Full text of Federal Reserve Bulletin : June 1948
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F E D E R A L
R E S E R V
ULLETIN
JUNE 1948
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 Developments in Business Finance.
615-622
Industrial Differences in Large Corporation Financing, by Charles H. Schmidt
623-633
1948 Survey of Consumer Finances:
Part I. Expenditures for Durable Goods.
Part II. The Distribution of Consumer Income in 1947.
634-648
649-656
Estimated Liquid Asset Holdings of Individuals and Businesses.
657-658
Annual Report of the Bank of Canada. .
659-665
Law Department:
Real Estate Loans—Reconstruction Finance Corporation Participations.
666
Reserves—Central Reserve City Banks; Supplement to Regulation D
Amended
666
Current Events and Announcements. .
667-66$
National Summary of Business Conditions. .
669-670
Financial, Industrial, Commercial Statistics, U. S. (See p. 671, for list of tables) .
671-728
International Financial Statistics (See p. 729, for list of tables).
729-747
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
748
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
Federal Reserve Publications. .
749
750-753
Map of Federal Reserve Districts. .
Subscription Price of BULLETIN
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754
FEDERAL
VOLUME 34
RESERVE
BULLETIN
June 194S
NUMBER 6
RECENT DEVELOPMENTS IN BUSINESS FINANCE
The business enterprises of the country
have now been operating for almost two
years at practically full capacity and under
conditions of rising prices. Over-all business
expenditures have been in record volume. In
part this has reflected the large operating requirements for inventories, customer financing, and the day-to-day expenses that are
necessitated by an exceptionally large volume
of sales. In part it has resulted from business
investment programs undertaken at rising
costs to provide increased facilities—plant and
equipment—to meet large postwar demands.
Business expenditures of the past two years
have been financed in part by the large volume of available internal funds, and in part
by substantial acquisitions of funds from external sources. Funds obtained from internal
sources averaged more than 15 billion dollars
a year in 1946 and 1947, or almost three-fifths
of total corporate uses of funds. The internal
funds were derived primarily from undistributed profits but also from the use of liquid
assets—cash and United States Government
securities—accumulated during the war.
The large volume of undistributed profits
has reflected chiefly the unprecedented volume of sales, but it has also been due to some
extent to the reduction in taxes from high
wartime rates. Prices have risen substantially, the dollar volume of business has been
higher than ever before, and business profits,
the residual element of the business sales
dollar, have also risen sharply.
Funds from external sources have been in
JUNE 1948
large volume over the past two years and
their cost has been exceptionally low. The
total used by business concerns undoubtedly
exceeded that of any previous two-year
period. Over this period there has been increasing reliance on the security markets as
a source of financing, although direct loans
to businesses by banks and insurance companies expanded more, both in dollar
amounts and percentagewise, than in any
other two-year period on record.
The financial position of business corporations as a group today is still strong. This
is true despite the use since the end of the
war of a large volume of liquid assets for tax
payments as well as for financing inventories,
accounts receivable, plant, and equipment,
and despite a large volume of debt financing.
Business holdings of liquid assets in relation
to sales are still somewhat above the prewar
levels, and in relation to current liabilities
they are substantially above such levels. The
building up of the shareholders' equity
through the large volume of undistributed
profits, together with numerous stock issues,
has resulted in an equity-to-debt ratio for
business corporations in the aggregate that
is slightly above that of 1939.
USES OF FUNDS
The record rate of business operations that
has prevailed since the latter part of 1946 has
been the principal factor giving rise to the
large volume of business expenditures. Operations at approximately full capacity and at
615
RECENT DEVELOPMENTS IN BUSINESS FINANCE
ESTIMATED
PRINCIPAL
USES
AND SOURCES
OF CORPORATE
FUNDS *
Item
In billions
of dollar
As percentage of total
1947
1946
1947
1946
14.7
6.7
5.1
11.6
7.5
5.4
56
25
19
43
28
20
Uses
Plant and equipment expenditures.
Inventory accumulation
Increase in customer financing
Federal income tax payments in excess of allowances
Total
0.0
2.5
0
9
26.5
27.0
100
100
Sources
Internal, total
14.9
16.8
56
62
Funds retained from operations 2 .
Reduction in liquid assets
External, total
14.4
0.5
11.1
10.4
6.4
9.0
54
2
42
38
24
33
Bank loans
Security issues and mortgages. . . .
Trade credit
Federal Government for income
taxes due . . . .
. . .
Other net sources and statistical
discrepancy
3.0
4.8
1.0
3.3
2.7
3.0
11
18
4
12
10
11
Total
2.3
0.0
9
0
0.5
1.2
2
5
26.5
27.0
100
100
1
Excludes banks and insurance companies. Also, in contrast
to certain figures quoted in later sections of the article, excludes
unincorporated
enterprises.
2
Profits, after income taxes and cash dividends, plus depreciation allowances.
SOURCE.—Department of Commerce.
a high and rising price level necessitated a
large volume of working capital. Business
investment in plant and equipment to modernize operations and to expand capacity for
probable future requirements has also been
affected by the exceptional volume of postwar demand and by the high cost of such
investment.
Aggregate corporate sales in 1947 probably
exceeded 300 billion dollars, approximately
a fourth larger than those in 1946 or 1944,
the previous peak peacetime and wartime
years. Sales last year in all broad industrial
groups were the largest on record. The
largest increases over 1946 occurred in industries manufacturing durable goods. Thus far
in 1948 total business sales have continued
high, although they are down seasonally
from the level prevailing in the latter part
of 1947.
Inventory accumulation. Inventory accu616
mulation is a business use of funds directly
affected by the volume of sales. The percentage increase in such accumulation was about
half as great in 1947 as it was in 1946, but in
the first quarter of 1948 it again became large.
The sharp rise in inventories thus far in 1948
may prove to be an important factor in the
business situation, for it has occurred principally in trade as contrasted to manufacturing industries. Throughout the past two
years, but particularly in 1947, the rise in
prices has accounted for a large part of the
increase in business inventories.
MANUFACTURING AND TRADE INVENTORIES
[In billions of dollars]
On hand
Increase
in first
quarter
Industry
Mar. Dec. Mar. Dec.
31,
31.
31, 1948 1947
31,
1948 1947 1947 1946
Manufacturing:
Durable goods industries. 13.5 13.3 12.2 11.1
Nondurable goods industries
15.4 14.7 13.2 12.3
Total
28.9 28.0 25.4 23.4
Trade:
5.9
7.5 6.7
8.2
Wholesale
Retail
11.7 9.9 10.0 8.7
0.2
1.1
0.7
0.9
0.9
2.0
0.7
1.8
0.8
1.3
NOTE.—Monthly estimates of the Department of Commerce.
For manufacturing and trade, figures are not additive since the
former are on a revised, and the latter on an unrevised, basis of
estimation. These figures, unlike those used in the gross national
product tabulations for all businesses, are not adjusted for inventory revaluation.
The expansion of inventories since the end
of the war has resulted in a generally more
balanced composition of such inventories for
peacetime purposes, even though some concerns have undoubtedly overextended their
inventory positions. Stocks of durable goods
have generally increased relative to those of
nondurable goods, and finished goods have
increased relative to raw materials and goods
in process.
Business inventories as a whole and in most
lines, though high, are still not excessive in
relation to the scale of current operations as
compared with such relationships in prewar
years. Such relationships, however, accordFEDERAL RESERVE BULLETIN
RECENT DEVELOPMENTS IN BUSINESS FINANCE
ing to experience in past business cycles, are per cent above 1929, the two prewar years
not unequivocal gauges of the adequacy or during which expenditures were largest.
inadequacy of inventories. Inventory-sales Some increase in expenditures would probratios have not increased substantially re- ably be shown even if allowance were made
cently, but this is only because large increases for the rise in construction costs and equipin sales have continued. Generally speaking, ment prices.
Expenditures for plant, as compared to
it is only when sales level off, or actually decline, that total inventories tend to become •those for equipment, have represented a
excessive. Moreover, the current inventory larger proportion of the total in the last quarsituation differs greatly among industries. ter of 1947 and thus far in 1948 than preIn such manufacturing industries as iron and
steel, nonferrous metals, and petroleum, for BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
example, current inventories are undoubtedly
low by whatever standard may be used,
whereas in some lines of metal products,
rubber, and textile manufacturing industries
they may already be high.
Plant and equipment expenditures. The
dollar volume of business expenditures on
plant and equipment, which had already
reached a record level in the first half of 1946,
has grown considerably since then. Plans of
businesses in the aggregate, according to
Securities and Exchange Commission and
Department of Commerce data, indicate ex1937
1939
1947
1948
penditures for the year 1948 in excess of those
* Estimates based on anticipated expenditures of business.
and Exchange Commission and Department
of 1947; this would not be true for all lines of NOTE.—Securities
Commerce estimates. "All other" includes primarily railroads
and
other
transportation,
electric and gas utilities, communiof business. The rate of growth during the cations, trade, services, and
finance, but excludes agriculture.
past twelve months, after taking account of
viously in the postwar period. For the postseasonal factors, has slowed up somewhat.
The plans of business enterprises to com- war period as a whole, however, equipment
plete their postwar expansion programs as expenditures have constituted a higher prosoon as possible have been facilitated since portion of total expenditures than in the premid-1947 by high volumes of new construc- war period, reflecting the substantial amounts
tion and of machinery and other equipment that have been spent to modernize existing
production. Such construction and equip- productive facilities and the expansion of
ment, however, have been available only at plants in some lines during the war. Almost
three-quarters of total expenditures since the
steadily increasing costs.
The total dollar volume of new plant and end of the war have been for new equipment,
equipment expenditures of businesses for the and equipment prices have advanced relayear 1947 as a whole, as shown in the chart, tively less than plant construction costs.
Business plans call for a further increase in
totaled 16.2 billion dollars, about twice the
amount expended in 1941 and more than 75 plant and equipment expenditures in 1948 of
BILLIONS OF DOLLARS
JUNE 1948
BILLIONS OF DOLLARS
617
RECENT DEVELOPMENTS IN BUSINESS FINANCE
approximately 15 per cent above the record
1947 volume. The postwar expansion programs of many companies in such important
broad industrial groups as electric light and
power, railroads, petroleum, chemicals, and
food still involve sizable expenditures before
they will be completed. In addition, expenditures of commercial and service establishments in 1948 are expected to rise above
the 1947 levels reflecting in part the absence
of restrictions on construction expenditures
in these industries such as were in effect in
the first half of 1947.
INTERNAL FUNDS
Undistributed profits. The very high dollar volume of sales of the past two years has
been accompanied by an unusually large volume of profits since profit margins have generally been maintained. A higher portion of
these profits than in earlier years has been
retained by business management, and undistributed profits, as in prior prosperous periods, have provided most of the new equity
funds for business. In 1947, over 61 per cent
of profits after taxes was retained and reinvested, as compared to 55 per cent in 1946 and
only 31 per cent in 1929. The ready availability of such funds in large volume not only
facilitated business operations during this
period but also undoubtedly led some concerns to increase their expansion plans.
Aggregate undistributed corporate profits,
as shown in the accompanying chart, totaled
approximately 11.0 billion dollars in 1947, as
compared to 6.9 billion in 1946, the previous
annual high; 5.9 billion in 1943, the wartime
peak; and 2.6 billion in 1929. Thus far in
1948 undistributed profits on an annual basis
appear to have remained close to the high
1947 level.
The rise in corporate profits in 1947 resulted in part from the increase in the dollar
618
UNDISTRIBUTED CORPORATE PROFITS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
12
12
A L L OTHER
MANUFACTURING AND MINING
1929
1937
1939
1946
1947
* Undistributed profits were negative for "all other" group
in these years.
NOTE.—Department of Commerce
volume of sales discussed earlier and in part
from continued high profit margins, particularly for manufacturing companies. A
Federal Reserve compilation of financial data
based on the published reports of 200 of the
largest manufacturing corporations in the
country indicates that the average (median)
profit after income taxes was 7.8 cents per
dollar of sales in 1947 as compared with 6.7
PROFIT MARGINS OF LARGE CORPORATIONS IN SELECTED
INDUSTRIES
Ratios of Profits after Income Taxes to Sales or Operating
Revenues
[In per cent]
Manufacturing
Quarter
NonDurable durable
goods
goods
Railroads
Electric
power
Telephone
1947—1st
2nd
3rd
4th
7.4
6.8
6.7
6.8
11.0
8.9
10.1
11.0
4.4
5.7
5.1
6.7
17.8
16.1
13.2
14.3
8.3
4.4
4.9
6.6
1948—1st
7.4
11.0
3.2
15.5
7.1
NOTE.—The industrial groups are represented as follows: manufacturing—105 durable goods companies and 95 nondurable
goods companies; Class I railroads (about 130 companies); Class
A and B electric utilities (about 218 companies); 30 telephone
companies.
FEDERAL RESERVE
BULLETIN
RECENT DEVELOPMENTS IN BUSINESS FINANCE
cents in 1946 and 7.2 cents in 1939. Quarterly
profits data for these same manufacturing
companies and for large corporations in other
selected industries, as are shown in the accompanying table, indicate that profit margins, for most of these groups of large corporations at least, reached a high point in the
first quarter of 1947, declined during the
spring and summer, but have since recovered
a good part, if not all, of their mid-1947 declines. Estimates for all corporations as a
group indicate an even more favorable comparison of current with prewar profit margins ; this is due primarily to the exceptionally
small number of unprofitable companies in
business today as contrasted to prior years.
These data on profit margins, it should be
noted, relate to profits after all costs and
taxes. Since corporate income tax rates are
much higher now than they were before the
war, the relationship between corporate sales
and total costs exclusive of income taxes has
probably been more favorable recently than
in most previous prosperous years. One important factor affecting this relationship has
been the smaller relative increase in overhead
as against direct costs during the period of
rising prices. Many concerns may of course
be extremely susceptible to serious difficulties
in the event of even moderate declines in the
volume of production because of the lower
profit margins that accompany such declines.
For corporations in the aggregate the ratio
of profits after taxes to net worth, which
measures the book value of the owners'
investment in corporations, rose sharply in
1947 to approximately 10.5 per cent, about
V/2 times the ratio in 1946 and 1943, the
previous peacetime and wartime peaks, and
more than double the rate in 1929. A compilation of annual corporate financial data
prepared by the National City Bank of New
York and based on the published reports of
JUNE 1948
over 3,100 leading companies shows that the
ratio of profits after taxes to net worth in
1947 varied from over 30 per cent in such
manufacturing industries as cotton goods,
lumber, and household equipment to less
than 5 per cent in such nonmanufacturing
industries as railroads and traction and bus
transportation, and to deficits for the aircraft
and parts manufacturing and air transport
industries.
Liquid assets. In addition to the funds retained from current operations, businesses
have been able during the postwar period to
draw on liquid assets as a source of financing.
These assets had been accumulated during
the war years. In 1946 the liquid assets of
business corporations in the aggregate decreased 6l/2 billion dollars. Since 1946, however, such assets have decreased only slightly,
by approximately l/2 billion dollars in 1947.
Most of the decrease in 1946, it will be recalled, resulted from the liquidation of tax
notes and other Government securities to
meet the high excess profits taxes payable that
year on the previous year's income. The excess profits tax was no longer levied on 1946
corporate income. Since early 1947 corporate
holdings of Government securities have declined less rapidly and holdings of cash have
increased somewhat.
Changes in liquid asset holdings in these
two years, and especially in 1947, have varied
considerably among different lines of business. This is illustrated by the data for large
corporations in 14 selected industries shown
in the article "Industrial Differences in Large
Corporation Financing," pages 623-33 of
this BULLETIN.
No large additional reduction in the liquid
asset holdings of business enterprises is likely
even though current holdings are still large
relative to those of prewar years. Business
management is keeping a larger dollar vol619
RECENT DEVELOPMENTS I N BUSINESS FINANCE
ume of liquid assets on hand either to meet
increased operating requirements for funds
resulting from higher prices or to meet possible future contingencies. In fact, some increase in such holdings may be expected if
sales and corporate income taxes payable
continue to increase, thus raising the requirement for liquid funds for operating purposes,
and if the disbursements of concerns that
have completed their postwar expansion programs are substantially less than their receipts.
Thus commercial and industrial loans of
banks in various classes of cities, as is shown
in the table, experienced approximately the
same percentage increases last year, indicating that the business loan demands of a
variety of diflferent-sized borrowers were involved. Petroleum, sales finance, and food,
BUSINESS LOANS OF M E M B E R
BANKS
Amount outstanding
(In billions of dollars)
Percentage
change
Type of bank
June Dec. June
31,
30,
2,
1948! 1947 1947
EXTERNAL SOURCES OF FUNDS
All member, t o t a l . . . .
*
17.0
13.8
1st
Dec.
1st
31,
Half Half
1946 1948 2 1947
13.2
*
5
Year
1947
29
As the period of practically capacity operations and of high prices has lengthened, business enterprises have sought a somewhat
i Estimated.
« Through June 2.
* Figures for country banks not available, but available data
larger proportion of funds from external
for country banks indicate a further increase in total loans during
first four months of 1948.
sources, particularly from sales of security theNOTE.—Percentage
changes computed from data in millions
dollars. Detailed figures may not add to totals because of
issues. Total external sources provided cor- ofrounding.
porations as a group with 42 per cent of their
total funds in 1947 as compared with 33 per liquor and tobacco companies were important
borrowers from large banks, while many
cent in 1946.
Ban\ loans. Commercial banks have been small retailers and service enterprises borimportant sources of business funds since rowed from the smaller banks.
New term loans to business—loans with a
mid-1946. Outstanding total commercial and
industrial loans of all banks increased over maturity of over one year—continued in large
8 billion dollars during the two-year period, volume in 1947 but were probably less ima much larger increase than had previously portant relative to new short-term loans than
occurred in a comparable period of time. in either 1945 or 1946. The lower cost of
The major part of the increase took place bank loans, as compared to security issues,
during the last half of 1946 and the last half caused some concerns to seek accommodaof 1947. Further increase in the use of bank tions, at least temporarily, through banks
credit by business appears likely in 1948 de- rather than through public security issues.
Thus far in 1948 the business loan volume
spite the decrease, largely of a seasonal nature,
of
the large member banks of the Federal
in the first half of the year.
Last year's new bank loans to business, like Reserve System that report on a weekly basis
those in the previous year, were extended to has fallen off somewhat from the end-of-1947
concerns of all sizes and in all industries. level. The decline has been greater at New
Although comprehensive data are not cur- York City and Chicago banks than at the
rently available on the size and industrial banks located in other leading cities. This
character of businesses that borrowed from decline has been in part of a seasonal nature;
banks, there are some indications available. in part the result of the abrupt commodity
Central reserve city
Reserve city
Country
620
6.4
6.9
*
6.8
7.1
3.1
5.3
5.7
2.7
5.2 - 5
2
5.5
#
2.4
3
3
13
31
28
27
FEDERAL RESERVE BULLETIN
RECENT DEVELOPMENTS I N BUSINESS FINANCE
price decline in February and the incomplete divided almost equally between telephone
price recovery from those lows; in part the companies and those in the electric light and
result of some repayment of bank loans of power and gas group.
large companies, particularly public utilities,
The percentage of new corporate security
with the proceeds from private and public issues, excluding refunding issues, repreplacements of security issues; in part the sented by common stock, as is shown in the
result of high fourth quarter profits of many accompanying chart, has been larger since
concerns; and in part the result of a more the end of the war than it was in prior periods
restrained lending policy on the part of of prosperity. Since mid-1945, the annual
bankers who were influenced by anti-infla- average ratio of the dollar volume of comtionary fiscal and monetary policies.
mon stock to total new issues has been 16
Security issues. Net new money obtained per cent as compared to 14 per cent in both
by corporations through issuing securities— the 1935-39 and 1922-27 periods; the years
that is, the dollar volume of new issues less 1928 and 1929 cannot be compared because
that of refunding issues and less cash retire- of the difficulty of allowing precisely for the
ments of securities—was a much more im- numerous financial issues offered then. Durportant source of funds for business corpora- ing the last quarter of 1947 the dollar volume
tions in 1947 and early 1948 than in 1946. of new common stock issues totaled over 350
In 1947 this volume totaled 4.5 billion dollars million dollars, the largest quarterly volume
as against 2.3 billion in 1946. Thus far in
CORPORATE SECURITY ISSUES FOR NEW CAPITAL
1948 the volume appears to have been at an
ANNUAL RATE
annual rate about equal to 1947. Strictly
4
comparable data on net new financing are 4
not available for all prior years, but if a rough
3
3
allowance is made for the large volume of
w<
Y////, PREFERRED STOCK
purely financial issues of the late twenties,
2
2
m
the 1947 total is probably by far the largest
annual volume of net new money ever ob1
tained by corporations through security
1
B
issues.
Manufacturing companies and public utility companies other than railroads each re100
ceived roughly one-half of the new money 100
obtained through corporate security issues
75
last year and thus far in 1948. Railroads as 75
a group actually used more money to retire
50
outstanding securities than they obtained 50
E 888
ggggi
from issuing new ones.
• ^K
111
5 8s
25
The volume of new money obtained by 25
§8
5 S8c
manufacturing companies dropped off
888881
slightly after 1946, while that obtained by
. 0
0 „
JULY 1945
2-27
193 5- 39
MARCH 1948
public utilities increased very sharply. In
192
NOTE.—Commercial and Financial Chronicle compilations.
the case of the utilities such financing was Issues
of investment trusts are excluded in 1926 and 1927.
BILLIONS OF DOLLARS
;'.;!;!
VOLUME
Bil LIONS OF DOLLARS
COMMON STOCK
1
_
PER C :NT
PER CENT
DISTR BUTION
- iMli
-1
i§
KXXAAQAAS
1
JUNE 1948
621
RECENT DEVELOPMENTS IN BUSINESS FINANCE
of such financing since the second quarter
of 1930. The proportion of new issues represented by common stock, however, as is
shown in the table, has been smaller since
the decline in stock prices in the late summer
of 1946 than it was in the earlier part of the
postwar period.
CORPORATE SECURITY ISSUES FOR N E W
Quarter
Total
CAPITAL *
Stocks
Bonds
Preferred
Common
CONCLUSION
Common
stocks
as a percentage
of total
Dollar volume (In millions)
1946—1st...
2nd. .
3rd. .
4th. .
311
785
908
1,552
37
320
490
1,237
123
227
159
233
150
239
258
82
48
30
28
5
1947—1st...
2nd..
3rd. .
4th. .
740
1,102
873
1,994
610
750
606
1,526
62
245
175
115
68
106
92
352
9
10
11
18
1948—1st...
1,470
1,222
89
159
11
1
Excludes refunding issues.
NOTE.—Commercial and Financial Chronicle data,
figures may not add to totals because of rounding.
Detailed
Private placements of new corporate securities, principally debt issues placed with
insurance companies, continued in large volume in 1947; such placements reflected the
availability of substantial amounts of institutional funds seeking investment. Privately
placed bonds and notes, excluding term loans
of banks but including refunding issues,
totaled 1.8 billion dollars in 1947, 38 per cent
of total debt issues; this represented the same
proportion of the total as in 1946 when the
dollar volume was slightly larger.
Life insurance companies have recently
provided some funds to business corporations
by actual acquisitions of business plant and
equipment that are subsequently rented to
the seller on long-term lease. The legal
power to purchase such property has gen-
622
erally been acquired only recently, and thus
far has been used almost exclusively to purchase stores, offices, and factories from large
profitable corporations. During 1947 life insurance companies invested in such property
approximately 125 million dollars, bringing
their total holdings at the year-end to about
200 million.
Prospects are for sustained large business
investment in factories, machinery, and stocks
of goods throughout the remainder of 1948
on the basis of orders already placed. Business enterprises anticipate spending more on
plant and equipment in 1948 than they did
in 1947, and aggregate business holdings of
inventories and receivables still do not appear
high relative to the volume of current and
prospective sales although such is not the case
in all lines of activity.
Business profits are also likely to be larger
in 1948 than in 1947. In such a case the
volume of undistributed profits would continue high despite probable higher cash dividends and corporate income taxes. Business
holdings of liquid assets in the aggregate,
however, will probably not be reduced further.
In view of their large planned expenditures, business concerns may increase their
bank loans and make additional private as
well as public sales of securities during the
remaining months of 1948. Public sales of
stock issues may be less costly as a result of
the recent rise in the stock market. The
major part of business external financing in
1948, as in 1946 and 1947, would probably
occur during the last half of the year when
business expenditures reach their seasonal
peak.
FEDERAL RESERVE BULLETIN
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
by
CHARLES H. SCHMIDT
Reconversion, replacement, and expansion of productive facilities, coupled with generally high levels
of business activity and rising prices, have had a
marked effect on postwar business financing. These
developments can be observed from the over-all
data on business plant and equipment expenditures,
components of working capital, bond and stock issues, profits, and dividends of nonfinancial corporations that are discussed in the leading article in this
BULLETIN. Comparatively little is known, however, about financing developments in the postwar
period among corporations of different sizes, or the
importance of various sources and uses of funds in
different industries.
As a basis for studying industrial differences,
data were compiled for a sample of 279 large companies in 10 manufacturing and 3 public utility
industries, and in retail trade. The sample includes
a majority, and in several cases all, of the large
corporations in industries dominated by large concerns. It also includes a number of large retail
trade companies, which, although they account for
a relatively small proportion of total corporate retail
trade assets and sales, have been included because
of a general interest in the postwar financial experience of that industry.
While comparisons of large with medium and
small corporations in selected industries would no
doubt be extremely interesting, published financial
statements of smaller companies are not available
in sufficiently detailed form to permit analysis of
their sources and uses of funds.
SUMMARY
Postwar uses of funds by large corporations differed from one industry to another, reflecting dissimilar economic characteristics and reconversion
problems. Similar differences existed with respect
to sources of funds, depending upon the profitability of postwar operations, availability of liquid
assets, and access to bank, trade, and other forms of
credit, and to equity capital investment.
1. Plant and equipment expenditures of large
corporations, except those in the automobile industry, were higher in 1947 than in 1946. The
greatest relative increases occurred in the electric
JUNE
1948
and gas utility, retail trade, and communication
(telephone) industries; the smallest, among the
rubber and machinery manufacturing companies.
Manufacturers of durable goods, including machinery and transportation equipment (other than
automobiles), whose reconversion expenditures during 1946 were substantial, had relatively smaller
increases in their 1947 plant and equipment expenditures than did manufacturers of such nondurable goods as tobacco, food, petroleum, and
chemicals.
2. Large corporations in the majority of manufacturing and trade industries added more to their
dollar volume of inventory holdings in 1946 than
in 1947. This resulted from the need for replenishing war-depleted stocks and the sharp rise in
prices during the latter part of 1946. There were,
however, a few manufacturing industries, notably
iron and steel, rubber, and petroleum, in which
increased production and rising prices resulted in
somewhat greater inventory accumulation during
1947.
3. There was some decline in the relative importance of internal funds (i.e. funds retained from
operations and reduction in holdings of cash and
marketable securities) from 1946 to 1947. However, such internal sources accounted for more than
half of the total funds obtained by large corporations during 1947 in 8 of 14 industries. In retail
trade the relative importance of internal funds increased slightly in 1947; in contrast, large tobacco
companies obtained only about one-fifth of their
funds from internal sources in both years.
4. Large corporations drew heavily upon their
cash and marketable security holdings during 1946
in order to pay accrued Federal income taxes and
to finance inventory and plant and equipment expenditures. However, as a result of increased earnings and a greater reliance upon external sources
of funds, large corporations in 6 of 14 industries
were able to increase their liquid asset holdings
during 1947. In all but one of the remaining industries, decreases were much smaller during 1947
than in the preceding year.
5. A substantial proportion of the bank credit
employed by large corporations in the postwar
period is represented by term loans (i.e. loans with
623
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
a maturity at time of making of more than one
year). Such loans were particularly prevalent in
the petroleum, iron and steel, automobile, machinery, rubber, and chemical industries, where longterm bank credit has been used to finance in part
reconversion, replacement, and expansion of productive facilities.
6. Large corporations in all but the railroad industry obtained more funds from the sale of their
own bonds and stocks than were used to refund or
retire such securities during 1947. In the majority
of industries analyzed there were substantial increases in the amount of such net new money in
1947 as compared with 1946.
SCOPE AND COVERAGE OF SAMPLE
The selection of a sample of large companies was
partly dependent upon the availability of published
data. Generally speaking, it is only the larger companies that publish financial statements sufficiently
detailed to permit analysis of their sources and uses
of funds. Selection of companies to be included
was limited to manufacturing and trade corporations with total assets of 10 million dollars and
over at the end of 1947, and to public utility concerns, whose activities require substantially greater
investments in plant and equipment, with end-of1947 total assets of 150 million dollars and over.
Some of these companies were subsequently eliminated because detailed data were not available or
because their fiscal periods did not permit comparisons for the end of the calendar year.
With the exception of retail trade, industrial
representation was limited to those industries in
which large corporations accounted for more than
half of the total assets and sales of all corporations,
as determined from Statistics of Income for 1941.
As is shown in Table 1, total asset coverage of
the sample of 279 large corporations, except for retail trade, varies from 35 per cent of total corporate
assets in the electric and gas utility industry to 95
per cent of total assets in the telephone industry.
In 7 of the 10 manufacturing industries selected
for analysis, total asset coverage of the sample
represents 50 per cent or more of all corporate
assets.
USES OF CORPORATE FUNDS
As soon as wartime restrictions on materials and
construction were relaxed, large corporations initiated extensive programs for replacement and ex-
624
TABLE 1
TOTAL ASSETS AND SALES COVERAGE OF FEDERAL RESERVE
BOARD SAMPLE OF 279 LARGE CORPORATIONS IN SELECTED
INDUSTRIES
Industry
Number
of
companies
Sample as percentage
of all corporations
Total
assets
Net
sales
Food
Tobacco
Rubber
Petroleum
Chemicals
28
4
4
24
33
36
65
66
63
47
37
67
68
62
36
Iron and steel
Nonferrous metals
Machinery, incl. elec
Automobile
... .
Other trans, equip
18
13
47
12
19
62
57
36
62
51
145
2 38
31
67
49
Retail trade
39
20
20
Railroads
Elec. and gas util
Communication
20
17
1
66
35
95
68
44
95
1
Sales missing for one steel company with total assets of 52
million
dollars.
2
Sales missing for one nonferrous metals company with total
assets of 428 million dollars.
NOTE.—Manufacturing and trade include only companies with
end-of-year 1947 total assets of 10 million dollars and over; coverage estimates based on 1941 total assets and sales of all corporations submitting balance sheets, as reported in Statistics of Income.
The year 1941 is the most recent one for which Statistics of Income
data are available on the standard peacetime industrial classification of manufacturing companies.
Railroads include only companies with end-of-year 1947 total
assets of 150 million dollars and over; coverage estimates based
on 1945 statistics for all Class I steam railways, as compiled by
the Interstate Commerce Commission.
Electric and gas utilities include only companies with end-of-year
1947 total assets of 150 million dollars and over; coverage estimates based on 1946 statistics for all Class A and B electric and
gas utilities, as compiled by the Federal Power Commission.
Communication industry represented by consolidated financial
statements of the American Telephone and Telegraph Company
and principal subsidiaries comprising the Bell System; coverage
estimates based on 1946 statistics for Class A and B telephone
companies, as compiled by the Federal Communications Commission.
pansion of plant and equipment. Substantial investments in inventories were also required to
replenish the materials and parts needed for
civilian goods. In some lines customer financing
increased sharply, reflecting the re-establishment of
normal trade relationships and an increased availability of consumer goods. These three forms of
investment, augmented by a pronounced rise in
the general price level, accounted for the major
part of funds used by large corporations in most
industries during 1946 and 1947. However, the
proportions of total funds used for these three purposes, and for debt repayment, varied widely from
one industry to another.
Large corporations in the petroleum, chemical,
iron and steel, electric and gas utility, and communication industries, as is shown in Table 2,
FEDERAL RESERVE BULLETIN
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
TABLE 2
USES OF CORPORATE FUNDS,
279
1946-47 *
LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Percentage distribution of uses
Industry
1946-47
Food
Tobacco
Rubber
Petroleum
Chemicals
$
923
402
653
3,890
1,383
Iron and steel
Nonferrous metals
Machinery, incl. elec
Automobiles
Other trans, equip
1,579
646
2,159
1,986
1,143
Retail trade
1,375
Railroads
Elec. and gas util
Communication
1.665
1,106
2,524
ooo o ooooo ooooo
ooo o ooooo ooooo
Total
Plant and
equip,
expend.
Inventory
accumulation
Customer
financing
Debt
repayment
Other2
37
11
33
75
62
42
83
27
11
21
14
5
10
8
7
3
1
17
0
2
(0
66
37
35
36
15
13
22
29
27
24
7
0
4
3
0
2
14
22
11
49
12
5
12
27
10
22
11
51
80
74
8
10
3
34
3
8
4
6
13
4
16
3
2
2
1
Net of cash dividend payments. Gross totals were derived by adding negative amounts in the Sources of Funds and Uses of Funds
sections
to the Uses of Funds—Totals, as shown in the Composite Sources and Uses of Funds Statement.
2
Includes tax refund and renegotiation payments, additions to other assets, and nonrecurring or extraordinary charges to income.
3
Less than 0.5 per cent.
NOTE.—Percentages may not add to 100 because of rounding.
concentrated two-thirds or more of their expenditures during 1946-47 on replacement and expansion
of their productive facilities. In a few industries,
notably nonferrous metals, machinery, and automobiles, in which plant and equipment additions
and replacements might have been expected to
represent a substantial proportion of the funds used
by large companies, slightly more than a third of
their postwar funds were devoted to such purposes.
Inventory accumulation accounted for as much
as 83 per cent of the total funds used by tobacco
companies, and over 40 per cent of funds used by
food processing and retail trade companies.
Each of the other major uses of funds was important in only a few of the industries analyzed.
Large corporations in the retail trade and food
processing industries used 16 and 14 per cent, respectively, of total funds for customer financing.
Debt repayment, primarily settlement of income
tax liability, absorbed large proportions (49 to 22
per cent) of total funds used by the other transportation equipment, railroad, and machinery groups.
In the nonferrous metal and automobile industries,
large corporations used 27 and 22 per cent, respectively, of their total funds for extraordinary purposes, including payments to the Federal Government on prior year tax and renegotiation settlements.
JUNE 1948
Postwar uses of funds by the companies previously engaged in the production of planes, tanks,
guns, and ships differed from those of other large
corporations. Plant and equipment expenditures
accounted for a smaller proportion of the total funds
used by such former war producers than by other
large corporations during 1946-1947, but payments
of current and prior year income taxes and renegotiation settlements were relatively more important.
Plant and equipment expenditures. Many corporations initiated replacement and expansion programs
as early as mid-1945, but the time required to fill
orders for machinery and equipment and to complete construction projects was prolonged by shortages of steel and other critical materials. Notwithstanding these delays, plant and equipment expenditures of all businesses in 1946, as is shown
in the leading article of this BULLETIN, were nearly
double those of 1945, while similar expenditures
in 1947 were approximately 30 per cent above the
1946 level.
The plant and equipment expenditures of large
corporations in 1947 were above those of 1946
in most of the industries analyzed, although variation among industries was great. As is shown in
625
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
Table 3, the 1947 expenditures of large electric and
gas utility companies on productive facilities were
more than double the corresponding amount in
1946. A similar comparison for the large automobile manufacturing companies reveals a decline
of 25 per cent in plant and equipment expenditures.
Between these two extremes, there were some industries, especially food processing, tobacco, nonferrous metals, and retail trade, in which plant and
equipment expenditures increased substantially from
1946 to 1947. In other industries, notably rubber
and machinery, expenditures were only slightly
higher during 1947 than in the preceding year.
TABLE
3
P L A N T AND E Q U I P M E N T EXPENDITURES, 1947
279
AND
1946
LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Percentage increase,
1947
over
1946
Total expenditures during
1946-47 as percentage of gross
plant and equip.,
end of 19451
493
65
69
1
49
34
21
37
30
28
39
599
148
394
310
96
33
61
9
-25
26
18
10
45
46
25
Retail trade
214
91
32
Railroads
Elec. and gas util
Communication
509
610
47
126
72
6
13
32
1947
Industry
Food
Tobacco
Rubber
Petroleum
Chemicals
Iron and steel
Nonferrous metals
Machinery, incl. elec.. .
Automobiles
Other trans, equip
$
211
27
108
1,737
1,185
1
Gross book value of fixed property without deduction of
accumulated depreciation.
Generally speaking, total plant and equipment
expenditures in 1946-47 were sizable in comparison
with the gross value of plant and equipment at
the end of 1945.x Industries in which capital expenditures of large corporations were greatest relative to the gross value of plant and equipment at
the end of 1945 are automobiles and machinery (46
and 45 percent respectively) and chemicals, tobacco,
communication and retail trade (between 30 and
39 per cent). Industries with the smallest postwar
capital expenditures relative to gross plant and
1
As a measure of existing productive capacity, gross plant
and equipment is subject to the limitation that some part of the
investment may represent obsolete or worn-out machinery and
equipment. Thus, any comparison of current plant and equipment expenditures, even after allowance for present higher costs,
may not provide a true indication of the net increase in productive capacity resulting from the expenditure.
626
equipment include nonferrous metals and iron and
steel manufacturing, and electric and gas utilities.
Both of the basic metal and metal products industries expanded their capacity during the war and
have had few plant reconversion problems; relative to their total productive capacity on hand at the
end of 1945, postwar expansion and replacement
has been small. Large electric and gas utility concerns, on the other hand, initiated extensive expansion programs during 1945 and 1946, but their
fulfillment has been delayed somewhat by material
and equipment shortages.
In view of the high cost of plant and equipment
in recent years, actual additions to productive capacity in the postwar period have been much
smaller than the dollar figures might imply, when
compared with prewar expenditures. In some industries the current costs of plant and equipment
are from two to four times their prewar level. Not
only have such increased costs augmented corporate
expenditures, but they have also introduced an
additional element of rigidity into product costs.
Inventory accumulation. Ranking second among
postwar uses of corporate funds in many industries, and first in some, was inventory accumulation. With rapid turnover at steadily rising prices,
inventories have constantly been replaced at greater
cost, which in turn has required heavier investment in this form of working capital.
The majority of the selected industries experienced their greatest relative growth in inventories
during 1946, as is shown in Table 4, though inventory expansion was well sustained during 1947,
and for some industries was greater in 1947 than
in 1946.
Among manufacturing concerns, the character
and amount of inventory accumulation varied considerably, depending upon the type of material
processed and production delays that resulted in
part from shortages of material and component
parts. Industries like food and tobacco manufacturing, which are primarily engaged in processing
agricultural products, were forced by rapidly rising
prices to invest substantial amounts in inventories.
With large accumulated demands for their products
at the war's end, companies in the automobile
and railroad transportation equipment industries
proceeded to purchase quantities of materials and
supplies needed for production. Subsequently, because production was delayed by shortage of key
FEDERAL RESERVE BULLETIN
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
TABLE 4
INVENTORY ACCUMULATION, 1947 AND 1946
279 LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Industry
Food
Tobacco
Rubber
Petroleum
Chemicals
Iron and steel
Nonferrous metals
Machinery, incl. elec.. .
Automobiles
Other trans, equip
1947
as percentage
of
1946
1946-47
combined,
as percentage
of inventories,
end of 19451
$168
156
103
220
134
76
88
136
113
84
59
35
59
46
54
128
57
317
218
92
158
70
99
67
52
22
36
63
95
85
1947
Retail trade
82
16
69
Railroads
Elec. and gas util
Communication
80
76
42
178
211
98
32
110
167
1
End-of-year gross book value of inventories, without deduction
of valuation or replacement reserves or reserves for possible future
decline in value of inventory.
materials and component parts, their inventories of
available materials and supplies tended to rise above
the levels normally required. The result was a
heavy investment in inventories over longer periods
of time than originally anticipated, which tied up
funds and augmented the need for working capital.
Retail trade inventory accumulation was particularly heavy during 1946, primarily because of
the need for restocking war-depleted shelves. Rising prices also contributed materially to the increased investment. Uncertainties prevailing during the first half of 1947 concerning the future
course of consumer demand and prices resulted in
a sharp curtailment of retail trade inventory accumulation. Despite some resumption of inventory
buying in the latter half of the year, additions
to retail inventories in 1947 were only 16 per cent
of those in the preceding year.
Relative to the dollar volume of inventories on
hand at the end of 1945, inventory accumulation
during the two-year period 1946-47 was substantial
in most of the industries analyzed. Electric and
gas utility companies and the communication industry more than doubled their investments in
materials and supplies, though the dollar volume
of such investment was small. Manufacturers of
automobiles and other transportation equipment
added almost as much to the dollar volume of their
inventories during the postwar period as they had
JUNE
1948
on hand at the end of the war. Additional postwar
investment in inventories was relatively small
among the large iron and steel and tobacco companies—though the substantial inventory holdings
of the latter at the end of 1945 tend to obscure
the magnitude of their postwar accumulation.
SOURCES OF CORPORATE FUNDS
The bulk of the funds used by large corporations
in the years 1946-47 came from internal sources,
chiefly profits retained from operations and liquidation of cash and marketable security holdings. A
number of large corporations were relatively independent of outside financing sources. However,
the number of large companies that sought outside
financing was sufficient to contribute materially to
the expansion of bank credit during the postwar
period and to swell the volume of security financing
to a relatively high level. Some of the large companies borrowed directly from banks and insurance
companies, while others sold bonds as well as preferred and common stocks in the market.
Relative dependence upon internal sources of
funds varied from one industry to another, during
1946 and 1947, as is shown in Table 5. For
TABLE
INTERNAL
279
5
SOURCES OF CORPORATE FUNDS,
1947
AND
1946
LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Industry
1947
Internal as percentage
of total sources
1947
1946
323
42
170
1,539
352
66
21
49
63
44
85
21
84
79
70
Iron and steel
Nonferrous metals
Machinery, incl. elec
Automobiles
Other trans, equip
527
203
394
424
207
60
53
42
45
74
75
78
63
60
92
Retail trade
442
79
74
Railroads
Elec. and gas util
Communication
566
415
257
72
58
17
100
72
37
Food
Tobacco
Rubber
Petroleum
Chemicals
$
NOTE.—Funds from internal sources include funds from operations (net profit plus current depreciation accruals minus cash
dividends), net decreases in cash balances, marketable securities,
trade notes and accounts receivable, inventories, and other assets.
Also included are tax refund and renegotiation receipts and profits
on the sale of fixed assets and investments.
Total sources of funds includes funds derived from internal and
external sources. The latter, not shown in the table, consist
primarily of credit advanced by banks, trade suppliers, the U. S.
Government (in the form of accrued income tax liability), and
bond and mortgage holders, and of additional equity capital
investment resulting from the issuance of capital stock.
627
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
example, large railroad corporations obtained all,
other transportation equipment companies 92 per
cent, and large food and rubber companies roughly
85 per cent of their funds from internal sources
in 1946. Other industries in which internal sources
accounted for substantial proportions of total funds
(74-79 per cent) were petroleum, nonferrous metals,
and iron and steel in the manufacturing group,
and retail trade.
The proportion of large corporation funds drawn
from internal sources declined from 1946 to 1947
in every industry analyzed, except tobacco and retail trade. The decline was sharp in some industries, such as rubber, other transportation equipment, and chemicals, while it was less pronounced
in communication, electric and gas utilities, and
iron and steel.
Internal sources of funds. The principal source
of internal funds in a period of economic prosperity
is retained earnings, that is, net profit after taxes
and dividends plus current depreciation accruals.
What distinguishes the postwar period 1946-47 from
the prewar thirties as far as internal sources of corporate funds are concerned are: first, the high level
of corporate profits in the postwar period; and
second, the volume of funds obtained through reduction of cash and marketable security holdings,
especially in 1946.
Corporate profits were at record levels during
1946-47 in most industries, and dividend payments
to stockholders were not increased in proportion to
earnings. As a result, retained earnings provided
two-thirds or more of the internal funds obtained
by large corporations in 9 of the 14 industries.
Funds retained from operations were supplemented by those secured through reduction in holdings of cash and marketable securities—largely
United States Government securities. Although
such funds were used extensively for the settlement
of accrued Federal income tax liabilities, some were
available for the purchase of inventories and the
financing of plant and equipment expenditures.
Large corporations in all but one of the 14 industries reduced their liquid assets during 1946, as is
shown in Table 6. In 7 of these industries there
was some further reduction of liquid assets during
1947, but in each case the decrease was smaller
than that of the preceding year.
In contrast to 1946, there were a number of large
628
TABLE 6
CASH AND MARKETABLE SECURITY HOLDINGS, 1947
279
AND
1946
LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Industry
Food
Tobacco
Rubber
Petroleum
Chemicals
Iron and steel
Nonferrous metals
Machinery, inch elec..
Automobiles
Other trans, equip....
Retail trade
Railroads
Elec. and gas util
Communication
Liquid
reChange in
Per- asset
Amount holdings during centage
duction
on
as
perchange centage
hand,
1947 of total
end of
over internal
1947
1945 sources,
1947
1946
1946-471
$ 501
53
226
1,309
1,014
$-76
-3
+109
+94
$-136
-9
-78
-72
-110
1,567
769
898
991
326
-23
+ 126
+29
+341
-145
-38
-67
-557
-177
-317
-30
-17
-26
32
13
30
4
14
-4
14
17
51
25
47
+3
+8
-37
+20
-59
681
-21
-308
-33
42
1,253
438
539
-100
-144
+ 170
-471
-31
-16
39
20
15
+59
-91
+ 17
1
Based on gross sources, as contrasted with net changes
shown in preceding three columns.
corporations that increased their cash and marketable security holdings during 1947. In some industries, notably petroleum, nonferrous metals, automobiles, and communication, more was added to
cash and marketable securities during 1947 than
had been withdrawn during 1946. In others, such
as chemicals and machinery, increases in liquid
assets during 1947 were smaller than the corresponding withdrawals of the preceding year. While
larger profits provided a substantial part of the increased holdings of cash and marketable securities
during 1947, banks loans and proceeds from the
sale of stocks and bonds and from expansion of
other long-term debt contributed to the liquid asset
expansion of many large corporations.
Miscellaneous internal sources were relatively insignificant except among some of the industries
that had made war products—the machinery, automobile, and other transportation equipment manufacturers. In these groups, collections of amounts
due from the Government on uncompleted war
contracts and tax refunds supplied a substantial
part of their internal funds during 1946, and a
much smaller proportion in 1947.
External sources of corporate funds. External
sources accounted for less than 30 per cent of total
funds used by large corporations in most industries
FEDERAL RESERVE BULLETIN
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
during 1946, and as much as half of the funds used
in 1947. There was considerable variation, industry by industry, in both years, so far as the
relative importance of different external sources
was concerned.
Ban\ credit. As is shown in Table 7, large corporations in 8 of the 14 industry groups increased
their bank loans during 1947, and a like number
in 1946. Among the 5 industries that borrowed
from banks in both years, the amount of credit
obtained was somewhat larger in 1947 than in 1946,
while 4 industries that decreased their bank loans
during 1946 borrowed from banks in 1947. Greatest relative expansion in bank loans during 1947
occurred among the chemical, electric and gas
utility, communication, rubber, and food processing companies, while large iron and steel, automobile, and retail trade concerns reduced their bank
loans.
TABLE
7
OUTSTANDING BANK LOANS OF LARGE CORPORATIONS, 1947-45
279
LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Industry
Food
Tobacco
Rubber
Petroleum
Chemicals
End of
1947
$145
270
25
392
126
Long-term as
Percentage
increase in end- percentage of
of-year totals total bank loans
1946
over
1945
1947
1946
65
36
31
5
-98
8
93
37
1
72
98
72
54
2
0
90
88
-45
317
5
370
-32
93
18
88
97
31
98
63
77
89
19
15
30
190
137
84
Retail trade
90
-6
52
66
55
Railroads
Elec. and gas util
Communication
79
40
248
-8
0)
0)
29
0
61
1
Little or no volume in preceding year; percentage change has
no2 significance.
Detailed information regarding bank loans not available.
3
No outstanding bank loans.
Foreseeing a need for bank credit to finance reconversion from war to peacetime production, payment of Federal income tax liability, and expansion
of plant and equipment, a number of large companies negotiated lines of credit in 1945 and 1946
at very favorable rates of interest. Many of these
agreements provided for short-term borrowing up
to a stated limit within a specified time period,
with the borrower having the option at the expiraJUNE
1948
NEW
MONEY
279
8
FROM BONDS, MORTGAGES, AND CAPITAL
1947
AND
1946 1
LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
32
100
-27
53
40
-3
57
Iron and steel
Nonferrous metals
Machinery, incl. elec.. .
Automobiles
Other trans, equip
TABLE
NET
STOCK,
1947
over
1946
0)
tion of the loan of renewing it for a period of 5
to 10 years. Other agreements provided for loans
with maturities at time of making of more than
one year. Such term loans accounted for over 90
per cent of the total bank loans outstanding at the
end of 1947 for large companies in the petroleum,
iron and steel, automobile, and railroad industries.
Approximately one-third of the bank loans held
by food processing, other transportation equipment
manufacturing, and electric and gas utility companies had original maturities of more than one
year. Tobacco companies, which customarily borrow substantial amounts on short-term loans for
the purpose of carrying inventories, obtained less
than one per cent of their bank credit on a termloan basis.
Bonds and stocks. Sale of bonds and equity
capital shares, together with some expansion of
mortgages and other long-term debt, provided part
of the funds used by large corporations during the
postwar period. During 1946, large corporations
in 11 of the 14 industries obtained more funds from
such sources than they used for retirement of long-
Net
1947
Industry
Food
Tobacco
Rubber
Petroleum
Chemicals
Iron and steel
Nonferrous metals. . .
Machinery incl. elec..
Automobiles
Other trans, equip... .
Retail trade
Railroads
Elec. and gas util.. . .
Communication
Mtgs.,
bonds. Capand
ital
other stock
liab.
$
48 $
Total
50
-28
192
137
62
74
118
60
37
10
-35
(*)
3
-16
39
2
-77
157
903
3
55
250
stocks
1947
24 $
23
140
157
155
new
money as
1946 percentage of
total
net, islant
bonds and equip. 2
and
expenditure
1946
72 $-17
122
73
112
349
292
6
98
73
52
(4)
181
30
80
(3)
(4)
8
14
28
72
39
118
63
21
35
-57
342
211
59
18
41
40
33
30
13
(3)
119
64
109
41
49
28
80
-74
212
-139
3
(3)
86
115
1,153
80
550
C)
50
122
1
Proceeds from sale of bonds, mortgages, and capital stock, and
increases in other long-term liabilities, net of bond refunding and
retirement
of bonds and stocks.
2
Net new money obtained from bond and stock sales and
increases in other long-term liabilities divided by net plant expenditure (plant and equipment expenditures minus current depreciation
accruals).
3
Decreases in bonds and stocks.
4
Net plant expenditure small and percentages have no significance; bulk of net new money used for inventory accumulation.
629
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
term debt and repurchase of stock. In 1947 large
companies in all but one of the industries analyzed
obtained some net new money from these sources.
Large corporations in 8 of the 14 industries obtained more funds from long-term debt and stock
during 1947 than in the preceding year, as is shown
in Table 8. These included large corporations that
had initiated long-run replacement and expansion
programs in 1945 and 1946 in the petroleum, chemical, railroad, electric and gas utility, and communication industries. On the other hand, large corporations in the automobile and machinery industries borrowed heavily to finance reconversion expenditures during 1946 and to a more limited
extent for other purposes during 1947.
While funds obtained from the sale of securities
and increase in other long-term debt are not necessarily used to finance plant and equipment expenditures, the one is frequently associated with the
other. If net plant and equipment expenditure
(plant and equipment expenditures less current depreciation accruals) is compared with net new
money obtained from the sale of bonds and stocks,
it appears that the latter exceeded the former in
3 of the 14 industries during 1947. Industries with
large postwar capital expansion programs obtained
funds from bond and stock sales equaling 30 to
100 per cent or more of their net plant and equipment expansion in 1947, and relatively smaller
amounts in 1946.
NOTE.—Composite Sources and Uses of Funds Statements, Balance Sheets, and Selected
Income Statement data for the sample of large corporations discussed in this article
are shown on the following three pages.
630
FEDERAL RESERVE BULLETIN
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING
C O M P O S I T E SOURCES AND U S E S O F F U N D S S T A T E M E N T ,
279 L A R G E CORPORATIONS IN S E L E C T E D
1947-46
INDUSTRIES
[Dollar amounts in millions]
Manufacturing
Food
Account
Number of companies
Tobacco
1947
1946
1947
Rubber
1946
28
28
4
Sources of funds—total.
.
Net from operations 1. . . .
Cash
Mkt. securities
Trade payables
Bank loans, short-term. . .
Bank loans, long-term.. . .
Accrued inc. taxes
Other cur. liab
Mtgs., bonds, other liab...
Capital stock
,
Other sources 2
$477
235
-10
86
26
52
6
7
2
48
24
2
$399
237
5
130
38
13
8
-20
6
-11
-6
0
$196
39
2
0
-2
74
-2
10
1
23
50
0
$199
31
4
5
10
5
4
Uses of funds—total
Plant and equip, expend..
Inventories
Receivables
Other assets
Other uses 3
$477
211
168
84
14
0
$399
$196
27
156
12
$199
16
128
220
41
7
3
1947
Petroleum
1946
i
2
122
0
1
177
8
2
0
6
18
-37
-4
140
-28
0
$227
108
103
15
1
0
Number of companies
Sources of funds—total
Net from operations *
Cash
M k t . securities
Trade payables
Bank loans, short-term
Bank loans, long-term
Accrued inc. taxes
Other cur. liab
Mtgs., bonds, other liab
Capital stock
Other sources 2
18
18
13
13
$2,273 $1 ,444 $704
1,510 1,070
351
-134
16
2
56
25
88 - 9 2
226
21
1
-24
28
119
22
36
160
96
49
37
-15
22
157
97
1 155
192
12 137
4
$540
274
7
103
51
-9
39
-18
15
29
44
5
$868
503
14
10
$216
200
-49
-77
8
17
-6
16
62
10
0
$472
313
-87
124
81
7
-10
34
-13
59
-24
0
$139
98
(4)
67
25
7
7
4
-12
-71
14
0
$193 $2,273 $1 ,444 $704
493
107 1,737 1,163
194 134
220
76
51
63
276
52
36
14
40
-42
0
0
0
0
$540
367
160
31
-18
0
$868
599
128
104
30
7
$472
449
81
-88
-4
34
$216
148
57
$193
140
2
75
25
-5
-24
-43
15
8
24
33
1
Uses of funds—total
Plant and equip, expend
Inventories
Receivables
Other assets3
Other uses
Other transportation
equipment
1947
1946
1947
1946
1947
47
47
12
12
19
$639
-49
93
464
11
-85
93
-313
-64
239
103
145
$567
401
-15
-326
50
-12
8
328
70
$639
363
$567
310
218
319
-68
25
0
60
-23
2
-6
170
79
3
74
-35
0
-j
12
2
$139
92
82
-24
-14
3
Utilities
Automobile
60
3
0
1946
33
Machinery,
incl.
electrical
$864
343
-69
40
58
-8
62
187
122
118
(4)
11
$864
394
317
75
77
0
Nonferrous
metals
1947
Manufacturing, cont.
Account
Iron and
steel
1946
24
$227
119
-48
51
10
Chemicals
Retail
trade
Railroads
1946
1947
19
39
$426
-12
-91
269
89
1
111
-110
-92
59
152
50
$185
-34
-4
148
-29
15
14
6
-16
47
- $ 1 5 3 $439
310
-63
180 - 1 1 1
138 132
-108
23
-34 -13
9
6
-210
11
-179
39
39
5
54
2
55
0
$426
411
327
-298
-14
0
$185
96
92
-12
9
0
- $ 1 5 3 $439
76 214
82
177
117
-422
26
16
0
1946
1947
1946
20
20
$740
296
64
243
68
29
4
-45
29
-27
76
3
$696
452
8
92
67
$301
149
$740
112
509
103
16
0
$696
39
79
390
-43
()
()
152 -217
-75
-16
- 7 7 -139
3
(4)
14
157
509
80
49
58
0
$301
346
45
-101
10
0
Electric
and gas
1947
17
$708
271
57
87
32
47
9
-13
6
157
55
$708
610
76
20
2
0
1946
17
Communications
1947
1
1946
1
$299 $1,354 $805
257
257 258
-16
-35
3
-153
-24
88
76
24
67
2
40
0
-3
0
0
6 _g « - 2 0 -153
2
3
18
-7
903 488
37
62
250
43
16
13
$299 $1,354 $805
690
270 1,185
43
36
42
40
12
2
87
60
-9
0
0
0
1
Net profits after taxes plus current depreciation accruals and minus cash dividends paid; non-fund and non-recurring charges and credits t o
income
have been eliminated from net profit.
2
Proceeds
from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds.
3
Prior
year tax and renegotiation payments and extraordinary uses of funds.
4
Less
than
0.5 million dollars.
5
Included with other short and long-term liabilities.
6
Includes State income and property taxes.
NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance
Sheet and Income Statement. Asset write-ups and write-downs and stock dividends and other non-fund bookkeeping transfers are not shown
separately, but are eliminated from t h e income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of funds.
Details may not add to totals because of rounding.
JUNE 1948
631
COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1947, 1946, AND 1945
279 LARGE CORPORATIONS IN SELECTED INDUSTRIES
[Dollar amounts in millions]
Manufacturing
Number of companies
Tobacco
Food
Account
1947
1946
1945
28
28
28
1947
1946
Rubber
1945
1947
1946
Petroleum
1945
1947
24
24
Iron and steel
Chemicals
1945
1947
24
33
33
1945
1947
33
18
18
Nonferrous metals
18
1947
1946
1945
13
13
13
Total assets (end of year). . $3,139 $2,839 $2,655 $1,567 $1,382 $1,197 $1,362 $1,186 $1,106 $10,662 $9 ,045 $8,324 $4,282 $3,632 $3,309 $6,306 $5,712 $5,504 $2,999 $2,723 $2,706
Cash
Marketable securities
Receivables (net)
Inventories
Plant and equipment (net
of depreciation)
Other assets l
I
S
314
187
406
1,044
304
273
322
881
309
404
281
661
53
0
80
1,272
55
0
68
1,116
59
5
60
940
165
61
261
483
118
111
246
380
120
187
194
304
822
688
487
512
925
649
1,316 1,096
704
568
597
894
573
441
407
843
571
349
344
709
578
452
313
549
722
845
547
1,149
736
854
443
1,030
649
979
531
950
344
425
202
525
295
348
205
468
295
415
228
387
1,020
168
898
161
835
166
79
84
58
85
46
87
365
305
26
233
68
6,2291 5,259
883
842
4,759
803
1,465
552
1,109
550
856
561
2,797
246
2,433
216
2,179
216
1,293
210
1,187
219
1,147
234
27
$1,186 $1,106 $10,662 $9,045 $8,324 $4,282 $3,632 $3,309 $6,306 $5,712 $5,504 $2,999 $2,723 $2,706
Total liabilities and equity. $3,139 $2,839 $2,655 $1,567 $1,382 $1,197
$1,362
Notes payable to banks
1
1
41
28
189
17
268
92
194
5
31
30
7
24
7
36
(short-term)
7
Trade notes and accounts
163
116
514
201
19
11
193
142
345
137
426
21
127
128
226
91
812
586
498
214
payable
103
129
312
445
72
240
273
92
132
172
474
314
357
82
218
Accrued income taxes
262
64
240
331
212
128
256
59
103
15
202
43
185
148
126
201
188
55
39
16
164
Other current liabilities 2 ..
72
Notes payable to banks
8
43
90
89
51
91
14
30
4
18
12
384
55
20
2
24
266
91
243
0
(long-term)
39
Mortgages, bonds,
and
0
5
47
16
4
53
307
234
632
391
991
724
508
569
414
72
160
823
388
167
other liabilities 3
270
268
147
265
207
143
325
207
322
114
167
189
226
343
306
2
2
111
63
192
96
Surplus reserves 4
122
2
112
156
203 2,459
104
1,182
1,106
3,550 3,399 3,252 1,295
303
315
313
Capital stock
2,444 2,469
463
434
974
172
434
1,106
986
1,147
1,120
1,337
1,716
1,113
4,092
1,550
1,361
344
234
3,002
305
3,290
Surplus
1,485
302
249
725
221
815
1,157
1,215
1,053
1,020
903
Income statement:
7
8
Sales
$10,731 $7,347 $6,971 $2,170 $1,966 $1,514 $2,300 $2,051 $2,242 $9,132 $6,559 $6,474 $4,445 $3,683 $3,464 $7,030 $5,053 $6,247 $2,092* $1,3648 $1,542
Depreciation, depletion, and
207
73
62
49
61
4
4
54
135
471
156
6
46
555
129
103
175
330
36
123
614
amortization
768
502
341
250
226
441
523
920
516
410
159
135
104
181
1,544
702
770
629
391
239
188
Profit before
taxes 5
136
474
303
154
163
276
261
326
584
247
97
82
59
112
1,195
395
227
138
61
724
488
Net profit 5
125
196
157
147
101
125
276
116
172
181
62
54
50
226
153
28
430
41
42
318
271
Dividends
w
%
I
d
Utilities
Manufacturing, cont.
Retail trade
Account
Machinery, incl.
electrical
1947
Number of companies
47
1946
47
1945
47
1947
1946
1945
12
12
12
$3,932 $3,156 $2,981
593
578
486
398
72
341
438
378
676
1,115
900
573
Total assets (end of year). . $4,931
Cash
587
Marketable securities,
311
Receivables (net)
735
Inventories
1,644
Plant and equipment (net
of depreciation)
1,178
Other assets l
476
$4,151
518
351
660
1,326
$4,156
611
815
728
1,008
891
405
615
380
Total liabilities and equity. $4,931
Notes payable to banks
23
(short-term)
Trade notes and accounts
payable
361
Accrued income taxes
330
Other current liabilities 2 . . .
461
Notes payable to banks
167
(long-term)
Mortgages,
bonds, and
521
other liabilities 3
$4,151
$4,156
31
117
303
144
339
292
456
403
4
415
401
243
105
12
133
Surplus reserves 4
Capital stock
Surplus
282
1,513
1,274
Other transportation equipment
Automobiles
1,103
285
$3,932
399
160
195
290
1,447
1,094
348
1,333
1,035
84
922
1,535
1947
19
1946
19
Railroads
1945
19
1947
39
39
1945
39
$1,614
240
86
250
578
$1,622
237
234
262
492
$2,110
416
372
672
315
$3,433
508
173
374
1,442
$3,108
397
305
257
1,360
$2,742
462
548
154
851
1947
20
1946
20
1945
1947
20
1946
17
17
$16,908 $16 ,599 $17,060 $6
639
631
718
714
622
1,106
364
316
417
521
441
396
640 $6,340
205
262
233
320
144
123
213
138
10,976 9 5 , 6 6 6
3,447
179
9
920
308
583
322
373
87
309
89
262
73
769
168
647
142
603
126
$3,156
$2,981
$1,614
$1,622
$2,110
$3,433
$3,108
$2,742
$16,908 $16,599 $17,060 $6,640
$6,340
16
15
58
43
77
31
44
14
57
9
365
73
276
183
271
118
76
147
71
255
275
363
325
297
230
302
285
191
234
330
163
103
i° 213
71
i°227
83
183
185
2
59
53
49
26
11
30
92
51
72
6,053
6,133
6,277
172
311
624
99
1,002
1,300
103
999
1,080
84
937
860
1,255
5,057
3,305
1,227
5,054
3,151
1,220
5,054
3,134
$8,438
$6,397
$5,836
$5,183
51
690
418
186
51
512
187
111
244
497
292
177
240
186
42
158
176
15
125
76
135
62
926
1,279
111
787
1,247
72
64
353
665
35
76
356
699
11,252
3,518
549
264
425
11,028
3,461
482
112
440
525
329
522
1945
17
1947
1946
1
1
1945
1
$6,228 $6,392 $5,156 $4,714
64
61
78
227
396
308
461
296
218
230
271
121
51
94
136
102
5,319 95,294
178
188
$6,228
47
W235
91
90
4,975
472
4,077
386
3,658
326
$6,392
$5,156
$4,714
40
0
0
297
145
136
221
165
119
154
318
141
14
17
0
0
0
2,561
2,521
2,786
1,882
1,395
80
2,705
589
84
2,854
371
5
2,269
713
65
2,061
643
70
2,017
619
$6,079 $1,849 $1,671
$1,595
$2,225
$2,094
$1,931
177
413
257
185
171
405
211
172
237
236
161
189
213
309
192
184
205
331
177
178
(U)
23
2,734
Income statement:
Sales. . . . .
$5,866 $3,727 $6,145 $7,036 $3,926 $5,683 $1,679 $1,325 $5,195 $9,940
Depreciation, depletion, and
amortization
76
27
101
132
83
67
121
22
75
100
158
636
12
Profit before income taxes 5 .
708
97
6
683
824
356
378
238
48
Net profit *
431
54
231
-26
410
458
-23
131
159
169
177
59
Dividends
190
183
208
144
53
62
1
1946
Communications
Electric and gas
818
667|
202
168
62
2,769
590
188
383
253
190
Includes relatively small amounts of Other Current Assets and Intangibles.
Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, etc.
Includes pension reserves and minority interest in capital stock and surplus.
4
Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories.
6
Excludes nonrecurring charges and credits to income tax refunds and payments of prior year's taxes, gains on sales of assets, and charges and credits to and from surplus reserves.
6
Less than 0.5 million dollars.
7
Net sales estimated for 1 company.
8
Sales missing for 1 company with 1947 total assets of 430 million dollars.
9
Includes intangibles.
10
Includes State income and property taxes.
11
Included with other short and long-terml iabilities.
NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around Dec. 31 and for which data are available in investment manuals and company reports to
stockholders. Manufacturing and trade groups include only companies with end-of-year 1947 total assets of 10 million dollars and over; railroads, Class I roads with total assets of 350 million and over; utilities,
Class A and B electric and gas companies with total assets of 140 million and over; communication, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System.
Details
may not add to totals because of rounding.
2
3
1948 SURVEY OF CONSUMER FINANCES1
PART I. Expenditures for Durable Goods
Incomes increased for a large part of the population in 1947, and at the beginning of 1948 consumers expressed intentions to maintain buying of
houses, automobiles, and other durable goods at
approximately the high levels of 1947. Although
somewhat fewer people had liquid assets at the
beginning of 1948, accumulated savings continued
to be widely held in sizable amounts by people at
low as well as high income levels. These are some
of the results of the third annual survey of the
financial position of consumers undertaken by the
Board of Governors of the Federal Reserve System.
This survey, conducted again for the Board by the
Survey Research Center, University of Michigan,
makes available important information about the
financial status, buying plans, and general outlook
of consumer spending units.
A broad summary of survey results and details
relating to expenditures for consumer durable goods
are presented in this article. Comparisons are made
with findings from the two previous surveys which
were conducted in early 1947 and early 1946 using
similar techniques and including similar information.2 Some discussion of the nature of the surveys, the techniques used, and the limitations of the
results is given at the end of the article. A second
article presented in this BULLETIN gives more complete information on consumer income, while subsequent articles in later issues of the BULLETIN will
cover liquid and nonliquid asset holdings, saving
out of income, and housing expenditures and
finance.
Interviewing for the survey began early in January and continued through the first week in
March. Approximately 3,500 interviews were taken
in 66 sampling points and the results of the survey
are based on this group of interviews. An additional 300 interviews, taken after the commodity
price break during the first week in February,
made it possible to build up two representative
cross-section samples, one interviewed before the
decline in the commodity market and one after it,
and to ascertain any change in buying intentions
or consumer expectations between these two samples. 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.3 Sampling methods permit tabulation of many survey results on a family basis
also,4 and some of the results will be presented on
this basis in the following articles.
1
This article was prepared by Duncan McC. Holthausen of
the Board's Division of Research and Statistics. It is the first
in a series to be issued presenting the results of the Board's
Survey of Consumer^ Finances in 1948. Other articles will
appear in succeeding issues of the BULLETIN.
Rensis Likert, Director, and Angus Campbell, Assistant
Director, Survey Research Center, University of Michigan,
were in general charge of the survey. Responsibility for detailed planning and supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation
of survey studies was carried by George Katona in collaboration
with Janet Austrian, both 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.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas,
Director, and Ralph A. Young, Associate Director, of the
Division of Research and Statistics. Mr. Holthausen has been
in charge of the analysis of the data and the preparation of
reports.
2
The second survey was made for the Board of Governors
early in 1947 by the Survey Research Center and results of
that survey were reported in 1947 in the June, July, and August
issues of the BULLETIN. The first survey was made for the
Board of Governors early in 1946 by the Division of Program
Surveys, Bureau of Agricultural Economics, U. S. Department
of Agriculture. The Survey Research Center staff currently
in charge of the survey work was associated with the Division
of Program Surveys at the time of the first survey. Results
of that survey were reported in the June, July, and August
issues of the BULLETIN under the general title National Survey
of Liquid Assets.
SUMMARY OF SURVEY RESULTS
634
Consumer financial status strong but weakening
somewhat.
1. Of the total number of 48.4 million consumer
spending units, about 2.5 million more in 1947 than
in 1946 had money incomes above $5,000, while
about 2.5 million fewer consumer units had incomes
below $3,000. For consumers as a whole there was
a rise of more than 10 per cent in total money
income.
2. Almost 50 per cent of all spending units reported higher money incomes in 1947 than in 1946,
but a considerable number of these consumer units
3
If people contributed more than one-half of their income to
the family it was considered that they pooled their income. In
addition, the wife of the head of the family or a family member
under 18 years of age or earning less than $10 a week was
always
considered a member of the main spending unit.
4
Families are defined as all persons living in the same dwelling unit who are related by blood, marriage, or adoption.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
felt that because of the higher cost of living they
were worse off financially at the end of the year
than at the beginning. About 30 per cent of all
spending units had substantially the same money
income in 1947 as in 1946, and about 20 per cent
experienced income declines.
3. Consumer units at higher income levels held
a relatively large share of the liquid assets (i.e.,
checking accounts, savings accounts, or Government bonds) but, as noted in the first two surveys,
lower income groups continued to have sizable
amounts of liquid resources to draw upon. According to available Treasury and banking statistics,
total personal holdings of liquid assets increased
somewhat in 1947, although at a much slower rate
than during the previous years.
4. In 1947, however, for the first time since the
end of the war, there was some decline in the number of spending units holding liquid assets. About
3 million fewer spending units had savings
bonds at the beginning of 1948 than a year earlier.
This decline extended the tendency noted in 1946
and was the primary factor accounting for the
smaller number of people holding liquid assets.
There was little or no change in the number of
people holding checking or savings accounts.
5. The total amount of net saving by consumers
out of current income continued to decline in 1947,
the result of further heavy dissaving (i.e., expenditures in excess of income) on the part of more than
one-fourth of all spending units and somewhat
smaller amounts saved by other spending units. The
substantial dissaving in 1947 reflected consumer willingness to spend freely. Many consumers were
willing to draw on their liquid assets or to borrow
for the purpose of purchasing consumer durable
goods or meeting higher living costs.
6. In 1946 dissavers were heavily concentrated
in income classes up to $3,000. In 1947, however,
the concentration extended up to the $5,000 income
level. Particularly noteworthy was the significant
rise in the number of dissavers with annual incomes
of $3,000 to $7,500.
Heavy consumer spending for durable goods in 1947.
7. Roughly two-fifths of all consumer units indicated that they had purchased some consumer durable goods during 1947. Veterans of World War II
continued to be heavy spenders on durable items;
in fact, almost three-fifths of the spending units
with veterans bought some type of durable goods.
JUNE
1948
8. About 7 million spending units bought automobiles in 1947 and approximately 17 million
bought other selected durable goods such as furniture, refrigerators, radios, washing machines, ranges,
and other large appliances.
9. About 9 million spending units used instalment credit in purchasing durable goods, including
automobiles, nearly twice as many as in 1946.
Consumer outlook for 1948 optimistic.
10. Although somewhat less so than in early
1947, most consumers were still optimistic about
their income prospects and future business conditions. At the beginning of 1948 many more spending units expected a continuation of prosperous
times than expected a decline in economic activity,
and many more expected increases in income than
expected decreases.
11. The break in commodity prices during the
first week in February appears to have had little
influence upon consumers' optimism. As many
consumers expected their incomes to rise and good
times to prevail after the price break as before.
Consumer buying intentions remain strong.
12. At the beginning of 1948 as many consumers
planned to buy automobiles and other selected durable goods as at the beginning of 1947. There was
some indication of a drop in the demand for new
cars on the part of spending units with incomes
below $3,000 but this was largely offset by an increase in the number of spending units at higher
income levels that planned to buy new cars. There
was little change in the number of spending units
that were prospective buyers of durable goods other
than cars.
13. No significant differences were noted in purchasing plans for consumer durable goods before
and after the commodity price break. Although
there was a very substantial shift in consumers'
general price expectations after the break, with
many more spending units anticipating price declines, these price expectations referred primarily
to food prices. In the case of prices of durable
goods, many spending units had anticipated declines as early as July 1947.
14. The number of consumer units planning to
buy new houses was larger than the estimated
number of completions of new houses for owneroccupancy in the year 1948. Somewhat more than
1 million spending units indicated they would or
would probably buy such houses in 1948. The
635
1948 SURVEY OF CONSUMER FINANCES
prices that prospective buyers said they would pay
for these houses were closely in line with prices
paid in 1947.
15. As compared to buying intentions expressed
a year ago, however, there was a further softening
in the prospective demand for both new and existing
houses. Approximately 20 per cent fewer spending
units in early 1948 as compared to 1947 indicated
some plan for buying houses. Again this slackening was most noteworthy on the part of spending
units with incomes below $2,000.
ble goods and houses would indicate a continuation
of heavy demand in those areas which are strongly
dependent upon availability of credit and liquid
assets for effective buying power.
6. Prospects are for further heavy dissaving on
the part of at least one-fourth of all spending units
and no substantial change in the aggregate amounts
saved by other spending units.
CONCLUSIONS
Never before in the history of this country was
there a greater volume of consumer durable goods
produced than in 1947. Production of major appliances such as radios, washing machines, and
kitchen ranges exceeded 1941 production peaks by
substantial margins, while unit production of refrigerators and automobiles was close to former
peak levels. Housing completions were not far
behind the record annual volume of completions
in the middle twenties.
Survey results indicate that approximately 20
million out of a total of 48.4 million spending units
bought automobiles or other selected durable goods
in 1947, while over 2 million bought houses. The
total value of these purchases was roughly 30 billion
dollars, of which about half represented house
purchases.
Automobiles. Approximately 7 million new and
used automobiles were purchased by spending units
in 1947 at a total value of roughly 9 billion dollars.
This was a considerably larger number of cars than
was purchased in 1946 and, as Table 1 indicates,
exceeded buying plans expressed at the beginning
of 1947. More than three-fifths of all automobile
buyers had incomes of $3,000 or more (see Table 9).
Veterans of World War II were very heavy buyers
of cars. According to Table 2, one out of every
four spending units with veterans bought automobiles as compared to one out of every eight among
nonveteran units.
New automobiles were available in much greater
quantities in 1947 than in 1946, as their production
almost doubled.« Many more spending units succeeded in obtaining new cars in 1947 but a sizable
number of prospective buyers probably went emptyhanded or purchased late-model used cars. The
average price paid for new cars was about onefourth higher than prospective buyers anticipated
paying. Spending units reported buying 2.8 million
new automobiles in 1947 and 1.5 million in 1946.
1. The general financial status of consumers
showed the first signs of weakening in 1947 in that
fewer spending units held liquid assets at the end
of the year and there was a substantial increase in
total indebtedness. Most consumers, however, continue to have a strong financial status since (1)
employment and income are at peak levels and
widely distributed, and (2) well over two-thirds
of all spending units still have liquid assets in their
possession and sizable amounts are held by people
in all income groups.
2. The outlook is that consumer expenditures
for durable goods and houses will continue in expanding volume. Buying intentions for new cars
still exceed expected production, and there is no
change in prospective demand for other selected
durable goods. It is possible that immediate consumer demand for certain types of durable goods
has increased further since the survey, which was
taken before the proposed increase in military
expenditures.
3. There is a tendency for a greater proportion
of consumer durable goods to be bought on a credit
basis today than a year ago and for a somewhat
smaller proportion to be bought through use of
accumulated liquid savings. As the volume of consumer durable goods purchased continues to rise,
however, substantial amounts of liquid assets are
still being used in buying these goods, and there
has been no slackening in the rate of turnover of
such assets.
4. In order for spending units to satisfy their
demand for houses, particularly new houses, in
1948, there will need to be a further substantial
increase in the volume of mortgage credit. Since
veterans account for approximately half of the total
housing demand, no slackening in requests from
veterans for mortgage loans can be anticipated.
5. In general, consumer plans to buy both dura-
636
PURCHASES OF SELECTED CONSUMER DURABLE GOODS
AND HOUSES IN 1947
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
TABLE 1
CONSUMER INTENTIONS TO BUY IN 1948, 1947, AND 1946, AND ACTUAL PURCHASES IN 1947 AND 1946
Type of purchase
Automobiles:
New and used cars—total:
Purchases planned, 1948
Actual purchases, 1947
Purchases planned, 1947
Actual purchases, 1946
Purchases planned, 1946
New cars:
Purchases planned, 1948
Actual purchases, 1947
Purchases planned, 1947
Actual purchases, 1946
Purchases planned, 1946
Used cars:
Purchases planned, 1948
Actual purchases, 1947
Purchases planned, 1947
Actual purchases, 1946
Purchases planned, 1946
Other selected durable goods:
Purchases planned, 1948
Actual purchases, 1947
Purchases planned, 1947
Actual purchases, 1946
Purchases planned, 1946
Houses:5
Purchases planned, 1948
Actual purchases, 1947
Purchases planned, 1947
Actual purchases, 1946 6
Purchases planned, 1946
Percentage of
spending units
9.0-13.5
10.0-13.4
9.6-12.2
6.5-9.4
7.3-9.7
4.4-6.5
14.9
10.6
2.7-3.7
18.1-23.8
25.7-31.3
4.0-6.0
5.0-7.5
7.5-9.3
7.2
85.0
4.4-5.6
3.1-4.5
2.8
3.4-4.5
1.5
3.3
3.4-4.3
9.1
1.2-1.9
4.4
1.2-1.7
3.5
1.0-1.3
9.2-11.9
35.1
28.3
8.4-11.0
11.8-14.4
17.0
13.1
1.7-2.6
2.2
5.0
6.5
2.1-3.2
2.7
3.1-3.9
Estimated
total
expenditures*
(In billions)
Median
expenditure2
Average
expenditure*
$1,570
1,150
1,310
$1,540
1,250
1,300
790
920
1,150
1,100
4.8-6.2
1,750
1,780
1,500
1,500
1,860
1,950
1,540
1,620
4
5.8-8.4
540
660
500
500
(4)
710
780
650
630
(4)
0.9-1.4
240
200
200
180
200
340
310
310
310
320
3.1-4.0
6,580
6,010
5,110
7,430
7,090
6,310
5,390
5,020
(4)
7.4
2.2-2.9
19.0-24.6
3
4.6-6.2
5.8
7.4-9.3
2.5-4.1
Estimated
number of
spending units
(In millions)
x
$6.8-10.0
9.2
6.0-8.1
4.6
5.7
5.2-7.0
2.3
(4)
()
4
()
(4)
3.5
0.8-1.1
2.3
0)
5.3
2.6-3.4
4.1
3.8-4.6
12.6-19.3
13.3-20.2
15.6-19.3
15.5
14.5
1
Intended purchases for the year 1948 and actual purchases during 1947 were ascertained in the third survey made early in
1948. Intended purchases for 1947 and actual purchases during 1946 were ascertained early in 1947, while intended purchases
for the year 1946 were ascertained early in 1946. In each case where a range is presented the bottom of the range includes all
those who said definitely they would buy and one-half of those who said they would probably buy but might not. The top of the
range includes all those who said they definitely or probably would buy, and one-half of those who said they were undecided.
The distribution of spending units by intentions to buy, 1948, 1947, and 1946, is shown in supplementary Table 8 following the
text 2of this article.
Refers to total expenditure before deduction of the value of trade-ins or existing assets sold.
8
This figure represents the number of cars bought, not the number of spending units that bought cars. Since only cars
owners
at the time of the early 1948 survey were asked about 1947 purchases, no cars were counted twice in the 1947 data.
4
Data
not available.
5
Farmers are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their
purchases
of farm land.
6
These are rough estimates which probably overstate purchases in 1946 because some buyers of lots or summer cottages are
included among house buyers. Estimates of 1947 purchases exclude such transactions.
These figures, after allowance for new cars sold to
Government and business organizations, check
closely with domestic registrations of new cars as
reported by R. L. Polk and Company.
The greater sales of new cars meant greater
turnover of used cars. Before the war, roughly two
used cars were sold to every one new car. In
1947 about one and two-thirds used cars were sold
to every one new car and there were about 1 million more actual used-car buyers than in the preceding year. As was noted in the 1947 survey,
used-car purchases are not planned very fully in
advance. In the past two years the number of
spending units buying used cars has exceeded by
three times the number of spending units planning
to buy used cars at the beginning of the year.
