Full text of Federal Reserve Bulletin : March 1948
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FEDERAL
ESERY
BULLETIN
MARCH 1948
$
*********
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
The Cost of Credit and Capital
269-278
New Central Bank for United States and British Zones of Germany.
279-283
Law Department:
Substitutions in Undermargined Accounts—Amendments to Regulations T
and U
284
Reserves—Classification of Reserve Cities
284-285
Foreign Funds Control—Treasury Department Releases
285-286
Current Events and Announcements. .
287
National Summary of Business Conditions
288-289
Financial, Industrial, Commercial Statistics, U. S. (See p. 291, for list of tables)
291-346
International Financial Statistics (See p. 347, for list of tables)
347-365
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
366
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Publications
367
368-369
Map of Federal Reserve Districts.
Subscription Price of BULLETIN
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$1.50 for 12 months.
370
FEDERAL
RESERVE
BULLETIN
March 1948
VOLUME 34
NUMBER 3
THE COST OF CREDIT AND CAPITAL
Since the spring of 1946 the cost of credit
and capital has been increasing and interest
rates generally have risen from the extremely
low levels previously prevailing. The primary cause of this change has been the persistent and strong demand for funds in excess
of the supply of savings available for investment. Another basic factor has been action
by fiscal and monetary authorities to reduce
the availability of bank reserves and to increase the cost of credit.
The demands for new funds by businesses,
individuals, State and local governments,
and foreign borrowers have exceeded the
supply of savings seeking investment in these
fields, and the deficiency has been financed
by bank credit expansion. Some expansion
of new private bank credit has probably been
necessary to facilitate such increases in production as resources would permit and to
meet additional demands for cash holdings.
The increase in bank credit, however, has
been in excess of amounts needed for such
purposes and as a consequence has been a
factor in supplying borrowed funds at relatively low rates of interest and in contributing to inflationary developments.
After mid-1947, when the demands for
credit and capital funds were growing at an
accelerated rate, there was a general rise in
interest rates. Rates rose above the levels—
and away from the relationships—that had
prevailed during the 1942-1946 period when
MARCH
1948
war financing dominated the money markets. A special factor contributing to the
general rise in rates was the action taken by
the Federal Reserve System and the Treasury
to let rates on short-term Government securities rise above the levels established during
the depression and recovery years of the
thirties and maintained during the period of
heavy war financing. The object of the
recent shift in policy was to diminish further
the inducement for banks to sell short-term
Governments to the Federal Reserve in order
to make loans or to purchase longer-term
securities in the market.
Rates on money market obligations at both
short- and long-term rose almost steadily
from the late summer of 1947 through the
early weeks of 1948. High-grade corporate
obligations took the lead in the upward
movement of long-term rates. The increase
in rates on longer-term Federal securities began somewhat later and was interrupted for
a period in November and December by open
market purchases of the Federal Reserve System and the Treasury. Following a sharp
rise on December 24, these rates were again
stabilized by official action. Rates on various
forms of nonmarketable debt, such as bank
loans and real estate mortgages, and on equity
funds also exhibited firming tendencies.
It is easy to exaggerate the extent of the
rise in the cost of credit and capital if cur269
THE COST OF CREDIT AND CAPITAL
of goods and services. This has been particularly true of those industries in which
the largest construction programs are under
way, such as petroleum, railroads, and electric light and power. To paraphrase comment in a recent National City Bank letter:
It would be a good thing if the feeling of
uneasiness about the present situation should
lead to revision of some expansion programs
and
postponement of some capital expendiLONG-AND SHORT-TERM INTEREST RATES
tures. The great need is to spread out these
demands instead of trying to satisfy them all
at once.
In the case of businesses, since the spread
between the rate of return on total invested
capital and the cost of borrowed funds has
increased greatly over the past two years,
even more borrowing might have been expected. As a matter of fact, the present ratio
of borrowed to owned funds of business corporations is still as low as, or lower than, it
was before the war. Moreover, in view of the
I860
1900
large volume of refunding during recent
Latest year shown is 1947; monthly average for Januaryyears at low interest rates, fixed interest
February 1948 is indicated by circle.
Sources.—National Bureau of Economic Research, Harvard
Review of Economic Statistics, Treasury Department, and
charges have decreased considerably relative
Federal Reserve.
to the volume of business income available
In view of the large demands for funds to pay such charges.
that have actually been satisfied since the end
DEMANDS FOR FUNDS
of the war, the relative ease and cheapness
The principal factor underlying the recent
with which debt money can still be obtained,
and the physical limitations on the capacity rise in money rates has been the large into invest, there is little indication that any crease in the demands for funds by busisubstantial amount of desirable investment nesses, individuals, State and local governhas been or is being impeded. The ample ments, and foreigners. The extent of these
supply of credit and capital available at demands is reflected in the rise in the outrelatively low cost has helped to keep standing volume of selected types of credit
the total demand for goods and services ex- and capital shown in the following table.
cessively high and has contributed to the Since mid-1946 the demand for new funds
general rise in prices. Even business in- for investment, consumption on credit, and
vestment in plant and equipment, though larger money holdings has far exceeded the
resulting ultimately in added productive supply of new and old savings made availcapacity, has increased current inflationary able to meet such demands, and bank credit
pressures by competing for a limited supply has expanded greatly.
rent interest rates are compared with the
abnormally low levels of early 1946. Although most short-term rates are now back to
the rates of the early thirties and most longterm rates are back to levels prevailing immediately before the war, these earlier rates,
as shown in the accompanying chart, were
generally lower than at any previous time in
this country.
1940
270
FEDERAL RESERVE
BULLETIN
THE COST OF CREDIT AND CAPITAL
CHANGE IN THE OUTSTANDING VOLUME OF SELECTED TYPES
OF CREDIT AND CAPITAL, 1946 AND 1947
[Estimates. In billions of dollars]
Type
Increase or decrease (-) during:
Corporate bonds and notes
Corporate stocks
State and local government bonds
Urban mortgages (on 1- to 4-family homes). .
Farm mortgages
Commercial loans
Consumer credit
Net foreign investment1
1
Excludes Government and private gifts.
Sources.—Compiled in part on the basis of estimates and data
obtained from the Department of Commerce, Treasury Department, Department of Agriculture, Securities and Exchange Commission, and Home Loan Bank Board; in part estimated by Federal Reserve.
Among the most persistent in their recent
demands for new funds have been business
corporations. These corporations have required funds to finance a record dollar
volume of plant and equipment expenditures, inventory accumulation, larger cash
balances, and additional credits to customers.
The plant and equipment expenditures of
this group in 1947, for example, totaled almost 16 billion dollars, 30 per cent above
those of the previous year and over three
times the volume of corresponding expenditures in 1939. Although funds saved by these
companies out of current operations were also
at a record high level during 1947 and although the dollar volume of their liquid
assets was still high relative to prewar standards, as a group they resorted to a larger volume of outside financing in 1947 than at any
time since 1929.
The demands of individuals for additional
funds in recent years have also been high
despite larger incomes. The increase in mortgage indebtedness on 1- to 4-family residences, for example, has been estimated at
5.5 billion dollars for 1947, almost a billion
more than the 1946 growth and 5 billion
more than that for 1945. Mortgage indebtMARCH 1948
edness on this type of housing has increased
during the past two years by an amount
greater than new construction expenditures
on such housing. In addition, consumer
credit has risen sharply in spite of Federal
controls, which were in effect until November 1947. During 1947 the total volume of
consumer credit outstanding increased by
3.2 billion dollars, only 300 million dollars
less than the record growth in 1946.
Total State and local government debt
increased in 1947 for the first time since 1940,
reflecting increased expenditures on highways, schools, sewerage and water systems,
and other construction, as well as large bonus
payments to veterans. Highway expenditures, financed in part by Federal grants,
amounted to 1.2 billion dollars in 1947 as
contrasted with 700 million dollars in 1946,
while State bonus payments to veterans
totaled almost 400 million last year as compared with an insignificant amount in the
preceding year.
Finally, the demands for funds from foreign sources have increased sharply, reflecting
large and urgent requirements for goods and
services from this country. Although most
of these requirements were financed by the
liquidation of gold and short-term assets and
by United States Government loans, a part
was financed by net private long-term investments abroad. Some of the increased
private investments abroad were made by
business corporations and hence contributed
to the large demands of these corporations
for financing.
SUPPLY OF FUNDS
Another important factor in the recent
rise in the cost of money has been the decrease in that part of the supply of savings
available to meet private and State and local
government demands for funds, either di271
THE COST OF CREDIT AND CAPITAL
reetly through purchases of securities or indirectly through increased deposits, shares,
and reserves in savings institutions. Personal
savings were smaller in 1947 than in 1946.
Although corporate savings were larger last
year than in any previous year, these savings
in the aggregate were not available for outside investment outlets. Corporate savings
were invested directly in expanded plant
and equipment and working capital.
The volume of new personal savings out
of current income, although still large relative to prewar years, has been declining
almost steadily since the end of the war
because consumption expenditures have increased more rapidly than disposable incomes, that is, incomes after deducting taxes.
This rise in consumption expenditures has
reflected the increased availability of goods,
particularly durable items, and of credits
with which to purchase such goods, as well
as the expenditure of past savings. In 1947,
for example, net current personal savings
dropped to about II billion dollars, or to 6
per cent of disposable income, as compared
with nearly 15 billion in 1946, or 9 per cent of
disposable income. Wartime levels of personal savings were up to 35 billion dollars a
year, or almost 25 per cent of disposable income. Personal savings during the decade
before the war, on the other hand, never
reached 6 per cent of disposable income in
any year.
From 1946 to 1947 the amount of personal holdings seeking investment through
the primary private savings institutions, as
shown in the following table, decreased relatively more than total personal saving.
This part of new saving in 1947 was 6.5
billion dollars, or 35 per cent less than the
previous year. However, individuals probably increased their holdings of corporate
and State and local government securities
272
in 1947 by something over a billion dollars,
in contrast with practically no change in
the volume of their holdings of these securities in 1946. Nevertheless, the funds
made available in 1947 by individuals, as payments to or deposits in savings institutions
and by purchase of securities other than Federal issues, were not adequate to meet the
new investment demand for funds.
Individuals were apparently reluctant to
shift liquid assets accumulated during the
war to other forms of investment. This reluctance was presumably based primarily on
uncertainty about the future, as to the possibility both of incurring capital losses and of
needing liquid assets to meet higher living
expenses or to purchase durable goods. As
of the end of 1946, for example, the liquid
asset holdings of individuals were estimated at 157 billion dollars, almost 3l/2 times
holdings at the end of 1939. Moreover, for
some time customers' free credit balances
with stockbrokers have fluctuated only
slightly around the highest level ever reached.
Thus, not only is the volume of new individual saving available for investment decreasing, but there is a greater reluctance,
VOLUME
OF
SELECTED
TYPES
[Estimates.
OF
SAVINGS,
1946
AND
1947
In billions of dollars]
Current savings
Type
1947
1946
Corporate undistributed profits and depreciation allowances
Federal Government, excess of cash income
over outgo
14.8
11.0
5.7
0.2
Increase in selected liquid savings of individuals:
Currency and demand deposits
Time deposits
Savings and loan association shares
United States Government securities
Government insurance reserves
Private insurance reserves
Securities of corporations and State and
local governments
1.1
2.1
11
3.3
3.4
3.3
6.5
5.4
1.1
1.5
3.4
3.5
1.1
0.1
Sources.—Compiled in part on the basis of estimates and data
obtained from the Department of Commerce, Treasury Department, and Securities and Exchange Commission; in part estimated
by Federal Reserve.
FEDERAL RESERVE BULLETIN
THE COST OF CREDIT AND CAPITAL
the Treasury and the Federal Reserve System, have brought about important changes
in the level and structure of interest rates.
The initial significant postwar changes in
rates occurred during the spring and summer
of 1946 when both short- and long-term rates
reacted somewhat from the record lows
reached in the early months of the year. A
factor in this rise was the discontinuance in
April and May of the preferential discount
rate of l/2 per cent on advances to member
banks secured by Government obligations
maturing in one year or less.
Both short- and long-term interest rates
were relatively stable from August 1946 to
September 1947 despite a substantial growth
in private demands for credit and capital.
During this period the pressure of funds
seeking investment, especially bank and insurance company funds, was an important
factor in the money market. Such pressure
was so great that from April to September
1947 a further decline in rates on long-term
Government bonds, with accompanying declines in other long-term rates, was prevented
only by sales of 1.8 billion dollars of marketable Government bonds from various Treasury accounts, and by the announcement in the
late summer of a Treasury offering to savings
institutions of a new nonmarketable, redeemable, 2y2 per cent investment bond.
Continued pressure of investment funds
and a resumption of inflationary forces, resulting in part from the ready availability
and low cost of credit, led to further official
action designed to increase the cost to banks
of obtaining additional reserves. First, the
RISE IN SHORT-TERM RATES
Federal Reserve System discontinued the
These basic changes in the demand for and fixed buying rate for Treasury bills issued
supply of loanable and investment funds, on or after July 10, 1947, and subsequently
coupled with fiscal and monetary policies of rates on bills, which had been held at % per
at least as compared with previous periods
of relatively large incomes, to invest accumulated savings elsewhere than in Government bonds or in insurance and pension
funds.
The excess of the total new demand for
funds for investment, consumption on credit,
and additional money holdings over new
available savings was financed by funds obtained in part from private savings institutions that switched a portion of their existing
investments from United States Government bonds to other types of securities and
in part from commercial banks. During
1947, for example, the life insurance companies are estimated to have decreased their
holdings of United States Government securities by 1.4 billion dollars, accompanying
an increase in total admitted assets of 3.3
billion. The principal increases in life insurance company investments occurred in corporate securities—3.0 billion dollars—and
mortgages—1.4 billion.
The increase last year in commercial bank
loans and investments elsewhere than in
United States Government securities was
almost 8 billion dollars. The ready availability of bank credit at relatively low rates
has been a factor working against larger increases in money rates than those that have
actually taken place. This ready availability
of bank credit has been facilitated by the large
inflow of gold and by the ease with which
banks were able to obtain additional reserves
by selling Government securities in a market supported by the Federal Reserve System
for the purpose of maintaining order and
stability.
MARCH 1948
273
THE COST OF CREDIT AND CAPITAL
SHORT-TERM INTEREST RATES
cent since 1942, increased sharply. By late
January 1948 new issues were yielding about
one per cent. This change in monetary
policy was a move to restore the Treasury
bill as a market instrument and to induce
purchases of bills by private investors.
In July of 1947 the Treasury also took
action to permit a rise in yields on Treasury
certificates by exchanges of maturing certificates for securities with terms which gradually became more favorable for the buyer.
In the first exchange an 11-month certificate
bearing interest at 7/s per cent was offered
for a 12-month certificate bearing the same
rate and maturing on August 1. The most
recent exchange offering was a 12-month
ll/8 per cent issue offered for a 12-month
7
/8 per cent issue maturing on March 1, 1948.
Latest year shown is 1947; latest month, February 1948.
for commercial loans beginning 1939 are preliminary
Average yields at market prices on outstand- Figures
for revised series to be published in a forthcoming BULLETIN;
quarterly, not monthly, data are shown; latest figure is for
ing 9- to 12-month certificates, which had December quarter of 1947.
Sources.—Treasury Department and Federal Reserve.
been about 0.80 per cent during the period of
war financing, increased to 1.10 per cent by
RISE IN RATES ON HIGH-GRADE BONDS
late January. At recent levels, rates on shortLong-term interest rates did not advance
term Government securities are higher than substantially until September 1947. The rise
at^any time since the early thirties, as shown resulted from the cumulative effects of the
by the accompanying chart.
changes in the demand for and supply of
During the autumn of 1947, open market credit and capital, including the changes in
rates on bankers' acceptances, loans to brokers the supply price of short-term credit, disand dealers secured by Government obliga- cussed in earlier sections of this article. The
tions, and commercial paper also became general view of early 1947 that available funds
firmer. In addition, many banks increased might be excessive was being rapidly replaced
the rates charged their commercial and in- by the view that the large volume of new
non-Federal obligations might exceed the
dustrial borrowers.
Further Federal Reserve action tending supply of funds offered for investment at the
to increase interest rates was taken in Janu- low level of interest rates prevailing. An
ary 1948. Discount rates were increased from initiating factor was the action of large
1 to 1 % per cent to discourage member bank suppliers of funds, especially life insurance
borrowing, and an increase in reserve re- companies, in seeking higher yields on new
quirements against net demand deposits from corporate bond issues.
The decline in prices of high-grade cor20 to 22 per cent at central reserve city banks
in New York City and Chicago was an- porate bonds started early in September, as
is shown in the chart on the next page. It
nounced effective on February 27.
274
FEDERAL RESERVE BULLETIN
THE COST OF CREDIT AND CAPITAL
LONG-TERM INTEREST RATES
MONTHLY
PER CENT
continued to rise in 1948 and in early March
were selling above 2y2 per cent, compared
with 1% per cent in September 1947.
RISE IN OTHER LONG-TERM RATES
1950
1946
1947
1948
Latest year shown is 1947; latest month, February 1948.
Sources.—Treasury Department, Standard and Poor's Corporation, Moody's Investors Service, and Federal Reserve.
gained momentum as conspicuous price
weakness developed among recently offered
issues. In the middle of October, with uncertainty as to the future course of interest
rates and with Government credit controls
tightening, price weakness spread to Government securities. It continued until midNovember when a further decline in prices
(increase in yields) of Government bonds
was prevented by open market support by
the Federal Reserve System and the Treasury. On December 24 a new lower support
level was established for prices of Government bonds, and their yields generally rose
to the new support level.1 At that time yields
on other bonds also advanced further.
In the early part of March, when prices
of high-grade corporate bonds had shown
little further change for about two months,
their yields averaged nearly 2% per cent compared with 2l/2 per cent in early September
1947. Prices of high-grade municipal issues
1
Further details appear in "Federal Reserve Support of Gov-
ernment Securities Market," FEDERAL RESERVE BULLETIN,
January 1948, pp. 11-13.
MARCH 1948
The pressure of demand on the available
supply of investment funds has also resulted
in higher interest costs for marketable obligations that involve more risk than highgrade bonds and in higher yields for equity
securities as well. Available information on
changes in interest costs of other debt, such
as term loans of banks and insurance companies and real estate mortgages, is fragmentary, but some hardening in rates and terms
of such credit appears to have taken place.
The recent increase in yields has been general among lower-grade bonds of both corporations and State and local governments; to
some extent the changes have been similar
among bonds of like risk but representing
different types of business activity and different levels of local government. Generally
speaking, the recent increase in interest cost
on the lower-grade bonds appears to be fairly
close in amount to that for higher-grade
issues.
The cost of equity funds to corporations
also rose significantly in 1947, as shown on
the chart. Preferred stock yields, as measured by the Standard and Poor's dividendsprice ratio for high-grade issues, rose from
3% to 4 per cent during the last quarter of
the year reflecting primarily the increase in
long-term interest rates. Common stock
yields, as measured by the Standard and
Poor's dividends-price ratio for industrial
stocks, were considerably higher at the end
of 1947 than at the beginning—5l/2 per cent
as against 4% per cent—owing to the fact
that prices declined somewhat during the
year while dividends rose substantially.
275
THE COST OF CREDIT AND CAPITAL
CURRENT COST OF CREDIT AND CAPITAL
INTEREST RATES, EARLY
1948
AND EARLIER P E A K
YEARS
OF ECONOMIC ACTIVITY
The cost of credit and capital, broadly
speaking, reflects the over-all relationship
between the demand for and supply of loanable and investment funds. The current
relationship between these factors is in striking contrast to those that have prevailed in
earlier periods. During the twenties, for example, the high cost of credit and capital
reflected large demands for funds pressing on
limited savings and restricted availability of
bank credit. In the thirties, on the other
hand, the demands for funds from all sources
were low relative to the volume of savings
and available bank reserves; as a result, costs
were low. During World War II and currently demands for funds have been in excess
of savings, but bank credit has been readily
available; as a result the cost of credit and
capital has been kept low.
The current levels of long-term rates on
high-grade obligations, with the exception
of those on United States Government securities, are close to the prewar (1939) levels,
and short-term open market rates, in general,
are the highest since 1933. These current
levels, like those of the thirties, are exceptionally low compared with earlier peak years
of economic activity, such as those shown in
the table.
The current relationships between interest
rates are considerably different from those
that prevailed during the war and are much
more like the relationships that prevailed
before the war. For example, the spread between the yields of high-grade corporate
and United States Government bonds became very narrow during the war, but largely
as a result of the recent rise in corporate
yields the spread has become wider than at
any time since taxable Government bonds
were first issued in 1941. To cite another
276
[Annual averages except 1948. In per cent per annum]
1948
(Jan.Feb.)
Type of security or
obligation
1937
1929
1920
Debt Funds
Short-term:
Public:
U. S. Treasury bills
U. S. Certificates of indebtedness
Private:
Bankers acceptances
Call loans
Commercial paper
Commercial loans
Long-term:
Public:
U. S. Government bonds 3. .
Municipal bonds (highgrade)
Private:
Commercial bank term
loans
Corporate Aaa bonds
Corporate Baa bonds
Farm real estate mortgages.
.45
C1)
0)
1.10
0)
4.42
5.42
1.06
1.50
1.35
2
1 99
.43
1.00
.94
2
1.79
5.03
7.61
5.85
5.83
6.06
7.74
7.50
6.58
2.45
2.74
3.60
5.3:2
2.50
3.10
4.27
4.98
4 1.99
2.86
3.53
4
2.99
3.26
5.03
45.9
n.a.
4.73
5.90
6.4
n.a.
6.12
8.20
6.4
4.16
4.45
5.12
6.79
5.86
5.76
4.23
5.54
.99
4.6
Equity Funds
Preferred stock yields
(high-grade)
Common stock yields (industrials)
n.a.
Not available.
1
No issues outstanding.
2
Figures for 1948 (as of last quarter of 1947) and 1937 (as of
1939) are preliminary for revised series to be published fn a forth coming
BULLETIN.
3
For 1948, taxable issues; for earlier years, partially tax-exempt
issues.
4
Data for a slightly different year or period.
Sources.—Treasury Department, Standard and Poor's Corporation, Moody's Investors Service, Department of Agriculture, and
Federal Reserve.
example, the tax-exempt yields on high-grade
municipal bonds, which during the war
declined below the taxable yields on Federal
Government bonds, have recently moved
above the latter for the first time since
1942. In view of the high level of current income taxes, the rise in these taxexempt yields reflects in part the fact that
the supply of State and local government
issues has risen more than the demand from
investors to whom the tax exemption feature
is important.
Two current relationships among security
yields that still vary sharply from those of the
prewar period are the relationships between
the yields of high-grade and lower-grade corFEDERAL RESERVE BULLETIN
THE COST OF CREDIT AND CAPITAL
porate bonds, and between lower-grade corporate bonds and high-grade preferred stocks.
The spreads between these two sets of yields
narrowed greatly during the war, in part because of the increased investor confidence in
lower-grade bonds brought about by exceptionally profitable business operations. According to Moody's averages, the spread between the yields of high-grade and lowergrade corporate bonds is still much narrower
—about 70 points—than it was in 1939— 195
points—despite relatively low investor confidence in such other risk securities as corporate common stocks. During the war, highgrade preferred stocks began to yield a
greater return than lower-grade bonds. This
new relationship has continued into the present period.
Although common stock yields have fluctuated widely from year to year in the past,
they are currently above the immediate prewar yields but not much above the over-all
average level of the past three decades. This
is in decided contrast to yields on other forms
of long-term money, which have exhibited
a sharp downward trend since the twenties
and which at the end of 1947 were still considerably below the levels of most of the
thirties as well as all of the twenties.
Considerable additional equity funds, however, have recently been available to business
corporations in the form of a record volume
of undistributed profits. Corporate undistributed profits during the year 1947, for
example, totaled 10.3 billion dollars, as compared with 6.9 billion in 1946, 1.2 billion in
1939, and 2.6 billion in 1929. This increase
in undistributed profits has been the result
both of the rise in corporate profits before
dividends and the lower proportion of profits
paid out in dividends. The average ratio of
total earnings to prices of shares, accordingly,
.MARCH
1948
is higher now relative to earlier years than is
the ratio of dividends to prices.
PROSPECTS
If the high levels of demand and production generally prevailing in the past year are
maintained and particularly if prices should
rise further, it seems probable that the
forces underlying the recent rise in money
rates will continue. Businesses will still require a substantial volume of outside financing, in addition to their internal resources
represented by current and accumulated
earnings and earned depreciation allowances,
in order to finance further additions to plant
and equipment, inventories, and receivables.
Individuals will borrow more to finance the
acquisition of homes and durable goods. The
volume of new State and local government
security issues will continue large to pay for
additional construction projects and further
veterans' bonuses. Finally, the foreign demand for credit will be large in spite of
improving economic conditions in some
countries.
Savings available for investment in other
than liquid assets may decline further, or at
least cannot be expected to increase substantially. As a result, there would be a continuing demand for bank financing, and total
commercial bank loans and investments elsewhere than in Government securities would
rise further. Such an expansion in bank
credit would contribute to a resumption
of the general price rise or to the prevention of a desirable readjustment among prices.
Reserves to meet the growing demands for
credit will become available through gold imports or can readily be obtained by banks by
selling Government securities to the Reserve
Banks. In view of its responsibility for main277
THE COST OF CREDIT AND CAPITAL
taining an orderly and stable market for such
securities, the Federal Reserve System would
not be able under existing powers to limit the
ability of banks to meet all the credit demands forthcoming. Thus, in the absence
278
of additional Federal Reserve authority to
influence banking conditions, the primary
check on future bank credit expansion will
be through such voluntary restraint as may
be exercised by lenders and borrowers.
FEDERAL RESERVE BULLETIN
NEW CENTRAL BANK FOR UNITED STATES AND
BRITISH ZONES OF GERMANY
Establishment of a new central ban\, the Ban\
deutscher Laender (Ban\ of the German States),
was announced on February 15, 194S, by the
United States and British Military Governments in
Germany. The new institution, which started operations on March 1 with headquarters in Frankfurt,
is designed to coordinate the activities of the regional central ban\s which have been established in
the German States included in the United States
and British zones of occupation. Three such ban\s
in the United States zone, those of Bavaria, Wuerttemb erg-Baden, and Hesse, have been in operation
more than a year} A similar institution was established in Bremen after that area became a separate
State of the American zone in 1947, and more recently four such ban\s were created in the States of
the British zone, namely, North Rhine-Westphalia,
Lower Saxony, Schleswig-Holstein, and Hamburg.
The new Central Band's capital of 100 million
Reichsmar\s will be furnished by these State Central Ban\s, subscriptions being in proportion to the
amount of their deposits on March 1, 1948. The
presidents of the State Central Ban\s will be members of the Board of Directors of the new Ban\.
The institution is under the authority of the Allied
Ban\ Commission and its activities will be limited
for the most part to transactions with the German
Bizonal Economic Administration, with the State
Central Ban\s, and with foreign central ban\s.
The Ban\ will ran\ equally with the several departments of the Bizonal Economic Administration.
The new Ban\ will not at present issue currency
but is to acquire the power of note issue later at
the discretion of the Allied authorities. The duty imposed upon it of promoting uniformity in banking
policies in the several German States under its jurisdiction may be carried out by regulation of discount and interest rates and open market operations
of the State Central Ban\s. The Ban\ is to fix
minimum reserve requirements for these ban\s, and
is also given authority over the regulations to be
issued by the State Central Ban\s concerning the
reserve requirements of commercial ban\s. Subject
to any current legislation, the Ban\ is to regulate
foreign exchange transactions and may hold foreign
exchange for its own account or the account of
others. It may serve asfiscalagent for the German
Bizonal Economic Administration and, if requested, for the Joint Export-Import Agency, an
instrument of the United States and British Military Governments.
Following is the text of Law No. 60 of February
15 for the United States zone.
MILITARY GOVERNMENT, GERMANY—UNITED STATES AREA OF CONTROL
LAW NO. 60—-ESTABLISHMENT OF A BANK DEUTSCHER LAENDER
WHEREAS the Military Governors and Commanders-in-Chief of the United States and British Zones
have agreed to establish a Bank deutscher Laender
in order to promote in the common interest the best
use of the financial resources of the area served by
the member Land Central Banks, to strengthen the
currency and credit system and to coordinate the
activities of the said Central Banks, and
WHEREAS British Military Government is promulgating Ordinance No. 129 for the British Zone
in order to give effect to this agreement,
N O W IT IS HEREBY ORDERED AS FOLLOWS:
ARTICLE I
LEGAL STATUS AND SEAT OF THE BANK
1. A Bank deutscher Laender (hereinafter referred
1
For legislation under which these banks were established,
see Federal Reserve BULLETIN, February 1947, pp. 130-135.
MARCH
1948
to as the "Bank") is hereby established as a
juridical person under public law with its place
of business and legal seat in Frankfurt.
2. Except as otherwise provided herein, the banking
activities of the Bank shall be limited to transactions with member Land Central Banks, central
banks of other German Laender and of foreign
countries or their equivalent and the Bizonal Economic Administration.
3. Except as otherwise provided herein or by law,
the Bank shall not be subject to the instructions of
any political body or public nonjudicial agency.
4. The Bank shall not be subject to the provisions
of the Reichsgesetz ueber das Kreditwesen (German Banking Act).
5. The Bank shall not maintain any branches or
subsidiaries or affiliates.
279
NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY
ARTICLE II
RELATIONS TO ALLIED BANK COMMISSION
6. In determining the policies of the Bank, the
Board of Directors shall be subject to such directions as may be issued by the Allied Bank Commission.2
7. The Bank shall submit to the Allied Bank Commission such reports and information as the Commission may require.
ARTICLE III
FUNCTIONS AND BUSINESS ACTIVITIES
8. The Bank shall, on the direction of the appropriate Allied authorities, become the exclusive bank
of issue and, subject to such direction, may issue
and distribute bank notes and coins within the
area of its competence.
9. The Bank shall promote the solvency and liquidity of the member Land Central Banks.
10. The Bank shall establish common policies with
respect to banking and shall ensure, as far as possible, the maximum uniformity in banking policies
within the several Laender.
11. a. The Bank may issue directions for the general regulation of bank credit,, including interest and
discount rates and open market operations of the
member Land Central Banks.
b. Interest and discount rates may differ as among
the member Land Central Banks.
c. The Bank may regulate the establishment of
minimum reserve requirements for individual
banks. Such regulations shall be issued by the
member Land Central Banks.
12. The Bank shall assume and effect the entire
settlement of bank balances resulting from transfers between the Laender. This settlement of balances shall be accomplished through the accounts
of the member Land Central Banks with the Bank.
13. The Bank may engage in the following transactions with Central Banks:
a. Purchase and sell foreign exchange and gold,
silver and platinum, subject to existing legal restrictions;
b. Accept deposits;
c. Rediscount bills of exchange;
d. Grant loans against:
(1) Bills of exchange,
2
A new agency whose members are appointed by the Military
Governors of the United States and British Zones of Germany.
280
(2) Treasury bills and securities issued by
the Bizonal Economic Administration or
by any Land within the area of competence of the member Land Central Banks.
(3) Fixed-interest-bearing securities which
any member Land Central Bank has purchased on the open market.
e. Provide facilities for the safekeeping and custody of securities and valuables.
14. The Bank may:
a. Serve as fiscal agent, without charge, for the
Bizonal Economic Administration, including acceptance of deposits, purchase and sale of treasury
bills and fixed-interest-bearing securities, and provision of payment facilities and facilities for the
safekeeping and custody of valuables and securities;
b. Grant to the Bizonal Economic Administration short-term advances in anticipation of specific
revenues, which advances shall not exceed the
amount of three hundred (300) million Reichsmarks, unless the Board of Directors, by a decision of three quarters of its members, raises this
limit to five hundred (500) million Reichsmarks;
c. Purchase and sell, in the open market, treasury
bills issued by the Bizonal Economic Administration;
d. Purchase and sell, in the open market, fixedinterest-bearing securities of the Bizonal Economic
Administration.
15. a. The Bank shall give advice to the appropriate authorities with regard to foreign exchange
policy.
b. Subject to any legislation for the time being
in force, the Bank shall regulate foreign exchange
transactions and may hold foreign exchange for its
own account or the account of others for which
purpose it may maintain accounts with foreign
commercial banks.
c. Foreign exchange as used in this paragraph
shall mean means of payment and bills of exchange
expressed in foreign currencies and balances with
foreign banks.
16. The Bank, upon request, shall serve as fiscal
agent for the Joint Export-Import Agency and
equivalent agencies in other German Laender.
17. The Bank shall regulate the collection, assembly
and evaluation of monetary and banking statistics
and establish rules for their preparation by and
through the member Land Central Banks.
18. Transactions, other than those specified in
FEDERAL RESERVE BULLETIN
NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY
Sections 8 to 17 (inclusive) of this Article, may be
undertaken by the Bank for internal administrative
purposes only.
19. a. The Bank shall fix and publish interest and
discount rates for its transactions with the member
Land Central Banks.
b. The Bank shall fix minimum reserve requirements for the member Land Central Banks and
may require the deposit of such reserves with the
Bank. Such reserve requirements shall not exceed
30 percentum of the total deposits with the member
Land Central Banks.
c. The Bank shall publish the interest rates for its
transactions with the Bizonal Economic Administration.
d. The Bank shall not pay interest on deposits.
ARTICLE IV
ORGANIZATION
20. The policies of the Bank shall be determined
by the Board of Directors and executed by the
Board of Managers.
21. a. The Board of Directors shall consist of a
Chairman, the President of the Board of Managers, and the Presidents of each of the member
Land Central Banks.
b. The Board of Directors shall arrive at its
decisions by a simple majority of the votes cast,
each member having a single vote. The vote of
the Chairman shall be decisive in event of a tie.
The presence of more than one-half of all members of the Board of Directors shall be required
to constitute a quorum.
c. The Deputy of the President of the Board of
Managers shall be entitled to attend all meetings
of the Board of Directors and take part in all discussions. He shall be entitled to vote however only
when acting for and in the absence of the President of the Board of Managers.
d. The Chairman of the Board of Directors
shall be elected by a simple majority of the members of the Board, excluding the Chairman in office
and the President of the Board of Managers, who,
for this purpose, shall not vote. His term of office
shall be three (3) years. Re-election is permissible.
The Chairman shall not be, during his term of
office, a member of the Board of Directors or
Board of Managers of any member Land Central Bank.
MARCH
1948
e. The President of the Board of Managers, or
in his absence, his Deputy, shall be Vice-Chairman
of the Board of Directors.
22. a. The emoluments of the Chairman of the
Board of Directors and the members of the Board
of Managers shall be fixed by contract between the
person concerned and the Bank represented by the
Board of Directors.
b. The by-laws of the Bank shall determine the
terms of employment of its officers, employees and
workers.
23. a. The Board of Directors shall not delegate
the responsibility for the functions of the Bank
enumerated in
Article III
IV, Paragraph 22a, 24b and c
V, Paragraph 25b, 28a and b, and 29
VI, Paragraph 31a and b, and 34a
It may, however, in its discretion, and subject to
its general supervision, delegate the discharge of
these and any other functions.
b. When, in the opinion of the President of the
Board of Managers, action is necessary and delay
of action would be prejudicial to the fulfilment of
the functions of the Bank, the Chairman may act
for the Board of Directors. The Board of Directors should be convened immediately thereafter to
approve or disapprove the measures taken.
24. a. The Board of Managers shall consist of a
President, a Deputy and a number of Managers
to be fixed by the by-laws.
b. The President of the Board of Managers and
his Deputy shall be elected, and their terms of
office fixed, by the Board of Directors, excluding
the Chairman of the Board of Directors and the
President of the Board of Managers who, for this
purpose, shall not vote. The other members of the
Board of Managers shall then be appointed by the
full Board of Directors for such terms as may be
determined by the Board of Directors. Re-election
and reappointment are permissible.
c. Any member of the Board of Managers may
be discharged at any time by the Board of Directors
for important reasons which shall be stated in detail. Terms of employment may provide that such
discharge shall be without prejudice to any financial benefits accruing thereunder.
d. The President of the Board of Managers shall
be responsible to the Board of Directors for the
execution of all decisions of the Board of Directors
281
NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY
and for the general conduct of the business of the
Bank.
e. The Board of Managers shall advise its President and assist him in carrying out the policies and
decisions of the Board of Directors.
f. The Board of Managers shall represent the
Bank in judicial proceedings and all other matters.
g. Any two members of the Board of Managers
shall have the power to make declarations of legal
intent (Willenserklaerungen) on behalf of the
Bank. Such declarations shall also be valid if made
by agents who have been duly authorized by the
Board of Managers.
h. For a declaration of legal intent (Willenserklaerung) to be made to the Bank, it shall
suffice if such declaration is made to one member
of the Board of Managers or to any other agent
duly authorized by the Board of Managers.
ARTICLE V
CAPITAL, WEEKLY AND ANNUAL STATEMENTS,
AND DISTRIBUTION OF PROFITS
25. a. The capital of the Bank shall be one hundred (100) million Reichsniarks. All Land Central
Banks within the area in which this Law is effective
shall subscribe to the capital of the Bank in proportion to the amounts of their desposits on the
effective date of this Law.
b. The Board of Directors may within two years
from the effective date of this Law, reapportion
the capital participation.
26. The Board of Managers shall publish statements of the financial position of the Bank as at the
7th, 15th, 23rd and last day of each month. Such
statements shall contain at least the following
items:
a. Assets
Cash on hand
Foreign currencies and coins
Unrestricted claims on foreign debtors
Restricted claims on foreign debtors
Treasury bills of the Bizonal Economic Administration
Fixed-interest-bearing securities of the Bizonal Economic Administration
Bills of exchange
Collateral loans against
(1) Treasury bills of the Bizonal Economic Administration
(2) Treasury bills of the Laender
282
(3) Bills of exchange
(4) Securities of the Bizonal Economic Administration
(5) Securities of the Laender
(6) Other securities
Cash advanced to the Bizonal Economic Administration
Other assets
b. Liabilities
Bank notes issued
Coins issued
Required balances of member Land Central Banks
Free balances of member Land Central Banks
Deposits of the Bizonal Economic Administration
Other deposits
Capital
Legal reserve fund
Contingent reserve
Other liabilities
27. The Board of Managers shall, furthermore,
establish and publish consolidated statements of
the financial position of the Bank and its member
Land Central Banks as at the last day of each
month.
28. a. The Board of Managers shall prepare an
annual financial statement of the Bank within three
months of the end of each calendar year. The
Board of Directors shall thereupon examine and,
upon approval thereof, publish such financial statement and shall give release (Entlastung) to the
Board of Managers accordingly. If such financial
statement is not approved, the Board of Directors
shall take appropriate action. An annual statement, approved by the Board of Directors, shall in
any event be published not later than five months
after the end of the calendar year covered thereby.
b. The annual financial statement and the books
of the Bank shall be audited by expert and independent auditors selected by the Board of Directors
before such statement is transmitted to the Board
of Directors by the Board of Managers. Such annual audit, however, shall not preclude any independent audit of any transaction which may be
ordered at any time by the Allied Bank Commission.
c. The fiscal year of the Bank shall be the calendar year.
29. Annual net profits, after the establishment of
contingent reserves as determined by the Board of
Directors, shall accrue as a Legal Reserve Fund.
FEDERAL RESERVE BULLETIN
NEW CENTRAL BANK FOR UNITED STATES AND BRITISH ZONES OF GERMANY
Such accrual, however, shall not exceed, in any one
year, twenty percentum (20%) of the total amount
of the capital of the Bank. Such Legal Reserve
Fund shall not in the aggregate exceed the total
amount of such capital. The remaining net profits
shall be distributed to each member Land Central
Bank in proportion to its capital participation.
ARTICLE VI
GENERAL PROVISIONS
30. a. The Bank shall rank equally with the several Departments of the Bizonal Economic Administration.
b. In respect of taxation, building construction,
housing, and leasing of property, the Bank shall
enjoy the same privileges as are accorded to the
highest authorities in the area of competence of the
Bank.
31. a. The Bank may require such reports and
other information from the member Land Central
Banks as it considers necessary for the discharge of
its responsibilities.
b. The Bank, in conjunction with the Bank
supervisory authorities of the Laender, shall establish principles for the audit and certification of the
accounts of the member Land Central Banks.
c. The Bank shall not issue any list of securities
eligible for collateral, or any list of credit ratings.
32. The provisions regarding the liability of the
state for acts of public officials shall apply mutatis
mutandis to the liability of the Bank.
33. a. The President of the Board of Managers may
appoint notarial officials for the Bank. Such notarial officials shall possess the qualifications for the
office of a judge and shall have an official seal.
b. Such notarial officials shall be entitled to exercise the official functions of a notary in the conduct
of the affairs of the Bank. The authority to act
for and on behalf of the Bank may be proved by
the certification of such notarial official.
34. a. The Board of Directors shall issue the bylaws of the Bank, the regulations directed to the
member Land Central Banks, necessary to implement the provisions of this Law and the administrative regulations necessary for the conduct of the
business of the Bank. Such by-laws and regulations
shall require approval by the Allied Bank Commission and shall bind only the Bank and its member
Land Central Banks.
MARCH
1948
b. The by-laws and implementing regulations of
the Bank, as well as any other public notices concerning the affairs of the Bank, shall be published
in the official Gazette of the Bizonal Economic Administration.
c. Unless otherwise expressly provided herein,
the by-laws and regulations published, as provided
in paragraph b of this Section, shall be deemed to
be effective as from the date of issue of such Gazette.
ARTICLE VII
PENALTIES
35. Any member of the Board of Directors or
Board of Managers of the Bank who knowingly conceals the financial conditions of the Bank or of the
member Land Central Banks in any financial statement or report required under the provisions of this
Law, or who participates in'causing a false entry
to be made in, or a material entry to be omitted
from, such financial statement or report shall be
liable to imprisonment not exceeding five years or
a fine not exceeding RM 100,000, or both, unless
the oflense committed is one for which a greater
penalty is provided under any other law.
36. Any member of the Board of Directors or of
the Board of Managers of the Bank or of any member Land Central Bank or any official of such bank
who violates, aids or participates in the violation
of any implementing regulations issued under the
provisions of this Law, shall be liable to imprisonment not exceeding one year or a fine not exceeding
RM 20,000, or both, unless the offense committed
is one for which a greater penalty is provided under
any other law. The regulation must expressly refer
to the sanctions provided in this paragraph.
37. Except as otherwise expressly provided, prosecutions arising under this Article shall be instituted
in the Land courts.
ARTICLE
VIII
OTHER PROVISIONS
38. The German text of this Law shall be the official text and the provisions of Military Government
Ordinance No. 3 as amended and of Article II,
Section 5 of Military Government Law No. 4 as
amended shall not apply.
39. This Law shall become effective within the
Laender of Bavaria, Wuerttemberg-Baden, Hesse,
and Bremen on 1 March 1948.
283
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Substitutions in Undermargined Accounts
AMENDMENT NO. 8 TO REGULATION U
Amendments to Regulations T and U
The Board of Governors of the Federal Reserve
System, effective April 1, 1948, has made technical
amendments to its Regulations T and U in order
to permit a customer to make substitutions in an
undermargined account (one having a margin of
less than 75 per cent) without having to supply
additional margin. Such substitutions in an account may be made, for example, by the sale of one
security and the purchase of another. Previously
such substitutions were limited by the rule that the
proceeds of sales of securities in an undermargined
account be used to the extent necessary to increase
the margin on the remaining securities until it is
on the 75 per cent basis. The amendments do not
add to the amount of credit available for stock
market transactions under existing regulations.
The text of the amendments is as follows:
Effective April 1, 1948, Regulation U is hereby
amended by striking out the third paragraph of
section 1 and substituting therefor the following
paragraph:
AMENDMENT NO. 7 TO REGULATION T
Effective April 1, 1948, Regulation T is hereby
amended by striking out the first sentence of the
second paragraph of section 3(b) and amending
the remaining sentence of such paragraph so that
the paragraph will read as follows:
No withdrawal of cash or registered or exempted
securities shall be permissible if the account, after
such withdrawal, would have an adjusted debit
balance exceeding the maximum loan value of the
securities in the account, except that (1) cash may
be withdrawn upon the deposit in the account of
securities having maximum loan value at least as
great as the amount of such cash, or (2) securities
may be withdrawn upon the deposit in the account
of cash, securities, or both, such that the maximum
loan value of the securities deposited (plus the
amount of any cash deposited) is at least as great
as the maximum loan value of the securities withdrawn, and the current mar\et value of the securities
deposited (plus the amount of any cash deposited)
is at least as great as the current market value of
the securities withdrawn.
284
While a bank maintains any such loan, whenever made, the bank shall not at any time permit
any withdrawal or substitution of collateral if, after
such withdrawal or substitution, the loan exceeds
the maximum loan value of the collateral, except
that the bank may permit such a withdrawal or substitution provided the loan is reduced, other collateral is deposited, or both, such that the maximum
loan value of the collateral deposited (plus the
amount of any reduction in the loan) is at least as
great as the maximum loan value of the collateral
withdrawn, and the current market value of the
collateral deposited (plus the amount of any reduction in the loan) is at least as great as the current
market value of the collateral withdrawn. If the
maximum loan value of the collateral has become
less than the amount of the loan, such amount may
nevertheless be increased if there is provided additional collateral having a maximum loan value at
least equal to the amount of the increase.
Reserves
Classification of Reserve Cities
On February 20, 1948, the Board of Governors
took action as follows with respect to the classification of reserve cities:
"On December 19, 1947, the Board of Governors
of the Federal Reserve System adopted a rule (published in the Federal Register for December 24,
1947), effective March 1, 1948, classifying (and continuing) certain cities as central reserve cities and
reserve cities, classifying one additional city as a
reserve city, and terminating the designation of certain other cities as reserve cities. It was provided
in paragraph (3) of subsection (b) of such rule,
however, that the Board of Governors, prior to
March 1, 1948, would also designate (and continue)
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
as a reserve city any city now classified as such
which would otherwise have its designation as a
reserve city terminated under the rule, if a written
request for the continuance of such city as a reserve city were received by the Federal Reserve
Bank of the district in which the city is located on
or before February 16, 1948, from every member
bank which has its head office or a branch in such
city (exclusive of any member bank in an outlying
district of such city permitted by the Board of
Governors to maintain reduced reserves) together
with a certified copy of a resolution of the board
of directors of such member bank duly authorizing
such request. In accordance with this provision,
requests were duly received from every such member bank in each of the cities hereinafter named
for the continuance of such city as a reserve city.
"Accordingly acting in accordance with paragraph (3) of subsection (b) of its rule of December
19, 1947, and pursuant to authority conferred upon
it by section ll(e) of the Federal Reserve Act and
other provisions of that Act, the Board hereby
classifies (and continues) the following cities as
reserve cities: Toledo, Ohio; Dubuque, Iowa;
Peoria, Illinois; Kansas City, Kansas; Pueblo, Colorado; St. Joseph, Missouri; Topeka, Kansas; Galveston, Texas; and Waco, Texas."
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
have been issued by the Office of the Secretary of
the Treasury under authority of the Executive Order
of April 10, 1940, as amended, and the Regulations
issued pursuant thereto:
Treasury Department
FOREIGN FUNDS CONTROL
January 16, 1948
AMENDMENT TO PUBLIC CIRCULAR NO. 25
Under Executive Order No. 8389, As Amended, Executive
Order No. 9193, As Amended, Sections 3(a) and 5{b)
of the Trading with the Enemy Act, As Amended by the
First War Powers Act, 1941, Relating to Foreign Funds
Control.*
* Appendix B, issued under sec. 3(a), 40 Stat. 412, sec.
5(b), 40 Stat. 415, 966, sec. 2, 48 Stat. 1, 54 Stat. 179,
sec. 301, 55 Stat. 839; 50 U. S. C. App. 3(a), 12 U. S. C. 95a,
50 U. S. C. App. Sup., 5 ( b ) ; E. O. 8389, Apr. 10, 1940, as
amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26,
1941, E. O. 8963, Dec. 9. 1941, and E. O. 8998, Dec. 26, 1941,
E. O. 9193, July 6, 1942, as amended by E. O. 9567, June 8,
1945; 3 CFR, Cum. Supp., 10, F. R. 6917; Regulations, Apr.
10, 1940, as amended June 14, 1941, Feb. 19, 1946, June 28,
1946, and Jan. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11
F. R. 1769, 7184, 12 F. R. 6.
MARCH 1948
Public Circular No. 25 (Part 131, Appendix B) is hereby
amended to read as follows:
EXEMPTIONS FROM GENERAL RULING NO. 11
(1) Term "enemy national" not applicable with respect
to Italy, Bulgaria, Hungary or Rumania. In view of the
ratification of treaties of peace with Italy, Bulgaria, Hungary,
and Rumania, the term "enemy national," within the meaning of General Ruling No. 11, shall not be deemed to include the Government of Italy, Bulgaria, Hungary or Rumania, or any agent, instrumentality, representative, individual, organization, or other person, who would be an enemy
national solely by reason of a relationship to any such country or its government, or to any national thereof, provided
that any license which, by its terms is not applicable to any
transaction or transactions involving any enemy national or
nationals shall be regarded as not applicable to any transaction involving the Government of Bulgaria, Hungary or
Rumania or any national of any such country who, except
for the provisions of this circular, would be considered as an
enemy national.
(2) Communications and transactions with or by enemy
nationals exempted from General Ruling No. 11 under
certain conditions. There are hereby exempted from the
prohibitions contained in paragraphs (1) and (2) of General
Ruling No. 11:
(a) Any trade or communication with an enemy national;
(b) Any act or transaction involving any trade or communication with an enemy national;
(c) Any financial, business, trade, or other commercial
act or transaction by or on behalf of an enemy
national.
(3) Exemption not applicable to certain transactions. The
exemption granted in paragraphs (1) and (2) shall not
apply to any transaction which is prohibited by the Order
or General Ruling No. HA or by any other ruling or regulation (other than General Ruling No. 11) issued by the
Secretary of the Treasury pursuant to Section 5(b) of the
Trading with the enemy Act, as amended, unless such transaction is licensed by the Secretary of the Treasury. A license
authorizing any prohibited transaction will not require a
waiver of General Ruling No. 11.
(4) General License No. 32 not applicable to certain remittances. The provisions of General License No. 32 shall
not be deemed to authorize any remittance to any citizen
or subject of Germany, Japan, Bulgaria, Hungary, or Rumania who is within any such country or to any citizen or
subject of Germany or Japan within Italy.
(5) Attention directed to Rules of Office of Alien Property. Attention is directed to (a) Section 501.6-2 of the
Rules of Procedure of the Office of Alien Property (Regulation 2 under General Order No. 6), which requires that
when legal notice is sent to enemy countries, a copy must
in certain cases be sent to the Office of Alien Property and
(b) Section 503.7-1 of the Substantive Rules of the Office
of Alien Property (Regulation No. 1 under General Order
No. 20) which requires the consent of the Office of Alien
Property to any distribution, payment, or transfer to the
governments or persons described therein.
JOHN W. SNYDER
Secretary of the Treasury
285
LAW DEPARTMENT
license is hereby granted licensing, subject to the exceptions
of paragraph (2) below, the following property to be regarded as property in which no blocked country or national
February 27, 1948
thereof has or has had any interest: Property in any account
on February 1, 1948, and any income subsequently accruing
GENERAL LICENSE NO. 97
from such property, where the total value of the property
Under Executive Order No. 8389, As Amended, Executive
in the account on such date was not more than $5,000.
Order No. 9193, As Amended, Section 5(b) of the Trad(2) Exceptions. This license shall not apply to any proping with the Enemy Act, As Amended by the First War
erty of any person resident or organized in Germany, Japan,
Powers Act, 1941, Relating to Foreign Funds Control.*
Hungary, Rumania, or Bulgaria, regardless of the citizenship
General License No. 97—(1) Property licensed. A general
of such person.
(3) Restrictions of General Ruling No. 11 A. Attention
• Section 131.97, issued under sec. 5(b), 40 Stat. 415, 966,
sec. 2, 48 Stat. 1, 54 Stat. 179, sec. 301, 55 Stat. 839; 12 U.S.C. is directed to the special restrictions contained in General
95a, 50 U.S.C. App. Sup., 5(b); E.O. 8389, Apr. 10, 1940, as
Ruling No. 11A pertaining to dealings in certain property
amended by E.O. 8785, June 14, 1941, E.O. 8832, July 26,
1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, in which there is any interest of Germany or Japan or certain
E.O. 9193, July 6, 1942, as amended by E.O. 9567, June 8,
nationals thereof.
1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regulations, Apr.
10, 1940, as amended June 14, 1941, Feb. 19, 1946, June 28,
JOHN W. SNYDER
1946, and Jan. 1, 1947; 31 CFR, Cum. Supp., 130.1-7, 11
Secretary of the Treasury
F. R. 1769, 7184, 12 F.R. 6.
Treasury Department
FOREIGN FUNDS CONTROL
286
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council met in Washington on February 15-17. The annual organization
meeting of the Council was held on February 15,
at which Edward E. Brown, Chairman of the First
National Bank of Chicago, was re-elected President,
C. E. Spencer, Jr., Chairman of the First National
Bank of Boston, was elected First Vice President,
Robert V. Fleming, President of The Riggs National Bank, was elected Second Vice President,
Walter Lichtenstein was reappointed Secretary, and
Herbert V. Prochnow was appointed Associate
Secretary. The Council met with the Board of
Governors of the Federal Reserve System on February 17.
A meeting of the Presidents of the Federal Reserve Banks was held in Washington on February 25 and 26, and on February 27 the Presidents
met with the Board of Governors.
On February 27 and March 1 meetings of the
Federal Open Market Committee were held. At
the meeting on March 1, Marriner S. Eccles was
re-elected as Chairman of the Committee until the
MARCH
1948
designation by the President of a new Chairman of
the Board of Governors and Allan Sproul as Vice
Chairman. The representative members of the
Committee elected by the Federal Reserve Banks
for the period of one year beginning March 1, 1948,
are Allan Sproul, Alfred H. Williams, C. S. Young,
H. G. Leedy, and R. R. Gilbert, Presidents of the
Federal Reserve Banks of New York, Philadelphia,
Chicago, Kansas City, and Dallas, respectively.
The members of the executive committee are Marriner S. Eccles, Chairman; Allan Sproul, Vice Chairman; M. S. Szymczak; and Alfred H. Williams.
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 January 16, 1948 to February 15, 1948:
Utah
Delta—The Commercial Bank of Delta
Payson—The Commercial Bank of Payson
Washington
Morton—State Bank of Morton
287
NATIONAL SUMMARY OF BUSINESS CONDITIONS
{Compiled February 24 and released for publication February 26]
Output and employment at factories and mines
continued to show little change in January. Value
of department store trade declined by more than
the usual seasonal amount in January and the early
part of February. Prices of farm products and
foods decreased sharply in the early part of February, while prices of most groups of industrial products showed little change.
INDUSTRIAL PRODUCTION
Industrial production was maintained in January
at the level of the preceding two months, and the
Board's preliminary seasonally adjusted index was
192 per cent of the 1935-39 average.
Activity in durable goods industries showed a
slight decline in January. The decline reflected
mainly some curtailment in production at steel and
automobile plants in the latter part of the month
owing to adverse weather conditions, which continued in the early part of February. Activity in nonferrous metals industries continued to increase in
January; deliveries of copper and zinc to fabricators
were at the highest level since the spring of 1947.
Output of lumber and stone, clay, and glass products was maintained at exceptionally high levels for
this season.
Output of most nondurable goods recovered in
January from the December decline. Activity at
cotton textile mills reached the highest rate since
the spring of 1947. Production at paperboard mills
and printing establishments also increased. Petroleum refining activity rose further in January under
the pressure of exceptional demands for fuel oil.
Output of most other nondurable goods was maintained at the December rate or increased somewhat.
Production of minerals in January continued at
the December rate. Bituminous coal output was
restricted by weather influences on transportation
and was 7 per cent smaller than in January 1947.
Crude petroleum production continued to gain and
was 14 per cent larger than a year ago.
EMPLOYMENT
Employment in nonagricultural establishments
was reduced by 1,100,000 persons from mid-December to mid-January, mainly because of the usual
large seasonal reduction in trade and Federal post
office activities. Construction employment was
curtailed more than is usual in January, owing to
exceptionally severe weather conditions. Employment in manufacturing industries showed about
the usual small seasonal decline.
DISTRIBUTION
Department store sales showed more than the
usual seasonal decrease in January and the Board's
adjusted index declined to 282 per cent of the
1935-39 average, as compared with 303 in DecemEMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
INDUSTRIAL PRODUCTION
PHYSICAL
-
SEAS
r
EDO
VOLUME
/
180
-
\
-
1 V
200
180
y
160
140
-
/
-
Federal Reserve index.
for January.
288
V
(60
140
-
Monthly figures, latest shown are
1942
1944
1946
1948
1942
1944
1946
1948
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic servants are excluded. Midmonth figures, latest shown are for
January.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
ber and an average of 285 for the year 1947. Value
of sales in the first half of February was 3 per cent
above a year ago.
Total shipments of railroad revenue freight early
in January equalled the volume for the corresponding period of 1947. In the latter part of January
and in early February, however, loadings of most
classes of freight were substantially curtailed as a
result chiefly of weather conditions.
COMMODITY PRICES
The general level of wholesale prices declined
about 4 per cent from the middle of January to
the latter part of February, reflecting mainly sharp
decreases in prices of farm products and foods.
Prices of hides, print cloth, and some other industrial materials also showed marked declines. Prices
of semifinished steel and worsted fabrics, however,
were raised and prices of most other groups of
industrial products showed little change.
Retail food prices declined about 4 per cent in
February from the record level of 210 per cent of
the prewar average reached in January.
BANK CREDIT
Seasonally large Treasury receipts from tax collections and sales of savings bonds resulted in a
substantial transfer of deposits from private accounts at commercial banks to Treasury accounts
at the Reserve Banks during January and the first
three weeks of February. Accompanying drains
on bank reserves were met out of excess reserves,
from funds received from the post-Christmas return of currency and further gold inflows, and from
funds supplied by market purchases of Government
securities by the Reserve Banks.
Sale of Treasury bonds by commercial banks
and other investors continued in January and the
first three weeks of February, and the Federal Reserve System purchased substantial amounts of
these issues. Total holdings of Government securities by Reserve Banks declined, however, reflecting sales of bills and certificates in the market, as
well as Treasury retirements of securities held by
Reserve Banks out of surplus cash receipts.
Government security holdings at member banks
in leading cities declined somewhat in January and
the first half of February as continued sales of
Treasury bonds were offset only partly by purchases
of bills. Loans to businesses showed little further
change, but real estate and consumer loans continued to expand.
Effective on February 27, 1948, the Board of
Governors raised from 20 to 22 per cent the reserve requirements to be maintained on net demand
deposits by member banks in central reserve cities.
SECURITY MARKETS
Common stock prices, which had moved downward during most of January, declined more sharply
in the early part of February. Corporate bond
prices were stable; yields on high-grade issues averaged about 2% per cent.
WHOLESALE PRICES
220
MEMBER BANK RESERVES AND RELATED ITEMS
-
J
180
RM PRODUCTS •'/'
1
140
ijli
MONEY IN
J
CIRCULATION **
\"~~
:
\
•
/
-
y
\
. ^
RES
IEBAHK
™ :DIT
4 A-
r s
/
-
A
/
/
-
AS*
y
-
<
:
MEMBE RBANK
RESERVE BALANCES
:
OTHER C DMMODITIES
-
60
J
/
-
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for Feb. 21.
