Full text of Federal Reserve Bulletin : March 1949
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F E D E R A L R E S E R V BULL MARCH 1949 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Labor Market. . 219-227 New Statistics of Interest Rates on Business Loans, by Richard Youngdahl. 228-237 Savings Institutions and the Capital Markets, by Charles H. Schmidt. 238-246 Law Department: Commodity Credit Corporation Paper. . Consumer Instalment Credit. . 247 247-248 Current Events and Announcements. 249 National Summary of Business Conditions. 250-251 Financial, Industrial, Commercial Statistics, U. S. (See p. 253 for list of tables) 253-308 International Financial Statistics (See p. 309 for list of tables). 309-327 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council .. .. . . 328 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 329 Federal Reserve Publications. .. 330-331 Map of Federal Reserve Districts. . . Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. 332 VOLUME 35 March 1949 NUMBER 3 THE LABOR MARKET In a review of recent labor market developments, two facts stand out as of major importance. The first is that the year 1948 was one of record peacetime levels for activity in the labor market. Civilian employment, man-hours of work performed, average hourly and weekly wages, and aggregate wage and salary payments were all at new high levels. Notwithstanding the further exceptionally large expansion of the labor force, unemployment was slightly below 1947 and was lower, except for the war years, than at any time since 1929. The second fact is that activity in the labor market has receded in recent months. A moderate, but cumulating, weakness in the demand for labor has apparently been developing. By February seasonally adjusted employment in nonagricultural establishments had declined substantially from the end of last year and from the record level reached last fall and was moderately lower than in February 1948. Average hours of work in manufacturing have been reduced, layoff rates have been stepped up, and hiring rates have been cut in recent months. Unemployment increased considerably more than seasonally from the low levels of last fall and by early February was higher than at any time in the postwar period. In early March, as indicated by weekly claims filed for unemployment benefits, unemployment was still rising but the rate of increase appeared to be slackening. Associated with the recent easing of deMARCH 1949 mand for labor and the moderate reductions in living costs since early last fall, there has been a slackening as compared with earlier postwar years in the rate of advance in average hourly earnings. Weekly earnings in manufacturing, which reflect hours of work as well as hourly earnings, registered a small decline in January. A large number of durable as well as nondurable goods industries showed declines from preceding months. Total wage and salary disbursements seasonally adjusted have declined somewhat from their record high reached last November. Recently wage increases have been denied or have not been requested in some industries in which wage increases frequently have preceded bargaining in the heavy industries. This has been true, for example, among textile, clothing, and leather manufacturing companies. In many other instances wage increases of varying amounts have continued to be granted. In general, the recent increases have tended to be smaller than those granted last year and have been much more closely related to conditions existing in the industries or companies affected. In many important industries, such as steel, automobiles, electrical equipment, rubber, and coal, bargaining over further wage increases has not yet started this year. GENERAL BACKGROUND Record levels of labor market activity reached last year reflected the strongly expansive and inflationary tendencies that had 219 THE LABOR characterized economic conditions generally since the end of the war. Similarly, easing of the labor market since last fall has coincided with the slackening in general demand, as reflected in declining sales and prices. The downward adjustment in employment and prices, although occurring in many lines, has not yet been of sufficient magnitude to permit full appraisal of its significance. Seasonal influences have been a factor in the employment declines since last fall, but they do not explain the reductions from levels of a year ago. The widespread nature and the generally moderate size of the reductions in employment and man-hours from a year ago, coupled with the continued large volume of physical production, suggest the possibility that productivity may have increased on a broad front. Little in the way of specific statistical evidence is at hand, however, to provide adequate proof that this has happened. The wearing down of backlog demands brought over from the war period, the filling of pipelines, the reduced needs for further inventory accumulation, and the greater efforts of some consumers to live within their means and of others to provide more adequately for the future are among the influences that have probably contributed to the recent easing of demand. In this connection, it should be noted that recent declines in employment and average hours have been much more general and somewhat different in many respects than the short-lived and moderate reductions that oc curred in the spring of 1947 and the spring of 1948. Moreover, the recent reductions in employment have been reflected more directly in higher unemployment than in the earlier periods, when the areas in the economy that were still expanding strongly were of more importance and the areas that 220 MARKET were declining were fewer and less important to total employment. Until recently, adjustments had been largely on an individual industry, or even a specific product basis, with employment in most industry divisions increasing or at least remaining fairly even. In the recent period, however, the declines in employment have been very widespread, especially among manufacturing groups, although in most instances they have been small in amount. Thus, in January 1949 all but one of the 20 industry groups in manufacturing participated in the decline in the number of man-hours worked from a year ago. In private nonmanufacturing activities employment in January 1949, seasonally adjusted, was below the peaks reached in 1948 in all divisions, and the total was slightly below a year ago. Government employment, seasonally adjusted, was higher in January 1949 than at any time in 1948. LABOR FORCE The total labor force, including about 1.3 million in the armed forces, averaged 62.7 million in 1948, as shown in the chart, or LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT SELECTED YEARS, 1929-1948 1929 1933 1939 1941 1944 1946 1947 1948 Bureau of Labor Statistics data, 1929-1939, and Bureau of Census data, 1941-1948. FEDERAL RESERVE BULLETIN THE LABOR MARKET 1.1 million more than in the preceding year and about 6.7 million more than in 1940. Prewar trends in the relationship between growth of the working-age population and labor force participation would have called for an increase in the labor force of only 600,000 from 1947 and of about 5 million from 1940. Whether the more-than-expected net additions reflect the ready availability of ample job opportunities and the pressure of higher living costs on family budgets or some more permanent change in the labor market is a matter of debate. Structural analysis of the labor force shows that a number of significant changes have taken place since prewar years. A large proportion of the extra additions to the labor force since 1940 are women under 20 years or over 35 years of age. These groups have come into the labor force in sufficient numbers to much more than offset the less-thannormal additions from the 20- to 34-year group, which has been most directly affected by the high marriage and birth rates of recent years. The proportion of women in the labor force increased from 28 per cent in 1940 to 32 in 1948. Among men the percentage in the labor force has increased only slightly; it was 85 per cent last year as compared with 84 per cent in 1940. Increases in the groups of men who are under 20 years of age or over 55 offset the lower percentage shown for the 20to 34-year age group. Veterans are concentrated in the latter age group, and about one million veterans attending school were not in the labor force. The total labor force in the next year or so may be expected to reflect the entrance into the labor market of many veterans who are now in school, in addition to the normal increase in the labor force. Women in the 20- to 34-year old group may also enter the MARCH 1949 labor market in larger numbers than in the recent past if the birth rate continues to decline from its record level of 1947. Unless a sufficient number of other workers voluntarily withdraw from the labor market, employment must increase to prevent unemployment from rising. TOTAL EMPLOYMENT Total civilian employment was at a record level in 1948. The average for the year of 59.4 million was about 1.4 million above the year before and almost 14 million higher than in 1939. Employment of men in civilian activities was at an all-time high of 42.4 million in 1948, while employment of women, at 17 million, was about 2 million below the wartime peak but was more than 5 million above 1939. Agricultural employment, which fluctuates widely within the year for seasonal reasons, averaged 8 million or slightly less than in 1947 and was about 1.5 million less than in 1939 and about 2.5 million less than in 1929. Nonagricultural employment averaged 1.6 million higher in 1948 than in the previous year (Census series), 4.5 million higher than in 1946, and 15 million or 40 per cent higher than in 1939. Domestic service employment has remained relatively stable at about 1.7 million during the last two years, following a sharp increase in 1946 from its low war levels. The number of self-employed has also remained fairly stable at about 6 million, following an increase of one-fourth in 1946 from the restricted war levels. MANUFACTURING EMPLOYMENT Employment and average hours of work in manufacturing industries usually respond sooner and more sharply to weakening or strengthening of general demand than do 221 THE LABOR MARKET many other divisions of activity. Reflecting strong general demand in recent years, total man-hours of work in manufacturing in January 1949 (preliminary figures) were 78 per cent larger than in January 1939. The expansion was heavily concentrated in durable goods industries, which increased their total man-hours worked by 118 per cent while nondurable goods industries expanded 47 per cent. Expansion of employment was the major factor in the increase in total manhours in both durable and nondurable goods industries, but average weekly hours of work also increased substantially. The volume of man-hours worked in January 1949 was also well above that in early 1946 with the expansion in durable goods industries again outstripping that in nondurable industries. In this three-year period average hours of work were reduced somewhat, while employment increased considerably. The following table shows percentage changes in man-hours, employment, and average hours of work in total manufacturing, and in durable and nondurable groups, from one year ago, three years ago, and prewar. MAN-HOURS, EMPLOYMENT, AND AVERAGE HOURS OF WORK IN MANUFACTURING INDUSTRIES Item or industry Man-hours (millions, weekly) All manufacturing Durable goods Nondurable goods Employment (thousands of Persons) All manufacturing Durable goods Nondurable goods Average weekly hours All manufacturing Durable goods Nondurable goods Jan. 1949 501 265 236 Percentage increase, or decrease (—), January 1949 from: 1948 Jan. Tan. 1946 -5.8 -4.7 -7.3 12.4 77.8 21.3 117.7 3.5 46.8 Jan. 1939 12,665 - 3 . 7 6,542 - 3 . 7 6,123 - 3 . 7 16.4 22.2 10.7 64.8 95.7 41.1 39.6 -2.2 40.5 -1.0 38.6 -3.5 -3.4 -.7 -6.3 7.9 11.3 4.3 NOTE.—Based on Bureau of Labor Statistics data on employment and average weekly hours of production workers. Figures for January 1949 are preliminary. 222 Examination of changes in man-hours worked in manufacturing by major industry groups shows that, following the broad expansion of employment in 1946, a process of readjustment to peacetime labor needs began in a few manufacturing industries early in 1947 and subsequently spread to more industries. In January 1948, when total man-hours were 3 per cent higher than in the same month of 1947, about half of the manufacturing industry groups reported fewer man-hours of work than in January 1947. Adjustment to lower levels of labor requirements came in nondurable goods lines to a greater extent than in durable goods industries. Between January and September 1948 employment and man-hours expanded moderately, but by January 1949 employment had dropped more than seasonally and average hours of work had declined. As a result, aggregate man-hours of work in every manufacturing group, except automobile production, reached a level below that reported a year earlier. In fact, the reductions were sufficient to bring total man-hours in manufacturing below the level of two years ago; the durable goods group was very slightly below, but the nondurable group was considerably below, the level of two years ago. In comparison with three years ago, however, man-hours worked in January 1949 were substantially higher for total manufacturing as well as for most industry groups. In January 1949 man-hours worked in manufacturing were 6 per cent less than a year before, the decline of 7 per cent in nondurables lines exceeding that in durable goods industries. Among industry groups the sharpest declines over the year were reported in electrical machinery, furniture, textile, leather, and rubber manufacturing. In the iron and steel, stone, clay and glass, printFEDERAL RESERVE BULLETIN THE LABOR MARKET ing, chemical, and petroleum groups the reductions were quite moderate—none being more than 3 per cent. The following table compares man-hours worked in manufacturing in January 1949 with those one year ago and three years ago and with the prewar level. PERCENTAGE CHANGES IN MAN-HOURS WORKED IN MANU- FACTURING INDUSTRIES Industry group Percentage increase, or decrease (—), January 1949 from: Jan. 1948 All manufacturing . . Jan. 1946 Jan. 1939 -5.8 12.4 77.8 Durable goods Iron and steel and products Electrical machinery Machinery, except electrical Transportation equipment, except automobiles Automobiles Nonferrous metals and products Lumber and basic timber p r o d u c t s . . . . Furniture and finished lumber products Stone, clay, and glass products -4.7 -3.3 -10.4 -7.6 21.3 14.7 4.6 14.1 117.7 100.1 146.4 162.8 Nondurable goods Textile mill products Apparel and finished textile products. . Leather and products Food Tobacco manufactures Paper and products Printing and publishing Chemicals and products Petroleum and coal products Rubber products Miscellaneous industries -7.3 3.5 46.8 -14.4 - 1 . 2 9.7 -6.7 14.0 63.6 -13.2 - 1 . 1 3.7 -3.9 - 0 . 3 56.0 -7.8 - 2 . 7 10.8 -4.9 5.6 66.6 -2.0 11.2 40.1 -1.1 7.3 121.5 -2.3 7.1 76.9 -12.5 -14.7 77.3 -7.7 6,2 94.6 -5.8 - 1 6 . 8 282.3 4.9 102.4 121.2 -6.5 6.1 97.4 -3.1 61.2 107.8 -13.3 16.7 57.7 -1.0 25.1 85.9 NOTE.—Based on Bureau of Labor Statistics data on the number of production workers and average weekly hours of work in major industry groups. January 1949 figures use'd in computations are preliminary. The decline of 600,000 in manufacturing employment, seasonally adjusted, between September 1948 and January 1949 was fairly substantial. Also it contrasted with the increase of 300,000 in the comparable period the year before when the general demand situation was exceptionally strong. The widespread nature of the recent declines in factory employment and the lack of offsetting increases, rather than the size of the declines, are perhaps the most significant aspects of recent employment developments. Among major groups there is little evidence MARCH 1949 of important expansive tendencies, although in most industries employment has been maintained at high levels. The average work week in manufacturing industries, which had remained in a fairly narrow range slightly above the 40-hour level in each of the three years 1946-48, has moved toward a moderately lower level; in January 1949 average hours worked were below any January since 194L Between January 1948 and January 1949 average weekly hours of work declined almost a full hour, or by over 2 per cent. All groups except transportation equipment and automobile manufacturing participated in the decline. In nondurable goods activities, average hours dropped almost an hour and a half, or 3.5 per cent, from a year ago, as compared with a reduction of less than half an hour, or one per cent, in the durable goods lines. Declines of an hour and a half or more were reported in the furniture, textile, apparel, leather, tobacco, and paper industries. Only slight changes were shown in iron and steel, chemical, and petroleum industries. Important indications of the slackening demand for labor have been the substantial reductions both in the rate of hiring workers and in the rate at which workers voluntarily leave jobs. At the same time layoff rates have been increasing sharply. These changes were striking in the last two months of 1948 and in January 1949. The rate of hiring, 3.3 per 100 employees at work in January, was well below the rate reported for any January in recent years. With new jobs scarcer, workers were quitting their jobs at the lowest rate for any January since 1941. In contrast, the layoff rate rose sharply to the highest January rate since the late thirties and was over twice the rate reported in January 1948. 223 THE LABOR MARKET EMPLOYMENT IN NONMANUFACTURING INDUSTRIES Nonmanufacturing establishments in January 1949 employed 28.5 million persons or about four-fifths more than manufacturing establishments, which had 15.9 million employees. Although nonmanufacturing employment as a whole has increased by 9 million or nearly 50 per cent since January 1939, the percentage increase was somewhat less than that shown for manufacturing. Construction and Federal employment, however, have increased relatively more than manufacturing since 1939. The chart shows monthly employment since 1939 for nonagricultural industry divisions. EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS MILLIONS OF EMPLOYEES 12 age. Transportation employment declined as did Federal employment. Federal employment in early 1949 was substantially above its postwar low, but was 500,000 or one-fifth below its high level of January 1946, which still reflected the large wartime expansion. In the past year total employment in nonmanufacturing lines, as shown in the table, has been relatively stable, but private employment has declined while both Federal and State and local government have increased. Transportation and service activities reported fewer workers in January 1949 than in the same month last year, while construction and trade showed little change. The number in mining also showed little change, but average hours of work at coal mines have been declining, and coal stocks have been increasing. Employment in financial establishments and in public utilities moved upward last year and in January 1949 was considerably higher than a year earlier. The table shows the changes in employment in nonmanufacturing activities and in manufacturing from one year ago, three years ago, and January 1939. EMPLOYMENT* IN NONAGRICULTURAL ESTABLISHMENTS Industry division 1944 In January 1949 nonmanufacturing employment was up 3 million persons or 11 per cent from early 1946. Employment in construction, trade, finance, public utilities, and State and local government increased relatively more than the average, while service and mining increased less than the aver- Percentage increase, or decrease ( —), January 1949 from: Jan. 1948 Jan. 1946 Jan. 1939 1948 Bureau of Labor Statistics data, adjusted for seasonal variation by Federal Reserve. Latest figures shown are for January 1949. 224 January 1949 (in thousands of persons) Total 44,346 -.6 13.4 53.2 Manufacturing Nonmanufacturing 15,875 28,471 -2.4 .5 17.4 11.3 66.5 46.7 926 1,881 2,740 1,257 9,624 1,718 4,564 5,761 1,876 3,885 .4 .5 -2.5 3.S 1 C) 2.3 -3.4 4.8 7.6 3.5 Mining Contract construction.. . Transportation Public utilities Trade Finance Service Government Federal State and local 7.5 5.3 54.2 102.9 - 7 . 4 39.3 29.2 53.3 16.9 49.6 15.3 26.5 7.6 46.6 2.6 47.2 - 2 0 . 9 119.4 19.9 27.0 1 Less than .05 per cent. NOTE.—Bureau of Labor Statistics estimates of full- and parttime wage and salary workers in nonagricultural establishments. FEDERAL RESERVE BULLETIN T H E LABOR MARKET ages, which indicate the recent trend more Unemployment during 1948 averaged only clearly than monthly figures. Claims filed for unemployment benefits 2.1 million persons, slightly less than in 1946 under both the State and the veterans' proand 1947 and about 7.5 million less than in grams also have reflected the general easing 1939. Unemployment as a percentage of the labor force averaged 3 per cent in 1948, or in the demand for labor and the growing about the same percentage as in the peak unemployment in recent months. The numprosperity year of 1929, but very much below ber of continued claims filed under both prothe rate of 25 per cent in 1933 and 17 per grams totaled about 2.5 million at the end of February, more than double the low level cent in 1939. Unemployment during 1948 followed the in October 1948 and about 700,000 or twousual seasonal pattern of higher unemploy- fifths above late February last year. Under ment in the winter months, when bad the special program for railroad workers weather curtailed outdoor activity, and also 80,000 persons were receiving unemployin the summer, when youths on vacation ment benefits in mid-February this year as from school entered the labor force looking compared with 51,000 a year earlier. The number of initial claims filed, which for work. The smallest number of unemtends to reflect the incidence of new unemployed, 1.6 million, was reported in October. ployment, increased sharply from last fall By January 1949 unemployment increased to early January but has declined somewhat to a total of 2.7 million and in February advanced further to 3.2 million. The increases since then. However, in early March such from earlier months were substantially more claims were still substantially larger than than expected because of seasonal influences. in the corresponding period last year. The The level of unemployment in February 1949 downward trend in number of initial was 600,000 higher than in the same month claims since early January and the relatively the year before and higher than at any time small increases in continued claims in recent in the postwar period. The chart shows weeks suggest that total unemployment in unemployment in terms of quarterly aver- early March may still be increasing but at a slower rate than earlier in the year. UNEMPLOYMENT All States have reported substantial increases in the number of claims for unemployment benefits under their programs as compared with the same periods last year, which attests to the general and widespread character of the readjustments that have been taking place. In many States the number of V continued claims has doubled. For the nation as a whole the rate of unemployment among persons insured under State unemployment programs was almost 6 per cent in mid-February 1949. In some States, howBureau of Census; quarterly averages of monthly figures; ever, the percentages were very high. In first quarter of 1949 estimated by Federal Reserve from Census reports for January and February. Oregon, Washington, and California the UNEMPLOYMENT QUARTERLY AVERAGES EST. / / 1946 MARCH 1949 1947 1948 1949 225 THE LABOR MARKET rates were around 12 per cent, and in Rhode Island and Tennessee they were almost 10 per cent. Maine, New Hampshire, New York, Idaho, Utah, Arkansas, Nevada, and Montana all had rates of 7 to 9 per cent. In some of these States exceptionally bad weather was a factor. In Pennsylvania and West Virginia and in most of the industrial States in the Midwest, the unemployment rates were below the national average. WAGE CHANGES Increases in hourly earnings during 1948 were not reflected in increases in wholesale and retail prices to the same extent as during 1946 and 1947. Thus, in December 1948 average wholesale prices were slightly below the level of a year earlier, owing largely to substantial declines in prices of farm products and foods. Average prices of all commodities except farm products and foods were 5 per cent above December 1947, and within this broad group prices of some products, such as metals and metal products, were considerably higher than a year ago while some other prices were lower. Consumer prices were only 3 per cent higher in December 1948 than in the same month of 1947 and were about 2 per cent below the postwar peak reached in August and September 1948. In contrast to these small changes in average prices, average hourly earnings of wage earners in nonagricultural industries were 7 per cent higher in December 1948 than in the same month a year earlier. Since last December average wholesale prices and consumer prices have declined further; in February consumer prices were probably little, if any, higher than in February 1948 and wholesale prices were lower. However, average hourly earnings in manufacturing increased further in January and probably in February as well. 226 For most individual industries and specific products, it is not possible to make accurate comparisons of wage increases and price changes because of lack of comparability of the statistical series and the difficulty of selecting proper periods for comparison. In some industries prices apparently advanced as much as or more than wages, as was the case rather generally in 1946 and 1947. But in some other industries wage increases in 1948 were followed by price stability or price reductions, which presumably were made possible by savings in costs of materials or other nonlabor items, by enhanced productivity, or by lower profit margins, which were accepted voluntarily or forced by competition in the product markets. In the period from December 1945 to December 1946, which includes the first postwar so-called "round" of wage increases, wage advances were widespread, general, and large—averaging 14 per cent in terms of hourly earnings of nonagricultural wage earners, according to the index compiled by the Federal Reserve Bank of New York. The range among the major activities shown separately in the index was from 12 per cent in construction to 16 per cent in public utilities. During 1947 further large increases occurred with average hourly earnings increasing 11 per cent. In this period the percentage increases were somewhat less uniform in amount but were quite general among industries. The range was from 9 per cent in trade and services to 16 per cent in mining. During 1948 wages continued to advance, but the increases were generally considerably smaller than in the preceding year and much more differentiated in amount and selective in application among industries, companies, and workers. The average advance was 7 per cent, and the range among major activities was from 6 per cent in trade FEDERAL RESERVE BULLETIN THE LABOR MARKET and services to 10 per cent for construction. The following table shows these changes in hourly earnings, together with changes in consumer and wholesale prices. AVERAGE HOURLY EARNINGS IN NONAGRICULTURAL AVERAGE WEEKLY EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING / RRENT DOLL/5 INDUSTRIES / • / \ COMPARED WITH CONSUMER AND WHOLESALE PRICES \ Percentage increase, or decrease ( —): Item or industry Average hourly earnings of wage earners: Total Manufacturing Mining Public utilities Construction Trade and service Consumers' prices (all items) Wholesale prices (all commodities) Dec. 1948 indexes Dec. (1939= 1947 100) to Dec. 1948 207 218 212 182 208 204 7 8 9 6 10 6 Dec. 1946 to Dec. 1947 Dec. 1945 to Dec. 1946 Dec. 1945 to Dec. 1948 11 12 16 10 13 9 14 15 14 16 12 14 36 39 44 36 40 32 1939 DOLL A f94O 1942 1944 1946 1948 Bureau of Labor Statistics data. Weekly earnings expressed in terms of 1939 dollars are obtained by adjusting weekly earnings by the changes in the consumers' price index with 1939" as the base period. Latest figures shown are for January 1949. notably among textile, apparel, and leather companies, previous rates of pay have been 52 32 16 211 continued. In a few cases, such as General SOURCE.—Average hourly earnings of wage earners, Federal Reserve Bank of New York; consumers' prices and wholesale Motors Corporation, wage rates have been prices, Bureau of Labor Statistics. reduced slightly in accordance with proIn the first two postwar years weekly earn- visions for adjustments upward or downward ings advanced by about the same percentages as changes are shown by the consumers' as hourly earnings, but in the last year they price index. However, in many recently anincreased a little less than hourly earnings nounced settlements wage increases or other because of the reduction in average hours benefits have been granted. worked. In the first postwar year consumer Appraisal of prospects for further wage prices advanced sharply and increased con- increases is difficult because of the recent residerably more than weekly earnings. As ductions in living costs and the rise in una result, the buying power of the weekly employment, which are likely to focus inwages of nonagricultural wage earners, as creased attention on conditions in specific represented by earnings in 1939 dollars, industries and to result in even more selecdeclined about 4 per cent. In 1947 average tivity among companies and industries than real weekly earnings increased slightly, and last year. In the bargaining period ahead, in 1948 real weekly earnings increased nearly which includes negotiation of contracts in 3 per cent. In January 1949, data for manu- such major industries as steel, automobiles, facturing alone indicated a slight decline in rubber, electrical equipment, and coal, it is average weekly earnings. A similar slight expected that more emphasis will be placed decline occurred in consumer prices. on welfare and pension benefits than in the In recent months average hourly earnings earlier years. Bargaining for shorter hours have continued to advance but more slowly of work without corresponding reductions in and much more selectively than during the weekly earnings likewise has shown signs postwar period generally. In some cases, of increasing recently. MARCH 1949 172 9 18 32 227 NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS by RICHARD YOUNGDAHL For nearly 30 years the Federal Reserve Board and Federal Reserve Banks have obtained regular reports on interest rates charged by selected member banks on loans to business borrowers. Because of the wide range in rates charged on individual loans at any one time owing to variations in the nature of the borrowers and of the loans, it has been difficult to compile a series of representative average or typical rates with assurance of consistency over time. Methods of reporting the basic data and of compiling time series of average or typical rates have been changed from time to time in order to improve the data.1 In recent years, surveys made by the Federal Reserve System have made available important new data regarding interest and discount rates charged on bank loans and the relationship of various loan and borrower characteristics to the rates charged. Such data emphasized the need and provided the basis for a comprehensive revision of the information formerly collected and published by the Board. As a result of these developments, the System has revised its statistics of average rates charged on short-term commercial loans at banks in 19 leading cities for the period since 1939.2 This revision has the following major features: the data now being regularly reported on the new basis, indicated that the wide variation in rates charged at any one time was reflected more in size differences among loans than in city or regional differences, which had been the basis of previously compiled averages. For this reason changes in average rates from one period to another often reflected changes in the size distribution of loans, rather than changes in the general level of interest rates. Data by individual loans permit the computation of averages in a manner that adjusts for changes in size composition and, therefore, give results that more accurately reflect variations over time in the level of interest rates. 4. On the basis of the new data, the following averages have been computed for June, September, and December 1948 and will be computed and published for future quarterly report periods: 1. Statistics reported by a selected group of 91 large banks in 19 leading cities show the amount of the loan and the interest rate charged for each new loan or renewal made in the first half of March, June, September, and December. The new reports began in June 1948. The periods covered by the reports are the same and the reporting banks nearly the same as in the series previously compiled, but the report form is different. 2. The new report form supplies data for each individual loan, whereas previously the banks reported the total number and dollar amount of loans made at certain rates of interest or ranges of rates. 3. The comprehensive loan surveys, as well as (b) Average rates for each of these size groups, as well as for all loans, by city groups, as follows: (1) New York City (2) 7 northern and eastern cities (3) 11 southern and western cities (4) All 19 cities 1 See "Commercial Loan Rates at Banks in Principal Cities." Federal Reserve BULLETIN, November 1939, pp. 963-67. and Winfield W. Riefler, Money Rates and Money Markets in the United States, Harpers, 1930. 2 Short-term loans include loans maturing in one year or less. The general term "interest rate" as used in this paper includes discount rates. The figures reported are the nominal rates indicated on the loan notes. 228 (a) Average rates by size groups of loans, as follows: (1) (2) (3) (4) (5) $1,000 and less than $10,000 $10,000 and less than $100,000 $100,000 and less than $200,000 $200,000 and more All sizes 5. Previously compiled data for the period March 1939 to June 1948 have been reworked to provide estimates of average rates charged on loans, as follows: (a) Average rates for all 19 cities by the same size groups shown above for each quarterly date. (b) A revised series of average rates for all 19 cities compiled from the new size-of-loan averages and a constant system of weights. This revised series eliminates certain erratic fluctuations and long-run trends introduced by shifts in FEDERAL RESERVE BULLETIN NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS the size composition of loans. The revised series and the old series are compared in the chart. (c) Revised annual averages of rates by groups of cities. It is not feasible on the basis of data available to compute satisfactory data by quarters or by size-of-loan groups for the city groups. NEW AND OLD SERIES OF BANK RATES ON LOANS TO BUSINESSES 6. The designation of the series has been changed from "interest rates charged by banks on commercial loans" to "interest rates charged by banks on business loans." The shorter designation is "bank rates on business loans." While the term "commercial loans" is consistent with traditional banking usage, the term "business loans" is a more accurate description of the coverage of the averages, which includes rates on loans to all types of business concerns and not merely rates on loans to businesses primarily commercial in character. STRUCTURE OF RATES AND RATE MEASUREMENT Bank loans to businesses take a variety of forms and differ widely in their characteristics as to size of loan, maturity, security, method of repayment, and other features. Nearly all variations in types of businesses are represented among borrowers from banks. Banks lend to large, medium-sized, and small companies; to concerns engaged in all, or nearly all, types of business activity; to newly established companies and to companies with years of business experience; to corporations, to partnerships, and to individual proprietorships. MARCH 1949 Interest and discount rates charged by banks on business loans vary in accordance with the terms and conditions of the loan as well as with the characteristics of the borrower. Certain loan and borrower characteristics are associated with particularly wide differences in the rates charged. The Federal Reserve survey of bank loans to businesses showed, for example, that as of November 20, 1946 rates differed greatly on large and small loans, on loans to large and small companies, and on loans backed by various kinds of security.3 These differences may narrow and widen as interest rates fluctuate from one period to the next. Rates on some types of loans rise and fall in response to changes in the availability of funds and the demand for loans, while rates on other loans change more slowly. Measurement of the movements and levels of interest rates thus involves a summarizing or averaging of rates on loans which differ considerably in many respects and which are made at greatly varying rates. A series on average interest rates should, if possible, be constructed in such a manner that fluctuations will reflect changes in the level of interest rates, i.e., in the price of loan funds, and not changes in the composition of business loans made at banks. That is, mere shifts in the proportion of large loans and small loans made, or in the proportion of loans made in particular areas of the country, should not have an effect on an average rate that is intended as a summary measure of changes in the prices for loans. Size of loan and interest rate. Perhaps the most striking feature of the current bank loan market is the close relationship between the size of a loan and the interest rate charged. Data obtained in the System's survey as of November 20, 1946 indicate that rates tended to be considerably higher on small loans than on large loans, even when other loan and borrower characteristics were essentially similar. Rates on business loans at all member banks as of November 1946 ranged from an average of about 7 per cent on loans of less than $1,000 and about 5 per cent on loans of from $1,000 to $10,000, down to an average of about 2 per cent on loans of $500,000 or more. Short-term loans to 3 For a description of the structure of interest rates on business loans as of Nov. 20, 1946, see Richard Youngdahl, "The Structure of Interest Rates on Business Loans," Federal Reserve BULLETIN, July 1947. 229 NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS Averages of rates on all loans tend to exaggerate large prime commercial borrowers were generally differences in rates among various sections of made at 1.5 per cent at that time. A similar relationship between loan size and the country. In part the differences shown in preinterest rate also existed at large banks in major viously compiled averages of rates on all business money centers, which are the institutions covered loans at banks in New York, in the North and by the System's series on business loan rates. This East, and in the South and West, stem from such kind of interest rate pattern, moreover, was shown factors as differences in the size composition of for short-term business loans made in the three bank loan portfolios. At New York City banks, reporting periods in 1948 for which detailed infor- for example, a much greater proportion of total mation by size of loan is available. The chart shows loan volume is made up of large loans than is the the relationship of loan size and average interest case at banks in other cities. It is true at the present time that average interest rate for short-term loans made at these banks in the period December 1-15, 1948. The relationship rates on loans of comparable size show some variheld not only for all 19 cities taken as a group but ation among these areas, with the lowest rates being charged in New York City banks. The rate varifor each city as well. ation is much smaller, however, than a straight average of rates on all loans indicates. The average AVERAGE BANK RATES ON LOANS TO BUSINESSES BY SIZE OF LOAN, DECEMBER 1-15,1948 rate on all short-term loans made in December 1-15, 1948 was 0.72 percentage points higher at banks in L 2 3 4 5 0 southern and western cities than in New York City. * 1,000 -$1,999 But on loans of comparable size, average rates $5,000- $9,999 tended to be about 0.30 percentage points higher. After allowance is made for inter-area differences $10.000-$24,999 1 — in other loan characteristics, actual differences in $25,000-$49,999 rates among these money centers are even smaller. $50,000-$99,999 Variation from one time to another in size and other characteristics of bank loans has resulted in $100,000-$199,999 movements in the straight average of the rates on $200,000-$499,999 all loans that did not necessarily reflect any change $ 500,000- $ 999,999 in the level or structure of interest rates. Thus, if in a given area, the proportion of large loans made $1,000,000 AND OVER should increase from one quarter of the year to ! another, a straight interest rate average would tend ALL LOANS to decline. If the shift in the size composition of the loans were great enough, a drop in rates might NOTE.—Average rates are for short-term loans to businesses made by banks in 19 selected cities during the period Dec. 1-15, be shown by the series even though the rate on each 1948. type and size of loan actually increased. SIZE OF LOAN INTEREST RATE (PER CENT PER ANNUM) Variation in loan size and average interest rate. The wide pattern or spread of the rates charged on different kinds of short-term business loans, such as large and small loans, has great importance in the computation of a summary measure of interest rates. If, with the present pattern of rates, small and medium-sized loans are a substantial proportion of the total value of bank loans, the amount of interest paid relative to the amount borrowed will tend to be high. Conversely, a small proportion of small loans and a large proportion of large loans will result in a low straight average rate on all bank loans. 230 DESIRABLE FEATURES FOR A SERIES ON BUSINESS LOAN RATES For adequate understanding of longer-term trends and current tendencies in rates on bank loans, data are needed that will reveal both general movements in rates and changes in the structure of rates on bank loans. Data on the general level of rates should reflect changes in over-all supply and demand conditions of bank credit, including changes in response to actions of the monetary authorities. Data on the structure of rates should reliably reflect FEDERAL RESERVE BULLETIN NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS the differential impact of these changes in the cost of credit on important segments of the loan market. Perhaps ideally a time series on bank business loan rates might be constructed by obtaining quotations every quarterly period on the interest cost of each loan in a broadly representative "basket" of hypothetical loans. For several important reasons, however, such a pricing of bank loan credit is not workable. Business loans are not commonly marketed like commodities such as wheat or refrigerators. Bank interest rates to business customers are not normally posted. Except for loans to prime borrowers, rates generally are not set up even in schedule form, except perhaps informally for internal guidance. The loan transaction between banker and customer is most frequently personally negotiated and in strict confidence. The terms of the loan as well as the facts regarding the need for the loan and the credit position of the borrower are not revealed. Evidence indicates, in fact, that substantial variations in rates may be shown as among highly similar loans made by a particular bank. This may result from considerations not easily associated with the circumstances of the loan itself. It may arise from special competitive conditions or from special business arrangements between a banker and a customer who, for example, may bring income to the bank from sources other than interest on loans. These circumstances raise difficulties in getting reports of rates on a single basket or successive baskets of identical loans on a basis satisfactory for use in the computation of average interest rates for groups of loans and for all loans. From detailed data on business loans actually made, however, it is possible to set up a system of classification that will take account on an average of factors that cause major differences in interest rates among business loans. That is, if loans made by banks are classified by attributes most closely associated with differentials in rates, fluctuations in average interest rates that now result from changes in loan composition can be substantially eliminated. Such data would also provide valuable information on the structure of interest rates. NEW AND REVISED SERIES, BY SIZE OF LOAN The Federal Reserve quarterly series on interest rates on short-term business loans made at banks in selected cities has been set up to provide information on average rates on four major size groups of MARCH 1949 loans for the period since March 1939. Quarterly rates for these groups of loans will also be available in the future (since June 1948) by three geographic areas of the country—New York City, seven northern and eastern cities, and eleven southern and western cities. The summary averages of rates on all short-term loans at banks in the 19 cities have been revised to measure the average rate for a group of loans held largely constant with respect to size and geographic distribution. The size and geographic distribution of the portfolio of short-term loans outstanding as TABLE 1 ESTIMATED AVERAGE INTEREST RATES ON SHORT-TERM NESS LOANS MADE AT BANKS IN 19 SELECTED BUSI- CITIES BY SIZE OF LOAN [Per cent per annum] Period (first 15 days of month) Size of loan All sizes $1,000- $10,000- $100,000- $200,000 $9,999 $99,999 $199,999 and over 1939—Mar Tune Sept Dec 2.1 2.1 2.1 2.1 4.4 4.4 4.4 4.3 3.2 3.1 3.1 3.0 2.1 2.2 2.1 2.0 1.8 1.8 1.8 1.8 1940—Mar June Sept Dec 2.0 1.9 2.1 2.2 4.2 4.2 4.3 4.3 3.0 3.0 3.0 3.1 1.9 2.1 2.0 1.8 1.8 1.6 1.9 1.9 1941—Mar June Sept Dec 2.1 2.1 1.9 2.0 4.3 4.3 4.2 4.3 3.0 3.0 3.0 3.1 1.9 1.8 2.0 2.0 1.8 1.9 1.6 1.7 1942—Mar June Sept Dec 2.0 2.1 2.4 2.4 4.3 4.4 4.4 4.4 3.0 3.2 3.2 3.3 2.0 2.1 2.2 2.4 1.7 1.8 2.2 2.1 1943—Mar June Sept Dec 1944—Mar June Sept Dec 1945—Mar June Sept Dec 1946—Mar June Sept Dec 1947—Mar June Sept Dec 2.7 2.9 2.4 2.5 4.3 4.3 4.4 4.4 3.3 3.4 3.3 3.4 2.3 2.8 2.4 2.6 2.5 2.8 2.1 2.3 2.5 2.5 2.5 2.3 4.4 4.2 4.4 4.3 3.4 3.4 3.3 3.1 2.7 2.5 2.6 2.5 2.2 2.3 2.3 2.0 2.3 2.3 2.3 2.0 4.4 4.4 4.2 4.2 3.3 3.3 3.1 3.0 2.6 2.3 2.3 2.0 2.0 2.0 2.1 1.7 2.1 2.0 2.0 2.1 4.1 4.2 4.0 4.4 3.1 3.1 3.1 3.2 2.3 2.2 2.1 2.1 1.7 1.7 1.7 1.8 2.1 2.1 2.1 2.1 4.3 4.1 4.1 4.1 3.1 3.1 3.1 3.2 2.5 2.6 2.4 2.5 1.8 1.8 1.8 1.8 1948—Mar June Sept Dec 2.4 2.47 2.60 2.64 4.2 4.49 4.53 4.50 3.3 3.47 3.58 3.58 2.5 2.70 2.89 2.97 2.1 2.16 2.29 2.34 231 NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS of November 20, 1946 at the banks reporting rates is used in computing the summary average rate. Average rates on all short-term business loans in the three geographic areas have also been computed. Like the averages for all loans in the 19 cities, the summary averages for the three geographic areas measure rates on groups of loans held constant by size and geographic distribution. Averages of rates for the three areas for the period 1939 through 1947 are on an annual basis only because available data would not support more detailed estimates. For the period beginning June 1948 summary averages for each geographic area are computed quarterly. The new interest rate series for banks in all 19 cities for the period June 1948 through December 1948, and comparable estimates of rates for the period March 1939 through March 1948, are shown in Table 1 and in the chart. Similar averages for each geographic area for the period from June 1948 through December 1948 are shown in Table 2. Table 2 also shows estimates of average rates on all loans on an annual basis for each of the three geographic areas for the period 1939 through 1948. BANK RATES ON SHORT-TERM LOANS TO BUSINESSES BY SIZE OF LOAN PER CENT PER ANNUM OUARTERLY 4 PER ANNUM 4 ALL 1.OANS 3 3 y1 2 r V \ "A 2 LOANS OF: 5 5 $1,000-99,999 r * 4 4 % 10,000-* 99,999 ,—^ 3 3 y ^ 4 1 0 0 , 0 0 0 - ^ ^ 199,999 \| V J - $ 200,000 AND OVEF 1 1 0 0 1940 1942 1944 1946 1948 NOTE.—Figures are averages of rates on short-term loans to businesses made in the first 15 days of each March, June, September, and December by banks in 19 selected cities. 232 RATES ON BUSINESS LOANS, 1939 THROUGH 1947 The level and structure of interest rates on bank loans in the forties, as in the late thirties, were products of conditions of extreme monetary ease. Conditions of ease in the thirties reflected primarily the huge excess reserves of banks resulting from large gold inflows and the limited demand for bank credit. They have continued in the war and postwar periods largely as a result of monetary policies associated with war financing and with postwar Government debt management. Estimates of rates charged, by loan size, indicate that the pattern of rates charged by banks on shortterm business loans in 1946 and 1947 was very similar to that in 1939 and 1940. Rates on large business loans of $200,000 and over averaged about 1.75 per cent in both periods, with prime commercial loans made at 1.5 per cent. Rates on very small and medium-sized loans were also about the same in the immediate postwar years as they were in 1939 and 1940. The only significant changes in loan rates over the period from 1939 through 1947 occurred in the years 1942 through 1945. Average rates on large loans rose somewhat in mid-1942 and reached a peak of 2.75 per cent in mid-1943. Throughout the remainder of the war period they remained at levels close to 2.5 per cent. Rates on medium-sized loans also rose slightly during the war period. Rates on small business loans, however, showed little change. The increase in loan rates in the early period of active United States participation in World War II probably reflected an expectation by banks and other lenders that the needs of war financing would drive interest rates up. This expectation was shown, for example, in bank hesitancy to take the 2 per cent United States Government bonds offered in October 1942, an issue which later in 1943 they bid to a premium. Thus in late 1942, banks began to ask higher rates on some of their large and mediumsized business loans. When it became fully apparent, however, that the war would be financed at low rates, average rates on business loans tended to decline slightly. In part the rise in average rates on large loans during the early war years was probably due to the fact that many of the borrowers in the loan market were fast growing, war-born concerns withFEDERAL RESERVE BULLETIN NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS out established credit worth. Rates on bank loans to large war producers under the terms of the Government guarantee (Regulation V) tended to be somewhat higher than rates on loans where such guarantee was not required. This was due at least in part to the fact that the cost of the guarantee, which on an average was about 25 per cent of the interest rate charged, was generally added to the interest cost of the loan. On large loans guaranteed under the provisions of Regulation V, rates tended to be about 1 percentage point higher than the interest rate charged on loans to prime commercial borrowers. For several quarterly periods during the war average rates on business loans tended to be lower than rates in nearby quarters. This is true especially for the first 15 days of December 1942, 1944, and 1945 and September 1943. War loan drives were underway during all or part of these periods. This seems to indicate that some businesses borrowed during the drives to purchase Government securities and that on these loans they were charged relatively low rates. It is possible that many of the loans may have been collateraled by the Government securities. In 1946 and 1947, conditions of credit availability were essentially similar to those in the immediate prewar period. Banks did not hold substantial excess reserve balances with the Federal Reserve Banks as in prewar years, but they held billions of dollars of short-term United States Government securities, which could be sold to acquire reserves as needed. The cost of reserves to banks, therefore, corresponded to the low rates prevailing on shortterm Government securities, which until July 1947 was % per cent or less. Banks were in a position to satisfy freely the large postwar loan demand at the low rates prevailing. Since the needs of banks for liquidity reserves were satiated by their large holdings of short-term Government securities, and since reserve funds could be readily obtained by selling securities to the Reserve Banks, even the record loan expansion of the postwar period generated no effective pressure for an increase in prime loan rates. Data by size of loan and the revised average of rates on all loans show that the prices banks charged for business loans were about the same in the immediate postwar years as in the prewar period. The old series showed a small decline over this period. The differences in movements are due MARCH 1949 largely to the fact that for the revised series the size composition of loans is held constant by the weighting system whereas for the old series it shifted over the period as there were shifts in the size composition of loans. After the war a greater proportion of bank loans to businesses were large loans than in the prewar period. Thus the old series tended to show a decline in rates as large, low-rate loans increased in importance. Some borrowers may actually be able to obtain credit at lower rates than in prewar years, because of an increase in the size of loans they need to cover their requirements. But changes of this sort were not reflected in the averages. RATE CHANGES SINCE MID-1947 Beginning in mid-1947, rates on short-term Government securities have increased somewhat. By the end of 1947, Treasury bills and one-year TreasTABLE 2 AVERAGE INTEREST RATES ON BUSINESS LOANS AT BANKS IN SELECTED CITIES, BY AREA AND SIZE OF LOAN [Per cent ]3er annum] 7 northern 11 southern and and western eastern cities cities All 19 cities New York 2.1 2.1 2.0 2.2 2.6 1.8 1.8 1.8 2.0 2.2 2.0 2.0 1.9 2.3 2.9 2.5 2.5 2.5 2.6 2.8 2.4 2.2 2.1 2.1 2 5 2.1 2.0 1.8 1.8 2 2 2.7 2.5 2.1 2.2 2 6 2.8 2.5 2.5 2.6 2 9 Quarterly— 1948—June Sept Dec 2.47 2.60 2.64 2.12 2.32 2.34 2.49 2.60 2.68 2.92 3.01 3.02 $l,000-$9,999: 1948—June Sept Dec 4.49 4.53 4 50 4.35 4.40 4 23 4.42 4.55 4 51 4.60 4.57 4 62 $10,000-$99,999: 1948—June Sept Dec 3.47 3.58 3.58 3.19 3.35 3.40 3.40 3.58 3.60 3.68 3.71 3.68 $100,000-$ 199,999: 1948—June Sept Dec 2.70 2.92 2.97 2.43 2.70 2.70 2.67 2.91 2.97 2.91 3.07 3.14 $200,000 and over: 1948—June Sept Dec 2.16 2.29 2.34 1.94 2.13 2.16 2.27 2.34 2.44 2.45 2.56 2.57 Size of loan and period All sizes: Annual averages— 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 233 NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS ury certificates were yielding 1 per cent and ll/8 per cent, respectively. Yields on both corporate and Government bonds were somewhat higher in turn. In 1948 there was a further rise of about % per cent in yields on short-term Government securities. This rise in rates on Government securities was reflected in late December 1947 in an increase in interest rates on prime business loans, which rose 14 of 1 per cent, from 1.5 to 1.75 per cent. The rate increase tended at first to be limited to a rise in the rates on large business loans, as is shown in the chart in the previous section. Rates on other loans were not as immediately aflected, but subsequently showed a comparable rise. In August 1948, yields on short-term Government securities increased again. This was reflected quickly in rates on all sizes of business loans. As is shown in Table 2, rates in September were generally somewhat higher in each of the three areas of the country than they were in June. The increases were larger for large loans than for small loans, however. In the last quarter of 1948, rates on business loans showed little further rise. Rates on large loans averaged slightly higher while rates on small loans tended to be somewhat lower. At the end of 1948, interest rates were still low, although higher than in the immediate postwar period. Credit continued to be abundant and cheap. APPENDIX A COMPUTATION OF NEW INTEREST RATES SERIES To develop the new series on bank loan rates discussed above, the reporting arrangement through which the Federal Reserve System collects interest rate data was modified to provide information on an individual loan basis. Under the new plan, respondent banks in the 19 money centers list on a revised form the dollar amount, interest rate, and maturity of each loan made during the quarterly reporting periods.4 The new reporting form is shown on page 236. 4 No further processing of the data by the respondent banks is necessary. The information is put on punch cards at the Reserve Banks. Consideration was given to the feasibility of including information for each loan on size and business of borrower, but in the final form this was not done since some banks—because of the form in which their records are kept— would have found it inconvenient to provide the information. Size of business is closely correlated with size of loan and this classification, although it would add significantly to the accuracy of the data, is not essential. Rate variations are not as large by kind of business as by the other two attributes. 