JUNE
1948
TABLE 2
VETERAN STATUS OF ACTUAL AND PROSPECTIVE BUYERS
Buyers as a percentage of spending
units among:
Type of purchase
All
spending
units
Spending
units
with
veterans
Spending
units
without
veterans
Prospective purchases in 194811
Automobiles
Other durable goods
Houses^
11
22
5
18
28
7
9
20
4
Actual purchases in 1947:
Automobiles
Other durable
goods
Houses2
15
35
5
23
48
9
12
32
4
1
Spending units who said they would or probably would buy
durable
goods in 1948.
2
Information on houses refers to nonfafm spending units only.
637
1948 SURVEY OF CONSUMER FINANCES
As the rather low average price paid for used cars
might indicate, there was a sizable turnover of cars
10 years or older in the used-car market. The
1948 survey results show that almost one-third of
all used cars bought were models of 1936 or older
cars. About the same proportion were 1941 or
later models.
Other selected durable goods. Over one-third of
all spending units bought other selected durable
goods in 1947 such as furniture, refrigerators, radios,
washing machines, ranges, or other large appliances.
The total value of these goods was a little over 5
billion dollars, about one-fourth larger than the total
value of other selected durable goods bought in
1946. The median or middlemost expenditure for
these goods was $200 per spending unit.
The market for these other selected durable goods
is more evenly distributed over the spending units
at various income levels than is the automobile market. Almost half of the 1947 buyers of these goods
had incomes below $3,000. Of course, amounts
spent by buyers in low income groups were smaller
than amounts spent by other groups (see Table 10).
Actual purchases of these selected durable goods
in 1947 substantially exceeded the volume of purchases planned at the beginning of the year. The
possibility that such might be the case was noted
in the 1947 survey. Examination of the prospective
demand and actual purchases of selected durable
goods in 1946 showed that plans to buy furniture
were substantially understated, but in the case of
some major household appliances plans to buy
exceeded actual purchases. Yet it seemed possible
that once the most urgent backlog demands had
been filled and production was at peak levels, plans
to buy major household appliances might also tend
to be understated. In 1947, as is shown by
supplementary Table 12 at the end of this article,
the total number of actual buyers of furniture and
of each type of major appliance exceeded the number of spending units that planned to buy at the
beginning of the year. In the case of furniture,
double the number of those who expressed intentions to buy actually bought in both 1946 and 1947.
In the case of refrigerators and washing machines,
little more than half the prospective buyers were
able to make purchases in 1946, while in 1947 there
were half again as many actual buyers as prospective buyers. In the case of radios, there were three
times as many actual buyers as prospective buyers
in 1947. In addition to the lack of full-year plan-
638
ning of radio purchases on the part of spending
units, many radio buyers reported the purchase of
small table models, which are seldom mentioned by
prospective buyers.
Houses. About 2.2 million spending units reported buying new or existing houses in 1947. The
total amount spent for these houses was roughly
15 billion dollars as the average price per house was
somewhat more than $7,000. As Table 1 shows,
the dollar volume of house purchases in 1947 exceeded 1946 purchases somewhat, although a smaller
number of spending units indicated that they purchased houses in 1947. It is believed that the 1946
estimates include some real estate purchases other
than houses for year-round owner-occupancy so
that both the number and amount of house purchases may be overstated in that year. About 40
per cent of the house buyers in 1947 were veterans
of World War II; 9 per cent of veteran spending
units bought houses compared to 4 per cent of nonveteran spending units.
According to the survey, approximately 700,000
of the houses bought for owner-occupany in 1947
were new dwellings. This figure is in reasonable
agreement with estimated new house completions in
1947 after allowance for newly built rental houses.
The number of existing houses purchased was 1.5
million. The median price paid for new houses
fell between $7,500 and $8,500 and that of old
houses between $5,000 and $6,000.
Total purchases of houses in 1947 were within
the lower limits of the buying plans expressed at
the beginning of the year. Spending units with incomes of $3,000 or more accounted for three-fifths
of total house purchases and appeared to be more
successful than other spending units in completing
their buying plans.
INTENTIONS TO BUY IN
1948
The derived estimates of intentions to buy in the
Survey of Consumer Finances represent experimental data and must be interpreted with caution.
The volume of purchases in any given year is a
function of many factors not known to buyers at
the beginning of the year. As observed when
presenting the results of the previous two surveys,
consumer plans to buy in any particular year are
not to be construed as an indication of the exact
measure of total demand or of the quantities of
goods to be purchased during the year. In some
cases backlog demands make for a total of intenFEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
tions that is larger than expected supplies; in other
cases consumers do not fully plan ahead their entire year's purchases; and, finally, considerable shifts
in buying intentions may possibly occur within a
year as a result of changed economic conditions.
A better basis for estimating approximate quantities of any durable item that may be purchased
should be provided by a comparison of intentions
data and actual purchases over a period of several
years when supplies of goods are plentiful and
backlog demands are small. Intentions data for the
year 1948 should be compared carefully with similar data for the years 1947 and 1946 and with the
actual volume of purchases in these same years to
understand their meaning and limitations more
fully.
Information on intentions to buy consumer durable goods and houses during 1948 was obtained
during the first 10 weeks of the year. The buying
plans were expressed at a time when consumer
units were rather optimistic about their own income
prospects and the general economic outlook. Any
substantial changes in consumers' income expectations or general economic outlook could affect their
buying plans. Many other factors, including such
things as prices, availability, and style also have an
important bearing upon the total prospective demand. Trade reports indicate that there was a
substantial rise in buying orders for certain selected
durable goods at the end of March after the first
public discussion of increased defense expenditures.
Thus, there may have been some increase in immediate demand for consumer durable goods since the
survey was taken.
At the beginning of 1948 as many consumers
planned to buy automobiles and other selected
durable goods as at the beginning of 1947. The
total of prospective buyers in 1948 was considerably below the number of actual buyers in 1947
(see Table 1), but as already indicated, intentions
to buy certain items have often been incomplete.
Because of this tendency for consumer buying plans
to be only partially complete at the beginning of the
year, it is more relevant to compare 1948 intentions
with 1947 intentions rather than with the actual
volume of purchases in 1947.
From 3.1 million to 4.5 million spending units
indicated some plan to purchase new cars in 1948.
Spending units with incomes below $3,000 planned
to buy less frequently than they had planned in
the preceding year, but there were more spending
JUNE
1948
units at higher income levels that planned to buy
new cars. In any event, the range of planned purchases exceeded probable domestic sales of new
automobiles by a substantial margin.
Car owners, of course, account for the greatest
share of the number of prospective buyers of new
TABLE
3
CAR-OWNERSHIP STATUS OF PROSPECTIVE
OF N E W AND USED CARS IN
BUYERS
1948
[Per cent]
Prospective buyers of:*
Car-ownership status
All cars
New cars
Used cars
Own no car
29
25
41
Own car:
Pre-1940 model
1940-42 model
Postwar model
29
20
22
21
23
31
45
13
1
100
100
100
All cases
1
Spending units who said they would or probably would buy
cars in 1948.
cars. Some three-fourths of these prospective buyers already own cars and as many as one-third own
postwar cars. Table 3 classifies prospective buyers
by ownership and age of cars.
A comparison of intentions to buy used cars
over the three-year period—1946, 1947, and 1948—
indicates that there were no sizable differences from
one year to the next in the total buying plans of
spending units for used cars.
There was some increase in the number of prospective buyers of selected durable goods other than
cars for the year 1948. No particular significance
is to be attributed to this slight shift. The greater
availability of most major household appliances in
1948 as compared to 1947 may occasion a somewhat larger immediate demand for such goods. In
any event, no general weakness was apparent in
the market for furniture or major household appliances. Of persons at lower income levels, fewer
intended to buy in 1948 than in 1947, while of
those with incomes of $5,000 or more, the proportion intending to buy increased, as is shown by
Table 4.
Total prospective demand for houses was somewhat lower in early 1948 than in the previous year
and still lower than intentions to buy in 1946. The
decline in buying intentions during this period
was most marked in the case of spending units
639
1948 SURVEY OF CONSUMER FINANCES
TABLE 4
ACTUAL AND PROSPECTIVE BUYERS AS A PERCENTAGE OF ALL SPENDING UNITS WITHIN DIFFERENT INCOME GROUPS1
Type of purchase
All income
groups
Automobiles:
Plan to buy in 1948
Bought in 1947
Expected to buy in 1947...
Bought in 1946
Expected to buy in 1946.. .
Other selected durable goods:
Plan to buy in 1948
Bought in 1947
Expected to buy in 1947...
Bought in 1946
Expected to buy in 1946.. .
Houses:2
Plan to buy in 1948
Bought in 1947
Expected to buy in 1947...
Bought in 1946
Expected to buy in 1946...
Less than
$1,000
$1,000$1,999
11
15
12
11
11
22
35
21
28
28
7
14
9
14
14
16
29
17
25
25
$2,000$2,999
$3,000$4,999
$5,000
and over
10
15
12
13
11
15
19
18
11
16
26
30
24
20
26
21
39
24
32
32
29
39
28
36
34
34
48
26
35
38
10
6
9
13
11
1
Intended purchases for the year 1948 and actual purchases during 1947 were ascertained early in 1948. Intended purchases for
1947 and actual purchases during 1946 were ascertained early in 1947, while intended purchases for the year 1946 were ascertained early
in 1946. In every case, the percentage of people expecting to buy includes those who said definitely they would buy and those who said
they probably would do so. Intended purchases for 1948 and actual purchases during 1947 are related to 1947 income, intended purchases
for 1947
and actual purchases during 1946 to 1946 income, and intended purchases in 1946 to 1945 income.
2
3 Information on houses refers to nonfarm spending units only.
Less than one-half of 1 per cent.
with incomes below $2,000. As construction costs
continued to rise in these years, it is likely that
spending units within this income range were
priced out of the market.
Buying plans for new houses, however, were
larger than the estimated number of completions
of new houses for owner-occupancy in the year
1948. Somewhat more than 1 million spending
units said they would or would probably buy new
houses. Almost one-half of all prospective buyers
said they would pay more than $7,500 for a new
house and as many as one-seventh indicated they
would pay more than $12,500. These prices were
closely in line with prices paid in 1947.
The continuance of a strong demand for houses
at steadily increasing prices is indicative of the
over-all shortage of dwelling units plus the changing income status of many consumer units. As the
total income of a consumer unit moves upward,
roughly two and one-half times the increment in
income is added to the basic price that the unit
presumably can pay for a house under standard
price-of-house-to-income relationships.
The number of persons intending to buy used
houses was somewhat smaller in early 1948 than
in early 1947 (see Table 8). This same tendency
was noted between 1946 and 1947, and was borne
out by lessened activity in existing residential properties during 1947.
640
Roughly three-fourths of the prospective demand
for total houses in 1948 came from spending units
that did not own homes. Not quite one-fourth of
prospective house buyers were present home owners.
Veterans of World War II continued to be important prospective buyers, although there were
indications that the difference between veteran and
nonveteran spending units in total intentions was
narrowing.
Examination of the prospective demand for
durable goods by income level of buyer indicates the
very substantial increase in the percentage of buyers
as the level of income increases. As the chart on
page 641 shows, less than one-tenth of all spending
units with incomes below $1,000 were prospective
buyers of selected durable goods other than automobiles as compared to one-fifth of all spending
units with incomes of $2,000 to $3,000 and more
than one-third of all spending units with incomes
of $5,000 or more. The same upward shifting appears in the case of automobile and house purchasers although the frequency of prospective buyers is considerably smaller (see Table 4). The
maintenance of continued high levels of consumer
expenditures during the past year, despite the large
increases in prices of consumer goods, reflects the
very sizable shifts toward middle and upper income
levels since the prewar period and the resulting
heavy buying demands of these groups.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
Consumer plans to buy durable goods apparently
were not affected by the break in commodity prices
during the first two weeks of February 1948.
PROSPECTIVE BUYERS OF CONSUMER DURABLE GOODS
AND HOUSES IN 1948, BY INCOME GROUPS
PER CENT OF
SPENDING UNITS
40
of consumer units do not appear to have been a
significant factor in determining buying plans.
Most consumer units anticipated only slight shifts
in prices, either upward or downward, and no difference has been noted between the buying plans
of consumer units expecting prices to rise or to
fall.
METHOD OF PAYMENT FOR DURABLE GOODS
INCOME
GROUPS
Further, the price break appeared to have little
effect upon consumer expectations of durable goods
prices, on which many spending units anticipated
declines as early as July 1947.
For the past several years the price expectations
An increasing proportion of durable goods was
bought on a credit basis during 1947, according to
survey results. As is shown in Table 5, roughly onethird of all automobile purchasers made use
of instalment credit in 1947 as compared to onefifth in 1946. In the case of other selected durable
goods, buyers reported using instalment credit for
35 per cent of their purchases in 1946 and 42 per
cent in 1947. There was a marked increase in the
physical volume of durable goods sold during 1947,
and about 9 million spending units used instalment credit in purchasing cars and other durable
goods during this year. In 1946 only about 5 million spending units used instalment credit for such
purchases.
Due to the increasing use of credit there was,
of course, some decrease in the relative frequency
of use of cash in payment for goods. Cash payments as shown in Table 5 include amounts ob-
TABLE 5
METHOD OF PAYMENT FOR CONSUMER DURABLE GOODS AND HOUSES BY PROSPECTIVE AND ACTUAL BUYERS
Percentage distribution of buyers:
Type of purchase and method of payment
Automobiles:
Full cash (including trade-in allowances)
Instalment credit (together with down payments—cash and trade-in allowances).
Uncertain as to method
All b u y e r s . . .
Other selected durable goods:
Full cash (including trade-in allowances)
Instalment credit (together with down payments—cash and trade-in allowances).
Uncertain as to method
All buyers. .
Houses:3
Full cash.
Mortgage
Uncertain as to method
All buyers
. .
Plans for
financing
in 1948
Actual
financing
in 1947
53
66
34
Plans for
financing
in 1947
54
37
9
Actual
financing
in 1946
Plans for
financing
in 1946
77
100
100
100
21
2
100
49
42
9
58
42
0
56
38
6
65
35
0
0)
100
100
100
100
100
20
67
13
16
84
0
13
74
13
16
82
2
17
71
12
100
100
100
100
100
37
10
0)
0)
100
(j)
1
2
Data not available.
Less than one-half of 1 per cent.
• Information on houses refers to nonfarm spending units only.
JUNE
1948
641
1948 SURVEY OF CONSUMER FINANCES
tained from current income during the year, with- the general economic outlook was voiced by more
drawals of previously accumulated liquid asset hold- of the spending units with high incomes than of
ings, proceeds from the sale of other assets, and
TABLE 6
trade-in allowances. Despite this decrease in the
CONSUMER
A
T
T
I
T
U
D
E
S
TOWARD
P R E S E N T FINANCIAL S I T U A relative use of cash, there was a slight increase
TION, PERSONAL I N C O M E PROSPECTS, AND G E N E R A L E C O N O M I C
in the turnover of liquid assets for purchase of
OUTLOOK
durable goods because of the substantial rise in the
volume of goods sold.
Percentage distribution
of all spending units
According to the financing plans of prospective
Attitudes
buyers in 1948, there will be a further rise in the
1947
19481
1946
proportion of consumer goods sold on an instalment
Financial situation
basis during the coming year. This reflects the
29
20
Better off
31
28
42
30
huge quantities of goods to be bought that are Same
39
31
34
Worse off
typically sold on a credit basis plus the fact that Uncertain
2
2
2
2
5
3
somewhat fewer spending units held liquid assets Not ascertained
100
All cases
100
100
at the beginning of 1948.
incomes
For houses, over four-fifths of the actual buyers Income will beOwn
larger a year from now
27
25
23
will be about the same
38
42
34
used mortgage credit in 1947 and 1946. As Table 5 Income
Income will be smaller a year from now. .
14
10
23
"it depends"
19
23
13
shows, a smaller proportion of prospective buyers Uncertain,
Not ascertained
. ..
2
2
5
of houses in 1948 planned to use mortage credit
All cases
100
100
100
than in 1947. Prospective buyers who were home
General economic outlook
owners less frequently indicated a need for credit Good times ahead
55
35
47
21
23
19
Uncertain, no change
than nonhome owners did.
22
36
26
Bad times ahead . . .
. . .
2
6
8
Not ascertained
It is estimated that the total amount of mortgage
All
cases
100
100
100
credit used by purchasers of houses in 1947 was
almost 9 billion dollars, or about three-fifths of
1
Based on interviews in January-March 1948 (third survey).
2
Based on interviews in January-March 1947 (second survey).
the total value of houses sold. In the case of auto3
Based on interviews in January-March 1946 (first survey).
mobiles and other selected goods, less than one4 Thf» nupsMnn wnc:* "WnnM vmi snv that v n n rip-nnip arp HP>
fourth of the aggregate purchase price was on a
credit basis.
2
3
4
5
6
CONSUMER ATTITUDES AND EXPECTATIONS
Consumer attitudes and expectations regarding
general economic conditions and their own personal
financial status were for the most part little different in early 1948 than they were in early 1947.
This was in contrast to the significant differences
noted between early 1946 and 1947 when their expectations shifted in an optimistic direction.
Consumers were still optimistic at the beginning
of 1948 about their future income prospects and
about the general economic outlook. As Table 6
indicates, more than one-fourth of all spending
units expected to be making more money 12 months
hence, about one-tenth expected to be making less
money, and almost two-fifths expected to be making about the same. Almost one-half of all spending units thought we would have good times in
the year 1948 as compared to one-fourth expecting
bad times. Most occupational groups agreed closely
on the general economic outlook. Optimism about
642
question was asked ot nontarm spending units only. Data tor
1946 are not strictly comparable with data for other years because
they are based on a comparison of expected annual income for
1946
with actual income in 1945.
6
The question was: "Now considering the country as a whole,
do you think we will have good times or bad times or what during
the next 12 months or so?"
those with low incomes. Professional and whitecollar persons were most optimistic about future
income prospects, and showed little shift in such
expectations from early 1947.
About one-third of the consumer units believed
that they were better offfinanciallyat the beginning
of 1948. Some two-fifths believed they were worse
off. Spending units that indicated they were "better off" predominately referred to higher incomes
and some to lower expenses. A worsened financial
status in 1948 was associated with lower incomes
and high prices. Almost one-fourth of those whose
income increased in 1947 said that they were worse
off because of the higher cost of living.
Unlike previously discussed consumer attitudes
and expectations, which shifted in an optimistic
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
direction in 1946 and then stabilized, consumer price
expectations fluctuated greatly during the three
years. In early 1946 more than one-half of all
spending units expected prices to rise while less
than one-tenth expected prices to drop. The situation was entirely reversed in early 1947. By July
1947 more consumers anticipated price increases
again, and in January 1948 price expectations comTABLE 7
CONSUMER PRICE EXPECTATIONS FOR THE YEAR AHEAD, AS
REPORTED AT INTERVALS IN 1948, 1947, AND 1946
Percentage distribution of all spending
units reporting price expectations as of:
Price expectations 1
Will go up
Will remain the same..
Will go down
Conditional answers. . .
Not ascertained
All cases
Feb. 14Mar. 5
19482
January
19482
July
19473
15
29
39
15
2
50
22
16
10
2
32
29
29
9
1
13
22
46
17
2
53
21
8
13
5
100
100
100
100
100
Early
1947
Early
1946
1
The question was: "What do you think will happen to the
prices of the things you buy during the next 12 months or year—
do you think they will go up, or down, or stay about where they
are2 now?"
Based on interviews taken in 1948 Survey of Consumer
Finances.
3
Based on a small survey (Interim Survey) taken in last two
weeks of July 1947.
pared very closely with expectations noted in early
1946. As is shown by Table 7, however, only oneseventh expected price increases after the commodity
price break.
The change in consumers' price expectations during the decline in commodity market prices of midFebruary 1948, provides further evidence of the
responsiveness of price expectations to changing
economic conditions. During the same period in
1948 neither general economic outlook nor income
expectations reacted to the commodity price decline.
Expectations about the general price level seem to
reflect expectations about the price of food rather
than clothing or durable goods. This finding was
noted both in July 1947 and in early 1948.
Despite the obvious shifts in people's price expectations for the year, no changes have occurred
in consumer expectations of prices three years
hence. The great majority definitely expect a lower
level of prices three years hence, and there was no
significant difference in the three-year price expectations of the spending units interviewed before and
after the price break.
Supplementary information concerning the buying intentions and actual purchases of spending
units is given in Tables 8-13, pages 646-48.
APPENDIX
METHODS OF THE SURVEY OF CONSUMER FINANCES x
The interviewing for the third annual Survey of
Consumer Finances was conducted between January
5 and March 5, 1948. The two preceding annual
surveys were made during the same period
of 1947 and 1946, respectively. In addition, a much
smaller survey was conducted during July 1947.
Each of these surveys was a separate undertaking;
different respondents, representing each time a
cross-section of American consumers, were interviewed in each survey. Certain minor objectives
differed from survey to survey, and some methods
were improved in the later surveys as compared to
the earlier ones. But, fundamentally, the survey
methods were alike in the following respects:
1. Facts of consumer budget (income, liquid
asset holdings, amounts saved, amounts spent for
1
Prepared by the staff of the Survey Research Center, University of Michigan.
JUNE
1948
the purchase of automobiles, etc.) and psychological factors underlying consumer behavior (motives,
attitudes, expectations) are ascertained in one operation. This combination facilitates interviewing
and opens up new possibilities for analysis.
2. The universe from which the sample is drawn
consists of all consumers in the Continental United
States living in private households. Members of
the armed forces living at military reservations,
residents in hospitals and other institutions, and
the floating population (residents in hotels, large
boarding houses) are excluded. As an approximation it can be stated that 4 per cent of the 144 million population was not included in the universe
of the 1948 survey. The proportion of people not
included in the surveys was somewhat larger in
1947 and 1946.
3. Area sampling is used to select a representa-
643
1948 SURVEY OF CONSUMER FINANCES
tive cross-section of dwelling units. No latitude
is given to the interviewers in selecting the dwelling
units. First counties, then urban blocks and open
country areas within the counties, and finally
dwelling units are designated in the central office
by means of random methods (coupled with
stratification).2
4. In order to obtain more reliable information
concerning consumers with relatively high incomes
or liquid assets, areas in which such people are
assumed to be more numerous are considerably
over-sampled. Weights are used to compensate
for the over-sampling.
5. All inhabitants of the designated dwelling
units are enumerated and grouped into spending
units. A spending unit is defined as all persons
living in the same dwelling and related by blood,
marriage, or adoption, who pool their incomes for
their major items of expense. The head of each
spending unit is interviewed.
6. The method of small-sample surveys is used
because of its advantages with respect to cost,
speed of field work and analysis, and reduction of
reporting errors. Careful training of interviewers
and checking and editing of the interviews, as
well as application of uniform procedures, are
facilitated with small samples. On the other hand,
the sampling error would be reduced somewhat
if larger samples were used. Moreover, small
samples make it impossible to calculate information
concerning certain subgroups of the population.
7. At least three calls are made at different times
on each spending unit so as to reduce the frequency of "not-at-home" cases. No substitutions
are made even if no one is found at home after
repeated calls, or in case of refusal to be interviewed.
8. A questionnaire is prepared and is pretested
in the field. Some questions are "direct," usually
requiring short answers (e.g., "Do you own a
car?"), and some are "open-ended" introducing
the discussion of topics and requesting information
about reasons for opinions held.
9. Interviewers are trained personally, both in
general interviewing procedures and in the specific
problems of the survey. To stimulate interest and
build rapport, interviewers are instructed to intro2
For a detailed description of the sampling method, including
the principles of over-sampling mentioned under point 4, see
appendix to the article on the survey in the June 1947 BUL-
LETIN.
644
duce the interview by explaining the purposes and
importance of the survey as well as how the respondent was selected. The interviewers also use
suitable introductions to sections of the survey and
nonsuggestive probes to the questions to elicit
additional information. The average time of an
interview is about one hour.
10. The interviewers record the answers received
as nearly verbatim as possible. By using this
method, in contrast to a check-list type of interview,
decisions as to the meaning of answers are made on
a uniform basis in the central office.
11. The interviews are edited in the central
office. In certain cases the editing process reveals
the necessity of a second interview. This is the
case especially if tabulation of all money received
during the year (income, plus amounts borrowed,
plus sale of assets, etc.) and money spent and saved
shows incongruous results. In these cases the
interviewers are instructed to ask specified additional questions. Letters are written to respondents
who refused to be interviewed or refused to give
certain information. Some missing information is
obtained by mail.
12. All information, financial facts as well as
opinions, is transcribed to punch cards by means
of a coding process. An elaborate list of categories is set up to determine the frequencies of
different shades of opinion. A check-coding process
provides a measure of coding reliability.
13. The findings are published as obtained in the
survey without any adjustment or correction made
on the basis of outside information.3
In spite of making use of the same methodological principles, the more recent surveys were by no
means repetitions of the earlier ones. The method
was developed continuously and some of the principles listed above were applied more thoroughly
in the third than in the first two surveys. Furthermore, the number of interviews was increased
somewhat, from 2,890 in the 1946 survey and 3,058
in the 1947 survey to 3,562 in the 1948 survey.
(The 12 largest metropolitan areas and 54 other
counties made up the sampling points in each survey.) While these changes hardly aflect the com3
This applies strictly to the percentage figures published.
In determining the number of spending units in the nation,
Census information is also used, the same as in the sampling
process. The reports also contain a few adjustments made on
the basis of data from the survey. In presenting the size distributions of income, saving, and liquid assets, estimates are
made for a number of spending units from whom complete
financial data were not obtained. Adjustments have been
made for from 1 per cent to 4 per cent of spending units.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
parability of results, changes in the approach to
certain issues—different forms of questions which
are assumed to yield more reliable results—make
comparisons impractical in a few instances. In
addition, several subjects were included for the first
time in the 1948 survey so that comparable earlier
information is not available.
On the basis of sampling principles and survey
findings, it is estimated that the universe from
which the sample was drawn consisted of 48.4 million spending units or 42.0 million families4 at
the beginning of 1948. These estimates are somewhat higher than those made at the time of the
1947 survey. The difference is probably larger
than the actual growth in the number of families
and spending units since it reflects certain improvements in basic data and survey methods, and
also fluctuations in sampling.
Sample interview surveys, if properly conducted,
yield information on the order of magnitude of
data but do not yield exact values. All information
derived from the Survey of Consumer Finances is
subject to reporting errors and to sampling errors.
For the latter, in contrast to the former, numerical
measures are available.
Reporting errors and errors due to nonreporting
are not generally measurable and their presence
must be considered in the interpretation of survey
results. Some of these errors may be expected to
be relatively constant from year to year and therefore the changes noted in certain data from one
survey to the next may not be affected by such
errors.5
The magnitude of sampling errors varies with
the item under consideration and the type of estimate. In general, distributions of the entire sample,
such as the income distribution of all spending units
in the Consumer Finances Survey, have relatively
small sampling errors. Distributions based on a
subgroup of the sample, on the other hand, are
4
Families are defined here as all persons related by blood,
marriage or adoption who live at the same dwelling unit. In
some dwellings there is more than one family (for instance, in
dwellings in which there is a boarder who is not related to the
head
of the household).
5
Some approximate indications of the total effect of reporting
and sampling errors can be derived from a comparison of Survey
findings with outside estimates. These comparisons often refer
to dollar aggregates, in which data both reporting and sampling
errors are larger than for percentage distributions. In many
instances, however, outside data are not available for comparison
with Survey findings.
JUNE
1948
subject to greater chance variation and the sampling
errors may be too large to permit valid comparisons. Income distributions of spending units within
one geographic region of the country, for instance,
may not be reliable values for comparison with a
similar distribution of another region.
In presenting dollar figures in the Survey, frequent use is made of medians. Most of the distributions here studied are highly skewed, and for
such data the sampling errors of medians are
smaller than those of means. For items like the
price of new automobiles, however, for which the
distribution is more nearly symmetrical, the mean
has a smaller sampling error. The sampling errors of both medians and means tend to be larger
when estimates are based on a subgroup rather
than all of the sample.
The sampling errors of differences between two
estimated quantities, such as estimated year-to-year
differences, tend to be larger than those for the
estimates themselves. But since the samples are
comparable in all years, the increase in sampling
errors for estimated year-to-year differences is not
large. For example, the sampling error of the
difference in the proportion of spending units that
had incomes of $4,000 or more in 1946 and 1947
is about 3 percentage points. This compares with
an error of about 2.5 percentage points in the
figure for the year 1947.
The sampling error measures the range on either
side of the sample estimate within which a corresponding figure based on a complete enumeration
could be expected to fall 95 times out of 100. That
is, a complete enumeration of all spending units
would be expected to yield a median income within
the range of $2,380 to $2,680, that is, within $150
above or below the $2,530 median income estimated
from the sample.6 The chances that this result
would be obtained are 95 in 100. There are about
67 chances in 100 that the median would lie within
a range only one-half as great, that is between $2,455
and $2,605. A few examples will serve to show the
approximate magnitudes of some of the sampling
errors:
6
For the purposes of this statement it has been assumed that a
complete enumeration would be subject to at least as large
errors of reporting and nonreporting as the sample, and hence,
that the departure of the sample from a hypothetically complete enumeration would be due to sampling fluctuations.
645
1948 SURVEY OF CONSUMER FINANCES
SAMPLING ERROR FOR SELECTED SURVEY DATA
SUPPLEMENTARY TABLES
TABLE 8
Item
Percentage of all spending units
with money incomes of $4,000 or
more in 1947
Survey
estimate
Estimated
sampling error
24 percent
2.5 percentage
points
Median income of all spending units
$2,530
$150
Percentage of all spending units
reporting the purchase of automobiles in 1947
15 percent
2.0 percentage
points
Mean price of new cars purchased
in 1947
$1,950
$45
Percentage of spending units classified as managerial and self-employed
with money incomes of $4,000 or
more in 1947
56 percent
7.0 percentage
points
Median income of spending units
classified as managerial and selfemployed
$4,330
$580
Even a very brief and, by necessity, superficial
discussion of survey methodology would be incomplete without calling attention to the fact that
surveys intended to determine both the composition of household budgets and psychological factors influencing consumer behavior represent a
relatively new development in the field of economic research. Considerable experience derived
from the analysis and interpretation of results
of a number of surveys repeated under varying
conditions is needed before this type of research
can be of maximum value.
CONSUMER ATTITUDES TOWARD SELECTED
Percentage distribution of
all spending units
Type of product and attitude
toward purchase
Automobiles:
Will buy
Will probably buy
New cars
Used cars
Uncertain, new or used
Undecided, "it depends"
Will not buy
Not ascertained
All cases
Other selected durable goods:
Will buy
Will probably buy
Undecided, "it depends"
Will not buy
Not ascertained
All cases.
Houses:1
Will buy
Will probably buy
New houses
Old houses
Uncertain, new or old
Undecided, "it depends"
Will not buy
Not ascertained
All cases
1948
1947
1946
7.3
3.4
7.4
3.0
0.3
5.5
83.6
0.2
8.0
3.7
8.2
3.1
0.4
3.1
84.3
0.9
8
3
8
2
1
2
84
3
100.0
100.0
100
16.3
5.5
5.6
72.3
0.3
14.5
6.6
4.7
72.5
1.7
22
6
5
100.0
100.0
3.4
1.2
2.1
1.6
0.9
.9
92.2
0.3
3.8
2.2
2.7
2.3
0.9
2.7
89.5
1.8
83
100.0
100.0
100
All
buyers
Automobiles:
Plan to buy in 1 9 4 8 . . . .
Bought in 1947
Expected to buy in 1947.
Bought in 1946
Expected to buy in 1946.
100
100
100
100
100
Other selected durable goods:
Plan to buy in 1 9 4 8 . . . .
Bought in 1947
Expected to buy in 1947
Bought in 1946
Expected to buy in 1946
100
100
100
100
100
Houses:2
Plan to buy in 1948. . . .
Bought in 1947
Expected to buy in 1947
Bought in 1946
Expected to buy in 1946
100
100
100
100
100
63
4
()
2
1
2
Information on houses refers to nonfarm spending units only.
Data not ayailable.
NOTE.—Decimal points are shown in this table because most
of the percentages are under 10. Rounding to the nearest full
percentage point might result in sizable overstatements or
understatements of the actual changes shown by the reported
data. Decimals are not shown in tables where percentages are
for the most part greater than 10 per cent. Presentation of
data with decimal points may imply a precision of information
beyond that which is justified.
TABLE 9
PERCENTAGE DISTRIBUTION OF ACTUAL AND PROSPECTIVE BUYERS, BY INCOME GROUP
Type of purchase
PURCHASES
IN 1948, 1947, AND 1946
Under
$1,000
4
5
7
8
11
1
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000
and over
7
12
12
22
20
19
23
25
30
24
20
20
25
19
21
17
13
14
8
12
34
29
19
18
18
15
19
20
21
25
23
25
29
28
28
22
19
22
21
17
14
13
11
11
9
22
19
11
11
10
10
13
23
18
23
22
22
24
25
29
24
24
25
23
22
15
19
10
28
18
15
19
11
1
Prospective buyers include spending units who said definitely they would buy and those who said they probably would do so.
Intended purchases for 1948 and actual purchases in 1947 are related to the spending unit's 1947 money income, intended purchases
for 1947
and actual purchases in 1946 to 1946 money income, and intended purchases in 1946 to 1945 money income.
2
Information on houses refers to nonfarm spending units only.
NOTE.—Part of the upward shift in the distribution of buyers may be attributed to the substantial shifts in the distribution of income
of spending units between 1945 and 1947, with fewer spending units having incomes below and more having incomes above $4,000. See
Table 4 for the percentage of spending units in each income group that are buyers.
646
FEDERAL RESERVE BULLETIN
1948
SURVEY OF CONSUMER FINANCES
TABLE
ACTUAL BUYERS IN 1947,
10
BY PRICE OF PURCHASE AND INCOME GROUP
Buyers as a percentage of all spending units within income group
Type and price of purchase
All income
groups
Automobiles^
Under $1,000
$l,000-$l,499
$l,500-$l,999
$2,000 and over
All cases
Under
$1,000
$1,000$1,999
3
0
1
C1)
5
1
1
C1)
$2,000$2,999
$3,000$4,999
$5,000
and over
4
6
11
9
30
15
Other selected durable goods:2
Under $100
$100-$199
$200-$299
$300-$499
$500-$749
$750-$999
$1,000 and over
All cases
6
4
1
2
1
12
7
4
3
1
0)
10
9
7
6
3
1
14
29
39
1
1
C1)
2
0)
3
2
C1)
o
35
Houses:3
Under $5,000
$5,000-$9,999
$10,000 and over
()
7
7
8
10
5
2
7
0)
3
0)
All cases
1
Less than one-half of 1 per cent.
Prices refer to the total value of all "other selected durable goods" bought by a spending unit.
Information on houses refers to nonfarm spending units only.
NOTE.—Details may not add to totals because of rounding.
2
3
TABLE
11
DISTRIBUTION OF ACTUAL AND PROSPECTIVE BUYERS OF N E W AUTOMOBILES AND O T H E R DURABLE GOODS, BY P R I C E CLASS
[Per cent]
1946
1947
1948
Price class
New automobiles:
Under $1 000
$l,000-$l,349
$l,350-$l,999
$2 000 or over
Uncertain
All cases
Other durable goods:
Under $100 .
$100-$199
$200-$299
$300-$499
$500-$999
$1,000 or more
Uncertain
All cases
1
Prospective
Actual
Prospective
Actual
Prospective
2
4
64
18
12
3
65
32
0)
3
27
52
16
2
5
62
0)
2
33
43
12
10
100
100
100
100
100
15
18
19
20
10
5
13
24
22
18
17
11
5
3
12
21
26
14
11
5
11
24
24
17
13
11
6
5
19
24
17
14
10
5
100
100
100
100
100
22
2
9
11
Less than one-half of 1 per cent.
JUNE
1948
647
1948 SURVEY OF CONSUMER FINANCES
TABLE
12
TABLE
ACTUAL AND PROSPECTIVE PURCHASES OF SELECTED
DURABLE
DISTRIBUTION
13
OF PROSPECTIVE BUYERS OF HOUSES
GOODS 1
BY PRICE CLASS 1
[Per cent]
Type of durable good
Furniture:
Percentage of spending
units
Estimated number of
spending units (in
millions)
Median expenditure
Radios:
Percentage of spending
units
Estimated number of
spending units (in
millions)
Median expenditure. . .
Refrigerators:
Percentage of spending
units
Estimated number of
spending units (in
millions)
Median expenditure
Washing machines:
Percentage of spending
units
Estimated number of
spending units (in
millions)
Median expenditure
Purchases
planned
1948
Actual
Purpurchases
chases planned
1947 2
1947
Actual
purchases
1946
1948
1947
1946
Under $2,000..
5
10
18
$ 2,000-$3,999.
14
13
16
8.6
14.0
7.7
13.5
$ 4,000-$5,999.
14
18
19
4.2
$250
6.8
$200
3.7
$200
6.3
$200
$ 6,000-$7,999.
18
13
15
$ 8,000-$9,999.
12
11
9
$10,000 or over
24
18
7
Uncertain
13
17
16
100
100
100
4.8
10.3
3.6
6.6
2.3
$120
5.0
$60
1.7
$100
3.1
$50
All cases..
1
6.2
9.7
6.8
5.2
3.0
$240
4.7
$240
3.3
$200
2.4
$190
3.0
5.1
2.8
2.8
1.5
(3)
2.5
(3)
1.4
$120
1.3
$120
1
Intended purchases for the year 1948 and actual purchases
during 1947 were ascertained in the third survey made early in
1948. Intended purchases for 1947 and actual purchases during
1946 were ascertained early in 1947, while intended purchases for
the year 1946 were ascertained early in 1946. In every case, the
percentage of people expecting to buy includes those who said
definitely they would buy and those who said they probably
would do so.
See opposite column for footnotes 2 and 3.
648
Price class
Information refers to nonfarm spending units only.
Footnotes for Table 12, Cont.
2
The fact that the number of spending units who reported
buying refrigerators in 1947 was in excess of the number of
refrigerators produced is indicative of the active market for
used refrigerators. In the case of washing machines and radios,
indicated purchases were less than production figures. This
may be because a large number of purchases were made by
buyers other than consumer spending units; it is also possible
that some purchases of small washing machines and portable
and
table radios were not reported.
3
Data not available.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES1
PART II. The Distribution of Consumer Income in 1947
Personal money incomes increased by approximately 20 billion dollars in 1947. This sizable increase was widely distributed throughout the
population and a substantial number of spending
units had higher money incomes in 1947 than in
1946. This article supplies new statistical information about the extent to which various groups in
the population participated in the increase in money
incomes in 1947 and in the distribution of total
money income for the year.
The findings presented in this article are based
upon the 1948 Survey of Consumer Finances, conducted for the Board of Governors of the Federal
Reserve System by the University of Michigan Survey Research Center. Comparison of these findings
is made with two previous surveys, which were conducted in early 1947 and early 1946 using similar
techniques and including similar information.2 Another article on the 1948 survey, also presented in
this BULLETIN, gives a broad summary of survey
results and details relating to expenditures for
durable goods, while subsequent articles in later
issues of the BULLETIN will cover liquid and nonliquid asset holdings, saving out of income, and
housing expenditures and finance.
As in the case of previous surveys of consumer
1
This article was prepared by Duncan McC. Holthausen of
the Board's Division of Research and Statistics. It is the second
in a series to be issued presenting the results of the Board's
1948 Survey of Consumer Finances. The first article also appears in this BULLETIN and other articles will appear in succeeding issues.
From the Survey Research Center, University of Michigan,
Rensis Likert, Director, and Angus Campbell, Assistant Director, were in general charge of the survey. Responsibility for
detailed planning and supervision of the survey, including interviewing, editing, tabulaton of survey results, and preparation of survey studies was carried by George Katona in collaboration with Miss Janet Austrian. Charles F. Cannell served
as head of the field staff and Roe Goodman as head of the
sampling section of the Center.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas, Director, and Ralph A. Young, Associate Director, of the Division
of Research and Statistics. Mr. Holthausen has been in charge
of 2the analysis of the data and the preparation of reports.
The second survey was made for the Board of Governors
early in 1947 by the Survey Research Center and results of
that survey were reported in 1947 in the June, July, and
August issues of the BULLETIN. The first survey was made for
the Board of Governors early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. The Survey Research Center staff
currently in charge of the survey work was associated with the
Division of Program Surveys at the time of the first survey.
Results of that survey were reported in the June, July, and
August issues of the BULLETIN under the general title National Survey of Liquid Assets. _ See the appendix to Part I
of this 1948 Survey for information about survey methods.
JUNE
1948
finances the present one covers, 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 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 of the Surveys of Consumer
Finances is the spending unit, defined as all persons living in the same dwelling and belonging
to the same family who pooled their incomes to
meet major expenses.
SUMMARY OF FINDINGS ON CONSUMER INCOME
1. The 20 billion dollar increase in civilian money
income during 1947 was accompanied by increases
in the money incomes of about half of the spending
units. Approximately 24 million of the total of
about 48 million spending units had larger money
incomes in 1947 than in 1946. It is estimated that
some 9 million spending units had lower incomes
in 1947, primarily because of less steady work,
lower profits, retirement, or sickness.
2. The increase in incomes of half the spending
units during 1947 was accompanied by the shifting
of many of these units to higher income groups.
About two-fifths of all spending units reported
money incomes of $3,000 and above in 1947 as
compared with slightly more than one-third in
1946 and less than one-third in 1945.
3. About three-fifths of the skilled and semiskilled workers and about the same proportion of
professional persons and clerical and sales personnel
said that their 1947 incomes were larger than 1946
incomes. Fewer self-employed persons, farm operators, and unskilled workers than persons in other
occupational groups reported increases in income
and more reported decreases in income.
4. There appears to have been no significant
change between 1946 and 1947 in the proportion
of income received by the various occupational
groups in relation to their number in the total popu-
649
1948 SURVEY OF CONSUMER FINANCES
lation. The managerial and self-employed and
professional groups received a proportion of total
money income equal to roughly twice their respective proportions of the total population in
both years. Skilled and semiskilled workers and
clerical and sales personnel received a proportion
of income roughly equal to their proportions in
the total population, while farm operators, unskilled workers, and other miscellaneous groups
such as retired persons, housewives, and students
received proportions somewhat smaller than their
population weight.
5. No increase or decrease occurred in the percentage of total income accounted for by the spending units who were the highest income recipients
in 1947 and those who were the highest income
recipients in 1946. In both years the tenth of the
spending units with highest incomes received
roughly one-third of total money income.
6. Consumers continued to be optimistic about
future income prospects. Substantially more spending units expected their incomes to be higher rather
than lower in early 1949.
Increases in money incomes placed many spending units in higher income groups in 1947 than
they had been in during 1946 or 1945. As the
accompanying chart shows, the upward movement
occurred throughout the entire income distribution.
Almost one-fourth of all spending units had money
incomes of $4,000 or above in 1947 and about onethird had money incomes below $2,000.
DISTRIBUTION OF SPENDING UNITS
BY INCOME GROUPS, 1947, 1946, AND 1945
PER CENT OF
SPENDING UNITS
PER CENT OF
SPENDING UNITS
30
30
CHANGES IN INCOME FROM 1946 TO 1947
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 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 rentfree 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 money 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.
650
$2,000
.
12,999
*3,000
|3,999
45,000
f7,499
INCOME GROUPS
NOTE.—Covers money income before taxes.
The median income figure, i.e., the income of the
middlemost spending unit when all spending units
were ranked by size of income, shown in Table 1,
was approximately $2,500. This represented an
increase of some 10 per cent above the 1946 level
and 25 per cent above the 1945 level. These sizable
advances in median income are indicative of the
increases in money income received by many millions of spending units between 1946 and 1947 as
well as between 1945 and 1946.
There have, of course, been substantial increases
in the cost of living during this three-year period,
and so these increases in money incomes have not
necessarily been gains in real income. Many
spending units that were receiving larger money
incomes in 1947 than in 1946 or 1945 found that
the effective purchasing power of their incomes
had not advanced correspondingly. As has been
pointed out in Part I of the survey report, a considerable number of the spending units with higher
money incomes in 1947 than in 1946 felt that because of the higher cost of living they were worse
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
TABLE 1
DISTRIBUTION OF SPENDING U N I T S AND MONEY INCOME R E CEIVED, BY INCOME GROUPS, 1947,
1946,
AND 1945
x
[Per cent]
1947
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
1946
1945
Total Spend- Total Spend- Total
ing
ing
money
money
money
income units income units income
14
22
23
17
10
9
5
2
10
17
18
13
16
24
100
100
Median income2. . $2,530
17
23
25
17
8
6
4
3
12
21
20
13
11
20
100
100
$2,300
C/l
Annual money
income
before taxes
20
27
23
15
7
5
3
16
23
20
12
11
13
100
100
$2,020
1
Income data for 1947 are based on intei views in JanuaryMarch 1948 (third survey); for 1946 on interviews in JanuaryMarch 1947 (second survey); and for 1945 on interviews in January-March
1946 (first survey).
2
The median amount is that of the middle spending unit when
all units are ranked by size of income.
off financially at the end of 1947 than at the beginning of the year.
Roughly one-half of all spending units reported
an annual income in 1947 that was greater than
their 1946 income. As Table 2 indicates, spending
units in which the head of the unit was a professional person, a skilled or semiskilled worker, or
a clerical or sales person most frequently said
that their 1947 incomes were greater than their
1946 incomes. Approximately three-fifths of spend-
ing units in these categories reported increases.
With each of these groups, decreases in income
were reported by less than one-fifth of their number. For spending units in all occupational groupings declines in income were much more frequent
between 1945 and 1946, when many people transferred from wartime to peacetime employment.
In the case of skilled and semiskilled workers,
the large number of spending units reporting higher
money incomes was in sharp contrast with the
much smaller number reporting higher 1946 than
1945 incomes at the time of the second Survey of
Consumer Finances. Although a substantial number of the heads of spending units in these groups
received increases in basic hourly wage rates in both
1947 and 1946, many of these increases were offset
in 1946 by a reduction in hours worked plus loss
of overtime premiums formerly received in war industries, and also by changes to lower-paying jobs.
In fact, spending units in the skilled and semiskilled group reported decreases in annual money
incomes from 1945 to 1946 almost as frequently
as they did increases. More units in the unskilled
group reported increases in incomes from 1946 to
1947 than reported increases from 1945 to 1946,
and considerably fewer spending units in this group
reported decreases in incomes from 1946 to 1947
than had done so in the earlier period.
The proportion of spending units reporting no
substantial changes in income or reporting decreases
TABLE 2
INCOME CHANGES FROM 1946 TO 1947 AND 1945 TO 1946 AS REPORTED BY SPENDING U N I T S IN VARIOUS OCCUPATIONAL G R O U P S 3
Percentage distribution of spending units within occupational groups
Change in annual money
income before taxes
All
spending
units
Professional
Managerial
and selfemployed
Skilled
and semiskilled
Clerical
and sales
personnel
Unskilled
Farm
operators
1946
to
1947
1945
tc
1946
1946
to
1947
1945
to
1946
1946
to
1947
1945
to
1946
1946
to
1947
1945
to
1946
1946
to
1947
1945
to
1946
1946
to
1947
1945
to
1946
1946
to
1947
1945
to
1946
Income larger
Larger by 25 per cent or more..
Somewhat larger
49
18
31
42
17
25
62
18
44
46
14
32
41
17
24
42
17
25
58
20
38
41
17
24
62
24
38
59
24
35
44
15
29
35
15
20
38
14
24
16
24
No substantial change in income
30
27
19
29
35
29
24
21
22
21
35
27
36
32
Income smaller
Somewhat smaller
Smaller by 25 per cent or more.
19
11
8
28
16
12
18
11
7
24
14
10
22
13
9
27
15
12
36
21
15
14
9
5
17
8
9
19
13
6
33
20
13
21
13
8
24
2
3
1
1
2
2
16
9
7
2
2
2
3
2
5
5
4
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Not ascertained
All units
40
18
6
1
Based on changes in amount of annual income received as reported by spending units early in 1948 (third survey) and early in 1947
( second survey).
JUNE
1948
651
1948 SURVEY OF CONSUMER FINANCES
in income from 1946 to 1947 was highest in the
managerial and self-employed group and among
farm operators. No more than about one-fifth of
the spending units in these groups, however, reported income decreases.
For spending units in most occupational groups,
median income increased between 1946 and 1947.
Spending units in which the head of the unit
was a managerial or self-employed person had
the highest median income in 1947 with $4,500.
Professional persons followed with $4,000; then
skilled and semiskilled workers with $3,000;
clerical and sales personnel with $2,900; and unskilled workers with $1,800. Farm operators had a
median income of $1,500 but since their money
incomes are substantially supplemented by nonmoney income, such as food produced on the farm,
their reported incomes are not closely comparable
with those of other occupational groups. Median
income figures as well as income distributions of
spending units within the different occupational
groupings for the years 1947 and 1946 are shown
in Table 7 following this article. Because of the
small number of sample cases on which data for the
separate occupations are based, particularly that for
the professional group, these income distributions
by occupation should be considered as approximations only and as very rough guides to shifts
occurring between 1946 and 1947. It is noteworthy
that the same sort of general upward shift in level of
money income observed for the sample as a whole
was also apparent for most occupational groups.
Estimates of the percentage of total money income received by the various occupational groups
show that the managerial and self-employed and the
professional persons received somewhat over onethird of total money income—a proportion of income equal to roughly twice their proportion of
the total population in 1947. Skilled and semiskilled workers and clerical and sales personnel received about one-fourth and one-sixth of total income, respectively, proportions that were comparable
to their population weight; unskilled workers, farm
operators, and others received somewhat less of
total money income than their numerical proportion. Unskilled workers received almost one-tenth
of total money income and farm operators somewhat less. As in the case of the income distributions by occupational groups, these data should be
considered rough approximations only.
While the percentage of all spending units shifting to higher income groups in 1947 was small,
as is shown in Table 1, this is not inconsistent with
the finding that as many as half of all spending
units received increases in income. Since each income grouping used in the survey has a range of
$1,000 or more, very substantial increases in income
are needed before most spending units shift into a
higher income grouping. Table 3 shows income
changes by income groups. Three-fifths or more of
all spending units with incomes of $3,000 and
above in 1947 reported their annual incomes to be
larger than in 1946. About one-fourth of the
spending units with incomes below $1,000 in
TABLE 3
INCOME CHANGES FROM 1946 TO 1947 AS REPORTED BY SPENDING U N I T S IN VARIOUS INCOME G R O U P S 1
Percentage distribution of all spending units within income groups
Change in annual money income
before taxes, 1946 to 1947
All
spending
units
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
Larger by 25 -per cent or more
Somewhat larger
49
18
31
27
14
13
40
16
24
50
15
35
57
18
39
63
23
40
60
26
34
60
18
42
No substantial change in income
30
45
33
30
24
19
28
24
1947 income smaller than 1946
19
11
8
24
24
12
12
18
12
6
17
11
6
16
9
7
12
8
4
14
10
4
1947 incomel arger than 1946
Somewhat smaller
Smaller by 25 per cent or more
13
Not ascertained
2
4
3
2
2
2
(2)
2
All units
100
100
100
100
100
100
100
100
1
2
Based on changes in amount of annual income received as reported by spending units in early 1948 (third survey).
Less than one-half of 1 per cent.
652
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
1947 reported increases; a similar proportion of
this group reported decreases and the remainder,
or roughly one-half, said there was little change in
their money incomes between the two years. It is
not surprising that the number in this group reporting income increases was comparatively small and
the number reporting income decreases was comparatively large. This is the lowest income category. Thus it included a considerable number of
spending units that experienced substantial declines
in income during 1947. It also included many persons living on fixed incomes, such as retired people
and widows.
The income information already presented has
stressed the fact that increases in money income
were frequent between 1946 and 1947 and that these
increases were not confined to one or two particular groups but appeared to be distributed
throughout many segments of the population.
Table 4 shows the share of money income received
by each tenth of the nation's spending units when
ranked by size of income. The tenth of the nation's
spending units with the highest incomes in 1947
and the tenth with the highest incomes in 1946
received approximately one-third of total money income. There was no shift of any significance in
the distribution of income among each tenth of
spending units. In other words, the increment
in money income between 1946 and 1947 appears
to have been distributed among various spending
units in proportions quite similar to the distribution
of income in 1946.
The incomes of the top tenth of spending units
in 1947 ranged upwards beginning with $5,700.
The incomes of the next highest tenth of spending
units, ranging from $4,200 to $5,700, accounted
for almost one-sixth of total income in that year.
The bottom of the income range in 1947 for most
of the tenths was often as large as or larger than
that of the next highest tenth in 1945.
Income distributions of spending units according
to other basic characteristics such as size, number of
members employed, and place of residence, show
the same relative pattern for the year 1947 as in
1946. For example, one-person spending units generally received lower incomes than larger spending
units; the more employed people in a spending unit,
the higher was its income. Spending units in metropolitan areas as a rule had higher incomes than
units in other urban areas and rural areas. Income distributions of spending units having these
various characteristics are presented in Table 8 at
the end of the article.
COMPOSITION OF THE VARIOUS INCOME GROUPS
In the following sections information is presented
about the size and other characteristics of spending
units in the various income groups, and about the
occupation, age, etc., of members of these spending units. For example, who were the spending
units that made less than $1,000 in 1947? Were
they families of two or more persons or were they
single individuals? Were they gainfully employed
or unemployed? What was their occupation?
TABLE 4
SHARE OF TOTAL MONEY INCOME RECEIVED BY EACH TENTH OF THE NATION'S SPENDING UNITS, WHEN RANKED BY SIZE
OF INCOME, 1947, 1946, AND 1945 x
Pei centage of total money income before taxe s:
Spending units ranked according
to size of income
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth
...
By each tenth
Cumulative
Income of smallest income
receiver in group
1947
1946
1945
1947
1946
1945
1947
1946
1945
33
15
12
10
9
7
32
15
12
10
9
7
29
16
13
11
9
7
33
48
60
70
79
86
32
47
58
69
78
85
29
45
58
69
78
85
92
96
99
100
91
95
99
100
91
96
99
100
$5,700
4,200
3,500
3,000
2,550
2,100
1,700
1,200
$4,850
3,750
3,100
2,700
2,300
2,000
1,500
1,150
$4,450
3,500
2,950
2,450
2,050
1,700
1,350
1,000
750
0
700
0
550
0
6
4
3
1
6
5
3
1
6
5
3
1
1
Income data for 1947 are based on interviews in January-March 1948 (third survey); for 1946 on interviews in January-March 1947
(second survey); and for 1945 on interviews in January-March 1946 ^first survey). 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 3,0003,500 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.
NOTE.—Detailed figures may not add to cumulative figures because of rounding.
JUNE
1948
653
1948 SURVEY OF CONSUMER FINANCES
Available data indicate that more than two-fifths
of the spending units with money incomes under
$1,000 were single-person spending units. Farm
operators, retired people, housewives (widows, etc.),
and unemployed persons accounted for about twothirds of all the spending units in this low income
grouping; and unskilled workers for about onesixth. There was very slight representation of the
remaining occupational categories. In terms of age,
roughly half the heads of all the spending units
in this income group were 55 years of age or more.
The composition of the $5,000 and over income
grouping makes a striking contrast to the composition of the under $1,000 grouping. Less than onetwentieth are single-person units and almost threefifths are three or more person units. Over half the
spending units are headed by professional or managerial and self-employed persons; another onethird by skilled and semiskilled and clerical and
sales personnel; and only one-tenth by farm operators and other groups so frequent in the lowest
income category. Four-fifths of the spending units
had people as their heads who were between the
ages of 25 and 54.
In the intervening income groups ($l,000-$4,999),
there were sizable numbers of two or more person
spending units, and the skilled, semiskilled, and unskilled workers, together with clerical and sales
personnel, accounted for about three out of every
five spending units.
INCOME EXPECTATIONS FOR 1948
Consumers continued to be optimistic about
their income prospects. More than a quarter of all
spending units expected that their rate of income
would be greater in the early part of 1949 than
it was in the early part of 1948. About one-tenth
anticipated that they would be making less money
a year from the date of the survey, and about twofifths expected to be making about the same amount
of money.
By occupational groups, as Table 5 shows, it was
the professional persons and clerical and sales personnel who were the most optimistic about their
future incomes, and the unskilled workers who
were the least optimistic. The pattern of these income expectations was quite comparable to that expressed in early 1947. At that time also the professional and clerical and sales groups were the most
optimistic. Other wage-earning groups, however,
were not quite as optimistic in early 1947 as they
appeared to be in early 1948.
In all income groups, many more spending units
expected larger or smaller incomes a year hence.
Spending units with incomes of $5,000 or above
more frequently expected increases or decreases in
income than did the spending units in lower income
groups. Income expectations expressed in the
previous year's survey by spending units in the
various income groupings showed this same
tendency.
FAMILY INCOME IN
1947
The income data reported by spending units in
the Survey of Consumer Finances is tabulated by
family units (as defined by the Bureau of the Census, United States Department of Commerce) as
well as by spending units. The Census defines
a family as all persons living in the same dwelling
who are related by blood, marriage, or adoption.
Table 6 presents income distributions by family
units for 1947, 1946, and 1945 as derived from the
TABLE 5
E X P E C T E D INCOME CHANGE DURING 1948,
BY OCCUPATION OF H E A D OF SPENDING U N I T 1
Percentage distribution of spending units within each occupational group
Expected change of income
during coming year
Income will be larger a year from now
Income will be about the same
Income will be smaller a year from now
Uncertain "it depends"
Not ascertained
..
All units
...
All
spending
units
Professional
Managerial
and selfemployed
Skilled
and semiskilled
Clerical
and sales
personnel
Unskilled
27
38
10
23
2
41
34
10
14
1
27
34
15
22
2
27
37
11
23
2
43
31
6
18
2
15
44
10
29
2
100
100
100
100
100
100
1
The question was: "Do you think a year from now you will be making more money or less money than you are now, or will you be
making about the same?" The results are based on interviews in January-March 1948. This question was asked of nonfarm spending
units only.
654
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
three surveys. It is estimated that at the beginning
of 1948 there were approximately 48.4 million
spending units 3 and 42.0 million family units.
Since the 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, there may be more than one spending unit in any family. Early in 1948 there were
approximately 39.9 million dwelling units, of which
about 35 million were occupied by families (including only persons related to the head of the household) which represented only one spending unit.
In approximately 5 million dwelling units, however, the families consisted of two or more spending
units and this accounted for the entire difference
in the number of family units as against spending
units. In these families there were married sons
or daughters (many of them veterans) who did not
pool their incomes with the head of the family and
therefore were considered separate spending units;
there were also employed single sons and daughters,
or in some cases elderly parents or other relatives
who had separate incomes of more than $500, and
3
In the publication of the results of the 1947 survey it was
estimated that there were 46.3 million spending units in early
1947. In the light of other information now available for making such an estimate, it is probable that this figure is somewhat
of an underestimate and that the true figure is closer to 47
million.
At the beginning of 1948, there were an estimated 39.9 million dwelling units in the United States. A breakdown of the
occupants of these dwelling units by families is shown below:
Families
and single
Spending
individuals
units
(Estimated number,
in millions)
Dwelling units where the family and the
spending unit are identical
Dwelling units where the family consists
of two or more spending units
Additional spending and family units in
dwellings, i. e., roomers and servants,
not related to the head of the household (living in 1.3 million of the 39.9
million dwelling units)
Total.
JUNE
1948
35.2
35.2
4.7
11.1
2.1
2.1
42.0
48.4
did not pool them with the head of the household.
With the same total amount of money income
distributed among family units instead of spending units, it is to be expected that there will be
a larger proportion of all units in higher income
groups. As Table 6 shows, about 20 per cent of
all family units had incomes of $5,000 or above in
TABLE
DISTRIBUTION
OF FAMILY
6
UNITS
AND MONEY
CEIVED, BY INCOME GROUPS, 1947,
1946,
INCOME
AND 1945
RE-
1
[Per cent]
1947
Annual money
income
before taxes
1945
1946
Fam- Total Fam- Total Fam- Total
ily
ily
ily
money
money
money
units 2 income units 2 income units 2 income
Under $1,000. . .
$1 000-$ 1,999...
$2,000-82,999...
$3,000-$3,999...
$4,000-$4,909.. .
$5,000-$7,499...
$7,500 and over.
13
18
20
17
11
13
8
2
7
13
15
13
20
30
All income
groups. . .
100
100
Median income3. $2,920
15
20
22
18
10
9
6
2
9
17
19
14
16
23
100
100
$2,600
18
22
22
17
9
8
4
3
11
19
21
14
16
16
100
100
$2,400
1
Income data for 1947 are based on interviews in JanuaryMarch 1948 (third survey): for 1946 on interviews in JanuaryMarch 1947 (second survey); and for 1945 on interviews in January-March 1946 (first survey). Family units are denned 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 ol the middle family unit when all
units are ranked by size of income.
1947 and approximately 30 per cent of all family
units had incomes below $2,000. This compares
with 14 per cent of all spending units having incomes of $5,000 or above and 36 per cent having
incomes below $2,000.
Tables 7 and 8 following contain supplementary
information relating to results presented in the text.
655
1948 SURVEY OF CONSUMER FINANCES
TABLE 7
DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL GROUPS, BY SIZE OF INCOME, 1947 AND 1946
1
[Per cent]
Annual money income
before taxes
Under $1,000
$l,000-$l,999
$2.000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-17,499
$7,500 and over
All income groups
Median income
Professional
Managerial
and selfemployed
Skilled
and semiskilled
1947
1946
1947
1946
1947
1946
1947
1946
1947
1946
1947
1946
5
7
15
23
10
21
19
8
10
19
13
16
19
15
4
12
14
13
12
23
22
3
16
15
19
13
14
20
3
17
30
26
15
9
5
17
36
27
10
5
(
6
21
25
22
11
11
4
8
22
30
20
11
6
3
18
39
29
10
4
26
42
23
7
1
1
0
34
27
18
7
6
6
2
36
29
18
9
5
2
100
100
100
100
100
100
100
100
100
100
100
J
100
Clerical
and sales
personnel
Farm
operators 2
Unskilled
$4,000 $4,000 $4,500 $3,700 $3,000j '$2,700 $2,900 '$2,500 $ 1 , 750 $1,600 $1,500 •$1,500
'Revised
1
Income data for 1947 are based on interviews in January-March 1948 (third survey); for 1946 on interviews in January-March
1947 (second survey). 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 1946 and 1947. All the occupational groupings are in terms of the occupation of the head of the spending unit. For comparable 1945 income data, see July 1947 Federal Reserve BULLETIN, Table 2, p. 792.
* As explained in the text, the income distribution for farm operators is not closely comparable with the distributions for other groups
because
of the large amount of non-money income that farmers produce for their own consumption.
3
Less than one-half of 1 per cent.
TABLE 8
DISTRIBUTION OF SPENDING U N I T S HAVING S P E C I F I E D CHARACTERISTICS, BY SIZE OF INCOME, 1947
x
[Per cent]
Annual money income
before taxes
Under $1 000
.
$l,000-$l,999
$2 000-$2,999
$3 000-$3 999
$4,000-$4,999
$5 000-$7,499
$7,500 and over
All income groups
Four
One
Two
28
33
22
8
6
20
22
20
23
15
21
17
11
12
5
21
10
11
7
100
100
10
4
2
1
100
13
Three
Residence of
spending unit
Employed persons in
spending unit
Number of persons in
spending unit
Five
or
more
None2
One
Two
or
more
Metropolitan
area 3
Other
urban
area
Rural4
area
13
47
22
25
5
32
9
12
20
5
18
20
23
25
27
25
21
22
14
14
8
20
11
9
4
6
3
1
2
19
9
8
6
19
18
21
5
23
13
13
8
17
11
9
4
12
6
6
3
100
100
100
100
100
100
100
100
19
24
11
11
1
For comparable 1946 data, see July 1947 Federal Reserve BULLETIN, p. 793; for comparable 1945 data, see Tables 18, 19, and
20 in Part Two of National Survey of Liquid Asset Holdings, Spending, and Saving, Division of Program Surveys, U. S. Department of
Agriculture.
* Members of spending unit were unemployed, retired, housewives, students, etc.
1
The 12 largest cities in the nation and their suburbs.
* Towns with less than 2,500 population and open country.
656
FEDERAL RESERVE BULLETIN
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
Individuals increased their liquid assets during
1947 by an estimated 6.8 billion dollars while businesses decreased their holdings of liquid assets by
1.5 billion. This compares with an increase in
individuals' holdings of 10.7 billion dollars and a
decrease of 6.7 billion dollars in the liquid assets
of businesses during 1946.
Estimates of liquid asset holdings of individuals
and businesses as of December 31, 1947, and for
end-of-year and mid-year dates from December
1939 to December 1946, are presented in the table
on page 658. 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. Savings
and loan shares, which have become increasingly
important in recent years as a form of liquid saving,
are included for the first time in these estimates.
Other assets that may be commonly considered as
liquid, such as corporate and municipal securities
and insurance and pension reserves, are not included in the series.
The shift in liquid assets from businesses to individuals reflected in part extremely large business
expenditures for expansion of plant, equipment, and
inventories, as well as substantial net increases in
credit granted to individuals. The decline in liquid
assets of businesses during 1947, however, was
much smaller than the decline in 1946, despite the
fact that business capital expenditures were substantially larger. This was possible because of considerable increases in funds available to businesses
during 1947 from certain sources, chiefly undistributed profits, increases in tax liabilities, and the
sale of corporate securities. These developments for
incorporated businesses are discussed in the leading
article of this BULLETIN.
Administrators of trust accounts of individuals
continued to channel almost all increases in these
funds into United States Government securities.
Other individuals increased their liquid assets by
adding to savings and checking accounts. Notwithstanding the inclusion of almost 0.8 billion dollars
JUNE
1948
of armed forces leave bonds made cashable in 1947,
as well as the addition of from 0.3 to 0.4 billion
dollars in accrued discounts to the value of discount
savings bonds owned by individuals, there was an
increase of only 0.2 billion dollars in their holdings
of United States Government securities. This was
because nontrust Government security holdings of
individuals were being drawn down on a net cash
basis during 1947. This decline was considerably
smaller than the corresponding decline of approximately 3.5 billion dollars that took place during
1946. It is noteworthy in this connection that the
third Survey of Consumer Finances, conducted
early this year, found that several million fewer
spending units held United States Government
securities at the end of 1947 than a year earlier.1
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 from bank and Treasury reports.
The deposit estimates, therefore, differ somewhat
from the figures reported by banks and regularly
published among banking statistics.2
The basic classifications used and method of estimate are the same as those employed previously,
except that savings and loan shares are now included in the series, as was stated above. Estimates
for dates prior to December 1947 include some
small revisions in the ownership distribution of
United States Government securities.3
1
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 1948 and their attitudes toward spending
these assets. Some of the results are published in this issue
of the BULLETIN (pp. 634-56) and others will appear in the July
and2 August issues.
A detailed description of the methods by which these estimates are made, 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. 3 C.
See Federal Reserve BULLETINS for June 1945, February
1946, November 1946, and September 1947 for previously published estimates.
657
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[In billions of dollars]
1939
1940
1941
1942
1943
1944
1945
1946
1947
Type of holder
Dec. June Dec, June Dec. June Dec,
Total 1 .
June
June
Dec
June
Dec.
June
Dec.
Dec.p
'69.0 '71.7 -74.7 '78.4 '85.4 '94.6 116.2 135.9 156.4 175.5 195.9 '212.9 '227.5 '228.5 '231.5 236.8
Currency
Demand deposits2
Time deposits
Savings & loan shares43. . . .
U. S. Govt. securities
10.2
30.9
26.5
4.6
'22.4
13.1
36.8
27.7
4.8
Business holdings—total
19.4 20.6 22.3 23.6 25.9 29.5
39.4
49.5
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
1.6 1.6 1.7 1.9 2.1 2.3
12.5 13.8 15.5 16.5 16.6 18.6
2.0 2.0 2.0 2.1 2.0 2.0
0.1 0.1 0.
0.1 0.1 0.1
3.2 3.1 3.0 3.0 5.1 6.5
2.8
21.7
2.1
0.1
12.7
3.1
27.5
2.2
0.2
16.5
,
13.0 13.9 15.0 15.7 17.4 19.6
27.1
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
0.7 0.7 0.7 0.8 0.8 0.8
9.5 10.5 11.7 12.3 12.4 13.8
0.7 0.7 0.7 0.7 0.7 0.7
0.8
16.0
0.7
Corporations—total
Dec.
Financial5corporations—
total
Demand deposits
Time deposits.
U. S. Govt. securities. .
5.8 6.1 6.6 7.5 8.9
20.9 22.9 24.6 26.5 27.9
26.3 26.7 26.9 27.1 26.9
4.0 4.1 4.2 4.4 4.5
'12.0 11.9 '12.4 12.9 '17.2
2.1
1.7
1.8
1.1
0.1
0.5
1.2
0.1
0.5
Nonfinancial corporations
—total
Currency
Demand deposits
Time deposits
Savings & loan shares...
U. S. Govt. securities. . .
Unincorporated business—total
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
Personal holdings—total
Currency
Demand deposits
Time deposits
Savings & loan shares. .
U. S. Govt. securities. .
Trust funds—total6
Demand deposits
Time deposits
p
Si
&loan
l shares
Savings
&
U. S. Govt. securities
Other personal—total7
Currency
Demand deposits
Time deposits
Savings & loan shares
U. S. Govt. securities
2.6
3.5
1.2
0.1
0.5
15.0 18.0 20.0
42
47.1 47.9
29.6 32.0 35.0
5.8
5.4
5.1
'43.5 '53.9 '66.8
22.6
53.1
39.0
6.2
'75.0
24.2
56.0
43.5
6.7
'82.5
25.5
60.2
47.7
7.2
'86.9
25.5
62.5
50.9
7.8
'81.8
25.7
64.6
53.0
8.4
'79.8
25.4
66.0
55.3
9.5
80.6
55.9
62.9
67.5
72.3
73.0
69.6
'66.3
64.8
3
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
3.1
0.2
31.3
4.8
34.7
3.2
0.3
4.9
33.5
3.4
0.3
'24.2
4.8
33.7
3.5
0.3
22.5
34.2
38.6
43.1
44.7
47.2
45.1
41.9
'38.9
38.4
0.8
20.0
0.7
0.1
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
22.1
0.7
0.1
14.5
1.9
2.2
2.4
2.5
2.8
3.4
3.8
4.1
4.8
4.7
4.4
4.1
1.3
0.1
0.5
1.3
0.
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
2.0
0.1
2.0
39.7
40.9
43.1
40.3
37.2
'34.5
34.3
0.9
20.1
0.6
0.
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
1.0
20.1
0.6
0.1
12.5
19.8
22.8
25.1
27.9
27.7
27.4
26.4
3.0
8.0
1.8
0.1
6.9
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
11.6
2.8
0.2
8.0
12.1 13.2 13.8 15.2 17.2
24.6
31.4
0.7
8.4
0.6
0.7 0.7 0.8 0.8 0.8
9.3 10.5 11.0 11.1 12.5
0.6 0.6 0.6 0.6 0.6
0.8
14.8
0.6
1.6
6.4
1.5
1.4
1.4
2.7
6.7
7.3
7.9
8.5
3.3
9.9
8.4
12.3
0.8
18.7
0.6
0.1
11.2
15.3
35.5
0.9
19.6
0.6
0.1
14.3
17.3
0.9
3.0
1.3
0.1
1.1
0.9
3.3
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
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
'49.6 51.1 ••52.4 '54.8 '59.5 '65.1
'76.8
'86.4 100.5 '112.6 '128.4 140.6 154.5 '158.9 165.2 172.0
4.2
4.5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.8 20.7
20.8
8.4
9.1 9.1 10.0 11.3 12.3 15.1 15.2 18.2 18.5 21.8 22.3 26.5 27.8
31.1
24.3 24.7 24.9 25.0 24.9 24.5 25.6 27.4 29.7 32.5 36.3 40.6 44.6 47.7
49.6
4.7
4.9
6.5
7.0
3.9 4.0 4.1 4.3 4.4 4.5
5.6
6.0
8.1
5.2
7.5
'8.8 '9.4 '9.9 '12.1 '15.9 '21.1 '27.0 '33.0 '39.9 '46.0 '51.5 '55.6 '55.2 '55.6
20.6
32.3
51.8
9.2
58.1
4.5
4.7
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
1.2
0.2
1.3
0.3
1.3
0.3
1.4
0.3
1.4
0.3
3.1
3.1
3.1
3.1
3.9
1.3
0.2
0.1
4.6
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
'45.1 '46.4 r47.7 '50.0 '53.9 '58.9
r69.9
'78.0
r90.5 '100.9 '115.0 '125.9 '138.6 '141.1 '145.8
150.4
4.2 4.5 4.9 5.6 6.8
7.9 10.3 11.9
7.2 7.8 7.8 8.6 9.9 11.0 13.9 14.0
24.1 24.4 24.6 24.7 24.6 24.3 25.4 27.2
3.9 4.0 4.1 4.3 4.4 4.4
4.8
4.6
'5.7 '5.7 '6.3 '6.8 '8.2 '11.3 '15.7 '20.1
14.4 16.1
16.9 17.2
29.5 32.3
5.1
5.5
'24.6 '29.8
18.3 19.7
20.4 20.8
36.1 40.4
5.9
6.4
'34.3 '38.6
20.8
24.9
44.4
6.9
'41.6
20.7
26.0
47.4
7.4
'39.6
20.8
29.4
49.3
7.9
'38.4
20.6
30.7
51.5
9.Q
38.6
' Revised.
p Preliminary.
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, 1947 on a holder-record basis (see table) amounted to 66.0 billion dollars while on a bank-record basis these deposits
amount to 80.2 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: December 1945, 1,128 million dollars;
June 1946, 58 million dollars; December 1946, 29 million dollars; December 1947, 12 million dollars. Armed forces leave bonds are included
beginning
December 1947. The amount outstanding at that time was 767 million dollars.
5
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.
1
658
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF CANADA
The Annual Report of the Ban\ of Canada for
the year 1947 was submitted to the Minister of
Finance, the Honorable D. C. Abbott, by Mr.
Graham Ford Towers, Governor of the Ban\, on
February 11, 194S. Portions of the text of the
report are given herewith}
MONETARY CONDITIONS
Dominion Government securities held by the
chartered banks declined 669 million dollars during
1947, largely as a result of Government debt retirement. This reduction of security holdings
would, in itself, have been accompanied by a reduction in the total of the banks' Canadian deposits
by a corresponding amount. However, there was
a more than offsetting increase during the year of
777 million dollars in the banks' Canadian loans
and investments other than Dominion Government
securities, and, including the effect of changes in
other items, the total of their Canadian deposits
rose by 178 million.
The daily average amount of chartered banks'
cash reserves in 1947 was 2 million dollars less than
in 1946. Nevertheless total Canadian dollar deposits increased, as referred to above. For both of
these reasons, therefore, the cash ratio of the banks
declined, and averaged 10.8 per cent in 1947 as
compared with 11.4 per cent in 1946.
During 1947 the Dominion Government retired
the balance of the deposit certificates which had
been issued to chartered banks in previous years
and of which 490 million dollars were outstanding
as at December 31st, 1946. These certificates were
the chief means by which the Government's direct
borrowing needs from the banks were met during
the war years, and at one time in the fall of 1945
reached a peak issue of 1,340 million dollars. In
1947 the Government also paid off in cash certain
maturities of other securities of which the banking
system held a substantial portion.
During 1947 there was a net decline of 170 million dollars in chartered bank holdings of Dominion
Government bonds (excluding special banking securities such as deposit certificates). This decline
1
Sections of the report not given here include discussions of
economic developments abroad, the progress of the economy of
the United States in 1947, the major changes shown in the
Bank of Canada's accounts during the year, and notes on personnel matters. Appendix A records the estimated net new
issues or retirements of Canadian securities, 1936-47, and Appendix C shows the ownership of Dominion Government direct
and guaranteed funded debt, 1938-47. Numerous charts illustrate the text.
For previous reports, see BULLETIN for April 1947, April
1945, etc.
JUNE
1948
was largely accounted for by the Government paying off certain maturities, as mentioned in the preceding paragraph, rather than by net sales in the
market. However, there were certain times during
the year when banks were sellers of short- and
medium-term Government bonds in order to maintain their cash position.
The increase of 461 million dollars in chartered
banks' Canadian loans during 1947 was the largest
annual increase on record. There was no increase
in financial loans for the purpose of carrying bonds
and shares and more than half of the loan expansion during the year was accounted for by loans to
merchandisers and manufacturers. We estimate
that loans to wholesale and retail merchandisers
rose about 120 million dollars in 1947 and loans
to manufacturers another 160 million. Higher
commodity prices, some increase in the volume
of inventories and an upward trend in the amount
of outstanding consumer credit, all contributed
towards the sharp increase in banks' current loans
during the year. In addition, there were undoubtedly cases where bank borrowers obtained additional credit against their current assets such as
inventory and receivables, for the purpose of obtaining funds to meet capital expenditures.
Chartered banks' holdings of provincial and
municipal securities increased by 169 million dollars
during 1947, and their portfolio of other non-Government securities—largely corporate debentures—
by 147 million. In the case of provincial, municipal and corporate investments, most of the increase
in banks' holdings has been due to acquisitions at
time of issue rather than to market purchases.
It is clear that the present rate of capital development is straining Canada's manpower and material
resources, and is pushing up prices. At the same
time business, which in general entered the postwar period with unusually large liquid reserves, has
been looking increasingly to banks for financing.
In my last annual report covering the year 1946,
I referred to the fact that Canadians, like people
in most other countries, had in recent years chosen
to hold an increasing amount of their accumulated
savings in the form of interest-bearing savings deposits. It was pointed out that the banks had
found it necessary to invest in Dominion Government bonds in view of the fact that their scope for
employing such funds in making commercial loans
had been relatively limited.
During 1947 there was a marked change in this
situation. A large increase took place in banks'
659
ANNUAL REPORT OF THE BANK OF CANADA
loans and non-Dominion Government investments,
to which reference has already been made, and in
comparison with previous years the public chose to
transfer a somewhat smaller amount of its accumulated savings into the form of interest-bearing
deposits. Banks were not in the position, as in
earlier years, of seeking to invest in Government
bonds, and during 1947 the ratio of such securities
to personal savings deposits declined appreciably
below the maximum of 90 per cent which was
recognized in the agreement between banks and
Government early in 1946.
debt since 1940, the first increase in corporate debt
since 1936 and the first appreciable increase in
municipal debt since 1932. New issues of common
and preferred stock were greater in amount than in
1946 and the largest for many years. Taking all
non-Dominion Government securities as a group,
the net increase in the amount outstanding was 263
million dollars in 1947 as compared with 59 million
in 1946 and a net reduction of 48 million in 1945.
Towards the end of 1947 signs of congestion appeared in the new issue market and flotations of
common and preferred stock fell to a low level.
SECURITY MARKETS
EMPLOYMENT AND PRODUCTION IN CANADA
Prices for Dominion Government bonds were
steady in Canada during 1947, the yield on the
longest dated issue approximating 2.60 per cent
throughout the year. Early in January 1948 the
Bank discontinued its practice of furnishing daily
quotations for Dominion Government securities to
investment dealers and chartered banks, but continued to buy and sell in the market. Market prices
declined at this time to a level where a yield of
about 2.80 per cent could be obtained on the longest
Victory Loan issue.
Provincial, municipal and corporation bond prices
in Canada declined during the last quarter, resulting in a widening of the spread in yield between
such issues and those of the Dominion Government.
Dominion Government domestic bonds outstanding declined 239 million dollars during 1947 as
compared with an increase of 201 million in 1946.
There was also a net reduction of 346 million dollars during 1947 in the amount of Dominion deposit certificates, Treasury bills and short-term notes
outstanding.
The first series of Canada savings bonds which
was introduced in October 1946 remained on sale
until the end of August 1947. Sales during 1947
totaled 48 million dollars, making total sales for
the issue 535 million; the amount outstanding at
the end of 1947 was 417 million. In October a
second series was ofTered and by the end of
December about 900,000 individuals had subscribed
for a total of 267 million dollars. There is one
major change in the terms of the second series, in
that holdings are limited to $1,000 per person; the
limit on the first series was $2,000 per person.
Many reports have testified to the value of the special features of the Canada savings bond, and particularly of the payroll savings plan, in meeting the
needs of those who wish to save on a systematic
basis.
During 1947 the totals of provincial, municipal
and corporate bonds outstanding all increased. This
marked the first increase in outstanding provincial
Against a world-wide background of heavy demand for goods and rising prices, economic activity in Canada rose during 1947 to a new peacetime peak. A year ago unemployment was already
at the very low level of less than 3 per cent of the
working force, and only a small net addition to the
number at work could be expected from this source
during 1947. In point of fact the slight further
reduction of 30,000 in the number of unemployed
was about offset by voluntary withdrawals from the
working force over the year. Consequently most
of the 100,000 or 2 per cent increase in over-all
employment is attributable to natural growth of the
working force, which accounted for about 60,000,
and to immigration.
Increases in industrial productivity, which normally occur rather slowly in any case, were limited
in 1947 by continuing bottlenecks in the supply of
certain basic materials such as steel. The available
information suggests that industrial output rose
by about 10 per cent during the year, while the
volume of agricultural production was reduced by
about 7 per cent owing to unfavourable crop conditions. The output of services, which account for
about one-third of total employment and a somewhat higher proportion of the total value of production, is difficult to estimate. However, the production of services was probably very little higher
in 1947 than in 1946, and it seems likely that the
over-all physical volume of production of goods and
services combined showed only a slight increase
for the year.