MARCH 1948
TREASURY DEPOSITS
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for Feb. 25
289
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
293
294
Federal Reserve Bank statistics. . .
295-298
Guaranteed war production loans
Deposits and reserves of member banks..
299
299-300
Money in circulation
Gold stock; bank debits and deposit turnover
301-302
302
Deposits and currency; Postal Savings System; bank suspensions. .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances..
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends..
303
304-305
306-307
308-311
312
313
314-315
316
Treasury
finance
Government corporations and credit agencies...
Business indexes
Department store statistics...
Consumer credit statistics..
Cost of living
Wholesale prices . . .
317-319
320
321-330
331-333
334-336
337
338
Gross national product, national income, and income payments. ..
Current statistics for Federal Reserve chart books
Number of banking offices on Federal Reserve par list and not on par list
339-340
341-345
346
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.
MARCH
1948
291
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
—
1940
1941
1942
1943
1944
1945
1946
1947
1948
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
1940
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for Feb. 25. See p. 293.
292
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In million s of doll ars]
Reserve Bank credit outs tanding
U. S. Government
securities
Discounts
and
advances Total
Date
Monthly averages of
daily figures:
1946—jsfov.
Dec.
1947—j a n
Nov.
Treasury
bills
and
certificates
All
other
All
other 1 Total
Gold
stock
TreasTreasdeury
Treas- ury
posits
Money
curury
with
in
cirrency
cash
culaouthold- Federal
Retion
standings
serve
ing
Banks
351
305
252
313
268
224
23,674
23, 767
23,632
22.082
21.905
21,673
22,116
22,401
22,523
20,158
18,908
16,566
1,558
1,366
1,109
1,924
2,996
5,107
498
674
547
472
685
551
24,522
24,746
24,431
22,866
22,858
22,447
20,437
20,488
20,624
22,479
22,7t2
22,816
4,548
4,552
4,560
4,551
4.556
4,559
28,727
28,997
28,543
28,648
28,937
28,394
2,282
? ?*&
,290
: ,330
: ,330
: ,329
End-of-month figures:
1946—Nov. 30
Dec. 31
1947—Jan. 3 1 , . . .
Nov. 29
Dec. 31
1948—Jan. 3 1 . . . .
316
163
308
331
85
327
23,944
23,350
23,941
22,209
22,550
21,925
22,356
22,241
22,832
19,813
18.230
15,591
1,588
1,109
1,109
2,395
4,329
6,334
530
580
506
435
536
530
24,791
24,093
24,754
22.975
23 181
22,782
20,470
20,529
20,748
22,614
22.754
22,935
4,551
4,562
4,559
4,557
4.562
4,561
28,861
28,952
28,262
28,766
28.868
28,111
1 .269
Wednesday figures:
1947—Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
429
277
101
141
125
21,938
22,276
21,905
21.829
21,857
20,833
21,171
20,800
20,724
20,752
,105
,105
,105
,105
L, 105
39!
339
468
259
223
12,758
>2,893
22,474
*2,230
22.205
>0,486
'0,497
20,583
'0.621
20.774
4,557
4.559
4.558
4.558
4,561
28,247
28,250
28,163
28,105
28,114
May 7
M a y 14
M a y 21
M a y 28
102
139
117
130
21,852
21,762
21,676
21,590
20,747
20,671
20,589
20,485
1,105
1,091
1,087
1,105
276
331
278
299
22,230
22,233
22.071
22,019
20,811
20,878
20,888
20,932
4,560
4,559
4.559
4,561
June
June
June
June
July
July
July
July
July
4
11
18....
25
173
175
132
132
21,760
21,578
21,186
21.582
20,664
20,482
20,089
20,485
L,097
1,097
1,097
L.097
301
287
479
343
12,234
22.040
21.707
22.OS7
20,990
21.026
21,123
21.174
2
9
16
23
30
110
120
99
118
111
21,629
21,611
21,758
21,700
22,012
20,532
20,515
20,663
20,605
20,917
L.O97
1,097
1,095
1,095
1,095
406
304
391
275
187
22,145
22,035
22,248
22,093
22,310
Aug.
Aug.
Aug.
Aug.
6
13
20
27
123
183
239
134
21,869
22,030
22,097
22,107
20,777
20,939
21,008
21,018
t,©92
1,091
1,089
1,089
219
282
300
237
Sept.
Sept.
Sept.
Sept.
3
10
17
24
125
120
130
119
22,224
22,042
21,756
22,118
21,135
20,848
20,562
20,927
1,089
1,194
1,194
1,191
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
156
111
146
125
373
22,392
22,355
22,218
21,772
22,129
21,195
21,148
21,013
20,564
20,689
Nov.
Nov.
Nov.
Nov.
5
12
19
26
204
429
199
370
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17....
24....
31
262
250
168
283
85
22,119
22,052
22,222
22,239
22,120
21,985
21,657
21,900
22,559
1948—Jan. 7 . . . .
Jan. 14
Jan. 21
Jan. 2 8 . . . .
Feb. 4 . . . .
Feb. 11
Feb. 1 8 . . . .
Feb. 2 5 . . . .
Dec
194g—j an#
',272
,258
,324
,336
,305
,333
Member
bank reserve
balances
Other
Non- Fedmem- eral
Reber de- serve
posits
accounts Total
596
556
780
Excess2
992
852
989
1,130
1,011
1,016
1,014
598
606
614
631
614
566
16,310
16,517
16,399
16,988
17,261
17,390
620
393
951
822
598
607
614
626
563
551
16,513 1,063
562
16,139
663
16,063
829
16,974
17.899 1,499
768
16,919
64?
641
641
643
627
15,540
15.934
t5,987
15,820
15,826
563
886
844
658
654
1,287
967
922
1,942
1,277 1,180
870
961
2,343 1,049
1,093
1,033
854
900
850
850
987
933
,329
946
753
613
482
619
28,197
28,134
28,116
28,211
,328
,337
,338
,372
654
556
539
751
1,066
957
846
626
628
626
626
15,877
15,949
15,942
15,705
654
787
752
520
4,561
4,561
4,561
4,553
28,261
28,253
28,195
28,183
,366
,332
,333
,329
653
495
225
642
956
889
857
915
629
629
632
636
15,921
16,028
16,241
16.08J
626
667
750
674
21,284
21,336
21,434
21,467
21,537
4,559
4,551
4,550
4,550
4,551
28,409
28,363
28,225
28,145
28,129
,325
.329
,331
,330
,341
658
566
756
939
705
977
844
952
818
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
22.211
22,494
22,636
22,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
,330
,329
,330
,335
728
915
1,123
621
622
624
626
16,409
16,428
16,407
16,493
741
779
721
775
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,551
4,552
28,749
28,742
28,633
28,556
,323
,329
,306
,319
459
243
1,149
960
930
924
632
632
642
645
16,628
841
16,932 1,015
17,128 1,055
875
16,831
1,196
1,207
1,205
1,208
1,440
383
385
443
451
287
22,931
22,852
22,807
22,348
22,789
21,955
22,092
22,153
22,225
22,294
4,551
4,551
4,551
4,552
4,552
28,559
28,632
28,656
28,569
28,519
,316
,328
,324
L.337
1,338
1,053
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
20,552
20,343
20,117
19,913
1,567
1,708
2,105
2,327
317
208
620
325
22,640
22,689
23,041
22,934
22,336
22,442
22,513
22,597
4,551
4,550
4,552
4,554
28,635
28,709
28,595
28,725
,324
1,328
1,327
1,330
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
19,587
19,273
18,772
18,659
18,230
2,533
2,713
2,886
3,241
4,329
448
382
913
827
536
22,830
22,617
22,738
23,011
23,181
22,680
22,708
22,723
22,743
22,754
4,553
4,556
4,557
4,556
4,562
28,817
28,874
28,923
29,111
28,868
,342
,331
,332
,318
,336
986
992
951
967
961
624
618
615
609
563
17r038
854
935
17,132
17,581 1,165
17,377 1,073
17,899 1,499
164
165
168
281
21,683 17,148
21,896 17,018
21,540 16,311
21,987 15,904
4,536
4,878
5,229
6,082
473
507
518
391
22,320
22,568
22,227
22,658
22,762
22,790
22,829
22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
t ,340
562 1,009
819
959
1,333
913
1,323 1,268
888
L ,332 1,945
560
568
565
555
17,503 1,166
17,863 1,537
993
17,334
17,305 1,040
240
578
295
279
20,523 13,882 6,641
20,817 13,815 7,002
21,782 13,704 7,240
21,034 13,645 7,389
413
337
543
394
21,175
21,732
21,782
21,707
22,934
22,933
22,981
23,028
4,560
4,559
4,557
4,557
28,124
28,189
28,053
28,054
,309
1,308
L.335
l ,326
562
559
558
557
17,084
17,037
16,750
16,799
336
.332
338
1,053
1,265
240:
80O
909
836
608
1,355
926
1,224
1,560
1,314
1,256
934
616
929
870
616 1
1,187
1,725
1,656 '
879
1,021
1,025
918
1,236
1,071
1,000
987
974
944
899
901
952
766
883
954
913
1001
*680
»834
v Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
» End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
MARCH
1948
293
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect February 29. 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)»
Federal Reserve Bank
Rate
Effective
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. . .
14,
12,
12,
12,
12,
12,
12,
12,
12,
19,
12,
15,
Other secured advances
[Sec. 10(b)]
Rate
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
1948
Effective
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Effective
Rate
Jan.
Apr.
Mar.
Mar.
Mar.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Apr.
14, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
19, 1948
12, 1948
15, 1948
14,1948
6, 1946
23, 1946
9, 1946
16,1946
24,1948
12,1948
12,1948
15,1948
19,1948
14,1948
25,1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations
of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp.
439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
RATES ON BANKERS' ACCEPTANCES
[Per cent per annum]
Maturity
1- 90davs
91-120 days
121-180 days
Rate on
Feb. 29
In effect beginning—
IX
ijan. 12, 1948
ijan. 12, 1948
ijan. 12, 1948
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect February 29. Per cent per annum]
To industrial or
commercial
businesses
1H
IX
Federal
Reserve
Bank
1
Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Period in effect
June 21, 1917-Aug. 15, 1936.
Aug. 16, 1936-Feb. 28, 1937.
Mar. 1, 1937-Apr. 30, 1937.
May 1, 1937-Apr. 15, 1938.
Apr. 16, 1938-Oct. 31, 1941.
Nov. 1, 1941-Aug. 19, 1942.
Aug. 20, 1942-Sept. 13, 1942.
Sept. 14, 1942-Oct. 2, 1942.
Oct. 3, 1942-Feb. 26, 1948.
Feb. 27, 1948 and after
Central
reserve
city
banks
13
1934
22M
26
22 %
26
24
22
20
22
Reserve
city
banks
Time
deposits
(all
Country member
banks
banks)
10
15
5M
6
5
12
14
14
14
14
14
20
20
20
20
20
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]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
On discounts or
purchases
On
loans l
On
commitments
234
234
234
2)1
234
Remaining
portion
On
commitments
()
1-5
234-5
1M1M
21^—5
8
)
1-5
8
8
(3)
1
2
8
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
* Rate charged borrower but not to exceed 1 per cent above the
discount
rate.
6
Charge of X per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS *
[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,
19461945Jan. 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.
294
Portion
for which
institution is
obligated
2l^—5
2^-5
2^-5
2^-5
234-5
234-5
234-5
234-5
234-5
234-5
234-5
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.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p/504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1947
1948
Feb. 25
Assets
Gold certificates
Redemption fund
F. R. notes
for
Feb. 18
Feb. 11
Jan. 28
Feb. 4
Jan. 21
Jan. 14
Feb.
Jan.
Feb.
21,096,170 21 036,170 21 008,170 21 008,170 20 ,965,170 20, 895, 170 20,850,170 21 096,170 21,010,170 18,220,176
680,049
682,455
690,331
691,631
691,082
692,963
694,906
680,050
691,084
793,183
Total gold certificate reserves
21,776,219 21,718,625 21,698,501 21,699,801 21,656,252 21,588,133 21,545,076 21,776,220 21,701,254 19,113,359
Other cash
367,880
368,155
352,218
371,553
380,522
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
137,349
163,457
445,980
109,311
141,800
131,800
131,800
130,800
279,149
295,257
577,780
4,353
4,158
2,760
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
376,269
350,613
386,715
388,021
350,633
170,264
77,515
83,865
288,953
206,522
223,901
110,800
90,800
80,800
141,800
120,800
131,800
240,111
281,064
168,315
164,665
430,753
327,322
355,701
1,989
2,001
2,869
1,423
4,906
1,972
996
6,201,107
9,282,853 9,358,603 9,468,444 9,594,421 10,004,321 10,234,744 10,781,056 9,210,661 9,709,271 9,529,244
4,362,083 4,344,933 4,346,333 4,287,083 5,899,955 6,076,555 6,236,955 4,390,783 5,881,655 7,188,784
444,300
1,721,850 1,653,500 1,594,500 1,563,500 1,542,750 1,497,950 1,497,950 1,734,350 1,542,750
753,390
5,667.05C 5,586,025 5,407,978 5,077,789 4,539,599 3,731,166 3,380,021 5,687,914 4,790,968
Total U. S. Govt.
securities
, 21,033,836 20,943,061 20,817,255 20,522,793 21,986,625 21,540,415 21,895,982 21 023,708 21,924,644 24,116,825
Other Reserve Bank
372,124
527,670
506,099
390,079
539,361
410,509
515,409
333,972
388,541
650,050
credit outstanding. .
Total Reserve Bank
credit outstanding 21,707,417 21,781,837 21,731,767 21,175,402 22,658,231 22,227,008 22,568,169 22,109,417 22,781,608 24,845,646
Liabilities
Federal Reserve notes. . 24,065,495 24,069,669 24,184,348 24,148,085 24,159,085 24,278,023 24,435,805 24,044,717 24,155,801 24,320,156
Deposits:
Member bank — reserve account
16,799,290 16,749,993 17,037,361 17,084,307 17,304,922 17,334,455 17,863,390 17,061,817 16,919,048 15,895,089
U. S. Treasurer—general account
1,655,975 1,725,429 1,186,605
616,091 1,944,667 1,268,026
818,916 1,591,225 2,343,035 2,491,224
418,399
360,056
Foreign
424,514
448,761
442,069
505,653
405,775
456,372
420,922
463,799
689,087
684,278
488,559
452,355
Other
502,260
468,503
482,036
502,338
690,117
478,082
Total deposits
19,356,381 19,374,426 19,168,295 18,674,554 20,137,400 19,515,554 19,641,016 19,806,958 20,311,226 19,488,990
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
50.2
50.0
50.7
50.1
48.9
49.3
43.6
49.7
48.9
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Industrial loans:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
U. S. Government securities:
Jan.
Feb.
Feb.
Feb.
Feb.
MARCH
28
4
11
18
25
1948
Within
15 days
281,064
240,111
577,780
295,257
279,149
144,362
96,702
433,877
152,083
142,264
2,001
1,989
2,760
4,158
4,353
1,810
1,779
2,551
3,975
4,105
21,986,625
20,522,793
20,817,255
20,943,061
21,033,836
3,015,793
2,239,546
2,473,374
2,750,785
2,811,737
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months 1 year to 2 years to Over
days
5 years
5 years
6 months to 1 year 2 years
45,188
54,861
41,206
59,789
51,179
70,837
81,269
79,085
58,600
53,753
43
43
46
70
93
14
14
9
20
20
21
21
21
21
21
21
23
22
23
23
65
58
58
58
169
50
53
55
50
4
23
23
20
19
19
2,587,864 3,699,832 2,861,444 3,371,276 ,126,917
1,951,531 3,594,512 2,350,372 3,352,476 ,172,667
1,918,679 3 ,669,676 1,968,255 3,373,526 ,251,367
1,986,597 3,236,399 1,946,362 3,376,776 ,317,867
1,921,012 3,042,297 2,074,347 3,353,776 2,448,867
376,033
409,929
417,759
417,759
417,759
20,620
7,222
23,557
24,695
31,840
3,947,466
4 ,451,760
4 ,744,619
4 ,910,516
4 ,964,041
295
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Assets
Gold certificates:
20,965,170
Jan. 28
Feb. 4
21,008,170
21,008,170
Feb. 11
21,036,170
Feb. 18
21,096,170
Feb. 25
Redemption fund
for F. R. notes691,082
Jan. 28
691,631
Feb. 4
690,331
Feb. 11
682,455
Feb. 18
Feb. 25
680,049
Total gold certificate reserves:
Jan. 28
21,656,252
21,699,801
Feb. 4
21,698,501
Feb. 11
21,718,625
Feb. 18
Feb. 25
21,776,219
Other cash:
Jan. 28
380,522
371,553
Feb. 4
352,218
Feb. 11
368,155
Feb. 18
Feb. 25
367,880
Discounts- & advances:
Secured by
U. S. Govt.
securities:
Jan. 28. . 169,170
108,429
Feb. 4. .
Feb. 11. . 445,099
162,479
Feb. 18. .
Feb. 25. .
136,326
Other:
Jan. 28. .
111,894
131,682
Feb. 4. .
132.68!
Feb. 11..
132,778
Feb. 18. .
142,823
Feb. 25..
TnfiiiQfTifll
XliviUO
Cl! LCLt Inane;*
XUClliO •
Jan.
Feb. 28
4
Feb. 1 1 . . . .
Feb. 18
Feb. 25
U. S. Govt.
securities:
Bills:
Jan. 28
Feb. 4
Feb. 1 1 . . . .
Feb. 18
Feb. 2 5 . . . .
Certificates:
Jan. 28
Feb. 4
Feb. 1 1 . . . .
Feb. 18
Feb. 2 5 . . . .
Notes
Jan.'• 2 8 . . . .
Feb. 4
Feb. 11
Feb.
18. . . .
Feb. 25
Bonds'
Jan.' 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Total U. S. Govt.
securities:
Jan. 28
Feb. 4
Feb. 11
Feb. 25
18
Feb.
Total loans and
securities:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Fetx 25
Due firom foreign
banks:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
1
596,231
601,684
567,329
579,510
591,442
409,762
430,028
428,515
421,624
424,025
730,543
774,043
778,725
750,117
752,491
493,649
495,693
494,179
502,186
496,300
2,681,805
2,828,371
2,872,694
2,825,148
2,791,472
99,677
99,582
99,494
99,129
98,967
46,584
46,553
46,527
46,408
46,364
22,827
22,819
22,808
22,775
22,756
35,533
35,509
35,489
35,363
35,328
26,091
26,070
26,053
25,923
25,885
50,974
50,900
50,843
50,058
49,951
1,062,141
1,100,262
1,114,835
1,089,801
1,082,807
4,138,552
4,298,090
4,247,928
4,303,546
4,237,280
642,815
648,237
613,856
625,918
637,806
432.589
452,847
451,323
444,399
446,781
766,076
809,552
8114,214
785,480
787,819
26,193
23,705
20,843
2.1,645
22,724
29,147
25,272
26,325
24,222
24,759
57,566
56,958
54,692
53,890
54,072
18,530
18.027
17,171
17,878
18,223
9,631
8,509
8,642
8,321
8,735
14.885
13,024
11,897
12,414
13,784
17,356
16,933
15,603
15,642
15,356
49,656
47,680
44,039
44,957
44,113
13,703
7,993
40 983
9,738
16,280
12,7Of)
12,419
18,939
16,150
13,865
18,240
10,490
2,890
10.000
5,190
3,878
4,578
4,613
4,613
4,963
4,075
11,725
2,600
5,429
6.409
6,458
6,458
6,948
22,750
15,350
13,750
12,450
4,650
4,694
5,209
5,245
5,245
5,605
9,000
12,150
8,300
4,800
6,800
10.583
12,415
12,507
12.507
13,472
14,175
4,260
123,460
41,110
32,010
15,069
17,789
17,925
17,925
19,285
16,110
2,050
8,975
9,785
10,676
10,676
11,486
17,905
12,770
6,820
13,601
17,101
4,543
5,363
5,404
5,404
5,814
3,767
4,447
4,481
4,578
4,918
9,750
11,511
11,598
11,598
12,478
1,342
1,316
1,131
1151
*909
139
139
139
204
32
51
51
46
46
1,439
2,822
3,194
714,606
685,326
676,327
668,485
663,073
959,114
919,817
907,739
897,209
889,947
565,629
411,002
416,682
416,549
418,193
1,427,893
1,364,551
1,345,353
1,329,745
1,318,981
838,314
609,143
617,562
617,363
619,799
219,206
222,155
226,559
234,942
244,654
645,022
721,493
768,409
793,707
805,220
489,985
529,736
522,781
49.3650
493,644
325,754
236,703
239,975
239,897
240,844
306,221
293,674
289,818
286.457
284,138
421,434
306,226
310,459
310,359
311,584
649,723
623,102
614,920
607,785
602,866
383,167
278,420
282,268
282,177
283,291
180,591
131,223
133,037
132,994
133,519
466,311
447,206
441,334
436,214
432,683
275,003
199,825
202,587
202,522
203,321
422,462
430,915
429,099
424,122
420,690
267,380
194,287
196,972
196,908
197,685
959,661
872,253
859,520
872,613
861,560
535,581
389,169
394,547
394,419
395,977
85,180
86,325
88,037
91,295
95,068
47,222
47,857
48,806
50,612
52,704
71,909
72,876
74,321
77,071
80,257
69,916
70,856
72,261
74,935
78,033
140,046
141,930
144,744
150,100
156,304
250,645
280,360
298,590
3&8,421
312,895
138.953
155,426
165,533
170,983
173,463
211,595
236,681
252,071
260,370
264,147
205,730
230,120
245,084
253,153
256,825
412,091
460,946
490,920
507,083
514,438
734,909
795,180
791,223
833,533
863,359
7,110,828
6,440,855
6,502,975
6,466,318
6,527,757
933,449
1,002,393
1,006,313
1,017,429
1,060,280
55,830
55,756
55,696
56,162
56,045
119,661
119,366
119,103
114,026
113,525
60,178
60,053
59,940
59,538
59,333
75,274
75! 175
75,084
74,883
74,735
58,236
59,707
59,220
58,561
57,660
40,217
40,141
40,074
39,629
39,500
790,739
850,936
846,919
889,695
919,404
7,230,489
6,560,221
6,622,078
6,580,344
6,641,282
993,627
1,062,446
1,066,253
1,076,967
1,119,613
1,339,508
1,437,467
1,413,080
I 464 773
l!464i975
1.007,197
1,078,709
1.064,246
1,054,387
1,074,844
35,795
36,047
37,395
38,468
38,403
62,472
63,705
58,652
68,168
67,194
23,963
22,537
20,468
24,194
25,049
35,328
39,156
36,491
38^356
35,468
12,255
6,355
9,315
9,233
13,078
20,640
18,125
191,590
14,070
16,460
35,456
42,666
42,176
42,176
45,376
5,267
6,292
24,427
17,452
6,742
2,001
1 989
2 760
41S8
4',353
San
Francisco
Minneapolis
Philadelphia
6,980
8,240
8,303
8,303
8,933
Kansas
City
St.
Louis
New
York
Boston
Total
Richmond
Cleveland
Atlanta
Chicago
1,264,234 948,961 1,021,924 4,038,875
1,362,292 1,019,002 1,060,121 4,198,508
1,337,996 1,005,026 1,074,761 4,148,434
1,389,890 995,826 1,050,172 4,204,417
1,390,240 1,017,184 1,043,307 4,138,313
139
550
2.150
1,550
2,770
3,270
3,295
3,295
3,545
Dallas
519,740 2,732,779
521,763 2,879,271
520,232 2,923,537
528,109 2,875,206
522; 185 2,841,423
6V425
175
488
483
110,199
111,681
113,895
118,109
122,992
147,903
149,893
152,865
158,521
165,074
100,192
101,540
103,553
107,385
111,824
305.170
341,349
363,546
375,515
380,962
2,450,313
2,301,866
2,270,361
2,244,025
2,225,861
1,414,702
1,027,966
1,042,172
1,041,836
1,045,949
369,924
374,899
382,333
396,480
412,869
1,088,515
1,217,562
1,296,736
1,339,428
1,358,856
324,263
362,707
386,292
399,010
404,797
435,211
486,808
518,463
535,532
543,300
294,820
329,772
351,216
362,779
368,041
501,548
480,999
474,684
469,175
465,378
295,782
214,924
217,895
217,825
218,685
77,343
78,383
79,937
82,895
86,321
227,584
254,565
271,118
280,044
284,106
21,986,625
20,522,793
20,817,255
20,943,061
21,033,836
1,461,982
1,379,625
1,399,420
1,407,877
1,413,980
5,323,454
4,922,293
4,991,602
5,021,769
5,043,535
1,570,502
1,465,940
1,486,973
1,495,963
1,502,446
2,107,857
1,967,520
1,995.749
2,007.811
2,016,514
1,427,902
1,332,834
1,351,957
1,360,126
1,366,022
1,102,257
1,028,871
1,043,634
1,049,939
1,054,490
3,130,435
2,917,342
2,957,883
2,975,757
2,988,654
1,151,564
1,133,124
1,149,383
1,133,263
1,142,451
672,987 1,024,818
628,180 956,588
637,194 970,313
641,046 976,177
643,824 980,408
965,488
926,178
943,416
949,118
953,233
2,047,379
1,864,298
1,889,731
1,924,215
1,928,279
22,269,690
20,764,893
21,397,795
21,242,476
21317,338
1,481,217
1,394,220
1,417,038
1,425,413
1,435,991
5,379,550
4,983,084
5,225,368
5,078,015
5,105,371
1,586,086
1,483,333
1,523,207
1,525,242
1,521,583
2,132,282
1,988,067
2,049,378
2,030,195
2,046,470
1,446,063
1,351,713
1,377,405
1,382,780
1,386,881'
1,125,193
1,047,487
1,057,297
1,071,766
1,080,599
3,159,679
2,939,391
3,099,268
3,034,792
3,039,949
1,179,008
1,153,683
1,168,378
1,150,958
1,152,706
691,867 1,046,936
633,500 971,656
641,039 977,816
646,491 990,790
648,919 990,561
978,255
942,775
956,197
958,496
964,951
2,063,554
1,875,984
1,905,404
1,947,538
1,943,357
95
95
95
95
95
6
6
6
6
6
131
131
131
131
131
8
8
8
8
8
9
9
9
9
9
5
5
5
5
5
4
4
4
4
4
13
13
13
13
13
3
3
3
3
3
3
3
3
3
3
8
8
8
8
8
10,004,321
9,594,421
9,468,444
9,358,603
9,282,853
656,484
644,976
636,508
629,123
624,032
5,899.955
4,287,083
4,346,333
4.344,933
4,362,083
396.618
288,195
292,177
292,084
293,236
1,542,750
1,563.500
1,594,500
1,653,500
1,721,850
103,710
105,105
107,189
111,155
115,750
4,539,599
5,077,789
5,407,978
5,586,025
5,667,050
2
2
2
2
2
3
3
3
3
3
After deducting $64,000 participations of other Federal Reserve Banks on Jan. 28; Feb. 4; Feb. 11; Feb. 18; and Feb. 25.
296
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:
Jan. 28
156,868
Feb.
4
137,245
Feb. 11
128,568
Feb. 18
133,025
Feb. 25
126,905
Uncolleoted
items:
2,771,851
Jan. 28
Feb.
4
2,636,630
Feb. 11
2,566,925
3,268,884
Feb. 18
Feb. 25
2,796,358
Bank premises:
Jan. 28
32,966
Feb.
4
32,917
Feb. 11
32,919
Feb. 18
32,915
Feb. 25
32,891
Other assets:
137,459
Jan. 28
Feb.
4
133,276
Feb. 11
140,050
Feb. 18
145,529
Feb. 25
150,232
Total assets:
Jan. 28
47,405,703
Feb.
4
45,776,410
Feb. 11
46,317,071
Feb. 18
46,909,704
Feb. 25
46,567,918
Liabilities
Federal Reserve
notes:
24,159,085
Jan. 28
Feb.
4
24,148,085
Feb. 11
24,184,348
Feb. 18
24,069,669
Feb. 25
24,065,495
Deposits:
M e m b e r bank
—reserve
account:
Jan. 28. . 17,304,922
Feb.
4. . 17,084,307
Feb. 11. . 17,037,361
Feb. 18. . 16,749,993
Feb. 25.. 16,799,290
U. S. Treasurer-general
Boston
New
York
Philadelphia
Cleveland
6,120
6,341
5,365
5,343
5,360
22,439
21,621
19,521
18,950
20,194
8,022
5,761
5,470
6,729
6,036
216,163
205,276
205,211
254^584
236,112
519,136
495,238
479,183
659,056
593,118
168,061
185,061
170,587
228,085
189,618
1,236
1,236
1,236
1,236
1,231
8,239
8,221
. 8,221
8,221
8,221
3,176
3,176
3,177
3,177
3,177
4,925
4,925
4,925
4,921
4,921
9,263
8,972
9,519
9,835
10,155
32,681
31,271
32,843
34,235
35,721
9,399
9,138
9,607
9,960
10,241
13,416
13,132
13,458
14,102
14,549
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
32,564
31,125
31,090
27,741
25,057
14,642
11,790
14,077
14,518
13,544
16,865
15,368
13,892
14,236
13,834
9,628
5,916
6,948
6,669
8,112
5,632
5,101
3,891
4,140
3,286
9,012
7,089
5,051
5,018
6,122
283,168 239,515
239,992 211,708
236,541 219,053
350,144 268,562
261,023 209,633
171,311
175,617
182,634
215,651
177,855
426,056
429,684
412,769
526,882
494,930
126,319
129,551
109,956
125,519
108,271
80,103.
66,205;
65,739
72,896!
62,858;
169,020
150,825
134,645
151,571
141,799
2,637
2,630
2,630
2,630
2,624
1,556
1,555
1,556
1,555
1,554
3,061
3,056
3,056
3,056
3,050
1,973
1,968
1,968
1,969
1,969
1,209
1,206
1,206
1,206
1,206!
2,450
2,444
2,444
2,444
2,444
797
793
793
793
793
1.707
1,707
1,707
1,707
1,701
8,857
8,716
9,389
9,607
9,954
7,036
6,881
7,184
7,417
7,589
19,537
19,062
19,999
20,778
21,335
7,967
7,749
8.070
8,340
8,572
4,186'
4,059!
4,270;
4,390
4,527;
6,184
5,968
6,390
6,651
6,872
6,268
6,094
6,287
6,626
6,743
12,665
12,234
13,034
13,588
13,974
7,978
6,427
5,404
6,238
6,935
6,196
5,720
4,944
4,769
4,817
17,770
14,986
12,915
18,674
13,608
120,122 252,877
103,928 243,545
118,402 232,205
137,926 278,008
120,058 201,083
2,540,539 13,255,037 2,792,342 3,816,614 2,763,031 2,411,030 7,821,329 1,986,243 1,225,219 2,014,566 1,648,737,5,131,016
2,503,034 12,163,392 2,771,460 3,729,175 2,708,311 2,368,868 7,761,622 1,965,134 l,171,429i 1,960,561 1,598,009 5,075,415
2,522,689 12,445,897 2,798,777 3,759,286 2,724,661 2,403,912 7,851,617 1,926,350 1,176,112 1,952,460 1,622,461 5,132,849
2,624,580 12,447,020 2,874,362 3,908,738 2,767,357 2,424,934 7,957,193 1,937,254 1,181,845' 1,954,371 1,652,364 5,179,686
2,646,662 12,471,132 2,-875,325 3,834,350 2,731,722 2,388,711 7,864,463 1,935,662 1,176,314 1,949,404 1,634,906 5,059,267
1,427,432
1,432,872
1,435,950
1,431,403
1,439,116
5,579,002
5,567,977
5,576,243
5,528,133
5,532,355
765,356
762,931
752,611
731,414
732,419
5,456,468
5,254,187
5,355,462
5,182,938
5,254,814
1,643,237 2,093,609 1,683,469 1,365,688 4,553,385 1,115,909
1,640,464 2,089,815 1,680,898 1,364,134 4,556,466 1,116,593
1,649,833 2,094,641 1,679,933 1,362,722 4,566,790 1,112,980
1,644,588 2,086,349 1,672,071 1,354,127 4,555,434 1,109,051
1,645,790 2,088,336 1,666,779 1,351,224 4,555,593 1,105,425
842,632 1,285,863 742,249
840,490 1,268,821 740,268
819,845 1,246,342 748,179
820,969 1,251,418 719,339
810,980 1,231,089 740,127
751,385 2,593,583
752,216 2,614,939
760,671 2,526,416
743,176 2,525,628
744,243 2.545,068
641,415
658,076
625,182
620,350
638,068
615,589 932,427
616,829 935,820
617,969 934,939
617,031 932,503
615,983 930,700
606,314 2,543,024
605,699 2,540,518
602,457 2,549,891
600,011 2,538,968
598,247 2,535,947
831,808
823,128
821,061
797,257
820,046
827,697 2,128,891
827,296 2,112,831
823,264 2,129,417
806,777 2,131,732
814,049 2,044,978
437,575
429,124
428,911
418,995
423,409
3tccoii.nL.
75,290 103,227
73,764 153,756 67,972
71,722
73,028 69,426
88,542
85,317 1,009,387
73,236
Jan. 28. . 1,944,667
29,353
41,824
38,555
27,381
41,112
46,813
34,692 93,589
54,027
43,710
120,523
44,512
Feb. 4. . 616,091
37,962
42,258 41,473
58,314 242,534
Feb. 11.. 1,186,605
76,758
276,678
88,005 111,778 51,568
52,337 106,940
79,997 135,324
51,814 54,587
47,404
93,918
74,806 314,143
Feb. 18. . 1,725,429 153,785
395,726 133,062 190,863
Feb. 25. . 1,655,975 181,702
50,155
41,855
50,603
81,330 204,220
408,254 147,728 172,580 85,116
70,874 161,558
Foreign:
27,953
46,934
14,149
16,910
31,749
12,078
12,424
Jan. 28. . 405,775
8,628
21,810 H70,978
11,733 30,429
Feb. 4. . 505,653
14,987
38,862
11,020
15,428
15,869
21,599
18,073
59,949
40,553
2 7., 839 1205,769 35,705
9,345
13,083
13.457
18,316
15,326
50,837
Feb. 11. . 442,069
23..618 1187,714 30,278 34,390
12,709 32,996
12,495
32,442
9,188
12,862
13,230
18,008
15,067
49,980
Feb. 18..
420,922
23,221 1170,851
29,768 33,810
Feb. 25..
9,388
13,142
13,518
18,400
15,395
51,068
34,546
448,761
23,725 1193,248 30,416
12,767 33,148
Other:
2,015
408,615
2,867
1,416
6,130
10,255
482,036
679
Jan. 28..
5,923
1,745
3,218
349 38,824
Feb. 4. . 468,503
524 38,475
2,549
1,452
5,721
3,663
1,126
1,954
11,952
3,417
395,939
1,731
1,731
909
5,823
6,502
1,027
3,594
8,113,
Feb. 11. . 502,260
432,424
3,245
1,958
597 36,337
458 35,615
2,132
781
5,994
2,686
937
2,611
9,558
Feb. 18. . 478,082
2,511
413,272
1,527
Feb. 25. . 452,355
2,266
185
7,087
7,961
1,056
2,178
8,610
2,679 382,719
1,350
576 35,688
Total deposits:
20,137,400 8.75,701 7,045,448 947,<890 1,431,094 837,011 840,714 2,797,140 727,734 520,976 913,991 913,015 2,286,686
Jan. 28
Feb. 4
18,674,554 837,897 5,976,418 922,438 1,375,353 812,343 806,107 2,770,431 720,778 481,248 867,389 872,160 2,231,992
Feb. 11
19,168,295 854,945 6,252,278 941,373 1,400,623 824,565 835,338 2,823,381 686,720 481,460 873,015! 888,907 2,305.690
Feb. 18
19,374,426 910,931 6,162,787 985,326 1,485,649 833,951 833,986 2,892,362 686,978 482,129 865,487; 899,727 2,335.113
Feb. 25
19,356,381 940,525 6,239,035 990,474 1,446,825; 851,604 842,024 2,802,534 709,276 485,218< 875,228 898,266 2,275,372
Deferred availability items:
Jan. 28
2,383,405 191,187
406,221 142,959 224,875 205,826 173,708 372,392 115,548 69,119' 141,236 103,443 236,891
53,860 130,371
93,970 238,453
Feb. 4
2,226,216 185,949
394,253 150,170 196,616 178,221 167,618 336,119 100,616
57,183 117,286 104,857; 212,323
99,236
Feb. 11
2,233,048 185,179 391,571 148,874 196,581 183,079 174,664 362,215
63,142 129,054 126,175 240,421
Feb. 18
2,729,618 235,435
528,104 185,530 268,835 224,073 205,472 409,695 113.682
55,461 115,891 111,712 182,363
Feb. 25
2,406,374 219,919
471,644 179,794 230,816 175,758 163,871 405,980 93,165
Other liab. incl.
accrued div.:
830
636
718
1,621
896
759
2,679
745
Jan. 28
16,256
882
3,787
956
1,747
692
597
710
1.451
807
631
2,339
676
Feb. 4
14,818
858
3,425
861
1,771
589
581
592
1,344
809
638
2,457
686
Feb. 11
14,559
799
3,673
910
1,481
508
567
633
1,293
742
623
2,407
605
Feb. 18
15,673
831
5,038
861
1,565
497
575
687
1,400
818
683
2,556
654
Feb. 25
15,647
846
4,304
936
1,691
Total liabilities:
Jan. 28
46,696,146 2,495,202 13,034,458 2,735,042 3,751,325 2,727r2O2 2,380,869 7,725,596 1,959,936 1,206,514 1,988,290 1,623,490 5,068,222
Feb. 4
45,063,673 2,457,576 11,942,073 2,713,933 3,663,555 2,672,269 2,338,490 7,665,355 1,938,663 1,152,629 1,934,177 1,572,539 5,012,414
Feb. 11
45,600,250 2,476,873 12,223,765 2,740,990 3,693,326 2,688.,3S6'2,373,362 7,754,843 l,899,622! 1,157,201 1,925,821 1,596,813 5,069,248
Feb. 18
46,189,386 2,578,600 12,224,062 2,816,305 3,842,398 2,730,837 2,394,208 7,859,898 1,910,316 1,162,810 1,927,611 1,626,546 5,115,795
Feb. 25
45,843,897 2,600,406 12,247,338 2,816,994 3,767,668 2,694,959 2,357,802 7,766,663 1,998,520 1,157,159 1,922,394 1,608,912 4,995,082
i After deducting $234,668,000 participations of other Federal Reserve Banks on Jan. 28; $299,744,000 on Feb. 4; $254,184,000 on Feb. 11; $249,900,000 on Feb. 18; and $255,340,000 on Feb. 25.
MARCH
1948
297
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS- -Continued
[In thousands of dollars]
Total
Boston
Philadelphia
New
York
Richmond
Cleveland
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Capital Accts.:
Capital paid in:
Jan. 2 8 . . . .
Feb. 4
196,901
197,010
197,159
Feb. 11
197,256
Feb. 18
197.384
Feb. 2 5 . . . .
Surplus
(section 7):
448,189
Jan. 28
448,189
Feb. 4
448,189
Feb. 11
448,189
Feb. 18
Feb. 25
448,189
Surplus
(section 13b):
27,543
Jan. 28
27,543
Feb. 4
27,543
Feb. 11
27,543
Feb. 18
27,543
Feb. 25
Other cap. accts.:
36,924
Jan. 28
39,995
Feb. 4
43,930
Feb. 11
47,330
Feb. 18
Feb. 25
50,905
Total liabilities
and cap. accts.:
47,405,703
Jan. 28
45,776,410
Feb. 4
46,317,071
Feb. 11
46,909,704
Feb. 18
46,567,918
Feb. 25
Contingent liability on bills
purchased for
foreign correspondents:
3,451
Jan. 28
4,011
Feb. 4
4,049
Feb. 11
4,773
Feb. 1 8 . . . .
4,987
Feb. 25
Commit, to make
indus. loans:
Jan. 2 8 . . .
Feb. 4 . . . .
Feb. 11
Feb. 1 8 . . .
Feb. 25
11,285
11,288
11,291
11,293
11,294
68,968
68,979
69,010
69,001
69,011
14,466
14,473
14,490
14,505
14,521
18,895
18,898
18,905
18,907
18,907
8,334
8,344
8,355
8,366
8,372
7,660
7,669
7,680
7,686
7,693
23,933
23,945
23,970
23,982
24,018
6,445
6,449
6,450
6,477
6.480
4,339
4,333
4,340
4,352
4,353
6,613
6,624
6,643
6,652
6,682
7,504
7,546
7,562
7,571
7,583
18,459
18.462
18,463
18,464
18,470
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
2,924
3,042
3,397
3,559
3,834
5,696
6,425
7,207
8,042
8,868
2,995
3,215
3,458
3,713
3,971
3,215
3,543
3,876
4,254
4,596
2,936
3,139
3,361
3,595
3,832
2,629
2,837
2,998
3,168
3,344
4,154
4,676
5,158
5,667
6,136
2,369
2,529
2,785
2,968
3,169
2,060
2,161
2,265
2,377
2,496
2,378
2,475
2,711
2,823
3,043
2,325
2,506
2,668
2.829
2,993
3,243
3,447
4,046
4,335
4,623
2,540,539
2,503,034
2,522,689
2,624,580
2,646,662
13,255,037
12,163,392
12,445,897
12,447,020
12,471,132
2,792,342
2,771,460
2,798,777
2,874,362
2,875,325
3,816,614
3,729,175
3,759,286
3,908,738
3,834,350
2,763.031
2,708,311
2,724,661
2,767,357
2,731,722
2,411,030
2,368,868
2,403,912
2,424,934
2,388,711
7,821,329
7,761,622
7,851,617
7,957,193
7,864,463
1,986,243
,1965,134
1,926,350
1,937,254
1,935,662
1,225,219
1,171,429
1,176,112
1,181,845
1,176,314
2,014,566
1.960,561
1,952,460
1,954,371
1,949,404
1,648,737
1,598,009
1,622,461
1,652,364
1,634,906
5,131,016
5,075,415
5,132,849
5,179,686
5,059,267
217
253
255
301
314
H.104
H,283
!1,296
11,527
U.596
280
325
328
387
404
318
369
372
439
459
169
197
198
234
244
142
165
166
196
204
469
546
551
649
678
124
144
146
172
179
86
100
101
119
125
121
140
142
167
175
117
136
138
162
170
304
353
356
420
439
496
501
685
665
908
1,275
1,208
1,206
1,206
1,656
75
80
86
137
135
373
400
400
400
400
351
351
350
344
344
580
580
580
580
580
7,040
7,010
7,194
7,219
7,910
140
140
137
137
137
3,750
3,750
3,750
3,750
3,750
1
After deducting $2,347,000 participations of other Federal Reserve Banks on Jan. 28; $2,728,000 on Feb. 4; $2,753,000 on Feb. 11; $3,246,000
on Feb. 18; and $3,391,000 on Feb. 25.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank):
25,251,670
Jan. 28
25,146,764
Feb. 4
25,085,639
Feb. 11
25,011,367
Feb. 18
24,957,859
Feb. 25
Collateral held against
notes outstanding:
Gold certificates:
12,399,000
Jan. 28
12,279,000
Feb. 4
12,499,000
Feb. 11
12,499,000
Feb. 18
12,499,000
Feb. 25
Eligible paper:
114,517
Jan. 28
71,546
Feb. 4
265,186
Feb. 11
93,380
Feb. 18
62,355
Feb. 25
U. S. Govt. s e c :
13,750,000
Jan. 28
13,700,000
Feb. 4
13,600,000
Feb. 11
13,600,000
Feb. 18
13,600,000
Feb. 25
Total collateral:
Jan.
Feb.
Feb.
Feb.
Feb.
28
4
11
18
25
26,263,517
26,050,546
26,364,186
26,192,380
26,161,355
298
Boston
New
York
,520,337 5,809,826
1,516,036 5,788,166
1,513,649 5,783,236
,510,241 5,772,973
1,507,652 5,766,526
Philadelphia
1,724,170 2,188,153
1,718,210 2,173,966
1,712,924 2,176,036
1,705,345 2,172,607
1,698,629 2,170,446
460,000
440,000
440,000
440,000
440,000
3,570,000
3,570,000
3,570,000
3,570,000
3,570,000
550,000
550,000
550,000
550,000
550,000
12,255
6,355
9,315
9,233
13,078
20,065
17,915
190,890
13,870
14,330
5,267
6,292
24,427
17,452
6,742
100,000
100,000
100,000
100,000
100,000
2,400,000
2,400,000
2,400,000
2,400,000
2,400,000
,572,255 5,990,065
546,355 5,987,915
,549,315 6,160,890
,549,233 5,983,870
,553,078 5.984,330
Cleveland
735,000
735,000
735,000
735,000
735,000
Richmond
Chicago
St.
Louis
Minne- Kansas
apolis
City
1,747,364 418,800 4,704,246 1,170,518 636,158
1,736,859 ,412,508 4,685,166 1,164,967 635,642
1,732,295 407,049 4,676,061 1,160,734 635,908
1,725,138 ,400,954 4,663,981 1,155,265 636,640
1,720,801 ,398,607 4,656,425 1,150,814 635,276
675,000
625,000
625,000
625,000
625,000
675,000 2,720,000
675,000 2,720,000
675,000 2,790,000
790,000
675,000 2,
675,000 2,790,000
12,700
12,419
18,789
16,000
13,715
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,200,000 1,500,000 1,150,000
1,755,267 2,235,000
1,756,292 2,235,000
1,774,427 2,235,000
1,767,452( 2,235,000
1,756,742)2,235,000
Atlanta
800,000
750,000
750,000
750,000
750,000
2,000,000
2,000,000
1,900,000
1,900,000
1,900,000
Dallas
San
Francisco
964,022
959,790
958,347
957,487
954,688
641,013 2,727,063
636,036 2,719,418
632,134 2,697,266
:
630,170 2,680,566
627,724 2,670,271
:
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 2,000,000
169,000 2,150,000
169,000 2,150,000
169,000 2,150,000
23,455 16,110
15,850 2,050
14,250
550
12,950 2,150
5,150
1,550
18,240
10.490
2,890
10,000
5,190
6.425
175
4,075
11,725
2,600
315,000
315,000
315,000
315,000
315,000
950,000
950,000
950,000
950,000
950,000
450,000
450,000
450,000
450,000
450,000
700,000
700,000
700,000
700,000
700,000
500,000
500,000
500,000
500,000
500,000
1,837,700 1,475,000 4,720,000 1,288,455 666,110
1,787,419 1,425,000 4,720,000 1,280,850 652.050
1,793,789 1,425,000 4,690,000 1,279,250 650,550
1,791,000 1,425,000 4,690,000 1,277,950 652
2,150
1,788,715 1,425,000 4,690,000 1,270,150 6511,550
998,240
990,490
982,890
990,000
985,190
669,000 3,056,425
669,000 3,000,175
669,000 3 ,154,075
669,000 3,161,725
669,000 3,152,600
FEDERAL RESERVE
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
ate
1942
June 30
Dec. 31
1943
June 30
Dec. 31 .
Number
Amount
565
2,665
310,680
2,688,397
Total
amount
81,108
803,720
Additional
amount
available to
borrowers
under guarPortion antee agreeguaranments
teed
outstanding
69,674
632,474
137,888
1,430,121
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
1945
June 30
Dec. 31
8,422 10,149,351 1,386,851 1,190,944 3,694,618
510,270 435,345
8,757 10,339,400
966,595
1946
June 29
Dec. 31
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
1947
31
30
30
31
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
11,746
3,589
2,977
2,412
10,965
3,218
2,689
2,183
15,392
6,726
6,739
1948
Jan. 31
8,771
10,344,018
2,357
2,133
Mar.
June
Sept.
Dec.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and aut horizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
Date (last
approved
Wednesday
to date
or last day
of period) NumAmount
ber
Approved
Loans Commitments
but not
outoutcom- standing 2 standing
pleted i (amount) (amount)
(amount)
Participations
outstanding
(amount)
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3 471
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
408,737
491,342
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
4,248
926
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
14,126
10 532
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
10,661
9 270
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17 930
1944
June 3 0 . . . 3,483
Dec. 3 0 . . . 3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
1945
June 3 0 . . . 3,502
Dec. 3 1 . . . 3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
1946
June 2 9 . . . 3,524
Dec. 3 1 . . . 3,542
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
1934
1935
1936
1937
1938.
1939
1940
1941
1942
1943
...
1947
Mar. 3 1 . . .
June 3 0 . . .
Sept. 3 0 . . .
Dec. 3 1 . . .
3,548
3,555
3,566
3,574
569,825
572,836
577,614
586,726
4,595
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
3,576
589,986
1,025
1,972
7,077
5,213
1948
Jan. 3 1 . . .
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.
MARCH
1948
All
member l
banks
Month, or
week ending Thursday
Total reserves held:
1946—December
1947—January
December
1948—January
1947—Dec.
1948—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
25
1
8
15
22
29
5
12
Excess reserves:
1946—December
1947—January
December
1948—January
1947—Dec.
1948—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
25
1
8
15
22...
29
5
12
Borrowings a t Federal
Reserve B a n k s :
1946—December
1947—January
December
1948—January
1947—Dec.
1948—Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
25
1
8
15
22
29
5
12
In millions of dollars]
Central reserve
city banks
Reserve
city
banks
Country
banks 1
New
York
Chicago
16,517
16,399
17,261
17,390
4,270
4,207
4,404
4,427
938
929
1,024
1,025
6,515
6,501
6,861
6,939
4,794
4,762
4,972
4,999
17,258
17,716
17,628
17,440
17,438
17,102
16,998
16,850
4,370
4,594
4,504
4,408
4,440
4,355
4,325
4,254
1,016
1,051
1,029
1,032
1,032
1,011
1,012
996
6,867
7,047
7,056
6,965
6,929
6,824
6,761
6,685
5,005
5,025
5,039
5,035
5,037
4,912
4,900
4,915
900
850
987
1,082
27
3
105
116
227
227
271
331
642
616
597
627
939
1,384
1,295
1,139
1,069
845
855
802
45
261
160
117
119
267
447
459
345
288
232
234
204
627
647
666
665
653
547
552
567
157
106
224
143
6
2
38
28
79
24
37
59
1
23
1
81
104
60
123
70
46
43
57
37
102
71
44
52
57
117
103
114
61
54
21
41
32
61
48
45
262
149
102
172
90
214
161
296
64
62
23
29
10
12
9
2
7
20
20
13
9
56
i Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS
IN LARGE AND
SMALL CENTERS1
[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
January 1947
December 1947
15,526
16,077
8,263
8,458
12,021
12,469
5,851
6,045
January 1948
16,039
8,508
12,438
6,079
Boston
New York
Philadelphia
Cleveland
1,887
2,959
1,113
1,327
871
2,193
742
911
343
1,030
910
1,057
233
1,160
894
823
Richmond
Atlanta
Chicago
St. Louis
1,110
1,588
2,013
661
395
489
1,411
336
902
695
1,762
1,046
473
216
963
286
Minneapolis
Kansas City
Dallas
San Francisco. . .
597
559
1,021
1,205
299
105
143
612
807
1,674
1,618
593
455
204
65
306
1
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
All reserve cities have a population of more than 15,000.
299
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Interbank
Other
Net
demand
de- 2
posits
Time
deposits 8
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
1
Borrowings
at
Federal
Reserve
Banks
Total
Required
Excess
6,109
17,558
16,318
1,240
134
46
First half of January 1948
All member banks
Central reserve city banks:
New York
Reserve city banks
Boston
Cleveland
Atlanta
Alinneaoolis
• .
Dallas
New York
Cleveland
Atlanta
Dallas
San Francisco
92,602
12,304
80,298
80,567
28,391
23,005
5,367
4,351
1,218
18,654
4 149
21,162
4 826
1,452
58
156
4,470
1 033
4,320
1 020
150
912
13
9
34,492
1,974
582
2,396
4,041
2,171
2,104
4,086
2,050
1,085
2,881
2,534
8,589
5,620
289
28,873
1,685
11,444
197
1,998
36
7,018
388
6,608
370
411
18
3
45
1
2,018
3,533
1,800
1,602
3,594
1,405
29,605
1,789
509
2,107
3,541
1,862
1,773
3,463
1,734
7
5
2
5
12
2
766
885
15
97
32
32
45
23
10
30
39
66
29,738
2,359
. 4,086
2,062
2,425
2,160
2,483
3,861
1,860
1,493
2,320
2,795
• ••
1,834
1,116
29
379
507
371
503
491
645
318
878
636
574
99
91
16
28
138
192
78
137
78
77
157
25
553
2,003
1,898
8,015
2,319
2,088
7,534
28,622
2,261
3,995
2,046
2,397
2,022
2,291
3,783
1,723
1,415
2,243
2,638
1,809
24,974
2,033
3,586
1,803
2,054
1,768
2,038
3,257
1,547
1,248
1,907
2,174
1,559
304
247
1,397
439
409
2,145
322
181
363
349
5,092
14,583
1,102
3,351
1,634
1,733
867
705
2,375
622
754
310
209
920
25
87
191
133
133
327
107
81
300
259
318
123
451
889
431
411
866
389
198
516
477
120
436
792
399
379
821
366
188
486
439
6
1
2
1,878
1,812
3,898
5,038
4,371
201
314
200
307
312
373
532
263
204
390
577
225
393
798
402
464
349
375
700
286
254
332
379
306
351
703
350
392
300
328
599
254
220
286
317
273
666
42
95
51
73
49
48
101
32
34
46
62
32
33
4
17
4
3
1
2
1
1
Second half of January 1948
Central reserve city banks:
New York
New York
Philadelphia
Cleveland
Minneapolis
Dallas
Country banks
New York
Philadelphia
Cleveland
Atlanta
St. Louis
Dallas
San Francisco
91,726
11,755
79,972
80,470
28,411
5,699
17,233
16,300
933
151
22,774
5,314
4,171
1,157
18,604
4,156
21,074
4,798
1,459
915
57
144
4,386
1,017
4,302
1,014
84
3
11
7
34,194
1,996
5,364
28,829
1,710
29,614
1,823
11,447
1,840
6,866
6,610
2,016
3,515
1,806
1,605
3,617
1,404
2,097
3,522
1,874
1,751
3,491
1,727
196
302
241
2,011
1,922
7,940
2,330
2,088
7,531
33
26
84
174
111
134
315
96
61
269
245
293
389
121
443
847
417
402
867
372
189
508
461
376
119
434
788
401
375
827
365
186
488
439
1,851
1,812
256
13
2
9
58
16
27
40
7
3
20
23
38
94
1
2
1
6
10
13
14
8
5
22
10
3
28,382
2,244
3,985
2,001
2,372
2,003
2,276
3,767
1,692
1,393
2,223
2,640
1,787
24,985
2,029
3,593
1,773
2,049
1,762
2,044
3,273
1,536
1,245
1,913
2,200
1,566
3,658
4,964
4,373
194
300
189
287
296
353
505
241
182
362
544
204
381
785
393
451
343
368
696
280
252
329
382
303
350
704
346
391
299
329
601
252
220
286
321
274
590
31
80
46
60
45
40
95
27
33
43
62
29
40
4
17
5
3
1
574
2,367
4,000
2,148
2,078
4,089
2,021
1,036
2,863
2,522
8,500
29,445
2,335
4,076
2,017
2,394
2,135
2 462
3,843
1,821
1,466
2,295
2,788
1,813
285
29
351
485
342
473
471
616
298
852
600
560
1,062
90
91
16
21
132
186
77
129
74
73
148
26
544
738
504
875
1,395
439
409
2,147
323
181
363
350
5,101
14,590
1,105
3,356
1,638
1,734
869
706
2,373
623
753
309
208
917
1
6
1
1
1
Averages of daily closing figures for reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e.t gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
8
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 73,650 million dollars in the first half and 73,450 million in the second half of January.
300
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year or
month
1933 . .
1934
1935
1936
1937
1938
1939 .
1940
1941
1942 .
1943
1944
1945...
Total
in circulation 1
Coin and small denomination currency
Total
Coin
4,167
5,519
4,292
5,536
5,882
4,518
5,021
6,543
6 550 5,015
5,147
6,856
5,553
7,598
8 732 6,247
8,120
11,160
15,410 11,576
20 449 14,871
25,307 17,580
. . . . 28,515 20,683
442
452
478
1946—September...
October
November...
December. . .
28,507
28,600
28,861
28,952
20,262
20,273
20,447
20,437
28,262 19,808
28,304 19,873
28,230 19,807
28,114 19,684
28,261 19,773
28,297 19,769
June
July28,149 19,622
28,434 19,837
August . . . . .
28,567 19,881
September.. .
October
28,552 19,833
November.. . 28,766 20,008
December. . . 28,868 20,020
February....
March
April
May
1948—January
28,111
$2
$5
402
423
460
33
32
33
517
537
499
505
719
771
815
35
33
906
905
550
524
34
946
590
648
559
610
36
39
751
19,369
$10
$20
Total
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
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
$50
$100
$500 $1,000 $5,000 $10,000
8
5
Unassorted
10
7
16
8
10
5
18
12
8
364
337
358
618
577
627
125
112
122
237
216
239
707
710
135
139
265
288
7
7
6
409
770
160
327
17
32
460
919
538 1,112
724 1,433
1,019 1,910
1,481 2,912
1,996 4,153
2,327 4,220
191
227
425
523
20
30
32
60
261
556
24
46
287
407
586
749
9
9
25
22
3
2
555
990
24
3
454
801
10
7
24
2
399
387
7
5
2
4
695
44
880
801
1,019
909
1,156
987
1,274 1,039
55
70
81
73
1,019
1,129
1,355
1,693
1,973
2,150
2,313
1,001
1,000
1,010
1,029
66
65
65
67
2,156
2,148
2,169
2,173
6,528
6,494
6,543
6,497
9,180
9,221
9,305
9,310
8,247
8,329
8,416
8,518
2,419
2,436
2,458
2,492
4,567
4,645
4,711
4,771
436
434
435
438
795
784
782
783
8
8
8
8
21
21
21
26
2
2
2
3
1,337
972
1,337
967
1,344
969
972
1,351
985
1,351
986
1,355
980
1,356
990
1,362
1,375 1,010
1,385 1,011
1,396 1,020
1,404 1,048
63
64
63
63
63
64
63
64
64
63
64
65
2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110
6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275
9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,457 2,460
8,434 2,456
8,424 2,447
8,432 2,442
8,489 2,449
8,530 2,466
8,529 2,453
8,600 2,477
8,689 2,503
8,721 2,499
8,760 2,513
8,850 2,548
4,757
4,755
4,754
4,769
4,789
4,808
4,824
4,874
4,941
4,986
5,023
5,070
434
433
432
431
430
430
428
428
428
427
426
428
774
769
771
773
804
810
806
804
800
793
782
782
9
6
6
5
5
5
5
5
5
5
5
5
23
14
14
12
11
12
12
12
12
11
11
17
3
3
I
1
2
2
2
2
2
3
3
3
1,382
63
2,017 6,064 8,858 8,745
2,511 5,022
424
771
5
12
3
1,332
1,345
1,355
1,361
194 7"~—Tanu ary
s$l
Large denomination currency 2
i
984
4
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
asftlestroyed.