234 All short-term business loans which banks report, that is all loans for one year or less, are sorted out by the Federal Reserve. These are grouped by major geographic areas—New York City, seven northern and eastern cities (Boston, Buffalo, Philadelphia, Pittsburgh, Cleveland, Detroit, and Chicago) and eleven southern and western cities (Baltimore, Richmond, Atlanta, New Orleans, Dallas, St. Louis, Minneapolis, Kansas City, Seattle, San Francisco, and Los Angeles). For each area the loans are classified by the following nine size groups: 1,000- $ 4,999 5,0009,999 10,000- 24,999 25,000- 49,999 50,000 - 99,999 100,000- 199,999 200,000 - 499,999 500,000 - 999,999 1,000,000 and over Averages of the rates paid on each size group of loans in each area are computed. This is done by dividing the dollar amount of interest charged, figured at an annual rate, by the dollar amount of loans made in each group of loans. The resulting rate averages for the minor size groups for each area are then combined into four major size groups of loans for the area. The weights used for this computation are based on the importance in each area of the minor size groups in the loan portfolios of reporting banks, as of November 20, 1946. As noted previously, the following are the major size categories of loans for which weighted average rates are computed: $ 1,000-$ 9,999 10,000- 99,999 100,000- 199,999 200,000 and over For each of these loan categories an average rate for all 19 cities is computed by combining the corresponding averages for the three geographic areas. This is likewise done by the use of weights which are based on the distribution of short-term business loans outstanding at rate reporting banks as of November 20, 1946. The computation for loans made in the period December 1-15, 1948 is illustrated in Table 3. FEDERAL RESERVE BULLETIN NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS TABLE 3 COMPUTATION OF AVERAGE INTEREST RATES ON MAJOR SIZE GROUPS OF SHORT-TERM BUSINESS LOANS AT BANKS IN 19 SELECTED CITIES, DECEMBER 1-15, 1948 groups in the business loan volume outstanding as of November 20, 1946 at reporting banks in the area concerned. Table 4 illustrates the computation for the December 1-15 period. [Average rates in per cent per annum] APPENDIX B Weights $l,000-$9,999: New York City Seven northern and eastern cities Eleven southern and western cities All cities 24 22 54 4.23 4.51 4.62 100 4.50 28 25 41 3.40 3.60 3.68 100 3.58 26 33 41 2.70 2.97 3.14 100 2.97 46 32 22 2.16 2.44 2.57 100 2.34 $10f000-$99,999: New York City Seven northern and eastern cities Eleven southern and western cities... . All cities $100,000-$199,999: New York City Seven northern and eastern cities Eleven southern and western cities.... All cities ... $200,000 and over: New York City Seven northern and eastern cities Eleven southern and western cities All cities (2) Average interest rate1 (1) Size group of loan and geographic area 1 Average for each area in each size group is a weighted average of average rates for minor size groups. Average for all cities in each size group shown is average of area averages shown in Column 2 weighted by the percentages shown in Column 1. For each of the three geographic areas, and for all 19 cities throughout the country taken together, an average rate is computed as a summary measure of movements in rates on all sizes of loans. In each case the over-all average is obtained by combining the average rates for the four major size groups of loans. The weights used in making each average reflect the relative importance of the loan size DEVELOPMENT OF REVISED SERIES, 1939-48 Quarterly estimates have been presented of average rates on four major size groups of short-term loans to businesses at banks in 19 selected cities for the period March 1939 through March 1948. On the basis of these averages, a revision has been made in the series on average rates for all loans to businesses at these banks. Revised estimates of average rates on all loans were also presented on an annual basis for the three areas of the country. For the period from March 1939 through March 1948, more than 80 respondent banks supplied the Federal Reserve System with information on the total number and amount of loans made at each interest rate during the four 15-day reporting periods of each year. Provision was also made for comments regarding loans made under unusual circumstances at special interest rates. On the basis of these data, it was possible to relate interest rates to average sizes of loans and to prepare estimates of average rates for the four major size groups covered in the new series. The steps in the estimating process were: (1) For each reporting period, the report for every bank was reworked to single out any individual loans reported and to obtain the average size of groups of loans made at various interest rates. In this connection, each report was scrutinized and TABLE 4 1 COMPUTATION OF AVERAGE INTEREST RATES ON A L L SHORT-TERM BUSINESS LOANS AT BANKS IN 19 SELECTED CITIES BY GEOGRAPHIC AREA, DECEMBER 1-15, 1948 [Average rates in per cent per annum] All 19 cities New York City 7 northern and eastern cities 11 southern and western cities Major size groups of loans $l,000-$9,999 $10,000-$99,999.... $100,000-$199,999.. $200,000 and over.. All loans MARCH 1949 Weights Average rate Weights Average Weights Average rate Weights Average rate 2 15 11 72 4.50 3.58 2.97 2.34 1 10 7 82 4.23 3.40 2.70 2.16 2 12 11 75 4.51 3.60 2.97 2.44 5 24 15 56 4.62 3.68 3.14 2.57 100 2.64 100 2.34 100 2.68 100 3.02 235 REPORTING FORM FOR NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS Confidential Federal Reserve System Form F.R. 467 Revised Form Approved Budget Bureau No. 55-R0I5 INTEREST RATES ON LOANS TO BUSINESSES MADE DURING 1-15, 19 , INCLUSIVE Page No. Bank Stamp Note:—Loans covered in this interest rate report are those classified in the call report of condition under "commercial and industrial loans" (item 1 of schedule A) except for open market paper purchased. Such loans include all business loans to individuals, partnerships, and corporations except those secured by real estate. Report on each such loan made during the 15-day period. If several loans are made to the same borrower during the reporting period, report them as one loan, if convenient; otherwise they may be reported separately. Include renewals of loans. Loans made under a revolving credit arrangement should be reported as maturing in over one year. Exclude loans of less than $1,000. Report to the Federal Reserve Bank four times a year for the first 15 days of March, June, September, and December. Please explain on the reverse side of this form any special reasons for unusually high or low rates reported. (Signed, first Amount of Loan (in thousands of dollars) (•ill.) Maturity (check one) Interest Rate Please do 1 y r . Over not use (per cent per or annum) l e s s , year or demand sheet only) (Sane) Amount of Loan (in thousands of dollars) (thou.) (•ill.) 1 21 2 22 9 23 • (Title) Maturity (check one) Interest Rate Please do 1 y r . Over 1 or (per cent per not use l e s s , year annum) or demand (thou.) J 4 24 5 25 6 26 7 27 8 28 9 29 10 30 11 31 12 32, 13 33 14 34 15 35 16 36 17 37 18 38 ! i t I i i i ; • • ; ; i ; j ; • i i i 1© 39 20 4Q 236 i j j FEDERAL RESERVE BULLETIN NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS compared with the same bank's reports for nearby periods to eliminate loan groups which were noted by the respondent as including one or more loans made under unusual circumstances or which in the judgment of the statistician seemed to include such loans. (2) These individual loans and averages (observations) for each reporting bank or branch were plotted by interest rate and loan size. The charts, which showed for each period a pattern of rates declining as loan size increased, revealed cases that were in some way exceptional from a rate standpoint. These were reexamined and the observation rejected if evidence of unusual circumstances was revealed. These rejections were due generally to circumstances where it seemed obvious that one or two large loans (or a few small loans) were mixed with an average containing in number (or dollar amount) primarily small loans (or large loans). Such observations were not useful guides and were thrown out where they could be detected. (3) The observations were grouped into the MARCH 1949 four major size categories of loans. For each observation, the interest rate was multiplied by the dollar amount involved. A preliminary average rate for each size group was computed by dividing the sum of these products by the total of the dollar amounts. (4) The preliminary averages for each size group were adjusted to the levels indicated by the new series. At the time of the adjustment data were available for an overlap period of three dates (June, September, and December 1948). The levels were also checked against data reported in the business loan survey as of November 20, 1946 by the banks included in the quarterly series. The resulting series of average rates for the four major size groups of loans were combined into a series of average rates for all loans. This was done on the basis of the same constant set of weights as is used in computing the new average for all 19 cities—that is, as derived from the distribution of short-term business loans outstanding at rate reporting banks on November 20, 1946. 237 SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS by CHARLES H. SCHMIDT Substantial amounts of funds entering the capital markets in recent years have come from institutions that accept individual savings in the form of life insurance premiums, deposits, or share purchases. As these forms of saving continue to grow, the investment activities of the institutions accepting them exert greater influence over the amount and type of securities offered in the capital markets. As a basis for defining the role played by savings institutions in the present-day capital markets, analysis has been made of the investment activities of life insurance companies, mutual savings banks, and savings and loan associations. Choice of these institutions was dictated in part by the magnitude of their resources and in part by the availability of reasonably complete and current data. Thus, while time deposits of commercial banks represent an important form of institutionalized saving, the investment activities of commercial banks are not included in this analysis because of the difficulty of differentiating those associated with time deposits from those associated with demand deposits. Savings institutions are but one form of institutional investor. Others are fire and casualty insurance companies, investment trusts, trust companies and trust departments of commercial banks, philanthropic foundations, and educational institutions. For many of these groups, information essential to an analysis of their investment activities is lacking. The effect of all these institutional investors on the capital markets is substantially greater than the effect of savings institutions alone. SUMMARY 1. The flow of individual savings into life insurance, mutual savings bank deposits, and savings and loan association shares has significant economic implications. To the extent that savings are kept in this form, rather than used by individuals directly for the purchase of bonds, stocks, and realestate mortgages, investment funds and decisions are transferred from numerous individuals to a relatively small number of savings institutions. Moreover, investment decisions of these institutions are determined by their primary functions and by 238 statutory regulations as well as by relative yields of alternative investment outlets. 2. Savings institutions, though only one group of institutional investors, have considerable influence in the capital markets. Total resources of life insurance companies, mutual savings banks, and savings and loan associations exceed 89 billion dollars at the present time. Since 1921 their combined assets increased approximately 440 per cent— doubling during the prosperous twenties, increasing moderately during the depression and recovery period of the thirties, and nearly doubling again since 1939. Over the entire period 1922-48 assets of life insurance companies increased more than those of mutual savings banks and savings and loan associations. 3. Throughout the period 1934-48 these savings institutions supplied the bulk of the funds borrowed to finance long-term private capital requirements, and a substantial part of the funds borrowed by Government. During the prewar period 1934-39, expansion of savings institution investments was concentrated in Government securities and corporate bonds. During the defense and war period these institutions absorbed nearly one-sixth of the securities issued by the Federal Government. In the postwar period 1946-48, the net increase in corporate bond holdings of life insurance companies exceeded the estimated increase in long-term corporate debt outstanding, while the expansion of savings institution holdings of real-estate mortgages was about twofifths of the estimated increase in real-estate mortgage debt. At the end of 1948 these savings institutions held nearly one-half of the total of corporate bonds and real-estate mortgages outstanding as compared with a prewar 1929-39 average of less than one-third. 4. Among these savings institutions, life insurance companies play the leading role in business financing. In part, the dominance of life insurance companies is attributable to their larger resources, which in 1948 were roughly two and a half times those of mutual savings banks and four times those of savings and loan associations. Also, it reflects FEDERAL RESERVE BULLETIN SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS the nature of life insurance contractual liability, which permits the investment of funds over long periods of time, as well as a somewhat wider range of permissible investments. During the postwar period, life insurance company holdings of business securities and real-estate mortgages increased by roughly 14 billion dollars; at the end of 1948 roughly 37 per cent of their total resources were invested in business securities and 20 per cent in real-estate mortgages. 5. Since savings institutions are restricted by law to investment in riskless and near-riskless assets, practically all of their business financing takes the form of long-term credits, evidenced by bonds, mortgages, or notes. In order to obtain investment outlets for a continually growing volume of funds, life insurance companies have relied extensively upon lending directly to businesses by private purchase of entire bond and note issues. Also, they have recently expanded their commercial and industrial real-estate holdings on an equity or risk basis. 6. Since mid-1946 savings institutions, particularly life insurance companies, have sold or redeemed in cash at maturity some 6 billion dollars of their United States Government security holdings. These funds have been largely reinvested in higher-yield and higher-risk mortgages and business securities. FUNCTIONS OF SAVINGS INSTITUTIONS The investment activities of savings institutions are determined in part by their primary functions as insurers or depositories, in part by the volume of resources at their disposal, and in part by State or Federal laws regulating the type and relative amount of their investments. Finally, savings institutions, like all other investors, are confronted with problems of liquidity, safety of principal, and investment yields. Life insurance companies, mutual savings banks, and savings and loan associations accept and invest, as insurers or depositories, the savings of individuals. However, the investment problems and policies of a company that insures persons against loss of life or earning power are different from those of an association engaged exclusively in home financing. Within the limits prescribed by statute, these differences in functions are reflected in the MARCH 1949 investment portfolios and capital market activities of different savings institutions. Life insurance companies. There are approximately 580 domestic legal reserve life insurance companies, with combined assets in excess of 55 billion dollars. Their primary function is that of assuring a predetermined income or lump-sum payment to a beneficiary in the event of death of the insured of to the insured on maturity of an endowment or annuity policy. Among these companies there are 12, each with resources of one billion dollars or more, that operate on a nationwide basis and together account for three-fourths of the industry's total resources. Accordingly, the industry's participation in the capital markets is largely reflected in the investment activities of these giant concerns. Life insurance companies operate under State charter, and are subject to regulation by the insurance commissioners of the various States in which they do business. Moreover, the amount and character of their permissible investments are variously regulated by State statutes. In general, these statutes prohibit, or limit to a small percentage of total assets, the amount invested in equity capital shares, and restrict purchases of corporate bonds and notes to the higher-grade issues. Federal, State, and local government obligations are approved by all States for life insurance company investment, without limit as to the proportion of total assets that may be so invested. Real-estate mortgages are likewise generally approved, subject to certain limitations on the amount lent in relation to the value of the real estate mortgaged. Real estate, other than company-used property, has roughly the same investment status as common stock in most States. In recent years, however, some States have modified their statutes to permit life insurance companies to invest in rental housing projects and certain types of commercial and industrial property to the extent of 10 to 20 per cent of their total assets.1 Life insurance companies enjoy greater latitude in their investment activities than do many of the other savings institutions. The majority of their obligations are represented by long-term contracts 239 SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS with policyholders. Moreover, their principal liquidity requirements are definitely determinable for some time in advance on the basis of their contractual obligations and their mortality experience. As a consequence, they can and do operate in the investment market on a longer-term basis than would be feasible for mutual savings banks. Thus, as is shown by the percentage distribution of their assets in Table 1, the primary fole of life insurance companies in the capital market is that of supplying long-term credit to business through purchase of securities. They also have an important role in supplying mortgage money and funds borrowed by governments, especially the Federal Government. Mutual savings banks. The majority of mutual savings banks, of which there are approximately 530 with combined assets in excess of 20 billion dollars, are located in the New England and Middle Atlantic States. They operate under State charter and function exclusively as depositories for savings. In other parts of the country their function is performed by other types of institutions. Investment portfolios of mutual savings banks reflect their liquidity requirements as well as statutory limitations on investments. Government securities and real-estate mortgages account for the greater part of mutual savings bank investment, while business security holdings are a relatively small TABLE 1 proportion and confined almost entirely to the highest-grade corporate bonds. Savings and loan associations. There are approximately 6,000 savings and loan associations, with combined assets at the end of 1948 of more than 13 billion dollars. They are mutual societies operating under State or Federal charter and are subject to the supervision and statutory requirements of the charter authority. The old building and loan associations, forerunners of the present-day savings and loan associations, were organized under State charter for the primary purpose of cooperative home financing, but at an early date they also provided a major service as depositories of small savings. Since the establishment of the Federal Home Loan Bank System in 1932 and of the Federal Savings and Loan Insurance Corporation in 1934, with provision for federally chartered associations and for insurance of share accounts up to $5,000, the savings depository function of savings and loan associations has assumed even greater importance. At the present time, these associations are primarily savings institutions with financing of home purchases or construction as their major investment activity. In the case of all Federal and the majority of State associations, investments are limited to first mortgage loans on houses and small apartments in the vicinity of the association, and to United States Government obligations. As a consequence, savings and loan associations have virtually no role in business financing.2 PERCENTAGE DISTRIBUTION OF ASSETS OF SELECTED SAVINGS INSTITUTIONS, DECEMBER 31, 1948 GROWTH OF SAVINGS INSTITUTIONS Life insurance companies Mutual savings banks Savings and loan associations Government securities—total.. . 36.0 33.3 United States 1.1 State and local 1.6 Foreign 34.3 30.1 1.6 2.6 56.6 56.3 0.3 0) 11.3 11.0 0.3 .0 Business securities—total Bonds and notes Stocks 25.3 23.5 1.8 36.8 34.2 2.6 10.4 9.6 0.8 (0 0)1 C) Mortgages Other loans Cash Other assets 30.1 2.5 2.8 3.3 19.6 3.7 1.6 3.9 27.1 0.5 4.4 1.0 78.6 0.5 5.3 4.3 Type of assets Total Total assets (in billions) 1 Total 100.0 100.0 100.0 100.0 $89.1 $55.4 $20.4 $13.3 Less than 0.5 per cent. NOTE.—Details may not add to totals because of rounding. SOURCE.—See appendix table. 240 Growth of savings institutions, as reflected by their total asset holdings, is largely dependent upon the volume and disposition of individual savings. In periods of prosperity the amount of savings lodged with such institutions rises, along with increases in individual holdings of cash and demand deposits, security purchases, and direct investment in homes, farms, and unincorporated businesses. In periods of depression additions to savings deposits and purchases of savings and loan association shares generally decline, and may even become negative as a result of withdrawals. In the case of life insurance premiums, however, there is 2 For a more detailed discussion of savings and loan association activities during the past 20 years see Norman Strunk, "The Improved Position of Savings and Loan Associations," Journal of Finance, October 1947, pp. 1-21. FEDERAL RESERVE BULLETIN SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS expansion during periods of prosperity but relatively little contraction in periods of depression. Individuals increase their commitments on life insurance and annuity policies when times are good, and are reluctant to reduce or cancel such contractual obligations when their incomes decline. Rather than cancel their life insurance, they draw upon other savings to maintain premium payments. Though policyholders may borrow on the cash surrender values of policies, or defer premium payments temporarily, the liquidity requirements which such borrowing entails are usually small relative to the total resources of life insurance companies. As a result, the growth of life insurance company resources is more sustained than that of most institutional investors, and their capital market activities are more persistent. Individual saving and its disposition. The volume and disposition of individual saving at different levels and under different conditions of economic activity are indicated by data covering the period 1933-48. For purposes of analysis, these data have been grouped by periods, as follows: prewar, 193339; defense and war, 1940-45; and postwar, 1946-48. Though not particularly suitable for the purpose of comparing savings patterns in periods of expansion with those of periods of contraction, this grouping permits some analysis of individual saving in different economic climates. As is shown in Table 2, the rate of individual savings in the prewar period was low relative to that of the war and postwar periods—14 billion dollars in 1933-39, as compared with 130 billion in 1940-45 and an estimated 35 billion in 1946-48. Comparable annual rates of savingj are 2.0 billion during 1933-39, 21.6 billion during 1940-45, and 11.7 billion during 1946-48. During the prewar period 1933-39, individuals reduced their holdings of State and local government and corporate securities and savings and loan association shares, and their equities in farm and residential property, as is shown in Table 2. However, individual savings represented by private insurance reserves increased by 10 billion dollars, while 7.4 billion were added to cash and demand deposits, 2.5 billion to holdings of Federal Government securities, and 3.0 billion to individual equity in unincorporated business enterprises. Whether other forms of saving were reduced in order to maintain life insurance premium payments is not MARCH 1949 determinable from these data, but the fact that additions to private insurance reserves were a very large proportion of net,individual savings emphasizes the relative constancy of saving through purchase of insurance. During the defense and war period, individual income and saving increased sharply. Since the greater part of this saving reflected deferred demand —most types of consumer durable goods and many TABLE 2 DISPOSITION OF INDIVIDUAL SAVINGS, SELECTED PERTODS, 1933-48 [In billions of dollars] Form of saving Individual savings—total 1946-481 1940-45 1933-39 35.2 129.6 13.7 Additions to cash and demand deposits 3 3 49 7 7 4 Additions to security holdings—total. . U. S. Government State and local government Corporate 9.9 5.2 1.3 3.4 51.8 54.7 -1.4 -1.5 -2.6 2.5 -3.1 -2.0 Institutional savings—total Time deposits—commercial banks . Mutual savings bank d e p o s i t s . . . . Savings and loan association shares. Private insurance reserves Postal savings deposits 22.8 5.5 3.0 3.3 10.6 0.4 40.8 14.9 4.9 3.3 16.0 1.7 11.6 1.6 0.6 -1.1 10.1 0.4 Direct investment—total Housing Farming. Other unincorporated business. -5.5 -3.1 -4.0 3.6 1.6 -2.2 2.7 1.1 -3.2 -3.8 -2.4 3.0 Debt retirement. -9.0 0.9 -3.2 1 Total individual savings as estimated by Department of Commerce. Additions to cash and demand deposits, private insurance reserves, security holdings, and debt retirement estimated from Securities and Exchange Commission data for 1946-47 and first three quarters of 1948. Additions to commercial bank time deposits, mutual savings bank and postal savings deposits, and savings and loan association shares, as reported in Federal Reserve BULLETIN and as estimated by Home Loan Bank Board. Total direct investment and its components estimated from Securities and Exchange Commission and Department of Commerce data for 1946-47; these estimates are highly tentative and subject to a substantial margin of error. Data for other periods were published by sources given above in describing 1946-48 estimates. nondurable consumer goods were not available during the war—individuals held these savings in the forms of currency, demand deposits, and Federal Government securities. Over 104 billion dollars of savings were accumulated in these forms, as compared with 41 billion placed with savings institutions. So far as direct investment was concerned, a wartime decrease of individual equity in urban homes offset in part an additional investment of 3.8 billion in farm property and unincorporated businesses. Insurance companies, along with mutual savings banks and savings and loan associa241 SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS tions, added substantially to their resources during the defense and war period. The average annual increase of nearly 2.7 billion dollars in private insurance reserves was almost twice that of the prewar period, and part of the increase represented new life insurance policies which would be continued long after the war had ended. In the postwar period, the net total of individual savings declined to an average of 11.7 billion dollars per year, as compared with the wartime average of 21.6 billion. As would be expected, purchases of Federal Government securities by individuals were sharply curtailed once the period of war financing was ended. However, the average amount of savings lodged with savings institutions increased after the war—in the case of savings and loan associations, from roughly 0.6 billion dollars per year to 1.1 billion; in the case of insurance companies, from 2.7 billion to 3.5 billion. One other characteristic of the postwar period is worth noting —it was the only one of the three periods in which individuals added to their holdings of corporate securities. The amount of such increase was small, however, in comparison with other forms of individual saving. It was only 3 billion dollars as compared with an increase totaling 17 billion in mutual savings bank deposits, savings and loan association shares, and private insurance reserves. The 1.3 billion dollar increase in holdings of State and local government securities appears small in view of the incentives which high Federal income taxes provide for investment in tax-exempt securities, and the greatly increased volume of financing by State and local governments. Growth in assets of savings institutions. The steadily increasing flow of individual savings into life insurance contracts, savings bank deposits, and savings and loan shares is reflected in the growth of savings institution assets. Over the period 1922-48 the combined assets of savings institutions, as is shown in Table 3, increased from 17 to 89 billion dollars—an expansion of 440 per cent from their 1921 level. Life insurance company assets grew steadily throughout the entire period, even during the depression of the thirties; resources of mutual savings banks, on the other hand, increased relatively little during the thirties, while those of savings and loan associations declined. During the war and postwar periods, resources of life insurance 242 companies and mutual savings banks nearly doubled, while those of savings and loan associations more than doubled. TABLE TOTAL 3 ASSETS OF SAVINGS INSTITUTIONS, SELECTED YEARS, DECEMBER 31, 1921-48 [In billions of dollars] 1921 1929 Total 16.5 Life insurance companies Mutual savings banks Savings and loan associations l 7.9 6.2 22.4 Group 1939 1948 35.0 46.3 89.1 17.5 10.1 7.4 29.2 11.9 5.2 55.4 20.4 13.3 1 Total assets, less mortgage-pledged shares. Estimated. SOURCE.—Institute of Life Insurance; Home Loan Bank Board; Federal Reserve BULLETIN; Annual Reports of the Comptroller of the Currency. 2 Of these savings institutions, life insurance companies have, because of their larger resources, the greatest influence in the capital markets. Their total assets exceeded 55 billion dollars at the end of 1948—about three-fifths of the total for all savings institutions. CAPITAL MARKETS ACTIVITIES OF SAVINGS INSTITUTIONS Life insurance companies, mutual savings banks, and savings and loan associations have had a major role in the investment of individual saving for some time, but their recent capital markets activities are of particular interest. For purposes of evaluating these activities, net changes in their various asset holdings have been computed for the periods 1934-39, 1940-45, and 1946-48. While net changes in assets do not measure the total volume of funds flowing into and out of various types of investments, they serve to indicate the relative importance of various capital market activities of savings institutions. Public versus private financing. During the period 1934-39 the volume of corporate bonds and notes issued for new money (that is, total issues less refunding issues) was relatively small, totaling 3.3 billion dollars. During this same period outstanding real-estate mortgage debt declined by 2.6 billion dollars, while the marketable public debt of the Federal Government increased by 11.7 billion. Savings institutions, having experienced subFEDERAL RESERVE BULLETIN SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS stantial depreciation in the market value of their tions to resources of savings institutions increased investments during the depression, were extremely substantially as a result of higher wartime incomes cautious in their acquisition of business securities and a curtailed flow of consumer goods. With and mortgages. This caution, together with a public financing requirements greatly in excess of relatively small private demand for borrowed funds, private capital demand, savings institutions inled savings institutions to invest much more heavily vested the greater part of their newly acquired in Government securities than in corporate securities resources in securities of the Federal Government. and real-estate mortgages during the period 1934-39. Consequently, these securities accounted for 25 bilIn this period, as is shown in Table 4, 7.2 billion lion of the 30 billion dollar net addition to assets of dollars was invested in United States Government savings institutions during the period 1940-45. securities and an additional 0.4 billion in State and The postwar period has witnessed the revival of local government securities, as compared with a private capital demands on a greatly enlarged net increase in business security holdings of 2.3 scale and a sharp curtailment of public financial billion. requirements in excess of current revenues. Since the end of 1945, outstanding marketable debt TABLE 4 of the Federal Government has declined by roughly USES AND SOURCES OF SAVINGS INSTITUTION FUNDS, 41 billion dollars, while mortgage debt has inSELECTED PERIODS, 1934-48 creased by an estimated 23 billion and corporate [In billions of dollars] bond and note issues for new money have totaled more than 10 billion. Savings institutions, with Item 1946-48 1940-45 1934-39 substantial resources at their disposal and a desire 22.8 29.9 Uses of funds—total 11.3 for higher rates of return on their investments, responded to private capital demands by increasing 21.0 2.3 Private financing—total 4.3 10.3 2.3 2.3 Business * their holdings of business securities and mortgages 10.6 0.0 2.0 Real-estate mortgages 0.1 0.0 0.0 Other2 to the extent of 21 billion dollars. 0.4 Public financing—total 25.6 7.7 Sources of investment funds. The greater part 0.0 United States Government 25.1 7.2 State and local governments.. . . 0.1 0.0 0.4 of the funds invested by savings institutions during 0.3 Foreign governments 0.5 0.1 the period 1934-48 represented new saving, that 1.4 0.0 Others 1.3 is, premium receipts, deposits, and undistributed 22.8 Sources of funds—total 29.9 11.3 earnings on investments. Some funds, however, Reduction of investment holdings — 1.6 2.6 total 4.1 have been obtained through sale of previously ac4.1 0.0 0.0 United States Government quired investments and other assets, as is shown 0.0 1.6 0.0 State and local governments.... 0.0 0.0 2.6 Real-estate mortgages in Table 4. Thus, during the prewar period 19344.2 0.0 0.0 Other 3 39, real-estate mortgage holdings of savings insti24.1 New savings * 8.7 18.7 tutions declined by 2.6 billion dollars. While a 1 2 Corporate bonds, notes, and stocks. Policy loans and premium notes of life insurance companies; large part of this decrease resulted from write-offs other loans of mutual savings banks and savings and loan associarather than cash collections, part of it represented tions. 3 Cash, real estate, and other miscellaneous assets. repayments of principal and proceeds from sales 4 Net increase in total assets. which provided funds for reinvestment in other NOTE.—Data in this table derived from net changes in asset holdings of life insurance companies, mutual savings banks, and securities. During the defense and war period savings and loan associations. They reflect net, rather than gross, sources and uses of funds with no allowance made for write1940-45, approximately 1.6 billion dollars was obups and write-downs of investment values. Details may not add to totals because of rounding. tained from the sale or maturity of State and local SOURCES.—Institute of Life Insurance; Life Insurance Association of America; Federal Reserve BULLETIN; National Asso- government securities, and roughly 4.2 billion from ciation of Mutual Savings Banks; Home Loan Bank Board; repayment of policy loans and premium notes, reappendix table. duction of cash balances, and sales of miscellaneous During the defense and war period 1940-45, the assets. As some of these miscellaneous assets, such Federal Government debt expanded greatly, as company-used buildings and equipment, were corporate financing increased moderately, and there written down in value rather than sold, the figure was a slight reduction in the total volume of mort- of 4.2 billion dollars is only a rough approximation gage debt outstanding. During this period, addi- of the funds obtained from reduction of other assets. MARCH 1949 243 SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS Postwar liquidation of investment in Government Sales, rather than redemptions at maturity, accounted for the major part of the decline.3 Over the period July 1946-December 1948 disinvestment from Government securities by mutual savings banks and savings and loan associations was small relative to that of life insurance companies, and for the most part represented maturities rather than sales. Nevertheless, during the two and one-half years the combined sales and maturities of Government securities held by savings institutions amounted to some 6 billion securities. During the postwar period reduction in holdings of United States Government securities has provided a substantial volume of funds for investment. The funds have been reinvested in higher-yield and higher-risk business securities and mortgages. Especially in the case of the insurance companies the shift of investment from Government securities to private securities and mortgages results from an effort to improve the average return on total investments, which has declined persistently since the late twenties. During the period 1946-48, as is shown in Table 4, savings institutions supplemented new savings with a net amount of 4.1 billion dollars obtained from the maturity and sale of Government securities in excess of purchases. During the first half of 1946, savings institutions continued to purchase substantial amounts of Government securities. Around the middle of 1946, however, savings and loan associations began to decrease their holdings of Government securities, as is shown in Table 5. In 1947 life insurance companies followed and, by the end of 1948, their holdings had been reduced by 5.3 billion dollars. dollars. Importance of financing by savings institutions. The importance of savings institution activities in the capital markets is indicated in approximate terms by Table 6. In this table net changes in their principal investment holdings are compared with corresponding net changes in three major types of outstanding debt. During the period 1934-39 the net increase of 7.2 billion dollars in 3 These figures do not reflect with complete accuracy the total volume of life insurance company funds flowing into and out of Government securities during this period. For one thing, they represent changes in par rather than book value of security holdings. For another, decreases in bills, notes, and certificates are assumed to have resulted from maturities rather than sales. TABLE 5 CHANGES IN HOLDINGS OF UNITED STATES GOVERNMENT MARKETABLE SECURITIES, SELECTED PERIODS, 1945-48 [In billions of dollars! 1947 1946 Holders Dec. 1944June 1946 JulyDec. Jan.June 1948 JulyDec. Jan.June 28.0 -13.0 -7.9 -2.9 -5.4 Life insurance companies, net change l Net increase resulting from purchase or exchange Net decrease resulting from: Sales Maturity or conversion 5.1 7.3 1.9 0.3 (2) 0.5 -0.5 0.2 -1.4 0.2 0.4 0.1 0.3 0.4 1.3 0.3 -1.3 (2) 1.2 0.1 Mutual savings banks, net change 3 Net increase resulting from purchase or exchange Net decrease resulting from: Sales Maturity or conversion 3.0 5.6 0.3 0.7 0.3 0.6 -0.3 0.4 (2) 0.4 2.4 0.2 0.4 (2) 0.2 (2) 0.6 0.1 0.3 0.2 0.5 -0.2 -0.1 -0.2 -0.1 19.2 -13.0 -7.6 -1.0 -4.0 All groups—net change Savings and loan associations. . Other holders4 JulyDec. -2.9 -2.0 0.1 2.1 (2) -0.6 0.4 0.9 0.1 -0.1 -0.2 July 1946Dec. 1948 -32.1 -5.3 1.0 5.3 0.9 -0.3 2.5 2.4 0.4 -0.7 -25.8 1 2 3 4 Changes in holdings of approximately 310 life insurance companies. Less than SO million dollars. Changes in holdings of approximately 540 mutual savings banks. Includes all other nonbank and bank holders. NOTE.—Figures, except those for savings and loan associations, represent changes in par value of marketable U. S. Government security holdings. Bond maturities estimated from date of first call or maturity of individual issues. Decreases in holdings of bills, notes, and certificates assumed to be result of maturity or call; to this extent data overstate maturities and understate sales. Details may not add to totals because of rounding. SOURCES.—Except for savings and loan associations, computed from data published in Treasury Bulletin. Savings and loan association data from Home Loan Bank Board. 244 FEDERAL RESERVE BULLETIN SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS savings institution holdings of United States Government securities amounted to approximately three-fifths of the increase in marketable public debt of the Federal Government. The increase in their holdings of corporate bonds and notes amounted to 2.2 billion dollars, as compared with an estimated decrease of 3.3 billion in total longterm corporate debt, exclusive of corporate mortgage debt, outstanding. The decrease in their mortgage holdings equaled the decline in estimated mortgage debt outstanding. TABLE 6 COMPARISON OF CHANGES IN INVESTMENTS OF SAVINGS INSTITUTIONS WITH CHANGES IN OUTSTANDING U. GOVERNMENT SECURITIES, CORPORATE A N D NOTES, AND REAL-ESTATE S. BONDS MORTGAGES [In billions of dollarsl Item 1946-48 1940-45 1934-39 U. S. Government marketable public securities, changes in: Total outstanding Savings institution holdings -41.3 -4.1 +164.1 +25.1 + 11.7 +7.2 +9.1 +9.8 -5.9 + 1.8 -3.3 +2.2 +23.0 +10.6 -0.5 +2.0 -2.6 -2.6 Corporate bonds and notes, changes Total outstanding Savings institution holdings Real-estate mortgages, changes in: Total outstanding Savings institution holdings NOTE.—Figures for savings institutions represent changes in par value of holdings; corporate bonds and notes, changes in estimated long-term corporate debt, net of mortgage debt; realestate mortgages, changes in estimated total farm and nonfarm mortgage debt. Change in total of corporate bonds and notes and of real-estate mortgage debt outstanding during 1946-48 partly estimated. SOURCES.—Treasury Bulletin; Department of Commerce; Home Loan Bank Board; Spectator Life Insurance Year Book; Federal Reserve BULLETIN; appendix table. Wartime additions to savings institution holdings of United States Government securities amounted to 25 billion dollars—somewhat less than one-sixth of the growth in marketable public debt. During this period their additions to business security holdings amounted to 1.8 billion, as compared with an estimated decrease of 5.9 billion in long-term corporate debt. Their mortgage holdings increased by nearly 2 billion dollars in the face of a continued decline in total outstanding mortgage debt. During the postwar period 1946-48 savings institutions played a major part in meeting the external financing requirements of business. The net increase in their holdings of business securities exceeded the estimated increase in long-term corporate debt. At the same time, their holdings of mortgages increased roughly two-fifths as much as the estimated growth in total mortgage debt. Their reduction of Government security holdings, on the other hand, was equal to about 10 per cent of the decline in outstanding marketable debt of the Federal Government. As a result of their wartime and postwar investment activities, the importance of savings institutions as suppliers of private credit in the form of business bonds and notes and real-estate mortgages has increased substantially. At the present time, combined mortgage and corporate bond holdings of life insurance companies, mutual savings banks, and savings and loan associations represent nearly one-half of total mortgage and long-term corporate debt outstanding, as compared with a prewar 1929-39 average of less than one-third. NOTE.—End-of-year assets of the savings institutions discussed in this article are summarized for the period 1939-48 in the following appendix table. MARCH 1949 245 SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS APPENDIX TABLE ASSETS OF SELECTED SAVINGS INSTITUTIONS, DECEMBER 31, 1939-48 [In billions of dollars] 1939 1940 1941 Life Insurance Companies 1942 1943 1944 1945 1946 1947 1948 55.4 19.1 16.7 0.9 1.5 l 29.2 30.8 32.7 34.9 37.8 41.1 44.8 48.2 51.7 7.7 5.4 1.7 0.6 8.4 5.9 1.9 0.6 9.3 6.7 1.9 0.7 11.6 14.8 12.4 18.5 16.4 22.5 20.6 23.5 21.6 21.9 20.0 Business securities, total Railroad bonds Public utility bonds Industrial and misc. bonds 3. Stocks 8.5 2.8 3.8 1.4 0.5 9.2 2.9 4.3 1.5 0.6 10.2 10.3 10.5 10.7 2.8 5.3 1.9 0.7 11.1 13.1 16.2 2.8 5.2 1.9 0.6 2.9 6.9 4.9 1.4 20.4 3.0 8.7 7.2 1.5 Real-estate mortgages, total. 5.7 0.9 4.8 6.0 0.9 5.1 6.4 0.9 5.5 6.7 0.9 5.8 6.7 0.8 5.9 6.7 0.8 5.9 6.6 0.8 5.9 7.2 0.8 6.4 8.7 0.9 7.8 10.9 1.0 9.8 Real-estate holdings Policy loans and premium notes. Cash4 Other assets 2.1 3.2 0.9 1.1 2.1 3.1 1.0 1.1 1.9 2.9 0.9 1.1 1.7 2.7 0.7 1.2 1.4 2.4 0.9 1.2 1.1 2.1 0.7 1.2 0.9 2.0 0.9 0.9 0.7 1.9 0.7 1.1 0.9 1.9 1.0 1.1 1.1 2.1 0.9 1.1 Total Government securities, total United States 2 State and local Foreign 2 Farm Other 2.9 4.9 1.9 0.6 9.2 1.7 0.7 2.8 5.2 1.9 0.6 1.5 0.9 1.1 1.0 0.7 1.2 3.1 5.3 1.9 1.0 0.6 1.3 2.9 5.6 3.4 1.2 0.6 1.3 Mutual Savings Banks 5 Total Government securities, total. United States State and local 6 Business securities 6 Real-estate mortgages.... Other loans Cash Other assets 11.9 12.0 11.8 11.9 13.0 14.8 17.0 18.7 19.7 20.4 3.7 3.1 0.6 1.6 4.8 0.1 0.8 0.8 3.8 3.2 0.6 1.5 4.9 0.1 1.0 0.8 ' 4.1 4.9 4.6 0.3 1.2 4.6 0.1 0.7 0.5 6.3 6.1 0.2 1.1 4.4 0.1 0.8 0.4 8.4 8.3 0.1 1.1 4.3 0.1 0.6 0.3 10.8 10.7 11.9 11.8 12.1 12.0 11.6 11.5 0.1 2.2 5.5 0.1 0.9 0.2 5.9 0.4 4.6 0.1 0.2 0.4 0.3 6.4 0.9 4.6 0.1 0.1 0.5 0.3 7.3 1.7 4.8 08. 1 () 0.4 0.3 8.6 2.4 5.4 08. 1 () 0.5 0.3 10.1 11.7 13.3 1.5 10.4 0.1 (8) 0.7 0.6 3.7 0.4 1.3 4.8 0.1 0.8 0.6 0.1 1.2 4.2 0.1 0.6 0.2 0.1 1.3 4.5 0.1 0.8 0.2 0.1 1.6 4.9 0.1 0.9 0.2 Savings and Loan Associations 7 Total U. S. Government securities. Real-estate mortgages Other loans and investments Real-estate holdings Cash Other assets 5.2 0.1 3.8 0.1 0.7 0.3 0.3 5.4 0.1 4.1 0.1 0.5 0.3 0.4 5.8 0.2 4.6 0.1 0.3 0.3 0.3 2.0 7.1 1.0 (8) 0.5 0.3 1.7 8.9 08. 1 () 0.6 0.4 1 2 Unless otherwise noted, data are from Institute of Life Insurance, Life Insurance Fact Book, 1948. Data for years 1939-41 inclusive estimated from reports of 49 life insurance companies compiled by Life Insurance Association of America; data for other years supplied by the Institute of Life Insurance. 3 Figures for recent years include small amounts of World Bank bonds. 4 Data from Spectator Life Insurance Year Book, 1948, and Institute of Life Insurance. 5 Major items from Federal Reserve BULLETIN; others from Federal Reserve Board, National Association of Mutual Savings Banks, and Annual Reports of the Comptroller of the Currency. 6 Estimated on basis of data published by National Association of Mutual Savings Banks and in Annual Reports of the Comptroller of the Currency. 7 Major items from Home Loan Bank Board, Statistical Summary, 1948; other items supplied by Home Loan Bank Board. 8 Less than 50 million dollars. NOTE.—Details may not add to totals because of rounding. 246 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Commodity Credit Corporation Paper Amendment to Regulation A The Board of Governors of the Federal Reserve System, effective February 17, 1949, amended Regulation A relating to discounts for and advances to member banks by Federal Reserve Banks, so as to provide that the requirement that a note be negotiable in order to be discounted shall not apply to any note evidencing a loan which is made pursuant to a commodity loan program of the Commodity Credit Corporation and which is subject to a commitment to purchase by the Commodity Credit Corporation. The regulation was further amended to provide for the use of certificates of interest such as are issued by the Commodity Credit Corporation under its cotton loan program as security for advances made to member banks. Also, the provision of the regulation waiving the requirement of negotiability in the case of any note evidencing a loan which is the subject of a guarantee or commitment made pursuant to Executive Order No. 9112 or the Contract Settlement Act of 1944 has been eliminated because it is now obsolete. The text of the amendment to Regulation A is as follows: AMENDMENT TO REGULATION A Effective February 17, 1949, Regulation A is amended in the following respects: 1. The last sentence * of subsection (h) of section 1 is amended to read as follows: The requirement of this section that a note be negotiable shall not be applicable with respect to any note evidencing a loan which is made pursuant to a commodity loan program of the Commodity Credit Corporation and which is subject to a commitment to purchase by the Commodity Credit Corporation. 2. Subsection (a) of section 2 is amended by adding thereto a new sentence reading as follows: * This sentence was added to the regulation in 1942 and constitutes the third sentence of subsection (h) of section 1. MARCH 1949 In the event notes which evidence loans made pursuant to a commodity loan program of the Commodity Credit Corporation and which comply with the maturity requirements of subsection (a) of section 1 of this regulation have been deposited in a pool of notes operated by the Commodity Credit Corporation, the certificate of interest issued by the Commodity Credit Corporation which evidences the deposit of such notes may be accepted as security for an advance made to a member bank under this subsection. Consumer Instalment Credit Amendment to Regulation W The Board of Governors, effective March 7, 1949, adopted an amendment to Regulation W—Consumer Instalment Credit—making the standard maximum maturity on all extensions of consumer instalment credit uniformly 21 months, instead of 15 to 18 months, and reducing minimum down payments on furniture, appliances, etc., from 20 per cent to 15 per cent, while retaining the 3 3 ^ per cent minimum down payment on automobiles. The amendment also contains two minor modifications of a technical nature. The text of the amendment is as follows: AMENDMENT NO. 3 TO REGULATION W Regulation W is hereby amended in the following respects, effective March 7, 1949: 1. By inserting the following immediately after the words "structure or" and immediately before the number "(2)" in section 7(g) of the regulation: other entire unit designed for residential occupancy, or 2. By changing "20 per cent" and "80 per cent" in Part 1, Group B of the Supplement to read, respectively, "15 per cent" and "85 per cent." 3. By changing Part 2 of the Supplement to read as follows: 247 LAW DEPARTMENT Part 2. Maturities.—The maximum maturity for all listed articles and for unclassified instalment loans is 21 months. 4. By changing the figure "20" to "24" in Part 3 of the Supplement. Resale of Repossessed Article The fact that an automobile or other listed article has been repossessed does not, in the Board's view, in any way authorize the resale of the article on terms different from those otherwise applicable under Regulation W. It is immaterial that the repossession and sale to a new purchaser follow a "bona fide collection effort," referred to in section 5(V)(1) of the regulation, rather than an ordinary repossession of the car. The "obligation" referred to in both sections 5(<r)(l) and 5(c)(2) is the obligation of the original obligor, and not the obligation of a new purchaser or obligor. Thus, any instalment credit arising from the subsequent sale of a repossessed automobile or other listed article should comply with the down payment or maximum loan value, and instalment payment and maturity requirements of the regulation. Any transfer by a finance company or other Registrant to a 248 third person of the unpaid balance of an instalment credit following repossession of a listed article, the effect of which would release the original obligor or purchaser or substitute a new obligor or purchaser, would be subject to the above views. While the foregoing is believed to be clear under the regulation, it was considered desirable in this manner to remove any misunderstanding that may have arisen with respect thereto. Sale of Demonstrator Automobile The Board is of the view that the sale of an automobile which has been used and driven as a "demonstrator" by an automobile dealer or salesman constitutes the sale of a used automobile for the purposes of Regulation W. This view applies even though the automobile has not been sold previously, and regardless of whether the sale of the demonstrator occurred before or after the next successive model change for the make of automobile in question. In such a case, Part 4 of the Supplement to the regulation requires that the down payment or maximum loan value be calculated on the basis of the specified percentage of the "appraisal guide value" where such value is lower than the "cash price." FEDERAL RESERVE BULLETIN CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings The Federal Advisory Council met in Washington on February 13-15. The annual organization meeting of the Council was held on February 13, 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 re-elected First Vice President; Robert V. Fleming, President and Chairman of The Riggs National Bank, was re-elected Second Vice President; and Herbert V. Prochnow was reappointed Secretary. The Council met with the Board of Governors of the Federal Reserve System on February 15. A meeting of the Presidents of the Federal Reserve Banks was held in Washington on February 25 and 26, and on February 28 the Presidents met with the Board of Governors. On February 28 and March 1 meetings of the Federal Open Market Committee were held. At the meeting on March 1, Thomas B. McCabe was re-elected as Chairman of the Committee 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, 1949, are Allan Sproul, Hugh Leach, Ray M. Gidney, W. S. McLarin, Jr., and C. E. Earhart, Presidents of the Federal Reserve Banks of New York, Richmond, Cleveland, Atlanta, and San Francisco, respectively. The members of the executive committee are Thomas B. McCabe, MARCH 1949 Chairman; Allan Sproul, Vice Chairman; Marriner S. Eccles; James K. Vardaman, Jr.; and Hugh Leach. Change in Board's Staff Mr. Frank A. Southard, Jr., resigned as Associate Director of the Board's Division of Research and Statistics effective February 28, 1949, to accept the appointment as United States Executive Director of the International Monetary Fund. Mr. Southard became associated with the Board on August 16, 1948, having previously served as Director of the Office of International Finance of the Treasury Department. Death of Director Mr. L. H. Lund, Vice President and Treasurer, Westinghouse Electric Corporation, Pittsburgh, Pennsylvania, who had served as a Class B director of the Federal Reserve Bank of Cleveland since January 1, 1948, died on March 14, 1949. 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, 1949 to February 15, 1949: Ohio Rock Creek—The Citizens Banking Company of Rock Creek, Ohio Virginia Tappahannock—Southside Bank 249 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 24, and released for publication February 26] Industrial production showed little change in January, continuing somewhat below the peak of last October and November. Employment in manufacturing showed a marked decline. Value of department store sales showed a larger decline than usual in January and the first three weeks of February. Prices of agricultural commodities decreased further but recovered part of their declines in mid-February. Prices of some industrial products were reduced further. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of industrial production was 191 per cent of the 1935-39 average in January, as compared with 192 in December, 195 in November, and 193 in January 1948. Activity in durable manufacturing industries decreased slightly in January, while nondurable goods production was somewhat above the December rate. Output of minerals declined 3 per cent. Steel production rose 2 per cent in January to capacity levels and was at the highest rate on record. Activity in the automobile industry also expanded, reflecting mainly increased production of trucks and of parts for new model passenger cars. Output in the steel and automobile industries has been maintained at the advanced January rate in February. Activity in machinery industries decreased about 4 per cent in January, reflecting reductions in industrial equipment as well as household appliance lines. Lumber production showed a substantial decline, in part because of unfavorable weather conditions in the Northwest, and activity in the furniture industry declined 6 per cent. Output of most other durable goods was maintained at about the December level. According to preliminary indications, output of nondurable goods showed a slight increase in January. Activity at cotton textile, paper, and paperboard mills was above the reduced December rate. Newsprint consumption showed less than the usual seasonal decline. Activity in the petroleum refining, chemicals, and rubber products industries, on the other hand, was reduced somewhat. Output of manufactured food products showed the usual large seasonal decline. Crude petroleum production declined 3/4 per cent in January and was curtailed further in the early part of February, as stocks of crude and refined products continued to rise. Anthracite production was curtailed sharply in the latter part of January and early February, mainly because of unusually mild winter weather in the East. Output of bituminous coal and of metals was maintained in January at the reduced level of the preceding month. EMPLOYMENT Employment in nonagricultural establishments showed more than the usual large seasonal decline EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION —Tzo PE - - \ \ 180 160 r 140 - 120 120 100 100 1941 1942 1943 1944 Federal Reserve index. for January. 