660
EXPENDITURE AND PRICES
While the physical volume of Canadian production of goods and services increased only slightly
from 1946 to 1947, over-all dollar expenditure on
Canadian goods and services rose substantially.
Foreign expenditure in Canada increased by about
10 per cent from the extraordinarily high peacetime level of the previous year. Private capital expenditure on plant, equipment and housing inFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF CANADA
creased by more than 50 per cent, and the book
value of inventories rose by about 30 per cent over
the year. Consumers spent a larger proportion of
their income than in any year since 1939, and this
together with a considerable increase in their income brought total dollar expenditure on consumers' goods and services about 13 per cent above
the 1946 level. A substantial reduction in Dominion
Government expenditure on goods and services
more than offset increased provincial and municipal
outlays. Moderating the effect of the over-all increase in expenditures in Canada was the large expansion in imports of goods, which rose by more
than 700 million dollars or by nearly 40 per cent
from 1946 to 1947. In physical terms the increase in
commodity imports was only some 15 per cent, but
this addition to the volume of raw materials, capital
equipment and other goods available in our market
was clearly a counter-inflationary influence.
ever, where there was only a small percentage increase in physical volume, higher prices and increased dollar expenditure were largely the result
of rising costs of imported goods or materials, and
increased prices in export markets.
The combined effect of upward pressure on our
price level from foreign and domestic sources was
to increase the general wholesale price index by 28
per cent, and the cost of living index by 15 per
cent during 1947. Although the situation with
respect to wage rates varied considerably among
different groups of wage earners, average hourly
earnings of hourly rated employees in manufacturing industry rose by about 15 per cent over the
year, and their average weekly earnings increased
by nearly 16 per cent.
ESTIMATED EXPENDITURE ON CANADIAN GOODS AND SERVICES *
General wholesale prices2
Cost of living3
Average hourly earnings4
Average weekly earnings4
[ Calendar years, in billions of dollars ]
Exports of goods and services2.
Investment in inventories
Other private capital investment
All governments' expenditure
on goods and services
Personal expenditure on consumers' goods and services..
Sub-total
Less—Cost
of imported
goods
and services included above...
Gross national expenditure ( =
Gross National P r o d u c t ) . . .
Prelim.
1946 1947
1938
1944
1.4
4.5
.1
3.4
.5
3.7
.8
6
.7
1.3
2.0
.7
4.1
1.7
1.5
3.7
6.1
7.7
8.7
6.4
15.3
14.6
16.7
1.3
3.5
2.9
3.6
5.1
11.8
11.7
13.1
1
Based on National Accounts: Income and Expenditure;
1938-46 and 1946-47, published by the Dominion Bureau of
Statistics. Minor adjustments have been made in the Bureau
figures in the process of rounding off, in order to eliminate
the2 residuals arising from errors and omissions.
Dominion Government expenditure on mutual aid, UNRRA
and other relief is excluded from Government expenditure and
included in Exports.
After allowing for the offset of increased imports,
total expenditure on Canadian goods and services,
i.e., gross national expenditure rose, by roughly
1,400 million dollars or about 12 per cent from
1946 to 1947. Since physical production of goods
and services was only slightly greater than in 1946,
increased expenditure of this magnitude obviously
involved higher prices. In the case of private capital
investment, where the increase in expenditure was
large even in terms of physical volume, the increase
was clearly an important factor in pushing up
prices. In the case of consumers' expenditure, howJUNE
1948
CANADIAN PRICE AND EARNINGS INDEXES1
Aug. Aug.
1939 1945
100
100
100
100
144
120
157
154
Dec.
1946
Dec.
1947
155
126
168
161
198
145
193
186
1
Official Dominion Bureau of Statistics figures converted to
the base Aug. 1939 = 100, or in the case of earnings data to
1939
average — 100.
2
Midmonth.
3
First
of month.
4
Covers hourly rated wage-earners in manufacturing establishments with 15 or more employees. Figures are for last pay
period in previous month. Actual average earnings for Dec.
1947 were 85^tf (hourly) and $37.19 (weekly).
In my last annual report I referred to the fact
that Canadian prices had risen considerably less
than United States prices since the end of the war.
In the intervening year the gap has narrowed to
some extent but the general level of prices and costs
in Canada is still lower than in the United States
and most other countries, in relation to any normal
base period.
UNITED STATES PRICE AND EARNINGS INDEXES1
Aug. Aug. Dec.
1939 1945 1946
General wholesale prices2
Consumer prices3
Average hourly earnings4
Average weekly earnings4
100
100
100
100
141
131
162
175
188
155
181
197
Dec.
1947
217
169
202
220
1
Official Bureau of Labor Statistics figures converted to the
base Aug. 1939 = 100, or in case of earnings data to 1939 average2 = 100.
3 Average of Wednesdays.
Midmonth.
4
Relates to manufacturing industry, for pay period nearest to
midmonth. Actual average earnings for December 1947 were
$1,277 (hourly) and $52.51 (weekly).
The fact that we exported nearly 2,800 million
dollars' worth of goods in 1947, that we import
goods on almost as great a scale, and that the prices
of these goods are directly and immediately affected
661
ANNUAL REPORT OF THE BANK OF CANADA
by external price movements, shows how difficult
it is to prevent Canadian prices from being affected
by price changes abroad. Short of substantially
appreciating its exchange rate and increasing its
taxation, no country could have insulated itself completely from the world-wide rise in prices. Theoretically it might be contended that this could be
done by means of direct controls, but these would
have to be very much more rigorous and complete
than those of wartime, to say the least.
EXCHANGE SITUATION
Reduction in Canada's gold and foreign exchange
reserves during 1947 has tended to obscure the fact
we still exported in that year more goods and services, in total, than we imported. It is evidence of
Canada's growing productive capacity that in this
period of extraordinary capital development and
heavy imports of capital goods we have not, by
contrast with 1929 and other earlier periods of boom,
had a deficit in our current transactions with the
rest of the world as a whole.
Our present foreign exchange problem therefore
arose not from inadequate productivity, nor indeed
from the character of our production. It has arisen
rather from the traditional direction of our exports
and imports, and the difficulties which beset our
customers in Western Europe. Under present conditions of scarcity, a large part of our surpluses
which are normally exported to Europe are of a
kind for which there is a strong cash demand outside Europe, but exports have in fact been maintained to our traditional customers even though
they were unable to pay cash in full, or to supply
Canada with an increased volume of imports.
In my last annual report I referred to the export
credits which Canada, along with the United States
and other countries, had extended to her warravaged allies as part of a broadly based program
to rehabilitate their economies and re-establish their
ability to trade. During 1947 some 560 million
dollars of our sales to other countries were financed
out of drawings on Canadian export credits, and
roughly 40 million out of Canadian relief appropriations. For approximately 600 million of our
sales, therefore, we received no immediate cash return. At the same time, we had to pay cash for all
our purchases from other countries, and our total
sales to other countries did not exceed oiir total
purchases from them by more than a comparatively
small amount, perhaps of the order of 70 million
dollars. Consequently we had a cash deficiency on
our current transactions with other countries of
some 530 million dollars, and a drain on our foreign
exchange reserves of an equivalent amount. This,
662
together with payment of 74 million dollars on our
subscription to the International Monetary Fund,
redemptions of Canadian bonds held abroad, and
other net capital payments abroad, accounts for the
over-all reduction of 743 million dollars in our gold
and foreign exchange reserves during 1947.
When Canada's export credit program of some
1,850 million dollars was undertaken, it was realized
that it would involve a considerable drain on our
exchange reserves, even if—as was then expected—
drawings were spread over a period running to 1950.
Owing to the unfavourable developments in Europe,
the need for goods from Canada has been greater,
supplies available for export to Canada have been
less, and drawings on the credits have been more
rapid than contemplated. In point of fact, more
than three-quarters of the total credits had been
drawn by the end of 1947.
Having in mind the present level of our gold and
foreign exchange holdings, and the magnitude of
our trade with other countries, there is clearly need
to increase these holdings. In such circumstances,
we need to have an over-all balance of payments
surplus greater than the value of any export sales
which are financed out of the credits and for which,
therefore, no immediate payment is received. The
development of a larger balance of payments surplus
involves increasing our exports, or reducing our
imports, or both. In the last analysis (and apart
from an improvement in average export prices relative to average import prices) these can only be
achieved by increasing productivity and production,
or by reducing or postponing domestic spending,
particularly for nonessential capital purposes.
Proposals with regard to a European Recovery
Program by the United States are, of course, of great
interest to Canada. Implementation of such a program would not remove the need for Canada to
increase the present small current account surplus
in her over-all balance of payments. We need to
increase this surplus if we are to be able to build
up our exchange reserves to a more normal level and
extend aid to other countries even on a much smaller
scale than in recent years. What a European Recovery Program could do, in the short run, is to
facilitate the continuance of Canadian shipments to
Western European countries where they are badly
needed; and without such a program the exchange
problem of Canada, and indeed of practically all
other Western Hemisphere countries, would be
greatly aggravated. But we have an even greater
interest in the long-run implications of a European
Recovery Program. When the present unusually
heavy demand for goods has declined, Canadian
exports and employment will be influenced to an
important degree by the extent of recovery in
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF CANADA
Europe. We are, therefore, vitally concerned with
any program which will help to strengthen the
European economy and re-establish it as a substantial factor in normal international trade.
I turn now to the major changes which took
place in the Bank of Canada's accounts during 1947,
on which it is customary to comment in this report.
FORM OF STATEMENT OF ASSETS AND LIABILITIES
In accordance with the provisions of Section 33,
Subsection 6, of the Bank of Canada Act Amendment Act, certain changes have been made in the
form of the Bank's Statement of Assets and Liabilities. In the previous form of this Statement,
Bank of Canada's holding of the capital stock of
the Industrial Development Bank of necessity was
included under the heading "Other investments."
A separate heading for this particular item of our
assets has now been established.
As provided by Section 21 (1) (n) of the Bank of
Canada Act Amendment Act, the Bank has maintained working balances with central banks in
various other countries. If a country's currency was
not Sterling, U.S.A. dollars or convertible into gold,
the previous form of the Bank's statement of assets
and liabilities did not permit such a balance being
shown as part of our holdings of foreign currency
and it was therefore included under the heading
"All other assets." In view of this situation and the
fact that the heading "Reserve," under which the
first four asset items on our statement have been
grouped, does not serve any particular purpose at
the present time when Canada's gold and foreign
exchange reserves are almost entirely held by the
Foreign Exchange Control Board, it has been decided to omit the heading "Reserve" and change
"Other currencies of countries on a gold standard"
to "Other currencies." At the same time the wording of Liability item 5 on our statement has been
revised along the same lines becoming "Liabilities
payable in Sterling, U.S.A. and other foreign currencies" instead of "Liabilities payable in Sterling,
U.S.A. and foreign gold currencies."
NOTES IN CIRCULATION
The Bank of Canada note issue at the end of December 1947 was $1,211,350,386, up $25,148,705
from the same date a year before. Of the total
amount of our notes outstanding, 1,027.4 million
dollars were held by the public and 183.9 million
by the chartered banks. The increase in notes held
by the public was 18.1 million dollars as compared
with 43.1 million in 1946 and was the smallest increase for any year since 1938.
JUNE
1948
APPENDIX B
MONEY SUPPLY AND RELATED BANK ASSETS
During 1947 the Bank's Research Department
developed a presentation of statistics concerning
money supply and related bank assets which differs
in several important respects from the table which
has been presented in previous annual reports. It
is believed that the new series provide a better
approach to the problem of measuring changes in
the volume of money under present-day conditions.
In the belief that these statistics will be of interest
to those who follow changes in monetary conditions,
we are publishing them in this Appendix and also
expect to publish them each month in the Bank's
Statistical Summary.
In measuring the volume of money one must
decide which categories of bank deposits should be
classed as "money" and which, by their nature,
should be regarded more appropriately as part of
the public's other liquid asset holdings such as
Government bonds. Generally, it has been satisfactory to classify bank deposits as "money" if
cheques may be drawn against them. In other
countries this criterion has seemed to work fairly
well because cheques may not be drawn against
savings deposits. In Canada, however, cheques are,
in practice, drawn freely against savings deposits
and this has always posed an awkward problem
when trying to assemble volume of money statistics.
To omit all savings deposits of chartered banks
would ignore the obvious fact that for many people
a savings account is an active chequing account
which is very similar to a current deposit. On the
other hand we know from available information
that of the total amount on deposit in savings accounts in Canada, much the larger part is, in practice, inactive. Chartered banks pay interest on the
minimum quarterly balances in personal savings
accounts, i.e. on the sum which has been left undisturbed for the quarterly period; from the amount
of interest which is actually paid on this basis as
compared with the nominal rate of interest, it is
apparent that the aggregate minimum quarterly
balances in personal savings accounts are about fivesixths of the total of such deposits at the present
time.
It is therefore felt that a more realistic picture of
monetary developments in Canada—and one more
comparable with the usual presentation of similar
statistics in other countries—is obtained by omitting
the minimum quarterly balances in personal savings
deposits and nonpersonal notice deposits, from volume of money statistics. It has seemed preferable
to exclude these deposits from the volume of money
on the basis that they are inactive in practice rather
663
A N N U A L REPORT O F T H E B A N K O F
CANADA
MONEY SUPPLY AND RELATED BANK ASSETS
[As of December 31, in millions of dollars]
MONEY SUPPLY
1938
1939
1940
1941
1942
1943
1944
Currency outside banks:
Notes1
Coin2
207
31
247
34
341
38
450
42
633
49
794
55
930
60
Total currency
238
281
379
492
682
849
990 1,055 1,096 1,112
734
187
42
853 1,031 1,268 1,499 1,697 1,862 2,063 2,291 2,296
197 203
236
238
294
363
474
614
597
157
112
97
121
134
153
172
229
233
Bank deposits:
Chartered banks—
Demand3
Active notice4
Other (excl. Dominion Govt.)5
1946
1947
992 1,031 1,046
63
65
66
963 1,207 1,346 1,601 1,858 2,125 2,378 2,709 3,134 3,126
Total
Deduct
1945
float*....
116
Net total
136
172
198
210
266
243
280
328
362
847 1,071 1,174 1,403 1,648 1,859 2 ,135 2,429 2,806 2,764
Bank of Canada "Other'! deposits7. . .
Total bank deposits....
Money supply
3
.
18
10
6
19
18
28
30
94
68
850 1,089 1,184 1,409 1,667 1,877 2,163 2,459 2,900 2,832
. . 1,088 1,370 1,563 1,901 2,349 2,726 3,153 3,514 3,996 3,944
BELATED BANK OF CANADA AND CHAKTERED BANK ASSETS
Dominion Government securities, gold and exchange:
Bank of Canada, gold and exchange8
Banking securities9
Other Dominion Government securities—
Bonds10
Victory Loan advances11
Total
Total Dom. Govt. securities, gold and exch
Deduct Dom. Govt. deposits12
214
196
290
425
38
743
210
1
973 1,614 2,093 2,321 1,696 1,476
753
752
737
798 1,014 1,410 2,006 3,241 3,745 3,718
166
261
271 411
753
752
737
798 1,180 1,671 2,277 3,652 3,745 3,718
1,163 1,467 1,518 1,972 2,794 3,765 4,598 5,348 5,221 4,529
79
Net total
811
145
32
148
366
597
720 1,002
366
272
. . 1,084 1,322 1,486 1,824 2,428 3,168 3,878 4,346 4,855 4,257
13
All other loans and investments
Deduct inactive notice depositsu
Total related bank assets
1,628 1,767 1,720 1,719 1,570 1,459 1,593 1,827 2,297 3,084
1,4-72 1,544 1,438 1,433 1,436 1,654 2,060 2,391 2,856 3,143
1,240 1,545 1,768 2,110 2,562 2,973 3,411 3,782 4,296 4,198
1
2
3
4
Note circulation of Bank of Canada and chartered banks, excluding notes held by chartered banks.
Subsidiary coin issued by the Mint less coin held by Bank of Canada and chartered banks in Canada.
Chartered banks' public demand deposits in Canada.
Chartered banks' public notice deposits in Canada other than estimated aggregate quarterly minimum balances in personal
savings
accounts and nonpersonal notice deposits.
5
Chartered banks' Canadian dollar deposits of provincial governments, Canadian, United Kingdom, and foreign banks.
6
Cheques
on banks as shown in chartered bank month-end returns to the Minister of Finance.
7
Bank of Canada Other Deposits as shown on published month-end statements—i.e. excluding Dominion Government, chartered 8banks and foreign deposits.
Bank of Canada gold and foreign exchange holdings less the amount of foreign currency deposit liabilities.
9
Bank of Canada and chartered bank holdings of Dominion Government Treasury bills, deposit certificates, Treasury notes
and 10
any other short-term issues sold direct to Bank of Canada and chartered banks.
Bank of Canada and chartered bank holdings of Dominion Government direct and guaranteed securities other than those
shown
as banking issues and exclusive of any temporary advances in connection with purchase of Victory Loan issues.
11
Chartered
banks' temporary advances to the public in connection with the purchase of Victory Loan bonds at time of issue.
12
Canadian
dollar deposits of the Dominion Government at chartered banks and Bank of Canada.
13
All loans in Canada of the chartered banks other than temporary advances in connection with Victory Loan issues, plus
chartered banks' holdings of provincial, municipal and "other" securities, and Bank of Canada holdings of Industrial Development
Bank14capital stock.
Estimated aggregate minimum quarterly balances in chartered banks' personal savings deposits in Canada plus nonpersonal
m
notice deposits in Canada.
664
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF CANADA
than to include them on the grounds that they are
potentially active because cheques may be issued
against them.
The published returns of Canadian chartered
banks include among Assets "Cheques on other
banks" which represents the amount of cheques
which have been credited to the deposit account of
the payee but not yet cleared against the deposit
account of the drawer. To the extent of such items
in "float" there is therefore duplication in the figures
of bank deposits. In the table contained in this
Appendix we have deducted "Cheques on other
banks" from the figure of chartered bank deposits,
in order to eliminate this duplication. A similar
deduction is made in the United States in calculating their commercial banks' "Demand deposits
adjusted."
Government deposits are given different treatment in different countries so far as volume of
money statistics are concerned. In various countries including the United States the most commonly
used figure of bank deposits excludes Government
JUNE
1948
deposits. On the whole it appears preferable to
exclude Dominion Government deposits from the
volume of money.
In view of the foregoing items not having been
included in the figure of "Money supply" it has been
necessary to make similar offsetting adjustments in
the figures of related bank assets. Dominion Government Canadian dollar deposits at chartered banks
and the Government account at Bank of Canada
have been deducted from the total of Government
investments held by Bank of Canada and chartered
banks. The result of this deduction is a net figure
of Government investments held by the banking
system similar to that which would have existed
had Government applied cash balances to redeem
securities held by banks.
Aggregate minimum quarterly balances in personal savings deposits and nonpersonal notice deposits have also been shown as a deduction from
related bank assets since the same items have been
excluded from "Money supply."
665
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Real Estate Loans
Reconstruction
Finance
Corporation
Participations
The Act of Congress approved May 25, 1948,
(Public Law 548, 80th Congress) which amended
the Reconstruction Finance Corporation Act, also
amended the third paragraph of Section 24 of the
Federal Reserve Act so as to make it clear that the
restrictions or limitations of that section upon
real estate loans by national banks do not apply
to loans made to established industrial or commercial businesses in which the Reconstruction
Finance Corporation cooperates- or purchases a
participation. The purpose of this amendment is
to continue in effect a similar exception previously
provided in the law. The text of the amended
paragraph is as follows:
Loans made to established industrial or
commercial businesses (a) which are in whole
or in part discounted or. purchased or loaned
against as security by a Federal Reserve Bank
under the provisions of section 13b of this
Act, (b) for any part of which a commitment
shall have been made by a Federal Reserve
Bank under the provisions of said section,
(c) in the making of which a Federal Reserve
Bank participates under the provisions of said
section, or (d) in which the Reconstruction
Finance Corporation cooperates or purchases
a participation under the provisions of the
Reconstruction Finance Corporation Act, as
amended, shall not be subject to the restrictions or limitations of this section upon loans
secured by real estate.
Reserves
Central Reserve City Banks
The Board of Governors has amended the Supplement to Regulation D, relating to reserves required to be maintained by member banks with
Federal Reserve Banks, so as to increase from 22
to 24 per cent the reserves required to be maintained against net demand deposits by member
666
banks in central reserve cities. This change became effective as to each member bank at the
opening of business on June 11, 1948. There is
set forth below the text of the Supplement as thus
amended:
SUPPLEMENT TO REGULATION D
Effective as to each member bank at the opening of
business on June 11, 1948
RESERVES REQUIRED TO BE MAINTAINED
BY MEMBER BANKS WITH FEDERAL
RESERVE BANKS
Pursuant to the provisions of section 19 of the
Federal Reserve Act and section 2(a) of its Regulation D, the Board of Governors of the Federal
Reserve System hereby prescribes the following
reserve balances which each member bank of the
Federal Reserve System is required to maintain on
deposit with the Federal Reserve Bank of its
district:
6 per cent of its time deposits plus—
14 per cent of its net demand deposits if not
in a reserve or central reserve city;
20 per cent of its net demand deposits if in
a reserve city, except as to any bank located
in an outlying district of a reserve city or in
territory added to such city by the extension
of the city's corporate limits, which, by the
affirmative vote of five members of the Board
of Governors of 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 five
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.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Governor Eccles transmitted the following letter
to the President on May 26, 1948:
May 26, 1948.
My dear Mr. President:
On April 16, immediately following the Board
Members' call on you at the White House, I
tendered to you the following letter, which you read
and then stated you did not wish to accept it as you
still desired and intended to designate me as Vice
Chairman:
"In your letter of January 27, four days
prior to the expiration of my term as Chairman of the Board of Governors, you requested
me to remain as a member of the Board and
to accept the Vice Chairmanship. In my reply
of the same day, I stated that after careful
consideration of your request I had decided to
remain with the Board in the capacity which
you suggested.
"Two and one-half months have elapsed
since that time. The formal order designating
the Chairman of the Board has been issued,
but none designating a Vice Chairman. In
view of the circumstances, I shall continue to
- serve as a member of the Board of Governors,
but I wish to withdraw my name in case you
are still considering designating me as Vice
Chairman."
Four months have now elapsed since you first
requested me to accept the Vice Chairmanship and
nearly a month and a half since you reiterated that
request.
Under these circumstances and in view of other
developments, I wish to withdraw my name from
any further consideration for designation as Vice
Chairman. I shall continue to serve as a member
of the Board.
Respectifully yours,
(Signed) M. S. ECCLES.
The President,
The White House.
Federal Reserve Meetings
A meeting of the Presidents of all of the Federal
Reserve Banks was held in Washington on May 18,
1948. The Board of Governors met with the
Presidents on May 21.
JUNE
1948
In accordance with the requirement of the law
that the Federal Open Market Committee meet at
least four times each year, the third meeting of the
Committee during 1948 was held in Washington
on May 20.
A meeting of the Chairmen of the Federal Reserve Banks, which was also attended by members
of the Board of Governors, was held on May 29-31,
1948.
Change in Board's Staff
Mr. J. Burke Knapp resigned as an Assistant
Director of the Board's Division of Research and
Statistics effective May 23, 1948, to accept a position
with the Department of State. Mr. Knapp was associated with the Board's Division of Research and
Statistics from February 1940, to August 1944, when
he resigned to accept a position with the Department of State. He returned to the Board in October 1945, and served as Special Assistant to the
Chairman until June 1, 1946, when he was appointed an Assistant Director of the Division of
Research and Statistics.
Appointment of Class C Director
The Board of Governors, on May 19, 1948, announced the appointment of Mr. Robert T. Stevens
of Plainfield, New Jersey as a Class C director of
the Federal Reserve Bank of New York for the unexpired portion of the term ending December 31,
1950, and his designation as Chairman and Federal Reserve Agent of the Bank for the balance of
the year 1948. Mr. Stevens is Chairman of the
Board of J. P. Stevens and Co., Inc., New York,
New York. He also served as a Class B director
of the Federal Reserve Bank of New York from
January 1, 1934, to January 8, 1942, when he was
called to active service with the United States Army.
Publication of a Distribution of Deposits, by Counties
A geographical distribution of bank deposits of
individuals, partnerships, and corporations in the
United States, by counties, States, and Federal Reserve districts is being compiled and will be available for distribution in pamphlet form in a few
weeks. It will show separately the demand and the
time deposits of individuals, partnerships, and corporations in all banks in the United States on December 31, 1947. Corresponding data for December 31, 1941-1944 are contained in pamphlets published by the Treasury Department.
667
CURRENT EVENTS AND ANNOUNCEMENTS
Data for national banks and banks in the District of Columbia were obtained by the Comptroller
of the Currency, for State member banks by the
Board of Governors of the Federal Reserve System,
and for nonmember banks by the Federal Deposit
Insurance Corporation. Data for noninsured banks
were obtained with the cooperation of the State bank
supervisory authorities. The Federal Deposit Insurance Corporation and the Board of Governors
compiled the basic statistics for the pamphlet.
Copies of the pamphlet may be obtained upon
request from the Board's Division of Administrative Services, Washington 25, D. C.
Additions to Federal Reserve Charts on Bank Credit,
Money Rates, and Business
The May issue of the Federal Reserve Chart
Book on Bank Credit, Money Rates, and Business
includes a new section on Business Finance. This
section comprises revised charts (two pages) on
Corporate Security Issues and the following new
charts: Current Assets and Liabilities of Corporations, Business Expenditures on New Plant and
Equipment, and Corporate Profits (two pages).
The May issue also includes a new chart on Short
Term Open-Market Money Rates and three additional price charts showing the major component
groups of the index of commodity prices of the
Bureau of Labor Statistics (two pages) and wholesale prices of selected farm products.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period April 16, 1948 to May 15, 1948:
Florida
Tampa—Columbia Bank of Ybor City
Mississippi
Forest—Farmers and Merchants Bank
Montana
Poison—The Security State Bank
Wyoming
Jackson—The Jackson State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled May 24 and released for publication May 26~\
Industrial production decreased in April and increased in May owing chiefly to changes in coal
production and supplies. Department store sales
were at exceptionally high levels following the
Easter shopping period. Wholesale and retail
price levels were higher, reflecting chiefly increases
in meat prices.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production declined 5 points in April to 187
per cent of the 1935-39 average, reflecting chiefly
lower output of iron and steel resulting from the
labor dispute at coal mines, which began in the
middle of March. Following settlement of the
dispute around the middle of April, output of coal
and steel increased and the total index in May is
expected to be around 190.
Steel production reached a low point of 71
per cent of capacity in the third week of April,
as compared with a March average of 95 per cent,
then advanced rapidly to a rate of 97 per cent in
the fourth week of May. Automobile output was
substantially curtailed in the first 3 weeks of May,
as pig iron and steel supplies continued short and
a work stoppage began at the plants of a major
automobile company. Lumber output, adjusted
for seasonal variation, declined 9 per cent in April,
owing in large part to work stoppages on the West
Coast.
Output of nondurable goods showed a further
slight decline in April. According to preliminary
indications textile production was below the March
level. Coke production was sharply curtailed because of reduced coal supplies. Activity in the rubber products industry and in some chemical industries declined. On the other hand, production of
gasoline increased, and newsprint consumption
showed somewhat more than the usual seasonal
rise.
Coal production for the month of April was in
about the same small volume as in March. Output
of crude petroleum was maintained at a record level,
and there was an exceptionally large increase in
output of iron ore.
CONSTRUCTION
Value of construction contracts awarded expanded
sharply in April, according to the F. W. Dodge
Corporation, reflecting chiefly large increases in
awards for private residential construction and for
religious and other institutional buildings. Awards
for manufacturing plants and public works and
utilities showed little change from the levels prevailing in recent months.
CONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
PHYSICAL VOLUME SEASONALLY ADJUSTED, 1 9 3 5 - 3 9 - 1 0 0
1941
1943
1944
Federal Reserve indexes. Monthly figures, latest shown are
for April.
JUNE
1948
1942
1943
1944
1945
1946
1947
1948
1945
F. W. Dodge Corporation data for 37 Eastern States. Other
includes nonresidential buildings and public works and utilities.
Monthly figures, latest shown are for April.
669
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DISTRIBUTION
Department store sales, which usually decline
after the Easter shopping season, were maintained
this year and the Board's seasonally adjusted index
rose from 284 in March to 299 in April, with some
further rise indicated for May.
Railroad shipments of coal and coke showed a
sharp increase in the latter part of April following
the end of the coal strike. Shipments of perishable goods were curtailed temporarily in the middle
of May in anticipation of a rail strike which was
subsequently called off. Carloadings of most classes
of manufactured goods continued to show little
change in April and the first half of May.
COMMODITY PRICES
Wholesale prices of meats, livestock, and vegetable oils advanced from the middle of April to
the third week of May, while most other farm
products and foods showed little change or declined
somewhat.
Price changes were also mixed for industrial
materials. Wool tops, coal, coke, and building
materials were higher in this period, reflecting in
part freight rate increases while prices of steel,
cotton grey goods, and certain other materials were
reduced somewhat. Price reductions were announced for various electrical products.
Consumer prices in mid-April were 1.4 per cent
higher than in March and exceeded slightly the
previous peak reached in January. The advance
in April reflected higher retail prices for foods,
owing chiefly to reduced supplies of meats and
EMPLOYMENT IN NONAGR(CULTURAL ESTABLISHMENTS
MILLIONS OF PERSONS
fresh vegetables, and further rises in prices for
various consumer services.
BANK CREDIT
Little change occurred in member bank reserve
positions in the last half of April and the first two
weeks of May. Treasury operations were largely
neutral in their effect on total bank reserves. A
further moderate gold inflow permitted a small
reduction in Reserve Bank credit. In the third
week of May member bank reserve balances were
reduced considerably, in part as a result of a transfer by the Treasury of funds from war loan accounts to its balances at Reserve Banks. In addition, member banks used reserve funds to purchase
in the market Treasury bills held by the Reserve
Banks, with the result that the reserves of many
large city banks fell temporarily below requirements.
Real estate and consumer loans continued to expand at banks in leading cities during April and
the first half of May. Commercial and industrial
loans increased somewhat during May following
a decline in earlier months of the year.
SECURITY MARKETS
Prices of common stocks showed a marked
further rise in the middle of May to a level 14
per cent below the high of May 1946, according
to Standard and Poor's index of 90 stocks. Volume
of trading was unusually large.
Following the Treasury announcement on May
13 that June and July certificate maturities would
be refunded at \% per cent, prices of Treasury
bonds advanced sharply.
MILLIONS OF PER
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TREASURY DEPOSITS 1
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic servants are excluded. Midmonth figures, latest shown are for
April.
670
1941
1942
1943
1944
1945
1946
. .
1947
1948
Wednesday figures, latest shown are for May 26.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All banks in the United States and possessions, by States, December 31, 1947
All insured commercial banks in the United States, by classes...
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances..
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends. .
Treasury
finance
Government corporations and credit agencies....
Business indexes
Department store statistics..
Cost of living
Wholesale prices . . .
673
674
675-678
679
679-680
681-682
682
683
684-685
686-687
688-689
690-693
694
695
696-697
698
699-701
702
703-712
713-716
716
717
Gross national product, national income, and income payments. .
Consumer credit statistics.
....
718-719
720-722
Current statistics for Federal Reserve chart books
Number of banking offices on Federal Reserve par list and not on par list
723-727
728
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.
JUNE
1948
671
MEMBER
BANK RESERVES, RESERVE BANK CREDIT, AND RELATED
BILLIONS OF DOLLARS
ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
TREASURY CASH AND DEPOSITS
1940
1941
1942
1943
1944
1945
1946
I
1947
1948
TOTAL RESERVE BANK HOLDINGS
OF U S. GOVERNMENT SECURITIES
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for May 26. See p. 673.
672
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date
Treasury
bills
and
certificates
All
other
All
other 1 Total
Gold
stock
TreasOther
Treasdeury
Treas- ury
posits Non- Fedcur- Money
ury
with mem- eral
cirrency in
cash Federal
Reculaber de- serve
outholdtion
Reposits
standings
acserve
ing
counts
Banks
Member
bank reserve
balances
Total
Ex-
Monthly averages of
daily figures:
1947—Feb
Mar
Apr
1948—Feb
Mar
Apr
339» 23,824
307' 22,978
208\ 22,104
379> 20,738
410 20,582
262 20,440
22,690
21,831
20,998
13,676
13,097
12,645
1,135
1,147
1,105
7,062
7,484
7,796
438
436
411
473
454
401
24,601 20,726
23,721 20,406
22,722 20,586
21,589 22,967
21,446 23,103
21,103 23,154
4,558
4,557
4,558
4,559
4,558
4,558
28,300
28,273
28,185
28,096
27,941
27,766
2,214
,332
,329
,317
,326
,325
1,895
846
1,344 1,097
723 1,060
987
1,323
1,089 1,069
986
1,225
623
633
639
559
575
587
16,006
16,006
15,931
16,834
17,106
16,926
805
871
833
804
822
811
End-of-month figures:
1947—Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
1948—Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
356 24,117
538 22,593
125 21,857
431 21,024
430 20,887
249 20,340
22,919
21,488
20,752
13,601
13,332
•12,210
1,198
1,105
1,105
7,422
7,555
8,130
373
300
223
655
291
269
24,846 20,330
23,431 20,463
22,205 20,774
22,109 23,036
21,607 23,137
20,858 23,169
4,558
4,559
4,561
4,561
4,559
4,562
28,304
28,230
28,114
28,019
27,781
27,716
,317
,336
,329
,325
,325
,319
2,491 1,103
971
2,014
619 1,025
1,591 1,154
1,972
999
1,236
826
624
638
627
556
588
546
15,895
15,264
15,826
17,062
16,639
16,944
847
344
654
762
655
737
Wednesday figures:
1947—July 2 . . .
July 9 . . .
July 1 6 . . .
July 2 3 . . .
July 3 0 . . .
110 21,629
120 21,611
99 21,758
118 21,700
111 22,012
20,532
20,515
20,663
20,605
20,917
,097
,097
,095
,095
,095
406
304
391
275
187
22,145 21,284
22,035 21,336
22,248 21,434
22,093 21,467
22,310 21,537
4,559
,551
,550
,550
,551
28,409
28,363
28,225
28,145
28,129
,325
,329
,331
,330
,341
977
658
844
566
952
756
818
939
705 1,236
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
741
779
721
775
Aug.
Aug.
Aug.
Aug.
6...
13...
20...
27...
123 21,869
183 22,030
239 22,097
134 22,107
20,777
20,939
21,008
21,018
,092
,091
,089
,089
219
282
300
237
22,211 21,602
22,494 21,611
22,636 21,666
22,478 21,766
,552
,551
,551
,550
28,206
28,223
28,239
28,302
,330
,329
,330
,335
728 1,071
1,053 1,000
987
1,265
915 1,123
621
622
624
626
16,409
16,428
16,407
16,493
Sept.
Sept.
Sept.
Sept.
3
10...
17...
24...
125 22,224
120 22,042
130 21,756
119 22,118
21,135
20,848
20,562
20,927
,089
,194
,194
,191
274
309
509
336
22,623 21,765
22,472 21,815
22,394 21,935
22,573 21,950
,552
,551
,551
,552
28,749
28,742
28,633
28,556
,323
,329
,306
,319
459 1,149
243
960
240
930
800
924
632
632
642
645
841
16,628
16,932 1,015
17,128 1,055
16,831
875
Oct. 1 . . .
Oct. 8 . . .
Oct. 1 5 . . .
Oct. 2 2 . . .
Oct. 2 9 . . .
156 22,392
111 22,355
146 22,218
125 21,772
373 22,129
21,195
21,148
21,013
20,564
20,689
,196
,207
,205
,208
,440
383
385
443
451
287
22,931 21,955
22,852 22,092
22,807 22,153
22,348 22,225
22,789 22,294
,551
,551
,551
4,552
4,552
28,559
28,632
28,656
28,569
28,519
,316
,328
,324
,337
,338
1,053
909
836
608
1,355
832
837
817
924
917
643
646
648
650
649
17,034
985
17,142 1,069
17,229 1,154
857
17,037
721
16,859
Nov.
Nov.
Nov.
Nov.
5...
12...
19...
26...
204 22,119
429 22,052
199 22,222
370 22,239
20,552 ,567
20,343 ,708
20,117 2,105
19,913 2,327
317
208
620
325
22,640 22,336
22,689 22,442
23,041 22,513
22,934 22,597
4,551
4,550
4,552
4,554
28,635
28,709
28,595
28,725
,324
,328
,327
,330
926
1,224
1,560
1,314
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
952
766
883
954
Dec.
Dec.
Dec.
Dec.
Dec.
3...
10...
17...
24...
31...
262 22,120
250 21,985
168 21,657
283 21,900
22,559
19,587
19,273
18,772
18,659
18,230
2,533
2,713
2,886
3,241
4,329
448
382
913
827
536
22,830 22,680
22,617 22,708
22,738 22,723
23,011 22,743
23,181 22,754
4,553
4,556
4,557
4,556
4,562
28,817
28,874
28,923
29,111
28,868
,342
,331
,332
,318
,336
1,256
934
616
929
870
986
992
951
967
961
624
618
615
609
563
17,038
17,132
17,581
17,377
17,899
854
935
,165
,073
,499
1948—Jan. 7 . . .
Jan. 1 4 . . .
Jan. 2 1 . . .
Jan. 2 8 . . .
164 21,683
165 21,896
168 21,540
281 21,987
17,148
17,018
16,311
15,904
4,536
4,878
5,229
6,082
473
507
518
391
22,320 22,762
22,568 22,790
22,227 22,829
22,658 22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
,340
,333
,323
,332
562 1,009
959
819
913
1,268
1,945
888
569
568
565
555
17,503 ,166
17,863 ,537
17,334
993
17,305 1,040
Feb. 4 . . .
Feb. 1 1 . . .
Feb. 1 8 . . .
Feb. 2 5 . . .
240 20,523
578 20,817
295 21,782
279 21,034
13,882
13,815
13,704
13,645
6,641
7,002
7,240
7,389
413
337
543
394
21,175 22,934
21,732 22,933
21,782 22,981
21,707 23,028
4,560
4,559
4,557
4,557
28,124
28,189
28,053
28,054
,309
,308
,335
,326
616
1,187
1,725
1,656
Mar. 3 . . .
Mar. 1 0 . . .
Mar. 1 7 . . .
Mar. 2 4 . . .
Mar. 3 1 . . .
257 21,071
298 20,678
363 20,373
20,607
430 20,887
13,575
13,145
12,956
13,168
13,332
7,496
7,532
7,417
7,439
7,555
523
350
45
37.
291
21,851 23,036
21,326 23,083
23,119
21,429 23,135
21,607 23,137
4,559
4,559
4,559
4,557
4,559
28,024
28,006
27,920
27,851
27,781
,333
,331
,325
,336
,325
954 1,027
751
955
677 1,006
,458 1,018
,972
999
Apr. 7 . . .
Apr. 1 4 . . .
Apr. 2 1 . . .
Apr. 2 8 . . .
260 20,477
221 20,593
234 20,394
259 20,440
12,816
12,832
12,537
12,400
7,662
7,762
7,857
8,040
347
315
338
253
21,085 23,147
21,130 23,152
20,966 23,159
20,952 23,167
4,558
4,558
4,557
4,561
27,833
27,774
27,718
27,682
,329
,320
,336
,326
,140
,177
,283
,185
994
929
911
856
May 5 . . .
May 1 2 . . .
May 1 9 . . .
May 2 6 . . .
230 20,251
250 20,348
225 20,098
321 20,592
12,085
12,110
11,823
12,323
8,166
8,238
8,275
8,270
374
440
351
287
20,856 23,176
21,038 23,225
20,674 23,245
21,201 23,295
4,561
4,560
4,559
4,561
27,762
27,762
27,690
27,700
1,329
1,319
1,329
1,333
,114
,319
1,612
1,788
810
792
795
788
974
944
899
901
17,084
913
559 17,037 1001
765
16,750
558 16,799
964
55:
17,552 1,157
977
55: 17,366
17,351
904
55< 16,870
684
586 16,639
655
589
588 16,905
822
590 17,050
894
590 16,845
701
590 17,043
879
58'
817
545 17,033
884
544 17,087
546 16,506 P334
547 16,901 P713
v Preliminary.
i Includes industrial loans and acceptances purchased shown separately in subsequent tables.
* End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
JUNE
1948
673
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect May 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)1
Federal Reserve Bank
Effective
Rate
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
IX
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas City... .
Dallas
San Francisco. .
IS
j|
Other secured advances
[Sec. 10(b)]
Rate
14, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
19, 1948
12, 1948
15, 1948
1M
IK
\K
\K
IK
IK
IK
IK
Effective
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
14,
12,
12,
12,
12,
12,
12,
12,
12,
19,
12,
15,
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Effective
Jan.
Apr.
Mar.
Mar.
Mar.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Apr.
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
14,
6,
23,
9,
16,
24,
12,
12,
15,
19,
14,
25,
1948
1946
1946
1946
1946
1948
1948
1948
1948
1948
1948
1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum naturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
RATES ON BANKERS' ACCEPTANCES
AND COMMITMENTS UNDER SECTION 13b
[Per cent per annum]
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
In effect bePrevious
Rate on
[In effect May 31. Per cent per annum]
Maturity
May 31
ginning—
rate
1- 90 days
91-120 days
121-180 days
ii
i Jan. 12, 1948
i Jan. 12, 1948
i j a n . 12, 1948
1
Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Central
reserve
city
banks
Period in effect
June 21, 1917-Aug. 15,
Aug. 16, 1936-Feb. 28,
Mar. / , 1937-Apr. 30,
May
1, 1937-Apr. 15,
Apr. 16, 1938-Oct. 31,
Nov. 1, 1941-Aug. 19,
Aug. 20, 1942-Sept. 13,
Sept. 14, 1942-Oct. 2,
Oct. 3, 1942-Feb. 26,
Feb. 27, 1948-June 10,
June 11, 1948 and after
1936..
1937..
1937..
1938..
1941..
1942..
1942..
1942..
1948..
1948..
13
Reserve
city
banks
193^2
10
15
22M
17J^s
26
22M
26
24
22
20
22
24
20
17/^
20
20
20
20
20
20
To industrial or
commercial
businesses
IK
Time
deposits
(all
Country member
banks)
banks
7
3
4^
ioy2
12M
14
12
14
14
14
14
14
14
6
5
6
6
6
6
6
6
1
Demand deposits subject to reserve requirements, i. e., total
demand deposits minus cash items in process of collection and demand
balances due from domestic banks (also minus war loan and series E
bond accounts during the period Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935)
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established b y
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
Federal
Reserve
Bank
On discounts or
purchases
Portion
for which
institution is
obligated
2H
4
Rate charged borrower but not to exceed 1 per cent above
scount
rate.
5
Charge of }/i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
3. 446-447.
pp.
MARGIN REQUIREMENTS
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
]
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1947
1946
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the
rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits
under the laws of the State in which the member bank is located.
674
Remaining
portion
Boston
New York. . .
Philadelphia.
Cleveland. . .
Richmond
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis.
Kansas City.
Dallas
San Francisco
Nov. 1,1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
To financing institutions
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 1945, p. 235.
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1948
May 26
May 19
May 12
1947
May 5
Apr. 21
Apr. 28
Apr.
May
Apr. 14
May
Assets
21,405,170 21 ,355,170 21 342,170 21 ,292,170 21 ,279,170 21,259,170 21,259, 170 21,415, 170 21,277,170 18,974,678
Gold certificates
Redemption fund for
633,528
630,395
714,053
620,724
620,723
632,396
624,221
623,016
626,973
633,694
F. R. notes
Total gold certificate reserves. . . . 22,025,893 21,979,391 21,965,186 21,919,143 21,909,565 21,892,698 71,892,864 22,035,894 21,909,566 19,688,731
Other cash
280,321
Discounts and advances:
For member banks. . .
For nonmember
banks etc
163,757
68,250
93,183
82,485
110,725
157,000
157,000
157,000
148,000
148,000
320,757
225,250
250,183
230,485
258,725
2,146
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
288,907
286,656
887
878
297,596
323,672
1,688
325,756
343,087
268,262
324,057
238,842
85,390
68,260
148,604
100,514
155,485
148,000
153,000
157,000
148,000
23,500
233,390
221,260
305,604
248,514
178,985
4,384
2,491
916
1,394
1,618
5,687,731
8,196,591 7,703,801 7,944,701 7,858,751 8,140,201 8,282,151 8,488,951 8,245,319 7,973,501 9,284,187
4,125,993 4,118,993 4,165,743 4,226,743 4,259,543 4,254,693 4,342,793 4,140,493 4,236,243 6,011,718
369,300
1,946,800 1,936,800 1,956,800 1,972,700 1,955,700 1,933,800 1,926,550 1,957,800 1,962,700
735,390
6,323,000 6,338,650 6,281,220 6,193,118 6,084,467 5,923,655 5,835,069 6,318,500 6,167,215
Total U. S. Govt.
securities
20,592,384 20 098,244 20 348,464 20 ,251,312 20,439,911 20,394,299 20 ,593,363 20,662, 184 20,339, 659 22,088,326
Other Reserve Bank
333,935
469,227
credit outstanding. . .
372,418
350,067
251,188
268.498
606,841
286,499
438,898
313,137
Total Reserve Bank
credit outstanding 21,200,527 20,674,459 21,038,423 20,855,903 20,951,970 20,966,008 21,130,251 21,575,545 20,858,065 22,738,156
Liabilities
Federal Reserve notes. . 23,587,925 23,596,136 23,654,348 23 ,666,920 23 ,624,055 23 ,666,491 23,724,195 23,675,132 23,647,992 24,120,146
Deposits:
Member bank — reserve account
16,901,067 16,505,548 17,086,745 17,033,311 17,043,294 16,845,323 17,050,354 17,020,731 16,944,223 16,237,764
U. S. Treasurer—general account
1,787,560 1,612,086 1,319,494 1,113,886 1,185,346 1,282,982 1,177,026 1,683,699 1,236,405
727,801
372,298
422,475
368,728
374,276
Foreign
386,766
373,122
370,032
392,819
375,814
448,482
415,807
426,451
Other
469,270
488,687
417,898
439,935
670,700
433,258
681,251
480,288
Total deposits
19,476,732 18,912,813 19,198,413 18,957,164 19,084,676 19,039,467 19,156,150 19,761,495 19,006,705 18,009,387
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent). . ,
51.1
51.7
51.3
51.4
51.3
51.3
51.1
50.7
51.4
46.7
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Apr. 28
May 5
May 12
May 19
May 26
Industrial loans:
Apr. 28
May 5
May 12
May 19
May 26
U. S. Government securities:
Apr. 28
May 5
May 12
May 19
May 26
JUNE 1948
Within
15 days
16 to 30
days
31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over
5 years
days
6 months to 1 year 2 years
5 years
days
258,725
230,485
250,183
225,250
320,757
119,515
81,448
92,073
67,642
167,197
15,854
5,914
25,125
26,415
30,575
43,302
61,160
51,903
69,565
61,264
80,012
81,922
81,059
61,605
61,697
19
20
3!
4
6
23
21
20
19
18
2,146
1,688
878
898
887
1,931
1,336
527
531
545
28
33
53
44
21
71
65
38
41
21
164
168
171
155
137
55
51
71
68
4
4
4
4
4
20,439,911
20,251,312
20,348,464
20,098,244
20,592,384
1,536,593
1,608,646
1,914,014
2,291,857
2.305,259
,479,,102 3 ,113,502 4 ,937,144
,758,713 5 ,186,076 2 ,092,156
,647.301 5,155,421 1,898,905
,432,,786 4 ,752,996 1,849,102
,390,441 4,926,694 2 ,197,137
2,232,417
2,226,917
2,196,617
2,165,867
2,175,867
1,175,700
1,304,700
1,374,000
1,386,000
1,393,000
883, 468
992, 119
1,080,221
1,138,651
1,138,651
5,081,985
5,081,985
5,081,985
5,080,985
5,065,335
675
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
New
York
Boston
Assets
Gold certificates:
Apr. 28
21,279,170
21,292,170
May 5
21,342,170
May 12
21,355,170
May 19
21,405,170
May 26
808,188
810,303
820,252
848,295
805,900
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
6,718,561 1,017,656 1,411,950 1,009,743 1,063,951 4,227,417
6,686,499 1,045,081 1,413,257 1,019,859 1,057,427 4,225,001
6,685,109 1,032,253 1,389,066 1,009,326 1,084,445 4,255,832
6,572,053 1,065,425 1,454,346 1,015,918 1,050,734 4,291,588
6,739,980 1,095,522 1,432,207 1,002,699 1,035,186 4,301,296
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
585,353
587,565
583,872
593,221
569,455
426,488
432,696
430,465
448,455
423,040
756,935
761,148
774,406
747,435
758,011
102,790
97,739
97,739
97,427
97,197
46,066
46,058
45,979
45,969
45,904
22,619
22,613
22,583
22,576
22,554
35,090
35,080
35,026
35,003
34,959
6,787,820 1,075,670 1,485,681 1,064,067 1,102,514 4,330,207
6,755,619 1,103,054 1,486,946 1,076,169 1,095,941 4,322,740
6,753,308 1,089,855 1,462,488 1,064,036 1,122,742 4,353,571
6,640,080 1,123,016 1,527,720 1,072,579 1,089,008 4,389,015
6,807,249 1,152,799 1,505,358 1,058,073 1,073,278 4,398,493
631,419
633,623
629,851
639,190
615,359
449,107
455,309
453,048
471,031
445,594
792,025
796,228
809,432
782 438
792,970
498,641 2,754,287
511,356 2,741,978
521,904 2,755,240
514,212 2,753,488
511,506 2,730,368
Redemption fund
for F. R. notes:
Apr. 28
May
5
M a y 12
630,395
626,973
623,016
624,221
620,723
55,176
55,151
54,917
54,909
54,731
Total gold certificate reserves:
21,909,565
Apr. 28
21,919,143
May 5
21,965,186
May 12
21,979,391
May 19.
22,025,893
May 26
863,364
865,454
875,169
903,204
860,631
May 19
May 26
vytiicr
Co-Sii •
Othf*r rach
Apr. 28.
May
5
M a y 12
M a y 19
M a y 26
Discounts & advances:
Secured by
U. S. Govt.
securities:
Apr. 28..
May
5..
M a y 12..
M a y 19. .
M a y 26. .
Other:
Apr. 28..
May
5. .
M a y 12..
M a y 19. .
M a y 26. .
Industrial loans:
Apr. 28 .
May
5
M a y 12
M a y 19
M a y 26
U. S. Govt.
securities:
Bills:
Apr. 28
May
5
M a y 12....
M a y 19
M a y 26
Certificates:
Apr. 28
May
5
M a y 12
M a y 19
M a y 26
Notes:
Apr. 28
May
5
M a y 12
M a y 19
M a y 26
69,259
69,120
68,199
68,027
67,269
58,014
57,973
57,602
57,591
57,277
73,731
73,689
73,422
73,374
73,151
54,324
56,310
54,710
56,661
55,374
38,563
38,514
38,297
38,274
38,092
25,647
25,639
25,639
25,565
25,514
49,116
49,087
48,903
48,845
48,701
524,288 2,803,403
536,995 2,791,065
547,543 2,804,143
539 777 2 802 333
537,020 2,779,069
323,672
297,596
286,656
288,907
280,321
39,568
38,710
38,048
37,562
35,705
62,720
54,838
58,443
52,725
51,941
17,117
16,100
12,774
15,728
13,722
35,143
30,476
29,841
26,722
28,210
19,599
18,120
18,160
18,462
17,112
20,983
22,778
19,582
22,545
22,996
43,787
37,537
33,586
35,011
35,816
13,671
10,570
10,302
11,976
12,299
7,477
7,591
6,543
6,733
6,120
10,558
8,478
8,869
10,022
9,863
10,657
10,793
10,692
10,829
10,662
42,392
41,605
39,816
40,592
35,875
109,882
81,652
92,310
67,177
162,687
12,585
10,210
12,975
12,030
12,099
38,299
11,918
36,148
9,933
42,303
6,170
5,240
4,123
5,241
6,323
12,568
11,500
18,120
4,750
10,225
8,605
3,995
4,930
6,575
13,920
2,285
4,074
100
75
375
1,284
5,569
37,850
9,040
2,465
4,440
5,840
16,140
125
6,930
5,830
4,780
14,164
13,423
1,475
734
6,125
20,000
1,100
620
5,700
5,750
3,890
2,840
4,090
148,743
148,833
157,873
158,073
158,070
9,324
9,324
9,891
9,891
9,891
47,360
47,360
50,240
50,240
50,240
11,988
11,988
12,717
12,717
12,717
13,986
13,976
14,644
14,644
14,744
7,252
7,252
7,693
7,893
7,893
6,168
6,168
6,537
6,537
6,622
20,178
20,178
21,402
21,402
21,402
5,628
5,628
6,152
6,152
5,952
3,700
3,700
3,925
3,925
3,925
5,203
5,203
5,518
5,518
5,518
5,032
5,032
5,338
5,338
5,350
13,024
13,024
13,816
13,816
13,816
471
585
1,415
800
2,146
1,688
878
898
887
214
254
46
49
575
572
560
254
257
261
49
69
66
550
2,475
595
695
1,495
8,140,201
7,858,751
7,944,701
7,703,801
8,196,591
547,217
528,297
534,075
517,880
551,008
1,951,874
1,884,387
1,904,996
1,847,233
1,965,395
581,454
561,351
567,490
550,282
585,483
780,401
753,418
761,658
738,563
785,807
528,657
510,379
515,961
500,316
532,319
408,093 1,156,625
393,983 1,116,634
398,292 1,128,847
386 215 1,094,618
410,920 1,164,637
449,445
433,905
438,651
425,350
452,558
249,163
240,548
243,179
235,806
250,890
379,423
366,304
370,310
359,082
382,051
368,906
356,151
360,046
349,128
371,461
738,943
713,394
721,196
699,328
744,062
4,259,543
4,226,743
4,165,743
4,118,993
4,125,993
286,344 1,021,361
284,139 1,013,497
280,037
998,871
276,895
987,660
277,367
989,338
304,259
301,917
297,560
294,220
294,720
408,362
405,218
399,370
394,888
395,560
276,631
274,501
270,539
267,504
267,957
213,544
211,899
208,842
206,497
206,847
605,230
600,569
591,902
585,260
586,254
235,182
233,370
230,003
227,422
227,809
130,381
129,377
127,509
126,080
126,293
198,542
197,014
194,170
191,989
192,317
193,039
191,551
188,787
186,668
186,986
386,668
383,691
378,153
373,910
374,545
1,955,700
1,972,700
1,956,800
1,936,800
1,946,800
131,470
132,613
131,544
130,199
130,871
468,942
473,018
469,205
464,410
466,808
139,696
140,910
139,774
138,346
139,060
187,493
189,123
187,598
185,681
186,639
127,011
128,115
127,083
125,784
126,434
98,045
98,897
98,100
97,098
97,600
277,881
280,297
278,038
275,196
276,617
107,980
108,919
108,041
106,936
107,488
59,862
60,382
59,896
59,283
59,589
91,157
91,949
91,208
90,276
90,742
88,630
89,401
88,680
87,774
88,227
177,533
179,076
177,633
175,817
176,725
6,084,467
Apr.' 28
May
5
6,193,118
M a y 12
6,281,220
M a y 19
6,338,650
M a y 26
6,323,000
Total U. S. Govt.
securities:
20,439,911
Apr. 28
May
5
20,251,312
M a y 12
20,348,464
M a y 19
20,098,244
M a y 26
20,592,384
409,022
416,326
422,249
426,110
425,057
1,458,946
1,484,998
1,506,123
1,519,894
1,516,142
434,613
442,374
448,667
452,769
451,652
583,318
593,734
602,181
607,686
606,186
395,150
402,206
407,928
411,657
410,641
305,032
310,480
314,896
317,776
316,991
864,530
879,968
892,486
900,646
898,422
335,942
341,941
346,805
349,976
349,112
186,239
189,565
192,262
194,019
193,541
283,603
288,667
292,774
295,452
294,721
275,742
280,666
284,659
287,262
286,552
552,330
562,193
570,190
575,403
573,983
1,024,714 2,904,266 1,128,549
1,015,259 2,877,468 1,118,135
1,020,130 2,891,273 1,123,500
1,007,586 2.855,720 1,109,684
1,032,358 2,925,930 1,136,967
625,645
619,872
622,846
615,188
630,313
952,725
943,934
948,462
936,799
959,831
926,317
917,769
922,172
910,832
933,226
1,855,474
1,838,354
1,847,172
1,824,458
1,869,315
1,986,342 1,343,352 1,034,582 2,930,569 1,143,217
1,967,223 1,326,497 1,026,301 2,917,646 1,126,228
1,983,825 1,334,183 1,027,401 2,913,775 1,134,092
1,946,469 1,319,798 1,015,407 2,877,672 1,121,676
1,999,422 1,359,230 1,044,549 2,985,182 1,159,059
629,445
623,647
627,146
621,588
634,363
964,858
954,967
958,760
956,481
978,772
932,824
923,396
928,205
917,665
939,196
1,874,198
1,857,128
1,864,878
1,841,114
1,887,221
2
1
1
1
1
3
2
2
2
2
3
2
2
2
2
8
4
4
4
4
securities:
Apr. 28
May
5
M a y 12
M a y 19
M a y 26
Due from foreign
banks:
Apr. 28
May
5
M a y 12
M a y 19
M a y 26
1
1,374,053
1,361,375
1,367,905
1,351,084
1,384,303
4,901,123 1,460,022 1,959,574 1,327,449
4,855,900 1,446,552 1,941,493 1,315,201
4,879,195 1,453,491 1,950,807 1,321,511
4,819,197 1,435,617 1,926,818 1,305,261
4,937,683 1,470,915 1,974,192 1,337,351
20,700,782
20,483,485
20,599,525
20,324,392
20,914,028
1,395,962
1,380,909
1,390,771
1,373,005
1,406,293
4,986,782
4,915,178
4,965,583
4,879,370
5,030,226
1,478,651
1,464,365
1,470,906
1,454,147
1,490,515
94
49
49
49
49
6
3
3
3
3
130
1
8
4
4
4
4
1
16
16
M
6
1
16
9
4
4
4
4
5
2
2
2
2
4
2
2
2
2
13
7
7
7
7
3
2
2
2
2
After deducting $64,000 participations of other Federal Reserve Banks on Apr. 28; $33,000 on May 5; May 12; May 19; and May 26.
676
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars!
Total
Federal Reserve
notes of other
Banks:
Apr. 28
May 5
May 12
May 19
May 26
Uncqllected
items:
Apr. 28
May 5
May 12
May 19
May 26
Bank premises:
Apr. 28
May 5
May 12
May 19
May 26
Other assets:
Apr. 28
May 5
May 12
May 19
May 26
Total assets:
Apr. 28
May 5
May 12
May 19
May 26
Federal Reserve
notes:
Apr. 28
May 5
May 12
May 19
May 26
Deposits:
Member bank
reserve
account:
Apr. 2 8 . . .
May 5 . . .
May 12. ..
May 19. ..
May 26. ..
U. S. Treasurer-general
account:
Apr. 28.
May 5.
May 12.
May 19.
May 26.
Apr. 28.
May 5.
May 12.
May 19.
May 26.
Other:
Apr. 28.
May 5.
May 12.
May 19.
May 26.
Total deposits:
Apr. 28
May 5
May 12
May 19
May 26
bility items:
Apr. 28
May 5
May 12
May 19
May 26
Other liab. incl.
accrued div.
Apr. 28
May 5
May 12
May 19
May 26
Total liabilities:
Apr. 28
May
5
M a y 12
M a y 19
M a y 26
Boston
New
York
Philadelphia
Cleveland
Richmond
110,799
96,329
106,386
112,062
104,385
4,243
4,432
4,228
4,830
4,961
17,057
11,260
16,915
18,095
17,408
5,287
4,894,!
4,948
5,774
5,111
6,078
4,829
5,996
6,512
5,702
14,782
13,205
11,488
11,443
12,319
2,512,184
2,525,111
2,814,406
2,970,716
2,509,034
210,810
202,057
241,219
238,633
231,470
496,765
477,317
548,233
606,683
487,926
158,470
177,451
187,478
200,252
169,519
241,553
249,466
285,363
289,057
274,509
198,625
204,078
237,753
250,377
199,805
32,689
32,655
32,652
32,657
32,617
1,222
1,222
1,222
1,222
1,218
8,189
8,171
8,1*3
8,173
8,173
3,132
3,132
3,132
3,132
3,119
4,888
4,887
4,883
4,883
4,876
2,610
2,610
2,610
2,610
2,603
154,372
158,939
164,172
167,182
170,509
10,449
10,739
11,053
11,408
11,611
36,396
37,245
38,811
39,558
40,535
10,666
11,047
11,347
11,579
11,792
14,932
15,521
15,659
16,188
16,505
10,304
10,584
10,970
10,886
11,116
45,744,157
45,513,307
45,969,032
45,875,356
46,036,836
,525,624
,503,526
,561,713
,569,867
,551,892
12,395,759
12,259,644
12,389,482
12,244,700
12,443,474
23,624,055
23,666,920
23,654,348
23,596,136
23,587,925
1,420,898
1,422,194
1,422,948
1,418,852
1,422,295
5,421,102
5,427,837
5,410,452
5,407,945
5,412,755
17,043,294
17,033,311
17,086,74.
16,505,548
16,901,067
715,444
726,299
736,051
714,880
705,083
5,574,110
5,488,620
5,531,716
5,268,705
5,447,212
803,822
839,084
790,570
776,060
822,514
1,279,413
1,268,837
1,269,133
1,225,287
1,249,985
717,299
736,065
724,025
706,482
713,534
1,185,346
1,113,886
1,319,494
1,612,086
1,787,560
113,224
106,400
109,580
143,521
158,498
195,927
226,899
315,449
358,579
458,473
94,535
77,934
124,291
157,753
168,344
114,410
123,860
123,827
168,391
186,615
80,543
64,760
80,287
90,297
97,777
386,766
370,032
374,276
368,728
372,298
22,862
22,030
21,785
21,382
22,327
H40,639
132,881
H39.762
131,921
29,306
28,237
27,921
27,402
28,617
33,286
32,071
31,712
31,124
32,503
469,270
439,935
417,898
426,451
415,807
2,642
1,963
1,825
1,658
1,471
406,573
374,481
358,66:
367,513
359,269
1,964
2,036
1,522
1,843
1,577
7,962
7,242
6,017
6,319
5,998
19,084,676
18,957,164
19,198,413
18,912,813
19,476,732
854,172
856,692
869,241
881,441
887,379
2,261,090
2,152,742
2,375,557
2,620,698
2,222,584
201,141
177,641
222,314
222,065
194,447
421,322
381,72:
405,109
472,569
403,007
136,890
153,167
158,781
173,493
148,236
209,672
198,699
222,099
254,406
224,527
181,729
179,762
203.308
227,055
186,277
17,453
15,892
16,393
17,810
17,883
1,017
985
962
967
1,058
4,621
4,259
4,542
6,190
5,296
1,087
1,004
1,069
990
1,099
1,870
1,879
1,652
1,744
1,893
944
860
897
821
951
44,987,27
44,792,718
45,244,711
45,147,457
45,305,124
2,477,228
2,457,512
2,515,465
2,523,325
2,505,179
1
1
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
14,056
14,110
15,047
14,813
14,323
8,442
6,459
8,374
8,115
8,933
3,636
3,133
4,022
3,914
3,801
6,630
6,157
6,284
5,631
6,476
4,973
4,821
4,619
4,987
4,090
15,223
11,840
12,785
17,166
11,045
186,518 383,700
171,084 390,632
182,771 420,389
191,888 426,415
151,906 371,583
107,979
114,334
129,331
125,799
107,770
58,341
60,444
68,616
68,597
61,528
136,022
132,637
136,493
158,821
132,880
118,885
110,753
129,663
152,259
116,200
214,516
234,858
247,097
261,935
203,938
1,546
1,546
1,546
1,546
1,542
3,037
3,035
3,035
3,036
3,039
1,961
1,958
1,957
1,958
1,956
1,198
1,198
1,198
1,198
1,198
2,433
2,427
2,427
2,427
2,427
785
781
781
784
784
1,688
1,688
1,688
1,688
1,682
7,758
8,049
8,258
8,492
8,641
21,861
22,310
22,957
23,655
24,093
8,848
9,045
9,335
9,554
9,740
4,743
4,888
4,930
5,064
5,132
7,205
7,431
7,527
7,708
7,805
7,006
7,390
8,186
7,581
7,749
14,204
14,690
15,139
15,509
15,790
2,749,001 3,774,626 2,653,344 2,364,297 7,727,230
2,780,047 3,759,352 2,651,265 2,336,890 7,708,017
2,780,444 3,788,059 2,679,202 2,373,982 7,762,367
2,813,632 3,817,555 2,686,157 2,339,670 7.,769,624
2,846,581 3,834,586 2,660,260 2,313,130 7,832,536
1,915,540
1,902,219
1,923,244
1,918,270
1,915,118
1,153,949
1,156,211
1,165,504
1,178,126
1,157,737
1,919,734
1,908,327
1,929,794
1,923,530
1,931,195
1,599,421 4,965,632
1,594,931 4,952,878
1,629,691 4,985,550
1,633,884 4,980,341
1,615,703 4,934,624
1,610,943 1,316,266 4,508,670
1,613,052 1,320,838 4,511[,183
1,318,449 4,506,576
1,605,634 1,314,270 4,499,812
1,604,514 1,309,994 4,493,928
1,079,607
1,083,811
1,082,475
1,078,884
1,075,487
608,833
612,183
612,063
609,225
609,339
913,868
918,756
917,230
914,943
911,275
587,602 2,477,361
591,019 2,485,106
590,259 2,494,696
587,834 2,478,004
588,456 2,476,939
743,196 2,525,918
750,932 2,553,957
756,241 2,573,841
712,204 2,476,071
723,686 2,579,894
615,751
621,171
615,703
600,393
610,981
408,039
403,404
411,633
407,239
400,063
782,655
782,666
796,597
769,089
791,696
799,611 2,078,036
813,427 2,048,849
825,780 2,055,455
809,506 2,039,632
800,502 2,055,917
72,161
56,009
73,301
74,185
75,163
199,506
181,215
182,634
255,523
271,104
68,753
47,895
63,871
72,622
81,219
53,284
56,797
54,900
70,882
62,854
59,083
50,458
58,924
63,988
71,880
61,443
49,801
56,023
57,073
77,838
72,477
71,858
76,407
99,272
77,795
17,728
17,081
16.890
16,577
17,312
14,834
14,293
14,133
13,870
14,485
49,205
47,410
46,879
46,009
48,049
13,025
12,550
12,409
12,179
12,719
9,045
8,715
8,618
8,458
8,833
12,663
12,201
12,064
11,840
12,365
12,301
11,852
11,720
11,502
12,012
31,872
30,711
30,383
29,835
31,155
5,256
3,113
2,669
2,240
2,592
553
373
983
576
861
2,115
2,227
2,037
2,176
2,559
5,055
4,846
4,794
5,174
5,104
1,732
2,448
1,649
1,588
1,445
195
1,471
1,459
1,742
428
830,744 2,776,744
821,607 2,784,809
844,658 2,805,391
800,835 2,779,779
814,195 2,901,606
702,584
686,462
696,777
690,368
710,023
472,100
471,364
476,800
488,167
473,195
854,596
846,796
869,044
846,659
876,369
34,713
510
37,045
2,690
34,895
1,383
35,059
563
33,985
518
873,865 2,217,098
877,770 2,188,463
894,906 2,197,140
878,644 2,203,798
890,870 2,198,852
183,945
162,972
179,201
192,755
156,840
336,386
312,391
350,108
389,329
335,619
103,659
104,328
116,074
120,993
101,253
52,305
53,145
56,987
60,843
55,322
122,014
115,316
115,793
134,117
115,466
109,660
99,574
117,869
140,543
109,257
202,367
214,025
227,914
232,530
192,333
794
698
722
679
770
2,866
2,321
2,470
2,376
2,527
775
709
746
673
771
549
521
545
675
549
667
626
619
618
663
788
734
663
700
777
1,475
1,296
1,506
1,377
1,529
7,624,666 1,886,625 1,133,787
7,610,704 1,875,310 1,137,213
7,664,545 1,896,072 1,146,39
7,671,296 1,890,918 1,158,910
7,733,680 1,887,534 1,138,405
1,891,145
1,881,494
1,902,686
1,896,337
1,903,773
1,620,726 2,058,179
1,620,490 2,060,451
1,617,931 2,066,950
1,617,461 2,063,272
1,617,288 2,065,655
6,317,249 929,627
6,222,881 947,291
6,345,592 944,304
6,133,347 963,058
6,396,875 1,021,052
,435,071 820,826
1,432,010 821,019
1,430,689 823,871
1,431,121 815,596
1,475,101 831,215
10,392
11,189
11,680
10,782
10,216
12,164,294 2,688,330 3,704,792 2,614,442 2,331,749
12,036,699 2,721,952 3,693,039 2,614,693 2,306,115
12,165,695 2,722,085 3 ,721,,,390 2,642,395 2,343,030
12,020,051 2,755,002 3,750,543
,750,
2,649,106 2,308,539
12,217,933 2,787,675 3 ,767,176 2,622,957 2,281,799
1,571,915 4,898,301
1,569,097 4,888,890
1,603,697 4,921,256
<
1,607,721 4,915,709
1,589,360 4,869,653
1
After deducting $246,024,000 participations of other Federal Reserve Banks on Apr, 28; $237,048,000 on May 5; $234,396,000 on May 12;
$230,044,000 on May 19; and $240,244,000 on May 26.
JUNE
1948
677
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Capital Accts.:
Capital paid in:
Apr. 28
197,990
May 5 . . . .
198,025
May 12. . . .
198,055
May 19. . . .
198,088
May 26
198,120
Surplus:
(section 7):
Apr. 2 8 . . . .
448,189
May 5 . . . .
448,189
May 12
448,189
May 19
448,189
May 26. .. .
448,189
(section 13b):
Apr. 2 8 . . . .
27,543
May 5 . . . .
27,543
May 12
27,543
May 19. . . .
27,543
May 26
27,543
Other cap. accts.:
Apr. 28
83,161
May 5
46,832
May 12
50,534
May 19
54,079
May 26. . . .
57,860
Total liabilities
and cap. accts.:
Apr. 2 8 . . . . 45,744,157
May 5
45,513,307
May 12
45,969,032
May 19
45,875,356
May 26
46,036,836
Contingent liability on bills
purchased for
foreign correspondents:
Apr. 2 8 . . . .
3,384
May 5
3,363
May 12. .. .
3,275
May 19
3,299
May 26
3,300
Commit, to make
indus. loans:
Apr. 2 8 . . . .
7,726
May 5
6,607
May 12. . . .
6,616
May 19
6,623
May 26
6,634
Philadelphia
New
York
Boston
Richmond
Cleveland
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
11.307
11,308
11,311
11,311
11,311
69,131
69,132
69,133
69,137
69,128
14,543
14,543
14,543
14,546
14,546
18,957
18,968
18,974
18,974
18,976
8,435
8,438
8,438
8,440
8,443
7,724
7,730
7,731
7,734
7,747
24,093
24,093
24,096
24,098
24,102
6,503
6,503
6,509
6,509
6,517
4,363
4,364
4,364
4,364
4,364
6,772
6,775
6,775
6,776
6,777
7,612
7,613
7,618
7,621
7,631
18,550
18,558
18,563
18,578
18,578
28,117
28,117
28,117
28,117
28,117
138,596
138,596
138,596
138,596
138,596
35,350
35,350
35,350
35,350
35,350
42,173
42,173
42,173
42,173
42,173
21,210
21,210
21,210
21,210
21,210
19,110
19,110
19,110
19,110
19,110
66,217
66,217
66,217
66,217
66,217
16,972
16,972
16,972
16,972
16,972
11,233
11,233
11,233
11,233
11,233
16,148
16,148
16,148
16,148
16,148
14,111
14,111
14,111
14,111
14,111
38,952
38,952
38,952
38,952
38,952
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
5,961
3,578
3,809
4,103
4,274
16,419
7,898
8,739
9,597
10,498
6,289
3,713
3,977
4,245
4,521
7,698
4,166
4,516
4,859
5,255
5,908
3,575
3,810
4,052
4,301
4,952
3,173
3,349
3,525
3,712
10,825
5,574
6,080
6,584
7,108
4,919
2,913
3,170
3,350
3,574
3,493
2,328
2,439
2,546
2,662
4,532
2,773
3,048
3,132
3,360
4,476
2,803
2,958
3,124
3,294
7,689
4,338
4,639
4,962
5,301
2,525,624
2,503,526
2,561,713
2,569,867
2,551,892
12,395,759
12,259,644
12,389,482
12,244,700
12,443,474
2,749,001
2,780,047
2,780,444
2,813,632
2,846,581
3,774,626
3,759,352
3,788,059
3,817,555
3,834,586
2,653,344
2,651,265
2,679,202
2,686,157
2,660,260
2,364,297
2,336,890
2,373,982
2,339,670
2,313,130
7,727,230
7,708,017
7,762,367
7,769,624
7,832,536
1,915,540
1,902,219
1,923,244
1,918,270
1,915,118
1,153,949
1,156,211
1,165,504
1,178,126
1,157,737
1,919,734
1,908,327
1,929,794
1,923,530
1,931,195
213
212
206
208
208
1
1,083
1
1,076
1
1,048
1
1,056
1
274
272
265
267
267
311
310
301
304
304
166
165
161
162
162
139
138
134
135
135
460
457
445
449
449
122
121
118
119
119
85
84
82
82
83
118
118
115
115
115
1,398
1,310
1,290
1,286
1,286
1,286
126
133
139
133
131
16
16
16
16
16
341
341
341
353
353
580
580
580
580
580
1,056
75
75
75
75
75
292
302
303
316
1,599,421 4,965,632
1,594,931 4,952,878
1,629,691 4,985,550
1,633,884 4,980,341
1,615,703 4,934,624
115
114
112
112
112
298
296
288
290
290
130
130
127
127
127
3,750
3,750
3,750
3,750
3,750
1
After deducting $2,301,000 participations of other Federal Reserve Banks on Apr. 28; $2,287,000 on May 5; $2,227,000 on May 12; $2,243,000
on May 19; and $2,244,000 on May 26.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F.R.notes outstanding
(issued to Bank):
Apr. 28
May 5
May 12
May 19
May 26
Collateral held against
notes outstanding:
Gold certificates:
Apr. 28
May 5
May 12
May 19
May 26
Eligible paper:
Apr. 28
May 5
May 12
May 19
May 26
U. S. Gov. s e c :
Apr. 28
May 5
May 12
May 19
May 26
Total collateral:
Apr. 28
May 5
May 12
May 19
May 26
24,473,201
24,450,021
24,469,151
24,463,539
24,459,891
Boston
New
York
1,477,005 5,657,023
1,476,452 5,647,423
1,474,083 5,645,226
1,474,771 5,671,643
1,471,907 5,681,630
Philadelphia
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
1,675,238
1,676,732
1,681,657
1,673,756
1,664,228
1,363,176 4 584,519
, ,
1,359,352 4,580,642
580,642
1,363,390 4,578,114
, ,
, , 54
125,112
120,971
124,690
119,985
117,408
632,393
632,005
632,679
631,031
630,686
942,614
944,167
943,283
940,610
941,481
619,464 2,590,720
619,866 2,587,956
621,485 2,593,947
618,400 2,594,930
620,486 2,589,500
735,000
735,000
735,000
735,000
735,000
625,000
625,000
625,000
625,000
625,000
675,000 2,630,000
:
675,000 2,700,000
:
675,000 2,700,000
:
675,000 2,:
2,700,000
675,000 2,700,000
315,000
315,000
315,000
315,000
315,000
200,000
200,000
200,000
200,000
200,000
280,000
280,000
280,000
280,000
280,000
169,000 2,050,000
169,000 2,050,000
,100,000
169,000 2.
169,000 2,100,000
169,000 2,050,000
9,340
2,765
4,940
6,340
16,440
100
75
375
2,475
125
6,930
5,832
4,783
14,168
13,428
5,700
5,750
3,890
2,840
4,090
950,000
950,000
950,000
950,000
950,000
450,000
450,000
450,000
450,000
450,000
700,000
700,000
700,000
700,000
700,000
500,000 1,000,000
500,000 1,000,000
500,000 1,000,000
500,000 800,000
500,000 800,000
1,733,505 ,425,000 4,630,000 1,274,340 650,100
1,703,895 ,425,000 4,600,000 1,267,765 650,075
1,704,830 425,000 4,600,000 1,269,940 650,375
1,706,475 425,000 4,600,000 1,271,340 652
2,475
0,125
1,713,120 425,000 4,600,000 1,281,440 650
986,930
985,832
984,783
994,168
993,428
669,000 3,055,700
669,000 3,055,750
669,000 3,103,890
669,000 2,902,840
669,000 2,854,090
460,000
460,000
460,000
460,000
460,000
4,470,000
4,470,000
4,470,000
4,470,000
4,470,000
550,000
550,000
550,000
550,000
550,000
85,094
45,685
71,779
59,392
105,528
12,585
10,210
12,975
12,030
12,099
35,764
11,918
35,863
9,823
39,903
6,170
5,240
4,123
5,241
6,323
12,750,000
12,625,000
12,425,000
12,225,000
12,225,000
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
1,500,000
1,500,000
1,300,000
1,300,000
1,300,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
25,994,094
25,899,685
25,775,779
25,563,392
25,559,528
1,572,585 6,005,764
1,570,210 5,981,918
1,572,975 5,805,863
1,572,030 5 779,823
1,572,099 5,809,903
Richmond
1,662,260 2 ,143,677
1,662,356 2,142,099
1,667,456 2 ,143,141
1,659,703 2 ,143,814
1,664,977 2,141,410
13,159,000
13,229,000
13,279,000
13,279,000
13,229,000
678
Cleveland
1,358,542 4,576,354
1,359,950 4,576,228
8,505
3,895
4,830
6,475
13,120
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,756,170 2 ,235,000
1,755,240 2 ,235,000
1,754,123 2,235,000
1,755,241 2,235,000
1,756,323 2,235,000
1,100,000
1,075,000
1,075,000
1,075,000
1,075,000
750,000
750,000
750,000
750,000
750,000
2,000,000
1,900,000
1,900,000
1,900,000
1,900,000
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Additional
amount
available to
borrowers
under guarPortion antee agreeguaranments
outstanding
teed
Date
Number
Amount
1942
June 30
Dec. 31
565
2.665
310,680
2,688,397
1943
June 30
Dec. 31
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1.914,040 1,601,518 3,146,286
1944
June 30
Dec. 30
6,433
7.434
8,046,672 2,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
Total
amount
81,108
803,720
69,674
137,888
632,474 1,430,121
1945
June 30
8,422 10,149,351 1,386,851 1,190,944 3,694,618
Dec. 31 . . . 8,757 10,339,400 510.270 435,345
966,595
1946
June 29
Dec. 31
8,771 10,344,018
8,771 10,344,018
70,267
18,996
60.214
17,454
142,617
28,791
1947
June 30
Dec. 31
8,771 10,344,018
8,771 10,344,018
3,589
2,412
3,218
2,183
6,726
1948
31
28
31
30
8,771 10,344,018
8,771 10,344,018
8.771 10,344,018
8,771 10,344,018
2,357
1,959
1,835
1,787
2,133
1,777
1,666
1,623
Jan.
Feb.
Mar.
Apr.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
ApApplications
proved
Loans CommitDate (last
approved
ments
Wednesday
to date
but not
outoutcom- standing2
or last day
pleted » (amount) standing
of period) Num(amount)
(amount)
Amount
ber
13 ,589
32 ,493
25 ,526
20 ,216
17 ,345
13 ,683
9 ,152
10 ,337
14 ,126
10 ,532
3 ,894
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
10,661
9,270
4,165
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17,930
2,706
537,331
544,961
70
320
3 ,252
1 ,995
5,224
1,644
2,501
1,086
3,524
3,542
552,711
565,913
615
4 ,577
1 ,210
554
5,366
8,309
1,110
2,670
1947
Mar. 31
June 30
Sept. 30
Dec. 31
3,548
3,555
3,566
3,574
569,825
572,836
577,614
586,726
4 ,595
195
1 ,229
945
1 ,081
1 ,778
1 ,892
1 ,387
8,160
7,018
7,395
7,434
2,727
4,043
5,019
4.869
1948
Jan. 31
Feb. 28.
Mar. 31.
Apr. 30
3,576
3,582
3,587
3,593
589,986
596,048
600,322
604,623
1 ,025
145
45
70
1 ,972
4 ,906
3 ,785
1 ,394
7,077
7,918
7,700
6,646
5,213
6,770
5,109
4,234
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3,471
3,489
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
525,532
1945
June 30
Dec. 31
3,502
3,511
1946
June 29
Dec. 31
20
11
8
3
1
2
13
8
4
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.
JUNE 1948
Central reserve
city banks
New
York
Chi-
Reserve
city
banks
Country
banks l
Total reserves held:
1947—March
April
1948—March
April
16,006
15,931
17,106
16,926
4,129
4,125
4,602
4,552
877
879
1,063
1,017
6,308
6,294
6,514
6,473
4,693
4,633
4,927
4,884
Apr.
Apr.
A
Apr.
Apr.