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
Money
Money in circulation 1
Total outheld by
standing, As security
For
Federal
Jan. 31,
Federal
Reserve
against
31,
1948
Reserve
Banks
and Jan.
gold and Treasury
cash
1948
Banks and
agents
silver
..
.
.
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Jan 31 1948
Dec. 31, 1947
Jan 31 1947
22,935
21,748
25,210
4,561
493
1 941
21,748
' 'i'2',240 '
299
1 941
3 2,240
942
355
347
379
104
(4)
(4)
(4)
23,988
23,792
20,883
Jan. 31,
1947
agents
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Dec. 31,
1947
2
1,187
55
61
18,886
2,815
1,202
388
46
47
23,953
4,111
24,582
4,239
49
24,114
4,100
37
3
153
154
147
13
7
4
(5)
292
39
10
40
4
1
1,948
890
339
303
375
102
2,040
908
343
313
378
103
1,917
864
327
308
429
110
4,405
4,136
4,204
28,111
1,305
1,336
2,258
18,886
18,682
15,811
28,868
28,262
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals
for other
end-of-month dates shown in table above, totals by weeks in table on p. 293, and seasonally adjusted figures in table on p. 302.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
» To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves5 against other types, a grand total of all types has no special
significance and is not shown. See note of explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
MARCH
1948
301
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
1947
Amount—
adjusted for
seasonal
variation
7,598
8,732
11,160
15,410
20,449
25,307
28,51.5
28,952
28,868
Period
Gold
stock
at end
of
period
Increase
in gold
stock
1937
. .
1938
1939
1940
1941
1942
1943
1944
1945
. . . .
1946
1947
1947—February...
March
April
May
June
July
August.....
September..
October
November..
December. .
1948—January
February...
U2.760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
22,754
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
22,294
22,614
22,754
22,935
^23,036
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
2,224.9
•-418.2
132.5
311.5
159.0
333.4
270.6
228.8
189.4
339.0
320.1
139.5
180.7
P101.5
Change in
seasonally
adjusted
series *
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
Monthly averages of daily
figures:
1947—January
February
March
April..;:
May
June
July
August.:
September.:...
October
November.
December
28,543
28,300
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,648
28,937
28,458
28,300
28,358
28,412
28,356
28,378
28,316
28,394
28,711
28,598
28,562
28,650
-252
—158
+58
+54
-56
+22
-62
+78
+317
-113
-36
1948—January
February
28,394
28,096
28,309
28,096
-341
-213
+88
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.
EarNet
marked
gold
gold: deimport
crease
or export
or in(-)
crease (—)
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
20.4
153.6
44.1
129.7
200.2
219.2
111.7
109.6
450.8
265.7
178.2
P235.0
(4)
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
210.0
-684.5
203.5
272.0
13.1
119.0
26.7
42.3
153.1
-4.0
-82.8
-44.6
-14.9
5 -72.2
Domestic
gold
production1
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
81.2
5.5
5.5
6.2
7.2
6.1
7.3
7.0
7.0
8.2
6.2
7.3
6.2
(4)
P Preliminary.
1
Annual figures are estimates of the United States Mint. For
explanation
of monthly figures see table on p. 349.
2
Includes gold in the Inactive Account amounting to 1,228 million
on Dec. 31, 1937.
3 Change reflects primarily gold subscription to International Monetary Fund.
* Not yet available.
6
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,705.5 million dollars on Feb. 29, 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
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
Year and month
19423
1943
1944
1945
1946—old series *4
1946—new series
1947
May
1948—January
1
2
city. 3
Other
leading
cities
200,337
258,398
298,902
351,602
| 374,365
407,946
400,468
308,913
369,396
403,400
412,800
449,414
522,944
598,445
18.0
20.5
22.4
24.2
25.5
25.2
24.1
18.4
17.4
17.3
16.1
16.9
16.5
18.0
11.6
11.6
11.9
11.3
11.3
12.1
11.6
11.0
12.1
12.4
13.1
13.5
33,592
29,173
34,439
29,997
31,695
35,092
33,026
29,025
31,605
35.162
33,531
44,131
48,778
44,011
50,582
46,403
48,023
48,595
48,525
47,026
49,978
55.025
51,621
59,878
23.8
24.0
24.9
21.5
22.7
25.6
22.9
20.6
23.1
23.9
26.5
29.9
17.4
18.1
18.6
17.0
17.3
17.9
17.2
16.6
18.0
18.2
19.8
20.0
12.7
38,286
55,902
26.2
18.7
New
York
City
Other
reporting
centers
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
11 7
10.8
9 7
10.0
12.0
93,490
81,567
93,308
87,771
87,840
94,447
93,740
84,427
91,903
105,290
92,910
118,382
34,305
29,745
33,547
31,391
30,895
35,632
34,779
28,331
31,837
37,504
31,738
46,225
49,140
43,199
49,955
46,904
47,464
49,267
49,178
46,720
49,962
56,554
51,002
60,295
10,045
8,622
9,806
9,475
9,482
9,548
9,783
9,377
10,104
11,232
10,169
11,862
20.6
20.4
20.4
19.2
19.0
22.7
21.2
17.5
20.2
21.8
21.6
27.2
105,188
37,615
56,351
11,223
22.3
641,778
792 937
891,910
974 102
J 1,050,021
1,125,074
June
July
August
September
October
November
December
New
York
City
Other
reporting
centers 2
New
York
City*
February
March
April...:
Other
leading
cities
140
other
centers 1
Total, all
reporting
centers
New
York
City
National series for which bank debit figures are available beginning with 1919.
Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
Deposits and debits for first four months are partly estimated.
* 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.
302
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
1929—June.December.
1933—June
December.
1940—June
December.
1941—June
December.
1942—June.
December.
1943—June
December.
1944—June
December.
1945—June
December.
1946—June
December.
55,171
54,713
41,680
42,548
66,952
70,761
74,153
78,231
81.963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
26,179
26,366
19,172
19,817
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105.992
110,044
51,532
51,156
36,919
37,766
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
137,687
148,911
144,721
140,377
22,540
22,809
14,411
15,035
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
381
158
852
1,016
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
3,103
28,611
28,189
19,557
19,192
8,905
8,838
21,656
21,715
10,849
11,019
9,621
9,488
149
159
1,186
1,208
4,761
4,782
27,463
27,738
15,540
15,777
10,631
10,658
,292
,303
6,699
7,325
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16.869
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932
3,119
3,283
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
25,097
26,490
26,516
26,730
1947—January (Jan. 29). .
February (Feb.26)..
March (Mar. 26)..
April (Apr. 30)
May (May 28)
June (June 30)
July (July 30) v
.
August (Aug. 27)P. .
September(Sept.24)p
October(Oct.29)p. . .
November (Nov.26) P
December (Dec. 31)*
1948—January (Jan. 28)P. .
165,900
165,100
165,000
165,100
165,000
165,455
166,400
167,100
168,600
169,700
170,400
-•171,500
170,200
108,600
106,800
106,500
107,400
107,600
108,433
109,200
109,600
110,600
111,700
112,500
'•113,700
112,300
139,800
138,900
138,900
139,000
138,900
139,156
140,400
140,900
142,200
143,400
143,800
'144,900
144,300
82,500
80,600
80,400
81,300
81,500
82,134
83,200
83,400
84,200
85,400
85,900
'"87,100
86,400
3,100
3,700
3,700
2,700
2,200
1,367
1,400
1,700
1,900
1,800
1,900
1,400
54,200
54,600
54,800
55,000
55,200
55,655
55,800
55,800
56,100
56,200
56,000
'56,400
33,900
34,100
34,200
34,400
34,500
34,835
34,900
34,900
35,100
35,200
35,000
'35,200
3,300
3,400
3,400
3,400
3,400
3,392
3,400
400
400
400
400
400
26,100
26,200
26,100
26,100
26,100
26,299
26,000
26,200
26,400
26,300
26,600
26,600
1,400
56,500
35,200
17,000
17,100
17,200
17,200
17,300
17,428
17,500
17,500
17,600
17,600
17,600
17,800
17,900
400
25,900
End of month
Time deposits
United
States
Government
deposits a
Total
Commercial
banks»«
Postal
Mutual
savings
Savings
banks < « System «
Currency
outside
banks
3,639
3,557
r
p Preliminary.
Revised.
1
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning
with
December
1938, includes United States Treasurer's time deposits, open account.
8
Time deposits adjusted exclude interbank time deposits, United States Treasurer's time deposits, open account, and postal savings redeposited in banks.
*6 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
Prior to June 30,1947, includes a relatively small amount of demand deposits.
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.
BANK SUSPENSIONS i
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
DeposEnd of month itors'
balances 1
Cash
in depository
banks
Total
Total,
all
banks
U. S. Government
securities
Total
Direct
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec.. .
1945—Dec.. .
1946—Dec..
1,279
1,304
1,314
1,417
1,788
2,342
2,933
3,284
1,319
1,348
1,396
1,464
1,843
2,411
3,022
3,387
53
36
26
16
10
8
6
6
1,192
1,224
1,274
1,345
1,716
2,252
2,837
3,182
1,046
1,078
1,128
1,220
1,716
2,252
2,837
3,182
1947—Mar...
Apr.. .
May..
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec
3,375
3,382
3,387
3,393
3,398
3,396
3,407
3,412
3,413
3,481
3,492
3,508
3,523
3,548
3,553
3,542
3,524
3,527
5
5
5
6
6
6
6
6
6
3,284
3,290
3,277
3,302
3,351
3,360
3,325
3,314
3,314
3,284
3,290
3,277
3,302
3,351
3,360
3,325
3,314
3,314
P3,411
1948—Jan
P3,429
Cash
reserve
Guar- funds,
anetc.*
teed
146
146
146
126
74
88
95
102
118
152
179
200
192
197
226
216
191
188
212
205
207
I
p Preliminary.
1 Outstanding principal, represented by certificates of deposit.
2
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.
MARCH
1948
Number of banks suspended:
1934-40
1941
1942
1943
1944
1945
1946
1947
194g—Jan-Feb
. .
Member
banks
Nonmember
banks
NaIntional State sured
313
16
g
9
4
4
2
1
0
6
Noninsured
207
84
3
6
21
3
0
1
1
1
Deposits of suspended banksa
(in thousands of dollars) :
131,934 14,872 26,548 49,689 40,825
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—Jan.-Feb
3,726 3,144
1,702
6,223 4,982
405
0
0
167
503
1,375
1,241
405
79
327
167
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
1
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
303
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Loans
Total
Cash
assets x
Number
Total
of
capital
accounts banks
U. S.
Government
obligations
Other
securities
19,417
20,972
25,511
45,951
65,932
85,885
101,288
95,911
86,558
82,679
82,840
82,560
82,990
82,750
82,220
81,170
81,260
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,175
9,491
10,051
10,270
10,360
10,560
10,630
10,600
10,720
10,760
23,292
28,090
27,344
28,701
28,475
30,790
35,415
33,124
35,041
33,544
32,720
32,930
33,970
34,490
35,210
38,170
34,320
68,242
75,996
81,816
99,803
117,661
141,448
165,612
159,171
155,902
153,349
153,140
154,100
156,210
157,970
158,730
161,790
158,100
9,874 32,516
10,934 38,562
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,311 98,060
12,656 92,462
11,679 89,295
11,590 89,080
11,810 89,680
12,450 90,910
12,430 r92,520
12,290 93,760
13,040 95,660
12,030 92,900
25,852
26,499
26,479
27,058
31,081
37,551
45,613
48,800
50,784
52,375
52,470
52,610
52,850
'53,020
52,680
53,090
53,170
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,067
11,360
11,721
11,710
11,750
11,800
11,880
11,900
11,960
12,010
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,567
14,585
14,716
14,716
14,723
14,722
14,729
14,729
14,715
14,719
Total i
Interbank i
De-
mand
Time
All b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 e2
July 30 e
Aug. 27
Sept. 24*
Oct. 29 ee
Nov. 26 e r
Dec. 31
1948—Jan. 28 e
50,884
54,177
61,126
78,147
96,966
119,461
140,227
136,572
131,698
131,096
131,830
132,540
133,890
135,160
135,400
135,080
135,420
22,165 28,719
23,756 30,422
26,615 34,511
23,916 54,231
23,601 73,365
26,015 93,446
30,362 109,865
31,486 105,087
35,648 96,050
38,365 92,730
38,720 93,110
39,620 92,920
40,340 93,550
41,780 93,380
42,580 92,820
43,190 91,890
43,400 92,020
All commercial b a n k s :
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 e2
July 30
Aug. 27 ee
Sept. 24 e
Oct. 29 e
Nov. 26
Dec. 31 c '
1948—Jan. 28 e
40,668
43,929
50,746
67,393
85,095
105,530
124,019
119,448
113,993
112,756
113,370
113,970
115,280
116,440
116,740
116,430
116,650
17,238
18,800
2:1,714
19,221
19,117
21,644
26,083
27,130
31,122
33,679
34,010
34,880
35,560
36,940
37,700
38,260
38,440
23,430
25,129
29,032
48,172
65,978
83,886
97,936
92,318
82,871
79,077
79,360
79,090
79,720
79,500
79,040
78,170
78,210
16,316
17,757
21,808
41,379
59,842
77,557
90,606
84,473
74,780
70,539
70,650
70,330
70,800
70,540
70,120
69,170
69,220
7,114
7,372
7,225
6,793
6,136
6,329
7,331
7,845
8,091
8,538
8,710
8,760
8,920
8,960
8,920
9,000
8,990
22,474
27,124
26,551
28,039
27,677
30,2C6
34,806
32,378
34,223
32,704
31,950
32,210
33,190
33,820
34,530
37,290
33,470
57,718
65,337
71,283
89,135
105,923
128,072
150,227
142,890
139,033
135,907
135,650
136,550
138,580
140,300
141,120
144,010
140,220
9,874 32,513
10,934 38,558
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,311 98,043
12,656 92,446
11,679 89,281
11,590 89,070
11,810 89,670
12,450 90,900
12,430 92,510
12,290 93,750
13,040 95,650
12,030 92,890
15,331
15,844
15,952
16,395
19,350
24,184
30,241
32,536
33,930
34,947
34,990
35,070
35,230
35,360
35,080
35,320
35,300
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,352
9,577
9,880
9,860
9,900
9,940
10,010
10,030
10,080
10,130
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,026
14,044
14,183
14,183
14,190
14,189
14,196
14,196
14,182
14,186
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 e
July 30
Aug. 27 ee
Sept. 24 e
Oct. 29 e
Nov. 26
Dec. 3 1e . . . . . .
1948—Jan. 28
33,941
37,126
43,521
59,263
74,258
91,569
107,183
102,032
96,362
94,802
95,384
95,908
97,004
97,983
98,199
97,846
98,046
13,962
15,321
18,021
16,088
16,288
18,676
22,775
23,302
26,696
28,655
28,930
29,700
30,297
31.530
32.205
32,628
32,767
19,979
21,805
25,500
43,175
57,970
72,893
84,408
78,729
69,666
66,146
66,454
66,208
66,707
66,453
65,994
65,218
65,279
14,328
15,823
19,539
37,546
52,948
67,685
78,338
72,272
63,042
59,198
59,350
59,071
59,436
59,171
58,749
57,914
57,989
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,458
6,625
6,948
7,104
7,137
7,271
7,282
7,245
7,304
7,290
19,782
23,963
23,123
24,280
23,790
25,860
29,845
28,079
29,587
28,694
27,985
28,182
29,013
29,596
30,306
32,845
29,387
49,340
56,430
61,717
78,277
92,262
110,917
129,670
122,519
118,170
115,435
115,177
115,950
117,623
119,122
119,891
122,528
119,105
9,410
10,423
10,525
11.000
10,555
11,884
13,640
11,801
12,060
11,041
11,004
11,270
11,822
11,874
11,710
12,403
11,411
28,231
33,829
38,846
54,523
66,438
79,774
91,820
84,602
78,920
76,380
76,137
76,586
77,563
78,913
80,044
81,785
79,369
11,699
12,178
12,347
12,754
15,268
19,259
24,210
26,115
27,190
28,014
28,036
28,094
28,238
28,335
28,137
28,340
28,325
5,522
5,698
5,886
6,101
6,475
6,968
7,589
7,920
8,095
8,315
8,302
8,335
8,372
8,422
8,436
8,464
8,495
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,887
6,900
6,928
6,929
6,928
6,928
6,931
6,928
6,923
6,927
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,125
17,704
18,339
18,460
18,570
18,610
18,720
18,660
18,650
18,770
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,356
4,526
4,686
4,710
4,740
4,780
4,840
4,880
4,930
4,960
5,289
5,292
5,478
6,059
7,387
9,560
11,928
12,769
13,179
13,653
13,750
13,830
13,830
13,880
13,780
13,720
13,810
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,438
11,778
12,140
12,190
12,230
12,190
12,210
12,100
12,000
12,040
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,331
1,400
1,513
1,560
1,600
1,640
1,670
1,680
1,720
1,770
818
966
793
663
797
584
609
747
818
839
770
720
780
670
680
880
850
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,281
16,869
17,442
17,490
17,550
17.630
17,670
17,610
17,780
17,880
3
4
6
6
8
10
14
17
16
14
10
10
10
10
10
10
10
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,264
16,853
17,428
17,480
17,540
17,620
17,660
17,600
17,770
17,870
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,715
1,784
1,842
1,850
1,850
1,860
1,870
1,870
1,880
1,880
551
551
548
546
545
543
542
541
541
533
533
533
533
533
533
533
533
All m u t u a l savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—June 29
Dec. 31
1947—June 30 e2
July 30 e
Aug. 27 e
Sept. 24
Oct. 29 ee
Nov. 26
Dec. 31* *
1948—Jan. 28 e
r
1
1
1
1
1
1
1
1
e
r
Partly estimated.
Revised..
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "Ail commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability1 data are not available.
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at all insured commercial banks.
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. Deposits unclassified as to time or demand
have been included in time for mutual savings banks and in demand for commercial banks.
For other footnotes see following page.
304
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Other
Cash
assets x
Total
U. S.
Government
obligations
Other
securities
21,259
18,903
18,841
21,352
25,765
30,733
33,250
28,031
47,336
64,666
82,030
96,043
81,445
77,433
21,046
40,705
58,683
75,875
88,912
73,554
69,136
6,984
6,631
5,983
6,155
7,131
7,891
8,297
25,788
27,586
27,183
29,733
34,292
33,694
32,190
69,411
87,803
104,094
125,714
147,775
136,990
133,659
27,571
37,576
47,499
58,308
69,312
63,723
62,982
65,280
11,725
10,183
10,116
11,480
13,925
17,272
18,764
21,428
15,845
27,393
37,382
46,828
55,387
46,451
44,218
43,852
12,039
23,744
34,065
43,292
51,250
41,658
39,271
38,674
3,806
3,648
3,318
3,536
4,137
4,793
4,947
5,178
14,977
16,184
16,017
17,570
20,114
20,012
19,342
22,024
39,458
50,468
59,961
71,858
84,939
78,775
77,146
82,023
6,786
7,400
7,159
8,056
9,229
8,169
7,432
8,410
banks:
31
31
31
30
31
31
30
31
15,950
21,687
26,759
33,261
37,871
32,639
31,820
32,566
6,295
5,905
6,171
7,196
8,850
9,424
9,891
11,200
9,654
15,782
20,588
26,065
29,021
23,216
21,928
21,365
7,500
13,802
18,883
24,393
27,089
21,384
19,927
19,240
2,155
1,980
1,705
1,672
1,933
1,832
2,001
2,125
8,145
8,096
7,773
8,290
9,731
9,575
9,353
10,822
22,259
27,808
32,302
39,059
44,730
39,395
38,289
40,505
Insured n o n m e m b e r
commercial b a n k s :
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
5,776
6,984
9,258
11,824
14,639
15,831
15,896
3,241
2,818
2,556
2,678
2,992
4,040
4,597
2,535
4,166
6,702
9,146
11,647
11,791
11,299
1,509
3,162
5,739
8,197
10,584
10,524
9,949
1,025
1,004
1,063
1,268
1,350
2,668
3,308
3,395
3,875
4,448
4,109
3,498
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1942—Dec. 31 3
1943—Dec. 31
1944—Dec. 30. . . . .
1945—Dec. 3 1 .
1946—Dec. 31 2
1947—June 30
1,457
1,154
1,588
2,148
2,211
1,815
2,074
455
318
276
292
318
389
430
1,002
836
761
674
1,312
1,856
1,893
1,426
1,645
1,160
1,682
1,693
1,226
1,403
241
162
153
174
200
200
241
All n o n m e m b e r c o m mercial b a n k s :
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30 . . . .
7,233
8,137
10,847
13,972
16,849
17,646
17,970
3,696
3,136
2,832
2,971
3,310
4,429
5,027
3,536
5,002
8,014
11,002
13,539
13,217
12,943
2,270
3,836
6.899
9,880
12,277
11,749
11,352
1,693
2,007
7,525
9,223
10,846
11,891
12,375
642
740
629
861
3,073
3,110
3,081
3,250
3,370
1,050
1,267
4,452
6,113
7,765
8,641
9,005
3,844
5,509
7,160
7,946
8,216
8,687
8,747
4,345
4,708
5,361
5,813
5,964
4,259
3,954
1,411
1,260
1,198
1,275
1,316
4,428
4,792
2,935
3,448
4,163
4,538
4,649
3,075
3,711
2,246
2,819
3,522
3,833
3,924
Total
Loans
49,290
66,240
83,507
103,382
121,809
112,178
110,682
National member
banks:
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 31
State member
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
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
Total i
Interbank *
Demand
10,654 43,059
11,144 60,504
10,705 74,309
12,074 89,761
13,883 104,015
12,320 91,144
11,243 87,930
Time
Total
Number
capital
of
accounts banks
15,699
16,154
19,081
23,879
29,876
33,526
34,486
6,844
7,055
7,453
7,989
8,671
9,286
9,558
13,426
13,343
13,270
13,263
13,297
13,354
13 t 386
24,350
34,499
42,605
50,900
59,486
52,194
50,694
54,335
8,322
8,570
10,196
12,901
16,224
18,412
19,020
19,278
3,640
3,729
3,950
4,265
4,644
5,138
5,296
5 ,409
5,117
5,081
5,040
5,025
5,017
5,007
5,012
5 ,005
3,739
3,600
3,397
3,827
4,411
3,890
3,609
•3,993
14,495
20,024
23,833
28,874
32,334
26,726
25,686
27,449
4,025
4,184
5,072
6,357
7,986
8,779
8,994
9,062
2,246
2,371
2,525
2,703
2,945
2,957
3,019
3,055
1,502
1,598
1,698
1,789
1,867
1,893
1,916
1,918
7,702
9,535
11,842
14,809
18,119
18,836
18,240
129
145
149
190
244
260
201
4,213
5,981
7,870
9,987
12,196
12,225
11,550
3,360
3,409
3,823
4,632
5,680
6,351
6,488
959
955
979
1,022
1,083
1,193
1,245
6,810
6,667
6,535
6,452
6,416
6,457
6,461
763
452
494
473
514
530
514
1,872
1,332
1,829
2,358
2,452
2,043
2,248
329
164
299
161
181
336
436
1,291
1,261
1,892
1,905
1,302
1,351
253
241
270
305
365
404
461
329
275
267
276
279
290
322
852
793
764
729
714
690
797
1,266
1,166
1,115
1,122
1,262
1,468
1,591
3,431
3,760
3,889
4,348
4,962
4,639
4,013
9,574
10,867
13,671
17,168
20,571
20,879
20,488
457
309
448
351
425
597
638
5,504
6,908
9,131
11,879
14,101
13,526
12,901
3,613
3,650
4,092
4,938
6,045
6,756
6,949
1,288
1.230
1,245
1,298
1,362
1,483
1,566
7,662
7,460
7,299
7,181
7,130
7,147
7,258
421
405
608
604
606
695
789
151
130
559
400
429
612
658
1,789
2,048
7,534
8,910
10,363
11,428
11,901
4
4
7
8
12
13
12
1,785
2,044
7,527
8 902
10,351
11,415
11,889
164
201
808
892
52
56
184
192
192
191
191
1,353
1,082
642
533
238
184
180
206
181
8,744
8,620
4,204
4,466
5,022
5,442
5,541
2
2
1
2
2
3
2
8,742
8,618
4,203
4,464
5,020
5,439
5,539
1,077
1,035
496
490
361
351
350
350
342
962
949
927
Insured mutual savings
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
31
31
31
30
3l\'.'....
1946—Dec. 31
1947—June 30
Noninsured mutual
savings banks:
1941—Dec. 31
1942—Dec. 31
1943—jj ec> 3i
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—June 30
689
629
641
705
724
i'
1
1,034
1,173
1,218
468
485
558
611
624
3
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see preceding page.
MARCH
1948
305
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars!
Investments
Loans
Class of bank
and
call date
All insured commercial banks:
1942—Dec. 31.!
1943—Dec. 3 1 . .
1944_Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
Member banks,
total:
1942—Dec. 31!!
1943—Dec. 3 1 . .
1944_Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6..
Dec. 3 1 . .
New York City:2
1942—Dec! 3l!!
1943—Dec. 31..
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6..
Dec. 3 1 . .
Chicago:*
1942—Dec! 3l!!
1943—Dec. 3 1 . .
1944—Dec. 30..
1945 Dec. 31..
IQAft
DPP
31
Oct. 6!!
Dec. 31..
Reserve city banks:
1942—Dec! 31.'!
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 31..
1947—June 30. .
Oct. 6 . .
Dec. 31..
Country banks:
1941—Dec 31
1942—Dec. 31..
1943—Dec. 31..
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
Oct. 6..
Dec. 3 1 . .
Total
loans
and
investments
Total
ComLoans for
merpurchasing
cial,
or carrying
insecurities Real
Conclud- Agries- sumer Other Total
culing
tate loans loans
open- tur- To
brok- To loans
marers
ket
and othpa-1
deal- ers
per
ers
1,450 614
1*642 950
1,505 1,414
1,723 2,269
1,314 3,164
1,358 1,517
1,549 1,517
49,290
66*240
83,507
103,382
121,809
112,178
110,682
21 259
18!903
18,841
21,352
25,765
30,733
33,250
9 214
7',757
7,777
7,920
9,461
14,016
14,765
43 521
59*263
74,258
91,569
107,183
96,362
94,802
97,328
97,846
18 021
16!088
16,288
18,676
22,775
26,696
28,655
30,738
32,628
8 671 972
7,'387 1,089
7,421 1,023
7,531 1,198
8,949 855
13,154 884
13,820 972
12 896
17*957
19,994
24,003
26,143
20,834
20,332
20,469
20,393
4 072
4!ll6
4,428
5,760
7,334
6,368
6,548
6.881
7,179
594
934
1,398
2,249
3,133
1,506
1,507
2 807
2! 546
2,515
2,610
3,044
4,078
4,171
3
412
787
21
„ 24 1,054
30 1,742
5,361
"545
2,760
954
732
832
3*973
658
763
4,554 1,004
738
5,443 1,184
760
5,931
,333
4,765
1,094
*565 1,178
4 802
5,'040 1.724
5,088 1,801 i',418
28,031
47,336
64,666
82,030
3,606 4,677 2,361 1,181 96,043
1,609 7,103 4,031 1,098 81,445
1,278 8,201 4,893 1,047 77,433
21,046
40,705
58,683
75,875
88,912
73,554
69,136
598 3,494
3,( 92
25,500
870 43!175
538 3! 423 1,847
848 57,970
839 3,274 1,484
2,108 3,209 1,505 877 72,893
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,288
57,914
15,347
20*915
27,521
33,603
40,108
35,351
34,611
35.792
36,040
7,105
6! 102
6,201
6,822
8,514
10,825
11,441
12,495
13,449
3,456
2!957
3,058
3,034
3,661
5,548
5,726
12,518
16,419
22,188
28,520
35,002
35,412
35,057
36,027
36,324
5,890
5,038
4,654
4,910
5,596
8,004
9,102
0,638
10,199
1,676
1,226
1,084
1,149
1,484
2,433
2,744
5,776
6,984
9,258
11,824
14,639
15,831
15,896
3,241
2,818
2,556
2,678
2,992
4,040
4,597
543
370
356
389
512
862
945
169
193
323
859
2,453 1,172
1,096 389
1,196 286
123
117
107
86
80
99
104
«54
303
148
153
252
253
179
298
287
250
455
291
500
8,823
13!841
15,566
18,243
18,809
14,465
13,784
13.588
330 13,214
*267 "ill "564
1 806
3! 141
3,550
4,258
4,598
51
3,266
42
3,237
3,316
3 " 7 3 "*87 " ' 4 6 " l 4 9 "'2*6 3,287
6
6
17
2
3
1
300
290
279
348
205
201
197
48
34
102
163
211
117
100
52
32
52
163
233
101
84
22
23
22
24
36
96
62
45
45
51
105
130
18
14
34
40
29
29
194 1,527
114
1 5 12
808
312
97
153 1,486
301
658
267 1,420
217
660
313
777 1,379
311
404
855
427 1,503 1,459
435
704 2,237 1,436
264
405
540 2,713 1,675
185
7!688 " 2 2 5 " l 7 0 " 4 8 4 3', 147 i!969
659
772
713
802
648
681
774
20
17
25
32
42
29
26
3! 096 " 8 1 8
*23
Total
662 4,773
4 «45
597 4,646 2,269 1,042
918
922 4,437 1,868
2,265 4,343 1,888 944
3,378 3,455 1,900 1,104 84,408
1,467 5,358 3,308 1,020 69,666
1,154 6,240 3,998 965 66,146
66.590
16,962 1,046 "811 i!665 7,130 4" 662 "952 65,218
183
161
197
310
471
273
244
8,243
14,813
21,321
26,781
31,594
24,527
23,170
23.297
*366 22,591
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
*227 3^27 1*979
6 628
11,380
17,534
23,610
29,407
27,408
25,955
26.389
229 26,125
Obligations
of
Direct
States Other
and
secuGuarCertifian- polit- rities
cates
inteed ical
Bills of
subdebt- Notes Bonds
diviedsions
ness
U. S. Government obligations
988
6,727
13,218
15,300
19,071
12,288
835 9,441
4,462
4,636
3,971
2,455
1,271
3,159 12,797 4,102 3,651 3,333
5,799 20,999 2,718 3! 533 3,098
7,672 30,656 2,501 3,287 2,696
15,778 39,848 978 3,422 2,733
22 3,873 3,258
16,045 51,321
15 4,298 3,592
6,780 53,200
14 4,826 3,471
5,341 53,505
11,729 3 832 3 090 9 »71
18,948 2! 540 2! 965 Z , 0 / 1
27,265 2,345 2,729 2,664
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
4,224 3,079
1,987 5,816 4,815 45,286 "io 4,199 3,105
971
6,285
12,071
13,982
16,985
10,043
773 7,544
4,363
4,360
3,748
2,275
1,167
3,007
5,409
6,906
14,127
14,271
5,602
4,369
311
1 623 3,652 1,679
7,265
12,547 1,855 2,144 2! 056 5,420 1,071
14,563 1,328 3,409 1,829 7,014 984
17,179 913 3,740 3,745 8,592 189
1
17,574 477 3,433 3,325 10,337
992 10,202
1
13,308 387 1,725
775 10,555
1
137 1,103
12,57!
12.305
11,972 1,002 "*640 "*558 9 ! m
153
1,430
256
637
2,789 397
391
484
877
3,238 199
779
250 1,045
3,913
749
133 1,467
4,213
498
2,912
146
60
2,890
132
368
106
2,935
2,890 " l 3 2 "*235 "*248
6,467
13,038
19,682
25,042
29,552
22,250
20,845
20,884
20,196
903
1,282
1,602
1,809
1,864
2,207
2,284
119
83
74
31
*2',274
729
593
444
468
606
557
631
694
638
701
558
596
629
601
582
588
604
182
166
158
160
181
167
175
205
213
193
186
155
185
204
187
173
176
185
00U
751
4,248 1,173 956 820
6,810 811 954 821
9,943 749 913 726
11,987 440 1,000 740
5 1,126
916
15,878
4 1,272 1,004
16,013
3
15,967
1,364 962
1,390 1,023
3 1,342 1,053
"373 '2*358 l!901 15*560
295
2,253
4,691
5,730
6,982
441 3,799
334 3,038
1,441
1,802
1,704
1,034
1,723
2,497
5,181
5,653
1,993
1,503
481 2,926
110
4,377
671 1,251 1,240 5,436
9,172
15,465 1,032 3,094 2,096 8,705
21,552 882 3,466 4,422 12,540
26,999 630 5,102 4,544 16,713
24,572 279 4,020 2,470 17,797
22,893 197 3,035 1,960 17,696
23.164
22,857 "480 '2*583 2*108 17*681
861
574
538
241
9
6
5
152 1,069
390 2,053
766 3,395
271
179
156
76
6
3
4
1 222 1,028
l!252 956
1,214 855
1,230 829
1,342 1,067
1,551 1,285
1,813 1,250
1.934 1,201
*6 2,006 1,262
Insured nonmember commercial banks:
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 31..
1947—June 30..
478
553
482
525
459
474
576
20
16
16
21
31
12
11
64
59
82
156
228
142
125
1,282
1,225
1,165
1,136
1,224
1,748
1,963
854
422
173
385
70
383
67
460
77
723
79
895
82
2,535
4,166
6,702
9,146
11,647
11,791
11,299
1,509
3,162
5,739
8,197
10,584
10,524
9,949
17
442
99
276 1,147
223 1,319
180 2,087
104 2,247
62 1,897
1,652 4,928
1,774 6,538
1,179 6,991
972 7,013
563
569
560
566
619
752
845
462
435
403
383
443
516
505
• 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.2 31, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
306
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars)
Demand deposits
Class of bank
and
call date
Reserves
with
Cash
Federal in
Revault
serve
Banks
DeBalances mand
with
dedoposits
mestic
adbanks' justed*
All insured commercial banks:
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30..
12,396
13,072
12,834
14,260
15,810
16,013
16,039
1 ,358
8,570
1 ,305
9,080
1L,445 8,445
11,622
9,787
1L.829 11,075
1L.804
37,845
48,221
59,921
65,960
74,722
9,481 82,085
8,498 80,869
Member banks
total'.
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6 . .
Dec. 31. .
12,396
13,072
12,835
14,261
15,811
16,015
16,040
16.946
17,797
1,087
1,019
1,132
1,271
1,438
1,576
1,409
1.496
1,672
6,246
6,147
5,450
6,354
7,117
5,936
5,521
5.993
6,270
New York City:3
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Oct. 6 . .
Dec. 31. .
5,105
4,388
3,596
3,766
4,015
4,046
4,166
4.254
4,639
93
72
92
102
111
131
123
143
151
1,021
Interbank
deposits
Time deposits
Certi-
U. S.
Indi-
GovU.S. States fied viduals,
ernand
and partner- Inter- ment
Govern- political offi- ships, bank and
ment subdi- cers' and corPostal
DoFormestic8 eign
States
and
political
subdiSav- visions
ings
visions checks, poraetc.
tions
Indi- Bor- Capividuals, rowtal
acpartner- ings
counts
ships,
and corporations
673 1,761
9,823
813 8,167
10,234
893 9,950
9,743
948 19,754
11,063
12,566 1,248 23,740
10,888 1,364 2,930
9,807 1,372 1,247
3,677
3,996
4,352
4,518
5,098
5,967
6,495
1,077
1,219
1,669
1,354
2,585
2,361
2,111
36,544
47,122
58,338
64,133
72,593
79,887
78,077
158
97
68
64
70
68
64
59
61
124
109
103
119
111
492
397
395
423
496
664
771
15,146
15,697
18,561
23,347
29,277
32,742
33,604
10
10
46
122
215
39
60
6,844
7,055
7,453
7,989
8,671
9,286
9,558
33,754
42,570
52,642
57,308
64,184
70,243
69,595
70.793
73,528
9,714
10,101
9,603
10,881
12,333
10,644
9,612
10,471
10,978
3,066
3,318
3,602
3,744
4,240
4,915
5,376
5.059
5,504
1,009
1,142
1,573
1,251
2,450
2,207
1,976
1,821
2,401
33,061
42,139
51,820
56,270
62,950
69,127
67,933
69,047
72,704
140
87
62
58
64
62
60
50
50
50
56
120
105
99
114
106
110
105
418
332
327
347
399
551
649
661
693
11,878
12,366
14,822
18,807
23,712
26,525
27,259
27,511
27,542
4
5
39
111
208
30
50
332
54
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,463
8,464
141
82
61
76
78
87
50
55
70
10,761
11,899
13,899
14,042
15,065
16,429
16,494
15,941
16,653
3,595
3^209
2,867
3,179
3,535
3,031
2,898
2,975
3,236
319
263
252
199
237
218
260
225
290
450
448
710
361
1,338
1,105
11,282
12,501
14,373
14,448
15,712
17,216
17,202
16,463
17,646
6
3
4
11
17
20
22
14
12
298
164
158
177
200
172
162
144
175
2,215
2,557
3,050
3,041
3,153
3,356
3,427
3,612
3,737
1,027
1,105
1,070
43
39
38
43
36
29
36
30
30
152
181
161
72
233
178
174
167
237
228
304
323
285
34
38
44
33
66
47
55
50
63
2,152
2,588
3,097
3,100
3,160
3,495
3,417
3,548
3,853
Reserve city banks:
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Oct. 6 . .
Dec. 31. .
4,060
4,940
5,116
5,687
6,326
6,337
6,274
6,764
7,095
425
365
391
441
494
532
470
494
562
2,590
2,202
1,758
2,005
2,174
1,923
1,864
1,835
2,125
11,117
14,849
18,654
20,267
22,372
24,221
24,166
24.580
25,714
4,302
4,831
4,770
5*421
6,307
5,417
4,773
5,378
5,497
491
54
63 1,982
63 3,373
70 6 1 5 7
110 8^221
127
991
311
109
789
125
405
131
1,144
1,319
1,448
1,509
1,763
2,077
2,301
2,025
2,282
286
385
475
488
611
693
554
554
705
11,127
15,061
18,790
20,371
22,281
24,288
23,934
24,508
26,003
Country banks:
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Oct. 6 . .
Dec. 3 1 . .
2,210
2,842
3,303
3,909
4,527
4,703
4,628
4,934
4,993
526
542
611
684
796
883
780
829
929
3,216
3,699
3,474
4,097
4,665
3,753
3,444
3,959
3,900
9,661
13,265
17,039
19,958
23,595
26,237
25,508
26.660
27,424
790
957
994
1,149
1,199
1,067
2
225
4 1,090
5 1,962
8 4,230
8 5,465
877
8
424
8
794
7
432
7
1,370
1,558
1,727
1,868
2,004
2,391
2,511
2,487
2,647
239
272
344
369
435
524
451
435
528
271
287
313
352
391
437
395
2,325 4,092
2,934 5,651
2,996 7,279
3,434 8,652
3,959 10,537
3,547 11,842
2,979 11,274
108
133
141
182
233
244
194
53
243
506
611
678
750
775
858
258
152
1,052
1,119
68
76
96
103
135
154
135
Chicago:*
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Tune
Oct.
Dec.
31..
31..
31..
30..
31. .
31. .
30
6..
31.!
902
821
899
942
928
973
993
Insured nonmember commercial banks:
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
31
31
31. .
30
31
31
30
5,012
972
1,132
1,292
l|l30
1,056
1,111
1,196
885
1,006
1,049
671 1,709
811 7,923
891 9,444
945 18,509
1,243
1,353
1,369
1,455
1,375
22,179
2,672
1,095
2,308
1,176
607
733
810
851
866
4,186
3,395
6,722
1,105 6,940
651
1,195
179
1,228
564
1,298
267
1,217
8
12
14
16
20
24
24
25
21
2
2
2
3
5
11
3
127
665
713
1,400
1,552
1,245
1,560
942
915
783
5
7
10
15
14
12
12
29
23
26
17
20
39
17
17
14
1,407
1,437
1,418
1,648
1^727
1,862
1,966
2,120
2,205
2,234
268 2,250
30 2,259
288
304
326
354
377
404
416
420
426
778
711
816 "*29
977
96
1,206 195
.
1,395
2
2
2
2
4
6
9
476
453
505
619
719
823
864
871
902
104
63
41
33
30
25
21
20
22
20
22
56
40
38
43
41
46
45
243
169
151
154
160
235
319
314
332
4,542
4,805
5,902
7,561
9,563
10,580
10,888
10,975
11,045
2
4
11
35
1
1,967
2,028
2,135
2*327
2,566
2,729
2,796
2,847
2,844
8,500
11,989
15,561
18,350
21,797
24,128
23,380
24,528
25,203
30
20
17
14
17
17
17
17
17
31
32
56
57
52
55
49
50
45
146
140
149
175
219
272
308
324
337
6,082
6,397
7,599
9,650
12,224
13,727
14,101
14,229
14,177
4
3
10
16
11
26
38
28
23
1,982
2,042
2,153
2,321
2,525
2,757
2,869
2,946
2,934
3,483
4,983
6,518
7,863
9,643
10,761
10,144
18
10
6
6
6
6
4
8
5
4
4
4
5
5
74
65
68
76
97
113
122
3,276
3,339
3,750
4,553
5,579
6,232
6,361
6
5
6
959
955
979
2
2
1
1
7
1
2
10 1,022
7 1,083
9 1,193
10 1,245
« 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.
* 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.
MARCH
1948
307
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total—
Leading Cities
1947—January....
September. ,
October. . . .
November..
December. .
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
T o others
Real- Loans
estate to Other Total
U. S. Other U.S. Other loans banks
3ovt. seGovt.
obobliga- curi- liga- curitions ties tions ties
Total
CerOther
tifisecucates
1 rities
Bills of in- Notes Bonds
debtedness
811 6,350 3,427 30,411 3,954
64,256 19,303
1,473
757
425
664
511 2,537
143 2,793 44,953 40,999
21,371
22,220
22,887
23,428
2,757
3,432
4,154
4,569
573
494
419
387
444
546
457
527
501
492
451
407
475
487
494
503
224
220
211
199
64,343
64,840
64,953
65,135
,199
3,278
3,356
3,427
3,198
3,271
3,345
3,409
2,972 38,689
2,620 38,340
2,066 7,842
1 ,707 7,474
791
680
897
,251
4,133
4,034
3,811
3,291
2,686
2,576
2,159
2,832
31,079
31,050
30,975
30,100
4 ,283
4,280
4,224
4,233
1948—January....
65,178 23,315
4,704
219
432
333
502 ,497
163 3,465 41,863 37,610
1947—Dec.
Dec.
Dec.
Dec.
Dec.
65,027
65,140
65,385
65,305
64,815
23,229
23,343
23,518
23,722
23,328
4,368
4,471
4,629
4,729
4,650
476
428
331
407
292
443
421
646
634
492
434
418
403
404
376
511 ,388
509 ,413
490 3,429
490 3,446
514 3,459
230
291
177
193
106
1,798 7,560
1,797 7,564
1,867 7,653
1,583 37,366
1,487 37,227
948
,110
,367
,299
,530
3,291
3,272
3,289
3,263
3,338
2,847
2,842
2,847
2,771
2,854
30,474
30,340
30,150
30,033
29,505
4,238
4,233
4,214
4,217
4,260
65,142
65,088
65,530
64,953
23,229
23,243
23,394
23,394
4,637
4,689
4,761
4,727
245
181
221
230
442
426
416
441
353
337
330
312
501 3,472
505 3,493
503 3,508
3,516
,031
,060
,354
,209
3,387
3,327
3,437
3,410
2,826
2,808
2 ,786
2,739
29,398
29,392
29,309
28,965
4,271
4,258
4,250
4,236
Feb. 4 . . . .
Feb. 11
Feb. 18
Feb. 25
64,874
64,410
64,277
64,057
2,3,352
23,424
23,453
23,610
4,644
4,692
4,619
4,591
229
351
399
532
392
392
370
402
306
307
299
294
3,525
488 3,542
484 3,550
3,565
3,435 1,913 37,642
147 3,465 1,845 37,587
182 3,473 2,136 37,886
180 3,486 1,559 37,323
271 3,495 41,522 17,310
166 3,486 40,986 16,791
249 3,483 40,824 16,634
253 3,494 40,447 16,281
,468
,214
,210
,156
3,408
3,271
3,207
3,115
2,715
2,695
2,657
2,599
28,719 4,212
28,611 4,195
28,560 4 ,190
28,411 4,166
New York City
1947—January. . . .
20,187
6,166 4,097
618
278
139
215
94
111
614 4,021
253 1,681 1,033
9,931 1,123
September..
October
November..
December. .
20,031
20,036
19,903
20,056
6,566
6,840
7,088
7,286
4,525
4,815
5,191
5,343
490
412
320
299
311
368
314
377
91
82
74
64
185
189
193
202
102
102
105
104
170
161
160
160
692
711
731
737
1948—January....
20,001
7,045 5,329
162
303
51
199
106
129
1947 -Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
19,975
19,973
20,145
20,186
20,002
7,280 5,293
7,290 5,317
7,352 5,366
7,434 5,413
7,076 5,328
380
339
248
320
20
310
279
490
469
337
75
65
63
60
56
211
212
190
191
206
104
104
106
105
103
171
236
151
152
91
736
738
738
724
748
1948—Jan. 7
Jan. 14
Jan. 21
Jan. 28
20,175
19,842
20,138
19,850
7,037
6,992
7,065
7,085
5,324
5,327
5,343
5,324
184
125
169
169
304
29
299
331
5
51
51
50
200
201
197
197
103
105
108
106
Feb. 4
Feb. 11
Feb. 18
Feb. 25
19,996
19,723
19,693
19,685
7,038
7,100
7,14!
7,261
5,267
5,290
5,215
5,208
170
290
323
451
276
276
261
288
49
45
47
46
192
190
188
187
107
108
110
110
111
126
136
144
20S
132
226
201
44,069 13,137 7,376
13'
3
10
17
24
31
1948- -Jan. 7.
Jan. 14.
Jan. 2 1 .
Jan. 28.
Outside
New York City
1947—January
September..
October
November..
December. .
14,805 8,232
44,31
44,804 15,380 8,617
45,050 15,799 8,963
45,079 16,142 9,226
2,898
,164 3,390 2,790 29,266 4,253
3,465 2,173
3,196 1,965
2,815 1,639
2,770 1,576
255
250
412
661
712
724
629
536
747 10,459 1,292
618 10,373 1,231
375 10,223 1,176
481 9,898 1,194
761 2,956
1,747
,157
626
512
2,695
2,683
2,793
2,752
2,926
1,498
1,488
1,616
1,575
1,702
434
508
699
699
964
505
514
512
528
621
510 10,049 ,197
476 9,990 ,195
455 9,950 ,177
420 9,928 ,177
543 9,574 ,224
758 3,138
12,850
13,073
764 2,765
1,911
1,631
.1,875
1,571
,280
,045
,199
,104
597
591
663
655
519
491
512
526
9,515
9,504
9,501
9,286
769 12,958
769 12,623
7 70 12,558
770 12,424
1,777
1,455
1,391
.1,278
,314
,104
,092
,085
696
606
578
580
548
556
533
528
9,219 ,181
9,189 ,168
9,19' ,164
9,085 1,146
9,452 1,209
,227
,219
,198
,194
525
296 2,443
2,179 30,932 28,101
558 4,669 2,394 20,480 2,831
410
410
37
343
290 3,097
3,176
3,251
3,323
2,506
2,560
2,614
2,672
536
430
485
590
29,507
29,424
29,251
28,93!
!6,516
6,37
6,203
15,898
3,421
3,310
3,182
2,755
1,939
1,958
1,784
2,351
20,620 2,991
20,677 3,049
20,752 3,048
20,202 3,039
12
282
303
133
142
156
165
155
359
353
340
344
320
300 3,284
297 3,309
3,323
299 3,341
308 3,356
2,643
2,654
2,675
2,695
2,691
29,103
29,114
29,074
28,831
28,561
26,062
26,076
26,03
25,791
25,525
2,337
2,366
2,392
2,351
2,311
20,425
20,350
20,200
20,105
19,931
3,041
3,038
3,037
3,040
3,036
9,313
9,362
9,418
9,403
13S
12
11
113
300
286
279
262
301 3,369
304 3,388
3,400
302 3,410
2,677
2,705
2,711
2,722
28,77.
28,99.
29,06;
28,79*
25,731 751 2,790 2,307
25,956 1,015 2,736 2,317
26,011 1,155 2,774 2,274
25,752 1,105 2,755 2,21
19,883
19,888
19,80?
19,679
3,044
3,039
3,052
3,042
9,377
9,402
9,404
9,383
11
11
257
262
252
248
3,418
298 3,434
296 3,440
292 3,455
2,726
2,71
2,713
2,724
28,56'
Z8.36J
28,26
28,02^
25,533
25,336
25,240
25,003
1948—January
45,177
16,270 9,375
1947-Dec.
Dec.
Dec.
Dec.
Dec.
45,052
45,167
45,240
45,11
44,813
15,949
16,053
16,166
16,288
16,252
9,075
9,154
9,263
9,316
9,322
1948—Jan. 7 . . . .
Jan. 1 4 . . . .
Jan. 21
Jan. 28
44,96
45,24*
45,392
45,103
16,192
16,25
16,32'
16,30'
Feb. 4
Feb. 11. . . .
Feb. 18
Feb. 25
44,878
44,68
44,579
44,372
16,314
16,324
16,313
16,34'
3
10
17
24
31
133
178
143
150
3,379
3,392
3,413
3,419
3,439
96
3,391
2,704 28,90: 25,863 1,007 2,764 2,278 19,814 3,044
514
602
668
600
566
1,154
1,110
1,118
1,07
2,786
2,758
2,777
2,735
2,717
2,712
2,665
2,629
2,53.
2,167
2,139
2,124
2,071
19,500 3,031
19,422 3,027
19,369 3,026
19,326 3,020
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.
308
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Date or month
ReBalDeserves
with Cash ances mand
with
deFedin
doposits
eral vault
mestic ad- 3
Rebanks justed
serve
Banks
TotalLeading Cities
1947—January . . . 11,838
September
October....
November.,
December.
12,257
12,432
12,371
12,719
Individuals, States
and
part- politnerical
ships, suband
divicor- sions
porations
764 2,397 46,683 46,664 2,868
809
790
816
848
2,370
2,452
2,418
2,162
47,276
47,197
47,583
48,708
47,460
47,804
48,343
49,363
3,05C
2,978
3,090
3,148
Certified
and
officers'
checks,
etc.
In millions of dollars]
Interbank
deposits
Time deposits,
except interbank
IndividU. S.
uals, States
Govand
U. S. part- politernGov- nerment
ical
ern- ships, suband
ment and
divi- Postal
cor- sions
Savporaings
tions
1,573
1,649 13,770
1,393
931 14,134
1,513 1,380 14,167
1,509 1,071 14,144
1,700
651 14,093
Demand
Domestic
Bor- Cap- Bank
row- ital
deb-2
acings counts
its
Time
Foreign
243
9,832 1,344
164 5,621 82,369
333
328
327
335
9,696
9,978
9,905
9,922
203
231
338
228
1,431
1,410
1,380
1,370
5,783
5,810
5,836
5,831
81,583
90,187
85,152
104,009
1948—January . . . 12,753
815 2,445 48,843 49,073 3,251
1,465
592 14,159
370
9,955 1,344
1947—Dec.
Dec.
Dec.
Dec.
Dec.
12,413
12,489
12,857
12,700
13,138
818
882
896
815
826
2,334
2,363
2,533
2,387
2,694
48 ,379 ,146
48,966 ,106
50,216 3,122
49,446 3,119
49,809 3,246
1,800
1,404
1,813
1,523
1,961
741
717
461
544
793
14,069
14,061
14,055
14,090
14,192
328
335
341
333
338
9,702 1,378
9,673 1,374
10,190 1,388
9,792 1,357
10,251 1,353
303
345
156
298
37
5,842
5,832
5,830
5,825
5,826
20,346
20,509
24,912
23,688
22,692
1948—Jan. 7 . . . 12,726
Jan. 14... 13,051
Jan. 2 1 . . . 12,546
Jan. 2 8 . . . 12,689
845
842
779
792
2,566 48,620
,62i 48,635
2,551 48,963 49,67
2,419 48.97C 49,282
2,243 48,818 48,701
3,263
3,271
3,222
3,249
1,440
1,483
1,518
1,420
568 14,177
520 14,158
589 r14,158
693 14,142
347
359
383
391
10,285 1,346
10,292 1,351
9,944 1,332
9,297 1,347
128
90
130
206
5,834
5,826
5,826
5,836
19,372
20,565
22,253
-•21,042
730
795
771
815
2,227
2,175
2,298
2,287
48,223 47,806 3,253
47,644 47,798
47,409 47,950
47,559 47,937 3,223
1,301
1,405
1,540
1,475
801
876
885
926
443
458
463
465
1,340
1,338
1,353
1,368
242
491
291
258
5,853
5,851
5,849
5,856
21,911
19,670
20,123
18,006
3....
10...
17...
24....
31...
48,247
48,570
49,160
48,876
48,685
r
138 5,830 94,188
Feb. 4 . . .
Feb. 1 1 . . .
Feb. 18...
Feb. 2 5 . . .
12,435
12,429
12,154
12,296
New York City
1947—January . .
4,118
124
15,960 16,362
210
872
522 1,347
September
October
November.
December.
4,233
4,315
4,244
4,424
128
130
143
148
16,038
15,834
15,849
16,336
16,503
16,390
16,476
17,055
210
241
326
264
714
810
771
931
232
481
368
209
1948—January . .
4,439
132
16,399 16,844
339
732
3 . . . 4,351
10... 4,353
17... 4,504
2 4 . . . . 4,357
31.,.. 4,554
139
153
157
141
144
16,264
16,275
16,445
16,408
16,286
16,771
16,912
17,310
17,010
17,272
286
273
237
238
283
1,041
671
1,048
804
1,093
243
241
134
163
262
1,336
1,333
1,336
1,341
1,357
2,947
2,911
3,226
3,037
3,239
1,227
1,231
1,243
1,203
1 ,195
101
158
55
168
30
37 16,307 16,707
353
369
343
291
678
755
748
750
181
152
164
187
1,347
1,347
1 ,356
1 ,352
3,233
3,159
3,075
2,964
1 ,192
1,197
1,181
1 ,197
56
33
17
11
2,207
2,207
2,207
2,207
7,546
8,173
8,822
8,991
16,175 16,548
240
245
216
209
603
709
809
822
228
244
239
24'
1,353
1,360
1,369
1,374
2,962 1,190
2,812 1,191
2 ,880 1,202
2,820 1,211
81
225
70
73
2,216
2,213
2,211
2,209
9,507
8.074
7,552
7,158
1947—Dec.
Dec.
Dec.
Dec.
Dec.
1948—Jan. 7 . . .
Jan. 14...
Jan. 2 1 . . .
Jan. 2 8 . . .
4,337
4,594
4,354
4,472
139
135
125
130
Feb. 4 . . .
Feb. 1 1 . . .
Feb. 1 8 . . .
Feb. 25.. .
4,259
4,355
4,210
4,282
120
141
121
134
16,362 16,882
16,508 16,935
37 16,420 16,850
34 15,990 16,531
15,871 16,554
15,974 16,616
14,153
14,170
14,184
14,227
9,267
9,017
9,099
8,824
3,063 1,186
3,000
3,047
3,003
3,072
1,371
1,376
1,353
1;341
1,276
1,257
1,229
1,220
3,108 1,192
172 1,350
73 2,155 33,592
133
142
161
102
2,189
2,195
2,207
2,202
31,605
35,162
33,531
44,131
29 2,207 38,286
2,205 8,257
2,200 8,631
2,201 10,959
2,197 9,430
2,206 10,157
Outside
New York City
1947—January . .
7,720
640 2,362 30,723 30,302 2,658
701
12,423
215
6,769
158
3,466 48,777
September ,
October
November.
December.
8,024
8,117
8,127
8,295
681
660
673
700
2,846
2,737
2,764
2,884
679
703
738
769
12,763
899 12,791
703 12,791
442 12,752
318
313
305
316
6,696
6,931
6,902
6,850
155
153
151
150
70 3,594 49,978
89 3,615 55,025
177 3,629 51,621
3,629 59,878
2,333
2,413
2,375
2,420
31,238
31 ,363
31,734
32 ,372
30,957
31,414
31,867
32,308
1948—January ..
8,314
683 2,405 32,444 32,229 2,912
733
357
6,847
152
109 3,623 55,902
1947—Dec.
Dec.
Dec.
Dec.
Dec.
8,062
8,136
8,353
8,343
8,584
679
729
739
674
682
2,292
2,325
2,491
2,344
2,647
31,983
32,295
32,715
32,468
32,399
31,608
32,054
32,906
32,436
32 ,537
2,860
2,833
2,885
2,881
2,963
759
733
765
719
868
498 12,733
476 12,728
327 12,719
I 2,749
12,835
305
312
318
320
325
6,755
6,762
6,964
6,755
7,012
151
143
145
154
158
202
187
101
130
7
3,637
3,632
3,629
3,628
3,620
12,089
11,878
13,953
14,258
12,535
1948—Jan. 7 . . . , 8,389
Jan. 14... 8,457
Jan. 2 1 . . . . 8,192
Jan. 2 8 . . . . 8,217
706
707
654
662
2,529
2,510
2,374
2,206
32,313
32 ,601
32,462
32,398
31,928
32,790
32,347
31,851
2,910
2,902
2,879
'2,958
762
728
770
670
387 12,830
368 12,811
425 12,802
506 M2,790
334
346
370
379
7,052
7,133
6,869
6,333
154
154
151
150
72
57
113
195
3,627
3,619
3,619
3,629
11,826
12,392
13,431
12,051
8,176
8,074
7,944
8,014
610
654
650
681
2,195
2,141
2,260
2,247
32,048 31,258
31,654 31,267
31,538 31,396
31,585 31,321
3,013
2,952
2,926
3,014
698
696
731
653
573
632
646
679
12,800
12,810
12,815
12,853
391
406
410
412
6,305
6,205
6,219
6,004
150
147
151
157
161
266
221
185
3...
10....
17....
24....
31...
Feb. 4 . . . .
Feb. 1 1 . . . .
Feb. 1 8 . . . .