250 1945 1946 1947 1948 1949 Monthly figures, latest shown are 1941 1942 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants are excluded. Midmonth figures, latest shown are for JanuaryFEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS in January and was 250,000 less than in January 1948, reflecting mainly reduced employment in most manufacturing industries. The number of persons unemployed increased by 700,000 in January and was substantially above the level of a year ago. CONSTRUCTION Value of construction contract awards, according to reports of the F. W. Dodge Corporation, dropped sharply in January, with marked declines in most classes of construction. The number of new dwelling units started in January, as estimated by the Bureau of Labor Statistics, was 50,000 units as compared with 56,000 in December and 53,000 in January 1948. farm products and foods dropped further in the early part of February but in mid-February returned to the levels prevailing at the beginning of the month. Prices of some industrial commodities including scrap metals, alcohol, and rayon and petroleum products, were reduced further in February, while prices of most other industrial items continued to show little change. Retail food prices continued to decline from mid-January to mid-February, reflecting mainly further sharp decreases in meat prices. In the latter part of February wholesale prices of meats showed some advance from the earlier low points which were one-fourth below the record levels prevailing last summer. DISTRIBUTION BANK CREDIT Value of merchandise sold at department stores, Seasonally large Treasury tax receipts increased despite a large number of special sales, showed more than the usual seasonal decline in January. Treasury deposits at the Reserve Banks in the latter The Board's adjusted index was 290 per cent of part of January and the first half of February. the 1935-39 average, as compared with 309 in De- This reduced deposits and reserves of commercial cember and 286 in January 1948. Sales during the banks, and banks sold short-term Government first three weeks of February were 4 per cent smaller securities and drew down their excess reserves. Reserve Bank holdings of Government securities than in the corresponding period last year. Carloadings of railroad freight generally declined increased as purchases of short-term securities exfurther in January and the early part of February ceeded further sales of bonds. Business loans at banks in leading cities declined and were about 10 per cent below a year ago. Declines in rail freight from the levels of a year ago somewhat during the last half of January and the have resulted in part from diversion of shipments first half of February. Holdings of Government securities were reduced, reflecting sales of shortto other forms of transportation. term securities. Banks outside New York City COMMODITY PRICES increased considerably their portfolios of Treasury Following marked declines in January, prices of bonds. LOANS AT MEMBER BANKS IN LEADING CITIES CONSUMERS' PRICES 1942 Bureau of Labor Statistics' indexes. "All items" includes fuel and housefurnishings groups not shown separately. Midmonth figures, latest shown are for January. MARCH 1949 1943 1944 1945 Excludes loans to banks. are for February 23. 1946 1947 Wednesday figures, latest shown 251 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; rates on time deposits; reserve requirements; margin requirements Federal Reserve Bank statistics Guaranteed war production loans Deposits and reserves of member banks. . . Money in circulation Gold stock; bank debits and deposit turnover Deposits and currency; Postal Savings System; bank suspensions. . All banks in the United States, by classes All insured commercial banks in the United States, by classes. . Weekly reporting member banks. . .... Commercial paper, bankers' acceptances, and brokers' balances. . Money rates and bond yields = = = = ,, Security prices and new issues Corporate earnings and dividends. . Treasury finance Government corporations and credit agencies.. Business indexes D e p a r t m e n t store statistics.... Cost of living. . W h o l e s a l e prices ... Gross national product, national income, and personal income. . Consumer credit statistics Current statistics for Federal Reserve chart books . Number of banking offices on Federal Reserve par list and not on par list 255 256 257-260 261 261-262 263-264 264 265 266-267 268-269 270-273 274 275 276-277 278 279-281 282 283-292 293-296 296 297 298-299 300-302 303-307 308 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 1949 253 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLL TREASURY CASH AND DEPOSITS I y^/\ 1941 1942 1943 1944 1945 1946 1947 1948 1949 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES L 1941 1942 1943 1944 1945 1946 194? Wednesday figures, latest shown are for Feb. 23. See page 255. 254 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S Government securities Discounts and advances Total Date Member bank reserve balances TreasOther ury deMoney Treas- posits Non- Fedcureral ury in cirwith memrency cash Federal ber de- Reculaoutserve holdtion Reposits standacings serve Total E x - 2 ing Banks counts cess Treasury Gold All 1 Total stock Bills, other certifiBonds cates, and notes Monthly averages of daily figures: 1947—Nov Dec 1948—Jan Nov Dec 1949—Jan 313 268 224 353 330 347 22,082 21,905 21,673 23,028 23,002 22,289 21,296 20,398 18,065 11,856 11,917 11,669 472 685 551 449 645 513 22,866 22,858 22,447 23,830 23,978 23,150 22,479 22,712 22,816 24,110 24,218 24,259 4.551 4,556 4,559 4,580 4,584 4,587 28,648 28,937 28,394 28,277 28,423 27,850 1,330 1,330 L ,329 1,321 L,319 1,327 End-of-month figures: 1947—Nov. 29. . . . Dec. 31 1948—Jan. 31. . . . Nov. 30 Dec. 31 1949—Jan. 31 . . . . 331 85 327 337 223 456 971 21,238 22,209 22,559 2,853 19,706 21,925 4,791 17,134 23,206 11,181 12,025 23,333 10,977 12,356 22,109 10,224 11,885 435 536 530 339 542 349 22,975 23,181 22,782 23,881 24,097 22,914 22,614 22,754 22,935 24,166 24,244 24,271 4,557 4,562 4,561 4,585 4,589 #,589 28,766 28,868 28,111 28,331 28,224 27,580 L.324 1,336 1,305 L.332 L ,325 L,336 Wednesday figures: 1948—Apr. 7 . . . . Apr. 14 Apr. 21 Apr. 2 8 . . . . 260 221 234 259 20,477 20,593 20,394 20,440 5,747 5,835 5,924 6,084 14,730 14,758 14,470 14,356 347 315 338 253 21,085 21,130 20,966 20,952 23,147 23,152 23,159 23,167 4,558 4,558 4,557 4,561 27,833 27,774 27,718 27,682 May 5 May 12 May 19 May 26 230 250 225 321 20,251 20,348 20,098 20,592 6,193 6,281 6,339 6,323 14,058 14,067 13,759 14,269 374 440 351 287 20,856 21,038 20,674 21,201 23,176 23,225 23,245 23,295 4,561 4,560 4,559 4,561 June 2 June 9 June 1 6 . . . . June 2 3 . . . . June 30 239 312 294 353 265 20,683 20,349 20,749 21,010 21,366 6,183 6,182 6,177 6,175 6,206 14,500 14,167 14,572 14,835 15,160 369 294 476 358 268 21,292 20,955 21,519 21,721 21,900 23,343 23,362 23,515 23,523 23,532 July 7 . . . . July 14 July 21 July 2 8 . . . . 398 316 285 327 21,535 21,521 21,326 21,209 6,210 6,321 6,449 6,564 15,325 15,200 14,877 14,645 310 302 277 187 22,243 22,139 21,888 21,723 Aug. 4 . . . . Aug. 11 Aug. 18 Aug. 2 5 . . . . 282 293 301 324 21,378 21,566 21,551 21,460 6,966 7,215 7,410 7,587 14,412 14,351 14,141 13,873 237 205 273 210 Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 2 9 . . . . 318 310 283 309 357 21,411 21,240 21,205 21,860 23,282 Oct. 6 . . . . Oct. 1 3 . . . . Oct. 2 0 . . . . Oct. 27 296 500 289 300 23,143 23,303 23,192 23,242 7,795 7,864 8,455 8,944 9,202 9,483 9,736 10,132 10,683 13,616 13,376 12,750 12,916 14,080 13,660 13,567 13,060 12,559 Nov. Nov. Nov. Nov. 320 326 282 582 Dec. 1 . . . . Dec. 8 Dec. 15. . . . Dec. 22 Dec. 29. . . . 306 399 266 426 255 23,165 23,004 22,993 22,845 23,347 1949—Jan. 5 . . . . Jan. 1 2 . . . . Jan. 19 Jan. 2 6 . . . . 229 364 241 458 297 251 238 303 3 10 17 24 Feb. 2 Feb. 9 Feb. 16. . . Feb. 23 . . . 1,287 1,011 1,016 1,014 631 614 566 540 600 603 850 16,988 987 17,261 17,390 1,082 773 19,835 797 19,990 838 19,991 2,343 1,049 932 1,601 1,123 1,189 1,514 1,194 626 563 551 541 590 611 829 16,974 17,899 1,499 768 16,919 809 19,894 20,479 1,202 477 19,540 1,329 L.320 1,336 1,326 1,140 1,177 1,283 1,185 994 929 911 856 590 590 590 587 16,905 17,050 16,845 17,043 822 894 701 879 27,762 27,762 27,690 27,700 1,329 1,319 1,329 1,333 1,114 1,319 1,612 1,788 810 792 795 788 545 544 546 547 17,033 17,087 16,506 16,901 817 884 294 723 4,562 4,560 4,560 4,561 4,565 27,895 27,864 27,808 27,792 27,903 1,335 1,337 1,331 1,317 1,327 1,567 1,144 1,863 1,928 754 828 879 827 859 551 551 593 598 592 941 17,094 908 17,154 17,999 1,132 728 17,408 742 17,389 23,584 23,593 23,650 23,670 4,562 4,562 4,561 4,563 28,142 27,959 27,864 27,821 1,334 1,331 L.324 1,329 1,841 1,861 1,879 1,822 877 898 920 875 612 613 611 576 17,584 1.0C3 937 17,631 723 17,503 759 17,534 21,897 22,064 22,125 21,993 23,679 23,688 23,708 23,711 4,564 4,564 4,565 4,564 27,922 27,966 27,979 27,965 1,330 1,324 1,322 1,324 1,852 1,756 1,963 1,902 860 865 965 843 569 570 566 567 17,606 730 17,834 1,003 729 17,603 811 17,668 208 284 433 376 314 21,937 21,834 21,921 22,545 23,953 23,725 23,793 23,850 23,865 23,872 4,568 4,571 4,571 4,570 4,573 28,072 28,287 28,156 28,083 28,080 1,323 1,326 1,321 1,319 1,324 1,693 1,331 1,436 1,660 855 872 875 858 864 564 565 592 591 586 853 17,724 926 17,817 18,737 1,647 979 18,694 940 19,884 268 164 388 254 23,707 23,967 23,869 23,797 23,888 23,965 23,983 23,996 4,572 4,572 4,574 4,575 28,202 28,284 28,157 28,091 1,324 1,317 1,326 1,322 1,596 1,551 1,530 1,524 867 916 913 888 596 596 590 583 19,584 19,840 19,910 19,960 607 929 870 874 23,239 11,137 12,102 23,144 11,223 11,921 22,930 11,156 11,774 22,993 11,166 11,827 170 458 622 366 23,729 23,929 23,834 23,941 24,007 24,097 24,110 24,150 4,578 4,579 4,579 4,580 28,254 28,337 28,215 28,305 1,317 1,317 1,324 1,317 1,473 1,553 1,591 1,650 886 912 901 922 539 539 539 542 19,846 19,947 19,953 19,934 858 922 815 830 11,168 11,110 11,112 11,057 11,001 11,997 11,894 11,881 11,788 12,346 312 324 659 950 512 23,783 23,727 23,919 24,221 24,113 24,165 24,218 24,230 24,234 24,236 4,583 4,585 4,585 4,584 4,585 28,322 28,415 28,369 28,560 28,325 L,338 1,314 L ,327 L,326 1,329 1,527 1,540 927 986 994 1,575 1,033 1,283 1,106 541 548 640 647 653 19,877 783 660 19,727 20,435 1,216 662 19,899 20,238 1,058 22,919 22,465 22,117 22,039 10,907 10,772 10,603 10,265 12,012 11,693 11,514 11,774 579 364 640 463 23,727 23,193 22,999 22,960 24,249 24,253 24,264 24,268 4,586 4,586 4,586 4,587 28,151 27,919 27,717 27,561 1,322 1,323 1,327 1,333 1,135 1,167 1,145 1,267 1,138 597 600 602 613 20,375 1 ,131 987 20,105 950 20,133 922 20,035 22,215 22.350 22,303 22,358 10,191 10,105 9,993 9,922 12,024 12,245 12,310 12,436 314 235 385 186 22,827 22,836 22,926 22,847 24,279 24,279 24,284 24,290 4,588 4,587 4,586 4,586 27,556 27,557 27,480 27,551 1,327 1,327 1,323 1,326 1,284 1,430 1,754 1 ,591 1,203 1,176 1,177 1,193 613 614 615 621 19,711 19.597 19,447 19,441 786 1,507 3,608 11,172 11,085 10,620 967 1,130 1,563 1,398 1,014 1,277 870 984 661 969 951 939 804 984 1,051 1,211 1,180 961 639 676 P535 P62O P Preliminary. Includes industrial loans and acceptances purchased shown separately in subsequent tables. End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 MARCH 1949 255 FEDERAL RESERVE BANK DISCOUNT RATES [In effect February 28. Per cent per annum] Discounts for and advances to member banks Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Federal Reserve Bank Rate Effective Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Other secured advances [Sec. 10(b)] Rate 13,1948 13,1948 23,1948 13,1948 13,1948 13,1948 13,1948 19,1948 13,1948 16,1948 13,1948 13,1948 Effective Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Effective Rate 13,1948 13,1948 23,1948 13,1948 13,1948 13,1948 13,1948 19,1948 13,1948 16,1948 13,1948 13,1948 Jan. Apr. Aug. Aug. Mar. Jan. Aug. Jan. Aug. Jan. Feb. Apr. 14,1948 6, 1946 23,1948 13,1948 16,1946 24,1948 13,1948 12,1948 23,1948 19,1948 14,1948 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING RATES ON BANKERS' ACCEPTANCES [Per cent per annum] Maturity Rate on Feb. 28 In effect beginning— 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 28. Per cent per annum] Previous rate To industrial or commercial businesses iAug. 13, 1948 lAug. 13, 1948 !Aug. 13, 1948 1- 90 days. . 91-120 days. . 121-180 days. . To financing institutions 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. Federal Reserve Bank MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Net demand deposits Period in effect June Aug. Mar. May Apr. Nov. Aug. Sept. Oct. Feb. June Sept. 21, 1917-Aug. 15, 1936. . 16, 1936-Feb. 28, 1937. . 1, 1937-Apr. 30, 1937.. 1, 1937-Apr. 15, 1938. . 16, 1938-Oct. 31, 1941.. 1, 1941-Aug. 19, 1942. . 20, 1942-Sept. 13, 1942. . 14, 1942-Oct. 2, 1942. . 3, 1942-Feb. 26, 1948. . 27, 1948-June 10, 1948. . 11, 1948-Sept. 15, 1948. . 16-24, 1948 and after*. . . Central reserve city banks Reserve city banks 13 1934 22M 26 22M 26 24 22 20 22 24 26 10 15 1734 20 17^ 20 20 20 20 20 20 22 On discounts or purchases On loans 1 On commitments l Time deposits (all Country member banks banks) 7 1034 1234 14 12 14 14 14 14 14 14 16 ¥ 5 6 6 6 6 6 6 7K 1 Demand deposits subject to reserve requirements, i. e., total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. 2 S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). Change effective Sept. 16 at country banks; Sept. 24 at other classes. Boston New York Philadelphia.... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas City Dallas San Francisco... Portion for which institution is obligated 234-5 2^-5 234-5 2 34-5 2*1-5 Remaining portion On commitments ^- 234-5 134-2 2y2s 2 %5 (2) 1 2 3 4 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of 34 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] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Per cent per annum] 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 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. 256 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 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1945, p. 235. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1949 Feb. 23 Feb. 16 Feb. 9 1949 Jan. 26 Feb. 2 Jan. 19 Jan. 12 1948 Jan. Feb. Feb. Assets Gold certificates 22,428, 432 222,418,430 22,418,431 22,418,431 22,388,432 22,368,430 22 ,363,431 22,428,431 22,398, 428 21,096,170 Redemption fund for 616,933 F. R. notes 629,665 680,050 626,738 623,514 627,186 617,188 626,739 620,477 623,379 Total gold certificate reserves 23,045,620 23,038,907 23,041,810 23,041,945 23,015,170 22,995,616 22,993,096 23,045,364 23,025,167 21,776,220 Other cash 355,250 Discounts and advances: For member b a n k s . . . For nonmember banks, etc 129,807 173,250 303,057 780 Total discounts and advances Industrial loans U. S. Govt. securities: Bills Certificates: Special Other Notes Bonds 374,244 357,061 370,406 371,422 64,756 77,905 123,827 282,051 65,257 173,250 173,250 173,250 176,250 176,250 238,006 251,155 297,077 458,301 241,507 787 804 854 859 817 357,447 354,623 366,892 386,715 187,946 77,910 283,178 288,953 176,250 173,250 173,250 141,800 364,196 251,160 456,428 430,753 840 767 847 4,906 325,636 5,305,910 5,270,417 5,287,041 5,220,126 4,978,912 4,710,580 4,851,939 5,303,910 5,038,026 9,210,661 6,751,769 6,659,269 6,568,269 6,389,919 6,338,269 6,304,769 6,317,769 6,788,269 6,421,269 4,390,783 389,550 414,250 457,250 426,250 1,734,350 380,550 499,250 367,550 379,050 523,300 9,921,762 9,992,937 10,105,125 10,191,054 10,264,754 10,602,867 10,772,357 9,882,627 10,223,854 5,687,914 Total U. S. Govt. securities 22,358,491 22,303,173 22,349,985 22 ,215,349 Other Reserve Bank credit outstanding. . . 234,104 313,261 184,665 384,474 ,039,185 22,117,466 22 ,465,365 22,342, 356 222,109, 399 21,023,708 462,099 639,125 362,587 650,050 347,613 260,602 Total Reserve Bank credit outstanding 22,846,993 22,926,440 22,836,048 22,826,541 22,960,444 22,998,915 23,192,988 22,854,885 22,914,287 22,109,417 Liabilities Federal Reserve notes. . 23,527,511 23,481,216 23,558,722 23,577,539 23,590,219 23,736,640 23,903,260 23,527,879 23,608,761 24,044,717 Deposits: Member bank — reserve account 19,440,860 19,447,005 19,596,912 19,711,208 20,035,393 20,132,511 20,105,472 19,616,686 19,540,181 17,061,817 U. S. Treasurer—gen803,796 eral account 1,591,108 1,754,494 1,430,430 1,283,897 1,135,457 939,451 1,423,346 1,513,653 1,591,225 463,799 718,226 731,331 714,671 728,569 679,789 714,985 750,591 750,266 671,178 Foreign 690,117 457,415 479,598 471,571 448,554 458,448 551,836 443,877 443,172 473,382 Other Total deposits.' 22,225,406 22,378,622 22,202,983 22,198,007 22,309,087 22,203,128 22,189,483 22,234,500 22,248,103 19,806,958 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).., 50.4 50.2 50.3 50.4 50.1 50.1 49.9 49.7 50.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Discounts and advances: Jan 26 Feb. 2 Feb 9 Feb. 16 Feb 7 3 Industrial loans: Jan ?fi Feb. 2 Feb 9 Feb 16 Feb. U. S. Government securities: Jan ?fi 2 Feb Feb. 9 Feb 16 Feb. 23 MARCH 1949 Within 15 days 458,301 297,077 251,155 238,006 303,057 287,822 127,761 168,414 220,440 193,030 859 854 804 787 780 764 759 707 687 683 22,039,185 22,215,349 22,349,985 22,303,173 22,358,491 16 to 30 days 92 ,360 153 700 76 ,265 11 4 ,880 31 to 60 days 75,269 12,622 5,019 4,917 3,817 61 to 90 91 days to 6 months 6 months to 1 year days 2,850 2,994 1,457 1,414 101,330 2 996,492 826 68 S ? ,726,284 1,149,919 1,834 73? 7 ,185,158 1,293,817 1,827 ,643 1 ,988,039 2,351,409 990 048 ,799,981 2,297,451 1,146 ,591 1 ,600,826 1 year to 2 y e a r s t o Over 2 years 5 years 5 years 2 2 2 1 ,404,001 992,017 1 ,177,342 1 ,144,779 1 ,282,342 4 4 4 4 ^ S97 0 7 ? 40? 0 7 ? 3 414 57? ^ 518 9 3 ? 3 , 518 932 70 1S 8 70 15 1s 4 4 79 7S 1S 1S 7? 1,966 647 2,046 147 2,153 897 897 2,313 897 457 414 389 380 379 4 4 ?so 1 ,979 51? 1 97? 01? 5 SO 1 9 6 6 SSO 1 ,864 46S 050 1 ,864 463 8 , ? 8 S ,242 8 04? 8 138 SO? 8 0 ? 6 ,114 7 ,954 ,939 257 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates: Jan. 26 22,388,432 Feb. 2 22,418,431 Feb. 9 22,418,431 Feb. 16 22,418,430 Feb. 23 22,428,432 Redemption fund for F. R. notes: Jan. 26 626,738 Feb. 2 623,514 Feb. 9 623,379 Feb. 16 620,477 Feb. 23. 617,188 Total gold certificate reserves: 23,015,170 Jan. 26 Feb. 2 23,041,945 Feb. 9 23,041,810 Feb. 16 23,038,907 Feb. 23 23,045,620 Other cash: Tan. 26 371,422 Feb. 2 370,406 Feb. 9 357,061 Feb. 16 374,244 Feb. 23 355,250 Discounts & advances: Secured by U. S. Govt. securities: 281,950 Jan. 26.. Feb. 2. . 123,726 Feb. 9. . 77,856 Feb. 16.. 64,707 Feb. 23. . 129,758 Other: 176,351 Ian. 26.. 173,351 Feb. 2. . Feb. 9. . 173,299 Feb. 16.. 173,299 Feb 23.. 173,299 Industrial loans: Jan. 26 859 Feb. 2 854 Feb. 9 804 Feb. 16 787 Feb! 23.'.'.'.'.'. 780 U. S. Govt. securities: Bills: Jan. 26. ... 4,978,912 Feb. 2 5,220,126 Feb. 9.... 5,287,041 Feb. 16 5,270,417 Feb. 23.... 5,305,910 Certificates: Jan. 26 6,338,269 Feb. 2.... 6,389,919 Feb. 9.... 6,568,269 Feb. 16 6,659,269 Feb. 23 6,751,769 Notes: 457,250 Jan. 26.... Feb. 2.... 414,250 Feb. 9.... 389,550 Feb. 16.... 380,550 Feb. 23.... 379,050 Bonds: Jan. 26.... 10,264,754 Feb. 2.... 10,191,054 Feb. 9.... 10,105,125 Feb. 16.... 9,992,937 Feb. 23.... 9,921,762 Total U. S. Govt. securities: Jan. 26 22,039,185 Feb. 2 22,215,349 Feb. 9. 22,349,985 Feb 16 . .22 303 173 Feb. 23 22,358,491 Total loans and securities: 22,498,345 Jan. 26 Feb. 2 22,513,280 Feb. 9 22,601,944 Feb. 16 22,541,966 Feb. 23 22,662,328 D u e from foreign banks: Jan. 26 49 Feb. 2 49 Feb. 9 49 Feb. 16 49 Feb. 23 49 1 New York Philadelphia Cleveland 759,198 780,517 779,861 790,615 786,919 7,143,679 7,196,505 7,190,966 7,127,891 7,115,945 1,113,031 1,080,331 1,089,465 1,098,939 1,139,998 1,546,608 1,537,085 1,557,125 1,606,498 1,633,082 53,737 53,575 53,569 53,426 53,257 53,887 53,209 53,179 52,555 51,803 59,708 59,446 59,439 59,182 58,894 74,954 74,756 74,746 74,578 74,334 812,935 834,092 833,430 844,041 840,176 7,197,566 7,249,714 7,244,145 7,180,446 7,167 748 1,172,739 1,139,777 1,148,904 1,158,121 1,198,892 1,621,562 1,611,841 1,631,871 1,681,076 1,707,416 38,418 39,480 38,866 39,259 36,875 63,733 63,011 59,956 64,303 62,805 25,527 24,107 23,747 24,015 23,396 28,946 32,540 28,041 34,975 31,473 3,245 1,444 3,594 2,890 5,040 184,305 43,255 11,555 16,985 26,850 3,335 4,005 5,090 4,590 14,310 11,104 10,915 10,915 10,915 10,915 55,695 54,747 54,747 54,747 54,747 14,100 13,860 13,860 13,860 13,860 Boston Richmond Atlanta Chicago 980,944 991,910 4,398,405 999,735 1,008,754 4,357,754 987,207 992,234 4,349,552 996,119 987,672 4,339,253 990,795 974,020 4,405,370 Minneapolis Kansas City Dallas 668,194 699,576 676,579 687,116 661,681 439,714 462,649 471,686 456,580 452,771 824,457 818,864 797,130 783,701 799,225 667,643 666,640 656,901 662,294 648,519 2,854,649 2,810,021 2,869,725 2,881,752 2,820,107 44,134 43,981 43,970 43,845 43,673 106,007 105,775 105,755 105,560 105,499 44,741 44,678 44,670 44,622 44,537 23,076 23,051 23,047 23,022 22,984 36,094 36,047 36,039 35,997 35,941 26,605 26,555 26,548 26,500 26,495 46,059 45,920 45,908 45,803 45,648 1,038,680 1,036,044 1,056,256 1,052,735 1,043,716 1,036,204 1,051,506 1,031,517 1 044,918 1,017,693 4,504,412 4,463,529 4,455,307 4,444,813 4,510,869 712,935 744,254 721,249 731,738 706,218 462,790 485,700 494,733 479,602 475,755 860,551 854,911 833,169 819,698 835,166 694,248 693,195 683,449 688,794 675,014 2,900,708 2,855,941 2,915,633 2,927,555 2,865,755 27,073 26,400 25,855 24,855 22,744 29,360 26,348 27,771 25,645 24,716 51,277 50,701 51,822 55,232 51,274 20,153 19,538 18,294 18,817 18,934 15,190 14,015 15,034 14,003 14,679 15,009 14,187 12,014 13,244 12,321 16,225 16,280 13,811 14,485 14,246 40,511 43,799 41,850 45,411 41,787 17,920 11,220 21,655 10,495 8,485 3,700 8,065 10,365 7,875 14,400 735 9,635 520 320 5,818 42,725 6,025 6,475 6,425 14,325 12,600 5,400 1,875 3,000 6,195 1,567 1,317 767 3,400 5,835 16,060 9,160 9,860 21,185 2,000 5,500 4,000 1,000 7,000 5,550 11,550 2,250 500 2,750 16,215 15,939 15,939 15,939 15,939 8,636 8,489 8,489 8,489 8,489 7,278 7,155 7,103 7,103 7,103 24,322 23,908 23,908 23,908 23,908 6,345 6,237 6,237 6,237 6,237 4,406 4,331 4,331 4,331 4,331 6,395 6,287 6,287 6,287 6,287 6,169 6,064 6,064 6,064 6,064 15,686 15,419 15,419 15,419 15,419 796 791 739 719 715 57,736 56,521 56,509 55,387 54,123 San Francisco St. Louis 63 63 65 68 65 312,945 290,832 320,233 331,393 353,619 1,195,223 1,252,388 1,268,247 1,264,308 1,263,663 339.154 355,584 360,142 359,009 361,426 459,209 481,456 487,628 486,095 489,368 319,632 335,117 339,413 338,346 340,624 266,933 279,865 283,451 282,560 284,463 742,938 778,931 788,917 786,436 791,733 269,070 282,106 285,723 284,824 286,742 161,183 168,992 171,158 170,620 171,769 240,820 252,488 255,724 254,920 256,637 215,362 225,796 228,690 227,971 229,506 456,443 516,571 497,715 483,935 476,360 437,264 440,829 453,132 459,410 465,790 1,502,106 1,514,347 1,556,614 1,578,180 1,600,102 431,751 435,269 447,418 453,616 459,917 584,584 589,348 605,797 614,191 622,723 406,898 410,213 421,663 427,505 433,444 339,815 945,778 342,583 953,484 352,145 980,097 357,024 993,676 361,983 1,007,478 342,532 345,324 354,963 359,880 364,880 205,188 206,860 212,635 215,580 218,575 306,569 309,068 317,693 322,096 326,569 274,162 276,396 284,111 288,046 292,047 31,545 28,578 26,874 26,253 26,150 108,364 98,173 92,319 90,187 89,831 31,147 28,218 26,535 25,922 25,820 42,173 38,207 35,929 35,098 34,960 29,354 26,594 25,008 24,430 24,334 24,514 22,209 20,885 20,402 20,322 68,229 61,813 58,128 56,785 56,561 24,711 22,387 21,052 20,566 20,484 14,803 13,411 12,611 12,320 12,271 22,116 20,036 18,842 18,406 18,334 19,778 17,918 16,850 16,461 16,396 561,622 566,198 582,001 590,065 598,261 40,516 36,706 34,517 33,720 33,587 708,145 703,060 697,132 689,393 684,483 2,432,644 2,415,178 2,394.814 2,368,226 2.351,358 699,214 694,194 688,341 680,699 675,851 946,729 939,931 932,006 921,659 915,094 658,966 654,235 648,719 641,517 636,947 550,324 546,373 541,766 535,751 531,935 1,531,676 1,520,679 1,507,856 1,491,116 1,480,496 554,728 550,745 546,101 540,038 536,192 332,301 329,915 327,133 323,501 321,197 496,486 492,921 488,765 483,338 479,896 444,002 440,814 437,097 432,245 429,166 909,539 903,009 895,395 885,454 879,147 1,489,899 1,463,299 1,497,371 1,506 449 1,530,042 5,238,337 5,280,086 5,311,994 5,300,901 5,304,954 1,501,266 1,513,265 1,522,436 1,519,246 1,523,014 2,032,695 2,048,942 2,061,360 2,057,043 2,062,145 1,414,850 1,426,159 1,434,803 1,431,798 1,435,349 1,181,586 1,191,030 1,198,247 1,195,737 1,198,703 3,288,621 3,314,907 3,334,998 3,328,013 3,336,268 1,191,041 1,200,562 1,207,839 1,205 308 1,208,298 713,475 719,178 723,537 722,021 723;812 1,065,991 1,074,513 1,081,024 1,078,760 1,081,436 953,304 960,924 966,748 964,723 967,115 1,968,120 2,022,484 2,009,628 1,993,174 1,987,355 1,504,248 1,475,658 1,511,880 1,520,254 1,545,997 5,478,337 5,378,088 5,378,296 5,372,633 5,386,551 1,519,497 1,531,921 1,542,125 1,538,415 1,551,899 2,066,830 2,076,101 2,098,954 2,083,477 2,086,569 1,427,249 1,442,776 1,453,722 1,448,230 1,458,303 1,189,599 1,207,820 1,205,870 1,203,160 1,211,624 3,355,668 3,344,840 3,365,381 3,358,346 3,374,501 1,209,986 1,212,199 1,215,951 1,214,545 1,220,730 717,881 725,076 729,185 727,119 731,543 1,078,221 1,096,860 1,096,471 1.094,907 1,108,908 961,473 972,488 976,812 971,787 980,179 1,989,356 2,049,453 2,027,297 2,009,093 2,005,524 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 3 3 3 3 3 i i i i 1 16 16 16 16 16 7 7 7 7 7 After deducting $33,000 participations of other Federal Reserve Banks on Jan. 26; Feb. 2; Feb. 9; Feb. 16; and Feb. 23. 258 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollarsl Total Federal Reserve notes of other Banks: Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Uncollected items: Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Bank premises: Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Jan. Feb. Feb. Feb. Feb. 26...... 2 9 16 23 Jan. Feb. Feb. Feb. Feb. 26.. 2 9 16 23 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 164,876 149,313 141,054 135,241 125,449 5,855 6,504 6,099 7,211 7,577 15,311 14,253 13,396 13,302 9,750 4,861 4,031 4,001 5,606 4,265 8,400 6,609 6,282 6,225 7,267 42,363 44,126 42,690 37,057 32,965 13,263 13,820 15,468 13,624 14,220 21,268 17,634 15,731 14,382 12,607 8,416 5,380 6,327 6,467 6,564 10,876 9,011 5,853 6,306 6,544 7,449 6,535 4,779 4,876 5,004 6,829 6,109 5,338 6,047 3,971 19,985 15,301 15,090 14,138 14,715 2,770,234 2,622,696 2,332,329 3,133,535 2,340,659 210,110 212,292 180,464 231,609 190,380 488,981 473,296 402,617 552.978 463,020 167,846 163,895 157,410 204,108 161,162 281,976 268,338 218,638 330,384 232,402 240,293 215,057 211,683 246,437 197,131 198,175 184,742 177,871 226,195 170,088 430,208 410,772 358,807 540,255 337,585 138,564 112,070 109,017 131,029 100,910 74,521 72,775 62,137 82,644 59,109 148,121 142,102 125,795 149,055 117,387 141,795 118,669 114,775 162,691 114,981 249,644 248,688 213,115 276,150 196,504 32,303 32,258 32,261 32,254 32,235 1,185 1,180 1,180 1,180 1,180 8,023 8,005 8,005 8,005 8,005 3,047 3,047 3,047 3,047 3,042 4,854 4,853 4,853 4,849 4,849 2,549 2,549 2,549 2,549 2,542 1,568 1,568 1,568 1 568 1^567 3,190 3,185 3,185 3,185 3,185 1,941 1,938 1,938 1,938 1,938 1,177 1,174 1,174 1,174 1,174 2,380 2,374 2,374 2,374 2,374 757 753 756 753 753 1,632 1,632 1,632 1,632 1,626 154,998 158,976 164,338 169,566 174,732 10,730 10,988 11,370 11,837 12,002 36,323 36,978 38,580 39,765 41,179 10,324 10,587 10,934 11,165 11,450 14,482 15,056 15,149 15,793 16,226 4,963 5,118 5,279 5,404 5,562 7,286 7,546 7,859 8,096 8,317 6,721 6,985 7,070 7,377 7,787 49,007,397 48,888,923 48,670,846 49,425,762 48,736,322 2,583,484 2,580,197 2,583,292 2,655,394 2,634,190 13,288,290 13,223,361 13,145,011 13,231,448 13,139,074 2,903,845 2,877,369 2,890,172 2,944,481 2,954,110 4,027,054 4,015,342 4,003,792 4,156,783 4,086,206 9,920 23,130 8,702 8,275 10,243 23,558 8,921 8,529 10,650 9,268 8,830 24,307 10,948 9,485 25,124 91086 11,360 9,729 9,344 25,873 2,788,129 2,476,286 8,389,160 2,100,699 2,797,409 2,495,564 8,314,226 2,104,302 2,790,867 2^473,584 8 274 547 2,821,584 2 510 797 2^114^021 2,769,965 2]449',254 8i315i901 2,065,025 1,287,399 1,312,870 1,313,396 1,316,253 1,294,367 2,119,019 2,124,517 2,082,463 2,092,252 2,089,479 1,828,050 1,814,481 1,802,013 1,851,936 1,796,933 14,142 14,467 15,042 15,486 15,903 5,215,982 5,229,285 5,229,663 5,289,469 5,141,818 5,400,533 1,627,526 5 400,966 1,628,631 5,376,179 1,627,372 5,364,982 1,627,681 5,376,620 1,636,364 2,107,626 2,101,129 2,105,188 2,099,282 2,103,925 1,610,142 1,606,706 1,603,229 1,591,735 1,594.429 Liabilities Federal Reserve notes: 23,590,219 Jan. 26 Feb. 2 23,577,539 Feb. 9 23,558,722 Feb. 16 23,481,216 Feb. 23 23,527,511 Deposits: M e m b e r bank •—reserve account: Jan. 26. .20,035,393 Feb. 2. .19,711,208 Feb. 9. .19,596,912 Feb. 16. .19,447,005 Feb. 23.. 19,440,860 U. S. Treasurer-general account: Jan. 26.. 1,135,457 Feb. 2. . 1,283,897 Feb. 9. . 1,430,430 Feb. 16.. 1,754,494 Feb. 23. . 1,591,108 Jan. 26.. 679,789 Feb. 2. . 731,331 Feb. 9.. 718,226 Feb. 16.. 728,569 Feb. 23. . 750,266 Other* Jan. 26.. 458,448 Feb. 2. . 471,571 Feb. 9. . 457,415 Feb. 16. . 448,554 Feb. 23. . 443,172 Total deposits: Jan. 26 22,309,087 Feb. 2 22,198,007 Feb. 9 22,202,983 Feb. 16 22,378,622 Feb. 23 22,225,406 Deferred availability items: Jan. 26 2,308,184 Feb. 2 2,309,484 Feb. 9 2,098,274 Feb. 16 2,749,110 Feb. 23 2,156,043 Other liab. incl. accrued div.: Jan. 26 12,282 Feb. 2. 10,715 Feb. 9 10,802 Feb. 16 11,021 Feb. 23 15,303 Total liabilities: 48,219,772 Jan. 26 Feb. 2 48,095,745 Feb. 9 47,870,781 Feb. 16 48,619,969 Feb. 23 47,924,263 1,383,170 1,384,903 1,386,819 1,380,865 1,389,594 1,294,633 4,520,481 1,296^299 4,516,756 1 [296^360 4.515^803 4,508,387 l]284]91(l 4^518481 1,118,047 1,117,831 1,114.959 1,110.383 1,108413 620,033 619,189 620,200 618,062 618,218 924,578 926,149 925,259 920,560 920,307 605,270 605,102 603,904 598,566 599,471 2,378,180 2,373,878 2,383,450 2,374,315 2,377,079 933,916 932,524 907,199 900,863 914,585 951,434 923,656 932,639 943,474 917,096 2,383,458 2,374,108 2,355,094 2,373,465 2,305,548 848,940 841,849 820,827 825,931 818,848 6,504,135 6,327,044 6,321,662 6,164,847 6,305,957 941,188 906,435 914,008 893,821 896,171 1,441,251 1,434,073 1,424,307 1,422,604 1,419,097 828,755 839,973 840,774 837,804 825,904 844,778 850,065 858,191 852721 849,834 3,132,327 3,055,297 3,001.479 3!oi9.16O 3,000,941 747,078 739,938 738,700 736,904 715,935 478,133 486,246 482,032 475,411 470,944 71,084 70,332 105,282 132,505 135,962 145,217 216,643 235,615 345,768 200,317 73,788 77,682 88,534 130,018 138,597 111,902 101,032 123,165 195 550 181,756 78,997 99,298 80^322 83 470 80^503 186,831 159,938 234,458 253,799 274,024 65,728 73.323 63,596 79 058 82,717 87,496 107,813 117,188 115,464 108,315 42,695 45,637 44,906 45,581 46,828 3,591 1,285 3,007 3,110 3,195 1216,020 1235,810 1230,639 1233,661 1241,789 62,349 66,645 65.578 66,562 68,383 27,786 29,700 29,225 29,664 30,475 93,523 99,967 98,366 99,843 102,575 24,595 26,078 25,661 26,046 26,759 16,943 18,110 17,820 18,088 18,583 387,242 396,092 386,215 381,392 381,189 54,216 57,952 57,024 57,880 59,464 1,718 2,114 1,653 1,538 2,583 7,143 7,292 7,029 5,828 5,506 59,064 76,752 66,090 84,131 78,462 33,207 35,496 34,927 35,452 36,422 2,910 4,718 3,999 4,134 1,717 2 667 2,517 2,274 1,648 1,961 4,231 2,591 2,765 4,259 3,187 5,660 10,396 6,384 5,082 5,211 1,816 1,284 1,565 1,791 1,722 966,310 959,103 974,022 1,007,127 1,004,833 7,252,614 7,175,589 7,174,131 7,125,668 7,129,252 1,070,910 1,044,183 1,061,219 1,083,257 1,096,815 1,622,645 1,609,042 1,620,079 1,690,544 1,674,742 923,936 956,939 945,790 961,521 942,505 954,228 981,580 970,012 967,503 962,773 3,416,912 3,317,793 3,337,068 3,377,061 3,380,727 843,061 849,735 834,341 847,090 830,622 584,388 613,453 618,605 610,754 599,564 183,097 185,044 170,780 215,314 187,154 392,871 404,268 350,403 495,103 382,827 141,983 140,715 137,249 168,820 155,718 222,949 230,732 203,759 291,537 231,406 212,407 191,877 199,457 225,578 189,864 192,731 182,744 171,869 221,240 165,505 342,051 369,306 310,365 443,652 303,577 108,639 105,561 101,151 124,685 93,712 578 565 571 638 672 3,758 2,439 2,842 2,852 6,196 639 617 691 655 731 1,320 1,384 1,143 1,275 1,392 725 567 624 620 645 564 459 520 492 579 1,947 1,635 1,762 1,760 2,021 2,533,155 2,529,615 2,532,192 2,603,944 2,582,253 13,049,776 12,983,262 12,903,555 12,988,605 12,894,895 2,841,058 2,814,146 2,826,531 2,880,413 2,889,628 3,954,540 3,942,287 3,930,169 4,082,638 4,011,465 2,747,210 2,756,089 2,749,100 2,779,454 2,727,443 8.281,391 8,205,490 8,164,998 8,330,860 8,204,506 2,442,156 2,461,082 2,438,761 2,475,633 2,413,767 73,354 96,680 136,269 144,367 116,886 60,338 24,397 23,720 26,078 25,354 64,504 25,661 24,948 63,471 26,046 25,323 64,423 26,759 26,016 66,213 1,213 404 39,853 3,706 1,165 38,411 3,807 372 38,345 3,230 534 36,008 193 429 36,279 1,046,092 1,070,988 2,557,003 1,049,022 1,067,865 2,573,703 1,018,106 1,056,431 2,593,179 1,013,190 1,076,644 2,618,263 1,027,388 1,051,259 2,524,926 86,566 86,714 81,439 83,051 85,851 95,430 117,690 98,472 107,313 107,718 61,519 58,600 52,725 65,406 54,309 117,752 118,540 107,885 127,034 109,959 122,374 111,827 111,754 146,472 115,544 209,811 210,270180,877 224,269 166,468 521 462 491 445 516 375 363 399 351 389 480 456 492 450 512 533 540 417 461 523 842 1,228 850 1,022 1,127 2,070,268 2,073,589 2,050,942 2,082,603 2,033,263 1,266,315 1,291,605 1,291,929 1,294,573 1,272,480 2,088,902 2,094,167 2,051,742 2,061,234 2,058,166 1,799,165 1,785,334 1,772,506 1,822,143 1,766,797 5,145,836 5,159,079 5,158,356 5,217,869 5,069,600 1 After deducting $463,546,000 participations of other Federal Reserve Banks on Jan. 26; $495,489,000 on Feb. 2; $487,555,000 on Feb. 9; $494,874,000 on Feb. 16; and $508,417,000 on Feb. 23. MARCH 1949 259 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] New York Boston Total Philadelphia Richmond Cleveland Atlanta Minneapolis St. Louis Chicago Kansas City Dallas San Francisco Capital Accts.: Capital paid in: Jan. 2 6 . . . . 202,621 Feb. 2 202,757 Feb. 9 202,991 Feb. 1 6 . . . . 203,082 Feb. 2 3 . . . . 203,339 Surplus: (section 7): Jan. 26 466,711 Feb. 2 . . . . 466,711 Feb. 9 466,711 Feb. 16 466,711 Feb. 2 3 . . . . 466,711 (section 13b): Jan. 2 6 . . . . 27,543 Feb. 2 . . . . 27,543 Feb. 9 27,543 Feb. 1 6 . . . . 27,543 Feb. 2 3 . . . . 27,543 Other cap. accts.: Jan. 26 90,750 Feb. 2 96,167 Feb. 9 . . . . 102,820 Feb. 16 108,457 Feb. 23 114,466 Total liabilities and cap. accts.: Jan. 2 6 . . . . 49,007,397 Feb. 2 . . . . 48,888,923 Feb. 9 48,670,846 Feb. 1 6 . . . . 49,425,762 Feb. 23 48,736,322 11,488 11,467 11,476 11,477 11,480 69,600 69,623 69,631 69,638 69,639 14,772 14,805 14,819 14,829 14,840 19,246 19,242 19,259 19,199 19,200 8,815 8,831 8,848 8,869 8,883 7,967 7,974 7,999 8,017 8,022 25,598 25,649 25,677 25,706 25,765 6,709 6,719 6,721 6,738 6,745 4,504 4,512 4,513 4,524 4,526 7,125 7,133 7,153 7,168 7,174 7,905 7,910 8,004 8,023 8,108 18,892 18,892 18,891 18,894 18,957 29,347 29,347 29,347 29,347 29,347 143,019 143,019 143,019 143,019 143,019 36,704 36,704 36,704 36,704 36,704 43,968 43,968 43,968 43,968 43,968 22,417 22,417 22,417 22,417 22,417 20,028 20,028 20,028 20,028 20,028 68,842 68,842 68,842 68,842 68,842 17,974 17,974 17,974 17,974 17,974 11,797 11,797 11,797 11,797 11,797 17,008 17,008 17,008 17,008 17,008 14,954 14,954 14,954 14,954 14,954 40,653 40,653 40,653 40,653 40,653 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 6,483 6,757 7,266 7,615 8,099 18,576 20,138 21,487 22,867 24,202 6,822 7,225 7,629 8,046 8,449 8,294 8,839 9,390 9,972 10,567 6,338 6,723 7,153 7,495 7,873 5,373 5,718 6,034 6,357 6,675 11,900 12,816 13,601 14,507 15,359 5,227 5,499 5,888 6,185 6,522 3,710 3,883 4,084 4,286 4,491 4,847 5,072 5,423 5,705 5,994 4,719 4,976 5,242 5,509 5,767 8,461 8,521 9,623 9,913 10,468 2,583,484 2,580,197 2,583,292 2,655,394 2,634,190 13,288,290 13,223,361 13,145,011 13,231,448 13,139,074 2,903,845 2,877,369 2,890,172 2,944,481 2,954,110 4,027,054 4,015,342 4,003,792 4,156,783 4,086,206 2,788,129 2,797,409 2,790,867 2,821,584 2,769,965 2,476,286 2,495,564 2,473,584 2,510,797 2,449,254 8,389,160 8,314,226 8,274,547 8,441,344 8,315,901 2,100,699 2,104,302 2,082,046 2,114,021 2,065,025 3,273 3,332 3,356 3,615 3,508 206 210 211 228 221 11,034 U.053 H,060 U.142 ii.ios 262 267 268 289 281 301 306 309 333 323 160 163 164 177 172 134 137 138 148 144 452 460 463 499 484 118 120 121 130 126 1,686 1,667 1,736 1,728 1,643 70 70 55 44 36 115 107 159 179 107 966 956 956 956 956 126 126 153 142 144 281 281 294 288 281 28 27 22 22 22 1,287,399 2,119,019 1,312,870 2,124,517 1,313,396 2,082,463 1,316,253 2,092,252 1,294,367 2,089,479 1,828,050 5,215,982 1,814,481 5,229,285 1,802,013 5,229,663 1,851,936 5,289,469 1,796,933 5,141,818 V_-On[.lllgclJX llclDJJ. ity onpurchasacceptances ed for foreign correspondents: Tan. 26 Feb. 2 . . . . Feb. 9 Feb. 16 Feb. 23 Commit, to make indus. loans: Jan. 2 6 . . . . Feb 2 Feb. 9 Feb. 16 Feb. 2 3 . . . . 82 83 84 90 88 118 120 121 130 126 115 117 118 127 123 291 296 299 322 312 100 100 97 97 97 1 After deducting $2,239,000 participations of other Federal Reserve Banks on Jan. 26; $2,279,000 on Feb. 2; $2,296,000 on Feb. 9; $2,473,000 on Feb. 16; and $2,400,000 on Feb. 23. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total F.R. notes outstanding (issued to Bank): Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Collateral held against notes outstanding: Gold certificates: Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Eligible paper: Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 U. S. Govt. s e c : Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Total collateral: Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 24,688,025 24,572,504 24,491,253 24,375,171 24,318,609 Boston New York 1,473,246 5,618,155 1,464,226 5,604 ,520 1,461,925 5,574,751 1,,452,652 5,556,578 1,446,492 5,534,386 Philadelphia 1,711,318 1,702,899 1,697,580 1,688,455 1,690,979 Cleveland Richmond 2,206,768 ,681,900 2 198,262 ,668,168 2 193,480 1,660,289 2.189,285 ,649,720 2.185,196 1,642,340 13,549,000 13,494,000 13,364,000 13,364,000 13,234,000 460,000 440,000 440,000 440,000 440,000 4,770,000 4,770,000 4,770,000 4,770,000 4,670,000 550,000 550,000 550,000 550,000 550,000 218,470 90,896 44,656 46,167 90,030 3,245 1,444 3,594 2,890 5,040 184,155 43,255 11,455 16,635 23,200 3,335 4,005 5,090 4,590 14,310 12,150,000 12,150,000 12,150,000 12,100,000 12,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 ,500,000 ,500,000 ,500,000 ,500,000 ,500,000 1,100,000 1,100,000 1,100,000 1,050,000 1,050,000 25,917,470 25,734,896 25,558,656 25,510,167 25,424,030 1,563,245 5,954,155 1,541,444 5,813,255 ,543,594 5,781,455 1,542,890 5,786,635 1,545,040 5,693,200 1,753,335 1,754,005 1,755,090 1,754,590 1,764,310 2,245,000 2,245,000 2 245,000 2,245,000 2,245,000 1,728,700 1,732,565 1,734,865 1,682,875 1,688,900 260 745,000 745,000 745,000 745,000 745,000 625,000 625,000 625,000 625,000 625,000 Atlanta Chicago 1,365,270 4,688,924 1,352,827 1,351,687 4,649,903 1,343,733 4,636,516 1,342,542 4,621,710 575,000 575,000 575,000 575,000 575,000 2,735,000 2,700,000 2,670,000 2,670,000 2,640,000 3,700 7,565 9,865 7,875 13,900 850,000 2,000,000 850,000 2,000,000 850,000 2,000,000 850,000 2,000,000 850,000 2,000,000 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 4,735,000 4,700,000 4,670,000 4,670,000 4,640,000 Minne- Kansas Dallas City apolis St. Louis 1,1(5 1,160,989 1,157,992 1,152,791 1,148,958 ,604 953,169 645,799 2,538,334 639 ,298 948,422 639,774 2,525,127 637 ,505 948,695 640,042 2,517,404 636,037 634,985 315,000 210,000 315,000 210,000 315,000 210,000 315,000 210,000 315,000 210,000 12,600 5,400 1,875 3,000 6,195 1,567 1,317 767 3,400 950,000 950,000 950,000 950,000 950,000 450,000 450,000 450,000 450,000 450,000 1,277,600 1,270,400 1,266,875 1,268,000 1,271,195 San Francisco 946,129 633,220 2,490,055 942,654 633,857 2,494,510 280,000 280,000 280,000 280,000 280,000 184,000 2,100,000 184,000 2. ,100,000 184,000 2,000,000 184,000 2,000,000 184,000 2,000,000 5,885 16,110 9,210 9,910 21,235 5,550 11,550 2,250 500 2,750 700,000 500,000 700,000 500,000 700,000 500,000 700,000 500,000 700,000 500,000 800,000 800,000 800,000 800,000 800,000 660,000 985,885 684,000 661,567 996,110 684,000 661,317 989,210 684,000 660,767 989,910 684,000 663,400 1,001,235 684,000 2,905,550 2,911,550 2,802,250 2,800,500 2,802,750 FEDERAL RESERVE BULLETIN WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [Amounts in thousands of dollars] Guaranteed loans authorized to date Guaranteed loans outstanding End of month Total amount Additional amount available to borrowers under guarPortion antee agreements guaranoutstanding teed Number Amount 1942—June... Dec... 565 2,665 310,680 2,688,397 1943—June... Dec.... 4,217 5,347 4,718,818 1,428,253 1,153,756 2,216,053 6,563,048 1,914,040 1,601,518 3,146,286 1944—June... Dec.... 6,433 7,434 8,046,672 2,064,318 1,735,777 3,810,797 9,310,582 1,735,970 1,482,038 4,453,586 1945—June.. Dec... 8,422 10,149,351 1,386,851 1,190,944 3,694,618 8,757 10,339,400 510,270 435,345 966,595 1946—June... Dec.... 8,771 8,771 10,344,018 10,344,018 70,267 18,996 60,214 17,454 142,617 28,791 1947—June... Dec.... 8,771 8.771 10,344,018 10,344,018 3,589 2,412 3,218 2,183 6,726 1948—June... July... Aug Sept.. . Oct.... Nov Dec... 8,771 8,771 8,771 8,771 8,771 8,771 8,771 10,344,018 10,344,018 10,344,018 10,344,018 10,344,018 10,344,018 10,344,018 1,609 1,605 1,414 1,332 1,331 1,301 1,300 1,463 1,460 1,282 1,208 1,207 1,186 1,184 1949—Jan 8,771 10,344,018 1,295 1,181 81,108 803,720 69,674 137,888 632,474 1,430,121 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday or last day Applications approved to date of period) Ap- proved Loans Commit- Particiments pations but not outoutoutcom- 1 standing2 pleted (amount) standing standing (amount) (amount) (amount) Number Amount 984 1,993 2,280 2,406 2,653 2,781 2,908 3,202 3,423 3,471 3,489 3,511 3,542 3,574 49,634 124,493 139,829 150,987 175,013 188,222 212,510 279,860 408,737 491,342 525,532 544,961 565,913 586,726 20,966 11,548 8,226 3,369 1,946 2,659 13,954 8,294 4,248 945 1,387 3,576 3,582 3,587 3,593 3,595 3,599 3,600 3,603 3,604 3,606 Nov. 3 0 . . . 3,606 D e c . 3 1 . . . 3,607 589,986 596,048 600,322 604,623 606,305 610,956 611,694 612,099 613,820 614,402 614,725 615,653 1,025 1,972 4,906 3,785 1,394 1949 Jan. 3 1 . . . . 615,893 1934 1935 1936 1937 1938 1939 . 1940 1941 . 1942 1943 1944 . . 1945 1946 1947 . . . . 1948 Jan. 3 1 . . . Feb. 2 8 . . . Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 3 0 . . . Oct. 3 0 . . . 3,607 926 1,295 320 4,577 13,589 32,493 25,526 20,216 17,345 13,683 9,152 10,337 14,126 10,532 3.894 1,995 554 8,225 27,649 20,959 12,780 14,161 9,220 5,226 14,597 10,661 9,270 4,165 1,644 8,309 7,434 1,296 8,778 7,208 7,238 12,722 10,981 6,386 19,600 17,305 17,930 2,706 1,086 2,670 4,869 5,213 6,770 5,109 4,234 3,272 3,238 3,346 3,353 4,212 4,153 4,166 1,990 2,077 ' 335 995 7,077 7,918 7,700 6,646 6,612 6,482 6,417 6,187 6,246 6,085 6,099 1,643 85 1,005 1,677 145 45 70 120 1,045 620 65 45 185 85 916 851 802 883 1,011 1,116 1,151 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. * Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. MARCH 1949 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. All member banks » Month, or week ending Thursday Total reserves held: 1947—December 1948—January December 1949—January 1948—Dec. 1949—Jan. Jan. Jan. Jan. Feb. Feb. Feb. 30 6 13 20 27 3 10 17 Excess reserves: 1947—December 1948—January December 1949—January 1948—Dec. 1949—Jan. Jan. Jan. Tan. Feb. Feb. Feb. 30 6 13 20 27 3 10 17 Borrowings at Federal Reserve Banks: 1947—December 1948—January December 1949—January 1948—Dec. 30 1949—Jan. 6 Jan. 13 Jan. 20 Jan. 27 Feb. 3 Feb. 10 Feb. 17 In millions of dollars] Central reserve city banks Reserve city banks Country banks> New York Chicago 17,261 17,390 19,990 19,991 4,404 4,427 5,408 5,358 1,024 1,025 1,294 1,297 6,861 6,939 7,511 7,539 4,972 4,999 5,777 5,797 19,979 20,366 19,955 20,034 19,847 19,740 19,631 19,527 5,398 5,581 5,300 5,316 5,324 5,298 5,245 5,193 1,280 1,321 1,293 1,307 1,289 1,294 1,286 1,276 7,532 7,647 7,540 7,558 7,476 7,431 7,382 7,355 5,769 5,817 5,822 5,854 5,757 5,718 5,717 5,704 987 1,082 797 838 105 116 56 41 13 8 2 4 271 331 198 214 782 1,112 833 872 716 688 697 P676 38 170 12 34 12 11 9 10 -6 23 3 6 4 3 3 3 211 327 219 204 157 152 159 146 597 627 541 578 M 539 592 599 628 543 522 526 224 143 134 169 38 28 50 98 139 44 282 59 292 156 86 128 56 14 197 9 190 67 5 41 24 24 15 123 70 41 32 57 37 34 28 41 13 32 22 47 55 57 55 37 17 29 28 31 19 24 30 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERSi [Averages of daily figure 3. In millions of dollars] In places of 15,000 and over population Demand deposits except interbank Time deposits In places of under 15,000 population Demand deposits except interbank Time deposits January 1948 December 1948 16,060 16,850 8,508 8,678 12,438 12,413 6,079 6,011 January 1949 16,741 8,749 12,346 6,043 Boston New York Philadelphia Cleveland 1,920 3,016 1,246 1,331 849 2,195 805 895 348 1,063 917 1,049 231 1,152 890 815 Richmond Atlanta Chicago St. Louis 1,147 1,591 2,256 667 401 472 1,587 337 899 692 1,704 1,025 475 215 961 281 Minneapolis Kansas City Dallas San Francisco. . . 613 573 1,067 1,312 300 104 150 654 803 1,685 1,618 542 456 207 67 295 1 Includes any banks in outlying sections of reserve cities that have been given permission to carry the same reserves as country banks. 261 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Class of bank and Federal Reserve district Total Interbank Other Net demand deposits 2 Time deposits * Demand balances due from domestic banks Reserves with Federal Reserve Banks Total Required Excess Borrowings at Federal Reserve Banks First half of January 1949 All member banks 91,174 11,697 79,478 79,829 28,911 5,585 20,134 19,176 958 159 Central reserve city banks: New York Chicago 21,700 5,204 4,152 1,091 17,547 4,112 20,028 4,686 1,687 1,005 52 133 5,406 1,312 5,334 1,294 72 19 98 11 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 34,056 1,918 5,479 28,577 1,642 29,394 1,737 11,429 1,791 7,587 7,324 562 518 2,197 4,097 2,129 2,100 3,998 2,180 1,037 2,873 2,634 8,303 1,847 3,621 1,785 1,605 3,555 1,472 1,947 3,627 1,840 1,758 3,420 1,860 188 291 239 39 27 69 155 110 136 274 103 60 274 282 262 408 140 457 940 459 444 932 455 206 572 538 396 136 446 909 437 417 902 434 203 542 503 2,036 1,998 263 12 4 10 31 22 27 30 21 3 29 35 38 23 276 29 350 476 343 495 444 708 275 823 685 575 Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 30,214 2,369 4,179 2,203 2,408 2,173 2,478 4,054 1,759 1,498 2,351 2,836 1,906 973 93 96 16 21 119 189 70 56 66 76 139 32 3,609 5,828 5,225 185 289 204 277 271 356 494 253 181 376 514 207 448 926 484 523 403 425 838 313 293 378 436 361 411 843 437 459 356 379 746 282 262 336 380 334 603 38 83 48 63 47 46 91 31 31 42 56 27 27 3 13 4 3 1 591 763 862 2,050 1,949 7,727 2,344 2,151 7,331 29,241 2,277 4,083 2,187 2,387 2,054 2,289 3,984 1,703 1,431 2,276 2,697 1,875 25,721 2,060 3,698 1,935 2,071 1,813 2,045 3,470 1,476 1,282 1,954 2,275 1,643 1,487 424 408 1,989 332 184 357 391 5,140 14,791 1,080 3,347 1,695 1,709 874 686 2,547 618 757 311 217 950 i 1 Second half of January 1949 All member banks 90,291 11,264 79,027 79,647 28,872 5,246 19,858 19,132 726 178 Central reserve city banks: New York Chicago 21,541 5,132 4,054 1,036 17,486 4,095 19,910 4,677 1,642 1,014 44 121 5,312 1,282 5,300 1,292 12 -9 99 10 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 33,748 1,929 5,244 28,504 1,658 29,408 1,763 11,423 1,682 7,494 7,326 562 520 2,188 4,102 2,090 2,076 4,008 2,170 1,003 2,841 2,592 8,159 271 30 335 468 325 468 439 687 265 778 634 545 1,853 3,635 1,766 1,608 3,569 1,483 1,948 3,630 1,825 1,754 3,443 1,869 188 289 238 31 26 66 154 98 128 268 93 53 255 266 244 409 139 451 932 445 438 932 441 202 562 527 402 136 446 910 433 417 907 436 201 544 500 2,016 1,994 168 7 3 4 21 12 22 25 5 1 18 28 22 39 1 1 1 7 2 1 4 6 3 7 4 2 Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 29,870 2,348 4,167 2,157 2,396 2,156 2,465 4,005 1,734 1,464 2,309 2,803 1,867 929 88 91 15 22 117 187 67 53 61 67 130 32 3,399 5,769 5,214 180 278 198 272 259 344 463 237 165 336 480 189 441 916 473 520 397 423 829 310 290 377 438 357 409 843 431 459 356 379 746 282 260 336 381 332 555 32 73 42 60 41 43 83 29 29 40 57 25 29 3 13 5 1 1 592 738 852 2,063 1,957 7,614 2,351 2,138 7,314 28,941 2,260 4,076 2,142 2,374 2,039 2,278 3,938 1,681 1,402 2,242 2,673 1,835 25,652 2,051 3,700 1,897 2,067 1,813 2,049 3,467 1,471 1,273 1,955 2,280 1,630 1,489 424 408 1,989 333 184 357 390 5,135 14,793 1,080 3,345 1,696 1,711 876 688 2,547 618 755 311 216 948 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based2 on deposits at opening of business. Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 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 72,300 million dollars in the first half and 72,100 million in the second half of January. 262 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 Total in circulation 1 Coin and small denomination currency * Total Coin »$1 Large denomination currency > $2 $5 $10 $20 Total $50 $100 1,229 1,288 1,373 1,563 1,560 1,611 1,772 2,021 2,731 4,051 5,194 5,983 6,782 6,497 1,342 1,326 1,359 1,501 1,475 1,481 1,576 1,800 2,545 4,096 5,705 7,224 9,201 9,310 1,360 1,254 1,369 1,530 1,542 1,714 2,048 2,489 3,044 3,837 5,580 7,730 7,834 8,518 364 337 358 399 387 409 460 538 724 1,019 1,481 1,996 2,327 2,492 $500 $1,000 $5,000 $10,000 Unassorted 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 5,519 4,167 5,536 4,292 5,882 4,518 6,543 5,021 6,550 5,015 6,856 5,147 7,598 5,553 8,732 6,247 11,160 8,120 15,410 11,576 20,449 14,871 25,307 17,580 28,515 20,683 28,952 20,437 442 402 452 423 478 460 517 499 537 505 550 524 590 559 648 610 751 695 880 801 909 1,019 987 1,156 1,274 1,039 1,361 1,029 33 32 33 35 33 34 36 39 44 55 70 81 73 67 719 771 815 906 905 946 ,019 ,129 ,355 ,693 ,973 2,150 2,313 2.173 618 577 627 707 710 770 919 112 1,433 ,910 2,912 4,153 4,220 4,771 125 112 122 135 139 160 191 227 261 287 407 555 454 438 237 216 239 265 288 327 425 523 556 586 749 990 801 783 8 5 7 7 6 17 20 30 24 9 9 10 7 8 10 7 16 18 12 32 32 60 46 25 22 24 24 26 10 5 8 7 5 2 4 4 3 2 3 2 3 1947—October. ., November, December. 28,552 19,833 28,766 20,008 28,868 20,020 ,385 1,011 ,396 1,020 ,404 1,048 63 64 65 2,078 6,233 9,064 8,721 2,499 4,986 2,102 6,303 9,123 8,760 2,513 5,023 2,110 6,275 9,119 8,850 2,548 5,070 427 426 428 793 782 782 5 5 5 11 11 17 3 3 3 1948—January... February., March April May June July August September October... November, December. 28,111 28,019 27,781 27,716 27,812 27,903 27,866 28,055 28,118 28,176 28,331 28,224 19,369 19,335 19,169 19,144 19,259 19,323 19,309 19,450 19,488 19,531 19,680 19,529 ,382 ,385 ,394 ,399 ,409 ,421 ,422 ,432 ,442 ,451 ,464 1,464 984 972 975 976 994 1,000 994 1,006 1,020 1,026 1,042 1,049 63 63 62 61 62 63 62 63 63 63 64 64 2,017 2,005 1,986 1,991 2,015 2,017 2,010 2,023 2,031 2,037 2,054 2,047 5,022 4,996 4,962 4,951 4,943 4,945 4,940 4,977 5,011 5,035 5,048 5,074 424 421 416 412 410 407 404 403 402 401 400 400 771 762 749 739 735 749 748 748 739 730 717 707 5 5 5 5 5 5 5 5 5 5 5 5 12 12 11 10 10 10 9 11 10 9 9 17 3 3 1. 1 2 2 2 2 2 3 3 3 1949—January. . . 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 6,064 6,084 6,013 6.017 6,054 6,085 6,059 6,099 6,090 6,087 6,137 6,060 8,858 8,826 8,738 8,700 8,724 8,737 8,762 8,827 8,844 8,867 8,918 8,846 8,745 8,687 8,614 8,574 8,555 8,581 8 559 8,607 8,632 8,647 8,654 8,698 2,511 2,492 2,470 2,456 2,453 2,465 2,452 2,464 2,466 2,467 2,475 2,494 10 1 2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3 as destroyed. Paper currency only; $1 silver coins reported under coin. Backfigures.—SeeBanking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money in circulation Money held in the Treasury Total outstanding, As security against Jan. 31, Treasury gold and 1949 cash silver certificates Gold Gold certificates . Federal Reserve notes Treasury currency—total. . Standard silver dollars. Silver bullion Silver certificates and Treasury notes of 1890. . Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes . . . National Bank notes Total—Jan. 31, 1949. . . Dec. 31, 1948 Jan. 31, 1948 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents Jan. 31, 1949 l Dec. 31, 1948 Jan. 31, 1948 44* ' •44" 23,386 23,918 4,150 4,262 46' ' 23,953 4,111 24,271 23,069 24,632 4,589 23,069 2 1,203 s2,249 61 72 493 1,975 274 1,975 54 3 162 162 153 8 4 5 1 (6) 269 43 12 34 4 1 1^979 927 352 308 326 95 2,060 946 356 312 330 95 1,948 890 339 303 375 102 4,367 4,261 4,405 27,580 20^210 * 2,249 979 368 347 331 96 (44) (4) () 25,318 25,290 23,988 1,336 1,325 1,305 1,185 367 20,210 20,151 18,886 28,224 28! i i l 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. 255, and seasonally adjusted figures in table on p. 264. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not4 included in total Treasury currency outstanding. Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special 5 significance and is not shown. See note for 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 1949 263 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 1948 Amount— adjusted for seasonal variation Change in seasonally adjusted series * +742 +1.134 +2,428 +4,250 +5,039 +4,858 +3,208 +437 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 -84 -644 Monthly averages of daily figures: 1948—February March April May June July August September October November December 28,096 27,941 27,766 27,749 27,846 27,955 27,977 28,152 28,188 28,277 28,423 28,096 28,025 27,990 27,945 27,986 28,011 28,118 28,208 28,188 28,192 28,142 1949—January February 27,850 27,545 27,767 27,545 -213 -71 -35 -45 +41 +25 +107 +90 -20 +4 -50 -375 -222 1 For end of year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] EarNet marked gold gold: deimport crease or export or in(-) crease ( - ) Domestic gold production i Gold stock at end of period Increase in gold stock 1940 1941 1942 1943 . . 1944 1945 . . 1946 1947 . 1948 21,995 22,737 22,726 21,938 20,619 20,065 20,529 22,754 24,244 4,351.2 741.8 -10.3 -788.5 -1,319.0 -553.9 464.0 22,224.9 1,490.0 4,744.5 982.4 315.7 68.9 -845.4 -106.3 311.5 1,866.3 1,700.7 -644.7 -407.7 -458.4 -803.6 -459.8 -356.7 465.4 210.0 -159.2 170.2 169.1 125.4 48.3 35.8 32.0 51.2 75.8 73.5 1948—February... March April May June July August September.. October November.. December.. 23,036 23.137 23,169 23,304 23,532 23,679 23,725 23,872 24,004 24,166 24,244 101.5 100.4 32.2 135.2 228.5 146.4 46.2 147.2 131.9 161.4 78.3 159.4 99.9 234.2 151.3 177.7 266.7 39.1 53.3 121.6 54.2 108.3 -72.2 -63.4 -111.5 -2.8 81.7 -188.4 59.5 98.1 1.0 99.7 -45.9 5.5 6.4 5.7 6.1 5.7 6.2 7.7 7.4 6.5 5.3 5.0 24,271 1949—January February... P24.290 27.5 P18.2 P45.9 (3) -2.7 4 -22.2 3.9 (3) Period P Preliminary. 1 Annual figures through 1947 are estimates of the United States Mint. Figures for 1948 and 1949 are estimates of the American Bureau of Metal Statistics. * Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. * Not yet available. * Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 3,802.5 million dollars on Feb. 28, 1949. 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] Annual rate of turnover of total deposits, except interbank Debits to demand deposit accounts, except interbank and Government Other reporting centers 2 New York City Other reporting centers New York City* Other leading cities * New York City' Other leading cities« 11.7 10.8 9.7 10.0 12.0 12.9 258.398 298,902 351,602 374,365 407,946 400,468 445,221 369,396 403,400 412,800 449,414 522,944 598,445 660,155 20.5 22.4 24.2 25.5 25.2 24.1 27.2 17.4 17.3 16.1 16.9 16.5 18.0 19.2 12.7 12.6 12.7 12.5 12.4 13.0 12.8 12.3 13.2 12.9 13.8 14.1 38,286 32,298 38,648 36,880 37,060 38,942 36,350 32,540 36,354 38,014 34,988 44,861 55,902 47,890 56,372 52,740 51,557 55,442 55,233 53,757 54,635 56,905 56,977 62,745 26.2 25.6 26.4 26.5 27.9 28.0 26.6 23.9 27.5 27.9 27.8 32.1 18.7 18.6 19.1 18.6 18.7 19.1 19.1 18.5 19.4 19.3 20.8 21.0 12.9 38,767 55,348 29.3 19.3 Debits to total deposits accounts, except interbank accounts Year or month 140 other centers Total, all reporting centers New York City 1 792,937 891,910 974,102 |l,050,021 1,125,074 1,249,630 296,368 345,585 404,543 417,475 405,929 449,002 419,413 462,354 479,760 527,336 599,639 667,934 77,155 83,970 89,799 105,210 119,506 132,695 1948—January February March April May June July August September October November December 105,193 90,273 107.636 102,349 97,603 108,639 102,940 97,940 104,754 107,141 102,887 122,277 37,615 32,271 39,587 37,955 35,429 40,633 35,832 33,031 37.531 38,169 34,754 46,194 56,355 48,507 56,900 53,685 51.807 56,667 55,972 54,118 55,980 57,413 56,815 63,714 11,223 9,495 11,148 10,708 10,367 11,339 11,136 10,791 11,243 11,559 11,318 12,368 16.5 17.1 18.3 19.0 21.0 23.7 22.3 22.1 23.4 23.7 23.0 25.4 22.5 20.9 24.6 24.0 23.7 28.6 1949—January 105,269 38,429 55,736 11,103 25.0 1943 1944 1945 1946—old series * 1946—new series * 1947 1948 l | Annual rate of turnover of demand deposits, except interbank and Government 1 2 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 * Weekly reporting member bank series. • Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see 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 reparted 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. city. 264 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 1941—June December 1942—June December 1943—June December 1944—June December 1945—June December 1946—June December 1947—June December 55,171 54,713 41,680 42,548 74,153 78,231 81,963 99,701 110,161 122,812 136,172 150,988 162,784 175,401 171,237 167,107 165,455 171,462 26,179 26,366 19,172 19,817 45,521 48,607 52,806 62,868 71,853 79,640 80,946 90,435 94,150 102,341 105,992 110,044 108,433 113,599 51.532 51,156 36,919 37,766 65,949 68,616 71,027 85,755 94,347 103.975 115,291 127,483 137,687 148,911 144,721 140,377 139,156 144,986 22,540 22,809 14,411 15,035 37,317 38,992 41,870 48,922 56,039 60,803 60,065 66,930 69,053 75,851 79,476 83,314 82,134 87,123 1948—January (Jan. 2 8 ) . . . February (Feb. 25).. March (Mar. 3 1 ) . . . April (Apr. 28) May (May 26) June (June 30) July (July 28) P August (Aug. 25)P.. September (Sept.29) P October (Oct. 27)P.. November(Nov.24) P December (Dec. 29) P 170,200 168.900 166,400 167,500 167,600 167,875 168,600 169,100 169,700 170,300 170,100 170,900 112,400 110,300 107,100 108,100 108.200 108,335 108,900 109,400 109,600 110,700 110,900 111,400 144,400 143,200 140,800 142,100 142,200 142,237 143.100 143.500 144,000 144,600 144,200 145,200 86.600 84.600 81.500 82.700 82,800 82,697 83,400 83,800 83,900 85.000 85,000 85,800 1949— January (Jan. 26)P. . 