May
May
May
16,699
16,909
16,960
16,937
16,909
16,971
16,960
16,934
4,505
4,563
4,537
4,545
4,558
4,524
4,498
4,484
983
971
1,036
1,040
1,041
1,052
1,050
1,055
6,382
6,471
6,482
6,461
6,478
6,509
6,532
6,500
4,829
4,903
4,905
871
833
822
811
21
13
45
39
217
226
205
231
630
583
563
534
689
867
822
782
756
777
758
53
51
32
23
41
13
10
10
152
252
229
216
225
218
210
172
478
550
553
537
486
539
535
1.
8
15
22
29
6
13
20
,
Excess reserves:
1947—March
April
1948—March
April
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
1
8
15
22
29
6
13
20
P731
Borrowings at Federal
Reserve Banks:
1947—March
April
1948—March
April
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
1
8
15
22
29
6
13
20
,892
,832
,886
,880
4,894
173
126
270
111
33
16
103
14
66
51
84
48
54
55
40
42
467
147
93
83
107
82
131
83
218
49
1
1
1
121
51
36
45
59
40
42
32
55
41
40
34
45
40
32
36
Participations
outstanding
(amount)
966
548
226
369
946
659
954
294
248
926
1 295
1934.. .
1935. . .
1936. . .
1937. . .
1938. . .
1939. . .
1940. . .
1941. . .
1942. . .
1943. . .
1944. . .
All
member 1
banks
Month, or
week ending Thursday
In millions of dollars]
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures.
In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
April 1947
March 1948
15,154
16,055
8,385
8,787
11,671
11,979
5,939
6,071
April 1948
16,032
8,807
11,856
6,057
Boston
New York
Philadelphia
Cleveland
1,847
2,912
1,117
1,317
873
2,214
767
916
327
996
900
1,042
232
1,155
899
822
Richmond
Atlanta
Chicago
St. Louis
1,077
1,569
2,135
637
398
491
1,588
338
859
685
1,674
968
472
218
959
276
Minneapolis
Kansas City
Dallas
San Francisco. . .
563
543
995
1,319
297
104
146
676
753
1,580
1,528
544
451
204
66
303
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
679
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
II
Class of bank and
Federal Reserve district
Total
Interbank
Other
Net
demand
deposits 2
Time
deposits 3
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of April 1948
All m e m b e r banks
87,219
10,497
76,722
76 ,762
28,623
5,153
16,927
16 ,074
854
128
Central reserve city banks:
New York
Chicago
21,726
4,682
3 ,893
1,073
17,833
3,609
20 ,057
4 ,229
1,538
918
72
102
4 ,555
994
4 ,505
985
50
9
11
28
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
32,052
1,867
27,379
1,620
11,299
194
300
260
1,407
436
408
1,991
335
181
364
360
5 ,064
6 ,474
365
116
414
801
400
391
805
356
175
478
440
1,734
6 ,234
351
114
405
770
384
360
767
344
170
454
408
1,706
241
13
3
9
31
16
32
38
12
4
24
32
27
47
3
1,911
1,837
7,435
27 ,779
1,699
478
1,949
3 ,426
1,789
1,676
3 ,239
1,620
798
2 ,162
,932
1
7,011
1,717
2,635
2,323
7,925
4 ,673
247
25
333
450
301
419
403
555
240
724
486
489
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
28,759
2,251
3,973
2,030
2,385
2,060
2,436
3,875
1,655
1,382
2,183
2,633
1,897
858
83
90
16
24
113
171
60
45
57
57
112
31
27,901
2,168
3,884
2,014
2,361
1,947
2,265
3,815
1,609
1,324
2,125
2,521
1,866
24 ,697
1,968
3 ,497
1,772
2 ,065
1,725
2 ,039
3 ,354
1,424
1,197
1,843
2 ,159
1,654
14,868
1,105
3 ,369
1,665
1,739
870
708
2 ,547
614
749
308
212
981
3,261
4 ,903
370
768
391
455
337
372
703
264
240
318
364
321
4 ,350
342
692
348
393
294
328
622
236
213
277
315
290
554
28
76
43
62
43
44
81
28
27
41
49
31
42
11
15
4
3
3
1
1
1
545
2,214
3,863
2,058
1,989
3,769
1,910
954
520
1,881
3,413
1,757
1,569
3,367
1,355
714
35
25
83
159
101
133
266
96
59
253
227
281
165
290
201
265
262
331
445
203
153
321
434
191
7
2
12
5
1
5
1
1
Second half of April 1948
All m e m b e r banks
87,772
10,425
77,347
77,150
28,618
5,131
16,924
16,157
767
95
Central reserve city banks:
New York
Chicago
21,808
4,952
3,936
1,017
17,872
3,935
20,132
4,457
1,536
922
43
140
4,549
1,040
4,521
1,036
28
4
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
32,308
1,874
555
2,201
3,946
044
004
3,804
1,914
943
2,680
2,386
7,956
4,643
27,664
1,622
528
1,872
3,499
1,755
1,597
3,404
1,376
714
1,947
1,893
7,457
27,861
1,692
484
1,937
3,463
1,781
1,677
3,254
1,625
791
2,186
1,940
7,032
11,300
194
300
270
1,407
433
408
1,995
335
180
363
365
5,050
1,749
31
24
76
171
95
136
283
88
57
253
257
278
6,471
6,250
350
115
404
777
382
360
770
345
169
459
410
1,709
221
357
117
410
816
396
390
798
353
173
480
441
1,741
2
1
49
3
1
1
10
6
5
10
5
1
6
1
1
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
28,703
2,259
4,018
,034
2,380
2,034
2,407
3,863
1,646
1,362
2,178
2,634
1,889
828
78
86
15
23
108
163
60
46
54
57
fO9
29
27,875
2,181
3,932
24,700
1,969
3,543
1,770
2,066
1,715
2,030
3,341
1,422
1,191
1,838
2,159
1,656
14,859
1,104
3,368
1,666
1,737
869
710
2,547
613
747
308
212
977
3,199
166
290
203
256
247
313
445
197
142
321
435
185
4,864
369
766
391
452
327
359
695
263
238
317
363
322
4,350
342
698
348
393
292
327
621
236
212
276
315
290
515
27
68
43
59
35
32
75
27
27
41
48
32
252
27
329
446
289
407
400
539
229
733
493
499
019
2,356
1,926
2,243
3,803
1,600
1,309
2,121
2,525
1,860
7
2
6
39
14
30
28
8
4
21
31
31
43
9
14
5
3
5
1
2
2
1
Averages of daily dosing 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
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process
of collection) of all member banks estimated at 69,200 million dollars in the first half and 69.600 million in the second half of April.
680
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2
Total
in circulation 1
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
1947—January. . .
February. .
March....
April
May
June
July
August
September.
October. . .
November.
December.
1948—January. . .
February..
March....
April
End of year or
month
Coin
3
$1
$2
$5
442
402
452
423
478
460
517
499
537
505
550
524
590
559
648
610
751
695
801
880
909
1,019
987
1,156
1,274 1,039
1,361 1,029
33
32
33
35
33
34
36
39
44
55
70
81
73
67
28,262 19,808
28,304 19,873
28,230 19,807
28,114 19,684
28,261 19,773
28,297 19,769
28,149 19,622
28,434 19,837
28,567 19,881
28,552 19,833
28,766 20,008
28,868 20,020
1,337
972
1,337
967
1,344
969
1,351
972
1,351
985
1,355
986
1,356
980
1,362
990
1,375 1,010
1,385 1,011
1,396 1,020
1,404 1,048
28,111
28,019
27,781
27,716
1,382
1,385
,394
1,399
19,369
19,335
19,169
19,144
984
972
975
976
Large denomination currency 2
Total
$10
$20
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
048
489
044
837
580
730
834
8,518
63
64
63
63
63
64
63
64
64
63
64
65
2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110
6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275
9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,457
8,434
424
8,432
8,489
8,530
529
600
689
8,721
8,760
8,850
63
63
62
61
2,017
2,005
1,986
,991
6,064
6,084
6,013
6,017
8,858
8,826
8,738
8,700
1,360
1,254
1,369
1,530
1,542
1,714
$50
$100
$500 $1,000 $5,000 $10,000
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
618
577
627
707
710
770
919
112
1,433
1,910
2,912
4,153
4,220
4,771
125
112
122
135
139
160
191
227
261
287
407
555
454
438
237
216
239
265
288
327
425
523
556
586
749
990
801
783
2,460
2,456
2,447
2,442
2,449
4,757
4,755
4,754
4,769
4,789
4,808
4,824
2,874
4,941
4,986
5,023
5,070
434
433
432
431
430
430
428
428
428
427
426
428
774
769
771
773
804
810
806
804
800
793
782
782
23
14
14
12
11
12
12
12
12
11
11
17
3
3
1
1
2
2
2
2
2
3
3
3
8,745 2,511 5,022
8,687 2,492 4,996
8,614 2,470 4,962
8,574 2,456 4,951
424
421
416
412
771
762
749
739
12
12
11
10
3
3
1
1
466
453
477
503
499
513
2,548
8
5
7
7
6
17
20
30
24
9
9
10
7
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
26
10
5
8
5
2
4
4
3
2
3
2
3 '
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal
il Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations report:ed 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
Apr. 30,
against
Treasury
1948
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United Sta es notes
Federal Reserve Bank notes
National Bank notes
Total—Apr 30 1948
Mar 31, 1948
Apr 30 1947
23 169
21 955
24,447
4,562
493
1,949
2,256
948
358
21 955
2
1,214
w
2 815
Apr. 30,
1948
46
23,489
4,182
Mar. 31,
1948
46
23,592
4,143
Apr. 30,
1947
48
23,853
4,213
50
56
307
30
3
154
154
147
15
8
245
30
8
2,011
903
342
1,974
899
341
2,023
2
34
310
308
4 047
4,200
3,861
27,716
907
324
1,949
366
101
C4)
19,094
Money in circulation x
s2,256
347
(4)
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
4
1
(5)
(5)
24 211
24 177
21,811
1 319
1,325
1,329
19 094
19,063
16,721
361
100
365
101
27,781
873
331
318
414
108
28,114
is not included in total Treasury currency outstanding.
tgainst other
< Because some of the types of money shown are held as collateral or reserves
against
other types,
type a grand total of all types has no special
6
significance and is not shown. See note of explanation ot these duplications.
Less than $500,000.
Reserve Bank notes and national bank notes are in process of retirement
JUNE
1948
681
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
adjusted for
seasonal
variation
Date
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Change in
seasonally
adjusted
series l
Gold
stock
at end
Period
of
Increase
in gold
stock
period
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
1947
+ 742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
Monthly averages of daily
figures:
1947—April
May
June
July
August
September.. . .
October
November. . . .
December....
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,648
28,937
28,412
28,356
28,378
28,316
28,394
28,711
28,598
28,562
28,650
+54
-56
+22
-62
+ 78
+317
-113
-36
+88
1948—January
February
March
April
May
28,394
28,096
27,941
27,766
27,749
28,309
28,096
28,025
27,990
27,945
-341
-213
-71
-35
-45
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—May
Tune
July
August
September..
October
November..
December. .
1948—January
February.. .
March
April
May
DoEarNet
marked mestic
gold
gold
gold:
deimport
er Base
or export
dueor in(-)
crease
(—) tion1
M2,760
14,512
17,644
21,995
22,737
22,726
21,938
?0 619
20,065
20,529
22,754
1,502.5
1,751.5
3,132.0
4 351 2
741.8
-10.3
-788.5
-1,319.0
—553.9
464.0
32,224.9
1 ,585.5
1,973.6
3,574.2
4 744 5
982.4
315.7
68.9
-845.4
—106.3
311.5
1,866.3
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
210.0
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
81.2
20,933
21,266
21,537
21,766
21,955
22,294
22,614
22,754
22,935
23,036
23,137
23,169
159.0
333 4
270.6
228.8
189.4
339.0
320.1
139.5
180.7
101.5
100.4
32 2
P135.2
129.7
200.2
219.2
111.7
109.6
450.8
265.7
178.2
235.0
159.4
99.9
13.1
119.0
26.7
42.3
153.1
-4.0
-82.8
-44.6
-14.9
-72.2
-63.4
-111.5
s -2.8
7.2
6.1
7.3
7.0
7.0
8.2
6.2
7.3
6.0
5.5
6.4
P23,304
P234 2
(4)
5.7
(4)
p Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation
of monthly figures see table on p. 731.
2
Includes gold in the Inactive Account amounting to 1,228 million
on3 Dec. 31, 1937.
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 3,883.2 million dollars on May 31, 1948. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year and month
1942 4
1943
1944 .
1945
1946—old series 5 5
1946—new series
1947
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers
New
York
City 1
140
other
Other
reporting
New
York
City
Other
reporting
centers
New
York
City 3
Other
leading
cities 3
New
York
City 3
Other
leading3
cities
641,778
792,937
891,910
974,102
Jl,050,021
1 .125,074
226,865
296,368
345,585
404,543
417,475
405.929
347,837
419,413
462,354
479,760
527,336
599,639
67,074
77,155
83,970
. 89,799
105,210
119.506
16.1
16.5
17.1
18.3
19.0
21.0
13.1
It.7
10.8
9.7
10.0
12.0
200,337
258,398
298,902
351,602
374,365
407,946
400,468
308,913
369,396
403.400
412,800
449,414
522,944
598,445
18.0
20.5
22.4
24.2
25.5
25.2
24.1
13.4
17.4
17.3
16.1
16.9
16.5
18.0
87,771
87,840
94,447
93,740
84,427
91,903
105,290
92,910
118,382
31,391
30,895
35,632
34,779
28,331
31,837
37,504
31,738
46,225
46,904
47,464
49,267
49,178
46,720
49,962
56,554
51,002
60,295
9,475
9,482
9,548
9,783
9,377
10,104
11,232
10,169
11,862
19.2
19.0
22.7
21.2
17.5
20.2
21.8
21.6
27.2
11.3
11.3
12.1
11.6
11.0
12.1
12.4
13.1
13.5
29,997
31,695
35,092
33,026
29,025
31,605
35,162
33,531
44,131
46,403
48,023
48,595
48,525
47,026
49,978
55,025
51,621
59,878
21.5
22.7
25.6
22.9
20.6
23.1
23.9
26.5
29.9
17.0
17.3
17.9
17.2
16.6
18.0
18.2
19.8
20.0
'•105,193
^90,2 70
>-107,636
102,349
37,615
32,271
39,587
37,955
r56,355
r
48,505
'•56.900
53,685
11 ,223
9,495
11,148
10,708
22.3
2?.l
23.4
23.7
12.7
12.6
12.7
12.5
38,286
32,298
38,648
36.880
55,902
47,890
56,372
52,740
26.2
25.6
26.4
26.5
18.7
18.6
19.1
18.6
1947—April
May
June
July
August
September
October
November
December
1948—January
February
March
April
Annual rate of
turnover of total
deposits, except
interbank
'
|
r
1
2
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.
Deposits and debits for first four months are partly estimated.
6
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ
slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation.
682
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted1
55,171
54,713
41,680
42,548
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
26,179
26,366
19 172
19,817
38,661
42,270
45,521
48,607
52,806
62,868
71 853
79,640
80,946
90,435
94,150
102,341
105,992
110,044
51,532
51,156
36,919
37,766
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
140,377
22,540
22,809
14 411
15,035
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
165,100
165,000
165.455
166,200
166,900
168,400
169,700
170,200
171,346
'170,100
168,800
166,400
167,700
107,400
107,600
108,433
109,000
109,400
110,400
111,600
112,300
113,499
112,300
110,200
107,100
108,300
139,000
138,900
139,156
140,200
140,800
142,100
143,500
143,800
144,970
144,400
143,200
140,900
142,400
81,300
81,500
82,134
83,000
83,300
84,100
85,400
85,900
87,123
86,600
84,600
81,600
83,000
Total
deposits
adjusted
and
End of month
currency
outside
banks
1929—June
December
1933—j u n e
December
1Q40—j u n e
December
1941—June
December
1942—June
December
1943—j u n e
December
1944—j u n e
December
1945—Tune
December
1946—June
December
1947—April (Apr. 30)
May (May 28)
June (June 30)
July (July 30)
August (Aug. 27).. .
September (Sept.24)
October (Oct. 29)...
November (Nov. 26)
December (Dec. 31).
1948—January (Jan. 28)P..
February (Feb. 25) P.
March (Mar. 31)P..
Acril (Apr. 28) P
Time deposits
United
States
Government
deposits 2
Total
Mutual
savings
banks 4 5
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13.416
3,103
28,611
28,189
21,656
21,715
27 463
27,738
27,879
27,729
27,320
28.431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
19,557
19,192
10,849
11,019
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
8,905
8,838
9,621
9,488
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16,869
1,186
1,208
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1,786
2 ,032
2,340
2,657
2,932
3,119
3,283
3,639
3,557
4, 761
4,782
6 699
7! 325
8,204
9 615
10 ,'936
13,946
15 814
18!837
20,881
23!505
25,097
26,490
26,516
26,730
2,700
2,200
1,367
L,400
L,700
1,900
1,800
1,900
1,452
1,300
1,800
2,400
2,500
55,000
55,200
55,655
55,800
55,800
56,100
56,300
56,000
56,395
56,500
56,800
56,900
56,900
34,400
34,500
34,835
34,900
34,900
35,100
35,200
35,000
35,233
35,200
35,500
35,500
35,500
17,200
17,300
17,428
17,500
17,500
17,600
17,700
17,600
17,746
17,900
17,900
18,000
18,000
3,400
3,400
3,392
3,400
3,400
3,400
3,400
3,400
3,416
3,400
3,400
3,400
3,400
26,100
26,100
26,299
26,000
26,100
26,300
26,200
26,400
26,376
'25,700
'25,600
'25,500
25,300
381
158
852
1,016
8?8
753
753
Postal
Savings
System 6
Currency
outside
banks
Commercial
banks 2 4
149
159
r
P Preliminary.
Revised.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited
in banks.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
5
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
6
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
1
2
3
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS *
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
1939—Dec.. .
1940—Dec. .
1941—Dec. ,
1942—Dec. .
1943—Dec. .
1944—Dec. .
1945—Dec. .
1946—Dec. .
I947—J u n e. .
July. .
Aug...
Sept..
Oct. . .
Nov...
Dec. .
1948—Jan..
Feb..
Mar.
Apr..
.
.
.
.
Total
Cash
in depository
banks
Total,
all
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
anetc.*
teed
1 ,279
1,304
1,314
1,417
1,788
2,342
2,933
3,284
1,319
1,348
1,396
1,464
1,843
2,411
3,022
3,387
53
36
26
16
10
8
6
6
1,192
1,224
1,274
1,345
1,716
2,252
2,837
3,182
1,046
1,078
1,128
1,220
1,716
2,252
2,837
3,182
3,393
3,398
3,396
3,407
3,412
3,413
3,417
3,523
3,548
3.553
3,542
3,524
3,527
3,525
6
6
6
6
6
6
6
3,302
3,351
3,360
3,325
3,314
3,314
3,308
3,302
3,351
3,360
3,325
3,314
3,314
3,308
216
191
188
212
205
207
212
3,432
3,441
3,435
3,541
3,551
3,546
6
6
6
3,332 3,332
3,336 3,336
3,346 3,346
204
209
194
P3,428
146
146
146 ,
126
74
88
95
102
118
152
179
200
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
JUNE 1948
Number of banks suspended:
1934-40
1941
1942
1943
1944
1945
1946
1947
194g—j a n -May
Nonmember
banks
Member
banks
National
313
16
8
9
4
1
0
0
1
4
2
State
6
Insured
Noninsured
207
84
3
6
2
1
1
3
1
Deposits of suspended banks
(in thousands of dollars) :2
131,934 14,872 26,548 49,689 40,825
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—j a n -May
3,726 3,144
1,702
6,223 4^982
405
0
0
167
503
1,375
1,241
405
79
327
" l 6 7
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
683
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
All banks:
1939—Dec. 30
1940—Dec. 31.
1941—Dec. 31
1942—Dec. 3 1 .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
Sept. 24'
Oct. 29*
Nov. 26 •
Dec 31
1948—Jan. 28 «
Feb. 25*
Mar. 31 •
Apr. 28"
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
'133,840
'135,060
'135,250
134,908
135,370
134,390
132,620
133,340
U. S.
Government
obligations
19,417
22,165 28,719
23,756 30,422 20,972
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
85,885
26,015 93,446
30,362 109,865 101,288
35,648 96,050 86,558
38,365 92,730 82,679
'40,290 93,550 82,990
'41,680 93,380 82,750
'42,430 92,820 82,220
42,999 91 909 81 186
43,200 92! 170 81!390
43,650 90,740 79,970
77,560
43,900 88,720
78,330
43,860 89,480
Other
Cash
assets x
Other
securities
Total 1
Interbank^
De-
mand
Total
Number
of
capital
accounts banks
Time
9,302 23 ,292 6 8 , 242
9,449 28 ,090 7 5 , 996
8,999 27 ,344 8 1 , 816
8,280 28 ,701 9 9 , 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
10,051 33 ,544 153, 349
10,560 ' 3 4 ,020 156, 210
10,630 ' 3 4 ,590 157, 970
10,600 '35 ,360 158, 730
10,723 38 ,387 161 850
10,780 34 ,490 158, 230
10,770 34 ,510 157, 130
11,160 33 ,560 154, 160
11,150 33 ,720 155, 220
9,874 3 2 , 516
10,934 3 8 , 562
10,982 4 4 , 355
11,308 6 1 , 437
11,003 7 5 , 577
12,235 9 1 , 663
14,065 105, 935
12 656 9 2 , 462
ll!679 8 9 , 295
12,450 9 0 , 910
12,430 9 2 , 520
12,290 9 3 , 760
13 033 9 5 , 727
12]000 9 3 , 020
11,470 9 2 , 130
10,920 8 9 , 620
10,900 9 0 , 670
25,852
26,499
26,479
27,058
31,081
37,551
45,613
50 784
52,375
52,850
53,020
52,680
53,089
53,210
53,530
53,620
53,650
8 ,194
8 ,302
8 ,414
8 ,566
8 ,996
9 ,643
10 ,542
11 360
11 ,721
11 ,800
11 ,880
11 ,900
11 ,946
11 ,990
12 ,040
12 ,080
12 ,110
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,716
14,722
14,729
14,729
14,714
14,718
14,726
14,730
14,731
All commercial banks:
1939—Dec. 30
. . . 40,668 17,238
43,929 18,800
1940— Dec. 3 1 . .
1941—Dec. 31
50 746 21,714
1942—Dec. 31
67,393 19,221
1943—Dec. 31
85,095 19,117
1944—Dec. 30 . .
105,530 21,644
124,019 26,083
1945—Dec. 31
113,993 31,122
1946—Dec. 31
112,756 33,679
1947—June 30 2
'115,230 '35,510
Sept. 24«
'116,340 '36,840
Oct. 29*
'116,590 '37,550
Nov. 26 •
116,268 38,055
Dec. 31
1948—Jan. 28•
116,600 38,240
Feb. 25 •
115,540 38,660
Mar. 31*
113,600 38,860
Apr. 28 •
114,250 38,760
23,430
25,129
29,032
48,172
65,978
83\886
97 936
82,871
79,077
79,720
79,500
79,040
78,213
78,360
76,880
74,740
75,490
16,316
17,757
21,808
41,379
59,842
77^557
90,606
74,780
70,539
70,800
70,540
70,120
69,207
69,350
67,930
65,470
66,270
7,114 22 ,474 5 7 , 718
7,372 27 ,124 6 5 , 337
7,225 26 551 7 1 , 283
6,793 28 ,039 8 9 , 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
8,538 32 ,704 135, 907
8,920 ' 3 3 ,240 138, 580
8,960 ' 3 3 ,920 140, 300
8,920 ' 3 4 ,680 141, 120
9,005 37 ,501 144, 087
9,010 33 ,640 140, 350
8,950 33 ,660 139, 180
9,270 32 ,760 136, 130
9,220 32 ,970 137, 160
9 874 3 2 , 513
10,934 3 8 , 558
10,982 4 4 , 349
11,308 6 1 , 431
11,003 7 5 , 569
12,235 9 1 , 653
14 065 105, 921
12,656 9 2 , 446
11,679 8 9 , 281
12,450 9 0 , 900
12,430 9 2 , 510
12,290 9 3 , 750
13,032 9 5 , 711
12,000 9 3 , 010
11,470 9 2 , 120
10,920 8 9 , 610
10,900 9 0 , 650
15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,230
35,360
35,080
35,344
35,340
35,590
35,600
35,610
6 ,885
7 ,010
7 ,173
7 ,330
7 ,719
8 ,265
8 ,950
9 ,577
9 ,880
9 ,940
1C ,010
1C ,030
1C ,057
1C>, 110
1C ,150
1C ,170
1C ,200
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14,183
14,189
14,196
14,196
14,181
14,185
14,193
14,197
14,198
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943_Dec. 31
1944— Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Sept. 24*
Oct. 29 •
Nov. 26 •
Dec. 31
1948—Jan. 28•
Feb. 25•
Mar. 31 •
Apr. 28 •
33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
97,004
97,983
98,199
97,846
98,046
97,051
95,129
95,847
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
30,297
31,530
32,205
32,628
32,767
33,117
33,179
33,018
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
66,707
66,453
65,994
65,218
65,279
63,934
61,950
62,829
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,436
59,171
58,749
57,914
57,989
56,709
54,463
55,383
5,651
5,982
5,961
5,629
5 022
5,208
6,070
6,625
6,948
7,271
7,282
7,245
7,304
7,290
7,225
7,487
7,446
19 ,782
23 ,963
23 ,123
24 ,280
23 ,790
25 ,860
29 ,845
29 ,587
28 694
29 ,013
29 ,596
30 ,306
32 ,845
29 ,387
29 ,431
28 ,744
28 ,858
9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
11,041
11,822
11,874
11,710
12,403
11,397
10,894
10,364
10,332
2 8 , 231
33, 829
3 8 , 846
5 4 , 523
6 6 , 438
79, 774
9 1 , 820
7 8 , 920
7 6 , 380
7 7 , 563
7 8 , 913
8 0 , 044
8 1 , 785
79, 383
78, 603
76, 270
77, 315
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,238
28,335
28,137
28,340
28,325
28,542
28,556
28,566
5 ,522
5 ,698
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,928
6,928
6,931
6,928
6,923
6,927
6,926
6,932
6,935
All mutual savings
banks:
1939—Dec. 30
1940—Dec. 31.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31.
I944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Sept. 24 «
Oct. 29 »
Nov. 26 «
Dec. 31
1948—Jan. 28"
Feb. 25 «
Mar. 31 •
Apr. 28 «
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,704
18,339
18,610
18,720
18,660
18,641
18,770
18,850
19,020
19,090
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,526
4,686
4,780
4,840
4,880
4,944
4,960
4,990
5,040
5,100
5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,830
13,880
13,780
13,696
13,810
13,860
13,980
13,990
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
12,140
12,190
12,210
12,100
11,978
12,040
12.040
12,090
12,060
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,400
1,513
1,640
1,670
1,680
1,718
1,770
1,820
1,890
1,930
818
966
793
663
797
584
609
818
839
780
670
680
886
850
850
800
750
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,620
17,660
17,600
17,745
17,870
17,940
18,020
18,040
J ,309
: ,292
i1
3
4
6
6
8
10
14
16
14
10
10
10
17
10
10
10
20
551
551
548
546
545
543
542
541
533
533
533
533
533
533
533
533
533
4 9 , 340
5 6 , 430
6 1 , 717
7 8 , 277
9 2 , 262
110, 917
129, 670
118, 170
115, 435
117, 623
119, 122
119 891
122 528
119 105
118 039
115 190
116, 213
10
10
10
10
11
13
15
16
17
17
17
17
17
17
17
18
18
524
659
533
668
738
376
385
869
442
630
670
610
763
880
950
030
060
1
1
1
1
1
1
1
1
,886
£ ,101
t ,475
t ,968
,589
f. ,095
5,315
i 5,372
5,422
5,436
5,464
8,495
5,525
5.545
8,573
,241
L.236
L,276
1,378
1,592
1,784
1,842
L,860
L.870
1,870
L.889
L.880
1,890
1,910
1,910
'All commercial banks" comprise "all nonmember com~" became members in 1941. Stock savings banks and
udes a few noninsured banks for which asset and lia-
bility1 data are not available.
rhich on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
Beginning June 30, 1942, excludes reciprocal balances, whi
million at all insured commercial banks.
For other footnotes see following page.
684
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
All insured commercial
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
Total
Total
U. S.
Government
obligations
Loans
Cash
assets ]
Other
securities
Total i
Interbank i
Total
Number
capital
of
accounts banks
Demand
Time
66,240
83,507
03,382
.21,809
.12,178
^10,682
L14.274
18,903
18,841
21,352
25,765
30,733
33,250
37,583
47,336
64,666
82,030
96,043
81,445
77,433
76,691
40,705
58,683
75,875
88,912
73,554
69,136
67,941
6,631
5,983
6,155
7,131
7,891
8,297
8,750
27,586
27,183
29,733
34,292
33,694
32,190
36,926
87,803
04,094
25,714
47,775
36,990
33,659
41,851
11,144
10,705
12,074
13,883
12,320
11,243
12,670
60,504
74,309
89,761
04,015
91,144
87,930
94,300
16,154
19,081
23,879
29,876
33,526
34,486
34,882
7,055
7,453
7,989
8,671
9,286
9,558
9,734
13,343
13,270
13,263
13,297
13,354
13,386
13,398
National member
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
37,576
47,499
58,308
69,312
63,723
62,982
65,280
10,183
10,116
11,480
13,925
17,272
18,764
21,428
27,393
37,382
46,828
55,387
46,451
44,218
43,852
23,744
34,065
43,292
51,250
41,658
39,271
38,674
3,648
3,318
3,536
4,137
4,793
4,947
5,178
16,184
16,017
17,570
20,114
20,012
19,342
22,024
50,468
59,961
71,858
84,939
78,775
77,146
82,023
7,400
7,159
8,056
9,229
8,169
7,432
8,410
34,499
42,605
50,900
59,486
52,194
50,694
54,335
8,570
10,196
12,901
16,224
18,412
19,020
19,278
3,729
3,950
4,265
4,644
5,138
5,296
5,409
5,081
5,040
5,025
5,017
5,007
5,012
5,005
State member banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
21,687
26,759
33,261
37,871
32,639
31,820
32,566
5,905
6,171
7,196
8,850
9,424
9,891
11,200
15,782
20,588
26,065
29,021
23,216
21,928
21,365
13,802
18,883
24,393
27,089
21,384
19,927
19,240
1,980
1,705
1,672
1,933
1,832
2,001
2,125
8,096
7,773
8,290
9,731
9,575
9,353
10,822
27,808
32,302
39,059
44,730
39,395
38,289
40,505
3,600
3,397
3,827
4,411
3,890
3,609
3,993
20,024
23,833
28,874
32,334
26,726
25,686
27,449
4,184
5,072
6,357
7,986
8,779
8,994
9,062
2,371
2,525
2,703
2,945
2,957
3,019
3,055
1,598
1,698
1,789
1,867
1,893
1,916
1,918
Insured nonmember
commercial banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
6,984
9,258
11,824
14,639
15,831
15,896
16,444
2,818
2,556
2,678
2,992
4,040
4,597
4,958
4,166
6,702
9,146
11,647
11,791
11,299
11,486
3,162
5,739
8,197
10,584
10,524
9,949
10,039
1,004
962
949
1,063
1,268
1,350
1,448
3,308
3,395
3,875
4,448
4,109
3,498
4,083
9,535
11,842
14,809
18,119
18,836
18,240
19,340
145
149
190
244
260
201
266
5,981
7,870
9,987
12,196
12,225
11,550
12,515
3,409
3,823
4,632
5,680
6,351
6,488
6,558
955
979
1,022
1,083
1,193
1,245
1,271
6,667
6,535
6,452
6,416
6,457
6,461
6,478
Noninsured nonmember commercial
banks :
1942—Dec. 31. . . .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
Dec. 31
1,154
1,588
2,148
2,211
1,815
2,074
1,993
318
276
292
318
389
430
472
836
1,312
1,856
1,893
1,426
1,645
1,521
674
1,160
1,682
1,693
1,226
1,403
1,266
162
153
174
200
200
241
255
452
494
473
514
530
514
575
1,332
1,829
2,358
2,452
2,043
2,248
2,236
164
299
161
181
336
436
363
927
1,261
1.892
1,905
1,302
1,351
1,411
241
270
305
365
404
461
462
275
267
276
279
290
322
324
793
764
729
714690
797
783
All nonmember commercial banks:
1942—Dec. 31. . . .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
8,137
10,847
13,972
16,849
17,646
17,970
18,438
3,136
2,832
2,971
3,310
4,429
5,027
5,430
5,002
8,014
11,002
13,539
13,217
12,943
13,008
3,836
6,899
9,880
12,277
11,749
11,352
11,305
1,166
1,115
1,122
1,262
1,468
1,591
1,703
3,760
3,889
4,348
4,962
4,639
4,013
4,658
10,867
13,671
17,168
20,571
20,879
20,488
21,575
309
448
351
425
597
638
629
6,908
9,131
11,879
14,101
13,526
12,901
13,926
3,650
4,092
4,938
6,045
6,756
6,949
7,021
1,230
1,245
1,298
1,362
1,483
1,566
1,595
460
299
181
130
147
258
7,261
Insured mutual savings
banks:
1942—Dec. 31 . . . .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
2,007
7,525
9,223
10,846
11,891
12,375
12,683
740
3,073
3,110
3,081
3,250
3,370
3,560
1,267
4,452
6,113
7,765
8,641
9,005
9,123
861
3,844
5,509
7,160
7,946
8,216
8,165
<05
608
604
606
695
789
958
130
559
400
429
612
658
675
2,048
7,534
8,910
10,363
11,428
11,901
12,207
2,044
7,527
8,902
10,351
11,415
11,889
12,192
201
808
892
1,034
1,173
1,218
1,252
56
184
192
192
191
191
194
8,747
4,345
4,708
5,361
5,813
5,964
5,957
3,954
1,411
1.260
1,198
1,275
1,316
1,384
4,792
2,935
3,448
4,163
4,538
4,649
4,573
3,711
2,246
2,819
3,522
,833
,924
3,813
1,082
689
629
641
705
724
760
533
238
184
180
206
181
211
8,620
4,204
4,466
5,022
5,442
5,541
5,556
8,618
4,203
4,464
5,020
5,439
5,539
5,553
1,035
468
485
558
611
624
637
490
361
351
350
350
342
339
Noninsured mutual
savings banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
2
June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
Backfigures.—SeeBanking and Monetary Statistics, Taoles 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see preceding page.
JUNE 1948
685
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1947
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollars]
Loans
Real
estate
assets
Other
assets
5,398,298
38,559,197
1,160,807
674,672
176,006,911
5,382,250
38,387,485
1,152,818
624,923
175,073,384
21,043
16,048
171,712
7,989
49,749
933,527
527,513
162,055
357,454
5,834,934
556,053
86,275
13,520
49,343
551,758
28,394
21,216
7,093
13,621
161,269
21,628
376,309
92,388
263,535
2,792,993
341,559
9,030
4,075
3,450
109,532
3,157
3,707
1,813
806
52,045
2,674
1,343,483
434,028
840,069
13,969,880
1,194,790
1,879,975
335,035
547,105
993,798
737,346
1,606,662
247,225
505,881
891,673
668,771
64,981
14,157
2,233
77,455
46,123
208,332
73,653
38,991
24,670
22,452
435,675
106,082
288,541
477,245
512,285
23,394
4,084
15,712
15,546
13,573
15,812
1,521
2,495
4,075
3,710
3,021,709
578,672
1,096,627
1,826,399
1,832,074
34,682
639,930
177,107
206,652
174,768
261,902
6,845,202
1,825,126
1,447,632
907,836
252,004
6,062,689
1,657,813
1,278,440
801,977
8,264
448,848
96,168
129,344
71,437
1,634
333,665
71,145
39,848
34,422
103,028
3,030,971
759,139
565,359
444,327
2,560
46,725
16,448
10,286
6,204
225
36,448
5,344
1,963
1,807
465,387
12,645,368
3,235,454
2,530,400
1,698,285
122,637
68,367
80,174
165,752
1,078,028
146,658
102,395
46,259
126,311
331,686
806,535
841,561
473,656
1,299,084
4,642,949
734,221
696,465
408,817
1,187,144
4,140,536
35,428
125,582
11,636
25,956
53,712
36,886
19,514
53,203
85,984
448,701
473,084
525,417
103,525
420,810
1,138,787
7,269
11,948
4,424
13,780
51,384
1,776
8,277
1,669
11,525
41,376
1,708,219
1,736,875
762,068
2,146,719
8,030,304
327,326
282,467
62,857
567,510
23,250
551,687
227,156
42,722
323,335
22,387
305,433
222,335
62,058
339,825
37,464
2,910,658
1,698,093
431,792
1,908,549
348,543
2,578,252
1,504,801
321,272
1,682,727
327,001
213,554
91,248
103,288
120,120
12,177
118,852
102,044
7,232
105,702
9,365
1,123,780
766,512
239,035
1,294,269
150,105
27,468
14,187
4,987
21,204
2,222
11,790
6,772
882
9,673
945
5,258,142
3,217,522
844,333
4,464,365
584,916
248,232
48,917
174,963
1,095,492
80,210
74,613
10,591
34,540
272,801
26,931
37,315
24,891
115,896
561,369
24,205
136,304
13,435
24,527
261,322
29,074
761,714
94,671
353,342
3,280,373
126,179
685,613
85,859
282,127
2,759,499
114,864
48,892
8,241
15,919
236,584
9,640
27,209
571
55,296
284,290
1,675
381,082
30,275
66,913
843,072
91,799
5,202
994
3,836
53,996
1,651
1,808
656
324
16,172
216
1,398,038
175,513
599,378
5,289,105
300,055
36,079,402
1,434,253
497,144
5,873,689
1,118,572
12,019,717
482,105
51,313
1,869,712
326,952
6,009,214
204,625
11,309
621,772
151,205
3,727,905
104,402
12,518
686,022
50,892
2,282,598
173,078
27,486
561,918
124,855
24,059,685
952,148
445,831
4,003,977
791,620
21,929,222
815,649
414,607
3,502,325
678,419
897,408
78,237
19,511
299,514
98,763
1,233,055
58,262
11,713
202,138
14,438
9,132,833
553,667
113,742
1,722,653
507,769
292,950
10,056
1,614
51,726
8,529
257,129
8,998
864
15,375
2,748
45,762,314
2,006,974
613,364
7,663,443
1,637,618
Oregon
Pennsylvania. . .
Rhode Island. . .
South Carolina.
South Dakota. .
1,112,892
9,517,494
949,001
510,952
429,806
319,474
2,658,936
228,294
143,284
84,832
146,965
1,239,310
73,525
57,819
17,329
81,611
773,466
113,631
38,164
20,738
90,898
646,160
41,138
47,301
46,765
793,418
6,858,558
720,707
367,668
344,974
686,213
5,534,151
624,045
322,180
315,260
96,571
318,700
6,438
29,669
18,782
10,634
1,005,707
90,224
15,819
10,932
341,415
2,449,887
143,765
211,356
119,651
11,816
120,431
12,385
2,954
1,960
7,417
44,311
3,603
2,272
927
1,473,540
12,132,123
1,108,754
727,534
552,344
Tennessee
Texas
Utah
Vermont
Virginia
1,477,772
4,336,614
442,651
319,100
1,456,797
591,051
1,677,694
179,742
170,387
604,465
276,924
938,679
55,361
19,668
177,320
109,664
187,770
70,440
114,153
214,466
204,463
551,245
53,941
36,566
212,679
886,721
2,658,920
262,909
148,713
852,332
751,703
2,359,452
244,929
117,514
769,658
109,693
235,861
14,615
11,985
43,732
25,325
63,607
3,365
19,214
38,942
569,338
2,145,581
146,827
42,821
468,012
16,054
52,560
3,274
3,729
17,733
3,669
11,674
213
492
4,242
2,066,833
6,546,429
592,965
366,142
1,946,784
Washington. . .
West Virginia.
Wisconsin
Wyoming
1,745,003
737,002
2,459,140
177,232
598,902
230,548
630,784
48,256
271,509
51,449
223,811
12,178
198,174
106,069
261,511
14,444
129,219
73,030
145,462
21,634
1,146,101
506,454
1,828,356
128,976
990,163
462,543
1,629,203
118,072
119,431
24,453
109,421
7,889
36,507
19,458
89,732
3,015
535,197
240,298
629,411
75,361
10,496
8,201
16,965
1,057
4,284
1,821
6,359
219
2,294,980
987,322
3,111,875
253,869
Total
Commercial,
including
open market
paper
Obligations
U. S. Gov't of States and
political
obligations
subdivisions
Real estate
loans
Other
loans
Total
Other
securities
United States and possessions. 135,612 235
43,228,562
18,299,481
14,300,825
10,628,256
134,908,158
42,999,308
18,190,853
14,248,586
10,559,869
92,383,673
81,623,382
5,361,993
91,908,850
81,185,650
5,340,950
704,077
229,254
108,628
52,239
68,387
474,823
437,732
954,437
335,752
572,278
11,015,310
847,400
319,433
153,084
151,860
4,467,349
241,325
134,257
59,611
42,108
1,605,629
81,858
76,377
43,660
42,469
2,053,600
50,915
108,799
49,813
67,283
808,120
108,552
635,004
182,668
420,418
6,547,961
606,075
Connecticut
Delaware
District of Columbia.
Florida
Georgia
2,546,828
466,985
789,879
1,329,533
1,302,506
666,853
131,950
242,774
335,735
565,160
129,723
47,380
89,150
154,521
252,813
423,464
53,565
79,757
63,628
119,830
113,666
31,005
73,867
117,586
192,517
Idaho
Illinois
Indiana
Iowa
Kansas
359,574
9,531,224
2,454,523
1,952,792
1,245,947
97,672
2,686,022
629,397
505,160
338,111
33,110
1,671,075
186,768
127,427
95,483
29,880
375,017
265,522
171,081
67,860
Kentucky
Louisiana
Maine
Maryland
Massachusetts. . .
1,226,090
1,191,233
652,450
1,700,604
6,798,757
419,555
349,672
178,794
401,520
2,155,808
150,260
178,910
52,361
109,457
746,094
Michigan
Minnesota
Mississippi
Missouri
Montana
4,095,104
2,430,051
599,429
3,139,219
431,644
1 184,446
731,958
167,637
1,230,670
83,101
Nebraska
Nevada
New Hampshire.
New Jersey
New Mexico
1,009,946
143,588
528,305
4,375,865
206,389
New York
North Carolina.
North Dakota. .
Ohio
Oklahoma
United States.
Possessions
State
Alabama.
Arizona. . . .
Arkansas. .
California. .
Colorado...
td
Investments
Cash,
reserves,
due from
banks, and
cash items
Total loans
and
investments
Total
assets—
total
liabilities
and capital
ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1947—Continued
ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in thousands of dollars]
Deposits
Borrowings
and other
liabilities
Total
capital
accounts
Numbei
of
banks l
53,721,709
53,329,610
392,099
1,298,029
1,277,481
20,548
11,996,026
11,946,387
49,639
14,767
14,714
53
1,004,028
316,502
696,935
7,582,495
902 ,130
257,562
96,738
96,651
5,575,174
228,955
5,911
3,207
1,210
132,578
3,500
75,982
17,581
45,273
679,633
60,205
222
1,690,436
144,368
221,982
317,358
319,769
1,045 ,406
362,845
800,393
1,369,718
1,391,035
1,692,304
153,021
223,507
350,442
322,463
15,682
2,773
5,741
5,973
12,987
268,317
60,033
66,986
100,266
105,589
188
41
19
185
379
289,562
6,940,503
1,734,748
1,482,241
1,119,492
94,644
2,712,634
887,355
545,038
157,902
350,142
8,968,333
2 160,839
l'852,660
f447,399
95,399
2,883,454
893,028
548,391
160,831
1,073
79,098
8,876
2,874
3,041
18,773
714,483
172,711
126,475
87,014
48
883
492
664
610
12,213
15,849
4,864
10,013
69,677
1,098,042
944,924
211,433
921,004
2,639,887
215,876
275,928
437,672
828,302
3,959,930
1 379,178
1 363,160
247,680
1,142,558
3,272,141
218,799
283,546
440,262
836,484
3,964,993
6,858
10,130
3,598
8,238
70,350
103,384
80,039
70,528
159,439
722,820
388
160
234,894
167,005
97,052
248,401
56,474
51,488
32,791
3,577
27,134
6,077
2,289,746
1,446,539
500,274
2,471,051
368,591
2,149,672
1,012,541
134,003
648,145
95,571
2,794,729
2,002,382
664,644
3,545,819
463,857
2,161,950
1,021,044
134,774
655,979
96,377
22,735
12,219
1,772
14,917
1,067
278,728
181,877
43,143
247,650
23,615
448
680
206
597
112
54,898
20,062
13,597
270,653
39,308
9,484
2,995
4,794
48,798
3,456
940,480
86,625
122,797
2,001,189
190,265
141,806
54,423
386,653
2,494,705
40,412
1,182,841
109,600
149,731
2,387,175
245,691
142,008
56,957
387,249
2,507 ,996
40,952
3,204
1,160
1,869
23,944
395
69,985
7,796
60,529
369,990
13,017
418
342 31
25,95
6,499
72,961
16,140
733 782
195,672
70,242
383,199
178,658
1,197 092
19,591
3,516
88,063
23,803
20,615,995
1,070,458
377,625
3,642,687
1,053,875
13,559,472
347,697
111,266
2,686,312
108,638
27,478,925
1,531,435
437,192
4,362,007
1,418,032
13,834,014
355,222
147,744
2,816,397
116,109
596,465
15,707
923
33,327
5,848
3,852,870
104,610
27,505
451,712
97,629
792
226
152
671
386
99 117
330,518
25 283
64,883
39,793
20 352
98,966
9 635
5,024
3,235
823,507
5,861,773
375,607
502,944
381,098
404,207
3,936,295
573,350
87,428
82,518
985,199
6,881,530
428,417
602,347
442,556
410,732
4,049,404
574,087
89,250
84,988
6,860
67,904
11,886
1,868
995
70,749
1,133,285
94,364
34,069
23,805
71
1,002
29
150
170
287,230
807,489
44,851
1,186
150,109
10 200
75,343
6 987
.9,379
7,822
18,039
56,258
2,535
1,576
32,925
143,365
471,534
47,545
7,493
96,837
15,523
141,658
3,668
2,663
32,111
1,067,536
4,219,367
296,914
80,392
945,633
413,572
486,614
163,902
235,977
544,799
1,521,569
5,627,486
394,776
91,293
1,227,887
423,696
555,434
164,639
237,994
574,527
8,014
23,461
2,001
2,549
12,224
113,554
340,048
31,549
34,306
132,146
297
892
78
314
86,028
37,114
122,590
12,257
17,007
19,914
38,975
2,726
125,839
60,662
105,961
20,291
22,552
15,682
32,896
2,869
1,179,954
515,258
1,341,681
156,222
744,840
261,257
1,286,776
45,901
1,429,328
645,127
1,618,848
193,906
746,892
264,760
1,310,031
46,360
8,302
5,855
5,841
471
110,458
71,580
177,155
13,132
125
182
556
55
Individuals, partnerships
and corporations
Total
demand
deposits
Total
Interbank
U. S.
States and
political
subdivisions
Certified
and officers'
checks, etc.
Demand
Time
162,712,856
161,849,516
863,340
13,044,914
13,032,744
12,170
1,539.100
1,457,106
81,994
7,787,973
7,667,013
120,960
2,601,053
2,583,705
17,348
85,301,818
84,997,749
304,069
52,437,998
52,111,199
326,799
108,991,147
108,519,906
471,241
1,261,590
413,240
793,586
13,157,669
1,131,085
77,693
3,423
57,399
426,203
90,031
10,163
2,155
6,461
94,373
8,307
128,987
47,227
57,65
732,039
42,336
9,410
5,841
6,438
244,201
9,254
779,839
258,336
570,274
6,270,740
755,137
255,498
96,258
95,364
5,390,113
226,020
2,737,710
515,866
1,023,900
1,720,160
1,713,498
41,194
3,915
47,570
125,648
189,364
14,100
21,888
14,116
13,967
15,848
58,962
19,702
146
195,161
119,751
25,835
4,809
18,013
15,938
15,790
907,183
321,184
722,073
1,052,088
1,052,976
445,541
11,851,787
3,053,867
2,401,051
1,608,230
6,515
1,336,714
127,613
139,401
88,585
4,414
127,053
30,491
49,046
15,895
46,466
623,143
242,771
159,129
213,054
3,940
111,740
30,889
26,196
13,302
1,597,977
1,646,706
687,942
1,979,042
7,237,134
165,228
211,308
9,331
115,928
350,276
13,038
8,356
3,776
11,080
37,395
93,580
190,341
20,866
92,715
179,969
Michigan
Minnesota. .
Mississippi
Missouri .
Montana
4,956,679
3,023.426
799,418
4,201,798
560,234
169,302
335,558
57,639
771,658
28,589
61 ,577
28,992
6,873
35,409
4,932
Nebraska
Nevada
New Hampshire
New Jersey.
New Mexico
1,324,849
166,557
536,980
4,895 171
286,643
166,863
11,318
1 ,542
2,603
35,298
3,082
New York
North Carolina
North Dakota
Ohio
Oklahoma
41 312 979
1,886,657
584,936
7,178,404
1,534,141
4,864,324
227,281
15,788
305,182
153,027
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
1 395 931
10,930,934
1 002 504
691,597
527,544
1,945,265
6,182,920
559,415
329,287
1,802,414
38,548
628,039
11,642
21,939
13,078
2,176,220
909,887
2,928,879
240,266
United States and possessions. .
United States. .
Possessions
State
Alabama. . . .
Arizona
Arkansas. . . .
California
Colorado
. .
Connecticut....
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
. ..
Kentucky
Louisiana
Maine
Maryland.
Massachusetts
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
. .
.
...
910
6,536
44,528
10,120
1
Includes 12 banks for which asset and liability data are not available.
Total
time
deposits
U
228
202
146
96
175
378
8
108
367
47
60
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Class of bank
Total
loans
call date
investments
and
and
All insured c o m mercial banks:
1941 Dec. 31
49,290
1942—Dec. 31! '. 66', 240
1943—Dec. 31. . 83,507
1944—Dec. 30. . 103,382
1945—Dec. 31. . 121,809
1946—Dec. 31. . 112,178
1947—June 3 0 . . 110,682
Dec. 31. . 114,274
Member banks,
total:
43 521
1941.—Dec 31
1942—Dec. 31. . 59'.263
1943—Dec. 31. . 74,258
1944—Dec. 30. . 91,569
1945—Dec. 31. . 107,183
1946—Dec. 31. . 96,362
1947—June 30. . 94,802
Dec. 31. . 97,846
1948—Apr. 12. . 95,896
New York City:*
1941—Dec 31
12 896
1942—Dec. 31. . 17J957
1943—Dec. 31. . 19,994
1944—Dec. 3 0 . . 24,003
1945—Dec. 31. 26,143
1946—Dec. 31. . 20,834
1947—June 30. . 20,332
Dec. 3 1 . . 20,393
1948—Apr. 12 . . 19,547
Chicago:2
1941 Dec 31
2,760
1942—Dec. 31. . 3^973
1943—Dec. 31. . 4,554
1944—Dec. 30. . 5,443
1945—Dec. 31. . 5,931
1946—Dec. 3 1 . . 4,765
1947—June .30. . 4,802
Dec. 3 1 . . 5 ,088
1948—Apr. 12. . 4^681
Reserve city banks:
1941—Dec. 31. . 15,347
1942—Dec. 31. . 20,915
1943—Dec. 31. . 27,521
1944—Dec. 30. . 33,603
1945—Dec. 31. . 40,108
1946—Dec. 31. . 35,351
1947—June 30. . 34,611
Dec. 3 1 . . 36,040
1948—Apr. 12. . 34,969
Country banks:
1941—Dec. 31. . 12,518
1942—Dec. 31. . 16,419
1943—Dec. 31. . 22,188
1944—Dec. 30. . 28,520
1945—Dec. 3 1 . . 35,002
1946—Dec. 31. . 35,412
1947—June 30. . 35,057
Dec. 31. . 36,324
1948—Apr. 12. . 36,699
Insured nonmember c o m mercial banks:
1941—Dec. 3 1 . . 5,776
1942—Dec. 31. . 6,984
1943—Dec. 31. . 9.258
1944_Dec. 3 0 . . 11,824
1945—Dec. 31. . 14,639
1946—Dec. 3 1 . . 15,831
1947—June 30. . 15,896
Dec. 31. . 16,444
X -*
J£
X
A—* V-*— •
\J
-l-
•
•
Commercial,
Total
Loans for
purchasing
or carrying
inAgri- securities Real
cludConcules- sumer Other Total
ing
tate loans loans
open- tur- To
aH brok- T o loans
ers
ket
and othpa-1
ers
dealper
ers
21,259 9,214
7,757
18[841 7,777
21,352 7,920
25,765 9,461
30,733 14,016
33,250 14,765
37,583 18,012
18,021
16,088
16,288
18,676
22,775
26,696
28,655
32,628
33,062
8 671
7,387
7,421
7.531
8,949
13,154
13,820
16,962
4 072
4416
4,428
5,760
7,334
6,368
6,548
7,179
7,169
2,807
2,546
2,515
2,610
3,044
4,078
4,171
5,361
954
832
732
658
763
738
760
614
950
1J5O5 1,414
662 4,773
4 , 545
597 4,646 2,269 1,042
918
922 4,437 1,868
1,723 2,269 2,265 4,343 1,888 944
1,450
1,314 3,164 3,606 4,677 2,361
1,358 1,517 1,609 7,103 4,031
1,549 1,517 1,278 8,201 4,893
1,610 823 1,190 9,266 5,654
972
594
598 3,494
1,089 934 538
1,023 1,398 839
1,198 2,249 2,108
855 3,133 3,378
884 1,506 1,467
972 1,507 1,154
1,046 811 1,065
8
412
787
21
24 1,054
30 1,742
169
193
323
859
545
267
2,453 1,172
1,096 389
1,196 286
1,181
1,098
1,047
1,028
988
6,727
13,218
15,300
19,071
12,288
835 9,441
2,124 7,552
4,462
4,636
3,971
2,455
1,271
5 54
8,823 7,265 311
148 13,841 12,547 1,855
303
252
153 15,566 14,563 1,328
179 18,243 17,179
253
913
287
298 18,809 17,574
477
250 14,465 13,308
387
455
500
291 13,784 12,571
137
564
330 13,214 11,972 1,002
2,144
3,409
3,740
3,433
1,725
1,103
5,890 1,676
5,038 1,226
4,654 1,084
4,910 1,149
5,596 1,484
8,004 2,433
9,102 2,744
10,199 3,096
10,877
659
772
713
802
648
681
774
818
20
17
25
32
42
29
26
23
183
161
197
310
471
273
244
227
1, 530
1,823
1,797 674 393
1,725 528 381
1,719 547 351
1,881 707 363
2,970 1,312 306
3,381 1,693 240
3,827 1,979 229
543
370
356
389
512
862
945
478
553
482
525
459
474
576
563
20
16
16
21
31
12
11
13
64
59
82
156
228
142
125
125
1,282
1,225
1,165
1,136
1,224
1,748
1,963
2,139
1,049
21,046
40,705
58,683
75,875
88,912
73,554
69,136
67,941
123
117
107
86
80
99
104
111
300
290
279
348
205
201
197
225
3,241
2,818
2,556
2,678
2,992
4,040
4,597
4,958
Total
6,285
12,071
13,982
16,985
10,043
7,544
5,816
3,456
2,957
3,058
3,034
3,661
5,548
5,726
7,088
52
32
52
163
233
101
84
87
22
23
22
24
36
51
42
46
9
62
45
45
51
105
130
149
of
States Other
and secuCertifiGuar- politrities
cates
anof
inBills debt- Notes Bonds teed subdiviedsions
ness
3 , 592
25,500 19 539 971
1,847 870 43,175 37,546 4,363
1,484 848 57,970 52,948 4,360
1,505 877 72,893 67,685 3,748
1,900 1,104 84,408 78,338 2,275
3,308 1,020 69,666 63,042 1,167
773
3,998 965 66,146 59,198
4,662 952 65,218 57,914 1,987
62,834 55,364
1,094
1,178
1,418
7,105
6,102
6,201
6,822
8,514
10,825
11,441
13,449
13,352
ga-
tions
3,159
5,799
7,672
15,778
16,045
6,780
5,341
5,918
12,797 4,102 3 651 3 333
20,999 2,718 3', 533 3] 098
30,656 2,501 3,287 2,696
39,848 978 3,422 2,733
22 3,873 3,258
51,321
15 4,298 3,592
53,200
14 4,826 3,471
53,505
14 5,129 3,621
52,334
3,007
5,409
6,906
14,127
14,271
5,602
4,369
4,815
11,729 3,832 3,090 2,871
18,948 2,540 2,965 2,664
27,265 2,345 2,729 2,294
34,927 902 2,857 2,350
16 3,254 2,815
44,792
11 3,548 3,077
46,219
10 3,982 2,966
46,502
10 4,199 3,105
45,286
4,452 3,018
3,652 1,679
5,420 1,071
7,014 984
8,592 189
1
10,337
992 10,202
1
1
775 10,555
558 9,771
729
593
444
468
606
557
631
638
721
830
701
558
596
629
601
582
604
528
1,045
1,467
498
368
235
153
391
484
779
749
146
132
248
182
166
158
160
181
167
175
213
223
193
186
155
185
204
187
173
185
174
2 253
4,691
5,730
6,982
441 3,799
334 3,038
373 2,358
1.723
2,497
5,181
5,653
1,993
1,503
1,901
640
12,378 11,129
48
34
102
163
211
117
100
73
Obli-
Direct
3,423
3,274
3,209
3,455
5,358
6,240
7,130
6
6
6
17
2
3
1
3
1,004
1,184
1,333
1,499
1,565
1,801
1,663
28,031
47,336
64,666
82,030
96,043
81,445
77,433
76,691
U. S. Government obligations
256
397
199
250
133
60
106
132
1,623
2,056
1,829
3,745
3,325
903
18
14
34
40
29
29
26
1,806
3,141
3,550
4,258
4,598
3,266
3,237
3,287
3,018
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,890
2,620
114
194 1,527
1, 512
97
312
153 1,486
808
217
267 1,420
658
301
311
777 1,379
660
313
427 1,503 1,459
855
404
264
704 2,237 1,436
435
405
185
540 2,713 1,675
170
484 3,147 1,969
366
8,243
14,813
21,321
26,781
31,594
24,527
23,170
22,591
21,617
6,467
13.038
19,682
25,042
29,552
22,250
20,845
20,196
19,234
6,628
11,380
17,534
23,610
29,407
27,408
25,955
26,125
25,822
4,377
110
481 2,926
9,172
671 1,251 1,240 5,436
15,465 1,032 3,094 2,096 8,705
882 3,466 4,422 12,540
21,552
26,999 630 5,102 4,544 16,713
279 4,020 2,470 17,797
24,572
197 3,035 1,960 17,696
22,893
480
22,857
2,583 2,108 17,681
22,381
8 54
2,535 1,509
422
173 4,166 3,162
385
70 6,702 5,739
383
67 9,146 8,197
77 11,647 10,584
460
79 11,791 10,524
723
895
82 11,299 9,949
992
76 11,486 10,039
637
877
295
1 441
1,802
1,704
1,034
17
99 "*442
276 1,147
223 1,319
180 2,087
104 2,247
62 1,897
136 1,736
751
152
390
766
1,652
1,774
1,179
972
1,104
1,282
1,602
1,809
1,864
2,207
2,284
2,274
119
83
74
31
4,248 1,173 956 820
6,810 811 954 821
9,943 749 913 726
740
11,987 440 1,000
5 1,126
916
15,878
4 1,272 1,004
16,013
3 1,364
962
15,967
3 1,342 1,053
15,560
1,343 1,039
1,069
2,053
3,395
4,928
6,538
6,991
7,013
7,058
861
574
538
241
9
6
5
6
1,222
1,252
1,214
1,230
1,342
1,551
1,813
2,006
2,165
1,028
271
179
156
76
6
3
4
4
563
569
560
566
619
752
845
931
462
435
403
383
443
516
505
517
956
855
829
1,067
1,285
1,250
1,262
1,277
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 231, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
688
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
D e m a n d deposits
Time deposits
Reserves
with
Federa
Reserve
Banks
Cash
in
vault
All insured commercial banks:
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30..
1945—Dec. 31. .
1946—Dec. 31..
1947—June 30. .
Dec. 31..
12 ,396
13 ,072
12,834
14,260
15,810
16,013
16,039
17 ,796
1,358 8 ,570 37 845 9 ,823
1,305 9 ,080 48 221 10,234
1,445 8 ,445 59 921 9 ,743
1,622 9 ,787 65 960 11 ,063
1,829 11 ,075 74 722 12 ,566
2 ,012 9 ,481 82 085 10,888
1,804 8 ,498 80 869 9 ,807
2 ,145 9 ,736 85 751 11 ,236
673 1,761
813 8 ,167
893 9 ,950
948 19 ,754
1,248 23 ,740
1,364 2 ,930
1,372 1,247
1,379 1,325
3 ,677
3 ,996
4 ,352
4 ,518
5 ,098
5 ,967
6 ,495
6 ,692
1,077
1,219
1,669
1,354
2 ,585
2 ,361
2 ,111
2 ,559
36
47
58
64
72
79
78
83
544
122
338
133
593
887
077
723
158
97
68
64
70
68
64
54
59
61
124
109
103
119
111
111
492
397
395
423
496
664
771
826
15,146
15,697
18,561
23 ,347
29 ,277
32 ,742
33 ,604
33,946
10
10
46
122
215
39
60
61
6 ,844
7,055
7 ,453
7 ,989
8 ,671
9 ,286
9 ,558
9 ,734
M e m b e r banks
total:
1941—Dec. 31. .
1942—Dec. 31..
1943—Dec. 31. .
1944—Dec. 30..
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .
12,396
13,072
12 ,835
14,261
15 ,811
16,015
16,040
17,797
16 ,750
1,087
1,019
1,132
1,271
1,438
1,576
1,409
1,672
1,563
6 246
6 ,147
5 450
6 ,354
7 117
5 936
5 521
6 270
5 375
33 754 9 ,714
42 570 10,101
52 642 9 ,603
57 308 10,881
64 184 12 ,333
70 243 10,644
69 595 9 ,612
73 528 10,978
69,781 9 ,133
671 1,709
811 7,923
891 9 ,444
945 18,509
1,243 22 ,179
1,353 2 ,672
1,369 1,095
1,375 1,176
1,375 2 ,115
3 ,066
3 ,318
3 ,602
3 ,744
4 ,240
4 ,915
5 376
5 ,504
5 570
1,009
1,142
1 573
1 251
2 450
2 207
1 976
2 401
1 755
33 061
42 139
51 820
56 270
62 950
69 127
67 933
72 704
68 093
140
87
62
58
64
62
60
50
42
50
56
120
105
99
114
106
105
102
418
332
327
347
399
551
649
693
872
11 ,878
12 ,366
14,822
18 ,807
23 ,712
26 ,525
27 ,259
27 ,542
27 ,616
4
5
39
111
208
30
50
54
235
5 .886
6 ,101
6 ,475
6 ,968
7,589
8 ,095
8 ,315
8 ,464
8 ,610
105
388
596
766
015
046
166
639
481
93
72
92
102
111
131
123
151
141
141
82
61
76
78
87
50
70
46
10,761
11 899
13,899
14,042
15,065
16,429
16,494
16,653
15,701
607
733
810
851
1,105
1,195
1,228
1,217
1,220
319
450 11,282
263
448 12, 501
252
710 14,373
199
361 14,448
237 1 338 15,712
218
942 17,216
260
915 17, 202
290 1 105 17,646
232
725 16,345
6
3
4
11
17
20
22
12
10
5
7
10
15
14
12
14
29
23
26
17
20
39
17
14
54
. 1 021
902
.
821
.
899
.
942
.
928
.
.
973
. 1 070
. 1 051
43
39
38
4,3
36
29
36
30
26
298
164
158
177
200
172
162
175
146
Class of bank
and
call date
New York City:"1
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .
Chicago:"1
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—Apr.
31.
31.
31.
30.
31.
31.
30.
31.
12.
5
4
3
3
4
4
4
4
4
BalDeances mand
with
dedoposits
mestic3
ad- 4
banks justed
Interbank
deposits
Do- Formestic3 eign
3 ,595
3 ,209
2 ,867
3 ,179
3 ,535
3 ,031
2 ,898
3 ,236
2 ,776
2,215 1,027
2,557 1,105
972
3,050
3,041 ,132
3,153 ,292
3,356 ,130
3,427 ,056
3,737 ,196
3,432 1,004
233
178
174
167
237
228
304
285
251
34
38
44
33
66
47
55
63
37
2,152
2,588
3,097
3,100
3,160
3,495
3,417
3,853
3,489
491
982
373
157
221
991
311
405
793
144
1 319
448
509
763
2 077
2 301
2 282
2 314
286
385
475
488
611
693
554
705
524
11,127
15,061
18,790
20,371
22, 281
24, 288
23,934
26,003
24, 123
225
1 090
1 962
4 230
5 465
877
424
432
844
1 370
1 558
1 727
1 868
2 004
2 391
2 511
2 647
2 772
239
272
344
369
435
524
451
528
468
2
53
2
243
2
506
3 1 245
5 1 560
11
258
3
152
4
149
611
678
750
775
858
1 052
1 119
1 188
4
4
5
5
6
6
6
7
6
060
940
116
687
326
337
274
095
403
425
365
391
441
494
532
470
562
511
2
2
1
2
2
1
1
2
1
590
202
758
005
174
923
864
125
791
11,117
14, 849
18,654
20,267
22, 372
24, 221
24, 166
25,714
24, 182
4 ,302
4 ,831
4 ,770
5 ,421
6 ,307
5 ,417
4 ,773
5 ,497
4 ,539
54
63
63
70
110
127
109
131
124
Country banks:
1941—Dec. 31.
1942—Dec. 31.
1943—Dee. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
1947—June 30.
Dec. 31.
1948—Apr. 12.
2
2
3
3
4
4
4
4
4
210
842
303
909
527
703
628
993
815
526
542
611
684
796
883
780
929
884
3
3
3
4
4
3
3
3
3
216
699
474
097
665
753
444
900
391
9,661
13,265
17,039
19,958
23,595
26,237
25,508
27, 424
26,466
790
957
994
1.149
1,199
1,067
885
1,049
814
2
4
5
8
8
8
8
7
8
271
287
313
352
391
437
395
473
2 325
2 934
2 996
3 434
3 959
3,547
2 979
3 466
4,092
5,651
7,279
8,652
10,537
11,842
11,274
12,223
108
133
141
182
233
244
194
258
Insured nonmember commercial banks:
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec!
1947—June 30'. '.
Dec. 31. .
866
4 186
3 395
6 722
6 ,940
651
179
267
375
8
127
665
12
14
713
16 1 400
20 1 552
152
24
24
181
21
72
24
102
Reserve city banks:
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12. .
.
.
.
.
.
.
.
.
.
U. S.
Certi- IndiIndi- Bor- CapiGov- States viduals,
fied viduals
tal
U. S. States
and partner- rowernand partner- Inter- ment
and
acGov- politica
politings counts
Offiships,
ships,
ern- subdi- cers' and cor- bank and
ical and corment visions
Postal subdi- porachecks, poraSav- visions tions
etc.
tions
ings
1
3
6
8
2
2
778
1,648
711
1,727
816 " 29 1,862
977
96 1,966
1,206 195 2 ,120
1,395
2 ,205
1,407
,234
i 22,259
1 418
30
1 460 119 2 ,268
476
453
505
619
719
823
864
902 .... .
908
1
1
288
304
326
354
377
404
416
426
426
2
2
2
1
4
6
9
10
104
63
41
33
30
25
21
22
17
20
22
56
40
38
43
41
45
40
243
169
151
154
160
235
319
332
455
4
4
5
7
9
10
10
11
10
542
1,967
805 ""l 2 ,028
902
2 ,135
561
2 ,327
563
2 2 ,566
580
4 2 ,729
888
11 2 ,796
045
1 2 ,844
792
60 2 ,869
8,500
11,989
15,561
18,350
21,797
24, 128
23,380
25,203
24, 136
30
20
17
14
17
17
17
17
15
31
32
56
57
52
55
49
45
46
146
140
149
175
219
272
308
337
354
6
6
7
9
12
13
14
14
14
082
397
599
650
224
727
101
177
456
4
3
10
16
11
26
38
23
55
1,982
2 ,042
2 ,153
2 ,321
2 ,525
2 ,757
2 ,869
2 ,934
3 ,048
68 3,483
76 4,983
96 6,518
103 7,863
135 9,643
154 10,761
135 10,144
158 11,019
18
10
6
6
6
6
4
4
8
5
4
4
4
5
5
6
74
65
68
76
97
113
122
132
3
3
3
4
5
6
6
6
276
339
750
553
579
232
361
420
6
5
6
10
7
9
10
7
959
955
979
1,022
,083
1,193
1,245
1,271
3 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
JUNE
1948
689
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
I a millions of dollars
Loans
Date or month
Total
loans
and
investments
TotalLeading Cities
1Q47 Aoril
. • 6 3 , 284
Tot al
Commercial,
ndustrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S . Government obligations
To others
Real ^oans
state to
Dtner Total
U. S. Other U. S. Other loans janks loans
Govt. se- Govt. seobobliga- curi- liga- curitions ties tions ties
Other
Cersecutifirities
cates
1
Bills of in- Notes Bonds
debtedness
Total
19, 864 12, 162
406
414
548
496
2,785
155
2 , 898 4 3 , 420 3 9 , 311
889
5 , 192
23, 428
23, 315
23, 460
23, 472
14, 569
14. 704
14. 636
14, 522
387
219
378
437
527
432
389
415
435
277
3, 409 41 , 707
3, 465 41, 863
3, 489 40, 945
3, 510 39, 894
37, 474 ,251
37, 610 2,164
36, 754 2,262
35, 600 ,995
250 3 , 567 3 9 , 719 3 5 , 398 2,096
3 , 291
3, 390
3 250
3 918
398
503 3,427
502 3,497
485 3,546
479 3,595
477 3,649
199
163
235
232
2 3 , 311 14, 258
407
333
302
282
23, 439
23, 654
23, 392
23, 421
23 452
14, 540
14, 592
14,578
14,484
14,417
476
436
349
431
494
355
524
411
375
411
285
281
276
279
286
479 3,569
486 3,583
479 3,598
475 3,610
475 3,615
233
265
190
254
215
3
3
3
3
3
3
4
3
3
3
972
028
938
907
745
2 ,559
2 ,579
2 ,572
2 ,467
2 ,305
27, 266
27, 239
27, 172
27, 165
27, 111
Apr. 7
Apr. 14
Apr 21
Apr. 28
62, 870 23 334 14, 337
62 855 23 269 14 333
63 454 23 480 14 205
403
379
423
428
407
482
281
272
274
62 940
23 160 14 159
387
422
280
476 3,627
475 3,643
489 3,656
469 3,669
239 3 543 39 536 35 215 1,853 3 831
191 3 569 39 586 35 260 2,006 3 778
380 3 571 39 974 35 643 2,307 3 851
190 3 584 39 780 35 475 2,219 3 839
2 ,403
2 ,386
2 ,394
2 ,420
27 128 4,321
27 090 4,326
27 091 4,331
26 997 4,305
May 5
May 12
May 19
May 26
63
63
63
63
23
23
23
23
205
255
208
206
422
480
422
682
404
417
388
394
277
279
280
281
474 3,694
474 3,717
484 3,732
483 3,745
197
232
234
244
2 ,441
2 ,436
2 ,405
2 ,379
26
26
27
27
4 439
December. . .
1948—lanuary . . . .
February....
]VEarch
April
•• •
Mar.
Mar
Mar.
Mar.
Mar.
3
10
17
24
31
New York City
1947—April
65, 135
6S 178
64, 405
63, 366
6 3 , 030
63, 494
64, 128
63, 756
63, 232
62, 220
132
174
456
070
19 944
December. . . 20 056
20 001
1948—January
19 776
February...
19 238
March
19 182
April
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
19
19
19
19
18
285
639
29
08
879
246
447
356
634
14
14
14
14
3
3
3
3
502
487
511
513
539
40,
40
40
39
38
573 39
593 39
608 40
599 39
055
474
364
811
768
886
727
100
436
35,
36,
36,
35
34
35
35
35
35
2,048
2,347
2,379
1,930
1,272
845
193
061
469
433
2 ,843
3 0 , 387
4,109
2 ,832 30, 100 4,233
2 ,790 29, 266 4,253
2 ,666 28, 576 4,191
2 ,496 27, 191 4,294
3 825 2 ,401 2 7 , 076 4,321
640
499
866
237
2,448
2,296
2,571
1,945
315
1 ,229
800
661
576
747 1,157
476 1,149
923
918
891 1,029
3
3
3
3
770
809
882
879
4,210
4,281
4,303
4,342
4,335
981
958
008
034
4,246
4,228
4,234
4,199
10 189
1,207
313
279
105
208
99
132
629 13 740 12 533
7 286 5
7 045 5
135 5
7 108 5
7 074 5
343
329
245
164
087
299
162
309
376
350
3*77
308
275
304
324
64
51
47
45
49
202
199
189
188
189
104
106
109
113
119
160
129
192
150
180
737
761
769
768
776
12 770
12 956
12 641
12 130
12 ,108
11
11
11
10
10
536
626
615
975
890
481
512
541
501
495
9
9
9
8
8
898
452
171
519
477
1,194
1,209
1,165
1,212
1,217
7 087
7 245
7 023
7 047
7 ,137
5
5
5
5
5
164
181
174
160
14
407
378
293
370
432
249
393
296
270
312
45
43
42
46
47
186
195
188
186
185
110
111
114
114
114
159
183
143
133
132
767
761
773
768
774
12 ,198
12 ,394
12 ,275
12 ,040
11 ,742
11 039
971 1 ,025
11 ,180 1,141
995
11 073 1«, 100
936
10 .795
839
962
10 ,501
560
958
513
518
533
482
460
8 530
8 ,526
8 504
8 ,512
8 ,523
1,159
1,214
1,202
1,245
1,241
10 ,889
10 ,731
11 ,068
10 ,878
10 ,953
10 ,765
11 ,091
10 ,677
946
920
1,193
1,058
954
842
884
880
481
475
497
528
8 ,508
8 ,494
8 ,494
8 ,412
1,231
1,231
1,217
1,189
1,18(
1,036
1,278
844
861
836
891
915
554
553
564
553
8 ,358
8 ,340
8 ,358
8 ,365
1,097
1,094
1,093
1,063
6 204
Apr. 7 . . . .
Apr. 14
Apr. 2 1 . . . .
Apr. 28
19 19
19 ,01
19 ,50
19 ,02
7 ,072
7 ,048
7 ,219
6 ,956
5 120
5 ,139
5 ,059
5 ,030
346
332
381
341
326
304
354
311
49
49
49
49
186
185
202
183
116
118
118
123
155
145
280
141
774
776
776
778
12 ,120
11 ,962
12 ,285
12 ,067
May 5 . . . .
May 12
May 19
May 26
19 ,03
18 ,95
19 ,23
19 ,05
6 ,983
7 ,099
7 ,046
7 ,311
5 ,04
5 ,08
5 ,06
5 ,07
369
419
376
615
295
304
284
279
47
47
47
47
183
183
184
186
124
128
132
132
154
166
194
206
764
767
767
771
12 ,050
11 ,859
12 ,184
11 ,740
Qutside
New York City
1947—April
43 ,34
13
,660 7 ,72
93
135
443
288
2,686
23
2 ,269 29
,680 26 ,778
574
December. .
1948—January....
February...
March
April
45 ,07
45 ,17
44 ,62
44 ,12
43 ,84
16 ,142
16 ,270
16 ,325
16 ,364
16 ,237
9 ,22
9 ,37
9 ,39
9 ,35
g , 17
88
57
69
6
48
150
124
114
11
11
343
282
255
237
228
30
303
296
291
288
3,323
3,391
3,437
3,482
3,530
39
34
43
82
70
2 ,672
2 ,704
2 ,720
2 ,742
2 ,791
28,937 25 ,898
28,907 25 ,863
28,304 25 ,278
27,764 24 ,682
27fil1 24 ,507
59C
1,007
1,113
1,072
1,067
2 ,755
2 ,764
2 ,635
2 ,943
2 ,935
2,351
2,278
2,125
1,995
1,905
20 ,202
19 ,814
19 ,405
18 ,672
18 ,600
3,039
3,044
3,026
3,082
3,104
Mar.
Mar.
Mar.
Mar.
Mar.
44 ,20
44 ,48
44 ,45
44 .14
43 ,34
16 ,352
16 ,409
16 ,369
16 ,374
16 ,315
9 ,37
9 ,41
9 ,40
9 .32
9 ,27
69
58
56
6
62
106
131
115
1099
240
238
234
233
239
293 3,459
29 3,472
29 3,484
289 3,496
290 3,501
74
82
47
121
83
2 ,735
2 ,726
2 ,738
2 ,745
2 ,765
27 ,857
28 ,080
28 ,089
27 ,771
27 ,026
24 ,806
25 ,013
24 ,988
24 ,674
23 ,932
1,077
1,206
1,279
1,091
712
2 ,947
3 ,033
3 ,002
2 ,945
2 ,787
2,046
2,061
2,039
1.985
1,845
18 ,736
18 ,713
18 ,668
18 .653
18 ,588
3,051
3,067
3,101
3,097
3,094
Apr. 7
Apr. 14
Apr. 2 1 . . . .
Apr. 28
43 ,67
43 ,84
43 ,95
43 ,91
16 ,262
16 ,221
16 ,261
16 ,204
9 ,21
9 ,19
9 ,14
9 ,12
5
4
4
46
102
103
128
11
232
223
225
23
290
290
287
286
3,511
3,525
3,538
3,546
84
46
100
49
2 ,769
2 ,793
2 ,795
2 ,806
27 ,416
27 ,624
27 ,689
27 ,713
24 ,326
907 2 ,877
24 ,529 1,086 2 ,936
24 ,575 1,114 2 ,967
24 ,597 1,161 2 ,959
1,922
1,911
1,897
L,892
18 ,620
18 ,596
18 ,597
18 ,585
3,090
3,095
3,114
3,116
May 5 . . . .
May 12
May 19
May 26
44 ,09
44 ,21
44 ,22
44 ,01
16 ,263
16 ,348
16 ,310
16 ,323
9 ,15
9 ,17
9 ,14
9 ,13
5
6
4
6
109
113
104
11.
230
232
233
234
29
29
300
29
3,570
3,589
3,600
3,613
43
66
40
38
2 ,809
2 ,826
2 ,841
2 ,828
27 ,836
27 ,868
27 ,916
27 ,696
24 ,687
24 ,734
24 ,775
24 ,560
1,887
1,883
1,841
1,826
18 ,623
18 ,618
18 ,650
18 ,669
3,149
3,134
3,141
3,136
3
10
17
24
31
1,268
1,260
1,293
1,101
3
,963
2 ,909
2 ,973
2 ,991
2 ,964
>,043 20 ,198 2,902
1
Including guaranteed obligations.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp .127-227
690
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
ReBalserves
Dewith Cash ances mand
with
Feddein
do- posits
eral vault
mestic ad- 1
Rebanks justed
serve
Banks
Individuals, States
part- a n d
ner- political
ships
suband
cor- divipora- sions
tions
Time deposits,
except interbank
Individuals, States
and
partU.
S.
and
Gov- ner- political
offiships, suberncers'
ment and
divichecks,
cor- sions
etc.
porations
Certified
Interbank
deposits
U. S.
Demand
Government
and
Postal Do- ForSav- mes- eign
ings
tic
Bor- Cap- Bank
row- ital
deb-2
acings counts
its
Time
TotalLeading Cities
1947—April
11,455
735 2,326 45,428 45,235 3,118
1,381
1,736 13,946
307
9,180 1,356
December.
1948—January . .
February .
March.. . .
April
12,719
12,753
12,328
12,576
12,441
848
815
778
758
780
',363 3,148
2,462 48,708 49,
2,445 48,843 49,073
<
3,251
2,247 47,709 47,,873 3.204
2,297 46,724 46,737 3,318
2,256 46,394 46,416 3,425
1,700
1,465
1,430
1,523
1,382
651
592
872
1,141
1,300
14,093
14,159
14,184
14,236
14,232
335
370
457
475
491
9,922
9,955
9,052
8,848
8,594
1,370
1,344
1,350
1,358
1,343
228
138
320
320
197
3...
10...
17...
24...
31...
12,957
12,736
12,675
12,366
12,146
721
782
757
779
752
2,301 47,296 47,,134
2,316 47,581 47,332
2,442 47,011 47,508
2,191 46.391 46,266
2,237 45,340 45,445
3,219
3,460
3,255
3,291
3,363
1,389
1,801
1,371
1 ,580
1,473
1,009
1,148
1,098
1,154
1,297
14,256
14,246
14,227
14,233
14,221
471
476
468
482
478
9,026
9,040
9,238
8,563
8,375
1,361
1,353
1,367
1,366
1,341
220 5,871 22,869
288
18,503
311
23,059
422
21,254
360 5,884 20,769
Apr. 7 . . .
Apr. 14...
Apr. 2 1 . . .
Apr. 2 8 . . .