Feb. 2 5 . . . .
r
1
2
12,809
12,404
11,596
12,571
10,848;
Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
MARCH
1948
309
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
For purchasing
or carrying securities
Total
loans
and
invest- Total
ments
Commercial,
industrial
and
agricultural
893 1,090
882 1,087
854 1,090
830 1,093
820 1,109
745
736
745
742
751
6
11
5
8
14
042
,183
904
876
859
7,789
7,744
7,809
7,852
7,968
5,667
5,611
5,638
5,564
5,553
170
173
290
326
453
543
,540
511
,509
,525
862
860
865
863
873
514
512
520
514
518
311 1,442
356 1,477
331 1,440
309 1,431
292 1,444
607
589
584
580
,556
Boston
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
New York*
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Philadelphia
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Cleveland
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Richmond
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Atlanta
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Chicago*
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
St. Louis
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Minneapolis
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Kansas City
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Dallas
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
San Francisco
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
City of Chicago*
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
U. S. Government obligations
To brokers
and dealers
To others Real
Loans
estate to Other
Total
loans banks loans
U. S. Other U.S. Other
Govt. se- ^ovt. seobobliga- curi- liga- curitions ties tions ties
Total
Bills
Certificates
of indebtedness
Other
:ecurities
Notes Bonds
1
14
14
14
14
14
15
16
16
16
16
116
116
116
116
119
4
3
4
7
7
183
183
182
181
180
1,803
1,795
1,764
1,737
1,711
1,707
1,696
1,665
1,637
1,611
81
86
97
88
76
187
189
168
149
132
121 1,318
121 1,300
1,279
120 1,280
1,283
96
99
99
100
100
335
279
280
264
291
60
59
55
56
56
216
211
209
207
206
279
280
282
284
284
144
208
132
226
201
918
923
923
925
924
14,253
14,439
14,095
14,024
13,891
2,862
3,063
2,734
2,669
2,555
,145
,378
,165
,155
,155
698
742
651
618
620
631
636
608
601
10,410
10,312
10,282
10,288
10,179
,391
,376
,361
,355
,336
3
2
2
2
3
20
17
16
16
15
5
5
5
5
5
75
75
75
74
73
1
4
1
1
7
236
237
238
243
244
1,681
1,680
1,646
1,646
1,652|
1,414
1,415
1,383
1,384
1,391
86
86
85
84
84
77
76
77
77
1,190
1,189
1,186
1,182
1,180
267
265
263
262
261
883
881
881
883
890
17
16
18
18
21
13
17
16
15
12
55
52
60
60
59
15
15
16
15
15
235
235
236
236
237
13
43
6
1
211
218
207
203
202
2,869 2,545
2,879 2,554
2,891 2,566
2,878 2,554
2,848 2,525
61
64
35
41
57
73
70
109
108
110
111
98
166 2,197
164 2,196
164 2,193
2,193
157 2,200
324
325
325
324
323
806
803
803
801
807
390
389
389
390
392
1
1
7
6
6
5
6
24
24
24
23
23
22
22
22
22
22
174
175
177
176
177
185
184
183
182
185
1,801
1,786
1,781
1,779
1,749
1,680
1,664
1,659
1,657
1,627
52
54
51
58
44
159
157
155
154
145
109 1,360
105 1,348
1,347
104 1,341
1,337
121
122
122
122
122
,355
,336
,336
,331
,342
841
835
838
832
834
524
522
524
521
520
7
7
7
25
26
26
25
24
36
35
35
35
34
69
70
70
71
71
174
171
172
169
172
1,514
1,501
1,498
1,499
1,508
1,325
1,313
1,314
1,316
1,325
19
17
22
21
22
201
197
196
199
210
145
144
146
146
144
960
955
950
950
949
189
188
184
183
183
,926
,841
,808
,818
,779
2,706
2,685
2,710
2,721
2,720
1,869
1,859
1,863
1,873
1,860
27
28
25
28
37
34
34
33
32
31
76
75
74
74
73
312
313
314
315
316
356
353
356
354
356
6,220
6,156
6,098
6,097
6,059
5,624
5,559
5,501
5,493
5,457
422
393
378
380
403
420
417
413
409
391
478
470
472
459
4,293
4,271
4,240
4,232
4,204
596
597
597
604
602
,150
,112
,110
,103
,086
982
974
970
966
962
605
602
599
595
594
5
5
5
5
5
19
18
18
17
16
15
14
14
14
14
146
145
146
147
146
187
187
185
185
183
1,168
1,138
1,140
1,137
1,124
1,021
991
994
991
978
48
44
42
39
35
103
97
88
100
98
91
89
91
87
782
759
775
761
758
147
147
146
146
146
,174
,168
,173
,165
,1641
426
433
435
431
429
260
265
268
266
263
2
3
3
2
2
12
11
11
11
11
5
5
5
5
5
55
55
55
55
56
92
94
93
92
92
748
735
738
734
735
676
663
665
659
659
18
19
31
23
20
38
48
50
51
55
64
59
55
56
56
556
537
529
529
528
72
72
73
75
76
,436
,378
,372
,405
,365
825
821
821
821
815
545
541
541
540
535
4
4
4
4
3
12
12
11
11
11
12
12
12
12
12
113
114
115
115
115
138
137
137
138
138
1,611
1,557
1,551
1,584
1,550
1,413
1,360
1,354
1,388
1,354
85
73
79
115
265
244
246
249
249
183
175
173
171
162
868
856
853
855
198
197
197
196
196
,280
,259
,239
,226
,210
1,043
1,037
1,030
1,024
1,022
733
730
724
723
718
6
6
6
6
6
21
20
20
18
18
41
41
41
41
40
78
78
79
78
79
163
162
160
158
160
1,237
1,222
1,209
1,202
1,188
1,123
1,109
1,09:
1,087
1,074
172
168
166
16:
162
103
100
97
97
94
839
834
827
824
816
114
113
114
115
114
236
230
188
125
059
4,582
4,596
4,613
4,618
4,62
1,992
1,996
2,000
2,008
1,997
11
12
16
9
8
31
31
30
27
26
38 1,864
36 1,869
36 1,877
35 1,883
34 1,892
643
646
650
653
658
6,654
6,634
6,575
6,50'
6,432
5,933
5,923
5,861
5,799
5,725
9
7
4
2
196
247
210
198
184
972
955
943
921
871
585
571
561
553
548
4,180
4,150
4,147
4,127
4,122
721
711
714
708
707
677 1,861
631 1,838
605 1,854
629 1,866
576 1,870
1,454
1,444
1,440
1,452
1,443
23
24
22
24
34
2,
25
25
23
23
67
66
65
65
64
189
186
18
186
188
3,816
3,793
3,751
3,763
3,706
3,411
3,393
3,350
3,354
3,298
319
313
294
306
303
278
278
279
274
258
31.
315
313
316
305
2,499
2,487
2,464
2,458
2,432
405
400
401
409
408
71
70
70
71
71
10
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.
310
The figures
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
Jan. 28. . .
Feb.
4...
Feb. 11. . .
Feb. 18. . .
Feb. 2 5 . . .
New York*
Jan. 2 8 . . .
Feb.
4...
Feb. 11. . .
Feb. 18. . .
Feb. 25 . . .
Philadelphia
Jan. 2 8 . . .
Feb.
4...
Feb. 1 1 . . .
Feb. 18. . .
Feb. 25 . . .
Cleveland
Jan. 2 8 . . .
Feb.
4...
Feb. 11. . .
Feb. 18. . .
Feb. 25 . . .
Richmond
Jan. 28 . . .
Feb.
4. . .
Feb. 11. . .
Feb. 18 . . .
Feb. 25 . . .
Atlanta
Jan. 28 . . .
Feb.
4. . .
Feb. 11. . .
Feb. 18. . .
Feb. 25 . . .
Chicago*
Jan. 2 8 . . .
Feb.
4. . .
Feb. 1 1 . . .
Feb. 18 . . .
Feb. 25 . . .
St. Louis
Jan. 28. . .
Feb.
4...
Feb. 1 1 . . .
Feb. 18 . . .
Feb. 25 . . .
Minneapolis
Jan. 28. . .
Feb.
4. . .
Feb. 11. . .
Feb. 18. . .
Feb. 25. . .
Kansas City
Jan. 28. . .
Feb.
4. . .
Feb. 11. . .
Feb. 18. . .
Feb. 25 . . .
Dallas
Jan. 28. . .
Feb.
4. . .
Feb. 11. . .
Feb. 18. . .
Feb. 2 5 . . .
San Francisco
Jan. 28 . . .
Feb.
4...
Feb. 1 1 . . .
Feb. 18 . . .
Feb. 2 5 . . .
City of Chicagi
Jan. 28. ..
Feb. 4...
Feb. 11...
Feb. 18. ..
Feb. 25...
Reserves
with Cash
Fed- in
eral vault
Reserve
Banks
Bal- De- Indiances mand vid- States Certiwith de- uals, and fied
do- posits partand
mestic ad- 1 ner- political offibanks justed ships, subcers'
and divi- checks,
corpora- sions etc.
tions
533
529
513
504
506
58
55
58
57
60
4,761
4,556
4,662
4,495
4,577
175
163
185
166
179
508
499
493
494
495
43
40
41
41
43
797
771
755
758
755
80
80
83
2,467 2,446
2,441 2,436
2,394 2,391
2,357 2,395
2,350 2,391
126 17,937 18,164
125 17,691 17,844
132 17,513 17,810
142 17,381 17,842
132 17,481 17,887
105 2,146
100 2,115
94 2,076
107 2,076
104 2,111 2,222
155 3,075 3,166
156 3,084 3,103
151 3,011 3,089
160 2,998 3,106
162 3,000 3,094
489
487
494
474
492
63
59
63
63
67
170
155
166
151
166
104
073
077
040
,076
461
450
459
447
452
43
39
44
42
44
175
179
185
205
176
,709
,711
,654
,628
,685
98
94
103
96
105
402
423
390
387
404
115
116
106
108
112
138
137
132
123
120
50
46
49
44
48
558
516
567
510
516
793
647
755
854
870
86
76
83
85
86
Time deposits,
except interbank
U.S.
Government
Individuals, States
and
part- politner- ical
ships, suband
cor- divipora- sions
tions
Interbank
deposits
Demand
U. S.
Government
Time
and DoPostal mes- Foreign
Sav- tic
ings
Borrowings
Capital
Bank
ac- debcounts its*
496
497
497
497
497
293
291
286
285
272
20
20
20
21
22
8
7
7
14
23
314
315
315
316
316
804
861
793
857
699
204
249
267
263
273
2,179
2,181
2,187
2,197
2,202
3,037
3,036
2,882
2,952
2,889
1,200
1,193
1,193
1,204
1,213
15
87
237
74
74
2,396
2,405
2,402
2,401
2,399
9,490
10,039
8,632
8,102
7,599
31
35
30
36
28
34
37
40
41
42
375
375
375
375
391
334
346
329
339
325
12
12
13
12
12
18
15
27
31
9
299
301
301
300
300
792
800
691
750
714
149
160
154
155
153
54
62
55
59
47
55 1,274
62 1,274
1,275
1,275
1,274
455
458
444
464
436
5
5
5
6
6
12
3
35
11
13
461
462
462
462
462
1,100
1,139
1,012
1,127
1,001
057
015
038
004
030
185
191
183
185
201
49
48
46
55
44
587
587
587
588
588
390
374
377
376
352
6
5
5
5
6
10
10
16
13
12
211
212
212
212
212
660
672
628
705
596
,779
,742
,748
,760
1,760
1,636
1,608
1,656
1,654
1,649
••299
302
294
295
302
24
24
22
29
26
••537
538
538
538
538
501
512
530
509
492
18
12
6
13
17
176
177
178
179
179
663
659
579
689
575
379
383
340
374
384
6,321
6,198
6,043
6,072
6,158
6,243
6,059
6,033
6,068
6,162
566
583
519
545
550
96
106
102
110
93
129 2,385
146 2,387
2,389
164 2,389
160 2,390
1,468
1,488
1,431
1,448
1,413
65
67
132
97
85
29
27
29
27
29
112
106
114
108
111
1,363
1,334
1,326
1,330
1,348
1,426
1,394
1,404
1,413
1,436
109
109
114
112
114
19
23
21
18
17
460
460
461
462
462
659
662
645
622
612
19
13
12
11
3
168
169
170
170
170
605
581
542
593
478
224
219
214
205
214
12
11
12
12
12
92
88
81
85
86
815
818
815
800
815
779
780
792
777
773
134
135
131
126
145
12
12
13
16
11
249
250
250
250
250
302
299
298
297
291
15
2
97
97
97
97
97
372
374
376
386
293
513
504
504
481
505
29
26
29
29
30
260
269
270
289
285
,786
,810
,780
,728
,757
,785
,803
,769
,808 1,768
233
250
247
254
261
27
27
27
28
26
379
379
379
380
380
4
4
4
4
4
811
789
785
790
769
184
184
184
185
186
776
732
667
777
642
482
482
476
464
471
33
31
32
32
33
262
250
252
276
274
,883
,861
,843
,854
,848
1,851
1,812
1,824
1,845
1,844
169
179
174
168
163
40
37
37
4G
40
341
342
343
343
343
39
43
42
44
43
594
571
565
553
546
190
190
190
191
191
666
598
602
647
605
1,810
1,804
1,815
1,817
1,740
125
107
119
126
130
292
300
284
293
295
7,118
7,086
7,013
6,938
6,804
6,927
6,838
6,858
6,881
6,681
623
615
599
584
612
225
234
248
251
225
86 4,880
102 4,883
115 4,889
117 4,890
126 4,912
198
198
208
209
210
453
441
445
464
427
5
9
12
11
674
673
672
670
676
2,401
2,511
2,388
2,563
2,300
1,129
1,149
1,095
1,086
1,145
36
35
40
36
40
180
191
160
186
190
4,106 4,167
4,068 4,053
3,948 4,035
4,001 4,095
4,038 4,123
278
321
267
292
292
47
54
47
47
47
,195
,197
,198
1,198
1,199
38
38
38
38
38
1,105
1,110
1,070
1,087
1,051
55
67
103
77
84
450
450
' *2
1
17
9
2
2,713
668 2,945
668 2,760
2,927
668 2,504
1,729
1,932
1,851
1,935
449 1,632
r Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
si
MARCH 1948
311
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
Total
out- 1
outstanding standing
End of month
Held by
Based on
Accepting banks
Total
Own
bills
Federal
Reserve
Banks Others
Bills (For own
bought account)
Imports
into
United
States
Exports
Dollar
exchange
from
United
States
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1946—December
228
227
169
74
94
58
162
29
(2)
29
7
1947—January
February
March
April
May
June
July
August
September
October
November
December
236
243
266
256
250
234
244
244
242
283
287
287
241
230
228
215
189
183
187
206
219
237
245
261
183
171
170
154
130
132
148
158
168
180
188
197
85
76
75
71
67
69
75
71
83
83
76
88
98
95
95
83
63
63
74
87
85
97
112
109
58
59
58
61
59
50
39
48
47
55
56
64
172
164
158
140
118
111
115
133
140
144
147
159
35
35
36
42
45
46
45
47
42
54
61
63
(2)
(2)
(2)
(2)
2
4
3
3
27
24
27
25
21
20
21
20
24
23
25
25
8
7
7
8
5
6
7
6
11
10
9
11
1948—January
290
262
188
85
103
74
168
53
1
27
13
4
2
()
2
(2)
(2)
1
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and
trading
and trading
(net)*
accounts
accounts
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1939—June
December...
1940—June
December...
834
906
653
677
25
16
12
12
73
78
58
99
178
207
223
204
570
637
376
427
230
266
267
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
111
12
7
5
89
86
86
154
190
188
253
260
333
413
399
311
186
211
180
160
167
181
196
209
220
313
370
453
395
368
309
378
529
557
619
726
853
795
498
217
255
289
240
270
334
354
424
472
549
654
651
693
65
63
56
54
66
65
95
96
121
112
120
118
17
17
16
15
15
14
15
18
14
29
24
30
7
5
4
4
7
5
11
8
13
13
17
10
222
213
189
182
212
198
216
227
264
299
314
289
1947—February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
3 573
3 576
3 553
3 530
552
3 564
3 550
3 570
3 606
3 593
578
3
217
3 216
3 205
3 201
222
3251
3 241
3 280
3 257
3 247
240
»681
»677
»665
8 652
650
8 677
8 656
8 630
8 616
3617
612
162
24
9
271
176
23
15
1948—January. . . .
3
3217
3 622
568
6
333
395
7
315
393
273
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): November, 76; December, 61; January, 56.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—SeeBanking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
312
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
COMMERCIAL LOAN RATES
u. s. Government
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month
3- to 5ances,
3certifireyear
90 1 new- month cates taxable
3
days
bills
of inals 2
issues
debtedness
1945 average
1946 average
1947 average
.75
.81
1.03
.44
.61
.87
1 00
.16
.38
J 18
.16
.32
.375
.375
.604
.81
.82
.88
.85
.82
.83
.85
!85
.85
.85
.87
.97
.99
1.04
.26
.24
.24
!27
.29
.33
.31
.28
.35
.47
L .54
1947—February. . 1.00
March
1.00
LOO
April
.00
May . . •
L 00
June
L.00
July
A u g u s t . . . . L.00
September. L.06
October. . . L.06
November. L.06
December.. 1.19
.81
.81
.81
!81
.81
.81
.88
.94
.94
.94
.38
.38
.38
!38
38
.38
.38
.38
.38
.38
1.03
1.38
.376
.376
.376
!376
.376
.703
.748
.804
.857
.932
.950
1948—January...
February..
1.06
1.06
1.50
L.50
.977
.996
1.09
1.10
L.63
L.63
.990
.994
.996
.997
.997
1.10
1.10
1.10
1.09
1.09
1.64
L.64
L.64
L .62
L.63
1.31
1.38
Week ending:
Jan.31
Feb. 7
Feb.14....
Feb.21....
Feb.28....
lVie
Wl6
lVie
lVie
lVie
1/^
IX
1
Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
3
Rate on new issues offered within period.
4 Beginning Dec. 16, comprises 2% Sept. 1951-53, 2% Dec. 1951-55,
and 2H% Mar. 1952-54 bonds.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
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
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
1943—December.
2.65
2.10
2.76
3.17
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
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1947—March
June
September.
December.
2.31
2.38
2.21
2.22
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
average1
average
average
average
average
average
average
average
average
average
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Backfigures.—SeeBanking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427,
BOND YIELDS *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
and
over
Corporate (Moody's)i
Municipal
(highgrade) 2
Corporate
(highgrade) 3
By groups
By ratings
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
10
120
30
30
30
30
40
40
40
1945 average
1946 average
1947 average
1.60
1.45
1.58
2.37
2.19
2.25
1.67
1.64
2.01
2.54
2.44
2.57
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—February..
March
April
May
June
July
August
September
October. . .
November.
December.
1.54
1.52
1.53
1.53
1.56
1.57
.54
.53
,58
.72
1.81
2.21
2.19
2.19
2.19
2.22
2.25
2.24
2.24
2.27
2.36
2.39
1.99
2.02
1.98
1.95
1.92
1.91
1.93
1.92
2.02
2.18
2.35
2.48
2.49
2.49
2.49
2.50
2.51
2.51
2.57
2.68
2.75
2.86
2.78
2.79
2.78
2.79
2.81
2.80
2.80
2.85
2.95
3.02
3.12
2.55
2.55
2.53
2.53
2.55
2.55
2.56
2.61
2.70
2.77
2.86
2.64
2.64
2.63
2.63
2.64
2.64
2.64
2.69
2.79
2.85
2.94
2.79
2.80
2.81
2.82
2.83
2.82
2.81
2.86
2.95
3.01
3.16
3.12
3.15
3.16
3.17
3.21
3.18
3.17
3.23
3.35
3.44
3.52
2.61
2.61
2.60
2.60
2.60
2.62
2.63
2.67
2.76
2.84
2.92
3.00
3.02
3.03
3.05
3.10
3.06
3.03
3.09
3.22
3.30
3.42
2.72
2.73
2.71
2.71
2.72
2.72
2.72
2.78
2.87
2.93
3.02
1948—January...
February.,
1.97
1.97
2.45
2.45
2.45
2.55
2.85
2.84
3.12
3.12
2.86
2.85
2.94
2.93
3.17
3.17
3.52
3.53
2.91
2.90
3.44
3.43
3.03
3.03
Week ending:
Jan. 3 1 . . .
Feb. 7...
Feb. 14...
Feb. 2 1 . . . .
Feb. 28....
1.99
1.98
1.98
1.95
1.96
2.45
2.45
2.45
2.45
2.45
2.48
2.54
2.55
2.56
2.55
2.87
2.86
2.85
2.83
2.81
3.13
3.13
3.13
3.12
3.10
2.86
2.87
2.86
2.85
2.83
2.94
2.94
2.94
2.93
2.91
3.17
3.18
3.18
3.17
3.15
3.53
3.53
3.54
3.54
3.52
2.91
2.92
2.91
2.90
2.89
3.43
3.44
3.44
3.44
3.42
3.03
3.04
3.03
3.03
3.01
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 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively.
Backfigures.—SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
MARCH 1948
313
SECURITY MARKETS 1
Stock prices5
Bond prices
Common (index, 1935-39=100) Volume
of trad-
Corporate 4
Year, month, or week
U. S. Municipal
Gov(highernment2 grade)8 Highgrade
Total
Industrial
Railroad
Preferred6
DePublic faulted
utility
Total
Industrial
Railroad
thousands of
Public shares)
utility
15
15
50
10
20
20
15
15
402
354
20
28
• • 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
75.4
76.7
s 67.1
189.1
198.5
184.7
122
123
137
106
140
143
143
120
123
128
105
103
1,443
1,390
953
69.3
66.0
64.0
61.9
63.4
69.6
69.6
68.6
69.4
68.1
(8)
189.0
188.1
186.5
186.2
186.2
188.4
188.7
188.3
181.2
174.5
172.1
129
133
119
111
1,176
124
119
115
119
126
125
123
125
128
123
119
124
132
130
128
131
130
129
107
105
102
101
102
101
102
101
841
912
912
833
124
122
110
102
95
98
108
105
104
104
97
94
1,136
862
1,170
895
857
1-8
Number of issues
1945 averace
1946 average
1947 average
Medium- and lower-grade
1947—February
Ivlarch
April
May
June
July
August
September
October
November
December . . . .
104.35
104.61
104.57
104.48
104.08
103.75
103.89
103.95
103.44
102.11
101.59
133.1
132.5
133.2
133.9
134.4
134.7
134.3
134.4
132.5
129.4
126.2
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
116.8
116.6
116.5
115.0
114.3
115.7
116.1
115.1
114.0
113.3
112.5
123.7
123.7
123.5
123.2
122.6
122.8
123.9
121.9
120.8
120.0
119.1
114.3 112.4
113.6 112.5
113.2 ' 112.7
109.2 112.5
107.3 113.0
110.5 113.8
110.4 113.9
109.3 114.1
106.9 114.3
105.1 114.7
104.6 113.9
194g—January
Februarv
100.70 124.5
100 70 122 6
117.4
117.5
112.4
112.4
118.9
119.3
104.6
103.8
113.7
114 1
169.5
167.0
120
114
126
119
107
102
95
93
Week ending:
Jan 31
Feb. 7
Feb. 14
Feb 21
Feb 28
100.69
100.69
100.70
100.71
100.71
117.4
117.4
117.4
117.5
117.8
112.6
112.6
112.4
112.3
112.3
119.3
119.4
119.3
119.2
119.3
104.5
104.4
103.9
103.5
103.5
113.9
114.1
114.1
114.1
114.2
168.7
166.3
166.7
167.1
167.9
118
123
106
94
123.8
122.8
122.6
122.4
122.6
116
112
121
117
114
114
119
119
100
104
104
101
102
102
1,158
674
763
847
94
92
949
1,094
92
92
698
703
12 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.
8
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 5per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
6
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
39,608
Domestic
Total
(domestic
and
forTotal
eign)
State
and
municipal
2,277
1,951
2,854
1,075
2,239
1,948
2,852
1,075
931
751
642
913
640
896
176
235
541
495
495
Federal
agen-1
cies Total
924
461
518 1,272
342
108
1,772 1,761 471
4,645 4,635 952
37,448 '7,143 2,225
506
496
646
1947—January..
304
302
462
February.
636
615
856
March. . .
785
778
891
April
348
333
702
May
745
745
June.. . . 1,038
619
3 1,033 3 863
July
'326
»-326
August. . . '517
621
785
621
September
713
813
713
October. .
571
705
571
November
December 1,160 1,029 1,024
1948—January . .
For refunding
90
15
26
127
203
215
97
293
402
106
212
124
185
277
114
101
99
21
34
12
114
16
15
15
12
8
85
Domestic
Corporate
383
736
1,062
624
374
646
Foreign2
Bonds
and Stocks
notes
287
601
889
506
282
422
97
135
38
2
1
173
118
92
224
1,264
607
657
3,556 2,084 1,472
'4,715 3,498 1,216
260
170
311
376
212
519
483
132
258
599
470
'925
217
127
267
241
80
435
311
121
175
410
336
780
44
44
44
136
132
83
172
11
84
1S9
134
144
365
323
41
2
17
r
12
10
61
10
2
21
7
15
r
5
Total
(domestic
and
forTotal
eign)
State
and
municipal
3,513
2,852
2,693
1,039
1,527
3,303
6,234
4,000
2,160
3,465
2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,983
140
158
220
106
354
293
170
191
165
101
134
130
136
56
191
101
354
255
170
191
165
101
134
130
11
1
2
3
1
2
11
3
46
46
195
482
Federal
agen-1
cies Total
1,537
344
435
181
698
440
259
404
497
418
Corporate
Bonds
and Stocks
notes
1,733 1,596
2 026 1 834
1,557 1,430
418
407
685
603
912
734
2,466
4,937
2 953
1 517
2,178
4,281
2 352
1 236
2
2
22
24
50
20
33
38
40
40
42
20
48
45
104
31
140
78
319
214
118
147
122
76
84
83
86
8
136
44
229
165
107
140
113
51
78
80
2
42
3
3
324
208
44
s"
422
Foreign2
137
193
48
126
11
4
82
288
86
15
656
601
61
105
281
177
18
22
4
34
91
48
11
7
9
25
6
3
4
101
29
5
38
»• Revised.
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1
2
8
314
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 proceeds8
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
...
.
. .
New money
Retirement of securities
Total
Plant and
equipment
Working
capital
Bonds and
notes
Total
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
r
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
322
265
450
449
446
738
601
248
441
622
561
1,078
316
260
442
441
437
727
588
245
434
612
547
1,063
183
205
285
254
180
498
435
118
244
510
425
932
138
105
153
101
109
426
370
99
179
388
354
800
45
101
132
153
71
72
64
19
65
122
71
132
120
34
121
85
232
207
112
104
154
33
81
93
81
18
110
80
198
164
103
102
154
15
74
91
38
16
11
5
34
43
9
3
1
18
7
2
11
15
31
98
19
15
17
16
9
45
22
12
2
5
5
3
7
6
24
6
26
24
18
26
333
327
286
189
97
6
6
21
14
1947—January
February
March
April
May
June
July...
August
September
October
November
December
1948—January
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
182
319
85
115
283
33
8
12
28
7
9
17
37
28
28
23
17
15
28
22
23
1,436
r
704
May
21
57
139
228
24
253
32
46
102
115
129
240
361
47
160
602
June
July
August. . . .
September..
4
120
54
558
110
30
97
186
108
15
114
500
1,320
'571
35
5
2
1
31
10
77
1
1,250
1,987
is
1,208
1,246
1,180
1,340
751
3
8
2
6
77
1,190
1,897
43
245
1,157
922
317
145
22
40
69
785
993
292
423
611
943
42
30
27
50
86
47
13
62
774
1,280
1,079
831
25
74
439
616
469
34
550
761
373
226
2
150
80
90
136
20
122
390
71
16
19
46
218
57
8
72
152
7
7
4
20
7
1
584
961
188
167
353
738
43
56
102
155
9
42
88
9
244
293
228
454
811
463
89
199
504
121
146
71
76
148
419
325
94
4
21
107
206
323
279
5
104
828
527
497
55
4
13
61
85
164
169
18
21
4
42
65
64
56
4
3
56
95
54
11
66
9
5
58
1
5
6
8
1
2
923
43
67
332
14
47
223
26
18
107
3
2
2
229
119
90
136
94
52
84
8
5
93
225
536
307
140
30
31
353
234
28
61
179
181
68
95
2
16
2
4
16
9
16
33
328
165
141
239
79
204
129
96
175
65
24
26
26
43
9
99
10
19
21
6
3
10
21
14
2
21
3
2
71
259
45
193
13
20
51
16
49
56
13
45
35
18
21
54
38
7
21
57
1,400
2,291
2,129
3,121 2,122
Opt ohpr
November
December
37
20
37
20
306
303
277
493
23
23
164
31
11
30
63
89
180
30
27
25
17
63
93
76
464
469
22
2
4
130
5
35
1948—January....
Real estate and financial
Total
Retire- All Total
Retire- All
Retire- All Total
Retire- All Total
net
net
net
net
New ment of other
New ment of other
New ment of other
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
poses ceeds
poses ceeds
ceeds
ties
poses
ties
ties
ties
172
120
774
338
54
1947—January
February...
IMarch
April
Indu strial
Public utility
1,343
2,159
1,252
13
16
1,033
1,969
1,010
3,601 2,201
981
364
2,429 1,740
157
280
136
8
245
480
31
11
1
1
213
496
129
422
149
6
9
82
62
3
5
15
9
52
5
1
1
4
1
26
10
9
8
5
19
5
* Revised.
1 Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net
proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a
publication of the Board of Governors.
2
3
MARCH
1948
315
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
Number of companies.
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Iron
and
steel
629
47
69
15
1947—i
2
3
68
77
Other
durable
goods
75
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
49
45
30
Other
nondurable
goods
Common
80
74
152
152
152
847
1 028
1 137
90
564
888
902
970
989
90
92
88
86
86
85
669
705
552
556
611
612
1,465
1,818
2,163
1,769
1,800
1,896
1,925
32,545
146
115
223
102
119
70
151
98
186
134
278
325
226
204
194
188
158
193
159
165
174
163
122
242
274
209
201
222
243
283
3 171
130
173
227
182
180
190
169
133
153
138
128
115
108
88
113
90
83
88
88
148
159
151
162
175
199
112
174
152
186
220
223
194
207
164
170
187
187
160
187
136
149
147
154
132
152
161
171
184
203
281
273
302
321
31,139
82
657
492
508
49
53
38
42
«50
«47
48
45
39
38
45
47
35
63
77
62
64
37
250
269
20
22
142
145
485
49
47
58
61
43
37
37
40
53
21
143
51
323
604
22
67
-19
49
63
66
698
96
3 853
97
56
62
77
85
»-869
'868
'906
126
Quarterly
1945—1
2
3
4
1946—1
2
3
4
Other
NonMaAu- trans- ferrous
metals
chin- tomo- portation
and
ery
biles equipprodment
ucts
Total
Dividends
MiscellaNet 1
neous profits
serv-2
Preices
ferred
439
99
r99
127
136
«165
356
21
21
45
46
*36
31
27
23
27
20
50
26
58
-34
21
< -5
*51
20
26
65
74
32
42
«38
41
«61
102
444
r4 4 9
50
12
37
41
«57
47
50
98
90
89
96
^54
*58
63
426
20
177
46
'45
57
'59
64
'85
'123
111
87
'81
92
93
71
'84
432
'432
23
22
192
190
46
69
94
83
16
105
103
r
*36
93
124
224
58
246
22
182
62
71
82
80
116
250
20
21
146
153
67
77
77
93
310
91
66
20
149
»415
21
209
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Annual
1939
1940
1941
1942
1943
1944
1945
1946
Quarterly
Operating
revenue
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
Income
before
income
tax 8
126
249
674
1,658
2,211
1,972
756
273
6
Net
income1
Dividends
Operating
revenue
Income
before
income
tax 8
Net
income1
Dividends
93
189
500
902
873
667
450
289
126
159
186
202
217
246
246
235
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,828
629
692
774
847
913
902
905
953
535
548
527
490
502
507
534
645
444
447
437
408
410
398
407
454
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
227
248
271
302
374
399
396
277
191
194
178
163
180
174
177
200
175
178
172
163
168
168
173
171
31
68
28
118
966
909
888
917
288
230
205
181
142
125
119
148
101
95
96
115
436
444
449
474
115
109
103
70
46
45
44
43
41
44
43
46
970
920
936
196
151
142
156
107
110
112
125
475
497
502
519
84
54
53
44
49
43
43
43
42
191
166
135
115
115
111
527
478
555
67
29
38
44
21
40
33
33
2,277
2,422
2,230
1,973
-426
149
199
127
-25
1946—1
2
3
4
1,869
1,703
2,047
2,008
39
-57
161
130
14
-45
128
191
56
52
41
85
1,002
299
221
207
226
1947—1
2
3
2,039
2,111
2,177
163
185
181
86
117
109
43
50
37
'1,075
'1,028
'1,024
289
247
196
1945—1
2
3
4
430
514
237
Telephone 7
Electric power •
Operating
revenue
Income
before
Net
income
income 1
tax 8
75
56
62
27
Dividends
r
1
2
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.
8
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 Bof 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.
8
Class
A
and
B
electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
316
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]
End of month
1941
Tune
J Llli.\^> • • • •
Dec. .
1942—June. .'. '.
A-'^X
Dec
1943—June
Dec,
1944—June
Dec
1945—June
Dec
1946—June
Dec
1947—Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
Feb
Nonmarketable public issues
Total 2
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
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
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
261,418
259,124
257,701
258,343
258,286
259,448
260,097
259,145
259,071
258,212
256,900
258,113 175,410
255,800 172,462
254,427 170,535
254,975 169,926
255,113 168,702
256,321 168,509
257,110 168,390
256,107 167,946
256,270 167,109
255,591 166,404
254,205 165,758
17,048
17,038
16,610
16,002
15,775
15,756
15,735
15,725
15,732
15,335
15,136
28,784
27,792
26,294
26,294
25,296
25,122
25.025
24,894
24,808
24,501
21,220
10,090
8,142
8,142
8,142
8,142
8,142
8,142
7,840
7,840
7,840
11,375
5,570
5,443
5,477
5,525
5,560
5,592
5,642
5,531
5,618
5,534
5,384
24,938
25,183
25,280
26,186
27,366
28,516
29,220
29,520
29,447
29,517
28,955
3,305
3,324
3,275
3,368
3,173
3,127
2,987
3,038
2,801
2,621
2,695
181
175
171
171
83
74
73
70
78
83
76
14,838
14,438
20,677
18,920
11,375
11,375
57,765
58,156
58,612
58,863
59,045
59,296
59,499
58,640
59,714
59,670
59,492
59.893
60,095
50,717
50,945
51,117
51,240
51,367
51,552
51,664
51,759
51,897
52,008
52,053
164,917
162,759
119,323
119,323
119,323
119,323
119,323
119,323
119,323
119,323
118,564
118,564
117,863
117,863
117,863
52,479
52,793
5,403
5,327
29,148
29,246
2,616
2,505
72
74
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Issue and coupon rate
1,201
1,205
1,302
1,103
1,304
1.305
1,003
1,003
1,001
903
1,000
1,001
1,106
Cert, of indebtedness
Mar. 1, 1948
H
H
Apr. , 1948
1948
June
1948Ser."F" 'pi
July
July
1948Ser."G" %
July
1948Ser."H" %
Oct.
1948 Ser."J" 1
Oct. ., 1948Ser."K" 1
Jan. , 1949
\H
Feb. , 1949
iy8
2,142
1,321
1,777
2,742
1,127
2,209
1,354
1,467
2,592
2,189
ty2
1
iys
Treasury Bonds
Mar. 15, 1948-50*2
2
Mar. 15, 1948-51 4.2M
June 15, 1948
1%
Sept. 15, 1948 2
2V2
Dec. 15, 1948-50 2 . . . . 2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
3,748
4,092
3,535
Dec. 15, 1949-52 2..3^g
Dec. 15, 1949-53 2 . . 2 ^
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2..2>^
Sept. 15, 1950-52
2
Dec. 15, 1950. . . .
June 15,
Sept. 15,
Sept. 15,
Dec. 15,
Dec. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
June 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15.
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
1,115
114
bonds
2Y2
1,223 P a n a m a Canal Loan. 3
50
3,062
451
Total direct issues.. .. 162,759
571
1,014 Guaranteed securities
1,292 Federal Housing Admin.
2,098
Various
1
Sold on 2discount basis. See table on Open-Market Money Rates,
p. 313.
Partially tax exempt.
a Restricted.
* Called for redemption on Mar. 15, 1948.
MARCH
1948
Noninterestbearing
debt
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
574
487
454
862
409
553
467
331
UNITED STATES SAVINGS BONDS
[In millions of dollars]
In millions
Treasury bonds—Cont.
Treasury bills *
Mar. 4, 1948
Mar. 11, 1948
Mar. 18, 1948
Mar. 25, 1948
Apr. 1, 1948
Apr. 8, 1948
Apr. 15, 1948
Apr. 22, 1948
Apr. 29, 1948
May 6, 1948
May 13, 1948
May 20, 1948
May 27, 1948
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
CertifiTreasury cates of Treasury Treasury Total 2
bonds
indebtnotes
bills
edness
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING FEBRUARY 29, 1948
Treasury notes
Sept. 15, 1948
Oct. 1, 1948
Jan. 1, 1949
Fully
guaranteed interestbearing
securities
Total
interestbearing
direct
debt
256,574 253,958
254,605 252,100
1948—Tan
Marketable public issues x
Total
gross
direct
debt
Month
Fiscal year
ending:
June—1940
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1947—Feb
Mar....
Apr. . . .
May.. .
June...
July...
Aug
Sept....
Oct
Nov. . .
Dec....
1948—Tan.. . .
Feb.. . .
Amount Funds received from sales3 during Redemptions and
outperiod
maturities
standing
at end of
All
All
month
Series Series Series
E
G
series
F
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
712
50,717
394
616
372
50,945
572
349
51,117
488
305
51,240
482
301
51,367
559
339
51,552
460
294
51,664
466
304
51,759
488
304
51,897
412
263
52,008
487
325
52,053
52,479
770
479
607
367
52,793
67
435
758
802
679
407
360
41
35
33
25
24
27
21
21
22
17
24
44
40
2
2
2
2
2
2
395
032
759
876
658
465
561
278
209
191
158
157
193
144
142
162
131
137
248
201
114
148
207
848
2,371
4,298
6,717
5,545
398
449
455
421
433
457
404
431
404
357
434
454
364
Maturities and amounts outstanding February 29, 1948
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
1955
1956
....
1957
1958
1959
I960
Unclassified. .
Total
All
series
424
820
Series
C-D
Series
E
Series
F
Series
G
424
820
989
1,557
4,233
7,515
9,804
8,546
6,280
6,312
3,335
2,549
404
23
989
434
52,793
2,667
1 J24
4,233
6,194
7,126
5,733
3,053
3,455
509
31,426
' 205
534
581
663
529
305
333
62
3 214
i * i i<5
2,145
2,232
2,565
2.328
2 521
2,215
342
15,463
317
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
I eld by banks
End of month
Total
interestbearing
securities
Total
Commerciall
banks
Held by nonbank investors
Federal
Reserve
Banks
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
State
corpoand
rations .local
govand
associa- ernments
tions
U. S. Government agencies
and trust funds
Special
Public
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
4,825
4,496
4,424
4,488
4,675
5,397
1940—June
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
December
1947—June
47,874
54,747
63,768
76,517
111,591
139,472
168,732
201,059
230,361
256,766
276,246
268,578
257,980
255.197
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
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395
160,130
163,325
9,700
10,900
13,600
17,900
23,700
30,300
37,100
45,100
52,200
58,500
63,500
62,900
63,600
66,100
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
25,000
3,100
3,400
3,700
3,900
4,500
5,300
6,100
7,300
8,300
9,600
10,700
11,500
11,800
12,100
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,800
29,100
25,200
22,100
20,100
,100
,200
,300
,300
6,500
6,500
6,300
7,100
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
1947—July
August
September
October
November
December
256,395
257,183
256,177
256,348
255,674
254,281
91,949
91,892
92,129
91,968
91,509
91,159
70,400
69,700
69,800
69,800
69,300
68,600
21,549
22,192
22,329
22,168
22,209
22,559
164,446
165,291
164,048
164,380
164,165
163,122
66,400
66,600
65,700
65,700
65,600
65,300
25,000
24,900
24,700
24,900
24,700
24,300
12,200
12,200
12,100
12,200
12,100
12,000
20,400
20,700
20,400
20,400
20,300
19,900
7,100
7,200
7,100
7,200
7,300
7,300
28,516
29,220
29,520
29,447
29,517
28,955
400
600
700
900
1,000
1,500
1
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Nov. 30, 1947.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Govern- Fed- Com- Mumer- tual
ment eral
cial
savagen- Recies serve banks ings
banks
and Banks C1)
trust
funds
Insurance Other
companies
Total
outstanding
Treasury bonds
Type of
security:
Total:2
1945—Dec
198,820
1946—June
189,649
Dec
176,658
1947—June
168,740
Nov.. . . 166,437
Dec
165,791
Treasury bills:
17,037
1945—Dec
1946—June
17,039
J)gQ
17 033
1947—June*.'.'.'. 15^775
Nov.. . . 15,335
Dec
15,136
Certificates:
38,155
1945—Dec
1946—June
34,804
Dec
29,987
1947—June
25,296
Nov.. . . 24,501
Dec
21,220
Treasury notes:
1945—Dec
22,967
1946—June
18,261
Dec
10,090
1947—June.... 8,142
Nov.. . . 7,840
Dec
11,375
Treasury bonds:
1945—Dec
120,423
1946—June
119,323
Dec
119,323
1947—June
119,323
Nov.. . 118,564
117,863
Dec
End of month
U. S.
Govern- Fed- Com- Mument - eral mer- tual Insuragen- Recial
sav- ance Other
cies serve banks ings comand Banks (») banks panies
trust
funds
7,009 24,262 82,830 10,491 23,183 51,046
6,768 23,783 76,578 11,220 24,285 47,015
6,302 23,350 66,962 11,521 24,346 44,177
5,409 21,872 62,961 11,845 23,969 42,684
4,540 22,209 62.085 11,646 23,272 42,685
5,261 22,559 61,370 11,552 22,895 42,154
1 1,723
5 12,831 2,476
1 1,424
3 14,466 1,142
3
2 14,745 1 187
11 1 088
787
11 14]496
1
1
'479
8
56 1,305
3 12,558 1,405
18 11,433 2,052
25
154 1,454
38 8,364 18,091
58 6,813 16,676
6 4 7,496 11,221
48 6,280 8,536
30 7,255 7,426
30 6,797 6,538
11,211
10,439
10,459
9,821
275 9,317
269 7,386
91
243
257
249
198
200
360
576
490
362
2,120 15,701
1,748 11,396
355 6,120
369 4,855
1,425 3,967
1,477 5,327
179
227
211
183
576
623
603
285
173
245
947 46,535
6,915
755 47,335
6,655
753 48,408
6,186
727 48,756
5,306
971 49,263
4,468
5,173 2,853 47,424
10,217
10,743
11,049
11,407
11,365
11,226
8
9
6
7
2
4
71
98
4,383
4,258
2,796
2, US
2,202
4,224
22,230 33,579
23,073 30,764
23,226129,700
23,305 29,822
22,751 29,746
22^213 28,974
and notes,
due or
callable:
Within 1 year:
1945—Dec
1946—June
Dec
1947—June....
Nov.. . .
Dec
1-5 years:
1945—Dec
1946—June....
15,222
10,119
7,802
11,255
14,393
14,263
35,376
35,055
39,570
1947—June'.'.'.*. 42,522
Nov.. . . 38,323
Dec
49,948
5-10 years:
33,025
1945—Dec
1946—June
32,847
Dec
27,283
1947—June.... 18,932
Nov.. . . 18,932
Dec
10,270
10-20 years:
34,985
1945—Dec
1946—June...-. 37,189
32,384
Dec
1947—June.... 40,352
Nov.. . . 43,068
Dec
54,757
After 20 years:
24,781
1945—Dec
1946—June.... 22,372
22,372
Dec
1947—June.... 14,405
11,689
Nov..
Dec
185 2,017 9,956
4 1,431 5,655
29
72 4,341
251 6,936
83
49 1,645 8,415
69 1,693 8,244
63
116
181
374
237
266
25,165
25,285
28,470
29^917
27,268
1,377 33,415
701
709
408
443
576
469
354
344
693
797
831
698
492
235 2,761
495 2,418
591 2,591
420 3,191
318 3,729
316 3,675
1,047
l',574
1,411
1,876
1,742
1,506
2 101
2',671
2,399
3,046
2,902
2,822
2,826
2,002
1,653
6,673
6,319
6 550
7,'193
6,399
9,890
787
716
529
423
379
370
210
135
72
40
157
426
21,007
21,933
16,657
11,577
12,162
6,090
2,058
1,609
2,042
1,245
1,018
2,779
3,400
2,975
3,374
2,951
4,393
90
83
78
78
101
834
3,691
3,308
2,433
2,587
4,690
5,003
5,523
6,026
5,303
6,751
7,226
8,606
10,996
12,547
11,708
15,137
15,408
18,211
11,905
11,829
9,886
12,425
12,692
17,710
2,764
2,103
2,084
57
57
55
29
2,418
2,550
2,632
2,593
2,051
2,510
2,687
1,649
692 1,547
6,933
6,325
6,602
3,358
3,149
10,559
8,826
8,313
5,812
5,564
964
737
576
6,063
5,632
5,156
3,645
3,563
880 1,928
Dec
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of
nonmarketable
issues) by all banks and all insurance companies for certain dates are shown in the table above.
1
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
318
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIn- War.
Income taxes 1 cella- Social
neous Secu- Other Total Net
ter- and
deinter- rity
rereest fense
renal
ceipts ceipts :eipts3 on activWithtaxes
debt ities
held2 Other revenue 1
Period
Increase (+) or
TransBudget Trust
decrease (—)
fers to Other Total surplus
during period
trust
budget (+) or
exacacpendi- expendcounts General
deficit
counts tures itures
etc.*
Gross
fund
()
etc.
debt
balance
Fiscal year ending:
June 1945. . . 10,289 24,884 6,949 1,793 3,824 47,740 46 457 3,61790,
1,646 5,106 100,397 -53,941 +791 +4,529 +57,679
June 1946. . . 9,392 21,493 7,725 1,714 3,915 44,239 43 038 4,722 48
1,918 8,532 63,714 -20,676 - 5 2 4 -10,460 + 10,740
+754 - 5 4 8 -10,930 -11,136
June 1947. . . 10,013 19,292 8,049 2,039 5,309 44,703 43 259 4,958 17
1,355 19,051 42,505
1,376 1,845
666
+464 +317 +2,422 + 1,642
387 368 4,643 4,378 124 1,457
3,914
1947—February..
16 2,318
785
682
275
3,865
5,701
+2,102
118
5,724
3,598
-224 -2,294
March
626 1,428
-33
1,544
584 1,012
638
75 315 2,624 2,556 141 1,728
April
2,085 4,001 - 1 , 4 4 5 +269 - 2 , 5 9 8 - 1 , 4 2 3
595
1,218
400
204 2,865
365 625
92 1,327
-987
+99
-245
May
432 2,000 3,851
+642
602
778 2,492
5,540
125 1,484 5,480 5,473 1,396 1,493
- 6 7 -634
-758
18 2,632
June
-57
663
625
757
979
80 34; 2,469 2,397 245
- 2 3 9 +1,161
549 H.896 3,669 - 1 , 2 7 2 - 1 2 9
July
643
1,255
413
908
3,060
352 20: 2,865 2,536 103
- 5 2 4 +206
+332
273 1,775
August
+649
699
797 2,639
136 611 4,884 4,872 668 1,006
+552
9 1,249 *2,932 +1,940 - 4 3 5
September.
-953
782
644
+155
70:
71 257 2,455 2,390 157 -•1,154
- 5 5 +283
60 '•1,074 2,445
October...
-74
695
2,194
1,315
-172
350
329 362 3,053 2,743 127 r 936
20 1,11
+549 +138
November.
-859
767
880 1,
-838 - 1 , 3 1 2
145 578 4,260 4,246 972 ' 996
23 ••1,233 3,224 + 1,022 -547
December..
624 52,613
51 366 4,310 4,275 401 1,069
656
66 1,343
2,879 + 1,396 +482 + 1,551
-326
1948—January. . .
*l,340
1,563 1,597
629
423 403 4,614 4,336
2,402 + 1,934 - 2 9 5
February..
P909
-330 - 1 , 9 6 9
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1945
June 1946....
June 1947....
Net expenditures
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
General fund of the Treasury (end of period)
Other
Assets
Receipts
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
general
fund
3,239
2,940
3,219
2,757
1,261
1,785
1,618
1,493
1,553
95
-196
3,820
4,735
3,009
2,444
2,407
1,577
-938
2,817
2,117
25,119
14,708
3,730
1,500
1,006
1,202
22,622
12,993
962
997
708
1,565
421
470
422
24,698
14,238
3,308
July
August....
September.
October . . .
November .
December..
440
83
157
590
246
632
573
65
163
523
80
87
201
5
159
476
398
150
272
24
274
119
123
134
133
126
137
154
134
124
123
107
116
11
-32
-60
-33
90
158
176
47
-216
128
57
361
207
197
327
477
153
400
180
168
160
153
41
17
32
456
305
46
281
24
14
17
25
224
2
-26
110
348
159
26
212
103
19
464
7,478
7,233
4,707
4,402
3,730
3,460
3,705
4,331
4,498
4,292
3,454
3,363
3,292
2,317
1,807
962
958
1,362
1,618
1,437
1,417
968
1,554
1,571
1,548
1,607
1,565
1,617
6 1,593
1,622
1,668
1,585
1,621
344
323
395
336
422
391
304
378
391
357
357
7,134
6,909
4,312
4,066
3,308
3,069
3,400
3,952
4,107
3,935
3,097
1948—January...
February..
254
433
68
230
126
134
-283
111
313
189
21
28
154
374
5,042
4,664
2,561
2,369
842
989
1,202
884
6749
1,091
1,393
1,290
866
2,256
1,571
959
1,434
1,828
1,658
394
346
4,648
4,318
1947—February. .
March
April
May
June
453
r
P Preliminary.
Revised.
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes,5 which are appropriated directly
to the Federal old-age and survivors insurance trust fund.
6
Excess of receipts ( + ) or expenditures (—).
Change in classification.
Receipts are based on telegraphic rather than the usual
mailed reports for this month; this accounts in part for the increase over January 1947.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
1
8
4
CASH INCOME AND OUTGO OF THE
UNITED STATES TREASURYi
[In millions of dollars]
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
Individual
income taxes
Period
Withheld
Other
In millions of dollars]
Corporation income
and profits taxes
Estate
and
gift
taxes
Normal
and
surtax
Excess
profits
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
Other
profits
taxes
Fiscal year ending:
j u n e —1941 . . ,
1942
1943
1944
1945
1946
1947
686
7,823
1(),264
(),858
(),842
1,418
3,263
5,944
10,438
8,770
8,847
9,501
1947—January.. . .
February.. .
March
April
May
June
July
August
September,.
October
November..
December. .
657
1,971
81
1,014
1,528
33
1,133
1,495
26
1,188
,491
36
2,196
1,082
1,967
648
158
1,068
297
62
1,128
246
67
408
250
177
1,712
228
170
1,386
370
276
1,514
384
249
1,463
266
127
80
66
63
61
49
43
35
28
22
24
6
3
3
2
3
2
2
1
1
1
2
1
66
84
103
68
62
55
66
79
64
65
54
65
639
595
541
572
539
560
618
572
625
736
627
691
1948—January....
645
2,338
473
17
1
72
562
MARCH 1948
Cash
income
Cash
outgo
Excess income ( + )
or
outgo (—)
Fiscal year ending
June—1941
1942
1943
1944
1945
1946
1947
9,371
15,291
25,245
47,984
51,041
47,793
46,643
14,060
34,585
78,979
94,079
95,986
65,692
39,985
-4,689
-19,294
-53,735
-46,095
-44,945
-17,899
1947—-January...
February..
March....
April
May
June
July
August
September.
October. . .
November.
December.
3,889
5,127
5,946
2,819
3,316
5,295
2,565
3,193
4,712
2,631
3,349
4,031
2,783
3,667
3,322
3,654
3,351
5,193
3,392
3,152
3,959
2,612
2,533
3,521
+1,106
+1,460
+2,624
-835
-35
+ 102
-827
+41
+753
+ 18
+816
+510
1948—January...
4,542
2,556
+ 1,986
Excise and
other miscellaneous
taxes
Period
+6,658
1
Revised figures. For description, see Treasury
Bulletin for September 1947.
319
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 *
Corporation or agency
Total
All agencies:
Sept. 30, 1946
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947
Sept. 30, 1947
Classification by agency,
Sept. 30, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.
Production credit corporations.. . .
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corp
Farmers' Home Administration....
Federal Crop Insurance Corp
Housing and Home Finance Agency: 6
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing
Administration and
affiliate:6
Public Housing Administration 6 ..
Defense Homes Corp
Federal Housing Administration....
Federal National Mortgage Association
Reconstruction Finance Corp.7
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 8 .. .
War Shipping Adm. functions 9
All other w
29,569
30,409
32,337
4
29,666
31,037
CommodiLoans ties,
supreCash ceivplies,
and
able
materials
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenern- owned
struc- and Othei tures payable Other ment
tures,
asliabil- inter- interU. S. Other and undisFully
est
est
sets guarities
Govt. secu- equip- tributed !
secu- rities 2 ment charges
anteed Other
rities
by U.S.
1,157
1,398
1,588
1,792
1,556
1,836
390 16,973
1,873547 16,924
1,985 3,426 15,486
1,777 3,565 12,691
1,725 3,553 12,662
6
27
467
63
16
1,250 3,377 24,069
1,252 3,588 24,810
1,250 3,142 27,268
506 2,045 26,763
667 2,144 28,005
43
399
()
95
678
161
316
410
(5)
10
229
58
15
238
73
109
14
204
53
1
26
5
19
899
1
1,789
31
(5)
2
75
22
4,192
7,003
8,589
560
163
31 3,420
123
541
116
(6)
14
123
115
35
493
55
162
5
33
110
334
1,523
13
189
32
1,613
1,048
220
771
1,041
2
4
142
747
22
496
498
509
269
138
181
525
278
1,803
1,080
220
783
71
181
12
'508
5
2
36
()
653
11
9
1
120
712
574
438
32
225
336
185
548
1,836
377
261
169
83
84
299 1,536
339 1,414
1,176
165 1,163
953
283
40
542
504
55
199
5
1,429
1,265
1,003
851
1,093
235
391
296
475
109
14
1
125
712
1,272
449
41
5,949
6,649
7,294
7,662
9,212
Investments
3 3,305
6,507
3J386 1,657
29
115
10
(3)
12
393 3,799
333 6,670
63 8,525
212
191
49
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1947
Purpose of loan
To aid agriculture
To aid home owners .
To aid industry:
Railroads
Other
To aid financial institutions:
Bqnks
.
Other
Foreign loans
..
Other
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Home
Fed. inter- Banks Com- Rural
Elec- FarmOwners'
Farm medi- for co- modity trificaers'
Home Loan
Mort. ate opera- Credit
tion
Corp. credit tives Corp. Adm. Adm. Corp.
banks
122
391
235
174
678
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
592
336
27
95
(s)
391
1
235
13
161
1
678
276
316
278
13
508
278
336
June 30,
1947,
All
all
agen- agencies
cies
117
7 2,200
27
665
145
209
17
31
(5)
520
All
other
1
4
258
218
49
904
4 2,053
660
162
240
164
224
5
6
340
1,796 3,350 5,405
95
591
397
%
9
1.789 3,523 9,212
6
293
4,058
597
393
7,662
1
2
Assets are shown on a net basis, i.e., after reserve for losses.
Includes investment of the United States in international institutions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and Development—159, 318, 476, 635, and 635 on Sept. 30 and Dec. 31, 1946, Mar. 31, June 30, and Sept. 30, 1947, respectively;
International Monetary Fund Quota—2,750 on Mar. 31, June 30, and Sept. 30, 1947.
3
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal land banks are excluded
beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947.
6
* Less than $500,000.
Reorganization Plan No. 3 of 1947, which became law on July 27, 1947, established the Housing and Home Finance
Agency in lieu of National Housing Agency, with three constituent agencies: Home Loan Bank Board, Federal Housing Administration, and
Public Housing Administration.
Figures for the latter
represent activities under United States Housing Act, as amended; its war housing and
7
other operations are included under "a]l other."
Includes U. S. Commercial Co. and War Damage Corp. 10 8 Figures are for Mar. 31, 1947.
9
Figures are for Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
Figures for three small agencies
included herein are for dates other than Sept. 30.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
320
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted' a n d " u n a d j u s t e d " refer to a d j u s t m e n t of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial productionl
(physical volume)*
1935-39 = 100
Year and month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment3
1939 = 100
All
other
Nonagricultural
Factory
DepartoleFac- Freight ment W hsale
Contory carload- store
compay
sales modity sumers
ings*
prices
3
rolls »
(val1935-39
1939 = 1935-39
ue)* < prices
1926
= 100 1935-39
= 100
100
= 100
= 100
AdAdAdAd- U n a d - AdAdAd- Unad- Unad- AdAdAdjusted j u s t e d justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
122
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
138 6
154 4
97 6
96 7
100 6
98 1
103.5
123
143
127
119
121
122
125
8
3
7
7
9
2
4
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
125
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
100
95
96
95
86
0
4
7
3
4
126
124
122
122
119
4
0
6
5
4
1931
1932
1933
1934
1935
75
58
67
69
75
87
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
41
54
65
83
13
11
12
21
84
40
37
48
50
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
r
82
88
73
64
65
74
80
0
8
9
9
0
108
97
92
95
98
7
6
4
7
1
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
74
80
81
89
95.1
l01.4
r95.4
100.0
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
80
86
78
77
78
8
3
6
1
6
99
102
100
99
100
1
7
8
4
2
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
149
235
92
61
102
119.4
131.1
138.8
137.0
132.0
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
87
98
103
104
105
3
8
1
0
8
105
116
123
125
128
2
5
6
S
4
1946
1947
170
187
192
22C
165
172
134
149
153
157
143
142
161
169
134.4
^140.5
142.0 266 4
^154.1 2*324 3
132
143
156
148
164
16.
159
17
174
180
184
184
18.
180
166
138
183
190
175
193
202
208
212
214
214
211
161
167
166
164
161
162
157
164
165
168
173
174
141
141
137
104
115
139
146
144
146
145
136
137
107
136
147
170
169
174
165
61
95
129
172
179
177
161
158
151
157
147
145
169
161
168
161
172
168
145
140
139
154
148
129.2
127 4
130.6
132.4
133.4
134.3
134.7
136.4
137.6
138.1
139 1
139.4
221
222
225
222
218
219
20'
210
217
223
224
229
176
176
175
172
170
168
163
16<
172
176
rl79
146
146
148
143
15
148
140
150
15.
155
15.
156
146
"•187
19(
192
192
18185
18
18.
18
18.
178
18.
19
194
M93
189
155
166
183
184
193
197
*>192
*>189
?227
M55
*>187
1919
1920
1921
1922
1923
1924
1925
....
1946
January
February
March
April
Jvlay
June
July
August
September'
October
November
December
....
. ..
....
160
152
168
165
159
170
172
178
180
182
....
183
182
189
189
190
187
January
185
184
176
182
r
87.1
'77.2
»-77 5
*-S4 9
'88.5
r
133.2
124 4
132.6
139 4
140.7
142.2
143.0
146.3
148.6
149.1
151.5
152.4
152
163
234.1
214 3
238 3
254 8
253 5
262.8
267 1
284.4
290 3
292 8
298.2
306 2
133
126
139
109
106
133
139
122
143
132.6
123 9
132.1
138 5
139.6
141.9
143.6
147.7
149 5
149.6
152.0
152.8
144
307.3
310.6
314.1
310 7
312.2
319 6
314.2
323 3
336.9
341.6
345.0
356.6
150
136
150
168
17(
163
161
139.5 153.4 152.7
149 139.8 154.4 153.7
134 140.0 154.6 154.0
142 138.9 153 8 152.9
140 138.9 151.9 150.6
152 139.8 151 7 151 4
17( 139.0 149.4 150.1
179 140.2 152 7 154.3
195 141.5 155.7 156.6
196 142.2 156.4 156.9
21" 142.4 156 8 157.2
227 143.1 157.9 158.2
P148
P219 P143.3 P157.3 ^156.7
1947
February
March
April
May
June .