170,000 110,500 144,800 85,300 End of month Time deposits United States Government deposits * Currency outside banks Total Commercial banks 3 * Mutual savings banks 4 5 381 158 852 1.016 753 1,895 1,837 8.402 8.048 10,424 19,506 20,763 24,381 24,608 13,416 3.103 1,367 1,452 28,611 28,189 21.656 21,715 27,879 27,729 27,320 28,431 30,260 32,748 35.720 39,790 44,253 48,452 51,829 53,960 55,655 56,411 19,557 19,192 10,849 11,019 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 27,170 30,135 32,429 33.808 34,835 35,249 8,905 8,838 9,621 9,488 10,648 10,532 10,395 10,664 11,141 11,738 12,471 13,376 14,426 15,385 16,281 16,869 17,428 17,746 149 159 1,186 1,208 1,303 1,313 1,315 1,415 1,576 1,786 2,032 2,340 2,657 2,932 3,119 3,283 3.392 3.416 3,639 3,557 4,761 4.782 8,204 9,615 10,936 13,946 15,814 18,837 20,881 23,505 25,097 26,490 26,516 26,730 26,299 26,476 1,300 800 400 500 2,400 2,180 2,400 2,400 2,800 2,300 2,200 2,100 56.500 56,800 56.900 56,900 57.000 57,360 57,300 57,300 57,300 57,300 57.000 57.300 35,200 35,500 35,500 35,500 35.500 35,788 35,700 35,700 35,700 35.700 35,500 35,600 17,900 17,900 18,000 18,000 18,100 18,194 18,200 18,200 18,300 18,300 18,200 18,400 3.400 3,400 3.400 3,400 3,400 3,378 3,400 3,400 3,300 3,300 3,300 3,300 25,800 25,700 25,600 25,400 25,400 25,638 25,500 25,600 25.700 25,700 25.900 25,700 2,000 57,500 35,700 18,500 3,300 25,200 Postal Savings System 8 x » Preliminary. Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. Beginning with December 1938, includes United States Treasurer's time deposits, open account. •Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. * 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. 2 POSTAL SAVINGS SYSTEM BANK SUSPENSIONS l [In millions of dollars] Assets Depositors' End of month bal- 1 ances Total Cash in depository banks 1940—Dec.. . 1941—Dec... 1942—Dec... 1943—Dec.. . 1944—Dec... 1945—Dec.. . 1946—Dec.. . 1947—Dec... 1,304 1,314 1,417 1,788 2,342 2,933 3,284 3.417 1,348 1,396 1,464 1.843 2,411 3,022 3,387 3,525 36 26 16 10 8 6 6 6 1948—Mar. . Apr.. . May.. June.. July.. Aug... Sept.. Oct... Nov. . Dec 3.435 3,415 3,395 3,379 3,368 3,356 3,348 3,342 3,336 P3.326 3,546 3,528 3,509 3,494 3,483 3,472 3,464 3,459 3,454 6 6 6 6 6 6 7 7 7 Total, all banks U. S. Government securities Total Direct 1,224 1.078 1,274 1,128 1,345 1,220 1,716 1,716 2,252 2,252 2.837 2,837 3,182 3,182 3,308 3.308 3,346 3,316 3,291 3,291 3,275 3,260 3,260 3,244 3,244 3,346 3,316 3,291 3,291 3,275 3,260 3,260 3.244 3,244 Cash reserve Guar- funds, anetc. 2 teed 146 146 126 88 95 102 118 152 179 200 212 194 205 211 196 202 206 198 208 203 1949—Jan... P3.330 * Preliminary. Outstanding principal, represented by certificates of deposit. Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 1 2 MARCH 1949 Number of banks suspended: 1934-42 1943 1944 1945 1946 1947 . 1948 1949—Jan.-Feb Member banks National 330 20 4 1 0 0 1 0 0 2 Nonmember banks In- Non- State sured insured 6 216 88 2 1 1 Deposits of suspended banks (in thousands of dollars) :2 1934-42 137,362 18,016 26,548 51,567 41,231 1943 1944 1945 1946 . . . 1947 1948 1949—Jan.-Feb 6,223 4,982 405 0 0 167 0 0 1,241 405 167 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 265 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 Investments Class of bank and date Other Cash assets » Interbank 1 Number Total of capital accounts banks U.S. Government obligations Other securities 50,884 54,177 61,126 78,147 96,966 119,461 140,227 131,698 131,096 134,924 133,081 134,440 132,890 133,400 133,460 133,660 134,000 22,165 28,719 19,417 23,756 30,422 20,972 26,615 34,511 25,511 23,916 54,231 45,951 23,601 73,365 65,932 26,015 93,446 85,885 30,362 109,865 101,288 35,648 96,050 86,558 38,365 92,730 82,679 43,002 91,923 81,199 45,099 87,982 76,774 46,000 88,440 77,020 47,140 85,750 74,230 47,140 86,260 74,920 47,870 85,590 74,320 48,340 85,320 74,000 48,120 85,880 74,580 9,302 9,449 8,999 8,280 7,433 7,561 8,577 9,491 10,051 10,723 11,208 11,420 11,520 11,340 11,270 11,320 11,300 23,292 28,090 27,344 28,701 28,475 30,790 35,415 35,041 33,544 38,388 35,000 33,850 36,880 37,560 37,380 38,370 36,830 68,242 75,996 81,816 99,803 117,661 141,448 165,612 155,902 153,349 161,865 156,353 156,340 157,520 158,890 158,420 159,720 158,400 9,874 32,516 10,934 38,562 10,982 44,355 11,308 61,437 11,003 75,577 12,235 91,663 14,065 105,935 12,656 92,462 11,679 89,295 13,033 95,727 11,436 90,823 11,220 91,140 11,280 92,150 11,650 93,160 11,560 93,080 11,930 93,730 11,700 92,360 25,852 26,499 26,479 27,058 31,081 37,551 45,613 50,784 52,375 53,105 54,093 53,980 54,090 54,080 53,780 r 54,060 54,340 8,194 8,302 8,414 8,566 8,996 9,643 10,542 11,360 11,721 11,948 12,241 12,360 12,400 12,450 12,470 12,540 12,550 15,035 14,896 14,826 14,682 14,579 14,535 14,553 14,585 14,716 14,714 14,719 14,719 14,720 14,712 14,709 '14,707 14,700 All commercial banks: 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 » Dec. 3 1 . 1948—June 30 Aug. 25 • Sept. 29« Oct. 27« Nov. 24« Dec. 29« 1949—Jan. 26 • 40,668 43,929 50,746 67,393 85,095 105,530 124,019 113,993 112,756 116,284 113,855 115,100 113,600 114,100 114,180 114,310 114,410 17,238 18,800 21,714 19,221 19,117 21,644 26,083 31,122 33,679 38,057 39,865 40,630 41,720 41,620 42,280 42,690 42,390 23,430 25,129 29,032 48,172 65,978 83,886 97,936 82,871 79,077 78,226 73,990 74,470 71,880 72,480 71,900 71,620 72,020 16,316 17,757 21,808 41,379 59,842 77,557 90,606 74,780 70,539 69,221 64,798 65,100 62,460 63,260 62,780 62,500 62,970 7,114 7,372 7,225 6,793 6,136 6,329 7,331 8,091 8,538 9,006 9,192 9,370 9,420 9,220 9,120 9,120 9,050 22,474 27,124 26,551 28,039 27,677 30,206 34,806 34,223 32,704 37,502 34,168 33,110 36,000 36,720 36,580 37,480 36,030 57,718 65,337 71,283 89,135 105,923 128,072 150,227 139,033 135,907 144,103 138,142 138,110 139,240 140,600 140,200 141,350 139,880 9,874 32,513 10,934 38,558 10,982 44,349 11,308 61,431 11,003 75,569 12,235 91,653 14,065 105,921 12,656 92,446 11,679 89,281 13,032 95,711 11,435 90,806 11,220 91,120 11,280 92,130 11,650 93,140 11,560 93,060 11,930 93,710 11,700 92,340 15,331 15,844 15,952 16,395 19,350 24,184 30,241 33,930 34,947 35,360 35,900 35,770 35,830 35,810 35,580 35,710 35,840 6,885 7,010 7,173 7,330 7,719 8,265 8,950 9,577 9,880 10,059 10,287 10,390 10,420 10,460 10,480 10,540 10,550 14,484 14,345 14,278 14,136 14,034 13,992 14,011 14,044 14.183 14,181 14,187 14,187 14,188 14,180 14,177 '14,175 14,168 All m e m b e r banks: 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944— Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 1948—June 30 Aug. 25« Sept. 29« Oct. 27« Nov. 24« Dec. 29« 1949—Jan. 26« 33,941 37,126 43,521 59,263 74,258 91,569 107,183 96,362 94,802 97,846 95,449 96,475 94,895 95,452 95,514 95,707 95,824 13,962 15,321 18,021 16,088 16,288 18,676 22,775 26,696 28.655 32,628 33,871 34,495 35,453 35,310 35,929 36,321 36,024 19,979 21,805 25,500 43,175 57,970 72,893 84,408 69,666 66,146 65,218 61,578 61,980 59,442 60,142 59,585 59,386 59,800 14,328 15,823 19,539 37,546 52,948 67,685 78,338 63,042 59,198 57,914 54,139 54,371 51,789 52,680 52,219 52,012 52,478 5,651 5,982 5,961 5,629 5,022 5,208 6,070 6,625 6,948 7,304 7,439 7,609 7.653 7,462 7,366 7,374 7,322 19,782 23,963 23,123 24,280 23,790 25,860 29,845 29,587 28,694 32,845 30,303 29,300 32,021 32,677 32,539 33,252 31,908 49,340 56,430 61,717 78,277 92,262 110,917 129,670 118,170 115,435 122,528 117,452 117,274 118,191 119,529 119,135 120,190 118,817 9,410 10,423 10,525 11,000 10,555 11,884 13,640 12,060 11,041 12.403 10,833 10,624 10,669 11,025 10,918 11,227 11,050 28,231 33,829 38,846 54,523 66,438 79,774 91,820 78,920 76,380 81,785 77,796 77,937 78,776 79,756 79,636 80,187 78,943 11,699 12,178 12,347 12,754 15,268 19,259 24,210 27,190 28,014 28.340 28,823 28,713 28,746 28,748 28,581 28,776 28,824 5,522 5,698 5,886 6,101 6,475 6,968 7,589 8,095 8,315 8,464 8,624 8,698 8.724 8,765 8,778 8,828 8,837 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 6,928 6,923 6.925 6,919 6,923 6,920 6,919 6,919 6,914 10,216 10,248 10,379 10,754 11,871 13,931 16,208 17,704 18,339 18,641 19,226 19,340 19,290 19,300 19,280 19,350 19,590 1,927 t,956 1,901 1,695 t \ 484 i 1,370 t 1,279 1,526 4,686 4,944 5 23-i 5,370 5,420 5,520 5,590 5,650 5,730 5,289 5,292 5,478 6,059 7,387 9,560 11,928 13,179 13,653 13,696 13,992 13,970 13,870 13,780 13,690 13,700 13,860 3,101 3,215 3,704 4,572 6,090 8,328 10,682 11,778 12,140 11,978 11,976 11,920 11,770 11,660 11,540 11,500 11,610 2,188 2,078 1,774 1,487 1,297 1,232 1,246 1,400 1,513 1,718 2 016 2,050 2,100 2,120 2,150 2,200 2,250 818 966 793 663 797 584 609 818 839 886 832 740 880 840 800 890 800 10,524 10,659 10,533 10,668 11,738 13,376 15,385 16,869 17,442 17,763 18 211 18,230 18,280 18,290 18,220 18,370 18,520 1 1 1 3 4 6 6 8 10 14 16 14 17 17 20 20 20 20 20 20 10,521 10,655 10,527 10,662 11 730 13,366 15,371 16,853 17,428 17,745 18 193 18,210 18 260 18 270 18 200 18 350 18,500 1,309 1.29? L 241 1,236 L 276 I 378 1,592 L.784 ,842 .889 955 ,970 Total Loans Total All b a n k s : 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—June Dec. 1948—June Aug. Sept. Oct. Nov. Dec. 1949—Jan. 30 31 31 31 31 30 31 31 30 s 31 30 25« 29« 27« 24« 29« 26' All m u t u a l savings banks: 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 . . . . 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 » Dec. 31 1948—June 30 Aug. 25« Sept 2 9 « . . Oct. 27« . . . Nov. 24« Dec. 29«. . 1949—Jan. 26« i i i Total* mand Time osn 1 990 1 990 2 000 2,000 551 551 548 546 545 543 542 541 533 533 532 532 532 532 532 532 532 e r Partly estimated. Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 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. 266 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Deposits Loans and investments Investments Class of bank and date Total All insured commercial banks: 1943—D e c 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31. . . I 9 4 7 — j u n e 30 Dec. 31 1948—June 30. National member banks: I943—Dec. 31 1944—Dec. 30 I945—Dec. 31 1946—Dec. 31 I 9 4 7 — j u n e 30 Dec 31 1948—J un e 30. . State member 1943—Dec. I944—Dec. I945—Dec. 1946—Dec I947—june Dec. 1948—june Other Cash assets Total U. S. Government obligations Other securities Loans Total Interbank 83,507 103,382 121,809 112,178 110,682 114,274 111,794 18,841 21,352 25,765 30,733 33,250 37,583 39,372 64,666 82,030 96,043 81,445 77,433 76,691 72,421 58,683 75,875 88,912 73,554 69,136 67,941 63,490 5,983 6,155 7,131 7,891 8,297 8.750 8,931 27,183 29,733 34,292 33,694 32,190 36,926 33,699 104,094 125,714 147,775 136,990 133,659 141,851 135,945 47,499 58,308 69,312 63,723 62,982 65,280 . . 63,638 10,116 11,480 13,925 17,272 18,764 21,428 22,243 37,382 46,828 55,387 46,451 44,218 43,852 41,395 34,065 43,292 51,250 41,658 39,271 38,674 36,091 3,318 3,536 4,137 4,793 4,947 5,178 5,303 16,017 17,570 20,114 20,012 19,342 22,024 20,415 59,961 71,858 84,939 78,775 77,146 82,023 78,753 7,159 8,056 9,229 8,169 7,432 8,410 7,305 Demand 10,705 74,309 12,074 89,761 13,883 104,015 12,320 91,144 11,243 87,930 12,670 94,300 11,035 89,491 Total Number capital of accounts banks Time 19,081 23,879 29,876 33,526 34,486 34,882 35,418 7,453 7,989 8,671 9,286 9,558 9,734 9,955 13 270 13,263 13,297 13,354 13,386 13 398 13,415 42,605 50,900 59,486 52,194 50,694 54,335 51,921 10,196 12,901 16,224 18,412 19,020 19,278 19,528 3,950 4,265 4,644 5,138 5,296 5 409 5,533 5,040 5 025 5,017 5,007 5,012 5 005 4,998 J.698 L ,789 1L,867 I 893 L ,916 1,918 .927 banks: 31 30 . . 31 31 30 . . . . 31. 30 . . . 26,759 33,261 37,871 32,639 31,820 32,566 31,811 6,171 7,196 8,850 9,424 9,891 11,200 11,628 20,588 26,065 29,021 23,216 21,928 21,365 20,183 18,883 24,393 27,089 21,384 19,927 19,240 18,048 1,705 1,672 1,933 1,832 2,001 2,125 2,135 7,773 8,290 9,731 9,575 9,353 10.822 9,888 32,302 39,059 44,730 39,395 38,289 40.505 38,699 3,397 3,827 4,411 3,890 3,609 3,993 3,529 23,833 28,874 32,334 26,726 25,686 27,449 25,875 5,072 6,357 7,986 8,779 8,994 9,062 9,295 2,525 2,703 2,945 2,957 3,019 3.055 3,091 Insured n o n m e m b e r commercial banks: 1943—Dec 31 1944—Dec. 30 .... 1945—Dec. 31. 1946—Dec 31 1947—j U n e 30 Dec 31 1948—June 30 . . . 9,258 11,824 14,639 15,831 15,896 16,444 16,360 2,556 2,678 2,992 4,040 4,597 4,958 5,504 6,702 9,146 11,647 11,791 11,299 11,486 10,856 5,739 8,197 10,584 10,524 9,949 10.039 9,362 962 949 11,842 14,809 18,119 18,836 18,240 19.340 18,509 149 190 1,063 1,268 1,350 1.448 1,494 3,395 3,875 4,448 4,109 3,498 4.083 3,397 244 260 7,870 9,987 12,196 12,225 11,550 12.515 11,695 3,823 4,632 5,680 6,351 6,488 6.558 6,611 1,022 11,083 1,193 1,245 1,271 1.333 Noninsured n o n m e m ber commercial banks: I943—Dec. 31 1944—Dec. 30 1945—Dec 31 1946—Dec. 31 1947—June 30 » Dec. 31 1948—June 30 1,588 2,148 2,211 1,815 2,074 2,009 2,062 276 292 318 389 1.261 1,892 1,905 1Lt302 L,351 L.411 L.315 270 305 365 404 461 478 482 267 276 279 290 322 325 331 764 729 714 690 797 783 772 All n o n m e m b e r c o m mercial banks: I943—Dec. 31 1944—Dec. 30 ... 1945—Dec. 31 1946—Dec. 31 1947—June 30 » Dec. 31 1948—June 30. 4,092 4,938 6,045 6,756 6,949 7 036 7,093 1.245 1,298 1,362 1,483 1,566 1,596 1,664 7,299 7,181 7,130 7,147 7,258 7,261 7,265 Ensured m u t u a l savings banks: I943—Dec 31 1944—Dec 30 1945 Dec 31 1946—Dec. 31 I 9 4 7 — j u n e 30 Dec. 31 1948—j un e 30 808 184 192 192 191 191 194 193 Noninsured mutual savings banks: I943—Dec 31 1944—Dec 1945 Dec 1946—Dec 1947—June Dec 1948—June 30 ^1 31 30 « 31 30 430 474 493 1,312 1,856 1,893 1,426 1,645 1 535 1,569 1.160 1,682 1,693 1,226 1,403 1,280 L.308 153 174 200 200 494 473 514 530 241 255 261 514 576 469 10,847 13,972 16,849 17,646 17,970 18,454 18,422 2,832 2,971 3,310 4,429 5,027 5 432 5,997 8,014 11,002 13,539 13,217 12,943 13 021 12,425 6,899 9,880 12,277 11,749 11,352 11.318 10,670 1.115 1,122 1,262 1,468 1,591 1.703 1,755 3,889 4,348 4,962 4,639 4,013 4.659 3,867 7,525 9 223 10 846 ll!891 12,375 12,683 13,142 3,073 3 110 3 081 3,250 3,370 3,560 3,769 4,452 6 113 7 765 8,641 9,005 9.123 9,373 3,844 5 509 7 160 7,946 8,216 8,165 8,169 60S 559 604 606 695 789 400 429 612 658 4 345 4,708 5 361 5 813 5,964 5 957 6,084 J di1 .260 198 I 275 1,316 I 384 L 465 2 935 3,448 4 163 4 538 4,649 4 573 4,619 2 246 2,819 3 522 3 833 3,924 3 813 3,808 958 1,204 675 644 689 629 641 238 184 180 705 206 724 760 181 211 811 188 1,829 2,358 2,452 2,043 2,248 2 251 2,197 13,671 17,168 20,571 20,879 20,488 21,591 20,706 7,534 8,910 10 363 11,428 11,901 12,207 12,581 4,204 4,466 5,022 5,442 5,541 5,556 5,630 201 266 202 299 161 181 336 436 363 400 448 351 425 597 638 629 602 1 1 1 9,131 11,879 14,101 13,526 12,901 13,926 13,010 7 8 12 13 12 14 15 7,527 8,902 10,351 11,415 11,889 12,192 12,566 1 2 2 3 2 3 2 4,203 4,464 5,020 5,439 5,539 5,553 5,627 979 899 L 034 L.173 1,218 1,252 1.302 468 485 558 611 624 637 653 6 535 6,452 6,416 6 457 6,461 6 478 6,493 361 351 350 350 342 339 339 2 June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Backfigures.—SeeBanking and Monetary Statistics, 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. MARCH 1949 267 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Class of bank and call date Investments ComLoans for merpurchasing cial, or carrying Total insecurities Real loans clud- Agriand es- Con- Other Total culinvest- Total* ing To tate sumer loans open- turments al' brok- To loans loans marers ket and othpadealper* ers U. S. Government obligations Total Obligations Direct of States Other and secuCertifiguar- politrities cates anical inteed subBills of Notes Bonds debtdiviedsions ness All insured com- mercial banks: 1941—Dec. 31. . 49,290 1943—Dec. 3 1 . . 83,507 1944—Dec. 3 0 . . 103,382 1945—Dec. 3 1 . . 121,809 1946—Dec. 3 1 . . 112,178 1 9 4 7 _ j u n e 3 0 . . 110,682 Dec. 3 1 . . 114,274 1948—June 3 0 . . 111,794 Member banks, total: 1941—Dec. 3 1 . . 43,521 1943—Dec. 3 1 . . 74,258 1944—Dec. 3 0 . . 91,569 1945—Dec. 3 1 . . 107,183 1946—Dec. 3 1 . . 96,362 1947—June 3 0 . . 94,802 97,846 Dec. 31 1948—June 30. 95,449 New York City.* 1941—Dec. 31.. 12,896 1943—Dec. 31.. 19,994 1944—Dec. 30. 24,003 1945—Dec. 31. 26,143 1946—Dec. 31.. 20,834 1947—June 30.. 20,332 20.393 Dec. 31 1948—June 30.. 19,019 3 Chicago: 1941—Dec. 3 1 . . 2,760 1943—Dec. 3 1 . . 4,554 1944—Dec. 3 0 . . 5,443 1945—Dec. 3 1 . . 5,931 1946—Dec. 3 1 . . 4,765 1947—June 3 0 . . 4,802 Dec. 3 1 . . 5.088 1948—June 3 0 . . 4,742 Reserve city banks: 1941—Dec. 3 1 . . 15,347 1943—Dec. 3 1 . . 27,521 1944—Dec. 30. . 33,603 1945—Dec. 3 1 . . 40,108 1946—Dec. 3 1 . . 35,351 1947—June 3 0 . . 34,611 Dec. 3 1 . . 36,040 1948—June 3 0 . . 35,065 Country banks: 1941—Dec. 3 1 . . 12,518 1943—Dec. 3 1 . . 22,188 1944—Dec. 3 0 . . 28,520 1945—Dec. 3 1 . . 35,002 1946—Dec. 3 1 . . 35,412 1947—June 3 0 . . 35,057 Dec. 3 1 . . 36,32 1948—June 3 0 . . 36,623 Insured n o n member c o m mercial banks: 1941—Dec. 31.. 5,77t 1943—Dec. 31.. 9,25? 1944—Dec. 30. 11,821945—Dec. 31. 14,63' 1946—Dec. 31. 15,83 1947—June 30. 15,89* Dec. 31.. 16,444 1948—June 30.. 16,36C 21,259 18,841 21,352 25,765 30,733 33,250 37.583 39,372 9,214 7,777 7,920 9,461 14,016 14,765 18.012 17,834 4,545 ,450 614 662 4,773 28,031 ,505 ,414 922 4,437 ,868 918 64,666 ,269 2,265 4,343 944 82,030 1,888 ,723 ,314 3 ,164 606 4,677 2,361 1,181 96,043 ,358 ,517 7,103 4,031 1,098 81,445 ,549 ,517 77,433 8,201 4,893 823 ,610 190 9,266 5,654 1,028 76,691 ,976 ,183 077 10,101 6,412 1,119 72,421 21,046 58,683 75,875 88,912 73,554 69,136 67,941 63,490 988 3,159 12,797 4,102 3 ,651 3,333 4,636 13,218 7,672 30,656 2,501 3,287 2,696 3,971 15,300 15,778 39,848 978 2,733 "" 3,422 3 2,455 19,071 16,045 51,321 22 3,873 3 ,258 1,271 12,288 6,780 53,200 15 4,298 3,592 835 9,441 5,341 53,505 14 4,826 3 ,471 2,124 7,552 5,918 52,334 14 5,129 3,621 2,327 9,451 5,069 46,630 12 5,434 3 ,497 18,021 16,288 18,676 22,775 26,696 28,655 32,628 33,871 8,671 972 594 598 3,494 25,500 3,692 848 57,970 7,421 ,023 1,398 839 3,274 877 72,893 7,531 ,198 2,249 2,108 3,209 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 13,154 884 1,506 1,467 5,358 3,308 1,020 69,666 13,820 972 1,507 1,154 6,240 ,998 965 66,146 16.962 1.046 811 1,065 7,130 4 ,662 952 65,218 16,734 1,241 1,171 956 7,777 5,249 1,040 61,578 19,539 52,948 67,685 78,338 63,04: 59,198 57,914 54,139 971 3,007 11. 729 3,832 3,090 2,871 4,360 12,071 6,906 27 2,729 2,294 \265 2,345 3,748 13,982 14,127 34,927 902 2,857 2,350 2,275 16,985 14,271 44,792 16 3,254 2,815 ,167 10,043 5,602 46,219 11 3,548 3,077 773 7,544 4,369 46,502 10 3,982 2,966 ,987 5,816 4,815 45,286 10 4,199 3,105 2,188 7,597 4,104 40 ,242 8 4,436 3,003 4,072 4,428 5,760 7,334 6,368 6,548 7,179 7,550 2,807 2,515 2,610 3,044 4,078 4,171 5.361 5,275 8 412 169 24 1,054 323 30 1,742 859 2,453 ,172 1,096 389 1,196 286 545 267 963 250 123 107 86 80 99 104 111 161 954 1,004 1,184 1,333 1,499 1,565 1,801 1,714 732 763 738 760 1,094 1,178 1,418 1,357 6 6 17 2 3 1 3 2 52 52 163 233 101 84 87 75 22 22 24 36 51 42 46 47 7,105 6,201 6,822 8,514 10,825 11,441 13,449 13,373 3,456 3,058 3,034 3,661 5,548 5,726 7.088 6,823 300 279 348 205 201 197 225 260 5,890 1,676 4,654 1,084 4,910 1,149 5,596 1,484 8,004 2,433 9,102 2,744 10.199 3,096 11,23 3,279 659 713 802 648 681 774 818 979 3,241 2,556 2,678 2,992 4,040 4,597 4,958 5,504 543 356 389 51 862 945 1,049 1,101 478 48: 525 459 474 576 563 735 48 102 163 211 117 100 73 61 114 194 1,527 217 267 1,420 311 777 1,379 427 1,503 1,459 264 704 2,237 185 540 2,713 170 484 3,147 126 428 3,333 20 25 32 42 29 26 23 22 554 8,823 252 153 15,566 253 179 18,243 287 298 18,809 455 250 14,465 500 291 13,784 564 330 13,214 616 372 11,469 96 45 45 51 105 130 149 156 1,806 3,550 4,258 4,598 3,266 3,23 3,287 3,028 8,243 1,512 658 21,321 660 313 26,781 855 404 31,594 ,436 435 24,527 ,675 23,170 ,969 22,591 ,158 369 21,692 7,265 311 1,623 3,652 1,679 14,563 1,328 3,409 1,829 7,014 984 17,179 913 ,740 3,745 8,592 189 17,574 477 ,433 3,325 10,337 1 13,308 387 ,725 992 10,202 1 12,571 137 ,103 775 10,555 1 11,972 1,002 640 558 9,771 10,358 693 983 520 8,162 1,430 3,238 3,913 4,213 2,912 2,890 2,890 2,667 256 877 199 250 1,045 133 1,467 60 498 106 368 132 235 160 250 153 484 779 749 146 132 248 214 903 1,602 1,809 1,864 2,207 2,284 2,274 2,043 119 74 31 729 444 468 606 557 631 638 583 830 558 596 629 601 582 604 528 182 158 160 181 167 175 213 185 193 155 185 204 187 173 185 176 6,467 295 751 4,248 ,173 956 820 19,682 1,802 4,691 2,497 9,943 749 913 726 25,042 1,704 5,730 5,181 11,987 440 ,000 740 29,552 1,034 6,982 5,653 15,878 5 ,126 916 22,250 441 3,799 1,993 16,013 4 ,272 1,004 20,845 334 3,038 1,503 15,967 3 ,364 962 20,196 373 2,358 1,901 15,560 3 ,342 1,053 19,222 783 3,244 1,501 13,692 3 ,446 1,024 6,628 1,530 183 1,823 197 1,725 528 381 17,534 310 1,719 547 351 23,610 471 1,881 707 363 29,407 273 2,970 ,312 306 27,408 244 3,381 ,693 240 25,955 227 3,827 ,979 229 26,125 204 4,236 2 ,318 26! 25,389 4,377 110 481 2,926 15,465 1,032 3,094 2,096 8,705 21,552 88: 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 22,857 480 2,583 2,108 17,681 3,121 1,868 16,345 21,892 552 861 ,222 1,028 538 ,214 855 ,230 829 ,342 1,067 ,551 1,285 ,813 1,250 6 2,006 1,262 "2,223 1,275 854 64 1,282 385 8: 1,165 1,136 383 156 460 228 1,224 723 14: 1,748 1,963 895 125 2,139 992 125 121 2,328 1,163 1,509 5,73" 8,197 10,58 10,52 9,94' 10,03' 9,362 271 156 76 6 3 4 4 4 2,535 6,702 9,146 11,647 11,791 11,299 11,486 10,856 1 276 223 180 10 6: 136 138 1,147 1,319 2,087 2,247 1,897 1,736 1,855 152 766 1,652 1,774 1,179 972 1,104 966 1,069 3.39J 4,928 6,538 6,991 7,013 7,058 6,399 563 560 566 619 752 845 931 999 462 403 383 443 516 505 517 494 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 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. 1 31, 1945, these items may not be entirely comparable with prior figures. Central reserve city banks. 268 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Time (deposits Demand deposits Class of bank and call date Reserves Cash with Federal in Revault serve Banks All insured commercial banks: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30.. 1945—Dec. 31. . 1946—Dec. 31. . 1947—June 30.. Dec. 31. . 1948—June 30.. 12,396 12,834 14,260 15,810 16,013 16,039 17,796 17,355 Member banks total: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—June 30.. Dec. 31. . 1948—June 30. . DeBalances mand with deposits domestic4 m ad- 5 banks justed 1 ,358 8,570 1 ,445 8,445 1 ,622 9,787 1 ,829 11,075 Interbank deposits DoFormestic3 eign ,145 ,063 9,481 8,498 9,736 8,238 37,845 59,921 65,960 74,722 82,085 80,869 85,751 81,420 9,823 9,743 11,063 12,566 10,888 9,807 11,236 9,628 12,396 1 ,087 12,835 : ,132 14,261 ,271 15,811 ,438 16,015 ,576 16,040 ,409 17,797 ,672 17,356 ,606 6,246 5,450 6,354 7,117 5,936 5,521 6,270 5,419 33,754 52,642 57,308 64,184 70,243 69,595 73,528 70,051 9,714 9,603 10,881 12,333 10,644 9,612 10,978 9,433 5,105 3,596 3,766 4,015 4,046 4,166 4,639 4,883 93 92 102 111 131 123 151 122 141 61 76 78 87 50 70 46 10,761 13,899 14,042 15,065 16,429 16,494 16,653 15,592 3,595 2,867 3,179 3,535 3,031 2,898 3,236 2,830 1,021 298 158 177 200 172 162 175 152 2,215 3,050 3,041 3,153 3,356 3,427 3,737 3,505 1,027 1,070 1,144 43 38 43 36 29 36 30 28 Reserve city banks: 1941—Dec. 3 1 . . 1943—£>ec< 3i. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—June 30.. Dec. 31. . 1948—June 30.. 4,060 5,116 5,687 6,326 6,337 6,274 7,095 6,462 425 391 441 494 532 470 562 521 2,590 1,758 2,005 2,174 1,923 1,864 2,125 1,852 11,117 18,654 20,267 22,372 24,221 24,166 25,714 24,316 Country banks: 1941—Dec. 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—June 30. . Dec. 3 1 . . 1948—June 30.. 2,210 3,303 3,909 4,527 4,703 4,628 4,993 4,866 526 611 684 796 883 780 929 934 3,216 3,474 4,097 4,665 3,753 3,444 3,900 3,369 9,661 17,039 19,958 23,595 26,237 25,508 27,424 26,639 1,149 1,199 1,067 271 313 352 391 437 395 473 457 2,325 2,996 3,434 3,959 3,547 2,979 3,466 2,820 4,092 7,279 8,652 10,537 11,842 11,274 12,223 11,368 New York City:5 1941—£)ec# 31. . 1943—Dec. 31. . 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—June 30. . Dec. 3 1 . . 1948—June 30. . Chicago:3 1941—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—j une Dec. 1948—June 3i. . 31. . 30. . 31. . 31. . 30. . 31. . 30. . 821 899 942 928 973 Insured nonmember commercial banks: 1941—£>ec 3i 1943—Dec 31 1944—Dec. 30. . 1945—Dec. 3 1 . . 1946—Dec. 31. . 1947—June 30. . Dec 31 1948—June 30 . ,012 1 ,804 U. S. Indi- Bor- CapiCerti- IndiGov- States viduals, and U. S. States fied viduals, ernrow- tal and partner- Inter- ment polit- partner- ings acand Govships, counts ical ern- political Offi- ships, bank and Postal subdi- and corment subdi- cers' and corvisions checks, poraSav- visions porations etc. tions ings 673 1,761 893 9,950 948 19,754 3,677 4,352 4,518 5,098 5,967 6,495 6,692 7,132 1,077 1,669 1,354 2,585 2,361 2,111 2,559 2,020 36,544 58,338 64,133 72,593 79,887 78,077 83,723 78,287 158 68 64 70 68 64 54 50 59 124 109 103 119 111 111 111 671 1,709 891 9,444 945 18,509 3,066 3,602 3,744 4,240 4,915 5,376 5,504 5,873 1,009 1,573 1,251 2,450 2,207 1,976 2,401 1,873 33,061 51,820 56,270 62,950 69,127 67,933 72,704 68,204 140 62 58 64 62 60 50 47 50 120 105 99 114 106 105 106 866 607 810 3,395 851 6,722 319 252 199 237 218 260 290 272 450 710 361 748 11,282 14,373 14,448 15,712 17.216 17,202 17,646 16,306 6 4 11 17 20 22 12 15 5 7 10 15 14 12 14 34 44 33 66 47 55 63 47 2,152 3,097 3,100 3,160 3,495 3,417 3,853 3,539 1,248 1,364 1,372 1,379 1,357 1,243 1,353 1,369 1,375 1,353 23,740 2,930 1,247 1,325 2,052 22,179 2,672 1,095 1,176 1,846 1,105 6,940 651 1,195 179 1,228 267 1,217 333 1,183 8 14 16 20 24 24 21 22 127 713 1,338 942 915 1,105 492 15,146 395 18,561 423 23,347 496 29,277 664 32,742 771 33,604 826 33,946 1,061 34,246 10 46 122 215 39 60 61 63 6,844 7,453 7,989 8,671 9,286 9,558 9,734 9,955 418 327 347 399 551 649 693 912 11,878 14,822 18,807 23,712 26,525 27,259 27,542 27,805 4 39 111 208 30 50 54 53 5,886 6,475 6,968 7,589 8,095 8,315 8,464 8,624 29 26 17 20 39 17 14 41 778 816 977 1,206 1 395 1,407 1,418 1,621 1,648 1,862 1,966 2,120 2,205 1 2,234 30 2,259 26 2,226 29 96 195 4 6 9 11 476 505 619 719 823 864 902 940 288 326 354 377 404 416 426 436 20 56 40 38 43 41 45 42 243 151 154 160 235 319 332 496 4,542 5,902 7,561 9,563 10,580 10,888 11,045 10,771 2 4 11 1 3 1,967 2,135 2,327 2,566 2,729 2,796 2,844 2,870 1,982 2,153 2,321 2,525 2,757 2,869 2,934 3,056 152 181 72 105 233 174 167 237 228 304 285 320 4,302 4,770 5,421 6,307 5,417 4,773 5,497 4,751 491 54 63 3,373 70 6,157 110 8,221 991 127 311 109 405 131 728 140 1,144 1,448 1,509 1,763 2,077 2,301 2,282 2,442 286 11,127 475 18,790 488 20,371 611 22,281 693 24,288 554 23,934 705 26,003 562 24,198 790 994 225 2 5 1,962 8 4,230 8 5,465 877 8 424 8 432 7 680 9 1,370 1,727 1,868 2,004 2,391 2,511 2,647 2,839 239 344 369 435 524 451 528 516 8,500 15,561 18,350 21,797 24,128 23,380 25,203 24,161 30 17 14 17 17 17 17 14 31 56 57 52 55 49 45 49 146 149 175 219 272 308 337 364 6,082 7,599 9,650 12,224 13,727 14,101 14,177 14,473 4 10 16 11 26 38 23 24 53 506 611 750 775 858 1,052 1,119 1,188 1,259 3,483 6,518 7,863 9,643 10,761 10,144 11,019 10,083 18 6 6 6 6 4 4 4 8 4 4 4 5 5 6 6 74 68 76 97 113 122 132 149 3,276 3,750 4,553 5,579 6,232 6,361 6,420 6,457 6 6 10 258 152 149 207 68 96 103 135 154 135 158 147 972 1,132 1,292 1,130 1,056 1,196 1,055 885 1,049 798 108 141 182 233 244 194 258 195 2 2 3 5 11 3 4 4 1,400 1,552 1,245 1,560 2 1 1 2 2 2 1 104 41 33 30 25 21 22 18 7 9 10 7 10 959 979 1,022 1,083 1,193 1,245 1,271 1,333 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MARCH 1949 269 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 loans and invest- Total 1 ments Investments For purchasing or carrying securities CommerTo brokers cial, indus- and dealers To others Real Loans Other trial, estate to Total and loans banks loans agri- U. S. Other U.S. Other cul- Govt. se- Govt. seobobtural liga- curi- liga- curitions ties tions ties U. S. Government obligations CerOther tifisecucates rities Bills of in- Notes Bonds2 debtedness Total TotalLeading Cities 65,178 23,315 14,704 219 432 333 502 3,497 163 November. . . 62,430 24,937 December.. . . 62,730 25,336 15,543 15,567 389 684 425 478 202 200 487 4,032 474 4,059 239 3,870 37,493 33,296 2,358 4,454 1,675 24,809 4,197 209 3,912 37,394 33,227 2,129 4,655 1,759 24,684 4,167 1948—January 1949—Tanuarv 194g—D ec i Dec 8 Dec 15 Dec 22 Dec 29 62,741 25,069 15,396 701 416 196 459 4,079 191 62,330 62,558 62,870 63,141 62,751 25,092 25,202 25,289 25,538 25,559 15,542 15,475 15,610 15,632 15,577 507 642 588 807 467 495 487 487 198 203 197 199 475 487 470 470 218 195 196 194 875 456 202 4,044 4,052 4,066 4,070 469 4,062 1949—Jan. 5 Jan. 12 Jan 19 Jan 26 62,638 62,596 62,879 62,852 24,969 25,087 24,949 25,270 15,374 15,415 15,414 15,381 620 714 581 890 438 399 406 419 203 199 196 187 467 460 456 452 4,066 4,083 4,081 4,084 Feb 2 Feb. 9 Feb. 16 Feb 23 62,696 62,170 61,991 61,946 25,244 24,950 24,841 24,865 15,318 15,294 15,265 15,222 859 721 722 673 438 434 410 423 186 188 190 189 477 475 444 454 4,079 4,085 4,085 4,086 3,465 41,863 37,610 2,164 3,390 2,790 29,266 4,253 3 ,918 37,672 33,492 2,204 5,577 1,044 24,667 4,180 3,893 37,238 3,904 37,356 3,915 37,581 3,920 37,603 241 3 930 37,192 33,075 33,179 33,440 33,455 32,987 2,106 2,199 2,285 2,249 1,807 4,458 4,428 4,826 4,823 4,742 1,688 1,697 1,754 1,811 1,844 24,823 24,855 24,575 24,572 24,594 4,163 4,177 4,141 4,148 4,205 164 182 185 235 3,924 37,669 3,922 37,509 3,917 37,930 3 909 37,582 33,484 33,324 33,749 33,411 2,197 2,157 2,425 2,036 5,669 5,515 5,613 5,511 1,057 1,043 1,044 1,034 24,561 24,609 24,667 24,830 4,185 4,185 4,181 4,171 258 177 154 261 3,918 3,865 3,862 3,849 37,452 37,220 37,150 37,081 33,268 33,016 32,890 32,814 1,987 1,841 1,798 1,780 5,364 5,201 5,094 5,036 1,027 1,039 1,032 1,022 24,890 24,935 24,966 24,976 4,184 4,204 4,260 4,267 New York City 20,001 7,045 5,329 162 308 51 199 106 129 761 12,956 11,747 1,157 November. . . 18,151 December.. . . 18,414 7,617 7,909 5,634 5,594 348 629 308 352 27 32 196 186 207 215 180 168 803 10,534 9,522 814 10,505 9,502 1948—January 626 512 9,452 1,209 268 304 7,429 1,012 7,392 1,003 1949—January 18,305 7,816 5,584 649 300 38 178 215 140 806 10,489 9,458 926 899 753 1,053 715 1,335 133 7,275 1,031 1948—Dec. 1 Dec 8 Dec. 15 Dec 22 Dec 29 . . . . 18,178 18,339 18,466 18,589 18,496 7,717 7,851 7,829 8,032 8,114 5,599 5,536 5,603 5,622 5,609 467 600 533 743 802 332 380 350 353 343 31 33 30 32 33 184 201 183 182 182 209 216 219 220 213 168 161 169 146 198 813 810 818 810 817 10,461 10,488 10,637 10,557 10,382 9,457 9,491 9,650 9,574 9,340 806 951 832 939 836 1,139 768 1,126 524 1,110 253 254 313 338 363 7,447 1,004 7,466 997 7,362 987 7,342 983 7,343 1,042 1949—Jan. 5 Jan. 12 Jan 19 Jan 26 18,348 7,730 18,210 7,810 18,262 7,726 18,401 7,997 5,556 5,582 5,597 5,600 563 659 543 314 294 302 40 39 38 180 180 177 213 216 217 151 126 145 289 37 175 216 137 750 1,374 701 1,258 772 1,345 639 1,363 137 135 136 830 807 10,618 9,580 808 10,400 9,365 801 10,536 9,504 807 10,404 9,386 125 7,319 7,271 7,251 7,259 1,038 1,035 1,032 1,018 Feb. 2 Feb. 9 Feb. 16 Feb. 23 18,366 8,020 18,015 7,836 17,959 7,802 18,033 7,854 5,573 5,583 5,584 5,595 784 656 666 610 319 317 302 301 37 41 42 42 199 202 170 182 214 217 218 219 181 116 114 203 672 559 539 591 128 138 139 132 7,255 7,248 7,264 7,261 1,015 1,024 1,068 1,065 807 798 800 796 10,346 10,179 10,157 10,179 9,331 9,155 9,089 9,114 1,276 1,210 1,147 1,130 Outside New York City 45,177 16,270 9,375 57 124 282 303 3,391 34 November. . . 44,279 17,320 December 44,316 17,427 1949—January..... 44,436 17,253 9,909 9,973 41 55 117 126 175 168 59 3,067 26,959 23,774 1,432 3,555 1,407 17,380 3,185 41 3,098 26,889 23,725 1,376 3,602 1,455 17,292 3,164 51 3,112 27,183 24,034 1,489 4,242 911 17,392 3,149> 1948—January 2,704 28,907 25,863 1,007 2,764 2,278 19,814 3,044 9,812 52 116 158 291 3,825 288 3,844 281 3,864 1948—Dec. 1 Dec. 8 Dec 15 Dec. 22 Dec. 29 44,152 44,219 44,404 44,552 44,255 17,375 17,351 17,460 17,506 17,445 9,943 9,939 10,007 10,010 9,968 40 42 55 64 73 135 115 137 134 113 167 170 167 167 169 291 3,835 286 3,836 287 3,847 288 3,850 287 3,849 50 34 27 48 43 3,080 26,777 3,094 26,868 3', 097 26,944 3,110 27,046 3,113 26,810 23,618 23,688 23,790 23,881 23,647 1,300 1,367 1,449 1,481 1,283 3,507 3,489 3,687 3,697 3,632 1,435 1,443 1,441 1,473 1,481 17,376 17,389 17,213 17,230 17,251 3,159 3 180 3,154 3,165. 3,163 1949—Jan. 5 Jan. 12 Jan. 19 Jan. 26 44,290 44,386 44,617 44,451 17,239 17,277 17,223 17,273 9,818 9,833 9,817 9,781 57 55 38 60 124 105 104 130 163 160 158 150 287 3,853 280 3,867 279 3,864 277 3,868 13 56 40 98 3,117 3,114 3,116 3,102 27,051 27,109 27,394 27,178 23,904 23,959 24,245 24,025 1,447 1,456 1,653 1,397 4,295 4,257 4,268 4,148 920 908 908 909 17,242 17,338 17,416 17,571 3,147 3,150 3,149 3,153 Feb. 2 Feb. 9 Feb. 16 Feb. 23 44,330 44,155 44,032 43,913 17,224 17,114 17,039 17,011 9,745 9,711 9,681 9,627 75 65 56 63 119 117 108 122 149 147 148 147 278 3,865 273 3,868 274 3,867 272 3,867 77 61 40 58 3,111 3,067 3,062 3,053 27,106 27,041 26,993 26,902 23,937 23,861 23,801 23,700 1,315 1,282 1,259 1,189 4,088 3,991 3,947 3,906 899 901 893 890 17,635 17,687 17,702 17,715 3,169 3,180 3,192 3,202- 1 Beginning June 30, 1948,figuresfor various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to. the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Including guaranteed obligations. 270 FEDERAL RESERVE BULLETIN. WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. Demand deposits, except interbank Date or month ReDeserves Balwith Cash ances mand Fedwith dein eral vault posits doRemestic ad- 3 serve banks justed Bank; IndividCertiuals, States and fied part- politand nerical Offiships, subcers' and cor- divi- checks, etc. pora- sions tions In millions of dollars] Time deposits, except interbank Interbank deposits IndividU. S. Demand uals, States Govand U. S. part- politernGov- nerical ment ern- ships, suband ment and Postal Dodivicor- sions Sav- mes- Forporatic ings tions Bor- Caprow- ital acings counts Time Bank debits4 TotalLeading Cities 1948—January.. . . 12,753 815 2,445 48,843 49,073 3,251 1,465 592 14,159 370 9,955 1,344 138 5,830 94,188 November . 14,590 December.. 14,704 826 2,229 46,936 47,748 3,204 2,235 47,787 48,387 3,255 1,361 1,464 14,309 1,510 1,095 14,306 522 518 9,194 1,416 9,149 1,459 248 5,995 91,965 200 6,008 107,606 2,261 47,573 47,798 3,240 1,302 1949—January.. . . 14,776 1,019 14,432 562 9,326 1,489 219 6,012 94,115 1.... 8.... 15.... 22.... 29.... 14,574 14,418 15,044 14,593 14,893 812 880 891 916 919 2,185 47,341 47,840 2,103 47,584 47, ,635 ,803 2,406 48,290 49, 2,234 47,928 48,446 2,247 47,794 48,214 3,292 3,230 3,221 3,250 3,282 1,625 1,264 14,238 900 14,282 1,259 944 14,281 1,629 1,489 1,092 14,324 1,549 1,274 14,403 505 509 514 522 540 9,005 9,002 9,518 9,140 9,079 1,415 1,426 1,482 1,499 1,472 149 261 100 289 200 6,016 6,009 6,001 6,002 6,015 20,623 20,906 24,978 25,101 22,434 1949—.•Jan. 5 . . . . Jan. 1 2 . . . . Jan. 19 Fan. 2 6 . . . . 14,964 14,716 14,713 14,710 812 2,365 47,437 47,482 862 2,287 47,519 48 ,129 803 2,262 47,670 48 ,094 803 2.130 47 ,665 47,486 3,268 3,213 3,178 3,301 1,289 1,115 14,451 835 14,446 1,219 987 14,417 1,292 1,408 1,139 14.412 550 560 567 570 9,722 9,427 9,358 8,795 1,458 1,424 1,542 1,531 66 257 143 410 6,013 6,013 6,005 6,019 25,157 20,544 21,822 21,968 Feb. 2 . . . . Feb. 9 Feb. 1 6 . . . . Feb. 2 3 . . . . 14,380 14,322 14,172 14,271 726 790 748 817 3,408 3,319 3,393 3,419 1,304 1,196 1,287 1,227 1,476 1,559 1,729 1,817 14,419 14,418 14,412 14,422 582 599 600 597 8,631 8,522 8,635 8,246 1,500 1,498 1,450 1,439 279 137 118 293 6,028 6,036 6,025 6,029 22,030 19,373 20,852 17,642 2,232 34,988 2,235 44,861 1948—Dec. Dec. Dec. Dec. Dec. 2,011 2,0 ,000 2,0 ,096 2,089 46,9455 46,576 46,553 46,164 46,079 46,693 46,299 46,620 New York City 1948—January 2,207 38,286 4,439 132 16,399 16,844 339 732 1,350 3,108 1,192 November . 5,296 December.. 5,383 138 145 15,093 15,741 15,491 16,228 307 226 681 802 453 294 1,480 1,511 14 2,777 1,229 2,822 1,269 147 122 1949—January 5,393 126 15,331 ,15934 202 644 268 1,512 2,852 1,288 155 2,251 38,767 1948—Dec. Dec. Dec. Dec. Dec. 1... 8... 15.... 22... 29... 5,380 5,193 5,553 5,356 5,433 129 143 148 159 147 15,363 15,404 15,631 15,546 15,509 16,106 15,923 16,633 16,237 16,239 274 241 206 177 231 888 587 881 794 863 360 246 249 283 335 1,482 1,496 1,508 1,524 1,545 2,812 1,231 2,684 ,241 2,986 1,296 2, 806 1,303 2,822 1,274 31 180 36 201 161 2,240 8,287 2,231 8,400 2,236 11,133 2,232 10,169 2,235 9,268 1949—Jan. 5 . . . . Jan. 12... Jan. 19... Jan. 2 6 . . . 5,509 5,294 5,403 5,366 133 133 118 120 15,407 15,202 15,353 15,360 15,957 15,913 16,020 15,847 196 208 176 228 582 581 618 793 321 221 253 277 1,531 1,520 1,500 1,496 3,019 14 2,833 2,832 2,722 1,265 1,231 1,332 1,326 36 202 96 286 2,250 10,586 2,252 8,368 2,251 8,596 2,251 9,316 Feb. 2. . . Feb. 9 . . . Feb. 16 Feb. 2 3 . . . . 5,181 5,170 5,047 5,169 111 119 110 123 15,132 14,970 14,776 14,950 15,626 15,485 15,492 15,650 211 184 240 215 623 605 673 638 414 430 481 491 1,489 1,486 1,475 1,476 2,701 2,612 2,634 2,599 1,297 1,290 1,241 1,228 184 71 72 124 2,260 2,262 2,258 2,258 9,203 8,050 8,404 6,664 Outside New York City 1948—January.. . 8,314 November . 9,294 December. 9,321 2 ,405 32 ,444 32,229 2,912 733 420 12,809 357 6,847 152 109 3,623 55,902 688 2,194 31 ,843 32,007 2,897 739 2,199 32 ,296 32,159 3,029 680 708 1,011 12,829 801 12,795 502 502 6,417 6,327 187 190 101 78 3,763 56,977 3,773 62,745 683 27 1949—January.. . 9,383 694 2,228 32, 242 31,864 3,038 658 751 12,920 542 6,474 1948—Dec. Dec. Dec. Dec. Dec. 1... 8... 15... 22... 29... 9,194 9,225 9,491 9,237 9,460 683 737 743 757 772 2,148 31,978 31,734 2,072 32,180 31,712 2,368 32,659 33,170 2,196 32 ,382 32,209 2,210 32 ,285 31,975 3,018 2,989 3,015 3,073 3.051 737 672 748 695 686 904 654 695 809 939 12,756 12,786 12,773 12,800 12,858 488 492 498 506 524 6,193 6,318 6,532 6,334 6,257 184 185 186 196 198 118 81 64 88 39 3,776 3,778 3,765 3,770 3,780 12,336 12,506 13,845 14,932 13,166 1949—Jan. 5 . . . Jan. 12... Jan. 1 9 . . . Jan. 2 6 . . . 9,455 9,422 9,310 9,344 679 2,331 32,030 31,525 729 2,,255 32 ,317 32,216 685 2,230 32 ,317 32,074 683 2,097 32 ,305 31,639 3,072 3,005 3,002 3,073 707 638 674 615 794 614 734 862 12,920 12,926 12,917 12,916 532 540 547 550 6,703 6,594 6,526 6,073 193 193 210 205 30 55 47 124 3,763 3,761 3,754 3,768 14,571 12,176 13,226 12,652 9,199 9,152 9,125 9,102 615 1,983 31 813 671 1,974 31 583 638 2,063 31 303 694 2, 059 31,349 30,950 30,679 31,201 30,970 3,197 3,135 3,153 3,204 681 591 614 589 1,062 1,129 1,248 1,326 12,930 12,932 12,937 12,946 559 574 575 572 5,930 5,910 6,001 5,64 203 208 209 211 95 66 46 169 3,768 3,774 3,767 3,771 12,827 11,323 12,448 10,978 Feb. 2 . . . Feb. 9 . . . Feb. 16 Feb. 23 . . . . 64 3,761 55,348 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. MARCH 1949 271 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Investments For purchasing or carrying securities Federal Reserve district and date Boston Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 New York* Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Philadelphia Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Cleveland Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Richmond Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Atlanta Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Chicago* Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 St. Louis Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23. Minneapolis Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Kansas City Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Dallas Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 San Francisco Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 City of Chicago* Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 ComTotal merloans cial, indusand Total* investtrial and ments agricultural To brokers and dealers U. 5. Government obligations To others U.S. U. S. Govt. Other se- Govt. obob- curiligaligations ties tions Real Loans Other to estate loans banks loans Total Other securities Total Bills Certificates of indebtedness Notes Bonds 2 Other securities 2,824 2,824 2,787 2,754 2,757 1,070 1,058 1,054 1,049 1,059 688 687 691 691 691 11 9 9 7 13 11 7 11 9 6 12 11 11 11 11 17 137 16 16 16 16 136 136 135 135 10 5 2 1 9 202 205 196 197 196 1,754 1,766 1,733 1,705 1,698 1,654 1,665 1,626 1,595 1,584 146 126 99 83 85 302 301 283 267 247 47 46 46 46 45 1,159 1,192 1,198 1,199 1,207 100 101 107 110 114 20,582 20,573 20,211 20,164 20,206 8,741 8,766 8,577 8,548 8,593 5,948 5,923 5,929 5,933 5,93$ 834 790 661 673 619 293 322 321 306 305 43 43 46 47 47 192 217 219 187 199 420 417 420 421 422 137 181 117 114 203 982 982 973 976 971 11,841 11,807 11,634 11,616 11,613 10,622 10,592 10,410 10,348 10,348 706 760 642 623 648 1,453 1,368 1,301 1,241 1,226 175 178 188 189 182 8,288 8,286 8,279 8,295 8,292 1,219 1,215 1,224 1,268 1,265 2,533 2,549 2,542 2,536 2,542 917 920 915 921 926 512 512 515 523 533 1 1 1 1 17 16 17 16 16 3 4 4 4 4 7 7 7 7 7 96 95 95 94 94 13 16 11 10 277 279 275 276 275 1,616 1,629 1,627 1,615 1,616 1,335 1,349 1,343 1,332 1,326 101 117 112 103 90 148 146 143 142 145 34 34 34 34 34 1,052 1,052 1,054 1,053 1,057 281 280 284 283 290 4,355 4,369 4,336 4,307 4,314 1,509 1,521 1,490 1,485 1,478 917 916 920 922 916 12 18 9 9 9 15 17 16 14 16 26 26 26 27 27 21 21 21 21 21 276 276 277 277 277 28 30 9 1 230 233 228 230 228 2,846 2,848 2,846 2,822 2,836 2,503 2,509 2,508 2,482 2,496 111 121 111 103 107 290 284 286 255 274 116 115 116 115 115 1,986 1,989 1,995 1,999 2,000 343 339 338 340 340 2,518 2,504 2,523 2,525 2,509 859 856 856 856 853 412 409 411 412 408 6 6 5 6 6 15 13 13 13 13 20 22 21 21 21 201 199 203 200 200 2 2 2 2 2 211 212 209 210 211 1,659 1,648 1,667 1,669 1,656 1,535 1,524 1,543 1,542 1,529 86 75 96 101 87 195 195 190 184 184 44 44 44 44 44 1,210 1,210 1,213 1,213 1,214 124 124 124 127 127 2,289 2,278 2,291 2,291 2,290 851 848 844 842 842 542 539 540 541 541 5 4 5 4 5 15 16 16 16 16 35 34 33 33 32 66 67 66 65 65 5 5 5 5 5 192 192 188 187 187 1,438 1,430 1,447 1,449 1,448 1,255 1,249 1,266 1,267 1,265 33 29 48 48 50 318 311 299 299 296 41 44 43 38 38 863 865 876 882 881 183 181 181 182 183 8,633 8,603 8,562 8,514 8,525 2,753 2,722 2,720 2,679 2,691 1,871 ,854 ,847 ,832 ,823 41 38 31 30 43 21 21 20 22 20 59 58 58 58 57 340 339 338 338 338 18 1 21 11 24 405 405 397 389 387 5,880 5,881 5,842 5,835 5,834 5,248 5,234 5,196 5,183 5,185 399 375 343 345 333 764 756 731 720 728 241 232 231 232 230 3,844 3,871 3,891 3,886 3,894 632 647 646 652 649 2,180 2,144 2,143 2,141 2,107 1,015 1,013 1,006 1,005 5 5 5 4 4 10 10 10 10 10 11 12 12 12 12 161 161 161 161 161 2 1 2 1 3 214 214 212 214 214 1,165 1,131 1,137 1,136 1,111 1,031 996 620 618 612 611 600 977 63 49 56 55 42 215 203 201 201 189 54 54 58 55 55 699 689 686 690 691 134 136 136 135 134 1,161 1,144 1,130 1,135 1,124 440 435 433 435 431 250 249 248 251 247 2 2 1 1 1 8 8 8 7 7 5 5 5 5 5 63 63 63 64 64 2 115 113 113 112 112 721 709 697 700 693 642 628 616 619 612 28 20 18 17 18 151 145 139 143 135 14 14 14 14 14 449 449 445 445 445 79 81 81 81 81 2,407 2,359 2,363 2,403 2,364 891 887 881 880 869 578 578 575 571 566 3 3 3 3 3 6 6 6 6 6 12 12 12 12 12 128 128 127 127 127 5 2 3 7 1 163 162 159 159 159 1,516 1,472 1,482 1,523 1,495 1,313 1,269 1,278 1,318 1,290 144 113 126 150 137 308 290 283 299 284 71 70 70 70 70 790 796 799 799 799 203 203 204 205 205 2,316 2,297 2,286 2,284 2,279 1,115 1,113 1,112 1,106 1,102 785 785 783 778 774 7 5 6 5 5 14 14 14 13 15 44 44 43 43 43 89 89 89 89 89 185 185 186 187 185 1,201 1,184 1,174 1,178 1,177 1,083 1,065 1,054 1,056 1,057 51 39 26 30 32 282 277 274 270 272 42 42 42 42 41 708 707 712 714 712 118 119 120 122 120 11,054 11,052 10,996 10,937 10,929 5,109 5,105 5,062 5,035 5,025 2,258 2,248 2,223 2,200 2,187 3 3 2 2 2 14 13 13 12 13 14 14 14 14 13 29 29 28 29 29 2,107 2,109 2,110 2,114 2,114 13 15 5 2 6 733 736 729 725 724 5,945 5,947 5,934 5,902 5,904 5,190 5,189 5,175 5,147 5,145 168 163 164 140 151 1,085 1,088 1,071 1,063 1,056 155 3,782 154 3,784 153 3,787 153 3,791 154 3,784 755 758 759 755 759 5,360 5,366 5,349 5,306 5,326 1,872 1,856 1,859 1,818 1,828 L,457 L.443 L,440 L ,427 L,414 28 36 38 29 29 37 35 28 27 39 15 16 16 15 15 51 50 49 49 49 75 75 75 75 75 8 222 3,488 222 3,510 214 3,490 207 3,488 205 3,498 3,073 3,083 3,064 3,059 3,072 278 286 266 269 271 430 427 421 407 414 2,182 2,198 2,206 2,208 2,213 415 427 426 429 426 1 28 36 38 29 29 7 "26 10 23 995 1,001 1,001 183 172 171 175 174 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 272 The figures FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES A N D LIABILITIES [In millions of dollars] Demand deposits, except interbank Federal Reserve district and date Boston Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 New York* Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Philadelphia Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Cleveland Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Richmond Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Atlanta Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Chicago* Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 St. Louis Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Minneapolis Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Kansas City Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 Dallas Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 San Francisco Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 City of Chicago* Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 ReBalserves | Dewith Cash ances mand with Feddein doeral vault posits mestic ad- 3 Rebanks usted ! serve Banks Individuals, States Certified part- a n d ner- polit- and ical Offiships, subcers' and cor- divi- checks, pora- sions etc. tions 2,404 2,391 2,341 2,313 2,313 2,376 2,366] 2,317 2,332 2,314 154 154 147 139 144 114 16,872 111 16,645 109 16,484 124 16,284 109! 16,446 17,162 16,919 16,765 16,786 16,933 486| 498 480| 542 5001 2,098 2,078 2,066 2,0301 2,058 2,177 2,171 2,122 2,159 2,172 81 68 82 77 76 132 126 128 132 130 3,0701 3,011 2,976 2,916 2,973 3,164 3,0561 3,004 3,069 3,066 67 59 65 61 70 156 155 151 147 2,062 2,038 2,058 2,050 2,044 499 502 506 498 512 44 38 44 40 46 180 168 181 186 171 !,134 !,04 !,004 !,017 1,020 103 95 103 9 107 477 468 467 465 447 Time deposits, except interbank Individuals, States and U.S. part- politGov- ner- ical ern- ships, subment and divicorpora- sions tions! Interbank deposits Demand U. S. Government Doand Postal mes- Foreign Savtic ings Time Borrowings Cap- Bank ital deb-4 accounts its 30 30 29 32 32 2 2 3 3 4 321 319 319 318 319 820 813 761 807 650 2,795 2,778 2,686 2,706 2,668 1,329 1,300 1,293 1,244 1,232 286 188 73 75 133 2,446 2,455 2,457 2,453 2,453 9,813 9,741 8,540 9,000 7,142 332 331 324 343 310 12 11 12 12 13 306 307 307 307 307 754 789 694 732 656 1,322 1,337 1,337 1,338 1,338 453 447 437 461 414 6 5 5 5 5 458 459 459, 460] 460 53 64 65 73 84 567 565 566 566 567 376 372 375 371 349 6 5 5 5 5 219 219 220 220 220 732 714 668 714 649 32 38 42 45 49 526 525 521 522 522 517 519 530| 523 496 10] 10] 11 11 12 184 185 184| 185 185 752 700 619 689 602 99 l00| 91 95 83 245 2,493 302 2,505 313 2,505 347 2,509] 359|2,510| 1,343 1,324 1,313 1,350! 1,275 39 38 44 44 44 693 696 697 693 2,905 3,148 2,519 2,896 2,410 123 122 120! 127 116] 20] 21 18 16 19 461 462 463 463 464 674 657 651 649 604 174 174 175 175 175 645 626 540 567 546 763 756 757 772 766 154 152 142 141 141 11 11 12 12 12 249 249 249 249 249) 269 261 257 257 246 99 98 99 99 98 327 327 316 339 284 1,823 1,766 1,756 1,837 1,829 258 274 273 265 271 24 23 24 24 26 375 375 376 376 377 3 3 3 3 3 761 714 733 721 700 194 194 195 195 195 789 691 666 701 719 289 ,991 1,933 251 ,945 1,861 234 ,932 1,840 261 1,938 1,910 276 1,951 1,916 213 219 234 231 219 401 38 30\ 34 33 346 346 346 347 347 72 71 71 71 66 570 531 530 544 518 196 196 198 196 197 817 687 584 645 680 6,965 6,934 6,833 6,761 6,699 6,701 6,616 6,566 6,614 6,420 638 666 628 660 726 197 225 200) 207 190 132|4,838 162 (4,834 178|4,839 1984,839 4,845 332 332 342 340 341 422 411 411 438 403 729 726 726 724 726 2,469 2,543 2,448 2,580 2,290 4,024 3,964 3,914 3,838 3,857 4,078 3,972 3,928 3,99; 3,983 266 296 283 283 278 44 4, 43 41 37 127 1,298 170| 1,303 1,301 197 1,305 207 1,30' 40 40 40 41 41 990 976| 973 997 935 1,815 468 1,965 468 1,627 1,807 465 1,549 576 571 557 561 559| 58| 52 56 54 57 93 95 86 100 91 ,703 ,517 ,512 ,370 ,526 166 152 165 153 170 544 525 527 515 522 44 41 45 41 46 97 92 86 97 98 874 853 861 858 868 90 81 86 83 86] 535 544 549j 551 541 42 45 39| 38 45 45 55 60 71 75 486 481 481 481 481 834 667 640 715 321 469 489 543 556 ,335 ,328 ,325 ,313 2,314 28 45 20] 23 20] 55 68 74 85 414 412 410| 409 4081 161 166 167 165 167 44 62 54 49 48 133 144 156 167 2,029 1,993 2,013 2,037 2,033 186 197 187 184 191 47 441 47 50 42 1,757 1,715 1,748 1,744 1,764 1,637 1,608 1,627 1,669] 1,673 296 295 3001 298 302 22 23 21 24 21 348 319 314 321 326 6,306 6,150 6,081 5,976 6,007 6,251 6,025 5,963 6,045 6,056 551 597 559 564, 566J 30 2 30 2 31 104 104 111 117 111 1,420 1,378 1,386 1,387 1,362 1,470 1,439 1,434 1,463 1,442 231 238 239 228 229 13 11 12 12 1 79 78 7 76 79 829 815 811 801 806 567 563 549 540 556 30 25 31 28 33 271 248 262 267 278 ,891 ,845 ,837 ,879 ,876 549 533 546 544 522 35 30 34 32 35 ,021 ,021 ,005 ,025 .969 123 115 119 120 123 26' 264 263 268 265 ,482 ,413 ,367 ,383 ,379 36 35 38 35 39 15 150 152 150 148 283 286] 275 272 263 50 1,145 1,251 1,018 1,182 1,014 For footnotes see opposite page and preceding table. MARCH 1949 273 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollair acceptances outstanding Held by End of month Commercial paper Total outout- 1 standing standing Based on Accepting banks Total Own bills Bills bought Others Imports into United States Exports from United States Dollar exchange Goods stored in or shipped between poin ts in United States Foreign countries 1947—December. . 287 261 197 88 109 64 159 63 3 25 11 1948—January February March April May June July August September October November December 290 301 311 275 254 270 284 309 305 285 287 269 262 253 241 242 256 253 235 221 214 221 239 259 188 174 162 151 161 142 134 122 120 125 141 146 85 79 70 71 71 61 67 60 65 67 71 71 103 94 92 80 90 81 67 62 55 58 70 76 74 79 79 91 95 111 102 99 94 96 99 112 168 168 151 143 155 155 151 143 136 140 152 164 53 43 48 54 57 56 47 40 37 42 48 57 1 2 2 4 3 2 1 1 1 1 1 1 27 24 23 19 19 19 19 20 20 20 24 25 13 17 17 22 21 20 18 17 20 17 15 12 1949—January 268 262 137 66 70 126 156 57 11 25 13 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month 1940—June December... 1941—June December. . . 1942—June December... 1943—June December... 1944—June December. .. 1945—June December.. . 1946—June December. . . 1947—June December.. . 1948—February. . . March April May Customers' credit balances Debit Debit Customers' balances in balances in partners' firm debit balances investment investment (net)i and trading and trading accounts accounts Cash on hand and in banks Money borrowed2 12 12 11 8 9 7 9 11 5 7 11 12 7 5 6 7 223 204 186 211 180 160 167 181 196 209 220 313 370 456 395 393 376 427 395 368 309 378 529 557 619 726 853 795 498 218 223 240 267 281 255 289 240 270 334 354 424 472 549 654 651 694 650 612 3 208 3 229 3 241 3 258 283 3 288 3 252 3 238 3 252 3 244 257 3 596 3 592 3614 3 619 576 3577 3551 3 550 3 540 3 563 586 3 247 3 573 653 677 616 600 496 543 761 789 887 1,041 1,223 1,138 809 540 552 578 July August..... September. . October November. December... 3 537 3 550 3 572 3615 619 3 608 3 573 3 570 3 580 3551 550 1949—January.... 3 537 June Credit balances 58 99 89 86 86 154 190 188 253 260 333 413 399 312 333 315 7 326 332 10 312 349 Free l Other (net) Other credit balances In partners' In firm investment investment and trading and trading accounts accounts In capital accounts (net) 62 54 65 63 56 54 66 65 95 96 121 112 120 120 162 176 22 22 17 17 16 15 15 14 15 18 14 29 24 30 24 23 5 5 7 5 4 4 7 5 11 8 13 13 17 10 9 15 269 247 222 213 189 182 212 198 216 227 264 299 314 290 271 273 145 20 " " ' ii 291 5 '278' "112' '28 ' 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balance secured by U. S. Government securities was (in millions of dollars): November, 49; December, 52; 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. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 274 FEDERAL RESERVE BULLETIN OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months1 U. S. Government security yields Prime Stock exbank- change ers' 9- to 12call accept- loan month to 5ances, 3certifi- 3-year re90 1 month cates taxable new2 days bills » of inals debted- issues ness 1946 average.... 1947 average.. . . 1948 average.. .. .61 .87 1.11 1.16 1.38 1.55 .375 .604 1,043 .82 .88 1.14 1.16 1.32 1.62 1948—February . March.... April May June July August... September October. . November December. 1.06 1.06 1.06 1.06 1.06 1.06 1.13 1.19 1.19 1.19 1.19 1.50 1.50 1.50 1.50 1.50 1.50 1.63 1.63 1.63 1.63 1.63 .996 .996 .997 .997 .998 .997 1.053 1.090 1.120 1.144 1.154 .10 .09 .10 .09 .09 .10 .15 .18 .23 .22 .21 1.63 1.60 1.58 1.51 1.49 1.56 1.65 1.69 1.71 1.69 1.64 1949—January. .. February.. 1.19 1.19 1.63 1.63 1.160 1.163 .22 .22 1.59 1.57 Week ending: Jan. 2 9 . . . . Feb. 5 . . . . Feb. 1 2 . . . Feb.19.... Feb. 2 6 . . . . 1.161 1.163 1.163 1.164 1.163 I V16" IV IV 1 ' IV" 1.58 1.59 12 Monthly figures are averages of weekly prevailing rates. The average rate on 90-day stock exchange time loans was 1.25 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning Aug. 17, 1948. 8 Rate on new issues offered within period. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] Size of loan All loans Area and period Annual averages: 19 cities: 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Quarterly: 19 cities: 1948—June Sept Dec New York City: 1948—June Sept Dec 7 Northern and Eastern cities: 1948—June Sept Dec 11 Southern and Western cities: 1948—June Sept Dec $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 2.1 2.1 2.0 2.2 2.6 2.4 2.2 2.1 2.1 2.5 4.4 4.3 4.3 4.4 4.4 4.3 4.3 4.2 4.2 4.4 3.1 3.0 3.0 3.2 3.4 3.3 3.2 3.1 3.1 3.5 2.1 2.0 1.9 2.2 2.5 2.6 2.3 2.2 2.5 2.8 1.8 1.8 1.8 2.0 2.4 2.2 2.0 1.7 1.8 2.2 2.47 2.60 2.64 4.49 3.47 3.58 3.58 2.70 2.92 2.97 2.16 2.29 2.34 2.12 2.32 2.34 4.35 3.19 3.35 3.40 2.43 2.70 2.70 1.94 2.13 2.16 4.42 3.40 3.58 3.60 2.67 2.91 2.97 2.27 2.34 2.44 3.68 3.71 3.68 2.91 3.07 3.14 2.45 2.56 2.57 2.49 2.60 2.68 2.92 3.01 3.02 4.53 4.50 4.40 4.23 4.55 4.51 4.60 4.57 4.62 For description of series, see Richard Youngdahl, "New Statistics of Interest Rates on Business Loans," pp. 228-37 of this BULLETIN. BOND YIELDS * [Per cent per annum] U. S. Government (taxable) Year, month, or week 7 to 9 years 15 years and Corporate (Moody's)* Municipal (highgrade)* Corporate (highgrade)3 By groups By ratings Total Aaa Aa Baa Industrial Railroad Public utility Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1946 average. 1947 average. 1948 average 1.45 1.59 2.00 2.19 2.25 2.44 1.64 2.01 2.40 2.44 2.57 2.81 2.74 2.86 3.08 2.53 2.61 2.82 2.62 2.70 2.90 2.75 2.87 3.12 3.05 3.24 3.47 2.60 2.67 2.87 2.91 3.11 3.34 2.71 2.78 3.03 1948—February. March. . . April May June July August... September October. . November December. 2.08 2.03 1.99 1.89 1.89 1.96 2.05 2.04 2.05 2.00 1.94 2.45 2.44 2.44 2.42 2.41 2.44 2.45 2.45 2.45 2.44 2.44 2.55 2.52 2.38 2.31 2.26 2.33 2.45 2.46 2.45 2.42 2.26 2.84 2.81 2.77 2.74 2.73 2.80 2.86 2.85 2.85 2.86 2.81 3.12 3.10 3.05 3.02 3.00 3.04 3.09 3.09 3.11 3.12 3.09 2.85 2.83 2.78 2.76 2.76 2.81 2.84 2.84 2.84 2.84 2.79 2.93 2.90 2.87 2.86 2.85 2.89 2.94 2.93 2.94 2.92 2.88 3.17 3.13 3.08 3.06 3.03 3.07 3.13 3.13 3.15 3.18 3.16 3.53 3.53 3.47 3.38 3.34 3.37 3.44 3.45 3 50 3.53 3.53 2.90 2.89 2.85 2.82 2.80 2.84 2.89 2.88 2.90 2.89 2.85 3.43 3.40 3.34 3.27 3.23 3.26 3.31 3.32 3.35 3.37 3.36 3.03 3.01 2.97 2.95 2.96 3.02 3.07 3.07 3.07 3.09 3.06 1949—January.. February. . 1.88 1.83 2.42 2.39 2.15 2.23 2.73 2.73 3.02 3.00 2.71 2.71 2.81 2.80 3.08 3.05 3.46 3.45 2.80 2.79 3.26 3.24 2.99 2.99 Week ending: Jan. 29. . Feb. 5. . Feb. 12. Feb. 19. Feb. 26. 1.86 1.84 1.83 1.83 1 .84 2.41 2.41 2.40 2.38 2.38 2.15 2.20 2.22 2.24 2.24 2.73 2.73 2.73 2.73 2.72 3.00 3.00 3.00 3.01 3.01 2.70 2.71 2.71 2.71 2.71 2.80 2.81 2.80 2.81 2.80 3.05 3.05 3.06 3.06 3.05 3.43 3.44 3.44 3.46 3.46 2.79 2.79 2.79 2.79 2.79 3.22 3.22 3.23 3.25 3.25 2.99 2.99 2.99 2.99 2.98 1 2 4 Monthly and weekly data are averages of daily figures, except for municipal bonds .which are based on Wednesday figures. 3 Standard and Poor's Corporation. U. S. Treasury Department. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253 MARCH 1949 275 SECURITY MARKETS * Stock prices8 Bond prices Corporate U. S. Government2 Year, month, or week 1-8 Number of issues 15 Week ending: Jan 29 Feb. 5 Feb 12 Feb 19 Feb. 26 Total Industrial Railroad Public utility 14 5 5 4 Industrial 15 416 365 20 31 140 123 124 143 143 120 103 2 98.7 97 5 92.1 102 6 96.3 88 2 85.4 102 8 95.2 122 6 123.1 125.7 127 1 127.8 126 6 124.4 124 0 124.5 125.0 127 8 98 1 98.5 99.4 99 9 100.2 99 2 98.3 98 2 97.8 97.9 98 9 90 5 90.7 91.4 92.8 94.4 94 6 93.2 92 9 91.9 91.1 90 9 94 3 94.5 94.9 96 8 98.2 99 3 98.1 97 5 95.7 94.5 94 7 82 2 82.2 83.5 87.2 89.8 89.1 86.9 86 8 85.8 85.1 84 5 96 0 96.3 96.7 95.0 95.6 95 6 95.0 94 6 94.4 93.6 93 6 167 5 170.1 169.9 171.1 173.4 170 8 166.9 166 5 163.8 166.2 168 7 114 116 125 130 135 132 127 126 128 120 119 101 16 129.9 101.51 128.6 100.5 100.5 92 1 92.7 96.1 97.0 86.4 86.6 93.8 94.7 171.4 173.2 121 117 129.9 129.0 128 6 128.3 128.3 100 6 100.5 100 5 100 5 100.6 92 8 92.8 92 9 92 7 92.6 96 9 96.9 97 0 97.1 97.0 87 6 87.4 87 3 86.1 85.7 93.9 94.2 94 5 94.9 95.0 173 7 174.6 173 3 172 9 172.0 121 121 117 116 116 . . . 101 27 101.33 101 46 101 61 101.61 Railroad Total 198.5 184 7 168.7 100 70 100 78 100.84 . . . . 101 20 101.23 100 82 100 73 100 70 100 69 100.79 100 89 . . 1949—January February Preferred' Medium-grade 12 104.77 140.1 103 76 132 8 100.84 125.3 1946 average 1947 average 1948 average 194g—Febru ary March April May . June July August September October November December Municipal (highgrade) 3 Highgrade Volume of trading7 (in thousands of Public shares) utility Common (index 1935-39=100) 4 1,390 128 105 103 953 131 115 96 1,144 119 102 93 122 131 137 143 139 134 132 134 105 115 123 126 125 120 120 121 93 96 99 101 100 97 97 97 857 974 1,467 1,980 1,406 1,171 684 836 929 126 126 109 106 94 93 1,375 1,155 127 106 94 833 123 100 94 850 127 105 95 127 122 122 121 104 100 99 96 95 94 94 95 867 868 1,007 724 779 1 1 1 4 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. Average of taxable bonds due or callable in 15 years and over. Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. Prices derived from average yields, as computed by Standard and Poor's Corporation. * Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] F o r refunding For new capital Year or month 1940 1941 1942 1943 1944 1945 1946 1947 1948 Total (new and refunding) Domestic Domestic Total (domestic and foreign) Total 4,803 1,951 1,948 5,546 2,854 2,852 2,114 1,075 1,075 642 640 2,169 913 896 4,216 8,006 1,772 1,761 8,645 4,645 4,635 3 9,691 37,566 7,255 ' 9 , 9 3 3 '8,806 '•8,796 State and municipal Federal agencies1 751 461 518 1,272 342 108 176 90 235 15 471 26 952 127 239 2,228 2,604 294 114 217 630 156 182 283 118 237 118 273 150 126 16 39 31 50 35 21 67 35 1949—January. . 192 7 618 618 Total notes '549 '502 '502 1948—January.. '784 '839 '783 February. March. . . 1 , 3 8 4 ••1,232 ' 1 , 2 3 0 April '770 768 936 r '599 599 May '660 954 June 888 888 '772 '688 '688 July '532 '529 August. . . r 706 "-574 '572 663 September '902 '901 October .. '983 November 583 583 656 December. 831 753 753 675 Total (do- # Corporate For- mestic eign2 and forBonds eign) Total and Stocks 736 601 1,062 889 624 506 374 282 646 422 1,264 607 3,556 2,084 4,787 3,567 '5,898 '4,992 135 173 118 92 224 657 1,472 1,219 906 '372 '528 '569 '563 '382 584 '503 256 '453 *'628 433 627 '329 '350 '541 432 '299 436 '492 '195 '366 i'578 409 564 '43 178 29 131 '82 '148 10 61 87 '49 24 64 419 360 60 2 1 2 17 12 10 C 68 10 1 2 2 3 2 1 State and municipal 2,852 2,693 1,039 1,527 3,303 6,234 4,000 2,125 1,128 2,852 2,689 1,039 1,442 3,288 6,173 3,895 1,948 1,127 482 46 46 56 152 166 61 66 85 175 89 81 73 Federal agen-1 cies Total Foreign2 Corporate Bonds and Stocks notes 1,834 1,430 407 603 2,178 4,281 2,352 1 199 698 440 497 418 912 734 422 2,026 1,557 418 685 2,466 4,937 2,953 1 482 82 768 277 251 2 42 3 3 56 152 166 61 66 3 1 1 8 3 39 54 114 49 34 14 97 50 4 29 13 87 50 3 29 85 175 2 50 68 123 15 2 15 2 26 19 16 13 19 16 13 2 2 89 81 73 435 181 259 404 324 208 44 344 1 6 2 62 56 56 72 3 55 1 78 78 3 57 57 1 193 126 11 82 288 656 601 283 4 86 15 61 105 177 26 1 10 1 1 »• Revised. « Corrected. 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. Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 1 2 3 4 276 FEDERAL RESERVE BULLETIN NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsJ Proposed uses of net proceeds Year or month Estimated Estimated gross net proceeds2 proceeds8 Mew money Total 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 397 384 57 208 858 Retirement of securities Plant and equipment Working capital 32 111 380 26 96 478 2,332 4,572 2,310 2,155 2,164 2,677 2,667 1,062 1,170 3,202 6,011 6,900 r 6,577 6,531 2,266 4,431 2,239 2,110 2,115 2,615 2,623 1,043 1,147 3,142 5,902 6,757 6,466 r 6,415 991 681 325 569 868 474 308 657 1,080 3,279 4,591 »-5,566 574 504 170 424 661 287 141 252 638 2,115 3,409 r 4,140 1,164 1,182 1,426 346 613 340 594 294 546 193 309 101 237 1943—January February March April May 688 636 405 654 June July August September October November December 679 626 395 642 564 238 574 244 473 705 509 949—January Total 231 417 177 155 145 207 187 167 405 442 190 87 59 128 100 30 72 351 257 203 53 6 26 6 14 217 100 60 114 84 62 1 29 424 222 307 164 117 58 8 4 ••684 293 538 353 '560 315 306 283 256 106 128 113 75 14 10 8 5 27 2 Repayment of other debt 231 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 4,117 2,392 1,155 343 334 297 449 399 666 466 '635 Preferred stock 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 4,555 2,868 1,352 560 434 356 563 465 697 503 r 673 Bonds and notes 111 215 69 174 144 138 73 49 476 196 r 12 1 133 379 356 441 231 168 26 22 14 1 30 104 20 45 6 25 18 5 91 11 40 1 3 28 18 26 '21 24 2 3 12 2 7 15 26 8 4 4 8 2 36 7 26 19 28 35 27 47 134 438 10 10 11 23 49 84 170 154 71 226 83 62 1 4 Other purposes PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars) Public utility Railroad Year or month 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Real estate and financial Indu strial Retire- All Retire- All Total Retire- All Total Total Retire- All Total net net New ment of other New ment of other net New ment of other net New ment of other pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purposes ties ties poses ceeds poses* ceeds poses ceeds ties ceeds ties 172 120 774 338 54 182 319 361 47 160 602 704 283 612 21 57 139 228 24 85 115 253 32 46 102 115 129 240 541 1948—January February March April May June July August September.. October November December . 23 34 23 34 24 83 68 30 41 62 71 45 24 69 68 29 41 62 71 45 1949—January 36 36 1,436 80 51 42 32 120 54 558 110 30 97 186 108 15 114 500 31 10 571 35 56 3 8 15 77 1 18 130 1,250 1,987 751 1,208 1,246 1,180 1,340 464 469 1,320 14 1 77 1,190 1,897 611 943 1,157 922 993 292 423 1,400 1,343 2,291 2,159 2,129 1,252 939 3,212 2.188 n, 950 r2,690 127 164 119 37 19 11 30 63 89 180 43 245 317 145 22 40 69 785 149 106 320 265 281 233 216 403 176 75 262 244 228 209 363 149 73 226 236 209 r 115 115 r479 457 42 30 27 50 86 47 13 30 27 25 17 63 93 84 133 6 12 9 1 34 14 5 17 29 7 11 27 2 14 7 8 2 23 1 11 ••21 62 774 1,280 1,079 831 584 961 828 527 497 25 74 439 616 469 188 167 244 293 228 454 811 34 550 761 373 226 353 738 463 89 199 504 1,033 1,969 1,010 981 3,601 2,201 353 2,686 1,974 r 59 2,394 1,944 95 425 70 390 152 93 275 123 118 382 195 143 120 70 168 113 108 361 123 269 136 83 154 14 13 24 1 2 150 80 90 136 43 56 121 146 71 76 148 419 359 r 390 25 21 153 15 4 62 45 10 43 9 9 6 3 60 39 8 25 8 8 3 19 18 2 114 2 21 72 152 7 7 88 9 18 19 4 20 7 1 5 104 21 4 42 65 64 24 15 4 3 56 95 73 55 5 5 1 3 21 52 15 157 41 130 f 177 3 57 16 46 218 57 8 9 42 55 4 13 61 85 164 189 391 27 91 31 23 104 10 10 19 17 11 3 20 122 390 71 16 102 155 94 4 21 107 206 323 286 460 6 2 1 2 19 1 1 2 1 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number 3 Estimated net proceeds are equal to estimated gross proceeds less cost 4 of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and 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. MARCH 1949 277 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits,1 by industrial groups Manufacturing and mining Year or quarter Total 629 Number of companies. Annual . Iron and steel 47 Other Nontrans- ferrous MaAu- portametals chin- tomo- tion and ery biles equip- products ment 69 15 68 Dividends Oil produc- IndusOther Foods, ing trial dura- beverages, and ble chemiand refingoods tobacco cals ing 75 77 49 Other nondurable goods MiscellaNet 1 neous profits serv-8 Pre- Comices ferred mon 80 74 152 152 152 134 122 132 152 161 847 1,028 1,137 90 160 187 136 86 86 85 81 88 564 669 705 552 556 611 628 662 841 45 30 149 147 155 302 370 171 184 202 324 293 902 970 996 *1,144 1,786 J . 465 146 L ,818 278 325 ?,163 1,769 226 ,800 204 ,896 194 QfiS 189 3 2,552 282 3,671 437 165 174 164 1 171 334 201 222 241 131 417 180 190 207 129 205 128 115 109 135 198 83 88 90 1 163 239 162 175 199 357 354 186 220 224 281 480 186 194 207 164 170 187 187 275 345 340 586 705 '855 22 67 96 97 -3 31 33 «62 -34 22 43 100 « -5 < 50 <40 444 20 26 40 49 13 35 41 •56 65 74 95 124 56 62 77 86 63 66 67 79 61 73 77 91 82 81 95 66 116 250 312 «417 20 20 20 21 146 154 149 213 4 871 866 900 1,033 126 100 100 112 70 83 77 105 94 105 103 115 4 49 <53 «57 «46 47 46 45 59 51 58 59 71 98 64 85 108 89 110 121 160 88 87 81 88 96 92 93 90 63 71 80 80 421 432 432 501 20 23 22 23 177 192 190 283 1948—1 2 3 1,023 I .101 1 ,178 114 89 129 64 91 101 22 53 59 71 78 194 186 98 103 100 107 57 77 80 523 151 163 77 86 91 192 92 93 4 64 *69 «68 46 110 150 559 610 22 22 207 218 223 1939 1940 1941 1942 1943 1944. 1945. 1946 1947 . . . Quarterly 1946—i 2 3 4 1947_1 2 3 115 223 102 119 70 151 98 158 193 159 242 274 209 173 227 182 133 153 138 88 113 90 148 159 151 112 174 152 90 92 88 888 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Operating revenue Income before Net income income l tax 8 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,627 8,685 126 249 674 1,658 2,211 1,972 756 273 778 93 189 500 902 873 667 450 289 480 126 159 186 202 217 246 246 235 236 2,647 2.797 3,029 3,216 3,464 3,615 3,681 3,814 4,244 629 692 774 847 913 902 905 970 961 535 548 527 490 502 507 534 647 652 444 447 437 408 410 398 407 456 470 1,869 1,703 2,047 . . . . 2,008 39 -57 161 130 14 -45 128 191 56 52 41 85 967 919 931 QQft 303 225 212 229 196 151 143 157 2,039 2,111 2,177 2,357 166 189 184 239 89 121 112 157 44 52 38 103 ,0/5 1,028 1,024 1,118 289 247 196 228 2,243 2,363 2,555 144 285 395 72 185 245 57 56 53 ,202 1,118 L 146 284 233 211 Year or quarter 1939 1940 1941 1942 1943 . . 1944 1945 1946 1947 1946—1 Annual . . Quarterly 2 3 4 1947—1 . Telephone 7 Electric power • Railroad * 2 3 4 194g_l 2 3 Dividends Operat- Income before Net ing income x revenue income tax s Operat- Income Net before ing income x revenue income tax" Dividends 2,149 227 248 271 302 374 399 396 277 192 191 194 178 163 180 174 177 200 131 175 178 172 163 168 168 174 171 133 107 109 109 130 475 497 502 519 84 75 56 62 54 53 44 49 43 43 43 42 191 166 135 160 115 115 111 129 527 478 555 589 67 29 38 58 44 21 27 39 40 32 32 30 186 156 143 131 115 115 607 627 641 64 71 64 43 48 44 39 44 47 Dividends 1,067 1,129 1,235 1,362 1,537 1,641 [,803 .QQ2 1 2 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 3 Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions6 of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies. After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 278 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues 1 Nonmarketable public issues Total gross direct debt Total interestbearing direct Total debt 1942—June Dec 1943—June Dec 1944—June Dec 1945—June Dec 1946—June Dec. 1947—June Dec 72,422 108,170 136,696 165,877 201,003 230,630 258,682 278,115 269,422 259,149 258,286 256,900 71,968 107,308 135,380 164,508 199,543 228.891 256,357 275,694 268,111 257,649 255,113 254,205 50,573 76,488 95,310 115,230 140,401 161,648 181,319 198,778 189,606 176,613 168,702 165,758 2,508 6,627 11,864 13,072 14,734 16,428 17,041 17,037 17,039 17,033 15,775 15,136 3,096 10,534 16,561 22,843 28,822 30,401 34,136 38,155 34,804 29,987 25,296 21,220 6,689 9,863 9,168 11,175 17,405 23,039 23,497 22,967 18,261 10,090 8,142 11,375 38,085 49,268 57,520 67,944 79,244 91,585 106,448 120,423 119,323 119,323 119,323 117,863 13,510 21,788 29,200 36,574 44,855 50,917 56,226 56 915 56,173 56,451 59,045 59,492 10,188 15,050 21,256 27,363 34,606 40,361 45,586 48,183 49,035 49,776 51,367 52,053 3,015 6,384 7,495 8,586 9,557 9,843 10,136 8,235 6,711 5,725 5,560 5,384 1948—Feb Mar Apr May.... June.... July Aug Sept. , Oct Nov Dec 1949—Jan Feb 254,605 252,100 252,990 250,634 252,240 249,920 252,236 249,958 252,292 250,063 253,374 251,168 253,049 250,875 252,687 250,518 252,460 250,300 252,506 250,391 252,800 250,579 252,620 250.435 252,721 '250,603 162,759 161,339 160,875 160,888 160,346 159,560 159,132 158,319 157,920 157,731 157,482 156,960 156,766 14,438 13,945 13,748 13,761 13,757 13,266 12,838 12,628 12,607 12,418 12,224 12,133 12,134 18,920 20,331 20,065 20,065 22,588 22,294 22,294 22,294 26,008 26,008 26,525 29,630 29,434 11,375 11,375 11,375 11,375 11,375 11,375 11,375 11,223 7,131 7,131 7,131 3,596 3,596 117,863 115,524 115,524 115,524 112,462 112,462 112,462 112,011 112,011 112,011 111,440 111,440 111,440 60,095 60,023 59,843 59,747 59,506 60,822 60,856 60,978 61,157 61,261 61,383 61,714 62,033 52,793 52,988 53,065 53,143 53,274 54,607 54,704 54,776 54,860 54,944 55,051 55,352 55,663 5,327 5,100 4,886 4,741 4.394 4,386 4,340 4,404 4,517 4,552 4,572 4.618 4,641 End of month CertifiTreasury cates of Treasury Treasury Total indebtnotes bonds bills edness 2 2 Noninterestbearing direct debt Fully guaranteed interestbearing securities 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,000 22,332 24,585 27,366 28,955 454 862 1,316 1,370 1,460 1,739 2,326 2,421 1,311 1,500 3,173 2,695 4,549 4,283 4,092 4,225 1,516 1,470 409 553 467 331 83 76 29,246 29,272 29,201 29,323 30,211 30,787 30,887 31,221 31,223 31,400 31,714 31,760 31,804 2,505 2,356 2,320 2,278 2,229 2,206 2,175 2,170 2,161 2,115 2,220 2,186 2,118 74 73 70 70 69 51 47 46 48 53 51 32 22 Special U. S. Treasury and issues savings tax savings bonds notes 1 2 Including amounts held by Government agencies and trust funds, which aggregated 5,519 million dollars on Jan. 31, 1949. Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and 2*^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES SAVINGS BONDS [In millions of dollars] UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING FEBRUARY 28, 1949 IOn basis of daily statements of United States Treasury. of dollars] Issue and coupon rate Amount Treasury bills l Mar. 3, 1949 Mar. 10, 1949 Mar. 17, 1949 Mar. 24, 1949 Mar. 31, 1949 Apr. 7, 1949 Apr. 14, 1949 Apr. 21, 1949 Apr. 28, 1949... May 5, 1949 May 12, 1949 May 19, 1949 May 26, 1949. . Cert, of indebtedness A, /s Mar. 1, 1949 1 /% Apr. 1, 1949 ^1 /% June 1, 1949 July 1, 1949 /% Oct. 1, 1949 Dec. 15, 1949 Jan. 1, 1949 Feb. 1, 1949 4 Treasury notes Apr. 1, 1950 • IK Treasury bonds June 15, 1949-51. . .2 Sept. 15, 1949-51.. .2 Dec. 15, 1949-51. . .2 Dec. 15, 1949-52 22 Dec. 15, 1949-53 • 2V2 Mar. 15, 1950-52. . .2 Sept. 15, 1950-52 2 • 2V2 Sept. 15, 1950-52.. .2 Dec. 15, 1950 AM Issue and coupon rate Treas ury June 15, Sept. 15, 1 ,103 Sept. 15, 1 ,001 Dec. 15, 1 ,102 Dec. 15, 1 ,001 Mar. 15, 907 June 15, 905 June 15, 903 Dec. 15, 801 June 15, 903 June 15, 802 Mar. 15, 901 Mar. 15, Sept. 15, Sept. 15, June 15, June 15, 3 ,553 Dec. 15, 1 ,055 Dec. 15, 4 ,301 June 15, 5 ,783 Dec. 15, 6 ,535 June 15, 519 Dec. 15, 5 ,695 Mar. 15, 1 ,993 Mar. 15, June 15, Sept. 15, Dec. 15, 901 905 In millions Amount bonds—Cont. 1 ,627 1951-54 2 •2% 7,986 1951-53.2 . . .2 755 1951-55 2 . . .3 1,118 1951-53 • 2H 510 1951-55. 1,024 1952-54. '.2H 5,825 1952-54. . . .2 1,501 1952-55. .214 8,662 1952-54. . . . 2 725 1953-55 2 . . . 2 681 1954-56 2 • 2H 2,611 1955-60 2 • 2V% 1,449 1956-58. .2V2 982 1956-59 2 .2% 3,823 1956-59. .2% 919 1958-63 2 • 2M 5,284 1959-62 3 .2\i 3,470 1959-62 3 .2'M 1,485 1960-65 2 .2% 2,118 1962-67 3 • 2 H 2,831 1963-68 3 • 2M 1964-69 s • 2<A 3,761 1964-69 3 .2*4 3,838 1965-70 3 • 2V2 5,197 1966-713 • 2Vz 3,481 1967-72 3 .2% 7,967 1967-72. .2V2 2,716 1967-72 3 • 2V2 11,689 3 ,596 Postal savings bonds. • 2V2 112 1 ,014 1 ,292 Panama Ganal Loan. 3 50 2 ,098 491 Tots il direct issues 156,766 1 ,786 1 ,963 \ ,186 4 ,939 Guaranteed securities 2 ,635 Federal Housing Admin. 12 Various 1 Sold on discount basis. See table on Open-Market Money Rates, p. 8275. * Partially tax exempt. Restricted. MARCH 1949 Redempfrom sales during tions Amount Funds received and period outmaturities standing at end of All Series Series Series All month series F E G series Month Fiscal year ending: June—1941. . 1942.. 1943.. 1944.. 1945.. 1946.. 1947.. 1948.. 1948—Feb... . Mar.... Apr.. .. May.. . June... July... Aug.... Sept Oct.. . . Nov Dec.... 1949—Jan Feb.. . . 4,314 1,492 10,188 5,994 21,256 11,789 34,606 15,498 45,586 14,891 49,035 9,612 51,367 7,208 53,274 6,235 52,793 607 588 52,988 468 53,065 432 53,143 497 53,274 54,607 1,673 473 54,704 412 54,776 415 54,860 419 54,944 540 55,051 55,352 647 599 55,663 203 67 435 758 802 679 407 360 301 40 30 20 17 19 246 18 14 14 15 22 29 32 3,526 8,271 11,820 11,553 6,739 4,287 4.026 367 383 320 305 341 379 334 304 305 308 399 438 386 395 2,032 2,759 2,876 2,658 2,465 2,561 1,907 148 207 848 2,371 4,298 6,717 5,545 5.113 201 175 128 110 136 364 462 452 428 465 438 442 407 393 406 432 476 369 1 .048 122 94 96 95 120 180 182 Maturities and amounts outstanding February 28, 1949 Year of maturity All series Series D 1949 1050 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 Unclassified. . 686 1,001 1,559 4,056 7,067 9,181 7,971 5,851 5,715 6,280 2,911 3,000 341 45 686 1,001 55,663 2,125 Total . . 438 Series E 1,121 4,056 5,782 6,599 5,280 2,750 2,969 3,588 491 32,635 Series F Series G 201 515 550 632 505 286 312 485 48 1,084 2.068 2,141 2,469 2,240 2,406 2,108 2,515 293 3,535 17.324 279 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks End of month Total interestbearing securities Total Total Held 3y nonbank investors Commerciall banks Federal Reserve Banks Total Individuals U. S. Government agencies and trust funds Insurance cornpa nies Mutual savings banks Other corporations and associations 2 State and local governments Special issues Public issues 400 600 900 500 200 300 500 300 100 300 800 4 , 775 6 , 120 7 , 885 1 0 , 871 1 4 , 287 1 8 , 812 2 2 , 332 2 4 , 585 2 7 , 366 2 8 , 955 3 0 , 211 2 ,305 2 ,375 2 ,737 3 ,451 4 ,810 6 ,128 6 ,798 6 ,338 5 ,445 5 ,397 5 ,538 30, 31, 31, 31, 31, 5 ,568 5 ,606 5 ,626 5 ,617 5 ,603 1940—June... 1941—June... 1942—June... 1943—June... 1944—June... 1945—June... 1946—June... Dec... 1947—June... Dec... 1948—June... 47,874 54,747 76,517 139,472 201,059 256,766 268,578 257,980 255,197 254,281 250,132 48,496 55,332 76,991 140,796 202,626 259,115 269,898 259,487 258,358 256.981 252,366 18,566 21,884 28,645 59,402 83,301 105,992 108,183 97,850 91,872 91,259 85,966 16,100 19,700 26,000 52,200 68,400 84,200 84,400 74,500 70,000 68,700 64,600 2,466 2,184 2,645 7,202 14,901 21,792 23,783 23,350 21,872 22,559 21,366 29,930 33,448 48,346 81,394 119,325 153,123 161,715 161,637 166,486 165,722 166,400 10 ,300 11 ,500 18 ,400 31 ,700 46 ,500 59 ,800 64 ,100 64 ,900 67 ,100 66 ,600 67 ,000 6 ,500 7 ,100 9 ,200 13 ,100 17 ,300 22 ,700 25 ,300 25 ,300 25 ,000 24 ,300 23 ,200 3 ,100 3 ,400 3 ,900 5 ,300 7 ,300 9 ,600 11 ,500 11 ,800 12 ,100 12 ,000 12 ,000 2 2 5 15 25 30 25 22 22 21 20 500 400 400 500 900 900 300 400 300 200 700 1 3 5 6 6 7 7 7 1948—Aug.... Sept.. . Oct.. . . Nov... Dec... 250,921 250,564 250,348 250,444 250,630 253,101 252,738 252,513 252,563 252,854 86,477 85,913 86,142 85,806 85,933 64,900 62,500 63,100 62,600 62,600 21,577 23,413 23,042 23,206 23,333 166,624 166,825 166,371 166,757 166,921 67 ,300 67 ,300 67 ,400 67 ,400 67 ,600 22 ,600 22 ,300 21 ,900 21 ,700 21 ,500 11 ,900 11 ,700 11 ,600 11 ,500 11 ,500 20 20 20 21 21 500 800 700 200 200 8 000 7 800 7 800 7 ,900 7 ,900 887 221 223 400 714 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948. Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. 2 SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] End of month Total outstanding U. S. Govt. Fed- Com- Mu- Insuragen- eral- mer- tual ance sav- com- Other Recies cial and serve banks ings panies banks trust Banks C1) funds U. S. Govt. Fed- Com- Mu- Insuragen- eral- mer- tual ance Other sav- comcies Recial and serve banks ings panies banks trust Banks 0) funds Treasury bonds and notes, due Type of security: Total:8 1946—June.... 1947—June Dec 1948—June 1948—Nov Dec Treasury bills: 1946—June.... 1947—June Dec 1948—June.... 1948—Nov Dec Certificates: 1946—June 1947—June.... Dec 1948—June.... 1948—Nov Dec Treasury notes: 1946—June.... 1947—June Dec 1948—June.... 1948—Nov Dec Treasury bonds: 1946—June 1947—June.... Dec 1948—June 1948—Nov Dec End of month Total outstanding 189,649 168.740 165,791 160,373 157,745 157,497 6,768 23,783 5,409 21,872 5,261 22,559 5,402 21,366 5,492 23,206 5,477 23,333 76,578 62,961 61,370 57,599 55,341 55,353 11,220 11,845 11,552 11,522 10,907 10,877 24,285 47,015 23,969 42,684 22,895 42,154 21,705 42,779 20,035 42,764 19,820 42,637 1,142 17,039 15,775 15,136 13,757 12,418 12,224 2 11 18 15 85 69 14,466 14,496 11,433 8,577 5,176 5,487 2,052 2,345 2,883 2,794 3 1 25 58 66 50 1 1,425 479 1 154 1,454 112 2,650 223 3,985 84 3,740 34,804 25,296 21,220 22,588 26,008 26,525 58 48 30 14 24 24 6,813 6,280 6,797 4,616 6,051 6,078 16,676 8,536 6,538 8,552 8,714 9,072 243 249 200 317 290 256 576 10,438 362 9,821 269 7,386 479 8,610 693 10,236 672 10,423 18,261 8,142 11,375 11,375 7,131 7,131 9 1,748 11,396 369 4,855 1,477 5,327 1,968 4,531 5 798 2,970 7 791 3,099 227 183 98 98 87 84 623 285 245 223 119,323 119,323 117,863 112,462 112,011 111,440 6,654 5,306 5,173 5,336 5,342 5,340 755 47,3.35 727 48,756 2,853 47,424 6,206 42,146 11,181 40,755 10,977 40,371 10,743 11,407 11,226 11,047 10,464 10,486 787 7 4 4,258 2,443 4,224 4,555 173 3,098 166 2,984 23,073 30,763 23,305 29,822 22,213 28,974 20,880 26,847 18,940 25,329 18,891 25,375 or callable: Within 1 year: 1946—June.... 1947—June.... Dec 1948—June 1948—Nov Dec 1-5 years: 1946—June.... 1947—June Dec 1948—June.... 1948—Nov Dec 5-10 years: 1946—June.... 1947—June Dec 1948—June.... 1948—Nov Dec 10-20 years: 1946—June 1947—June.... Dec 1948—June.... 1948—Nov Dec After 20 years: 1946—June.... 1947—June Dec. 1948—June 1948—Nov Dec 4 83 69 19 19 98 1,431 5,655 251 6,936 1,693 8,244 2,070 5,922 556 2,826 861 5,571 116 374 266 171 160 232 35,055 42,522 49,948 46,124 48,428 44,053 443 797 25,285 469 698 29,917 344 1,377 33,415 318 2,636 30,580 323 3,662 31,065 226 3,258 28,045 1,574 1,876 1,829 1,855 1,769 32,847 18,932 10,270 10,464 10,464 10,464 716 423 370 314 10,119 11,255 14,263 13,411 6,413 10,216 37,189 40,352 54,757 53,838 53,838 53,838 314 314 709 1,506 2,671 3,046 2,790 2,674 2,501 6,315 7,193 9,890 7,971 8,849 8,254 135 21,933 40 11,577 426 6,090 546 6,251 1,609 2,822 5,632 1,245 2,002 3,645 576 880 1,928 506 911 1,936 489 6,277 546 977 1,861 434 6,314 520 997 1,885 83 3,308 6,026 3,400 78 2,587 6,751 3,374 834 5,003 8,606 4,393 4,685 2,921 3,922 8,639 4,691 7,272 3,558 7,990 4,710 7,215 3,541 8,048 22,372 2,103 964 14,405 495 2,418 420 3,191 316 3,675 273 4,956 170 2,682 329 3,125 12,547 15,137 18,211 17,129 15,291 15,230 11,825 12,425 17,710 16,542 15,036 15,094 57 2,550 2,510 6,325 8,827 29 2,593 1,649 3,358 5,812 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, 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 s mall1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guranteed securities, not shown separately below. 280 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Net Budget exreceipts penditures year or month Fiscal year: 1946 1947 1948 1948—Feb... Mar. . Apr.. . May.. June. . July. . Aug... Sept.. Oct... Nov... Dec. . 1949—Jan... Feb.. . 40,027 40,043 42,211 4,158 5,874 2,239 2,324 4,859 2,096 2,505 4,543 2,101 2,540 4,014 3,579 3,381 Increase (+) / \or during period Budget surplus Trust Clearing ac(+) or counts ac- 1 deficit etc.i count -524 60,703 -20,676 39,289 +754 - 1 , 1 0 3 +555 36,791 +5,419 +2,706 - 5 0 7 -194 -101 2,224 +1,934 -86 -53 3,086 +2,788 -302 +86 +226 2,541 2,222 + 103 +378 - 1 4 4 47,018 - 2 , 1 5 9 +2,315 - 2 2 6 53,558 — 1,462 - 1 7 8 5+700 +10 - 2 8 9 2,143 +362 +9 2,869 + 1,674 - 5 7 0 -584 - 1 4 4 +174 2,685 -30 -275 -158 2,815 3,603 +410 - 7 1 8 - 1 6 3 2,968 +611 - 3 2 1 +340 -51 2,646 +736 - 1 5 4 Gross debt General fund balance General fund of the Treasury (end ef period) Cash operating outgo ° Assets Balance in general fund Deposits in Total Federal Re- Special depos2 itaries Banks Total liaOther biliassets ties +10,740 -10,460 14,238 14,708 1,006 12,993 708 962 1,565 -11,136 -10,930 3,308 3,730 1,202 —5,994 + 1,624 4,932 5,370 1,928 1,773 1,670 -1,969 -330 4,318 4,664 1,571 1,434 1,658 - 1 , 6 1 5 +1,035 5,353 5,692 1,972 1,972 1,749 - 7 5 0-i - 7 4 1 4,612 5,037 1,236 2,156 1,645 +334 4,946 5,327 1,714 2,007 1,606 -14 4,932 5,370 1,928 1,773 1,670 +56 +1,082 +141 5,074 5,506 1,755 2,081 1,671 -324 - 2 4 1 4,832 5,229 1,919 1,741 1,568 -362 +751 5,583 6,020 1,664 2,703 1,653 -227 - 7 8 1 4,802 5,205 1,608 1,976 1,621 +46 - 4 1 7 4,385 4,813 1,601 1,621 1.591 - 1 7 7 4,208 4,630 1,123 1,909 1,599 +294 -179 +451 4,659 5,042 1,514 1,735 1,793 +631 5,291 5,719 1,423 2,688 1,607 + 101 470 422 438 346 339 425 381 438 433 397 437 403 428 422 383 428 Excess income Cash Cash income outgo 43,839 43,591 45 400 4,548 6,019 2,402 2,969 4,877 2,268 3,162 4,667 2,280 3,190 4,106 3,683 (+) or outgo 61,738 36 931 36 496 2,726 3,418 2,397 2,507 4,129 2,630 2,941 3,229 2,796 3,466 4,224 2,834 — 17 899 r +6 659 + 8 903 + 1,824 +2,601 +4 +462 +748 -361 +221 +1,438 -516 -275 -118 +849 DETAILS OF TREASURY RECEIPTS On ba sis of daily statements of United States Treasury Income taxes Miscella- Social Total Secu- Other Withneous re- 6 rerity ceipts held internal taxes ceipts Other by emrevenue ployers Fiscal year or month Fiscal year: 1946 1947 1948 1948—Feb Mar.. . . Apr.... May. . . June... July.... Aug.. . . Sept Oct Nov.... Dec 1949—Jan Feb.... 9,392 10,013 11,436 1,563 998 684 1,358 21,493 19,292 19,735 1,597 4,168 1,174 428 3,006 695 535 719 403 1,165 2,939 694 537 643 385 1,198 2,328 2,152 1,276 1,414 714 609 On basis of reports by collectors of internal revenue Deduct Individual Corporation income Esincome taxes and profits taxes Net Social tate Refunds Security reand Excess of employ- ceipts With- Other Normal gift "and and held taxes ment taxes other surtax taxes 7 profits 2,973 3,006 2,272 7,725 1,714 3,915 44,238 8,049 2,039 5,115 44,508 8,301 2,396 4,231 46,099 4,614 629 423 403 739 180 281 6,365 662 260 83 2,863 673 401 223 3,082 694 145 564 5,104 677 67 302 2,300 742 410 228 2,948 676 130 159 4,597 768 65 186 2,199 768 386 204 2,941 702 134 184 4,062 56 220 3,675 638 654 438 152 3,935 178 460 549 382 228 140 64 46 39 43 41 58 273 1,238 40,027 9,858 8,847 1,459 40,043 9,842 9,501 1,616 42,211 11,534 9,464 278 4,158 2,250 1,004 279 2,034 30 5,874 74 2,239 1,165 602 167 376 2,324 1,670 154 1,111 17 4,859 849 228 63 2,096 101 380 2,505 1,543 8 4,543 133 1,016 808 157 59 2,101 85 358 2,540 1,564 7 4,014 343 34 38 3,579 640 1,913 280 3,381 4,640 6,055 9,852 326 2,276 376 268 1,877 432 283 1,947 448 263 1,960 391 7,914 3,622 Excise 677 779 899 56 125 118 75 61 95 56 59 61 58 65 64 323 26 21 13 18 19 18 15 20 17 16 18 19 and other miscellaneous taxes 7,036 7,285 7,412 586 603 578 584 629 608 674 660 654 693 678 547 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS O n basis of daily statements of United St ates Treasury Budget expenditures Fiscal year or month Total Fiscal year: 1946 1947 1948 1948—Feb 60,703 39,289 36,791 2,224 3,086 2 541 2,222 .. 45 7,018 3,558 . • 2,143 2,869 2,685 . . . 2,815 3,603 . . 2,968 2,646 4 Mar May June July AUK InternatVeterans' ional Interfiest on National Addebt defense minis- nance tration and aid 4,722 4,958 5,211 142 608 154 124 1.508 286 114 570 212 122 48,870 2,871 16,766 6,442 11,364 6,317 846 845 903 930 929 5 1,155 800 5 518 579 571 530 559 772 530 Trust accounts, etc. Social Security accounts Aid Transfers to to agri- trust Other Net culacreture counts ceipts Other Expendit InInExForeign Revest- Economic vest- pendi- ceipts ments ments tures Cooper- Other ation 727 - 2 0 3 1,927 1,788 2,978 1,261 1,656 4,735 2,407 4,928 •1,226 1,361 3,605 3,235 1,785 1,509 4 3,009 1,577 4,143 '782 44,178 4,766 3,918 2,210 1,640 5,598 850 269 600 338 251 433 155 138 282 174 206 69 110 ••24 28 31 -43 110 256 275 321 11 17 71 1 *3,O77 611 13 6 80 6 368 326 463 358 481 621 438 559 530 590 433 92 173 577 348 455 607 38 159 585 230 51 -34 106 553 276 100 304 -12 144 134 152 150 142 174 142 186 140 132 137 149 185 162 101 43,475 362 100 135 128 105 2,912 2,476 2,109 28 28 7 10 349 250 21 23 18 20 183 192 384 133 125 43 432 145 198 80 67 72 481 196 715 Sept 482 931 226 Oct 612 347 957 Nov. 208 292 8 499 74 153 1 482 158 105 1,112 1,017 554 285 Dec 1949—j a n 237 139 -42 189 22 527 200 269 73 153 99 536 1,043 319 430 195 114 2 11 24 545 326 141 141 P566 ^1,080 P165 PU7 Feb 'Revised. * Preliminary. 1 2 Excess of receipts ( + ) or expenditures ( —). Excluding items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947, and subsequent issues. 4 Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 5 6 Change in classification. Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million dollars and 1,063, 279, and 161 million, respectively. 7 These are appropriated directly to the Federal old-age and survivors insurance trust fund. MARCH 1949 281 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 l CommodiLoans ties, resupceiv- plies, able and materials Corporation or agency Total Cash All agencies: Sept. 30, 1947 Dec. 31. 1947 Mar. 31, 1948 Mar. 31, 1948 June 30, 1948 3 Sept. 30, 1948 31,037 1,556 9,212 1,093 1,725 3,553 12,662 30,966 1,481 9,714 822 1,685 3,539 12,600 31,107 1,369 10,134 570 1,845 3,526 12,535 283 247 245 953 879 882 667 689 781 2,144 2,037 1,868 28,005 28,015 28,233 138 143 150 19,912 646 10,134 20,120 1,042 10,373 20,687 751 10,573 101 479 11 771 17 1,258 781 863 1,063 1,142 1,187 1,239 17,764 17,875 18,225 150 154 159 268 47 17 Classification by agency, Sept. 30, 1948 * Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks. Production credit corporations Regional Agricultural Credit Corp.. Agricultural Marketing Act Revolving Fund Federal Farm Mortgage Corp Rural Electrification Administration. Commodity Credit Corp Farmers' Home Administration Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corp. Public Housing Administration 6 Federal Housing Administration. Federal National Mortgage Association Reconstruction Finance Corp. U. S. PriBonds, notes, Gov- vately DeLand, ferred and debenernstruc- and Other tures payable Other ment owned intertures, undis- asinterliabil- est est and U. S. tribsets Fully ities equipGovt. Other uted secuguarment secu- rities2 charges anteed Other rities by U.S. Investments 8 337 596 99 2 462 251 328 1,845 3,524 2,723 1,684 3,531 2,458 1,811 3,525 2,423 273 512 51 543 () 10 2 87 956 1,115 358 43 22 462 28 28 767 26 1 74 922 308 267 1 296 610 8 6 486 198 424 1,808 212 100 252 393 296 22 1,451 1 136 14 103 927 W 2,100 89 2 3,801 110 1,958 1,031 141 1,975 35 1,031 222 (4) 799 14 27 7,271 () 131 i,054 783 52 3,385 142 4 194 16 405 21 1,787 149 49 3 97 100 2,116 1,066 222 813 7,298 2 84 956 470 350 37 120 417 194 12 2,068 Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee Valley Authority Allother 7 98 2 31 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1948 « Purpose of loan To aid agriculture. . Fed. Fed. inter- Banks Farm medi- for coMort. ate operaCorp. credit tives banks 88 512 275 Com- Rural Farm- Home Owners' modity Elecers' Home Loan Credit trification Corp. Adm. Adm. Corp. 314 923 Public Fed. R.F.C. ExHous- home and portIming loan affili- port Adm. banks ates Bank 542 Other To aid financial institutions: Banks . . Other Other Less: Reserve for losses Total loans receivable (net)... 14 74 (4) 512 146 275 5 491 6,079 592 371 147 260 5 481 6,214 611 364 927 2,100 4,015 10,573 10,373 179 1 143 240 486 3 6 1 274 3 295 1 273 308 922 267 393 296 486 8 2.386 633 1 (4) June 30, All 1948, agenall cies agencies 7 2,660 122 697 (4) 395 To aid industry: All other 3 34 4 5 221 ' 2', i08 3,750 195 102 57 7 7 (4) *1 Includes certain business type activities of the U. S. Government. Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscriptions of 2,750 million to the International Monetary Fund. 3 Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly dates shown above, are as of Mar. 31, 1947. Inclusion of current data for the Commission will be resumed when available. 4 5 Less than $500,000. Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, and Veteran's Re-use Housing program, which were previously shown under "All other," as well as Public Housing Administration activities under the United States Housing Act, as amended. 6 Includes War Damage Corporation, Smaller War Plants Corporation, and Defense Homes Corporation, all of which are in liquidation. 7 Certain activities previously included are now shown under "Public Housing Administration"; see footnote 5. Figures for one small agency included herein are for a date other than Sept. 30, 1948. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152. p. 517. 282 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)2 1923-25 = 100 Industrial production (physical volume)*1 1935-39 = 100 Year or month Manufactures Total Durable Nondurable Minerals Total Residential Kmployment 3 1939 = 100 All other Nonagricultural Factory DepartFreight ment pay carload- store sales rolls 3 ings* 1939= 1935-39 (val100 —100 ue)* * 1935-39 =100 Factory Ad- Unad- AdAdAd- Unad- Unad- AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed Adjusted WholeConsale sumers' comprices modity 1935-39 prices 3 —100 1926 =100 Unadjusted Unadjusted 1919 1920 1921 1922 1923 1924 1925 72 75 58 73 88 82 90 84 93 53 81 103 95 107 62 60 57 67 72 69 76 71 83 66 71 98 89 92 63 63 56 79 84 94 122 44 30 44 68 81 95 124 79 90 65 88 86 94 120 103.7 104.1 79.7 88.2 100.9 93.7 97.0 103.9 124.2 80.2 86.0 109 1 101.8 107.3 120 129 110 121 142 139 146 83 99 92 94 105 105 110 123.8 143.3 127.7 119.7 121 9 122.2 125.4 138.6 154.4 97.6 96.7 100 6 98.1 103.5 1926 1927 1928 1929 1930 96 95 99 110 91 114 107 117 132 98 100 100 99 107 93 129 129 135 117 92 121 117 126 87 50 135 139 142 142 102.5 125 96.2 98.9 96.7 96.9 103.1 89.8 110.5 108.5 109 8 117.1 94.8 152 147 148 152 131 113 114 115 117 108 126.4 124.0 122 6 122.5 119.4 100.0 95.4 96 7 95.3 86.4 1931 1932 1933 1934 1935 75 58 69 75 87 67 41 54 65 83 79 83 85 93 84 79 70 79 81 90 80 67 76 80 86 63 28 25 32 37 37 13 11 12 21 84 40 37 48 50 87.1 77.2 77.5 84.9 88.5 75.8 64.4 71.3 83.2 88.7 71 8 49.5 53 1 68.3 78.6 105 78 82 89 92 97 75 73 82 88 108 7 97.6 92 4 95.7 98.1 73 0 64.8 65 9 74.9 80.0 1936 1937 1938 1939 1940 103 113 89 109 125 162 199 239 235 203 108 122 78 109 139 100 106 95 109 115 99 112 97 106 117 55 59 64 72 81 70 95.1 74 101.4 80 95.4 81 100.0 89 105.8 96.4 91.1 105.8 108.9 90.0 84.7 100.0 100.0 107.5 114.5 107 111 89 101 109 100 107 99 106 114 99.1 102.7 100 8 99.4 100.2 80.8 86.3 78 6 77.1 78.6 142 158 176 171 166 125 129 132 140 137 122 166 68 41 68 132.1 154.0 177.7 172.4 151.8 167 5 245.2 334.4 345.7 293.4 130 138 137 140 135 133 150 168 187 207 105 2 116.5 123 6 125.5 128.4 87 3 98.8 103 1 104.0 105.8 170 187 P192 201 279 360 353 274 192 220 P225 37 41 45 60 72 89 82 40 16 26 165 172 P177 134 149 P155 153 157 190 143 142 162 161 137.0 169 145.2 214 P149.0 143.4 269.6 157.3 332.1 P159.9 P365.1 132 143 138 264 286 302 139 3 159.2 171.2 121 1 152.1 165.0 189 190 187 185 184 176 182 186 191 192 192 185 187 185 186 185 178 185 190 194 193 190 223 225 222 218 219 208 211 216 223 224 230 176 175 172 170 168 163 169 172 176 179 173 146 148 143 151 148 140 150 153 155 155 156 151 132 133 127 136 155 166 183 184 193 197 152 129 123 110 116 136 150 168 170 163 161 149 134 142 140 152 170 179 195 196 217 227 144.1 144.2 143.4 143.5 144.8 144.8 145.2 146.2 147.1 147.3 147.9 156.9 156.7 156.8 155.0 155.2 154.5 156.3 158.9 160.0 160.4 161.1 156.6 157.0 155.9 153.8 154.7 153.3 157.8 160.2 160.4 160.8 161.9 317.6 320.9 317.6 319.3 327.2 321.8 331.5 345.3 350.1 353.4 365.7 142 146 137 142 137 135 143 142 145 147 149 267 153.2 156.3 156.2 156 0 157.1 158.4 160.3 163 8 163.8 164 9 167.0 145.2 150 0 148.0 147 3 147.7 150 6 153.7 157 4 158.5 159 6 163.2 193 194 191 188 192 192 189 190 188 186 192 193 229 226 229 217 221 222 178 180 177 177 178 179 154 155 142 147 162 159 191 187 181 181 188 201 152 152 148 154 165 177 223 215 208 202 206 220 187 219 169 153 205 201 193 177 165 187 219 179 158 184 157 206 161.2 159.8 160.1 157.1 156.7 158.8 159.8 160.1 163.3 162.8 161.1 158.5 160.5 159.5 160.3 156.1 155.5 158.2 158.5 161.7 164.6 163.3 161.5 159.4 358.7 354.1 358.4 347.1 346.7 359.0 360.0 374.7 382.2 r 382.9 '379.0 377.8 rl44 139 130 130 141 139 186 148.6 147.8 147.9 147.2 147.7 148.8 149.5 149.6 150.7 150.8 150.0 149.4 165 7 160.9 161.4 162 8 163.9 166 2 168 7 169.5 168.7 165 2 163.9 162.2 160.6 1941 . 1942 1943 1944 1945 . . . . . . . . . 1946 1947 1948 1947 February March April May June July August September. October November December . . 1948 January February March April May June July August September October November December 1949 Ta.nua.rv 195 P192 194 197 r 199 195 190 223 r 225 231 229 231 178 173 P191 P187 P229 P174 191 192 195 177 178 159 156 161 156 189 180 P151 174 149 235 92 61 102 220 216 154 145 217 209 133 207 119.4 131.1 138.8 137.0 132.3 P147.8 P155.2 P154.6 mi 278 r 290 '287 r 285 284 294 279 302 304 286 286 284 306 '310 r 311 r 315 312 312 137 137 r 287 310 168 8 167.5 166.9 169.3 170.5 171.7 173 7 174.5 174.5 173 6 172.2 171.4 131 P288 170.9 138 142 139 306 140 * Average per working day. P Preliminary. ' Revised. „ or industries, see „pp. 284-287. For points in total index, by major groups, see p. 306. For indexes by ogroups Based on F . W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 291 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 293-296. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. 1 1 MARCH 1949 283 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 1948 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 193 194 191 188 192 192 186 191 192 195 195 192 P191 Manufactures—Total 201 201 200 195 197 198 192 197 199 202 201 199 P198 229 226 229 217 221 222 219 223 225 '231 229 231 P229 203 203 207 177 208 208 201 207 214 221 197 225 182 527 196 226 180 553 190 234 184 589 151 208 154 593 193 236 183 608 196 236 181 630 186 228 176 597 200 235 179 635 205 243 185 658 209 252 193 670 212 212 255 '254 194 194 285 284 283 275 273 277 269 271 273 277 244 232 240 237 218 222 233 230 231 '243 248 P252 206 192 202 197 179 185 202 198 197 ••209 '203 212 P215 195 199 201 200 196 194 185 186 192 192 187 184 188 190 192 203 203 194 188 190 193 191 175 183 198 202 204 199 194 193 184 185 192 192 192 185 P182 155 150 151 145 142 140 142 148 143 147 145 143 P135 143 179 135 178 137 178 132 169 131 163 129 161 135 157 140 163 132 165 135 170 133 169 131 168 P123 P158 202 207 211 211 206 207 200 210 207 P210 P203 P205 P203 187 149 200 199 179 197 166 208 208 168 205 160 219 196 176 212 165 227 193 173 201 152 218 187 172 199 170 208 190 176 185 123 206 188 168 207 172 218 186 175 207 152 226 183 169 Durable Manufactures Iron and Steel Pig iron Steel Ooen hearth Electric Machinery 228 r r 685 r276 277 217 259 197 701 P267 Manufacturing Arsenals and Depots * Transportation Eoui-dment Automobiles (including parts) (Aircraft; Railroad cars; Locomotives; Shipbuilding— Smeltincr and refinins (Copper smelting; Lead refining; Zinc smelting; Aluminum * JVIagnesium; Tin) * Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products Lumber Furniture . Stone Clay, and Glass Products . . . . . . Glass products Plate class Glass containers Cement Clay products Gvosum and Dlaster oroducts Abrasive and asbestos products Other stone and clay products 1 Nondurable Manufactures . . . . . 246 215 246 242 248 248 249 244 241 244 238 249 237 248 247 248 237 251 224 184 171 241 252 r 189 195 172 241 248 P183 185 212 173 208 235 248 P23S P232 178 180 177 177 178 179 169 177 178 179 178 173 P!74 179 179 175 175 777 174 154 166 168 167 164 156 P162 Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 1 Wool textiles Carpet wool consumption Apparel wool consumption ^Vool and worsted yarn 165 153 300 166 153 296 161 147 303 161 147 298 163 147 308 159 140 313 '324 138 115 152 127 318 '322 154 132 153 129 319 148 122 322 140 114 317 123 316 181 212 192 172 152 185 212 202 176 154 177 216 190 166 144 179 227 196 164 146 179 226 191 163 145 176 220 184 162 146 137 158 153 125 114 168 226 178 150 139 166 226 173 148 136 168 162 247 233 160 1 4 3 148 r 144 141 140 151 206 139 134 127 Worsted yarn Woolen and worsted cloth 200 206 196 190 189 185 140 166 165 159 143 Textiles and Products 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 J Manufactured dairy products Butter Cheese Canned and dried milk Ice cream ... 175 181 120 172 137 108 109 96 105 119 78 91 91 113 109 124 82 91 93 107 107 121 80 89 94 110 158 157 159 122 134 139 171 171 123 115 110 116 132 85 96 101 122 116 133 80 95 100 127 102 115 69 92 92 123 158 160 140 134 P139 P139 65 67 156 150 127 134 69 159 158 172 157 157 156 113 119 114 103 100 P107 95 109 65 80 84 96 105 120 78 76 100 119 108 123 80 83 98 126 108 122 82 90 95 117 100 110 80 89 87 104 103 115 90 82 87 97 163 160 156 163 161 159 158 P158 138 139 143 128 130 133 128 P151 P152 P152 P154 P150 71 72 72 71 75 73 170 171 171 168 171 160 175 185 192 195 198 181 P148 P149 160 148 P109 P\2S P144 P144 P144 75 76 74 77 161 166 '180 194 167 143 135 126 f P Preliminary. Revised. 1 Series included in total and group indexes but not available for publication separately. 284 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1948 Industry 1949 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing Pork and lard Beef Veal Lamb and mutton. 150 156 154 128 98 147 161 141 115 102 131 140 131 98 91 125 136 122 102 83 127 145 116 104 74 152 176 135 134 94 135 149 124 140 89 126 128 125 147 92 133 136 133 146 101 141 157 127 140 112 155 177 135 144 108 154 172 143 134 98 Other manufactured foods Processed fruits and vegetables Confectionery Other food products 165 141 144 174 168 144 149 177 167 155 143 174 166 147 138 176 168 150 138 178 169 159 124 179 167 142 117 182 162 107 119 183 172 162 121 184 169 '152 124 181 165 140 124 179 164 P164 142 132 175 167 198 191 182 167 170 173 179 189 186 217 197 181 169 37 220 264 171 115 431 310 157 152 526 239 153 160 383 255 141 157 294 245 145 114 393 243 155 86 402 242 165 73 346 274 176 91 211 336 156 95 244 398 181 112 334 443 185 131 278 287 168 119 328 235 153 155 164 183 163 166 148 178 168 174 170 146 159 104 204 69 113 203 70 102 225 67 101 257 75 105 222 68 108 226 68 98 200 63 113 242 75 127 218 78 122 230 78 130 224 68 97 196 63 102 216 163 163 166 168 169 165 150 165 166 172 169 153 Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits. Rectified liquors 152 167 147 115 92 Industrial Alcohol from Beverage Plants1. Tobacco Products Cigars Cigarettes Other tobacco products. 66 Paper and Paper Products. P160 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 Paperboard containers (same as Paperboard). 157 174 88 109 276 151 155 187 86 162 163 145 82 158 177 94 110 269 161 155 179 88 170 161 150 83 160 178 90 103 285 153 157 192 85 161 161 148 82 163 180 97 108 293 151 160 192 87 166 171 151 89 164 187 104 112 309 151 160 191 86 169 169 150 95 159 183 106 111 301 146 156 187 86 168 157 145 94 146 172 117 96 283 135 142 165 74 150 160 135 93 160 193 122 110 328 148 155 184 83 160 161 153 96 160 183 116 107 301 145 156 189 83 161 163 148 93 167 195 117 111 330 153 162 193 163 188 104 107 317 149 159 195 150 173 P154 105 104 285 137 151 146 167 182 172 170 157 96 165 162 150 94 160 158 142 100 Printing and Publishing. 148 157 150 154 156 157 147 155 154 164 156 154 Newsprint consumption Printing paper (same as shown under Paper). Petroleum and Coal Products. 134 144 139 143 143 146 145 149 147 155 148 148 Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products 1 Coke By-product coke Beehive coke Chemical Products. Paints Soap Rayon Industrial chemicals Explosives and ammunition * Other chemical products x . . . V214 P215 P211 P213 P220 P220 P217 P221 P207 P217 >227 P230 159 155 145 99 P156 153 P227 159 201 163 199 155 206 164 154 200 164 210 164 194 158 197 170 196 159 187 173 194 155 196 170 192 154 193 173 194 162 182 165 180 157 184 170 199 169 183 174 200 159 207 179 P175 204 162 200 178 171 442 179 171 421 166 164 237 137 135 186 174 166 421 175 168 407 170 166 318 178 170 447 181 173 444 181 173 454 183 175 460 184 176 466 184 177 455 255 252 250 249 249 256 251 259 257 255 '257 257 P252 158 151 298 437 158 147 301 434 154 140 303 433 150 123 305 439 151 124 304 436 154 124 309 161 121 312 433 161 126 312 450 158 134 305 448 156 135 304 446 153 135 r 306 '449 US, P146 137 P 1 3 9 311 P304 450 199 P193 Rubber Products... 223 215 205 200 201 205 200 207 205 205 203 Minerals—Total. 154 155 142 147 162 159 153 159 156 158 161 156 P151 Fuels 160 161 146 149 168 164 160 166 162 166 167 164 P!59 152 161 112 165 148 155 118 167 99 97 108 169 103 102 105 171 160 171 116 172 147 157 105 173 134 143 100 172 150 158 117 174 148 156 119 170 145 152 118 176 147 155 116 177 137 P133 145 P145 103 P88 177 117 120 118 137 128 128 113 115 119 121 110 159 163 161 193 179 179 155 158 166 175 P158 Coal Bituminous coal... Anthracite Crude petroleum Metals. Metals other than gold and silver. Iron ore (Copper; Lead; Zinc)1 Gold Silver 157 n71 P105 150 39 69 r p Preliminary. Revised. * Series included in total and group indexes but not available for publication separately. This series is in process of revision. N O T E . — F o r description and backfiguressee B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 2 MARCH 1949 285 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1948 1949 Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. D e c Jan. Annual Industry 1948 1947 Industrial Production—Total.. 192 187 189 190 188 186 192 193 187 194 197 rl99 195 190 P187 Manufactures—Total 198 194 197 197 197 193 197 199 193 200 203 205 202 197 P195 P226 225 220 226 224 228 217 222 223 220 224 227 232 229 229 208 195 203 203 207 177 208 208 201 207 214 221 224 '223 228 196 236 183 620 191 '214 177 '472 197 225 182 527 196 226 180 553 190 234 184 589 151 208 154 593 193 236 183 608 196 236 181 630 186 228 176 597 200 235 179 635 205 243 185 658 209 252 193 670 212 '255 194 "685 212 r 254 '194 '682 217 259 197 701 277 '276 285 284 283 275 273 277 269 271 273 277 '276 277 P267 Transportation Equipment Automobiles (including parts) (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1. 235 230 244 232 240 237 218 222 233 230 231 '243 r 248 P252 212 P215 Nonferrous 193 Durable Manufactures.... Iron and Steel. . - - Pig iron Steel Open hearth.. Electric Machinery Manufacturing Arsenals and Depots * 238 206 192 197 179 185 202 198 197 '209 '203 187 195 199 200 196 193 185 186 192 192 188 184 P183 191 186 188 190 193 203 203 193 187 190 193 191 176 183 P187 193 188 202 204 194 193 185 192 192 185 P182 Lumber and Products 145 143 138 143 144 144 148 151 158 153 154 142 132 >120 Lumber... Furniture. 134 168 132 165 117 179 116 178 125 178 131 169 134 163 141 161 148 157 156 163 147 165 145 170 128 169 113 168 •100 '158 206 190 193 201 208 211 209 201 218 216 222 150 247 175 163 225 '240 184 149 196 161 166 236 215 193 166 201 158 160 235 242 205 160 219 160 169 238 248 212 165 227 183 168 246 244 212 152 233 196 171 243 244 197 170 206 203 175 243 249 179 123 198 207 168 237 248 213 172 227 210 180 248 248 210 152 231 213 175 243 251 172 '193 178 241 248 169 168 '229 '232 176 180 169 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. 199 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 l. Nondurable Manufactures... Textiles and Products. Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption x Wool textiles Carpet wool consumption Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Sheep and lamb leathers Shoes Manufactured Food Products.. . Wheat flour Cane sugar meltings l Manufactured dairy products Butter Cheese Canned and dried milk Ice cream P202 2\2 193 173 242 244 173 174 177 179 171 175 175 177 174 154 166 153 296 161 147 303 162 147 298 163 147 308 159 138 140 115 313 '324 181 212 192 172 152 200 175 185 212 202 176 154 206 181 177 216 190 166 144 196 171 179 227 196 164 146 190 171 179 226 191 163 145 189 172 176 220 184 162 146 185 172 116 120 126 114 110 108 117 133 94 87 101 116 117 135 83 96 94 122 124 144 84 99 110 127 101 115 68 91 89 123 105 119 74 94 89 113 109 124 78 89 100 157 146 144 141 143 147 140 136 120 128 177 172 173 170 163 179 155 136 312 151 143 272 165 153 300 169 217 175 154 140 174 163 163 179 -•187 154 137 178 160 111 106 121 79 88 94 114 159 134 148 72 166 170 150 78 182 163 55 116 103 P119 58 63 123 143 120 155 155 72 176 197 107 153 134 P201 93 229 257 P220 P208 230 214 180 247 252 191 211 179 246 248 185 183 179 171 168 167 164 156 152 127 318 154 132 '322 153 129 319 148 122 322 140 114 317 137 158 153 125 114 140 137 168 226 178 150 139 166 160 166 226 173 148 136 165 157 168 247 160 148 141 159 157 162 233 143 144 140 149 156 151 206 139 134 127 143 148 108 94 112 118 114 104 99 105 117 81 90 93 110 90 103 64 79 79 96 103 117 82 74 103 119 106 121 78 84 96 126 109 123 83 90 95 117 103 115 83 86 92 104 103 115 88 83 82 97 109 163 172 174 188 173 153 146 132 137 141 140 137 134 127 125 '224 98 242 265 •223' •198 158 70 163 167 122 65 145 135 P95 P92 57 125 103 59 129 104 P92 64 143 102 207 226 82 191 204 •146 123 316 107 r P Preliminary. Revised. Series included in total and group indexes but not available for publication separately. 1 286 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] Annual 1948 1949 Industry 1948 1947 Jan. Feb. 141 155 133 129 96 154 160 156 147 103 175 204 157 119 103 166 143 131 179 160 '140 137 169 182 162 111 312 295 Jan. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 141 158 130 101 103 121 130 119 92 89 116 124 115 100 80 127 145 116 108 76 151 176 132 134 87 126 132 125 140 86 Ill 99 127 144 90 124 108 144 160 109 142 147 138 160 116 173 207 141 154 108 152 92 148 167 152 91 151 168 149 85 133 167 148 90 114 169 152 97 106 175 160 122 92 181 174 184 96 185 183 203 129 187 207 317 156 188 188 197 162 190 172 129 146 r 188 190 142 176 172 178 173 186 188 184 195 203 212 174 153 169 92 327 328 139 37 143 264 154 115 259 310 146 152 342 239 160 160 230 255 161 157 177 245 183 114 243 243 194 86 233 242 189 73 187 274 178 91 289 336 145 95 631 398 139 112 702 443 148 131 306 287 138 119 213 235 164 160 153 147 155 173 163 173 154 184 178 180 173 136 158 110 222 70 107 214 70 104 204 67 113 190 68 102 209 67 101 239 75 105 222 68 108 237 70 98 210 63 113 255 73 127 233 83 122 239 84 130 228 70 97 181 56 102 216 65 164 158 163 163 167 169 170 165 149 165 165 172 169 153 P160 159 182 105 108 299 149 155 186 83 164 163 148 92 152 172 102 109 265 C 149 149 179 86 159 149 138 91 157 174 91 109 276 151 155 187 86 162 161 145 82 159 178 98 110 269 161 156 179 88 170 167 150 83 160 179 96 103 285 153 157 192 85 161 161 148 82 163 182 107 108 293 151 160 192 87 166 173 151 91 164 188 112 112 309 151 160 191 86 169 169 150 95 160 183 107 111 301 146 156 187 86 168 160 145 95 145 170 104 96 283 135 141 165 74 150 153 135 91 160 191 107 110 328 148 155 184 83 160 161 153 95 159 181 103 107 301 145 156 189 83 161 163 148 93 167 194 109 111 330 153 163 193 163 189 110 107 317 149 159 195 149 P154 173 107 104 285 137 151 146 167 182 172 172 157 96 165 162 150 95 160 153 142 98 159 153 145 99 ... 154 Manufactured Food Products—Continued IVleat packing Pork and lard Beef Veal L a m b and mutton . . . Other manufactured foods Processed fruits and vegetables Confectionery . . Other food products Alcoholic Beverages. . Malt liquor Whiskey Other distilled spirits Rectified liquors 181 226 143 126 96 179 219 150 106 98 161 P151 P90 111 134 179 P169 Industrial Alcohol from Beverage Plants *• Tobacco Products. Cigars Cigarettes Other tobacco products Paper and Paper Products. Paper and pulp Pulp Groundwood pulp Soda pulp ... Sulphate pulp Sulphite pulp Paper Paper board Fine paper ^ Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paoerboard containers (same as PaDerboard) Printing and Publishing 144 144 155 153 159 159 156 137 147 155 167 163 158 150 145 129 125 141 145 151 149 144 125 134 149 163 161 155 142 ...218 193 P213 P220 P220 v217 P2O7 P217 P227 P230 168 197 161 196 152 177 162 178 159 201 158 203 155 206 163 224 154 200 162 214 164 194 164 201 170 196 166 189 173 194 155 184 170 192 152 179 173 194 160 174 165 180 157 182 170 199 169 183 174 200 159 213 179 P175 204 P201 161 206 174 171 164 168 393 M 0 7 178 171 442 179 171 421 166 164 237 137 135 186 174 166 421 175 168 407 170 166 318 178 170 447 181 173 444 181 173 454 183 175 460 184 176 466 254 251 253 253 252 251 249 253 247 25 6 257 258 r 258 258 P251 155 133 306 . 442 154 138 '286 432 155 148 298 437 157 146 301 434 154 140 303 433 151 120 305 439 156 120 304 436 158 122 309 449 160 120 312 433 159 127 312 450 156 139 305 448 156 142 304 446 151 137 r 306 '•449 148 137 311 450 P143 P136 P304 P438 Newsprint consumption Printing paper (same as shown under Paper) Petroleum and Coal Products. . . Petroleum refinins 2 Gasoline Fuel oil Lubricating oil ... . Kerosene Other petroleum products 1 Coke By-product coke Beehive coke . Chemical Products. . Paints .. Soap Rayon Industrial chemicals Explosives and ammunition x Other chemical productsl . P214 P215 P211 P221 P227 184 177 455 199 P193 Rubber Products 206 226 223 215 205 200 201 205 200 207 205 205 203 Minerals—Total. 155 149 149 149 136 145 164 163 158 164 160 161 160 151 Fuels 161 155 160 161 146 149 168 164 160 166 162 166 167 164 P159 139 147 112 172 146 155 112 159 152 161 112 165 148 155 118 167 99 97 108 169 103 102 105 171 160 171 116 172 147 157 105 173 134 143 100 172 150 158 117 174 148 156 119 170 145 152 118 176 147 155 116 177 137 • P133 145 P145 103 P 8 8 177 Pi 71 118 81 83 82 126 144 153 147 149 148 132 114 77 P69 161 202 97 70 103 73 103 77 178 228 210 302 226 331 215 325 213 324 212 314 186 254 160 225 noo P88 53 65 51 61 51 68 50 67 52 63 55 56 60 59 62 61 56 69 49 60 40 Coal.... . Bituminous coal Anthracite Crude petroleum ... 120 Metals Metals other than gold and silver... Iron ore CCoDoer* Lead* Zinc)1 Gold Silver 167 219 53 r 58 63 r 56 68 r 93 P146 74 r c x P Preliminary. Revised. Corrected. 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 10, pp. 753-771 and 825-882. 2 MARCH 1949 287 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers oFthe Bureau of Labor Statistics, 1939 = 100] Factory employment Industry group or industry Annual 1947 Total Durable goods Nondurable goods. Iron and Steel and Products Blast furnaces, steel works, etc Steel castings Tin cans and other tinware Hardware Stoves and heating equipment Steam, hot-water heating apparatus Stamped and enameled ware Structural and ornamental metal work 1948 Factory pay rolls Annual 1948 l Jan. Oct. Nov. Dec. Jan. 1947 159.9 160.5 163.3 161.5 159.4 154.6 332.1 186.6 188.2 188.9 188.5 186.5 181.2 371.9 138.9 138.7 '143.0 140.3 138.0 133.7 293.1 164.2 164.9 167.1 166 A 165.2 160.9 314.9 135.1 131 139 237.7 138 140 234 422.6 234 228.5 222 234 140.0 145.8 149 148 288.8 153 146 148.1 152.9 157 152 324.2 151 152 185.0 176.3 189 178 388.9 190 155 210.2 200.4 204 201.7 198.3 206 206 197 205 199 175.6 180.7 179 187 185 226.7 215.2 227.0 213.4 215.1 211.6 203.7 213 201 201 228 235.7 211. 218 212 19481 1947 Dec. 350.7 279.0 492.2 326.7 357.2 395.0 373.7 185 Jan. Oct. Nov. 345.8 258 467 337 364 445 379 341.9 261 465 320 371 417 425 480 376.0 305 523 352 363 448 '474 483 358 373.6 305 528 335 367 400 371.4 306 525 340 371 350 •467 492 455 481 406 407 228.7 Machinery except Electrical Machinery and machine-shop 249.1 products 290.8 Engines and turbines Tractors , 181.1 229.5 Agricultural, excluding tractors 148.8 Machine tools Machine-tool accessories , 230. 307.9 Pumps 215. Refrigerators 229.6 233.0 228.7 245.9 250 244 283.6 293 279 189.1 196 191 262.9 254 266 131.4 138 130 213.2 219 212 285.2 303 277 232.4 235 230 227.9 213.1 207.0 440.4 458.0 481.2 471.0 474.4 479.2 409. 432.9 447 445 448 443 199 497.5 490.4 543 509 540 507 221 439.9 478.5 479t9 473.8 491.7 486.9 227.5 244 281 195 267 130 211 278 226 244 282 197 270 129 211 279 226 Transportation Equipment, except Autos Aircraft, except aircraft engines... Aircraft engines Shipbuilding and boatbuilding.... 285.6 342.6 305.6 175.7 282.0 345. 289.0 158.7 285.7 377 315 137 284.4 275.8 551.6 589.7 600.2 648.9 712. 669 379 493.6 524.6 504 321 340.1 328.9 379 134 Automobiles 188.2 Nonferrous Metals and Products Primary smelting and refining Alloying a n d rolling, except aluminum Aluminum manufactures 181.2 145. 191.6 196.0 rl94.4 r193.0 175.2 178.4 176.0 176. 148.6 145 150 149 Electrical Machinery Electrical equipment Radios and phonographs. Lumber and Timber Basic Products Sawmills and logging camps Planing and plywood mills Furniture and Lumber Products Furniture 297.3 340 284 192 148.0 138.1 138 193.6 178.3 192 282.9 366 309 141 140 174 169.2 188.4 175.6 197 7 195.4 184.8 205.6 191 213 216 166.3 186.4 178 195 193 141.3 143.0 143. 139 155.4 168.9 148.8 139 175.1 141 171 482.7 586.0 307.9 453.8 263 394 628 405.0 519 607 347 523 262 398 625.7 648 479.6 466 527 620 358 592 248 387 626 486 533 639 370 614 248 396 633 490 611.2 657 483 417 613.3 795 600 291 611.8 831 601 262 635.5 839 619 289 427.7 408.7 r451.3 '436.5 455.6 377.8 372.7 394.2 391.9 345 340 300 303 390.2 342 272 365 273 371 366.9 384 315 357 408 366.9 385 312 356 404 303.0 379 272 292 203 327 291.2 350 299 266 209 312 291. 349 299 '269 210 317 291.9 353 293 271 202 328 337.0 313 273 375 204 325.0 302 256 351 193 335.4 '298 259 380 139 327.4 293 233 370 168 239. 259.6 258.7 236.8 223.3 202.5 206.5 218 206 202 215 234. 232.9 256 228 211 258 234.3 211 227 152.0 310.1 337.6 251.9 276. 324.3 347.5 367.7 302.6 332.9 370.6 335. 368 282 309 362 322.9 354 276 304 345 113.0 125 91 113 89 134 108. C 104 J 121 95 99 84 131 265.0 327.0 234. 264.5 178. 285. 299.9 363.1 289.7 295.7 202.5 320.0 302.0 376 267 294 208 320 146 A 145.0 141.4 291.9 326.3 327.3 281.2 311.0 310 134 132 239 A 260.0 281 105 100 314.6 354. 356 171 170 160.0 173.6 157 87 93 340. 355. 312.3 343.4 356 Textile-Mill and Fiber Products Cotton goods except small wares. . Silk and rayon goods Woolen and worsted manufactures Hosiery Dyeing and finishing textiles 108. 121. Apparel and Other Finished Textiles. . . Men's clothing, n.e.c Shirts, collars, and n i g h t w e a r . . . . Women's clothing, n.e.c Millinery 134.3 145.3 127.3 135.5 134 102.2 106. 110 150.4 163.5 166 90.5 93.0 103 Leather and Leather Products Leather Boots and shoes 110.8 109.0 114.i 108.3 104.5 98.4 96. 100 93 95 105.7 104. 111 99 103 104. 95 101 105.7 238.4 Food and Kindred Products Slaughtering and meat packing. Flour Baking Confectionery Malt liquors Canning and preserving 146. 141. 145. 123. 130. 185. 146. 146. 162 149 132 148 193 109 137.5 300.4 Tobacco Manufactures Cigarettes Cigars 92.5 92.$ 93. 121.3 123. 123 80 80.6 82 128 83 152A 152 150 134 161 200 130 96.5 93. 128 124 81 85 91. 310 358 468.8 506 489 372. 396 316 362 400 157. 167 152 143 182 163.8 146 145 136 160 201 192 298 -"360 345.4 354 135.3 316.9 139.3 155 151 124 147 186 95 308 356 r 352.2 354.9 349.2 358 357 355 140. 143 148.8 139 106 171 101 491.6 532 622 364 598 250 392 620 509 149.1 143.3 143.1 149 144 144 151.6 159. 158.9 170 171 173 144 153 152 134 144 144 170 180 182 109 2 108 S 122 122 96 97 100 101 85 84 130 130 474.6 444 551 513 626 354 535 250 399 642 479 187.5 173.5 389.0 474.5 431.8 413.5 519.2 499. 430.8 521.9 473 550 450 575 203 367.8 457. 421 486 417 492 193 151. 168. 137. 126. 165. 148.0 138. 148.2 129.8 135.C 197.5 518.7 612. 345.1 576.3 246.5 390.0 194.4 195.8 363.5 409.1 173.6 169.6 356.6 377.0 291.2 327. 149 278. .5 287.9 141 349.8 349.3 173 Stone, Clay, and Glass Products Glass and glassware Cement Brick, tile, and terra cotta Pottery and related products 111.5 124.2 94 108.0 107.6 84.6 86.3 128.0 131. Dec. 365.1 365.7 358.7 382.9 379.0 377.8 410.5 411.0 403.1 435.7 429.9 430.9 320.7 321.4 315.3 331.2 329.3 326.0 424.1 439.9 453 442.6 470.1 498 202 192 1948 286.3 324. 233. 277.6 333. 368. 322.8 297.8 337.2 267.3 306.8 368.3 373.6 201.1 241. 184. 210.7 219.8 210.5 224. 261.3 268 279 260 197 186.2 197 188 321.9 361 340 251 358 340 278 296.6 323 326 243 324 320 239 358.2 305 355 287 376 372 340.7 336 352 281 r 389 377 r 314 333.5 366 347 280 347 360 280 223.5 264 207 217.9 269 192 r l Revised. • xs-eviseu. Annual indexes for 1948 were computed by the Board of Governors and are preliminary. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for January 1949) are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 288 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 Factory pay rolls Annual 1949 Annual 1948 1947 1947 1948 i Jan. Oct. Nov. Dec. Paper and Allied Products Paper and pulp Paper goods, n.e.c Paper boxes 147.2 144.1 163.5 142.6 148.6 148.9 164.9 138.2 148.7 147 166 141 151.0 150 168 144 151.7 150 169 146 151.1 146.9 306.8 342.3 334.0 306.5 349.2 333 150 328.4 365.6 362 168 293.1 314.4 322 144 Printing and Publishing Newspaper periodicals Book and job 132.2 133.1 119.3 124.2 145.7 145.7 134.0 134.8 134.7 135.2 133.5 241.3 265.3 263.1 255.3 273.6 275.4 280.6 209.6 239.7 230 252 253 121 127 127 219 259 128 308 149 148 296 305 316 147 273.3 299.5 298 148 Chemicals and Allied Products Drugs, medicines, and insecticidi Rayon and allied products Chemicals, n.e.c Explosives and safety f u s e s . . . . Ammunition, small arms Cottonseed oil Fertilizers 200.0 246.6 126.2 293.9 312.9 157.4 117.0 164.0 204.1 239 131 296 348 179 142 177 '461.9 512 300 '638 749 404 -•555 415 462.3 512 305 640 747 395 540 428 Products of Petroleum and Coal Petroleum refining Coke and by-products 152.9 156.9 155.0 '152.7 '157.7 155.4 151.7 288.4 337.6 313.3 318.1 '344.8 r354.9 r 152.2 155.3 154 -•147 304 277.2 325.3 300 '325 '344 155 155 132.8 144.8 141 347 271.1 329.8 295 310 350 148 148 149 346.4 338 353 157.0 353.6 334.7 373.6 354.9 345.5 341.9 313 344 318 361.5 316.2 366 379 368 383 342.6 359.2 380 332.7 300 370 184.9 177.0 169.7 374.2 396.9 405.1 388.2 422.6 420.8 556 572 508 463.1 515.5 499 265 264 418 450 457 385.5 435.9 421 225 224 405.0 574 456 , , 203.4 234.0 132.3 297 365 177.5 125. < 163.* , 176.1 164.3 173.5 163.5 164.5 161. 196.7 171.5 186 166 168 165 162.5 160.9 167 163 163 159 Miscellaneous Industries Instruments, scientific Photographic apparatus , , , 183.0 180.3 180.9 187.8 247.1 250.8 245 261 211.5 221.0 220 225 Total Durable . . Nondurable Jan. Oct. Nov. Dec. 328.0 330 355 309 357.4 359 381 342 362.2 365 393 345 356.5 358 395 335 1948 > Dec. 426.7 491 269 587 669 381 397 475 460.1 507 297 629 764 409 '560 431 FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1947 Group 1947 208.1 '207.8 207.0 203.6 393.6 440.6 424.1 234 470.3 492.0 489 235 234 132 248.2 286.0 266 132 134 r 300 302 548.8 610.6 581 301 379 558.5 725.6 652 375 375 174 350.1 402.0 412 172 168 179 310.0 366.9 448 178 168 153 424.7 452.3 431 152 152 Rubber Products Rubber tires and inner tubes Rubber goods, other For footnote, see preceding page. Jan. 1949 1948 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 161.1 188 6 139.3 161.2 188 7 139.4 159.8 186 4 138.7 160.1 188 4 137.7 157.1 185 5 134.7 156.7 184 1 135.1 158.8 184 0 138.9 159.8 185 1 139.8 160.1 184 9 140.6 163.3 188 0 143.8 162.8 188.7 142.3 161.1 188.4 139.6 Dec. Jan. 158.5 P155.2 186.4 P181.7 136.6 P134.3 r P Prel'minary. Revised. NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups from January 1923, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hourly earnings (dollars per hour) Average hours worked per week Industry group 1947 Nov. Dec, Aug. Sept. Oct. All manufacturing Durable goods Iron and steel and products Electrical machinery Machinery except electrical Transportation equipment, except a u t o s . . . Automobiles Nonferrous metals and products Lumber and timber basic products Furniture and finished lumber products Stone, clay, and glass products Nondurable goods 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 1948 1947 1948 Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. 40.0 1.268 1.278 1.349 1.362 r1.366 1.371 1.376 40.9 •40.4 40.8 1.346 1.354 1.431 1.448 '1.452 1.454 1.457 40.8 40.2 41.0 39.8 1.404 1.339 1.404 1.462 1.540 1.320 1.074 1.108 1.247 1.501 1.439 1.498 1.527 1.664 1.424 1.175 1.163 1.322 1.528 1.443 1.510 1.556 1.676 1.438 1.178 1.181 1.344 1.525 1.446 1.520 1.579 1.688 1.44Q 1.162 1.188 1 . 3 4 5 1.353 1.528 1.446 1.524 1.588 1.691 1.442 1.140 1.187 1.352 39.1 40.5 40.; 41. 40.6 40.3 41.2 41.5 41.1 40.6 39.3 1.185 1.412 1.346 1.413 1.465 1.563 1.327 1.056 1.117 1.245 1.196 1.262 1.272 r1.271 1.282 1.286 37.9 38.0 35.9 35.5 41.8 Ml. 5 38.9 37. 42.9 42.9 38.9 39.1 41.4 M l . 4 M l . l r4() 4 39.3 38^6 40.6 40.8 38.3 35.4 37 41.8 38 42 39 41.4 40.5 38.5 40 1.090 1.019 1.095 1.173 .956 1.222 1.556 1.287 1.518 1.454 1.20 1.100 1.052 1.092 1.175 .983 1.226 1.568 1.293 1.551 1.454 1.219 1.170 1.106 1.128 1.214 1.008 1.320 1.683 1.407 1.716 1.500 1.271 1.188 1.117 1.143 1.216 1.000 1.334 1.712 1.410 1.748 1.504 1.280 1.187 1.087 1.145 1.232 .998 1.328 1.709 1.390 1.738 1.507 1.279 1.190 1.098 1.149 1.250 1.016 1.336 1.712 1.398 1.763 1.508 1.287 1.188 1.100 1.146 1.264 1.018 1.330 1.720 1.402 1.740 1.501 1.303 40.1 39.8 '40.0 40.7 41.7 40.7 40.0 39.8 40.5 40.6 41.2 38.6 39.8 41.1 42.2 41 40 41.2 41.1 42.2 40.8 41.4 41.8 43.2 42.7 41.0 40.3 40.0 41.0 39.7 38.9 40.7 43.1 41.0 40.9 39.7 40.0 40.6 39.0 37.4 40.8 41.8 40.8 40.2 40.5 M0.3 M0.7 '39.3 '38.8 Ml! 2 40.8 42.5 41.6 41.5 40.7 41.0 40.1 40.8 39.5 39.6 40.1 36.4 38.3 42.5 39.4 43.2 40.0 41.3 41.2 39.9 40.7 41.0 37.1 39.1 43.3 39.9 43.8 40.4 41.5 40.8 40.9 41.2 38.5 36.4 37.9 41.0 39.0 43.1 39.2 41.0 41.2 40.3 40.3 38.0 36.1 37.3 42.6 38.0 42.7 39.4 41.3 39.3 39.4 40.3 r 1.525 1.448 1.518 1.575 1.689 1.440 1.167 1.184 NOTE.—Preliminary January 1949 figures for average weekly hours and hourly earnings are: All manufacturing, 39.6 and 1.384; Durable, 40.5 and 1.463; Nondurable, 38.6 and 1.296, respectively. Back figures are available from the Bureau of..Labor Statistics. MARCH 1949 289 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Year or month 1940 1941 1942 1943 1944 1945 1946 1947 1948 DIVISION Contract construction Transportation and public utilities Trade Finance Service Federal, State, and local government l 916 947 983 917 883 826 852 911 925 1,294 1,790 2,170 1,567 1,094 1,132 1,661 1,921 2,060 3,013 3,248 3,433 3,619 3,798 3,872 ' 4,023 4,060 4,065 7,055 7,567 7,481 7,322 7,399 7,685 8,820 9,450 9,746 1,419 1,462 1,440 1,401 1,374 1,394 1,586 1,656 1,719 3,362 3,554 3,708 3,786 3,795 3,891 4,430 4,622 4,682 4,192 4,622 5,431 6,049 6,026 5,967 5,607 5,449 5,658 16,332 16,208 16,246 16,045 16,018 16,172 16,302 16,278 16,556 16,548 16,414 16,190 927 920 930 820 936 947 915 944 945 939 '937 940 2,056 1,945 1,941 1,972 2,032 2,110 2,093 2,106 2,093 2,101 '2,120 2,120 4,075 4,071 4,069 3,995 4,028 4,056 4,078 4,078 4,085 '4,095 4,070 4,085 9,694 9,664 9,634 9,721 9,689 9,779 9,791 9,805 9.806 9,817 '9,784 9,768 1,688 1,698 1,697 696 699 700 737 752 741 740 737 740 4,723 4,730 4,729 4,768 4,738 4,663 4,645 4,622 4,647 '4,641 '4,644 4,628 5,524 5,519 5,545 44,765 15,938 932 2,067 4,051 9,696 1,727 4,564 5,790 44,603 44,279 44,600 44,299 44,616 45,009 45,098 45,478 45,889 '45,877 45,735 46,087 16,267 16,183 16,269 15,950 15,892 16,115 16,172 16,441 16,697 16,597 16,455 16,278 922 914 924 817 935 950 922 952 948 941 '938 939 1,871 1,731 1,805 1,933 2,052 2,173 2,219 2,253 2,239 2,206 '2,162 2,078 4,020 4,019 4,032 3,974 4,042 4,105 4,136 4,139 4,092 '4,091 4,066 4,067 9,622 9.520 9,598 9.576 9,617 9,670 9,646 9,660 9,733 9,889 10,036 10,380 1,680 1,690 1,697 1,704 1,716 1,726 1,754 1,761 1,732 1,723 1,720 1,723 4,723 4,730 4,729 4,768 4,738 4,663 4,645 4,622 4,647 '4,641 '4,644 4,628 5,498 5,492 5,546 5,577 5,624 5,607 5,604 5,650 5,801 5,789 5,714 5,994 44,346 15,875 926 1,881 3,997 9,624 1,718 4,564 5,761 Total Manufacturing 32,031 36,164 39,697 42,042 41,480 40,069 41,494 43,970 45,131 10,780 12,974 15,051 17,381 17,111 15,302 14,515 15,901 16,276 45,019 44,755 44,791 44,584 44,726 45,053 45,271 45,312 45,654 '45,669 '45,439 45,251 Mining SEASONALLY ADJUSTED 1948—January February March April May June July August September October November December 1949—January 567 586 5,626 5,710 5,727 5,781 5,788 5,733 5,780 UNADJUSTED 1948—January February March April May June July August September October November December 1949—January x ' Revised. Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. January 1949 figures and 1948 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 1948 100,230 101,370 102,460 103,510 104,480 105,370 106,370 107,458 108,482 56,030 57,380 60,230 64,410 65,890 65,140 60,820 61,608 62,748 55,640 55,910 56,410 55,540 54,630 53,860 57,520 60,168 61,442 47,520 50,350 53,750 54,470 53,960 52,820 55.250 58,027 59,378 37,980 41,250 44,500 45,390 45,010 44,240 46,930 49,761 51,405 9,540 9,100 9,250 9,080 8,950 8,580 8,320 8,266 7,973 8,120 5,560 2,660 1,070 670 1,040 2,270 2,142 2,064 44,200 43,990 42,230 39,100 38,590 40,230 45,550 45,850 45,733 1948—January February March April May June July August September October November December 107,979 108,050 108,124 108,173 108,262 108,346 108,597 108,660 108,753 108,853 108,948 109,036 60,455 61,004 61,005 61,760 61,660 64,740 65,135 64,511 63,578 63,166 63,138 62,828 59,214 59,778 59,769 60,524 60,422 63,479 63,842 63,186 62,212 61,775 61,724 61,375 57,149 57,139 57,329 58,330 58,660 61,296 61,615 61,245 60,312 60,134 59,893 59,434 50,089 50,368 50,482 50,883 50,800 51,899 52,452 52,801 51,590 51,506 51,932 52,059 7,060 6,771 6,847 7,448 7,861 9,396 9,163 8,444 8,723 8,627 7,961 7.375 2,065 2,639 2,440 2,193 1,761 2,184 2,227 1,941 1,899 1,642 1,831 1,941 47,524 47,046 47,119 46,414 46,602 43,605 43,462 44,149 45,176 45,685 45,810 46,208 1949—January 10 ,117 61,546 60,078 57,414 50,651 6,763 2,664 47,571 1 Includes self-employed, unpaid family, and domestic service workers. Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 2 290 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 Month Commercial Factories January.. . February.. March April May June July August... . September. October. . . November. December. Year.. 1947 1948 1947 1948 571.6 442.2 596.8 602.3 674.7 605.1 660.3 823.2 650.0 793.3 715.1 625.4 615.2 682.0 689.8 873.9 970.8 935.2 962.7 854.1 762.2 778.6 611.2 694.0 257.4 208.4 282.9 256.7 254.1 209.5 240.9 308.9 268.5 349.5 290.2 226.8 238.1 232.3 276.5 351.6 369.8 355.3 349.7 337.6 279.7 296.8 264.0 256.7 1947 7,759.99,429.6 3,153.8 3,608.0 1948 941.4 Educational 1948 1947 1948 54.1 71.9 55.3 82.2 91.9 103.8 72.9 77.7 53.6 70.7 49.6 56.3 38.3 46.4 52.6 66.3 59.2 58.4 81.6 77.2 75.9 80.0 84.3 65.3 74.5 75.5 78.5 88.8 103.3 83.1 106.3 77.8 80.4 83.8 60.2 62.9 19.7 13.5 21.4 22.7 47.7 40.1 38.5 45.6 42.8 41.1 27.2 31.5 58.7 37.8 50.3 55.4 83.8 63.5 103.1 55.8 54.5 48.4 47.0 66.2 839.8 785.5 975.0 391.9 724.6 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total Other 1947 1948 55.9 9.4 35.8 29.6 57.7 44.7 51.2 80.0 47.4 61.3 59.8 64.1 1948 113.9 90.5 122.0 161.4 184 185 165.9 223 141.5 165.9 181.5 154.1 136.6 177.3 164.3 184.7 205.0 215.7 217.9 207.8 202.7 165.5 106.9 170.9 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Public ownership Private ownership 1949 1947 1948 1949 1947 1948 1949 1947 1948 1949 July August September. . October November. . December.. . 572 442 597 602 675 605 660 823 650 793 715 625 615 682 690 874 971 935 963 854 762 779 611 694 7,760 9,430 483 197 248 181 236 298 *338 335 276 259 262 199 278 167 96 143 177 234 226 203 218 193 209 224 207 160 405 346 453 425 441 379 458 605 457 584 492 418 419 434 509 638 673 "597 628 579 503 517 413 416 323 2,296 3,107 Dec. Jan. . 25,713 77,841 34,745 44,370 50,973 60,736 78,852 31,680 18,214 15,511 44,349 32,872 118,864 64,862 66,557 56,841 68,499 111,536 42,519 21,674 28,334 81,465 26,136 137,145 36,880 40,819 70,072 68,899 90,041 46,320 15,977 27,226 55,691 Total (11 districts) 482,984 694,023 615,206 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 5,464 6,323 1948 Federal Reserve district Jan. January.... February. . . March April May . Year 1947 596.9 1,127.1 1,890.42,155.2 Month June Public works and public utilities Residential building Total LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Year or month 1941 1942 1943 1944 1945 1946 1947 1948 1948—January. . . . February... March April May June July August September.. October.... November. . December. . 1949—January.... Property improvement l Small home construction 1,172 1,137 935 875 666 755 1,787 3,338 249 141 87 114 171 321 534 614 21 15 1 224 228 272 292 265 329 286 277 C 276 318 272 298 269 56 45 49 63 54 59 50 51 48 52 40 49 Total « 7 (3) (3) (3) (3) (3) (*) 35 1 i I l Mortgages on Warand 1- to 4- Rental and Vetfamily group erans' houses housing housing (Title (Title (Title ID VI) 2 ID 877 691 245 216 219 347 446 880 48 45 53 51 53 72 71 76 92 98 105 117 128 13 6 (3) 4 3 13 284 603 537 272 85 808 1 ,836 120 137 170 177 158 197 164 149 136 168 127 131 7 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] End of month Total Savings Com- Mutual and mersavloan cial ings associbanks banks ations Insur- Fed2 ance eral com- agen- Other panies cies x 1936—Dec 1937—Dec 1938—Dec 1939—D ec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 365 771 1,199 1,793 2,409 3,107 3,620 3,626 228 430 634 902 1,162 1,465 1,669 1,705 8 27 38 71 130 186 236 256 41 56 118 110 212 149 342 192 542 224 789 254 276 1,032 292 1,134 5 32 77 153 201 234 245 79 27 53 90 133 150 179 163 159 1944—june Dec 3,554 3,399 1,669 1,590 258 260 284 1,119 269 1,072 73 68 150 140 1945—June Dec 3,324 3,156 1,570 1,506 265 263 264 1,047 253 1,000 43 13 134 122 1946—June Dec 3,102 2,946 1,488 1,429 260 252 247 233 974 917 11 9 122 106 1947—June Dec 2,860 2,871 1,386 1,379 245 244 229 232 889 899 8 7 102 110 1948—June. . . . 2,988 1,402 251 245 973 7 110 98 1 t $ , NOTE.—Figures represent gross insura d d t tk c c t f icipl e MARCH 1949 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. 291 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports 2 Merchandise exports 1 Month Excess of exports 1944 1945 1946 1947 '1,092 '1,086 '1,139 301 314 358 332 325 365 394 318 385 531 437 445 P545 1,294 1,414 1,235 '1,121 '1,102 '1,015 361 386 366 372 406 393 512 474 P528 P549 1,155 1,145 1,112 3'1.019 1,144 October N o v e m b e r . . . . 1,185 938 December. . . . 537 1,235 986 1 , 1 4 1 1,097 1,114 P1,021 Jan.-Dec 1944 1945 1946 1947 1948 January February March 1,124 1,107 1,197 903 887 1,029 798 670 815 1,114 1,146 1,326 April May June 1,231 1,455 1,296 1,005 1,135 868 757 851 878 1,197 July 1,191 August September. . . 1,194 895 738 514 826 883 643 455 639 737 14,259 9,806 332 1948 P582 P666 1945 1946 1947 823 793 839 571 561 664 405 352 431 583 709 882 639 764 870 1948 P547 P504 P473 1,069 965 351 457 508 496 782 940 P593 P553 P399 P599 P558 903 887 912 536 378 175 395 461 266 705 745 639 P461 P391 P597 P55O P721 815 862 602 109 314 439 142 508 567 743 687 511 P424 P27O 5,733 P 7 , O 7 O 10,339 5,659 4,831 360 382 463 358 361 339 431 422 377 450 400 473 P558 P82O Pi,284 294 304 282 329 323 336 347 325 298 394 478 529 492 455 603 9,740 14,430 P12.614 3,919 4,147 4,909 P990 P926 1944 P615 772 P368 8,696 P 5 , 5 4 4 Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p, nd January 1931, p. 18. REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS FREIGHT CARLOADING BY CLASSES [Index numbers, 1935-39 average = 100] Forest Total Coal Coke Grain Live- prod- Ore stock ucts Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Miscellaneous Merchandise I.C.I. 97 96 100 69 63 101 109 130 138 . . 137 98 111 123 135 138 102 137 168 181 186 107 101 112 120 146 96 96 91 104 117 100 114 139 155 141 110 147 183 206 192 101 110 136 146 145 140 143 185 139 124 143 180 147 135 132 143 138 134 130 147 141 172 146 182 183 151 138 150 136 125 129 107 88 129 143 153 149 169 136 181 190 142 139 148 146 67 69 78 75 68 SEASONALLY ADJUSTED 1947—October November. . . December. . . 1948—January February.... March April M^ay June July August September. . . October November. . . December. . . 1949—January UNADJUSTED 1947—October November. . . December. . . 1948—January February.... March April...: May June July August September. . . October November. . . December. . . 1949—January 145 147 149 144 139 130 130 141 139 138 142 139 140 137 137 156 160 155 155 150 98 105 163 153 144 153 149 147 138 131 192 152 195 145 191 138 183 131 178 103 162 109 137 123 185 129 187 144 183 158 194 144 192 127 194 150 198 155 192 147 104 105 96 84 76 79 105 96 86 86 80 85 93 90 85 131 130 189 125 156 150 139 133 129 122 128 143 144 143 146 150 151 141 128 156 188 152 160 195 142 155 201 130 155 193 1 3 1 150 188 101 98 163 100 105 134 108 163 183 113 153 183 147 144 177 189 153 187 156 149 190 142 147 190 150 138 198 152 131 201 138 120 130 r 198 125 147 163 150 163 158 190 153 156 140 195 146 195 141 213 139 213 150 191 165 185 162 182 152 182 149 178 144 178 139 201 149 151 156 152 146 150 145 143 140 141 145 144 145 144 148 75 75 74 '69 71 72 70 69 66 64 66 66 68 66 62 79 129 175 141 60 161 133 92 81 61 62 94 86 74 66 76 113 143 114 82 155 147 141 137 135 146 141 145 156 165 171 164 158 141 123 235 163 59 '39 49 57 212 277 296 296 273 273 240 196 62 163 158 147 139 137 142 143 144 144 142 146 156 159 149 139 76 116 44 129 78 77 71 65 69 73 70 69 66 63 67 70 71 68 60 57 Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 292 [In millions of dollars] Total Net Total railway railway operating railway operating expenses income Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Net income 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,628 8,687 P9.672 3,406 3,614 4,348 5,982 7,695 8,331 8,047 7,009 7,906 589 682 998 1,485 1,360 1,106 852 620 780 93 189 500 902 873 667 450 289 498 P8,669 PI.002 P711 1947—November. December. 786 806 708 722 78 83 47 50 1948—January... February.. March.-..., April May June July August September. October... November. December. 767 781 761 726 795 856 819 842 836 845 833 811 707 710 705 684 701 719 727 744 737 756 752 739 60 71 55 42 94 137 92 99 99 89 81 72 28 38 22 9 62 102 57 65 65 56 49 P39 756 804 690 »728 751 716 777 729 796 838 842 868 845 878 825 807 709 676 716 676 706 713 737 752 734 767 741 742 66 •77 41 39 61 53 90 125 105 116 111 111 84 65 SEASONALLY ADJUSTED UNADJUSTED 1947—November. December. 1948—January... February.. March.. . . April May June July August. . . September. October... November. December. r 60 19 18 35 27 64 94 76 86 83 84 62 P58 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 Phila- CleveYork* delphia land 2 Richmond Atlanta Chicago St. Louis Minne- Kansas Dallas City apolis San Francisco SALES' 1942 1943 1944 1945 1946 1947 1948 150 168 187 207 264 286 302 140 148 162 176 221 234 239 128 135 150 169 220 239 248 143 151 167 184 235 261 283 153 167 182 201 257 281 303 170 194 215 236 292 304 321 162 204 244 275 345 360 386 149 161 176 193 250 275 290 158 179 200 227 292 314 335 129 148 164 185 247 273 288 149 184 205 229 287 311 325 157 212 245 275 352 374 404 171 204 224 248 311 336 353 1948—January February March April May June July August September October November December 286 286 284 306 '310 '311 ••315 312 312 306 287 310 224 226 228 243 242 252 255 237 252 232 228 245 '241 241 '234 255 '262 '262 '259 256 '254 '252 229 '247 272 280 263 278 284 283 288 289 295 307 269 '287 284 284 270 295 320 306 313 308 316 316 293 317 '292 307 303 327 318 327 321 319 338 330 306 346 355 359 368 390 394 397 392 402 402 396 362 405 271 281 274 289 289 299 312 295 299 292 283 297 291 307 318 343 340 346 355 354 362 338 321 338 '285 267 278 283 306 291 294 292 291 311 279 281 '307 292 307 337 336 328 322 336 329 343 320 332 390 368 384 448 418 406 436 419 423 388 390 397 '347 327 339 362 365 372 365 383 355 336 363 '368 1949—January J>288 P246 243 279 303 304 359 271 290 P271 P280 377 333 225 238 285 288 300 289 243 259 319 328 357 495 170 174 228 231 240 242 176 175 260 258 285 428 '193 202 234 237 252 246 181 187 257 280 298 414 204 216 284 262 287 266 207 217 295 322 356 '480 216 233 284 280 304 288 244 268 320 338 366 491 '217 245 317 295 311 294 235 260 357 359 388 575 284 316 387 367 375 333 314 354 410 424 434 635 217 225 266 283 289 290 243 248 305 313 345 460 239 258 318 326 333 311 277 305 366 362 404 517 '213 206 263 284 294 277 238 261 316 343 334 431 '246 254 301 320 326 301 270 303 343 360 374 502 316 324 384 399 393 345 331 365 444 427 475 648 '280 295 326 333 339 338 311 338 355 346 391 '582 P227 PI 87 194 209 230 226 287 216 238 P2O3 P224 306 270 180 155 162 166 213 255 291 165 142 147 153 182 202 223 181 143 150 160 195 225 241 167 141 148 150 191 220 251 182 144 151 156 205 243 277 191 175 190 198 250 289 321 178 161 185 188 258 306 366 186 160 161 159 205 246 281 176 152 159 166 225 274 314 171 151 169 165 211 266 326 159 152 157 158 210 259 301 161 159 177 190 250 321 395 190 174 178 183 238 300 347 1948—January February March April May June July August September October November December 289 303 '311 '309 297 275 '269 '276 282 304 306 224 227 240 238 228 212 204 204 215 220 233 229 233 240 247 244 243 241 242 242 243 236 242 236 243 253 261 264 257 248 238 236 238 251 264 256 277 286 '290 '290 277 '267 '258 '261 '265 265 302 295 332 339 334 340 337 304 308 289 297 311 339 335 345 378 370 379 368 343 333 330 348 362 402 450 274 290 304 293 289 275 264 257 264 276 296 295 309 331 329 331 313 302 293 292 302 317 325 329 310 324 343 363 333 325 321 310 316 310 325 335 '3O7 329 353 325 315 300 265 262 274 278 305 321 385 424 420 422 417 396 358 364 378 370 402 419 360 377 388 386 347 335 328 302 312 329 356 365 1949—January P2S6 218 228 235 P274 318 360 283 303 P310 384 338 253 279 303 308 297 278 274 287 304 318 330 262 199 214 233 233 226 204 198 215 232 249 265 206 205 232 254 251 247 228 215 242 256 267 278 215 '212 246 261 270 259 235 226 245 262 287 290 218 243 266 287 295 280 262 257 275 290 305 319 245 283 320 333 342 330 291 304 325 333 355 360 279 311 352 370 376 357 346 343 356 383 406 422 366 236 264 294 293 289 270 258 275 293 309 326 265 265 298 319 331 313 302 305 318 336 355 347 276 282 309 345 347 331 315 326 329 341 345 347 294 '265 296 317 315 309 300 295 293 307 317 326 263 346 377 399 409 396 384 387 411 423 419 431 352 317 331 360 381 360 341 347 332 352 364 377 299 P25O 196 201 205 P240 271 324 244 260 P282 P275 345 297 SEASONALLY ADJUSTED UNADJUSTED 1948—January February March April May June July August September October November December 1949—January STOCKS 3 1942 1943 1944 1945 1946 1947 1948 SEASONALLY ADJUSTED ••284 UNADJUSTED 1948—January February March April May June July August September October November December 1949—January « figures tor sales are the average per trading day, while those for stocks are as or the end oi 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 line 1946. nn. 588-612. MARCH 1949 293 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Number of stores report- Department Stocks (end of mo.) Sales during period Ratio of stocks xto sales Index numbers without seasonal adjustment 1941 average monthly sales =100 December Sales during period ing Year 1948 Dec. 1948 1948 1947 +6 +7 4-5 +4 +6 +7 -2 1 4 1 4 1.5 GRAND TOTAL—entire store > MAIN STORE—total 360 +2 +4 360 +1 +3 Piece goods and household textiles 316 Piece goods Silks, velvets, and synthetics Woolen dress goods Cotton wash goods Household textiles Linens and towels Domestics—muslins sheetings Blankets, comforters, and spreads 296 188 163 182 311 280 241 242 Small wares 348 207 243 332 325 206 259 75 Laces, trimmings, embroideries, and ribbons Notions Toilet articles, drug sundries Silverware and jewelry Silverware and clocks* Costume jewelry* .. . Fine jewelry and watches* Art needlework Books and stationery Books and magazines Stationery Women's and misses' apparel and accessories. Women's and misses' ready-to-wear accessories.. Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery Underwear, slips and negligees Knit underwear Silk and muslin underwear and slips Negligees, robes, and lounging apparel Infants' wear . . . Handbags and small leather goods Women's and children's shoes Children's shoes* Women's shoes* . . . . Women's and misses' ready-to-wear apparel Women's and misses' coats and suits Coats* Suits* Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear Women's and misses' dresses Inexpensive dresses* Better dresses* Blouses, skirts, and sportswear Aprons, housedresses, and uniforms . . . Furs Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers . . . Housef urnishings Furniture and bedding ]VIattresses springs and studio beds4 Upholstered and other furniture* Domestic floor coverings Rugs and carpets* Linoleum* Draperies, curtains, and upholstery Lamps and shades . . . . . China and glassware Major household appliances Housewares (including minor appliances) Gift shop* Radios, phonographs,records, and instruments 4 .. Radios and phonographs* Records, sheet music, and instruments 4 Miscellaneous merchandise d e p a r t m e n t s . . . . . . T o y s , games, sporting goods, a n d cameras Toys and games S p o r t i n g goods a n d c a m e r a s . . . . Luggage Candy* —6 -5 —8 -8 1 4-1 0 +9 -3 +2 +5o +1 +1 +1 354 349 254 287 250 332 340 252 208 222 357 347 218 212 292 292 318 348 258 265 346 294 276 334 250 316 301 192 4-4 +8 4-1 232 338 342 +2 +1 +3 —3 -3 4-7 4-7 287 177 4-3 4-5 +1 245 276 136 357 357 313 12 -2 +4 +8 -1 0 o —1 +5 -j-4 o —3 -4 +5 0 —6 7 -6 —1 4-2 +3 4-7 -3 —2 4-3 1 4_2 —3 +3 + 10 + 12 —1 +7 +7 -|-7 o +9 + 17 -j-72 +6 + 11 4-14 +8 +8 4-4 + 1? +4 4-17 4-8 — 17 — M 4-s +4 +8 +3 302 _2 s 0 —8 —8 4-9 245 248 245 254 159 227 170 138 +1 —+5 37 319 295 228 138 259 +4 +5 +6 +2 188 0 0 +7 -8 -11 —9 +2 + 10 o —1 0 i_9 +2 -2 +1 +3 -10 —9 4-1 —3 4-5 +1 + 19 0 -4 2 —1 0 -fl —1 321 245 154 161 275 151 103 1948 Dec. 1948 +9 4-11 + 10 4-8 + 10 __ 7 +2 +2 -4 +3 +3 —9 —6 —8 - 7 —1 +20 +9 +9 + 15 -9 —2 —1 +6 +8 +3 + 19 +26 4-0 +1 +8 —6 +3 +7 +2 —8 — 10 + 13 +34 +4 +5 + 15 + 19 + 13 +20 +32 +31 4-1 -1 0 —5 +6 +20 +26 +3 —6 + 13 + 11 +9 0 -4 +7 4-8 1 +3 + 10 + 1, +9 + 1 +24 +2 —1 -8 +2 -17 J Stocks at end of month 1947 1948 1947 Dec. Nov. Dec. Dec. 1.4 384 260 381 587 738 548 2 7 3 2 2.9 3 1 3.8 2 4 2.1 3.6 2.3 2 5 2 9 2.6 2 7 3.6 2 3 2.1 2.9 2.3 266 232 273 724 734 691 1 3 2.1 1 8 1.3 1.2 1 7 0.7 1 8 2 4 0 9 0 9 0.9 1 3 2.1 1 9 L4 1.2 1 6 0.9 2 0 2 4 0 9 0.9 597 1.2 1.2 0 7 0 6 0 9 1.0 2 6 0 8 0.8 1 0 0 8 0.5 1 3 0 8 2 7 2 0 3 0 1.3 1.6 1 4 1.2 1.1 0 7 0 7 0 9 1.1 2 6 0 6 0^8 1 i 0 7 0.6 1 4 0 8 2 6 360 421 645 7 S 10 2 2 2 7 1.3 1.4 1 2 2 3 1.1 1 ? 1 i 1 3 1 i 1 4 1 > 1 6 1 9 Nov. Dec. 717 272 406 188 204 217 171 217 247 316 187 277 321 196 285 685 912 665 677 673 679 650 763 235 291 173 274 325 190 276 706 815 621 709 743 631 716 610 727 689 643 661 563 625 463 330 375 394 570 249 267 257 176 282 457 331 343 408 558 588 704 672 516 690 804 851 810 726 947 594 669 639 275 591 485 245 331 260 269 580 469 673 526 451 704 836 668 232 698 156 465 261 342 618 545 610 285 246 746 563 664 338 589 508 842 633 534 542 469 253 246 342 355 418 735 446 492 458 595 703 739 430 477485 719 151 454 132 882 178 489 144 521 668 214 455 519 436 265 184 230 221 194 293 311 282 478 262 484 668 783 710 260 494 573 449 591 467 598 488 800 345 825 859 385 655 813 886 434 661 228 214 724 482 447 285 348 787 581 931 349 736 296 259 260 354 288 236 396 411 479 446 386 345 401 337 326 312 714 492 464 286 298 348 374 315 425 402 578 453 353 203 460 235 469 314 741 354 422 378 492 304 421 258 197 276 163 168 404 253 248 485 361 426 600 421 552 473 379 469 1 i 1 o 0.8 1 4 1 9 502 299 263 242 478 284 602 711 872 897 531 537 484 594 2 8 4.2 3 1 4.3 4 0 3 9 5 4 2 9 1.7 2 9 3.7 1 .9 1.4 1.4 1.4 1.6 2 3 3.4 2 6 3.6 "> 8 7 8 3 9 2 9 1 .6 2 4 1.8 1.9 1.6 1.2 1 .1 1.4 0.7 0.6 0.4 1.3 1 4 0.8 0.6 0.4 0.4 1 1 1 1 1 1 1 1 2 .1 7 0 3 0 6 1 4 2 1 2 7 4 0*8 1 3 1 9 494 236 280 277 636 430 208 409 837 878 795 1,000 290 187 263 213 305 191 805 791 899 791 702 659 224 275' 243 901 902 667 709 785 662 464 421 245 404 344 254 450 559 936 0.3 1,227 768 1.4 1 3 525 271 326 232 255 309 239 398 328 406 448 315 538 504 892 684 1,162 751 401 538 231 503 599 674 814 981 1,091 922 930 855 1,026 749 692 614 808 715 833 420 403 702 517 561 1,139 454 1,217 347 998 1,664 1,014 962 708 688 For footnotes see following page. 294 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change from a year ago (value) Number of stores reporting Department Sales during period B A S E M E N T S T O R E — t o t a l 4 . . . . . . Women's a n d misses' ready-to-wear Intimate apparel 4 . Coats and suits4 Dresses4 .. Blouses, skirts, and sportswear3 Girls' wear4 Infants' wear4 . . . +7 +2 +9 Men's and boys' wear Men's wear4 Men's clothing4 Men's furnishings4 Boys' wear4 . ... 161 138 91 110 114 +9 +9 + 14 +8 + 11 +7 +9 +8 + 11 +9 + 12 2 +6 +5 136 Housef urnishings 104 Shoes 132 NONMERGHANDISE—total4 176 Barber and beauty shop4 Year 1948 + 10 +3 +13 + 13 + 18 + 17 + 15 + 11 +8 +9 +9 +12 +8 +8 +4 201 197 168 178 171 152 120 112 . . . Index numbers without seasonal adjustment 1941 average monthly sales—100 December Sales during period 1948 Dec. 1948 Domestics a n d blankets Stocks (end of mo.) Ratio of stocks to sales x 81 +14 +8 + 13 +8 Dec. 1948 1948 2 Stocks at end of month 1947 1947 1948 1947 Dec. Nov. Dec. Dec. Nov. Dec. 340 251 317 384 506 384 -1 1.1 1.2 +2 +1 +4 +9 2 1 2 1 0.9 1.0 1 2 0.8 0.8 0.8 1.0 1.0 1.0 1 2 0.9 1.0 0.9 1.0 337 255 310 310 433 307 1.0 1.0 1.6 0.8 1.0 489 287 449 440 649 462 -8 -9 0 9 0.9 1.5 0.7 0.8 -3 —9 +2 -5 -4 +2 -2 1.9 1.9 236 257 240 .41 519 417 +2 1.8 1.9 251 171 235 461 595 454 « « « . 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 293. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. WEEKLY SALES, STOCKS, AND OUTSTANDING ORDERS AT 296 DEPARTMENT STORES \ 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 average average average average average average average average average average Outstanding orders (end of month) Sales (total for month) Stocks (end of month) 128 136 156 179 204 227 255 318 336 351 344 353 419 599 508 534 563 714 824 910 108 194 263 530 560 729 909 552 466 '269 263 355 331 339 336 268 295 357 387 411 594 '78O 878 941 938 919 859 827 893 944 1,058 1,053 818 '629 575 420 356 339 462 551 545 539 507 379 292 ^266 P78O P390 Apr. May June July Aug. 1948—January February March April May June July August September... . October November.. . . December.... 1949—January 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 MARCH 1949 OF SALES 1935-39 average =100] Without seasonal adjustment Amount (In millions of dollars) Year or month INDEX [Weeks ending on dates shown. Sept. 1947 5... 12... 19... 26... 3... 10... 17... 24... 31... 7... 14... 21... 28... 5.'.. 12... 19... 26... 2... 9... 16... 23... 30... 6... 13... 20 27.'!! . .319 Apr. . .265 . .271 ..267 . .279 M a y . .311 . .273 ..277 . .250 . .293 June ..300 . .256 ..245 . .208 July . .228 ..217 . .213 . .220 . .223 Aug. . .225 ..243 ..277 ..265 Sept. ..291 . .301 '. !316 1948 3 10.... 17 24.... 1 8 15 22.... 29 5 12.... 19 26.... 3.... 10.... 17 24.... 31 7 14.... 21.... 28 4.... 11 18 25!!!. .280 .298 .294 .296 .300 .330 .293 .295 .297 .282 .304 .310 .262 .265 .217 .236 .231 .235 .261 .258 .271 .255 .308 .285 337 ^319 Oct. 1947 4... 11... 18... 25... Nov. 1 . . . 8... 15... 22... 29... 6... Dec. 13... 20... 27... . .326 Oct. ..304 . .299 ..306 . .313 . .347 Nov. ..380 . .395 . .367 . . 508 Dec. ..570 . .576 ..358 1948 3... 10... 17... 24... 31... 7... Feb. 14... 21... 28... Mar. 6 13..! 20... 27... 1949 1. . . ..204 . .204 Jan. 8 . . . ..272 . .251 1 5 . . . ..244 . .232 22. . . . .230 . .226 2 9 . . . .'218 ..233 5 . . . . .229 . .240 Feb. 12... . .238 ..238 1 9 . . . ..227 . .249 2 6 . . . . .232 . .248 . .266 Mar. 5 12... . .279 19... ..313 26. ..331 Jan. 1948 2... 9... 16... 23... 30... 6... 13... 20... 27... 4... 11... 18... 25... ..327 ..336 . .331 ..344 ..319 . .320 . .346 ..371 . .347 ..485 ..564 . .576 ..473 r Revised. NOTE.—Revised series. For description and back figures, see pp. 874-875 of BULLETIN for September 1944. 295 DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Jan. Dec. Year 1949 1948 1948 Jan. Dec. Year 1949 1948 1948 Jan. Dec. Year 1949 1948 1948 United States.. P-4 r+2 +6 Cleveland-cont. Erie1 +8 Boston P+4 1 +2 +2 Pittsburgh . . . . +9 New Haven. . . . -5 1 0 Wheeling +9 Portland -9 -3 + 1 -2 Boston A r e a . . . . +8 +3 0 Richmond l Downtown Washington .. . +2 +2 Boston +8 +3 Baltimore Springfield +5 +3 +3 Hagerstown. . . . —6 Worcester +3 +6 Raleigh, N . C . . +2 Providence + 1 +3 +2 Winston-Salem. - 4 S.C. +5 New York x -3 +1 +2 Charleston, +4 Columbia + 13 Bridgeport .. . . -1 -1 Greenville, S. C. +9 Newark 1 0 +3 -5 Lynchburg -8 Albany + 15 +5 +7 Norfolk +1 Bingham ton.... +4 +9 + 11 Richmond l -6 Buffalo +4 +6 +9 Charleston, Elmira -6 +8 +6 Niagara Falls.. 1. +4 +3 +6 w. y a -1 New York City 0 -5 Huntington Poughkeepsie.. . P-3 +4 +3 +3 Atlanta +9 x Rochester l +3 + -3 Birmingham . . P - 213 Schenectady. . . 6 +3 + 10 ++9 Mobile 10 Syracuse x -2 + 1 -5 Montgomeryx l. . -12 Utica +5 + 1 +4 ... +6 Jacksonville -1 Philadelphia... Miamix +5 +5 ++9 Trenton x l Orlandox 12 +3 +5 +7 T a m p a Lancaster -14 x -4 +3 +7 Atlanta i Philadelphia .. —4 Reading1 Augusta + 1 -6 +8 c Wilkes-Barre l.. -3 + 1 +9 Columbus x 1 4 York i Macon + 11 + 10 +5 -4 Rome +3 Cleveland +2 -2 +6 +7 Savannah Akron 1 -2 +7 Baton Rouge xx .. Canton * l +2 +8 + 12 New +3 Orleans . . + 1 x Cincinnati . . . . -2 +6 + 16 Cleveland * +2 +2 +8 Jackson -11 Columbus *x +8 +6 + 11 Meridian -4 Bristol 0 +3 Chattanooga x Springfield ... . -6 -2 . . 1 +6 + 10 x Toledo 0 +24 Knoxville 1 Youngstown 1. . +5 + 10 + 11 Nashville +3 -11 Chicago +5 0 0 +2 r+6 +5 +5 -2 +3 +9 +6 +2 + 7 + 14 +6 +7 + 11 + 1 ++6 11 +3 0 +7 + 19 + 17 +2 + 11 +3 +8 +3 + 11 +3 + 9 +6 +6 0 -6 -1 +5 0 -2 v-5 +6 Chicagox l 0 P-15 +8 Peoria 1 + 7 Fort Wayne x.. p-10 + 18 +4 + 1 +70 -4 +3 + 13 -6 -10 2 —2 +4 +7 + 10 + 10 +5 + 11 + 13 + 11 -1 2 +2 +3 -3 +2 + 18 +22 2 +5 Indianapolis ., -1 Terre Haute K -6 Des Moines. . . -10 D e t r ol i t x -3 Flint P+2 Grand Rapids. P - 1 0 Lansing -10 Milwaukee l... -3 Green Bay 1... -7 Madison -1 St. Louis p-5 Fort Smith -4 Little Rock i. , P-2 Q Evansville.x . . Louisville .. . . 2 Quincy -14 East St. Louis -16 St. Louis i. . . , -8 St. Louis Area -9 Springfield P 30 + 10 Memphis l. . . P-9 Minneapolis. l -4 Minneapolis . St. P a u l 1 Duluth-3 Superior l. . . Kansas City. . p-13 -5 Denver (2) Pueblo 2 6 Hutchinson. . -18 Topeka 6 Wichita -16 Kansas City.. -27 Joplin -16 St. Joseph. . . -18 Lincoln 9 Omaha Jan. Dec. Year 1949 1948 +1 +6 0 +2 -2 +4 +7 +5 +4 +9 + 13 +7 +4 +7 +7 +3 +9 +6 +1 +7 0 +4 +6 + 10 +6 + 10 +4 +11 0 +7 + 13 +8 +6 +9 +7 + 18 +4 +9 +2 +7 + 1 + 13 -4 +6 -3 +6 - 1 0 1 +2 +4 +6 +2 +6 +1 +7 -4 +2 Kansas City— cont. Oklahoma City. Tulsa 0 -7 +6 + 12 -7 +2 +9 +6 + 11 + 17 -13 +4 + 1 -10 0 +4 -7 +3 +6 +2 +6 +20 -14 -1 +7 +5 San Francisco.. 0 P-9 l +6 Phoenix . . . . . . . - 1 5 -1 +2 Tucson 0 3 1 + 11 Bakersfield 7 +9 Fresno x -15 +5 +5 Long Beach 11 .. . P - 8 +2 +3 -1 Dallas Shreveport Corpus Christi.. Dallas i Fort W oxr t h . . . . Houston San A n t o n i o . . . . +4 + 10 -1 +5 -1 +3 -4 +9 +12 +8 +4 +8 + 11 + 10 +5 -2 +4 -6 -9 -25 -15 -3 + 1 +7 +3 +5 Los Angeles .. . p - 6 -2 Oakland and -2 Berkeley 1 +3 +6 Riverside and San Bernardino - 1 2 +5 +3 Sacramentox x. . . -4 +3 +9 San Diego . . .1 . +7 0 0 San Francisco . +5 +3 +6 San Jose l 1 0 +6 +4 -4 +6 Santa Rosa . . . +6 P - 9 Stockton +6 +4 Vallejo land -22 -21 -10 Napa Boise and -4 P-19 - 1 0 Nam pa +7 0 Portland P-13 +2 Salt Lake City K P - 1 6 +2 -4 Bellingham 1. . . - 2 1 0 -2 -26 -12 E v e r e t tx1 Seattle x P - 1 0 +4 +3 +2 -13 -1 Spokane l - 6 -15 P-14 Tacoma l +3 Yakima P-13 - 2 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. D a t a not available. 1 2 COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average=100] Year or month 1929 1933.... 1940 1941 1942 1943 1944 1945 1946 1947 1948 . .. . . . . . . 1948—January February ]Viarch April May June July August September October November December 1949—January . . . .. All items Food Apparel Rent Fuel, electricity, and refrigeration House furnishings Miscellaneous 122.5 132.5 115.3 141.4 112.5 111.7 104.6 92.4 84.1 87.9 100.7 100.0 84.2 98.4 100.2 105.2 116.5 123.6 125.5 128 4 139.3 159.2 171 2 96.6 105.5 123.9 138.0 136.1 139.1 159.6 193.8 210.2 101.7 106.3 124.2 129.7 138.8 145.9 160.2 185.8 198.0 104.6 106.2 108.5 108.0 108.2 108.3 108.6 111.2 117.4 99.7 102.2 105 4 107.7 109.8 110.3 112.4 121.2 133.9 100.5 107.3 122.2 125.6 136.4 145.8 159.2 184.4 195.8 101.1 104.0 110.9 115.8 121.3 124.1 128.8 139.9 149.9 168.8 167.5 166 9 169.3 170.5 171.7 173.7 174 5 174.5 173.6 172.2 171.4 209.7 204.7 202.3 207.9 210.9 214.1 216.8 216.6 215.2 211.5 207.5 205.0 192.1 195.1 196 3 196.4 197.5 196.9 197.1 199.7 201.0 201.6 201.4 200.4 115.9 116.0 116.3 116.3 116.7 117.0 117.3 117.7 118.5 118.7 118.8 119.5 129.5 130.0 130 3 130.7 131.8 132.6 134.8 136 8 137.3 137.8 137.9 137.8 192.3 193.0 194.9 194.7 193.6 194.8 195.9 196.3 198.1 198.8 198.7 198.6 146.4 146.4 146.2 147.8 147.5 147.5 150.8 152.4 152.7 153.7 153.9 154.0 170.9 204.8 196.5 119.7 138.2 196.5 154.1 Back figures.—Bureau of Labor Statistics, Department of Labor. 296 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week All commodities Farm products Foods 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 98.8 103.1 104.0 105.8 121.1 152.1 165.0 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 82.4 105.9 122.6 123.3 128.2 148.9 181.2 188.3 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 70.4 71.3 82.7 99.6 106.6 104.9 106.2 130.7 168.7 179.1 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 95.5 96.9 98.5 99.7 109.5 135.2 150.7 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 73.8 84.8 96.9 97.4 98.4 100.1 116.3 141.7 148.6 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 71.7 76.2 78.5 80.8 83.0 84.0 90.1 108.7 134.1 1948—January... February. March.... April May June July August. . . September October... November December. 165.7 160.9 161.4 162.8 163.9 166.2 168.7 169.5 168.7 165.2 '164.0 162.3 199.2 185.3 186.0 186.7 189.1 196.0 195.2 191.0 189.9 183.5 180.8 177.3 179.9 172.4 173.8 176.7 177.4 181.4 188.3 189.5 186.9 178.2 174.3 170.2 148.3 147.6 147.7 148.7 149.1 149.5 151.1 153.1 153.3 '153.2 '153.5 153.0 148.4 148.9 149.8 150.3 150.2 149.6 149.4 148.9 147.9 146.9 '147.5 146.7 1949—January... 160.6 172.5 165.8 152.9 146.0 Week ending:1 1949—Jan. 4... Jan. 1 1 . . . Jan. 18... Jan. 2 5 . . . Feb. 2 . . . Feb. 9 . . . Feb. 16... Feb. 2 3 . . . 161.3 160.5 159.3 158.8 158.8 156.9 158.5 158.5 175.5 174.3 170.1 167.9 168.9 162.5 168.9 169.6 168.1 164.4 161.9 159.2 158.6 156.9 159.0 160.8 Annual Fuel Metals Textile and and prod- lighting metal ucts mate- products rials Total 145.1 144.3 144.2 143.6 143.5 143.1 143.0 142.2 152.6 152.9 153.0 153.6 153.5 152.9 152.9 152.2 1948 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 1948 Jan. Dec. Manufactured products 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 77.3 82.0 89.7 92.2 93.6 94.7 100.3 115.5 120.5 97.5 84.3 65.6 55.1 56.5 68.6 77.1 79.9 84.8 72.0 70.2 71.9 83,5 100.6 112.1 113.2 116.8 134.7 165.6 178.4 94.5 88.0 77.0 70.3 70.5 78.2 82.2 82.0 87.2 82.2 80.4 81.6 89.1 98.6 100.1 100.8 101.8 116.1 146.0 150.4 141.3 141.8 142.0 142.3 142.6 143.2 144.5 145.4 146.6 147.5 148.2 148.4 123.6 120.1 120.8 121.8 121.5 121.5 120.3 119.7 119.9 119.0 119.2 118.5 183.9 174.9 174.7 175.5 177.6 182.6 184.3 182.0 181.0 177.0 175.2 172.1 157.8 154.5 155.8 157.6 158.5 159.6 162.6 164.6 163.9 160.2 158.7 157.5 148.2 117.3 169.3 156.3 Hides Chemi- Houseand cals and furleather allied nishing prodproducts ucts goods Miscellaneous 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 99.4 103.8 103.8 103.8 104.7 115.5 145.0 163.6 95.4 89.9 79.2 74.1 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.8 103.2 110.2 111.4 115.5 117.8 132.6 179.7 199.0 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 100.8 108.3 117.7 117.5 116.7 118.1 137.2 182.4 188.0 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.4 95.5 94.9 95.2 95.2 101.4 127.3 135.1 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94.3 102.4 102.7 104.3 104.5 111.6 131.1 144.5 130.0 130.8 130.9 131.6 132.6 133.1 135.7 136.6 136.7 137.2 137.3 137.0 154.3 155.3 155.9 157.2 157.1 158.5 162.2 170.9 172.0 172.4 173.3 173.8 193.3 192.7 193.1 195.0 196.4 196.8 199.9 203.6 204.0 203.5 203.0 202.1 137.0 175.9 202.2 200.3 138.8 192.8 134.6 185.4 136.1 186.1 136.2 188.4 134.7 187.7 135.8 189.2 134.4 188.4 132.0 187.5 133.3 185.5 r 134.8 186.2 133.9 185.3 n30.6 184.8 125.7 137.1 137.1 137.1 138.0 138.0 138.0 138.0 135.9 175.2 175.3 175.3 177.9 178.3 178.3 178.1 178.1 198.7 200.9 201.8 200.8 200.8 200.4 201.3 201.3 Jan. 210.8 199.2 256.3 171.1 167.7 210.4 225.1 232.9 204.6 194.7 154.6 162.1 162.4 161.4 159.4 161.0 155.8 136.8 213.2 148.1 179.3 155.7 143.4 236.5 147.6 183.9 170.1 140.7 222.3 155.0 '171.2 149.8 139.8 220.8 140.9 163.6 148.0 145.3 214.2 134.4 177.4 209.8 190.9 139.3 189.7 209.8 188.2 149.5 194.3 238.9 209.4 143.8 188.0 197.2 186.5 148.6 187.8 198.7 185.4 145.4 135.6 200.6 100.6 73.3 37.0 130.5 174.3 147.5 207.1 104.7 46.4 41.2 147.7 182.9 143.4 214.8 104.4 46.4 40.7 141.9 181.2 148.8 189.2 '103.7 46.4 41.8 '159.6 190.0 147.7 186.9 102.5 117.6 157.6 166.6 65.0 85.0 90.2 130.3 124.2 136.4 137.7 187.0 176.8 194.9 195.6 207.1 190.6 219.0 220.5 66.4 84.5 91.0 120.7 122.0 121.3 122.1 41 161.6 189.0 All other 132.8 133.5 133.6 133.5 132.9 131.4 131.0 131.2 Annual 1949 Subgroups 1947 Raw materials Building materials Subgroups Metals and Metal Products: Agricultural mach. & equip. 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. . . Chemicals 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 1948 1949 1947 1948 Jan. Dec. Jm. 121.1 122.5 133.7 153.6 140.3 125.4 134.9 136.9 155.2 168.0 157.5 147.8 128.6 130.0 144.6 161.6 145.5 138.8 144.1 146.5 165.4 175.6 172.5 157.3 144.0 146.5 169.1 176.8 172.5 156.9 140.0 115.7 277.6 162.6 125.4 134.5 147.4 156.3 130.5 312.2 159.8 147.8 163.7 167.6 150.9 126.5 307.3 163.2 138.8 143.0 157.9 162.4 134.0 299.1 166.3 156.9 178.8 179.1 118.7 159.1 105.6 97.5 187.9 126.1 153.3 116.1 105.0 205.0 125.8 154.4 115.7 102.4 236.7 160.5 133.5 '305.5 161.5 157.3 178.8 176.9 rl22.4 151.4 120.1 108.3 179.4 121.2 150.3 120.8 108.7 146.1 137.6 148.3 143.8 153.6 153.6 130.5 140.8 139.1 143.1 142.7 63.6 64.8 63.4 66.2 65.5 249.9 253.6 336.0 217.1 212.0 155.1 168.5 168.1 169.5 168.3 44-2 44.9 44.7 38.9 39.5 123.9 130.6 130.7 129.5 128.1 r Revised. Weekly indexes are based on an abbreviated sample not comparable with monthly data. Backfigures.—Bureauof Labor Statistics, Department of Labor. 1 MARCH 1949 297 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates by quarters Annual totals 1947 1929 1933 1939 1941 1944 1946 1947 4 Gross national product 103.8 55.8 7.2 8.8 Less: Capital consumption allowances 7.1 Indirect business tax and related liabilities. 7.0 .7 .6 Business transfer payments 1.2 -.1 Statistical discrepancy Plus: Subsidies less current surplus of govern-.1 ment enterprises (x) 87.4 39.6 Equals: National income . . Less: Corporate profits and inventory valuation 10.3 —2.0 adjustment .2 .3 Contributions for social insurance 0 .0 Excess of wage accruals over disbursements. 1.5 .9 Plus* Government transfer payments 1.0 1.2 Net interest paid by government 5.8 2.1 Dividends . •. .6 .7 Business transfer payments 85.1 46.6 Equals * Personal income 2.6 Less: Personal tax and related payments 1.5 1.3 .5 Federal 1.4 1.0 State and local . . . . 82.5 45.2 Equals: Disposable personal income 78.8 46.3 Less: Personal consumption expenditures 3.7 - 1 . 2 Equals: Personal saving 1948 1948 1 2 3 4 90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9 8.1 9.4 .5 .5 9.3 11.3 .5 .5 11.9 14.0 .5 4.1 11.8 17.5 .6 1.0 13.3 18.5 .6 -3.4 14.4 19.8 .6 -4.4 13.8 19.4 .6 -3.3 14.0 19.1 .6 -2.9 14.3 19.7 .6 -5.2 14.6 20.0 .6 -5.1 14.9 20.3 .6 4.0 -.1 .0 .5 .7 -.2 .1 .9 -.4 -.2 .2 .2 72.5 103.8 182.4 179.3 202.5 224 4 212.8 213.9 222.3 228.2 233.2 5.8 14.6 2.1 .0 2.8 .0 2.5 1.2 3.8 .5 72.6 2.4 1.2 1.2 70.2 67.5 2.7 2.6 1.3 4.5 .5 24.0 5.2 — .2 3.1 2.8 4.7 .5 16.8 24.7 29 2 27 5 25 3 29 6 5.9 .0 5.6 .0 5.1 .0 5.1 0 5.0 1 5.0 10.8 4.5 5.6 11.1 4.4 6.9 10.5 4.6 7.8 10.6 4.5 71 11.0 4.5 74 10.7 4.5 74 .6 .6 .6 .6 .6 .6 30 2 5.2 — 1 10.3 4.6 77 .6 na 5.1 — i 9.9 4.6 8 3 .6 95.3 164.5 178.1 195.2 213.6 203.1 207.0 210.8 216.3 219.6 3.3 18.9 18.9 21.6 21.0 22.2 23 0 20.6 20 0 20 2 2.0 17.5 17.2 19.7 18.9 20.2 21.0 18.5 17.9 18.0 1.3 1.4 2.1 2.1 1.7 2.1 2.1 2.0 2.0 22 92.0 145.6 159.2 173.6 192.6 180.9 183.9 190.2 196.2 199.4 82.3 110.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0 9.8 34.2 11.8 8.8 14.9 9.7 11.4 12.9 16.1 18.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1948 National income Compensation of employees 2 Wages and salaries 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 1939 1946 1947 1929 1933 87.4 39.6 72.5 103.8 182.4 179.3 202.5 224.4 212.8 213.9 222.3 228.2 233.2 50.8 50.2 45.2 .3 .6 19.7 8.3 5.7 5.8 4.6 29.3 28.8 23.7 .3 4.9 .5 7.2 2.9 2.3 2.0 47.8 45.7 37.5 .4 7.8 2.1 14.7 6.8 4.5 3.5 64.3 121.1 117.3 127.5 139.4 132.2 134.0 136.3 142.4 144.7 61 116.9 111.7 122.2 134.4 127.1 129.1 131.3 137.4 139.6 51.5 83.3 91.0 104.7 115.6 109.5 111.4 113.2 118.2 119.6 1.9 20.7 3.9 7.8 3.4 3.5 3.5 3.5 3.6 3.7 8.3 12.8 12.9 13.6 15.2 14.0 14.2 14.6 15.6 16.2 2.6 5.6 4.2 5.3 5.0 4.9 5.0 5.0 5.1 5.1 20.8 34.1 41.8 46.0 50.9 48.6 49.9 51.6 50.6 51.4 9.6 15.4 20.4 23.2 25.2 24.7 24.8 25.3 25.2 25.6 6.9 17.6 18.9 18.1 18.4 11.9 14.6 15.6 18.2 16 7.1 6.7 7.4 7.4 7.4 4.3 7.4 7.5 6.7 7.4 10.3 9.8 1.4 8.4 .5 6.5 -2.0 .2 .5 -.4 -2.1 5.0 5.8 6.5 1.5 5.0 -.7 4.2 14.6 17.2 7.8 9.4 -2.6 4.1 24.0 24.3 13.5 10.8 -.3 3.1 16.8 21.8 9.0 12.8 -5.0 3.4 24.7 29.8 11.7 18.1 -5.1 4.3 1948 29.2 32.2 12.5 19.7 -3.0 4.9 27.5 32.4 12.7 19.7 -4.9 4.5 25.3 30.5 11.8 18.7 -5.3 4.7 29.6 32.1 12.5 19.6 -2.5 4.8 30.2 34.0 13.3 20.8 -3.9 5.0 n.a. n.a. n.a. n.a. -.4 5.2 n.a. Not available. Less than 50 million dollars. Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period 1929-43, and quarterly data for 1939,1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. 1 2 298 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME- -Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annua totals 1947 1929 1933 1939 1941 1944 1946 1947 4 Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction l 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 1948 1948 2 1 4 3 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9 78.8 9.4 37.7 31.7 15.8 7.8 6.4 1.6 .8 46.3 3.5 22.3 20.6 1.3 1.1 1.8 67.5 6.7 35.3 25.5 9.0 4.0 4.6 4 8.5 1.3 }l.3 7.2 —1 6 82.3 111.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0 9.8 6.9 16.2 21.0 22.7 22.1 21.3 22.8 23.7 22.9 44.0 67.5 87.5 96.5 103.6 100.2 101.4 103.7 104.3 105.1 28.5 37.0 43.6 47.3 51.4 48.8 49.8 50.8 52.1 53.0 17.2 6.4 26.5 30.0 39.7 35.4 38.0 38.0 40.2 42.8 11.7 5.7 14.6 14.0 14.3 14.4 14.8 14.7 8.9 2.3 7.7 12.8 17.8 21.4 18.9 19.8 21.0 21.9 22.7 5.4 6 3 9 —1 4 5.3 3 8 2 5 4 8 3 9 3.5 2 6 -.3 — .4 4.7 8.9 3.9 2.7 1 5 8 2 1.1 - 2 . 1 .2 .9 8.0 2.0 2.0 f3) 5.9 13.1 5.2 1.3 3 9 24.7 16.9 13.8 3 2 7.9 7.8 96.5 89.0 88.6 1 6 1.2 7.5 30.8 28.0 20.8 15.6 21.2 2 5 }l6.9 2.9 J 1.3 10.0 12.3 36.0 -21.5 .6 15.1 29.0 15.5 16.3 .8 13.5 30.5 33.9 38.2 ^19.8 .7 14.8 *22.9 .2 15.5 41.5 C 25.2 1.2 13.7 '25.4 .2 16.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Year or month Personal income Wage and salary disbursements Total receipts4 Commodity Distributive Service produc- indusindusing intries tries dustries Total disbursements Government Dividends ProLess emand prietors' Other ployee perand labor 5 contrisonal rental butions income income6 interest for income social insurance NonTransagriculfer tural pay- 7 ments income1 1929.. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 74.0 68.3 72.6 78.3 95.3 122.2 149.4 164.5 170.3 178.1 195.2 213.6 45.4 42.3 45.1 48.9 60.9 80.5 103.5 114.8 115.2 109.8 120.1 132.3 45.9 42.8 45.7 49.6 61.7 81.7 105.3 117.1 117.5 111.7 122.2 134.4 18.4 15.3 17.4 19.7 27.5 39.1 48.9 50.3 45.8 46.1 54.6 60.6 13.1 12.6 13.3 14.2 16.3 18.0 20.1 22.7 24.8 31.2 35.0 38.9 6.9 6.7 6.9 7.3 7.8 8.6 9.5 10.5 11.5 13.8 15.1 16.1 7.5 8.2 8.2 8.5 10.2 16.1 26.9 33.5 35.5 20.7 17.4 18.7 .6 .6 .6 .7 .8 1.2 1.8 2.2 2.3 2.0 2.1 2.1 .5 .5 .5 .6 .6 .7 .9 1.3 1.6 1.6 1.8 2.0 15.4 14.0 14.7 16.3 20.8 28.1 32.1 34.1 36.0 41.8 46.0 50.9 10.3 8.7 9.2 9.4 9.9 9.7 10.0 10.6 11.4 13.5 15.6 17.3 2.4 2.8 3.0 3.1 3.1 3.2 3.0 3.6 6.2 11.4 11.7 11.1 66 5 62.1 66.3 71.5 86.1 108.7 134.3 149.0 154.3 159.4 174.9 '190.5 1948—January February March April May June July August September. . . . October November. . . . December 208.8 206.4 205.7 208.6 209.2 214.4 214.8 216.7 217.3 218.5 219.9 221.0 127.4 126.8 126.6 126.8 129.0 131.4 133.4 135.9 136.7 137.5 138.0 137.7 129.6 128.8 128.7 128.8 131.0 133.6 135.6 138.0 138.9 139.6 140.1 139.9 58.9 57.8 57.7 57.3 58.5 60.4 60.9 62.3 63.0 63.0 63.8 63.6 37.5 37.8 37.6 37.8 38.6 38.8 39.5 40.0 40.0 40.2 39.7 39.8 15.5 15.6 15.6 15.9 15.9 16.1 16.4 16.5 16.4 16.6 16.6 16.6 17.7 17.6 17.8 17.8 18.0 18.3 18.8 19.2 19.5 19.8 20.0 19.9 2.2 2.0 2.1 2.0 2.0 2.2 2.2 2.1 2.2 2.1 2.1 2.2 1.9 2.0 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.1 51.8 49.6 48.4 51.2 50.4 53.0 51.7 50.3 50.4 50.7 51.4 52.1 16.5 16.6 16.6 16.7 16.8 16.9 17.0 17.3 17.5 17.8 18.1 18.4 11.2 11.4 12.2 11.9 11.0 11.1 11.1 11.1 10.6 10.4 10.3 10.7 184.3 184.3 185.1 185.3 186.6 189.7 191.3 193.8 195.0 195.6 196.3 197.4 1949—January^ 220.8 136.0 138.3 62.4 39.4 16.5 20.0 2.3 2.1 53.0 18.6 11.1 195.7 c r P Preliminary. Corrected. Revised. Includes construction expenditures for crude petroleum and natural gas drilling. Consists of sales abroad and domestic sales of surplus consumption goods and materials. Less than 50 million dollars. 1 2 8 aluation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well 8as consumer bad debts and other business transfers. Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as for preceding page. MARCH 1949 299 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Total consumer credit End of year or month Instalment credit Sale credit Total instalment credit Total Automobile Other Loans l Singlepayment loans 2 Charge accounts Service credit 1929 7,628 3,158 2,515 1,318 1,197 643 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 776 1,081 467 7,047 7 969 9,115 9,862 6,452 5 310 5,747 6,598 10,101 13,426 15,924 3,595 4,424 5,417 5,887 2,922 1,933 2,005 2,325 3,910 6,187 8,196 2,313 2,792 3,450 3,744 1,491 1,267 1,729 1,942 482 970 1,343 1,525 1,721 1,802 1,009 523 533 560 639 635 903 1,558 2,839 4,095 175 200 227 544 1,151 1,961 1.487 1,544 L.650 1,764 1,513 L 498 L.758 13,127 13,053 13,539 13,762 13,986 14,321 14,354 14,522 14,815 '15,102 15,335 15,924 6,221 6,299 6,555 6,797 6,993 7,185 7,369 7,578 7,774 7,817 7,918 8,196 2,817 2,841 2,992 3,143 3,265 3,372 3,480 3,625 3,774 3,813 3,886 4,095 15,376 8,051 3,967 1938 1939 . 1940 1941 1942 1943 1944 1945 1946 1947 1948* 1948—January February March April May June July August September .. . October November December P. . . . . . 1949—January? 814 835 676 1,014 1,688 2,134 1.282 ,632 L ,967 ',143 L.431 1,119 1,170 .422 2,352 3,348 4,101 1,442 1,468 1,488 1,601 1,369 1,192 1,255 1,520 2,263 2,707 2,902 3,054 3,612 3,854 772 874 920 972 1,202 1,254 1,367 1,468 1,536 1,602 1,689 1,781 1,858 1,889 1,922 1,961 1,615 1,587 1,625 1,675 1,729 1,770 1,791 1,844 1,916 1,924 1,964 2,134 3,404 3,458 3,563 3,654 3,728 3,813 3,889 3,953 4,000 4,004 4,032 4,101 2,742 2,765 2,783 2,795 2,816 2,839 2,840 2,847 2,855 »\2,869 2,892 2,902 3,240 3,061 3,275 3,236 3,245 3,352 3,185 3,130 3,227 3,457 3,557 3,854 928 926 934 932 945 960 967 959 959 968 972 1,975 1,992 4,084 2,907 3,450 968 610 648 687 729 981 924 r P1 Preliminary. Revised. Includes repair and modernization loans insured by Federal Housing Administration. s Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Total Commercial1 banks Small loan companies Industrial banks* Industrial loan com- 2 panies Loans made by principal lending institutions (during period) Credit unions Miscellaneous lenders Insured repair Comand modern- mercial 1 banks ization3 loans Small loan companies Industrial banks2 Industrial loan com- 2 panies Credit unions 1929 643 43 263 21 0 23 95 463 41 38 1933 466 29 246 121 20 50 322 202 32 1,282 1,632 1,967 2,143 1,431 1,119 1,170 1,422 2,352 3,348 4,101 312 380 523 692 784 426 316 357 477 956 1,435 1,709 448 498 531 417 364 384 439 597 701 3,404 3,458 3,563 3,654 3,728 3,813 June 3,889 July 3,953 August September.. 4,000 4,004 October November. . 4,032 December*.. 4,101 1,462 1,482 1,530 1,570 L,597 1,634 1,669 1,701 1,712 L.700 1,701 1,709 763 771 772 780 817 203 206 204 204 204 154 155 155 156 160 291 300 302 304 312 125 126 126 127 131 716 730 745 760 768 270 254 222 237 251 126 122 116 134 180 1949—JanuaryP... 4,084 ,705 812 202 159 312 130 764 235 112 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 19489 1948—January.... February. . . March April May 95 99 104 107 72 59 60 70 98 134 103 117 135 174 200 130 104 100 103 153 225 96 99 102 91 86 88 93 109 119 817 129 131 132 134 89 67 68 76 117 166 204 160 312 131 705 709 722 727 165 167 173 180 137 140 143 146 227 230 241 252 736 746 757 189 194 199 147 150 152 260 272 282 146 200 268 285 206 123 113 164 322 568 460 680 1,017 1,198 792 639 749 942 664 827 912 975 784 800 869 956 238 261 255 255 182 151 155 166 231 310 176 176 194 198 203 146 128 139 151 210 282 237 297 344 236 201 198 199 286 428 768 1,793 2,636 3,069 1,231 1,432 1,534 376 120 120 121 122 588 610 633 657 248 221 287 269 109 107 139 121 27 25 32 31 123 124 125 26 25 29 27 38 38 48 50 676 693 705 258 275 277 123 127 130 31 37 33 32 31 29 31 37 25 27 26 27 26 24 26 31 47 54 52 31 26 42 319 577 52 51 44 46 57 P1 Preliminary. Figures include only personal instalment cash loans and retail automobile direct: loans shown on the fouuvvaig following page, aim and a. a sman small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of January amounted to 100 million dollars and loans made during January were 10 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 300 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] End of year or month Total, excluding automobile Department stores and mailorder houses Furniture stores Household appliance stores Jewelry stores All other retail stores 1929 1,197 160 583 265 56 133 1933 663 119 299 119 29 97 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948? 1,343 1,525 1,721 1,802 1,009 639 635 676 1,014 1,688 2,134 302 377 439 466 252 172 183 198 337 650 874 485 536 599 619 391 271 269 283 366 528 631 266 273 302 313 130 29 13 14 28 52 84 70 93 110 120 77 66 70 74 123 192 209 220 246 271 284 159 101 100 107 160 266 336 1948 January... February.. March April May June July August... . September. October... November. December ? 1,615 1,587 1,625 1,675 1,729 1,770 1,791 1,844 1,916 1,924 1,964 2,134 632 624 653 680 703 720 732 759 786 797 812 874 502 492 497 511 528 541 545 560 586 583 588 631 52 52 54 60 65 68 72 76 81 81 81 84 175 169 165 160 161 162 160 158 161 160 174 209 254 250 256 264 272 279 282 291 302 303 309 336 1949 January P. . 1,992 813 593 79 193 314 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year or month Outstanding at end of period: 1946 1947 1948? Total Retail instal-2 ment paper Automobile Other Repair Personal instaland modern- ment cash ization loans loans 12 CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Other retail, purchased Pur- Direct and chased loans direct Automobile retail Year or month Total Outstanding at end of period: 1946 1947 1948? 1948—January February March April May June July August September.... October November.... December?. . . 1949—January? Volume extended during month: 1948—January February March April May June July August September October November December?. . . 1949—January? Repair and modernization loans 12 Personal instalment cash loans 1,591 2,701 3,563 2,787 2,825 2,931 3,057 3,137 3,229 3,319 3,410 3,486 3,504 3,528 3,563 3,559 165 346 570 359 373 402 431 448 472 502 529 550 561 565 570 563 306 536 736 556 570 602 628 649 668 691 713 723 723 730 736 737 275 523 751 567 569 591 628 646 661 678 698 725 731 736 751 760 273 500 636 504 506 517 538 555 572 582 592 608 620 631 636 631 572 796 870 801 807 819 832 839 856 866 878 880 869 866 870 868 456 398 504 521 487 524 512 504 503 433 447 468 426 70 66 89 92 81 87 91 93 90 73 76 75 68 98 89 116 112 109 109 115 116 105 93 98 98 94 118 90 102 122 112 126 113 105 122 99 97 110 100 36 35 44 52 48 52 45 49 49 48 49 42 33 134 118 153 143 137 150 148 141 137 120 127 143 131 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Retail instal-2 ment paper Year or month Total Automobile Other Repair Personal instaland modern- ment cash ization2 loans loans ! Outstanding at end of period: 162.7 233.5 286.2 27.5 50.0 66.6 17.8 30.2 43.4 28.3 43.3 51.7 89.1 110.0 124.5 1946 1947 1948? 108.4 148.2 177.1 15.0 27.1 38.3 7.4 17.1 23.7 2.4 4.2 5.0 83.6 99.8 110.1 231.8 234.6 242.3 253.3 265.1 271.6 277.8 282.3 286.7 285.9 285.5 286.2 49.0 50.3 53.4 56.8 59.0 61.4 64.3 66.3 67.8 67.1 66.8 66.6 31.0 31.4 32.8 35.7 38.0 40.1 42.1 43.3 44.3 43.5 43.3 43.4 43.5 44.0 44.8 46.7 48.3 48.8 49.1 49.8 50.6 51.3 51.6 51.7 108.3 108.9 111.3 114.1 119.8 121.3 122.3 122.9 124.0 124.0 123.8 124.5 1948—January... . 151.7 February.., 154.6 158.2 March. April , 161.8 163.1 May 166.0 June 168.0 July 170.1 August September.. 171.8 171.8 October November. 173.5 December?, 177.1 28.0 28.7 29.9 31.1 31.9 33.3 34.9 36.2 37.4 37.5 38.3 38.3 17.7 18.0 19.0 20.1 20.5 21.2 21.0 21.7 22.6 22.7 23.4 23.7 4.2 4.2 4.3 4.4 4.5 4.5 4.6 4.6 4.8 4.9 4.9 5.0 101.8 103.7 105.0 106.2 106.2 107.0 107.5 107.6 107.0 106.7 106.9 110.1 1949—January P.. . 283.4 66.1 42.3 51.0 124.0 1949—January?.. . 176.3 38.0 23.1 4.9 110.3 2.8 2.8 3.4 3.8 3.7 3.5 3.3 3.6 3.8 3.0 3.4 3.4 0.3 0 0 0.4 0.4 0.4 0.5 0 0 0 0.4 0.5 19.5 18.2 21.4 19.4 17.9 19.6 18.6 18.6 17.7 16.8 17.9 21.5 2.6 0.3 17.9 1948—January February.. . March April May June July August. . . . September . October November.. December?. Volume extended during month: Volume extended during month: 1948—January.. . . February... March April May June July August. . . . September.. October November.. December?. 33.7 31.5 41.9 42.0 40.8 44.2 41.4 40.1 38.8 33.5 35.1 39.0 8.6 8.0 11.2 11.3 10.1 10.5 11.3 10.6 9.8 1949—January?... 33.1 2.7 2.8 3.7 4.4 4.2 3.4 3.1 3.6 3.5 3.5 3.4 3.0 17.8 16.3 21.0 19.9 19.7 22.9 20.1 19.4 18.9 17.5 19.0 22.7 1948—January February.., March. April , May , June July August September. October... , November. December? 28.3 26.6 32.1 30.5 27.7 30.6 29.1 28.6 8.1 7.9 4.6 4.4 6.0 6.4 6.8 7.4 6.9 6.5 6.6 4.9 4.6 5.4 30.7 5.7 5.3 6.9 6.9 5.7 7.1 6.7 6.0 6.1 5.1 6.0 5.3 7.6 4.3 2.3 18.9 1949—January?.., 25.8 5.0 7.6 ? Preliminary. Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. 