12,374
12,490
12,350
12,548
753
799
767
799
2,219 45,978
2,354 46,210
2,271 46, 718
2,181 46,671
45,608
47,000
46,636
46,418
3,311
3,297
3,609
3,484
1,257
1,366
1,531
1,376
1,376
1,314
1,199
1,309
14,238
14,229
14,239
14,222
490
495
487
492
8,612
8,821
8,578
8,364
1,363
1,351
1,347
1,310
199
123
325
141
5,890
5,889
5,889
5,902
20,660
19,745
21,643
20,547
May 5 . . . 12,511
May 12. . 12,555
May 19. .. 12,034
May 2 6 . . . 12,490
743
828
777
805
2,246 46,529
2,286 46,373
2,28, 46, 440
2,132 46,857
,534
46 ,032
46,888
,414
46,673 3,424
46,628 3,451
1,328
1,400
1,425
1,349
1,367
1,597
1,452
1,272
14,245
14,239
14,230
14,229
491
512
505
504
8,666
8,699
8,523
8,171
1,291
1,318
1,340
1,311
138
181
153
225
5,912
5,906
5,902
5,910
21,075
19,975
22,530
20,561
1,346
Mar.
Mar.
Mar.
Mar.
Mar.
New York City
1947—April
4,001
December.
1948—January . .
February .
March.. . .
April
4.424
4,439
4.277
4,586
4,535
132
129
117
124
Mar.
Mar.
Mar.
Mar.
Mar.
3...
10...
17...
24...
31...
4.752
4,721
4.532
4.538
4,387
114
125
115
117
116
Apr. 7 . . .
Apr. 14...
Apr. 2 1 . . .
Apr. 28. ..
4,506
4,556
4,475
4,604
May 5 . . .
May 12...
May 19. . .
May 26. ..
55 15,712 16,171
191 5,691
76,400
5,831
5,830
5,852
5,871
5,892
104,009
94,188
80,188
95,020
89,620
225
720
525
72 2,170
29,997
16,336
16,399
16,003
15,733
15,574
17,055
16,844
16,562
16,290
16,067
264
339
228
277
325
931
732
736
835
725
209 1.341
172 1,350
240
,364
308
,385
347
,397
3,072
3,108
2,868
2,803
2,777
,220
,192
,199
,200
,188
102
29
112
93
91
2,202
2,207
2,212
2.208
2,211
44,131
38,286
32,298
38,648
36,880
15,952
16,224
15,506
15,457
15,525
16,426
16,504
16,252
16,012
16,256
211
492
190
253
239
708
1,149
630
919
768
273
322
289
308
349
,383
,385
,387
,385
,386
2,851
2,851
2,975
2.760
2,578
,203
,199
,210
,205
,185
63
87
133
155
26
2,212
2,207
2,207
2,202
2,210
9,519
7,184
9,860
8,739
8,105
119
128
118
129
15,533
15,392
15,763
15,608
15,949
16,144
16,135
16,041
227
242
488
341
622
723
832
722
376
347
318
347
,398
,394
,398
,398
2,769
2,829
2,803
2,706
1,209
1,198
1,190
1,156
50
65
169
81
2,211
2,211
2,211
2,210
8,857
7,905
8,670
8,545
4,513
4,552
4,314
4,498
118
128
115
130
15,504 15,869
15,330 15,969
15,452 16,028
16,111
312
274
287
242
660
756
774
712
360
,403
426
,401
382
,403
338 1,411
2,781
2,111
2,769
2,640
1,135
1,164
1,178
1,152
62
116
69
119
2,209
2,210
2,20
2,206
8,710
8,290
9,171
8,821
1947—April.
7,454
619
2,271 29,716 29,064 2,893
661
119 3,521
46,403
December.
1948—January
February .
March.. . .
April
8,295
8,314
8,051
7,990
7,905
683
649
641
656
2,420 32,372 32,308
2,405 32,444 32,229
2,211 31,706 31,311
991 30,447
2,
2, 223 30,820 30,348
2,884
2,912
2,976
3,041
3,101
769
733
694
688
658
442
420
632
833
Mar.
Mar.
Mar.
Mar.
Mar.
3...
10...
17...
24...
31...
8,205
8,015
8,143
7,828
7,759
607
657
642
662
636
2,269
2,283
2,408
2,155
2,063
31 ,344 30,708 3,008
31,357 30,828 2,968
31,505 31,256 3,065
30.934 30,254 3,038
29,815 29,189 3,124
Apr. 7 . . .
Apr. 14...
Apr. 2 1 . . .
Apr. 2 8 . . .
7,868
7,934
7,875
7,944
634 2,188 30,445 29,659 3,084
671
319 30,818 30,856 3,055
649
237 30,955 30,501 3,121
670 2,148 31,063 30,377 3,143
May 5 . . .
May 12...
May 19...
May 2 6 . . .
7,998
8,003
7,720
7,992
62
700
662
675
32
33
34
36
174
2,914 1,210
Outside
New York City
1
2
2,217
2,253
2,254
2,102
31,025
31,043
30,988
31,264
30 163
30 ,919
30 ,645
30,517
3,222
3,140
3,137
3,209
12,600
291
6,266
12,752
12,809
12,820
12,851
12,835
316
357
404
419
443
6,850
6,847
6,184
6,045
5,817
150
152
151
158
154
126
109
208
227
106
3,629
3,623
3,640
3,663
3,682
59,878
55,902
47,890
56,372
52,740
681
652
741
661
705
736 12,873
826 12,861
809 12,840
12,848
948 12,835
411
415
416
429
425
6,175
6,189
6,263
5,803
5,797
158
154
157
161
156
157
201
178
267
334
3,659
3,658
3,659
3,667
3,674
13,350
11,319
13,199
12,515
12,664
635
643
699
654
12,840
967 12,835
881 12,841
962 12,824
437
444
443
447
5,843
5,992
5,775
5,658
154
153
157
154
149 3,679 11,803
58 3,678 11,840
,678 12,973
156
,692 12,002
60
448
469
462
460
5,885
5,922
5,754
5,531
156
154
162
159
76
,703
65
,696
84
,695
106 3,704
668
644
651
637
,007
,171
,070
934
12,842
12,838
12,827
12,818
12,365
11,685
13,359
11,740
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.
JUNE
1948
691
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
fin millions of dollars]
Loans
Federal Reserve
district and date
Total
loans
and
invest- Total
ments
Boston
Apr. 28
May 5
May 12
May 19
May 26
New York*
Apr. 28
May 5
May 12
May 19
May 26
Philadelphia
Apr. 28
May 5
May 12
May 19
May 26
Cleveland
Apr. 28
May 5
May 12
May 19
May 26
Richmond
Apr. 28
May 5
May 12
May 19
May 26
Atlanta
Apr. 28
May 5
May 12
May 19
May 26
Chicago*
Apr. 28
May 5
May 12
May 19
May 26
St. Louis
Apr. 28
May 5
May 12
May 19
May 26
Minneapolis
Apr. 28
May 5
May 12
May 19
May 26
Kansas City
Apr. 28
May 5
May 12
May 19
May 26
Dallas
Apr. 28
May 5
May 12
May 19
May 26
San Francisco
Apr. 28
May 5
May 12
May 19
May 26.
City of Chicago*
Apr. 28
May 5
M a y 12
M a y 19
M a y 26
Commercial,
industrial
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S. Other
U. S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
Real Loans
estate to Other Total
loans banks loans
Total
Bills
Certificates
ofindebtedness
Other
secuNotes Bonds rities
1,717
1,718
1,711
1,718
1,700
1,60
1,603
1,595
1,602
1,584
103
110
101
108
94
146
146
150
148
147
128
12
12
127
12
1,225
1,220
1,21
1,219
1,216
115
115
116
116
116
941 13,526
928 13,507
931 13,320
93 13,657
934 13,206
12,13
12,211
12,027
12,365
11,950
1,123
1,245
1,100
1,355
925
931
91
889
945
968
595
619
620
631
624
9,488
9,43.
9,418
9,434
9,433
1,389
1,296
1,293
1,292
1,256
,648
,676
,679
,651
,642
1,392
1,415
1,416
1,387
1,372
94
11
110
125
123
13:
14:
129
64
65
64
64
64
1,109
1,110
1,110
1,094
1,094
256
261
263
264
270
224
220
223
233
224
2,865
2,915
2,904
2,904
2,863
2,53
2,583
2,572
2,565
2,52:
95
146
134
135
99
211
18.
181
183
181
167
168
172
162
2,059
2,084
2,085
2,085
2,090
333
332
332
339
341
182
182
184
188
188
187
188
188
187
188
1,703
1,714
1,712
1,706
1,712
1,578
1,590
1,588
1,582
1,589
48
60
54
55
65
173
175
182
178
177
77
86
76
74
73
1,280
1,269
1,276
1,275
1,274
125
124
124
124
123
36
36
36
35
35
74
74
76
75
76
171
170
172
171
170
1,451
1,448
1,461
1,471
1,460
1,265
1,262
1,275
1,284
1,274
25
22
24
22
18
205
207
219
229
222
138
137
137
128
132
897
896
895
905
902
186
186
186
187
186
28
28
27
27
27
69
69
68
68
69
317
317
318
319
320
365
369
371
370
370
5,949
5,990
5,963
6,010
5,958
5,310
5,336
5,319
5,369
5,321
352
376
348
407
341
442
453
466
464
465
389
386
387
358
360
4,127
4,121
4,118
4,140
4,155
639
654
644
641
637
4
4
4
4
4
16
17
17
17
17
14
14
14
14
13
146
146
147
147
148
191
192
195
196
194
,116
,122
,134
,143
130
969
974
987
996
984
41
44
50
48
33
116
115
122
125
123
82
86
85
86
87
730
729
730
737
741
147
148
147
147
146
255
252
249
247
249
2
2
2
2
3
7
7
7
6
6
2
5
5
5
5
55
55
55
55
56
96
95
94
95
94
697
700
717
711
715
618
621
637
631
635
17
17
28
17
15
67
69
78
80
84
48
49
48
49
51
486
486
483
485
485
79
79
80
80
80
800
802
803
806
808
512
514
515
515
514
3
3
3
3
4
10
10
10
10
10
12
12
12
11
11
120
121
121
122
123
143
142
142
145
146
1,530
1,524
1,530
1,547
1,540
1,331
1,326
1,331
1,346
1,338
118
107
112
120
119
262
265
265
267
260
122
121
121
120
121
829
833
833
839
838
199
198
199
201
202
188
183
187
196
180
1,018
1,016
1,021
1,015
1,010
706
704
705
699
693
6
6
6
6
6
18
18
19
21
20
40
40
40
42
42
81
82
82
82
83
167
166
169
165
166
1,170
1,167
1,166
1,181
1,170
1,056
1,053
1,051
1,067
1,057
20
24
20
35
20
165
159
164
164
166
91
92
93
91
91
780
778
774
777
780
114
114
115
114
113
071
113
173
133
074
4,663 1,973
4,708 1,990
4,743 2,001
4,732 1,995
4,734 1,993
10
10
10
10
11
21
22
22
22
22
34
34
34
34
34
1,960
1,979
1,986
1,990
1,995
662
665
669
671
671
6,408
6,405
6,430
6,401 5,672
6,340 5,611
183
180
215
182
131
996
961
961
957
957
505
506
515
497
3,987
4,020
4,019
4,018
4,026
723
739
729
729
729
331
380
346
385
334
1,761
1,789
1,811
1,787
1,802
25
25
28
23
31
20
20
20
20
20
60
60
59
59
59
69
69
69
69
70
190
192
194
192
191
3,570
3,591
3,535
3,59
3,532
3,139
3,146
3,104
3,169
3,107
241
243
192
269
192
266
272
283
278
280
256
254
255
234
236
2,376
2,377
2,374
2,388
2,399
431
445
431
429
425
,799
,814
,799
,810
,795
1,082
1,096
1,088
1,09:
1,09.
729
728
727
723
727
6
10
12
10
11
7
8
7
8
8
16
16
16
15
14
120
120
121
121
121
4
1
3
10
10
,196
,208
,135
,420
,239
7,670
7,701
7,815
7,763
8,033
5,368
5,386
5,423
5,400
5,419
344
375
42:
378
618
316
299
308
288
283
202
20
202
203
205
300
301
307
312
312
141
154
166
194
206
,500
,54.
,553
,520
,506
852
868
87^
869
864
496
499
501
500
496
14
19
17
16
16
8
8
8
8
8
72
74
75
76
76
251
251
251
25:
252
,329
,347
,348
,362
,319
1,46
1,432
1,444
1,458
1,456
866
875
878
879
883
20
14
16
12
13
53
53
54
53
53
14
14
14
23
23
242
24,
245
245
247
,524
, 53.
531
529
533
821
818
819
823
821
397
392
389
387
387
5
5
5
5
5
24
23
24
24
24
22
24
25
26
24
280
293
301
286
834
832
832
830
826
516
517
513
513
509
6
6
7
7
6
25
23
22
23
25
,574
,643
,653
,668
,630
2,625
2,653
2,690
2,658
2,672
1,802
1,820
1,828
1,830
1,817
29
28
32
27
35
030
026
040
,043
029
914
904
906
900
899
539
528
526
520
519
114
116
129
121
,131
417
416
412
410
416
330
326
333
353
348
1,382
1,401
1,405
1,408
1,397
186
18
188
191
190
1
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
692
The figure
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Boston
Apr. 28
May 5
May 12
May 19.
May 26
New York*
Apr. 28
May 5
May 12
May 19
May 26
Philadelphia
Apr. 28
May 5
May 12
May 19
May 26
Cleveland
Apr. 28
May 5
May 12
May 19
May 26
Richmond
Apr. 28
May 5
May 12
May 19
May 26
Atlanta
Apr. 28
May 5
May 12
May 19
May 26
Chicago*
Apr. 28
M ay 5
May 12
May 19
May 26
St. Louis
Apr. 28
May 5
May 12
May 19
May 26
Minneapolis
Apr. 28
May 5
May 12
May 19
May 26
Kansas City
Apr. 28
May 5
May 12
May 19
May 26
Dallas
Apr. 28
May 5
May 12
May 19
May 26
San Francisco
Apr. 28
May 5
May 12
May 19
May 26
City of Chicago*
Apr. 28
May 5
May 12
May 19
May 26
ReIndiserves
BalDewith Cash ances mand vid- States CertiFeduals,
with
dein
fied
and
eral vault
posits partdoand
Remestic ad- 1 ner- politoffiical
serve
usted
ships,
banks
cers'
subBanks
and
divi- checks,
cor- sions
etc.
porations
Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships,
ment and
corporations
488
495
501
492
486
58
57
59
57
58
99
100
96
97
96
2,322
2,322
2,292
2,299
2,308
2,303
2,301
2,310
2,324
2,313
161
161
154
142
130
42
43
46
44
40
,797
,831
,588
,786
175
161
177
160
175
117
124
130
120
17,049
16,959
16,786
16,916
17,076
17,297
17,125
17,256
17,305
17,366
593
565
538
549
539
763
704
797
819
753
47
498
460
445
496
42
41
4:
43
44
10 =
9/
98
108
97
2,011
2,055
1,995
1,977
2,040
2,072
2,064
2,084
2,074
2,097
103
144
99
9
94
27
27
25
28
36
800
788
780
733
769
76
84
8
86
149
151
155
159
155
3,042
3,024
3,009
2,988
3,024
3,103
3,028
3,099
3,06!
3,07:
182
19
198
18
196
54
57
50
53
54
47
491
480
470
480
65
6
68
65
65
152 2,033 1,945
153
1,955
16 =
1,99
1,969
158
151 2,045 1,988
22
223
21
220
206
46
49
49
49
39
66
66
7:
6
59
442
451
453
422
432
43
40
44
41
43
187
200
194
204
171
1,733
1,738
1,750
1,761
1,748
1,615
1,60
1,657
1,648
1,611
307
310
307
302
309
27
25
24
26
22
40
41
46
43
38
,680
,693
,727
,637
,738
100
96
105
99
100
361
372
358
354
335
5,985
5,952
5,94
5,956
6,053
5,937
5,84
5,978
5,915
5,926
556
552
557
566
596
9
111
101
109
114
38'
389
384
36(
381
29
28
30
29
30
105
108
11
109
102
1,31
1,305
1,320
1,330
1,326
1,389
1,38'
1,433
1,423
1,401
105
104
106
104
105
17
19
19
18
18
44
50
57
51
48
205
202
20'
20'
200
13
12
1
12
13
76
95
78:
785
795
788
80.
720
724
755
736
742
15
14
14
152
158
14
1
1
12
14
474
475
493
462
31
2.
31
30
32
273
269
28'
294
255
1,734
1,715
1,762
1,756
1,773
1,699
1,682
1,765
1,756
1,746
241
242
236
236
241
468
485
492
470
471
35
31
3
32
34
278
288
316
30.
285
1,857
1,858
1,894
1,878
1,880
1,823
1,810
1,
1,876
,77.
,74<]
,747
,739
,762
126
111
137
126
125
27'
289
282
29
283
6,796
6,783
6,803
6,778
6,779
,106
,120
,163
,092
,182
36
35
39
37
37
173
18
17'
176
162
3,814
3,821
3,795
3,82.
3,865
U. S.
Government
and
Postal
Savings
States
and
political
subdivisions
Interbank
deposits
Demand
Do-
Time
Bor- Cap- Bank
row- ital
debacings counts
its'
For-
494
493
492
492
491
257
269
276
267
255
20
20
21
23
23
4
9
8
16
6
318
319
319
319
319
861
836
813
892
826
405
481
433
381
,235
,241
,239
,241
2,248
2,774
2,855
2,847
2,835
2,703
1,159
1,138
1,167
1,180
1,155
98
69
123
72
122
2,401
2,401
2,401
2,399
2,398
9,057
9,295
8.803
9,777
9,338
60
59
73
6.
57
421
418
418
415
414
328
348
352
335
311
13
14
12
12
12
2
2
3
10
7
301
302
302
302
302
791
787
782
810
697
115 1,266
121 1,267
139 1,270
1,268
1,268
431
436
431
429
416
5
5
4
5
5
7
10
15
21
6
466
469
470
470
471
1,110
1,149
1,029
1,224
1,104
587
587
587
587
586
329
357
361
353
331
4
5
5
5
6
4
2
2
3
10
214
214
215
214
215
649
692
669
748
675
536
537
536
536
535
460
466
467
445
424
10
10
10
10
9
2
4
182
183
183
183
183
605
673
620
698
661
241 2,396
260 2,397
313 2,396
281 2,397
24: 2,398
1,336
1,416
1,421
1,371
1,328
27
27
27
28
27
676
679
679
679
679
2,668
2,798
2,608
3,007
2,622
462
463
463
463
463
538
556
550
523
510
2
2
1
2
2
172
172
171
173
172
541
584
532
637
564
29
29
33
32
26
249
250
249
249
248
249
261
264
253
247
2
2
2
2
3
98
98
98
98
99
337
367
345
401
245
25
26
25
26
24
60
59
64
59
5:
378
378
378
377
377
4
4
4
4
4
743
753
751
746
722
187
187
188
188
189
705
710
666
848
757
1,842
178
188
185
18
182
36
35
34
3
33
37
38
42
40
36
341
341
341
342
341
51
51
51
42
42
499
525
527
525
502
194
194
195
194
195
751
621
599
780
661
6,51.
6,51
6,67,
6,58.
6,52'
677
70
672
693
695
228
215
213
204
20
173 4,857
18: 4,873
4,87)
188 4,863
166 4,860
233
233
239
239
239
420
424
452
441
422
693
6)4
685
683
2,472
2,563
2,509
2,708
2,411
3,90
3,869
3,942
3,921
3,902
256
250
261
271
29'
48
5
51
52
61
1,203
130 1 ,202
155 1,202
139 1,203
1,204
39
39
39
39
39
994
1,048
1,048
1,010
455 1,651
1,782
1,677
458 1,899
1,665
ia Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
JUNE
1948
693
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on
Held by
Commercial
paper
outstanding 1
End of month
1947—March
April
May
June
July
August
September
October
November
December
1948—January
March
April
Total
outstanding
Accepting banks
Total
Own
bills
Bills
bought
266
256
250
234
244
244
242
283
287
287
228
215
189
183
187
206
219
237
245
261
170
154
130
132
148
158
168
180
188
197
75
71
67
69
75
71
83
83
76
88
95
83
63
63
74
87
85
97
112
109
290
301
311
275
262
253
241
242
188
174
162
151
85
79
70
71
103
94
92
80
Federal
Reserve
Others
Banks
(For own
account)
4
2
Imports
into
United
States
Exports
from
United
States
58
61
59
50
39
48
47
55
56
64
158
140
118
111
115
133
140
144
147
159
36
42
45
46
45
47
42
54
61
63
74
79
79
91
168
168
151
143
53
43
48
54
Dollar
exchange
Goods sta red in or
shipped between
poin fcs in
United
States
Foreign
countries
(2)
(2)
l
2
4
3
3
27
25
21
20
21
20
24
23
25
25
7
8
5
6
7
6
11
10
9
11
1
2
2
4
27
24
23
19
13
17
17
22
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
investment investment
balances
and trading and trading
(net)i
accounts
accounts
Credit balances
Customers'
credit balances l
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1939—June
December. . .
1940—June
December.. .
834
906
653
677
25
16
12
12
73
78
58
99
178
207
223
204
570
637
376
427
230
266
267
281
70
69
62
54
21
23
22
22
6
7
5
5
280
277
269
247
1941—June
December...
1942—June
December. . .
1943—June
December. . .
1944—June
December. . .
1945—June
December. . .
1946—June
December...
616
600
496
543
761
788
887
1,041
1,223
1,138
809
537
11
8
9
7
9
11
5
7
11
12
7
5
89
86
86
154
190
188
253
260
333
413
399
311
186
211
180
160
167
181
196
209
220
313
370
453
395
368
309
378
529
557
619
726
853
795
498
217
255
289
240
270
334
354
424
472
549
654
651
693
65
63
56
54
66
65
95
96
121
112
120
118
17
17
16
15
15
14
15
18
14
29
24
30
7
5
4
4
7
5
11
8
13
13
17
10
222
213
189
182
212
198
216
227
264
299
314
289
6
333
395
2O1
222
3 251
3 241
3
280
3
257
3 247
240
3 652
650
3677
3 656
3 630
3 616
'617
612
3
3 622
3 596
3
592
3614
3
1947—May
June
July
iVugust
September. .
October
November. .
December...
53O
552
3 564
3
55O
3 570
3 606
3 593
578
1948—January....
February. . .
March
April
3
3
3
3
3
7
568
537
550
572
315
3
'
217
3
208
3 229
3241
24
271
162
' 23'
is'
'273"
176"
nge and other national securities exchanges and (2
3 own partners.
2
Includes money borrowed from bank
694
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
1945 average. . . .
1946 average. . . .
1947 average. . . .
Prime
commercial
paper,
4- to 6months 1
u. s. Government
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month
5ances,
certifi- 3-to
3reyear
90 1
cates taxable
month
new3
2
days
of inbills
als
debted- issues
ness
.81
.82
.88
1.18
L.16
1.32
.85
1.27
L .29
L .33
t .31
L .28
L .35
L.47
1.54
.44
.61
.87
1.00
1.16
1.38
.375
.375
.604
.06
.81
81
.81
.88
.94
.94
.94
.376
.376
.703
.748
.804
.857
.932
.950
1.04
.75
.81
1.03
COMMERCIAL LOAN RATES
1947—May . .
June
July
August....
September.
October. . .
November.
December..
1.00
1.00
1.00
1.00
1.06
1.06
L.19
1.03
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1948—January. . .
February..
March
April
May
1.31
1.38
1.38
1.38
1.38
1.06
1.06
1.06
1.06
1.06
1.50
1.50
1.50
1 50
1.50
.977
.996
.996
.997
.997
.09
.10
.09
.10
.09
1.63
1.63
1.60
1 58
1.51
1H
.998
.998
.997
.997
.997
1.10
[. 10
L.09
1.07
1.08
1.58
1.57
1.54
1.47
1.47
Week ending:
May 1 . . . .
May 8 . . . .
May 15
May 22 . . . .
May 29
1 /is
1%
1H
1%
11/16
11/16
11/16
11/16
11/16
1 L^
l^ii
185
.85
.85
.87
.97
.99
JIS was 1.50
>er8 cent uegiiimiig .n.ug. z, iv^o. rrior to cuac uaie n was 1.25 per cent.
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1938 average1. . ..
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
3.26
3.51
3.38
3.19
3.26
2.73
2.85
2.76
1944—March
June
September.
December.
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March
June
September.
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March
June
September.
December.
2.31
2.41
2.32
2.33
1.75
.84
.83
.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1947—March
June
September.
December.
2.31
2.38
2.21
2.22
.82
.83
.77
.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
1948—March
2.46
2.09
2.52
2.83
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125.
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
and
over
Corporate (Moody's) 4
Municipal
(highgrade) 2
Corporate
(highgrade) 3
By groups
By ratings
Total
Aaa
Baa
Aa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-8
15
10
120
30
30
30
40
40
40
1945 average
1946 average
1947 average
1.60
1.45
1.59
2.37
2.19
2.25
.67
.64
.01
2.54
2.44
2.57
2.87
2.74
2.86
2.62
2.53
2.61
2.71
2.62
2.70
2.87
2.75
2.87
3.29
3.05
3.24
2.68
2.60
2.67
3.06
2.91
3.11
2.89
2.71
2.78
1947—May
June
July
August
September
October
November
December
1.53
1.56
1.57
1.54
1.53
1.58
1.72
1.86
2.19
2.22
2.25
2.24
2.24
2.27
2.36
2.39
.95
.92
.91
.93
.92
2.02
2.18
2.35
2.49
2.50
2.51
2.51
2.57
2.68
2.75
2.86
2.79
2.81
.80
2.80
2.85
2.95
3.02
3.12
2.53
2.55
2.55
2.56
2.61
2.70
2.77
2.86
2.63
2.64
2.64
2.64
2.69
2.79
2.85
2.94
2.82
2.83
2.82
2.81
2.86
2.95
3.01
3.16
3.17
3.21
3.18
3.17
3.23
3.35
3.44
3.52
2.60
2.60
2.62
2.63
2.67
2.76
2.84
2.92
3.05
3.10
3.30
3.42
2.71
2.72
2.72
2.72
2.78
2.87
2.93
3.02
1948—January
February
March
April
May
2.09
2.08
2.03
1.99
1.89
2.45
2.45
2.45
2.44
2.42
2.45
2.55
2.52
2.38
2.31
2.85
2.84
2.81
2.77
2.74
3.12
3.12
3.10
3.05
3.02
2.86
2.85
2.83
2.78
2.76
2.94
2.93
2.90
2.87
2.86
3.17
3.17
3.13
3.08
3.06
3.52
3.53
3.53
3.47
3.38
2.91
2.90
2.89
2.85
2.82
3.44
3.43
3.40
3.34
3.27
3.03
3.03
3.01
2.97
2.95
Week ending:
May 1
May 8
May 15
May 22
May 29
1.98
1.97
1.93
1.85
1.84
2.44
2.44
2.43
2.40
2.39
2.33
2.32
2.32
2.30
2.28
2.76
2.75
2.74
2.73
2.72
3.04
3.04
3.03
3.01
3.00
2.77
2.77
2.87
2.87
2.86
2.85
2.85
3.07
3.07
3.06
3.05
3.04
3.44
3.42
3.40
3.36
3.34
2.84
2.84
2.83
2.81
2.81
3.32
3.31
3.29
3.26
3.24
2.96
2.96
2.96
2.95
2.95
2.75
1
2
4
Monthly and weekly data are averages of daily
figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 9 issueg, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
JUNE
1948
695
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate *
Year, month, or week
Number of issues
.
U. S.
Government 2
1-8
Municipal
(highgrade) 8 Highgrade
15
Medium- and lower-grade
Total
15
Industrial
50
Railroad
Pre- 6
De- ferred
Public faulted
utility
20
10
Volume
Common (index, 1935-39 = 100) of
trading7 (in
thousands ol
Rail- Public shares)
Total Industrial
road
utility
20
15
15
402
354
20
28
75.4
76.7
67.1
189.1
198.5
184.7
122
140
123
123
143
128
137
143
105
106
120
103
61.9
63.4
69.6
69 6
68.6
69.4
68.1
186.2
186.2
188.4
188.7
188.3
181.2
174.5
172.1
115
119
126
125
123
125
124
122
119
124
132
130
128
131
130
129
95
98
108
105
104
104
100
104
102
101
102
101
102
101
97
94
120
114
116
126
119
122
107
102
105
95
93
93
1946 average
1947 average
102.04 139.6
104.77 140.1
103.76 132.8
122.1
123.4
121.5
117.9
118.5
115.2
122.2
123.6
122.4
115.1
117.0
109.9
116.3
114.9
113.3
1947—May
June
July
August
September
October
November
December
104.48
104 08
103.75
103 89
103 95
103.44
102.11
101 59
133.9
134.4
134.7
134 3
134 4
132.5
129.4
126 2
122.9
122.8
122.5
122 3
121.5
120.0
118.8
117.0
115.0
114.3
115.7
116.1
115.1
114.0
113.3
112.5
123.2
122.6
122.8
123 9
121.9
120.8
120.0
119.1
109.2
107.3
110.5
110.4
109.3
106.9
105.1
104.6
112.5
113.0
113.8
113 9
114.1
114.3
114.7
113.9
194g—January
February
March
April
May
100 70
100.70
100.78
100.84
101 20
124 5
122.6
123.1
125.7
127 1
117 4
117.5
118.0
118.6
118 7
112 4
112.4
112.1
114.1
115.6
118.9
119.3
119.1
119.6
120.4
104 6
103.8
103.7
106.4
107.4
113 7
114.1
113.5
116.4
118.9
169.5
167.5
170.1
169.9
171.1
125
130
131
137
115
123
Week ending:
May 1
May 8
May 15
May 22
May 29
100.84
100 85
100.99
101.42
101.53
126.6
126 8
126.8
127.1
127.5
118.6
118.7
118.7
118.7
118.7
115.1
115.4
115.6
115.6
115.7
119.9
120.3
120.3
120.4
120.6
106.9
106.9
107.1
107.6
108.0
118.4
118.8
119.3
118.8
118.7
168.7
171.2
170.7
171.2
171.2
126
126
128
132
134
132
132
135
139
142
119
117
121
126
127
8
(8)
1,443
1,390
953
912
833
1,158
674
763
1,136
862
1,170
895
857
974
96
99
1,467
1,980
97
97
99
101
101
1,415
1,382
2,440
2,476
1,657
1
2
8
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 5per cent 20-year bond.
*8 Prices derived from averages of median 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.
7
Average
daily
volume
of
trading
in
stocks
on
the
New
York
Stock
Exchange.
8
Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Total
(new
and
refunding)
5,790
4,803
5,546
2,114
2,169
4.216
8,006
8,645
89,608
For refunding
Domestic
Total
(domestic
and
forTotal
eign)
2,277
1,951
2,854
1,075
642
913
1,772
4,645
37,448
State
and
municipal
Federal
agen-1
cies Total
2,239 931
924
1,948
751
461
2,852
518 1,272
1,075
342
108
640 176
90
896 235
15
1,761
471
26
4,635 952
127
7,136 2,225
203
785
778
1947—April
891
348
333
May
702
745
740
June
1,038
619
July
8 1.033 «863
326
326
August. . .
517
621
621
September
785
713
713
October. .
813
571
571
November
705
December 1,160 1,029 1,024
402
106
212
124
185
277
114
101
99
495
495
541
1948—January . .
802
February.
857
801
March. . . 1,374 1,222 1,221
April
784
951
783
114
217
630
171
15
15
12
8
85
16
39
31
50
Domestic
Corporate
Foreign2
Bonds
and Stocks
notes
383
287
97
736
601
135
1,062
889
173
624
506
118
374
282
92
646
422
224
1,264
607
657
3,556 2.084 1,472
4,708 3.493 1,215
376
212
514
483
132
258
599
470
925
241
80
430
311
121
175
410
336
780
136
132
83
172
11
84
189
134
144
365
546
560
562
323
368
531
432
41
178
29
131
38
2
1
"l
17
12
10
68
7
15
5
1
2
2
Total
(domestic
and
for- Total
eign)
3,513 3,465
2,852 2,852
2,693 2,689
1,039 1,039
1,527 1,442
3,303 3,288
6,234 6,173
4,000 3,895
2,160 1,983
State
and
municipal
Federal
agen-1
cies Total
195 1,537
344
482
698
435
440
181
497
259
418
404
912
324
734
208
422
44
106
354
293
170
191
165
101
134
130
101
354
255
170
191
165
101
134
130
3
1
2
11
3
46
56
152
166
46
56
152
166
Corporate
oreign2
Bonds
and Stocks
notes
1,733 1,596
2,026 1,834
1,557 1,430
418
407
685
603
2,466 2,178
4,937 4,281
2,953 2,352
1,517 1,236
5
2
2
20
33
38
40
40
42
20
48
45
78
319
214
118
147
122
76
84
83
44
229
165
107
140
113
51
78
80
2
3
1
1
42
39
54
114
3
14
97
50
3
13
87
50
137
193
126
11
82
288
656
601
281
48
4
86
15
61
105
177
34
5
91
48 " 3 8
11
7
9
25
6
3
1
10
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figure*
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
1
696
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds*
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946 . .
1947
.
. . .
1947—April
May
June
July...
August
September
October
November
December
•.
Retirement of securities
New money
Total
Plant and
equipment
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,221
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,111
57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,270
32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,224
26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,046
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,378
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,191
71
226
190
87
59
128
100
30
72
351
438
476
187
84
170
154
111
215
69
174
144
138
73
49
134
379
310
11
23
49
36
7
26
19
28
35
27
47
133
231
153
449
446
738
601
248
441
622
561
1,078
441
437
727
588
245
434
612
547
1,063
254
180
498
435
118
244
510
425
932
101
109
426
370
99
179
388
354
800
153
71
72
64
19
65
122
71
132
85
232
207
112
104
154
33
81
93
80
198
164
103
102
154
15
74
91
5
34
43
9
3
1
18
7
2
98
19
15
17
16
9
45
22
12
3
7
6
24
6
26
24
18
26
346
613
688
636
340
594
679
626
294
546
560
434
193
309
343
334
101
237
217
100
6
26
84
62
6
14
83
62
12
1
26
22
30
104
14
1
6
25
1948—January
February
March
April
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
.
3947—April
May
June
July
August. .
September..
Oct ober
November
December
1948—January
February
March
April
Industrial
Public utility
Railroad
Real estate and financial
Total
Retire- All Total
Retire- All Total
Retire- All Total
Retire- All
net
net
net
New ment of other
New ment of other
New ment of other
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
poses ceeds
ceeds
poses ceeds
ties
poses ceeds
ties
ties
ties
poses
172
120
774
338
54
182
319
361
47
160
602
1,436
21
57
139
228
24
85
115
253
32
46
102
704
283
115
129
240
17
37
28
17
15
28
28
23
22
23
5
35
37
20
4
31
37
20
23
34
23
34
80
51
42
32
120
54
558
110
30
97
186
108
15
114
500
1,320
571
35
31
10
77
1
18
464
3
8
11
30
63
89
180
43
245
317
145
22
40
469
1,400
2,291
69
2,129
785
3,121 2,122
93
225
536
6
37
19
751
1,208
L 246
1,180
340
22
2
4
130
1,250
1,987
307
140
306
303
277
493
30
31
353
234
28
157
280
245
480
77
1,190
1,897
611
943
1 157
922
993
292
423
1,343
2,159
1,252
42
30
27
50
86
47
13
30
27
25
17
923
63
93
76
61
179
181
2
16
2
62
774
1,280
1,079
831
584
961
25
74
439
616
469
188
167
828
244
463
293
89
527
497
228
199
1,033
454
504
1,969
811 1,010
3,601 2,201
981
2,429 1,740
364
328
165
141
239
79
204
129
96
175
65
68
95
4
16
136
8
31
11
13
16
1
1
71
259
213
496
45
193
129
422
95
425
70
390
164
119
149
106
6
12
9
1
320
265
281
233
34
14
5
17
34
550
761
373
226
353
738
123
269
83
154
24
26
26
43
9
13
20
49
56
14
13
24
2
150
80
90
136
43
56
121
146
71
76
20
122
390
71
16
102
155
94
4
21
107
46
218
57
8
9
42
55
4
13
61
72
152
7
7
88
9
18
4
42
19
4
20
7
1
5
104
21
4
3
148
419
325
206
323
279
85
164
169
99
10
19
3
10
21
3
5
21
3
2
1
1
10
51
16
21
54
38
7
15
9
4
9
g
5
19
21
6
13
45
35
18
14
2
25
21
57
16
52
15
27
91
157
41
153
15
65
64
56
56
95
54
5
1
26
5
1
5
3
21
1
2
8
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
>txpenses.
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
Duplication of the Board of Governors.
JUNE
1948
697
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Manufacturing and mining
Year or quarter
Total
Iron
and
steel
629
47
Number of companies.
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
146
1,465
1,818
278
2,163 325
226
1,769
204
. . . . 1,800
194
1,896
1 925 188
283
32,545
r
3,670 '437
Quarterly
1946—i
2
NonOther
trans- ferrous
MaAumetals
chin- tomo- portaand
tion
biles equipery
products
ment
69
15
115
223
102
158
193
159
165
174
163
242
274
209
201
222
243
130
173
227
182
180
190
169
127
'417
'205
-34
21
42
102
* -5
449
s 171
'334
323
604
698
22
67
96
97
-19
49
32
126
M00
MOO
'70
83
'77
4
'871
'867
'900
r
l,033
'112
'105
94
105
103
115
1948—1
1,030
121
87
130
3
4
1947—i
2
3
. .
«853
« 61
68
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
cals
tobacco refining
30
75
49
119
70
151
98
186
133
153
138
128
115
108
136
88
113
90
83
88
88
148
159
151
162
175
199
356
112
174
152
186
220
223
281
'354
'480
194
207
164
170
187
187
27*
345
77
r
Dividends
198
» 165
'238
45
20
26
41
50
12
37
41
8
65
74
93
124
56
62
77
85
63
66
67
'51
'58
59
'71
98
64
85
'89
'4 53
'4 57
'4 46
47
46
45
'59
<61
49
62
<51
«38
•44
57
Other
nondurable
goods
MiscellaNet 1
neous profits
serv-2
Preices
ferred
80
74
152
134
122
160
187
136
149
147
154
302
132
152
161
171
184
203
321
847
1,028
1,137
'370
r
888
902
970
989
»1 .139
1,786
293
152
152
90
564
90
92
88
86
86
85
82
89
669
705
552
556
611
612
657
837
20
21
20
21
146
153
149
209
177
192
190
278
207
77
62
71
77
91
82
80
93
66
'108
'110
'121
'160
'88
87
81
88
96
92
93
'90
63
71
'80
'80
'501
20
23
22
23
83
196
90
93
57
527
22
116
250
310
•415
'421
432
432
Common
PUBLIC UTILITY CORPORATIONS
fin millions of dollars]
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
f 046
1947
Operating
revenue
Income
before
income
tax 8
756
273
778
. . 1,869
1,703
2,047
2,008
39
-57
161
130
14
-45
128
191
2,039
2,111
2.177
2,357
166
189
89
121
3
4
184
239
112
157
1948—1
2,243
132
72
3
4
Quarterly
1947—1
2
Dividends
Operating
revenue
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
'4,244
629
692
774
847
913
902
905
970
961
535
548
527
490
502
507
534
647
652
444
447
437
408
410
398
407
456
470
1 .067
1,129
L 235
1,362
1,537
1,641
.803
1,992
2,149
56
52
41
85
967
919
931
998
303
225
212
229
196
151
143
157
107
109
109
130
44
52
1,075
1,028
1.024
'1,118
289
247
191
166
115
115
126
159
186
202
217
246
246
235
236
1,658
2,211
1,972
1946—1
2
Net
income1
Dividends
93
189
500
902
873
667
450
289
480
126
249
674
Income
before
income
tax 8
Net
income1
3,995
4,297
. . . 5,347
7,466
. . . . 9,055
9,437
8,902
7,627
8,685
Telephone 7
Electric power •
Railroad *
38
103
Operating
revenue
1,202
196
228
284
135
160
186
475
497
502
519
527
478
111
129
555
589
131
607
Income
before
Net
income
income 1
tax 8
Dividends
227
248
271
302
374
399
396
277
192
191
194
178
163
180
174
177
200
131
175
178
172
163
168
168
173
171
133
84
75
56
62
54
53
44
49
43
43
43
42
67
29
38
58
64
44
21
40
32
27
39
32
30
43
39
r
1
1
Revised.
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and
transportation
other than railroads (largely airlines), and 11 companies furnishing scattered types of service.
1
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts (in millions 6of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
• Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
1
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities.Quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephoned companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
698
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
1941—June.
Dec.
1942—June.
Dec.
1943—June.
Dec.
1944—June.
Dec.
1945—June.
Dec.
1946—-June.
Dec.
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
1947—May.
June.
July..
Aug..
Sept...
Oct...
Nov. .
Dec. .
1948—Jan...
Feb..
Mar..
Apr...
May.
Nonmarketable public issues
Noninterest
bearing
debt
Fully
guaranteed interestbearing
securities
Certificates of Treasury Treasury Total 2
Total 2 Treasury
bonds
indebtnotes
bills
edness
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
48,387
57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
257,649
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17.033
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49.776
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22.332
24,585
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
258,343
258,286
259,448
260,097
259,145
259,071
258,212
256,900
254,975
255,113
256,321
257,110
256,107
256,270
255,591
254,205
169,926
168,702
168,509
168,390
167,946
167,109
166,404
165,758
16,002
15,775
15,756
15,735
15,725
15,732
15,335
15,136
26,294
25,296
25,122
25,025
24,894
24,808
24,501
21,220
8,142
8,142
8,142
8,142
7,840
7,840
7,840
11,375
119,323
119,323
119,323
119,323
119,323
118,564
118,564
117,863
58,863
59,045
59,296
59,499
58,640
59,714
59,670
59,492
51,240
51.367
51,552
51,664
51,759
51,897
52,008
52,053
5,525
5,560
,592
,642
5,531
5,618
5,534
5,384
26,186
27,366
28,516
29,220
29,520
29,447
29,517
28,955
3,368
3,173
3,127
2,987
3,038
2,801
2,621
2,695
171
83
74
73
70
78
83
76
256,574
254,605
252,990
252,240
252,236
253,958
252,100
250,634
249,920
249,958
164,917
162,759
161,339
160,875
160,888
14,838
14,438
13,945
13,748
13,761
20,677
18,920
20,331
20,065
20,065
11,375
11,375
11,375
11,375
11,375
117,863
117,863
115,524
115,524
115,524
59,893
60,095
60,023
59,843
59,747
52,479
52,793
52,988
53,065
53,143
5,403
5,327
5,100
4,886
4,741
29,148
29,246
29,272
29,201
29,323
2,616
2,505
2,356
2,320
2,278
72
74
73
70
70
End of month
467
331
nd trust funds, which aggregated 5,476 million on Apr. 30, 1948.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING MAY 31, 1948
On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Treasury bills »
June 3 1948
June 10, 1948 . .
June 17 1948
June 24 1948
July 1, 1948
July 8 1948
July 15 1948
July 22, 1948. . .
July 29, 1948. . .
Aug. 5, 1948
Aug. 12, 1948. .
Aug. 19, 1948 . .
Aug. 26, 1948. .
1,101
1,101
1,107
1,009
1,200
1,205
1,007
1,002
1,006
905
1.006
1.004
1.108
Cert, of indebtedne s s
June
July
I, 1948. . . .
• H
I, 1948 Ser. •F* 7/i
1948 Ser. •G' ,
1948 Ser. 'H' ' Vs
1948 Ser. T*
1948 Ser. 'K* * i
1949
\Vs
1949
1949
IV
1949
1H
July 1,
July L,
Oct. L,
Oct. L,
Jan. ,
Feb. 1 ,
Mar. 1,
Apr. L,
Treasury notes
Sept. 15, 1948...
Oct. 1, 1948...
Jan. 1,1949...
Treasury Bonds
Tune 15 1948
Sept. 15, 1948 2 ..
Dec 15 1948 50
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Amount
1)4
1
m
1,777
2,742
1,127
2,209
1,354
1,467
2,592
2,189
3,553
1,055
3,748
4,092
3,535
In millions
Issue and coupon rate
Treas ury bonds—Cont.
Dec. 15, 1949-52 2.. 3 H
D e c 15, 1949-53 2..2K
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2 ..23^
2
Sept. 15, 1950-52
Dec. 15, 1950
1)4
June 15, 1951-54 2,. 2 %
2
Sept. 15, 1951-53 2
Sept. 15, 1951-55 ... .3
D e c 15, 1951-53 2..2M
2
Dec. 15, 1951-55
Mar. 15, 1952-54...2)4
15,
1952-54
2
June
June 15, 1952-55.. .2\i
Dec. 15, 1952-54
2
June 15, 1953-55 2... .2
June 15, 1954-56 2..2M
Mar. 15, 1955-60 2..2H
Mar. 15, 1956-58...2)4
Sept. 15, 1956-59 2..2 %
Sept. 15, 1956-59.. .2%
June 15, 1958-63 J..2M
June 15, 1959-62 3..2)4
D e c 15, 1959-62 3..2M
D e c 15. 1960-65 2 2%
June 15, 1962-67 3 . . 2 H
D e c 15, 1963-68 3..2V2
June 15, 1964-69 33..2)4
D e c 15, 1964-69 ..2)4
Mar. 15, 1965-70 3..2)4
Mar. 15, 1966-71 3..2)4
June 15, 1967-72 K.2)4
Sept. 15, 1967-72...2)4
D e c 15, 1967-72 \.2)4
Postal Savings
bonds
2)4
P a n a m a Canal Loan. 3
i%
3 062
'451
Y.2
1,014 G u a r a n t e e d securities
1,292
Federal Housing Admin.
2,098
Various
2Y2
2
..2
..2
1
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
114
50
Total direct issues.. .. 160,888
571
27
Sold on discount
basis. See table on Open-Market Money Rates,
2
p. 695.
Partially tax exempt,
s Restricted.
JUNE
1948
Month
Fiscal year
ending:
June—1940. .
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1947—May. . .
June.. .
July...
Aug... .
Sept....
Oct
Nov. . .
Dec . . .
1948—Jan.. . .
Feb.. . .
Mar....
Apr.. . .
May. ..
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
All
Series Series Series
month
series
E
F
G
series
2,905 1 .109
203
4,314 1 ,492
10,188 5 ,994 3,526
11
,789 8,271
21,256
34,606 15 ,498 11,820
45,586 14 ,891 11,553
49,035 9 ,612 6,739
51,367 7 ,208 4,287
488
305
51,240
482
301
51,367
339
559
51,552
460
294
51,664
466
304
51,759
488
304
51,897
412
263
52,008
487
325
52,053
52,479
770
479
607
367
52,793
588
383
52,988
468
320
53,065
432
305
53,143
"67'
435
758
802
679
407
360
25
24
27
21
21
22
17
24
44
40
30
20
17
395
2 032
2
2
2
2
2
759
876
658
465
561
158
157
193
144
142
162
131
137
248
201
175
128
110
114
148
207
848
2,371
4,298
6,717
5,545
421
433
457
404
431
404
357
434
454
364
462
452
428
Maturities and amounts outstanding May 31 , 1948
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
....
1955
1956
1957
1958
1959
I960
Unclassified. .
Total
All
series
330
820
989
1,553
4,168
7,394
9,607
8,375
6,153
6,103
4,266
2,518
Series
C-D
330
820
989
431
Series
E
1,122
4 168
6,081
6,953
5,595
2 960
3,274
1,473
908
-42
53,143
2,599
31,625
Series
F
Series
G
204
529
574
653
523
301
329
133
1,108
2,125
2,207
2 541
2,306
2,492
2,189
775
3 245
15,744
699
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED*
[Estimates of the Treas u r y Department. Par value, in millions of dollars]
Gross debt
Held oy nonbank investors
Held by banks
End of
month
Total
interestbearing
securities
Total
Total
Commercial2
banks
Federal
Reserve
Banks
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
6 ,500
State
and
local
governments
U. S. Government agencies
and trust funds
Special
is sues
Public
issues
400
600
700
900
000
500
100
200
300
300
500
500
300
100
4 ,775
6 ,120
6 ,982
7 ,885
9 ,032
10 ,871
12 ,703
14 ,287
16 ,326
18 ,812
20 ,000
22 ,332
24.585
27 ,366
2 ,305
2 ,375
2 ,558
2 ,737
3 ,218
3 ,451
4 ,242
4 ,810
5 ,348
6 ,128
7 ,048
6 ,798
6 ,338
5 ,445
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
255.197
48,496
55,332
64,262
76,991
112,471
140,796
170,108
202,626
232,144
259,115
278,682
269,898
259,487
258,358
18 ,566
21 ,884
23 ,654
28 ,645
47 ,289
59 ,402
71 ,443
83 ,301
96 ,546
105 ,992
115 ,062
108 ,183
97 ,850
91 ,872
16 ,100
19 ,700
21 ,400
26 ,000
41 ,100
52 ,200
59 ,900
68 ,400
77 ,700
84 ,200
90 ,800
84 ,400
74 ,500
70 ,000
2 ,466
2 ,184
2 ,254
2 ,645
6 ,189
7 ,202
11 ,543
14 ,901
18 ,846
21 ,792
24 ,262
23 ,783
23 ,350
21 ,872
29 ,930
33 ,448
40 ,608
48 ,346
65 ,182
81 ,394
98 ,665
119 ,325
135 ,598
153 ,123
163 ,620
161 ,715
161 ,637
166 ,486
10 ,300
11 ,500
14 ,100
18 ,400
24 ,500
31 ,700
38 ,400
46 ,500
53 ,500
59 ,800
64 ,800
64 ,100
64 ,900
67 ,100
8 ,200
9 ,200
11 ,300
13 ,100
15 ,100
17 ,300
19 ,600
22 ,700
24 ,400
25 ,300
25 ,300
25 ,000
3 ,100
3 ,400
3 ,700
3 ,900
4 ,500
5 ,300
6 ,100
7 ,300
8 ,300
9 ,600
10 ,700
11 ,500
11 ,800
12 ,100
2
2
4
5
11
15
20
25
28
30
30
25
22
22
1947—Oct.. . . 256,348
N o v . . . 255,674
D e c . . . . 254,281
259,155
258,301
256,981
92 ,168
91 ,709
91 ,259
70 ,000
69 ,500
68 ,700
22 ,168
22 ,209
22 ,559
166 ,987
166 ,592
165 ,722
66 ,800
66 ,700
66 ,600
24 ,900
24 ,700
24 ,300
12 ,200
12 ,100
12 ,000
22 ,000
21 ,700
21 ,200
7 ,200
7 ,300
7 ,300
29 ,447
29 ,517
28 ,955
4 ,488
4 ,675
5 ,397
1948—Jan.. . . 254,030
F e b . . . . 252,174
M a r . . . 250.707
256,651
254,683
253,068
90 ,925
88 ,524
86 ,287
69 ,000
67 ,500
65 ,400
21 ,925
21 ,024
20 ,887
165 ,726
166 ,159
166 ,781
66 ,600
66 ,700
66 ,800
24 ,100
23 ,900
23 ,800
12 ,000
12 ,000
12 ,100
21 ,200
21 4.00
21 !800
7 ,200
7 ,200
7 ,500
29 ,148
29 ,246
29 ,272
5 ,452
5 ,637
5 ,701
1940—June...
1941—June...
Dec....
1942—June...
Dec...
1943—June...
Dec....
1944—June...
Dec...
1945—June...
Dec....
1946—June...
Dec...
1947—June...
7 ,100
500
400
400
400
600
500
000
,900
,100
,900
,200
,300
,400
,300
1
1
2
3
4
5
6
6
6
7
1
2
Revised to include non-interest bearing debt.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 400 million om
Feb. 29, 1948.
SUMMARY DATA FROM TREASURY SURVEY O F OWNERSHIP O F SECURITIES ISSUED OR GUARANTEED
BY T H E UNITED STATES *
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
Type of
security:
Total: 1
1945—Dec
198,820
1946—June
189,649
Dec
176,658
1947—June.... 168,740
Dec
165.791
'162,787
1948—Feb
M a r . . . . 161,367
Treasury bills:
1945—Dec
17,037
1946—June
17,039
Dec
17,033
15,775
1947—June
Dec
15,136
14,438
1948—Feb
M a r . . . . 13,945
Certificates:
1945—Dec
38,155
1946—June.... 34,804
Dec
29,987
1947—June.... 25,296
Dec
21,220
1948—Feb
18,920
Mar
20,331
Treasury notes:
1945—Dec
22,967
1946—June.... 18,261
Dec
10,090
1947—June....
8,142
Dec
11,3 75
1948—Feb
11,375
M a r . . .. 11,375
Treasury bonds:
1945—Dec
120,423
1946—June... 119.323
Dec
119,323
1947—June.... 119,323
D e c . . . 117.86^
1948—Feb
117.863
M a r . . .. 115,524
U. S.
Government
agencies
and
trust
funds
Fed- Com- Mueral
mertual
Recial
savserve banks ings
Banks C1)
banks
In sur-
ancc Other
companies
End of month
Treasury bonds
and notes,
due or
callable:
Within 1 year:
7,009 24,262 82,830 10 491 23 183 51,046
1945—Dec
6,768 23,783 76,578 11 220 24 285 47,015
1946—June....
6,302 23,350 66,962 11 521 24 346 44,177
Dec
5,409 21,872 62,961 11 845 23 969 42,684
1947—June....
5,261 22,559 61,370 11 552 22 895 42,154
Dec
5,500 21,024 60,149 11 590 22 449 42,075
1948—Feb
5,564 20,887 58,087 11 624 22 310 42,895
Mar....
1-5 years:
5 12,831 2,476
1 1,723
1945—Dec
1 1,424
3 14,466 1,142
"3
1946—June....
2 14,745 1 187
11 1 088
Dec
787
11 14,496
1
1
479
1947—June....
18 11,433 2,052
25
154 1,454
Dec
60
341 1,915
81 9,211 2,830
1948—Feb
89 8,851 1,984
78
273 2,670
Mar
5-10 years:
38 8,364 18,091
91
360 11,211
1945—Dec
58 6,813 16,676
243
576 10,439
1946—June....
64 7,496 11,221
257
490 10,459
Dec
48 6,280 8,536
249
362 9,821
1947—June....
30 6,797 6,538
200
269 7,386
Dec
36 4,391 6,306
308
365 7,514
1948—Feb
36 4,481 7,128
356
410 7,920
Mar....
10-20 years:
8 2,120 15,701
179
576 4,383
1945—Dec
227
9 1,748 11,396
623 4,258
1946—June....
6
355 6,120
211
603 2,796
Dec
7
369 4,855
183
285 2,443
1947—June....
4 1,477 5,327
98
245 4,224
Dec...
4 1,734 4,945
134
260 4,298
1948—Feb
4 1,883 4,556
133
244 4,555
Mar....
After 20 years:
947 46,535 10 217 22 230 33,579
6,915
1945—Dec
755 47,335 10 743 23 073 30,764
6,655
1946—June....
753 48,408 11 049 23 226 29,700
6,186
Dec
727 48.756 11 407 23 305 29,822
5,306
1947—June....
Dec
5,1 73 2,853 47,424 11 226 22 , 2 H 28.974
5,343 5,688 46,042 11 087 21 468 28,235
1948—Feb
5,400 5,671 44,394 11 ,054 21 ,369 27,636
Mar
Total
outstanding
U. S.
Government
agencies
and
trust
funds
15, 222
10, 119
7, 802
1 1 , 255
14, 263
17, 798
15, 459
185
4
29
83
69
69
23
3 5 , 376
3 5 . 055
3 9 , 570
4 2 , 522
4 9 , 948
4 6 , 413
4 6 , 413
408
443
576
469
344
344
344
33, 025
3 2 , 847
2 7 , 283
1 8 , 932
10, 270
10 270
10 270
787
716
529
423
370
3 4 , 985
3 7 . 18Q
3 2 , 384
40 352
54 757
54 757
54 757
24
22
22
14
781
372
372
405
Fed- Com- Mu- Insureral
mertual
Recial
sav- ance Other
serve banks ings comBanks (x)
banks panies
63
116
181
374
266
326
245
235
495
591
420
316
407
338
2,76t
2,41&
2,591
3,191
3,675
5,866,
5,604
701
709
1 ,047
1 ,574
1 ,876
1 ,954
1 ,982
1 ,742
1 ,506
2 ,101
2 ,671
3 ,046
2 ,907
2 ,877
6,673
6,319
6 550
7^193
9,89a
8,054
8,102'
21,007
21,933
16,657
11,577
6,090
6,072
6,047
2 ,058
1 ,609
2 ,042
1 ,245
576
571
565
2 ,902
2 ,822
2 ,826
2 ,002
880
857
867
6,063
5,632
5,156
3.645
1,928
1,897'
1,921
90 3.691
2,779
83 3,308
3,400
78 2.433
2,975
78 2,587
3,374
834 5,003
4.393
4,564 2,893 4,658
4,669 2,991 4,607
5 ,523
6 .026
5 ,303
6 ,751
8 ,606
10 ,996
12 ,547
11 ,708
15 ,137
18 ,211
2 ,051
2 ,510
2 ,687
1 ,649
6 ,933
6 ,325
6 ,602
3 ,358
370
367
2,764
2,103
2,084
964
2.017 9,956
1,431 5,655
72 4,341
251 6,936
1.693 8,244
2,028 9,102
2,002 7,247
693
797
831
698
25.165
25,285
28,470
29,917
1,377 33,415
1,999 31,155
2,058 31,050
210
135
72
40
426
503
503
57
57
55
29
2,418
2,550
2,632
2,593
11,905
11,8299,886
12,425
17,710
8 ,369 17 ,559 16,714
8 ,394 17 ,530 16,566v
10,559
8,826
8,313
5,812
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisWar TransIncome taxes1 cellaand fers to Other Total
Social
Indetrust
terneous Secu- Other Total Net
exbudget
acrereinter- rity
re- 3 est fense
expenWith-2 Other nal
on activ- counts penditaxes ceipts ceipts ceipts
tures ditures
etc.
debt ities
held
reve-1
nue
Period
Fiscal year ending:
June 1945
June 1946
June 1947....
1947—May
June
July
August. . . .
September.
October
November .
December..
1948—January...
February. .
March
April
May
10,289 24,884 6,949 1,793 3,851
9,392 21,493 7,725 1,714 3,953
10,013 19,292 8,049 2,039 5,325
400
1,218
595
365 628
778 2,492
602
125 1,485
757
625
663
80 344
413
1,255
643
352 203
797 2,639
699
136 616
702
644
782
71 258
350
1,315
695
329 363
880 1,889
767
145 578
624 6 2,613
656
51 366
1,563 61,597
629
423 403
998 4,168
739
180 281
684 1,174
662
83 278
1,358
401
428
673 223
deficit
Net expenditure
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
+791 +4,529 +57,679
- 5 2 4 -10,460 + 10,740
- 5 4 8 -10,930 -11,136
+99
+642
-245
-634
-57
-758
-129
-239 +1,161
+206
+649
+332
-435
-953
+552
+283
-74
+155
+138
-859
-172
-547
-838 -1,312
+482 + 1,551
-326
-295
-330 -1,969
- 1 3 9 + 1,035 - 1 , 6 1 5
-750
-741
+312
-3
+334
+235
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Net
receipts
(+) or
17,766 46,457 3,617 90,501 1,646 4,633 100,397 -53,941
14,276 43,038 4,722 48,870 1,918 8,204 63,714 -20,676
14,718 43,259 4,958 17,279 1,355 18,914 42,505
+754
3,851
92 1,269
432 2,059
-987
3,205 2,865
5,540
18 1,957
-67
5,481 5,473 1,396 2,169
3,669 — 1,272
981
549 1,895
2,470 2,397 245
3,060
910
273 1,773
-524
2,866 2,536 103
2,932 +1,940
9 1,246
4,885 4,872 668 1,008
2,445
60 1,074
-55
2,456 2,390 157 1,154
2,194
936
20 1,112
+549
3,054 2,743 127
3,224 +1,022
996
23 1,233
4,260 4,246 972
2,879 +1,396
66 1,343
4,310 4,275 401 1,069
2,402 + 1,934
11 1,399
4,614 4,336 142
850
3,546 +2,788
17 2,071
6,365 6,334 608
850
3,109
70 1,978
-302
2,881 2,806 154
907
2,604
1 1,544
+ 103
3,083 2,707
124 P935
Social Security
accounts
Period
Increase ( + ) or
decrease (—)
Trust
during period
accounts
etc.4 General
Gross
fund
debt
balance
Budget
surplus
Assets
Other
Receipts
Investments
Expenditures
Total
liabilities
Balance
in
general
fund
997
708
1,565
421
470
422
24,698
14,238
3,308
1,607
1,565
1,617
1,593
1,622
1,668
1,585
1,621
336
422
391
304
378
391
357
357
4,066
3,308
3,069
3,400
3,952
4,107
3,935
3,097
1,828
1,658
1,749
1,645
1,606
394
346
339
425
381
4,648
4,318
5,353
4,612
4,946
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Fiscal year ending:
June 1945
June 1946
June 1947
3,266
2,978
3,235
2,757
1,261
1,785
480
1,656
1,509
1,553
95
-196
3,820
4,735
3,009
2,444
2,407
1,577
-938
2,817
2,117
25,119
14,708
3,730
1,500
1,006
1,202
22,622
12,993
962
1947—May
June
July
August
September. .
October
November. .
December...
591
247
633
574
66
164
524
80
159
476
398
150
272
24
274
119
127
139
155
135
125
124
108
116
-33
90
158
176
47
-216
128
57
327
477
153
400
180
168
160
153
456
305
46
281
24
14
17
25
110
348
159
26
212
103
19
464
4,402
3,730
3,460
3,705
4,331
4,498
4,292
3,454
989
1,202
884
8749
1,091
1,393
1,290
866
1,807
962
958
1,362
1,618
1,437
1,417
968
1948—January
February. . .
March
April
May
254
433
92
173
577
68
230
51
-34
106
126
134
152
150
142
-283
111
54
-166
148
313
149
185
162
101
21
28
28
7
10
154
374
131
66
39
5,042
4,664
. 5,692
5,037
5,327
2,256
1,571
1,972
1,236
1,714
959
1,434
1,972
2,156
2,007
5
P1 Preliminary.
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
3
Total receipts less social security employment taxes,
which are appropriated directly
to the Federal old-age and survivors insurance trust fund.
4
5
6
Excess of receipts ( + ) or expenditures ( —).
Change in classification.
Based on telegraphic rather than the usual mailed reports
for these months; this accounts in part for the increase in January and decrease in February from corresponding months of 1947.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
CASH OPERATING INCOME AND OUTGO
OF THE UNITED STATES TREASURY *
[In millions of dollars]
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
Individual
income taxes
Period
In millions of dollars]
Corporation income
and profit taxes
Estate
and
gift
taxes
Excise and
other miscellaneous
taxes
Normal
and
surtax
Excess
profits
Other
profits
taxes
686
7,823
10,264
9,858
9,842
1,418
3,263
5,944
10,438
8,770
8,847
9,501
1,852
3,069
4,521
5,284
4,880
4,640
6,055
164
1,618
5,064
9,345
11,004
7,822
3,566
37
57
84
137
144
91
55
407
433
447
511
643
677
779
2,547
3,405
4,124
4,842
6,317
7,036
7,285
July
August
September..
October
November..
December. .
1,014
1,528
33
1,133
1,495
26
1,188
1,491
36
648
158
1,068
297
62
1,128
246
67
408
228
170
1,386
370
276
1,514
384
249
1,463
66
63
61
49
43
35
28
22
24
2
3
2
2
1
1
1
2
1
68
62
55
66
79
64
65
54
65
572
539
560
618
572
625
736
627
691
1948—January
February...
March
April
645
2,250
279
1,165
2,338
1,004
2,034
602
473
326
2,276
376
17
22
20
13
1
4
1
1
72
56
125
118
562
586
603
578
Withheld
Fiscal year ending:
june—i94i
1942
1943
1944
1945
1946
1947
1947—April
May
June
JUNE
1948
Other
Period
Cash
income
Cash
outgo
Fiscal year ending:
June—1943
1944
1945
1946
1947
1947—April
May
June
July
August
September.
October. ..
November.
December.
•January...
1948—
February..
March
April
25,245
47,984
51,041
47,784
46,637
2,819
3,315
5,295
2,564
3,193
4,711
2,630
3,348
4,030
4,542
4,718
6,472
2,960
78,979
94,079
95,986
65,683
39,978
1
3,654
3,350
5,193
3,390
3,152
3,959
2,612
2,533
3,520
2,556
2,895
3,871
2,956
Excess income (+)
or outgo ( - )
-53,735
-46,095
-44,945
-17,899
+6,659
-835
-35
+ 102
-827
+41
+753
+ 18
+816
+510
+ 1,986
+ 1,824
+2,601
+4
Difference between these figures and changes
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES *
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
Corporation or agency
Total
All agencies:
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947
Sept. 30, 1947 5
Dec. 31, 1947
Classification by agency,
Dec. 31, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations. . .
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration....
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration and
affiliate:
Public Housing Administration...
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association
Reconstruction Finance Corp.7
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 8 . . .
War Shipping Adm. functions 9
All other w
30,409
32,337
429,666
31,037
30,966
U. S. PriBonds, notes,
Gov- vately
DeLand, ferred
and debenern- owned
struc- and Other tures payable Other ment
intertures,
liabilinterasU. S. Other and undisest
tribities
est
sets Fully
Govt. secu- equip- uted
guaranteed Other
secu- rities 2 ment charges3
by U.S.
rities
CommodiLoans ties,
supreCash ceivplies,
and
able
materials
1,398
1,588
1,792
1,556
1,481
Investments
6,649 1,265
7,294 1,003
7,662
851
9,212 1,093
9,714
822
348
410
109
2
275
336
3
126
759
1,296
395
43
19
413
55
25
2
94
733
261
278
613
37
1,873
1,985
1,777
1,725
1,685
547
3,426
3,565
3,553
3,539
16,924
15,486
12,691
12,662
12,600
)
C6)
(6)
35
1
189
511
448
139
473
184
12
5
5
37
1,505
19
926
1,999
1,031
219
788
8
5
2
17
1,970
278
39
25
4
1,252
1,250
506
667
689
3,588 24,810
3,142 27,268
2,045 26,763
2,144 28,005
2,037 28,015
498
509
269
138
143
69
358
263
49
109
2
16
578
15
8
3
122
759
675
380
35
100
124
()
44
172
54
14
436
504
53
206
4
261
169
83
84
82
339 1,414
380 1,176
165 1,163
283
953
247
879
262
127
185
490
204
9
1
132
235
108
1,020
11
33
35
5
85
301
1,204
187
1,812
1,026
219
776
6
2
5
()
140
754
492
53
168
4
4
12
4,192
7,003
8,659
3,305
6,507
21 3,386 1,634
1
560
163
40 3,506
29
115
10
212
191
47
393
333
61
3,799
6,670
8,597
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Dec. 31, 1947
Fed.
Home
Fed. inter- Banks Com- Rural
Elec- FarmOwnFarm medi- for co- modity trificaers'
ers'
Mort. ate opera- Credit
Home Loan
tion
Corp. credit tives Corp. Adm.
Adm. Corp.
banks
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
109
336
276
280
734
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
556
...
486
Other
To aid financial institutions:
Other
Other
Less: Reserve for losses
Total loans receivable (net)...
436
15
94
('•)
336
1
275
18
261
733
278
278
13
473
278
278
436
Sept. 30,
1947,
All
all
agen- agencies
cies
All
other
(6)
8 2,299
556
69
145
241
3
31
1
6
246
340
54
926
1,978 3,450
96
7
9
1,970 3,652
4
147
272
5
442
5,673
714
395
9,714
2,200
665
162
240
6
340
5,405
591
397
9,212
* Includes certain business type activities of the U. S. Government.
Assets are shown on a net basis, i.e., after reserve for losses.
Includes investment of the United States in international instutitions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and Development—318, 476, 635, 635, and 635 on Dec. 31, 1946, Mar. 31, June 30, Sept. 30, and Dec. 31, 1947, respectively;
International
Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, and Dec. 31, 1947.
3
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal
land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947.
5
Detailed figures published in BULLETINS for January, February, and March, 1948, pp. 82, 214, and 320, respectively, should be corrected as follows (in millions of dollars): Federal Housing Administration—Bonds, notes and debentures (1) Fully guaranteed, 33, and (2) Other,
0; Reconstruction
Finance Corporation—U.
S. Government interest, 1.503.
6
7
8
9
Less than $500,000.
Includes U. S. Commercial Co. and War Damage Corp.
Figures are for Mar. 31, 1947.
Figures are for
Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. 10 Figures for three small agencies included herein
are for dates other than Dec. 31.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
1
2
702
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial production
(physical volume)*1
1935-39 = 100
Manufactures
Year and month
Total
Durable
Nondurable
Minerals
Total
Residential
Employmenta
1939 = 100
All
other
Nonagricultural
Factory
DepartWholeFac- Freight ment
Consale
tory carload- store sumers
compay
sales
prices modity
ings*
rolls « 1935-39
(val- 1935-39
prices3
1939 = = 100 ue)**
1926
100
1935-39 = 100 = 100
= 100
Ad- Unad- AdAdAdAdAd- Unad- Unad- AdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919.
1920.
1921.
1922.
1923.
1924.
1925.
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
12
44
30
44
68
81
95
124
79
90
65
88
86
94
120
103.7
104.2
79.7
88.2
101.0
93.8
97.0
103.9
124.2
80.2
86.0
109.1
101.7
107.2
120
129
110
121
142
139
146
83
99
92
94
105
105
110
123.8
143.3
127.7
119.7
121.9
122.2
125.4
138.6
154.4
97.6
96.7
100.6
98.1
103.5
1926.
1927.
1928.
1929.
1930.
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142 102.5
125 96.2
98.9
96.8
96.9
103.1
89.8
110.5
108.5
109.7
117.1
94.7
152
147
148
152
131
113
114
115
117
108
126.4
124.0
122.6
122.5
119.4
100.0
95.4
96.7
95.3
86.4
1931.
1932.
1933.
1934.
1935.
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
28
2.
32
37
37
13
11
12
21
84
40
37
48
50
87.1
77.2
77.5
84.9
88.5
75.8
64.4
71.3
83.1
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
73.0
64.8
65.9
74.9
80.0
1936.
1937.
1938.
1939.
1940.
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70 95.1
74 101.4
80 95.4
81 100.0
89 105.8
96.4 91.2
105.8 108.8
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
86.3
78.6
77.1
78.6
1941.
1942.
1943.
1944.
1945.
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
122
166
68
41
68
89
82
40
16
26
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
98.8
103.1
104.0
105.8
1946.
1947.
170
187
192
220
165
172
134
149
153
157
143
142
161 134.4
169 140.5
142.0 266.4
154.1 324.3
132
143
264
285
139.3
159.2
121.1
151.8
149
235
92
61
102
119.4
131.1
138.8
137.0
132.0
1946
May
June
July
August
September
October
November
December
159
170
172
178
180
182
183
182
159
171
174
180
184
184
183
180
175
193
202
208
212
214
214
211
161
162
157
164
165
168
173
174
115
139
146
144
146
145
136
137
169
174
165
158
151
145
139
154
179
177
161
157
147
140
122
143
161
172
168
158
155
148
152
163
133.4
134.3
134.7
136.4
137.6
138.1
139.1
139.4
140.7
142.2
143.0
146.3
148.6
149.1
151.5
152.4
139.6
141.9
143.6
147.7
149.5
149.6
152.0
152.8
253.5
262.8
267.1
284.4
290.3
292.8
298.2
306.2
106
133
139
141
138
139
137
140
258
'275
272
292
271
'259
271
276
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
111.0
112.9
124.7
129.1
124.0
134.1
139.7
140.9
1947
January....
February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
189
189
190
187
185
184
176
182
187
190
192
192
184
185
187
185
185
185
178
185
191
194
193
189
221
222
225
222
218
219
207
210
217
223
224
229
176
176
175
172
170
168
163
169
172
176
179
173
146
146
148
143
151
148
140
150
153
155
155
156
146
151
132
133
127
136
155
166
183
184
193
197
144
152
129
123
110
116
136
150
168
170
163
161
148
149
134
142
140
152
170
179
195
196
217
227
139.5
139.8
140.0
138.9
138.9
139.8
139.0
140.2
141.5
142.2
142.4
143.1
153.4
154.4
154.6
153.8
151.9
151.7
149.4
152.7
155.7
156.4
156.8
157.8
152.7
153.7
154.0
152.9
150.6
151.4
150.1
154.3
156.6
156.9
157.3
158.2
307.3
310.6
314.1
310.7
312.2
319.6
314.2
323.3
336.9
341.6
345.0
356.3
150
142
146
137
142
137
134
143
142
145
147
149
265
'267
272
277
'289
'288
286
283
292
'278
302
'302
153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0
141.5
144.5
149.5
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.7
163.2
1948
January. . . .
February...
March
April
193
194
191
P187
189
190
188
229
226
229
P216
'178
180
177
P176
154
155
142
P147
191
187
181
P179
152
152
148
P156
223
215
208
P197
143.5
142.6
142.8
'142.1
157.5
156.4
157.3
'153.5
156.8 349.2
155.7 344.7
156.6 348.9
P152.6
145
139
130
130
284
'285
284
304
168.8
167.5
166.9
169.3
165.7
160.8
161.4
162.7
* Average per working day.
P Prelimin
1
For indexes by groups or industries, see pp.
JUNE 1948
703
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1947
1948
Industry
Apr. M a y
June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr.
187
183
184
176
182
187
190
192
192
193
194
191 P187
194
191
191
183
188
192
197
199
198
200
201
200
222
218
219
207
210
217
223
224
229
229
226
229 P216
195
197
193
181
188
195
204
202
205
203
203
207
189
193
189
174
187
188
211
176
458
198
166
429
197
215
179
469
214
177
477
151
224
184
509
222
182
503
226
185
516
224
182
526
196
190
205
170
454
197
196
213
178
461
198
234
184
207
154
587
Machinery
276
273
275
266
267
276
280
281
288
283
P275
Transportation Equipment
237
225
233
217
213
227
232
234
244
244
231
242 P236
193
179
191
185
180
197
198
200
206
206
192
203 P198
Industrial Production—Total
.
Manufactures—Total
Iron a n d Steel
.
.
.
Pig iron
Steel
Open hearth .
Electric
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
226
180
551
r
285
P194
P177
197
187
179
171
170
174
179
185
189
194
198
200 P197
Smelting and refining..
(Copper smelting; Lead refining; Zinc smelting;
203
198
188
181
180
182
176
177
183
187
189
192 P201
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
195
183
176
167
167
171
180
188
192
197
201
203
P196
Lumber and Products
144
142
142
133
142
140
143
150
153
150
151
P141
Lumber . .
Furniture
135
161
134
158
133
160
121
155
133
160
128
164
128
172
137
176
139
181
143
135
178
137
177
P125
P173
211
200
207
195
199
202
201
201
205
'202
207
210 P211
234
229
230
207
211
219
210
163
251
141
162
210
247
154
257
171
164
216
239
124
235
164
160
224
220
151
231
171
162
225
216
199
187
151
263
175
164
218
249
151
243
171
160
221
226
156
229
174
161
230
224
207
143
229
178
162
236
226
141
218
196
166
236
244
149
200
199
179
'246
'215
'242
172
176
179
173
178
Nonferrous Metals and Products
Stone Clay and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Textiles and Products
Textile fabrics
Cotton consumption . .
Rayon deliveries
Wool textiles
Carpet wool consumption.
Apparel wool consumption
^Vool and worsted yarn
Woolen yarn
^^orsted 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
Manufactured dairy products
Butter
Cheese
Canned and dried milk
.
.
197 '205
212
160
165
228
193
166
208
208
168
246
'219
196
176
248
247
P176
P241
P242
180
177
P176
179
175
P172
P158
147
297
172
170
168
163
169
166
164
155
142
154
160
164
172
163
178
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
147
130
278
152
139
280
159
149
290
149
131
287
165
153
300
153
161
147
302
159
170
161
191
155
175
130
141
156" 168
167
194
172
196
166
183
181
212
185
212
178
219
192
176
147
184
162
124
174
152
108
139
132
134
165
148
144
188
159
140
188
159
113
107
101
116
122
126
119
138
96
88
83
109
114
130
94
92
84
103
106
121
78
90
84
97
115
130
93
87
101
117
120
131
103
94
118
123
121
136
94
100
112
128
122
141
88
93
108
126
113
129
83
89
101
114
116
132
85
96
101
122
155
154
155
157
158
156
158
158
rl58
144
152
143
148
136
136
143
133
140
186
147
175
144
128
178
158
126
177
156
116
119
137
102
79
95
113
158
P154
82
206
173
184
149
121
195
149
149
Wheat flour
Cane sucrar meltings*
Till
185
160
192 '202
172 '176
188
166
182
164
171
161
142
194
167
141
189
164
152
200
175
r
2O6
'181
154
145
196
171
124
114
120
123
115
P108
116
P113
127
102
115
69
91
95
123
160
158 P158
134
122 P132
»-133
80
95
'100
T
P152 P155 P 1 5 7 P147 P148 P147 PI 40 P 1 3 8 P139 P139 P 1 4 5 P149
79
191
173
82
196
184
85
197
188
74
174
158
76
167
160
75
163
157
66
151
137
66
148
130
67
156
127
65
150
134
69
'159
158
71
170
175
r
p Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
704
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board o Governors.
1935-39 average = 100]
1947
1948
Industry
Apr.
May June July Aug. Sept. Oct.
Nov. Dec. Jan.
Feb.
Mar. Apr.
Manufactured Food Produtcs—Continued
, 150
151
152
156
145
146
142
170
160
150
147
131
125
153
159
154
159
157
154
171
149
155
140
144
153
141
146
185
159
173
154
121
119
154
136
122
158
161
141
140
131
141
174
171
190
149
156
154
128
102
104
93
91
99
109
114
107
98
115
102
98
105
91
102
83
161
145
149
168
158
138
153
164
154
132
135
163
156
133
119
168
160
138
118
173
163
149
125
174
161
134
134
172
160
129
144
171
164
138
150
173
174
M45
149
177
167
155
143
174
..
189
162
159
164
176
198
229
219
167
167
198
191
182
*
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
168
56
385
238
196
78
277
297
204
71
323
468
203
1
119
562
165
5
94
376
169
37
220
264
171
115
431
310
157
152
526
239
153
160
383
255
160 142 159 156 160 163 175 169 149 153
155
164
184
113
203
102
225
101
257
70
67
75
163
166
168
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
Processed fruits and vegetables
Confectionery
...
Other food products
Alcoholic Beverages
M^alt liquor
Whiskey
Other distilled spirits .
Rectified liquors
...
. ..
r
165
144
P145
P177
Industrial Alcohol from Beverage Plants ^
Tobacco Products
Cigars
Cigarettes
.
Other tobacco products
.
Paper and Paper Products
.
Paper and pulp .
.
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
.
Paperboard
Fine paper
Printing paper . .
.
Tissue and absorbent paper
Wrapping paper
Newsprint
. .
.
.
.
...
.
Printing and Publishing
Newsprint consumption
.
Printing paper (same as shown under Paper)
94
221
106
187
101
216
98
210
107
211
113
213
126
229
68
55
66
72
80
83
80
68
61
156
161
160
146
158
159
163
165
158
163
150
155
155
140
153
153
157
160
153
157
160
162
180
97
108
293
151
159
192
87
165
169
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
.
Other petroleum products *
Coke
By-product coke
Beehive coke
.
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
....
Other chemical products1
100
201
104
204
69
r
169
97
112
254
150
147
178
87
158
144
173
97
112
265
151
152
184
88
160
148
178
105
116
277
151
151
179
88
162
147
160
108
98
253
131
137
166
75
147
136
178
113
105
278
151
149
178
86
157
148
171
110
104
259
149
150
182
87
157
151
177
105
107
275
154
154
184
89
167
152
182
97
112
281
159
156
186
89
168
158
168
96
107
255
148
150
177
86
162
158
132
93
141
92
144
91
124
91
138
94
135
97
141
91
146
90
139
88
174 \ 77 178
90
88
94
109 "•110 103
276 '269 285
151 161 153
157
155
187 179 192
86 r 88 '85
162 l70 ••162
163 161 •"162
150 ••147
145
82
83
82
141
142
146
139
145
144
152
152
146
148
157
124
125
131
131
133
131
138
137
131
134
144
Pi 7 9
Petroleum and Coal Products
124
224
P184
vl9l P195 P201 P203 P204
P205
P208
P214
P215
r
150
139
P212
139
163
156
170
145
171
163
175
154
173
168
182
157
178
157
186
163
180
164
177
162
183
154
169
162
187
160
177
159
186
162
178
160
193
170
187
159
201
163
199
155
206
164
213
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179 166
171 164
421 »-237
150
89
154
i
143
v210
154 P161
200 P 1 9 6
164
210
137
135
186
251 253 250 251 249 248 248 251
254 255 251 249 P248
155
138
289
433
155
150
299
438
153
137
292
435
151
142
251
439
152
135
291
438
152
135
294
431
153
137
295
425
152
138
294
427
155
148
297
431
158
151
298
437
158
147
301
434
154 P 1 4 9
140 P 1 2 1
303 P303
432 P436
.
Rubber Products . .
