Agricultural Adjustment and Income.
per copy; elsewhere, $2.60 per annum or 25 cents
No. 3. Public Finance and Full Employment.
per copy. Group subscriptions in the United
States for 10 or more copies to one address, 15
No. 4. Prices, Wages, and Employment.
cents per copy per month, or $1.50 for 12 months.
No. 5. Private Capital Requirements.
FEDERAL RESERVE BULLETIN.
Issued monthly. Sub-
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $9.00
per annum, or $1.00 per copy (domestic rates).
In quantities of 10 or more copies of a particular
issue for single shipment, 75 cents each.
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
No. 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
copy. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound).
GROUND AND INTERPRETATION. October 1947. 50
PROVISIONS OF STATE LAWS RELATING TO BANK R E -
SERVES as of December 31, 1944. 1945. 30 pages.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying reports, and introduction reviewing the monetary
*A more complete list, including periodical releases and reprints, appeared on pp. 758-61 of the June 1949 BULLETIN.
pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
DISTRIBUTION
OF BANK
DEPOSITS BY COUNTIES,
December 31, 1947. July 1948. 122 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
PUBLICATIONS
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
(From Federal Reserve Bulletin unless preceded by an asterisk)
OF PAYMENTS PROBLEMS, by David L. Grove and
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
Gerald M. Alter.
AND BUSINESSES. June 1948. 2 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE; with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING, by Charles H . Schmidt.
19 pages.
June 1948.
1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS. June 1948.
15 pages.
II. T H E DISTRIBUTION OF CONSUMER INCOME IN
1947.
III. CONSUMER OWNERSHIP AND U S E OF LIQUID
July 1948. 15 pages.
IV. CONSUMER SAVING AND THE ALLOCATION OF
DISPOSABLE INCOME.
* STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Chairman Thomas B. McCabe on
February 14, 1949. 7 pages.
NEW
STATISTICS OF INTEREST RATES ON BUSINESS
LOANS, by Richard Youngdahl.
10 pages.
August 1948. 19 pages.
V. HOUSING EXPENDITURES AND FINANCE.
Sep-
tember 1948. 8 pages.
1948 SURVEY OF CONSUMER FINANCES.
June, July,
August, and September 1948. 65 pages.
SALES FINANCE COMPANY OPERATIONS IN 1947, by
Milton Moss. July 1948. 6 pages.
* STEPS TO RESTORE POWERS OF STATES AND LOCALI-
March 1949.
SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS,
by Charles H . Schmidt.
June 1948. 8 pages.
AND NONLIQUID ASSETS.
November 1948. 11 pages.
March 1949. 9 pages.
POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O.
Hirschman and Robert V. Rosa.
13 pages.
April 1949.
MOVEMENT TOWARD BALANCE IN INTERNATIONAL
TRANSACTIONS OF THE UNITED STATES, by Lewis
N. Dembitz and Albert O. Hirschman. May
1949. 14 pages.
STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF
THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM BEFORE THE SENATE BANKING AND
CURRENCY COMMITTEE, May 11, 1949. 6 pages.
TIES, by Frederic Solomon. Reprinted from the
July 1948 issue of the American Bar Association
Journal. 9 pages.
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
N E W SERIES ON QUARTERLY SALES, PROFITS, AND
DIVIDENDS OF 200 LARGE MANUFACTURING COR-
RENCY
COMMITTEE.
Presented
by
Chairman
Thomas B. McCabe on August 2, 1948.
1948. 8 pages.
August
T H E PHILIPPINE CENTRAL BANK ACT and Text of
the Act, by David L. Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1948.
Sep-
tember 1948. 16 pages.
BANK CREDIT DEVELOPMENTS.
October 1948.
12
pages.
T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL
RESERVE SYSTEM. Address by Chairman Thomas
B. McCabe on October 26, 1948 at the annual
meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages.
FINANCING IN 1948, by Charles H . Schmidt.
June 1949. 8 pages.
PORATIONS, by Eleanor J. Stockwell.
5 pages.
RETAIL CREDIT SURVEY—1948.
June 1949.
From June 1949
BULLETIN with supplementary information for
nine separate trades. 38 pages. (Also, RETAIL
CREDIT SURVEY—1943, 1944, 1945, 1946, 1947
from the June 1944, May 1945, June 1946, July
1947, and July 1948 BULLETIN with supplementary information.)
1949 SURVEY OF CONSUMER FINANCES—
I. GENERAL FINANCIAL POSITION AND ECONOMIC
OUTLOOK OF CONSUMERS.
June 1949.
13 pages.
II. DURABLE GOODS EXPENDITURES IN 1948 AND
BUYING PLANS FOR 1949. June 1949. 10 pages.
III. DISTRIBUTION OF CONSUMER INCOME IN 1948.
July 1949. 15 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
SUMERS, July 1948. November 1948. 5 pages.
JULY 1949
AND BUSINESSES. July 1949. 2 pages.
885
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CO
O
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
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6
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
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OCTOBER 1.1948
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