1 3 MARCH 1949 301 CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS Percentage change from preceding month RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change from corresponding month of preceding year Year or month Jan. 1949P Dec. 1948 Nov. 1948 Jan. 1949? Dec. 1948 Nov. 1948 -47 -47 +27 +33 +8 +11 -12 -18 -12 -16 -52 -39 +29 + 18 +9 +4 -9 -17 -10 -18 -7 -6 Accounts receivable, end of month: Total Instalment -7 -6 +6 + 11 +1 +1 + 18 +20 +20 +21 +30 +30 Collections during month: Total Instalment -1 -4 +3 +2 -1 -1 +6 + 10 +5 +4 +7 + 11 January February March April May June July August September October November December Inventories, end of month, at retail value. -4 -11 0 +6 + 15 1949 January P Net sales: Total Cash, sales Credit sales: Instalment Charge account +1 -11 -4 Charge accounts Instalment accounts Household ap- Jewelry pliance stores stores Department stores Furniture stores 29 20 39 31 54 24 23 27 25 24 24 23 23 24 24 24 25 18 17 19 19 19 20 18 18 17 18 18 17 36 32 35 33 34 33 34 33 32 31 '30 29 19 18 19 19 19 19 19 19 19 19 '20 24 53 49 53 52 52 52 51 51 53 54 55 53 27 18 52 1947 December 1948 22 Department stores r Preliminary. P Preliminary. Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Percentage of total sales Index numbers, without seasonal adjustment, 1941 average=100 1941 average. 1942 average. 1943 average. 1944 average. 1945 average. 1946 average. 1947 average. 1948 average . .. .. . . .. . .. . .. . .. . .. Accounts receivable at end of month Sales during month Year or month Collections during month Total Cash Instal- Charge Instal- Charge account Instalment Charge 100 114 130 145 162 202 214 225 100 131 165 188 211 242 237 235 100 82 71 65 67 101 154 192 100 102 103 112 125 176 200 219 100 78 46 38 37 50 88 142 100 91 79 84 94 138 174 198 100 103 80 70 69 91 133 181 100 110 107 112 127 168 198 222 Cash sales Instalment sales Chargeaccount sales 48 56 61 64 64 59 55 52 43 38 34 32 32 37 39 41 39 1947—December. 373 408 280 351 136 263 170 235 1948—January.. February.. March.... April May June July August. . . September October... November, December. 175 168 226 213 218 217 173 188 228 248 263 381 189 177 235 220 228 228 187 196 230 255 272 407 142 142 196 191 186 178 160 192 215 203 218 281 164 162 222 208 213 211 158 177 228 250 262 370 127 124 129 131 134 136 138 144 151 155 160 176 205 181 190 191 192 192 167 165 188 206 219 281 174 160 177 171 172 176 169 173 186 196 204 212 299 217 207 211 214 217 213 184 188 220 243 252 54 53 52 51 52 52 54 52 50 51 51 53 39 40 41 41 41 41 38 39 42 42 42 41 1949—JanuaryP. 173 181 136 171 163 219 212 313 52 41 P Preliminary. «• Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 293. 302 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * Chart book page Jan. 26 Feb. 2 Feb. 9 Feb. 16 In billions of dollars WEEKLY FIGURES i 22.96 22.04 4. 6.80 10.27 24.27 27.56 2.47 20.04 19.11 .92 22.83 22.22 5.22 6.80 10.19 24.28 27.56 2.61 19.71 19.07 5.32 1.29 7.48 5.76 5.30 1.29 7.43 5.72 22.84 22.35 5.29 6.96 10.11 24.28 27.56 2.76 19.60 18.92 .64 .68 5.25 1.29 7.38 5.72 MEMBER BANKS IN LEADING CITIES All reporting banks: Loans and investments 14 U. S. Govt. securities, total. 14 Bonds 16 Notes and certificates.... 16 Bills 16 Other securities 18 Demand deposits adjusted.. 14 U. S. Govt. deposits 14 Loans, total 14 Commercial 18 Real estate 18 For purchasing securities: Total 18 U. S. Govt. securities. . 18 Other securities 18 Other 18 New York City banks: Loans and investments 1 U. S. Govt. securities, total. 1 Bonds 1 Notes and certificates.... 1 Bills 1 Demand deposits adjusted.. 1 U. S. Govt. deposits 1 Interbank deposits 1 Time deposits 1 Loans, total 1 Commercial 1 For purchasing securities: To brokers: On U. S. Govts 1 On other securities.. . 1 Toothers 1 Real estate and other. . . . 1 Banks outside New York City: Loans and investments 1 U. S. Govt. securities, total. 1 Bonds 1 Notes and certificates.... 1 Bills 1 Demand deposits adjusted. . 1 U. S. Govt. deposits 1 Interbank deposits 1 Time deposits 1 Loans, total 1 Commercial 1 Real estate 1 For purchasing securities. 1 Other 1 MONEY RATES, ETC. Jan. 26 Feb. 2 Feb. 9 Feb. 16 Feb. 23 In unit indicated WEEKLY FIGURES^—Cont. BUSINESS CONDITIONS RESERVE BANK CREDIT, ETC. Reserve Bank credit, total 2 U. S. Govt. securities, total.. 3 Bills 3 Notes and certificates.... 3 Bonds 3 Gold stock 2 Money in circulation 2 Treasury cash and deposits.... 2 Member bank reserves 2,4 Required reserves 4 Excess reserves e 4 Member bank reserves (weekly avg.): New York City 5 Chicago 5 Reserve city banks 5 Country banks e 5 Feb. 23 1949 Chart book page 62.85 33.41 24.83 6.55 2.04 4.17 47.67 1.22 25.27 15.38 4.08 62.70 33.27 24. 6.39 1.99 4.18 46.95 1.56 25.24 15.32 4.08 62.17 33.02 24.94 6.24 1.84 4.20 46.55 1.64 24.95 15.29 4.09 1.95 1.08 .87 3.91 1.96 1.05 .92 3.92 1.82 .91 .91 3.87 22.93 22.30 5.27 7.04 9.99 24.28 27.48 3.08 19.45 P18.91 22.85 Wholesale prices: 22.36 Indexes (1926=100): 5.31 Total 63 7.13 Farm products 63 9.92 Foods 63 24.29 Other commodities 63 27.55 Basic commodities: 2.92 (Aug. 1939=100): 19.44 Total 65 •18.82 Foodstuffs 65 P.54 P . 62 Industrial materials 65 Selected farm products: Wheat (cents per bushel). 66 5.19 5.18 Corn (cents per bushel)... 66 1.28 1.27 Cotton (cents per pound) . 66 7.35 7.33 Steers (dollars per 100 5.70 5.66 pounds) 66 Hogs (dollars per 100 pounds) 66 Butter (cents per pound).. 66 61.99 61.95 Eggs (cents per dozen)... 66 32.89 32.81 Production: 24.97 24.98 Steel (% of capacity) 69 6.13 6.06 (thous. c a r s ) . . . 69 1.80 1.78 Automobile Crude petroleum (thous. 4.26 4.27 bbls.) 70 46.08 46.30 Bituminous coal (mill, tons). 70 1.82 1.90 Paperboard (thous. t o n s ) . . . 71 24.84 24.87 Meat (mill, pounds) 71 15.27 15.2: Electric power (mill. kw. hrs.) 73 4.09 4.09 Freight carloadings (thous. cars) 72 1.77 1.74 Total Miscellaneous 72 .91 .86 Department store sales .85 .88 (1935-39 = 100) 73 3.86 3.8. 18.40 18.37 18.02 17.96 18.03 9.39 9.33 9.16 9.09 9.11 7.26 7.26 7.25 7.26 7.26 1.49 1.40 1.35 1.29 1.26 .64 .67 .56 .54 .59 15.36 15.13 14.97 14.78 14.95 .29 .43 .45 .50 .51 MONTHLY FIGURES 4.05 4.00 3.90 3.88 3.83 1.54 1.53 1.53 1.52 1.52 DEPOSITS AND CURRENCY 8.00 8.02 7.84 7.80 7.85 5.60 5.57 5.58 5.58 5.60 Deposits and currency: • Total Excluding'U. S. Govt. de.66 .78 .67 .61 posits .32 .29 .32 .30 .30 Demand deposits adjusted.. .21 .24 .24 .21 .22 Time deposits adjusted 1.02 1.02 1.02 1.02 Currency outside b a n k s . . . . l.o: U. S. Govt. deposits Money in circulation, total 44.45 44.33 44.16 44.0 43.91 Bills of $50 and over 24.03 23.94 23.86 23.80 23.70 17.5 17.64 17.69 17.70 17.72 $10 and $20 bills Coins, $1, $2, and $5 bills... 5.06 4.99 4.89 4.84 4.80 1.40 1.32 1.28 1.26 1.19 32.31 31.81 31.58 31.30 31.35 .93 1.13 1.20 1.3 1.40 6.28 6.13 6.12 6.21 5.86 13.49 13.51 13.53 13.53 13.5 8 17.2 17.22 17.11 17.04 17.01 Turnover of demand deposits: New York City 9.78 9.75 9.71 9.68 9.63 Other leading cities 3.87 3 . 3.87 3. 3.87 .62 .62 .60 .59 .60 3.10 3.11 3.07 3.06 3.05 Per cent per annum 158. 167.9 159.2 153.6 158.5 158.5 168.9 169.6 159.0 160.8 152.9 152.2 283.3 282.4 269.4 272.9 271.6 302.5 302.0 276.6 288.5 289.4 277.3 276.2 271.6 269.9 267.0 219.6 219.1 212.5 219.4 138.6 132.2 120.3 129.5 32.7 32.2 32.9 32.6 224.5 132.6 32.8 25.10 23.80 21.68 23.95 24.66 20.85 20.60 61.6 61.8 41.0 41.5 19.88 20.93 63.9 62.1 40.5 40.5 21.00 63.5 42.0 101.1 100.9 115 99 100.1 106 100.0 109 100.3 114 5,439 5,351 5,330 5,361 1.90 1.91 1.81 1.75 180 177 176 181 307 293 281 321 5,810 5,778 5,722 . 5,650 5,344 1.80 165 282 5,559 679 333 682 329 699 339 697 344 688 343 218 229 238 227 232 1949 1948 Nov Dec. Jan.* In billions of dollars 6 6 6 6 6 P170.10 P17O.9O Pi70.00 P167.90 P85.00 P57.OO P25.90 P2.20 28.33 8.65 15.06 4.62 P168.80 P85.80 P57.30 P25.7O P2.10 28.22 8.70 14.91 4.62 P168.00 P85.30 P57.5O P25.20 P2.00 27.58 8.58 14.53 4.48 Annual rate 8 8 '26.3 28.1 20.0 27.4 19.1 ••18.6 In billions of dollars COMMERCIAL BANKS U. S. Govt. securities: 163 1 . 164 1.163 Cash assets« Bills (new issues) 30 1.161 1 163 1 . Certificates 30 1.22 1.22 1.22 1.22 1.22 Loans and investments, total e . 3-5 years 30 1.58 1.57 1.57 1.58 1.59 Loans* 7-9 years 30 1.86 1.84 1.83 1.83 1.84 U. S. Govt. securities e 2.41 2 .41 2 .40 2 .38 2.38 15 years or more 30, 3 Other securities • Corporate bonds: Holdings of U. S. Govt. securities: Aaa 32 2.70 2 .71 2 .71 2 .71 2.71 Baa 32 3.43 3 .44 3 .44 3 .46 3.46 Bonds: High-grade (Treas. series). . 32 2.73 2 .73 2 .73 2 .73 2.72 Total Within 1 year 1-5 years In unit indicated 5-10 years Stock prices (1935-39=100): Over 10 years 121 121 117 116 116 Total 33 Notes, certificates, and bills: 127 121 Industrial 33 127 122 122 Total 105 96 Railroad 33 Notes and certificates.... 104 100 99 95 95 Public utility 33 95 94 94 Bills .87 .78 Volume of trading (mill, shares) 33 Guaranteed securities .87 1.01 .72 156.9 162.5 156.9 152.9 158.8 168.9 158.6 153.5 P114.20 P42.30 P62.80 P9.10 P37.5O P114.30 P42.70 P62.50 P9.10 P114.50 P42.40 10 10 10 10 10 40.77 1.77 29.16 6.28 3.56 40.38 4.40 26.13 6.31 3.54 «40.79 e 4.44 "26.33 *6.39 «3.62 10 10 10 10 14.57 11.68 2.88 .01 14.97 12.17 2.79 P14.77 Pll.79 P2.98 P36.60 P36.00 P63.00 P9.10 For footnotes see p. 306. MARCH 1949 303 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS — Continued Chart book page 1948 Nov. Dec. Jan.2 In billions of dollars MONTHLY FIGURES—Cont. Chart book page MONTHLY FIGURES—Cont. Nov. 1949 Dec. Jan.2 In billions of dollars GOVERNMENT FINANCE—Cont. MEMBER BANKS All member banks: Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted <* Time deposits Balances due to banks Balances due from banks Reserves 12 12 12 12 12 12 12 12 12 95.51 35.93 52.22 7.37 72.01 28.63 11.23 5.42 19.83 95.71 36.32 52.01 7.37 72.64 28.78 11.22 5.35 19.99 Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted e Time deposits. ". Balances due to banks Reserves 12 12 12 12 12 12 12 12 23.32 9.77 12.16 1.39 19.20 2.58 5.04 6.59 23.57 10.01 12.13 1.44 19.45 2.68 5.10 6.70 Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted e Time deposits Balances due to banks Balances due from banks Reserves 13 13 13 13 13 13 13 13 13 35.37 14.27 18.62 2.48 25.12 11.29 5.27 1.71 7.47 35.40 14.35 18.59 2.46 25.36 11.36 5.20 1.71 7.51 Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted e Time deposits Balances due from banks Reserves 13 13 13 13 13 13 13 13 36.83 11.89 21.44 3.50 27.69 14.76 3.54 5.77 36.73 11.96 21.29 3.48 27.83 14.74 3.46 5.78 Central reserve city banks: Reserve city banks: Country banks: 95.82 Ownership of U. S. Govt. securities—Cont. 36.02 Marketable public issues—Cont. 52.48 By class of security—Cont. 7.32 Bonds—Total outstanding. . . . 24 72.28 Nonbank (unrestricted issues 28.72 only), commercial bank, 11.87 and F. R. Bank 24 5.41 Commercial bank and F. R. 19.99 Bank 24 F. R. Bank 24 23.56 By earliest callable or due date: 9.88 Withinlyear—Total outstanding 25 12.26 Commercial bank and F. R. 1.42 Bank 25 19.36 F. R. Bank 25 2.62 1-5 years—Total outstanding. 25 5.16 Commercial bank and F. R. 6.65 Bank 25 F. R. Bank 25 35.55 5-10 years—Total outstanding 25 14.19 Commercial bank and F. R. 18.91 Bank 25 2.45 F. R. Bank 25 25.38 Over 10 years—Total outstand11.35 ing 25 5.36 Nonbank (unrestricted issues 1.73 only), commercial bank, 7.54 a n d F . R. Bank 25 Commercial bank and F. R. 36.7 Bank 25 11.95 F. R. Bank 25 21.31 Cash income and outgo: 3.4: Cash income 26 27.54 Cash outgo 26 14.75 Excess of cash income or outgo.... 26 3.50 5.80 MONEY RATES, ETC. CONSUMER CREDIT* Consumer credit, total Single-payment loans Charge accounts Service credit Instalment credit, total Instalment loans Instalment sale credit, total Automobile Other 1948 20 20 20 20 20, 21 21 21 21 21 GOVERNMENT FINANCE Gross debt of the U. S. Government: Total (direct and guaranteed) Bonds (marketable issues) Notes, certificates, and bills Savings bonds, savings notes. . . . Special issues Guaranteed, noninterest-bearing debt, etc Ownership of U. S. Govt. securities: Total: Commercial banks« Fed. agencies and trust funds... F. R. Banks Individuals« Corporations and associations *. . 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 Notes and certificates—Total outstanding Commercial bank and F. R. Bank F. R. Bank 22 22 22 22 22 22 23 23 23 23 23 23 23 23 24 24 24 24 24 24 Treasury bills (new issues) Corporate bonds: Aaa 15.34 P15.92 P15.38 Baa 2.89 P2.90 P2.91 F. R. Bank discount rate 3.56 P3.85 P 3 . 45 Commercial paper .97 7.92 4.03 3.89 1.92 1.96 P.97 P8.20 P4.10 ^4.10 PI. 96 P2.13 112.17 111.60 111.60 70.53 69.87 "69.60 51.95 11.18 51.36 10.98 44.95 49.08 48.56 26.22 11.78 48.43 29.87 12.43 44.05 «29.34 12.07 44.05 34.73 3.66 10.46 31.30 3.26 10.46 «31.28 3.00 10.46 6.77 .49 6.75 .43 «6.65 .26 53.89 53.89 53.89 12.24 12.16 •11.8 10.83 7.27 3.19 3.47 -.28 10.76 '10.41 7.22 6.78 «51.02 10.22 4.11 4.22 -.12 Per cent per annum 29 1.144 1.154 1.160 29 29 29 29 2.84 3.53 1.50 1.56 2.79 3.53 1.50 1.56 2.71 3.46 1.50 1.56 P.9 P8.O5 P4.08 P3.9 Pl.98 Pl.99 Stock prices (1935-39 =100), t o t a l . . . 34 Stock market credit (mill, dollars): Customers' debit balances 34, 35 Money borrowed 35 Customers' free credit balances.... 35 252.56 252.85 252.66 BUSINESS CONDITIONS 112.17 111.60 111.60 45.56 45.88 45.36 (annual rates, bill, 59.50 59.62 59.97 Personal income dollars): • 3 31.40 31.71 31.76 Total 3.94 4.04 3.97 Total salaries and wages Proprietors' income, dividends, and interest 62.60 62.60 P62.90 Allother 37.02 37.32 37.40 Labor force (mill, persons): • 23.21 23.33 22.11 Total 67.40 67.60 P67.80 Civilian Unemployment 21.20 21.50 P21.50 Employment 21.70 21.50 P21.50 Pll.60 Nonagricultural 11.50 11.50 7.90 7.90 P7.90 Employment in nonagricultural 3establishments (mill, persons): • Total 12.42 12.22 12.13 Manufacturing and mining Trade 8.06 8.28 P8.02 Government 5.04 Transportation and utilities 5.18 5.49 Construction 33.14 33.66 33.2. Hours and earnings at factories: Weekly earnings (dollars) 18.53 19.04 P18.64 Hourly earnings (dollars) 6.85 Hours worked (per week) 6.85 6.87 In unit indicated 120 119 121 551 244 563 550 257 586 537 247 573 221.0 P220.8 137.7 P136.0 46 46 219.9 138.0 46 46 69.5 12.4 70.5 12.8 P71.6 P13.2 47 47 47 47 47 63.1 61.7 1.8 59.9 51.9 62.8 61.4 1.9 59.4 52.1 61.5 60.1 2.7 57.4 50.7 48 48 48 48 48 48 45.4 '17.4 9.8 5.7 4.1 2.1 45.3 17.1 9.8 5.8 4.1 2.1 P44.8 P16.9 P9.7 P5.8 P4.1 P2.1 49 49 49 '54.57 1.371 '39.8 55.10 P54.77 1.376 Pl.384 40.0 P39.6 For footnotes see p. 306. 304 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart book page 1948 Nov. 1949 Dec Chart book page Jan.2 In unit indicated MONTHLY FIGURES-Cont. 1948 Nov. 1949 Dec. Jan.2 In unit indicated MONTHLY FIGURES-Gont. BUSINESS CONDITIONS—Cont. Industrial production: 3 Total (1935-39 =100) Groups (points in total index): Durable manufactures Nondurable manufactures Minerals Manufacturing production (1935-39=100), total Durable Nondurable Selected durable manufactures (1935-39=100): Nonferrous metals Steel Cement Lumber Transportation equipment Machinery Selected nondurable manufactures (1935-39=100): Apparel wool consumption Cotton consumption Shoes Paperboard Newsprint consumption Manufactured food p r o d u c t s . . . . Fuel oil Gasoline Industrial chemicals Rayon Orders, sales, and inventories: Sales (bill, dollars): Manufacturing, total Durable Nondurable Wholesale Retail Inventories (bill, dollars): Manufacturing, total Durable, total Goods in process Purchased materials Finished goods Nondurable, total Goods in process Purchased materials Finished goods Wholesale Retail New orders (1939 =100): Manufacturing, total Durable Nondurable Construction contracts 3(3 mo. moving avg., mill, dollars): Total Residential Other Residential contracts (mill, dollars) :3 Total Public Private, total 1- and 2-family dwellings Other . Value of construction activity (mill, dollars): Total • Nonresidential: e Public Private Residential: e Public Private Freight carloadings :3 Total (1935-39 =100) Groups (points in total index): Miscellaneous Coal All other Department stores: Indexes (1935-39 = 100) ;3 Sales Stocks 296 stores: Sales (mill, dollars) Stocks (mill, dollars) Outstanding orders (mill, dollars) Ratios to sales (months' supply) Total commitments Stocks BUSINESS CONDITIONS—Cont. 50 195 50 50 50 '87.0 83.2 24.4 51 51 51 201 229 178 52 52 52 52 52 52 175 ••255 195 133 '238 '276 53 53 53 53 53 53 53 53 53 53 ••143 122 104 195 148 159 200 174 r449 ••306 54 55 55 54 54 18.0 7.5 10.5 8.2 11.0 54 55 55 55 55 55 55 55 55 54 54 31.2 14.6 5 4 '4.1 '16.6 '2.4 '8.1 '6.2 8.5 15.7 :onsumers' prices (1935-39=100): All items 62 87.6 P86.8 Food 62 80.9 P81.4 Apparel 62 23.7 P23.0 Rent 62 Miscellaneous 62 199 P198 Wholesale prices (1926=100): 231 P229 Total 63 173 P174 Farm products 63 Food 63 Other commodities 63 183 P183 Textile products 64 254 259 Hides and leather p r o d u c t s . . . . . 64 212 208 Chemicals and allied products... 64 131 P123 Fuel and lighting materials 65 248 P252 Building materials 65 277 P267 Metals and metal products 65 Miscellaneous 64 Prices paid and received by farmers (1910-14=100): 139 Paid 67 114 123 Received 67 P109 97 Cash farm income (mill, dollars): 167 182 Total 68 148 153 Livestock and products 68 P158 158 Crops 68 P201 204 Govt. payments 68 P175 179 P438 450 INTERNATIONAL TRADE AND FINANCE P304 311 Exports and imports (mill, dollars): Exports 74 17.1 18.3 74 7.7 7.2 Imports 74 10.6 9.9 Excess of exports or imports 8.2 7.2 Short-term foreign liabilities and assets reported by banks (bill, dollars): 13.2 9.4 Total liabilities 75 Official 75 32.2 31.7 Invested in U. S. Treasury bills 14.9 14.8 and certificates 75 5.7 Private 75 4.9 Total assets 75 4 2 17.3 Foreign exchange rates: 16.9 192 P191 See p. 325 of this BULLETIN 2 4 8.3 8.5 13.9 13.6 243 290 214 56 56 56 775 284 491 740 267 473 712 245 467 57 57 57 57 57 283 32 251 218 33 321 27 294 254 40 223 14 209 170 39 58 1,552 1,391 1,261 58 58 371 578 308 530 283 484 58 58 3 600 3 550 4 490 59 137 137 131 162.3 177.3 170.2 '153.0 '146.7 185.3 '130.6 137.0 202.0 173.8 118.5 160.6 172.5 165.8 152.9 146.0 184.8 125.7 137.0 '202.1 175.9 117.3 248 271 248 268 3,314 2,740 1,579 1,421 1,725 1,309 10 10 248 268 P2,544 P1,281 Pl,243 P20 P820 Pl,284 P550 P721 P27O P562 P5.50 P5.83 P2.49 P2.81 P.57 P. 60 P3.01 P3.02 Pl.02 Pl.02 1948 Apr.June QUARTERLY FIGURES 80.9 27.9 28.7 77.3 27.7 26.0 60 60 287 304 ••310 306 288 286 61 61 61 411 1,053 379 594 '818 292 266 780 390 3.4 2.6 '164.0 180.8 174.3 '153.5 '147.5 186.2 '133.9 137.3 '203.0 173.3 119.2 76, 77 1.9 1.4 JulySept. Oct.Dec. In billions of dollars GOVERNMENT FINANCE 61 61 170.9 204.8 196.5 119.7 154.1 6 6 '254 277 '240 78.7 29.3 29.3 171.4 205.0 200.4 119.5 154.0 8.0 54 54 54 59 59 59 172.2 207.5 201.4 118.8 153.9 Budget receipts and expenditures of U. S. Treasury: Expenditures, total 27 National defense 27, 28 Veterans' Administration 28 International aid 28 Interest on debt 28 Allother 28 Receipts: Net receipts 27 Individual income taxes 28 Corporate income, etc 28 Miscellaneous internal revenue. . 28 All other 28 Tax refunds (deduct) 28 8.78 2.76 1.66 1.02 1.79 1.40 9.42 4.77 2.57 2.03 1.21 1.16 4 8 .57 2 .67 1.78 1 .15 .97 1.37 9.10 2.90 1.65 1.61 1.45 1.41 9.14 8.65 3.08 2.72 2.24 .74 3 .74 2 .71 2 .09 .85 .25 Per cent per annum MONEY RATES Bank rates on loans to business: 5 All loans: 19 cities New York City # 7 Northern and Eastern c i t i e s . . . . 11 Southern and Western cities. . 31 31 31 31 2.47 2.12 2.49 2.92 2.60 2.32 2.60 3.01 2.64 2.34 2.68 3.02 Loans of $ 1,000-$ 10,000: 19 cities New York City 7 Northern and Eastern cities 11 Southern and Western cities.. 31 31 31 31 4.49 4.35 4.42 4.60 4.53 4.40 4.55 4.57 4.50 4.23 4.51 4.62 4.4 2.9 For footnotes see p. 306. MARCH 1949 305 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart book page QUARTERLY FIGURES—Gont. 1948 Apr.- June JulySept. Chart book page Oct.Dec. QUARTERLY FIGURES—Cont. Per cent per annu m JulySept. June Oct.Dec. In unit indicated BUSINESS FINANCE—Cont. MONEY RATES—Cont. Bank rates on loans to business—Cont. Loans of $10,000-$100,000: 19 cities New York City 7 Northern and Eastern cities. . . 11 Southern and Western cities. . 31 31 31 31 3A7 3.19 3.40 3.68 3.58 3.35 3.58 3.71 Loans of $100,000-$200,000: 19 cities New York City 7 Northern and Eastern cities... 11 Southern and Western cities . . 31 31 31 31 2.70 2.43 2.67 2.91 2.92 2.70 2.91 3.07 Corporate profits after taxes (quarterly totals): All corporations (bill, dollars) «. . . . Large corporations, total (bill, dollars) Durable manufacturing (mill, dollars) . Nondurable manufacturing (mill. dollars) 2.97 Electric power and telephone 2.70 (mill, dollars) 2.97 Railroads (mill, dollars) 3.14 Loans of $200,000 and over: 19 cities New York City 7 Northern and Eastern c i t i e s . . . . 11 Southern and Western cities. . 31 31 31 31 2.16 1.94 2.27 2.45 2.29 2.13 2.34 2.56 2.34 2.16 2.44 2.57 3.58 3.40 3.60 3.68 In unit indicated BUSINESS FINANCE Corporate security issues: Total (bill, dollars) • New money, total (bill, dollars)«... Type of security (bill, dollars): Bonds Preferred stock Common stock Use of proceeds (mill, dollars): Plant and equipment: All issuers Public utility Railroad Industrial Working capital: All issuers Public utility Railroad Industrial Bonds (bill, dollars): • Public Private . Corporate assets and liabilities (bill, dollars): • Current assets, total Cash U. S. Goyt. securities Inventories Receivables Current liabilities, total Notes and accounts payable Federal income tax liabilities.... Net working capital Plant and equipment expenditures (bill, dollars): • 6 All business . Manufacturing and mining; railroads and utilities Manufacturing and mining. Corporate profits, taxes, and dividends (annual rates, bill, dollars): e Profits before taxes Profits after taxes (dividends and undistributed profits) Undistributed profits 1948 Apr.- 36 36 1.66 1.35 1.27 1.05 1.87 36 36 36 1.07 .91 .06 .08 1.57 .07 .11 37 37 37 37 1,079 803 126 149 765 442 138 185 1,451 ••898 117 -435 37 37 37 37 274 2 280 6 195 204 316 4 60 233 36 36 .88 .45 .64 .47 .86 .81 .18 .10 38 38 38 38 38 38 38 38 38 118.4 22.5 12.6 42.9 38.7 54.5 33.8 10.2 63.9 1-23.3 22.8 13.0 44.6 41.3 57.9 36.2 10.6 65.4 39 4.8 4.8 39 39 3.3 2.3 3.3 2.3 40 "•32.1 '34.0 40 40 19.6 12.2 '20.8 13.1 1.77 41 4.9 41 1.4 1.5 41 546 611 41 478 487 41 41 204 185 187 245 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. ross national product 3 Govt. purchases of goods and servPersonal 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:3 Personal income Disposable income after taxes Consumption expenditures Net personal saving '5.2 42 251.9 258.1 264.9 42 42 44 44 44 33.9 177.3 22.8 103.7 50.8 38.2 180.1 23.7 104.3 52.1 41.5 181.0 22.9 105.1 53.0 42 40.7 39.9 42.4 43 43 43 43 21.0 14.4 2.6 2.7 21.9 14.8 3.5 -.3 22.7 14.7 5.3 -.4 45 45 45 45 210.8 190.2 177.3 12.9 216.3 196.2 180.1 16.1 219.6 199.4 181.0 18.4 1947 June 30 SEMIANNUAL FIGURES Dec. 31 June 30 In billions of dollars INSURED COMMERCIAL BANKS Loans: Commercial Agricultural Real estate Consumer For purchasing securities: To brokers and dealers 5.0 To others State and local government securities 3.5 Other securities 2.3 1948 11 11 11 11 14 .77 1 .55 8 .20 4 .89 18.01 1.61 9.27 5.65 11 11 11 11 1 .52 1 .29 4 .83 3 .47 5.13 3.62 .82 1.19 17.83 1.97 10.10 6.41 1.18 1.08 5.43 3.50 r « Estimated. P Preliminary. Revised. Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. ' For charts on pp. 22, 29, and 34 figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 3 Adjusted for seasonal variation. 4 Beginning with July 1948 includes expenditures from Foreign Economic Cooperation Trust Fund. 5 „ on Customers' Loans by _„ Banks _„ in _ Principal ^—^r— Cities," -. vsly shown on p. 31, is replaced in the March issue The chart "Rates Charged previously of the Chart Book by a chart on "Rates Charged by Banks on Short-term Loans to Business." For description of the data shown on the new chart,6 see "New Statistics of Interest Rates on Business Loans," p. 228-37 of this BULLETIN. Estimates for January-March 1949 quarter are (in billions of dollars): All business, 4.4; manufacturing and mining, railroads and utilities, 3.0; manufacturing and mining, 2.0. * 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 2 306 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT Chart book page1 1949 Nov. Dec? Jan.P In millions of dollars Consumer credit outstanding, total.. . 3 Instalment credit, total 3, 5 Instalment loans 5 Instalment sale credit 5 Charge accounts 3 Single-payment loans 3 Service credit 3 Consumer credit outstanding, cumulative totals: 2 Instalment credit 4 Charge accounts 4 Single-payment loans 4 Service credit 4 Consumer instalment sale credit out2 standing, cumulative totals: Automobile dealers 6 15 ,335 15 ,924 15,376 Consumer instalment sale credit out2 7 ,918 8 ,196 8,051 standing, cumulative totals: —Cont. Furniture and household appli4 ,032 4 ,101 4,084 ance stores 3 ,886 4 ,095 3,967 Department stores and mail3 ,557 3 ,854 3,450 order houses 2 ,892 2 ,902 2,907 968 All other 968 972 onsumer instalment sale3 credit granted, cumulative totals: 15,335 15 ,924 15,376 onsumer instalment loan credit out2 7 ,417 7,728 7,325 standing, cumulative totals: Commercial and industrial banks. 3 ,860 3 ,874 3,875 968 Small loan companies 968 972 Credit unions Miscellaneous lenders Insured repair and modernization 3 ,886 4 ,095 3,967 loans Chart book page1 1948 Nov. Dec? Jan.P In millions of dollars 1,964 2,134 1,992 1,295 483 1,419 545 1,320 507 4,032 2,127 1,347 1,043 4,101 2,188 1,371 1,059 4,084 2,177 1,365 1,053 760 768 764 P Preliminary. * Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. 3 Figures for this series are in process of revision and will not be available for several months. MARCH 1949 307 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on which checks are drawn, and their branches and offices Federal Reserve district or State On par list Not on par list (Nonmember) Member Total Nonmember Branches and offices Branches and offices Banks Branches and offices Banks 11,869 11,957 12,037 12,063 12,072 3,616 3,654 3,823 4,015 4,035 6,877 6,894 6,917 6,912 6,908 2,909 2,913 3,051 3,197 3,213 4,992 5,063 5,120 5,151 5,164 707 741 772 818 822 303 861 141 275 493 908 840 1,133 303 861 141 275 334 782 644 703 224 798 104 237 159 126 196 430 79 63 37 38 1,009 1,184 2,488 1,469 466 176 580 134 800 564 2,434 1,130 345 140 556 76 478 349 1,003 494 222 123 230 40 322 215 1,431 636 Minneapolis Kansas City Dallas San Francisco 1,279 1,749 1,015 502 112 9 41 1,253 623 ,740 906 501 44 9 32 1,253 476 760 618 267 26 6 19 1,184 State Alabama Arizona Arkansas California Colorado 225 10 230 193 143 23 44 20 919 1 124 10 108 193 143 23 44 5 919 1 91 5 67 114 92 Connecticut , Delaware District of Columbia Florida , Georgia 114 39 19 181 394 27 14 39 2 31 114 39 19 119 100 27 14 39 2 27 Idaho Illinois Indiana Iowa Kansas 47 882 486 666 608 49 3 97 162 47 880 486 666 606 Kentucky Louisiana Maine Maryland Massachusetts 383 161 63 163 181 39 66 69 110 164 Michigan Minnesota Mississippi Missouri Montana 442 679 205 595 112 Nebraska Nevada New Hampshire New Jersey New Mexico Banks* Branches and offices2 Banks 14,002 14,043 14,078 14,074 14,069 3,947 981 4,148 4,333 4,351 District Boston New York Philadelphia Cleveland 493 908 840 1,133 Richmond Atlanta Chicago St. Louis United States total: Banks Branches and offices 2,133 2,086 2,041 2,011 1,997 331 327 325 318 316 123 17 326 36 209 620 54 339 121 36 24 58 147 980 288 234 18 3 13 69 656 9 109 1 68 23 33 1 875 1 33 5 41 79 51 11 4 44 65 17 16 73 65 14 4 36 2 26 49 22 3 46 35 49 3 97 162 27 504 236 165 214 46 3 41 20 376 250 501 392 383 58 63 163 181 39 43 69 110 164 112 46 38 77 144 25 37 37 74 148 271 12 25 86 37 14 6 32 36 16 217 6 58 442 265 40 528 112 217 6 10 229 206 32 180 84 166 6 3 213 59 8 348 28 51 409 8 74 334 49 2 18 2 142 11 409 8 74 334 49 2 18 2 142 11 144 6 52 286 34 2 17 1 127 2 265 2 22 48 15 New York North Carolina North Dakota Ohio Oklahoma 647 209 150 665 383 731 183 24 205 1 647 94 61 665 375 731 66 6 205 1 567 54 42 424 225 680 36 51 30 6 27 Oregon Pennsylvania Rhode Island South Carolina South Dakota 69 978 19 149 170 89 167 41 38 48 69 978 19 61 70 89 167 41 34 23 32 748 11 32 62 " 178" 1 83 141 30 28 20 80 40 19 241 150 37 230 8 29 6 26 11 6 3 Tennessee Texas Utah Vermont Virginia 293 895 55 69 314 82 3 23 11 96 200 837 55 69 309 69 3 23 11 96 82 567 31 40 203 54 3 21 2 48 Washington West Virginia Wisconsin Wyoming 122 181 551 55 124 121 180 444 55 124 53 109 164 41 Dec. Dec. Dec. Dec. Jan. 31, 1945 31, 1946 31, 1947 31, 1948 31,. 1949*.... By districts and by States Jan. 31, 1949? , 118 270 24 29 106 101 13 10 3 150' ioi' 15 62 294 56 162 2 103' 23 414 165 67 48 115 89 117 18 100 4 25 1 1 15 9 15 2 9 48 68 71 280 14 122 7 93 58 1 1 107 13 49 *80' p Preliminary. Excludes mutual savings banks, on a few of which some checks are drawn. Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 3, p. 191 of the BULLETIN for February 1949. Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1 2 308 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Reported gold reserves of central banks and governments. . . 310 Gold production . . 311 Gold movements 311 International capital transactions of the United S t a t e s . . . . International Monetary Fund and Bank. . . Central banks 312-317 318 318-322 Money rates in foreign countries... 323 Commercial banks , 324 Foreign exchange r a t e s . . . 325 Price movements: Wholesale prices . 326 Retail food prices and cost of living. . . 327 Security prices . 327 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 1949 309 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Argentina 1 Belgium 21,995 22,737 22,726 21,938 20,619 20,065 20,529 22,754 23,036 23,137 23,169 23,304 23,532 23,679 23,725 23,872 24,004 24,166 24,244 24,271 416 497 614 838 992 1,197 1,072 322 296 266 229 214 202 201 196 166 141 140 734 734 735 734 1940—Dec... 1941—Dec... 1942—Dec... 1943—Dec... 1944—Dec... 1945—Dec... 1946—Dec... 1947—Dec... 1948—Feb... Mar.. Apr... May., June.. July. . Aug... Sept.. Oct.. . Nov.. Dec... 1949—Jan... End of month 1940—Dec.. 1941—Dec.. 1942—Dec.. 1943—Dec.. 1944—Dec.. 1945—Dec.. 1946—Dec.. 1947—Dec.. 1948—Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct... Nov.. Dec. 1949—Jan. . End of month 1940—Dec.. 1941—Dec.. 1942—Dec.. 1943—Dec.. 1944—Dec.. 1945—Dec.. 1946—Dec.. 1947—Dec.. 1948—Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 1949—Jan... Sweden 160 223 335 387 463 482 381 105 101 97 96 93 85 81 81 81 80 81 81 80 716 735 597 578 591 606 615 622 637 643 643 644 634 624 633 Brazil Canada 51 70 115 254 329 354 354 354 354 354 354 354 354 354 354 317 317 317 144 141 161 230 300 361 543 294 313 320 330 340 2 Chile Colombia Cuba 30 31 36 54 79 82 65 45 45 45 45 46 46 44 44 44 44 17 16 25 59 92 127 145 83 85 86 81 1 1 16 46 111 191 226 279 279 279 279 P69 P65 P63 289 Iran Persia) Italy Japan Java 274 274 274 274 274 274 274 274 274 274 274 274 274 264 264 264 264 261 256 26 26 34 92 128 131 127 127 127 127 127 127 127 127 127 124 124 124 120 124 141 118 24 24 28 28 28 28 28 28 28 28 28 28 30 40 66 164 4 164 140 235 216 Switzerland 6 Turkey United King-7 dom 92 114 161 221 241 237 170 171 171 168 168 164 164 161 160 160 160 162 162 58 61 61 61 61 61 61 289 43 India 502 665 824 6 965 1,158 1,342 1,430 1,356 1.353 1,353 1,352 1,351 1,345 1,322 1,332 1,371 1,372 1,383 1,387 Czecho- Denslomark vakia New Mexico Netherlands Zealand 47 47 39 203 222 294 181 100 86 87 86 78 71 43 44 617 575 506 500 500 270 265 231 209 193 182 183 183 183 172 172 171 170 166 23 23 23 23 23 23 23 23 23 23 23 23 23 23 23 23 23 23 23 Uruguay Venezuela Yugoslavia B.I.S. Other coun-8 tries 90 100 89 121 157 195 200 175 200 200 203 203 203 198 187 181 172 29 41 68 89 130 202 215 215 230 240 243 263 263 304 304 304 304 324 323 82 5 83 12 12 21 45 37 39 32 30 170 166 185 229 245 247 240 240 35 40 39 32 30 31 31 38 37 44 36 242 242 243 244 244 244 245 245 36 P245 P245 P245 P245 P Preliminary. Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 pesos per U. S. dollar. 2 Figures as reported by Foreign Exchange Control Board and Minister of Finance. «Total gold holdings are not available. Beginning April 1946, the series is new and represents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. 4 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately. 6 Figures relate to last official report dates for the respective countries, as follows: Java— Jan. 31, 1942; Yugoslavia—Feb. 28, 194L 8 Beginning December 1943, includes gold holdings of Swiss Government. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. 8 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. NOTE.—For gold holdings of International Fund and Bank, see p. 318. 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. 1 310 Egypt France Germany Greece Hungary 52 44 44 44 44 38 38 32 32 32 32 32 32 32 32 32 32 32 32 32 52 52 52 52 52 52 53 53 53 53 53 53 53 53 53 53 53 53 2,000 2,000 2,000 2,000 1,777 1,090 796 548 29 29 29 29 29 28 28 28 28 28 24 24 24 24 24 Norway Peru 75 58 20 21 25 31 32 28 24 20 20 20 20 20 20 P20 P20 P20 80 91 72 69 66 66 66 66 66 65 65 58 52 52 52 24 34 34 34 34 34 34 34 34 34 34 34 35 35 548 548 548 548 548 548 548 548 548 548 548 Portu- Rumagal 3 nia South Africa Spain 367 366 634 706 814 914 939 762 448 438 446 388 373 338 307 269 234 194 183 42 42 91 105 110 111 111 111 111 111 111 111 111 111 111 111 111 158 182 203 260 267 269 245 193 189 184 181 179 176 174 172 169 167 163 P215 P215 215 216 216 217 1 Government gold reserves not included in previous figures United BelFrance gium End of month United States Kingdom 1040—Aue Dec 1941—Sept Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—June Dec 1947—Mar June Sept Dec 1948—Mar June Sept 48 24 25 12 43 12 18 71 177 163 151 129 114 79 208 188 2 292 151 32,354 32,341 3 2,196 32,587 32,345 3 2,382 32,341 3 2,035 33 2,200 1,886 2 lf733 2 293 17 214 457 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 first of month. 3 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. 315. NOTE.—For details regarding special internal gold transfers affecting the British and French institutions, see p. 318, footnote 4, and p. 319, footnote 6. For available back figures, see Banking and Monetary Statistics, p. 526, and BULLETIN for January 1949, p. 86; November 1947, p. 1433; June 1947, p. 755; February 1945, p. 190. FEDERAL RESERVE BULLETIN GOLD PRODUCTION OUTSIDE U. S. S. R, [In thousands of dollars! Production reported monthly 1 Year or month world production Total outside reported U.S.S.R.i monthly North and South America Africa Rhodesia South Africa Belgian United Congo3 States 4 West Africa 2 Canada Mexico Colombia 'n gra ins of go d*/io fin e; i. e., atv ounce of 3i = 1,142,400 968 3?0 425,649 28,532 24 .670 16,564 178,143 165,379 32 f 306 1,219,400 1,031 ?14 448,753 28,009 28.564 18 ?58 196,391 178,303 ?9 4? 6 1,311,450 1,106 ,447 491,628 29,155 32 ,163 19 413 210,109 185,890 30 878 1,265,600 1,110 ,379 504,268 27,765 32 .414 19 S71 209,175 187,081 ?7 969 1,130,115 982 ,130 494,439 26,641 29,225 17 992 130,963 169,446 28 018 880,495 774 ,086 448,153 23,009 19,740 15 791 48,808 127,796 22 ,081 794,080 702 ,534 429,787 20,746 18,445 12 ,747 35,778 102,302 17 ,793 745,430 683 ,011 427,862 19,888 18,865 1? 144 32,511 94,385 17 458 762,195 696 ,998 417,647 19,061 20,475 11 ,596 51,182 99,139 14 ,703 705 458 392,004 18,296 19 320 10 780 75,786 107.432 16 ?50 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1947—rj ec 1948—Jan 60 434 Mar Apr May June r July 60 ,377 57 ,211 60 ,861 59 ,564 61 ,213 60 ,173 64 486 Aug Sept Oct Nov. Dec 34,025 34,775 32,459 34,384 34,175 34,368 33,941 34,544 33,720 33,345 33,384 33,244 33,130 J .4-89 L.504 1,442 1,431 L ,477 1,539 L,462 .564 1,443 1,462 =1,566 1,750 1,890 1,820 ,820 1,855 1,855 1,925 .995 910 840 910 945 910 980 2,030 2,065 2,030 2 - 065 980 94S 875 910 1,030 945 770 910 6,828 6,042 5,489 6,372 5,650 6,078 5,719 6,180 7,661 7,388 6,540 5,306 5,047 9,614 9,568 9,156 10.070 10,013 10,047 10,152 10,367 10,689 r 10,322 no,742 Chile 18.225 10,290 19 951 11 376 22 ,117 11 999 ?? 961 9 ?S9 20 ,882 6 409 19 ,789 6 081 19 ,374 7 131 17 ,734 6 ?8? 15 ,301 8 068 13 ,406 5 908 1 , 557 55,721 3 S06 57,599 11 ,784 11 078 5 ,429 7 s?s 8 ,623 7 ,715 7 ,865 6 985 6 ,357 7 403 57,540 52,384 40,383 26,295 22,990 23,002 28,857 32,818 10 ,126 10 008 9 ,111 8 ,828 6 ,577 5 891 4 ,612 6 OSS 2,809 2,433 1,945 2,266 2,187 2,438 2,842 r 3,782 r 2,642 2,478 490 778 680 5?9 67? 1 ,124 1 ,30? 809 713 916 701 369 788 474 494 602 455 648 68? 634 6S? 611 592 879 1 ,324 915 34? 1 190 578 966 999 1 ,009 1 078 407 647 687 666 736 6?S 1 178 10,897 11,443 India' fine gol i =$35. 658 I 367 1 ,166 ? Other Nica- Austraragua* lia6 455 420 525 5?5 525 490 560 595 560 56© 56O> 613 59S 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 change 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 r c Estimates of United States Bureau of Mines. Revised. Corrected. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705 «o that aggregate for the year is equal to the annual estimate compiled by the United States Mint. 5 Gold exports, reported by the Banco Nacional7 de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Beginning 1948, subject to revision. Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint fo? these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year or month Total net imports United Kingdom Belgium Fran Netherlands Sweden Canada 68,938 1943 . . 66,920 1944. . -845,392 -695,483 46,210 1945.. -106,250 160 53,148 311,494 1946.. 458 -14 -6 344,130 1947.. 1,866,348 488,433 162,941 3 27,990 445,353 1948.. 1,700,683 1,115,668 - 4 3 135,542 34,409 -29,723 1948 Feb... Mar... Apr. . . May. . June.. July... Aug.. . Sept.. . Oct. . . Nov.. Dec. . . 159,388 99,943 234,156 151,326 177,741 266,691 39,078 53,290 121,571 54,224 108,297 104,264 20,274 167,906 157,131 177,829 178,038 4,400 1,184 40,678 1949 Jan.P. . 45,934 15 31,301 61,931 20,023 6,132 5,523 26 5,159 11,212 5,695 5,746 27 5,769 81,155 33 22 289 -19,660 -10,693 -29,635 -12,031 30,512 698 676 331 8,848 485 279 Argentina Mexico Other Latin American Republics Philippine Republic -10,817 - 3 , 2 8 7 24,306 -50,268 -109,694 -58,292 -5 15,094 -41,743 103 -134,002 3,591 -156 -403 335,505 - 7 , 1 1 0 -3,508 10,684 103,280 15,757 4 -95,780 -2,525 29,998 4,145 6', 942 5,937 23,730 20,519 211 1,102 271 2,673 242 7 4,871 161 7 -24,092 198 -27,736 3,904 6,523 9,706 -35,822 57 3,068 255 7 2,905 260 -13,895 291 7 -17,795 395 -1,650 Australia South Africa All other countries India 152 307 -8,731 199 3,572 18,365 106 357 133,471 41 118,550 -2,613 2-18,083 124 410,691 -4,423 5 - 3 3 7 557 491,494 -67,952 -289 -1,279 -208 -228 -144 -53 -56 -272 -119 73 -23 227 23,674 6 40,888 22,756 39,331 40,764 40,463 60,625 33,489 127 52,036 7 57,307 89 47,138 -1,106 -1,167 -1,078 8 -6,412 8-24,991 8 -6,581 -4,171 -3,042 369 23 46,693 -243 6 -1,390 -5,161 -6,871 l P Preliminary. 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 $136,053,000 to Venezuela, $25,118,000 from Colombia, $7,850,000 from Nicaragua, and $7,306,000 from other countries. Includes $39,190,000 to Switzerland, $10,691,000 to Greece, $8,347,000 to French Indo-China, and $9,723,000 to other countries. Includes $4,491,000 to U. S. S. R. and $2,380,000 to other countries. Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000; November, $15,999,000; December $20,003,000. 8 Includes exports to Switzerland as follows: September, $23,747,000; October, $6,360,000; November, $3,488,000. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 2 3 4 5 6 7 MARCH 1949 311 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From Jan. 2, 1935, through— Increase in foreign banking funds in U. S. Total Total Official i Other Increase in funds of international institutions in U. S. Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) .,440.7 2,667.4 3,501.1 3,933.0 631.5 989.5 1,259.3 1,513.9 38.0 140.1 334.7 327.0 593.5 849.4 924.6 1,186.9 361.4 431.5 449.1 510.1 125.2 316.2 583.2 641.8 316.7 917.4 1,162.0 1,219.7 6.0 12.9 47.5 47.6 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 4,279.4 4,742.0 5,118.2 5,112.8 1,829.4 2,194.6 2,562.4 2,522.4 393.2 508.1 635.0 634.1 1,436.2 1,686.5 1,927.3 1,888.3 550.5 607.5 618.4 650.4 646.7 664.5 676.9 725.7 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 ,999.9 ,907.8 ,980.5 ,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 ,841.0 ,818.2 ,817.7 ,802.6 767.4 818.6 805.3 791.3 812.7 834.1 841.1 855.5 701.8 631.2 623.5 626.7 95.9 98.2 100.9 100.9 1942—Mar. (Apr. 1) June 30 2 Sept. 30 Dec. 31 5,219.3 5,636.4 5,798.0 5,980.2 2,820.9 3,217.0 3,355.7 3,465.5 1,068.9 1,352.8 1,482.2 1,557.2 ,752.0 ,864.2 ,873.5 ,908.3 819.7 842.3 858.2 849.6 838.8 830.5 848.2 624.9 632.0 646.1 673.3 104.3 106.2 107.5 104.4 1943—Mar. 31 June 30 Sept. 30 Dec. 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 1,1868.6 2,217.1 2,338.3 2,610.0 ,920.3 ,931.2 1,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 685.9 687.9 708.1 701.1 108.6 112.1 114.8 117.8 1944—Mar. 31 June 30 Sept. 30 Dec. 31 7,611.9 7,610.4 7,576.9 7,728.4 5,034.4 5,002.5 4,807.2 4,865.2 3,005.0 2,812.2 2,644.8 2,624.9 2,029.4 2,190.3 2,162.3 2,240.3 868.0 856.6 883.5 805.8 904.1 929.8 1,026.2 1,019.4 685.8 702.4 737.8 911.8 119.6 119.1 122.2 126.3 1945—Mar. 31 June 30 Sept. 30 Dec. 31 8,002.6 8,422.8 8,858.6 .,802.8 5,219.4 5,671.0 6,042.2 6,144.5 2,865.1 3,313.2 3,554.9 3,469.0 2,354.3 2,357.9 2,487.2 2,675.5 848.5 760.4 865.3 742.7 983.7 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 8,730.8 8,338.2 8,250.1 8,009.5 6,098.8 662 681 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 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 1947—Mar. 31 June 30 Sept. 30 Dec. 31 '9,740.9 '9,447.7 '9,030.6 '8,335.2 4,841.3 4,591.9 4,456.0 4,120.3 1,725.4 1,447.2 1,298.5 1,121.8 3,115.9 3,144.7 3,157.5 2,998.5 2,707.0 2,694.3 2,655.4 2,242.0 703.6 624.5 519.8 427.2 '341.2 '209.3 '190.3 '186.5 1,282.6 1,398.0 414.3 393.4 338.8 4367.0 154.5 160.8 159.9 142.4 1948—Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30P Dec. 3 1 P '8,186.2 '8,228.1 '8,171.7 '7,962.0 '7,870.0 '7,946.0 '8,043.6 '7,929.8 '7,981.8 8,073.5 8,243.6 8,537.6 4,094.8 4,235.0 4,370.6 4,250.1 4,285.9 4,351.9 4,432.9 4,522.1 '4,570.3 4,651.7 4,769.1 5,096.8 1,137.2 1,270.7 1,346.4 1,281.8 1,299.0 1,352.3 1,389.3 1,513.9 '1,547.6 1,685.0 1,783.3 2,103.4 2,957.6 2,964.3 3,024.2 2,968.3 2,986.9 2,999.6 3,043.6 3,008.2 '3,022.7 2,966.7 2,985.8 2,993.5 2,185.0 2,124.6 1,985.3 1,955.2 1,935.1 1,907.7 1,909.1 1,898.9 '1,895.1 1,899.5 1,880.6 1,844.3 '118.5 '100.7 '63.7 '34.0 '-15.3 '35.7 '68.6 '54.0 '68.7 69.6 114.3 113.2 4 359.6 4 340.3 4 312.3 4 272.4 4 213.6 4 140.6 135.2 143.3 146.1 146.8 142.2 133.5 129.6 124.5 121.5 125.9 123.1 3 1,230.3 3 1,276.9 3 1,287.7 3 1,292.4 3 1,296.4 3 1,304.3 3 1,304.0 3 1,304.5 3 l,309.8 »1,159.1 3 1,165.4 3 1,168.5 31,175.8 31,177.8 203.9 4 189.7 166.2 4157.9 4 162.6 4 177.8 4 182.3 4 r p Preliminary. Revised. 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. 3 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 4 Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, and 81.6 million from Oct. 31 through Dec. 31, 1948, resulting from net purchases of domestic securities by international institutions. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for December 1945, pp. 960-974. 1 312 FEDERAL RESERVE BUIXETIN 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— 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. United King- France dom Netherlands Switzerland Italy Other Total Europe Europe 5,354.1 674.1 639.9 5,980.2 837.8 625.9 7,267.1 1,257.7 636.8 7,728.4 1,090.0 585.7 8,802.8 892.5 464.2 7,555.7 563.1 384.8 r 6,093.1 437.0 234.3 464.4 474.0 487.7 506.2 539.7 326.4 213.8 725.7 592.1 629.1 664.3 722.3 766.1 839.3 50.5 48.1 48.2 63.1 106.5 287.5 150.1 1,071.7 1,030.3 1,133.3 1,172.5 1,311.8 1,246.3 1,100.6 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 1,193.7 4,037.0 1,395.7 1,338.4 3,574.2 979.7 1,474.0 '2,975.1 688.6 1,383.4 691.1 932.9 1,161.6 1,273.6 1,784.1 1,258.3 975.8 128.6 178.3 201.4 203.0 247.5 269.6 2 70.2 '6,001.2 '6,103.5 '6,186.3 '6,006.8 r 5,934.9 '6,038.2 '6,134.5 '6,030.9 '6,086 6,173.9 6,363.0 6,693.3 189.2 188.7 186.2 150.0 125.2 120.1 102.1 92.8 86.6 76.0 89.8 104.3 836.2 840.0 841.2 850.6 860.9 858.3 863.4 853.1 829.9 823.8 814.7 826.4 160.1 180.7 187.0 205.8 216.6 210.2 238.7 270.0 307.1 316.4 335.3 335.9 1,113.2 1,100.8 1,091.1 '1,072.8 '1,066.7 p l,003.4 '1,004.6 '975.2 '1,006.0 1,019.3 1,073.2 1,117.1 '2,903.1 '2,995.9 '2,996.1 '2,865.8 '2,784.2 '2 ,809.4 '2 ,749.7 '2,734.6 '2,736.9 2,766.2 2,879.0 3,122.3 946.3 931.9 938.9 892.1 893.6 897.5 1,009.8 997.9 999.0 1,001.8 1,044.8 1,054.9 2 Total i 31.. 31.. 31.. 31.. 31.. 31.. 31.. 1948—Jan. 31., Feb. 29., Mar. 31., Apr. 30., May 31., June 30., July 31. Aug. 31., Sept. 30., Oct. 31., Nov. 3 0 P Dec. 31 P 451.4 523.9 562.8 488.8 449.9 558.0 489.4 486.8 462.5 479.5 501.4 653.5 153.1 161.8 127.8 97.9 64.8 59.5 51.6 56.6 ••44.9 51.3 64.7 85.0 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S Netherlands Switzerland Italy Other Total Europe Europe 1941—Dec 31 1942—Dec 31 1943—Dec 31*. 1944—Dec 31 1945—Dec. 31 1946—Dec 31 1947—Dec. 31 2,979.6 3,465.5 4,644.8 4,865.2 6,144.5 . . 5,272.3 4,120.3 328.6 493.3 939.4 804.4 646.4 397.6 264.9 416.5 394 5 404.1 356.6 229.9 165 8 87.6 161.0 170 0 176.7 193.1 265.0 208.2 126.7 326.2 166.3 192.7 221.4 286.3 359.0 432.8 -3.4 -6.2 -6.9 7.0 50.1 247.6 132.8 538.0 479 8 565.3 611.2 745.8 687.2 576.6 194g—Tan Feb. Mar. Apr May June July Aug Sept Oct. Nov Dec. 3i 29 31 30 31 30 31 31 30 31 30P 31P . 4,094.8 4,235.0 4,370.6 4,250.1 4,285.9 . . . . 4,351.9 4,432.9 4,522.1 '4,570.3 4,651.7 4,769.1 5,096.8 274.9 343.6 383.9 314.9 279.4 384.4 311.2 310.6 284.6 301.2 319.2 478.8 88.6 124.3 107.0 94.9 82.6 87.0 82.9 87.9 '79.5 86.4 94.0 114.1 107.5 112.3 114.5 108 2 93.6 96.3 93.9 106.1 98.4 91.2 95.2 106.1 435.7 446.7 454.2 471 1 515.8 527.1 534.9 535.9 515.1 512.0 495.0 511.2 143.1 163.4 167.0 184.1 195.5 192.4 216.7 251.0 285.2 295.1 313.5 313.2 586.0 579.5 587.3 576.1 568.0 498.4 496.5 483.9 '506 1 520.0 552.4 573.9 . . Total Latin America 727.8 721.5 798.0 838.4 878.7 911.2 938.2 816.3 849.3 868.0 932.4 945.1 ,338.2 ,364.9 ,368.0 ,360.8 ,329.5 .384.0 ,381.1 ,420.5 ,441.0 ,464.2 ,443.0 ,503.3 Asia All other 85.9 2 89.3 85.3 249.7 2 49.0 236.1 *55.7 «61.5 260.4 2 73.8 8 63.8 2 67.7 2 BY COUNTRIES United King- France dom From Jan. 2, 1935, through— Canada CanLatin ada America Asia 11,766.9 273.1 296.7 541.4 .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 5,065.5 823.9 983.3 1,135.7 1 ,621.4 301.6 1,095.0 877 3 ,635.8 ,769.9 ,813.8 1,749.4 1,734.9 1,785.7 1,736.1 1,775.3 1,768.9 L,805.9 L,869.3 2,097.4 327.0 322.7 400.0 429 0 462.6 483.6 508.7 548.4 578.0 593.8 658.1 664.2 1,047.8 1,067 5 1,087.0 1,097 3 1,085.5 1,104.0 1,081.2 1,104.7 1,102.7 1,139.7 1,101 2 1,165.4 846.3 840 3 842.4 783 7 809 6 804.1 914.5 894.2 924 4 904.6 941 6 971.2 All other 101.6 141 9 162.0 169.7 212 9 263.9 224 9 238.0 234 5 227.5 190 7 193.3 174.5 192.3 199.5 196.3 207.8 198 9 198.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— 1941—Dec 1942—Dec. I943—Dec 1944—Dec 1945—Dec 1946—Dec I947—Dec 31 31 31 31 31 31 31 1948—Jan. Feb Mar. Apr May June July Aug. Sept Oct. Nov. Dec 31 .. 29 31 30 31 30 31 31 30 31 30P 31P . . . . Total United King- France dom 791 3 888.8 877.6 805.8 742.7 427 2 '186.5 271.2 279.4 272.1 266.1 266.6 244 3 262.8 '118.5 '100 7 '63.7 '34 0 '-15.3 '35 7 '68.6 '54.0 '68 7 69.6 114.3 113.2 Switzerland Italy Other Total Europe Europe 76 9 17.6 5 4 77.8 18.1 6.6 77.9 18.3 5.1 77.7 18.3 6.8 78.0 — 17.7 5.2 73 4 — 132.3 — 1 7 55.7 - 3 0 . 5 1.1 25 8 26.2 26.2 26.2 26.2 10 6 250.5 253.5 256.8 231.5 235.1 226.9 '190.9 '192.5 '187 3 '168.9 '161.6 '163.1 '170.4 '172.9 '155.0 '162.4 161.5 182.5 203.5 269.5 -18.7 273 1 —34 6 -39.4 273.5 268 5 - 3 6 . 9 266.7 -43.6 270 4 - 4 7 . 9 -45.8 270.3 -44.1 268.4 271 1 ' - 4 5 . 3 271.1 -43.9 -38.0 273.8 267.5 -41.7 Netherlands -32.5 —33.7 -32.7 —41.5 -40.6 —40 7 -40.3 -56.6 -50.9 -51.2 -38.6 -32.7 1.8 2 1 1.7 1.9 2.2 1 7 1.1 .6 .5 .8 3.9 1.2 5.5 5.4 5.6 9.2 10.6 9.4 6.0 10.1 7.4 10.3 9.6 10.1 10.8 CanLatin ada America Asia 647.4 661.5 656.5 626.6 593.4 421.3 '485.5 62.7 58.6 55.1 64.8 39.5 40.7 65.4 17.7 68.3 55 7 37.0 9.1 -58.8 -346.3 64 7 93.8 102.7 77.7 99.2 29 9 '417.9 '399.8 '381.2 '364.2 '357.1 '359.7 '368.3 '330.8 '348.2 347.9 393.7 408.5 67.7 67.5 64.5 65.2 68.0 66.9 68.9 68.2 67.3 63.6 54.1 53.0 -351.3 2.4 -349.5 —5.4 —369.3 —2.0 -391.6 7.6 -413.7 -15.9 -376.2 -4.4 -356.1 -3.2 -343.9 10.0 - 3 2 5 . 4 — 12.0 -343.5 11.7 -343.9 21.9 8.5 -348.6 2.0 All other —1 2 6.6 7.5 -.3 1.5 —5.8 —20.1 -18.3 -11.7 -10.8 — 11.4 -10.9 -10.3 -9.2 — 11.1 —9.4 — 10.2 -11.4 -8.3 r P Preliminary. Revised. Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of international institutions. 1 See Table 1, footnotes 3 and 4. 1 MARCH 1949 313 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— Total United King- France dom Netherlands Switzerland Italy Other Europe Total Europe CanLatin ada America Asia All other 1941—Dec. 31., 1942—Dec. 31.. 1943—Dec. 31., 1944—Dec. 31., 1945—Dec. 31.. 1946—Dec. 31.. 1947—Dec. 31.. 855.5 848.2 925.9 1,019.4 972.8 1,237.9 il,276.9 127.6 125.4 127.6 126.5 117.7 96.8 94.9 51.6 52.4 50.6 51.0 51.2 50.2 47.1 31.5 31.6 33.0 33.6 33.0 26.0 -3.9 44.3 44.9 44.7 44.5 45.2 31.2 16.3 28.1 28.0 27.9 27.6 27.5 26.7 26.5 238.4 244.1 246.6 246.9 249.2 260.2 275.8 521.3 526.3 530.3 530.1 523.8 491.2 456.7 35.4 -3.0 41.2 104.9 49.1 236.6 441.8 221.1 245.4 272.3 302.0 317.1 448.4 537.6 61.2 16.6 18.0 61.5 19.9 62.2 21.0 61.3 22.0 60.8 .7 61.1 61.6 1-220.9 1948—Jan. 31.. Feb. 29.. Mar. 31.. Apr. 30.. May 31.. June 30.. July 31.. Aug. 31.. Sept. 30.. Oct. 31.. Nov. 30? Dec. 31P 11,287.7 11,292.4 11,296.4 11,304.3 11,304.0 11,304.5 11,309.8 11,159.1 11,165.4 il,168.5 11,175.8 11,177.8 93.2 93.3 92.0 90.7 89.0 87.7 87.5 87.3 86.5 86.0 85.6 84.9 46.8 46.6 46.1 45.2 44.4 43.5 43.3 43.2 43.2 43.0 43.1 42.9 -4.4 -4.9 -5.9 -6.2 -6.6 -6.7 -8.1 -8.7 -8.8 -8.6 -8.7 -9.1 13.7 10.7 26.4 26.4 26.5 26.5 26.5 26.5 26.5 26.5 26.6 26.5 26.5 26.5 276.7 277.1 277.8 278.4 278.3 279.3 280.0 280.6 281.1 281.7 282.3 283.0 452.5 449.3 443.9 438.2 426.8 421.6 418.5 415.1 413.4 412.3 411.4 409.1 451.3 454.6 458.6 467.0 469.9 472.7 477.4 327.7 331.8 334.6 338.8 339.7 542.1 546.2 549.3 552.9 559.6 561.9 565.2 567.3 570.7 571.8 575.4 578.3 61.7 61.7 62.0 62.1 62.2 62.3 62.4 62.5 62.6 62.6 63.0 63.2 219.8 1-219.4 217.5 215.8 1-214.6 1-214.1 213.8 213.5 213.1 •212.8 1-212.7 1-212.4 Asia All other 7.4 3.7 -4.8 -8.6 -10.7 -13.9 -15.2 -16.3 -17.4 -19.1 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 31. 31. 31. 31. 31. 31. 31. 1948—Jan. 31. Feb. 29. Mar. 31. Apr. 30. May 31. June 30. July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30P Dec. 31P Total United King- France dom Netherlands Switzerland 626.7 673.3 701.1 911.8 798.7 464.5 J 367.0 -70.1 -77.6 -100.3 -125.4 -157.9 -194.9 -203.8 74.9 80.5 82.7 77.3 81.7 74.9 24.7 236.7 236.9 239.9 239.0 233.5 207.0 108.7 336.4 360.5 367.3 368.5 355.4 337.9 350.9 2 359.6 1 340.3 '312.3 2272.4 2213.6 *203.9 2189.7 * 166.2 1 157.9 2 162.6 2 177.8 2 182.3 -203.7 -203.6 -204.4 -203.6 -202.9 -202.3 -197.0 -196.2 -196.3 -195.5 -194.1 -194.7 17.3 106.2 102.9 96.7 78.0 66.5 58.8 45.7 41.2 38.3 34.5 32.4 30.7 347.2 343.2 336.7 330.4 304.2 297.3 298.2 294.8 295.9 300.2 308.5 305.6 6.6 -4.7 -24.5 -37.0 -41.3 -46.9 -48.0 -49.7 -51.2 -51.0 -46.9 CanLatin ada America Other Europe Total Europe -15.0 37.1 44.4 55.4 72.4 68.0 57.3 43.1 615.0 644.7 645.7 633.7 582.9 484.3 308.7 -44.7 -45.1 -58.2 -28.1 -126.6 -143.0 -139.8 28.1 35.2 40.5 54.9 81.3 87.6 84.2 17.5 27.7 62.5 ?40.5 251.3 26.8 28.3 10.9 10.9 10.6 10.7 9.9 8.8 *85.6 -15.3 -15.2 -16.2 -16.2 -15.2 -15.1 -15.1 -15.3 -15.6 -15.3 -15.3 -15.0 44.1 43.8 44.0 43.5 45.4 44.2 43.7 44.3 44.7 44.7 45.1 45.7 295.7 277.6 252.1 207.7 161.0 141.6 128.5 120.8 117.4 117.5 125.7 125.4 -137.8 -142.3 -144.3 -142.0 -142.1 -132.6 -137.1 -147.2 -147.4 -142.6 -137.2 -131.5 87.8 91.0 90.3 90.6 83.9 81.7 83.1 82.4 84.7 83.3 89.4 94.2 28.5 28.6 28.9 31.0 30.1 27.9 29.2 24.1 17.1 15.9 11.3 285.4 285.3 285.4 285.1 *80.6 *85.4 J 85.9 286.1 286.2 288.4 2 88.6 289.2 Asia All other Italy — .1 — .1 .6 1.9 2.2 2.1 5.1 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— Total United King- France dom Netherlands Switzerland 1941—Dec. 1942—Dec. 1943—Dec 1944—Dec. 1945—Dec. 1946—Dec 1947—Dec 3i 31 31 31 31 31 31 100.9 104.4 117.8 126.3 144.1 153.7 142.4 16.8 17 4 18.8 18.5 19.8 19.2 18.2 19.9 20.7 21.5 23.1 23.4 20.5 19.1 17.6 17.5 19.9 22.3 26.0 17.5 12.7 13.5 13 7 19.3 23.0 30.3 39.6 38.2 1948—Jan Feb. Mar Apr. May June July Aug. Sept Oct. Nov 31 29 31 30 31 30 31 31 30 31 30? 140.6 135 2 143.3 146 1 146.8 142.2 133.5 129.6 124.5 121.5 125.9 3 123.1 17.5 17.4 17.8 18 4 17.6 17.8 17.5 16.7 16.5 16.6 16.8 17.0 19.1 18.9 18.9 19.2 18.4 18.3 18.2 17.6 17.2 17.0 16.6 16.7 12.4 12.2 13.6 11.7 12.3 12.4 10.9 10.9 9.6 10.0 9.5 9.3 37.8 37 2 41.1 43 4 43.6 40.8 39.9 35.6 33.6 27.0 24.6 27.5 Dec 31P . . . Italy .2 2 .3 .3 .4 .4 .3 .5 4 .5 7 .4 .4 .5 .4 .5 .5 .5 .4 Other Europe Total Europe CanLatin ada America 8 5 9.2 10.4 13.6 14.7 14.2 75.7 78 1 89.1 97.7 113.6 112.0 102.7 14.1 15 2 17.6 16.2 19.5 21.5 19.6 42 3.8 5.1 5.9 13.4 12.9 6 0 6.0 5.6 3.8 4.8 6.6 1.3 1.8 1.3 2.0 .7 13.7 13 1 13.1 13 1 12.0 11.1 11.4 11.4 11.6 11.4 10.9 11.0 101.1 99 3 105.1 106 4 104.3 100.8 98.3 92.6 89.1 82.6 79.0 81.9 19.6 19 1 19.2 19 1 20.2 20.6 20.2 19.3 19.6 18.4 18.6 19.6 11.8 97 10.7 11 7 14.1 12.6 7.7 10.0 8.3 13.0 20.9 14.0 7.4 6 6 7.7 76 7.6 7.6 6.8 .7 6 .7 1 i .6 .6 5 7.7 3.9 6.3 7.3 7.0 6.9 7.0 7.0 .8 9 .5 .5 .6 .4 .6 P Preliminary. 1 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 2 Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, and 81.6 million from Oct. 31 through Dec. 31, 1948, resulting from net purchases of domestic securities by international institutions. 3 Amounts outstanding Dec. 31 (in millions of dollars): foreign brokerage balances in United States, 69.8; United States brokerage balances abroad, 23.6. 314 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES In- ternational institutions Date 1941—Dec# 1942—Dec 1943—Dec# 1944—Dec 1945—Dec> 1946—Dec. 1947—Dec. 3i 31 31 31 3i 3 1 . . . 473.7 3 1 . . . 2,262.0 Total foreign countries 1 NethUnited King- France erdom lands Switzerland Italy Other Europe 400.8 448.6 174.9 1,314.9 2,244 4 554.6 432.3 186.6 3,320.3 1,000.8 439.9 193.3 3,335.2 865.7 401.2 209.7 4,179 3 707 7 310 0 281 6 458.9 245.9 224.9 3,043.9 1,832.1 326.2 167.7 143.3 339.9 184.2 210.6 239.3 304 2 372.6 446.4 15.4 12.1 11.3 27 3 70 4 267.9 153.1 614.6 650.9 728! 6 774.5 909.1 850.5 739.8 449.3 460.3 467.8 484.8 529.4 540.7 548.5 549.5 528.7 525.6 508.6 524.8 163.4 749.3 183.7 742.8 187.3 750.6 204.5 739.4 215.8 731.3 212.7 661.7 237.1 659.8 271.3 647.1 305.5 '669.3 315.4 683.2 333.8 715.7 333.5 737.1 Official Official and private 3,678.5 4,205 4 5,374.9 5,596.8 6,883 1 6,006.5 4,854.4 1948—Jan. 3 1 . . . 2,205.0 4,829.0 1,847.5 Feb. 29... 2,144.5 4,969.2 1,981.0 Mar. 3 1 . . . 2,005.3 5,104.8 2,056.7 Apr. 30... 1,975.1 4,984.2 1,992.1 May 31... 1,955.1 5,020.0 2,009.3 June 30... 1,927.7 5,086.0 2,062.6 July 3 1 . . . 1,929.0 5,167.0 2,099.6 Aug. 3 1 . . . 1,918.8 5,256.2 2,224.2 Sept. 3 0 . . . n, 915.1 »-5,304.4 '2,257.9 Oct. 3 1 . . . 1,919.5 5,385.9 2,395.3 Nov. 30*> . 1,900.6 5,503.2 2,493.6 Dec. 3 1 P . . 1,864.3 5,831.0 2,813.7 336.2 404.9 445.2 376.2 340.7 445.8 372.5 371.9 346.0 362.5 380.6 540.2 168.7 204.4 187.1 175.0 162.7 167.2 163.0 168.0 159.6 166.5 174.1 194.3 124.1 128.9 131.1 124.8 110.2 112.9 110.5 122.7 115.0 107.8 111.8 122.8 Total Europe CanLatin ada America Asia All other 417.7 1,994.0 373.2 2,020.7 507.4 597.7 693.7 2,584.5 812.6 ono 3 2,517.8 926.5 2,583.0 1 522 2 1,046 4 2,420.7 2 931.8 1,104.8 1,976.7 409.6 1,216.6 780.0 930.0 1,108!8 1,069.2 1,549!7 1,316.4 1,057.9 113.6 149 6 175!3 174.0 181 8 232.8 193.7 1,991.1 2,125.2 2,169.0 2,104.6 2,090.1 2,140.9 2,091.4 2,130.5 '2,124.1 2,161.1 2,224.6 2,452.7 1,026.9 1,021.0 1,023.0 964.4 990.2 984.7 1,095.2 1,074.8 1,105.0 1,085.2 1,122.2 1,151.8 206.8 203.4 196.3 159.5 162.1 143.3 161.1 168.3 165.1 176.6 167.7 167.4 434.9 430.6 507.9 537.0 570.6 591.5 616.7 656.4 686.0 701.8 766.0 772.2 1,169.3 1,189.0 1,208.5 1,218.8 1,207.0 1,225.6 L.202.7 1,226.2 1,224.3 1,261.2 1,222.7 1,287.0 LIABILITIES—SUPPLEMENTARY DATA Other Europe 3 Date Other Europe Belgium Denmark Finland 1942—Dec. 3 1 . . . 1943—Dec. 31. .. 1944—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1946—Dec. 3 1 . . . 1947—Dec. 31. . . 650.9 728.6 774.5 909.1 850.5 739.8 121.8 122.9 124.3 185.0 159.5 124.9 17.7 13.9 14.8 25.9 66.5 52.8 7.9 7.7 7.1 5.5 22.2 30.5 1948—Jan. 3 1 . . . Feb. 2 9 . . . Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 31. . . Sept. 3 0 . . . Oct. 31. . . Nov. 30P . . Dec. 31 P. . 749.3 742.8 750.6 739.4 731.3 661.7 659.8 647.1 '669.3 683.2 715.7 737.1 124.2 126.0 149.2 128.1 133.7 125.5 121.7 114.2 116.8 117.0 112.8 128.7 53.0 51.5 48.0 56.1 46.3 39.4 42.8 42.0 41.3 40.7 46.2 44.7 31.1 29.3 '27.7 30.9 29.0 29.3 26.7 25.4 22.1 18.8 17.1 19.1 GerLuxemmany4 Greece bourg Norway Portugal Rumania Spain 89.5 39.3 43.5 48.7 70.8 49.3 34.7 18.3 18.4 18.6 22.3 22.6 21.7 132.4 158.9 220.8 216.1 123.5 56.2 35.7 53.4 54.5 47.9 39.0 47.1 9.4 9.3 9.5 9.3 8.9 8.7 17.5 31.8 43.4 31.7 16.4 12.8 96.8 103.7 103.5 106.1 107.1 83.7 72.7 76.8 101.4 125.2 153.2 178.9 38.8 41.9 38.0 39.9 36.3 34.2 32.3 25.0 22.1 20.4 21.9 21.1 22.0 20.2 19.9 18.9 17.5 16.8 16.0 15.7 14.8 14.9 16.0 16.0 54.7 50.5 54.7 54.4 55.7 58.5 58.9 66.0 68.9 71.6 72.9 76.7 46.0 46.0 33.1 32.9 38.5 35.0 45.3 47.4 39.7 43.7 42.1 37.7 8.9 7.7 7.9 7.9 7.7 7.5 7.6 7.0 7.2 6.9 7.7 7.0 16.2 17.2 19.4 19.7 20.8 17.8 17.3 16.1 15.7 16.1 18.3 13.6 Cuba French West Indies and Gui- 7.5 6.5 6.8 7.0 7.1 All Sweden USSR Yugoslavia other 153.5 163.2 152.1 210.1 172.6 58.6 14.3 12.3 16.1 28.0 60.5 73.7 12.4 12.1 57.9 76.9 52.1 43.7 89.9 116.5 56.8 74.8 52.4 66.1 53.4 72.6 50.3 74.0 42.0 73.7 38.2 54.1 48.1 55.7 45.7 44.7 48.8 '41.4 49.3 32.8 42.5 28.4 49.0 21.3 10.6 20.5 24.0 23.9 22.0 17.1 11.7 14.6 10.6 19.4 24.8 19.9 115.4 109.8 99.1 96.4 101.1 104.8 102.9 106.7 118.4 106.4 111.9 103.4 17.7 9.9 5.7 5.7 Latin America3 NethLatin America Date Argentina Bolivia Brazil Chile Colombia Costa Rica er- Mexico ana lands West Indies ana Suri- Panama Peru Other Vene- Latin zuela America nam 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 31... 31... 31... 31... 31... 31... 1948—Jan. 3 1 . . . Feb. 2 9 . . . Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 3 1 . . . Sept. 30.. . Oct. 3 1 . . . . Nov. 30* . . Dec. 3 1 P . . 