234 220 216 207 210 217 223
207
P201
Minerals—Total.
143 151 148 140 150 153 155 155 156 154 155 142
P147
144 156 153 144 155 160 162 163
.
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
.
Metals
Metals other than gold and silver
Gold
Silver
.
153
165
104
140
147
110
113
117
93
143
151
114
153
161
122
156
163
126
225 230
223 r?rt
162 160
161
146
P147
153
164
111
148
155
118
99
97
108
169
P103
P102
P105
P169
152
161
112
122
127
102
155
157
159
160
161
164
166
165
166
165
167
136
124
122
117
117
HI
107
109
117
117
120
P118
189
169
166
160
163
153
145
146
159
159
163
P161
60
68
64
66
63
61
60
51
56
47
55
55
53
63
55
73
55
78
59
67
59
64
159
169
119
r
l
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
JUNE
1948
705
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1948
Industry
Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr,
Industrial Production—Total.
185
185
185
178
185
191
194
193
189
189
190
188
Manufactures—Total
193
191
191
184
191
197
200
200
196
197
197
197
P192
222
219
220
208
212
219
224
224
227
226
223
228
P216
195
197
193
181
188
195
204
202
205
203
203
207
177
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
187
205
170
454
188
214
177
477
198
224
184
509
196
226
185
516
197
224
182
526
196
226
180
551
190
234
184
r
587
151
207
154
587
276
273
275
266
267
276
280
197
222
182
503
281
288
'285 '284 283
P275
237
225
233
217
213
227
232
234
244
244
231
242
P236
193
179
191
185
180
197
198
200
206
206
192
203
197
187
179
171
170
174
179
185
189
194
198
200
P197
176
178
183
187
189
192
P201
P196
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
P185
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government)1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin)1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption)1
Lumber and Products.
Lumber.. .
Furniture.
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products....
Abrasive and asbestos products.
.
Other stone and clay products 1 ...
Nondurable Manufactures
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption x . . .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings l
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
Ice cream
203
198
187
180
180
182
195
183
176
167
167
171
180
188
192
197
201
203
143
145
149
141
151
150
150
148
140
138
137
143
>140
134
161
138
158
143
160
133
155
147
160
143
164
138
172
133
176
119
181
117
'179
116
178
177
P123
P173
208
206
209
196
207
210
210
206
200
190
193
201 P208
234
151
263
166
160
215
249
242
163
269
148
162
213
247
229
154
254
183
163
221
239
200
124
225
181
160
224
220
218
151
241
193
166
226
216
223
151
248
198
166
225
226
215
156
236
202
169
236
224
209
143
231
192
169
240
226
187
141
203
178
172
242
244
184
149
196
161
166
236
-215
193 '205 212
166 160 165
201 '219 228
158 160 183
160 169 P171
235 238 P 2 3 8
"242 247 P242
169
169
168
164
173
178
181
180
171
173
175
173
166
164
155
142
154
160
164
172
163
178
179
175
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
147
130
278
152
139
280
159
149
290
149
131
287
165
153
300
166
153
296
161
147
302
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
156
184
176
147
134
165
148
168
192
184
162
144
188
159
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
212
192
172
152
200
175
185
212
'202
'176
154
"206
181
178
219
188
166
145
196
171
115
113
106
99
116
121
126
126
113
120
126
115
118
137
98
82
93
113
119
138
92
86
89
112
125
96
92
83
103
100
114
77
89
78
97
114
126
97
84
105
117
118
129
101
95
115
123
123
137
96
100
112
128
126
146
91
90
114
126
112
129
82
90
96
114
117
135
83
96
94
122
124
144
84
99
110
127
102
115
68
91
92
123
154
166
178
182
167
161
154
146
144
146
141
147
148
144
144
132
140
136
P202
P229
P229
P192
P156
P121
P91
P87
P99
102
256
240
113
279
254
104
242
218
81
195
163
73
170
147
64
147
127
50
113
99
144
143
P161
84
214
196
109
149
138
52
106
100
55
116
103
P173
147
297
'108
P144
120
P126
P119 Pi 55
72
63
58
123 143 177
120 155 197
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
706
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
Industry
Apr. May June July Aug. Sept. Oct.
Nov. Dec
Jan. Feb.
Mar. Apr
Mannfactured Food Products—Continued
Meat packing
Pork and lard
,
Beef
Veal
Lamb and mutton.
139
139
149
118
102
151
154
159
124
104
150
157
151
141
96
146
150
151
154
90
127
119
141
155
89
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
175
204
157
119
103
141
158
130
101
103
121
130
119
92
89
116
124
115
100
80
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
143
88
123
161
143
90
118
160
146
101
100
165
163
173
97
171
186
263
128
176
196
290
162
177
179
173
176
181
167
118
170
180
161
108
152
176
151
'92
148
167
152
149
85
133
P149
*>89
182
167
178
182
181
206
252
196
146
142
176
172
178
162
131
302
276
170
106
210
194
189
79
198
215
196
55
191
231
192
56
208
238
197
78
379
297
190
71
837
468
157
1
251
562
132
5
103
376
139
37
143
264
154
115
259
310
146
152
342
239
160
160
230
255
151
142
165
162
165
172
181
172
139
153
147
155
173
94
205
68
106
187
55
101
227
67
98
221
72
107
222
78
113
228
89
126
238
85
124
228
70
100
185
54
104
204
67
113
190
68
102
209
67
101
239
75
156
161
160
145
158
159
163
165
157
163
163
167
169
150
171
106
112
254
150
147
178
87
158
146
132
95
155
174
105
112
265
151
152
184
88
160
148
141
93
155
178
106
116
277
151
152
179
88
162
150
144
92
140 152
159 176
96 100
98 105
253 278
131 151
137 149
166 178
86
75
147- 157
131 148
124 138
89
93
153
170
98
104
259
149
150
182
87
157
151
135
97
157
177
97
107
275
154
154
184
89
167
154
141
91
160
182
103
112
281
159
156
186
89
168
158
146
91
152
168
97
107
255
148
150
177
86
162
153
139
87
157
174
91
109
276
151
155
187
86
162
161
145
82
159
'178
'98
110
•269
161
156
179
88
170
167
150
83
160
179
96
103
285
153
157
192
85
162
162
147
82
163
182
107
108
293
151
160
192
87
165
171
150
91
144
145
146
130
145
156
158
150
144
'155
153
158
141
145
151
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
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing
Newsprint consumption
,
Printing paper (same as shown under Paper).
Petroleum and Coal Products. . .
131
129
vl79
I 84
139
163
162
174
145
171
170
176
154
173
168
171
166
162
324
168
161
428
253
157
135
289
433
Rubber Products
Minerals—Total
Fuels
Chemical Products
Paints
Soap
,
Rayon
Industrial chemicals
,
l
Explosives and ammunition . . .
Other chemical products *
Coal
Bituminous coal.
Anthracite
Crude petroleum
Metals. . .
Metals other than gold and silver;
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
P170"
1
Tobacco Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products x
Coke
By-product coke
Beehive coke
151
168
129
113
139
145
149
120
132
vl95 P201
v203
157
178
156
173
163
180
162
170
162
183
154
168
162
187
160
177
159
186
162
183
160
193
168
192
159
201
158
203
155
206
163
224
154
200
162
214
165
160
340
161
156
171
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
•237
252
247
247
245
248
251
252
255
253
252
251 P249
157
133
292
435
156
140
251
439
150
291
438
151
136
294
431
151
143
295
425
152
145
294
427
153
149
297
431
155
150
299
438
155
148
298
437
157
146
301
434
154 P 1 5 1
140 P 1 1 9
303 P 3 0 3
P436
234
220
216
207
210
217
223
225
230
223
'215
207 P201
139
153
152
145
155
158
158
155
151
149
149
137 P 1 4 6
144
156
153
144
155
160
162
163
162
160
161
146
PJ47
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
148
155
118
167
99
97
108
169
P103
P102
P105
P169
81
138
'204 P205 P208
112
140
148
151
151
145
132
106
85
153
173
200
279
213
306
220
334
219
326
206
298
183
257
136
159
101
76
125
P214
v215
83
v82
103
73
P103
p
196
137
135
186
77 P263
r
p Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
JUNE
1948
707
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =100]
Factory employment
Industry group or industry
1947
Mar.
Apr.
Factory pay rolls
1947
1948
Dec.
Jan.
Feb.
Mar.
Apr.
Feb.
Apr.
Mar.
1948
Dec.
Jan.
Feb.
Mar.
Total
Durable goods
Nondurable goods
154.0 152.9 158.2 156.8 155.7 156.6 152.6 310.6 314.1 310.7 356.3 349.2 344. 348.9
180.9 180.8 183.9 183.2 180.7 183.2 180.6 344.6 349.9 349.9 398 7 390.4 380. 389.5
132.8 130.9 138.0 136.0 136.0 135.7 130.6 277.4 279.2 272.3 314.8 308.9 309.6 309.1
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
158.1
125
207
130
143
175
158.0
126
207
133
142
171
161.3
130
209
150
148
185
161A 160.8 161.3 158.9 287.9
131
131
133
210
214
211
216
368
144
149
140
239
152
149
299
153
176
344
180
169
218
195
210
192
194
198
194
195
196
195
166
167
171
170
169
Electrical Machinery
Electrical equipment
Radios and phonographs
231.3 218.7 225.
208
205
209
250
243
238
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
243
300
176
215
159
248
314
202
244
296
177
227
157
242
314
209
240
292
193
249
140
218
293
232
241
293
196
254
138
219
294
235
242
292
198
262
138
218
294
232
241
293
199
266
134
217
287
231
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
296.7
356
315
203
300.
358
316
208
285.8
336
291
182
291.2
340
284
192
286.6
341
280
185
286.6 283.9 558.2
668
343
507
277
378
182
Automobiles
198.2 200.5 203.1 203.7 185.6 205.3 202.7 337.3 347.7 343.4 419.5 397.1 350.0 390.3
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
187.5 184.8 177.2 175.3 175.3 176.7 173.3 360.0 359.0 354.0 371.2 366.1 366., 370.3
300
304
303
307
149
145
148
280
148
145
145
283
284
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
145.4 149.1 161.3 158.3 157.3 159.8 162.3 310.7 310.1 323.4 390.2 372.7 375.1 383.4
351
422
400
401
412
174
171
333
335
156
160
169
168
404
404
334
399
403
169
171
319
155
170
323
158
170
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
134.2 131.8 139.2 139.8 139.8 138.3 134.7 292.0 292.0 286.8 333.9 330.3 328.1 326.9
334
331
282
334
333
129
289
139
140
140
139
289
131
145.3
171
143
123
166
146.0
111
146
125
166
147.
168
151
131
170
144.6
164
149
131
166
143.9
161
150
127
167
146.7 146.8 278.4
313
165
238
149
247
130
304
170
285.7
329
240
253
315
288.8
335
248
257
317
320.4
357
291
302
354
308.1
343
285
297
338
306.4
340
286
279
337
320.8
358
291
297
353
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
108.6
124
84
111
82
122
106.9
124
83
108
80
121
109.8
125
86
112
82
124
110.0
125
85
113
83
124
111.2
126
88
114
84
126
111.6 110.2 262.0
127
323
219
88
113
288
84
172
125
267
265.0
337
222
275
173
269
255.4
329
213
261
160
265
294.1
376
248
294
194
298
295.0
379
253
292
189
304
302.3
377
262
321
191
310
307.1
385
Apparel and Other Finished Textiles. . . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
141.9 135.0 151.9
125
124
135
100
99
111
155
142
164
92
103
86
152.4
134
110
166
103
154.9
136
110
170
109
154.6 144.6 314.1
281
137
234
111
345
168
202
108
317.7
281
234
340
197
279.8
267
227
278
138
343.3
310
281
356
157
353:4
313
273
375
204
362.0
316
270
387
239
194
193
294.2
214
383
244
301
354
297.5
221
389
250
303
348
338.7
258
443
337
346
423
334.8
261
442
320
353
396
330.5
258
432
302
354
387
333.5
261
457
290
355
369
416
394
422
409
411
407
431
473
404
456
425
447
417
294
307
309
360
340
335
447
343
222.7 221.1 218.5 210.7 422.9 429.6 396.6 472.1 462.0 456.2
450.1
376
382
434
431
206
424
204
373
207
486
226
492
498
543
507
493
228
223
420
225.1 226.6 229.0 228.3 229.2 228.3 223.5 409.6 416.6 423.0 470.2 464.1 462.2 487
161
216
160
209
138
190
138
192
137
192
141
192
Leather and Leather Products
Leather
Boots and shoes
104.7 103.0 107.4 106.9 107.7 105.9
92
93
94
94
94
92
97
96
100
100
101
99
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
123.5
128
140
110
114
157
86
Tobacco Manufactures
Cigarettes
Cigars
92.2 87.5 94.
120
120
125
79
72
79
125.0
124
139
111
115
161
90
136.4
151
142
116
141
172
99
129.3
146
141
113
134
168
86
125.7
139
138
114
126
166
82
448
574
274
393
280
423
618
326
308
376
456
578
290
425
271
409
619
390
501
607
347
523
262
398
628
466
495
626
354
535
250
399
622
479
496
622
352
551
254
398
627
434
465.3
496
632
354
577
249
389
618
457
556.9
662
480
386
565.3
657
488
399
588.1
669
504
379
598.8
657
483
417
579.1
667
469
382
585.9
676
474
380
296
371
301
385
272
365
273
371
273
367
284
362
268
322
198
308
359.7
325
281
376
214
98.0 223.0 222.2 214.6 241.8 240.7 244.0 233.7
203
184
200
192
202
186
185
232
234
205
236
226
214
214
124.5 115.1 242.5
254
134
294
136
115
202
118
229
167
249
81
207
93.7 94.0 93.5
123
122
121
79
80
80
452
580
278
398
277
416
624
361
239.3
233
299
201
234
256
197
243.1
227
289
203
233
270
212
298.9
339
319
229
327
308
250
275.1
304
306
222
295
289
216
267.3
263
298
234
303
290
217
264.5
277
276
227
260
293
205
92.4 201.0 193.1 181.6 219.8 210.8 196.7 205.5
246
218
268
260
219
234
227
182
184
182
160
190
176
186
NOTE.—All indexes shown, except those for individual industries in the Transportation Equipment and Tobacco groups have been adjusted
to final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries
not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month
and cover production workers only. Figures for April 1948 are preliminary.
708
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =1001
Factory employment
Industry group or industry
Factory pay rolls
1947
1948
Mar.
Apr.
Paper and Allied Products
Paper and Pulp
Paper goods, n.e.c
Paper boxes
145.9
140
154
148
145.0 146.9 145.7 144.8 145.0
140
145
145
145
146
157
154
154
152
152
144
147
141
139
137
Printing and Publishing
Newspaper periodicals
Book and job
128.2 128.5 133.0 131.3 130.1 130.1 129.6 221.8 227.7 230.7 258.0 250.2 249.6 253.3
225
229
117
118
121
197
123
121
122
191
202
230
219
280
144
279
138
138
142
141
139
248
254
255
285
283
Chemicals and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
197.5 196.2 201.0
254
253
239
126
126
131
278
280
283
291
289
301
156
158
173
117
101
160
177
169
149
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
145.9 145.4 152.9 152.4 151.3 152.8 154.1 256.8 262.1 265.2 308.2 312.8 310.2 314.6
299
295
144
146
150
150
150
151
246
253
255
293
297
321
129
141
252
316
128
138
140
141
248
247
295
320
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
196.5 193.5 186.1 184.2 182.7 179.6 175.6 385.0 374.3 383.9 396.5 376.8 358.3 340.8
330
227
356
212
209
206
397
388
231
201
413
414
412
168
356
167
366
170
169
167
165
354
349
348
368
380
Miscellaneous industries
Instruments, scientific
Photographic apparatus
182.1 179.8 182.7 176.1 177.0 177.5 173.7 360.0 367.6 361.0 394.7 377.9 383.2 383.0
489
487
248
245
245
452
508
250
250
245
449
454
499
422
424
222
220
221
375
421
418
203
205
220
343
376
Jan.
Dec.
Feb.
199.6
239
131
283
301
144
142
161
Apr.
Mar.
199.6
238
132
281
303
149
127
172
199.0 195.
237
132
281
307
149
114
185
Feb.
Mar.
Apr.
Dec.
Jan.
288.1
280
298
289
290.9
281
302
295
290.9
284
302
290
327.5
327
336
322
321.5 322.3 324.0
330
328
325
328
327
329
305
307
309
372.6
464
245
501
465
334
331
415
377.5
465
246
506
477
334
301
444
378.3
462
249
512
471
338
248
440
414.9
489
266
556
565
412
448
393
Feb.
Mar.
416.2 415.5
488
489
272
270
559
559
581
588
344
342
315
336
497
440
417.3
491
269
561
580
334
397
433
For footnotes see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1948
1947
Group
Total
.
Durable
Nondurable
. .
Preliminary.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.5
129.8
149.4
174.0
130.0
152.7
176.2
134.2
155.7
178.8
137.4
156.4
180.4
137.5
156.8
181.9
136.9
157.8
183.9
137.3
157.5
183.9
136.7
156.4
181.4
136.7
157.3 P153.5
183.8 P181.0
136.3 P131.9
Apr.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1947
Average hourly earnings (cents per hour)
1948
Mar.
Nov.
Dec.
Jan.
Feb.
117.0
118.0
126.,
127.,
128.5
129.0
122.9
123.6
134.6
135.4
135.5
135.6
135.7
40.5
40.2
41.6
40.2
38.7
41.1
42.3
41.7
40.9
125.8
120.3
129.0
136.7
139.9
122.2
97.9
102.2
113.3
126.9
121.2
129.8
136.2
139.6
122.6
98.3
103.1
114.4
140.4
133.9
140.4
146.2
154.0
132.0
107.4
110.8
124.7
141.2
134.6
141.3
146.5
156.3
132.7
105.6
111.7
124.5
141.4
135.2
141.5
147.9
153.8
133.6
105.0
112.2
125.3
140.9
134.8
141.7
148.3
154.9
133.8
108.0
112.7
125.4
141.2
135.1
142.2
147.2
153.7
134.4
107.0
112.7
125.9
39.i
39.1
110.7
111.9
118.5 119.6
121.0
121.9
121.9
40.2
36.7
39.0
41.7
36.3
43.1
39.1
41.1
40.7
38.5
40.8
40.6
36.7
37.8
41.6
37.9
43.1
39.4
41.2
40.7
37.8
40.6
99.7
104.9
102.1
108.8
93.3
109.8
141.5
116.5
138.2
133.1
112.3
102.
104.5
102.
108.8
93.9
110.9
144.3
117.7
140.
133.0
113.9
109.0
101.9
109
117
95
122.2
155
128
151
145.4
120.7
110.0
105.2
109.2
117.5
98.3
122.6
156.8
129.3
155.1
145.4
121.9
111.5
109.4
109.5
117
98.4
123.5
157.9
131.1
158.6
144.4
122.7
113.8
109.
110.2
118.1
96.7
124.5
160.6
131.7
158.2
142.1
122.7
114.0
109.1
110.7
118.7
97.5
124.9
162.4
131.6
158.8
140.2
122.6
Feb.
Mar. Nov. Dec.
All manufacturing
40.4
40.4
40.3
Durable goods
40.5
40.7
41.7
40.9
40.5
40.8
40.0
40.0
41.3
39.7
38.8
41.0
42.1
41.9
40.1
40.5
41.5
39.
39.7
41.0
41.0
41.7
40.5
40.6
41.2
38.6
39.8
41.1
42.2
41.8
40.5
41.2
41.1
42.2
40.8
41.4
41.8
43.2
42.7
41.0
40.6
40.5
41.8
40.3
39.6
41.2
42.4
41.9
40.0
40.4
40.4
41.4
39.4
38.1
41.2
41.7
41.4
39.9
40.4
40.1
40.1
40. < 40.0
40.4
36.9
39.5
42.7
37.8
43.2
40.1
41.4
40.1
40.6
41.0
40.0
36.7
39.0
42
37.5
43.2
40
41.3
40
39
41.0
40.1
36.4
38.3
42.5
39.4
43.2
40.0
41.3
41.2
39.9
40.7
41.0
37
39
43.3
39.9
43
40
41
40
40.9
41.2
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
40.4
Jan. Feb. Mar. Feb.
41.2
40.5
36.6
39.0
42.0
38.6
43.1
39.5
41.4
40.7
39.7
40.4
1948
1947
Mar.
NOTE.—Preliminary April 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 129.0; Durable 40.4
and 135.7; Nondurable 39.5 and 121.6, respectively. Back figures are available from the Bureau of Labor Statistics.
JUNE 1948
709
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government1
1,150
1,294
1,790
2,170
1,567
1,094
1,082
1,493
1,734
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,043
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
8,713
1,382
1,419
1,462
1,440
1,401
1,374
1,383
1,523
1,572
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
5,417
879
856
884
893
866
896
894
895
897
899
1,632
1,652
1,668
1,700
1,742
1,770
1,796
1,806
,813
,882
4,040
3,855
3,970
4,074
4,079
« 4,083
4,110
4,070
4,049
4,062
8,695
8,638
8,631
8,669
8,688
8,761
8,776
8,801
8,811
8,835
555
546
553
551
574
594
599
1,594
1,596
1,599
4,588
4,552
4,567
4,641
4,640
4,573
4,588
4,685
4,693
4,712
5,442
5,453
5,447
5,454
5,334
5,315
5,371
5,442
5,450
5,436
15,931
15,840
15,930
15,616
896
889
897
769
,858
,719
,731
,827
4,053
4,033
4,029
4,044
8,865
8,860
8,850
8,950
1,603
1,613
1,611
1,609
4,795
4,802
4,753
4,755
5,472
5,441
5,453
5,478
42,043
41,824
41,919
42,363
42,201
42,624
43,039
43,298
43,450
44,078
15,510
15,429
15,237
15,328
15,233
15,595
15,801
15,831
15,872
15,964
879
856
884
893
866
896
894
895
897
899
,534
,619
,685
,768
,847
,894
,904
,896
,849
,788
4,020
3,836
3,970
4,115
4,140
4,144
4,110
4,070
4,049
4,042
8,565
8,552
8,545
8,582
8,558
8,586
8,688
8,889
9,075
9,453
1,555
1,554
1,561
1,567
1,590
1,602
1,583
1,586
1,588
1,591
4,565
4,552
4,590
4,711
4,686
4,619
4,634
4,662
,670
4,688
5,415
5,426
5,447
5,399
5,281
5,288
5,425
5,469
5,450
5,653
43,011
42,680
42,980
42,708
15,876
15,785
15,875
15,531
896
889
897
769
,691
,564
,627
1,790
3,992
3,993
4,009
4,024
8,821
8,727
8,806
8,771
1,595
1,605
1,611
1,617
4,723
4,730
4,729
4,755
5,417
5,387
5,426
5,451
Tota
Manufacturing
Mining
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
42,541
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
15,554
845
916
947
983
917
883
826
836
885
1947- -March
April
May
June
July
August
September
October
November
December
42,395
42,065
42,079
42,340
42,103
42,449
42,849
43,077
43,142
43,350
15,564
15,513
15,359
15,358
15,180
15,457
15,715
15,784
15,833
15,925
1948- -January..,
February.
March.. . .
April
43,473
43,197
43,254
43,048
1947—March
April
May
June
July
August
September. .
October
November...
December.. .
1948—January..
February.
March.. ..
April
Year or month
1939...
1940...
1941...
1942...
1943...
1944...
1945...
1946...
1947...
Contract
construction
SEASONALLY ADJUSTED
UNADJUSTED
1
Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
April 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Employed x
Total noninstitutional
population
Total
labor
force
Total
1940 2
1941
1942
1943
1944
1945
1946
1947
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608
1947 —March
April
May
June 3
July
....
August
September
October
November
December
107,190
107,260
107,330
107,407
107,504
107,590
107,675
107,755
107,839
107,918
1948 —January
February
107 979
108,050
108,124
108,173
Year or month
April
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027
37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266
8,120
5,560
2,660
1,070
670
1,040
2,270
2,142
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
59 960
60,650
61,760
64,007
64,035
63,017
62,130
62,219
61,510
60,870
58 390
59,120
60,290
62,609
62,664
61,665
60,784
60,892
60,216
59,590
56,060
56,700
58,330
60,055
60,079
59,569
58,872
59,204
58,595
57,947
48,820
48,840
49,370
49,678
50,013
50,594
50,145
50,583
50,609
50,985
7,240
7,860
8,960
10,377
10,066
8,975
8,727
8,622
7,985
6,962
2,330
2,420
1,960
2,555
2,584
2,096
1,912
1,687
1,621
1,643
47,230
46,610
45,570
43,399
43,469
44,573
45,544
45,535
46,330
47,047
60 455
61 004
61,005
61,760
59 214
59,778
59,769
60,524
57,149
57,139
57,329
58,330
50,089
50,368
50,482
50,883
7,060
6,771
6,847
7,448
2,065
2,639
2,440
2,193
47,524
47,046
47,119
46,414
1
Includes self-employed, unpaid family, and domestic service workers.
averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.
2
Annual
8
710
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
1947
1948
1947
1948
571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
650.0
793.3
715 1
625.4
615.2
682.0
689.8
873.9
257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268.5
349.5
290.2
226.8
238.1
232.3
276.5
351.6
January
February
March . . .
April
May
June
July
August
September
October
November
December
Year
Factories
1947
54.1
71.9
55.3
82.2
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
3,153.8
7,759.9
1948
1947
1947
38.3
46.4
52.6
66.3
59.2
58.4
81.6
77.2
75 9
80.0
84.3
65.3
1948
74.5
75.5
78.5
88.8
1948
19.7
13.5
21.4
22.7
47.7
40.1
38.5
45.6
42.8
41.1
27.2
31.5
1947
58.7
37.8
50.3
55.4
391.9
Public works
and public
utilities
Other
1948
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
47.4
61.3
59.8
64.1
53.3
87.2
65.0
111.2
1947
1948
113.9
90.5
122.0
161.4
184.7
185.7
165.9
223.5
141.5
165.9
181.5
154.1
136.6
177.3
164.3
184.7
1,890.4
596.9
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership Private ownership
1948
Month
1946 1947 1948 1946 1947 1948 1946 1947 1948
358
387
698
735
952
808
718
680
620
573
504
457
January....
February...
March
April
May
June
July
August
September..
October....
November. .
December . .
Year
Educational
785.5
941.4
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]
Total
Commercial
572
442
597
602
675
605
660
823
650
793
715
625
7,490 7,760
47
56
146
127
197
215
202
205
187
134
130
109
615
682
690
167
96
143
177
234
226
203
218
193
209
224
207
197
248
181
1,754 2,296
405
346
453
425
441
379
458
605
457
584
492
418
311
331
551
608
756
593
516
475
433
439
373
348
419
434
509
5,735 5,464
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—April
May
June
July
August
September..
October
November..
December. .
1948—January
February...
March
April
Total
489
684
950
1,017
1,172
1,137
935
875
Property
improve-1
ment
54
151
204
242
249
141
87
114
666
171
755
1,787
110
107
146
163
175
183
244
321
534
45
37
44
50
43
46
46
Small
home
construction
13
25
26
21
15
1
Mortgages on
War and
1- to 4- Rental
and
Vetfamily group
erans'
houses housing housing
(Title (Title (Title
II)
II)
VI) 2
424
473
669
736
877
691
245
216
219
11
48
51
13
13
6
«7
4
3
272
(3)
47
68
(3)
(3)
39
48
106
112
224
228
272
56
45
49
(3)
(8)
(3)
48
45
53
120
137
170
292
63
(3)
51
177
(3)
(3)
85
808
33
34
63
74
95
96
150
1
Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947 figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
»Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
JUNE 1948
Mar.
Boston
..
New York
Philadelphia
Cleveland
Richmond
Atlanta
. .
Chicago
St Louis
Minneapolis
Kansas City
Dallas
53,912
133,291
60,202
86,714
93,394
122,971
142,586
63,845
27,907
34,296
54,764
43,704
86,204
49,606
58,684
88,620
73,037
130,869
47,525
23,719
31,194
56,601
56,689
76,340
40,187
55,046
85,377
62,261
92,346
35,683
23,393
31,200
43,816
Total (11 districts)
873,882
689,763
602,338
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
SavCom- Muings
tual
and
mer- savloan
cial
ings associbanks banks
ations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—June
Dec
2,755
3,107
1,318
1,465
157
186
237
254
668
789
220
234
154
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
940
272
276 1,032
243
245
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
Insur- Fedance
eral
com- agen- Other'
panies cies 1
13
284
603
537
192
228
(3)
Apr.
Apr.
End of month
347
446
33
36
39
39
37
41
48
8
1947
Federal Reserve district
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.
711
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
1
Merchandise imports 2
Excess of exports
Month
1944
1945
1946
1,124
,107
,197
903
887
1,030
798
670
815
April
May
June
,231
,455
,296
1,005
1,135
870
757
851
878
July
August
September....
,197
,191
,194
893
737
514
October
November.....
December
1,144
1,185
938
Jan.-Mar
3,428
January
February;..:..
March
1947
1948
1944
1945
1946
1947
1,114 P 1 , 0 9 1
,146 Pi,086
,326
301
314
358
334
325
365
394
318
385
531
437
445
,295
,414
,235
361
386
332
366
372
360
406
393
382
826
883
643
,155
,145
,112
294
304
282
356
360
335
455
639
736
537
986
1,097
,235
.138
1,114
329
323
336
2,820
2,284
3,586^3,318
973
1948
1944
1945
1946
1947
823
793
839
569
561
665
405
352
431
583
'709
882
P512
P474
P463
870
1,069
965
639
763
511
351
457
496
P782
P940
P772
431
422
377
P450
P400
P473
903
887
912
537
378
180
395
461
266
P7O5
P745
P639
344
322
297
394
478
529
P492
P455
P603
815
862
602
111
317
439
142
508
567
P744
P684
P511
1,024
1,096
1,412
2,455
1,795
1,188
P546
P582
J>666
P1,794
2,174
1948
P545
P504
J>475
PI.524
r
P Preliminary.
Revised.
1
Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.4 million dollars.
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
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
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
Miscellaneous
Merchandise
l.c.1.
100
114
139
155
141
143
110
147
183
206
192
180
101
110
136
146
145
147
97
96
100
69
63
67
125
129
129
143
169
136
142
139
69
78
107
153
181
148
75
162
122
156
146
148
81
175
171
180
173
157
147
159
151
123
111
121
111
163
166
159
148
176
172
171
184
152
145
151
147
77
76
78
79
155
185
138
104
148
184
145
76
141
115
146
153
156
160
155
173
170
184
180
192
195
191
140
168
162
137
152
145
138
107
107
92
105
104
105
96
145
152
152
149
147
150
158
184
194
190
181
163
163
192
142
143
149
145
149
151
156
74
71
73
73
75
75
74
145
139
130
130
155
150
98
105
183
178
162
137
132
103
109
123
84
76
79
105
153
140
146
141
180
195
195
200
152
146
150
145
68
71
72
70
1946—December. ..
131
132
163
152
118
139
45
139
78
1947—January
February....
March
. ..
April
M[ay
June
July
August
September...
October
November...
December. . .
138
133
137
163
149
147
184
182
182
157
144
146
118
88
95
147
159
159
44
43
50
139
136
143
74
74
79
134
144
142
140
148
119
155
141
115
146
169
183
170
165
177
133
121
143
202
175
98
94
87
87
87
148
154
151
153
160
157
267
286
311
284
145
146
146
145
150
80
76
73
71
73
153
156
150
139
153
156
160
155
178
188
195
201
153
152
142
130
139
161
133
92
161
155
147
141
272
235
163
60
157
163
158
147
77
78
77
71
133
129
122
155
150
98
192
188
163
132
101
100
81
61
62
137
135
146
45
49
57
139
137
142
65
69
73
128
105
134
108
94
141
212
143
70
101
109
130
138
137
140
98
111
123
135
138
143
102
137
168
181
186
185
107
101
112
120
146
139
96
96
91
104
117
124
135
132
134
130
172
146
151
138
143
147
182
150
1946—December...
140
132
155
1947—January
February....
March
April
May
June
July
August
September...
October
November...
December. . .
150
142
146
137
163
149
147
119
142
137
134
143
142
145
147
149
1948—January
February....
IMarch . . .
April
SEASONALLY
ADJUSTED
UNADJUSTED
1948—January
February....
March
April
p
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
712
[In millions of dollars]
Total
Total
railway
railway
operating expenses
revenues
Annual
1939..:....
1940
1941
1942
1943
1944
1945
1946
1947
3,995
4,297
5,347
7,466
9,055
9,437
'8,902
7,628
P8,685
Net
railway
operating
income
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
P7.904
589
682
998
1,485
'1,360
'1,106
'852
620
P781
Net ,
income
93
189
500
902
'873
'667
'450
289
P480
SEASONALLY
ADJUSTED
1946—December..
658
523
135
98
1947—January...,
February...
March
April
May
June
July
August::...
September.,
October
November..
December.
698
696
723
685
698
731
683
719
716
739
786
806
624
631
642
637
633
649
634
655
681
696
708
722
74
65
81
48
65
82
48
64
36
43
78
S3
42
33
48
15
32
49
18
31
4
9
47
50
1948—January
February..
March.
767
781
761
707
710
705
60
71
55
28
38
P24
1946—December.
638
534
104
89
1947—January.;.
February..
March....
April
May..::..
June
July
August
September.
October
November.
December.
686
636
'719
689
724
697
705
745
727
794
755
807
627
592
645
631
649
637
644
664
679
718
690
727
59
44
'74
58
76
60
61
81
48
76
66
80
32
'17
'46
33
46
38
37
51
20
49
43
60
1948—January...
February..
March....
751
716
777
709
676
716
41
39
61
19
18
P33
UNADJUSTED
P Preliminary.
' Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100)
Federal Reserve district
United
States
Year or month
San
Francisco
Richmond
Atlanta
Chicago
St.
Louis
Minne
apolis
106
114
138
153
167
182
201
257
281
109
120
144
170
194
215
236
290
303
113
123
145
162
204
244
275
345
360
107
116
135
149
161
176
193
250
275
111
119
143
158
179
200
227
292
314
106
109
123
129
148
164
185
247
274
105
110
127
149
184
205
229
287
311
112
116
138
157
212
245
275
352
374
109
119
139
171
203
223
247
308
331
'257
'258
'256
257
258
'266
'265
'280
'277
272
298
284
281
273
290
271
296
309
299
303
317
301
282
303
297
310
322
353
367
365
336
352
361
348
383
394
261
276
278
281
266
290
266
298
293
306
321
299
320
307
337
308
339
337
'256
270
278
268
271
287
276
281
277
299
306
305
298
307
323
320
335
334
377
379
361
378
376
368
360
415
389
320
325
330
327
348
336
333
339
352
240
241
229
255
'272
'280
'263
278
284
284
270
295
286
306
317
321
355
359
'368
395
271
281
274
289
291
307
318
343
286
267
278
283
306
292
307
337
390
368
384
448
340
319
'331
354
227
241
232
164
176
248
234
306
419
223
237
231
171
179
244
253
323
408
'247
261
238
185
193
'266
280
370
460
2(6
283
267
220
237
293
290
371
479
290
301
278
215
233
322
324
394
542
350
349
307
269
310
368
372
460
619
258
276
270
219
224
296
284
364
455
297
315
269
249
264
340
330
428
516
'263
269
264
217
242
311
304
335
424
290
2V7
281
250
277
336
336
392
505
347
356
307
288
327
387
396
507
633
302
302
299
278
308
336
343
411
554
224
237
284
287
170
174
'228
230
192
202
234
237
204
216
284
261
216
233
284
280
214
245
317
295
284
316
387
366
217
225
266
283
239
258
318
326
214
206
263
285
245
254
301
320
316
324
384
399
275
288
'319
325
102
108
131
179
155
162
166
213
255
99
105
124
165
142
147
153
182
202
97
102
123
181
143
150
160
195
225
96
99
119
167
141
148
150
191
220
99
106
130
182
144
151
156
205
243
107
113
139
191
175
190
198
250
289
107
115
140
178
161
185
188
258
306
103
111
134
186
160
161
159
205
246
102
108
134
176
152
159
166
225
274
103
110
138
171
151
169
165
211
266
99
105
125
159
152
157
158
210
259
106
113
130
161
159
177
190
250
321
106
114
137
190
173
178
182
236
295
264
252
242
231
227
231
251
273
283
211
198
188
188
184
189
213
221
221
230
221
215
204
206
210
224
234
236
221
215
212
205
206
210
231
238
245
246
238
231
217
219
222
238
268
272
302
292
270
265
261
252
281
310
323
320
309
280
270
273
282
300
337
344
257
243
232
226
221
225
245
259
264
281
272
267
247
250
246
274
290
297
287
268
256
254
241
246
251
281
306
282
267
248
212
214
224
239
266
300
326
333
308
276
282
285
306
357
397
307
285
282
270
248
257
287
319
342
288
303
312
308
219
227
238
243
233
250
255
249
243
253
'261
260
277
286
298
286
332
339
334
340
345
378
370
379
274
290
304
293
309
331
329
331
310
324
343
362
3^6
'329
353
325
385
424
420
411
352
366
380
377
262
252
237
232
245
256
283
295
243
202
194
180
181
195
206
239
249
201
'232
224
206
193
215
227
253
263
211
225
217
201
195
214
231
263
262
208
253
241
222
217
236
246
274
283
225
304
286
259
268
294
283
320
329
269
317
300
283
278
295
311
336
354
289
252
243
227
222
236
250
275
285
238
281
272
267
257
273
273
307
310
250
273
266
248
259
255
265
279
303
268
273
261
248
236
240
251
272
284
246
316
316
298
299
318
319
345
382
333
304
296
287
286
273
290
318
338
280
. . 252
278
302
•
. • 307
199
214
233
233
205
232
254
251
211
246
'261
266
243
266
287
295
283
320
333
342
311
352
370
376
236
264
294
293
265
298
319
331
282
309
'345
346
273
'296
317
316
346
377
399
409
310
321
353
372
Boston
New
York
106
114
133
150
168
187
207
264
285
104
108
126
140
148
162
176
221
235
101
106
119
128
135
150
169
220
239
104
111
129
143
151
167
184
'235
261
277
289
288
286
283
292
'278
302
"•302
227
244
249
237
234
236
211
248
243
235
253
249
251
246
239
225
248
241
284
••285
284
304
216
223
'235
232
'268
280
266
219
236
299
298
374
483
Phila- Clevedelphia* land
Kansas
Dallas
City
SALES*
1939
1940
1941
1942
1943
1944
1945
1946
1947
. . .
SEASONALLY ADJUSTED
1947—Aoril
May
r
.
June
July
August
September
October
November
December
r
...
.
1948—Tanuary
February
March
April
UNADJUSTED
1947—\prn
May
June
July
August
September
October
November
December
..
194g—Tanuarv
February
March
April
STOCKS 2
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADJUSTED
1947—April
May
July
September
November
December
1948—January
February
March
April
UNADJUSTED
1947—April
May
June
July..:
August
September
October
November
December
1943—January
February
M^arch
April
r Revised.
i Sales index revised beginning 1940; back figures available from Philadelphia Federal Reserve Bank.
»Figures for sales are the average per trading day, while those for stocks are as of the end of tne 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.
JUNE 1948
713
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Number of
stores
report-
Department
Sales during
period
ing
1948
GRAND TOTAL—entire store3...
358
MAIN STORE—total
358
+6
+5
315
-6
Piece goods and household textiles
Piece goods
Silks velvets and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
.Linens and towels
Domestics—muslins sheetings
Blankets comforters and soreads
. .
293
187
161
177
307
273
4
Women's shoes
Women's and misses' ready-to-wear apparel
Women's and misses' coats and
suits . . . .
Women's and misses' coats4
Juniors* and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
4
Women's and misses' inexpensive dresses
...
Women's and misses* better dresses4
Blouses, skirts, and sportswear . . . .
Aprons, housedresses, and uniforms
Furs
M e n ' s a n d boys* w e a r
IVIen's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
...
.
-12
-6
+6
+5
+3
+3
+4
+9
+9
+5
+11
+13
-2
-10
+3
+2
+5
+21
+2
-9
240
244
-14
-17
+3
+41
347
207
238
327
324
204
+1
+11
+13
+1
+1
-8
0
0
-4
March
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
Sales during
period
1948
1948
1947
2.8
2.8
3.0
3.4
2.3
2.2
1.8
2.6
4.9
5.4
1947
Mar.
Feb.
2.9
223
3.0
214
2.0
363
1.9
1.8
435
391
2.3
4.2
5.6
339
142
134
2.4
5.0
176
120
155
119
3.8
2.8
3.3
4.3
4.2
4 3
3 4
7.2
3.8
170
326
242
133
173
+7
+5
+15
3.9
5.5
3.8
2.5
3.2
4.1
4.6
4 9
-5
3.4
3.4
2.9
3.4
163
165
168
Stocks at end
of month
1947
1948
Mar.
166
212
669
618
615
193
227
727
663
312
367
691
752
294
360
271
134
128
Feb.
830
793
436
446
952
711
706
731
759
839
324
161
143
886
693
725
773
602
647
687
674
769
455
696
204
145
680
666
518
597
149
203
190
120
145
168
293
214
132
178
641
817
761
547
791
598
684
670
523
718
640
174
159
146
174
172
176
664
572
491
595
538
424
676
588
588
520
257
o
-5
275
140
-5
c
-4
-7
-5
-5
-3
-5
3.7
2 9
3.8
158
157
163
588
569
+7
+5
+19
+1
+8
+11
+15
-15
2.1
2.4
2.0
3.8
2.1
2.4
2.2
4 8
257
246
318
146
170
160
231
137
236
221
261
137
544
597
649
557
523
569
617
532
-11
0.7
0.9
303
135
264
218
-3
-4
-7
231
-3
354
354
310
285
+9
+11
+22
+7
188
335
339
351
345
249
284
243
330
336
256
201
217
354
344
217
211
313
288
311
343
256
267
332
290
290
330
251
312
300
190
+15
+10
+2
+30
+5
+4
+9
+2
+ 16
+
12
+21
+9
+7
+4
+10
+ 11
+5
+10
+4
+8
+8
+16
+6
+ 10
+2
+19
+2
+9
+11
+7
+2
-11
+16
-3
+23
+32
+21
+13
+12
+6
+22
+20
+22
+5
+9
+ 10
+11
+5
+5
+5
+6
-4
+14
-1
8.0
4.1
2.7
2.8
1.7
3.0
3.0
2.8
3.2
2.6
1.8
3.2
2.5
3 4
l!3
.3
1.4
3
6
7
4
2.1
-14
+8
2.4
2.6
4.6
+3
+2
+4
+2
+9
+9
+5
+3
+7
+2
+8
+ 14
3.6
3.6
4.0
+6
+6
+15
+52
+5
-8
2.7
+7
+9
+ 10
+ 10
+ 14
+18
2
—4
—1
+4
+9
+ 18
+4
+ 13
+7
+7
+8
+5
+ 10
-30
-1
313
288
223
+4
+4
+7
137
2S3
189
—9
254
154
227
173
142
-1
+ 10
+ 16
++4
16
+5
+9
Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy 4
299
242
250
242
+18
+2
+1
+4
+10
319
151
156
273
148
98
+8
+1
+7
+6
Housef urnishings
Furniture and bedding
]Vlattresses SDrinsrs and studio beds4
Upholstered and other furniture4
Domestic floor coverings
Rugs and4 carpets 4
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and g l a s s w a r e . . .
Major household appliances
Housewares
. .
Gift shop4
Radios, phonographs, records,
and instruments 4 ..
Radios and phonographs4
Records, sheet music, and instruments 4
241
-1
-1
-10
-12
-4
+1
+13
-11
+3
+1
+2
0
+3
0
-4
-1
+20
+15
3.3
2.4
2.3
2.5
2.4
2.6
2.7
2.3
2.0
2.9
2.5
3 0
1.8
1.3
1.3
1 1
1.5
1.4
1 7
1 8
1.7
1 9
2.8
2.7
3.0
Mar.
Mar.
+1
+37
78
244
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories. .
Neckwear and scarfs
Handkerchiefs
•
Millinery . . . .
Woincn'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
+5
Mar.
1948
O OO
Costume iewelrv4
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery
.
0
-13
Three
mos.
1948
++
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry
-1
Stocks
(end oi
mo.)
Ratio of
stocks 1to
sales
262
776
699
570
759
502
537
553
649
245
659
663
322
491
492
221
274
182
202
214
219
166
313
242
284
113
213
132
163
163
168
146
205
123
164
202
269
140
193
206
201
174
307
208
254
588
768
312
601
648
623
528
804
448
908
601
739
278
518
517
526
457
761
441
904
268
342
181
215
252
329
485
451
474
466
466
418
369
358
195
208
344
339
576
490
397
249
190
174
550
480
365
226
652
430
714
405
530
484
628
407
263
186
80
206
156
92
226
177
114
629
478
367
574
415
387
627
472
334
199
210
162
130
145
123
193
213
159
721
761
650
284
123
261
625
491
620
836
743
4.8
3 2
2.4
3.9
3 2
4.4
4.2
3.8
214
4.8
4.3
188
122
172
908
643
681
552
750
845
803
778
492
439
718
418
736
185
204
901
180
174
2.5
4.8
3.4
3.8
2 4
848
781
754
2.6
5.2
4.3
4.3
3 9
179
754
+ 11
+11
+33
+31
+62
+5
+1
216
192
199
924
803
685
+4
4.6
4.3
6.4
2.2
4.1
6 8
3.4
3.2
4.0
191
175
142
381
258
151
159
132
262
212
195
167
130
323
247
886
754
919
832
1,048
776
648
851
789
903
834
744
768
452
4.1
5 7
4.4
4.4
5.0
4.3
4.4
5.9
1.4
3.0
5.3
4.6
3.2
5.3
5.4
199
127
107
150
83
57
192
122
100
588
670
491
537
581
404
5.8
5.4
0.8
5.3
4.2
1.2
136
150
99
137
134
164
792
817
661
736
+12
+19
+81
—5
+ 19
+20
+19
-5
+3
-9
+12
+17
-28
1,010
622
648
545
749
709
For footnotes see following page.
714
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
Sales during
period
Index numbers
without seasonal adjustment
1941 average monthly s a l e s = 1 0 0 2
Ratio of
stocks to
sales i
Stocks
(end of
mo.)
Sales during
period
March
1948
Mar.
1948
Three
mos.
1948
Mar.
1948
1948
201
+14
+14
+6
2.1
2.2
134
-11
-2
+13
3.6
2.9
Women's and misses' ready-to-wear
Intimate apparel4
Coats and suits4
Dresses4
Blouses, skirts, and sportswear4
Girls' wear4
Infants' wear4
199
171
180
169
153
121
113
+18
+21
+ 11
+21
+27
+ 14
+17
+ 17
+ 18
+ 16
+16
+28
+ 16
+ 13
+4
+ 10
+4
-5
0
+4
+4
1.5
2.2
0.9
1.3
1.9
1.3
2.1
Men's and boys' wear
Men's wear4
Men's clothing4
Men's furnishings4
Boys' wear4
164
150
94
115
118
+15
+ 11
+ 13
+9
+26
+18
+ 18
+26
+ 11
+22
+ 10
+ 18
+25
+ 14
-11
Housefurnishings. . .
103
+2
+5
Shoes
132
+21
+18
189
+ 10
+8
+3
Stocks a t end
of m o n t h
1947
1948
1947
1947
Mar.
Feb.
Mar.
Mar.
Feb.
Mar.
225
151
198
474
454
443
1.7
2.4
1.0
1.7
2.4
1.4
2.3
251
157
214
379
381
367
2.7
3.1
2.7
3.4
1.7
2.8
2.9
2.4
3.2
2.4
217
144
189
586
556
533
+1
3.3
3.3
170
148
168
567
512
534
+12
2.9
3.1
196
108
162
565
533
508
(5)
(5)
(5)
5
5
(5)
—
BASEMENT STORE—total. .
Domestics and blankets
4
NONMERGHANDISE—total4
4
Barber and beauty shop
+ 11
111
()
()
1
T h e ratio of stocks t o sales is obtained b y dividing stocks a t t h e end of the month b y sales during t h e m o n t h and hence indicates t h e number
of m o n t h s ' supply on hand a t t h e end of t h e month in terms of sales for t h a t month.
2
T h e 1941 average of monthly sales for each department is used as a base in computing t h e sales index for t h a t department. T h e stocks
index is derived b y applying t o t h e sales index for each month t h e corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks b y department groups for back years, see p p . 856-858 of BULLETIN for August 1946. T h e titles of t h e tables on p p . 857 and
858 were reversed.
1
F o r movements of total d e p a r t m e n t store sales and stocks see t h e indexes for t h e United States on p. 713.
4
Index numbers of sales and stocks for this d e p a r t m e n t are not available for publication separately; t h e department, however, is included
8
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 d e p a r t m e n t stores located in various cities throughout t h e country. In 1947, sales a n d 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, t h e sample for t h e individual departments is not so comprehensive as t h a t for t h e total.
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES *
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
Without seasonal adjustment
Amount
(In millions of dollars)
1946
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
128
136
156
179
204
227
255
318
336
344
353
419
599
508
534
563
714
823
108
194
263
530
560
729
909
553
1947—April..::..
May
June
July
August
September.
October. . .
November.
December.
321
337
304
253
274
341
367
416
584
849
817
768
732
789
823
912
941
770
388
351
470
603
622
676
663
605
544
1948—January...
February..
March....
April
271
263
355
P332
789
'878
941
P936
633
••575
420
P358
July
Aug.
r
P Preliminary.
Revised.
i These figures are not estimates for all department stores in the
United States.
Backfigures.—Divisionof Research and Statistics.
JUNE
1948
1935-39 average = 100]
Sept.
Oct.
Nov.
Dec.
r
6..:.
13
20....
27....
3
10....
17....
24....
31....
7....
14
21....
28....
5....
12
19....
26....
2....
9
16....
23....
30..;.
7....
14....
21....
28.:..
.192
.210
.201
.204
.217
.228
.239
.255
.281
.264
.293
.280
.257
.277
.281
.295
.287
.277
.314
.342
.363
.334
.475
.519
.532
.281
July
Aug.
Sept.
Oct.
Nov.
Dec.
1947
1947
5 . : . .208
1 2 . . . . .228
1 9 . . . . .217
2 6 . . . . .213
2
.220
9 . . . . .223
1 6 . . . . .225
2 3 . . . . .243
3 0 . . . . .277
6 . . . . .265
1 3 . . . . .291
20
.301
2 7 . . . . .316
4 . . : . .326
1 1 . . . . .304
1 8 . . : . .299
2 5 . . . . .306
1 . . . . .313
8 . . . . .347
1 5 . . . . .380
2 2 . . . . .395
29
.367
6 . . : . .508
1 3 . . . : .570
2 0 . . . . .576
2 7 . . . . .358
4.::
11...
18...
25...
1...
8...
15...
22...
1...
8...
15...
22...
29...
5..:
12...
19...
26..;
3...
10...
17...
24...
31...
7.::
14...
21...
28...
Jan.
Feb.
Mar.
Apr.
May
June
1948
..188 Jan.
..232
. .223
..220
..217
. .219 Feb.
. .246
. .216
..238
..254 Mar.
..267
..286
..283
..319 Apr.
. . 265
..271
..267
..279 M a y
..311
..273
..277
..250
. .293 June
..300
..256
..245
3 . . . . .204
1 0 . . . ..251
1 7 . . . . .232
2 4 . . . ..226
3 1 . . . ..233
7 . . . . .240
1 4 . . . . .238
2 1 . . . . .249
2 8 . . . ..248
6 . . . . .266
1 3 . . . . .279
2 0 . . . . .313
2 7 . . . . .331
3 . . . ..280
1 0 . . . . .298
1 7 . . . . .294
24. . . . .296
1 . . . . '300
8 . . . . .330
1 5 . . . . . 293
2 2 . . . . . 295
2 9 . . . . . 296
5..
12..
19, .
26...
Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Apr. Mar. Four
1948 1948 mos.
1948
United States..
Boston
New Haven
Portland
Boston Area. . .
Downtown
Boston
|
Springfield
[
Worcester.:-::..
Providence
J
New York 1 I
Bridgeport .... j
Newark l
Albany
Binghamton... .1
Buffalo i
!
Elmira
Niagara Falls..1
New York City .
Poughkeepsie..
.
Rochester l.:::.
Schenectady.l . . i
Syracuse
......
Utica.:r
Philadelphia
.
Trenton x
Lancaster * . .1. .
Philadelphia
.
Reading 1
1
Wilkes-Barre
.
York 1
Cleveland
Akron 1 1
Canton .:. . . .
Cincinnati1J . . .
Cleveland1 ....
Columbu* .1 . .
Springfield
...
Toledo 1
Youngstown x .
v+7
+10
+3
+3
+3
+3
+
-1
+2
+1
+5
+3 +3
0 +5
+6 +6
-2
0
-1
+5
+ 11 +5
tl
+ 15
+7
+ 17
+ 17
+7
+ 15
+3
+ 11
+1
+4
+6
+8
+4
0
+ 10
+5
+5
+5
+21
+ 17
+ 17
+8
+4
+ 15
+16
+14
+3
+ 10
+15
+ 18
+ 10
+ 14
+ 10
+9
+11
+12
+17
+ 15
+ 14
+12
+11
+ 10
+8
+16
Apr. Mar. Four
1948 1948 mos.
1948
+8 Cleveland-cont,
Erie 1 .... 1
+2 Pittsburgh
+3 Wheeling J
-1
+2 Richmond
1
...
+2 Washington
+7 Baltimore.::...
Raleigh,
N.
C
.
+3
+ 1 Winston-Salem.
Charleston^. C
+6 Greenville, S. C
0 Lynchburg
+5 Norfolk
+3 Richmond
+ 12
+ 12
+ 14
+7
+5
+ 13
+ 11
+ 11
+7
+8
+11
+ 13
+9
+8
Roanoke
Charleston,
W. Va
Huntington
Atlanta
Birmingham l . .
Mobile
Montgomery x . .
Jacksonville l...
Miami*
Orlando1
Tampa 1
Atlanta
Augusta
Columbus
Rome
Macon l
Savannah
Baton Rougel 1 ..
New Orleans
. .
Jackson x
Meridian
Bristol, Tenn..
.
J
Chattanooga
..
Knoxville 1l
Nashville
+ 10
Apr. Mar. Four
1948 1948 mos.
1948
Apr. Mar. Four
1948 1948 mos.
1948
Chicago l
p+10 +9 +10 Kansas City—
+7 +5 +6 cont.
+12 +17 + 15 Chicago
1
P + 1 +10
+9 Oklahoma City. + 16 + 13
+7 +9 +7 Peoria
1
Fort
Wayne
...
P
+
2
+6 +4 Tulsa
- 3 +22 +8
+25 +20
Indianapolis 11...
+9 + 3
+5 Terre Haute ... +3 •+17 +9 Dallas
+15 +18
+2 +10
+ 14 + 15 + 17 Shreveport..... +20 +31
+5 + 3 +5 Des Moines....
1
- 3 +3
+ 15 +9 + 12 Corpus1 Christi..
+2 + 3 +3 Detroit
1
+ 12 + 15
+6 +12 +6 Dallas
0 Flint
+9 +10
+ 13 +20
+2 + 8 +3 Grand Rapids. . +24 +15 + 15 Fort Worth
l
+31 +32
+9 +12 +9 Houston
—4 + 10
+ 1 Lansing 1
+ 18 +10 + 19 San Antonio.... + 10 +10
+ 1 +25 + 12 Milwaukee 1
+ 17| +23 + 16
+ 16 +7 Green Bay
+ 141 +14 + 13 SanFrancisco..
P+8
+9
+ 13 +20 + 13 Madison
Phoenix 1
+ 11 +9
0 + 13 +6
+13 +9 Tucson
+ 10!3
- 1 +12 +6 St. Louis
+
1
Fort Smith 1
+19 +5 Bakersfield ....
+18
2
+2 +19 +8 Fresno
Rock . .
+5
+4 +29 + 14 Little
Evansville. l. . . + 16 +49 +29 Long Beach *... ()
+6 +26 + 15 Louisville
+27 + 19 + 14 Los Angeles 1 ... + 10 +10
....
+2
+
1
+
13
+ 10 +5
and
+5 +16 + Quincy
+ 1 +23 +26 Oakland
East St. Louis.
Berkeley1
+5 +22 + 12 St.
+13
1
+5
+7
Louis
+9j +8
+ 11 +24 + 19 St. Louis
+7 +10 +9 Riverside and
Area.
+5 +7
+4 +11 +8 Springfield....
+7 + 17 +9 San Bernardino
l
c
+15
x
+ 11 + 11 +5 Sacramento1 . .. +5 +12
+5 Memphis . . . .
San Diego . . l.. + 10 + 16
- 8 + 14
+9
.
+ 16 +40 + 7 Minneapolis. •*
0 '+3
+8 +6 +7 San Francisco
1
0 + 15 +28 Minneapolis l..
+1 +2
+6 +8 San Jose x
+7
+8
1
+
13
Santa Rosa . . .
+8
+4
+9
St.
Paul
+5
+3
+1
Stockton
- 1 3 +5 +8 Duluth-2 +3
1
Vallejo and
+ 12 +28 - 4
+
18
Superior
...
+
19
+
15
1
-6 + 1
Napa
+2 +16 + 16
Kansas City . .
+10 +9 +8 Boise and
- 1 1 +5 +5
- 2 Denver
+4 +4 +4
-3
Nampa
0 +21 +6
Pueblo
+5 + 18 + 15 Portland
+2 +24
P+12 +11
+ 10 +6 Salt Lake City
Hutchinson. . .
+7
V
+ 14 +22 ++7
+11 +7
1
13 Topeka
. ..
+ 13 + 18 + 11 Bellingham
+ 11 + 15 +7
+1 +2
+ 14 +9 Everett 1
Wichita
+
12
+3
+ 1 +9
- 2 Kansas City...
+ 13 + 11 Seattle 1
+ 12
+3
+5
+
13
1
0 Joplin
2
+5
+7
Spokane
+5
+8
+8
1
- 1 St. J o s e p h . . . .
P+9
+33 +11 +12
0
-1
+ 1 Tacoma 1
Omaha
P+7
+
10
- 3 +16
Yakima
+2
+7 +31 +5
+ 12
+18
+12
+ 19
-1
+7
+11
+25
+ 10
+8
+10
+4
+18
3+6
+8
+1
+ 10
+9
+10
+7
—6
+9
+8
+2
+8
+6
+11
+8
+ 11
-1
+6
+11
+ 10
+ 10
+ 11
r
P Preliminary.
Revised.
1
Indtxet for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
2
Data not available.
* Three months 1948.
±i
+ 10
+5
+ 12
+ 12
+2
-1
+6
-2
-5
+ 10
+6
8+2
+3
+2
+3.
+4
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average=100]
Fuel,
electricity,
and ice
House
furnishings
Miscellane oui
141.4
112.5
111.7
104.6
100.7
100.0
84.2
98.4
102.8
102.2
100.5
101.7
106.3
124 2
129.7
138.8
145 9
160.2
185.8
100.9
104.1
104.3
104.6
106.2
108 5
108.0
108.2
108 3
108.6
111.2
100.2
99.9
99.0
99.7
102.2
105 4
107.7
109.8
110.3
112.4
121.2
104.3
103.3
101.3
100.5
107.3
122 2
125 6
136.4
145 8
159.2
184.4
101.0
101.5
100.7
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
189.5
188 0
187 6
190.5
193 1
196.5
203.5
201.6
202 7
206.9
184.3
184 9
185.0
185.7
184 7
185.9
187.6
189.0
190.2
191.2
109.0
109 0
109.2
109.2
110 0
111.2
113.6
114.9
115.2
115.4
117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2
126.9
127.8
182.3
182.5
181.9
182.6
184 3
184.2
187.5
187.8
188.9
191.4
138.2
139.2
139.0
139.1
139.5
139.8
140.8
141.8
143.0
144.4
209.7
204.7
202 3
207.9
192.1
195.1
196.3
196.4
115.9
116.0
116.3
116.3
129.5
130.0
130.3
130.7
192.3
193.0
194.9
194.7
146.4
146.4
146.2
147.8
All items
Food
Apparel
Rent
122.5
132.5
115.3
92 4
84 1
87.9
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
102.7
100 8
99.4
100 2
105.2
116 5
123 6
125.5
128 4
139 3
159.2
105.3
97 8
95.2
96 6
105.5
123 9
138 0
136.1
139 1
159 6
193.8
1947—March
April
May
June
July
August
September
October
November
December
. .
156.3
156 2
156 0
157.1
158 4
160.3
163.8
163.8
164 9
167.0
.......
168.8
167.5
166 9
169.3
Year or month
1929
1933
.
. .
1948—January
March
April
.......
Back figures.—Bureau of Labor Statistics, Department of Labor.
716
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of
the Bureau of
Labor Statistics.
1926 = 100]
Other commodities
Year, month, or week
1929
. . .
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
.
1944
1945
1946
1947
1947—January
February
March
April
May
. .
. .
.
June
All
commodities
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
151.8
141.5
144.5
149.5
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.7
163.2
July
August
September
October
November
..
December
194g—January
165.7
160 8
February
161.4
March
162.7
April
Week ending :i
1948—Mar. 6
160.4
159.8
Mar 13
161 5
Mar. 20
161.1
Mar. 27
160.1
Apr
3
160.6
Apr 10
162.9
Apr. 17
163 6
Apr 24
162.6
May 1
May 8
. . . . 161.9
163.5
May 15
163.5
May 22
164.4
May 29
Farm
products
Foods
Coke
Electricity
Gas
Petroleum product
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
108.7
97.7
97.9
100.7
103.4
103.3
103.9
108.9
112.5
114.1
115.9
118.1
124.3
130.0
130.7
130.9
131.6
9
9
6
2
131.7
131.7
131.7
131.7
131.7
131.8
131.9
132.6
132.6
133.0
133.4
133.7
133.8
91.6 109.1
85.2 100.0
75.0
86.1
70.2
72.9
71.2
80.9
78.4
86.6
77.9
89.6
79.6
95.4
85.3 104.6
81.7
92.8
81.3
95.6
83.0 100.8
89.0 108.3
95.5 117.7
96.9 117.5
98.5 116.7
99.7 118.1
109.5 137.2
134.8 181.9
127.6 175.1
128.5 173.8
131.1 174.6
131.8 171.5
131.9 170.8
131.4 173.2
133.4 178.4
136.0 182.1
138.2 184.8
140.0 191.7
142.4 202.4
145.6 203.1
148.2 200 3
147.5 192.8
147.7 185.6
148.5 186.1
187.1
184.9
187.6
186.2
183.9
183.1
189.2
188 9
186.9
184.0
187.9
189.2
193.0
172.2
171.2
176.4
174.8
172.4
174.5
178.8
180.4
177.5
174.8
178.9
177.2
178.0
147.3 187.9
147.3 187.1
147.3 185.9
147.4 186.2
147.7 186 0
147.9 186.2
148.3 187.2
149 0 187.1
148.7 188.0
148.9 188.2
149.0 189.0
149.2 188.6
149.3 187.6
145
145
145
145
145
145
145
148
148
148
148
148
149
9
1
1
6
5
Jan.
218.0 217 9
209.4 204.4
162.2 166.4
8
1
2
7
183.9
170.1
141.1
222.3
155 0
172
178
179
137
1
1
7
7
194.3
238.9
209.2
143.8
194.7
207.2
199.9
143.8
193.6
186.2
186.9
143.8
133
194
100
69
37
129
175
0
7
8
4
0
1
8
140.4
214.8
104.4
46.4
40.7
141.6
181.2
143.0
214.9
105.0
46.4
40.7
142.8
180.2
144.6
218.3
105.4
46 4
40.7
145.2
174 7
113
145
155
64
84
86
9
124.2
176.8
190.6
66.4
84.5
120.7
0
4
1
0
3
124.4
177.8
190 6
66 6
85.8
121.7
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
114.3
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117.1
118.8
121.5
123.5
119 9
120.8
121.8
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
152.1
154 9
163.2
160.1
158.6
160.2
165 3
167.0
170.8
175.1
175.5
182.0
183.9
174 9
174.7
175.5
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
145 4
136.7
139 7
143.3
141.9
141.7
141.7
144 0
147 6
151.6
151 1
152.3
154.7
157 6
154 5
155 8
157.5
119.4
119.5
119.9
120.8
121.0
120.7
121.5
122.2
121.3
121.3
121.2
121.4
121.0
176.5
174 9
176 5
175.9
174 8
174.1
178.0
177 8
176.8
175.1
177.7
178.6
180.8
154.3
1S4 3
156 3
155.9
154 9
156 0
157 8
158 9
157.9
157.6
159.0
158.7
159.1
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
138.0
137.9
139.9
141.3
141.4
142.6
143.8
148.9
150.7
151.1
151.7
152.3
154.7
155.3
155.9
156.7
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
179.5
169.7
174.8
177.5
178.8
177.0
174.4
175.7
179.7
183.3
185.8
187.5
191.0
193.1
192.6
193.1
195.2
94.
88. 7
79.
73.
72. 1
75.
7 9 . f)
78. 7
82.
7 7 . [)
76.0
7 7 . f)
84. 4
95. S
94.
95. 7
95. 2
101. 4
127.
128. 1
129.
132. 2
133. 7
127. 1
120. 2
118. 8
117. S
122. 3
128. 6
135. 8
135. 0
138. 8
134. 6
136. 1
135. 9
94 3
92 .7
84 .9
75 1
75 8
81 5
80 6
81 7
89 ,7
86 .8
86
88 5
94 .3
10? 4
10? 7
104 3
104 5
111 .6
179 1
155.7
155.9
156.0
156.0
156.6
157.1
157.1
157.2
157.2
156.8
156.5
156.6
156.6
192.1
192.5
192.6
192.5
193.2
193.4
194.9
195.3
195.2
195.9
195.9
196.6
196.9
136.
136.
135.
135.
135.
136.
136.
136.
133.
133.
134.
135.
134.
6
S
143.6
143-7
1
5
144 . 3
144
144 7
144 7
Subgroups
Mar.
148
154.
142
196
147
Manufactured
products
Miscellaneous
173 ,3
6
125 .8
177 8
178 ,8
179 .7
179 8
179 7
130 . 6
n?
137 .7
139 .7
141 4
141 8
142 1
142.4
8
8
8
S
144
144 4
7
4
144 .4
144 6
4
144 7
6
8
144 .7
144 .7
1947
Feb.
220.0
210.0
159.9
184.8
160.2
144.8
206.2
146 7
199. 8 256.3
199. 2 232.9
156. 4 162.4
Raw
materials
ChemiBuild- cals and Housefuring
allied
nishmateproding
rials
ucts
goods
1948
Apr.
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins. .
Leather
Other leather prod ucts . . .
Textile Products:
Clothing
Cotton goods
Hosiery and under wear
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
.
Bituminous coal. .
90. 4
80.
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
140. 9
136. 6
138. 0
139. 6
139. 7
138.9
138. 9
139. 5
140. 8
142. 0
143. 0
144 7
147. 6
147 6
148 4
149 7
149 6
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
179.3
177.8
178.0
178.4
179.9
172.4
173.8
176.8
Subgroups
Foods:
Textile
products
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.3
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
189.7
187.9
196.7
199.2
185.3
186.0
186.7
1947
Farm Products:
Grains
Livestock and pou t r y . . . .
Other farm produc ts
Total
Fuel Metals
and
and
lighting metal
mate- prodrials
ucts
Hides
and
leatherproducts
Apr.
179.8 181.0
158.6 158.0
146.3 149.3
217.1 226.0
144 3 144 4
Metals and Metal Products:
Agricultural imnlements
Farm machiner y
Iron and steel.
Motor vehicles
Nonferrous mei als
Plumbing and '.leating..
Building Materials:
Brick and tile.
rpmpTit
Paint and paini materia I s . . . .
Plumbing and leating,.
Structural steel
Other building material 3
Chemicals and Allieci Produc s:
Chemirals . . .
145.8
216.7
Drugs and Pharmaceuticals. .
105.4
Fertilizer matei-ials
46.4
Mixed fertilizer s
Oils and fats. .
40.7
147.5 House furnishing Goods:
Furnishings
170.0
191.7
199.3
183.6
143.3
124 6
177.9
190 6
124 6
178.9
197 5
88 7
121.8
121.8
Furniture'
M
Auto tires and t u b e s . . .
Cattle feed
Paper and pulf
Rubber, crude.
Other miscellaneous
Apr.
119.1
120 5
129.8
148.8
141.0
118.2
1948
Jan.
Feb
Mar.
Apr.
9 129.:
128.4
129.7
130.1 1 3 0 .4 130.J \ 131.3
145.5 146 .3 1 4 7 / 1 148.5
161.6 161 .6 161.(> 161.6
145.5 146 .8 146. f? 149.8
137.9 138 .7 138/ 1 138.7
134.5
114 0
273 5
175.5
118.2
127.7
143.7
150.9 151 .1 151.C>
126 4 127
127 L \
307.3 303
304 ()
163.2 159 .6 156/ 1
137.9 138 .7 138/ I
143.0 149 .4 155.?I
157.2 159 .6 161.( 5
119.5
181.0
101.2
96.7
220.1
125.8
154.4
115.6
102.4
236.7
176 5
154 3
114 .8
10? 8
701 5
152.5
127 5
310 4
157.9
138.7
155.8
162.1
126J3 126.8
154.<I 153.8
114. <P 115.2
103. I 103.1
211.<1 210.3
135.2 143.9 144 4 144. <) 145.3
120.0 139.1 139 . 4 139. I 139.7
73.0 63.4 63 .4 6 3 . 1 63.4
208.9 336.0 7 6 ? 0 284. I 296.9
152.5 168.1 167 1 167. 3 167.5
52.0 44.7 4? , 7 4 2 . 3 46.7
123.3 130.4 130 .4 130. 2 130.2
r
Revised.
1 Weekly figures not directly comparable with monthly data.
2
Revised figures for the period May-October 1947 will be shown in future issues of the BULLETIN.
Back figures.—Bureau of Labor Statistics, Department of Labor.
JUNE 1948
717
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates by quarters
Annual totals
Gross national product
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposal personal income
Less: Personal consumption expenditures
Equals: Personal saving
1929
1933
1939
103.8
55.8
90.4 125.3 210.6 203.7
7.0
.6
-.1
7.2
7.1
.7
1.2
-.1
87.4
C1)
39.6
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
11.8
14.0
.5
2.6
1946
11.0
16.9
.5
-2.1
1946
1947
1947
229.6 218.6 221.0 226.9 229.4
12.4 11.5
17.9 17.7
.5
.5
'-4.4 -2.1
12.1
17.2
.6
-3.6
12.3
17.4
.5
-3.0
.5
.1
.7
72.5 103.8 182.3 178.2
-.1 -.1
-.2
.1
-.3
203.1 191.0 194.6 199.8 203.3
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
'23.6
5.7
.0
11.1
4.5
6.8
.5
196.8
21.5
19.7
1.8
175.3
164.4
10.9
14.6 23.5 16.5
2.8
5.2
6.0
.0
-.2
.0
2.6
3.1 10.8
2.8
1.3
4.5
4.7
4.5
5.6
.5
.5
.5
95.3 164.9 177.2
3.3
18.9 18.8
2.0 17.5 17.2
1.3
1.4
1.6
92.0 146.0 158.4
82.3 110.4 143.7
9.8 35.6 14.8
240.9 244.3
12.7
19.1
.5
12.4
17.8
.5
-4.9
-.2
214.3
18.8 20.4 23.9 23.9
5.3
6.1
6.0
5.4
.0
.0
.0
.0
9.8 10.3 10.1 13.7
4.5
4.5
4.5
4.6
6.3
5.9
6.5
6.8
.6
.5
.5
.5
187.5 189.8 191.4 199.6
19.5 21.0 21.2 21.6
17.9 19.3 19.4 19.8
1.6
1.7
1.8
1.9
168.0 168.8 170.1 177.9
154.9 156.9 162.3 165.8
13.1 11.9
7.8 12.1
26.1
5.2j
.01
10.5
4.4
7.3
.5
205.8
22.1
20.2
1.9
183.7
172.5
11.2
12.7
18.7
.5
n.a.
-.4
n.a.
n.a.
5.3
.0
10.9
4.5
7.5
.5
209.2
23.0
21.1
2.0
186.1
173.2
12.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annual totals
1929
1933
1939
1941
1944
Seasonally adjusted annual rates by quarters
1946
1947
1946
4
National income
. . . 87.4
Compensation of employees
V^ages and salaries ^
. .
.
Private
]VIilitary
Government civilian
Supplements to wages and salaries
Proprietors' a n d rental i n c o m e
3
.
. . .
Business and orofessional
Farm
.
• .
Rental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
.
...
Inventory valuation adjustment
Net interest
.
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5 7
5.8
10.3
9.8
1.4
8.4
.5
6.5
39.6
29.3
1
2
1948P
3
72.5 103.8 182.3 178.2 '203.1 191.0 194.6 199.8 203.3
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
-2.0
.2
.5
-.4
-2.1
5.8
6.5
1.5
5.0
-.7
5.0
1947
4.2
64.3 121.2 116.8
61.7 116.9 111.1
51.5 83.3 90.2
8.0
1.9 20.8
8.3 12.8 12.9
2.6
4.2
5.6
20.8 34.4 41.8
9.6 15.3 19.7
6.9 12.4 15.2
4.3
6.7
6.9
14.6
17.2
7.8
9.4
-2.6
4.1
23.5
23.8
13.9
9.9
-.4
3.2
16.5
21.1
8.6
12.5
-4.7
3.2
128.1
122.8
105.2
4.1
13.4
5.4
47.8
23.5
17.0
7.3
122.2 124.7 125.6 128.7
117.1 119.1 120.0 123.6
98.0 101.2 102.7 106.2
4.6
4.1
3.9
5.6
13.5 13.3 13.2 13.5
5.6
5.6
5.1
5.1
46.7 46.2 46.7 47.0
22.0 22.4 22.9 23.5
17.8 16.8 16.6 16.2
7.0
7.2
7.3
7.0
»-23.6
r29.2
'11.5
f-17.8
-5.7
18.8
27.1
11.0
16.1
-8.3
3.6
3.2
20.4
28.9
11.5
17.4
-8.6
3.3
23.9
27.8
10.9
16.9
-3.8
3.5
23.9
28.2
11.1
17.1
-4.3
3.7
4
r
214.3
1
n.a.
132.9 134.6
127.8 129.5
110.3 111 9
3.8
3.8
13.7 13 8
5.1
5.1
51.5 52.6
25.4 25.5
18.5 19.3
7.6
7.8
26.1 n.a.
32.2
n.a.
12.6
n.a.
19.7
n.a.
—6.1 - 5 . 9
3.8
3.8
r
n.a.
Not available.
P Preliminary.
Revised on basis of corporate profits data for fourth quarter of 1947.
1
Less than 50 million dollars.
2
Includes employee contributions to social insurance funds.
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 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September
1947.
718
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters
Annual totals
Gross national product
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
1939
103.8
55.8
90.4 125.3 210.6 203.7 229.6 218.6 221.0 226.9 229.4 240.9
244.3
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
.4
.9
82.3 110.4 143.7 164.4 154.9 156.9 162.3 165.8 172.5
14.9 19.8 18.2 18.2 19.3 20.2 21.3
6.8
9.8
44.0 67.2 87.1 99.3 93.6 94.7 98.4 99.9 104.2
28.5 36.5 41.7 45.3 43.1 44.0 44.6 45.7 47.0
5.7 24.6 27.8 30.4 28.2 26.1 27.0 29.9
17.2
9.6
10.4 12.4
10.3
8.5
9.3
10.7
5.7
2.3
12.4 17.9 15.7 16.4 17.9 18.4 18.8
5.3
7.7
3.7
5.4
1.6 - 1 . 4 - 1 . 7 - 1 . 3
-.7
3.9 - 2 . 0
10.4
7.8
8.2
4.8
8.7
5.2
8.3
1.1 - 2 . 1
173
20.
104.3
48.2
36.0
13.1
18.8
4.1
4.2
8.5
1.3
1.3
()
8.0
2.0
2.0
13.1
5.2
1.3
3.9
(*)
7.9
24.7
16.9
13.8
3.2
(3)
7.8
30.3
16.9
17.7
31.0
17.7
19.0
1.3
13.3
7.2
(3)
5.9
1944
96.6
89.0
88.6
1.6
1.2
7.5
30.7
20.7
21.3
2.4
3.0
10.0
1947
1947
1933
1941
1946
1946
1929
28.7
16.4
[17.7
1.3
12.3
28.2
16.9
15.8
3.3
2.2
11.2
27.6
16.2
[18.3
2.1
11.4
28.2
16.3
17.7
1.4
11.9
28.7
16.2
17.2
1.0
12.5
13.3
PERSONAL INCOMB
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Ywr or month
Personal
income
Total
receipts4
Total
disbursements
Commodity Distributive
produc- indusing intries
dustries
1929.:
1930.:
1931::
1932.:
1933::
1934r:
1935.:
1936.:
1937.:
1938.:
1939.:
1940.:
1941.;
1942:;
1943.:
1944.:
1945.:
1946.:
1947
85.1
76 2
64 8
49.3
46 6
53.2
59.9
68 4
74.0
68.3
72.6
78.3
95 3
122.2
149 4
164 9
171.6
177.2
196.8
50.0
45.7
38.7
30.1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109.2
120.7
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
122.8
21.5
18.5
14.3
15.5
14.4
12.5
12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48 9
50.3
45.8
45.7
55.3
9.9
9.8
9.8
8.8
9.9
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
34.9
1947—March
April
May
June
July
August....
September.
October. . .
November
December.
190.6
189.4
190.5
194.1
194.9
193.8
209.9
203.2
204.2
210.4
117.0
116.0
117.3
120.1
119.9
121.2
123.2
123.7
126.4
128.1
119.1
118.2
119.4
122.2
122.0
123.3
125.2
125.7
128.4
130.1
53.4
52.8
53.5
54.9
54.4
55.5
56.7
57.2
58.8
60.3
1948—January.. .
February..
March P. . .
211.4
207.7
208.5
128.2
127.1
127.1
130.3
129.2
129.2
60.1
58.3
58.2
Service
industries
8.2
7.7
6.8
5.7
Government
DiviLess emdends
Proployee
and
prietors'
Other
contriperand
labor
butions income8 rental 8
sonal
for
income interest
social
income
insurance
10.5
11.5
13.6
15.0
10.2
16.1
26.9
33.6
35.5
20.9
17.6
.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
1.9
2.1
33.5
33.1
33.8
34.9
35.0
35.2
35.8
35.8
36.8
37.1
14.6
14.8
14.9
15.2
15.4
15.2
15.2
15.1
15.2
15.2
17.6
17.5
17.2
17.2
17.2
17.4
17.5
17.6
17.6
17.5
37.4
37.7
37.7
15.4
15.5
15.5
17.4
17.7
17.8
5.1
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5
5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8.2
8.5
.5
.5
.5
11 3
11.6
46.8
46.5
46.5
47.1
47.4
45.5
48.1
50.4
49.9
54.0
14.2
14.3
14.4
14.6
14.7
14.9
15.6
15.4
15.5
15.6
10.9
10.9
10.5
10.5
11.1
10.4
21.2
11.8
10.5
10.8
168.8
168.3
169.7
172.4
173.0
173 8
188.7
180 6
182 3
184.6
54.5
51.6
51.5
15.7
15.8
16.0
11.1
11.3
12.1
184.8
184.1
185.6
7.4
9.1
8 2
8 6
1.8
7 2
8 7
12.1
12 6
15 4
14.0
14 7
16.3
20 8
28 1
32 1
34 4
37 1
41 8
47.8
2.1
2.2
2.1
2.1
2.1
2.1
2.0
2.0
2.0
2.0
L.7
L.7
L.8
L.8
L.8
L.8
L.8
1.9
1.9
1.9
2.1
2.1
2.1
1 .9
1.9
1.8
.6
.6
.7
.0
s
6
1.5
1.5
2.7
2.2
2.1
2.2
2.4
9 9
9 7
10 0
10 7
11.6
13 3
14.8
13.3
12 6
11 1
.5
Nonagricultural
income8
76.8
70.0
60.1
46.2
43.0
49.5
53.4
62.8
66.5
62.1
66.3
71.5
86.1
108.7
134 3
149.0
154.4
157 9
174.9
19.7
15 7
11 8
.4
.4
.4
.4
.5
.5
.5
Transfer
payments7
8.6
10 1
10.3
8.7
9 2
9.4
3 5
2.4
2.8
3.0
3.1
3 1
3.2
3 0
3 6
6.2
x
v Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
8
* 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.1 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
* 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.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947.
JUNE 1948
719
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
1929
1933
. .
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—March
April
May
June
July
August
September
October
November
December
1948—January
February
March?
April?
. .
. .
.. .
....