July
August
September.
October
November
December
""102.5
r96.2
151
132
133
152
129
123
127
136
110
116
158
155
148
141
138
139
137
140
r
150
168
r
187
207
r
107 1
107 7
108 9
110 2
111 0
112 9
124 7
129.1
124 0
134 1
139.7
140 9
129 9
129 6
141 5
144.5
'149.5
147 7
147 1
147 6
150.6
153 6
157.4
158.5
r
159.7
'•163.2
153 3
153.2
156.3
156 2
156 0
157 1
158.4
160 3
163.8
163.8
164.9
167.0
165.6
168.8
227
255
2^2
259
277
272
291
271
258
••270
276
134
143
142
145
147
149
145
285
142
137
139 3
159 2
248
265
266
272
277
291
290
287
283
292
277
301
303
142
146
137
121 1
151 8
264
P285
r
no 2
131 1
131 7
133 3
141 2
144.1
145 9
148 6
152.2
153 3
173
1948
P176
r
* Average per working day.
*> Preliminary.
Revised.
12 For indexes by groups or industries, see pp. 322-325. For points in total index, by major groups, see p. 343.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 329 of this BULLETIN.
3
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 331-333.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
MARCH
1948
321
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec
Industrial Production—Total.
189
189
190
187
185
184
176
182 '187
190
Manufactures—Total
196
197
198
194
191
191
183
188
192
197
221
222
225
222
218
219
207
210
217
223
192
191
196
195
197
193
181
188
193
206
177
414
191
207
174
446
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
187
205
170
454
188
214
177
477
198
224
184
509
277
277
281
276
273
275
266
267
276
229
233
239
237
225
233
217
213
181
190
197
193
179
185
180
203
208
202
197
187
179
171
184
190
195
203
198
188
181
211
215
205
195
183
176
Lumber and Products.
142
147
147
144
142
Lumber. . .
Furniture.
131
161
137
167
138
166
135
161
219
219
218
211
134
158
200
207
195
245
149
278
182
168
227
271
235
154
263
203
164
232
260
241
159
269
192
165
224
258
234
151
263
175
164
218
249
229
163
251
141
162
210
247
230
154
257
171
164
216
239
207
124
235
164
160
224
220
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Jan.
192
192
P192
199
198
P199
224
229
P227
202
205
202
197
223
181
518
280
197
222
182
503
282
196
226
185
516
227
'232
234
244 P239
197
198
170
174
179
185
189
P!93
180
182
176
177
183
P!86
167
167
171
180
188
192
133
142
140
143
150
153
121
155
133
160
128
164
128
172
137
176
139 P142
181 P180
199
202
201
201
205 P206
211
151
231
171
162
225
216
219 210
151 156
243 229
171 174
160 161
221 230
226 224
'207
143
'229
178
162
235
226
199 188
141 149
218 201
196
166
236 P253
238 P 2 1 0
204
288 P285
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
,
Stone, Clay, and Glass Products.
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products 1 ..
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1 ...
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth. .
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
Ice cream
133
160
207
P201
P155
176
176
175
172
170
168
163
169
172
176
179
173
P176
172
173
172
166
164
155
142
154
160
164
172
162
P169
160
161
263
161
161
262
160
160
270
154
154
270
152
148
271
143
133
263
129
118
263
142
130
267
147
130
278
152
139
280
159
149
290
149
131
287
171
155
214
166
160
175
173
178
174
222
169
158
184
178
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
156
184
176
147
134
165
148
168
192
184
162
144
188
159
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
184
170
160
140
188
163
116
120
122
116
113
107
101
116
122
126
124
114 P119
113
127
98
67
117
118
118
134
99
81
108
121
122
140
99
84
102
121
119
137
102
79
95
113
119
138
96
88
83
109
114
130
94
92
84
103
106
121
78
90
84
97
115
130
93
87
101
117
120
131
103
94
118
123
121
136
94
100
112
128
122
141
88
93
108
113
128
84
89
101
126
114
161
156
157
158
155
154
155
•157 '158 156
162
158
160
149
144
152
143
148
136
136
'148 P149
81
82
178 185
147 152
P153
P154 P152 P155 P157
85
85
82
79
82
198 206 191 196 197
164 173 173 184 188
•147
74
174
158
P148
•147
75
163
157
76
167
160
158
158
143
'140
66
151
137
133
138
'66
148
130
153
299
124
>157
134
•139
67
156
127
r
p Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
322
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Cofitf»K^
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
Jan.
Feb.
Mar. Apr. M a y June July Aug. Sept. Oct.
Nov. Dec.
Jan.
150
156
Manufactured Food Produtcs—Continued
Meat packing .
Pork and lard
Beef
Veal
Lamb and mutton
..
. . .
.
....
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
163
172
159
165
149
143
150
153
152
157
156
171
145
155
146
144
167
121
104
169
122
101
151
154
164
133
108
159
121
105
159
119
102
142
141
170
185
160
173
154
141
104
149
154
93
140
158
91
153
174
99
146
171
109
159
190
114
154
149
107
164
. • 157
138
171
158
137
142
166
160 161
151 145
145 149
165 1 6 8
241
223
208
183
157
160
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
.
.
188
. . 623
179
695
Industrial Alcohol from Beverage Plants
408
156 160 163 1 6 1
160
133 138 149 134 129
119 118 125 134 144
168 1 7 3 1 7 4 172 1 7 1
189
162
159
164
176
198
229
219
167
154
149
157
168
196
131
503
106
350
79
319
204
203
165
151
619
150
55
329
314
276
194
215
231
78
277
71
323
372
56
385
297
468
1
119
. . . 158
168
158
160
142
159
156
160
163
112
208
69
110
228
67
98
216
66
94
221
68
106
187
55
101
216
66
98
210
72
107
211
80
113
213
83
156
157
159
156
161
160
146
158
150
151
154
150
155
155
140
153
166
99
171
100
174
99
169
97
173
97
160
108
109
252
109
260
113
266
145
147
179
83
153
148
137
87
150
148
181
83
155
142
137
89
151
151
180
88
160
151
139
89
112
254
112
265
178
105
116
277
. . . .
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
.
. . .
169
5
94
37
220
562
376
264
175
169
149
153
126
229
80
124
224
68
100
201
61
104
204
69
159
163
165
158 P163
153
157
160
152
178
113
171
110
177
105
182
97
167
96
107
275
112
281
107
255
238
150
147
178
87
158
144
132
93
151
152
184
88
160
148
141
92
98
253
105
278
104
259
151
151
179
88
162
147
144
91
131
137
166
75
147
136
124
91
151
149
178
86
157
148
138
94
149
150
182
87
157
151
135
97
154
154
184
89
167
152
141
91
138
140
142
141
142
146
139
145
144
152
Newsprint consumption
122
125
124
124
125
131
131
133
131
138
Petroleum and Coal Products
P180
Printing and Publishing
Petroleum refining 2
Gasoline
Fuel oil
.
Lubricating oil
Kerosene
Other petroleum products *
Coke
By-product coke
Beehive coke
167
l
Tobacco Products
Cigars
Cigarettes
.
O t h e r tobacco p r o d u c t s
164 P164
138 P131
150
173 P175
158 154
138 132
153 135
164 1 6 3
Alcoholic Beverages
154
128
98
142
166
160
.
175
Chetftical Products
Paints
Soap
Rayon
Industrial chemicals
P185 P185 P179 P184
143
170
162
185
142
174
167
176
139
163
156
145
171
163
170
175
166
168
P191 P195 P201 P203
154
173
168
182
157
178
157
186
163
180
164
177
159
156
186
89
168
'158
'146
90
137
P204 P205
154
187
84
71
155
134
82
146
153
131
134
P208 v214
162
183
154
169
162
187
160
177
159
186
162
178
160
193
170
187
170
162
440
in
163
172
165
172
165
162
161
165
160
161
156
410
416
424
324
428
340
307
415
439
177
177
169
170
449 '414
. . 251
251
251
251
253
250
251
249
248
248
154
156
157
155
153
152
131
266
430
136
276
429
135
283
431
137
292
435
152
153
138
289
433
151
152
142
251
439
135
291
438
135
294
431
137
295
425
138
294
171
164
147
150
177
'86
161
158
139
88
r
251
155
179
171
°205
178
171
440
255 P255
155
'427
'297
'431
151
299
440
148
p\ fft
z>149
P436
Other chemical products l
Rubber Products .
247
246
239
234
220
216
207
210
217
223
'225
230 P228
Minerals—Total.
146
146
148
143
151
148
140
150
153
155
155
156 P1S5
Fuels
151
150
153
144
156
153
144
155
160
162
163
162 P162
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153 P 1 5 2
164 P 1 6 1
111 P112
166 *>167
117
122
117
136
124
122
117
117
111
107
109 P117
158
166
159
189
169
166
160
163
153
145
146
60
64
61
66
58
68
60
68
64
66
63
61
60
51
56
47
55
55
53
63
55
73
Coal
B i t u m i n o u s coal
A.nthracite
Crude petroleum .
.
. . . .
.
Metals
Metals other than gold and silver
(Copper1 Lead* Zinc)*
Gold
.
. . .
Silver
. . .•
.
. .
P116
P159
T
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
MARCH
1948
323
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
Annual
1948
Industry
Industrial
1947 1946
Jan.
Feb.
Mar. Apr. May June
187
170
184
185
187
185
185
. . .194
177
192
193
195
193
191
Production—Total.
Manufactures—Total
.
.
Sept. Oct.
185
178
185
191
194
191
184
191
197
200
Nov. Dec. Jan.
r200
189
P189
196
P195
P224
220
192
218
220
224
222
219
220
208
212
219
224
224
227
195
150
192
191
196
195
197
193
181
188
195
204
202
205 P202
. . . •191
213
177
466
146
162
140
322
193
206
177
414
191
194
213
179
457
189
213
178
461
193
215
179
469
189
211
176
458
174
198
166
429
187
205
170
454
188
198
224
184
509
197
222
182
503
Durable Manufactures...
Iron and Steel....
Pig iron
Steel
. .
O p e n hearth
Electric
July Aug.
. • •277
Machinery
Manufacturing Arsenals and Depots 1
207
174
446
214
177
477
240 277 277 281 276 273 275 266 267 276 280
r
196
226
185
r
516
197
223
181
518
282
288 P285
...
230
232
229
233
239
237
225
233
217
213
227
234
244 P239
192
159
181
190
197
193
179
191
185
180
197
198
201
207 P201
187
157
203
208
202
197
187
179
171
170
174
179
185
189 P193
186
140
184
190
196
203
198
187
180
180
182
176
178
183 ^186
188
163
211
215
205
195
183
176
167
167
171
180
188
192
- ... 143
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
(Copper products; Lead shipments; Zinc
shipments; Aluminum products; Magnesium products; Tin consumption)1..
Lumber and Products .
.
131
126
135
140
143
145 149
141
151 150 150 148
140
132
165
122
147
107
161
118
167
126
166
134
161
138
158
143
160
133
155
147
160
143
164
138
172
133
176
119 P 1 1 7
181 ^180
206
192
208
205
209
208
206
209
196
207
210
210
206
199
...... 222
150
.... 247
175
163
225
239
216
125
248
154
148
204
'230
241
149
273
148
156
218
271
229
154
255
154
156
221
260
241
159
269
157
159
215
258
234
151
263
166
160
215
249
242
163
269
148
162
213
247
229
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
238
226
Lumber
Furniture
Stone Clay and Glass Products
Glass products
.
.
Plate glass
Glass containers
Cement
.
Clay products
Gypsum and plaster products
Abrasive and asbestos oroducts
Other stone and clay products1
172
165
171
171
171
169
169
168
'164
173
178
'180
171
P172
162
172
173
172
166
164
155
142
154
160
164
172
162
P169
151
143
.... 272
151
147
245
160
161
263
161
161
262
160
160
154
154
270
152
148
271
143
133
263
129
118
263
142
130
147
130
270
267
278
152
139
280
159
149
290
149
131
287
163
179
188
154
137
178
160
171
133
221
171
173
168
173
171
155
214
166
160
175
173
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
174
222
169
158
184
178
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
184
170
160
140
188
163
116
122
116
123
121
115
113
106
99
116
121
126
126
113
117
133
94
87
101
116
109
125
82
56
134
131
113
130
96
67
109
118
127
145
104
84
119
121
121
140
97
83
99
121
118
137
98
82
93
113
119
138
92
86
89
109
112
125
96
92
83
103
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
128
82
90
96
114
P124
157
149
148
140
140
144
149
154
166
178
r
161
154
P145
147
133
162
160
157
143
138
146
141
147
148
144
132 ^134
P229
104
242
218
81
195
163
73
170
64
147
147
127
. .
...
Leather and Products
Leather tanning
Cattle hide leathers
.
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
. .
...
Manufactured Food Products
Wheat flour .
.
...
Cane sugar meltings x
^Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
...
...
.
P194
187
185
141
149
203
197
178
172 P 1 6 8
242 P 2 4 2
238 ^210
• •163
•
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
.
Nylon and silk consumption 1
Wool textiles
.
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
„
Worsted yarn
.
Woolen and worsted cloth
P138
150
78
182
163
131
68
165
157
r
J>95
68
132
119
178
P107 P127 P161 P202
102
71
77
84
151
178 214 256
137 161 196 240
175
175
144
124
174
152
P229
113
279
254
*182 "167
144
P121
50
52
113 '106
99
100
153
299
P120
87
55
116
103
....
T
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
324
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =
100]
1947
Annual
Industry
1947
1946
Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec. Jan.
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
154
160
156
147
103
130
144
117
104
122
191
225
168
124
115
152
162
153
106
105
138
133
154
115
99
139
139
149
118
102
151
154
159
124
104
150
157
151
141
96
146
150
151
154
90
127
119
141
155
89
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
175
204
157
119
103
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
160
140
137
169
158
158
129
164
150
102
142
164
143
86
144
158
142
83
135
159
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
P151
190
191
206
195
187
182
167
178
182
181
206
252
146
142
169
92
327
328
153
87
319
420
150
188
405
408
142
179
417
372
149
151
403
314
162
131
302
276
170
106
210
194
189
79
198
215
196
55
191
231
192
56
208
238
197
78
379
297
190
71
837
468
132
5
103
376
139
37
143
264
Manufactured Food Products—Continued
Alcoholic Beverages. .
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
157
1
251
562
Industrial Alcohol from Beverage Plants l . .
Tobacco Products. . .
Cigars
Cigarettes
Other tobacco p r o d u c t s . . . .
Paper and Paper Products. .
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Pape•
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard) .
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under
Paper)
Petroleum and Coal Products. . .
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
l
Chemical Products. . .
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition J
Other chemical products *. . .
Rubber Products
160
156
157
160
149
151
172
181
139
153
107
214
70
112
204
73
112
208
68
110
215
65
98
201
66
94
205
106
187
55
101
227
67
98
221
72
107
222
78
113
228
126
238
85
124
228
70
100
185
54
104
204
67
158
145
156
157
159
156
161
160
145
158
159
163
165
157 P162
152
172
102
109
265
136
149
179
86
159
149
138
91
141
154
97
107
230
133
139
164
84
140
147
132
85
150
167
103
109
252
145
147
179
83
153
147
137
87
151
171
104
109
260
150
148
181
83
155
147
137
154
175
106
113
266
151
151
180
88
160
151
139
89
150
171
106
112
254
150
147
178
87
158
146
132
95
155
174
105
112
265
151
152
184
88
160
148
141
93
155
178
106
116
277
151
152
179
88
162
150
144
92
140
159
96
98
253
131
137
166
75
147
131
124
89
152
176
100
105
278
151
149
178
86
157
148
138
93
153
170
98
104
259
149
150
182
87
157
151
135
97
157
177
97
107
275
154
154
184
89
167
154
141
91
160
182
103
112
281
159
156
186
89
168
158
146
91
152
167
97
107
255
147
150
177
r
86
161
153
139
144
127
133
138
145
144
145
130
139
145
156
-158
150
129
114
114
122
129
131
129
132
145
149
193
173
152
177
162
178
140
167
143
168
142
166
155
179
143
170
160
194
142
174
165
180
139
163
162
174
145
171
170
176
154
173
168
171
157
178
156
173
163
180
162
170
162
183
154
168
162
187
160
177
171
164
400
136
132
271
171
163
410
172
165
416
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
449
251
236
250
252
254
253
252
247
247
245
248
"251
154
138
285
432
148
120
255
394
151
128
266
430
154
134
276
429
157
135
283
431
157
135
289
433
157
133
292
435
156
140
251
439
150
134
291
438
151
136
294
431
151
143
295
425
152
145
294
-•427
226
225
247
246
239
234
220
216
207
210
155
158
158
155
151
P185
162
P184
129
vl91
P201
P204 P205
223
153
187
84
171
153
134
P214
159
186
162
183
160
193
168
192
^160
177
170
414
179
171
440
178
171
440
r
P2O5
256
153
149
'431
r
225
155
151
299
440
230
Minerals—Total
149
134
141
141
143
139
153
152
145
Fuels
155
142
151
150
153
144
156
153
144
155
160
162
163
162 P162
146
155
112
159
130
133
119
148
162
173
118
146
151
162
107
150
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153 P 1 5 2
164
111 P\\1
166 P 1 6 7
151
151
145
132
106
P84
200
279
213
306
220
334
219
326
206
298
183
257
136
159
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
117
161
202
123
155
81
84
83
112
97
69
104
73
103
72
153
173
62
73
r
l
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
2
This series is in process of revision.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
MARCH 1948
325
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
Annual
1946
Factory pay rolls
1947
1
1947
Jan.
Oct.
Nov.
1948
Dec.
Jan.
Annual
1946
1946
19471
Dec.
Jan.
Oct.
Nov.
Dec.
Total
Durable goods
Nondurable goods
142.0 154.1 152.7 156.9 157.2 158.2 156.7 266.4 324.3 306.2 307.3 341.6 345.0 356.6
160.8 179.6 178.0 180.5 182.1 183.9 183.0 289.3 362 2 337.3 340.0 379.3 384.6 399.3
127.2 133.9 132.8 138.2 137.6 138.0 135.9 244
287.3 275.8 275.3 304.7 306.2 314.8
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other t i n w a r e . . . . . . .
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
140.6
113.5
158.5
125.1
125.0
117.1
Electrical Machinery
Electrical equipment
Radios and phonographs
196.6 222.6 230., 222.7 225.4 225.
174.6 205.7 206
207
208
209
242
210.7 235.7 252
237
238
Machinery except Electrical.
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
197.6
224.3
222.0 225.1 225.9
172.1
210.3
153.2
139.1
163.1
191.5
224.2
158.6
187.9
235.9
179.6
179.2
147.5
179.9
236.4
213.6
189
244
175
166
163
204
243.
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
302.7
327.5
292.2
260.7
280.6
343.
305.6
175.7
Automobiles
164.3
195.8 187.7 197.7 198.2 202.1 203.7
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
164.5 177.9 186.9 173.3 173.9 175.4 173.5
142
123.4 144.6
142
142
299.8 350.1 356.3 354., 353.2 357.9 367.0
219.5 288.5
270
292
295
296
144.0 146.7 162
194.2 192.0 217
130.6 154.6 140.9
140.7 166.6 150
136.4 160.3 153
258.4 276.0 302
325.6 346.5 385
253.9 355.4 290.6
273.8 388.4 307
256.3 354.5 309
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
158.4
126.9
163.4
138.7
139.9
140.1
156.5
124
168
131
140
136
150.6 158.7 174
134.5 152.4 153
142.1 165.8 162
159.7
128
163
146
139
147
160.6
128
163
146
141
147
161.9 161.3
128
164
148
145
146
242.8
180.7
274.4
225.1
244.3
217.7
151
154
151
155
152
156
275.6 320.3 313
260.5 333.8 321
166
168
168
311.3
235.6
318.4
286.0
306.2
293.2
276.2
194
315
245
286
265
287.9
209
303
243
292
278
327.6
248
333
327
317
328
333.4
256
338
316
324
317
341.2
253
348
331
340
331
331
318
318
351
330
340
371
357
194
187
231
183
184
140
167
226
223
186
229
185
185
137
168
225
224
186
235
190
193
138
169
227
228
293
288
343
354
345
472.1
342.4 432.5 430.2 425.6 456.0
463.1 434
375
418
296.9 398.5 374
404.0 497.5 528
500
533
543
424
470.2
341.7 431.4 399.9 406.6 448.9 540
450.4
350
374
389
299 A 364.2 347
374
492
493
519
399
502.0 501
515
273
329
341
227.4 305.0 271
332
295
394
409
237.2 355.3 291
377
283
254
258
272
261.6 291
250
343
295
307
310
307.9 351
295
467
475
487
482.2 468
413
471
346
440
458
254.7 401.2 306
428
298.4
363
331
206
264.8
337
295
145
281.0
343
291
170
287.8 288.4
343
291
182
549.1
601.6
460.8
462.1
135
181
134
183
222.4
135
187
162.1 161.7 161.3 157.2
175
175
174
167
164
169
119.9 133.2 131., 136.1 138.2 139.2 139.3
118.4 131.0 129
137
134
139
541.6
650.2
493.6
340.1
262.7 356.9
571.2
683
534
399
562.6
669
535
396
532.2
664
500
290
546.4
662
479
317
590.5
677
504
379
328.9 321.1 378.5 388.1 419.8
301
382
292.4
309
312
257
341
260
346
267
359
387.6 388.6 390.2
425
425
422
381
386
404
237.9 298.6 279.1 283.1 318.5 322.1 333.9
315
234.2 294.3 273
279
334
323
135.2
167.1
131.1
113.3
150.4
144.9
168.1
145.5
126.5
165.7
144.9
172
144
121
164
146.0
168
151
130
166
147.1
168
151
131
169
147.6 144.8
168
151
131
170
243.5
288.6
215.6
215.1
257.3
296.8
335.9
266.3
276.5
324.2
281.6
327
248
245
299
280.0
326
234
247
295
313.6
351
295
300
343
316.3
357
294
297
350
320.4
357
285
302
354
103.8
Textile-Mill and Fiber Products
Cotton goods except small wares. . 117.8
80.6
Silk and rayon goods
Woolen and worsted manufactures. 110.5
77.0
Hosiery
114.9
Dyeing and finishing textiles.
106.1
121.9
82.7
108.0
79.0
119.5
108.6
124
85
114
81
121
106.4
122
84
108
79
121
108.2
124
84
111
81
122
109.8 110.0
125
86
112
82
123
222.3
269 A
182.6
245.7
147.9
224.8
258.4
327.0
219.2
264.9
166.7
266.2
253.7
314
209
265
172
258
254.3
318
213
264
170
265
264.9
329
228
270
177
271
280.8
362
237
277
186
280
294.1
376
248
294
194
298
Apparel and Other Finished Textiles.,... 128.7
113.0
Men's clothing, n.e.c..
86.5
Shirts, collars, and night wear
139.4
Women's clothing, n.e.c
91.7
Millinery
140.8 138.0 149.6
134
127.3 124
107
102.2 97
162
150.4 147
99
90.3 95
148.3
135
110
158
83
151.9 152.5
135
111
164
91
262.2
229.2
184.3
288.2
157.5
304.8
281.2
239.6
314.6
159.5
292.7
278
230
296
140
300.6
277
226
322
170
336.0
304
259
350
195
319.6
302
266
319
120
343.3
310
283
356
155
Leather and Leather Products
Leather
Boots and shoes
102.6 103.7 104.4 105.6 106.4 107.4 107.5
94
94
94
90.6 92.4 92
100
98
99
94.0 96.3 96
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
128.0
115.9
135.2
109
104.6
155.3
145.6
Tobacco Manufactures
Cigarettes
Cigars
92.5 96.1 95.1 96.5 94.4
92.0
124
122
125
121.6 121.3 124
83
82
79
78.1 82
76.7
136.9
134.4
140.0
113.4
119.8
172.1
132.7
128.4
137
140
112
115
155
105
147.3
136
143
118
137
185
160
140.1
142
143
118
143
181
114
136.4 128.0
151
142
116
142
172
99
201.9 223.1 218.3 220., 234.9 235.4 241.8
179
199
202
162.7 190.0 175
200
224
192.5 213.3 209
213
224
232
229.0
194.1
258.5
190.2
196.0
239.1
338.0
280.3
271.6
312.8
215.2
255.7
308.0
334.4
263.3
252
304
216
241
267
303
256.4
286
305
208
228
251
237
309.6
272
336
231
312
344
438
300.6
317
337
228
325
327
266
298.9
339
319
229
331
308
250
92.0 187.1 201.8 222.0 209.4 214.5 216.3 219.8
242
253
9.5 241.7 255
253
268
191
195
0.5 178.6 207
196
190
1
Annual indexes for 1947 were computed by the Board of Governors and are preliminary.
NOTE.—All indexes shown, except those for individual industries in the Iron and Steel, Machinery except Electrical, Transportation Equipment, and Nonferrous Metals 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 January 1948 are preliminary.
326
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES— Continued
(Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
Annual
Factory pay rolls
1947
1948
Annual
1947
1946
1946
19471
Jan.
Oct.
Nov.
Dec.
Jan.
1946
19471
Dec.
Jan.
Oct.
Nov.
Dec.
138.1
133.4
147.4
140.0
144.5
141.6
153.4
142.6
145.6
140
153
149
145.0
143
155
142
145.7
143
156
143
146.9
145
157
144
145.9
250.5
243.9
262.9
254.5
301.2
301.2
307.8
293.3
284.5
273
300
295
285.1
274
298
290
314.4
317
320
304
319.6
320
327
316
327.5
327
336
323
Printing and Publishing. . . .
Newspaper periodicals
Book and job
120.7 129.7 127.2
109.6 119.3 114
131.5 139.4 140
132.0
122
142
132.8
122
143
133.0
123
143
131.5
194.8 236.9 223.9
165.5 209 6 190
220.5 261.6 254
219.6
185
249
247.9
222
273
252.3
224
279
258.0
230
287
Chemicals and Allied Products
Drugs, medicines, and insecticides.
Rayon and allied products
..
Chemicals n e e .
Exolosives and safetv fuses
Ammunition small arms
.• •
185.3
238.6
125.2
253.9
298.0
173.9
104.6
149.4
195.4
246.6
126.2
280.1
288.8
157.4
117.0
149.9
199.0
244
130
279
294
167
157
200.1
241
131
281
298
169
161
201.0
239
131
283
301
173
160
200.0
323.6
395.3
211.0
431.4
470.1
335.2
240.5
349.9
357.0
448
224
483
449
325
384
362.9
451
228
496
482
331
348
401.0
499
258
530
543
393
443
407.5
490
261
541
566
398
449
414.9
489
266
556
565
412
448
349
376
374
363
393
151.4
243.7 283.8 250.9
240.1 271.0 247
214.0 272.0 212
253.9
297.0
304.5
308.2
244
280
240
288
289
293
333.2 374.4 392.2
362.9 403.1 425
303.4 342.6 360
386.3
375.6
383.3
396.5
416
398
352
408
362
412
318.9 365.8 363.3
442.1 463.1 456
308.1 387.1 345
356.7
384.4
393.7
396.6
451
348
479
405
481
427
499
431
Paper and Allied Products
Paper and Pulp
Paper goods n e.c
Paper boxes
.
Fertilizers
Products of Petroleum and Coal
Petroleum refining
.
Coke and by-products
142
142
149
143.4 150.4 145.4
. . • . . 145.0 148 8 145
120.6 132.8 127
153.3
153.5
152.9
150
150
150
138
138
184.1 186.3 198.8
• . 221.9 219 5 236
157.3 162.5 173
182.0
184.5
186.1
211
212
212
170.1 178.8 179.3
• . 258.1 247.1 249
. . . . . . . . 188.0 212.6 201
Rubber Products
Rubber tires and inner tubes .
Rubber goods other
Instruments scientific
Photographic apparatus
195.6
253
127
276
278
156
135
For footnotes see preceding page.
157
137
166
169
182.9
185.6
182.7
247
219
246
226
248
228
162
Total
Durable
Nondurable
•
P Preliminary.
177.0
355
293
295
380
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1946
Group
184.5
385.3
470.3
248.2
523.2
514.4
350.1
310.0
388.0
1947
1948
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
152.4
177.1
• • 133.0
153.4
178.7
133.4
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.5
129.8
149.4
174.0
130.0
152.7
176.2
134.2
155 7
178.8
137.4
156 4
180.4
137.5
156 8
181.9
136.9
157 9 P 1 5 7 3
184.0 P183.6
137.3 P136.6
Jan.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
1946
Average hourly earnings (cents per hour)
1947
Nov. Dec. Aug
1946
Sept. Oct.
Dec. Nov.
Dec.
1947
Aug.
Sept.
Oct.
Dec.
All manufacturing
40.2
40.9
39.8
40.4
40.6
40.5
41.2
113.9
Durable goods
40.2
40.8
40.0
40.6
40.9
40.8
41.7
121.0
114.8 123.6 124.9 125.8 126.9 127.9
121.6 131.2 133.1 133.7 134.8 135.6
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
40.0
40.6
40.9
38.4
38.6
40.9
40.6
41.7
40.3
39.8
41.1
41.4
40.6
39.4
41.7
41.7
42.2
41.0
39.6
39.2
40.5
39.6
37.2
39.5
43.3
41.2
40.6
40.3
40.4
41.1
39.7
39.2
40.2
42.8
41.5
40.4
40.5
40.6
41.3
40.4
39.5
40.8
42.6
42.1
40.8
40.8
40.6
41.3
38.2
40.0
40.9
42.2
41.8
40.5
42.3
40
41.7
41.5
43.2
42.8
40.9
124.7
119.1
127.3
136.4
139.4
120.4
93.1
99.9
111.4
124.8
119.5
127.7
136.2
139.5
121.0
93.1
100.7
111.9
40.3
41.1
39.5
40.2
40.2
40.1
40.8
106.5
107.7 115.8
116.5
117.5 118.5 119.6
40.2
36.6
37.1
42.9
39.7
43.3
41.0
41.3
40.3
40.0
41.1
40.9
37.0
39.1
44.4
40.2
43.7
41.5
41.6
40.0
41.1
41.6
38.2
35.2
38.1
43.4
39.2
42.4
39.4
40.9
40.6
38.7
39.3
39.5
36.0
39.1
43.4
39.2
42.9
40.2
41.0
41.0
39.9
40.2
39.7
36.9
39.0
42.8
39.7
43.0
40.0
41.4
40.5
40.1
40.6
40.1
36.4
38.4
42.5
39.4
43.2
40.1
41.3
41.2
39.9
40.7
41.0
37.2
39.0
43.4
39.9
43.8
40.6
41.6
40.8
40.9
41.2
95.5
99.8
100.4
104.6
92
95.9
100.6
101.8
105.8
94.7
107.1
137.4
113.3
136.2
133.1
110.3
104.8
104.6
107.2
112.9
95.2
121.0
153.4
126.3
150.9
144.7
119.1
105.5
105.1
108.2
115.9
95.4
121.5
154.0
127.3
150.5
143.8
120.0
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
106.4
134.3
111.2
135.1
132.2
109.8
137.6 139.6 139.7 140.5 141.3
131.4 132.5 133.1 133.9 134.6
137.7 139
140.0 140.5 141.2
143.7 147.1 147.5
140.6 142
150.0 151.5 152.6 154.2 157.0
129.4 130.9 131.2 132.1 132.8
104.8 106.2 106.3 107.4 105.5
107.0 109.3 110.5 110.8 111.7
120.8 122.7 123.4 124.8 124.5
103.2
103.8
105.7
114.0
95.1
119.6
150.8
125.2
149.4
144.5
117.7
109.0
101.9
109.4
117.3
95.6
122.3
155.5
128.7
151.8
145.4
120.7
110.0
105.1
109.1
117.6
98.3
122.7
156.7
129.4
150.5
145.4
121.9
NOTE.—Preliminary January 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.6 and 128.9; Durable,
41.0 and 135.9; Nondurable, 40.1 and 121.3 respectively. Back figures are available from the Bureau of Labor Statistics.
MARCH
1948
327
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Total
Manufacturing
Mining
Contract
construction
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
42,540
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
15,553
845
916
947
983
917
883
826
836
885
1,150
1,294
1,790
2,170
,567
,094
,082
,493
,734
Service
Federal,
State, and
local
government'
,382
,419
,462
,440
,401
,374
,383
,523
,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
5,412
Transportation and
public
utilities
Trade
Finance
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4.023
4,049
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
8,713
SEASONALLY ADJUSTED
1946—December
42,207
15,310
874
,731
4,091
8,630
,554
4,596
5,421
1947—January
February
March
April
May
June
July
August
September
October
November
December
42,243
42,354
42,395
42,065
42,079
42,340
42,103
42,449
42,849
43,077
43.141
43,337
15,426
15,529
15,564
15,513
15,359
15,358
15,180
15,457
15,715
15,784
15,832
15,912
883
880
879
856
884
893
866
896
894
895
897
,678
,652
,668
,700
,742
,770
,796
1,806
1,813
1,882
4,075
4,052
4,040
3,855
3,970
4,074
4,079
4,083
4,110
4,092
4,071
4,084
8,595
8,637
8,695
8,638
8,631
8,669
8,688
8,761
8,776
8,801
8,811
8,836
,552
,554
,555
,546
,553
,551
,574
,594
,599
,594
596
,599
4,596
4,630
4,588
4,552
4,567
4,641
4,640
4,573
4,588
4,685
4,693
4,712
5,438
5,421
5,442
5,453
5,447
5,454
5,334
5,315
5,371
5,420
5,428
5,414
43,411
15,886
893
1,808
4,101
8,889
,597
4,789
5,448
1948—January
,
,
,
,651
,632
UNADJUSTED
1946—December
,
42,928
15,348
874
1,644
4,071
9,234
,546
4,573
5,638
1947—January.
February
March
April
May
June
July
August
September
October
November
December
41,803
41,849
42,043
41,824
41,919
42,363
42,201
42,624
43,039
43,298
43,449
44,066
15,372
15,475
15,510
15,429
15,237
15,328
15,233
15,595
15,801
15,831
15,871
15,951
883
880
879
856
884
893
866
896
894
895
897
898
1,527
1,502
1,534
1,619
1,685
1,768
1,847
1,894
1,904
1,896
1,849
1,788
4,014
4,011
4,020
3,836
3,970
4,115
4,140
4,144
4,110
092
4,071
4,064
8,552
8,507
8,565
8,552
8,545
8,582
8,558
8,586
8,688
8,889
9,075
9,455
,544
,546
,555
,554
,561
,567
,590
,602
,583
,586
,588
,591
4,527
4,561
4,565
4,552
4,590
4,711
4,686
4,619
4,634
4,662
4,670
4,688
5,384
5,367
5,415
5,426
5,447
5,399
5,281
5,288
5,425
5,447
5,428
5,631
1948—January
42,953
15,831
893
1,645
4,039
8,845
1,589
4,717
5,394
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-employe4 persons, domestic servants, and personnel of the armed forces are excluded.
January 1948 figures and 1947 averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally
adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed
Total
l
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
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
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
1,040
2,270
2,142
44 200
43 990
42 230
39 100
38 590
40 230
45 550
45,850
1947—January
February
March
April
106,970
107,060
107,190
107 260
107 330
107,407
107,504
107 590
107,675
107 755
107,839
107,918
59,510
59,630
59,960
60 650
61,760
64,007
64,035
63 017
62,130
62 219
61,510
60,870
57,790
58,010
58,390
59,120
60,290
62,609
62,664
61,665
60,784
60,892
60,216
59,590
55,390
55,520
56,060
56,700
58,330
60,055
60,079
59,569
58,872
59,204
58,595
57,947
48,890
48,600
48,820
48,840
49,370
49,678
50,013
50,594
50,145
50,583
50,609
50,985
6,500
6,920
7,240
7,860
8,960
10,377
10,066
8,975
8,727
8,622
7,985
6,962
2,400
2,490
2,330
2,420
1,960
2,555
2,584
2,096
1,912
1,687
1,621
1,643
47,460
47 430
47 230
46 610
45 570
43 399
43 469
44 573
45,544
45 535
46,330
47,047
107,979
60,455
59,214
57,149
50,089
7,060
2,065
47,524
May
June 3
July
August
September
October
November
December
1948—January
8,120
5,560
2,660
1,070
670
1
22
3
3
Includes self-employed, unpaid family, and domestic service workers.
Annual
January ana
and i<eorua
February inasmuch as the monthly series began in March 1940.
Annual averages
averages for
for 1940
1940 include
include an
an allowance
allowance for
tor January
Beeinninff in Tune 1947. details do not necessarilv add to exouD totals.
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.
328
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
Factories
1947
1946
1947
1946
357.5
387.4
697.6
734.9
952.4
807.9
718.0
679.9
619.9
573.2
503.7
457.3
571.6
442.2
596.8
602.3
674.7
605.1
660.3
823.2
650.0
793.3
715.1
625.4
89.7
102.1
275.2
370.6
463.6
332.2
281.2
284.0
293.8
235.1
221.1
193.4
257.4
208.4
282.9
256.7
254.1
209.5
240.9
308.9
268.5
349.5
290.2
226.
104.7
97.7
113.7
105.1
140.5
159.4
129.3
109.4
73.7
140.2
73.6
69.9
86.5
73.9
82.1
65.6
71.3
66.8
82.3
88.0
73.8
95.5
72.1
83.5
69.0
77.5
112.7
75.1
88.7
55.2
72.8
56.6
50.0
41.0
36.1
38.6
38.3
46.4
52.6
66.3
59.2
58.4
81.6
77.2
75.9
80.0
84.3
65.3
18.1
17.1
11.4
18.0
23.5
23.5
35.7
7.8
18.8
12.6
15.1
19.7
19.7
13.5
21.4
22.7
47.7
40.1
38.5
45.6
42.8
41.1
27.2
31.5
25.8
28.3
40.9
37.9
38.3
35.2
45.8
37.7
27.1
31.5
36.0
19.8
7,489.7 7,759.9 3,142.1 3,153.8 1,317.3
941.4
773.2
785.5
221.4
391.9
404.4
Total
Public ownership Priva te ownership
1946 1947 1948
1946 1947 1948 1946 1947 1948
1947
1946
1947
1946
June
July
August
September. .
October
November. .
December.. .
358
387
698
735
952
808
718
680
620
573
504
457
572
442
597
602
675
605
660
823
650
793
715
625
7,490 7,760
Year
47
56
146
127
197
215
202
205
187
134
130
109
615
167
96
143
177
234
226
203
218
193
209
224
207
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
197
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
Lin millions of dollars]
Title I Loans
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
. ..
Total
Property
improvement
495
694
954
1,026
1,186
1,137
942
886
684
798
1,831
3
60
160
208
251
262
141
96
125
189
363
578
1947—January
February...
March
April
May
89
79
86
117
112
152
julyAugust
September..
October
November..
December. .
48—January....
169
57
181
183
244
192
228
224
49
M6
46
47
68
56
June
1
44
39
40
51
42
50
Small
home
construction
13
25
26
21
15
1
(2)
(2)
(2)
8
8
(2)
822
(( ))
Mortgages on
War and
1- to 4- Rental
Vetand
family group
erans'
houses
(Title housing housing
(Title (Title
II)
VI)1
ID
1948
1947
50.2
64.7
143.6
128.1
197.9
202.5
153.1
184.4
156.4
112.8
121.8
115.9
113.9
90.5
122.0
161.4
184.7
185.7
165.9
223.5
141.5
165.9
181.5
154.1
596.9 1,631.3 1,890.4
1948
Jan.
1947
Jan.
Dec.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
26,136
137,145
36,880
40,819
70,072
68,899
90,041
46,320
15,977
27,226
55,691
32,517
99 285
41,847
61,998
71,380
95,010
85,106
43,373
19,184
31,692
43,971
34,290
136 516
20,205
48,256
65,613
59,118
63,252
46,438
10,944
16,741
70,255
Total (11 districts)
615,206
625,363
571,628
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations
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
16
13
18
33
34
63
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
940
272
276 1,032
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
243
245
235
79
39
74
37
41
48
39
48
48
95
96
150
106
112
120
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
2,860
1,386
245
229
889
8
102
424
473
669
736
877
691
243
216
219
347
446
30
27
28
33
36
39
11
48
51
13
13
6
(2)
7
4
3
13
284
601
537
272
85
808
Mortgages insured under War Housing Title VI through April
1946; figures thereafter represent mainly mortgages insured under
the Veterans' Housing Title VI (approved May 22, 1946) but include
a few refinanced
mortgages originally written
under the War Housing
2
3
Title VI.
Less than $500,000.
Figures through August 1947
how face amounts; thereafter, net proceeds to borrowers.
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.
MARCH
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
47.4
61.3
59.8
64.1
1946
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
419
5,735 5,464
1947
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Federal Reserve district
January....
February.. .
March
April
May
Public works
and public
utilities
Other
1947
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
1946
Educational
1946
January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.
Year
Commercial
End of month
Insur- Fedance
eral
com- agen- Other'
panies cies 1
158
159
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.
329
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
1
Merchandise imports 2
Excess of exports
Month
1943
1944
1945
1946
750
728
992
1,124
1,107
1,197
903
887
1,030
798
670
815
Pi,114
Pl,146
Pi,327
230
234
249
301
314
358
334
325
365
394
318
385
P531
P437
P445
520
494
743
823
793
839
569
561
665
405
352
431
P583
P710
P883
989
1,092
1,003
1,231
1,455
1,296
1,005
1,135
870
757
851
878
Pi,299
1,421
1,242
258
282
296
361
386
332
366
372
360
406
393
382
P512
P474
P463
732
810
707
870
1,069
965
639
763
511
351
457
496
P787
P947
P779
,265
,280
,269
1,197
1,191
1,194
893
737
514
826
883
643
1,162
1,151
1,109
302
318
289
294
304
282
356
360
335
431
422
377
P450
P400
P481
963
962
981
903
887
912
537
378
180
395
461
266
P713
P751
P629
,237
,072
1,286
1,144
1,185
938
455
639
736
537
986
1,097
1,235
1,138
Pl.131
329
312
282
329
323
336
344
322
297
394
478
529
P492
P455
P601
908
760
1,004
815
862
602
111
317
439
142
508
567
P683
P530
12,965
14,259
9,806
9,740 P14.475 3,381
3,919
4,136
4,909
P5,739
9,584 10,339
5,670
January
February:
March
April
May
June
July
August
September....
October
November
December
Jan.-Dec
1947
1943
1944
1945
1946
1947
1943
1944
1945
1946
1947
P743
4,831 P8.736
P Preliminary.
Including both domestic and foreign merchandise.
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
2
FREIGHT CARLOADINGS BY CLASSES
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[Index numbers, 1935-39 average = 100]
[In millions of dollars]
ForMis- Mercel- chanLive- est
Total Coal Coke Grain stock
prod- Ore lane- dise
l.c.l.
ucts
Annual
1939
1940
1941
1942
1943.....
1944
1945
1946
1947
101
109
130
138
137
140
135
132
143
98
111
123
135
138
143
134
130
147
102
137
168
181
186
185
172
146
182
107
101
112
120
146
139
151
138
150
96
96
91
104
117
124
125
129
107
100
114
139
155
141
143
129
143
153
110
147
183
206
192
180
169
136
181
101
110
136
146
145
147
142
139
148
97
96
100
69
63
67
69
78
75
SEASONALLY
ADJUSTED
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
3,406
3,614
4,348
5,982
7,693
8,343
8,049
7,009
Net
railway
operating
income
m Net
income
93
189
500
902
3,995
4,297
5,347
7,466
9,055
9,437
8,899
7,628
^8,685
P7,904
1946—October...
November.
December.
663
663
658
606
601
523
57
62
135
25
29
98
1947- - J a n u a r y . . .
February..
March....
April
May
June
July
August.:...
September.
October
November.
December.
698
696
723
685
698
731
683
719
716
739
786
P834
624
631
642
637
633
649
634
655
681
696
708
74
65
81
48
65
82
48
64
36
43
78
42
33
48
15
32
49
18
31
4
9
47
P53
589
682
998
1,485
1,362
1,093
849
620
874
668
447
289
P461
SEASONALLY
ADJUSTED
1946- -November.
December.
137
140
117
132
166
155
147
162
136
122
151
156
157
146
148
148
82
81
1947—January..,
February. .
March. . . .
April
May
June
July......
August
September.
October. . .
November.
December.
150
142
146
137
142
137
134
143
142
145
147
149
163
149
147
119
155
141
115
146
153
156
160
155
175
171
180
173
185
173
170
184
180
192
195
191
157
147
159
151
138
140
168
162
137
152
145
138
123
111
121
111
104
107
107
92
105
104
105
96
163
166
159
148
148
145
152
152
149
147
150
158
176
172
171
184
184
184
194
190
181
163
163
192
152
145
151
147
145
142
143
149
145
149
151
156
77
76
78
79
76
74
71
73
73
75
75
74
1948—January.. .
145
155
183
132
84
153
152
68
UNADJUSTED
P712
P105
UNADJUSTED
1946- -November.
December.
141
131
117
132
166
163
144
152
171
118
148
139
169
45
154
139
84
78
1947—January...
February..
March. . . .
April
May
June
July
August
September.
October. . .
November.
December.
138
133
137
134
144
142
140
148
153
156
150
139
163
149
147
119
155
141
115
146
153
156
160
155
184
182
182
169
183
170
165
177
178
188
195
201
157
144
146
133
121
143
202
175
153
152
142
130
118
89
96
98
94
87
87
87
139
161
133
92
147
159
159
148
154
151
153
160
161
155
147
141
44
43
50
157
267
286
311
284
272
235
163
60
139
136
144
145
146
146
145
150
157
163
158
147
74
74
79
80
76
73
71
73
77
78
77
71
1948—January. . .
133
155
192
132
81
137
45
139
65
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.
330
1946—October...
November.
December.
710
658
637
625
594
534
85
64
103
'58
'39
89
1947—January...
February..
March....
April
May
June
July
August....
September.
October... ,
November.
December.
686
636
718
689
724
697
705
745
727
794
755
P8O7
628
593
645
631
649
637
644
664
679
718
690
58
43
73
58
76
60
61
81
48
76
66
29
14
43
33
46
38
37
51
20
49
43
P58
P727
P80
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Richmond
Atlanta
Chi-
St.
Louis
106
114
133
••150
168
'187
207
264
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
236
261
106
114
138
153
167
182
201
257
P281
109
120
144
170
194
215
236
290
P303
113
123
145
162
204
244
275
345
107
116
135
149
161
176
193
250
275
111
119
143
158
179
200
227
292
P314
106
109
123
129
148
164
185
C
247
P274
105
110
127
149
184
205
229
287
311
1947—January...
February. .
March
April
May
June
July
August. . . .
September.
October. . .
November.
December..
265
266
272
277
291
290
287
283
292
277
301
303
215
219
237
227
244
249
237
234
236
211
248
243
228
224
229
235
253
254
254
246
234
224
248
241
'248
234
236
258
275
264
257
258
267
253
278
'284
256
25b
257
272
298
284
281
273
290
271
296
309
••292
281
307
299
303
317
301
282
303
297
310
322
341
338
347
353
367
365
336
352
361
348
383
394
245
262
260
261
276
278
281
266
290
266
298
293
278
290
294
306
321
299
320
307
337
308
339
337
262
261
279
257
270
278
268
271
287
276
281
'277
281
274
298
296
316
305
294
298
346
320
327
33*7
1948—January
285
216
240
268
284
286
355
274
292
286
209
'222
266
'269
280
266
219
236
299
'298
374
182
188
229
223
237
231
170
179
244
253
323
••483
170
171
227
227
241
232
164
176
248
234
306
419
188
192
255
248
261
238
185
193
267
280
370
'460
194
210
262
266
283
267
220
237
293
290
371
479
219
226
292
290
301
278
215
233
322
324
394
542
273
298
347
350
349
307
269
310
368
372
460
619
196
210
250
258
276
270
219
224
296
284
364
455
228
244
288
297
315
269
249
264
340
330
428
516
224
170
192
204
216
214
284
217
102
108
131
179
155
162
166
213
P254
99
105
124
165
142
147
153
182
P202
97
102
123
181
143
150
160
195
P225
96
99
119
167
141
148
150
191
*>220
99
106
130
182
144
151
156
205
P243
107
113
139
191
175
190
198
250
*>289
107
115
140
178
161
185
188
258
1947-—January
February
March
April
May
June
July
August
September
October
November
December
268
275
273
264
252
241
230
227
231
251
272
281
197
206
211
211
198
188
188
184
189
213
221
221
234
249
242
230
221
215
204
206
210
224
234
236
"217
225
223
221
215
212
205
206
210
231
238
'245
257
261
264
246
238
231
217
219
222
238
268
272
1948—January.
287
219
229
243
'235
252
264
262
253
236
232
245
255
283
294
241
180
194
207
202
194
180
181
195
206
239
249
201
206
23 J
241
233
224
206
193
215
227
253
263
211
••189
251
199
201
SALESi
1939..
1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
Phila- Clevedelphia land
Minne- Kansas
Dallas
apolis
City
112
116
138
157
212
245
275
352
San
Francisco
109
'119
139
'171
'203
'223
'247
'308
331
SEASONALLY ADJUSTED
r
364
347
347
377
379
361
378
376
368
360
415
389
313
311
'318
320
325
330
327
348
336
333
339
'352
306
390
342
196
202
258
264
269
264
217
242
311
304
335
'424
225
247
283
290
297
281
250
277
336
336
392
505
'295
306
337
347
356
307
288
327
387
396
507
633
253
281
'299
302
302
299
278
308
336
343
411
'554
239
213
245
316
276
P306
103
111
134
186
160
161
159
205
P246
102
108
134
176
152
159
166
225
P274
103
110
138
171
151
169
165
C
211
P266
99
105
125
159
152
157
158
210
P259
106
113
130
161
159
177
190
250
P321
106
113
137
187
172
177
182
238
P293
315
307
295
302
292
270
265
261
252
281
310
323
311
335
321
320
309
280
270
273
282
300
337
344
262
264
263
257
243
232
226
221
225
245
259
264
291
296
288
281
272
267
247
250
246
274
290
297
278
270
266
287
268
256
254
241
246
251
281
306
298
293
302
282
267
248
212
214
224
239
266
298
327
343
343
326
333
308
276
282
285
306
357
'397
315
330
331
308
287
280
267
248
253
288
315
325
277
332
345
274
308
309
318
385
349
218
223
225
217
201
195
214
231
263
262
'208
225
242
254
253
241
222
217
236
246
274
283
225
268
290
295
304
286
259
268
294
283
320
329
269
280
312
321
317
300
283
278
295
311
336
354
289
225
240
255
252
243
227
222
236
250
275
285
238
250
266
279
281
272
267
257
273
273
307
310
250
253
257
267
273
266
248
259
255
265
279
303
268
258
264
272
273
261
248
236
240
251
272
284
245
294
305
326
316
316
298
299
318
319
345
382
'333
277
290
308
304
298
285
283
271
285
319
333
266
212
243
283
310
236
265
281
275
346
306
UNADJUSTED
1947—January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..
1948—January
STOCKSi
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
SEASONALLY ADJUSTED
UNADJUSTED
1947—January
February
March
April
May
June
July
August
September
October
November
December
1948—January.
c
' Revised.
P Preliminary.
Corrected.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
MARCH
1948
331
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES 1
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Without seasonal adjustment
Amount
(In millions of dollars)
1946
Sales
(total
for
month)
Stocks
(end of
month)
Outstanding
orders
(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—Januaryy
ebruary..
March
April
,
May
June
July
August
September.
October
November..
December. .
256
251
331
321
337
304
253
274
341
367
416
584
'770
835
864
849
817
768
732
789
823
912
942
769
620
606
490
388
351
470
603
622
676
663
605
544
1948—January
P272
P786
Year or month
1947
1947
1946
6.... .272 Apr. 5... ..319 Oct. 5.... .277 Oct.
13... 282
12
265
281
12
20
.289
19... . .271
19... .295
232
27
26... ..267
26
287
.248 May 3... ..279 Nov. 2.... .277 Nov.
May 4
11
?74
10... . .311
9... 314
18.... .246
17... . .273
16
342
?4S
25
23 .. 363
24... ..277
223
250
31
30.... .334
June 1
8.... .273 June 7... 293 Dec. 7
.475 Dec.
15.... .283
14... . .300
14.... .519
22... 248
21
256
21.... .532
29.... .239
28.... .281
28... ..245
July 6.... .192 July 5 ....208
12.
1947
228
13 .. 210
20... 201
19... ..217
27.... .204
26
213 Jan. 4.... .188 Jan.
11
Aug. 3
.217 Aug. 2
.220
18.... !223
10.... .228
9... ..223
25.... .220
17
.239
16... . .225
24
.255
23... . .243Feb. 1
.217
8.... .219 Feb.
31.... .281
30... ..277
15.... .246
.264 Sept. 6... ..265
Sept. 7
22
14
.293
13... ..291
.216
21.... .280
20... ..301 Mar. 1
.238
8
28.... .257
27... ..316
.254 Mar.
Apr.
15.... .267
22
.286
29.... .283
r
P Preliminary.
Revised.
These figures are not estimates for all department stores in the
United States.
Back figures.—Division of Research and Statistics.
1
4.... .326
11
304
18
.299
25.... .306
1.... .313
8
347
380
15
22
29
367
6 ....508
13.... .570
20.... .576
27
.358
1948
3.... .204
10
251
17.... .232
24.... .226
31.... .233
7.... .240
14
.238
21.... .249
28.... .249
6
13
20
27..
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Jan. Dec. Year
1947
United States. p+8
P+2
Boston
New Haven. . .
+2
Portland
0
Boston Area. .
+2
Downtown
Boston
+4
Springfield . . + 11
Worcester
+4
Providence....
+5
New York 1
+2
Bridgeport ...
+5
Newark i
-1
Albany
+2
Binghamton...
+12
Buffalo i
+4
Elmira
-2
Niagara Falls..1
+5
New York City
+8
Poughkeepsie..
+12
Rochester l
Schenectady.
. . +10
+5
Syracuse 1
+5
Utica
P+8
Philadelphia
.
x
+ 17
Trenton 1
+9
Lancaster
+9
Philadelphia
*.
+ 11
Reading 1
1
Wilkes-Barre . + 14
+2
York 1
Cleveland
. . . . +11
+8
Akron 1 1
+6
Canton
Cincinnati1l . . .
+9
ClevelandJ ....
+ 14
Columbus . l. .
+ 12
Springfield
...
+8
Toledo 1
+ 16
Youngstown 2 .
+ 11
+14
+9
+7
+6
+9
+ 10
+11
+8
+9
+8
+9
+6
+ 13
+8
+ 14
+25
+ 13
+7
+23
+ 12
+ 15
+3
+ 13
+17
+27
+ 18
+ 18
+ 13
+ 13
+ 13
+16
+13
+14
+ 14
+ 15
+8
+ 18
+ 17
Jan. Dec. Year
1948
Cleveland-cont.
Jan. Dec. Year
1947
1948
Chicago
Erie 1
+ 16 +23 + 13 Chicago *•
+6 Pittsburgh
1
... . +4 + 16 + 10 Peoria 1
0
1
-3 Wheeling
+8 Richmond
1
...
+7 Washington
+4 Baltimore
Raleigh,
N.
C.
.
+5
+3 Winston-Salem.
Charleston^. C.
+9 Greenville, S. C.
+6 Lynchburg
+5 Norfolk
+9 Richmond
+6 Roanoke
+9 Charleston,
+ 10
W. Va
+7 Huntington....
+9
+ 10 Atlanta
+8 Birmingham l . .
+7 Mobile
+5 Montgomery 11 ..
+9 Jacksonville
...
Miami x
+11 Orlando
1
+9
+ 11 Tampa 1
+ 11 Atlanta
+ 11 Augusta
+11 Columbus
Rome l
+3 Macon
+10 Savannah
+7 Baton Rouge1J . .
..
+10 New Orleans
+8 Jackson l
+8 Meridian
.
+5 Bristol, Tenn..
+8 Chattanooga l. .
+9 Knoxville11
+ 11 Nashville
+8
+ 15
+13
+ 14
+ 10
+ 11
+18
+3
+ 15
+5 + 12
+10 + 17
- 2 +20
- 2 + 15
+6
-1
-17
+5
+5
+4
+7
+37
+12
+5
+11
+24
+9
+3
-5
+8
0
-5
+22
+21
+13
+ 19
+ 19
+ 15
+10
+7
+41
+ 12
+ 17
+ 10
+ 16
+6
+8
+9 + 16
-6
+7
-11
-18
+4
-10
+9
- 1 4 + 10
- 1 2 + 18
+12
+8
+ 11
+3
+2
+11
+25
+ 17
+6
+16
+ 14
+ 15
+ 12
+ 10
+ 12
+22
+ 19
+8
+ 11
P + 1 0 +22
+9
13
+20 +
+14 +29
+19
+10 Kansas City—
+9 cont.
+ 10 Oklahoma City.
• +6 Tulsa
Jan. Dec. Year
1948
+15 +15
+2 Fort Wayne 1 ..
+20
Indianapolis *..
+5
+4 Terre Haute 1..
+ 11 Dallas
+7
+4 Des Moines...
+ 10 Shreveport
+6
1
+3 Detroit
Corpus
Christi..
+
13
-4
1
+9 Flint 1
+12 Dallas
-3
+ 11 Grand Rapids.
+ 11 Fort Worth
+
10
1
- 3 Lansing
+ 18 Houston
+20
1
+3 Milwaukee1 ...
+6 San Antonio.... +16
+ 1 Green B a y . . .
+ 15
+4 Madison
+ 11 SanFrancisco..
p+11
+11
Phoenix 1
+ 10 St. Louis
+13
+16
+6
+8 Tucson
+6 Fort Smith
+6 - 8 Bakersfield 1 .... P+6
-1
1
x
Little
Rock
.
.
+
15
3
+2
+8
Fresno
P+13
p+15 +22 +18 Long Beach x...
+8 Evansville....
+8
Louisville 1
+ 17 + 11 Los Angeles 1 ... P+2
P+5
+8
P-2
+ 1 Oakland and
+5 Quincy
1
East
St.
Louis.
+72
+42
+84
+7
Berkeley
x
+ 13
+9 St. Louis . . . . + 10 + 16 +8 Riverside and
+7 St. Louis Area. +11 + 17 +10 San Bernardino
+4
+9
+3 Sacramento x . . . +15
+2 Springfield....
l
- 6 + 12
+3 San Diego 1 . . . . + 10
+8 Memphis . . . .
x
.
+3
+9 Minneapolis
.
Is.
p+9 +14 +11 San Francisco
1
x
+8 Minneapolis
-2
... +12 + 13 +7 San Jose J
1
+4 St. Paul
+ 13 + 11 Santa Rosa . . . +5
+6
+3 DuluthStockton
P-7
+7
and
Superior 1
+10 +23 + 13 Vallejo
Napa 1
+1
(
Kansas City . . . +10 +17 +8 Boise and
+24
Denver
+12
Nampa
-2
+1
+4 Pueblo
Portland
P+18
+9 Hutchison
K
+4 + 17 +6 Salt Lake City
+6
J
+ 1 Topeka
. ..