Instalment credit
Total
instalment
credit
Total
Automobile
Other
Sale credit
Loans1
Singlepayment
loans2
Service
credit
Charge
accounts
7,637
3,167
2,515
1,318
1,197
652
2 125
1 749
596
3,919
1,595
1,122
459
663
473
776
1,081
467
7,491
7,064
7,994
9,146
9,895
6,478
5,334
5,776
6,638
10,166
13,385
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
6,156
2,752
2,313
2,792
3,450
3,744
1,491
1,384
1,368
1,343
1,525
1,721
1,802
1,009
1,558
2,839
1,014
1,688
1.219
1,299
1,657
1,998
J.176
1,457
1,143
L199
1,462
2,418
3,317
1.504
1 442
1,468
1,488
I 601
1,369
1,192
L 255
.520
2,262
2,697
1.450
I 487
1,544
1,650
L 764
513
,498
758
9ft 1
3,054
3 612
557
1,267
1,729
1,942
10,379
10,631
10,934
11,230
11,302
11,433
11,682
12,055
12,636
13,385
4,329
4,536
4,739
4,919
5,045
5,179
5,290
5,463
5,733
6,156
1,695
1,812
1,928
2,036
2,092
2,167
2,257
2,370
2,551
2,839
965
1,004
1,047
1,099
1,151
1,004
1,059
1,112
1,156
1,170
L,2O2
1,253
1,323
1,452
1,688
2,634
2,724
2,811
2,883
2,953
3,012
3,033
3,093
3,182
3,317
2,403
2 423
2,460
2,508
2,548
2,579
2,607
2,645
2,677
2,697
2,768
2 782
2,835
2,887
2 786
2,755
2,864
3 029
3 309
3,612
13,058
12,945
13,377
13,596
6,186
6,249
6,495
6,736
2,818
2,835
2,985
3,141
1,202
1,254
1,367
1,476
1,616
1,581
,618
1,665
3,368
3,414
3,510
3,595
2,708
2,701
2,686
2,673
3,240
3,067
3 269
3,259
970
482
175
200
227
544
814
835
903
1,151
691
753
816
880
922
639
635
676
523
533
560
610
648
687
729
772
874
920
879
890
900
916
923
920
921
918
917
920
924
928
927
928
^Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Commercial
banks»
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial1
ization banks
loans*
Small
loan
companies
Industrial
banks2
Industrial
loan
com-
Credit
unions
panies*
1929
652
43
263
219
32
95
463
413
1933
473
29
246
121
27
50
322
202
33
If37
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1,219
1,299
1,657
1,998
2,176
1,457
1,143
1,199
1,462
2,418
3,317
258
312
523
692
784
426
316
357
477
956
221
95
99
104
107
72
59
60
70
98
134
125
117
96
99
102
91
86
88
93
110
120
148
154
213
284
301
215
128
120
179
344
558
409
129
131
132
134
89
67
68
76
117
166
93
112
147
189
217
147
123
122
128
185
269
1,017
1?198
792
639
749
942
662
664
827
912
975
784
800
869
956
1,358
374
380
448
498
531
417
364
384
439
608
712
1,793
2,537
2,634
2,724
2,811
2,883
June
July
2,953
3,012
August
September.. 3,033
October. . . 3,093
November.. 3,182
December . . 3,317
1.079
1,123
1,167
1,196
1,221
1,248
,255
,281
,309
,358
617
627
633
638
649
128
133
138
143
148
108
113
116
119
121
197
204
213
224
233
111
112
113
113
114
394
412
431
450
467
214
213
212
211
217
3,368
1948—January
February. . . 3.414
3 510
M^archp
3,595
April?
1 .448
1947—March
April . . . .
May
,385
,403
1,488
152
154
157
162
166
124
125
127
130
134
240
245
250
257
269
717
721
733
165
167
173
137
140
143
739
181
146
652
643
647
670
712
368
460
680
1,251
1,454
238
261
255
255
182
151
155
166
231
310
176
194
198
203
146
128
139
151
210
282
148
179
257
320
372
247
228
230
228
339
497
121
116
115
117
123
24
24
24
26
29
23
24
24
24
23
38
39
42
43
44
114
114
114
116
120
482
497
517
538
558
271
275
287
121
121
125
572
587
601
235
209
272
110
107
140
300
123
618
255
121
204
206
218
221
254
42
113
107
121
142
191
25
27
28
27
33
22
24
23
25
30
42
41
45
44
53
27
25
33
26
25
29
44
44
56
31
27
56
1
P Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and
a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of April amounted to 110 million
dollars,
and
loans
made
during April were 14 million.
8
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.
720
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Total,
excludng automobile
End of
year or
month
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1929
. . 1,197
160
583
265
56
133
1933
663
119
299
119
29
97
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1,368
1,343
1,525
1,721
l,S02
1,009
639
635
676
1,014
1.688
314
302
377
439
466
252
172
183
198
337
650
469
485
536
599
619
391
271
269
283
366
528
307
266
273
302
313
130
29
13
14
28
52
68
70
93
110
120
77
66
70
74
123
192
210
220
246
271
284
159
101
100
107
160
266
1947
March. . . .
April ;
May
June......
July
August....
September.
October. ..
November.
December.
1,004
1 ,059
1,112
1,156
1,170
1,202
1,253
1,323
1,452
1,688
358
386
409
423
429
440
462
495
555
650
354
366
382
395
398
408
423
443
474
528
29
32
32
37
39
41
43
46
49
52
105
108
114
119
120
124
128
131
145
192
158
167
175
182
184
189
197
208
229
266
1948
January...
February. .
Marchv . ..
April?
1,616
1,581
1,618
1,665
632
624
653
681
502
492
497
511
52
52
54
58
176
164
159
153
254
249
255
262
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Total
Automobile
Other
Repair ! Personal
and
instalmodern- ment
ization12
cash
loans
loans
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purTotal
Pur- Direct chased
and
chased loans direct
Automobile
retail
Year or month
Outstanding at end of
period:
1945
1946
1947
1947—March
April
May
June
July
August
September...
October
November...
December...
1948—Januaiy
February....
MarchP
AprilP
Volume extended during month:
1947—March
April
May
June
July
August
September...
October
November...
December. . .
1948—January
February... .
MarrhP
April?
742
1,591
2,602
1,821
1,922
2,027
2,125
2,200
2,271
2,332
2,409
2,493
2,602
2,690
2,725
2,831
2,956
64
165
348
215
237
254
276
288
301
314
324
339
348
360
373
404
431
343
364
375
392
384
363
387
412
406
467
442
382
487
505
Repair
and
modernization
loans 12
Personal
instalment
cash
loans
139
306
537
373
397
423
439
456
470
478
492
513
537
558
571
603
630
100
275
513
317
337
364
388
405
416
429
449
475
513
560
561
582
619
124
273
486
296
314
334
358
379
401
430
454
471
486
490
495
506
528
315
572
718
62|0
63'7
652
664
672
683
681
690
695
718
722
725
736
748
81
84
83
80
84
79
80
86
94
103
98
89
116
112
59
69
77
92
75
70
76
87
89
112
117
88
101
121
31
36
42
44
42
45
54
54
42
47
36
34
43
51
118
115
114
117
120
111
111
117
112
135
120
105
137
129
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Automobile
Other
Repair
and
modern
ization
loans 12
108.4
148.2
76.7
11.0
15.0
27.1
4 0
7 4
17.1
1.5
2.4
4.2
60.2
83.6
99.8
17.1
18.7
20.6
21.7
22.4
23.6
24.3
25.3
26.3
27.1
8.9
9.9
10.8
11.8
12.8
13.4
14.1
14.7
15.9
17.1
2 6
2.7
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.2
90.1
93
94.1
94.6
95.4
97.2
96.2
Total
Personal
instalment
cash
loans
Outstanding at end
of period:
1945.
1946
1947
104.1
162.7
233.5
13.8
27.5
50.0
9.8
17.8
30.2
17.2
28.3
43.3
63.3
89 1
110.0
1947—March
April
May
June
July
August
September.
October. . .
November.,
December..
177.4
184.2
191.4
199.2
206.7
212.6
215.5
221.0
227.9
233.5
33.5
36.4
38.6
40.6
42.8
44.9
46.3
48.1
49.6
50.0
19.4
20.5
21.8
23.1
24.3
25.3
26.0
27 0
28 5
30.2
30.3
31.4
33.1
35.0
36.9
38.4
39.4
41 2
42 5
43 3
94.2
95.9
97.9
100.5
102 7
104.0
103.8
104.7
107.3
110 0
1947—March
April
May......
July
August . . .
September
October...
November.
December.
118 7
124.6
128.5
131.3
134.0
137.8
138.4
141.1
144.8
148.2
1948—January . . ••231.8
February..
234 6
March?... . 242.3
April?
253.1
Volume extended
during month:
1947—March....
31.3
April
32.4
May
32.8
June
33.8
July
36.5
August
33.2
September
34.8
October..
36.2
November.
34.5
December.
39.8
49.0
50 3
53.4
57.5
"•31.0
31.4
32.8
35.8
'43 5
44 0
44.8
46.6
'108.3
108.9
111.3
113.2
1948—January . .
February..
March?... .
April?
151.7
154.6
158.2
161.4
28 0
28 7
29.9
30.9
17.7
18 0
19 0
19.9
4.2
4.2
4.3
4.4
97.1
98.4
99.8
101.8
103.7
105.0
106.2
7.1
7.7
7.5
7.5
8.2
8.1
8.8
8.8
8.3
8.6
3.5
4.1
4.3
4.3
4.4
4.2
4.1
4.7
4.9
5.8
2.7
3.1
3.7
3.9
4.0
3.6
3.7
4.3
3.4
3.5
18.0
17.5
17.3
18.1
19 9
17.3
18.2
18 4
17.9
21.9
Volume extended
during month:
1947—March . . . .
April
May
June
July
August .. .
September
October...
November.
December.
25.6
27.4
26.9
27.3
26.4
25.6
27.1
27.1
28.1
31.4
3.9
4.8
4.7
4.8
5.1
5.1
5.2
5.5
5.2
5.2
1.8
2.4
2.4
2.7
2.9
2.7
3.0
3.3
3.3
3.7
0.3
0.3
0.5
0.5
0.5
0.5
0.5
0.5
0 5
0.3
19.6
19.9
19.3
19.3
17.9
17.3
IS.4
17.8
19.1
22.2
8.6
8.0
11.2
11.9
4.6
4.4
6.0
6.6
2 7
2.8
3.7
4.2
'17.8
16.3
21.0
19.5
1948- -January . .
February..
March?...
April?.
28.3
26.6
32.1
29.6
5 7
5.3
6.9
6.4
2.8
2.8
3.4
3.4
0 3
0 3
0.4
0.4
19.5
18.2
21.4
19.4
1948'—January. .
February...
March?. . . .
April?. . . .
••33.7
31.5
41.9
42.2
Outstanding at end
of period:
1945
1946,
1947 .
June
r
l
P1 Preliminary.
Revised.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
JUNE
1948
721
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Apr. Mar.
1948? 1948
Net sales:
Total, r?:
Cash sales
Credit sales:
Instalment.:
Charge account:::..
+7
+5
+7
+9
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Feb.
1948
Apr.
1948?
+22
+16
-3
-12
+ 12
-8
+31
+13
0
-8
+25
+6
c
Year and month
Mar.
1948
Feb.
1948
+8
+2
- l l
-14
+20
+11
-8
+3
+1
+1
+1
-3
-2
+45
+48
+45
+51
+46
+51
Collections during
month:
Total
Instalment
+3
+8
+6
+ 11
-10
-6
+ 16
+21
+13
+16
+16
+20
Inventories, end of
month, at retail value.
+1
+3
+6
+ 18
+ 19
+ 15
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
September . .
October
November.. .
December...
33
30
30
28
28
28
31
31
30
29
25
23
24
23
22
22
24
23
23
20
44
44
44
45
41
39
39
40
39
39
27
25
26
24
23
23
25
23
24
31
56
54
56
54
53
51
53
57
55
54
1948
January
February... .
March
April?
24
23
27
25
18
17
19
19
36
32
33
31
19
'18
19
19
53
49
53
52
1947
March
April........
May
June
July
August
Accounts receivable, end
of month:
Total
Instalment
Charge
accounts
Instalment accounts
r
v Preliminary.
Revised.
Collections during month as percentage of accounts outstanding at
beginning of month.
1
Preliminary.
c
Corrected.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
1941 average
1942 average
1943 average
1944 average
1945 averagt.... .
1946 average
1947 average
1947—March.::
April
May
June
July.;::
August
October
November . . . .
December
1948—January
February . .
March
April?
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
Collections during
month
Instalment
sales
Chargeaccount
sales
48
56
61
43
38
34
32
32
37
Cash
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
114
130
66
68
111
124
100
103
80
70
69
100
110
107
112
127
64
64
9
6
5
4
4
202
242
101
174
91
59
4
133
168
237
199
138
214
154
176
100
78
46
38
37
50
88
100
91
79
188
211
100
82
71
100
102
103
145
162
100
131
165
198
55
6
210
235
146
193
75
160
129
185
56
6
38
206
216
195
160
174
217
234
266
369
229
241
218
184
196
236
251
285
403
137
139
125
114
131
157
180
224
278
192
202
181
142
157
207
225
253
348
79
81
82
83
84
87
95
111
136
163
167
165
146
145
167
181
204
264
123
127
122
124
123
138
147
152
171
186
198
193
190
162
167
203
215
235
55
55
55
57
56
54
53
53
54
6
6
6
6
6
6
7
7
7
39
39
39
37
38
40
40
40
39
173
168
227
214
188
177
235
222
140
144
196
191
163
161
223
209
127
124
129
132
206
181
189
191
174
160
178
171
299
217
207
211
54
53
51
51
7
7
8
8
39
40
41
41
84
94
39
P Preliminary.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 713.
722
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1948
Apr.
WEEKLY FIGURES 2
May
May
May
In billions of dollars
RESERVES AND CURRENCY
1948
Apr.
28
May
WEEKLY FIGURES 2 —Cont.
May
12
May
26 i
May
19
In unit indicated
MONEY RATES, ETC.-—Cont.
Reserve Bank credit, total
2
U.S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2, 4
Required reserves
4
Excess reserves*
4
Excess reserves (weekly avg.):
Total*
5
New York City
5
Chicago
5
Reserve city banks
5
Country banks*
5
20.95
20.44
8.14
4.26
1.96
6.08
23.17
27.68
2.51
17.04
16.16
20.86
20.25
7.86
4.23
1.97
6.19
23.18
27.76
2.44
17.03
16.22
21.04
20.35
7.94
4.17
1.96
6.28
23.23
27.76
2.64
17.09
16.20
.88
.82
.76
.04
(3)
.22
.49
.78
.01
.01
.22
.54
.76
.01
(3)
.21
.54
62.94
35.48
27.00
3.84
2.42
2.22
4.31
46.67
1.39
23.16
14.16
3.67
63.13
35.64
26.98
3.77
2.44
2.44
4.24
46.53
1.44
23.24
14.21
3.69
63.17
35.50
26.96
3.81
2.44
2.30
4.23
46.37
1.67
23.44
14.26
3.72
1.56
1.58
1.65
.67
.89
.70
.88
3.77
.76
.89
3.77
21.20 Stock prices (1935-39=100):
20.59
Total
8.20
Industrial
4.13
Railroad
1.95
Public utility
6.32 Volume of trading (mill, shares)
23.30
27.70
3.12
BUSINESS CONDITIONS
16.90
P16.19 Wholesale prices:
P.71
Indexes (1926=100):
Total
p. 73 P.65
Farm products
.01
Other than farm and foods.
.01
Selected farm products:
.01
.16
.17
Wheat (cents per bushel).
Corn (cents per bushel)..
P. 54 P.47
Cotton (cents per pound).
Hogs (dollars per 100
pounds)
Butter (cents per pound).
63.46 63.13
Eggs (cents per dozen)...
35.87 35.30 Production:
27.01 27.03
Steel (% of capacity)
Automobile (thous. c a r s ) . . . .
3.88 3.
Paperboard (thous. tons).. .
2.40 2.40
Crude petroleum (thous.
2.57 2.00
bbls.)
4.23 4.20
46.44 46.86
Electric power (mill. kw.
1.37
hrs.)
1.53
23.36 23.63 Basic commodity prices
(Aug. 1939 = 100)
14.21 14.21
3.73 3.74 Total freight carloadings
(thous. cars)
1.57
1.84 Department store sales
.96
.70
(1935-39 = 100)
.88
.87
3.84 3.
20.67
20.10
7.70
4.12
1.94
6.34
23.25
27.69
2.94
16.51
P16.17
.88 p.33
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted. . 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U.S. Govt. securities... 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U.S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
1"
Time deposits
1
Loans, total
1
Commercial
21
For purchasing securities:
To brokers:
OnU. S. Govts
21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U.S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adj usted. . 1
U. S. Govt. deposits
1
Interbank deposits
1
Time deposits
1
Loans, total
1
Commercial
21
Real estate
21
For purchasing securities. 21
All other
21
3.83
40
40
40
40
40
126
132
119
97
1.42
126
132
117
97
1.38
128
135
121
99
2.44
134
142
127
101
1.66
132
139
126
101
2.48
73 162.6 161.9 163.5 163.5 164.4
73 186.9 184.0 187.9 189.2 193.0
73 148.7 148.9 149.0 149.2 149.3
78 235.4 237.0 237.3 235.4 231.8
78 226.7 228.9 231.5 232.6 232.2
78 37.6 36.9 37.9 37.9 37.6
78 21.28 20.74 21.13 22.78 24.73
78 77.6 81.3 79.2 77.8 79.9
78 41.2 39.7 40.8 41.5 41.7
80
80
81
86.6
103
193
91.0
85
192
94.3
83
189
95.4
'91
189
96.8
92
192
81 5,413 5,413 5,423 5,439 5,452
82 5,042 5,087 5,109 5,085 5,076
82 317.7 319.8 319.9 324.1 322.4
83
83
892
r
300
881
847
879
905
330
293
295
296
1948
19.02 19.03 18.96 19.23
10.88 10.95 10.77 11.09
8.41
8.36 8.34 8.36
.88
.53
.86
.55
.84
.55
1.04
1.18
1.06
15.61 15.50 15.33
.36
.37
.44
3.86
1.45
6.96
5.03
3.92
1.45
6.98
5.04
3.94
1.45
7.10
5.09
.34
.31
.23
.37
.30
.23
.42
.30
.23
1.04
1.04
1.06
43.92
24.60
18.59
2.96
1.89
1.16
31.06
1.02
5.81
13.29
16.20
9.13
3.54
44.10
24.69
18.62
2.91
1.89
1.27
31.03
1.07
6.04
13.31
16.26
9.16
3.57
44.22
24.73
18.62
2.97
1.88
1.26
31.04
1.23
6.08
13.33
16.34
9.17
3.59
.67
.68
2.86
2.85
.89
.56
1.28
15.45
.40
3.94
1.45
7.04
5.06
.38
.28
.23
1.09
44.23
24.78
18.65
2.99
1.84
1.29
30.99
1.13
5.92
13.31
16.31
9.14
3.60
.70
.68
2.89 2.88
Per cent per annum
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
34,
Certificates
34,
3-5 years
7-9 years
15 years or more
34,
F. R. Bank discount rate
Commercial paper
Bankers' acceptances
Corporate bonds:
Aaa
Baa
High-grade (Treas. series)...
May
26 i
Chart
book
page
35
35
34
34
36
35
35
35
.998
1.10
1.58
1.98
2.44
1.25
1.38
1.06
.998
1.10
1.57
1.97
2.44
1.25
1.38
1.06
.997
1.09
1.54
1.93
2.43
1.25
1.38
1.06
.997
1.07
1.47
1.85
2.40
1.25
1.38
1.06
36
36
36
2.78
3.44
2.76
2.77
3.42
2.75
2.77
3.40
2.74
2.76
3.36
2.73
19.05
10.68
8.37
.92
55
.84
MONTHLY FIGURES
15.59
.35
RESERVES AND CURRENCY
3.79
1.46 Reserve Bank credit
7
7.31 Gold stock
7
5.08 Money in circulation
7
Treasury cash
7
Treasury deposits
7
.62 Member bank reserves:
.28 Total
4, 7, 14
.23
Central reserve city banks... 14
1.11
Reserve city banks
15
Country banks
15
44.08 Required reserves:
24.62
Total
4
18.66
Country banks
15
2.96 Excess reserves:
1.84
Total
4,5
1.15
New York City
5
31.26
Chicago
5
1.02
Reserve city banks
5
5.71
Country banks
5
13.30 Money in circulation, t o t a l . . . 9
16.32
Bills of $50 and over
9
9.13
$10 and $20 bills
9
3.61
Coins, $ 1, $2, and $5 bills
9
Mar.
Feb.
Apr.*
In billions of dollars
21.59
22.97
28.10
1.32
1.32
21.46
23.10
27.94
1.33
1.09
21.10
23.15
27.77
1.32
1.22
16.83
5.29
6.65
4.89
17.11
5.67
6.51
4.93
16.93
5.57
6.47
4.88
16.03
4.34
16.28
4.36
16.12
4.35
.80
.04
.01
.20
.56
28.02
8.69
14.91
4.43
.82
.05
.01
.20
.56
27.78
8.61
14.75
4.42
.81
.04
.01
.23
.53
.71
2.87 ALL BANKS IN THE UNITED STATES
Deposits and currency:'
Total*
Excluding U. S. Govt.
deposits"
.997 Demand deposits adjusted*...
1.08 Time deposits adjusted*
1.4 Currency outside banks*
1.84 U. S. Govt. deposits*
2.39
1.25
ALL COMMERCIAL BANKS
1.38
1.06 Cash assets*
Loans and investments, total*
2.75
Loans*
3.34
U. S. Govt. securities*
2.72
Other securities*
10
Pi68.80
P166.40
P167.70
10
10
10
10
10
P167.00
P84.60
P56.80
P25.60
Pl.80
P164.00
P81.60
P56.90
P25.50
P2.40
P165.20
11
11
11
11
11
P33.70
P115.60
P38.70
P32.80
P113.7O
P38.90
P65.50
P9.30
P33.00
M14.30
P67.90
P9.00
P83.00
P56.90
P25.30
P2.5O
P38.80
*66.30
P9.20
For footnotes see p. 726.
JUNE 1948
723
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1948
Feb.
Mar.
Apr.i
In billions of dollars
MONTHLY FIGURES—Cont.
TREASURY FINANCE
14
14
14
14
14
14
14
14
97.05
33.12
56.71
7.23
71.42
28.59
10.97
5.28
95.13
33.18
54.46
7.49
68.72
28.61
10.78
5.25
14
14
14
14
14
14
14
25.07
9.14
14.38
1.55
20.00
2.44
5.10
23.63
8.93
13.04
1.66
18.36
2.45
5.04
15
15
15
15
15
15
15
15
35.69
13.57
19.74
2.38
24.96
11.54
4.90
1.72
34.89
13.44
19.06
2.40
24.12
11.31
4.86
1.74
15
15
15
15
15
15
15
36.29
10.41
22.59
3.30
26.46
14.62
3.37
36.60
10.81
22.36
3.43
26.24
14.84
3.33
CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
22
22
22
22
22, 23
23
23
23
23
12.95 J>13.38
2.70 P2.69
3.07 P3.27
.93
P. 93
6.25 P6.50
3.41 P3.51
2.84 P2.99
1.25
Pi.37
1.58
Pi.62
1948
Feb.
Mar.
Apr.i
In billions of dollars
MONTHLY FIGURES—Cont.
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city banks: 4
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Country banks: 4
Loans and investments, total
Loans
'.U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Chart
book
page
Cont.
95.85
33.02 Ownership of U. S. Govt. securities—
55.38
Cont.
7.45
By earliest callable or due date:
70.04
Within 1 year-Total outstanding
28.62
Commercial bank and F. R.
10.46
Bank
5.14
F. R. Bank
1-5 years—Total outstanding.
24.16
Commercial bank and F. R.
8.73
Bank
13.82
F. R. Bank
1.61
5-10 years—Total outstanding
19.41
Commercial bank and F. R.
2.46
Bank
4.96
F. R. Bank
Over 10 years-Total outstanding
35.04
Nonbank (unrestricted
13.34
issues only), commercial
19.29
bank, and F. R. Bank
2.41
Commercial bank and F. R.
24.41
Bank
11.30
F. R. Bank
4.66
1.73
36.65
MONEY RATES, ETC.
10.95
22.28
3.43
S. Govt. securities:
26.22 U. Bills
(new issues)
14.86 Certificates
3.23
Bonds, 15 years or more
F. R. Bank discount rate
Commercial paper
P13.60 Bankers' acceptances
P2.67 Corporate bonds:
P 3 . 26
Aaa
P. 93
Baa
P6.74
High-grade (Treas. series)
P 3 . 60
31
51.27
49.90
31
31
31
33.88
15.63
46.41
31.71 «31.84
15.33 14.29
46.41 46.41
31
31
31
33.15
2.00
10.27
33.11 *33.40
2.06
2.55
10.27 10.27
31
31
31
6.58
.50
54.81
6.55
.50
54.81
31
8.89
8.95
*8.94
31
31
7.55
2.89
7.60
2.99
*7.57
2.99
49.39
*6.51
.50
54.81
Per cent per annum
33, 35
35
36
33, 35
35
35
.996
1.10
2.45
1.25
1.38
1.06
.996
1.09
2.45
1.25
1.38
1.06
.997
1.10
2.44
1.25
1.38
1.06
33,36
36
36
2.85
3.53
2.84
2.83
3.53
2.81
2.78
3.47
2.77
P3.14
Pl.48
Pi.67
In unit indicated
TREASURY FINANCE
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income and outgo...
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks e
Fed. agencies and trust funds...
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Certificates—Total ou tstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes—Total outstanding....
Commercial bank and F. R.
Bank
F. R. Bank
Bonds—Total outstanding
27
27
27
28
28
28
28
28
4.72
2.90
6.47
3.87
+ 1.82 +2.60
252.17 250.71
117.86 115.52
44.73 45.65
60.09 60.02
29.25 29.27
67.50
34.88
21.02
65.70
19.90
23.90
12.00
7.20
65.40
34.97
20.89
65.70
20.50
23.80
12.10
7.50
30
14.44
13.95
30
30
30
12.04
9.21
18.92
10.84
8.85
20.33
30
30
30
10.70
4.39
11.37
11.61
4.48
11.37
29
29
29
29
29
29
29
29
30
30
30
Nonbank (unrestricted
issues only). commercial
bank, and F. R. Bank.... 30
Commercial bank and F. R.
Bank
30
F. R. Bank
30
6.44
6.68
1.73
1.88
118.03 115.69
72.11
69.83
51.74
5.69
50.08
5.67
Stock prices (1935-39=100):
2.96
Total
2.96
Industrial
0
Railroad
249.99
Public utility
115.52 Volume of trading (mill, shares)
45.19
59.84 Brokers' balances (mill, dollars):
Credit extended to customers
29.20
Money borrowed
Customers' free credit balances....
66.40
34.81
20.34
BUSINESS CONDITIONS
65.50
20.10
(annual rate, bill,
23.50 Personal income
dollars):« 5
12.00
7.50
Total
Total salaries and wages
Proprietors' income, dividends, and
interest
13.75 All other
Labor force (mill, persons): *
«10.99 Total
7.97
Civilian
Unemployment
20.06
Employment
*11.45
Nonagricultural
4.24 Employment in nonagricultural5 estab11.37
lishments (mill, persons):*
Total
«6.59 Manufacturing and mining
1.96
Trade
_
115.69 Government
Transportation and utilities
Construction
«69.83 Hours and earnings at factories:
Weekly earnings (dollars)
«50.29 Hourly earnings (cents)
Hours worked Cper week)
6.17
39
39
39
39
39
114
119
102
93
.86
116
122
105
93
.97
125
131
115
96
1.47
41
41
41
537
208
596
550
229
592
572
241
614
52
52
207.7
127.1
208.5
127.1
52
52
67.4
13.2
67.5
13.9
53
53
53
53
53
61.0
59.8
2.6
57.1
50.4
61.0
59.8
2.4
57.3
50.5
61.8
60.5
2.2
58.3
50.9
54
54
54
54
54
54
43.2
16.7
8.9
5.4
4.0
1.7
43.3
16.8
8.9
5.5
4.0
1.7
P43.0
P16.4
P9.0
55
55
55
51.79
129.0
MO.l
P5.5
P4.0
Pi.8
52.07 P51.56
129.1 P129.0
40.3 P40.0
For footnotes see p. 726.
724
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page 6
MONTHLY FIGURES—Cont.
1948
Feb.
Mar.
Apr.1
In unit indicated
1948
Mar.
Feb.
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS'—Cont.
Industrial production: 5
Total (1935-39 =100)
57, 58
Groups (points in total index):
Durable manufactures
57
Machinery and trans, equip.. . 58
Iron and steel
58
Nonferrous metals, lumber, and
other durables
58
Nondurable manufactures
57
Textiles and leather
58
Food, liquor, and tobacco
58
Chemicals, petroleum, etc
58
Paper and printing
58
Minerals
57,58
Selected durable manufactures
(1935-39 = 100):
Nonferrous metals
59
Steel
59
Cement
59
Lumber
59
Transportation equipment
59
Machinery
59
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
60
Cotton consumption
60
Manufactured food products....
60
Paperboard
60
Leather
60
Industrial chemicals
60
Rayon
60
Sales and inventories (bill, dollars) :6
Sales:
Manufacturing—Durable
61
—Nondurable....
61
Wholesale
61
Retail—Durable
61
—Nondurable
61
Inventories:
Manufacturing—Durable
61
—Nondurable....
61
Wholesale
61
Construction contracts (3 mo.5 moving
avg., mill, dollars), total
63
Residential
63
Other
63
Residential contracts (mill, dollars): 5
Total
64
Public
64
Private, total
64
1- and 2-family dwellings
64
Other
64
Value of construction activity (mill.
dollars), total"
65
Nonresidential:«
Public
65
Private
65
Residential:*
Public
65
Private
65
Freight carloadings:5
Total (1935-39 == 100).
67
Groups (points in total index):
Miscellaneous
67
Coal
67
All other
67
Department stores:
Indexes (1935-39 =100): 5
Sales
68
Stocks
68
296 stores:
Sales (mill, dollars)
69
Stocks (mill, dollars)
69
Outstanding orders (mill, dollars)
69
Stocks-sales ratio(months' supply) 69
Consumers' prices (1935-39=100):
All items
71
Food
71
Apparel
71
Rent
71
Wholesale prices (1926 = 100), t o t a l . . .
73
Farm products
73
Foods
74
Other than farm and foods, t o t a l . . .
73
Textile products
74
Hides and leather products
74
Chemicals and allied products...
75
Fuel and lighting materials
75
Building materials
75
Metals and metal products
75
Miscellaneous
74
Chart
book
page
Apr.1
In unit indicated
BUSINESS CONDITIONS — C o n t .
194
191
P187
'85.7
'45.1
22.3
86.9
45.6
22.8
P82.0
P44.4
P19.5
18.4
84.4
22.9
23.0
23.3
15.2
••23.5
18.6
82.9
22.3
22.8
23.0
14.9
21.5
P18.1
PS2.6
P21.
P22.8
P22.
P15.2
P22.3
189
226
208
135
231
'284
192
234
196
137
242
283
'202
153
••160
179
116
434
301
188
147
158
192
102
432
303
P201
207
193
P125
P236
P275
147
P158
192
P436
P303
6.4
9.8
12.6
2.1
6.8
7.5
10.
13.8
2.7
8.0
P6.9
PIO.4
13.5
15.2
7.
13.5
15.4
8.2
P!3.5
PIS.5
PSA
P2.8
P7.8
744
273
471
P734
P287
P447
316
6
310
196
114
244
4
241
186
55
290
-8
298
235
63
1,009
1,166
1,302
166
437
221
465
281
490
6
400
5
475
6
525
80.0
32.0
26.6
77
77
248
279
79
79
79
79
1,866
1,120
717
29
2,001 P 2 , 0 9 6
1,263 P I . 3 7 7
698
P670
40
P49
85
85
85
1,086
1,086
P582
Pl.141
P666
85
P504
130
82.1
20.8
27.3
249
291
Exports and imports .(mill, dollars):
Exports
Excluding Lend-Lease exports. . .
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
See p. 745 of this BULLETIN
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
86-87
7
4.82
7
1.85
7
.22
7
2.97
7
1.03
1948
1947
JulySept.
QUARTERLY FIGURES
26
26
26
26
26
26
26
9.66
2.90
9.81
8.46
4.14
2.29
2.02
7 .86
3 .09
9 .38
7 .85
3 .44
2 .17
2 .24
8.83
2.77
14.95
13.69
8.55
3.14
2.00
Per cent per annum
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
Jan.Mar.
In billions of dollars
TREASURY FINANCE
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue
Oct.Dec.
33
37
37
37
2.21
1.77
2.25
2.69
2.22
1.82
2.27
2.61
2.46
2.09
2.52
2.83
In unit indicated
BUSINESS FINANCE
304
308
"285
303
284
312
263
'878
'575
3.3
P332
355
P936
941
P358
420
P2.8
2.7
167.5 166.9
204.7 202.3
195.1 196.3
116.0 116.3
160.8 161.4
185.3 186.0
172.4 173.8
147.5 147.7
'148.4 149.7
192.8 185.6
134.6 «136.1
130.7 130.9
'192.6 '193.1
'155.3 '155.9
119.9 120.8
247
283
INTERNATIONAL TRADE AND FINANCE
P13.6
766
280
486
139
Prices paid and received by farmers
(1910-14 = 100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
169.3
207.9
196.4
116.3
162.7
186.
176.8
148.5
149.6
186.1
135.9
131.6
195.2
156
121.8
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) • . .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars) :•
Public
Private
42
42
1.27
.80
2.22
1.87
1.61
1.40
42
42
42
.55
.16
.09
1.45
.12
.30
1.13
.09
.18
43
43
43
43
649
414
49
186
1,543
981
87
472
844
531
97
212
43
43
43
43
148
6
325
24
555
5
3
99
272
331
42
42
.57
.41
.91
.82
.61
.72
For footnotes see p. 726.
JUNE 1948
725
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
QUARTERLY FIGURES—Cont.
1947
JulySept.
1948
Oct.Dec.
In unit indicated
GALL DATE FIGURES 9
BUSINESS FINANCE—Cont.
Corporate assets
and liabilities (bill,
dollars) :e
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable. . . .
Federal income tax liabilities....
Net working capital
Plant and equipment
expenditures
(bill, dollars) :«8
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars):«
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) •. . . .
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars)
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
1946
Dec.
31
Dec.
31
June
30
In billions of dollars
ALL MEMBER BANKS
44
44
44
44
44
44
44
44
44
110.7
22.3
12.9
39.9
33.8
50.3
31.3
9.1
60.4
45
116.0
22.9
13.7
42.0
35.7
54.2
34.2
10.0
61.8
5.0
45
45
2.8
2.1
3.3
2.5
46
28.2
32.2
46
46
17.1
10.3
19.7
12.4
47
4.3
4.9
Holdings of U. S. Govt. securities:
Bonds
Notes.
Certificates.
Bills
Loans:
Commercial.
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers. . .
To others
4.5
State and local govt. securities
3.0 Other securities
2.1
1.1
1.3
1.3
47
440
508
510
47
380
446
462
47
47
162
112
199
157
229
72
JulySept.
Oct..
Dec.
Jan.Mar.
Annual rates
in billions of dollars
48
46 .23
5 .60
10.04
1.17
46.51
4 .37
7.54
.77
45.29
4.82
5.82
1.99
13
13
13
13
13.15 13.82
.88
.97
5 .36 6 .24
3 .31
4 .00
16.96
1.05
7.13
4.66
13
13
13
13
229.4
240.9
1.51
1.15
3 .98
2 .97
Dec.
.81
1.07
4.20
3.11
Dec?
24
24
24
24
231.5
143.3
8.4
79.8
236.8
146.7
9.5
80.6
24
24
24
24
165.2
101.5
8.1
55.6
172.0
104.7
9.2
58.1
24
24
24
38.9
23.5
15.3
38.4
23.8
14.5
24
24
24
27.4
18.3
8.9
26.4
18.2
8.0
1947
1948
Feb. 26
Jan. 30P
244.3
48
48
49
49
49
28.7
165.8
20.2
99.9
45.7
48
34.8
38.1
40.2
50
50
50
50
18.4
10.4
-1.7
7.8
18.8
12.4
-1.3
8.2
18.8
13.1
+4.1
51
51
51
51
199.6
177.9
165.8
12.1
205.8
183.7
172.5
11.2
209.2
186.1
173.2
12.9
30.3
172.5
21.3
104.2
47-0
Individuals and business:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities
j .51
1.47
3 .55
3 .08
In billions of dollars
LIQUID ASSET HOLDINGS'
47
GROSS NATIONAL PRODUCT, ETC.
12
12
12
12
FIGURES FOR SELECTED DATES
1948
Gross national product e5
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 i nventories.
Net foreign investment
Personal income,
consumption, and
saving: 65
Personal income
Disposable income
Consumption expenditures
Net personal saving
Chart
book
page
Jan.Mar.
31.0
173
20.
104.
4.2
OWNERSHIP OF DEMAND DEPOSITS*
Individuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit assns. and others
25
77.8
82.4
25
25
25
25
25
37.2
16.0
12.5
4.2
4.5
39.8
17.3
13.4
4.1
4.9
25
25
25
6.5
2.1
4.5
28.9
22.0
6.9
5.2
7.4
2.7
4.7
25
25
25
25
30.1
22.9
7.2
5.1
r
c
•Estimated.
P Preliminary.
Revised.
Corrected.
For charts on pp. 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several
monthly
charts include figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
3
Less
than 5 million dollars.
4
Beginning Mar. 1, 1948, data are not strictly comparable with earlier figures due to a redesignation of reserve cities on that date.
5
Adjusted
for seasonal variation.
6
The chart on "New orders, shipments, and inventories" previously
shown on p. 61 is replaced in the June Chart Book by a chart on "Sales
7
and 8inventories of manufacturers, wholesalers, and retailers."
As of Jan. 31, 1948.
Estimates for April-June 1948 quarter are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.2;
manufacturing
and mining, 2.2.
9
Member bank holdings of State and local government securities on Oct. 6, 1947, were 4.22 billion dollars, and of other securities were 3.08
billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1
726
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
Chart
book
page1
1948
1948
Feb.
Mar.p
Apr.?
In millions of dollars
Consumer credit outstanding, total...
3
Instalment credit, total
3,5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding,
cumulative totals: 2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
out2
standing, cumulative totals:
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6
12 ,945 13 ,377 13,596 "onsumer instalment sale2 credit
6 ,249 6 ,495 6,736 granted, cumulative totals:
By automobile dealers
3 ,414 3 ,510 3,595
By furniture and household appli2 ,835 2 ,985 3,141
ance stores
3 ,067 3 ,269 3,259
,701
2,673
,686
By department stores and mail2
2
928
order houses
928
927
By all other retailers
Consumer instalment loan credit
out12 ,945 13 ,377 13,596 standing, cumulative totals: 2
Commercial and industrial banks.
6 ,696 6 ,882 6,860
Small loan companies
3 ,629 3 ,613 3,601
928
Credit unions
928
927
Miscellaneous lenders
Insured repair and modernization
2 ,835 2 ,985 3,14
loans
1,581
1,618
1,66.
1,037
413
1,067
414
1,096
415
In millions of dollars
414
581
576
223
310
311
155
67
218
86
207
81
3,414
1,844
1,123
848
3 ,510
1,889
1,156
869
3,595
1,926
1,187
887
587
601
618
P Preliminary.
* Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
2
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
JUNE 1948
727
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United States total:
Dec. 31 1945
Dec. 31 1946
Dec. 31, 1947
Apr 30 1948?. .
Total banks, branches
and offices on which
checks are drawn
On par list
Total
Member
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
14,002
14,043
14,078
14,097
3,947
3,981
4,148
4,202
11,869
11,957
12,037
12,077
3,616
3,654
3,823
3,879
6,877
6,894
6,917
6,929
N o t on par list
(Nonmember)
Nonmember
Branches
and offices
Banks
2,909
2,913
3,051
3,093
4,992
5,063
5,120
5,148
707
741
772
786
78
62
35
36
Branches
and offices
Banks
Branches
and offices
2,133
2,086
2,041
2,020
331
327
325
323
107
16
324
32
216
621
56
344
124
36
26
60
16
3
11
66
660
9
110
4
69
By districts and
bv States
Apr. 30, 1948P
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
. ..
. . .
. ...
Minneapolis
Kansas City
Dallas
San Francisco
State
Alabama
Arizona
Arkansas
California
Colorado
•
. .
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Mississippi
Missouri
294
495
294
159
922
844
1,144
1,144
840
135
255
336
794
647
711
216
840
135
255
778
100
219
128
197
433
1,014
1,173
2,488
1,469
438
164
573
131
2,432
1,125
314
118
547
71
477
344
1,000
495
207
112
223
39
1,432
619
1,741
42
9
26
6
143
981
900
505
30
19
1,214
476
760
615
274
285
231
113
22
1,279
1,750
1,010
509
222
. .
10
229
193
. . .
..
.
....
111
9
38
1 214
22
40
19
902
Nebraska
*r
New York
North Carolina
North Dakota
Ohio
Oklahoma
Tennessee
Texas
Utah
Virginia
West Virginia
Wisconsin
Wyoming
.
. .
193
40
5
902
1
115
39
23
14
115
39
23
14
19
179
39
2
19
117
39
2
385
31
99
27
48
45
48
45
88
5
66
115
92
65
17
16
72
65
1 148
22
30
1
859
321
208
630
25
5
38
78
1
50
12
4
50
22
36
2
3
45
34
1
2
43
22
3
94
163
3
38
377
250
3
94
163
879
487
384
161
63
166
184
38
63
69
102
156
384
58
63
166
184
38
41
69
102
156
113
46
38
78
147
25
36
37
68
142
271
12
25
88
37
13
5
32
34
14
442
678
206
595
211
6
55
442
264
40
528
211
6
7
230
2t>6
32
180
84
162
212
58
8
34 8
28
49
1
664
608
664
606
112
501
392
6
2
18
2
137
11
145
6
52
291
33
2
17
1
123
2
265
2
21
48
15
655
718
655
718
176
91
55
573
54
42
425
225
666
208
82
37
16
243
151
52
21
5
26
79
127
37
232
8
28
7
5
24
12
4
2
119
267
24
29
1C6
12
384
1
376
1
70
990
84
151
70
990
84
151
34
169
1
19
60
70
41
30
22
33
758
11
32
63
74
200
832
60
69
315
89
308
58
4
15
11
88
81
565
36
40
202
46
4
15
11
122
121
118
121
114
151
444
55
54
108
163
40
19
150
170
41
32
47
295
891
60
69
180
182
553
55
100
29
26
20
4
13
2
43
21
64
72
281
15
4
2
410
8
73
339
48
5
195
62
286
2
2
18
2
137
11
58
668
14
56
163
410
g
73
339
48
24
195
125
11
10
3
26
26
502
237
163
214
8
109
10
4
43
881
487
151
668
Oregon
Pennsylvania
Rhode Island
.
South Carolina..;:..
South Dakota
10
104
142
112
New Hampshire
New Jersey
New IVIexico
798
552
1
142
Connecticut
Delaware
District of Columbia..
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
495
922
844
103
22
414
166
67
48
117
93
121
19
1
1
14
9
8
2
9
45
7
79
90
1C0
2
25
95
59
16
7
1
4
2
109
51
P Preliminary.
Excludes mutual savings banks, on a few of which some checks are drawn.
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 241 of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
1
1
728
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments. .
730
Gold production .
731
Gold movements
731
International capital transactions of the United States. .
International Monetary Fund and Bank. .
Central banks
732-737
738
738-742
Money rates in foreign countries. .
743
Commercial banks
744
Foreign exchange rates.
745
Price movements:
Wholesale prices
746
Retail food prices and cost of living. .
747
Security prices .
747
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.
JUNE 1948
729
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina 1
Belgium
Brazil
Canada
Chile
Colombia
Cuba
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
20,933
21,266
21,537
21,766
21,$55
22,294
22,614
22,754
22,935
23,036
23,137
23,169
474
416
497
614
838
992
1,197
1,072
749
635
514
491
451
367
323
322
313
296
266
609
734
734
735
734
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
354
214
27
5
6
5
6
2
361
2 543
7
8
6
7
8
6
7
2
294
7
7
7
7
30
30
31
36
54
79
82
65
53
45
46
45
45
45
45
45
45
45
45
21
17
16
25
59
92
127
145
92
93
87
88
89
83
84
83
84
85
86
81
1
1
1
16
46
111
191
226
239
259
259
End of month
India
Iran
(Persia)
Italy
Japan
Java
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec,
1948—Jan...
Feb...
Mar..
Apr. .
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
26
26
26
34
92
128
131
127
132
133
144
120
124
141
118
24
24
28
28
28
28
28
28
28
28
28
28
28
28
164
164
•164
90
140
235
•216
United
Kingdom
End of month United
States
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1948—Jan...
Feb...
Mar..
Apr. .
End of month
1939—Dec..
1940—Dec..
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec..
1946—Dec.
1947—May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1948—Jan...
Feb...
Mar..
Apr. .
127
127
127
127
127
127
127
716
735
639
643
644
649
650
599
593
597
593
578
591
606
Sweden
Switzerland*
Turkey
308
160
223
335
387
463
482
381
190
168
144
126
93
101
101
105
104
101
97
96
549
502
665
824
«965
1,158
1,342
1,430
1,416
1,355
1,370
1,373
1,386
1,389
1,372
1,356
1,352
1,353
1,353
29
88
92
114
161
221
241
237
207
191
185
174
169
169
170
170
171
171
171
168
Czechoslovakia
Denmark
Egypt
France
Germany-
Greece
Hungary
56
58
61
61
61
61
61
61
53
52
44
44
44
44
38
38
32
32
32
32
32
32
32
32
32
32
32
32
55
52
52
52
52
52
52
53
53
53
53
53
53
53
53
53
53
53
53
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
696
696
544
544
444
444
548
548
548
29
29
29
29
29
29
28
28
28
28
28
28
24
24
24
24
24
24
279
279
279
279
279
Nether- New
Mexico lands Zealand
Norway
Peru
32
47
47
39
203
222
294
181
141
131
98
99
100
100
100
100
96
86
87
86
692
617
575
506
500
500
270
265
196
190
190
190
190
191
223
231
220
209
193
182
81
75
58
20
20
21
25
31
32
28
24
20
20
20
20
Uru-
Venezuela
Yugoslavia
B.I.S.
Other
countries e
68
90
100
89
121
157
195
200
192
189
189
183
183
177
175
175
189
52
29
41
68
89
130
202
215
235
235
235
215
215
215
215
215
215
230
240
243
59
82
•83
7
12
12
21
45
37
39
32
27
27
27
26
29
28
30
30
33
35
40
39
178
170
166
185
229
245
247
240
240
240
240
240
240
240
240
240
P240
P240
P240
P240
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
23
80
91
77
77
77
77
73
73
72
72
70
69
66
66
24
27
30
30
30
33
33
33
34
34
34
34
34
548
548
RumaPoland Portugal
South
Africa
69
59
59
59
60
60
60
249
367
366
634
706
814
914
939
788
757
752
775
805
804
796
762
764
448
438
446
>84
152
158
182
203
260
267
269
P268
^267
P265
20
20
20
20
20
20
P215
P215
P215
Spain
42
42
91
105
110
111
111
111
111
111
in
111
111
111
111
111
1
Government ^ old reserves not includ ed in
previous figures
United
BelEnd of month United
Fran ce gium
States Kingdom
1938—Dec
1939_A U g
Dec
1940—Aug
Dec
1941—Sept....
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Sept....
Dec
1947—Mar....
June
Sept
Dec
80
156
48
24
25
12
43
12
18
71
113
177
163
151
129
114
2 759
331
•876 <460
292
* 151
5 2,354
5
2,341
5
2,196
52,535
5
2,587
5 2,345
52,382
«2,341
8
2,035
<293
44
17
17
214
457
17
17
17
17
17
P Preliminary.
1
Estimated dollar values derived by converting gold at home in amounts up to 1224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos
per U. S. dollar.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, December 1947 when gold holdings of Foreign Exchange Control Board are included also.
•Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
* Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
1
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
1
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
Exchange Equalization Account during 1939.
States are shown in table on p. 735.
NOTE.—For gold holdings of International Fund and Bank, see p. 738. For back figures,
NOTE.—For details regarding special internal
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data, gold transfers affecting the British and French
institutions, see p. 738, footnote 4, and p. 739,
see pp. 524-535 in the same publication.
footnote 6.
For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
730
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1938....
1939
1940...
1941
1942....
1943....
1944....
1945....
1946.. . .
1947...
1947—Apr.. .
May..
June..
July..
Aug..
Sept..
Oct.. .
Nov..
Dec.
1948—Tan.. ,
Feb..
Mar..
Estimated
Production reported monthly
world
Africa
North and South America
Total
production
Mex- IColom- I
West I Belgian United I Canreported South I RhoI Nicaoutside
ico 6 I b i a IChile [ ragua 6
U.S.S.R.i m o n t h l y 11 Africa | desia Africa2 | Congo' States 4 | ada
$1 = / 5 5 / M grains of gold 9/iofine; «., an ounce offinegold = $35
1,142,400 968,320 425,649 28,532 24 ,670 ' 1 6 ,564 178,143 165 379 32,306 18,225 10,290 1 ,557
1,219,400 ,031,214 448,753 28,009 28 ,564 ' 1 8 ,258 196,391 178 303 29,426 19,951 11,376 3 ,506
1,311,450 ,106,447 491,628 29,155 32 ,163 rig ,413 210,109 185 890 30,878 22,117 11,999 5 ,429
1,265,600 ,110,379 504,268 27,765 32 ,414 19 ,571 209,175 187 081 27,969 22,961 9,259 7 ,525
1,130,115 982,130 494,439 26,641 29 ,225 17 ,992 130,963 169 446 '28,018 20,882 6,409 8 ,623
773,817 448,153 23,009 19 ,740 15 ,522 48,808 127 796 '22,081 19,789 6,081 7 ,715
880,495
701,259 429,787 20,746 18 ,445 12 ,471 35,778 102 302 '17,793 19,374 7,131 7 ,865
794,080
745,430 682,888 427,862 19,888 18 ,865 12 ,021 32,511 94 385 17,458 17,734 6,282 6 ,985
417,647 19,061 20 ,475 11 ,200 51,182 rQQ 139 14,703 15,301 8,068 6 ,357
696,602
762,195
710,880 392,004 18,296 19 ,320 10 ,780 81,219 107 432 16,250 13,406 5,908 7 ,403
57,892 31,824
1 ,890
945
6,246 8,921
1,015
610
1,537
1,464
540
63,133 35,308
1 ,820
1,703
945
528
1,130
502
1,508
7,220 9,412
60,108 33,984 1,498
9,418
553
1 ,680
980
973
520
1,065
6,117
64,601 35,396
513
980
1,525
1 ,855
1,112
636
1,554
7,319 9,149
62,069 34,875
9,131
410
1,360
1,079
910
684
1 ,855
1,541
7,033
61,286 34,692
530
1 ,820
805
1,044
658
1,516
6,979 8,668 1,389
61,095 35,361
9,057
424
922
35
840
915
679
1,540
8,185
60,188 33,888
383
1 ,225
770
742
945
1,513
6,243 8,826 2,491
60,891 34,025
529
1 ,750
778
770
672
680
1,489
7,281 9,614
34,775
1 ,890
910
648
1,504
6,214 '9,568
32,459
1 ,820
840
682
1,442
5,489 9,177
1 ,820
34,384
910
634
6,372
Other
Austra- India 8
lia''
55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
32,808
2,340
2,533
2,830
4,003
,701
2,696
2,718
2,636
2,813
2,625
11,284
11,078
-10,126
10,008
'9,111
'8,828
'6,577
'5,893
'4,612
6,055
560
5,25
490
560
490
490
420
525
490
455
420
525
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.
r
Revised.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Geld Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly
figures
are reported by American Bureau of Metal Statistics.
5
Figures reported by the Secretaria de la Economia Nacional.
6
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
7
Total Australia reported by Commonwealth Bureau of Census and Statistics. Beginning 1946, subject to revision.
8
Since May 1940, monthly figures are from the American Bureau of Metal Statistics. Annual figures for years 1940-1946 are from the
' Report on Currency and Finance," published by the Reserve Bank of India.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year
or
mo.
Total
net
imports
United
Kingdom
France
Belgium
1,955
1942 315,678
68,938
1943
88
1944 -845,392 -695,483
160
1945 -106,250
-14
1946 311,494
458
1947 1,866,348 488,433 162,941
1947
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
129,734
200,233
219,201
111,657
109,600
450,830
265,700
178,166
1948
234,978
Jan.
Feb.
159,388
99,943
Mar.
Apr.? 234,156
Netherlands
SwitzerCanada
land
5
-6
3 27,990
-75
-108
-1,002
-449
1
2
- 5 22,515
245,712 140,568
142,821
101,541
182,808
104,264
20,274
167,906
Sweden
1
1
13,903
14,088
9,970
31,301
61,931
20,023
-7
31
6] 132
Argentina
Other PhilipLatin
AusMexico Ameri- pine tralia
can Re- Republics public
208,917
99 40,016 39,581
321
66,920 -10,817 - 3 , 2 8 7 24,306
46,210 -50,268 -109,695 -58,292
—5 15,094 -41,743 " 1 6 3
53,148
-403 -156
344,130 -134,002
3,591
445,353 335,505 - 7 , 1 1 0 10,684 -3,508
26,442
9,485
52,913 94,601
51,820 102,405
2,220 90,463
499 23,444
552 48,190
63,697 56,849
37,735 35,436
458 12,009
289
-19,660
-10,693 ' 29^998
262 14,867
-87
217 1,425
-70
282 1,489 -1,111
330
- 9 4 -1,543
242 1,286 - 2 8 6
152 1,073
-56
103 1,434 - 2 5 2
208 2,126
85
201
211
271
242
2,418
74
1,102 - 2 8 9
2,673 -1,279
4,872 - 2 0 8
South
Africa
India
All
other
countries
528 4,119
129 20,008
307
152
-8,731
199 3,572
18,365
1
357
106
-133,471
41 118,550 -2.613 2 -18,083
124 410,691 -4,423 « - 3 3 8
17
28
40
19
9
80,446 - 7 8 - 1 , 5 2 9
53,228 - 3 3 4
-638
60,081 - 5 5 1 4 5,233
4
16,042
4,221
37,760
M0,215
4
21
497
29
997
1,026
32,991
227 23,674
6 40,888
22,756
-5,982
-1,390
-5,161
5
-6,936
p Preliminary.
1
Includes $133,980,000 to China and $509,000 from other countries.
» Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
'Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries.
«Includes imports from U. S. S. R. as follows: July, $5,626,000; August, $5,627,000; September, $11,287,000; October, $5,346,000.
«Includes $4,491,000 to U.S.S.R., and $2,445,000 to other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
JUNE 1948
731
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
Total
Increase in foreign banking
funds in U. S.
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40 1
125.2
-6.2
15.8
90 3
316.7
21.1
29.8
29 8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,546.3
1,993.6
2,331.9
2,667 4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114 4
180.5
272.2
316 2
427 6
524 1
633.3
917 4
4
16 5
23.2
12 9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,998 4
3 639 6
3 995 5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293 0
448 2
334.7
1,058.8
1 397 1
1,379 0
924.6
411.0
466 4
518 1
449.1
319.1
395 2
493 3
583.2
J.075 7
L 069 5
L 125 1
1,162.0
4 1
18 3
31 9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3,301.3
3,140 5
3 567 2
3,933.0
1,043.9
880.9
1,275 4
1,513.9
244.0
220.6
282 2
327.0
799.9
660.4
993 2
1,186.9
434.4
403.3
477 2
510.1
618.5
643.1
625 0
641.8
L.150.4
1,155 3
L 125 4
1,219.7
54.2
57 8
64 1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).
4,279 4
4,742 0
5 118 2
5,112.8
1,829.4
2,194.6
2,562 4
2,522.4
393.2
508.1
635 0
634.1
1,436 2
1,686.5
1 927 3
1,888.3
550 5
607 5
618 4
650.4
646 7
664 5
676 9
725.7
L.188 9
1,201.4
L 177 3
L, 133.7
63 9
74 0
83 l
80.6
1940—Mar. v Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
5,207.8
5,531 3
5,831 2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785 6
793.1
803.8
L,095.0
1.042.1
987.0
888.7
88.7
98 9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec 31
5,607.4
5,660.1
5,612 6
5 354 1
3,229.7
3,278.0
3,241.8
2,979 6
1,388.6
1,459.8
1,424.0
1,177 1
1,841.0
1,818.2
1,817.7
1 802 6
767.4
818.6
805.3
791 3
812.7
834.1
841 1
855 5
701.8
631.2
623.5
626 7
95.9
98.2
100.9
100 9
1942—Mar.
June
Sept.
Dec.
(Apr.
1)
30 2
30
31
5,219 3
5 636 4
5,798 0
5,980 2
2,820.9
3,217 0
3,355 7
3,465.5
1,068.9
1,352 8
1,482 2
1,557.2
1,752.0
1 864 2
1,873 5
1,908.3
819.7
842 3
858 2
888.8
849.6
838 8
830 5
848 2
624.9
632 0
646.1
673.3
104.3
106 2
107.5
104.4
1943—Mar.
June
Sept.
Dec.
31
30
30
31
6,292 6
6 652 1
6,918.7
7,267 1
3,788.9
4,148 3
4,278.0
4,644.8
1,868.6
2,217 1
2,338.3
2,610 0
1,920.3
1 931 2
1,939.7
2,034.8
898.7
896 9
888.6
877.6
810 5
806 8
929.3
925.9
685.9
687 9
708.1
701.1
108.6
112 1
114.8
117.8
1944—Mar.
June
Sept.
Dec.
31
30
30
31
7,611 9
7 610 4
7,576 9
7,728 4
5,034.4
5,002 5
4,807 2
4,865.2
3,005
2,812
2,644
2,624
0
2
8
9
2,029.4
2 190 3
2,162 3
2,240.3
868.0
856 6
883 5
805.8
904 1
929 8
1,026 2
1,019.4
685.8
702.4
737.8
911.8
119.6
119 1
122.2
126.3
1945—Mar. 31
8,002 6
8,422 8
8 858 6
8,802 8
5,219.4
5,671 0
6,042 2
6,144 5
2,865
3,313
3,554
3,469
1
2
9
0
2,354.3
2,357.9
2 487 2
2,675 5
848.5
760.4
865 3
742.7
983.7
1,011.2
998 2
972.8
820.6
848.4
818.4
798.7
130.5
131.8
134.6
144.1
Sept. 30
Dec. 31
1946—Mar. 31
June 30
Sept. 30
Dec 31
1947—j an . 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427.2
1,073.0
J.103 0
,170.7
,237.9
645.1
615.0
478.3
464.5
139.9
141.4
150.4
153.7
8,077.3
9 959 9
9,736.7
9 771 5
9,508.2
9,440.8
9,443.6
9,516.8
9,008.6
8,683.0
8,547.9
8,316.2
5,300.6
5,047 3
4,841.3
4,815 4
4,498.0
4,591.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3
2,416.0
2-00fi 2
1,725.4
1,718 8
1,448.7
1,447.2
1,616.8
1,726.9
L,298.5
1,232.9
L,200.0
L 121 8
2,884.6
3,041 1
3,115.9
3 096 7
3,049.3
3,144.7
3,086.4
3,143.5
3,157.5
3,091.2
3,062.4
2,998.5
449.0
2,705 6
2,707.0
2 702 5
2,819.4
2,694.3
2,861.1
2,758.0
2,645.4
2,470.9
2,376.4
2,237.0
404.8
380 9
337.1
333 6
255.3
202.5
156.3
168.2
178.3
172.1
211.6
174.6
,308.2
,229 8
,282.6
341 6
,380.7
L,398.0
t ,177.3
,193.6
L.230.3
1,243.6
1,254.5
L 274 9
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
338.8
310.0
290.0
* 367.0
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159.9
162.2
153.1
142.4
1948—Jan 31
8,156.4
4,082.0
1,135.4
2,946.6
2,182.0
106.5
1,285.7
359.6
140.6
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
»Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstructio n
and Development.
(Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
4
Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
NOTE.—S tatistics 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.
732
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
5,112.8 1,101.3 468.7
5,807.9
865.2 670.3
5,354.1 674.1 639.9
5,980.2
837.8 625.9
7,267.1 1,257.7 636.8
7,728.4 1,090.0 585.7
8,802.8 892.5 464.2
7,555.7 563.1 384.8
470.3
455.6
464.4
474.0
487.7
506.2
539.7
326.4
773.0
911.5
725.7
592.1
629.1
664.3
722.3
766.1
58.0
55.4
50.5
48.1
48.2
63.1
106.5
287.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
1,172.5
1,311.8
1,246.3
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4,081.8
4,037.0
3,574.2
522.6
87.4
229.4 483.4
642.6
90.2
411.7 606.8
691
128.6
340.5 567.5
932.9 178.3
425.1 835.8
760.3 951.0 1,161.6 201.4
976.4 193.7 1,273.6 203.0
,395.7 1,338.4 1,784.1 247.5
979.7 1,474.0 1,258.3 . 269.6
295.6
256.7
391.7
356.8
340.5
336.0
329.8
311.4
258.7
240.4
213.8
189.2
776.8
786.1
801.6
804.6
799.3
811.8
808.0
800.8
810.6
820.5
839.3
836.2
256.2
215.8
221.7
198.7
181.2
161.2
158.1
145.1
139.8
140.4
150.1
160.1
1,232.8
1,262.9
1,210.0
1,161.5
1,093.2
1,112.2
1,161.3
1,131.3
1,135.6
1,124.7
1,086.6
1,096.2
3,455.8
3,362.5
3,552.8
3,294.9
3,246.2
3,341.6
3,430.2
3,183.6
3,152.0
3,109.0
2,961.1
2,885.9
Total1
,254.3
,029.7
,069.0
,688.9
,746.5
,582.5
,758.8
,363.2
,212.1
,171.5
,079.1
974.4
558.2
489.6
595.8
453.5
441.7
614.1
648.5
486.7
447.7
464.2
437.0
451.4
336.3
351.4
332.0
319.8
390.2
306.2
324.6
308.2
359.6
318.8
234.3
153.0
933.3
853.1
764.8
763.1
803.4
794.7
830.3
780.6
681.0
684.9
688.6
727.8
Latin
America
,431.2
,384.3
,364.7
,318.6
,447.1
,477.0
,531.4
,470.0
,446.4
,406.1
,383.4
,328.9
Asia*
1,185.9
1,179.8
1,142.0
1,072.6
1,018.7
972.1
958.0
931.6
937.3
981.0
975.8
946.0
All
other8
248.1
250.0
244.6
239.6
231.1
«-2.9
8.9
-2.6
-4.6
-9.4
<70.2
85.8
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,272.3
376.1
293.3
328.6
493.3
939.4
804.4
646.4
397.6
256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8
190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2
362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
247.6
449.9
580.8
538.0
479.8
565.3
611.2
745.8
687.2
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
1,697.5 399.5
2,271.2 704.7
2,193.7 818.6
2,223.4 ,414.2
2,065.5 823.9
215.1
326.4
296.7
482.8
578.7
794.7
924.9
983.3
417.0
531.2
541.4
743.9
928.2
888.6
,369.1
,135.7
60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9
1947—Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3
4,082.0
381.9
312.2
423.1
279.7
267.2
438.1
471.2
307.8
275.5
293.1
264.9
274.9
129.0
146.2
129.6
117.8
190.2
109.7
125.6
114.9
188.5
156.8
87.6
88.5
197.8
166.7
205.0
189.7
192.6
197.2
210.0
199.7
156.3
141.8
126.7
107.5
370.5
378.5
383.6
388.9
381.5
388.9
385.5
382.1
392.2
405.9
432.8
435.6
227.1
198.2
205.4
184.1
166.8
146.8
143.1
129.7
126.3
125.6
132.8
143.0
673.1
719.1
689.2
647.8
589.0
619.8
669
635.1
637.2
626.5
576.6
583.0
1,979.3
1,921.0
2,035.9
1,808.0
1,787.2
1,900.6
2,004.5
1,769.4
1,776.0
1,749.
1,621.4
1,632.6
784.7
670.2
519.6
469.6
478.
455.8
484.2
420.5
319.2
319.3
301.6
327.0
981.0
956.1
,000.0
,009.4
,120.9
,168.9
,221.0
,144.6
,116.3
,081.3
,095.0
,038.5
,043.5
,042.5
,012.7
973.1
966.7
932.6
910.8
884.4
877.0
883.5
877.3
846.0
258.7
251.5
247.2
237.9
238.2
245.3
249.7
237.1
235.6
228.5
224.9
237.9
From Jan. 2, 1935, through—
Total
Europe
Canada
Latin
America
Asia*
All
other*
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
( j a n # 3( 1940) . .
(Jan. 1 1941) .
31
31
31
31
31
31
1947—Feb. 28
Mar. 31
Apr. 30
May 31
* June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 31
1948—j an 3i
Total
United
King- France
dom
Netherlands
650.4
775.1
791 3
888.8
877.6
805.8
742.7
427.2
252.2
269.2
271 2
279.4
272 1
266.1
266 6
244.3
73.8
74.6
76 9
77.8
77 9
77.7
78.0
73.4
12.9
2.9
17.7
6.5
17 6
5 4
18.1
6.6
18 3
5 1
18.3
6.8
— 17.7
5 2
-132.3 - 1 . 7
380 9
337.1
333.6
255.3
202.5
156.3
168.2
178.3
172.1
211.6
174.6
106.5
252 6
256.2
249.6
252.4
252.7
255.1
257.9
262.8
258.9
260.2
262.8
269.5
66.1
63.4
57.9
60.2
59.0
57.6
58.1
57.0
61.5
64.1
55.7
-18.7
— 135 1
-137.1
-32.4
—20 6
-30.4
-28.6
—27.3
-28.2
-30.0
-28.6
—30.5
-32.5
Switzerland
—4 1
-3.3
-.2
—1 4
.3
-2.1
—1 7
-1.2
1.7
2.4
1 l
1.8
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia2
15.5
25.3
25 8
26.2
26 2
26.2
26 2
10.6
206.2
241.4
250 5
253.5
256 8
231.5
235 1
226.9
563.5
634.7
647 4
661.5
656 5
626.6
593.4
421.3
56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7
52.6
43.2
17.7
68.3
55.7
37.0
9.1
-58.8
-21.5
34.8
64.7
93.8
102.7
77.7
99.2
29.9
8 9
6.0
4.5
27
2.5
2.3
3 0
3.3
1.6
3.0
5.5
225 9
217.1
203.4
196 7
182.2
170.9
170 1
171.9
174.4
174.1
178.9
180.5
414 3
402.4
482.8
490.0
466.2
455.3
460.1
465.5
468.2
475.2
473.5
406.0
49.9
53.9
56.5
56.1
56.5
58.8
60.7
63.8
63.1
66.4
65.4
67.7
— 111.6
-140.6
-213.7
-270.0
-256.9
-276.9
-283.8
-279.7
-298.7
-309.5
-346.3
-351.3
44.0
40.2
31.0
1.8
-44.3
-56.0
—48.6
-48.4
-35.5
1.4
2.0
5.4
2.4
All
other2
-.8
2.1
— 1.2
6.6
7.5
-.3
1.5
-5.8
-15.7
-18.7
-23.0
-22.6
-19.1
-24.9
-20.3
-22.9
-24.9
-21.9
—20.1
-18.3
1
8
8
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
See Table 1, footnote 3.
* See Table 1, footnote 4.
JUNE 1948
733
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
N E T
C A P I T A L
T A B L E
F r o m J a n . 2, 1935,
1
1
1
1
1
1
1
1
9
9
9
9
9
9
9
9
3
4
4
4
4
4
4
4
9
0
1
2
3
4
5
6
—
—
—
—
—
—
—
—
D
D
D
D
D
D
D
D
e
e
e
e
e
e
e
e
c
c
c
c
c
c
c
c
t h r o u g h —
. (Jan. 3, 1940)
. (Jan. 1 1941).
. 3i
. 31
. 31
. 31
. 31
. 31
1 9 4 7 — F e b .
M a r
Apr.
M a y
2
3
3
3
Aug.
Sept.
Oct.
N o v .
Dec.
1 9 4 8 — j a n 3
31
30
3 1 . ?;:
30
31
i
M O V E M E N T T O U N I T E D
[Net m o v e m e n t from United S
5 . — F O R E I G N S E C U R I T I E S : R E
( N e t P u r c h a s e s b y F o r e i g n e r s of
7
8
8
8
9
1,0
9
1,2
. .
8..::
1
0
1
. . .
June 30
July 31
United
Kingd o m
Total
2
0
5
4
2
1
7
3
5
3
5
8
5
9
2
7
.
.
.
.
.
.
.
.
7
8
5
2
9
4
8
9
1.229 8
L,282.f
1,341.6
1,380.7
L,398.0
2 1 , 1 7 7 . 3
1,193.6
1,230.3
1,243.6
1,254.5
1,274.9
?««; 7
F r a n c e
S T A T E S S I N C
tates, (—).
In
T U R N O F U .
Foreign Securit
N e t h erlands
1
1
1
1
1
1
1
2
2
2
2
2
2
1
9
5
8
7
5
7
6
7
6
.
.
.
.
.
.
.
.
5
6
6
4
6
5
7
8
4
4
5
5
5
5
5
5
2
3
1
2
0
1
1
0
.
.
.
.
.
.
.
.
1
4
6
4
6
0
2
2
2
3
3
3
3
3
3
2
1
1
1
1
1
1
1
1
01
01
02
03
05
04
04
01
99
96
9 4
93
.
.
.
.
.
.
.
3
4
9
6
7
2
3
5
1
9
9
2
4
5
5
4
4
4
4
4
4
4
4
4
9
0
0
9
9
8
7
7
7
7
7
6
.
.
.
.
.
.
.
.
.
.
.
.
9
1
0
6
5
3
9
9
5
2
1
8
23 6
22.8
22.5
2 2
1.7
.7
.2
- 1 1
- 2 . 6
- 3 . 3
- 3 . 9
- 4 . 4
.
.
.
.
9
1
1
1
3
3
3
6
.4
.0
.5
6
. 0
. 6
0
. 0
Switzerland
4
4
4
4
4
4
4
3
5
6
4
4
4
4
5
1
.0
.0
.3
9
.7
.5
2
.2
3 1 . 8
3 0 . 9
3 1 . 9
31.4
31.2
3 1 . 2
30.1
26.5
22.7
18.8
16.3
13.7
E J A N U A
millions of
S. F U N D S
ies O w n e d
Italy
R Y 2,
dollars
, B Y
in U .
Other
E u r o p e
1 9 3 5 — C o n t i n u e d
]
C O U N T R I E S
S.)
Total
E u r o p e
C a n a d a
Latin
America
2
2
2
2
2
2
2
2
7
8
8
8
7
7
7
6
.
.
.
.
.
.
.
.
6
1
1
0
9
6
5
7
2
2
2
2
2
2
2
2
6
9
4
1
6
9
2
.2
4
5
5
5
5
5
5
4
9
1
2
2
3
3
2
9
5
0
1
6
0
0
3
1
.
.
.
.
.
.
.
.
2
0
3
3
3
1
8
2
- 7 . 6
25.0
35.4
— 3 0
41.2
104.9
49 1
2 3 6 . 6
184.0
2 0 2 . 3
221.1
245 4
2 7 2 . 3
3 0 2 . 0
317.1
4 4 8 . 4
4
5
6
6
6
6
6
6
2
2
2
2
2
2
2
2
2
2
2
2
6
6
6
6
6
6
6
6
6
6
6
6
.
.
.
.
.
.
.
.
.
.
.
.
8
8
9
9
8
7
7
7
6
5
5
4
264 6
265.1
257.7
258.3
265.4
2 6 6 . 4
267.3
267 9
267.8
267.9
273.8
274.7
4
4
4
4
4
4
4
4
4
4
4
4
9
9
9
7
8
7
7
6
6
5
5
5
7
7
1
2
0
7
6
9
1
3
4
0
.
.
.
.
.
.
.
9
1
8
0
4
5
5
4
1
9
7
5
218
253
309
3 5 8
3 7 4
389
3 9 7
417
421
427
441
451
457 6
4 6 4 . 4
468.2
474.2
4 7 8 . 8
481.8
4 8 8 . 0
507.9
5 2 3 . 3
5 3 4 . 0
5 3 7 . 6
542.1
61
61
6 1
6 1
61
6 1
61
61
61
6 1
6 1
61
25
32
3 8
44
46
4 6
49
60
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
9
7
5
8
7
1
0
3
9
2
8
3
.
.
.
.
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Secui ities)
United
Neth- SwitzCanLatin
KingTotal
F r o m Jan. 2, 1935, t h r o u g h —
erItaly E Ou t r h o e p r e E Tu or t o a p l e
France
erada A m e r i c a
d o m
lands
land
1
1
1
1
1
1
1
1
9
9
9
9
9
9
9
9
3
4
4
4
4
4
4
4
9
0
1
2
3
4
5
6
— D e c . (Jan. 3 1940)
— D e c . ( J a n . 1, 1 9 4 1 )
— D e c . 31
— D e c . 31
— D e c . 31
— D e c . 31
— D e c . 31
— D e c 3 1
1947—jrefo
M a r .
Apr.
M a y
2 8 31
30
31
July
A u g
Sept.
Oct.
N o v .
Dec.
1 9 4 8 — J a n
31
31
30
31
30
31
31
1,13
88
62
67
70
91
79
46
June 30
3
.
3
8
6
3
1
1
8
4
.
.
.
.
.
.
.
.
7
7
7
3
1
8
7
5
439.7
414.3
416.7
398.5
3 9 3 . 4
3 8 5 . 9
3 6 2 . 6
338.8
3 1 0 . 0
2 9 0 . 0
3 6 7 . 0
3 5 9 . 6
-
1
1
1
1
328.1
157.1
7 0 . 1
7 7 . 6
0 0 . 3
2 5 . 4
5 7 . 9
9 4 . 9
- 1 9 7 .
- 1 9 7 .
- 1 9 8 .
- 2 0 0 .
- 2 0 2 .
- 2 0 3 .
- 2 0 3 .
— 2 0 4
- 2 0 5 .
- 2 0 5 .
- 2 0 3 .
- 2 0 3 .
5
9
3
5
7
5
3
1
1
7
8
7
76.6
74.4
74.9
80.5
82.7
77.3
81.7
74.9
227.7
233.2
236.7
236.9
239.9
239.0
233.5
207.0
344.7
348.1
336.4
360.5
367.3
368.5
355.4
337.9
71.4
71.2
73.8
72.3
71.8
71.1
73.6
69.0
42.9
31.5
24.7
17.3
194.4
188.0
179.3
168 6
158.4
149.7
129.9
124 4
118.0
113.9
108.7
106.2
338.7
338.4
344.2
345.4
343.1
351.2
350.7
350 4
352.0
353.9
350.9
347.2
Asia
-4.9
2.7
— .1
.6
1.9
2.2
2.1
-7.0
-15.5
-15.6
-15.4
-15.3
-15.1
-15.1
-15.1
-15.2
-15.2
-15.0
-15.3
3
3
3
4
5
7
6
5
2
5
7
4
5
2
8
7
.
.
.
.
.
.
.
.
2
8
1
4
4
4
0
3
55
47
4 6
45
42
4 0
4 0
42
41
42
43
44
.
.
.
.
.
.
.
.
.
.
.
.
3
8
0
2
6
8
6
2
8
1
1
1
1,0
8
6
6
6
6
5
4
0
5
1
4
4
3
8
8
4
1
5
4
5
3
2
4
.
.
.
.
.
.
.
.
4
3
0
7
7
7
9
3
455.2
4 3 2 . 0
429.5
415.5
3 9 8 . 0
3 9 4 . 2
3 7 6 . 3
3 6 6 . 9
3 3 4 . 5
320.5
308.7
295.7
- 2
- 1 8
- 4 4
- 4 5
- 5 8
— 2 8
- 1 2 6
- 1 4 3
.
.
.
.
.
.
.
.
- 1 4 1 .
— 144
- 1 4 1 .
—1 4 1
- 1 2 6 .
- 1 2 8 .
- 1 3 1 .
—1 4 1
- 1 4 2 .
—147
- 1 3 9 .
- 1 3 7 .
2
3
1
1
2
1
0
1
1
All
other1
11.3
13.5
16.6
18 0
19.9
21.0
22 0
.7
. 8
. 0
.2
5
.2
.3
8
.1
.
.
.
.
.
.
.
.
.
.
1
—5 7
1
6.4
0
11.1
0
14.7
1
3.0
2 2-232.2
4
-229.3
3 —225.6
3
-224.0
6
—222.3
6
—220.9
-219.8
7
Asia1
All
other1
14.3
12.6
10 9
10.9
10.6
10.7
9.9
8.8
8.0
8.1
6
4
7
1
2
1
6
0
30.1
25.6
28.1
35.2
40.5
54.9
81.3
87.6
87.6
17.6
17.5
27.7
62.5
240.5
251.3
26.8
9
.6
9
0
3
1
7
7
6
.0
8
8
86.2
88 2
90.6
86 5
85.3
84.2
82.7
78 5
84.6
82.9
84.2
87.8
32.1
30 6
30.3
28 8
28 4
27.5
27.3
27 1
27.7
27.8
28.3
28.5
8.1
8 7
8.0
8.1
8.0
8 1
8
5.9
5.7
85.6
85.4
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec
Total
United
King- France
dom
Netherlands
Switzerland
Italy
.2
.2
.2
.3
.3
.4
.4
4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.7
71.6
74.3
75.7
78.1
89.1
97.7
113.6
112.0
10.7
14.1
15.2
17.6
16.2
19.5
21.5
9.2
3.9
4.2
3.8
5.1
5.9
13.4
.4
.4
.5
14.0
13.8
13.7
13.5
14.0
14.3
14.2
14.3
14.4
14.1
14.2
13.7
109.0
110.0
112 7
109.5
114.5
114.0
112.8
112 5
112.2
109.5
102.7
101.1
21.7
20.0
21 2
19 6
19.7
19.1
20.0
20 7
19 5
19.0
19 6
19.6
(Jan. 3, 1940)
(Jan. 1 1941)
31
31
31
31
31
31
80.6
100.9
100.9
104.4
117.8
126.3
144.1
153.7
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2
20.1
19.9
19.9
20.7
21.5
23.1
23.4
20.5
13.4
17.6
17.5
19.9
22.3
26.0
17.5
9.3
17.8
16.2
13.5
13.7
19.3
23.0
30.3
39.6
1947—Fet> 28 " • .
Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31:..-.
Nov. 30
. . .
Dec. 31
1948—Jan 31
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159 9
162 2
153.1
142.4
4
140.6
19.8
17.7
18.6
18.4
18.9
20.2
18.3
18 7
19.3
19.7
18 2
17.5
20.0
20.4
20.5
19.9
19.7
19.5
19.4
19.5
19.2
19.1
19.1
19.1
14.9
16.3
17.3
16.9
18.2
17.0
17.0
16.6
16.9
16.6
12.7
12.4
39.9
41.5
42.1
40.4
43.2
42.6
43.4
43.0
42.0
39.6
38.2
37.8
.1
.4
.5
.5
.4
.4
.4
.4
.3
.5
Other
Europe
Total
Europe
CanLatin
ada America
8.7
Asia1
All
other1
1.6
—3.4
6.0
6.3
6.0
6.0
5.6
3.8
4.8
2.1
.7
8
.9
1.3
1.8
1.3
2.0
18.0
16.3
19 5
18.5
19.0
19.0
23.5
18 7
20 9
17.3
12 9
11.8
5.2
5.5
7 0
2.8
2.8
1 2
8.0
6.7
6.9
7.1
7 3
6 8
6.5
6 6
7.4
.9
1.0
.8
.8
8
* 2.8
.7
.7
. 7
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
»Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 1Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
4
Amounts outstanding Jan. 31 (in millions of dollars): foreign brokerage balances in United States, 90.9; United States brokerage balance?
abroad, 27.2.
734
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
International
institutions
Date
Total foreign
countriesl
United
NethKing- France erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
473.8
436.1 187.4 101.8
781.0
448.2 288.2 204.9
1,418.9
365.5 490.1 174.3
1,314.9
400.8 448.6 174.9
2,244.4
554.6 432.3 186.6
3,320.3 1,000.8 439.9 193.3
3,335.2
865.7 401.2 209.7
707.7 310.0 281.6
4,179.3
3,043.9
458.9 245.9 224.9
218.8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
372.6
20.4
38.5
17.9
15.4
12.1
11.3
27.3
70.4
267.9
273.3
526 4
657.3
614.6
650 9
728.6
774.5
909 1
850.5
1,237.8 201.8
248.5
1,882.6 274.6
336.0
2,213.5 434.3
447.3
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
435.5
655.7
769.9
780.0
930.0
1,108.8
1,069.2
1,549.7
1,316.4
34.1
72 5
73 3
113.6
149 6
175.3
174.0
181.8
232.8
2,716.5
2,435.7
2,429.1
2,159.0
2,157.5
2,327.1
2,437.2
2,008.8
1,943.2
1,910.3
1,832.1
1,845.7
384.1
392.2
397.2
402.5
395.1
402.5
399.1
395.8
405.8
419.5
446.4
449.3
247.4
218.5
225.7
204.4
187.1
167.1
163.4
150.0
146.6
146.0
153.1
163.3
836.3
882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
789.8
739.8
746.3
2,334.6
2,276.3
2,391.2
2,163.3
2,142.5
2,255.8
2,359.8
2,124.6
2,131.2
2,105.0
1,976.7
1,987.9
892.7
778.2
627.5
577.6
586.8
563.7
592.2
528.4
427.1
427.2
409.6
434.9
1,224.2
1,223.1
1,193.3
1,153.7
1,147.4
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1,057.9
1,026.6
227.5
220.3
216.0
206.7
207.0
214.1
218.5
205.9
204.4
197.3
193.7
206.8
Official
and
Canada
Latin
America
Asia*
A1P
other
Official
private
193g—Dec.»
1939—D ec t1
1940—Dec.
1941—Dec. 31 •"
1942—Dec. 3 1 . . .
1943—Dec. 31
1944—Dec. 31
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . . .
473.7
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5
i947—Feb. 2 8 . : : .
Mar. 3 1 : : : .
Apr. 3 0 . ; : .
May 3 1 . : : .
June 30
July 3 1 . . s .
Aug. 3 1 . . .
Sept. 30
Oct. 3 1 . : : .
Nov. 3 0 . . . .
Dec. 3 1 . . . .
1948—Jan. 31
2,725.6
2,726.9
2,722.5
2,839.3
2,714.2
2,881.0
2,777.9
2,665.3
2,490.8
2,396.3
2,257.0
2,202.0
5,781.4
5,575.4
5,549.6
5,232.2
5,326.0
5,437.3
5,604.5
5,190.1
5,058.3
4,996.6
4,854.4
4,816.2
443.3
373.6
484.4
341.0
328.5
499.5
532.5
369.1
336.8
354.5
326.2
336.2
209.1
226.4
209.8
197.9
270.3
189.8
205.8
195.0
268.6
236.9
167.7
168.7
214.4
183.3
221.6
206.3
209.2
213.8
226.6
216.4
172.9
158.4
143.3
124.1
1,102.6
1,077.6
L.121.6
1,130.9
1,242.5
1,290.4
1,342.5
1,266.1
1,237.9
1,202.8
1,216.6
1,160.0
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31...
31...
31...
-31. . .
31. . .
1947—Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 31. . ,
Nov. 30. . .
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Other
Europe
Belgium
Denmark
Finland
Germany
650.9
728.6
774.5
909.1
850.5
121.8
122.9
124.3
185.0
159.5
17.7
13.9
14.8
25.9
66.5
7.9
7.7
22.2
7.;>
6.5
6.8
7.0
7.1
39.3
43.5
48.7
70.8
49.3
18.3
18.4
18.6
22.3
22.6
836.3
882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
789.8
739.8
746.3
149.3
178.8
163.0
150.9
142.5
164.0
185.3
132.0
135.7
131.7
124.9
124.2
68.3
62.5
57.8
56.9
52.0
45.6
48.8
42.2
48.9
55.0
52.8
52.9
28.9
31.3
26.8
22.4
22.7
36.2
39.9
42.0
39.2
39.2
30.5
31.1
5.5
6.9
9.1
43.0
39.7
39.8
37.7
32.2
32.2
36.0
41.5
48.5
45.7
34.7
38.7
7.1
5.5
21.5
27.3
46.3
53.6
63.2
74.9
79.1
89.5
95.1
Greece Luxembourg
Norway
Portugal
132.4
158.9
220.8
216.1
123.5
35.7
53.4
54.5
47.9
39.0
9.4
9.3
9.5
9.3
8.9
17.5
31.8
43.4
31.7
16.4
153.5
163.2
152.1
210.1
172.6
14.3
12.3
16.1
28.0
60.5
17.7
22.5 106.8
22.9 105.3
22.2 111.2
22.2 100.6
22.3
91.2
22.6
80.0
20.1
79.2
19.7
79.3
19.2
76.2
22.5 , 70.7
21.7
56.2
22.0
54.7
44.0
54.2
52.2
52.3
42.5
40.1
47.7
48.0
47.8
49.8
47.1
45.9
8.9
20.0
18.8
18.1
17.5
11.8
12.2
12.1
11.7
10.1
11.9
12.8
16.2
159.1
165.2
157.3
152.2
133.2
122.9
115.2
109.4
86.8
72.9
58.6
56.8
58.5
58.5
60.0
50.4
50.6
50.3
52.5
58.5
64.1
69.4
73.7
74.8
13.9
14.7
15.3
12.5
11.8
13.1
12.5
Mexico
Netherlands
West
Indies
and
Surinam
Panama
Peru
Other
Vene- Latin
zuela America
Rumania
12.2
11.3
8.3
8.2
8.2
9.4
9.5
8.7
8.3
8.7
8.9
Spain
All
Sweden USSR Yugoslavia other
9.9
5.7
5.7
12.4
9.7
9.4
10.6
12.1
10.6
57.9
76.9
52.1
43.7
89.9
107.8
111.4
108.4
105.6
104.0
109.3
120.2
131.7
130.8
122.9
116.5
114.4
Latin America
Latin
America
Data
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31...
31. . .
31...
31. . .
31...
1947—Feb. 2 8 . . .
Mar. 31. . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 31 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 31. . .
Nov. 30. . .
Dec. 3 1 . . .
1948—Jan. 3 1 . . .
Argentina
Colombia
Costa
Rica
Cuba
34.5
54.0
55.0
66.3
50.7
43.4
67.1
83.6
79.2
57.8
12.4
12.2
7.4
6.9
7.7
100.3
70.4
139.3
128.3
153.5
4.9
2.6
4.4
7.1
5.4
95.7
70.4
83.1
116.4
152.2
20.7
41.2
36.0
28.2
16.1
36.9
57.6
69.1
88.7
77.2
17.7
17.4
27.7
43.9
40.9
20.9
24.2
31.5
49.7
74.0
64.2
95.4
119.8
144.8
168.7
45.2
51.0
53.4
45.3
50.7
41.2
44.9
38.2
38.3
41.8
46.3
43.1
55.9
51.9
56.2
57.8
42.4
32.0
34.2
32.6
39.1
42.4
46.1
49.2
9.0
8.5
9.3
8.5
8.6
6.9
8.6
8.3
7.9
7.0
7.3
9.2
145.9
150.8
168.0
162.0
289.6
284.0
287.7
271.9
256.6
249.4
234.7
217.3
3.9
4.0
3.2
3.6
2.9
3.2
2.3
2.8
2.5
2.8
2.4
2.7
142.1
139.1
127.6
128.8
126.7
137.7
149.2
157.2
148.7
140.5
139.2
132.7
11.8
10.5
10.6
75.2
73.2
71.0
68.9
69.9
69.7
71.5
76.6
72.6
70.9
70.3
71.6
34.3
34.0
35.9
38.9
39.7
38.2
41.7
43.2
40.9
41.0
41.8
39.2
45.5
46.7
49.4
46.3
53.6
66.2
74.0
89.5
73.4
61.1
78.0
89.1
182.4
186.1
186.6
202.9
181.4
178.6
181.3
180.6
171.5
169.0
176.8
175.1
Bolivia
Brazil
Chile
597.7 67.6
693.7 69.8
909.3 93.9
1,046.4 77.3
1,104.8 112.6
10.8
12.6
17.7
14.5
14.0
67.7
98.7
140.8
195.1
174.0
1,102.6
1,077.6
1,121.6
,130.9
1,242.5
1,290.4
,342.5
1,266.1
1,237.9
L.202.8
L.216.6
L,160.0
13.7
12.8
11.7
10.3
16.4
14.6
15.2
17.3
22.4
20.6
17.8
16.1
157.8
127.6
115.3
96.7
85.2
98.8
110.8
106.3
103.6
97.4
104.7
110.4
180.0
181.4
223.0
252.0
265.0
309.3
307.5
229.0
245.7
240.5
236.2
187.1
French
West
Indies
and
Guiana
9.0
10.3
10.1
13.6
12.6
14.7
18.4
14.9
17.2
For footnotes see following page.
JUNE 1948
735
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Asia
Date
930.0
1,108.8
1,069.2
1,549.6
1,316.4
1947—Feb. 2 8 . . . 1,224.2
Mar. 3 1 . . . 1,223.1
Apr. 3 0 . . . 1,193.3
May 3 1 . . . 1,153.7
June 3 0 . . . 1,147.4
July 3 1 . . . 1,113.2
Aug. 3 1 . . . 1,091.5
Sept 3 0 . . . 1,065 1
Oct.. 3 1 . . . 1,057.7
Nov. 3 0 . . . 1,064.2
Dec. 3 1 . . . 1,057.9
1948—Jan. 3 1 . . . 1,026.6
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31...
31. . .
31. . .
31. ..
31...
India,
China
and French Hong Burma,
Man- Indo- Kong and
chu- China
Ceyria
lon
360.9
574.2
427.3
582.3
431.9
389.7
373.2
369.1
354.3
339.1
309.6
286.1
269.7
263.3
250.2
229 9
213.5
27.4
27.4
27.4
28.0
39.9
36.0
39.1
38.4
40.5
37.2
36.2
35.3
8.2
8.7
9.3
6.5
6.2
41.6
23.9
22.9
27.4
44.9
40.8
38.9
39.0
41.5
41.1
47.2
44.7
45.5
43.6
41.8
39.8
41.1
13.1
18.2
22.1
33.4
43.5
44.2
40.7
36.1
33.4
41.2
43.3
53.6
54.4
55.0
56.7
62.4
67.7
Egypt
Neth- PhilBritand French Union
erNew Angloish Japan lands
ippine Tur- Other All Ausof
tra- Zea- Egyp- Mo- South
MaIsother
key
Asia
East
lia land tian rocco Africa
laya
Indies lands
Sudan
160.4
110.1
110.5
113.7
16.6 127.1
17.3
7.1
7.2
8.3
9.6
8.8
11.8
14.6
13.8
12.4
16.5
11.0
11.8
254.7
259.1
365.8
629.1
446.6
29.9
35.4
23.7
52.5
54.7
36.2
55.5
64.2
78.0
93.8
149.6
175.3
174.0
181.8
232.8
4.8
5.1
3.5
4.3
8.0
6.8
6.1
7.3
12.1
10.3
18.9
20.8
10.0
14.9
47.2
17.7 116.6 430.5 56.5 85.1 227.5 59.4 8 . 3
18.7 122.9 447.1 55.8 79.4 220.3 40.4 9 . 6
18.9 103.7 438.9 65.4 75.6 216.0 38.7 8 . 7
18.0 95.4 432.2 57.0 71.8 206.7 36.2 8 . 7
16.7 94.9 448.8 51.0 68.5 207.0 47.8 8 . 6
17.6 85.8 452.6 40.4 68.7 214.1 42.4 9 . 4
17.6 82.8 440.3 41.7 74.9 218.5 46.2 9 . 5
17.8 70.8 464.3 41 7 79.1 70S 9 47.5 8 . 3
25.5 59.7 470.9 39.7 78.9 204.4 43.8 6 . 5
28.9 65.9 476.0 39.2 79.7 197.3 34.8 6 . 5
31.3 69.3 488.6 M 6 81.5 193.7 30.6 5 . 9
37.1 65.7 466.8 34.2 82.5 206.8 26.2 5 . 4
18.4
19.6
19.0
20.5
22.6
19.4
21.1
24 4
25.8
26.9
25 0
37.6
16.9
16.5
16.1
14.9
13.9
13.7
13.3
11 8
11.4
10.2
10 1
33.9
43.7
47.3
50.0
39.5
49.5
55.5
37.6
43.3
46.3
46.4
55.1
4.8
4.1
4.0
4.1
1.0
.9
1.3
1.2
23.1
25.3
52.9
28.9
45.5
4.3
9.4
11.0
4.5
8.3
6.4
Other
91.8
124.1
97.6
113.4
96.4
90.7
90.5
86.2
76.5
74.5
79.7
72.9
76.2
73.6
72.7
75.8
73.1
Footnotes
to table on preceding page.
1
Country breakdown is for "Official and private."
8
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
> Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
* Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970.
ASSETS
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Date
Total
(Jan. 4, 1939)
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
708.3
754.6
798.4
801.8
880.2
933.0
979.2
967.3
957.2
963.4
923.9
960.9
1,029.0
1947—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
1
Netherlands
Switzerland
10.3
24.2
4.9
4.2
1.8
1.*
1.1
1.4
1.1
5.7
5.7
.9
1.1
.5
.4
.3
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
9.8
United
King- France
dom
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
47.7
39.4
35.8
42.4
39.6
39.3
36.9
34.1
29.2
33.1
31.8
29.2
22.5
13.0
15.6
21.1
18.8
20.1
21.4
20.9
22.1
17.6
14.9
23.4
97.8
36.3
151.0
153.7
155.8
51.0
39.3
49.0
47.2
45.9
46.8
48.6
47.2
49.1
51.1
12.2
11.4
8.3
9.5
7.8
10.2
9.8
9.3
6.4
5.7
7.0
6.3
Italy
13.5
11.8
2.0
1.5
.4
.4
.3
.3
16.0
17.7
20.6
22.0
23.8
24.1
24.3
23.6
23.2
24.9
23.6
21.1
21.2
Other Total
Europe Europe
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
82.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
312.9
319.8
331.8
251.3
244.1
268.0
278.9
274.0
268.6
266.0
258.9
260.6
328.2
Canada
Latin
America
Asia*
All
other i
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
52.2
43.0
39.0
36.4
36.8
36.4
34.0
32.2
29.1
29.8
26.5
27.5
25.2
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
226.8
279.6
308.6
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
99.2
85.0
88.9
98.1
127.3
173.3
185.0
177.7
177.5
164.6
127.7
127.0
126.6
15.5
9.3
6.4
9.7
4.8
3.9
11.7
9.9
17.2
27.1
30.1
34.3
34.0
30.5
36.3
31.7
34.3
36.3
33.3
31.5
29.7
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other.
:tions took place in the reporting practice
* - - 589 and 591.) On June 30, 1942
September 1945, pp. 971-974.
736
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Other
BelEurope gium
Denmark
Finland
Ger-
5.6
7.6
34.0
33.9
33.9
33.9
30.4
30.4
30.4
30.4
30.3
30.3
30.3
30.3
30.3
30.5
30.5
30.5
30.6
31
31
31
31
31
56.3
52.9
78.3
74.6
82.8
.7
.7
.6
7.5
0)
0)
0)
0)
1947—Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
7.4
8.0
8.9
8.9
10.1
9.0
10.3
11.2
13.2
12.9
15.0
12.7
.4
.3
.3
.4
.6
.6
.4
.6
1.0
1.1
2.2
1.5
0)
0)
6.2
6.1
8.3
7.1
9.1
11.4
17.8
17.9
17.5
13.1
11.9
8.0
8.3
Luxembourg
Rumania Spain
Norway
Portugal
1.1
.6
.6
.7
12.4
.2
.2
35.1
31.6
3.3
2.4
1.4
.8
.5
1.0
0)
0)
0)
!
3.2
3.2
1.8
1.6
7.2
.2
.2
.9
4.9
12.5
13.2
12.8
13.0
12.9
13.0
12.6
12.4
12.8
12.8
10.6
10.1
4.0
4.2
5.2
5.9
6.3
7.0
8.0
9.4
10.3
8.1
9.2
11.3
.9
1.0
1.0
1.2
1.5
1.3
1.3
1.2
1.3
1.1
1.1
1.2
0)
6.2
3.8
3.7
3.5
4.3
1.6
1.3
1.2
1.3
1.4
.9
1.5
5.6
6.0
7.1
7.4
7.5
8.7
9.3
9.3
9.3
7.6
5.4
4.0
Greece
4.2
6.9
7.0
6.9
11.9
12.0
12.0
12.0
12.0
12.0
12.0
Sweden
Yugo- All
USSR slavia other
0)
0)
0)
0)1
8.4
5.0
5.1
4.7
9.4
()
10.2
13.2
22.9
26.3
35.4
37.5
36.2
32.6
30.6
36.1
35.8
35.8
C)
0)
0)1
C)
0)
0)1
C)
!
.1
.1
Latin America
Date
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
31
1947—Feb. 28
Mar. 31
Apr. 30.
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Latin
Amer- Argen- Boica
tina
livia
Brazil
Chile
Colombia
99.7
112.2
131.0
158.9
226.8
6.9
15.3
3.1
21.0
41.8
3.0
1.8
1.8
1.3
2.3
16.7
18.9
25.3
24.7
49.8
15.3
16.6
9.0
6.6
14.6
20.7
12.2
15.5
16 8
26.4
.6
.7
1.2
1.2
2.9
279.6
308.6
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
45.5
49.9
57.8
60.7
57.6
65.8
71.8
65.5
67.4
66.4
65.2
60.0
2.6
3.0
4.8
5.3
3.6
3.3
3.2
3.4
4.2
2.9
2.0
2.4
63.1
69.6
115 4
150.2
160.9
164.1
163.6
161.4
162.3
162.0
165.8
169.8
15.3
16.0
18 6
20.3
17.4
20.5
22.7
21.7
22.8
22.3
27.8
29.3
30.2
26.8
30 4
36.4
40.3
35 7
35.2
35.9
32 0
31.2
32.6
35.7
3.7 37.9
4.0 45.2
3.4 53.8
3.6 60.1
3.9 46.0
3.9 53.3
3.8 54.5
3.6 59.7
4.0 73.8
3.6 91.5
3.5 108.6
3.3 113.4
Costa Cuba
Rica
8.3
20.1
47.4
33.3
25.7
French
West
Indies
and
Guiana
C1)
0)
.2
.2
C1)
.1
(1)
.1
.3
.6
.1
0)
(1)
0)
Netherlands
West
Indies
PanaMexico and
Surima
nam
Peru
Other
Latin
Vene- America
zuela
4.8
11.2
8.6
11.0
25.5
.3
.5
.3
.5
.8
2.1
1.1
.8
1.1
1.3
2.8
1.4
1.2
1.9
3.7
3.9
3.8
5.1
6.1
8.7
14.2
8.7
11.7
33.4
23.1
28.8
30.7
33.7
34.8
32.9
27.6
31.0
30.2
39.5
38.3
52.2
51.8
.8
.8
1.1
1.0
1.0
1.0
1.1
1.1
1.2
1.2
1.1
.8
1.7
2.2
2.2
2.1
2.6
2.7
3.8
4.9
4.9
5.0
4.7
4.8
6.5
7.0
7.8
7.6
5.6
5.9
6.3
6.5
6.7
6.1
4.3
4.1
15.6
19.6
15.4
19.2
16.7
18.2
18.5
15.3
14.6
15.1
15.3
14.2
27.9
33.9
37.3
36.7
36.3
42.3
36.2
38.3
33.4
31.9
31.0
29.6
Asia and All Other
Date
India,
China
Burand French Hong ma,
Asia Man- Indo- Kong and
chu- China
Ceyria
lon
35.3 11.1
26.3
1.7
51.4
1.5
29.9
1.0
99.2 53.9
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
85.0
88.9
98.1
127.3
173.3
185.0
177.7
177.5
164.6
127.7
127.0
126.6
36.8
41.2
47.0
76.1
104.8
110.7
108.2
103.7
78.6
41.3
40.8
37.1
0)
0)
0)
0)
()
0)
0)
0)
.1
.3
3.2
3.3
3.3
.3
.2
.9 2.2
1.0 2.0
.9 22.3
.8 7.5
5.9 12.0
5.1
4.1
4.0
3.5
3.5
3.
3.1
2.1
2.2
1.9
2.6
2.9
12.9
14.6
14.2
13.2
32.8
33
27.5
27.5
28.9
28.2
29.6
27.0
Egypt
Union
and
Neth- PhilBritippine Tur- Other All Aus- New Anglo French of
erish
IsMa- Japan lands
key Asia other tra- Zea- Egyp- Mo- South Other
East lands
lia land tian rocco Africa
laya
Sudan
Indies
.7
.5
.1
.1
.2
.5
.5
.5
.5
.2
1.6
1.7
1.5
1.4
1.0
14.4
13.9
13.8
13.8
20.2
1.8
3.2
1.8
2.0
1.4
.5
1.0
1.3
1.1
2.2
1.6
1.6
.8
1.0
.8
.9
.7
.2
.2
.2
.2
.2
.3
.3
.3
.3
.3
.9
4.0
.9
1.4
1.9
1.5
.5
.5
.5
.7
.4
.4
.5
.4
23.0
20.3
22.4
23
20.2
25.1
24.5
24.5
27.7
29.0
27.4
29.3
1.5
2.0
2.5
2.7
3.3
3.2
3.5
5.6
13.1
12.9
17.7
17.6
.7
2.0 4.8 1.0
.5 .2
1.8 3.9
.6 .2
8.8 11.7
.7
2.7 9.9 1.7
4.4 17.2 3.4 1.1
4.0
3.9
4.5
5.8
5.8
6.7
8.4
9.0
9.1
9.6
6.3
7.4
27.1
30.1
34.3
34.0
30.5
36.3
31.7
34.3
36.3
33.3
31.5
29.7
6.2
6.5
7.5
6.6
9.0
11.3
9.0
10.2
12.0
10.2
9.0
8.5
3
5
3
6
0
7
5
4
2.0
2.3
1.5
1.4
0)
0)
0)
0)'
1.7
2.4
9.7
4.7
10.1
1.2
.7
1.0
2.5
2.2
C1)
14.7
16.0
18.3
18.9
15.2
18.8
15.8
15.0
14.5
14.2
14.4
14.3
4.5
5.5
6.8
6.0
5.0
4.2
4.9
6.7
7.0
6.0
6.0
5.0
i Less than $50,000.
JUNE 1948
737
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948
1948
1947
International Bank
International Fund
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
Nov.
Aug.
May
1,357 1,356 1,345 1,333
1,559
3,869
1,176
0)
7,961
1,626
3,630
1,309
C1)
7,922
1,929
3,304
1,342
C1)
7,922
-2
2,030
3,155
1,202
0)
7,722
-1
1947
Currency bought 2
(Cumulative figures)
Apr.
Mar.
Feb.
Dec.
33.0 33.0 33.0 11.0
8.8
8.8
3.4
3.4
6.8
10.2
125.0 125.0 125.0 125.0
28.0 28.0
22.5
22.5 22.5 22.5
52.0
68.5 68.5 68.5
2.5
5.0
5.0
5.0
5.0
5.0
300.0 300.0 240.0 240.0
Belgian francs
Chilean pesos
Danish kroner
French francs
Indian rupees
Mexican pesos
Netherlands guilders.
Norwegian kroner
Turkish liras
Pounds sterling
Mar.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3.
Loans (incl. undisbursed portions)
Other assets
Bonds outstanding
Loans—undisbursed
Other liabilities
Special reserve
Capital 3
Accumulated net income
Dec.
165
914
Sept.
267
909
Mar.
335
873
420
624
410
412
407
148
5
45
411
5
497
455
497
3
3
7
250
250
250
197
223
94
4
2
2
1 0)
2
1,653 1,645 1,645 1,603
-1
-1
1
-2
12 Less than $500,000.
As of Apr. 30, 1948, the Fund has sold 600.0 million U. S. dollars;
in addition, 1.5 million pounds sterling was sold to the Netherlands
in 3May 1947.
Excludes uncalled portions of capital subscriptions, amounting to
6,610 million dollars as of Mar. 31, 1948, of which 2,540 million represents the subscription of the United States.
606.0 600.1 506.2 467.7
Total.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Other
assets 2
Gold*
Assets of banking department
Cash reserves
Coin
Notes
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 3
Bankers'
Public
Other
Other
liabilities and
capital
Deposits
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
,100.0
1
1L,250.0
]L,400.0
]L,450.0
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
1.3
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
22.1
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923 A
1,088.7
1,238.6
1,379.9
1,428.2
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
1947—May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
.2
.2
.2
.2
.2
.2
.2
.2
1L,450.0
1,450.0
L,450.0
1,450.0
L,450.0
L,450.0
1,450.0
L,450.0
1.3
1.8
2.4
2.5
2.3
2.0
1.5
.3
56.1
55.2
30.9
56.8
73.7
89.4
109.8
100.5
8.7
20.6
28.6
16.6
14.6
5.9
4.5
15.2
353.9
337.0
364.6
332.0
325.9
318.9
302.1
331.3
1,394.1
1,395.0
1,419.3
1,393.4
1,376.5
1,360.8
1,340.5
1,349.7
301.9
290.3
301.8
282.0
289.6
288.8
292.5
315.1
5.0
8.0
11.3
14.0
16.2
13.8
14.0
18.6
95.1
98.3
95.1
93.4
92.1
95.9
93.3
95.5
18.0
18.1
18.3
18.4
18.5
17.8
18.0
18.1
1948—Jan.
Feb.
Mar.
Apr.
.2
.2
.2
.2
1,400.0
L,35O.O
1,300.0
1,300.0
.3
.2
.5
.7
131.3
118.6
54.4
62.4
12.7
11.3
14.4
14.5
274.3
284.3
367.0
350.6
1,269.0
1,231.6
1,245.9
1,237.8
290.8
290.6
314.3
307.4
16.3
12.1
9.0
12.6
93.0
93.3
94.3
90.3
18.3
18.4
18.6
17.8
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
25
30
29
28
27
25
31
30
29.....
27
26
25
28
25
31
28
5
5
S
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and 2three pence.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary
issue see BULLETIN for February 1948, p. 254.
NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-561 in same publication.
738
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
and United
States
dollars
Gold
185.9
225.7
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944— Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
Deposits
Other
assets
Note
circulation '•
Dominion
government
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
1.0
4.0
.7
2.4
1.9
.7
1.4
2.0
,123.0
,063.7
,081.9
,141.5
,088.0
,136.4
,039.9
,022.0
731.0
716.0
722.6
720.3
744.7
799.4
820.6
858.5
41.3
40.4
42.0
39.0
49.5
53.1
46.2
43.7
1,148.1
1,152.6
1,153.7
1,158.9
1,172.2
1,179.4
1,182.
211.4
477.6
474.4
468.3
515.0
481.1
548'. 7
536.7
536.2
179.4
105.6
124.1
133.6
128.2
143.4
84.2
68.8
58.5
54.4
63.7
58.7
62.0
71.2
62.0
67.5
32.6
36.9
37.3
37.1
40.5
46.9
42.8
42.4
931.3
974.4
985.2
1,124.1
863
825
806
767.8
48.2
47.2
62.7
60.5
1,157.5
1,156.3
1,180.8
1,183.0
538.3
531.8
519.2
558.9
44.6
60.8
42.2
57.9
60.6
75.0
86.7
126.0
41.7
24.0
25.9
26.9
31.
28.,
31.
30.
Chartered
banks
Assets
Bank of France
(Figures in
millions of francs)
Gold'
Open
market 7 Special*
Other
For occupation
Other'
costs 8
29...
28...
26...
31...
31...
30...
28...
27...
26...
87,265
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94,817
821
112
42
38
37
37
42
68
7
7,*22
11,273
43,194
42,115
43,661
44,699
47,288
23,038
77,621
1,797
2,345
661
12
169
29
48
303
3,135
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
72,317
142,507
210,965
326,973
426,000
426,000
426,000
1947—Apr. 30...
May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .
Oct. 3 0 . . .
Nov. 2 7 . . .
Dec. 3 1 . . .
82,817
82,817
82,817
64,817
64,817
52,817
52,817
65,225
65,225
6
6
6
6
3
7
10
13
12
85,120
82,221
82,983
99,114
97,490
107,877
108,050
111,368
137,397
134
125
84
8
20
130
250
285
64
80,901
88,429
87,134
85,195
98,224
101,935
132,913
150,065
117,826
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
1948—Jan. 22^..
Mar. 2 5 . . .
Apr. 2 9 . . .
65,225
65,225
65,225
9 145,814
15 157,997
17 156,424
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dtc.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
64 125,687
12 147,841
55 149,341
Other
Liabilities
Advances to
Government
Domestic bills
Foreign
exchange
Other
liabilities
and
capital
Short-1
term
1947—May 3 1 .
June 30.
July 3 1 .
Aug. 30.
Sept. 30.
Oct. 3 1 .
Nov. 29.
Dec. 31.
1948—Jan.
Feb.
Mar.
Apr.
Dominion and provincial government
securities
20,627
34,673
63,900
69,500
68,250
64,400
15,850
Deposits
Note
Other
circulaM8tt8 »
tion
Govern- C.A.R.w
ment
Other
Other
liabilities
and
capital
110,935 5,061
1,914
151,322
984
218,383
1,517
270,144
770
382,774
578
500,386
748
572,510
570,006 12,048
765
721,865
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
67,900
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
55,000
63,700
95,000
113,600
124,900
139,300
127,800
116,000
147,400
"108,758
iH03,846
11
119,662
"120,046
niO5,639
ni03,067
1*108,155
nil0,303
i1121,061
41,400
64,580
16,857
10,724
770,670
775,053
807,064
831,587
838,442
852,195
867,700
879,492
920,831
770
745
834
792
750
779
762
846
733
62,304
66,745
76,747
71,329
70,651
71,299
81,030
87,513
82,479
4,992
4,599
9,040
5,075
7,250
6,861
6,502
11,408
10,942
426,000 120,700 "104,474 891,546
426,000 155,000 "108,979 773,199
426,000 129,500 "113,590 759,054
771
791
790
82,849
271,034
265,123
12,808
16,045
15,186
»Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
» Beginning November 1944, includes a certain amount of sterling and United States dollars.
• On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
•6 Less than $50,000.
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations and other changes
in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937,
p. 853;
and November 1936, pp. 878-880.
7
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
• From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs by a payment from the State to the Bank.
i° Central Administration of the Reichskreditkassen.
11
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
12
Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
2
JUNE 1948
739
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Apr.
Mar.
Feb,
Apr.
1948
Central Bank
(Figures as of last report
date of month)
Apr.
Mar.
1947
Feb.
Apr.
Central Bank of the Argentine
Bank of the Republic of Colombia
Republic (millions of pesos):
—Cont.
717
832
Gold reported separately
938 2,654
Deposits
158,027 162,117 163,308 169,537
Other gold and foreign exchange. 2,203 2,250 2,799 2,270
Other liabilities and capital
41,714 38,733 40,387 41,007
958
881 1,032 1,032
Government securities
76 National Bank of Costa R i c a Temporary advances to Govt..1.
Rediscounts and loans to banks . 16,168 15,361 14,380 10,001 Issue dept. (thousands of colones):
(Jan.)
Gold
2,673 2,635 2,575 2,265
Other assets
11,498 11,276
Foreign exchange
5,686 5,522 5,379 4,210
Currency circulation 2
20,593 16,136
515
313
528
604
Contributions to Int'l. Fund and
Deposits—Member bank
1,578 1,797 1,737
793
to Int'l. Bank
Government
30,321 30,321
13,816 13,529 13,186 11,850
Loans and discounts
Nationalized *
69,675 59,548
139
119
206
74
Securities
3,943
Other
4,041
774
842
809
692
Other assets
783
Other liabilities and capital
1,338
Note circulation
87,653 74,759
Commonwealth Bank of AusDemand deposits
42,438 41,396
tralia (thousands of pounds):
Other liabilities and capital
6,723 6,506
244,695 215,231 189,652 222,969
Gold and foreign exchange
Checks and bills of other banks. . 4,466 5,264 2,511 2,959 National Bank of Czechoslovakia
(millions of koruny):
Securities (incl. Government and
400,258 419,556 437,539 396,367
Gold and foreign exchange 8 . . . . 3,385 3,899 4,380 4,627
Treasury bills)
24,499 31,209 27,804 13,238
Loans and discounts
Other assets
16,591 14,268 12,291
3,520
196,893
198,643
192,643
201,430
Other
assets
« 50,795 55,123 54,861 124,203
Note circulation
Note circulation—Old
Deposits of Trading Banks:
931
(9)
287,510 279,010 273,110 284,084
New
Special
58,566 58,686 57,020 42,939
30,973 34,632 26,904 22,602
Deposits—Old
Other
70,241
9
()
158,543 158,976 164,849 127,416
New
2,368
Other liabilities and capital
1,797
9,463
2,811
Other liabilities and capital
9,837 12,806
8,775
11,702
National Bank of Belgium
National Bank of Denmark
(millions of francs):
(millions of kroner):
26,577 25,896 25,348 27,792
Gold
Gold
12,281 13,378 12,515 10,516
Foreign exchange
71
70
71
71
8
544
2,214
544
Foreign exchange
544
Net claim on Int'l. Fund
103
136
123
87
Contributions to Int'l. Fund and
51,021 49,791 51,026 49,253
Loans to Government
to Int'l. Bank
7,191 7,166 7,870 4,680
Other loans and discounts
65
65
65
Clearing accounts (net)
Claim against Bank of Issue... 64,597 64,597 64,597 64,597
22
3
-1
78
Loans and discounts
1,893 1,932 2,240 2,320
15
Other assets
14
17
15
77,442
75,996
79,140
77,805
Securities
95
102
Note circulation
99
72
5,637 5,241 4,485 4,567
Govt. compensation account.... 5,480 5,530 5,532 6,306
Demand deposits 4
Other assets
188
183
Blocked accounts
* 78,557 78,565 78,572 79,212
195
260
1,597
2,104 2,056 1,943
Note circulation
1,512
1,540
1,527
Other liabilities and capital
1,506
Deposits—Government
1,871
1,882
1,852
2,053
2,516
2,522
Other
CentralBank of Bolivia—Mone2,573
3,177
149
tary dept. (millions of bolivianos):
Other liabilities and capital
149
148
153
922
952
Gold at home and abroad
165 Central Bank of Ecuador
181
Foreign exchange
337
332
(thousands of sucres):
Loans and discounts
430
769
Gold
276,292 275,
Government securities
275
273,199
13
14
Foreign exchange (net)
19,393 27!
Other assets
9,451
,671
1,828
Net claim on Int'l. Fund »
Note circulation
16,881 16
16,877
185
188
Loans and discounts
204,555 199,
Deposits
198,424
230
12
Other assets
101,598 102,
Other liabilities and capital
132,024
305,894 303,
Note circulation
314,851
238,622 243,
Demand deposits
245,626 269,529
National Bank of Bulgaria *
74,205 73,
73,463 45,595
Other liabilities and capital
Central Bank of Chile (millions
National Bank of Egypt (thouof pesos):
1,157
239
sands of pounds):
Gold"
1,138 1,158
130
161
6,376
Foreign exchange (net) 3
77
6,376 6,376 6,376
Gold.
3
3
43
Foreign exchange
17,332 16,649 15,089 15,187
Net claim on Int'l. Fund
3
1,031
674
2,707
Discounts for member b a n k s . . . .
1,125 1,120
4,807 5,263 3,809
Loans and discounts
805
805
1,268
787
Loans to Government
British, Egyptian, and other
1,087
985
307,015 304, 709 302,873 307,979
1,499 1,374
Government securities
Other loans and discounts
1,205
1,860
21,869 28,632 29,435 23,370
1,249 1,239
Other assets
Other assets
4,327 4,277 4,012 3,787
135,256 132,447 132,982 133,696
Note circulation
Note circulation
847
641
790
79,290 82,563 88,831 88,354
858
Deposits—Bank
Deposits—Government
301
255
156
132,312 129,883 121,310 120,181
289
Other
Other
404
487
393
8,440 16,279 15,913 14,491
405
Other liabilities and capital
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund »
Paid-in capital—Int'l. Bank...
Loans and discounts
Government loans and securities.
Other assets
Note circulation
140,985
23,836
21,867
1,225
144,063
110,701
46,200
289,136
15O: 645
17, 100
21 867
225
129! 595
105, 907
45, 444
270, 933
526
173
867
225
294
932
212
534
170,929
54,368
21,867
1,22.
70,856
84,082
38,880
231,663
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 3
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
36,695
49,816
1,564
321
5,310
1,527
55,687
33,983
5,563
36,741
46,788
1,564
2,646
5,467
1,588
57,402
31,907
5,485
37,212
48,781
1,563
695
5,546
1,546
53,806
33,106
8,431
time
8
6
7
8
1
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
Latest month available.
Gold not reported separately beginning Dec. 31, 1946.
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
740
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Greece (billions of drachmae) :
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other 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. S e c u r i t i e s . . . .
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
1
2
3
1948
Apr.
Mar.
1947
Feb.
(Dec.
1947)1
1,458
5,685
27,464
2,832
28,331
37,433
27,769
567
Apr.
8,618
36,927
2,460
21,868
47,960
19,562
2,350
1948
Central Bank
(Figures as of last report
date of month)
Apr.
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
2
224
135
135
-407
1,642
971 1,994
-6,594
- 3 , 3 0 7 -2,898 - 2 , 7 1 2
Bank of Japan (millions of yen):
37,617 33,855 32,469 32,174
Cash and bullion
419
370
406
376
Advances to Government
786
1,372
1,653
507
Loans and discounts
27,850 26,776 24,448 21,566
Government securities
1,430
1,653
1,876
1,167
Reconversion Fin. Bk. bonds. . .
6,367 6,141 6,131 5,784
Other assets
Note circulation
(Nov.
Deposits—Government
1947)1
Other
641
802
Other liabilities
17
19
2
627 Bank of Java
760
779
1,079
82 Bank of Mexico (millions of pesos):
135
657
829
Monetary reserve 3
74
81
"Authorized" holdings of securi229
159
ties, etc
1,416
1,495
Bills and discounts
Other assets
Note circulation
Demand liabilities
27,229 27,228
27,228^
Other liabilities and capital
23,625 23,c
22,244
1,250
1,250
1,250 Netherlands Bank (millions of
2,142
3,073
guilders):
11,626
10,048 '8,062
Gold
30,805
30,704 29,937
Silver (including subsidiary coin)
2,912
2,901 2,784
Foreign bills
6,583
8,138 6,296
Loans and discounts
14,237
14,013 13,461
Govt. debt and securities
9,470 8,050
9,953
Other assets
Note circulation—Old
New
Deposits—Government
403
314
403
403
Blocked
60
133
60
43
Other
1,601
1,681
577
1,687
Other liabilities and capital
340
340
340
340
200
339
252
370 Reserve Bank of New Zealand
1,942
1,995
1,973
1,258
(thousands of pounds):
149
177
184
27
Gold
130
214
176
85
Sterling exchange reserve
382
436
393
364
Advances to State or State undertakings
Investments
Other assets
Note circulation
444
444
444
Demand deposits
11,353 11,353 11,353
Other liabilities and capital
1,028
578
828
369
257 Bank of Norway (millions of kroner):
368
13,044 12,868 12,398
Gold
Foreign assets (net)
151
125
235
Loans and discounts
3,926 3,848 4,769
Securities
18
34
23
Occupation
account (net)
3
11
Other assets
* 771
745
927
Note
circulation
4,574 4,926 5,513
Deposits—Government
294
294
280
Banks
Blocked
Other
Other
liabilities
and capital
2,646 2,646 2,646 2,646
40,587 41,113 40,312 37,580
43,233 43,759 42,958 40,226
Mar.
1947
Feb.
Apr.
525
525
523
10,351
,267 6,538
633,950 608 ,654 486,715
16
16 21,454
145,236 150 170 68,648
134,673 130 363 105,629
82,454 74 028 31,605
737,447 715 385 460,404
60,474 61 291 81,015
7,816
72,054
55,417
112,723
98,942
24,506
17,518
3,265
59,122
50,686
93,108
38,196
10,969
215,319
11,075
17,923
11,031
600
,469
674
98
,667
731
442
481
3
477
151
3,500
290
123
2,881
1,040
60
483
315
1,456
17,102
55,975
58,848
3,925
4,438
122,400
4,397
11,121
3,825
609
627
680
1,501
660
104
1,678
759
437
,458
655
148
,690
819
380
1,620
556
97
1,674
1,047
231
509
3
380
175
3,500
230
124
2,948
921
77
488
240
551
3
394
161
3,500
210
124
2,897
1,014
80
520
2
269
155
3,600
104
137
2,737
790
103
724
161
464
240
2,802 2,802 2,802
69,442 73,164 90,660
41,742 43,756 27,000
7,868 7,868 3,868
3,308 2,229
844
48,558 48,694 46,972
70,834 76,069 73,527
5,772 5,056 4,675
303
503
107
68
,094
5
,993
,967
,282
837
380
664
320
497
34
71
8,094
50
1,976
3,774
1,408
841
394
672
339
550
49
75
8,108
62
1,874
4,318
876
927
341
848
Latest month available.
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
JUNE 1948
741
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Apr.
Mar.
Feb.
Apr.
1948
Central Bank
(Figures as of last report
date of month)
Apr.
Bank of Paraguay—Monetary
Swiss National Bank (millions of
francs):
dept. (thousands of guaranies):
721
Gold
Gold.
715
721
1,870
Foreign exchange
Foreign exchange (net) 1
23,877 25,696 24,738 30,815
Loans and discounts
Net claim on Int'l. Fund
2,709 2,709 2,709
1,546
-16
Other assets
Paid-in capital—Int'l. Bank... .
-16
-16
-240
Note circulation
Loans and discounts
20,000 18,249 17,000 8,309
Other sight liabilities
Government loans and securities. 7,958 8,362 8,776 9,799
1,262
Other liabilities and capital
Other assets
1,575
642
1,140
Note and coin issue
46,218 45,686 44,049 40,685
Demand deposits
9,658 Central Bank of the Republic of
6,972 8,366 8,291
Turkey (thousands of pounds):
Other liabilities and capital
3,628 2,932 2,729 2,398
Golds
Foreign exchange and foreign
Central Reserve Bank of Peru
clearings
(thousands of soles):
Loans and discounts
Gold and foreign exchange
110,996 87,237
Securities
Net claim on Int'l. Fund *
20,496 20,491
Other assets
Contribution to Int'l. Bank....
2,356 2,480
Note circulation
Loans and discounts to banks .. .
133,101 116,237
Deposits—Gold
Loans to Government
480
608,934
699,
Other
Other assets
85,468 65,772
Other liabilities and capital
Note circulation
697,058 629,970
246,627 18Z.704
Deposits
,477 Bank of the Republic of Uruguay
108,212
Other liabilities and capital
(thousands of pesos):
Gold
Bank of Portugal (millions of
Silver
escudos):
Paid-in capital—Int'l. Bank
Gold
4,483 4,555 5,627
Advances to State and governForeign exchange (net)
10,381 10,620 11,900
ment bodies
Loans and discounts
395
399
446
Other loans and discounts
1,280
Advances to Government
1,280
1,301
Other assets
Other assets.
519
492
523
Note circulation
Note circulation
8,436 8,358 8,368
Deposits—Government
1,314
1,474
Demand deposits—Government
3,072
Other
6,382 6,597 7,466
Other
Other liabilities and capital
930
911
Other liabilities and capital....
892
National Bank of Rumania 2
South African Reserve Bank
(thousands
of pounds):
Gold3
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
109,541 107
75,063 74,
86,287 86,
7,474 15,
63,844 63.
207,632 213,
6,889 6,
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 4
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
110,137
62,344
87,055
14,035
62,820
203,912
6,839
196,142
8,788
4,505
13,601
63,241
153,955
5,839
1,215
1,214
500
522
15,908 15,931
10,476 8,041
3,448 3,012
25,781 22,482
1,102
2,801
3,898 2,883
766
554
213
205
213
308
223
373
478
384
,977
111
361
,791
634
172
269
2,716
141
355
2,730
632
103
268
2,867
111
364
2,736
633
297
272
2,087
106
567
2,608
526
137
351
Central Bank of Venezuela (thousands of bolivares):
Gold ^
Foreign exchange (net)
Other assets
Note circulation—Central Bank.
National banks.
Deposits
Other liabilities and capital
5,662
86
329
95
4,179
1,329
663
Mar.
5,625
67
235
104
4,185
1,148
698
1947
Feb.
Apr.
5,624
101
185
82
4,166
1,123
703
5,039
147
72
91
3,918
1,185
246
470,296 478,550 477,961 632,096
184,501
594,412
184,326
19,340
879,530
153,021
205,307
215.017
,766 228,291 294,249
,520 595,790 560,065
181,177
559
953
24,030
346 873,306 986,157
802 181,347
280,705 299,322
646 221^940 224,792
(Jan.)
287,803 294,043
12,628 13,064
318
314
54,737 27,721
183,113 133,315
261,358 385,342
237,099 218,805
64,224 43,188
267, 290 250,758
231 339 341,052
643,347 684,054 603,077 617,912
136,620 63,973 86,089 40,133
75,192 75,653 83,639 58,250
632,557 617,532 594, 270 491,791
3,852 6,350
3,574 3,713
165,664 145,978 145,091 181,124
53,363 56,457 29,593 37,029
National Bank 2of the Kingdom
of Yugoslavia
Bank for8 International Settlements (thousands of Swiss gold
francs):
Gold in bars
120,673 122,429 108,020 81,725
Cash on hand and on current
account with banks
14,650
40,781 42,637 20,8
Sight funds at interest
496
251
497
250
Rediscountable bills and acceptances (at cost)
30,006 23,846 25,288 26,781
Time funds at interest
7,695 15,913 17,662 10,170
Sundry bills and investments. . . 70,431 58,414 59,406 73,016
Funds invested in Germany . . . !91,160 291,160 291,160 291,160
Other assets
1,161
1,164
256 2,534
Demand deposits (gold)
17,592 17,650 17,650 18,107
Short-term deposits (various
currencies):
Central banks for own account
57,783 48,463 17,139 6,699
Other
8,970 9,452 1,414
5,918
Long-term deposits: Special accounts
228,909 228,909 228,909 228,909
Other liabilities and capital
252,205 251,819 249,761 245,405
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February3 1941), see BULLETIN for March 1942, p. 282.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
Includes small amount of non-Government bonds.
5
Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
6
Latest month available.
7
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern*
ment.8
See BULLETIN for December 1936, p. 1025.
742
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31.
1937
May 10, 1938..
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939..
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 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.
4
3
2X
3
2X
2X
&3
Central
bank of—
Rate
May
31
Date
effective
Belgium.
Bolivia .
Mar.
Mar.
Aug.
Aug
Nov.
21,
1
3,
27,
8,
1940
1936
1945
1947
1940
Ireland.. .
Italy
Japan... .
Java
Latvia. . . .
Nov. 23, 1943
2;
Sept. 6, 1947
3.29 Apr. 7, 1936
Jan. 14, 1937
3
Feb. 17, 1940
5
Bulgaria
Canada
Chile
Colombia
Costa Rics
Czechoslovakia
Aug
Feb
Dec
July
Apr.
Oct
14
8,
16,
18
1,
28,
1946
1944
1936
1933
1939
1945
Lithuania, .
Mexico... .
Netherlands
NewZealand.
Norway
Pei u
July 15,
June 4,
June 27,
July 26,
Jan. 9,
Nov. 13,
1939
1942
1941
1941
1946
1947
15,
8,
15,
1,
6,
1946
1943
1946
1935
1948
Portugal. . . .
Rumania. . .
South Africa.
Spain
Sweden
12.
25,
2,
27,
9,
1944
1948
1941
1947
1945
9, 1947
Switzerland.
Turkey
United Kingdom
U.S.S.R.. .
Yugoslavia.
V2 Jan
June
Oct.
Oct.
7M Feb.
7
4
41/2
Es
Finland
"iH
Date
effective
Albania..:
Argentina.
Austria
Denmark
Ecuador
El Salvadoi.
"3X
Oct.
France
Germany
Greece
Hungary
India
&3
In effect May 31,
1948
Rate
May
31
Central
bank of -
United
SwitBel- NethKing- France Ger- gium
er- Swe- zerdom
lands den land
Apr.
Aug.
Nov.
Nov.
9,
16,
1.
28,
1940
1946
1947
1935
2H
3
*X
2X
Jan.
Mar.
June
Oct.
Feb.
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes since Apr. 30: None.
3X
OPEN-MARKET RATES
[Per cent per annum]
Canada
Year and
Month
1932 -Mar
1933—Mai
1934—Ma
1935—Mai
1936—Mai
1937—Mai
1938—Mai
1939—Mai
1940—Mai
1941—Mai
1942—Mai
1943—Mai
1944—Ma
1945—Mai
1946—Ma
1947—Mai
1947—Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec.
1948
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1.00
.81
.52
.66
.75
.61
.55
.50
.39
.37
.36
.40
2.59
.62
.95
.57
.56
.55
.53
.63
1.03
1.03
1.03
1.03
1.03
1.03
.53
53
2.28
.46
.84
.50
.52
.51
.50
.70
1.02
1.01
1.00
1.00
1.00
1.00
.51
51
2.40
.64
.88
.72
.75
.75
.75
.75
.99
1.00
1.03
.90
1.13
1.00
.63
63
.•
. ...
Tan
Feb
Mar
France
United Kingdom
41
53
51
63
41
.41
41
.41
.41
41
41
.41
53
.53
.53
.53
.53
.53
.53
.53
51
51
.51
.51
.51
.51
.51
.51
63
63
63
63
63
63
.63
.63
41
.41
.41
54
.56
.56
51
.50
.51
.63
.63
.63
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills
3 months
Day-today
money
3-\Xl
A
%
Y22
Y2
Y
X
2
Yy*
\/
i/
X
X
y2
X
X
XA
A
X
A
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
5-7
1 50
1.50
1.50
1.50
2.26
1.00
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
3 34-5 X
2X-$
2X-*X
3.04
2.29
1.38
1.62
1.75
1.59
1.58
1.65
1.60
1.34
1.41
2^-5
23^-5
2y2s
2H-5
3-5
3xA-5y2
'""i!6s"* '
i! 66
1.65
1.19
1.41
1 46
1.45
1.51
1.46
1.44
1 .64
2.12
2.04
1 59
1 .45
1 46
1.52
1.30
1 .08
1 11
1 08
1.13
,75
.95
74
.53
2 02
2.00
1 28
1.38
1.45
.57
.78
.99
.95
,93
.86
1 09
1 00
3-5 X
3-53^
3-5 X
2^-5
2K-4K
2 V«i-4 V£
2X-4X
2X-$X
2X-4X
2X-*X
2X-4X
2\ti-WA
1.25
1 25
1 25
1.25
1.25
1.25
1.38
1 38
1.38
1.50
1.50
1.50
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.
JUNE 1948
743
COMMERCIAL BANKS
Assets
United K i n g d o m *
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and
short
notice
Bills dis- Treasury
deposit 2
counted receipts
Liabilities
Loans to
Securities customers
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
366
390
422
500
536
499
141
142
151
199
252
432
171
198
133
147
369
610
758
896
,307
,667
,523
,560
999
,120
,154
,165
,234
,427
823
794
761
772
827
994
324
325
349
347
374
505
3,329
3,629
4,032
4,545
4,850
5,685
2,168
2,429
2,712
3,045
3,262
3,823
,161
,200
,319
,500
,588
,862
253
236
245
250
265
342
1947—April
May
June
July
August . . .
September
October...
November.
December.
476
460
464
475
479
465
468
488
502
435
430
451
442
455
472
466
476
480
709
659
672
699
724
758
825
799
793
,346
,350
,330
,283
,248
,193
,147
,196
,288
,461
,470
,479
,488
,492
,493
,500
,500
,483
1,064
1,099
1,131
1,139
1,154
1,155
1,185
1,205
1,219
470
489
518
504
473
476
487
492
567
5,583
5,571
5,658
5,644
5,628
5,615
5,690
5,767
5,935
3,628
3,593
3,667
3,668
3,663
3,653
3,713
3,781
3,962
,956
,978
,992
,975
,965
,962
,977
,986
,972
376
386
386
386
396
397
387
389
396
1948—January. .
February .
March
476
465
472
460
442
468
800
713
804
1,217
1,157
1,153
,480
,485
,486
1,231
1,280
1,308
513
500
507
5,776
5,642
5,794
3,821
3,700
3,686
1,955
1,942
2,108
401
400
404
Liabilities
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
C
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
356
387
471
550
694
753
32
31
48
92
251
136
1,169
1,168
1,156
1,211
1,274
1,507
168
231
250
214
227
132
1,759
2,293
2,940
3,611
4,038
4,232
653
657
744
782
869
1,039
71
60
42
34
26
21
3,105
3,657
4,395
5,137
5,941
6,252
1,436
1,984
2,447
2,714
3,076
2,783
1,669
1,673
1,948
2,423
2,865
3,469
962
,049
,172
,289
,386
,525
1947—April
May
June
July
August ."..
September
October...
November.
December.
719
631
637
645
670
663
702
695
731
97
81
106
99
82
83
93
92
105
1,628
1,664
1,709
1,761
1,805
2,027
1,931
2,065
1,999
142
113
126
119
116
113
102
107
106
4,349
4,162
4,131
4,110
4,109
3,963
3,882
3,850
3,874
1,035
998
1,041
1,036
1,014
933
1,156
1,051
1,159
21
20
20
20
19
19
19
18
18
6,356
6,066
6,152
6,170
6,186
6,193
6,283
6,279
6,412
2,719
2,383
2,508
2,481
2,412
2,387
2,531
2,569
2,671
3,637
3,682
3,644
3,690
3,774
3,806
3,753
3,710
3,740
,594
,563
,578
,580
,591
,570
,563
,562
,544
1948—January. . .
February .
March... .
698
679
698
77
70
65
1,953
1,933
1,922
97
108
106
3,972
3,968
4,036
1,029
1,017
1,123
18
18
18
6,281
6,227
6,399
2,457
2,346
2,472
3,824
3,881
3,927
1,526
1,531
1,532
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Liabilities
Cash
reserves
Due from
banks
1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
6,589
7,810
8,548
10,365
14,602
17,943
3,476
3,458
4,095
4,948
13,804
18,919
61,897
73,917
90,897
99,782
155,025
195,177
8,265
10,625
14,191
18,653
36,166
64,933
1947—March
April
May
June
July
August
September
October
November
December
19,471
18,578
17,516
27,316
21,428
21,585
20,950
19,696
21,597
22,551
20,677
20,877
20,684
20,419
20,388
19,464
20,451
19,018
20,691
19,410
203,451
202,425
209,977
196,762
208,792
210,551
209,323
211,760
205,314
219,374
1948—January
February
31,004
29,111
28,345
30,800
230,986
250,402
Bills discounted
Loans
Deposits
Other
assets
Own
acceptances
Other
liabilities
and
capital
Total
Demand
Time
2,040
2,622
2,935
2,190
7,360
23,392
76,656
91,549
112,732
128,758
213,908
291,894
75,744
91,225
111,191
126,578
211,871
290,004
912
324
1,541
2,180
2,037
1,890
413
462
428
557
2,898
15,694
5,199
6,422
7,506
6,623
10,151
12,777
66,744
69,670
68,656
73,569
79,789
80,220
85,712
86,269
92,010
86,344
20,724
21,081
22,377
22,866
24,928
29,200
31,391
32,338
33,482
37,291
305,583
306,356
311,244
312,289
324,665
326,393
331,219
330,949
333,858
342,166
303,742
303,857
308,256
309,137
321,678
323,415
328,438
327,997
331,059
338,710
1,841
2,499
2,988
3,152
2,987
2,978
2,781
2,952
2,799
3,457
16,380
16,772
17,606
17,679
18,589
21,932
23,149
23,304
23,632
25,175
9,103
9,503
10,360
10,964
12,072
12,695
13,459
14,830
15,603
17,628
100,960
98,196
28,604
29,248
384,403
401,930
379,194
396,683
5,210
5,247
25,218
25,123
10,278
10,704
c
1
Corrected.
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
744
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
(peso)
Special
Official
Export
Australia
(pound)
Official
In cents per unit of foreign currency]
Brazil
(cruzeiro1)
Canada
(dollar)
Belgium
(franc)
Official
2.2860
2.2829
2.2817
6.0575 5.0705 90.909
6.0584 5.1427 90.909
6.0586 5.1280 90.909
6.0594 5.1469 90.909
6.0602 5.1802 90.909
6.0602
(*) 95.198
5.4403
100.000
Free
1941
1942
1943
1944
1945
1946
1947
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
24.732
25.125
25.125
25.125
25.125
322.80 321.27
322.80 2 321.50
322.80 321.5O
322.80
322.80 3321.17
321.34
321.00
1947—June
July
August
September.
October. . .
November.
December.
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
320.90
320.90
320.92
321.12
321.19
321.15
321.21
2832
2818
2.2821
2.2833
2.2830
2.2812
2.2789
1948—January...
February. .
March
April
May
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
321.16
321.20
321.21
321.23
321.21
2
Free
Official
Free
87.345
88.379
89.978
89.853
90.485
93.288
91.999
2
5.1664
4406
4406
5.4406
100.000
100.000
100.000
100.000
100.000
100.000
100.000
91.592
91.652
91.998
90.362
89.989
89.589
88.359
2.2784
2.2789
2.2793
2.2796
2.2798
5.4406
5.4406
5.4406
5.4406
5.4406
100.000
100.000
100.000
100.000
100.000
90.455
89.062
89.280
90.633
92.273
Colom- Czecho- Denbia
slovakia mark
(peso) (koruna) (krone)
Finland
(markka)
France
(franc)
Hong
Kong
(dollar)
India
(rupee)
Italy
(lira)
1941.
1942.
1943.
1944.
1945.
1946.
1947.
57.004
57.052
57.265
57.272
57.014
57.020
57.001
2.0101
5.0703
1947—June
July
August
September. . .
October
November. . .
December....
56.980
56.980
56.980
56.980
56.980
56.980
56.980
1948—January..
February.
March....
April
May
56.991
57.010
57.010
57.010
57.010
Year or month
Year or month
New
Zealand
(pound)
1941
1942
1943
1944
1945
1946
1947
322.54
322.78
324.20
324.42
323.46
322.63
322.29
1947—June
July
August
September
October
November
December
322.18
322.18
322.20
322.41
322.48
322.44
322.50
1948—January
February
March
April
May
322.45
322.49
322.50
322.51
322.49
2
Free
4.0000
Mexico
(peso)
2
5.313
Netherlands
(guilder)
20.538
20,569
20.577
20.581
20.581
20.581
20.577
37.933
37.813
37.760
20.876
20.864
n.9711
.8409
.8407
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.865
20.862
20.862
20.861
20.861
20.863
20.860
.8407
.8407
.8405
.8407
.8407
.8404
.8403
30.163
30.171
30.171
30.167
30.169
30.176
30.177
20.576
20.575
20.582
20.578
20.576
20.576
20.575
37.751
37.760
37.753
37.751
37.762
37.768
37.699
0060
0060
0060
0060
2.0060
20.860
20.860
20.860
20.860
20.860
5
.8400
.4671 6 .3270
.4671
.3270
.4671
.3277
.4671
.3272
30.172
30.168
30.168
30.169
30.169
20.576
20.575
20.575
20.578
20.574
37.654
37.714
37.750
37.765
37.755
2
24.592
3
South
Norway PortuSpain
gal
Africa
(krone) (escudo) (pound) (peseta)
2
Official
Export
2
China
(yuan
Shanghai)
30.137
30.122
30.122
30.122
30.122
30.155
30.164
2.0060
2.0060
2
5.4406
5.4406
5.4406
Official
Chile
(peso)
2
9.130
Straits
Settlements
(dollar)
Sweden
(krona)
47.133
46.919
23.829
Switzerland
(franc)
2
2
.4434
United
Kingdom
(pound)
Official
Free
403.50 403.18
403.50 403.50
403.50 2 403.50
403.50
2
403.50 3 403'. 02
2
25.859 2 23.363
403.28
27.824 23.363
402.86
Uruguay
(peso)
Noncontrolled
43.380
52.723
52.855
53.506
55.159
56.280
56.239
4.0501
4.0273
398.00
398.00
398.00
398.00
399.05
400.50
400.74
20.160
20.160
20.159
20.158
20.159
20.159
20.159
4.0275
4.0161
4.0257
4.0203
4.0240
3.9985
4.0088
400.75
400.75
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
9.132
9.132
27.826
27.827
27.826
27.822
27.823
27.825
27.826
23.363
23.363
23.363
23.363
23.363
23.363
23.363
402.72
402.71
402.73
403.00
403.10
403.05
403.13
56.262
56.259
56.203
56.204
56.204
56.204
56.204
20.159
20.160
20.160
20.160
20.160
4.0043
3.9700
3.9856
3.9966
4 0334
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
27.825
27.826
27.826
27.826
27.825
23.363
23.363
23.363
23.363
23.363
403.07
403.11
403.13
403.15
403.12
56.198
56.180
56.180
56.180
56.180
20.176
20.160
2
4.0023
2
9.132
9.132
2
23.210
1
2
3
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
* The rate quoted after July 22, 1946. is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July
1-19 is 5.1902, and for Jan. 1-July 19, 5.1860,
while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
f
6
Based on quotations through Jan. 23.
Based on quotations beginning Feb. 10.
NOTE.—For back figures see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947
p. 933; February 1944, p. 209; and February 1943, p. 201,
JUNE 1948
745
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
Mexico
(1929 =
100)
United
Kingdom
(1930 =
100)
France
(1938 =
100)
Italy
(1938 =
100)i
Netherlands
(July 1938June 1939
= 100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
132
150
2 126
144
90
87
91
108
102
105
131
150
157
160
164
181
251
271
2 96
100
102
114
111
115
146
172
189
196
196
194
186
199
90
90
96
111
107
111
143
184
210
218
223
221
215
224
Japan
(1933 =
100)
1926
100
100
2 124
106
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
75
80
81
86
79
77
79
87
99
103
104
106
121
152
72
72
75
85
79
75
83
90
96
100
103
104
109
129
95
95
101
119
126
127
128
136
148
182
227
247
286
302
88
89
94
109
101
103
137
153
159
163
166
169
175
192
58
52
63
89
100
105
139
171
201
234
265
375
648
989
5^161
99
103
110
133
140
155
173
183
197
209
233
308
1,599
5,103
1947—May
June
July
August
September
October
November
December
147
148
151
154
157
159
160
163
'126
128
129
131
134
139
143
144
299
297
293
292
298
304
306
303
189
190
193
194
195
199
203
204
946
904
888
L.004
L.096
L.129
1,211
1,217
5,203
5,329
5,779
5,889
6,202
6,010
5,647
5,544
3,323
3,456
4,871
6,503
6,960
7,833
8,599
8,863
268
270
272
271
272
274
277
280
198
199
199
199
202
203
204
205
221
222
223
223
224
230
232
232
1948—January
February
March
April
166
161
161
163
147
147
147
149
302
304
303
303
212
217
217
219
1,463
1,537
1,535
p 1,555
P5,391
9,144
9,288
279
279
279
207
208
234
234
2?5
P234
65
72
80
94
100
104
121
136
153
P5.343
P5.318
r
p1 Preliminary.
Revised.
The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1934-1942 are derived from
old index.
2
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926 = 100)
Year or month
United Kingdom
(1930= 100)
Canada
(1926 = 100)
Other
Farm
commod- products
ities
Raw and Fully and
partly
chiefly
manu- . manufactured factured
goods
goods
Netherlands
(July 1938-June 1939 = 100)
Industrial
products
'131
73
73
74
81
78
75
82
89
92
93
94
94
99
117
85
87
92
102
97
97
133
146
158
160
158
158
158
165
90
90
96
112
104
106
138
156
160
164
170
175
184
207
103
121
140
157
157
159
172
200
214
112
163
177
175
174
179
193
282
328
104
126
148
154
159
163
184
261
276
128
'130
131
133
134
139
143
145
116
116
117
123
128
131
132
165
166
168
167
165
167
171
172
203
203
207
209
213
218
221
222
206
205
207
204
205
213
227
236
321
323
337
338
339
339
341
342
275
277
276
276
277
277
279
279
148
147
147
150
137
137
137
137
174
181
181
182
235
237
239
241
235
233
232
340
340
339
279
280
280
Foods
1926
100
100
100
100
100
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
65
79
81
86
69
65
68
82
106
123
123
128
149
181
71
84
82
86
74
70
71
83
100
107
105
106
131
169
78
78
80
85
82
81
83
89
96
97
99
100
110
135
59
64
69
87
74
64
68
73
85
98
107
112
118
126
64
66
71
84
73
67
75
82
90
99
104
106
1947—May
June
July
August
September
October
November
December
176
178
181
182
186
190
188
197
160
162
167
172
179
178
178
178
132
131
133
136
138
140
142
146
125
125
126
126
127
129
133
137
1948—January
February
March
April
199
185
186
187
180
172
174
177
148
148
148
149
141
139
138
141
Foods
Industrial raw
products
Industrial
finished
products
Foods
Farm
products
•• Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
746
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or
month
COST OF LIVING
[Index numbersj
United
United
CanKingNetherFrance
States
ada
dom
lands
(1935-39 (1935-39 (June 17 =(1938
(1911-13
100)
= 100)
= 100)
1947
= 100)
= 100)i
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
101
105
98
95
97
106
124
138
136
139
160
194
98
103
104
101
106
116
127
131
131
133
140
160
130
139
141
141
164
168
161
166
168
170
169
'101
100
108
129
149
174
224
275
377
645
1.043
July
August....
September
October. . .
November.
December.
188
191
193
197
204
202
203
207
155
158
160
161
165
171
174
179
162
1161
1101
99
100
101
103
103
1948-January...
February..
March....
April
210
205
202
208
182
186
186
187
104
108
109
1947-May
June
V
Switzerland
(June
1914
= 100)
United
United
CanKing- France Netherlands
States
ada
dom
(1935-39 (1935-39 (June 17 =(1938
100) (1911-13
= 100)
= 100)
1947
= 100)
= 100)i
Year or
month
Switzerland
(June
1914
= 100)
120
130
130
132
146
175
200
211
215
215
210
222
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 .
1946
1947
99
103
101
99
100
105
117
124
126
128
139
159
98
101
102
102
106
112
117
118
119
119
124
136
147
154
156
158
184
199
200
199
201
203
204
MOl
108
129
150
175
224
285
393
645
1.030
883
941
974
1,089
1,187
1,309
1,378
1,393
220
222
221
222
222
229
230
230
1947-May.
July
August
September
October. . .
November.
December.
156
157
158
160
164
164
165
167
133
135
136
137
139
142
144
146
203
1203
UOl
100
101
101
103
104
886
935
965
L,068
1,157
L.268
1,336
1,354
216
217
217
218
218
223
223
223
1,437
L ,541
,518
.524
230
230
229
P229
1948-January...
February..
March....
April
169
168
167
169
148
150
151
152
104
106
106
P108
1,414
1,519
L,499
V 1,499
224
224
223
P223
120
127
130
130
150
177
191
198
June
U32
137
139
140
154
175
187
195
ioo
130
137
137
138
151
174
193
203
208
209
208
217
P Preliminary.
i The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947 = 100 is
also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
2
1947, p. 255.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
3
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stock:s
Bonds
Year or month
Number of issues. . .
United
States i
(derived
price)
15
Canada 2
(1935-39
= 100)
(2)
United
Kingdom
(December
1921=100)
87
France
(1938=
100)
Netherlands «
50
13
113 8
115.9
117 8
118 3
120.3
120 9
122.1
123 4
121.5
98.2
95.1
99 4
100.7
102.6
103.0
105.2
117.2
118.5
112 3
118.3
123 8
127 3
127.8
127 5
128.3
132 1
130.8
114 2
7114.2
8
143 4
146.4
146.6
150 5
152.1
144 6
132.0
1947—May
June
July. . . .
August
September. . .
October
November. . .
December
122.9
122.8
122 5
122.3
121.5
120.0
118.8
117.0
118.2
118.6
119.3
119.2
119.0
118.8
118.5
117.9
132.9
132.1
131 1
126.4
126.4
128.0
128.2
130.1
136.9
135.4
131.1
128.6
125.2
122.0
121.4
122.2
1948—January
February. . . .
March
April
117.4
117.5
118.0
118.6
108.6
108.6
103.4
103.6
130.5
130.6
130.0
129.1
118.9
119.1
119.0
P119.1
1939
1940
1941
1942
1943
1944
1945
1946
1947
United
States
(1935-39
= 100)
Canada 4
(1935-39
=100)
100.
8
United
France
Kingdom (December
(1926= 100) 1938= 100)
Netherlands 6
(1938= 100)
278
*295
77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
112
M40
8
308
479
540
551
694
875
1 .149
155 9
202.7
115.2
119.1
126 0
124.5
123.1
125.1
123.6
122.4
104.4
105.3
107.4
105.5
104.1
105.5
107.3
106.2
97.9
97.5
98.2
92.2
88.7
89.3
90.2
92.6
,003
,124
,135
L ,265
[,298
L.245
1,294
1,211
203.0
201.4
203.4
206.5
218.7
225.1
212.9
215.3
120.1
114.2
116.4
124.6
107.5
102.2
101.5
109.1
93.9
91.1
90.2
93.2
402
109 0
105.6
94 2
88.1
80 0
69 4
91.9
99 8
121.5
139 9
123.0
104.6
105.0
105 3
106.3
106.6
105.9
104.0
103.7
1,301
1,229
939
Pi,190
37
P225.4
P239.8
P Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter on the capitalized yield as calculated on the 15th of every month.
3
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 perpetual government, 2 government^ municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond for each group. The average yield in the base period (January-March 1937) was 3.39 per cent.
"This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
£
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 Generale," September-November 1946, p. 424.
8
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.
'Average based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p,373; June 1935, p. 394; and February 1932, p. 121.
JUNE 1948
747
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON, Assistant
to the Board
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
CHESTER MORRILL, Special Adviser
to the Board
WINFIELD W. RIEFLER, Assistant
to the Chairman
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
DIVISION OF EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
BONNAR BROWN, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director
FEDERAL
ADVISORY COUNCIL
LAWRENCE CLAYTON
CHAS. E. SPENCER, JR.,
First Vice President
BOSTON DISTRICT
ERNEST G. DRAPER
W. RANDOLPH BURGESS, N E W YORK DISTRICT
MARRINER S. ECCLES
R. M. EVANS
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
R. R. GILBERT
JOHN H . MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. G. LEEDY
M . S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H . WILLIAMS
Second Vice President
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
President
CHICAGO DISTRICT
JAMES H. PENICK,
ST. LOUIS DISTRICT
HENRY E. AT WOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
WATROUS H. IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T. BRUCE ROBB, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
Account
748
HERBERT V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMErsJ, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Laurence F. Whittemore
William Willett
Robert B. Harvey2
E. G. Hult
E. 0. Latham
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin 3
A. H. Laning
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Philadelphia....
Warren F. Whittier
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
W. G. Wysor
Charles P. McCormick
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
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
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black2
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
Kansas City. . . 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
Vice Presiuenis
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
C. E. Earhart
H. N. Mangels
Albert C. Agnew
W. N. Ambrose
D. L. Davis
J. M. Leisner3
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
P. M. Poorman3
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sillier
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
C. E. Sandy*
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
C. M. Rowland
Mac C. Smyth
W. L. Partner
C. R. Shaw
H. F. Slade
W. F. Volberg
O. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
1
Also Federal Reserve Agent.
JUNE 1948
Federal Reserve
Bank of
Chief Officer
1
Cashier.
Branch
Minneapolis.... Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
s
Chief Officer
Also Cashier.
4
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
749
FEDERAL RESERVE PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the
Federal Reserve System.
BOOKS
DIGEST OF RULINGS to October 1, 1937. Digests of
Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
DEBITS AND CLEARINGS STATISTICS, THEIR BACK-
GROUND AND INTERPRETATION. October 1947. 50
banking, monetary, and other financial developpages. 25 cents per copy; in quantities of 10 or
ments. November 1943. 979 pages. $1.50 per
more copies for single shipment, 15 cents each.
copy. No charge for individual sections (unREGULATIONS OF THE BOARD OF GOVERNORS OF THE
bound).
PROVISIONS OF STATE LAWS RELATING TO BANK R E -
SERVES as of December 31, 1944. 1945. 30 pages.
FEDERAL RESERVE SYSTEM.
Individual regulations
with amendments.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying reports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RWLES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
PERIODICAL RELEASES
WEEKLY
CONDITION OF THE FEDERAL RESERVE BANKS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
CONDITION OF WEEKLY REPORTING MEMBER BANKS
IN LEADING CITIES
DEPARTMENT STORE SALES, BY CITIES
WEEKLY DEPARTMENT STORE SALES
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY REVIEW OF PERIODICALS
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
750
SEMIMONTHLY
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
BANKS
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
MONTHLY
FEDERAL RESERVE BULLETIN.
PUBLICATIONS
STATE BANK MEMBERS AND NONMEMBER BANKS THAT
Subscription price in
MAINTAIN CLEARING ACCOUNTS WITH FEDERAL
RESERVE BANKS (Also annual list)
the United States and its possessions, Bolivia,
Canada, Chile, Colombia, Costa Rica, Cuba, DoSEMIANNUAL
minican Republic, Ecuador, Guatemala, Haiti,
Republic of Honduras, Mexico, Newfoundland ALL BANKS IN THE UNITED STATES AND POSSESSIONS
(including Laborador), Nicaragua, Panama, Par—PRINCIPAL ASSETS AND LIABILITIES
aguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy;
ANNUAL
elsewhere, $2.60 per annum or 25 cents per copy.
Group subscriptions in the United States for 10 ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM
or more copies to one address, 15 cents per copy
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXper month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
CEPT INTERBANK ACCOUNTS
RATES, AND BUSINESS. $9.00 per annum, or $1.00
per copy. In quantities of 10 or more copies of
a particular issue for single shipment, 75 cents
each.
ASSETS AND LIABILITIES OF A L L BANKS IN THE
IRREGULAR
ASSETS AND LIABILITIES OF MEMBER BANKS (Con-
densed)
MEMBER BANK CALL REPORT (Detailed)
UNITED STATES AND RELATED DEPOSIT AND CURRENCY ITEMS
REPRINTS
BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX-
(From Federal Reserve Bulletin except as othcrzvise indicated)
CEPT INTERBANK ACCOUNTS
MEMBER BANK STATISTICS.
BUSINESS INDEXES
CONSUMER CREDIT
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
INSTALMENT
CREDITS
OF INDUSTRIAL
BANKS
CONSUMER
INSTALMENT
CREDITS
OF INDUSTRIAL
LOAN COMPANIES
CONSUMER INSTALMENT LOANS
DEPARTMENT STORE CREDIT
DEPARTMENT STORE SALES (Indexes and Compari-
sons with Previous Year)
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS
DEPARTMENT STORE STOCKS
FOREIGN EXCHANGE RATES
INTERDISTRICT SETTLEMENT FUND
NATIONAL SUMMARY OF BUSINESS CONDITIONS
OPEN-MARKET MONEY RATES IN N E W YORK CITY
RETAIL FURNITURE REPORT
RETAIL INSTALMENT CREDIT
SALES FINANCE COMPANIES
SELECTED LIST OF ADDITIONS TO THE RESEARCH
LIBRARY
JUNE 1948
28
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
IN THE UNITED STATES.
BANKS
CONSUMER
November 1935.
pages.
November
1938.
20
PROBLEMS OF BANKING AND BANK SUPERVISION.
Ex-
pages.
cerpts from the Board's 1938 Annual Report.
33 pages.
MONETARY MEASURES AND OBJECTIVES.
From Sep-
tember 1937, April 1939, and May 1939 issues
of BULLETIN.
8 pages.
T H E GOLD PROBLEM TODAY, by E. A. Goldenweiser.
January 1940. 4 pages.
T H E PAR COLLECTION SYSTEM OF THE FEDERAL R E -
SERVE BANKS, by George B. Vest. February 1940.
8 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE-
SERVE POLICY, by Arthur Hersey.
11 pages.
April 1940.
CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,
by E. A. Goldenweiser.
May 1940. 5 pages.
GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank
R. Garneld.
June 1940. 7 pages.
GOLD RESERVES OF CENTRAL BANKS AND GOVERN-
MENTS. September 1940. 18 pages.
751
FEDERAL RESERVE
MEASUREMENT OF PRODUCTION, by Woodlief Thomas
and Maxwell R. Conklin.
pages.
September 1940. 16
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.
February 1941. 2 pages.
PUBLICATIONS
MAJOR DEPARTMENTS.
by Doris P. Warner and Albert R. Koch. September 1946. 8 pages.
LIQUID ASSETS AND EXPENDITURE PLANS OF FARM
OPERATORS.
ADJUSTMENT FOR SEASONAL VARIATION, by H . C.
Barton, Jr. Description of method used by Board
in adjusting economic data for seasonal variation.
June 1941. 11 pages.
COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER
BANKS, April 16-May 15, 1942. August, September, and November 1942. 32 pages.
POSTWAR INTERNATIONAL MONETARY STABILIZATION.
June 1943. 21 pages.
August 1946. 4 pages.
ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45,
September 1946. 2 pages.
FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING
CORPORATIONS,
1945, by
Warner and Albert R. Koch.
9 pages.
ECONOMIC
CONDITIONS
Marriner S. Eccles.
INTERNATIONAL
P.
AND PUBLIC
POLICY,
by
November 1946. 6 pages.
TRANSACTIONS
OF THE UNITED
STATES IN THE FIRST POSTWAR YEAR.
1946.
Doris
October 1946.
December
14 pages.
FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION.
T H E POSTWAR FINANCIAL POSITION OF BUSINESS, by
From August 1940, September 1941, and October
1943 issues of BULLETIN with supplementary data.
October 1943. 120 pages.
Albert R. Koch and Eleanor J. Stockwell. December 1946. 10 pages.
REVISED INDEX OF DEPARTMENT STORE SALES.
June
1944. 20 pages.
Koch. March 1947. 11 pages.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
BRETTON WOODS AGREEMENTS, by E. A. Golden-
weiser and Alice Bourneuf.
21 pages.
REVISED WEEKLY
BUSINESS LOANS OF MEMBER BANKS, by Albert R.
September 1944.
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
INDEX OF DEPARTMENT
STORE
SALES. September 1944. 2 pages.
MONETARY AND CREDIT AGREEMENTS ENTERED INTO
AT BRETTON WOODS, by M. S. Szymczak.
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
March
April
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28,
DEBT BY BANKS. April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L. Grove.
1945. 7 pages.
by Mary S. Painter.
September 1945. 2 pages.
SURVEYS OF LIQUID ASSET HOLDINGS.
September
1945. 7 pages.
TERM LENDING TO BUSINESS BY COMMERCIAL BANKS
FINANCIAL DEVELOPMENTS IN MANUFACTURING AND
TRADE IN 1944, by Doris P. Warner.
1945. 6 pages.
December
April 1946. 12 pages.
Richard Youngdahl and John O. Bergelin.
1946. 25 pages.
June
A NATIONAL SURVEY OF LIQUID ASSETS. June 1946.
7 pages.
STATISTICS
FOR MEMBER
June-July 1947.
9
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith. June 1947. 17 pages.
SURVEY OF CONSUMER FINANCES—I. EXPENDITURES
FOR
DURABLE GOODS AND INVESTMENTS.
1947.
A NATIONAL SURVEY OF LIQUID ASSETS—DISTRIBU-
July 1946. 7 pages.
A NATIONAL SURVEY OF LIQUID ASSETS—PROSPECTIVE SPENDING AND SAVING AND SUMMARY OF SUR-
VEY FINDINGS. August 1946. 12 pages.
INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY
OF WEEKLY
BANKS IN LEADING CITIES.
pages.
REVISED INDEX OF DEPARTMENT STORE STOCKS, by
752
IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
REVISION
ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS.
TION ACCORDING TO INCOME.
April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
June
17 pages.
SURVEY OF CONSUMER FINANCES—II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS.
July 1947.
15 pages.
SURVEY OF CONSUMER FINANCES—III. CONSUMER
SAVING IN 1946 AND OWNERSHIP OF SELECTED
NONLIQUID ASSETS.
August 1947. 12 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
SURVEY OF CONSUMER FINANCES.
From the June,
July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL CREDIT SURVEY—1946.
From July 1947
BULLETIN with supplementary information for
nine separate trades. 40 pages. (Also, RETAIL
CREDIT SURVEY—1943, 1944, and 1945 from the
June 1944, May 1945, and June 1946 BULLETIN,
with supplementary information for separate
trades. Survey for 1947 will be available in summer of 1948.)
THE
STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
MEMBER
BANK
LOANS
Charles H . Schmidt.
TO SMALL
BUSINESS, by
August 1947. 16 pages.
BUSINESS LOANS OF MEMBER BANKS.
May, June, July, and August
From March,
1947 issues of
BULLETIN. 80 pages.
T H E BRITISH CRISIS. September 1947, 12 pages.
FINANCIAL POSITION OF MANUFACTURING AND TRADE
IN RELATION TO SIZE AND PROFITABILITY, 1946,
by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
TISTICS.
September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna.
8 pages.
September 1947.
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen.
pages.
October 1947. 13
SUMERS, July 1947. October 1947. 4 pages.
CURRENT INFLATION PROBLEM—CAUSES AND
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
December
FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by
Philip T. Allen.
JUNE 1948
FARM PRODUCTION LOANS AT COMMERCIAL BANKS,
by Herman Koenig and Tynan Smith.
ber 1947. 8 pages.
Decem-
T H E STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS, by Richard Young-
dahl. December 1947. 10 pages.
BANK LOANS TO FARMERS.
From the October and
December 1947 issues of BULLETIN.
36 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
AGAINST THE DEMAND AND T I M E DEPOSITS OF
BANKS, by Marriner S. Eccles.
10 pages.
January 1948.
T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
BANK MANAGEMENT, by Charles H . Schmidt.
April 1948. 9 pages.
STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Marriner S. Eccles on April 13,
1948. 7 pages.
WHAT ABOUT MONEY AND CREDIT?
Address by
M. S. Szymczak on May 7, 1948 at the 55th
Annual Convention of the Alabama Bankers
Association. 7 pages.
NEW
COMMERCIAL BANKING OFFICES,
1936-1947,
by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. June 1948. 2 pages.
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCIAL POSITION AND BUYING PLANS OF CONTHE
PUBLICATIONS
December 1947. 6 pages.
FINANCING, by Charles H . Schmidt. June 1948.
11 pages.
1948 SURVEY OF CONSUMER FINANCES—I. EXPENDITURES FOR DURABLE GOODS. June 1948. 15 pages.
1948 SURVEY OF CONSUMER FINANCES—II. T H E D I S TRIBUTION OF CONSUMER INCOME IN 1947. June
1948. 8 pages.
753
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
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