+8 +8 +5 Bellingham
Wichita
Everett11
+9 +8
+3
+2 Kansas City
+7
+11 + 15 +9 Seattle 1
p+l
Joplin
+ 11 +22 + 13 Spokanel
P+8
- 6 St. Joseph
+9 Tacoma 1
+4
Omaha. . . .
+8 Yakima
+19 + 1
+16
+16
+5
+7
+16 +6
+ 11 +9
+ 13 +5
+ 10 + 1
+14
+7
+31 + 12
+14
+5
+14 r+8
+20 + 11
+16
+6
+29 +15
+ 14
+9
+ 10 +4
+7 +5
+27
+8
+ 14 +7
+22 '+9
+14
+5
+8
+3
+11
r+8
+8
+4
+ 1 +6
-2
3
0
+ 17 + 11
+ 14 +8
+1 r+4
+ 14 +6
+9
+4
+13 + 13
+8
+3
+ 11 + 8
r
P Preliminary.
Revised.
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
* Data not available.
1
332
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Department
N u m b e r
of stores
reporting
S a l e s d u r i n g ( Se tn od c k os f
period
month)
Dec.
Dec.
1947
GRAND TOTAL—entire store*.
357
MAIN STORE—total
357
W o m e n ' s apparel a n d accessories..
Coats a n d suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' a n d girls' w e a r
Juniors' coats, suits, dresses
Girls' wear
Aprons, housedresses, uniforms
U n d e r w e a r , slips, negligees
Knit underwear
Silk a n d muslin underwear, slips.
Negligees, robes, lounging apparel.
Infants' wear
Shoes (women's, children's)
Furs
N e c k w e a r a n d scarfs
Handkerchiefs
Millinery
Gloves (women's, children's)
Corsets, brassieres
Hosiery (women's, children's)
Handbags, small leather goods
354
339
340
335
315
224
241
290
339
161
185
166
319
244
274
247
293
175
332
338
347
328
+12
+22
+6
+ 18
+ 14
+ 15
+ 14
+7
+ 10
+ 14
+ 10
0
+ 11
+7
+ 13
+23
+4
+ 11
+37
+9
+6
+6
M e n ' s a
Men's
Men's
Boys'
Men's
328
240
312
290
186
+ 10
+6
+ 17
+1
H o m e furnishings
Furniture, beds, mattresses, springs.
D o m e s t i c floor c o v e r i n g s
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Linens and towels
Domestics-muslins,
sheetings
Blankets, comforters, spreads
L a m p s and shades
China and glassware
Housewares
314
239
264
299
236
299
202
177
191
239
241
240
+ 14
+ 13
+28
+ 12
+ 18
Piece goods
Silks, rayons, and velvets. .
Woolen dress goods
Cotton wash goods
296
112
92
130
+2
+ 10
+ 11
S m a l l w a r e s
Lace, trimmings, embroideries, and ribbons. ..
Notions
Toilet articles, d r u g sundries, a n d prescriptions.
Jewelry and silverware
Jewelry
Silverware
Art needlework
Stationery, books, magazines
Stationery
Books, magazines
341
123
230
328
309
206
144
241
251
157
97
+2
-5
+ 19
-4
+4
n d boys' w e
clothing
furnishings,
clothing and
and boys' sh
a r
hats, caps
furnishings
oes, slippers
- 1
- 6
+ 19
+9
+7
+8
-1
+3
- 1 0
- 2
+ 16
+ 16
+ 16
0
Sales during
period
1947
Stocks at end
of m o n t h
1946
1947
1946
1946
Dec.
Nov.
Dec.
Dec.
Nov.
Dec.
0
1.4
1.5
+5
+1
1.4
1.6
380
264
343
536
648
536
1.2
1.4
1.3
1.2
1.1
1.2
1.1
1.5
0.8
1.1
0.7
0.6
1.4
2.6
1.9
0.7
0.7
0.9
1.1
2.5
0.6
0.8
1.4
2.0
1.3
1.6
1.4
1.6
1.4
1.8
0.8
1.1
0.7
0.7
1.4
2.4
2.4
0.8
0.9
1.0
1.3
2.7
0.9
1.0
355
236
235
404
374
315
460
253
591
467
598
724
482
285
248
735
719
151
478
262
345
447
260
332
195
262
321
296
361
147
290
295
284
299
354
236
260
419
268
186
270
230
224
224
316
193
221
342
328
275
403
235
539
411
545
724
433
267
221
598
690
152
508
237
251
410
430
345
304
473
422
378
492
379
455
519
436
434
661
736
469
485
489
144
521
668
214
349
538
378
341
569
540
420
700
440
710
653
689
837
814
794
554
725
953
181
797
676
287
551
442
383
283
554
486
434
588
421
437
465
403
492
641
631
517
490
607
151
666
632
233
402
1.1
1.9
0.8
1.4
1.8
1.1
1.3
0.9
1.8
1.4
4
2
6
4
4
8
4
6
0
9
278
271
282
305
227
434
239
586
403
379
531
537
484
594
749
743
608
794
812
926
487
320
509
705
549
2.3
3.4
2.7
2.9
1.8
2.3
2.1
2.9
2.2
1.5
2.4
1.9
2.4
4.0
2.7
3.7
0.9
2.3
2.3
1.7
2.6
2.1
2.3
2.3
302
191
243
239
406
277
321
196
285
398
328
448
256
202
270
253
365
209
208
183
234
296
218
308
266
169
189
214
345
279
313
218
290
344
284
387
698
659
667
692
715
643
661
563
625
614
808
833
727
621
640
741
639
668
730
513
681
711
905
948
657
672
506
790
300
644
731
381
736
736
665
909
2.9
+15
2.9
2.4
2.3
3.7
2.4
2.8
3.0
246
247
316
187
280
264
406
192
242
225
285
202
717
610
727
689
702
612
678
617
709
557
799
617
- 1
- 1
- 1
- 1
- 1
8
4
3
7
7
0
3
0
1
7
7
1.3
2.0
1.9
1.4
1.2
1.0
1.4
2.3
0.9
0.9
1.0
1.4
2.3
2.3
1.4
1.3
1.2
1.8
2.8
1.1
1.1
1.2
457
331
343
408
558
606
476
269
580
589
469
243
268
243
174
280
275
294
238
319
328
246
447
347
289
426
535
605
389
254
556
551
467
594
669
639
563
664
637
676
633
534
542
469
801
858
736
776
910
909
856
687
827
874
687
648
785
664
610
717
714
688
699
600
573
560
- 8
- 2 1
0.7
0.3
1.3
1.3
0.9
0.4
1.5
1.4
625
1,162
751
538
356
669
411
249
557
469
719
987
349
970
625 1,014 1,624
474
688
932
513
424
944
650
- 2
- 5
1.2
1.0
1.0
2.0
2.4
1.9
1.4
1.2
1.2
2.4
2.5
2.0
317
310
449
248
256
235
239
237
285
232
277
177
271
262
380
218
264
201
393
322
444
532
644
413
+1
A
0
+1
+1
+2
- 3
+1
+8
- 1
- 3
+6
+5
0
+ 10
- 3
- 1 0
+8
-
1
1
1
1
-
4
3
3
6
9
+5
+ 14
+ 10
- 1 0
+2
+ 17
- 1 0
+1
- 3
- 3
- 5
- 1 9
- 4
- 2 1
-2
- 8
- 1 2
-1
+6
+13
+8
+25
+80
—3
-6
+6
+4
+ 10
+7
+4
+7
+1
+6
0
- 5
+ 12
- 5
- 1
- 4
+9
M i s c e l l a n e o u s
Toys and games
Sporting goods, cameras
Luggage
306
160
66
249
+12
+ 18
+20
+ 13
+3
+3
+ 13
+7
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishing
Home furnishings
Piece goods
Shoes
204
195
162
135
54
128
+17
+ 18
+ 18
+ 14
+12
+ 10
+20
+ 12
+5
+23
+ 17
December
2
+6
+22
+6
+4
+7
0
Index numbers
without seasonal adjustment
1941 average monthly sales=100
1947
Year
1947
+ 11
+11
R a t i o of
stocks to
sales l
0
0
+3
- 3
+5
+ 10
+68
-5
- 1 6
+36
+7
- 2
+ 3 1
- 1 2
+ 140
0
- 1 0
+ 4 8
- 1 6
- 1 6
+ 2 1
- 6
+2
+ 10
- 9
+7
+6
+4
- 8
- 4
+ 10
7
8
3
3
0
384
307
462
490
636
454
479
405
621
520
666
530
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pages 857 and
858 were
reversed.
8
For movements of total department store sales and stocks see the indexes for the United States on p. 331.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1945 sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. However, not all stores reported data for
all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
MARCH
1948
333
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Total
consumer
credit
End of year
or month
1947—January. ,
February.. . . ,
March
April....
May
June
July
August
September
October
November
December P
1948—Januaryv
Service
credit
652
2,125
1,749
596
483
776
1,081
467
J 450
1,487
1,544
557
Automobile
Other
3,167
1,318
1,197
3,929
1,605
1,122
459
663
7 491
7 064
7,994
9 146
9,895
6,478
5 334
5,776
6,638
10,166
13 379
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
6 154
2,752
2,313
2,792
3,450
3,744
1,491
814
1,384
1,368
1,343
11,525
1,721
L,802
,009
639
835
200
903
1.558
2,839
227
544
1,151
1 ,014
1 ,688
1,219
1.299
1,657
1,998
2,176
1,457
1,143
1,199
L.462
2,418
3,315
1,442
1,468
L 488
1,601
1,369
1,192
1,255
1.520
2,262
2 697
1,764
1,513
,498
1,758
L.981
3,054
3 612
10,024
10,019
10,379
10,631
10,934
11,230
11,302
11,433
11,682
'12,055
12,636
13,379
4,048
4.156
4,329
4,536
4,739
4,919
5 045
5,179
5.290
'5,463
5,733
6,154
1,566
1,608
1,695
1,812
1,928
2,036
2,092
2,167
2,257
2.370
2,551
2,839
581
631
691
2,482
2,548
2,634
2,724
2,811
2,883
2,953
3,012
3,033
'3,093
3,182
3,315
2,337
2,383
2,403
2,423
2,460
2 508
2,548
2,579
2,607
2,645
2,677
2,697
2,764
2,602
2,768
2,782
2,835
2,887
2,786
2,755
2,864
3,029
3,309
3,612
875
878
879
965
1,004
1.047
1,099
1 ,151
985
977
1 ,004
L.059
,112
1,156
1,170
L,2O2
,253
.323
1,452
,688
13,043
6,1 76
2,818
1,194
,624
3,358
2,711
3,240
916
1933
,
Charge
accounts
Total
7,637
Sale credit
Singlepayment
loans2
2,515
1929
1937
1938
1939
1940
1941.. .
1942
1943
1944
1945
1946
1947?
Instalment credit
Total
instalment
credit
'
970
1,267
1 .729
1 ,942
482
175
753
816
880
922
Loans 1
635
676
523
533
560
610
650
648
68?
729
772
874
916
890
900
916
923
920
921
918
917
916
pPreliminary.
'Revised.
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
Commercialx
banks
Small
loan
companies
Industrial
banks*
Industrial
loan
com- 2
panies
Credit
unions
Miscellaneous
lenders
Loans made by principal lending institutions
(during period)
Insured
repair
Comand
modern- mercial1
banks
ization8
loans
Small
loan
companies
Industrial
banks2
Industrial
loan
com- 2
panies
Credit
unions
1929
652
43
263
219
32
95
463
413
1933
483
29
256
121
27
50
322
202
33
1 910
,299
,657
,998
!, 176
258
312
523
692
784
374
380
448
498
531
95
99
104
107
93
112
147
189
217
125
117
96
99
102
154
213
284
301
460
680
1,017
1,198
662
664
827
912
975
400
129
131
132
134
221
238
261
255
255
176
194
198
203
148
179
257
320
372
457
426
316
417
364
89
67
72
59
147
123
91
86
215
128
792
639
784
800
182
151
1937
1938
1939...
1940 .
1941.. . ,
1942. .
1943
1944
1945
1946. .
,143
,199
.469*
2 418
3,315
357
477
956
384
439
608
68
76
117
60
70
98
122
128
185
88
93
148
120
179
368
110
344
120
556
749
942
1.793
2,537
42
155
166
146
128
139
151
247
228
231
210
339
282
497
869
956
1,251
1,454
310
230
228
1,358
712
166
134
269
1947—January..
2.482
February.
2,548
March
2,634
April
2,724
May
2,811
June
2,883
July. .
"> 953
August
3,012
September.. 3,033
October. . . '3,093
November. . 3,182
December^ . 3,315
991
.,030
L.O79
,123
1,167
,196
1,221
,248
,255
,281
, 309
,358
611
611
617
627
633
638
649
652
643
647
670
712
122
125
i28
133
138
143
148
152
154
157
162
166
102
105
108
113
116
119
121
124
125
127
130
134
186
190
197
204
213
224
233
240
245
250
257
269
110
110
111
112
113
113
114
114
114
114
116
120
360
377
394
412
431
450
467
482
497
'517
538
556
187
180
214
213
212
211
217
204
206
218
221
254
98
90
121
116
115
117
123
113
107
121
142
191
22
21
24
24
24
26
29
25
27
28
27
33
20
20
23
24
24
24
23
22
24
23
25
30
33
33
38
39
42
43
44
42
41
45
44
53
1948—JanuaryP. . . 3,358
1 ,385
717
168
136
271'
121
560
235
109
26
27
44
1947P
x
P Preliminary.
'Revised.
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 January amounted
to 105
million dollars, and loans made during January were 17 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
334
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excluding automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1929
,197
160
583
265
56
133
1933
663
119
299
119
29
97
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947?
1,368
1,343
1,525
1,721
1,802
1,009
639
635
676
,014
1L.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
January...
February..
March. . . .
April
May
June
July
August
September.
October. ..
November.
December?
985
977
1,004
,059
,112
1,156
1,170
1,202
,253
1,323
,452
1,688
337
338
358
386
409
423
429
440
462
495
555
650
352
349
354
366
382
395
398
408
423
443
474
528
27
29
29
32
32
37
39
41
43
46
49
52
114
107
105
108
114
119
120
124
128
131
145
192
155
154
158
167
175
182
184
189
197
208
229
266
1948
January?..
,624
637
501
52
178
256
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Outstanding at end
of period:
1945
1946...
1947?
Total
Automobile
Other
Repair
and
modernization12
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—January
February...,
March
April
May
June
July
August
September
October
November....
December?. . .
1948—January?....
Volume extended during month:
1947—January
February
March
April
May
June
July
August
September... .
October
November....
December?. . .
1948—January?
Repair
and
modernization
loans12
Personal
instalment
cash
Joans
742
1,591
2,602
1,668
1,732
1,821
1,922
2,027
2,125
2,200
2,271
2,332
2,409
2,493
2.602
? 689
64
165
348
181
196
215
237
254
276
288
301
314
324
339
348
360
139
306
537
325
348
373
397
423
439
456
470
478
492
513
537
558
100
275
513
296
305
317
337
364
388
405
416
429
449
475
513
559
124
273
486
280
284
296
314
334
358
379
401
430
454
471
486
490
315
572
718
586
599
62|0
637
652
664
672
683
681
690
695
718
722
307
289
343
364
375
392
384
363
387
412
406
467
441
44
42
54
60
59
59
63
58
66
68
69
70
71
69
70
81
84
83
80
84
79
80
86
94
103
98
65
55
59
69
77
92
75
70
76
87
89
112
116
24
25
31
36
42
44
42
45
54
54
42
47
36
105
97
118
115
114
117
120
111
111
117
112
135
120
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year or month
Total
Atitomobile
Other
Repair Personal
instaland
modern- ment
cash
ization
x2
loans
loans
Outstanding at end
of period:
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
1945
1946
1947?
108.4
148.2
76.7
11.0
15.0
27.1
4 0
7 4
17.1
1.5
2.4
4.2
168.1
172.6
177.4
184.2
191.4
June
199.2
July
206.7
August.. . 212.6
September. 215.5
October
221.0
November.. 227.9
December?. 233.5
29.5
31.3
33.5
36 4
38.6
40.6
42.8
44.9
46.3
48.1
49.6
50.0
18.6
19 6
19 4
20 5
21 8
28 5
30.2
28.9
29.6
30.3
31.4
33.1
35 0
36.9
38.4
39.4
41 2
42.5
43.3
91.1
92.1
94.2
95.9
97.9
100.5
102.7
104,0
103.8
104.7
107.3
112.2
115.5
118.7
124.6
128.5
131.3
134.0
137.8
138.4
141.1
144.8
148.2
15 6
16.5
17.1
18.7
20.6
21.7
22.4
23.6
24.3
25.3
26.3
27.1
8 0
8 4
8.9
9.9
10.8
11.8
12.8
13.4
14.1
14.7
15.9
17.1
2.5
2.5
2.6
2.7
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.2
1948—January?.. 235.3
51.4
31.0
43.4
110.0
109.5
1947—January . .
February..
March....
April.....
May
June
July
August . . .
September.
October...
November.
December?
1948—January? .
150.4
28.2
17.9
4.0
60.2
83.6
99.8
86 1
88 1
90 1
93
94.1
94.6
95.4
97.2
96.2
97.1
98.4
99.8
100.3
22.4
22.2
25.6
27.4
26.9
27.3
26.4
25.6
27.1
27.1
28.1
31.4
3.6
3.9
3.9
4.8
4.7
4.8
5.1
5.1
5.2
5.5
5 2
5.2
1.8
1.6
1.8
2.4
2.4
2.7
2.9
2.7
3.0
3.3
3.3
3,7
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.3
16.8
16.5
19.6
19.9
19.3
19.3
17.9
17.3
18.4
17.8
19.1
22.2
28.9
5.7
3.2
0.2
19.8
1947—January. .
February::.
March
April
May
23 1
24 3
25.3
26.0
27 0
Volume extended
during month:
1947—January.. .
February. .
March
April
May.....
June
July
August
September .
October...
November..
December?,
29.1
27.4
31.3
32.4
32.8
33.8
36 5
33.2
34.8
36.2
34.5
39.8
6.4
6.2
7.1
7.7
7.5
7 5
8 2
8.1
8.8
8.8
8.3
8.6
3 5
3 4
3.5
4 1
4.3
4 3
4 4
4 2
4 1
4.7
4 9
5.8
2.4
2.4
2 7
3.1
3 7
3 9
4.0
3 6
3 7
4.3
3.4
3.5
16.8
15.4
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—January...
February..
March . . . .
April
May
June
July
August .. .
September ,
October...
November.
December?
1948—January?. .
33.4
9.1
4.6
2.6
17.1
1948—January? .
1
P Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
MARCH
1948
335
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Jan.
1948?
Dec.
1947
Nov.
1947
Jan.
1948P
Dec.
1947
Nov.
1947
-46
-46
+25
+35
+9
+22
o
-2
+18
-12
-51
-31
+27
+ 12
+7
+1
+12
+4
+23
+13
+44
+2
+33
+20
Accounts receivable, end
of month:
Total .
Instalment
-1
-5
+ 12
+ 16
+8
+9
+53
+54
+44
+48
+45
+50
Collections during
month:
Total
. . . .
Instalment
-8
+4
+7
+2
-1
+16
+ 19
+20
+20
Inventories, end of
month, at retail value.
-1
-4
+3
+8
+ 16
Net sales:
Total
Cash sales
Credit sales:
Instalment.;
Charge account
i~)
Charge
accounts
Instalment accounts
Year and month
Department
stores
Furniture
stores
Household ap- Jewelry
pliance
stores
stores
Department
stores
36
26
47
44
54
+19
+ 15
1946
December. . .
1947
January
February
March
April
May
June
July
August
September . .
October
November.. .
December...
30
29
33
30
30
28
28
28
31
31
30
29
23
21
25
23
24
23
22
22
24
23
23
20
47
41
44
44
44
45
41
39
39
40
39
39
26
25
27
25
26
24
23
23
25
23
24
31
52
52
56
54
56
54
53
51
53
57
55
53
+ 14
1948
JanuaryP
24
18
37
19
53
P Preliminary.
p Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
Year and month
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 averageP
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
48
56
61
64
64
9
6
5
4
4
43
38
34
32
32
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
114
130
145
162
100
131
165
188
211
100
82
71
66
68
100
102
103
111
124
100
78
46
38
37
100
91
79
84
94
100
103
80
70
69
100
110
107
112
127
242
101
176
50
138
91
168
59
4
37
88
174
133
198
55
6
39
202
214
237
154
199
1946—December.
330
384
197
293
75
223
121
205
58
5
37
1947—January
February
March
April
163
158
210
206
216
195
'187
179
236
230
241
218
107
109
146
137
138
125
146
144
192
192
202
181
74
73
75
79
81
82
175
154
160
163
167
165
121
115
129
123
127
122
250
195
185
186
198
193
6
6
6
6
6
6
37
38
38
39
39
39
235
251
156
180
142
157
83
84
146
145
253
279
348
111
204
136
264
152
171
54
6
7
7
7
40
40
223
167
203
r
215
235
54
53
285
87
95
167
181
124
123
57
56
56
55
55
55
136
163
128
206
174
299
54
7
39
July
160
174
September . . .
October
November . . .
December
1948-—January P
184
196
216
234
266
369
402
173
188
114
130
206
225
138
147
190
162
57
56
53
6
6
37
38
40
39
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 331.
336
FEDERAL RESERVE
BULLETIN
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average=100]
All items
Food
Apparel
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929
1930
122.5
119.4
132.5
126.0
115.3
112.7
141.4
137.5
112.5
111.4
111.7
108.9
104.6
105.1
1931
1932
1933
1934
1935
108.7
97.6
92.4
95.7
98.1
103.9
86.5
84.1
93.7
100.4
102.6
90.8
87.9
96.1
96.8
130.3
116.9
100.7
94.4
94.2
108.9
103.4
100.0
101.4
100.7
98.0
85.4
84.2
92.8
94.8
104.1
101.7
98.4
97.9
98.1
1936
1937
1938
1939
1940
99.1
102.7
100.8
99.4
100.2
101.3
105.3
97.8
95.2
96.6
97.6
102.8
102.2
100.5
101.7
96.4
100.9
104.1
104.3
104.6
100.2
100.2
99.9
99.0
99.7
96.3
104.3
103.3
101.3
100.5
98.7
101.0
101.5
100.7
101.1
1941
1942
1943
1944
1945
105.2
116.5
123.6
125.5
128.4
105.5
123.9
138.0
136.1
139.1
106.3
124.2
129.7
138.8
145.9
106.2
108.5
108.0
108.2
108.3
102.2
105.4
107.7
109.8
110.3
107.3
122.2
125.6
136.4
145.8
104.0
110.9
115.8
121.3
124.1
1946
1947
139.3
159.2
159.6
193.8
160.2
185.8
108.6
111.2
112.4
121.2
159.2
184.4
128.8
139.9
1945—July
August
September
October
November
December
129.4
129.3
128.9
128.9
129.3
129.9
141.7
140.9
139.4
139.3
140.1
141.4
145.9
146.4
148.2
148.5
148.7
149.4
108.3
111.2
111.4
110.
110.
110.
110.3
145.6
146.0
146.8
146.9
147.6
148.3
124.3
124.5
124.6
124.7
124.6
124.8
1946—January
February
March
April
May
June
July
August
September
October
November
December
129.9
129.6
130.2
131.1
131.7
133.3
141.2
144.1
145.9
148.6
152.2
153.3
141.0
139.6
140.1
141.7
142.6
145.6
165.7
171.2
174.1
180.0
187.7
185.9
149.7
150.5
153.1
154.5
155.7
157.2
158.7
161.2
165.9
168.1
171.0
176.5
110.8
111.0
110.5
110.4
110.3
110.5
113.3
113.7
114.4
114.4
114.8
115.5
148.8
149.7
150.2
152.0
153.7
156.1
157.9
160.0
165.6
168.5
171.0
177.1
125.4
125.6
125.9
126.7
127.2
127.9
128.2
129.8
129.9
131.0
132.5
136.1
1947—January
February
March
April
May
June
July
August
September
October
November
December
153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0
183.8
182.3
189.5
188.0
187.6
190.5
193.1
196.5
203.5
201.6
202.7
206.9
179.0
181.5
184.3
184.9
185.0
185.7
184.7
185.9
187.6
189.0
190.2
191.2
108.8
108.9
109.0
109.0
109.2
109.2
110.0
111.2
113.6
114.9
115.2
115.4
117.3
117.5
117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2
126.9
127.8
179.1
180.8
182.3
182.5
181.9
182.6
184.3
184.2
187.5
187.8
188.9
191.4
137.1
137.4
138.2
139.2
139.0
139.1
139.5
139.8
140.8
141.8
143.0
144.4
1948—January
168.8
209.7
192.1
115.9
129.5
192.3
146.4
Year or month
108.4
108.5
108.7
108.8
Backfigures.—Bureauof Labor Statistics, Department of Labor.
MARCH 1948
337
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929..
1930..
1931..
1932..
1933. .
1934..
1935..
1936..
1937..
1938..
1939. .
1940..
1941..
1942..
1943..
1944..
1945..
1946..
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
1947.
Year, month, or week
Total
ChemiHouse- MiscelHides and Textile Fuel and Metals Building cals
and furnishleather products lighting and metal materials
allied
materials products
ing
goods laneous
products
products
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
83.0
78.5
67.5
70.3
66.3
73.3
73.
76.
77.6
76.
73.
71.7
76.2
78.5
80.8
83.0
84.0
90.1
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
95.2
101.4
94.3
92.7
84.9
75.1
75.8
81.5
80 6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
151.8
181.3
168.7
134.8
181.9
140.9
108.7
145.0
179.5
127.3
129.1
114.3
1947—January. . .
February..
March. . . .
April
May
June
July
August....
September.
October. . .
November.
December.
141.5
144.5
r
H9.5
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.7
163.2
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
189.7
187.9
196.7
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
179.3
177.8
178.0
178.4
127.6
128.5
131.1
131.8
131.9
131.4
133.4
136.0
138.2
140.0
142.4
145.6
175.1
173.8
174.6
166.4
170.8
173.2
178.4
182.1
184.8
191.7
202.4
203.1
136.6
138.0
139.6
139.2
138.9
138.9
139.5
140.8
142.0
143.0
144.7
147.6
97.7
97.9
100.7
103.4
103.3
103.9
108.9
112.5
114.1
115.9
118.1
124.3
138.0
f37.9
139.9
140.3
141.4
142.6
143.8
148.9
150.7
151.1
151.7
152.3
169.7
174.8
177.5
178.8
177.0
174.4
175.7
179.7
183.3
185.8
187.5
191.0
128.1
129.3
132.2
133.2
127.1
120.2
118.8
117.5
122.3
128.6
135.8
135.0
123.3
124.6
125.8
127.8
128.8
129.2
129.8
129.7
130.6
132.3
137.7
139.7
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117.1
118.8
121.5
1948—January. ..
165.6
199.2
179.9
148.1
199.8
147.0
130.0
154.4
193.1
138.8
141.1
123.5
Week ending:
1947—Dec. 6.
Dec. 13.
Dec. 20.
Dec. 27.
Jan. 3
Jan. ID
Jan. 17.
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
161.0
161.4
162.5
163.0
164.4
164.5
165.5
164.4
163.7
163.8
159.7
159.2
159.2
193.6
196.2
196.9
197.0
199.2
197.0
201.5
199.2
195 .1
195,5
180.9
181.7
182.8
179.6
179.0
178.2
177.8
181.3
182.1
181.2
177.4
176.5
177.9
173.3
170.3
170.5
143.1
143.5
145.4
146.0
146.4
146.9
147.4
147.6
148.0
147.8
147.5
147.5
147.3
204.0
204.9
204.4
203.4
202.2
200.3
201.4
201.5
201.2
198.0
196.2
193.3
188.5
145.3
146.3
146.9
146.9
147.5
145.8
145.7
145.5
145.8
147.0
146.7
146.9
146.2
119.4
120.2
126.2
127.7
128.5
130.0
130.0
130.4
131.2
131.4
131.6
131.6
131.7
151.3
151.5
151.6
152.0
152.0
152.8
153.2
153.9
154.1
154.2
154.8
155.5
155.6
187.6
188.4
189.1
189.1
189.4
189.7
191.1
191.3
191.3
192.1
192.0
191.9
192.1
138.4
135.1
132.9
133.0
135.0
139.0
140.8
139.3
139.3
134.3
134.0
134.9
135.3
134.8
135.2
135.3
135.3
135.3
136.7
136.9
137.2
137.5
137.7
137.7
143.6
143.7
120.1
119.8
120.5
121.5
121.8
122.1
123.0
123.6
123.9
122.6
120.2
119.1
119.0
1947
Subgroups
1946
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear....
Silk
Rayon
Woolen and worsted goods.
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1947
Jan.
Dec,
Annual
Jan.
155.6 210.7 162.6 252.7 256.3
155.6 210.4 189.6 226.3 232.9
142.0 154.7 149.7 162.5 162.4
145.8
114.5
129.9
145.9
111.9
161.0
155.6
137.0
213.2
148.1
164.6
139.9
131.6
183.4
141.1
183.5
170.6
135.4
214.8
160.0
183.9
170.1
141.1
222.3
155.0
141.7
147.4
128.6
117.0
176.3
209.8
191.4
139.3
170.6
198.5
181.6
140.3
190.7
256.9
216.2
141.8
194.3
238.9
209.2
139.8
119.3 134.1 132.4 136.3
150.5 198.5 184.6 213.5
82.1 100.6 99.3 103.0
73.6 101.2 73.3
30.7 37.0 33.8 40.0
130.5
120
139.6
115.7
122.8 174.4 169.9 177.8
138.7
214.2
104.4
46.4
40.7
141.6
181.2
109.0
132.5
140.4
66.6
79.9
67.5
117.6 114.7 123.4 124.2
157.6 142.6 174.3 176.8
166.6 152.5 183.4 190.6
64.9
80.8 85.4
90.2 76.5 112.0 120.7
Subgroups
Jan.
Dec
Jan.
119.6
121.0
133.4
153.7
99.7 140.3
103.8 125.3
117.5
119.0
123.9
151.3
130.5
117.0
127.5
129.2
142.2
160.5
143.0
136.1
128.4
130.1
145.5
160.8
145.5
137.9
122.9
104.1
178.4
118.5
103.8
118.4
118.6
140.0
115.7
277.2
162.6
125.3
134.4
147.2
132.2
108.3
249.9
171.2
117.0
127.7
139.0
148.8
121.6
303.2
164.0
136.1
143.0
155.5
150.9
126.4
307.3
163.2
137.9
143.0
157.2
99.8
120.8
87.4
88.2
119.1
118.7 112.7 124.1 125.8
159.1 181.7 154.9 154.4
105.4 99.9 114.4 115.6
97.5 95.5 101.5 102.4
187.9 210.6 215.9 236.7
1946
Metals and Metal Products:
Agricultural implements.. . .
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials...
Plumbing and heating
Structural steel
Other building materials....
'hemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals.
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
1947
1947
105.5
106.7
110.3
116.6 136.3 128.4 142.8 143.9
106.4 121.7 118.2 136.8 138.6
73.0 63.6 73.0 63.4 63.4
191.1 249.9 181.7 308.2 336.0
119.4 154.4 141.9 164.7 168.1
46.2 44.2 51.2 44.5 44.7
104.3 123.3 118.1 130.0 130.4
r
Revised.
Back figures.—Bureau of Labor Statistics, Department of Labor.
338
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce. In billions of dollars.I
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 i n s u r a n c e . . . . . . . .
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
1933
1939
103.8
55.8
90.4 125.3 210.6 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9
7.0
.6
7.2
7.1
.7
1.2
-.1
87.4
()
39.6
2
-.1
.1
-.3
.1
-.2
.5
.7
-.1
— .2
72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212^3
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
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
8.1
9.4
.5
.5
2.4
1.2
1.2
70.2
67.5
2.7
1941
9.3
11.3
.5
.5
1944
11.8
14.0
.5
2.6
1946
1947'
1929
11.0
16.9
.5
-2.1
1947
12.4
17.9
.5
-3.9
11.1
17.4
.5
-1.5
11.5
17.7
.5
-2.1
12.1
17.2
.6
-3.6
12.3
17.4
.5
-3.0
12.4
17.8
.5
-4.9
12.7
19.1
.5
-3.8
n.a.
14.6 23.5 16.5 23.0 15.6 18.8 20.4 23.9 23.9
5.2
5.4
5.8
5.3
6.0
6.0
5.7
5.2
2.8
6.1
2
.0
.0
.0
.0
.0
.0
.0
.0
.0
-3*.l 10.8 11.1 10.4
9.8
10.3 10.1 13.7 10.5
2.6
4.6
4.4
2.8
4.5
4.5
4.5
4.5
4.5
4.5
1.3
6.8
7.3
4.7
5.6
6.3
6.5
5.6
6.8
5.9
4.5
.5
.5
.6
.5
.5
.5
.5
.5
.5
.5
95.3 164.9 177.2 196.8 179.5 187.5 189.8 191.4 199.6 205.8
22.1
19.1
19.5 21.0 21.2 21.6
3.3
18.9
18.8 21.5
2.0 17.5 17.2
19.7 17.5 17.9 19.3 19.4 19.8 20.2
1.8
1.9
1.9
1.7
1.3
1.4
1.6
1.6
1.6
1.8
92.0 146.0 158.4 175.3 160.4 168.0 168.8 170.1 177.9 183.7
82.3 110.4 143.7 164.4 147.3 154.9 156.9 162.3 165.8 172.5
12.1 11.2
7.8
9.8 35.6
14.8 10.9 13.1 13.1 11.9
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates by quarters
Annual totals
1946
National income
Compensation of employees.
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3
Business and professional
Farm
Rental income of persons
'.
Corporate profits and inventory valua
tion adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1941
1944
1933
1939
87.4
39.6
72.5
103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212.3
50.8
50.2
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
29.3
28.8
23.7
.3
4.9
.5
7.2
2.9
2.3
2.0
47.8
45.7
37.5
.4
7.8
2.1
14.7
6.8
4.5
3.5
64.3 121.2 116.8 128.1 119.2 122.2 124.7 125.6 128.7 132.9
61.7 116.9 111.1 122.8 113.6 117.1 119.1 120.0 123.6 127.8
51.5 83.3 90.2 105.2 93.8 98.0 101.2 102.7 106.2 110.3
3.8
3.9
5.6
4.6
4.1
20.8
8.0
4.1
6.7
1.9
13.5 13.3 13.2 13.5 13.7
12.8 12.9 13.4 13.2
8.3
5.1
5.1
5.6
5.6
5.4
5.1
4.2
5.6
5.5
2.6
20.8 34.4 41.8 47.8 41.9 46.7 46.2 46.7 47.0 51.5
23.5
22.4
22.9
25.4
22.0
15.3
19.7
19.9
23.5
9.6
18.5
12.4 15.2 17.0 15.2 17.8 16.8 16.6 16.2
6.9
7.3
7.0
7.2
7.6
7.0
6.7
6.9
6.8
7.3
4.3
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
14.6
17.2
7.8
9.4
-2.6
4.1
23.5
23.8
13.9
9.9
—.4
3.2
1946
1947'
1929
16.5
21.1
8.6
12.5
-4.7
3.2
1947
23.0
28.7
11.3
17.4
-5.7
3.6
15.6
22.9
9.3
13.5
-7.3
3.2
18.8
27.1
11.0
16.1
-8.3
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
n.a.
n.a.
n.a.
n.a.
n.a.
3.8
r
1
2
8
Revised.
n.a. Not available.
Less than 50 million dollars.
Includes employee contributions to social insurance fu"nds.
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.
MARCH
1948
339
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters
Annual totals
1929
1933
1941
1939
1944
1946
3
Gross national product
103.8
Personal consumption expenditures
Durable goods
.
..
....
Nondurable goods
Services
Gross private domestic investment
New construction *
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
War
. .
Nonwar
Less: Government sales 2
State and local
. . .
55.8
78.8 46.3
9 4
3 5
37.7 22.3
31.7 20.6
15.8
1.3
7.8
1.1
6.4
1.8
1.6 - 1 . 6
.8
2
8 5
1.3
},3
(3)
7.2
8 0
2.0
2.0
(3)
5.9
1947 r
1946
1947
4
1
3
2
4
90.4 125.3 210.6 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9
67.5
6 7
35.3
25.5
9.0
4.0
4.6
.4
9
82.3 110.4 143.7 164.4 147.3 154.9 156.9 162.3 165.8 172.5
9 8
6 8 14 9 19 8 16.2 18.2 18.2 19.3 20.2 21.3
44.0 67.2 87.1 99.3 88.9 93.6 94.7 98.4 99.9 104.2
28.5 36.5 41.7 45.3 42.1 43.1 44.0 44.6 45.7 47.0
17.2
5.7 24.6 27.8 27.0 30.4 28.3 26.1 27.0 29.9
10.4 12.4
9.6
8.9
8.5
9.3 10.3
5.7
2.3
10.7
12.4 17.9 13.2 15.7 16.4 17.9 18.4 18.8
7.7
5.3
1.6
1.7 -1.3
1
.
4
4.9
3.7
5.4
3.9 - 2 . 0
8.3
7.8
10.4
8.2
4.5
4.8
1.1 - 2 . 1
5.2
8^7
13 1
5 .2
1.3
3.9
(3)
7.9
24 7
16.9
13.8
3.2
(3)
7.8
96 6
89.0
88.6
1.6
1.2
7.5
30.7 28.7
20.7 16.4
21.3
2.4 }l7.7
3.0
1.3
10.0 12.3
28.6
18.2
17.7
3.1
2.6
10.4
28.2 27.6
16.9 16.2
15.8 Jl8.3
3.3
2.1
2.2
11.2 11.4
28.2
16.3
17.7
1.4
11.9
28.7
16.2
17.2
1.0
12.5
30.3
16.9
17.7
.8
13.3
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts4
Total
disbursements
Commodity Distributive
produc- indusing intries
dustries
Service
industries
Government
1929.:
1930
1931
1932
1933
1934
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
120.5
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
9.9
9.8
12 0
13.5
15.8
18 4
15.3
17 4
19.7
27.5
39 1
48.9
50 3
45.8
45 7
55.2
15.5
14.4
12.5
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 8
6.8
5.7
5.1
5.5
5.8
6.3
6.9
6.7
6 9
7.3
7.8
8 6
9.5
10.5
11.5
13 6
15.0
7.9
7.5
8.2
8 2
8.5
10.2
16 1
26.9
33 6
35.5
20 9
17 5
1946—December.
189.9
117.0
118.8
52.3
33.5
14.4
1947—January...
189.3
February..
189.5
March. . . .
190.6
April
189.4
May
190.5
June
194.1
July
194.9
193.8
August
September. 209.9
October. . . 203.2
204.2
November
December. P209.7
116.9
117.1
117.0
116.0
117.3
120.1
119.9
121.2
123.2
123.7
126.4
P127.4
119.0
119.2
119.1
118.2
119.4
122.2
122.0
123.3
125.2
125.7
128.4
P129.4
53.0
53.0
53.4
52.8
53.5
54.9
54.4
55.5
56.7
57.2
58.8
P59.8
33.4
33.5
33.5
33.1
33.8
34.9
35.0
35.2
35.8
35.8
36.8
P36.9
14.6
14.6
14.6
14.8
14.9
15.2
15.4
15.2
15.2
15.1
15.2
P15.2
8.2
7.7
DiviLess emdends
Proployee
and
Other
prietors'
contrilabor
and
perbutions income6 rental 8 sonal
for
income interest
social
income
insurance
1
1
5
5
.2
2
.2
2
.5
4
.4
4
Transfer
payments'
Nontural
income8
13 3
12 6
11.1
9 1
8.2
8 6
8 6
10.1
10 3
8.7
9 2
9.4
9.9
9 7
10.0
10 7
11 6
13 3
14 8
11.^
11 7
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 8
2
4
.2
6
.6
6
.7
.8
1 2
1.8
2 2
1 9
2 1
.5
5
.5
5
.6
.6
7
.9
1 3
1 5
1 6
1 8
19 7
15 7
11.8
7 4
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
18.6
1.8
1.6
47.2
13.7
10.4
167.3
18.0
18.1
17.6
17.5
17.2
17.2
17.2
17.4
17.5
17.6
17.6
P17.5
2.1
2.1
2.1
2.2
2.1
2.1
2.1
2.1
2.0
2.0
2.0
P2.0
1.6
1.7
1.7
1.7
1.8
1.8
1.8
1.8
1.8
1.9
1.9
Pl.9
45.8
45.9
46.8
46.5
46.5
47.1
47.4
45.5
48.1
50.4
49.9
P54.0
14.0
14.1
14.2
14.3
14.4
14.6
14.7
14.9
15.6
15.4
15.5
P15.6
11.0
10.7
10.9
10.9
10.5
10.5
11.1
10.4
21.2
11.8
10.5
167.8
168.2
168.8
168.3
169.7
172.4
173.0
173.8
188.7
180.6
182.3
P183.9
5.0
5.2
5.3
5.0
5.2
6.1
6.5
2.3
1.5
1.5
2.7
2.2
2.1
2.2
2.4
3.5
2.4
2.8
3.0
3.1
3.1
3 2
3.0
3.6
6.2
no.8
r
p1 Preliminary.
Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists
of
sales
abroad
and domestic sales of surplus consumption goods and materials.
» Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
8
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
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.
340
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
1948
Chart
book
page
Jan.
28
WEEKLY FIGURES *
Feb.
4
Feb. " Feb.
18
Feb.
25
22.66
21.99
10.00
5.90
1.54
4.54
22.89
28.09
3.28
17.31
16.27
1.04
21.18
20.52
9.59
4.29
1.56
5.08
22.93
28.12
1.93
17.08
16.17
.85
.06
(2)
.23
.55
.86
.06
.01
.23
.55
21.73
20.82
9.47
4.35
1.59
5.41
22.93
28.19
2.50
17.04
16.04
.91
1.00
.80
.02
.01
.20
.57
21.78
20.94
9.36
4.34
1.65
5.59
22.98
28.05
3.06
16.75
H6.07
v. 68
P.78
.04
(2)
.18
p. 56
64.95
37.32
28.97
3.41
2.74
2.21
4.24
48.82
.77
64.88
37.32
28.72
3.41
2.72
2.47
4.21
48.23
.88
64.41
36.79
28.61
3.27
2.70
2.21
4.20
47.64
64.28
36.63
28.56
3.21
2.66
2.21
4.19
47.41
.95
.96
23.39 23.35 23.42 23.45
14.73 14.64 14.69 14.62
3.52 3.53 3.54 3.55
1.49
1.42
1.54
1.55
.54
.94
.54
.88
.66
.88
.70
.85
3.67
3.77
3.65
3.73
.17
.33
.25
.17
.28
.24
1.01
45.10
25.75
19.68
2.76
2.21
1.11
32.40
1.08
1.01
1.11
44.88
25.54
19.50
2.72
2.17
1.15
32.05
44.69
25.34
19.42
2.67
2.14
1.11
31.65
44.58
25.24
19.37
2.63
2.12
1.12
31.54
.57
.64
.29
.28
.24
.70
.32
.26
.24
.71
6.48 6.45 6.35 6.37
13.20 13.22 13.24 13.25
16.31 16.31 16.32 16.31
9.40 9.38 9.40 9.40
3.41 3.42 3.43 3.44
.74
.73
.74
.73
2.76
2.79
2.75
2.74
Per cent per annum
34
34
34
34
34, 37
21.71 Corporate bonds:
21.03 Aaa
37
9.28
Baa
37
4.36
High-grade
(Treas.
series)
.
.
37
1.72
5.67
23.0.
28.05
2.98
16.80 Stock prices (1935-39=100):
Total
40
^15.97
Industrial
40
P. 83
Railroad
40
Public
utility
40
P . 80
.0 Volume of trading (mill, shares) 40
.01
BUSINESS CONDITIONS
.20
P.51
Wholesale prices (1926=100):
Total
69
Farm products
69
Other than farm and food. . 69
Production:
Steel (% of capacity)
73
64.06
36.28 Automobile (thous. c a r s ) . . . 73
Paperboard (thous. tons) . . . 74
28.41
Crude petroleum (mill, bbls.) 74
3.1
Electric power (mill. kw. hrs.) 75
2.60
Basic
commodity prices
2.16
(Aug. 1939 = 100)
75
4.1
Total
freight carloadings
47.56
(thous. cars)
76
1.00
23.61 Department store sales
(1935-39 = 100)
76
14.59
3.5
Feb.
11
Feb.
18
Feb.
25
Per cent per annum
.990
1.10
1.64
1.99
2.45
.994
1.10
1.64
1.98
2.45
.45
.29
.23
1.08
44.3
25.00
19.33
2.54
2.07
1.07
31.59
.74
6.16
13.29
16.35
9.38
3.46
.74
2.78
2.86
3.53
2.87
2.86
3.54
2.85
2 .87
3 .53
2 .86
2 .85
3 .54
2 .83
118
123
106
94
.85
112
117
101
92
1.09
116
121
104
94
.95
114
119
102
92
.70
114
119
102
92
.70
163.7 163.8 159.7 159.2 159.2
195.1 195.5 180.9 181.7 182.8
148.0 147.8 147.5 147.5 147.3
95.2 94.0 92.7 92.5 93.6
83
84
111
119
101
183
171
186
181
178
5,318 5,333 5,347 5,342 5,387
5,429 5,412 5,385 5,254
5,252
347.6 345.7 323.6 322.9
319.7
727
747
734
805
233
240
238
249
791
1948
Dec.
Nov.
MONTHLY FIGURES
2 .83
3 .52
2 .81
In unit indicated
1947
1.71
.83
.88
3.75
19.85 20.00 19.72 19.70 19.69
11.57 11.78 11.46 11.39 11.28
9.29 9.22 9.19 9.19 9.09
.58
.66
.70
.61
.58
.5.
.53
.55
.56
.53
1.09
1.10
1.31
1.10
1.09
16.42 16.18 15.99 15.87 15.9
.26
.20
.24
.26
.25
4.16 4.15 4.00 4.08 4.03
1.44
1.37
1.42
1.42
1.43
7.09 7.04 7.10 7.14 7.26
5.32 5.27 5.29 5.22 5.21
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
Certificates
3-5 years
7-9 years
15 years or more
Feb.
4
MONEY RATES, ETC.— Cont.
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total.. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted.. 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
20
For purchasing securities:
Total
20
U. S. Govt. securities. . 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
Allother
21
Banks outside New York City
Loans and investments
17
U. S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
21
For purchasing securities. 21
Allother
21
Jan.
28
WEEKLY FIGURES 1—Cont.
1n billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
Money in circulation
2
Treasury cash and deposits. . .
Member bank reserves
2, 4
Required reserves
4
Excess reserves*
4
Excess reserves (weekly avg.):
Total*
New York City*
Chicago
Reserve city banks
5
Country banks 6
Chart
book
page
Jan.
In billions of dollars
RESERVES AND CURRENCY
22.87
22 AS
28.65
1.33
1.29
22.86
22.71
28.94
1.33
.97
22.45
22.82
28.39
1.33
1.13
16.99
5.28
6.76
4.95
17.26
5.43
6.86
4.97
17.39
5.45
6.94
5.00
16.14
5.23
6.54
4.36
16.27
5.31
6.59
4.38
16.31
5.33
6.61
4.37
.85
.04
.01
.21
.59
28.77
8.76
15.43
4.58
.99
.11
.01
.27
.60
28.87
8.85
15.39
4.63
1.08
.12
.01
.33
.63
28.11
8.74
14.92
4.45
10 Pi 70.40
10 P85.90
10 P56.00
10 P26.60
Pi.90
10
P171.5O
P87.1O
P56.40
P26.60
Pl.40
P17O.2O
P86.40
P56.5O
P25.90
11 P116.7O
11 P37.7O
11 P70.10
P8.90
11
P116.50
P38.30
P69.20
P9.00
P116.60
P38.40
P69.20
P9.00
Reserve Bank credit
7
Gold stock
7
Money in circulation
7
Treasury cash
Treasury deposits
7
Member bank reserves:
Total
4, 7, 14
Central reserve city b a n k s . . 14
Reserve city banks
15
Country banks
15
Required reserves:
Total
4
Central reserve city banks. . 14
Reserve city banks
15
Country banks
15
Excess reserves:
Total
4,5
New York City
5
Chicago
5
Reserve city banks
5
Country banks
5
Money in circulation, t o t a l . . . . 9
Bills of $50 and over
9
$10 and $20 bills
9
Coins, $1, $2, and $5 bills.. . 9
ALL BANKS
IN THE UNITED STATES
Total deposits and currency*..
Demand deposits adjusted*...
Time deposits adjusted*
Currency outside banks*
U. S. Govt. deposits*
PI.40
ALL COMMERCIAL BANKS
.996
1.10
1.64
1.98
2.45
.997
1.09
1.62
1.95
2.45i
.997
1.09 Loans and investments, total*.
1.63
Loans*
1.96
U. S. Govt. securities*
2.45
Other securities*
For footnotes see p. 344.
MARCH
1948
341
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
1947
Nov.
1948
Dec
Jan.3
In billions of dollars
MONTHLY FIGURES—Cont.
Chart
book
page
MONTHLY FIGURES—Cont.
1948
Nov.
Dec.
Jan. 3
In billions of dollars
TREASURY FINANCE—Cont.
MEMBER BANKS
All member banks:
Loans and investments, t o t a l . . : . . .
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks.
Reserve city banks:
Loans and investments, t o t a l . . . . . .
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted"
Time deposits
Balances due from banks
Country banks:
Loans and investments, t o t a l . . . . . .
Loans
U. S. Govt. securities
.
Other securities
Demand deposits adjusted8
Time deposits
Balances due from banks
14
14
14
14
14
14
14
14
98.20
32.21
58.75
7.25
72.54
28.19
11.99
5.91
97.85
32.63
57.91
7.30
73.53
28.39
11.87
5.80
14
14
14
14
14
14
14
25.3S
9.06
14.71
1.58
20.06
2.34
5.33
25.47
8.98
14.86
1.64
20.39
2.37
5.35
15
15
15
15
15
15
15
36.39
13.18
20.80
2.41
25.39
11.34
1.84
36.04
13.45
20.20
2.40
25.71
11.44
1.85
15
15
15
15
15
15
15
36.46
9.96
23.24
3.25
27.08
14.50
3.87
36.32
10.20
22.86
3.27
27.42
14.58
3.74
98.05 Ownership of U. S. Govt. securities—
32.77
Cont.
57.99 Marketable public issues—Cont.
7.29
By earliest callable or due date:
73.17
Within 1 year:
28.38
Total outstanding
12.04
Commercial bank and F. R.
5.90
Bank
F. R. Bank
25.34
1-5 years:
8.96
Total outstanding
14.80
Commercial bank and F. R.
1.59
Bank
20.53
F. R. Bank
2.37
5-10 years:
5.44
Total outstanding
Commercial bank and F. R.
36.29
Bank
13.53
F. R. Bank
20.36
Over 10 years:
2.40
Total outstanding
25.74
Unrestricted issues:
11.45
Nonbank, c o m m e r c i a l
1.92
bank, and F. R. Bank..
Commercial bank and
36.41
F. R. Bank
10.28
F. R. Bank
22.84
3.30
26.90
14.56
MONEY RATES, ETC.
3.77
31
54.34
50.73
31
31
38.72
21.46
36.77
19.92
53.43
31
38.32
49.95
46.41
31
31
27.76
.49
34.79
1.38
" 1'. 83
31
18.93
10.27
10.27
31
31
12.32
.16
6.52
.43
" "A9
31
54.81
54.81
54.81
31
6.65
7.13
31
31
5.48
.10
5.84
.83
'*2!26
Per cent per annun
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
R. Bank discount rate
33
12.64 P13.38 P13.04 Treasury bills (new issues)
33
2.68 P2.7O P2.71 Corporate bonds:
3.31 P 3 . 61 P3 .24 Aaa
33,37
.92
P 92
P. 92
Baa
37
5.73 P6.15 P6.18 High-grade (Treas. series)
37
3.18 P3 .32 P3.36 U. S. Govt. bonds, 15 years or more. . 37
2.55 P2.84 P2.82
1.10 Pi. 15 Pi.19
1.45 P I . 6 9 Pi.62
1 00
950
1.25
.977
2.77
3.44
2.75
2.36
2 .86
3 .52
2 .86
2 .39
2.86
3.52
2.85
2.45
In unit indicated
TREASURY FINANCE
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks*
Fed. agencies and trust funds. . .
F. R. Banks
Individuals*
Corporations*
Insurance companies*
Mutual savings banks*
State and local govts.*
Marketable public issues:
By class of security:
Bills:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Certificates:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
,
Notes:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Bonds:
Total outstanding
Unrestricted issues:
Nonbank, c o m m e r c i a l
bank, and F. R. Bank..
Commercial bank and
F. R. Bank
F. R. Bank. .
1.00
.932
28
28
28
28
28
255.67
118.56
47.68
59.67
29.52
254.28 254.03 Stock prices (1935-39 =100):
117.86 117.86
Total
47.73
Industrial
46.89
Railroad
59.49
59.89
Public utility
28.96
29.15
29
29
29
29
29
29
29
29
69.30 68.60
34.19 '33.35
22.21 22.56
65.60 65.30
20.30 19.90
24.70 24.30
12.10 12.00
7.30
7.30
30
15.34
15.14
30
30
13.96
12.56
13.49
11.43
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended to customers
Money borrowed
34.63
Customers' free credit balances
21.92
14.84
30
24.50
14.68
7.26
13.34
6.80
30
7.84
11.38
11.38
30
30
5.39
1.42
6.80
1.48
1.54
20.68
5.
118.73 118.03 118.03
30
70.58
70.35
30
30
50.25
.97
50.29
2.85
124
130
100
97
.86
122
129
104
94
1.17
120
126
107
95
.90
41
41
41
593
247
617
578
240
612
568
217
622
BUSINESS CONDITIONS
30
30
30
39
39
39
39
39
4.79
Personal income (annual rate, bill,
dollars):* <
Total
Total salaries and wages
Proprietors' income, dividends, and
interest
All other
Labor force (mill, persons):*
Total
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagricultural establishments (mill, persons):* *
Total
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
Hours worked (per week)
48
48
204.2 P209.7
126.4 P127.4
48
48
'65.4
12.4
P69.6
P12.7
49
49
49
49
49
61.5
60.2
1.6
58.6
50.6
60.9
59.6
1.6
57.9
51.0
60.5
59.2
2.1
57.1
50.1
50
50
50
50
50
50
43.1
16.7
8.8
5.4
4.1
1.8
43.3
16.8
8.8
5.4
4.1
1.9
P43.4
P16.8
51
51
51
51.35
126.9
40.5
52.74
127.9
41.2
P52.27
P128.9
P40.6
P8.9
P5.4
P4.1
P1.8
For footnotes see p. 344.
342
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS ^—Continued
Chart
book
page
MONTHLY FIGURES—Cont.
1948
1947
Nov.
Chart
book
page
Jan.
Dec
MONTHLY FIGURES—Cont.
In unit indicated
1947
Nov.
1948
Dec,
Jan.
In unit indicated
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS
Cont.
4
Industrial production:
Total (1935-39 =100)
53, 54
Groups (points in total index):
Durable manufactures
53
Machinery and trans, equip
54
Iron and steel
54
Nonferrous metals, lumber, and
building materials
54
Nondurable manufactures
53
Textiles and leather
54
Food, liquor, and tobacco.....
54
Chemicals, petroleum, rubber,
and coal products
54
Paper and printing...•:
54
Minerals
53, 54
Selected durable manufactures
(1935-39=100):
Nonferrous metals
55
Steel
55
Cement
55
Lumber
55
Transportation equipment
55
Machinery
55
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
56
Cotton consumption
56
Manufactured food products....
56
Paperboard
56
Leather
56
Industrial chemicals
56
Rayon
.
56
New orders, shipments, and inventories (1939=100):
New orders:
Total
57
Durable
57
Nondurable
57
Shipments:
Total
57
Durable
57
Nondurable
57
Inventories:
Total
57
Durable
57
Nondurable
57
Construction contracts (3 mo. moving
avg., mill, dollars):*
Total
59
Residential
59
Other
59
Residential contracts (milJ. dollars):4
Total
60
Public
60
Private, total
60
1- and 2-family dwellings
60
Other
60
Value of construction activity (mill,
dollars):'
Total
61
Nonresidential:
Public
61
Private
61
Residential:
Public
61
Private
61
Freight carloadings:*
Total (1935-39 =100)..
63
Groups (points in total index):
Miscellaneous
63
Coal
63
Ail other
63
Department stores:
Indexes (1935-39=100):*
Sales
64
Stocks
64
296 stores:
Sales (mill, dollars)
65
Stocks (mill, dollars)
65
Outstanding orders (mill, dollars) 65
Stocks-sales ratio (months' supply) 65
192
P192
192
85.0
45.0
22.2
87.0
46.3
22.5
P86.2
J>45.7
22.2
17.9
••83.8
22.1
••23.4
18.2
81.0
20.8
22.2
P18.4
P82.4
P21.7
»22.1
'23.2
15.0
23.6
23.6
14.4
23.6
P23.7
P14.9
P23.6
177
222
178
137
234
'282
183
226
196
139
244
288
'182
149
'158
186
122
'431
'297
170
131
158
177
113
440
299
P186
223
P239
P285
153
P157
P187
P436
P298
Consumers' prices (1935-39=100):
All items
Food
Apparel
Rent
Wholesale prices (1926=100):
Total
Farm products
Other than farm and food
Prices paid and received by farmers
(1910-14=100):
Paid
Received
ash farm income (mill, dollars):
Total...
Livestock and products
Crops
Govt. payments
252
291
228
'329
'349
'315
320
351
300
'238
'264
'214
238
269
214
792
301
491
809
296
513
P767
P273
P494
312
14
298
224
73
278
20
258
207
51
323
20
303
240
63
1 ,272
1,176
1,065
6
565
4
565
4
475
145
'149
85.5
33.0
30.1
303
281
416
942
605
2.3
584
769
544
1.3
69
69
69
'159.7
187.9
'142.4
'163.2
196.7
145.6
165.6
199.2
148.1
71
71
251
245
241
307
301
287
3,109 P 2 , 9 2 7 P 2 , 5 3 4
1,556 P I . 6 1 0 P I . 5 1 1
1,299
P997
1,540
P26
13
72
72
72
72
77
77
5 5.06
5 1.94
77
77
77
5
.26
53.12
5
.96
79
79
79
79
Pl.138 Pl.131
PI.138
P455
Pl.130
P683
P529
80-81
JnlySept.
Oct.
Dec.
In billions of dollars
TREASURY FINANCE
198
388
301
272
168.8
209.7
192.1
115.9
Apr.June
210
397
83.0
34.1
29.7
167.0
206.9
191.2
115.4
QUARTERLY FIGURES
265
436
147
164.9
202.7
190.2
115.2
INTERNATIONAL TRADE AND FINANCE
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports...
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
See p. 363 of this BULLETIN . .
'267
'306
'244
67
67
67
67
83.
32.
28.
285
287
P272
P786
P634
I
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total...
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo....
26
26
26
26
26
26
26
13.39
4.55
10.89
8.29
4.45
1.98
1.86
9.66
2.90
9.81
8.46
4.14
2.29
2.02
7.86
3.08
9.38
7.85
3.44
2.17
2.24
27
27
27
11.43
12.20
-.77
10.47
10.50
-.03
+ 1.34
33
35
35
35
CORPORATE SECURITY ISSUES
Commercial and Financial Chronicle
data (bill, dollars):
Total issues
New capital
Securities and Exchange Commission
data (mill, dollars):*
Net proceeds:
All issuers
Industrial
Railroad
Public utility
New money:
All issuers
Industrial
Railroad
Public utility
8.67
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
10.01
2.38
1.83
2.44
2.95
2.21
1.77
2.25
2.69
2.22
1.82
2.27
2.61
In unit indicated
42
42
1.72
1.11
1.26
2.24
2.00
43
43
43
43
1,605
634
82
854
1,266
389
57
753
2,223
'968
91
1,073
43
43
43
43
932
428
60
414
797
285
49
420
1,868
744
87
1,005
For footnotes see p. 344.
MARCH
1948
343
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
QUARTERLY
FIGURES—Cont.
1947
Apr-
June
JulySept.
Annual rates,
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
Gross national product* 4
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income,
consumption, and
saving: 8 4
Personal income
Disposable income
Consumption expenditures
Net personal saving
44
'226.9
44
44
45
45
45
'28.2
'162.3
'19.3
'98.4
'44.6
'229.4
'28.7
'165.8
'20.2
'99.9
'45.7
44
'36.5
'34.8
46
46
46
46
••17.9 '18.4
10.4
'9.6
' —1.4 ' - 1 . 7
»-10.4
'7.8
47
47
47
47
'191.4
'170.1
'162.3
••7.8
1946
Dec.
31
CALL DATE FIGURES«
'165.8
'12.1
FIGURES FOR SELECTED DATES
24
24
24
220.5
138.9
81.6
223.2
143.3
79.9
24
24
24
151.2
96.2
55.0
156.9
101.5
55.4
24
24
24
41.8
24.6
17.2
39.1
23.5
15.6
24
24
24
27.5
18.1
9.4
27.2
18.3
8.9
205.8
183.7
172.5
11.2
Dec.
31
12
12
12
12
46.23
5.60
10.04
1.17
46.51
4.37
7.54
13
13
13
13
13.15
13.82
.88
.97
5.36
3.31
6.24
4.00
16.96
1.05
7.13
4.66
13
13
13
13
1.51
1.47
3.55
3.08
1.51
1.15
3.98
2.97
.81
1.07
4.20
3.11
.77
45.29
4.82
5.8
1.99
Dec.
In billions of dollars
1946
1947
July 31
Feb. 26P
25
77.5
77.8
25
25
25
25
25
38.3
16.4
13.0
4.4
4.5
37.2
16.0
12.5
4.2
4.5
25
25
25
6.6
2.1
4.5
6.5
2.1
4.5
25
25
25
25
27.6
21.4
6.2
5.0
28.9
22.1
6.7
5.2
1947
June
30
June
LIQUID ASSET HOLDINGS9
240.9 Individuals and businesses:
Total holdings
30.3
Deposits and currency
172.5
U. S. Govt. securities
21.3 Individuals:
104.2
Total holdings
47.0
Deposits and currency
U. S. Govt. securities
38.1 Corporations:
Total holdings
Deposits and currency
18.8 U. S. Govt. securities
12.4 Unincorporated businesses:
-1.3
Total holdings
8.2
Deposits and currency
U. S. Govt. securities
In billions of dollars
ALL MEMBER BANKS
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
Toothers
State and local govt. securities
Other securities.. *
'199.6
mi .9
Chart
book
page
Oct.Dec.
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 ass'ns and other
r
• Estimated.
P.Preliminary.
Revised.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Adjusted for seasonal variation.
6 As of Oct. 31, 1947.
6
Member bank holdings of State and local government securities on Oct. 6f 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
8
4
344
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT *
Chart
book
page1
1947
Nov.
1948
Dec.p
Chart
book
page1
Jan.
12,636 13,379 13,043 Consumer instalment
sale credit
5,733 6,154
6,176 granted, cumulative totals: 2
3,182
3,315
3,358
By automobiles dealers
2,551
2,839
By furniture and household appli3,309 3,612
ance stores
2,677 2,697
By department stores and mail-
917
916
12,636 13,379 13,043
6,903 7,225 6,867
3,594 3,613
3,627
917
916
916
2,551
2,839
2,818
1,452
1,688
1,624
929
374
1,108
1,071
434
458
Nov.
Dec.p
Jan. P
In millions of dollars
In millions of dollars
Consumer credit outstanding, total. . .
3
Instalment credit, total
3, 5
Instalment loans
5
Instalment sale credit
5
Charge accounts
3
Single-payment loans
3
Service credit
3
Consumer credit
outstanding,
cumulative totals: 2
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6
1947
order houses
By all other retailers
Consumer instalment loan credit
outstanding, cumulative totals: 2
Commercial and industrial banks.
Small loan companies
Credit unions
Miscellaneous lenders
Insured repair and modernization
loans
545
626
423
357
421
224
230
103
275
118
165
65
3,182
1,711
1,041
784
3,315
1,791
1,079
810
3,358
1,805
1,088
817
538
556
560
l
*• Preliminary.
Annual figures for charts on pp. 9-19, inclusive, will be published as soon as they become available.
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
2
MARCH 1948
345
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 1947r
Jan 31 1948P
Total banks, branches
and offices on which
checks are drawn
On par list
Total
Member
Not on par list
(Nonmember)
Nonmember
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,078
14,084
3,947
3 981
4,148
4,159
11,869
11,957
12,037
12,054
3,616
3,654
3.823
3,834
6,877
6,894
6,917
6,921
2,909
2,913
3,051
3,060
4,992
5,063
5,120
5,133
Branches
and offices
707
741
772
774
Banks
Branches
and offices
2,133
2,086
2,041
2,030
331
327
325
325
By districts and
by States
Jan. 31, 1948P
District
Boston
New York
Philadelphia
Cleveland
493
289
493
289
336
214
157
1,144
839
134
249
924
844
1,144
839
134
249
797
647
710
75
924
844
777
99
214
127
197
434
62
35
35
Atlanta
Chicago
1,012
1,167
2,488
1,468
431
163
563
131
793
549
2,432
1,119
3C6
127
537
71
475
341
1,000
495
200
111
216
40
318
208
1,432
624
106
16
321
31
219
618
56
349
125
36
26
60
Kansas City
Dallas
1,277
1,750
1,009
508
111
8
36
1 205
613
1,740
899
504
41
8
28
1,205
474
758
614
274
26
5
19
1 139
139
982
285
230
15
3
9
66
664
10
110
4
70
222
10
22
40
113
10
22
40
87
5
22
30
8
State
228
193
Arkansas
142
Delaware
District of Columbia...
Idaho
Maine
115
39
19
178
19
897
5
897
66
115
26
5
1
855
10
33
78
4
42
50
22
3
44
11
10
3
1
142
1
22
14
38
2
115
39
19
115
22
14
38
2
65
17
16
71
11
4
35
2
92
1
109
31
99
27
65
26
34
1
48
45
48
45
26
43
22
2
881
487
664
608
3
89
162
879
487
664
606
3
89
162
503
237
163
214
3
33
376
250
501
392
56
162
386
386
63
69
41
69
46
38
25
36
37
273
11
58
63
36
113
160
63
36
12
25
5
32
166
102
166
102
78
68
88
34
47
182
152
182
152
147
140
35
442
207
442
207
229
160
213
676
6
55
263
6
206
6
1
7
112
112
410
8
40
526
2
18
410
8
31
180
82
2
18
145
6
14
63
281
4
2
2
57
9
346
102
22
' 413
166
68
48
118
97
122
19
12
6
30
2
17
129
50
380
206
594
Nevada
99
193
265
2
1
21
47
1
14
73
339
2
138
52
292
9
47
9
33
14
8
657
717
657
717
575
48
5
53
42
665
28
82
52
667
384
191
1
667
375
191
1
424
225
165
1
243
150
Pennsylvania
69
990
19
69
990
19
76
125
29
37
232
g
150
170
81
149
41
32
758
11
South C a r o l i n a . . . . . . . .
South Dakota
81
149
41
27
20
5
24
12
27
6
4
1
92
101
2
26
Tennessee
Texas
Utah
12
96
60
16
Virginia
314
88
1
Washington
West Virginia
^^isconsin
Wyoming
123
119
151
444
55
73
339
47
New York...
North Carolinct
North Dakota
Ohio
207
151
2
138
170
24
295
891
33
47
74
4
60
69
15
10
182
•
553
55
89
54
58
69
1
124
1
36
12
20
5
26
9
31
21
31
63
199
831
58
4
81
564
46
4
60
69
118
267
36
40
13
2
307
15
10
87
202
42
24
29
105
45
7
119
119
55
112
64
7
4
100
163
38
21
281
17
79
2
109
180
108
2
g
72
51
checks paid, or money lent, including "banking facilities"
umary reserva.uons ^see ioounote <±, p. z*i oi me cuLLiiiiN xor reDiuary lytoj.
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
346
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
348
Gold production
349
Gold movements
349
International capital transactions of the United States
International Monetary Fund and Bank
Central banks
350-355
356
356-360
Money rates in foreign countries. .
361
Commercial banks
362
Foreign exchange rates
363
Price movements:
Wholesale prices
364
Retail food prices and cost of living
365
Security prices .
365
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.
MARCH 1948
347
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
1939—Dec...
1940—Dec.
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Feb...
Mar..
Apr...
May.
June.
July..
Aug..
Sept..
Oct.. .
Nov..
Dec
1948—Jan.. .
United
States
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
20,330
20,463
20,774
20,933
21,266
21,537
21,766
21,955
22,294
22,614
22,754
Argentina 1
Belgium
466
353
354
609
734
734
735
734
1658
403
P563
P706
P726
P726
P723
P623
P495
P394
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
354
2
2
214
27
5
6
5
6
361
543
7
7
6
7
8
6
7
8
6
7
7
Chile
Colombia
30
30
31
36
54
79
82
65
54
53
53
53
45
46
45
45
45
45
45
21
17
16
25
59
92
127
145
125
126
98
92
93
87
88
89
83
84
83
Iran
(Persia)
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
274
274
274
274
274
274
274
274
26
26
26
34
92
128
131
127
1947—Feb...
Mar..
Apr...
May.,
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
274
274
274
274
274
274
274
274
274
274
274
Italy
Japan
Java
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec..
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Feb...
Mar..
Apr...
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1948—Jan...
1
1
1
16
46
111
191
226
236
229
234
239
259
259
Czecho- Denslomark
vakia
56
58
61
61
61
61
61
61
144
120
164
164
4 164
90
140
235
3 216
32
47
47
39
203
222
294
181
148
149
149
141
131
98
99
100
100
100
100
53
52
44
44
44
44
38
38
32
32
32
32
32
32
32
32
32
32
32
279
279
Egypt
France
55
52
52
52
52
52
52
53
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
53
53
53
53
53
53
53
53
53
53
796
696
696
696
696
544
544
444
444
548
548
Germany
Greece
29
29
29
29
29
29
28
28
28
28
28
28
692
617
575
506
500
500
270
265
23
23
23
23
23
23
23
23
245
197
197
196
190
190
190
190
191
223
231
23
23
23
23
23
23
23
23
23
23
23
Norway
94
3 84
Peru
Hungary
24
24
24
24
24
24
24
24
27
27
27
30
30
30
33
33
33
34
34
32
New
Mexico Netherlands Zealand
RumaPoland Portugal
nia
20
20
21
25
31
32
28
24
69
59
59
59
60
60
60
21
20
19
20
20
20
20
South
Africa
152
158
182
203
260
267
269
249
367
366
634
706
814
914
939
P27O
851
803
798
788
757
752
775
805
804
796
762
P268
20
20
20
Spain
42
42
91
105
110
111
111
111
111
111
111
iii
111
111
111
220
1948—Jan.. .
End of month
Cuba
84
593
22,935
India
End of month
716
735
691
633
634
639
643
644
649
650
599
593
597
Brazil Canada
Sweden
308
160
223
335
387
463
482
381
324
265
217
190
168
144
126
93
101
101
105
Switzerland*
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
549
502
29
88
92
114
161
221
241
237
238
233
226
207
191
185
174
169
169
170
170
t1
1
1
1
1
1
1
1
68
90
100
89
121
157
195
200
200
197
194
192
189
189
183
183
177
175
52
29
41
68
89
130
202
215
235
235
235
235
235
235
215
215
59
82
383
665
824
5 965
1,158
1,342
1,430
1,431
1,432
1,427
1,416
1,355
1,370
1,373
1,386
1,389
1,372
1,356
104
171
1
1
1
1
1
1
1
1
1
1
1
215
215
B.I.S.
7
Other
coun-6
tries
12
12
21
45
37
39
32
178
170
166
185
229
245
247
240
28
27
27
27
27
27
26
29
28
30
30
239
240
240
240
240
240
240
P240
P240
P24O
P240
33
P240
P Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad
and gold belonging to the Argentine Stabilization Fund.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945 and December 1946 when gold holdings of Foreign Exchange Control Board
are8 included also.
Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
4 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
• For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 356. For back figures,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data,
see pp. 524-535 in the same publication.
1
348
Government gold reserves 1 not included in
previous figures
United
BelEnd of month United
France gium
States Kingdom
1938—Dec
1939—Aug
Dec
1940—Aug
Dec
1941—Sept....
Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Sept
Dec
1947—Mar
June....
Sept
80
156
48
24
25
12
43
12
18
71
113
177
163
151
129
2 759
331
S876 •460
292
* 151
2 ,354
5
2,341
5
2,196
2,535
5
2,587
5
2,345
5
2,382
52,341
<293
214
457
17
17'
17'
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings (official and private) of U. S.
dollars, as reported by banks in the United
States are shown in table on p. 353.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 356, footnote 4, and p. 357,
footnote 10. For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec.
Estimated
world
production
Total
reported
outside
U.S.S.R.i monthly
1,136,3601 958,770
1,208,705' 1,020,297
1,297,3491 1,094,264
l,288,945i 1,089,395
South I
Africa |
425,649
448,753
491,628
504,268
494,439
448,153
429,787
427,862
417.647
966,132
760,527
682,061
646,914
663,266
58,127 34,021
41,044 19,965
51,824 28,665
55,412 31,824
59,738 35,308
57,215 33,984
61,314 35,396
59,057 34,875
58,321 34,692
58,681 35,361
33,888
34,025
Production reported monthly
Africa
North and South America
MexRhoWest Belgian United I CanIColom- I
j Nica- Austraico6 I b i a I Chile I ragua7
desia Africa2 Congo* States 4 | ada 5
lia*
#i=i5 a /2i grains of gold 9/io fine; i. e., an ounce of fine gold—$35.
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264
28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182
29,155 32,163 ' 8 , 8 6 2 210,109 185,890 30,878 22,117 11,999 5,429 55,878
27,765 32,414
209,175 187,081 27,969 22,961 9,259 7,525 51,039
26,641 29,225
130,963 169,446 28,019 20,882 6,409 8,623 42,525
23,009 19,740
48,808 127,796 22,055 19,789 6,081 7,715 28,560
20,746 18,445
35,778 102,302 17,779 19,374 7,131 7,865 16,310
6,985 16,450
17,734 6,282
19,888 18,865
32,511 94,385
15,301 8.068 6,357 21,595
19,061 20,475
51,182 98,994
7,612 8,195
,524 1,785
566 2,205
1,423
271
5,483
,502
7,806
581
1,750
1,820
1,276
371
5,500 9,235
,574 1,855
555
1,820
1,273
856
6,246 8,921
,537 1,890
610
1,820
1,464
540
7,220 9,412
,508 1,820
502
1,785
1,130
528
6,117 9,418
,498 1,680
520
1,890
1,065
553
7,319 9,149
,554 1,855
636 3,220
1,112
513
7,033 9,131
,541 1,855
684
1,960
1,079
410
6,979
,516 1,820
8,668
658
530
1,925
1,044
8,185
,540
9,057
424
679
35
2,065
915
6,243
8,826
2,065
945
1,225
7,281
9,614
1,750
672 2,030
India 9
11,284
11,078
10,157
9,940
8,960
8,820
6,545
5,950
4.585
525
490
490
560
525
490
560
490
490
420
525
490
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
2
Beginning April 1941, figures are those reported by American Bureau
of Metal Statistics. Beginning January 1944, they represent Gold
8
Coast
only.
Beginning May 1940, monthly figures no longer reported.
4
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure6 $475,641 so that the aggregate for the year is equal to the annual estimate
compiled by the United States Mint.
Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported.
7
Gold
exports,
reported
by
the
Banco
Nacional
de
Nicaragua,
which
states
that
they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439 they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year
or
mo.
Total
net
imports
United
Kingdom
France
Belgium
20,361
153,634
44,050
129,734
200,233
219,201
111,657
109,600
450,830
265,700
17a, 166
-75
-1,002
-108
1
-449
2
- 5 22,515
245,712 140,568
142,821
101,541
234,978
182,808
9
-120
Sweden
SwitzerCanada
land
5
1,955
1942 315,678
68,938
88
1943
1944 845,392 -695,483
160
1945 106,250
-14
1946 111,494
458
1947 1,866,348 488,433 162,941
1947
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Netherlands
—e
3
27,990
1
-31
3
13,903
14,088
—7
Argentina
Other PhilLatin
ipAusMexico Ameri- pine tralia
can Re- Republics public
South
Africa
India
AH
other
countries
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
53,148
-5
15,094 -41,743
103
-403
344,130 -134,002
3,591
445,353 335,505 - 7 , 1 1 0 10,684 - 1 5 6
-3,508
528 4,119
129 20,008
152
307
-8,731
199 3,572
18,365
106
357
1-133,471
41 118.550 -2.613 2-18,083
3
124 410,691 -4,423
-338
222
30,319 -30,849
508 - 4 9
101,642
221 -13,269 - 1 2 9
26,341
- 9 , 7 9 3 2,898
122
26,442
9,485
262 14,867
-87
52,913 94,601
217 1,425
-70
51,820 102,405
282 1,489 -1,111
2,220 90,463
330
- 9 4 -1,543
499 23,444
242 1,286 - 2 8 6
552 48,190
152 1,073
-56
63,697 56,849
103 1,434 -252
37,735 35,436
208 2,126
85
37,490 - 5 5 6 4-16,734
66,674 -1,140
-214
11 26,376 -1.390
-515
80,446
-78 -1,529
-638
53,228 - 3 3 4
60,081 - 5 5 1 5 5,233
5 4,221
17 16,042
510,215
28 37,760
6497
40
21
997
19
29
1,026
9
1948
Jan.
9,970
31
458
12 009
2,417
74
32 991
-5,981
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 $14,000,000 to China and $2,734,000 to other countries.
5
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.
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.
2
MARCH
1948
349
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
Increase in foreign ban!ting
funds in U. S.
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
From Jan. 2, 1935,
through—
Total
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.
June
Sept
Dec.
(Apr. 1)
(July 1)
30
30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316,2
427.6
524.1
633.3
917 A
.4
16.5
23.2
12.9
1937
31
30
29
29
....
2,998.4
3,639 6
3 995 5
3 501 1
1,188.6
1,690.1
1 827 2
1,259 3
129.8
293.0
448 2
334 7
1,058.8
1,397 1
L 379 0
924 6
411.0
466 4
518 1
449 1
319.1
395 2
493 3
583 2
1,075.7
1,069 5
1 125 1
1 162 0
4.1
18.3
31 9
47 5
Mar 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3 301 3
3,140.5
3,567 2
3,933.0
1,043 9
880.9
1,275.4
1,513.9
244 0
220.6
282.2
327.0
799 9
660.4
993.2
1,186.9
434 4
403.3
477.2
510.1
618 5
643.1
625 0
641.8
1 150 4
1,155.3
1,125 4
1,219.7
54 2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Ian. 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
1,188.9
1 201 4
1,177 3
1,133.7
63.9
74 0
83 1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).
5,207 8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
1,012.9
1,195.4
1,281.1
1,999.9
1,907.8
1,980.5
1,958.3
631 6
684.1
773.6
775.1
761 6
785.6
793.1
803.8
1,095 0
1,042.1
987.0
888.7
88 7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607 4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
1,388 6
1,459.8
1,424.0
1,177.1
1,841.0
1,818.2
1,817.7
1,802.6
767 4
818.6
805.3
791.3
812 7
834.1
841 1
855.5
701 8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar.
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
L,752.0
1,864 2
I 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
I 920 3
1,931 2
2 034 8
898
896
888
877
810
806
929
925
685
687
708
701
9
9
1
1
108 6
112.1
114 8
117.8
1944—Mar.
June
Sept.
Dec.
31
30
30
31
7,611.9
7,610 4
7,576.9
7,728.4
5,034.4
5,002.5
4,807.2
4,865.2
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190 3
2,162.3
2,240.3
868.0
856 6
883.5
805.8
904 1
929 8
1,026 2
1,019.4
685.8
702 4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Mar.
June
Sept.
Dec.
31
30
30
31
8,002 6
8,422.8
8,858.6
8,802 8
5,219 4
5,671.0
6,042.2
6,144 5
2,865 1
3,313.2
3,554.9
3,469 0
2.354 3
2,357.9
£.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
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
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427.2
1,073.0
1,103.9
1,170.7
1,237.9
645.1
615.0
478.3
464.5
139.9
141.4
150.4
153.7
8,077.3
9,959.9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6
9,516.8
••9,008.6
8,681.0
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
4,322.1
2,416.0
2,006.2
1,725.4
1,718.8
1,448.7
1,447.2
1,616.8
1,726.9
1,298.5
1,228.8
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
3,093.3
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
404.8
380.9
337.1
333.6
255.3
202.5
156.3
168.2
178.3
172.1
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
* 1,177.3
1,193.6
'1,230.3
1,243.6
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
338.8
310.0
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159.9
162.2
1938
Mar
June
Sept
Dec
Total
Official *
Other
93Q 7
7
9
6
6
5
8
3
9
r
Revised.
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
*Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
350
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars)
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
1,440.7 554.9 210.2
2,667.4 829.3 299.5
3,501.1 993.7 281.7
3,933.0 183.8 339.6
5,112.8 101.3 468.7
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
7,828.9 640.9 401.7
7,555.7 563.1 384.8
7,628.4 585.6 369.4
7,254.3 558.2 336.3
7,029.7 489.6 351.4
7,069.0 595.8 332.0
6,688.9 453.5 319.8
6,746.5 441.7 390.2
6,582.5 614.1 306.2
6,758.8 648.5 324.6
••6,363.2 486.7 r308.2
6,210.1 447.7 359.6
114.5
229.7
311.9
328.6
470.3
455.6
464.4
474.0
487.7
506.2
539.7
322.8
326.4
319.1
295.6
256.7
391.7
356.8
340.5
336.0
329.8
311.4
258.7
130.4
335.5
607.5
557.5
773.0
911.5
725.7
592.1
629.1
664.3
722.3
760.9
766.1
769.5
776.8
786.1
801.6
804.6
799.3
811.8
808.0
800.8
810.6
24.0
45.6
22.1
32.2
58.0
55.4
50.5
48.1
48.2
63.1
106.5
228.0
287.5
342.8
256.2
215.8
221.7
198.7
181.2
161.2
158.1
145.1
139.8
166.6
311.6
436.1
612.5
918.9
1,098.6
1,071.7
1,030.3
1,133.3
,172.5
,311.8
,249.5
,246.3
,259.5
,232.8
,262.9
,210.0
,161.5
,093.2
,112.2
,161.3
J3^ .3
1,135.6
1,200.6
70.9
()
2,051.3 150.5 201.2
2,653.0 106.3 410.6
3,054.2 155.3 384.6
3,790.1 229.4 483.4
4,056.6 411.7 606.8
3,626.3 340.5 567.5
3,608.1 425 1 835.8
4,192.8 760.3 951.0
4,081.8 976.4 ,193 7
4,037.0 1,395.7 .338.4
3,603.8 1,067.0 ,546.4
3,574.2 979.7 ,474.0
3,645.8 967.1 ,466.3
3,455.8 933.3 ,431.2
3,362.5 853.1 ,384.3
3,552.8 764.8 ,364.7
3,294.9 763.1 ,318.6
3,246.2 803.4 ,447 1
3,341.6 794.7 1 ,477.0
3,430.2 830.3 1 ,531 4
r
1,4 70.0
3,183.6
3,152.0 7«0 6 r,445.4
681.0 1
Total*
Canada
Latin
America
Asia'
156.5
243.0
315.4
302.7
522.6
642.6
691.1
932.9
1,161.6
1,273.6
1,784.1
,327.4
,258.3
,247.1
,185.9
,179.8
1,142.0
1,072.6
1,018.7
972.1
958.0
031 6
936.3
All
other"
12.7
21.4
15.9
36.2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
284.4
269.6
302.0
248.1
250.0
244.6
239.6
231.1
*-2.9
8.9
-2.6
-4.6
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
Total
631.5
989.5
1,259.3
1,513.9
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,495.4
5,272.3
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
4,870.3
r
4,456.0
4,322.1
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
United
King- France
dom
Netherlands
Switzerland
128.6
163.5
189.3
364.0
376.1
293.3
328.6
493.3
939.4
804.4
646.4
485.5
397.6
423.0
381.9
312.2
423.1
279.7
267.2
438.1
471 .2
307.8
275.5
55.7
65.9
76.3
87.9
190.9
160.3
161.0
170.0
176.7
193.1
265.0
185.8
208.2
195.6
197.8
166.7
205.0
189.7
192.6
197.2
210.0
199.7
156.3
72.4
109.8
288.4
205.1
362.7
494.7
326.2
166.3
192.7
221.4
286.3
353.2
359.0
363.6
370.5
378.5
383.6
388.9
381.5
388.9
385.5
382. 1
392.2
129.6
144.2
111.8
155.3
256.1
458.0
416.5
394.5
404.1
356.6
229.9
181.2
165.8
157.0
129.0
146.2
129.6
117.8
190.2
109.7
125.6
r
114.9
188.5
Italy
Total
Europe
Other
Europe
7.3
23.0
6.9
1.7
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
185.2
247.6
300.7
227.1
198.2
205.4
184.1
166.8
146.8
143. 1
129.7
126.3
59.9
82.4
119.1
196.8
449.9
580.8
538.0
479.8
565.3
611.2
745.8
693.1
687.2
701.0
673.1
719.1
689.2
647.8
589.0
619.8
669.2
635.1
637.2
Latin
Canada America
Asia2
33.5
46.0
87.0
453.5
86.8 149.3
149.4
588.9
791.7
76.3 166.3
217.0
1,010.7 101.6 127.6
251.8
1,655.4 174.5 215.1
417.0
1,986.3 334.1 326.4
531.2
1,766.9 273.1 296.7
541.4
1,697.5 399.5 482.8
743.9
2,271.2 704.7 578.7
928.2
2,193.7 818.6 794.7
888.6
2,223.4 1,414.2 924.9 1,369.1
2,084.0 937.4 1,029.3 1,183.9
2,065.5 823.9 983.3 1,135.7
2,141.0 748.0 1,010.3 1,112.9
1,979.3 784.7 981 0 1.043.5
1,921.0 670.2 956.1 1,042.5
2,035.9 519.6 1,000.0 1,012.7
1,808.0 469.6 1,009.4
973.1
1,787.2 478.8 1,120.9
966.7
1,900.6 455.8 1,168.9
932.6
2,004.5 484.2 1,221 .0
910.8
'•1,769.4 420.5 1,144.6
884.4
1,776.0 319.2 1,115.3
876.0
All
Other1
11.5
15.2
8.0
22.2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
260.8
263.9
288.5
258.7
251.5
247.2
237.9
238.2
245.3
249.7
237.1
235.6
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1935—Dec (Tan. 1 1936)
1935—Dec 30
1937—Dec 29
1938—Dec (Jan. 4 1939)
1939 Dec (Tan 3 1940)
1940—Dec (Jan. 1 1941)
1941 Dec 31
1942—Dec 31
1943—Dec 31
1944—Dec. 31
1945—Dec 31
1946—Nov 30
Dec 31
1947 Tan 31
. . .
Feb 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept 30
Oct 31
Total
United
King- France
dom
361.4
431.5
449.1
510.1
650.4
775.1
791.3
888.8
877.6
805.8
742.7
492.9
427.2
404 8
380.9
337.1
333.6
255 3
202.5
156.3
168.2
178 3
172.1
208.8
178.0
207.4
206.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
236.1
244.3
241 5
252.6
256.2
249.6
252 4
252.7
255.1
257.9
262 8
258.9
48.1
62.0
65.3
68.4
73.8
74.6
76.9
77.8
77.9
77.7
78.0
75.0
73.4
69 2
66 1
63.4
57.9
60 2
59 0
57.6
58.1
57 0
61.5
Netherlands
— .4
-3.3
—4.4
-5.6
12.9
17.7
17.6
18.1
18.3
18.3
-17.7
-120.2
-132.3
-117.9
-135.1
-137.1
-32.4
-20.6
-30.4
-28.6
-27.3
—28 2
-30.0
Sw zerand
1.6
2.7
2.6
2.6
2.9
6.5
5.4
6.6
5.1
6:8
5.2
1.8
-1.7
-3 5
-4.1
-3.3
2
— 1^4
.3
-2.1
-1.7
—1 2
1.7
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia'
13.7
16.3
38 5
88.0
132.0
175.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
229.0
226.9
226.0
225.9
217.1
203.4
196.7
182.2
170.9
170.1
171.9
174.4
310.2
343.7
409.3
460.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
435.4
421.3
426 9
414.3
402.4
482.8
490 0
466.2
455.3
460.1
465 5
468.2
—4 6
36.9
—21 7
35.9
56.5
60.3
62.7
58 6
55.1
64.8
39.5
40.0
40.7
44 1
49 9
53.9
56.5
56 1
56 5
58.8
60.7
63 8
63.1
20 1
24.9
51 6
66.8
52.6
43.2
17.7
68 3
55.7
37.0
9.1
-32 2
-58.8
—92 4
— 111 6
— 140 6
-213.7
—270 0
—256 9
-276.9
-283.8
—279 7
-298.7
37 3
30 4
18 7
-46.5
-21.5
34 8
64.7
93 8
102.7
77.7
99.2
54 1
29.9
34 6
44 0
40 2
31.0
1 8
—44 3
-56 0
-48.6
—48 4
6.5
.13.7
15.5
25.3
25.8
26.2
26.2
26.2
26.2
13.7
10.6
11 7
8 9
6.0
4.5
27
25
2.3
3.0
3 3
1.6
-35.5
All
other"
—1 6
-4.4
-8 7
-7.0
-.8
21
-1.2
6 6
7.5
— .3
1.5
—4.4
-5.8
—8 4
— 15 7
-18 7
-23.0
—22 6
— 19 1
-24.9
-20.3
—22 9
-24.9
' Revised.
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
» Inflow less than $50,000.
* See Table 1, footnote 3.
1
2
MARCH 1948
351
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1,
1936—Dec 30
1937—-Dec. 29
1938—Dec. (Jan. 4,
1939—Dec. (Jan. 3,
1940—Dec. (Jan. 1,
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec. 31
1945—Dec 31
1946—Nov. 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
1936)
. . .
Total
125.2
316.2
583.2
641.8
725.7
803.8
855.5
848.2
. . .
925.9
1,019.4
972 8
...
1.231.5
,237.9
,308.2
# .
,229 8
,282.6
1,341.6
,380.7
1,398.0
2 L.177.3
1,193.6
'1,230.3
1,243.6
1939)
1940)
1941)
.
United
King- France
dom
67.8
116.1
136.8
127.7
125.5
128.6
127.6
125.4
127 6
126.5
117.7
95.0
96.8
98.1
101.3
101.4
102.9
103.6
105.7
104.2
104.3
101 5
99.1
6.8
18.2
22.8
26.1
42.1
43.4
51.6
52.4
50 6
51.0
51.2
49.1
50.2
50.0
49.9
50.1
50.0
49.6
49.5
48.3
47.9
47.9
47.5
Netherlands
Switzerland
Italy
Other
Europe
7.4
10.4
21.2
27.3
29.4
31.0
31.5
31.6
33 0
33.6
33.0
27.5
26.0
24.7
23.6
22.8
22.5
2.2
-1.2
13.7
30.4
36.1
45.0
46.0
44.3
44.9
44 7
44.5
45.2
31.0
31.2
31.5
31.8
30.9
31.9
31.4
31.2
31.2
30.1
26.5
22.7
2.9
9.4
13.5
22.0
27.6
28.1
28.1
28.0
27.9
27.6
27.5
26.7
26.7
27.0
26.8
26.8
26.9
26.9
26.8
26.7
26.7
26.7
26.6
59.4
110.4
141.8
201.3
225.6
232.9
238.4
244.1
246 6
246.9
249.2
257.2
260.2
261.8
264 6
265.1
257.7
258 3
265 4
266.4
267.3
267 9
267.8
1.7
.7
.2
— 1.1
-2.6
Total
Europe
Canada
Latin
America
Asia1
12.7
15.7
175.0
167.4
184.0
202.3
221.1
245.4
272 3
302.0
317.1
439 9
448.4
453.2
457 6
464.4
468.2
474 2
478 8
481.8
488.0
r
5O7 9
523.3
7.9
1.1
17.0
3.5
24.5
6.S
33.8
9.7
42.8
11.3
53.0
13.5
61 2
16 6
61.5
18.0
62 2
19 9
61.3
21.0
60.8
22.0
59 5
19 3
.7
61.1
61.0
10.9
61 1
—5 7
61.1
6 4
61.0
11.1
61 0
14 7
61 1
3 0
61.2 2-232.2
61.4 - 2 2 9 . 3
61 3 —225 6
61.3 - 2 2 4 . 0
143.1 - 3 9 . 7
278.3
1.7
366.4
10.5
440.6
-9.7
495.2
-7.6
510.0
25.0
521.3
35.4
526.3
-3.0
530 3
41.2
530.1 104.9
523.8
49.1
486 5 226.4
491.2 236.6
493.0 290.0
497 9 218.9
497.1 253.7
491.8 309.5
472 0 358 8
480 4 374 7
477.5 389.1
476.5 397.0
469 4 417 3
461.1 421.9
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
Neth- SwitzUnited
Other
CanLatin
Total
erKing- France
erItaly Europe
From Jan. 2, 1935, through—
Total
Europe
ada America
lands
dom
land
1935—Dec
1936—Dec.
1937—Dec
1938—Dec.
1939—Dec
1940—Dec
1941—Dec.
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec
1946—Nov
Dec
1947—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
(Jan. 1
30
29
(Jan. 4
(Jan 3
(Jan 1
31
31
31
31
31
30
31
31
28
31
30
31
30
31
31
30
31
1936)
1939)
1940)
1941)
. . . .
. . . .
.
...
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
454.4
464.5
464.4
439.7
414.3
416.7
398.5
393 4
385.9
362 6
338 8
310.0
149.8
367.7
448.7
472.6
328.1
157.1
-70.1
-77.6
-100.3
-125.4
-157.9
-194.9
-194.9
-196.2
-197.5
-197.9
-198 3
-200.5
-202 7
-203.5
-203.3
—204 1
-205.1
23.4
64.7
70.3
76.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
74.3
74.9
73.0
71.4
71.2
73 8
72.3
71 8
71.1
73.6
69 0
42.9
50.5
157.6
213.8
212.1
227.7
233.2
236.7
236.9
239.9
239.0
233.5
213.6
207.0
199.4
194 4
188.0
179 3
168.6
158 4
149.7
129 9
124 4
118.0
55.1
200.2
275.3
304.1
344.7
348.1
336.4
360.5
367.3
368.5
355.4
336.3
337.9
338.4
338 7
338.4
344 2
345.4
343 1
351 2
350 7
350 4
352.0
-.1
-3.3
-4.9
-5.5
-4.9
2.7
— .1
.6
1.9
2.2
2.0
2.1
3.0
-7.0
-15.5
— 15.6
-15.4
— 15 3
-15.1
-15.1
— 15.1
-15.2
7.6
2.8
286.2
31.1
818.0
32.6
38.3 1,041.6
37.6
33.9 1,094.1
25.7
32.2 1,004.4
-2.6
35.8
851.3
-18.4
37.1
615.0
—44.7
44.4
-45.1
644.7
55.4
-58.2
645.7
72.4
-28.1
633.7
68.0
582.9 -126.6
55.4
486.7 -158.2
57.3
484.3 - 1 4 3 . 0
56.6
474.2 - 1 3 7 . 1
55.3
455.2 — 141 9
432.0 -144.6
47.8
46 0
429 5 — 141 9
45.2
415.5 — 141 0
42 6
398 0 — 126 3
394.2 — 128 1
40.8
376.3 — 131 7
40.6
42 ?
366 9 — 141 7
41.8
334.5 - 1 4 2 . 6
3.7
15 5
18.2
23.7
30.1
25.6
28 1
35 2
40.5
54 9
81.3
94.1
87.6
84.9
86 2
88.2
90 6
86 5
85 3
84 2
82 7
78 5
84.6
All
other1
Asia1
All
other1
21.4
44.1
54.7
65.2
87.6
17.6
17 5
27 7
62.5
240 5
251.3
25.0
26.8
33.4
32 1
30.6
30 3
28.8
28 4
27 5
27.3
27 1
27.7
2.6
7 1
9.8
11.1
14.3
12.6
10 9
10 9
10.6
10 7
9.9
6.9
8.8
9.1
8 0
8.1
8 1
8 7
8 0
8 1
8 0
8 1
Asia1
All
other1
2.9
2.1
.5
-1.5
-3.4
-.9
(4)
(4)
.3
2.1
6.0
6.3
6.0
6.0
5.6
3.8
5.0
4.8
5.3
5.2
5.5
7.0
8.0
6.7
6.9
7.1
7.3
6.8
.8
.9
1.3
1.8
1.3
1.8
2.0
1.9
2.8
2.8
1.2
.9
1.0
.8
.8
.8
2.8
5.9
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—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Nov. 30
Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
1, 1936)
4, 1939)
3, 1940)
1, 1941)
rotal
6.0
12.9
47.5
47.6
80.6
100.9
100.9
104.4
117.8
126.3
144.1
154.7
153.7
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159.9
162 2
United
King- France
dom
(3)
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2
19.2
19.2
19.8
17.7
18.6
18.4
18.9
20.2
18.3
18.7
19.3
2.4
10.4
11.5
12.9
20.1
19.9
19.9
20.7
21.5
23.1
23,4
22.0
20.5
20.1
20.0
20.4
20.5
19.9
19.7
19.5
19.4
19.5
19.2
Netherlands
Switzerland
1.3
-.9
5.0
6.8
9.3
10.8
13.4
17.6
17.5
19.9
22.3
26.0
16.1
17.5
17.3
14.9
16.3
17.3
16.9
18.2
17.0
17.0
16.6
16.9
2.5 .
9.1
9.6
17.8
16.2
13.5
13.7
19.3
23.0
30.3
38.6
39.6
39.5
39.9
41.5
42.1
40.4
43.2
42.6
43.4
43.0
42.0
Italy
.1
.3
.1
.2
.1
.2
.2
.2
.3
.3
.4
.5
.4
.4
.4
.4
.5
.4
.5
.5
.4
.4
.4
Other
Europe
1.3
-.3
5.0
5.0
4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.8
14.7
14.1
14.0
13.8
13.7
13.5
14.0
14.3
14.2
14.3
14.4
Total
Europe
7.6
22.6
44.0
47.9
71.6
74.3
75.7
78.1
89.1
97.7
113.6
111.2
112.0
110.8
109.0
110.0
112.7
109.5
114.5
114.0
112.8
112.5
112.2
CanLatin
ada America
-4.5
-7.6
3.5
1.8
8.7
10.7
14.1
15.2
17.6
16.2
19.5
21.5
21.5
22.1
21.7
20.0
21.2
19.6
19.7
19.1
20.0
20.7
19.5
1.0
-4.2
-.5
-.9
1.6
9.2
3.9
4.2
3.8
5.1
5.9
15.3
13.4
10.3
18.0
16.3
19.5
18.5
19.0
19.0
23.5
18.7
20.9
.7
r
1
2
Revised.
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 3Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Inflow less than $50,000.
* Outflow less than $50,000.
5 Amounts outstanding Oct. 31 (in millions of dollars): foreign brokerage balances in United States, 111.0; United States brokerage balances
abroad, 25.7.
352
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
1934—Dec.3
1935—Dec.3....
1936—Dec. 30.
1937—Dec. 29.
1938—Dec.s....
1939—Dec.3....
1940—Dec.3....
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 31.
1946—Nov. 30.
Dec. 31.
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
461.4
473.7
468.9
2,725.6
2,726.9
2,722.5
2,839.3
2,714.2
2,881.0
2,777.9
2,665.3
2,490.8
Total foreign
countriesx
United
NethKing- France erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
669.7
1,301.1
1,623.3
1,893.1
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
92.4
76.9 33.9 12.9
130.3
205.5 163.5 68.6
235.7 176.3 78.8
232.5
261.5 143.9 89.1
427.1
436.1 187.4 101.8
473.8
448.2 288.2 204.9
781.0
365.5 490.1 174.3
1,418.9
400.8 448.6 174.9
1,314.9
554.6 432.3 186.6
2,244.4
3,320.3 1,000.8 439.9 193.3
865.7 401.2 209.7
3,335.2
707.7 310.0 281.6
4,179.3
13.7
86.1
123.5
302.1
218.8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
18.8
26.1
41.7
25.7
20.4
38.5
17.9
15.4
12.1
11.3
27.3
70.4
76.7
136.5
158.3
194.9
273.3
526.4
657.3
614.6
650.9
728.6
774.5
909.1
232.9
122.8 202.8 12.0
99.3
686.3 145.3
156.3 289.8 23.4
814.3 186.1
263.9 331.9 27.1
1,017.1 175.6
280.9 399.5 20.0
1,237.8 201.8
248
435.5 34.1
1,882.6 274.6
336.0 655.7 72.5
2,213.5 434.3
447.3 769.9 73.3
1,994.0 373.2
417.7 780.0 113.6
2,020.7 507.4
597.7 930.0 149.6
2,584.5 812.6
693.7 ,108.8 175.3
2,517.8 926.5
909.3 ,069.2 174.0
2,583.0 1,522.2 1,046.4 ,549.7 181.8
6,229.6
6,006.5
6,034.8
5,781.4
5,575.4
5,549.6
5,232.2
5,326.0
5,437.3
5,604.5
r
5,190.1
5,056.3
3,243.0
3,043.9
3,126.3
2,716.5
2,435.7
2,429.1
2,159.0
2,157.5
2,327.1
2,437.2
2,008.8
1,939.1
366.8
372.6
377.2
384.1
392.2
397.2
402.5
395.1
402.5
399.1
395.8
405.8
205.5
267.9
321.0
247.4
218.5
225.7
204.4
856.4
850.5
864.3
836.3
882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
2,439. 1,045.3
2,420. * 931.8
2,496.
855.9
2,334.
892.7
2,276.
778.2
2,391.
627.5
2,163.
577.6
142
586.8
563.7
2,255
592.2
359.
124..6 528.4
2,131.2 427.1
Official
and
private
Official
546.8
458.9
484.4
443.3
373.6
484.4
341.0
328.5
499.5
532.5
369.1
336.8
261.4
245.9
237.2
209.1
226.4
209.8
197.9
270.3
189.8
205.8
»-195.0
268.6
202.4
224.9
212.2
214.4
183.3
221.6
206.3
209.2
213.8
226.6
216.4
172.9
187
167.1
163.4
150.0
146.6
Canada
Latin
America
1,150.8
1,104.8
1,131.8
1,102.6
1,077.6
1,121.6
1,130.9
1,242.5
1,290.4
1,342.5
••1,266.1
1,236.9
Asia 2
,364.5
,316.4
,293.5
,224.2
,223.1
,193.3
,153.7
,147.4
,113.2
,091.5
,065.1
,056.7
All 2
other
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0
214.1
218.5
205.9
204.4
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec 33
1940—Dec
1941—Dec. 31. . .
1942—Dec. 31. . .
1943—Dec. 31. . .
1944—Dec. 31. . .
1945—Dec. 31. . .
526.4
657^3
614.6
650.9
728.6
774.5
909.1
159.2
144.8
117.3
121.8
122.9
124.3
185.0
28.1
17.3
18 1
17.7
13.9
14.8
25.9
21.4
16 5
5 7
9.5
6^7
7.9
7.7
7.1
5.5
7.5
6.5
6.8
7.0
39.3
43.5
48.7
70.8
1946—Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. . .
Feb. 28. . .
Mar. 31. . .
Apr. 30. . .
May 31. . .
June 30. . .
July 3 1 . . . .
Aug. 31. ..
Sept. 30. ..
Oct. 31. . .
856.4
850.5
864.3
836.3
882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
186.0
159.5
165.3
149.3
178.8
163.0
150.9
142.5
164.0
185.3
132.0
135.7
57.0
66.5
73.3
68.3
62.5
57.8
56.9
52.0
45.6
48.8
42.2
48.9
18.6
22.2
21.6
28.9
31.3
26.8
22.4
22.7
36.2
39.9
42.0
39.2
7.3
7.1
5.3
5.5
6.9
9.1
55.5
49.3
43.7
43.0
39.7
39.8
37.7
32.2
32.2
36.0
41.5
48.5
Ger5 Luxemmany Greece bourg5
6 6
21.5
27.3
46.3
53.6
63.2
74.9
Norway
5
5 YugoPortuRuAll
gal5 mania 5 Spain Sweden USSR slavia5 other
18.3
18.4
18.6
22.3
56 3
48 7
65 2
132.4
158.9
220.8
216.1
35.7
53.4
54.5
47.9
9.4
9.3
9.5
9.3
21.8
22.6
22.5
22.5
22.9
22.2
22.2
22.3
22.6
20.1
19.7
19.2
123.1
123.5
117.4
106.8
105.3
111.2
100.6
91.2
80.0
79.2
79.3
76.2
43.5
39.0
45.4
44.0
54.2
52.2
52.3
42.5
40.1
47.7
48.0
47.8
9.0
8.9
8.9
8.9
Colom-6
bia
Costa6 Cuba
Rica
French
West
Indies
and
Guiana6
37.0
47.9
62 5
100.3
70.4
139.3
128.3
4.9
2.6
4.4
7.1
58 8
55.0
37 7
95.7
70.4
83.1
116.4
159.1
153.5
147.3
145.9
150.8
168.0
162.0
289.6
284.0
287.7
271.9
256.6
6.0
5.4
4.9
3.9
4.0
3.2
3.6
2.9
3.2
2.3
2.8
2.5
143.2
152.2
149.3
142.1
139.1
127.6
128.8
126.7
137.7
149.2
157.2
148.7
12.2
11.3
8.3
8.2
8.2
9.4
9.5
8.7
17.5
31.8
43.4
31.7
142 2
235 4
210 7
153.5
163.2
152.1
210.1
14.3
12.3
16.1
28.0
17.7
15.3
16.4
19.8
20.0
18.8
18.1
17.5
11.8
12.2
12.1
11.7
10.1
165.4
172.6
164.2
159.1
165.2
157.3
152.2
133.2
122.9
115.2
109.4
86.8
53.2
60.5
60.4
58.5
58.5
60.0
50.4
50.6
50.3
52.5
58.5
64.1
10.4
12.4
12.9
13.9
14.7
15.3
12.5
11.8
13.1
12.5
Panama7
Other
Vene-6 Latin
Peru6 zuela
America
34.0
58.7
42 1
36.9
57.6
69.1
88.7
17.7
17.4
27.7
43.9
20.9
24.2
31.5
49.7
85.3
105.6
121 8
64^2
95.4
119.8
144.8
84.1
77.2
78.2
75.2
73.2
71.0
68.9
69.9
69.7
71.5
76.6
72.6
40.7
40.9
37.0
34.3
34.0
35.9
38.9
39.7
38.2
41.7
43.2
40.9
67.3
74.0
51.5
45.5
46.7
49.4
46.3
53.6
66.2
74.0
89.5
73.4
166.7
168.7
183.8
182.4
186.1
186.6
202.9
181.4
178.6
181.3
180.6
171.5
9.9
5.7
5.7
9.7
9.4
109.8
187.9
191 0
57.9
76.9
52.1
43.7
90.3
89.9
103.4
107.8
111.4
108.4
105.6
104.0
109.3
120.2
131.7
130.8
Latin America
NethLatin
America
Bolivia6
Brazil
Chile
1939—Dec.3
336.0 57.7
1940—Dec.3
447.3 115.4
1941—Dec. 3 1 . . .
417.7
75.7
1942—Dec. 31. . .
597.7 67.6
1943—Dec. 31. . .
693.7 69.8
1944—Dec. 31. . .
909.3 93.9
1945—Dec. 31. . . 1,046.4 77.3
10.8
12.6
17.7
14.5
36.4
36.2
50.5
67.7
98.7
140.8
195.1
26.8
28.5
27.3
34.5
54.0
55.0
66.3
43.4
67.1
83.6
79.2
12.4
12.2
131.4
112.6
166.0
180.0
181.4
223.0
252.0
265.0
309.3
307.5
r
229.0
245.7
13.6
14.0
12.4
13.7
12.8
11.7
10.3
16.4
14.6
15.2
17.3
22.4
205.6
174.0
183.4
157.8
127.6
115.3
96.7
85.2
98.8
110.8
106.3
102.6
50.5
50.7
46.2
45.2
51.0
53.4
45.3
50.7
41.2
44.9
38.2
38.3
60.7
57.8
51.0
55.9
51.9
56.2
57.8
42.4
32.0
34.2
32.6
39.1
8.6
7.7
Date
1946—Nov. 30. . .
Dec. 31. . .
1947—Jan. 31. . .
Feb. 28. . .
Mar. 31. . .
Apr. 3 0 . . .
May 31. . .
June 30. . .
July 3 1 . . . .
Aug. 3 1 . . .
Sept. 30. ..
Oct. 31. . .
1,150.8
1,104.8
1.131.8
1,102.6
1,077.6
1,121.6
,130.9
,242.5
1,290.4
,342.5
r
,266.1
1,236.9
Argentina
7.4
6.9
7.3
9.0
8.5
9.3
8.5
8.6
6.9
8.6
8.3
7.9
er-
Mexico
lands
West
Indies
and
Surinam6
20.7
41.2
36.0
28.2
13.5
16.1
13.6
11.8
10.5
10.6
9.0
10.3
10.1
13.6
12.6
14.7
For footnotes see following page.
MARCH
1948
353
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—CW*W<*
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Asia
Date
India,
Egypt
China
Neth- PhilBritand French Union
and French Hong BurerAus- New Angloma,
ish
ippine
TurOther
of
All
Man- Indo-1 Kong and
Japan lands
MoOther
1
2 tra- ZeaIsMaEgypAsia
key
other
chu- China
East 1 lands
lia land tian rocco South
1
Ceylaya
Africa
1
ria
Indies
lon
Sudan
1939—Dec.1 . .
1940—Dec.8
1941— Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—Dec. 3 1 . . . .
1945—Dec. 3 1 . . : .
655.7
769.9
780.0
930.0
1,108.8
1,069.2
1,549.6
167.0
207.5
156.8
360.9 "27 A
574.2 27.4
427.3 27.4
582.3 28.0
1946—Nov. 3 0 . . .
Dec. 31. . .
1947—Jan. 3 1 . . .
Feb. 28. . .
Mar. 31. . .
Apr. 3 0 . . .
May 31. . .
June 30 . . .
July 3 1 . . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 31. . .
1,364.5
1,316.4
1,293.5
1,224.2
1,223.1
1,193.3
1,153.7
1,147.4
1,113.2
1,091.5
1,065.1
1,056.7
456.5
431.9
428.7
389.7
373.2
369.1
354.3
339.1
309.6
286.1
269.7
263.3
1
1
8
71.4
91 1
61.6
41.6 13!i
23.9 18.2
22.9 22.1
27.4 33.4
36.2
39.9
42.1
36.0
39.1
38.4
40.5
37.2
36.2
35.3
46.1
44.9
39.2
40.8
38.9
39.0
41.5
41.1
47.2
44.7
8 . 2 45.5
8 . 7 43.6
40.1
43.5
42.5
44.2
40.7
36.1
33.4
41.2
43.3
53.6
54.4
55.0
165.4
110.3
69.9
193.4
198! 6
226.8
254.7
29^9
'i66!i
110.1 259.1 35.4
110.5 365.8 23.7
113.7 629.1 52.5
4.8
4.1
4.0
4.1
.9
1.3
1.2
14.1
16.6
17.2
17.7
18.7
18.9
18.0
16.7
17.6
17.6
17.8
25 5
17.2
17.3
8.8
7.1
7.2
8.3
9.6
8.8
11.8
14.6
13.8
12.4
134.5
127.1
117.4
116.6
122.9
103.7
95.4
94.9
85.8
82.8
70.8
59.7
466.3
446.6
448.3
430.5
447.1
438.9
432.2
448.8
452.6
440.3
464.3
470.9
58.5
162^4
264.9
36.2
55.5
64.2
78.0
72.5
73^3
113.6
149.6
175.3
174.0
181.8
i'.i
25.3 5 . 1
52.9 3 . 5
28.9 4 . 3
89.2
93.8
88.5
85.1
79.4
75.6
71.8
68.5
68.7
74.9
79.1
77.9
229.7
232.8
257.3
227.5
220.3
216.0
206.7
207.0
214.1
218.5
205.9
204.4
35.1
45.5
40.9
59.4
40.4
38.7
36.2
47.8
42.4
46.2
47.5
43.8
64.3
54.7
60.8
56.5
55.8
65.4
57.0
51.0
40.4
41.7
41.7
39.7
23!i
5.7
8.0
8.2
8.3
9.6
8.7
8.7
8.6
9.4
9.5
8.3
6.5
'"6.S
"\2.\
10.3
6.1
7.3
4.3
"ii'.o
4.5
18.9
10.0
8.3
6.4
22.3
20.8
19.8
18.4
19.6
19.0
20.5
22.6
19.4
21.1
24.4
25.8
14.5
14.9
16.0
16.9
16.5
16.1
14.9
13.9
13.7
13.3
11.8
11.4
52.2
47.2
82.5
33.9
43.7
47.3
50.0
39.5
49.5
55.5
37.6
43.3
"9i'.8
124.1
97.6
113.4
99.8
96.4
89.9
90.7
90.5
86.2
76.5
74.5
79.7
72.9
76.2
73.6
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 3 below.
Footnotes to table on preceding page.,
»• Revised.
1
Country breakdown is for "Official and private."
* Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
'Report dates for these years are as follows: 1934—Jan. 2, 1935; 1935—Jan. 1, 1936; 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—
Jan.l,
1941.
4
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.
5
Prior to June 30, 1942, included under "All other."
7
• Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTI.—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
txclude 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
Total
Date
1934—Dec. (Jan. 2, 1935)
1935 Dec (Tan 1 1936)
1936—Dec 30
1937—Dec 29
1938—Dec (Jan. 4, 1939)
1939—Dec (Tan 3 1940)
1940 Dec (Tan 1 1941)
1941—Dec 31
1942—Dec. 31
1943—Der 31
1944—Dec 31
1945—.Dec 31
1946—Nov
Dec
1947 Tan
Fe.b
Mar
Apr
May
Tune
July
Aug
Sept
Oct.
30
31
31
28
31
30
31
30
31
31
30
31
. . . .
United
King- France
dom
Netherlands
Switzerland
Italy
1,139.9
778.6
672.6
655.0
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
296.9
88.1
114.1
84.8
86.0
39.9
23.0
20.9
12.6
19 9
25.9
25.4
80.5
32.5
16.8
13.5
10.3
4.9
4.2
1.8
18.6
19.0
21.9
23.0
24.2
5.7
.9
1.1
6.6
5.4
5.5
5.5
5.2
1.5
2.6
27.2
13.5
10.9
20.8
13.5
11.8
2.0
1.5
1.3
1.1
1.4
.5
.4
.3
.4
.4
.3
1.1
36.3
1.5
3.0
1.3
642.6
708.3
730 7
754.6
798.4
801.8
880.2
933.0
979.2
967.3
957.2
963.4
55.9
47.7
50 5
39.4
35.8
42.4
39.6
39.3
36.9
34.1
29.2
33.1
4.1
5.7
9 9
13.0
15.6
21.1
18.8
20.1
21.4
20.9
22.1
17.6
138.8
151.0
136 6
153.7
155.8
51.0
39.3
49.0
47.2
45.9
46.8
48.6
Total
Other
Europe Europe
2.9
.3
311.8
273.3
223.0
179.0
135.4
104.7
69.5
60 5
56.3
52.9
78.3
74.6
6.3
9.8
11 7
12.2
11.4
12.9
16.0
14 9
17.7
20.6
22.0
23.8
24.1
24.3
23.6
23.2
24.9
80.8
82.8
83 8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137 9
135.4
8.2
8.3
9.5
7.8
10.2
9 8
9 3
6.4
Canada
Latin
America
Asia 1
All
other 1
743.2
433.0
392.1
326.5
274.9
172.2
101.0
88.4
72.6
77 6
107.5
140.7
96.3
100.9
59.4
118.0
60.4
39.7
36.0
33 6
34.3
37 8
28.1
53.3
174 6
154.5
141.1
114.4
99.1
113.3
122.7
148 3
99.7
112 2
131.0
158.9
117 4
80.1
67 2
78.9
144.1
174.1
117.8
87 9
35.3
26 3
51.4
29.9
8 5
10.1
12 9
17.2
15 5
9.3
6.4
9 7
4 8
3 9
11 7
9.9
298.8
312.9
307 3
319.8
331 8
251.3
244.1
268.0
278.9
274 0
268.6
266.0
52.9
52 2
48 8
43.0
39 0
36 4
36.8
36.4
34.0
32 2
29 1
29.8
200.2
226 8
260 4
279.6
308 6
381 7
438 0
424.9
444 9
451 8
447 7
466.7
75.0
99 2
94 5
85.0
88 9
98 1
127 3
173.3
185 0
177 7
177 5
164.6
15.8
17 2
19 8
27.1
30 1
34 3
34 0
30.5
36 3
31 7
34 3
36.3
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
354
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
Denmark
1939—Dec.2
1940—Dec.2
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
104.7
69.5
60 5
56.3
52.9
78.3
74.6
6.5
1.5
3.2
.3
1946—Nov. 30
Dec. 31
1947—jan# 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30 . .
July 31
Aug. 31
Sept. 30
Oct. 31
80.8
82 8
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139 7
137.9
135.4
7.7
7 5
7.1
7.4
8 0
8.9
8 9
10.1
9.0
10 3
11.2
13.2
1 1
.8
.7
.7
.6
8
8
(8)
.5
.6
.5
.4
.3
.3
.4
.6
4
.6
1.0
Finland
Germany
1 8
1 9
5.6
7.6
1.4
53.4
39 6
34 4
34.0
33.9
33.9
33.9
1.1
.6
.6
.7
5.9
6 2
6.4
6.1
8 3
7.1
9.1
11.4
17.8
17 9
17.5
13.1
33.9
30.4
30.3
30.4
30 4
30.4
30.3
30.3
30.3
30 3
30.3
30.5
13.0
12.4
12.4
12.5
13.2
12.8
13.0
12.9
13.0
12 6
12.4
12.8
Greece1 Luxembourg1
Norway
1 SwePorRutugal1 mania1 Spain den
Yugo-1 All
USSR1 slavia
other
3.6
9
5
8.7
.2
.2
35.1
31.6
2.4
1.4
.8
.5
.i
.i
2.1
3 3
3.7
4.0
4 2
5.2
5 9
6.3
7.0
8 0
9.4
10.3
.9
1 0
.9
.9
1 0
1.0
1 2
1.5
1.3
1 3
1.2
1.3
<•)
]i
.1
.i
.3
.1
3.2
3.2
1.8
1.6
.4
.2
.2
,9
6.5
72
7.3
6.2
3 8
3.7
3 5
4.3
1.6
1 3
1.2
1.3
3.9
4 9
5.5
5.6
6 0
7.1
7 4
7.5
8.7
9 3
9.3
9.3
6.2
9 4
9.5
10.2
13 2
22.9
26 3
35.4
37.5
36 2
32.6
30.6
6
.i
,i
.1
.i
28 0
24 5
22 1
8^4
5.0
5.1
4.7
1 0
333-
Belgium
3 •
Other
Europe
Date
8
6.9
4 2
7 0
6.9
11.9
12 0
12.0
12.0
(*)
(3)
(3)
(')
i
(3)
Latin America
Latin
BoAmer- Argentina livia4 Brazil Chile
ica
Date
1939—Dec 2
1940—Dec 2
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
1944—Dec 31
1945—.Dec 31
113 3
122 7
148 3
99 7
112 2
131.0
. . . 158.9
15.3
3.1
21.0
1946—Nov 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
200 2
226 8
260.4
279 6
308.6
381 7
438.0
424.9
444 9
451 8
447.7
466.7
24.0
41.8
49.1
45.5
49.9
57 8
60.7
57.6
65.8
71.8
65.5
67.4
. .
. .
16.8
11 9
16 8
6.9
3.0
1.8
1.8
1.3
2.0
2.3
2.6
2 6
3.0
4 8
5.3
3.6
3 3
3 2
3.4
4.2
Colombia*
32.2
33 1
38 0
16.7
18.9
25.3
24.7
13 4
14 9
15.3
16.6
9.0
6.6
20.7
12.2
15.5
16.8
43 9
49.8
54.4
63.1
69.6
115.4
150.2
160.9
164 1
163 6
161.4
162.3
14.0
14.6
13.1
15.3
16.0
18.6
20.3
17.4
20.5
22.7
21.7
22.8
19.8
26.4
29.9
30.2
26.8
30 4
36.4
40.3
35 7
35 2
35.9
32.0
Costa Cuba
Rica*
NetherFrench
lands
West
Other
West PanaIndies Mexico Indies
Latin
4
Peru* Veneand
ma*
zuela
Amerand
Gui-4
ica
Suriana
nam4
10.5
11 7
11 3
9.7
.6
8.3
.7
1.2
1.2
20.1
47.4
33.3
2.5
41 1
25.7
35.5
37 9
45.2
53 8
60.1
46.0
53.3
54.5
59.7
73.8
2.9
3.4
3.7
4.0
3.4
3.6
3.9
3.9
3.8
3.6
4.0
5 9
6 1
7 6
.2
.1
.2
1
(3)
.1
.3
.6
.1
3
.5
4.8
11.2
8.6
11.0
20 6
25.5
27.0
28 8
30.7
33 7
34.8
32 9
27 6
31 0
30.2
39.5
1 0
2 1
2 4
5
8
1.3
1.6
1 7
.9
8
.8
1 l
2.2
2 2
1.0
1.0
2.1
2.6
2 7
3 8
4.9
4.9
1 0
1 1
1.1
1.2
3 9
3 8
5.1
6.1
27
3 7
5.4
6 5
7 0
7 8
7 6
5 6
5 9
6 3
6.5
6.7
6 6
8 7
10.4
15 6
19 6
15 4
19 2
16 7
18 2
18 5
15.3
14.6
21 7
23 1
27.1
27 9
33 9
37 3
36 7
36 3
42 3
36 2
38.3
33.4
1.4
.8
1.1
.8
1.2
1.9
2 8
2.1
1.1
.3
.5
37 2
44 4
57.3
14 2
8 7
11.7
33.4
Asia and All Other
India,
China
and French Hong BurAsia Man- Indo-6 Kong ma,
and
chu- China
Ceyria
lon*
Date
1939—Dec2
1940—Dec 2
1941—Dec. 31
1942—Dec 31
1943—Dec. 31
1944—Dec 31
1945—.Dec. 31
1946—Nov 30
Dec. 31
1947—jan# 3i
Feb 28
Mar. 31
Apr 30
May SI
June 30
July 31
Aug. 31
Sept. 30
Oct 31
, .
174.1
117 8
87.9
35 3
26.3
51 4
22.0
23 7
23.5
11 1
1.7
1 5
1.0
. .
75 0
99.2
94.5
85 0
88.9
98 1
. . . 173.3
185.0
177.7
177.5
164.6
(8)
(8)
(8)
(8)
40.8
53.9 (8)
43.8 .1
36.8 (8)
41.2
47 0
76.1 ( 8 )
104.8 . 1
110.7 . 1
108.2
.3
103.7 3 . 2
78.6 3 . 3
1.9
1.7
3.1
.9
1.0
.9
8
4.0
5.9
2 2
2.0
22.3
7.5
9.1
12.0
5.0 12.7
5.1 12.9
4 . 1 14.6
4 0 14.2
3 . 5 13.2
3.5 32.8
3 . 1 33.7
3 . 1 27.5
2 . 1 27.5
2 . 2 28.9
Egypt
Neth- PhilBritand French Union
er- ippine Tur- Other All Aus- New Anglo
ish Japan lands
of Other
7 tra- ZeaMoIsMaother
Egypkey"
Asia
East 6 lands
lia land tian rocco South
laya"
Africa
Indies
Sudan
102.1
55.8
18.9
.7
.5
.1
I
5
.5
.5
.5
1.6
1.7
1.5
2
.2
.2
.9
1.0
.5
.5
.2
.2
1.1
.9
.2
.2
.2
.2
.3
.3
.3
.3
1.4
1.9
1.5
.5
.5
.5
.7
.4
1.0
1.3
1.1
1.6
1.6
.8
1.0
1 4
26.4
22 6
23.0
14 4
13.9
13 8
13.8
14.7
20.2
25.3
23.0
20.3
22.4
23.2
20.2
25.1
24.5
24.5
27.7
1
3
1
?
8
?
8
0
9
1 4
1.4
1 5
? 0
? S
? 7
3 3
3 ?
3 5
5 6
13.1
21.6
14.0
19.5
2.0
1.8
9.3
6 4
9.7
4 8 1.0
3.9
8 8 11 7
2.7
9.9
15.8
17.2
4.5 19.8
4.0 27.1
3 . 9 30.1
4 . 5 34 3
5 . 8 34.0
5 . 8 30.5
6 . 7 36.3
8.4 31.7
9 . 0 34.3
9 . 1 36.3
4.2
4.4
.5
.6
1.7
3.1
3.4
7
2
7
9
1 1
4.3 1.2
6.2 1 3
6.5 1 S
7.5 1 3
6.6 1 6
9 0 1 0
11 3 1 7
9 0 1 5
10 ?, 1 4
12.0 2 . 0
1
.1
2
.3
.4
.4
.4
.4
.5
.4
.4
.3
.2
.2
.7
.2
/g\
(*)
(*)
U
1
(8)
(S)
(1)
.1
1
.4
.1
.3
.3
.6
1
2
9
4
7
4
7
7
12
.7
10
2.5
9 1
10.1
10.5
14.7
16.0
18 3
18 9
15.2
2.4
2.2
3.4
45
5.5
68
6.0
5.0
4.2
4.9
6.7
7.0
18.8
15.8
15.0
14.5
1
2
Prior to June 30, 1942, included under "All other."
Report dates for these years are as follows: 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
«8 Less than $50,000.
* Prior to June 30, 1942, included under "Other Latin America.'
8
Included "Canal Zone" prior to June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
7
Country breakdown not available until June 30, 1942.
MARCH
1948
355
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars
1947
1947
International Fund
1946
International Bank
Nov.
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
Aug.
May
1,356 1,345
Nov.
1,333
1,626 1,929 2,030
3,630 3,304 3,155
1,309 1,342 1,202
0)
0)
0)
7,922 7,922 7,722
i
-2
1948
2
Currency bought
(Cumulative figures)
Jan.
Dec.
Nov.
Aug.
11.0
8.8
7.5
3.4
3.4
3.4
125.0 125.0 125.0 100.0
22.5 22.5 22.5; 13.5
52.0 52.0 36.0 24.0
5.0
5.0
5.0
240.0 240.0 240.0
Belgian francs
Chilean pesos
Danish kroner
French francs
Mexican pesos
Netherlands guilders
Turkish liras
Pounds sterling
22.0
Total.
Dec.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Investment securities (U. S. Govt. obli
gations)
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
Sept.
June
Dec.
267
909
335
873
478
872
254
368
412
5
497
3
250
197
4
407
45
455
3
250
223
2
156
4
250
148
399
0)
0)
0)
(
158
?
0)
1,645 1,645 1,605 1,169
i
2
-1
-1
1
Less than $500,000.
2 As of Jan. 31, 1948, the Fund had sold 472.7 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
6,580 million dollars as of Dec. 31, 1947, of which 2,540 million repre
sents the subscription of the United States.
137.5
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1935—Dec.
1936—Dec.
1937—Dec.
193g—Dec
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
1945—Dec.
1946—Dec.
200.1
313.7
326.4
326 4
* .2
25
30
29
28 . .
27
25
31
30
29
27
26
25
1947 Feb 26
Mar. 26
Apr 30
May 28
June 25
July 30
Aug 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1948—j an 3i
Other
assets 2
.2
.2
.2
.2
.2
.2
.2
. . . .
...
.2
.2
.2
.2
Discounts
and advances
Notes
260.0
200 0
220.0
230 0
580.0
630.0
780 0
950.0
1400.0
1.250.0
1,400.0
1,450.0
.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
1,450 0
.9
.6
1.0
1.3
16.0
11.1
18.0
20.6
28.6
16.6
14.6
.3
74.7
59.5
62.6
56.1
55.2
30.9
56 8
73.7
89.4
109.8
100.5
.3
131.3
11,450.0
.2
.2
5 1,400.0
.2
.2
.2
.2
Cash reserves
Coin
1,450 0
1,450.0
11,450.0
1,450.0
1,450 0
1,450.0
1,450.0
1,450.0
1,450.0
.2
.2
Assets of banking department
1.8
2.4
2 5
2.3
2.0
1.5
Securities
Liabilities of banking department
Note
circulation*
Deposits
Bankers'
Public
Other
Other
liabilities and
capital
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18.0
18.0
18.0
18 0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
8.0
11.3
14 0
16 2
13.8
14.0
18.6
60 1
94.4
98 0
95.1
98.3
95.1
93 4
92 1
95.9
93.3
95.5
18 4
18 5
17 8
18 0
18.1
18 3
18 4
18 5
17 8
18.0
18.1
16.3
93.0
18.3
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
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
15.2
294.6
338.7
344.8
353.9
337.0
364.6
332 0
325.9
'318.9
302.1
331.3
1,375.6
1,390.7
1,387.6
1,394.1
1,395.0
1,419.3
1,393 4
1,376.5
1,360.8
1,340.5
1,349.7
285.2
286.4
303.7
301.9
290.3
301.8
282 0
289 6
288.8
292.5
315.1
12.7
274.3
1,269.0
290.8
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
8.7
5.9
4.5
5.2
5.3
10.3
22.4
10.6
6.9
5.0
1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 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 on Jan. 7, 1948. For details on previous changes in the fiduciary issue see BULLETIN for
January 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.
356
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Gold
31.
30.
31.
31.
31.
31.
30.
31.
31.
185.9
225.7
(*)
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Shortterm !
Deposits
Other
assets
Note
circulation;
Chartered
banks
Other
Dominion
government
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
874.4
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
1.2
1.0
1.0
4.0
.7
2.4
1.9
.7
1.4
2.0
1,172.3
1,146.9
1,186.0
1,123.0
1,063.7
1,081.9
1,141.5
1,088.0
1,136.4
1,039.9
1,022.0
738.9
757.5
751.2
731.0
716.0
722.6
720.3
744.7
799.4
820.6
858.5
47.6
40.4
59.2
41.3
40.4
42.0
39.0
49.5
53.1
46.2
43.7
1,137.9
153.2
153.9
1,148.1
1,152.6
1,153.7
1,158.9
1,172.2
1,179.4
1,182.3
1,211.4
493.6
536.3
542.6
477.6
474.4
468.3
515.0
481.1
548.7
536.7
536.2
215.7
159.8
195.7
179.4
105.6
124.1
133.6
128.2
143.4
84.2
68.8
75.3
64.6
69.3
58.5
54.4
63.7
58.7
62.0
71.2
62.0
67.5
37.3
32.1
35.9
32.6
36.9
37.3
37.1
40.5
46.9
42.8
42.4
931.3
863.2
48.2
1,157.5
538.3
44.6
60.6
41.7
1947—Feb. 28.
Mar. 3 1 .
Apr. 30.
May 3 1 .
June 30.
July 3 1 .
Aug. 30.
Sept. 30.
Oct. 3 1 .
Nov. 29.
Dec. 3 1 .
1948—Jan. 3 1 .
Assets
Bank of France
(Figures in
millions of francs)
Gold
6
Open
Special?
market 7
Liabilities
Advances to
Government
Domestic bills
Foreign
exchange
Other
For occupation
Other'
costs 8
1938—Dec. 2 9 . . . J187,265
97,267
1939—Dec. 2 8 . . .
1940—Dec. 2 6 . . . 1184,616
1941—Dec. 3 1 . . . 84,598
1942—Dec. 3 1 . . . 84,598
1943—Dec. 3 0 . . . 84,598
1944—Dec. 2 8 . . . 75,151
1945—Dec. 2 7 . . . 11129,817
1946—Dec. 2 6 . . . 1*94,817
821
112
42
38
37
37
42
68
7
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
77,621
1,797
2,345
661
12
169
29
48
303
3,135
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
72,317
142,507
210,965
326,973
426,000
426,000
426,000
94,817
94,817
1282,817
82,817
82,817
82,817
"64,817
64,817
1152,817
52,817
"65,225
65,225
5
8
5
6
6
6
6
3
7
10
13
12
75,500
82,958
83,613
85,120
82,221
82,983
99,114
97,490
107,877
108,050
111,368
137,397
2,209
1,435
694
134
125
84
8
20
130
250
285
64
82,674
85,917
85,221
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
426,000
426,000
426,000
1947—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .
Oct. 3 0 . . .
Nov. 2 7 . . .
Dec. 31. . .
Other
Other
liabilities
and
capital *
Other
assets 9
67,900
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
55,200
54,000
79,500
55,000
63,700
95,000
113,600
124,900
139,300
127,800
116,000
147,400
54,507
53,066
58,083
13
108,758
iH03,846
13119,662
in 20,046
13105,639
i3lO3,O67
^IOS.ISS
13110,303
iH21,061
20,627
34,673
63,900
69,500
68,250
64,400
15,850
Deposits
Note
circulation
Govern- C.A.R.i°
ment
Other
Other
liabilities
and
capital
110,935 5,061
151,322 1,914
984
218,383
270,144 1,517
770
382,774
578
500,386
748
572,510
570,006 12,048
765
721,865
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
55,020
54,512
63,880
62,304
66,745
76,747
71,329
70,651
71,299
81,030
87,513
82,479
4,849
5,166
5,021
4,992
4,599
9,040
5,075
7,250
6,861
6,502
11,408
10,942
730,253
737,692
746,266
770,670
775,053
807,064
831,587
838,442
852,195
867,700
879,492
920,831
789
831
767
770
745
834
792
750
779
762
846
733
41,400
64,580
16,857
10,724
1
2
3
4
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 6 1940, pp. 677-678).
Less than $50,000.
6
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May7 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For
explanation of this item, see BULLETIN for July 1940, p. 732.
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 occupatior.
9
From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs
by a payment from the State to the Bank.
10
Central Administration of the Reichskreditkassen.
u
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France: in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million, in week ending May 2, 1946, 35,000 million, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million
francs
of gold transferred from Bank of France to Stabilization Fund.
12
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury
bonds covering these contributions is shown under "Other assets."
13 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.
14
Includes gold received by the French Government from the Tripartite Commission for the Restitution of Monetary Gold, of which 10,052
million francs has been pledged as collateral against a loan.
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.
MARCH
1948
357
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Jan.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1 .
Rediscounts and loans to banks .
Other assets
Currency circulation 2
Deposits—Member bank
Government x
Nationalized
Other
Certificates of participation in
Government securities
Other liabilities and capital. . . .
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks.
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l Fund 3
Loans to Government
Other loans and discounts
Claim against Bank of Issue...
Other assets
Note circulation
Demand deposits
Blocked accounts *
Other liabilities and capital
1947
Dec.
1,030
2,614
939
Nov.
,030
,540
947
13,737
2,624 2,737
5,346 4,837
427
613
1,480
1,710
12,850 12,275
84
81
758
917
Jan.
Jan.
175,526 219,803 National Bank of Czechoslovakia
2,508 2,331 (millions of koruny):
Gold and foreign exchange 6 . . . .
428,893 390,205
Loans and discounts
15,747 6,758
Other assets
195,643 197,680
Note circulation—Old
New
269, 610 263,405 249,830 274.740
Deposits—Old
23,297 30,048 30,600 28,927
New
159,590 168,500 146,602 117,750
Other liabilities and capital
25,980
13,307
486
50.982
7,883
64,597
2.289
79,736
5,309
78,576
1,903
26,170
12,081
518
50,997
7,955
64,597
2,665
79,761
4,718
78,578
1,925
26,003
12,748
1.000
50,907
5,648
64,597
2,284
78,472
4,285
78,610
1,819
31,684
7,578
941
218
259
631
41
,737
129
226
922
327
296
431
11
1,676
299
12
200
86
735
810
1,147
2,375
3,690
720
410
533
287
48,823
4.841
64,597
2 ,268
73,334
5,579
79,296
1,583
National Bank of Bulgaria B
200
46
1,125
805
973
2,392
4,067
625
371
480
Bank of the Republic of Colombia
(thousands of pesos):
Gold
147,494 146,013 146,
Foreign exchange
57,772 48,489 50.
Net claim on Int'l Fund »
21,867 21,867 21,
Paid-in capital—Int'l. Bank. . . . 1,225 1,225
Loans and discounts
102,722 132,568 109!
Government loans and securities. 104,349 103,303 102.
Other assets
44,234 43,19f 46,
1947
Dec.
Nov.
Jan.
Bank of the Republic of Colombia
—Cont.
3,279
Note circulation
276,517 297,924 261,908 235 ,258
2,257
Deposits
164,311 159,020 175,600 183,082
939
38,835 39,711 40,886 37,805
Other liabilities and capital
32
8,469 National Bank of Costa Rica—
2,086
Issue dept. (thousands of colones):
4,041
Gold
11,477 11,472 11,324
385
Foreign exchange
12,545 10,829 5,192
647
Contributions to Int'l Fund and
11,150
to Int'l Bank
30,321 30,321 2,249
206
Loans and discounts
69,192 65,285 64,623
Securities
3,950 3,972 3,045
Other assets
1,240
1,108
1,317
633
86,224 79,097 70,474
Note circulation
35,303 36,839 11,150
Demand deposits
7,198 7,051 6,125
Other liabilities and capital
180,046 177,989
2,533 2,721
440,237 466,073
23,323 20,313
193,643 205,143
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Net claim on Int'l Fund 3
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
.
1948
Central Bank
(Figures as of last report
date of month)
'"660
824
1,044
1,861
3,407
612
210
446
256,684
48,042
1,225
31,063
85,979
33,151
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account.
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital... .
5,746
7,965
124,277
932
56,009 58,539 53,718 41,965
72,281
7,316
5,599 13,735
4,998
11,858 11,402 12,264 9,075
5,156
4,790 4,958
12,793 17,436 10,202
54,917 55,031 56,421
71
123
-22
21
125
5,609
250
1,641
1,741
2,621
174
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net)
Net claim on Int'l Fund»
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 3
Net claim on Int'l Fund
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
71
113
-5
20
126
5,654
248
1,522
1,860
2,672
172
83
111
117
24
100
7,544
140
1,549
2,736
3,667
166
274,894 272 ,942
59,944 73,935
16,877 16,877
256,713 209,291
67,326 105,048
335,680 350 ,903
263,158 286,779
76,914 40,410
6,376 6,376
14,894 16,137
6,628 4,406
303,067 303 ,081
28,414 26,640
138,457 133,795
93,179 84,068
112,766 124,570
14,976 14,208
36,834
29,454
1,563
7,841
5,475
1,410
53,859
23,170
5,547
36,883
27,169
1,563
7,110
5,502
1,806
50,162
24,198
5,673
33,595
42,336
1,563
4,265
5,729
1,516
54,726
25,952
8,325
1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
»This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time 4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
«For
last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Gold not reported separately beginning Dec. 31, 1946.
7
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
2
358
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS— Continued
Central Bank
(Figures as of last report
date of month)
1948
Jan.
1947
Dec.
Nov.
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital.
6,040
27,603
2,832
28,060
39,726
24,574
236
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
91
2
2
560
874
828
-2,587 -2,270 -2,261
31,843 34,896 34,207
378
388
386
779 1,257
861
23,258 25,162 25,809
1,288 3,217 1,615
6,518 6,720 6,647
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
641
19
760
1,079
135
829
81
229
1,495
Bank of Guatemala (thousands of
quetzales):
Gold
27,229 27,229
Foreign exchange
22,769 21,824
Gold contribution to Int'l Fund.
1,250 1,250
Rediscounts and advances
3,182 3,377
9,708 9,289
Other assets
Circulation—Notes
30.236 30,269
Coin
2,899 2 ,905
Deposits—Government
8,233 7,799
Banks
13,112 12,902
Other liabilities and capital
9,659 9,094
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
Sterling securities
Indian Govt. Securities. . . .
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities and capital.
403
104
1,624
340
184
1,962
122
194
376
403
99
1,663
340
194
1,992
125
194
387
444
11,353
578
368
12,254
490
3,831
6
3
976
5,078
228
Central Bank of Ireland (thousands
of pounds):
Gold
2,646 2,646
Sterling funds
40,813 43,436
Note circulation
43,459 46,082
Jan.
Central Bank
(Figures as of last report
date of month)
1948
Jan.
1947
Dec.
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
2
Other
2,389
Other liabilities and capital
-7,386
27,452 Bank of Japan (millions of yen):
436
Cash and bullion
1,294
Advances to Government
17,172
Loans and discounts
1,542
Government securities
5,473
Reconversion Fin. Bk. bonds. .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Nov.
Jan.
(Oct.)
523
7,048
516,141
4,193
137,013
112,498
47,408
611,909
68,242
523
8,995
482,414
24,480
55,187
105,634
28,364
412 ,068
83,876
32,035
54,622 69,679
68,560 96,484
21,492 11,455
8,036
36,257
596
16,373
42,835
16,143
2,284
2,876
53,570
40,004
75,047
30,134
7,512
178,158
4,759
19,903
6,322
1,419
21,577
46,885
43,844
5,652
100,040
4,767
10,312
4,257
Bank of Java 2
Bank of Mexico (millions
of pesos):
Metallic reserve 3
;
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
27,229 28,477
Demand liabilities
19,908 20,044
Other liabilities and capital
1,250
1,048
2,986
Netherlands Bank (millions of
8,542 4,619 guilders):
29,608 29,668
Gold
2,889 2,741
Silver (including subsidiary coin)
7,676 4,664
Foreign bills
11,206 14,24
Loans and discounts
8,537 2,869
Govt. debt and securities
Other assets
Note circulation—Old
New
284
393
Deposits—Government
66
94
Blocked
:
475
1,485
Other
342
340
Other liabilities and capital
441
236
1,829 1,01-7 Reserve Bank of New Zealand
89 (thousands of pounds):
137
33
183
Gold
469
399
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
444
444
Note circulation
11,353 11,353
Demand deposits
578
578
Other
liabilities and capital
207
370
11,999 12,258 Bank of Norway (millions of kroner):
Gold
326
747
Foreign assets (net)
3,872 4,699
Loans and discounts
28
7
Securities
Occupation account (net)
700
1,031
Other assets
5,424 5,492
Note circulation
260
234
Deposits—Government
'
Banks
Blocked
Other
2,646 2,646
Other liabilities and capital
42,430 37,054
45,076 39,700
642
582
3
335
153
3,500
195
125
2,911
857
138
509
227
608
3
266
160
3,500
169
125
3,010
704
129
533
205
696 *
1,482
638
158
1,692
877
352
1,856
501
117
1,719
1,063
387
589
2
258
151
,500
147
125
,878
805
125
506
209
700
1
4,600
152
103
237
,681
,387
106
598
547
2,802 2,802 2,802
63,108 65,225 94,573
43,932 40,504 27,386
7,868 7,868 3,948
1,044
909 1,709
51,988 48,047 47,705
61,768 64,367 77,757
4,999 4,894 4,956
333
537
84
73
8,103
66
1,989
4,035
1,231
856
339
744
403
711
67
78
8,108
51
1,853
5,285
636
938
341
364
1
Latest month available.
2 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.
8
MARCH 1948
359
CENTRAL BANKS—Continued
1948
1948
Central Bank
(Figures as of last report
date of month)
Dec.
Jan.
Nov.
Jan.
Bank of Paraguay—Monetary
dept. (thousands of guaranies):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Demand deposits
Other liabilities and capital..
(Oct.)
722
1,870
33,25
36,694,
17,319
2,198
9,249
9,899
4,641
2,703
40,753 32,708
6,994 13,514
17,442
7,142
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange2
Net claim on Int'l. Fund
Contribution to Int'l. Bank . . . .
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities and capital
128,861 100,419
20,491
2,480 11,380
60,554 91,414
732,300 614 ,764
124,664 78,557
690,217 603 ,121
255,816 205,487
123,318 87,926
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities and capital....
5,880
4,772
11,009 12,450
371
386
1,294
1,283
447
558
8,508
8,383
3,016
1,872
8,048
6,766
869
986
National Bank of Rumania 3
South African Reserve Bank
(thousands of pounds):
Gold 4
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- f)
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital... .
187,117
53,068
8,189
13,797
65,637
189,352
7,182
195,601
46,168
6,972
11,926
63,506
190,723
6,438
217,600
10,274
6,034
20,635
63,511
184,256
6,775
1,214
1,215
522
523
15,882 15,687
8,110
9,883
2,857
3,568
24,939 22,185
1,968
2,281
3,426
3,243
811
607
229
404
232
435
222
463
768
583
2,702
116
335
2,734
613
163
276
2,929
127
343
2,895
631
269
270
2,839
85
311
2,702
567
297
355
1,722
148
582
2,693
560
171
378
Central Bank
(Figures as of last report
date of month)
Jan.
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
,
Other liabilities and capital
Central Bank of the Republic of
Turkey8 (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities and capital
,605
131
236
86
,150
,200
707
Dec.
Nov.
5,256
102
41
140
4,383
1,17
358
,298
7
207
100
,202
,123
358
Jan
4,936
166
86
79
3,883
1,163
221
477,932 476,305 475,625 667,520
254,807
597,580
196,381
37,232
860,840
151,802
312,981
238,309
Bank of t h e Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. Bank. . . .
Advances to State and government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (thousands of bolivares):
Gold ^
Foreign exchange (net)
Other assets
Note circulation—Central Bank.
National banks.
Deposits
Other liabilities and capital
1947
276,405 286 295 229,508
617,839 615 245 534,891
198
45
883
151
344
893
501
931
777
243
234,'993
184,
36,
>14,
151,
281,
251,
615
347
041
119
628
341
187,275
29,638
933,218
182,669
308,079
224,866
(Oct.)i
268,125 303,180
12,922 13,160
318
318
36,574 12,340
170,532 124,884
248,872 343,608
214,930 210,936
54,579 39,068
239,076 257,236
228,758 290,253
57,408
08,399
77,297
!90,006
3,893
17,514
31,691
557,408
65,683
83,623
507,302
4,111
162,041
33,260
557,080
93,151
51,866
487,895
6,706
184,436
23,060
National Bank 3of the Kingdom
of Yugoslavia
Bank for8 International Settlements (thousands of Swiss gold
francs):
01,510 92,280 92,843 86,850
Gold in bars
Cash on hand and on current
account with banks
23,486 15,223
7,541 13,121
Sight funds at interest
496
496
141
497
Rediscountable bills and accept27,739 28,905 35,898 26,511
ances (at cost)
15,506 17,816 19,276 13,332
Time funds at interest
Sundry bills and investments.
. . 60,509 63,657 59,626 320,249
Funds invested in Germany 9 . . . !91,160 !91,160 291,160
210
Other assets
3,389
7,448
3,422
17,665 17,004 17,672 18,947
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own ac16,354
7,278 10,306
count
7,216
9,290
Other
9,353
6,603
1,416
Long-term deposits: Special ac228,909 228,909 228,909 229,001
counts
248,400 250,445 253,826 203,954
Other liabilities and capital
1
Latest month available.
2
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 3as 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 (February4 1941), see BULLETIN for March 1942, p. 282.
Gold
revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
5
Includes small amount of non-Government bonds.
6
Gold
revalued on S^pt. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.8
9
See BULLETIN for December 1936, p. 1025.
Before March 1947, included in "Sundry bills and investments."
360
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
United
King- France Gerdom
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
In effect Feb. 29,
1948
Central
bank of -
SwitBel- Nether- Swezergium lands
den land
Rate
Feb.
29
Date
effective
"m
3*
2H
Hi
Ireland..:..
Italy
Japan
Java
Latvia
Nov. 23, 1943
Sept. 6, 1947
Apr. 7, 1936
3.29 Jan. 14, 1937
3
Feb. 17, 1940
5
Colombia
Costa Rica...
Czechoslovaks
Aug.
4 Feb.
3-4.K Dec.
4 July
3 Apr.
2X Oct.
1946
1944
1936
1933
1939
1945
Lithuania:::
Mexico
Netherlands
NewZealand
Norway....
Peru
July 15,
June 4,
June 27,
July 26,
Jan. 9,
Aug. 1,
1939
1942
1941
1941
1946
1940
Denmark....
Ecuador
El Salvador..
Estonia
Finland
Jan.
June
Oct.
Oct.
Feb.
1946
1943
1946
1935
1948
Portugal.::..
Rumania....
South Africa.
Spain
Sweden
Jan. 12,
M a y 8,
June 2,
Oct. 27,
Feb. 9,
1944
1944
1941
1947
1945
9, 1947
Switzerland.
Turkey
United Kingdom
U. S. S. R.. . .
Yugoslavia. .
France
..
Oct.
&3
Germany
Greece .
Hungary.
India
&3
2
&3
Data
effective
1940
1936
1945
1947
1940
Bulgaria.
Canada..:...
Chi
4
3
Rate
Feb.
29
Mar.
Mar
Julv
Aug
Nov.
Albania..:
Argentina.
Austria
Belgium
Bolivia
3
Central
bank of—
3X
10
5
3
Apr.
Aug.
Oct.
Nov.
1940
1946
1947
1935
2Y2
sx
2X
3
4K
2X
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes since Jan. 31: Finland—Feb. 6, up from 5% to 7*4, per
cent.
2X
OPEN-MARKET RATES
Per cent per annum]
United Kingdom
Canada
Year and
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1932—Dec
1933—Dec
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1.25
.75
.76
.67
.81
.63
.55
.52
.42
.37
.36
.40
1.02
1.06
.57
.71
.83
.75
.96
1.23
1.03
1.03
1.03
1.03
1.03
.53
.53
1.04
1.15
.47
.81
.77
.70
.75
.78
.75
.80
1.03
1.00
1.03
1.00
1.00
1.02
1947—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
No.v
Dec
.40
.40
.40
.41
.41
.41
.41
.41
.41
.41
.41
.41
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.50
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
.68
.84
.75
.93
1.24
1.01
1.01
1.01
1.01
1.00
.50
.50
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
France
Bankers'
allowance
on deposits
Day-today
money
1.50
1.94
1.50
.42
.65
.53
.33
.19
.48
.39
.41
.41
.46
.45
.51
1.46
1.44
1.64
Netherlands
Treasury
bills
3 months
1
Day-today
money
1.21
.78
1.44
1.72
1.65
1.59
1.45
1.46
1.52
1.30
1.08
.95
.93
1.13
.77
1.46
1.19
1.11
1.08
.86
1.09
1.00
.75
.95
.74
.53
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
1.50
1.50
1.50
2.50
1.25
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.38
1.38
'1.38
i The following rates replace the private discount rate and money for one month shown in the BULLETIN through October 1941.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
MARCH
1948
361
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and
short
notice
Liabilities
Bills dis- Treasury
Loans to
deposit 2 Securities customers
counted receipts
Deposits
Other
assets
Total
Demand
Time
Otherliabilities
and
capital
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
274
324
366
390
422
500
536
499
174
159
141
142
151
199
252
432
334
265
171
198
133
147
369
610
314
758
896
,307
,667
,523
,560
609
771
999
,120
,154
,165
,234
,427
1,015
924
823
794
761
772
827
994
290
293
324
325
349
347
374
505
2,441
2,800
3,329
3,629
4,032
4,545
4,850
5,685
1,398
1,770
2,168
2,429
2,712
3,045
3,262
3,823
043
030
161
200
319
,500
1,588
1,862
256
250
253
236
245
250
265
342
1947—January. .
February.
March
April
May
June
July
August . . .
September
October...
November
December.
475
463
466
476
460
464
475
479
465
468
488
502
428
421
444
435
430
451
442
455
472
466
476
480
624
659
750
709
659
672
699
724
758
825
799
793
,563
,436
,317
,346
,350
,330
,283
,248
,193
,147
1,196
1,288
,427
,439
,455
,461
,470
,479
,488
,492
,493
,500
,500
1,483
,008
,015
,034
454
451
465
470
489
518
504
473
476
487
492
567
5,629
5,519
5,556
5,583
5,571
5,658
5,644
5,628
5,615
5,690
5,767
5.935
3,749
3,603
3,606
3,628
3,593
3,667
3,668
3,663
3,653
3,713
3,781
3,962
1,880
1,916
1,950
1,956
1,978
1,992
1,975
1,965
1,962
1,977
1,986
1,972
348
364
374
376
386
386
386
396
397
387
389
396
,064
,099
,131
,139
,154
,155
1,185
1,205
1,219
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
292
323
356
387
471
550
694
753
53
40
32
31
48
92
251
136
,088
,108
,169
,168
,156
,211
,274
,507
132
159
168
231
250
214
227
132
1,646
1,531
759
,293
,940
3,611
4,038
4,232
612
570
653
657
744
782
869
1,039
85
80
71
60
42
34
26
21
2,774
805
3,105
3,657
4,395
5,137
5,941
6,252
1,033
1,163
1,436
1,984
2,447
2,714
3,076
2,783
1,741
1,641
1,669
1,673
1,948
2,423
2,865
3,469
963
846
962
,049
,172
,289
,386
,525
1947—January..
February.
March....
April
May
689
635
695
719
631
637
645
670
663
702
695
731
134
155
121
97
81
106
99
82
83
93
92
105
,481
134
126
195
142
113
126
119
116
113
102
107
106
4,369
4,264
4,239
4,349
4,162
4,131
4,110
4,109
3,963
3,882
3,850
3,874
960
1,066
993
1,035
998
1,041
1,036
1,014
933
1,156
1,051
1,159
21
21
21
21
20
20
20
19
19
19
18
18
6,233
6,171
6,188
6,356
6,066
6,152
6,170
6,186
6,193
6,283
6,279
6,412
2,700
2,585
2,569
2,719
,383
,508
2,481
2,412
2,387
2,531
2,569
2,671
3,533
3,586
3,619
3,637
3,682
3,644
3,690
3,774
3,806
3,753
3,710
3,740
,514
,558
,590
,594
,563
,578
,580
,591
,570
,563
,562
1,544
June
July
August . . .
September
October...
November.
December.
,506
,555
,628
,664
,709
,761
,805
2,027
1,931
2,065
1,999
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1939—December
1940— December
1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
4,599
6,409
6,589
7,810
8,548
10,365
14,602
17,943
3,765
3,863
3,476
3,458
4,095
4,948
13,804
18,919
29,546
46,546
61,897
73,917
90,897
99,782
155,025
195,177
7,546
8,255
8,265
10,625
14,191
18,653
36,166
64,933
2,440
2,221
2,040
2,622
2,935
2,190
7,360
23,392
42,443
61,982
76,656
91,549
112,732
128,758
213,908
291,894
41,872
61,221
75,744
91,225
111,191
126,578
211,871
290,004
571
762
912
324
1,541
2,180
2,037
1,890
557
2,898
15,694
609
753
199
6,422
7,506
6,623
10,151
12,777
1947—January
February
March
April
May
June
July
August
September
October
November
17,267
16,992
19,471
18,578
17,516
27,316
21,428
21,585
20,950
19,696
21,597
20,241
19,127
20,677
20,877
20,684
20,419
20,388
19,464
20,451
19,018
20,691
195,750
197,377
203,451
202,425
209,977
196,762
208,792
210,551
209,323
211,760
205,314
67,084
66,114
66,744
69,670
68,656
73,569
79,789
80,220
85,712
86,269
92,010
18,367
18,756
20,724
21,081
22,377
22,866
24,928
29,200
31,391
32,338
33,482
295,444
294,922
305,583
306,356
311,244
312,289
324,665
326,393
331,219
330,949
333,858
293,484
292,946
303,742
303,857
308,256
309,137
321,678
323,415
328,438
327,997
331,059
1,960
1,976
1,841
2,499
2,988
3,152
2,987
2,978
2,781
2,952
2,799
15,767
15,720
16,380
16,772
17,606
17,679
18,589
21,932
23,149
23,304
23,632
7,499
7,723
9,103
9,503
10,360
10,964
12,072
12,695
13,459
14,830
15,603
844
558
413
462
428
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
2
Represent six-month loans to the Treasury at 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.
362
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
30.850
29.773
29.773
. . 29 773
29.773
29.773
. . . 29.773
29.773
29 773
.
.
1947—March
April
May .
June
.
July
August
September
October
November
Free
353 38
322.80 305.16
2
23!704 322.80 321.27
23 704 322 80 2 321 50
24 732 322 80 321 50
25.125 s 322.80
25.125 322.80 3 321.17
25.125
321 34
25 125
321 00
Belgium
(franc)
Official
• - •
1947—March
April
M^ay
June
July
September
October
November
December
Year or month
. .
1947—March
April
May
June
July
August
September
October
November
December
194g—January
February
2
3.4252
2
2.0060
2.0060
20.346
19.308
2
Netherlands
(guilder)
5.1959
5.0407
5 0703
19.3C3
18.546
20.538
20,569
20.577
20.581
20.581
20.581
20.577
100 000
100.000
100 000
100 coo
100.000
100 000
100.000
100.000
100 000
100 000
94.217
91.901
91 954
91.592
91.652
91 998
90.362
89.989
89.589
88 359
5 4406
5.4406
100 000
100.000
90 455
89.062
Hong
Kong
(dollar)
India
(rupee)
27.454
22.958
24.592
France
(franc)
Official
1.9948
1.8710
2
2 0101
Greece
(drachma)
Free
2 5103
22.0827
.8153
.6715
2
20.876
20.864
21.9711
.8409
.8407
33.279
30.155
30 137
30.122
30.122
30.122
30.122
30.155
30 164
.8408
.8407
.8408
.8407
.8407
8405
.8407
.8407
.8404
.8403
30.153
30.160
30.161
30.163
30.171
30 171
30.167
30.169
30.176
30.177
20.574
20.577
20.580
20.576
20.575
20 582
20.578
20 576
20.576
20.575
37.788
37.757
37.760
37.751
37 760
37 753
37.751
37 762
37.768
37.699
5
.8400
.4671 6 .3270
30.172
30.168
20.576
20.575
37.654
37.714
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
2,0060
2.0060
2.0060
2.0060
2.0060
2 0060
2.0060
2.0060
2.0060
2.0060
20.866
20.866
20.866
20.865
20.862
20 862
20.861
20.861
20.863
20.860
56.991
57.010
2.0060
2.0060
20.860
20.860
New
Zealand
(pound)
South
Norway Portugal
Africa
(krone) (escudo) (pound)
354 82
306.38
322 54
322.78
324 20
324.42
323.46
322.63
322.29
Mexico
(peso)
5.4404
5.4405
5 4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5 4406
2 2784
2.2789
57.061
57.085
57.004
57.052
57.265
57.272
57.014
57.020
57.001
Italy
(lira)
5.1727
5.1668
2
5.1664
321 16
321 . 2 0
Finland
(markka)
11.879
6.000
25.313
Official
321 21
Colom- Czecho- D e n bia
slovakia mark
(peso) (koruna) (krone)
4.0000
4.0000
4.0000
Free
25 125
25.125
320 9 l i
320.90
320 92
321 12
321 19
321 15
Export
China
(yuan
Shanghai)
96.018
85.141
87.345
88 379
89 978
89.853
90.485
93 288
91 999
29 773
29.773
320 91
320 91
Official
Free
Chile
(peso)
6.0027 2 5.1248 2
6.0562 5.0214 96.909
6.0575 5.0705 90.909
6 0584 5 1427 90 909
6 0586 5 1280 90 909
6.0594 5.1469 90.909
2
2.2860 6.0602 5.1802 90.909
2.2829 2 6 0602
95 198
5 4403
2 2817
100 000
2.2822
2.2836
2.2831
2.2832
2.2818
2.2821
2.2833
2.2830
2.2812
2 2789
320 91
Canada
(dollar)
3.3704
2
3.3760
25.125
25.125
25 125
25.125
25.125
25.125
25.125
25.125
25.125
25 125
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Official
In cents per unit of foreign currency]
Brazil
(cruzeiro1)
29.773
29.773
. . 29 773
29.773
29.773
29 773
. .
29.773
29.773
29.773
29 773
1948—Tanuarv
February
1939
1940
1941
1942
1943
1944
1945
1946
1947.
Australia
(pound)
Argentina
(peso)
Official Special
Export
4.0375
3.7110
4.0023
6
Spain
(peseta)
10.630
9.322
9.130
2
Straits
Settlements
Sweden
23.991
23.802
23.829
2
2
.4434
United
Kingdom
Switzerland
(franc)
(krona)
(dollar)
51.736
46.979
47.133
2
46.919
2
(pound)
Official
Free
322.20
322.20
322.20
322.18
322.18
322.20
322.41
322.48
322.44
322.50
20.161
20.161
20.160
20 160
20 160
20 159
20 158
20.159
20.159
20.159
4.0412
4.0313
4.0208
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
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
27.822
27.823
27.824
27.826
27.827
27.826
27.822
27.823
27.825
27.826
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
402 .73
402 .74
402 .74
402 .72
403 .10
403 .05
403 .13
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
322.45
322.49
20.159
20.160
4.0043
3.9700
400.75
400.75
9.132
9.132
27.825
27.826
23.363
23.363
403 .07
403 .11
65.830
65.830
2
2
2
9.132
9.132
22.525
22.676
23.210
2
2
2
36.789
37.601
43.380
52.723
52.855
53.506
55.159
56.280
56.239
443 54
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
56.262
56.262
56.262
56.262
56.259
56.203
56.204
56.204
56.204
56.204
56.198
56.180
403.50 383.00
403.50 403 18
403.50 2 403.50
403.50 403 50
403.50 3
2
403.50 403.02
2
25.859 2 23.363
403 .28
27.824 23.363
402 .86
2
Noncontrolled
Controlled
4.0501
4.0273
20.176
2
37.933
37.813
37 760
(peso)
20.160
2
23.226
22.7O9
2
53 335
53.128
Uruguay
440.17
397.99
398.00
398.00
398.00
398.00
399 05
400.50
400.74
2
2
402 .71
402.73
403 . 0 0
1
2
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
iiTthe 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 forthe new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
5
6
Based on quotations through Jan. 23.
Based on quotations beginning Feb. 10.
NOTE.—For back figures see Banking and Monetary Statistics * T'able 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.
MARCH
1948
363
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
2
106
P129
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
145
118
310
183
882
150
148
147
148
151
120
123
128
129
297
293
154
131
100
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
75
80
81
86
79
77
79
87
99
103
104
106
121
152
72
72
75
85
79
75
83
90
96
100
103
104
109
1947—February
March.
April .
May
Tune
July
August
September
October
November . .
December
125
157
159
160
134
139
143
P144
163
166
305
300
184
187
299
189
292
194
298
304
306
195
199
203
303
204
904
888
1,004
1,096
r
l,129
1,211
r
l 217
302
212
P1,456
190
193
Italy
(1938 =
100)i
France
(1938 =
100)
124
1926
1948—January
Mexico
(1929 =
100)
65
72
80
94
100
104
121
136
153
Japan
(1933 =
100)
Netherlands
(July 1938June 1939
= 100)
132
150
99
103
110
133
140
155
173
183
197
209
233
296
90
87
91
108
102
105
131
150
157
160
164
181
251
1,406
P271
P5,148
3,891
4,139
4,533
5,203
5,329
5,779
5,889
6,155
860
847
946
2,120
2,144
2,617
2,848
2,946
4,221
5,347
5,498
5,799
P5,991
P5,651
P5 456
Sweden
(1935 =
100)
2
Switzerland
(July 1914
= 100)
126
144
2
90
90
96
111
107
111
143
184
210
218
223
221
215
224
96
100
102
114
111
115
146
172
189
196
196
194
186
219
268
195
269
268
196
197
220
221
268
198
221
270
272
199
199
222
223
271
199
P272
P274
P277
'201
202
204
223
224
230
232
232
P2S0
r
P 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.
* 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.
1
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926 = 100)
Canada
(1926 = 100)
Year or month
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Industrial
products
Farm
products
Foods
Other
commodities
Farm
products
100
100
100
100
100
100
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
110
112
»120
64
66
71
84
73
67
75
82
90
99
104
106
109
73
73
74
81
78
75
82
89
92
93
94
94
99
P130
P117
85
87
92
102
97
97
133
146
158
160
158
158
158
165
138
156
160
164
170
175
184
207
170
183
177
176
178
129
131
132
132
131
133
136
138
140
142
•"146
116
116
117
119
119
120
120
120
123
127
P131
119
124
126
128
129
107
108
112
113
116
116
117
123
128
131
P132
158
158
163
165
166
197
198
200
203
203
168
207
197
162
168
162
160
162
167
172
179
178
178
178
199
180
148
P133
1926
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
United Kingdom
(1930 = 100)
. ...
1947—February
March
April
May
July
August
September
October
November
December
1948—January
181
182
186
190
188
131
133
134
139
143
P145
Foods
167
165
167
171
90
90
96
112
104
106
209
213
218
221
172
222
174
235
Netherlands
(July 1938-June 1939 = 100)
Foods
103
121
140
157
157
159
172
200
218
220
215
206
205
207
204
P205
P213
Industrial raw
products
Industrial
finished
products
112
163
177
175
174
179
193
282
104
126
148
154
159
163
184
261
312
312
316
321
323
274
274
274
275
277
337
338
P339
P339
276
276
P277
P277
r
9 Preliminary.
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
364
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or
month
(ZIOST
OF LIVING
[Index numbers]
United
SwitzUnited
CanKing- France Nether- erStates
ada
dom
(1938
lands land
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100)
= 100)
1947
1914
= 100)
= 100)i
= 100)
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
101
105
138
136
139
160
194
131
131
133
140
P160
3 101
1947-February..
March... .
April
May
Tune
July
August
September.
October...
November.
December.
182
147
168
851
169
168
833
830
162
883
202
203
207
171
174
P179
1948-January...
210
*>182
98
103
98
95
97
106
124
104
101
106
116
127
190
188
149
152
188
155
191
193
197
158
160
161
204
165
130
139
141
141
164
168
161
166
168
170
169
i 161
i 101
99
100
101
103
103
1
120
130
120
127
100
108
129
149
174
130
130
150
177
191
130
132
146
175
200
224
275
198
211
215
215
210
222
377
645
1 043
SwitzUnited
King- France Nether- erCanUnited
lands land
dom
(1938
ada
States
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100)
1914
1947
= 100)
= 100)
= 100)
= 100)!
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1Q45
1946
1947
99
103
102
102
106
112
117
156
158
184
199
200
100
108
129
150
175
124
126
128
139
159
118
119
119
124
199
201
203
204
224
285
393
645
101
1,030
203
858
*136
3
153
941
974
1 089
1,187
1,309
1,378
1,393
1947-February .
March. . ..
216
April
216
May . . . .
220
June
222
July
221
222
August
September
222
October. . .
229
November.
230
December.
230
164
165
167
142
144
P146
101
103
104
437
P230 1948-January.. .
169
P148
P104
PI
215
130
137
137
138
151
174
193
2 132
147
154
98
101
101
99
100
105
117
137
139
140
154
175
187
195
203
208
209
208
217
156
156
129
131
156
133
203
886
212
212
213
216
157
158
160
135
136
137
1203
U01
100
164
139
101
935
965
1 068
1,157
1,268
1,336
1,354
223
223
223
128
204
203
838
837
P1,414
217
217
218
218
P224
p Preliminary.
•
1
The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is
also the base period
used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
2
1947, 3 p. 255.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373.)
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues.
United
Statesi
(derived
price)
Canada 2
(1935-39
= 100)
United
Kingdom France
=
(December (1938
100)
1921 = 100)
87
15
Common stocks
50
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—February. .
March
April
May
June
July
August
September.
October....
November.
December..
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
P118.5
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
114.2
'114.2
8
143.4
146.4
146.6
150.5
152.1
144.6
132.0
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
118.1
118.2
117.9
118.2
118.6
119.3
119.2
119.0
118.8
118.5
P117.9
134.0
133.3
132.6
132.9
132.1
131.1
126.4
126.4
128.0
128.2
130.1
140.8
139.8
138.6
136.9
135.4
131.1
128.6
125.2
122.0
121.4
122.2
1948—January...
117.4
P108.6
130.5
P118.9
Netherlands 3
13
109.0
106.9
105.9
104.3
104.6
105.0
105.3
106.3
106.6
105.9
United
States
(1935-39
= 100)
402
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
128.7
123.7
119.3
115.2
119.1
126.0
124.5
123.1
125.1
123.6
122.4
120.1
Canada 4
(1935-39
= 100)
NetherFrance 5
United
lands6
Kingdom (December
(1926 = 100) 1938 = 100) (1938 = 100)
278
5 295
77.4
67.5
64.2
83.5
83.8
99.6
115.7
P106.0
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
112
'140
8 308
479
540
551
694
875
1,149
109.4
106.4
104.8
104.4
105.3
107.4
105.5
104.1
105.5
107.3
P106.2
96.7
96.9
96.6
97.9
97.5
98.2
92.2
88.7
89.3
90.2
92.6
1,028
1,103
1,017
1,003
1,124
1,135
1,265
1,298
1,245
1,294
1,211
P1O7.5
93.9
Pl,301
100
37
179.5
183.6
201.9
203.0
201.4
203.4
206.5
P219.1
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.
8
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 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.
*6 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 Generate," 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.
1
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.
MARCH 1948
365
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman pro tern.
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
jAMES
LAWRENCE CLAYTON
Special Adviser
to the Board of Governors
Assistant
to the Board
CHESTER MORRILL,
ELLIOTT THURSTON,
OFFICE OF THE SECRETARY
VARDAMAN, JR.
K<
DIVISION OF BA&K OPERATIONS
S. R. CARPENTER, Secretary
EDWARD L. SMEAD, Director
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
DIVISI'ON OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF EXAMINATIONS
DIVISION OF ADMINISTRATIVE SERVICES
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
LISTON P. BETHEA, Director
GARDNER
L.
BOOTHE,
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES.,
Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
ERNEST G. DRAPER
R. M. EVANS
R. R. GILBERT
H . G. LEEDY
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H . WILLIAMS
C. S. YOUNG
II, Assistant Director
FEDERAL
CHAS. E. SPENCER, JR.,BOSTON DISTRICT
First Vice President
W. RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Second Vice President
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS, Economist
CHESTER MORRILL,
JAMES H. PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
KARL R. BOPP, Associate Economist
WATROUS H. IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T. BRUCE ROBB, Associate Economist
JOHN H. WILLIAMS, Associate
ROBERT G. ROUSE, Manager of
Account
366
Economist
System Open Market
WALTER LICHTENSTEIN, Secretary
HERBERT
V. PROCHNOW, Associate Secretary
FEDERAL RESERVE BULLETIN
CHAIRMENr, DEPUTY CHAIRMEN, ,4ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
Albert M. Creighton
Harold D. Hodgkinson
Boston
New York
William I. Myers
Philadelphia.... Thomas B. McCabe
Warren F. Whittier
President
First Vice President
Alfred H. Williams
W. J. Davis
Ray M. Gidney
W7m. H. Fletcher
Richmond
Hugh Leach
W. G. Wysor
Charles P. McCormick
J. S. Walden, Jr.
Atlanta
Frank H. Neely
W. S. McLarin, Jr.
L. M. Clark
J. F. Porter
T)
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Karl R. Bopp
Wm. G. McCreedy
Robert N. Hilkert. C. A. Mcllhenny
E. C. Hill
P. M. Poorman2
B. J. Lazar
W. D. Fulton
J. W. Kossin 3
Martin Morrison
A. H. Laning
Donald S. Thompson
R. W. Mercer
R. L. Cherry
Claude L. Guthrie3 W. R. Milford
E. A. Kincaid
C. B. Strathy
Edw. A. Wayne
P. L. T. Beavers
T. A. Lanford
V. K. Bowman
E. P. Paris
J. E. Denmark
S. P. Schuessler
Allan Sproul
L. R. Rounds
George C. Brainard
Reynold E. Klages
n
Vice Jrr esidents
Robert B. Harvey2
E. G. Hult
E. 0. Latham
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Laurence F. Whittemore
William Willett
Cleveland
\7'
Joel B. Fort, Jr.
Chicago. .
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
Russell L. Dearmont
Chester C. Davis
F. Guy Hitt
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang
Dallas
J. R. Parten
R. B. Anderson
San Francisco.. . Brayton Wilbur
Harry R. Wellman
Allan M. Black2
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
R. R. Gilbert
W. D. Gentry
W. N. Ambrose
D. L. Davis
J. M. Leisner3
W. L. Partner
C. E. Earhart
H. N. Mangels
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
C. E. Sandy2
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
C. M. Rowland
Mac C. Smyth
C. R. Shaw
H. F. Slade
W. F. Volberg
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Federal Reserve
Bank of
Chief Officer
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
William B. Pollard
1
Also Federal Reserve Agent.
MARCH
1948
2
Cashier.
Chief Officer
Minneapolis. . . . Helena
R. E. Towle
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
El Paso
Houston
San Antonio
Dallas
3
Branch
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
1
C. M. Rowland
W. H. Holloway
W. E. Eagle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
367
FEDERAL RESERVE PUBLICATIONS'
The material listed below may be obtained from MONETARY AND BANKING
Includes translation of
the Division of Administrative Services, Board of
ports, and introduction
Governors of the Federal Reserve System, Washhistory of Paraguay.
ington 25, D. C. Remittance should be made pay$1.00 per copy.
able to the order of the Board of Governors of the
Federal Reserve System.
REFORM
IN PARAGUAY.
laws, accompanying rereviewing the monetary
July 1946. 170 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
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and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
RATES, AND BUSINESS. Issued monthly. $9.00 per POSTWAR ECONOMIC STUDIES. (8 pamphlets.)
annum, or $1.00 per copy. In quantities of 10 or
No. 1. Jobs, Production, and Living Standards.
more copies of a particular issue for single shipNo. 2. Agricultural Adjustment and Income.
ment, 75 cents each.
No. 3. Public Finance and Full Employment.
No. 4. Prices, Wages, and Employment.
DIGEST OF RULINGS to October 1, 1937. Digests of
No. 5. Private Capital Requirements.
Board rulings, opinions of the Attorney General
No. 6. Housing, Social Security, and Public
and court decisions construing the Federal ReWorks.
serve Act, with compilation showing textual
No.
7.
International
Monetary Policies.
changes in the Act. 683 pages. $1.25 per copy.
No. 8. Federal Reserve Policy.
BANKING STUDIES. Comprising 17 papers on bankThe price for the set of eight pamphlets is $1.25;
ing and monetary subjects by members of the
25 cents per pamphlet, or, in quantities of 10 or
Board's staff. August 1941; reprinted March
more for single shipment, 15 cents per pamphlet.
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single ship- T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
ment, 75 cents each.
FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
BANKING AND MONETARY STATISTICS. Statistics of
or more copies for single shipment, 50 cents each.
banking, monetary, and other financial developPaper-bound
copies available without charge.
ments. November 1943. 979 pages. $1.50 per
copy. N o charge for individual sections (unbound), as listed on page 1577 of the December
1947 BULLETIN.
PROVISIONS OF STATE LAWS RELATING TO BANK R E -
SERVES as of December 31, 1944. 1945. 30 pages.
* A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN.
368
DEBITS AND CLEARINGS STATISTICS, THEIR
GROUND AND INTERPRETATION.
BACK-
25 cents per copy;
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shipment, 15 cents each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
PUBLICATIONS
T H E STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
(From Federal Reserve Bulletin except as otherwise indicated)
July 1947. 17 pages.
BUSINESS LOANS OF MEMBER BANKS, by Albert R.
Koch. March 1947. 11 pages.
MEMBER
BANK
LOANS TO SMALL
Charles H . Schmidt.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
BUSINESS,
BUSINESS LOANS OF MEMBER BANKS.
May, June, July, and August
BULLETIN.
by
August 1947. 16 pages.
From March,
1947 issues of
80 pages.
T H E BRITISH CRISIS.
September 1947. 12 pages.
March
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
FINANCIAL POSITION OF MANUFACTURING AND TRADE
IN RELATION TO SIZE AND PROFITABILITY, 1946,
Young and Duncan McC. Holthausen.
1947. 9 pages.
AND BUSINESSES. September 1947. 2 pages.
DEBT BY BANKS. April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L. Grove.
April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
TERM LENDING TO BUSINESS BY COMMERCIAL BANKS
IN 1946, by Duncan McC. Holthausen. May
1947. 20 pages.
REVISION OF WEEKLY STATISTICS FOR MEMBER
BANKS IN LEADING CITIES. June-July 1947. 9
pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith.
pages.
June 1947. 17
SURVEY OF CONSUMER FINANCES—I. EXPENDITURES
FOR DURABLE GOODS AND INVESTMENTS.
June
1947. 17 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.
pages.
15 pages.
September 1947. 8
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T . Allen.
pages.
October 1947. 13
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1947. October 1947. 4 pages.
POSTWAR BANK CREDIT PROBLEMS, by Marriner S.
Eccles.
THE
SURVEY OF CONSUMER FINANCES—II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS. July 1947.
October 1947. 5 pages.
CURRENT INFLATION PROBLEM—CAUSES AND
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
December
FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by
SURVEY OF CONSUMER FINANCES—III. CONSUMER
SAVING IN 1946 AND OWNERSHIP OF SELECTED
NONLIQUID ASSETS.
by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
August 1947. 12 pages.
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—1942,
1943, 1944, and
1945.
Philip T . Allen. December 1947. 6 pages.
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.
From the July 1943, June 1944, May 1945, and BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929, by Morris A. Copeland and Daniel H . Brill.
June 1946 BULLETIN, with supplementary inforJanuary 1948. 9 pages.
mation for separate trades.)
MARCH 1948
369
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
====
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
TAT
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
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@FedFRASER