597.7 67.6 693.7 69.8 909.3 93.9 1,046.4 77.3 1,104.8 112.6 1,216.6 236.2 10.8 12.6 17.7 14.5 14.0 17.8 67.7 98.7 140.8 195.1 174.0 104.7 34.5 54.0 55.0 66.3 50.7 46.3 43.4 67.1 83.6 79.2 57.8 46.1 12.4 12.2 196.1 213.0 204.4 202.4 185.2 187.3 189.8 189.8 208.2 224.8 210.5 215.8 16.1 14.3 15.1 15.7 13.5 14.3 12.1 13.0 12.5 14.4 16.1 17.1 110.6 123.2 124.5 112.3 125.1 115.8 113.8 117.4 115.7 122.3 131.4 123.7 43.1 41.1 43.9 50.5 48.6 53.0 60.2 55.9 '51.5 58.3 52.7 55.6 49.2 43.4 27.2 26.9 40.2 48.4 48.7 46.5 ••38.9 46.2 49.4 54.0 9.2 9.8 9.8 1,169.3 1,189.0 1,208.5 L.218.8 1,207.0 1,225.6 1,202.7 L.226.2 ,224.3 ,261.2 .222.7 ,287.0 7.4 6.9 7.7 7.3 10.4 12.2 10.0 9.0 8.6 7.2 6.9 7.8 8.9 100.3 70.4 139.3 128.3 153.5 234.7 4.9 2.6 4.4 7.1 5.4 2.4 95.7 70.4 83.1 116.4 152.2 139.2 20.7 41.2 36.0 28.2 16.1 14.9 36.9 57.6 69.1 88.7 77.2 70.3 17.7 17.4 27.7 43.9 40.9 41.8 20.9 24.2 31.5 49.7 74.0 78.0 64.2 95.4 119.8 144.8 168.7 176.8 217.3 225.5 259.7 272.6 255.3 228.8 225.6 234.9 231.2 221.4 217.7 219.4 2.7 1.8 1.9 1.7 1.3 .9 1.1 1.0 .8 .8 1.2 1.2 132.7 131.7 132.4 119.6 134.2 126.2 135.4 152.6 150.7 148.9 147.4 146.7 17.2 18.3 17.4 17.2 19.3 18.1 18.4 17.8 21.5 23.3 22.3 24.3 71.7 72.9 78.2 79.2 80.3 79.7 73.1 70.7 67.7 71.0 64.1 71.8 39.2 89.1 40.0 75.3 37.8 65.5 33.6 84.5 39.5 58.8 38.4 110.3 45.1 76.0 48.4 76.7 50.4 88.7 52.1 97.5 50.6 77.9 52.6 121.7 175.1 178.7 190.7 192.2 193.6 194.3 194.5 192.9 179.3 173.3 173.5 174.0 For footnotes see following page. MARCH 1949 315 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other * Egypt China BritPhiland French Union and French Hong Aus- New- Angloish Indoippine All TurOther of Man- Indo- Kong India Ma- Japan nesia Re- key Asia2 other tra- Zea- Egyp- Mo- South Other chu- China lia land laya public tian rocco Africa Sudan Date Asia 1942—Dec. 31. . . 1943—Dec. 31. . . 1944—Dec. 31. . . 1945—£)ec 31 1946—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 930.0 1,108.8 1,069.2 1,549 6 1,316.4 1,057.9 360.9 574.2 427.3 582.3 431.9 229.9 27.4 27.4 27.4 28 0 39.9 1948—Jan. 31. . . Feb. 2 9 . . . Mar. 31. . . Apr. 3 0 . . . May 3 1 . . . June 3 0 . . . July 3 1 . . . Aug. 31. . . Sept. 3 0 . . . Oct. 31. . . Nov. 30?. . Dec. 31*. . 1,026.9 213.5 1,021.0 188.7 1,023.0 173.8 964 4 150.2 990.2 156.4 984.7 142.8 1,095.2 158.2 1,074.8 146.4 1,105.0 181.7 1,085.2 154.6 1,122.2 193.3 1,151.8 216.2 6.2 6.3 4.9 41.6 23.9 22.9 27.4 44.9 6 . 5 39.8 4 8 5.4 5.2 5.3 5.9 5.3 6.4 5.7 7.8 41.1 41.6 38.8 37.6 46.1 48.1 49.7 47.2 49.0 43.3 48.8 51.1 13.1 1.0 .9 18.2 22.1 1.3 33 4 1.2 43.5 17.3 62.4 11.0 160.4 110.1 110.5 4 1 113 7 16.6 127.1 31.3 69.3 254.7 29.9 259.1 35.4 365.8 23.7 629 1 52 5 446.6 54.7 488.6 37.6 67.7 57.8 53.1 41.9 56.0 73.4 63.5 50.6 44.8 40.9 44.9 51.8 37.1 53.8 85.4 76.3 82.4 79.1 79.2 76.8 74.2 76.8 80.9 81.4 466.9 484.7 476.4 474 2 474.8 464.6 517.4 521.7 496.1 508.4 500.9 488.3 4.8 4.1 4.0 11.8 13.1 13.9 12.3 10.6 9.6 15.6 14.7 15.8 13.9 9.5 12.9 65.7 57.0 60.5 51 8 49.0 34.7 32.9 36.7 51.9 54.0 49.9 41.5 34.2 34.6 30.0 25 7 23.5 23.1 21.1 22.4 24.4 18.0 17.9 17.5 36.2 55.5 64.2 78 0 93.8 81.5 149.6 175.3 174.0 181.8 232.8 193.7 23.1 25.3 52.9 28.9 45.5 30.6 4.8 5.1 3.5 4.3 8.0 5.9 6.8 6.1 7.3 12.1 10.3 18 9 20^8 25.0 10 0 14.9 10.1 82.7 83.4 86.3 89 6 85.9 104.3 152.3 152.5 161.9 168.9 170.4 183.3 206.8 203.4 196.3 159.5 162.1 143.3 161.1 168.3 165.1 176.6 167.7 167.4 26.2 28.5 24.8 19.7 21.0 18.7 23.8 22.0 18.7 19.1 20.4 22.2 5.4 6.2 6.1 4.6 5.0 3.6 3.7 5.5 6.9 5.3 5.4 5.3 37.6 42.7 36.4 31 3 29^2 27.3 33.2 42.6 36.3 36.8 30.9 27.7 9.4 9.2 8.6 4.5 8.3 8 2 8^5 8.9 10.9 11.1 11.0 11.9 12.2 11.4 91.8 124.1 97.6 6 4 113 4 47^2 96^4 46.4 75.8 11.0 4.3 55.1 41.5 44.8 21 0 26.6 9.3 15.7 12.4 8.6 8.8 10.8 15.8 73.1 75.2 75.6 74.7 71.9 75.5 73.7 74.6 83.5 94.7 88.1 84.9 P Preliminary. Breakdown not available for most of these countries until June 30, 1942. Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 1 2 Footn tes to table on preceding page. r P Preliminary. Revised. 1 Country breakdown is for "Official and private.' 2 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. 3 Breakdown not available for most of these countries until June 30, 1942. * Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Total 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 31.. 31.. 31.. 31.. 31.. 31.. 31.. 1948—Jan. 3 1 . . Feb. 29.. Mar. 3 1 . . Apr. 30.. May 3 1 . . June 30.. July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 3 1 . . Nov. 30P. Dec. 3 1 P . United King- France dom Netherlands Switzerland 1.1 .5 .4 .3 2.6 1.5 3.0 1.3 2.9 9.8 7.0 6.3 6.0 6.4 6.2 6.0 6.5 7.0 7.5 7.6 7.4 4.2 6.9 367.8 246.7 257.9 329.7 392.8 708.3 '948.9 20.9 12.6 19.9 25.9 25.4 47.7 29.2 23.4 36.3 151.0 49.1 1,017.0 1,034.8 1,071.8 1,101.5 1,150.8 1,099.8 1,066.9 1,081.5 1,066.8 1,065.9 1,021.1 1,022.3 22.5 18.9 18.5 23.5 25.3 21.6 21.7 23.6 20.9 20.9 18.2 24.5 97.8 113.7 118.5 116.0 122.7 127.0 124.9 123.1 '124.3 123.0 117.1 120.8 51.1 52.3 51.3 60.2 59.2 59.3 58.9 75.3 69.5 69.8 57.2 51.4 1.8 1.3 1.1 1.4 1.1 5.7 Italy Total Other Europe Europe Canada Latin America Asia All other 16.0 21.1 60.5 56.3 52.9 78.3 74.6 82.8 118.9 88.4 72.6 77.6 107.5 140.7 312.9 '248.6 33.6 34.3 37.8 28.1 53.3 52.2 27.5 148.3 99.7 112.2 131.0 158.9 226.8 514.3 87.9 35.3 26.3 51.4 29.9 99.2 127.0 17.2 31.5 21.2 20.9 17 A 15.9 17.2 20.6 16.5 19.1 16.3 17.0 16.5 15.8 117.2 122.5 140.9 148.1 146.7 139.4 136.9 154.8 147.3 148.3 127.3 106.3 '316.2 '334.4 '352.9 '369.9 '377.0 '374.4 '365.9 '403.3 '385.9 386.2 340.5 325.6 25.2 25.4 28.4 27.7 24.9 26.0 23.9 24.7 25.6 29.3 38.8 39.8 519.3 517.5 537.3 559.6 581.7 544.2 524.1 511.9 493.4 511.5 511.9 516.6 126.6 134.4 131.1 121.5 145.0 133.5 132.3 119.1 141.0 117.3 107.2 120.5 29.7 23.1 22.1 22.8 22.3 21.7 20.6 22.5 20.8 21.6 22.8 19.7 1.5 .4 .4 .3 .3 9.7 4.8 3.9 11.7 9.9 p Preliminary. Revised. 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. 316 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe * Date 1942—Dec 1943—Dec. 1944—Dec 1945—Dec. 1946—Dec 1947—Dec. 31 31 31 31 31 31 1948—jan> 3i Feb 29 . . . . Mar. 31 Apr 30 May 31 June 30 July 31 Aug 31 . . Sept. 30 Oct. 31 Nov. 30P Dec 3 1 P Other Europe Belgium Denmark 56.3 52 9 78.3 74 6 82.8 118.9 .8 .7 .7 .6 7.5 15.0 117.2 122.5 140.9 148.1 146.7 139.4 136 9 154.8 147 3 148.3 127 3 106.3 12.7 11.3 24.2 20.7 18.8 18.6 18.5 20.0 17.7 21.0 21 2 21.4 Greece Luxembourg Norway Portugal .1 1 .1 .1 .1 .1 .2 .2 35.1 31.6 3.3 9.2 2.4 1 4 .8 5 11.3 10.7 8.9 12.1 11 5 11.6 12 7 17.2 24 2 27.3 15 0 ? L.2 L.5 L.4 1 8.4 .7 Finland Germany (2) 5.6 76 .5 2.2 6.2 8.0 34.0 33 9 33.9 33 9 30.4 30.5 1.1 .6 .6 7 12.4 10.6 1 5 3.2 6.6 9.9 8.6 3.5 .7 .6 1.0 1.1 3.1 8 3 7.6 7.0 6.1 5.6 5.7 5.3 4.6 3.8 3.4 3 3 .6 3.4 30 6 30.5 30.4 30.4 30.3 30.4 30.4 30.4 29.5 33.6 30 4 30.5 10 1 10.2 9.6 7.2 6.8 4.7 4.6 4.1 3.3 3.6 3 5 1.2 s(2) (2) .3 .1 2 () L.O l.l n .9 .8 .7 .7 5 Rumania <•> 1 .1 Spain Sweden All USSR Yugoslavia other 3.2 3 2 1.8 1 6 7.2 .9 .4 .2 .2 .9 4.9 5.4 4 0 3.7 3.5 2.8 4 1 5.2 72 5.2 2 3 1.6 1 0 8.4 5 0 5.1 4.7 9.4 35.8 r(2) r(2) $ r(2) '« r(2) r(2) r(2) 1 5 3.5 3.7 4.6 5.5 3.3 2 5 3.3 5 4 5.5 27 .1 .1 (2) 2 ( ) (2) () (|) (2) 1.4 2.9 (2) 17.0 11 3 11.1 7 5 2 6.0 35 8 40.5 45.4 52.9 54 3 55.3 54 1 51.2 48 1 39.1 39 0 29.7 Latin America 1 Date 1942—Dec. 31 . . . 1943—Dec. 31 1944—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Dec. 31 194g—jan< 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct 31 . Nov. 3 0 P Dec. 31P . . Latin BoAmer- Argentina livia ica Colombia Brazil Chile 99.7 112.2 131.0 158 9 226.8 514.3 6.9 15.3 3.1 21 0 41.8 65.2 3.0 16.7 1.8 18.9 1.8 25.3 1 3 24.7 2.3 49.8 2.0 165.8 15.3 16.6 9.0 6 6 14.6 27.8 20.7 12.2 15.5 16 8 26.4 32.6 519 3 517.5 537.3 559.6 581.7 544 2 524.1 511 9 493.4 511 5 511.9 516.6 60 0 60.3 57 2 50.5 52.6 58 7 62.2 61.2 62.0 63.8 66.8 72.4 2 4 2.3 2 3 2.2 3.1 2 5 3.6 3 0 2.5 2 9 2.4 2.7 29.3 27.1 24.9 21.9 20.4 21 6 18.7 17 5 19.1 21 0 18.7 15.2 35.7 36.9 39.3 50.5 47.9 48 0 45.6 42.5 40.2 39 8 33.7 32.6 169.8 175.2 185.9 194.5 209.7 187 6 179.1 178 7 173.3 175 0 180.0 165.4 Costa Cuba Rica .6 .7 1.2 1.2 2.9 3.5 3.3 3.5 3.2 3.1 2.9 22 1.8 1.5 1.3 1 1 1.5 1.9 8.3 20.1 47.4 33 3 25.7 108.6 113.4 106.4 109.1 124.1 110.1 90 5 78.7 67.6 61.4 65.5 72.4 83.1 NetherFrench lands West West PanaIndies Mexico Indies and ma and GuiSuriana nam .2 (2) (2) .2 (2) .1 .1 .1 .1 (2) (2) (2) (2) (2) (2) (2) (2) 4.8 11.2 8.6 11 0 25.5 52.2 2.1 1.1 .8 1 l 1.3 4.7 4 8 4.2 4 1 4.2 4.4 4 4 4.2 3 6 4.1 4 0 3.8 4.6 .3 .5 .3 5 .8 1.1 .8 51 8 52.7 59.9 58.3 75.8 73 4 72.4 76.1 72.3 76 6 72.7 73.7 L.I 1.3 L.4 13 1.6 1 4 1.2 1 3 1.0 1.6 Other Vene- Latin zuela America Peru 2.8 1.4 1.2 1 9 3.7 4.3 3.9 3.8 5.1 6 1 8.7 15.3 14.2 8 7 11.7 33 4 23 1 31.0 4.1 3.9 4 1 3.8 4.0 4 1 3.5 42 3.9 4 2 4.2 4.4 14 2 16.9 17.6 17.0 19.3 19 9 20.7 20 8 18.8 20 8 18.1 26.0 29 6 26.8 28 5 28.1 30.1 29 9 32.0 33 8 33.2 35 5 36.4 32.7 Asia and All Other * Date 1942—Dec 1943—Dec. 1944—Dec. 1945—Dec 1946—Dec 1947—Dec 31 31 31 31 31 31 1948—j an 3i Feb 29 Mar 31 Apr. 30 May 31 June 30 July 31 Aug 31 Sept. 30 Oct 31 Nov. 30P Dec. 3 1 P Egypt China PhilBritand French Union and French New Angloish Japan Indo- ippine Tur- Other All Ausof Other India traMo- South ZeaAsia Man- Indo- Hong 3 other ReManesia Kong key EgypAsia chu- China lia land tian rocco Africa public laya ria Sudan 35.3 11.1 1.7 26.3 51.4 1.5 29.9 1.0 99 2 53.9 127.0 40.8 126.6 134.4 131 1 121.5 145 0 133.5 132.3 119.1 141.0 117 3 107.2 120.5 37.1 37.9 38.1 36.4 51 7 55.5 56.7 46.2 65.5 39 0 25.9 26.0 .7 .5 .1 .1 .2 .5 .5 .5 .5 .2 1.6 1.7 1.5 1.4 1.0 .3 .9 2.2 1.0 2.0 .9 22.3 .8 7.5 5 9 12.0 2 . 6 29.6 .9 .9 .5 .2 2.9 27.0 25.5 26.0 26.1 24 3 28.1 22.2 20.2 19.5 20 0 20.2 20.4 .7 4.0 .4 (2) (2) 2 ( ) (2) (2) .3 .3 .2 6 .6 .4 .2 .1 .1 .3 .1 3.9 3 7 3.5 45 4.6 3.5 3.9 3.5 3 1 3.5 3.4 .7 .6 .6 1 5 1.1 1.0 .8 1.0 4 .5 .4 5.7 5.9 4.0 42 1.1 1.5 2.0 3.1 .6 .5 .6 7.6 6.1 7.4 .5 .3 .4 1.9 15.9 .7 .9 .4 14.4 13 9 13.8 13.8 20 2 27.4 1.8 3.2 1.8 2.0 1.4 17 7 2.0 4.8 1.0 .7 2 1.8 3.9 .5 8.8 11.7 .6 .2 .7 2.7 9.9 1.7 4.4 17.2 3.4 1 l 6 . 3 31.5 9 . 0 1 5 29.3 31.0 31 1 33.7 42 7 31.7 32.4 33.2 29.5 34 2 36.2 37.3 17 6 18.6 IS 5 7.3 6 1 ? 0 2.5 ? 0 1 8 1 6 1 7 7.4 1.4 7.7 9.4 9.3 8 7 8.0 11.3 10.3 11.9 12 5 11.1 13.8 29.7 23.1 22.1 22.8 22 3 21.7 20.6 22.5 20.8 21.6 22.8 19.7 8.5 1.4 6.4 1.1 9 4.7 4.3 .7 3.4 .6 2.2 7 3.9 3.5 4.7 .6 6 .5 2.2 .6 3.6 7 3 8 11 .1 .1 .2 .3 .4 (2) (2) (2) .1 (2) .1 .5 .1 .3 .1 .1 .2 2 .1 .5 2.2 .2 .3 .2 .4 .5 .4 .3 .2 .2 .2 .2 .1 .2 .3 .2 1.7 24 9.7 4.7 10 1 14.4 1.2 7 1.0 2.5 22 14 3 10.0 10 1 11.7 11 8 12.0 11.1 9.9 5.0 9.7 5.9 5.5 6.6 6.1 11 1 11.6 7.9 6.0 5.0 6.0 5.6 6 1 6.5 6.0 5.9 r P Preliminary. Revised. Breakdown not available for most of these countries until June 30, 1942. Less than $50,000. Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 1 2 3 MARCH 1949 317 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] International Fund International Bank 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 Jan.1 Oct.1 July 1 Feb 1,436 1,403 1,400 1,357 1,391 4,024 1,181 (2) 8,034 -2 1,434 4,014 1,183 (2) 8,036 -1 1,441 4,000 1,143 (2) 7,986 -1 1,559 3,869 1,176 (2) 7,961 1948 Currency acquired 3 (Cumulative figures in dollars) Jan. Dec. Nov. Jan. 33.0 33.0 33.0 2 2 . 0 8.8 8.8 8.8 .5 1.3 1.3 6.0 6.0 6.0 10.2 10.2 10.2 3 .3 .3 .3 125.0 125.0 125.0 125 68.3 68.3 52.2 22.5 22.5 22.5 75.4 75.4 75.4 .5 .5 9.6 9.6 9.6 10.0 10.0 5.0 "5.6 5 5.0 300.0 300.0 300.0 240 Belgian francs Chilean pesos Costa Rican colones Czechoslovakian koruny. Danish kroner Ethiopian dollars French francs Indian rupees Mexican pesos Netherlands guilders.... Nicaraguan cordobas.... Norwegian kroner South African pounds. . . Turkish liras Pounds sterling Dec. Gold Member currencies (balances with depositories and securities payable on demand): United States Other members Investment securities (U. S. Govt. obligations) Calls on subscriptions to capital stock 4 .. Loans (incl. undisbursed portions) Other assets Bonds outstanding Loans—undisbursed Other liabilities Special 4reserve Capital Accumulated net income Sept. 81 927 June 89 927 Dec. 102 918 267 909 429 420 422 412 5 5 5 5 497 497 5 501 5 501 3 5 9 5: 254 254 250 254 18 27 197 10 2 4 4 4i 1 4 3 6j 1,667 1,667 1,657 1,645 -1 5 3 1 2 3 Quarterly statements on a new fiscal year basis. Less than $500,000. As of Jan. 31, 1949, the Fund had sold 658.4 million U. S. dollars; in addition, the Netherlands received 1.5 million pounds sterling in May 1947 and 300 million Belgian francs in May 1948, and Norway received 100 million Belgian francs in June 1948 and an additional 100 million in July 1948. 4 Excludes uncalled portions of capital subscriptions, amounting to 6,669 million dollars as of Dec. 31, 1948, of which 2,540 million represents the subscription of the United States. 5 Excludes 8 million dollars sold to others under the Bank's guarantee. 675.8 675.8 648.9 478.7 Total. CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Other assets 2 Notes and coin Discounts and advances Securities 200.1 313.7 326.4 326.4 4 .2 .2 .2 .2 .2 .2 .2 .2 .2 260.0 200.0 220.0 230.0 580.0 630.0 780.0 950.0 1,100.0 1,250.0 1,400.0 1,450.0 1,450.0 36.2 46.8 41.9 52.5 26.6 14.2 28.8 27.7 12.5 13.5 20.7 23.4 100.8 8.5 17.5 9.2 28.5 4.3 4.0 6.4 3.5 2.5 5.1 8.4 13.6 15.2 94.7 155.6 135.5 90.7 176.1 199.1 267.8 267.9 307.9 317.4 327.0 327.6 331.3 118.9 54.8 63.1 56.7 48.7 16.1 48.0 65.4 72.1 70.2 36.1 11.3 14.4 14.5 9.8 17.8 13.4 5.4 25.0 19.3 28.9 16.7 79.9 26.0 Goldi 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 25 30 29 28 27 25 31 30 29 27 26 25 31 1948—Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25 31 28 26 30 28 25 29 27 24 29 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 s 1,350.0 1,300.0 1,300.0 1,300.0 1,300.0 1,300.0 1,300.0 1,300.0 1,300.0 1,300.0 5 1,325.0 1949—Jan. 26 .2 6 ; Assets of banking department Assets of issue department 5 1,300.0 Liabilities of banking department Note circulation 3 Other Other liabilities and capital 12.1 12.1 11.4 15.9 29.7 12.5 11.2 9.0 10 3 5.2 5.3 10.4 18.6 37.1 39.2 36.6 36.8 42.0 51.2 54.1 48.8 60.4 52.3 58.5 57.3 95.5 18.0 18.0 18.0 18.0 17.9 17.9 17.9 17.9 17.9 17.8 17.8 18.1 18.1 290.6 314.3 307.4 311.8 325.4 311.0 300.3 300.0 307.5 302.7 314.5 12.1 9.0 12.6 10.7 14.5 11.2 16.9 22.3 13.1 12.3 11.7 "33'.4'" 53.6 19.6 14.3 17.4 93.3 94.3 90.3 93.0 92.2 89.4 90.1 93.3 93.0 99.2 92.1 18.4 18.6 17.8 18.0 18.2 18.3 18.4 18.5 17.8 17.9 18.1 294.7 21.4 8.4 89.4 18.3 Deposits Bankers' Public 424.5 467.4 505.3 504.7 554.6 616.9 751.7 923.4 1,088.7 1,238.6 1,379.9 1,428.2 1,349.7 72.1 150.6 120.6 101.0 117.3 135.7 219.9 223.4 234.3 260.7 274.5 278.9 315.1 284.3 367.0 350.6 366.9 383.8 400.5 405.8 397.3 359.6 347.4 401.1 1,231.6 1,245.9 1,237.8 1,244.2 1,252.2 1,285.0 1,253.3 1,236.4 1,230.8 1,233.1 1,293.1 326.1 1,224.5 E.C.A. 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 5 Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948, increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million pounds on Jan. 5, 1949. For details on previous changes in thefiduciaryissue see BULLETIN for February 1948, p. 254. NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 318 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Liabilities Assets Bank of Canada (Figures in millions of Canadian dollars) 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. Sterling and United States dollars Gold 185.9 225.7 31. 30. 31. 31. 31. 31. 30. 31. 31. 31. Dominion and provincial government securities Deposits Other assets Note circulation2 Dominion government Other 200.6 217.0 217.7 232.0 259.9 340.2 401.7 521.2 565.5 536.2 16.7 46.3 10.9 73.8 51.6 20.5 12.9 153.3 60.5 68.8 3.1 17.9 9.5 6.0 19.1 17.8 27.7 29.8 93.8 67.5 9.3 13.3 28.5 35.1 24.0 55.4 209.1 198.5 42.7 42.4 ,156.3 ,180.8 r183.0 ,195.7 ,206.5 ,220.3 ,226.9 ,267.7 ,275.1 ,273.5 ,289.1 531.8 519.2 558.9 547.3 517.0 502.5 525.1 550.9 581.0 579.6 547.3 60.8 42.2 57.9 135.9 138.4 119.0 105.1 87.3 110.0 86.5 98.1 75.0 86.7 126.0 95.8 107 84.1 90.3 78.2 72.2 64.1 81.0 24.0 25.9 26.9 32.0 31.7 32.1 36.2 44.7 41.3 59.2 43.1 1,229.2 545.1 141.8 86.8 42.5 Short-1 term Other 172.3 156.8 1.0 2.0 144.6 181.9 448.4 391.8 807.2 787.6 906.9 1,157.3 1,197.4 1,022.0 40.9 49.9 127.3 216.7 209.2 472.8 573.9 688.3 708.2 858.5 5.2 5.5 12.4 33.5 31.3 47.3 34.3 29.5 42.1 43.7 175.3 232.8 359.9 496.0 693.6 874.4 ,036.0 ,129.1 ,186.2 ,211 A .6 .1 .2 .5 .2 .1 .1 .2 1.0 .1 .4 974.4 985.2 1,124.1 1,179.7 1,152.9 1,145.2 1,155.2 1,216.3 1,279.6 1,222.1 1,233.7 825.7 806.7 767.8 775.0 790.9 773.6 778.1 757.2 741.3 794.0 779.1 47.2 62.7 60.5 51.6 56.8 39.2 50.2 55.3 57.7 46.8 45.4 1,188.3 806.9 50.2 28.4 64.3 38.4 200.9 .5 .6 1948—Feb. 28. Mar. 31. Apr. 30. May 31. June 30. July 31. Aug. 31. Sept. 30. Oct. 30. Nov. 30. Dec. 31. 1949—Jan. 31. Chartered banks Assets Bank of France (Figures in millions of francs) 1938—Dec. 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. Domestic bills Golds 29.. 87,265 28.. 97,267 26.. 84,616 31.. 84,598 31.. 84,598 30.. 84,598 28.. 75,151 27.. 129,817 26.. 94,817 31.. 65,225 Foreign exchange Open market7 Special' 821 7,422 112 11,273 43,194 42 42,115 38 43,661 37 44,699 37 47,288 42 23,038 68 7 77,621 12 137,397 1948—Jan. 22". Mar. 25.. Apr. 29.. May 2 7 . . June 24.. July 29.. Aug. 26.. Sept. 30.. Oct. 2 8 . . Nov. 25.. Dec. 3 0 . . 65,225 65,225 65,225 65,225 65,225 65,225 65,225 65,225 65,225 65,225 65,225 9 15 17 22 21 45 50 60 35 36 30 145,814 157,997 156,424 149,849 141,276 148,812 147,288 160,930 151,954 153,368 167,450 1949—Jan. 27.. 65,225 34 158,288 Other 1,797 7,880 5,149 2,345 3,646 661 12 4,517 169 5,368 7,543 29 18,592 48 25,548 303 76,254 3,135 64 117,826 64 12 55 27 55 156 544 4,808 9,901 10,908 8,577 125,687 147,841 149,341 165,265 165,984 169,674 163,109 161,571 197,297 192,428 238,576 4,996 238,795 Other liabilities and capital8 Liabilities Advances to Government For occupation Other costs 8 72,317 142,507 210,965 326,973 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 Deposits Other assets 9 Note circulation Govern- C.A.R.i ment Other Other liabilities and capital 25,595 14,751 27,202 25,272 29,935 33,137 37,855 57,755 63,468 82,479 2,718 2,925 3,586 3,894 4,461 4,872 7,078 4,087 7,213 10,942 67,900 147,400 18,498 20,094 23,179 22,121 21,749 21,420 35,221 39,122 47,577 121,061 5,061 110,935 1,914 151,322 984 218,383 1,517 270,144 770 382,774 578 500,386 748 572,510 570,006 12,048 721,865 765 920,831 733 120,700 155,000 129,500 121,800 122,800 153,200 156,800 160,700 158,000 151,200 150,900 104,474 108,979 113,590 113,938 102 ,405 113,212 104,213 138,910 113,547 110,989 119,659 891,546 773,199 759,054 768,567 790,639 836,662 844,894 910,633 917,757 913,234 987,621 771 791 790 812 738 764 858 788 764 759 806 82,849 271,034 265,123 256,948 216,026 225,251 203,467 193,031 187,657 178,090 171,783 12,808 16,045 15,186 15,800 16,362 13,646 14,011 13,752 15,780 18,070 16,206 115,463 972,604 822 163,513 18,062 20,627 34,673 63,900 69,500 68,250 64,400 15,850 426,000 146,200 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 51940, pp. 677-678). Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral against a loan was increased from 10,052 to 12,408 million francs. For details on previous devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936,7 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 occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bar?k. Beginning April 1947, includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. 10 Central Administration of the Reichskreditkassen. 11 Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. MARCH 1949 319 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange. Government securities Rediscounts and loans to banks1. Other assets Currency circulation 2 Deposits—Member bank Government Nationalized * Other Other liabilities and capital Commonwealth Bank of Australia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks.. Securities (incl. Government and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities and capital Austrian National Bank (millions of schillings): Gold Foreign exchange Loans and discounts Claim against Government Other assets Note circulation Deposits—Banks Other Blocked National Bank of Belgium * (millions of francs): Gold Foreign claims and balances (net) Loans and discounts Consolidated Government debt.. Government securities Other assets Note circulation Deposits—Demand E. C. A Other liabilities and capital 1949 Jan. 1948 Dec. Nov. Jan. Jan. Bank of the Republic of Colombia (thousands of pesos): 433 999 Gold and foreign exchange7 8 . . . . ,429 2,672 Net claim on Int'l. Fund 866 1,032 Paid-in capital—Int'l. Bank ,862 13,833 Loans and discounts ,643 2,613 Government loans and securities. ,990 5,257 Other assets 458 Note circulation 394 1,629 Deposits ,244 12,963 Other liabilities and capital 283 96 ,322 747 National Bank of Costa Rica— Issue dept. (thousands of colones): Gold Foreign exchange 350,590 329,388 180,046 Contributions to Int'l. Fund and to Int'l. Bank 3,628 3,357 2,533 Loans and discounts 358,127 357,385 440 ,237 Securities 39,776 30,246 23,323 Other assets 217,605 199,355 193,643 Note circulation Demand deposits 319,170 295,270 269 ,610 Other liabilities and capital 22,296 39,062 23,297 193,051 186,688 159,590 National Bank of Czechoslovakia (millions of koruny): Gold and foreign exchange 9 . . . . Loans and discounts 49 47 50 50 Other assets 83 55 86 95 Note circulation 736 107 1,109 1,129 Deposits 7,503 7,547 6,256 6,192 Other liabilities and capital 4 5,669 485 787 593 27,741 12,444 5,191 34,997 3,889 3,466 82,973 2,255 417 2,083 3 5,635 507 869 428 2 5,388 580 558 1,846 8 3,687 1,143 900 2,034 National Bank of Denmark (millions of kroner): Gold Foreign exchange Contributions to Int'l. Fund and to Int'l. Bank Clearing accounts (net) 27,334 27,782 25,980 Loans and discounts Securities 13,598 12,074 Govt. compensation account.... 4,720 3,132 Other assets 35,000 35,000 Note circulation 4,636 4,622 Deposits—Government 4,233 3,118 Other 83,176 81,376 79,736 Other liabilities and capital 2,474 2,052 1,701 2,171 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 365 1,935 (Oct.)' 954 237 577 750 20 2,045 222 272 951 178 298 800 28 1,820 207 228 National Bank of Bulgaria 5 Central Bank of Chile (millions of pesos): Gold e Foreign exchange (net) 7 Net claim on Int'l. Fund Discounts for member banks Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities and capital 1949 Central Bank (Figures as of last report date of month) 1,169 28 1,632 768 1,360 1,415 4,720 1,037 246 371 1,164 103 3 1,031 805 1,171 1,214 3,947 751 435 358 163 24 1 155 133 53 326 159 45 345 367 370 369 741 640 901 673 260 1948 Dec. Nov. Jan. 163,079 144, 241 205,266 868 21,867 1,225 230 192,663 177,664 102,722 131,931 104,349 48,167 44,234 315,416 276,517 153,641 170 164,311 46,109 46 38,835 11,541 17,415 30,321 85,355 31,845 6,257 112,244 63,426 7,065 11,538 11,498 7,852 20,593 30,321 82,208 27,651 6,378 102,861 55,166 7,922 30,321 69,675 3,943 783 87,653 42,438 6,723 4,420 4,186 4,259 5,156 26,456 30,234 25,114 12,793 48,176 48,306 48,452 54,917 70,489 71,997 68,466 56,009 562 2,039 984 4,998 8,001 8,691 8,375 11,858 70 177 70 175 70 138 71 100 65 65 -24 23 130 5,092 158 1,614 1,858 2,058 160 65 -23 20 121 5,107 170 1,520 1,826 2,165 157 65 -14 20 113 5,571 192 1,571 1,873 2,527 145 23 125 5,052 197 1,517 2,014 2,028 150 Central Bank of the Dominican Republic (thousands of dollars): Gold 4,001 4,000 4,000 5,250 10,440 10,831 11,419 11,877 Foreign exchange (net) 7 1,250 1,250 1,250 Net claim on Int'l. Fund 40 40 40 Paid-in capital—Int'l. B a n k . . . . 136 74 78 Loans and discounts 5,000 5,000 5,000 Government securities 759 740 730 83 Other assets 17,404 17,424 16,957 14,241 Note circulation 4,056 4,356 5,393 2,851 Demand deposits 166 156 168 118 Other liabilities and capital Central Bank of Ecuador (thousands of sucres): Gold 277,657 277,616 275 ,084 Foreign exchange (net) 7 68,627 50 305 22,884 Net claim on Int'l. Fund 16,882 16, ,882 16,877 Credits—Government 121,234 118 422 Other 120,599 124, ,384 Other assets 107,816 109, 446 103,744 Note circulation 375,644 373 965 313,142 Demand deposits—Private banks 144,045 627 Other 770 233,070 60,105 Other liabilities and capital... 693 84,247 133,022 r 1 2 Revised. Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. * In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. • 4 Latest month available. 5 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 7 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time 8as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Gold not reported separately beginning May 31, 1948. 9 Gold not reported separately beginning Dec. 31, 1946. 320 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1948 1949 Jan. Dec. 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 £1 Salvador (thousands of colones): Gold Foreign exchange (net) x Net claim on Int'l. Fund Loans and discounts Government debt and securities. Other assets Note circulation Deposits Other liabilities and capital Nov. 6,376 6,376 13,627 13,480 8,732 6,681 331,042 306,083 25,357 28,701 152,332 133,530 89,006 89,684 132,386 120,787 11,409 17,321 36,225 42,689 1,564 4,576 5,345 1,334 62,591 23,210 5,932 36,274 32,922 1,564 5,572 5,346 1,050 57,002 19,849 5,878 36,328 27,959 1,564 3,995 5,312 1,418 50,436 20,218 5,922 State Bank of Ethiopia—Issue dept. (thousands of dollars): Gold Silver Foreign exchange Treasury bills Other assets Circulation—Notes Coin Other liabilities and capital 3,967 3,994 27,063 5,832 29,681 40,823 28,704 1,010 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 268 268 268 585 978 1,098 -2,244 -2,199 -2,218 34,502 35,023 35,826 899 893 925 916 1,143 1,359 25,782 27,369 27,400 2,174 1,627 1,434 7,615 7,446 7,441 Bank of the German States 2 (millions of German marks) Foreign exchange Loans and discounts Loans to Government Other assets Note circulation 3 Deposits—Government Banks Other Other liabilities and capital 983 1,629 7,619 2,255 6,319 1,335 1,573 225 3,034 Bank of Greece (billions of drachmae): Gold and foreign exchange (net). Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Reconstruction and relief accts Other Other liabilities and capital Bank of Guatemala (thousands of quetzales) : Gold Foreign exchange Gold contribution to Int'l. Fund. Rediscounts and advances Other assets Circulation—Notes Coin Deposits—Government Banks Other liabilities and capital Jan. 843 1,327 7,781 1,779 6,017 1,572 1,493 248 2,398 678 51 1,295 1,389 314 1,021 203 219 474 1,809 27,230 18,173 1,250 4,611 11,566 33,783 3,046 4,466 11,624 9,910 27,230 16,233 1,250 4,768 11,761 32,461 3,023 5,178 10,399 10,181 Central Bank (Figures as of last report date of month) National Bank of Hungary (millions of forint): Gold Foreign exchange Discounts Loans—Treasury Other Other assets Note circulation Demand deposits—Government. Other Other liabilities and capital 1948 Jan. Dec. Nov. Jan. 412 195 17 335 6,492 290 2,735 5 4,206 795 412 153 50 337 5,970 255 2,817 6 3,579 775 403 139 69 340 5,664 190 2,544 12 3,527 722 403 104 1,624 340 184 1,962 122 194 376 Reserve Bank of India (millions of rupees): Issue department: 414 422 444 Gold at home and abroad. . 7,689 7,862 11,353 Sterling securities 3,433 3,501 Indian Govt. securities 578 453 466 Rupee coin 369 11,882 11,976 12,622 Note circulation Banking department: 105 275 Notes of issue department.. 123 2,563 2,764 3,717 Balances abroad 22 23 Bills discounted 34 30 36 Loans to Government 2 1,138 957 1,119 Other assets 1,832 3,618 3,822 4,738 Deposits 2,321 240 234 Other liabilities and capital. 256 27,464 5,832 Central Bank of Ireland (thousands 30,298 of pounds): 2,646 2,646 2,646 2,646 38,799 42,706 45,299 43,289 40,813 28,380 Sterling funds 45,352 47,945 45,935 43,459 567 Note circulation. Bank of Italy (millions of lire): ,256 768 Gold.... . 525 91 ,204 ,228 12,712 Foreign exchange 560 ,638 647 ,123 608,856 Advances—Treasury -2,587 Other Govt. agencies 16 31,843 180 ,657 164 Loans and discounts 162,601 378 186 ,344 176 Government securities 127,364 779 261,906 200 68,864 Other assets 23,258 9119 ,944 825,709 719,714 Bank of Italy notes 1,288 51 ,069 365 63,372 Allied military notes 6,518 58 ,199 154 Deposits—Government 85 ,900 054 73,653 Demand 163 ,992 517 100,745 Other 42 ,903 33 659 23,456 Other liabilities and capital 36,786 39,969 1,564 4,975 5,462 1,707 57,259 27,623 5,581 Bank of Japan (millions of yen): Cash and bullion Advances to Government. . . . Loans and discounts Government securities Reconversion Fin. Bk. bonds. Other assets Note circulation. Deposits—Government. Other Other liabilities 865 833 3,264 84,760 862 55,522 51,901 435 38,749 217,714 ,437 122,762 30,005 ,559 35,955 19,821 ,998 8,832 355,280 294,744 218,049 14,002 10,008 22,660 25,269 13,123 11,758 632 18 Bank of Java * 977 1,177 Bank of Mexico (millions of pesos): 108 Monetary reserve 5 893 "Authorized" holdings of securi100 ties, etc Bills and discounts 211 Other assets 215 Note circulation 1,492 Demand liabilities Other liabilities and capital 675 669 635 628 1,898 668 195 1,943 758 735 1,919 641 178 2,000 676 732 1,792 642 207 1,856 686 735 1,516 654 128 1,696 817 413 Netherlands Bank (millions of guilders): Gold Silver (including subsidiary coin) Foreign assets (net)6 Loans and discounts Govt. debt and securities Other assets Note circulation—Old New Deposits—Government Blocked E. C. A Other Other liabilities and capital 439 4 310 193 3,300 308 109 3,052 265 5 214 705 203 439 5 458 155 3,300 316 111 3,115 179 57 188 702 320 449 4 458 151 3,300 340 112 3,088 330 60 189 585 338 582 3 335 153 3,500 195 125 2,911 857 138 27,229 22,769 1,250 3,182 9,708 30,236 2,899 8,233 13,112 9,659 509 227 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time 3as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks, and was published for the first time as of Sept. 7, 1948. 8 Excludes currency issued in the Western sector of Berlin, amounting to 407.4 million German marks on Dec. 31, 1948. 4 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities, e Beginning January 1949, this figure represents a net of the Bank's foreignL assets and d i is not strictly comparable with amounts shown for ^previous months. JMARCH 1949 321 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve , Advances to State or State undertakings Investments Other assets Note circulation Demand deposits Other liabilities and capital. 1949 Jan. Dec. Nov. Jan. 2,802 2,802 2,802 43,505 41,537 66,133 48,212 16,022 23,808 53,110 75,758 5,480 Bank of Norway (millions of kroner): Gold Foreign assets (net) Clearing accounts (net) Loans and discounts Securities Occupation account (net) Other assets Note circulation Deposits—Government Banks Blocked Other Other liabilities and capital... 40,305 43,902 16,124 7,868 24,865 1,558 48,957 49,345 71,619 67,932 5,058 4,986 324 233 304 482 -77 51 " " 7 6 54 72 7,924 8,094 116 47 2,060 2,008 4,005 3,846 1,005 1,365 754 844 180 329 601 703 1948 1949 Central Bank (Figures as of last report date of month) Jan. Dec. Nov. Jan. Bank of Sweden (millions of kronor): Gold Foreign assets (net) Swedish Govt. securities and ad- 4 vances to National Debt Office Other domestic bills and advances Other assets Note circulation Demand deposits—Government. Other Other liabilities and capital 177 470 178 450 178 339 3,130 173 385 2,934 728 228 446 3,499 155 423 3,113 679 459 453 ,297 128 726 ,924 721 255 768 2,702 116 335 2,734 613 163 276. Swiss National Bank'(millions of francs): Gold Foreign exchange Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities and capital 5,834 233 159 74 4,307 1,521 473 5,821 237 206 119 4,594 1,243 546 5,803 207 139 85 4,345 1,343 546 5,605 131 236, 86 4,150 1,200 707 Central Bank of the Republic of Turkey (thousands of pounds): Gold* Foreign exchange and foreign clearings Loans and discounts Securities Other assets Note circulation Deposits—Gold Other Other liabilities and capital 229 404 454,458 454,458 448,588 477,932 104,151 84,279 82,966 254,807 774,248 820,245 801,332 597,580 Bank of Paraguay—Monetary 213,188 213,857 198,109 196,381 dept. (thousands of guaranies): 724 710 721 57,499 39,857 43,839 37,232 696 Gold 1,334 4,618 23,736 937,511 935,111 944,215 860,840 -372 Foreign exchange (net) 153,035 153,035 153,035 151,802 2,710 2,710 2,710 2,709 Net claim on Int'l. Fund * -92 -14 229,833 258,590 212,697 312,981 -92 -16 Paid-in capital—Int'l. Bank. .. . 283,165 265,962 264,888 238,309, 69,625 68,737 60,784 16,000 Loans and discounts 5,099 7,636 7,636 8,968 Government loans and securities 2,732 622 2,961 1,014 Bank of the Republic of Uruguay Other assets 63,788 64,588 58,378 42,591 (thousands of pesos): (Oct.)6 Note and coin issue 16,815 15,068 13,329 8,092 Gold 261,032 287,803 Demand deposits 2,000 2,333 5,175 2,449 12,290 12,628 Silver Other liabilities and capital 317 314 Paid-in capital—Int'l. Bank. . . . Advances to State and governCentral Reserve Bank of Peru ment bodies 62,895 54,737 (thousands of soles): 175,376 947 107,149 Other loans and discounts 236,496 183,113 Gold and foreign exchange 20,495 495 20,496 Other assets 284,848 261,358 Net claim on Int'l. Fund * 2,356 356 2,480 Note circulation 242,416 237,099 Contribution to Int'l. Bank 116,296 109 124,863 Deposits—Government 65,757 64,224 Loans and discounts to banks.. 733,582 637 708,129 Other 252,309 267,290 Loans to Government 56,252 378 87,562 Other liabilities and capital 297,396 231,339 Other assets 761,287 505 696,098 Note circulation 257,928 247 244,431 Central Bank of Venezuela (thouDeposits 85,141 110,150 sands of7 bolivares): Other liabilities and capital. Gold 888,521 892,197 557,408 Foreign exchange (net) Bank of Portugal (millions of 170,077 10,276 108,399 escudos): Other assets 66,364 77,532 77,297 3,937 4,618 Note circulation—Central Bank. Gold 767,632 651,934 590,006 9,047 10,715 National banks. 1,662 2,749 3,893 Foreign exchange (net) 397 431 Deposits 252,643 305,615 117,514 Loans and discounts 1,280 1,277 Other liabilities and capital 103,024 19,708 31,691 Advances to Government 491 533 Other assets 8,554 8,454 National Bank 2of the Kingdom Note circulation 1,699 815 of Yugoslavia Demand deposits—Government. 4,858 6,443 Other 997 905 Bank for8 International SettleOther liabilities and capital ments (thousands of Swiss gold francs): National Bank of Rumania s Gold in bars 110,208 134,011 101,510 Cash on hand and on current South African Reserve Bank account with banks 27,468 19,242 15,866 23,486 (thousands of pounds): 44,965 47,641 187,751 Sight funds at interest 1,207 Gold « 497 496 496 32,361 43,756 53,094 Rediscountable bills and acceptForeign bills 102,947 102,534 7,454 16,867 16,662 16,697 27,739 ances (at cost) Other bills and loans 9,977 8,385 15,573 21,865 25,056 29,132 15,506 Time funds at interest Other assets 68,414 66,593 63,099 Sundry bills and investments. . . 188,111 168,842 146,773 60,509 Note circulation 112,895 127,974 194,184 297,201 297,201 297,201 291,160 Funds invested in Germany Deposits 8,940 7,750 6,588 Other assets 2,231 Other liabilities and capital. 1,396 2,124 210 Demand deposits (gold) 26,878 15,118 22,371 17,665 Bank of Spain (millions of pesetas): Short-term deposits (various 1,219 1,215 currencies): Gold 500 500 Silver Central banks for own ac15,782 15,752 count Government loans and securities. 156,026 143,531 139,557 16,354 10,025 9,677 Other Other loans and discounts 1,075 1,245 1,126 9,290 3,793 3,566 Other assets Long-term deposits: Special ac25,487 25,294 Note circulation counts 228,909 228,909 228,909 228,909 1,104 503 Deposits—Government Other liabilities and capital 251,017 250,300 250,336 248,400 4,703 3,567 Other Other liabilities and capital 623 746 1 This figure fig represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time2as thei 1Fund engages „..„ in operations in this currency, .... the "net claim" will _, equal the country's_ ogold contribution. r For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (Feb* ruary3 1941), see BULLETIN for March 1942, p. 282. Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Latest month available. 7 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern*. ment.8 See BULLETIN for December 1936, p. 1025. 322 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 June 28, 1948. . Sept. 6 Oct. 1 In effect Feb. 28 1949 Central bank of— SwitzBel- Nether- Sweerlands den land Rate Feb. 28 Central bank of— Date effective Date effective Albania... Argentina. Austria. Belgium. Bolivia. . Mar. Mar. Aug. Aug. Feb. 21, 1, 3, 27, 4, Bulgaria. Canada.. Chile Colombia Costa Rica.. . . Czechoslovakia Aug. Feb. Dec. July Apr. Oct. 1, 1948 8, 1944 16, 1936 18, 1933 1, 1939 28, 1945 Lithuania. . . Mexico Netherlands . New Zealand. Norway Peru \ July June June July Jan. Nov. 15,1939 4, 1942 27, 1941 26, 1941 9, 1946 13, 1947 •enma:.rk. Ecuador.... El Salvador. Estonia Finland Jan. 15, 1946 June 8, 1943 Oct. 15, 1946 Oct. 1, 1935 Feb. 1, 1949 Portugal. . . . Rumania South Africa. Spain Sweden Jan. Mar. June Oct. Feb. 12, 1944 25, 1948 2, 1941 27, 1947 9, 1945 Oct. June July Nov. Nov. Switzerland.. Turkey United Kingdom U, S. S. R . . . . Yugoslavia. . Nov. 26, 1936 July 1, 1938 France. Germany. Greece. . . Hungary.. India 12 5 3 1940 1936 1945 1947 1948 Rate Feb. 28 1, 1948 28, 1948 12, 1948 1, 1947 28, 1935 Ireland. Italy... Japan.. Java.. . Latvia. Nov. 23, 1943 Sept. 6, 1947 5.11 July 5, 1948 Jan. 14, 1937 3 Feb. 17, 1940 5 2 4 1-3 Oct. 26, 1939 July 1, 1936 Aug. 20, 1948 iy2 &3 i The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Jan. 3 1 : Finland—Feb. 1, down from 1% to 6M per cent. 3y2 &4 OPEN-MARKET RATES [Per cent per annum] United Kingdom Canada France Netherlands Sweden Switzerland Loans up to 3 months Private discount Month 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 1947—Dec Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money 1.25 .75 .76 .67 .81 .63 .55 .52 .42 .37 .36 .40 .41 1.02 1.06 .57 .71 .83 .75 .96 1.23 1.03 1.03 1.03 1.03 1.03 .53 .53 .53 1.04 1.15 .47 .68 .84 .75 .93 1.24 1.01 1.01 1.01 1.01 1.00 .50 .50 .51 .81 .77 .70 .75 .78 .75 .80 1.03 1.00 1.03 1.00 1.00 1.02 .41 .41 .41 .41 41 .41 .41 .41 .41 .41 .41 .41 .54 .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 .51 .50 .51 .51 .51 .51 .51 .51 .51 .51 .51 .52 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 1948—Jan... Feb.. . Mar.. Apr.. . May. June. July.. Aug.. Sept.. Oct... Nov.. Dec.. , .63 .63 .63 Bankers' allowance on deposits Day-today money 2.44 1.49 1.50 1.94 1.50 1.42 1.65 1.53 1.33 1.19 2.04 2.02 2.00 2.09 2.00 2.12 2.02 2.04 1.88 2.84 2.09 2.03 Treasury bills 3 months Day-today money rate 1.21 1.13 .78 .53 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 1.38 1.28 1.38 1.45 1.38 1.33 1.36 1.56 1.35 1.10 1.03 1.08 1.25 .57 .78 .99 .93 .94 .84 1.35 1.06 .84 .78 .77 .96 1.50 1.50 1.50 1.50 1.50 1.50 1.63 1.63 1.63 1.63 1.63 1.63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MARCH 1949 323 COMMERCIAL BANKS Assets United K i n g d o m 1 (11 London clearing banks. Figures in millions of pounds sterling) 1941—December 1942—December 1943—D ecem ber 1944—December 1945—December 1946—D ecember 1947—December Cash reserves . . 1948—January February March April May June July . . August September October November December Treasury Bills dis- deposit 2 counted receipts 141 171 390 422 500 536 499 502 142 151 199 252 432 480 198 133 147 369 610 793 476 465 472 478 488 492 489 499 460 442 468 463 454 473 477 489 800 713 804 778 723 659 715 695 366 . . Money at call and short notice 490 485 495 502 490 707 802 793 497 482 741 485 Liabilities Loans to Securities customers 758 896 999 Deposits Other assets 823 324 1,307 1,667 1,523 1,560 1,288 ,120 ,154 ,165 ,234 ,427 ,483 794 761 772 827 994 1,219 1,217 1,157 1,153 1,240 1,248 1,361 1,320 1,323 1,345 1,313 1,332 1,397 ,480 ,485 ,486 ,482 ,477 ,478 ,478 ,474 ,472 ,475 ,480 ,478 1,231 1,280 1,308 1,315 1,334 1,354 1,335 1,334 1,349 1,365 L ,355 1,396 325 349 347 374 505 567 513 500 507 509 547 530 487 477 485 497 516 621 Tota Demand Time 3,329 3,629 4,032 4,545 4,850 5,685 5,935 2,168 2,429 2,712 3,045 3,262 3,823 3,962 1.161 1,200 1,319 1,500 1,588 1,862 1,972 5,776 5,642 5,794 5,861 5,869 5,955 5,909 5,903 5,950 6,040 6,057 6,200 3,821 3,700 3,686 3,744 3,832 3,872 3,834 3,829 3,844 3,927 3,958 4,159 2,108 2,117 2,037 2,083 2,075 2,074 2,106 2,113 2,099 2,041 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) 1941—December 1942—December 1943—December 1944—December 1945—December 1946—December 1947—December 1948—January February March April May June July August September October November December .... 356 387 471 . 550 694 753 . ... Security loans 32 31 48 92 251 136 731 105 698 679 698 710 77 70 65 76 728 685 671 712 734 751 781 749 80 84 77 77 76 97 96 101 1,953 1,933 1,922 1,930 1,925 1,930 1,948 1.958 2,023 2,110 2,202 2,148 168 231 250 214 227 132 106 97 108 106 108 127 135 128 144 136 143 140 144 1 ,759 2 ,293 Other assets Note circulation 653 71 ,940 3 ,611 4 ,038 4 ,232 3 ,874 657 744 60 42 782 869 11,039 34 26 21 1,159 18 3 ,972 ,968 4 ,036 4 ,072 4 ,066 4 ,143 4 ,154 4 ,209 4 ,185 4 ,156 4 ,212 4 ,268 1,029 1,017 1,123 1,114 1,107 1,129 1,019 1,082 L.169 1,067 L,149 L,169 18 18 18 18 17 17 17 17 17 17 16 16 Deposits payable in Canada excluding interbank deposits 401 400 404 404 401 393 390 388 387 393 396 420 Tota Demand Time Other liabilities and capital 3,105 3,657 4,395 5,137 5,941 6,252 6,412 1,436 1,984 2,447 2,714 3,076 2,783 2,671 1,669 1,673 1,948 2,423 2 865 3,469 3,740 Qrt? 1,049 L 172 1,289 I 386 1,525 1,544 6,281 6,227 6,395 6,464 6,45£> 6,52? > 6,605 6,77( 6,79E\ 7,020 7,027 2,457 2,346 2,472 2,513 2,501 2,592 2,487 2,606 2,728 2,758 2,935 2,970 3,824 3,881 3,927 3,951 3,955 3,936 3,959 4,003 4,049 4,040 4,086 4,057 1,526 I 531 1,532 L 528 1,561 1,561 I 533 1,557 1,530 1,510 1,542 1,537 Assets France (4 large banks. End of month figures in millions of francs) Security loans abroad and net Securities Other due from loans and foreign banks discounts 1.169 1,168 1,156 1,211 1,274 1,507 1,999 253 236 245 250 265 342 396 Liabilities Entirely in Canada Cash reserves 1,955 Other liabilities and capital Liabilities Other assets Cash reserves Due from banks Bills discounted Loans 1941—December . . . . 1942—December 1943—December . . . 1944—December 1945—December 1946—December 1947—December 6,589 7,810 8,548 10,365 14,602 17,943 22,551 3,476 3,458 4,095 4,948 13,804 18,919 19,410 61,897 73,917 90,897 99,782 155,025 195,177 219,374 8,265 10,625 14,191 18,653 36,166 64,933 86,344 2,040 2,622 2,935 2,190 7,360 23,392 37,291 1948—January February . March April May . . June July August September . . . . . October November 31,004 29,111 36,687 29,808 32,885 34,770 34,308 35,504 35,994 40,694 40,936 28,345 30,800 27,214 27,283 26,713 27,317 28,539 28,465 28,232 33,03534,493 230,986 250,402 260,660 269,554 270,399 274,098 305,928 295,806 311,939 339,126 330,495 100,960 98,196 101,565 105,112 113,086 112,566 110,301 113,956 111,682 116,174 127,147 28,604 29,248 32,114 33,661 35,138 38,313 39,267 41,028 41,525 43,542 45,913 Deposits Own acceptances Other liabilities and capital Total Demand Time 91, 549 112, 732 128, 758 213, 908 291, 894 342, 166 7 6 , 656 75.744 91 ,225 111 ,191 \?( >,578 211 .871 290,004 338,710 912 413 324 1,541 2,180 2,037 1,890 3,457 462 428 2,898 15,694 25,175 5,199 6,422 7 506 6,623 10 151 12 777 17 628 384, 403 401, 930 419, 991 423, 905 435, 436 440, 776 470, 004 464, 340 478, 129 516, 691 520, 412 379,194 396 -683 k629 418,077 429,788 435,902 465,104 459,603 473,217 510,425 514,284 5,210 5,247 5,362 5,828 5,649 4,874 4,900 4,737 4,912 6,267 6,128 25,218 25,123 26,173 26,878 27,104 28,590 28 044 28,569 27,739 27,987 28,687 10,278 10 704 12 076 14,634 15 681 17,698 20 295 21 849 23 504 27 893 29,887 557 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 Y% 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. 324 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Year or month "Nonregular" products 1943 1944 1945 1946 1947 1948 29.773 29.773 29.773 29.773 29.773 29.773 24.732 25.125 25.125 25.125 25.125 25.125 1948—Mar.. . Apr. . . May. . June.. July... Aug... Sept... Oct... Nov.. . Dec... 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 26.666 1949—Tan. . . Feb... 29.773 29.773 Year or month Official Free Belgium (franc) Ceylon (rupee) Official Free Official Free Colombia (peso) 2.2860 2.2829 2.2817 2.2816 6.0586 5.1280 6.0594 5.1469 6.0602 5.1802 6.0602 5.4 403 5.4 406 90.909 90.909 90.909 95.198 100.000 100.000 89.978 89.853 90.485 93.288 91.999 91.691 57.265 57.272 57.014 57.020 57.001 57.006 2.2793 2.2796 2.2798 2.2805 2.2807 2.2830 2.2844 2.2850 2.2850 2.2847 5.4 406 5.4 406 5.4 406 5.4 406 5.4 406 5.4406 5.4406 5.4406 5.4406 5.4406 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 89.280 90.633 92.273 93.229 92.829 92.701 92.180 92.898 92.383 92.250 57.010 57.010 57.010 57.010 20.000 20.000 20.000 20.000 20.000 321 .21 321 .23 321 .21 321 .21 321 .23 321.23 321.23 321.23 321.23 321.23 25.125 25.125 20.000 20.000 321.22 321.23 2.2844 2.2847 5.4406 5.4406 100.000 100.000 92.444 92.668 130.117 30.117 Czechoslovakia (koruna) Denmark (krone) Mexico (peso) Netherlands (guilder) New Zealand (pound) Norway (krone) 20 577 20 581 20.581 20.581 20.577 18.860 37.933 37.813 37.760 37.668 324 20 324 42 323.46 322.63 322.29 350.48 20.176 20.160 20.159 322.50 322.51 322.49 322.50 322.51 353.87 399.15 399.15 399.15 399.15 20.160 20.160 20.160 20.158 20.158 20.158 20.158 20.158 20.158 20.158 399.14 399.15 20.158 20.158 1948—Mar. Apr May June July Aug Sept.. Oct . Nov. . Dec . 1949—j a n Feb 1943 1944 1945 1946 1947 1948 Certain industrial products Canada (dollar) 322.80 321.50 322.80 322.80 321.17 321 .34 321 .00 321 .22 1943 1944 1945 1946 1947 1948 Portugal (escudo) Year or month Brazil (cruzeiro) Australia (pound) "Regular" products In cents per unit of foreign currency] 20.000 France (franc) Official India 2 (rupee) Italy (lira) Free 30 122 30 122 30.122 30.155 30.164 30.169 2.0060 2.0060 2.0060 20.876 20.864 20.857 1.9711 .8409 .8407 .3240 .4929 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 20.860 20.860 20.860 20.859 20.858 20.855 20.854 20.854 20.854 20.854 .4671 .4671 .4671 .4671 .4671 .4671 .4671 .4671 .4671 .4671 .3270 .3277 .3272 .3268 .3265 .3268 .3213 .3193 .3179 .3154 30.168 30.169 30.169 30.169 30.169 30.169 30.168 30.168 30.168 30.168 20.575 20.578 20.574 20.573 20.573 14.438 14.490 14.527 37.750 37.765 37.755 37.718 37.645 37.621 37.598 37.602 37.572 37.615 2.0060 2.0060 20.854 20.854 .4671 .4671 .3141 .3138 30.168 30.168 14.534 14.360 37.664 37.628 South Africa (pound) Spain (peseta) Straits Settlements (dollar) Sweden (krona) Switzerland (franc) 23.363 23.363 23.363 52.855 53.506 55.159 56.280 56.239 56.182 27.826 27.826 27.825 27.824 27.824 27.824 27.823 27.823 27.823 27.823 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 403 .13 403 .15 403 .12 403 .13 403 .14 403 .15 403 .15 403 .14 403 .15 403 .15 65.830 65.830 65.830 65.830 65.830 56.180 56.180 56.180 56.180 56.180 65.830 65.830 65.830 27.823 27.823 23.363 23.363 403 .13 403 .14 65.830 65.830 25.859 27.824 27.824 1948—Mar... Apr. . . May. . June.. July... Aug... Sept... Oct. . . Nov.. . Dec... 3.9856 3.9966 4.0334 4.0345 4.0329 4.0327 4.0319 4.0312 4.0316 4.0321 400.75 400.75 400.75 400.75 400.75 400.75 400.75 400.75 400.75 400.75 9.132 9.132 9.132 9.132 9.132 9.132 9.132 9.132 9.132 9.132 1949—Jan. . . Feb... 4.0324 4.0327 400.75 400.75 147.083 47.083 149.675 49.677 Free 65.830 65.830 65.830 65.830 65.830 65.830 9.132 9.132 9.132 (peso) Uruguay (peso) 403.50 403.50 403 50 403 50 403 02 403 .28 402 .86 403 .13 4.0501 4.0273 4.0183 (3) (3) United Kingdom (pound) Official 398 00 398.00 399 05 400.50 400.74 400.75 8 .4434 Philippine Republic 58.822 53.191 56.180 56.180 56.180 58.822 58.822 58.822 53.191 53.191 53.191 56.180 56.180 58.822 58.822 53.191 53.191 1 2 Based on quotations beginning Jan. 24, 1949. Excludes Pakistan, beginning April 1948. * Quotations not available after Dec. 17, 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. MARCH 1949 325 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 = 100) Year or month 1926 . .. Mexico (1929 = 100) Canada (1926 = 100) United Kingdom (1930 = 100) France (1938 = 100) i 124 106 52 63 89 100 105 139 171 201 234 265 375 648 989 Pl.711 100 100 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 80 81 86 79 77 79 87 99 103 104 106 121 152 165 72 75 85 79 75 83 90 96 100 103 104 109 129 153 101 119 126 127 128 136 148 182 227 247 286 302 318 89 94 109 101 103 137 153 159 163 166 169 175 192 219 1948—February March April . May June July August September . . October November December 161 161 163 164 166 169 170 169 165 164 162 147 147 149 150 152 152 158 158 159 160 160 304 303 303 313 321 326 331 328 331 329 321 217 217 219 220 222 222 221 220 220 221 221 1,537 1,536 1,555 1,653 1 691 1,698 1,783 1,791 1,884 1,974 Pi,971 1949—January 161 159 322 221 Pl,947 95 Italy (1938 = 100) NetherSweden lands (July 1938- (1935 = 100) June 1939 = 100) Japan (1933 = 100) Switzerland (July 1914 = 100) 132 150 i 126 144 5,159 103 110 133 140 155 173 183 197 209 233 308 1,599 5,103 100 102 114 111 115 146 172 189 196 196 194 186 90 96 111 107 111 143 184 210 218 223 221 215 224 233 5,352 5,318 5,240 5,184 5,142 5,139 5,704 5,769 5,724 ^5,674 9,288 9,485 9,537 9,634 10,007 14,043 16,916 18,206 19,138 20,499 87 91 108 102 105 131 150 157 160 164 181 251 271 P281 279 279 279 279 280 279 280 279 284 P289 72 80 94 100 104 121 136 153 199 209 210 213 214 216 215 217 217 217 217 P291 234 235 234 233 233 232 231 230 230 232 231 P230 P Preliminary. 1 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] Canada 1926=100) United States (1926=100) Year or month United Kingdom (1930=100) Raw and Fully and partly chiefly manumanufactured factured goods goods Foods Industrial products 73 74 81 78 75 82 89 92 93 94 94 99 117 140 87 92 102 97 97 133 146 158 160 158 158 158 165 181 96 112 104 106 138 156 160 164 170 175 184 207 242 147 147 150 153 156 155 163 163 164 165 164 137 137 137 137 138 139 143 144 144 144 144 181 181 182 182 184 184 183 181 180 181 178 237 239 241 243 244 244 243 243 243 244 246 163 143 178 247 Farm products Foods Other commodities Farm products 1926 100 100 100 100 100 100 1935 1936 1937 1938 . 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 79 81 86 69 65 68 82 106 123 123 128 149 181 188 84 82 86 74 70 71 83 100 107 105 106 131 169 179 78 80 85 82 81 83 89 96 97 99 100 110 135 151 64 69 87 74 64 68 73 85 98 107 112 118 126 143 66 71 84 73 67 75 82 90 99 104 106 110 131 156 1948—February March April May June July . . August September October November December 185 186 187 189 196 195 191 190 184 181 177 172 174 177 177 181 188 190 187 178 174 170 148 148 149 149 150 151 153 153 153 '154 153 139 138 141 144 148 147 145 143 143 144 143 1949—January 173 166 153 142 ... ... Netherlands (July 1938-June 1939=100) Foods Industrial raw products Industrial finished products 103 121 140 157 157 159 172 200 112 163 177 175 174 179 193 282 104 126 148 154 159 163 184 261 214 328 276 233 232 231 230 235 229 224 222 224 340 339 340 341 342 340 341 340 343 280 280 280 281 281 280 282 283 288 238 348 291 90 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 326 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES [Index numbers] United United CanKingStates ada dom (1935-39 (1935-39 (June = 100) = 100) 17,1947 Year or month = 100) . . 98 95 97 106 124 138 136 139 160 194 210 104 101 106 116 127 131 131 133 140 160 196 141 141 164 168 161 166 168 170 169 H01 108 1948-February.. March.... April May June July August September. October... November. December. 205 202 208 211 214 217 217 215 212 208 205 186 186 187 191 194 201 203 204 205 205 202 108 109 109 108 113 108 107 107 108 108 108 1949-January... 205 202 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 . . COST O F L I V I N G [Index numbers] NetherFrance lands (1938 = 100) (1911-13 = 100) 100 108 129 149 174 224 275 377 64-5 1,043 p L,662 Switzerland SwitzUnited United CanKingN e t h e r - erFrance dom States ada lands land (1938 (1935-39 (1935-39 (June (1911-13 (June = 100) = 100) 17,1947 = 100) = 100) 1914 = 100) = 100) Year or month (June 1914 = 100) 130 130 150 177 191 198 130 132 146 175 200 211 215 215 210 222 230 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 . . 101 99 100 105 117 124 126 128 139 159 171 102 102 106 112 117 118 119 119 124 136 155 156 158 184 199 200 199 201 203 204 HOI 108 100 108 129 150 175 224 285 393 64-5 1,030 p 1,633 106 106 108 108 110 108 108 108 108 109 109 1,519 1,499 L.499 1,511 1,529 1,528 1,670 L.783 1,844 1,870 p 1,928 224 223 223 223 224 223 223 223 223 226 225 1,935 P224 1,541 1,518 1,524 1,541 L.560 L.559 L ,716 1,842 1,904 1,873 P 1,924 230 1948-February.. 229 March.... 229 April 229 May 230 June 229 July 228 August 229 September. 229 October... 235 November. 232 December. 168 167 169 171 172 174 175 175 174 172 171 150 151 152 153 154 157 158 159 160 160 159 L,932 P231 1949-January... 171 160 p 137 138 151 174 193 203 208 209 208 217 224 139 140 154 175 187 195 V P Preliminary. 1 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, 2 203 for retail food prices and 166 for cost of living. Sources.-— See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States i (high grade) Number of issues. . . 1940 1941 1942 1943 1944 1945 1946 1947 1948 1948—February. . . . March April May June July August September. . . October November. . . December 1949—January United Canada 2 Kingdom (1935-39 (December = 100) 1921 =100) France (1938 = 100) Netherlands 3 50 13 12 (2) 115.9 117.8 118.3 120.3 120.9 122.1 123.4 1 103.2 98.7 95.1 99.4 100.7 102.6 103.0 105.2 117.2 118.5 105.0 118.3 123.8 127.3 127.8 127.5 128.3 132.1 130.8 129.9 M14.2 M43.4 146.4 146.6 150.5 152.1 144.6 132.0 P117.0 98.1 98.5 99.4 99.9 100.2 99.2 98.3 98.2 97.8 97.9 98.9 108.6 103.4 103.6 104.9 104.8 104.6 104.0 104.1 103.8 104.5 104.7 130.6 130.0 129.1 129.1 129.5 129.3 129.7 130.1 130.5 130.4 130.4 119.1 119.0 119.1 118.2 118.6 117.8 119.3 116.2 114.4 113.4 100.5 104.8 87 PIIO.O Pill.6 United States (1935-39 = 100) NetherFrance * Canada * United lands 6 (1935-39 Kingdom (December = 100) (1926=100) 1938=100) (1938=100) 416 106 105.6 107.1 88.1 80.0 69.4 91.9 99.8 121.5 139.9 123.0 124.4 77.4 67.5 64.2 83.5 83.8 99.6 115.7 106.0 112.5 70.8 72.5 75.3 84.5 88.6 92.4 96.2 94.6 92.0 140 8 308 479 540 551 694 875 1,149 Pl,256 107.3 107.6 107.6 107.3 108.0 105.6 106.3 106.6 107.3 106.6 106.6 114.2 116.4 124.6 130.2 135.1 131.9 127.1 125.7 127.8 120.4 119.4 102.2 101.5 109.1 116.5 120.3 116.3 113.6 113.4 116.4 117.8 115.8 91.1 90.2 93.2 94.8 93.9 91.4 91.2 90.7 90.6 91.6 91.6 1,229 1,239 1,190 1,127 1,086 1,217 1,208 1,285 1,464 1,354 Pl.366 121.0 114.3 109.6 278 «295 37 7 184.3 216.0 217.6 208.3 199.2 197.3 197.0 195.7 194.3 185.9 p'1,333 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 8 This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p . 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p . 373; June 1935, p. 394; and February 1932, p. 121. MARCH 1949 327 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman R. M. EVANS JAMES K. VARDAMAN, JR. LAWRENCE CLAYTON MARRINER S. ECCLES M. S. SZYMCZAK ERNEST G. DRAPER Assistant to the Board ELLIOTT THURSTON, Special Adviser to the Board CHESTER MORRILL, OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary BRAY HAMMOND, Assistant Secretary MERRITT SHERMAN, Assistant Secretary WlNFIELD W . RlEFLER, Assistant to the Chairman DIVISION OF EXAMINATIONS EDWIN R. MILLARD, Director GEORGE S. SLOAN, Assistant Director C. C. HOSTRUP, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel JOHN C. BAUMANN, Assistant General Counsel DIVISION OF BANK OPERATIONS OFFICE OF THE SOLICITOR J. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES WOODLIEF THOMAS, Director RALPH A. YOUNG, Associate Director FEDERAL OPEN MARKET COMMITTEE THOMAS B. MCCABE, Chairman ALLAN SPROUL, Vice Chairman LAWRENCE CLAYTON ERNEST G. DRAPER ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director ADMINISTRATION FRED A. NELSON, Director LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT First Vice President W. RANDOLPH BURGESS, N E W YORK DISTRICT FREDERIC A. POTTS, PHILADELPHIA DISTRICT MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT R. M. EVANS ROBERT V. FLEMING, RICHMOND DISTRICT C. E. EARHART RAY M. GIDNEY Second Vice President HUGH LEACH J. T. BROWN, ATLANTA DISTRICT W. S. MCLARIN, JR. EDWARD E. BROWN, CHICAGO DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist EARLE L. RAUBER, Associate Economist DONALD S. THOMPSON, Associate Economist O. P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account CHESTER MORRILL, 328 President W. L. HEMINGWAY, ST. LOUIS DISTRICT HENRY E. ATWOOD, MINNEAPOLIS DISTRICT JAMES M. KEMPER, KANSAS CITY DISTRICT J. E. WOODS, DALLAS DISTRICT RENO ODLIN, SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, i\ N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of Chairman1 Deputy Chairman President First Vice President Boston Albert M. Creighton Harold D. Hodgkinson Joseph A. Erickson William Willett New York Robert T. Stevens William I. Myers Allan Sproul L. R. Rounds Philadelphia.... Warren F. Whittier Alfred H. Williams W. J. Davis Cleveland George C. Brainard A. Z. Baker Ray M. Gidney Wm. H. Fletcher Richmond Charles P. McCormick J.B. Woodward, Jr. Hugh Leach J. S. Walden, Jr. Atlanta Frank H. Neely Rufus C. Harris W. S. McLarin, Jr. L. M. Clark Chicago Franklin J. Lunding C. S. Young Charles B. Dunn St. Louis Russell L. Dearmont Wm. H. Bryce Chester C. Davis F. Guy Hitt Minneapolis.... Roger B. Shepard W. D. Cochran J. N. Peyton 0. S. Powell Kansas C i t y . . . . Robert B. Caldwell H. G. Leedy Robert L. Mehornay Henry 0. Koppang Dallas J. R. Parten R. B. Anderson San Francisco... Brayton Wilbur Harry R. Wellman R. R. Gilbert W. D. Gentry C. E. Earhart H. N. Mangels Vice Jrresiuencs Robert B. Harvey2 Alfred C. Neal Carl B. Pitman E. G. Hult 0. A. Schlaikjer E. 0. Latham R. F. Van Amringe A. Phelan E. 0. Douglas H. V. Roelse H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse E. C. Hill Karl R. Bopp Wm. G. McCreedy L. E. Donaldson 3 Robert N. Hilkert P. M. Poorman A. H. Laning3 Roger R. Clouse Martin Morrison W. D. Fulton Paul C. Stetzelberger J. W. Kossin Donald S. Thompson W. R. Milford R. L. Cherry Claude L. Guthrie3 C. B. Strathy Edw. A. Wayne R. W. Mercer Joel B. Fort, Jr. P. L. T. Beavers T. A. Lanford V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler 2 John K. Langum Allan M. Black 0. J. Netterstrom Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler E. C. Harris W. W. Turner Paul E. Schroeder 0. M. Attebery Wm. E. Peterson William H. Stead C. M. Stewart C. A. Schacht H. G. McConnell R. E. Towle 3 Sigurd Ueland A. W. Mills Harry I. Ziemer Otis R. Preston John Phillips, Jr. L. H. Earhart G. H. Pipkin Delos C. Johns C. E. Sandy2 R. L. Mathes D. W. Woolley W. H. Holloway E. B. Austin Watrous H. Irons R. B. Coleman L. G. Pondrom3 H. R. DeMoss C. M. Rowland W. E. Eagle Mac C. Smyth W. L. Partner Albert C. Agnew C. R. Shaw W. N. Ambrose H. F. Slade D. L. Davis 3 W. F. Volberg J. M. Leisner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Federal Reserve Bank of Chief Officer Branch New York Buffalo I. B. Smith4 Cleveland Cincinnati Pittsburgh W. D. Fulton J. W. Kossin Richmond Baltimore Charlotte W. R. Milford R. L. Cherry Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers T. A. Lanford Joel B. Fort, Jr. E. P. Paris Chicago Detroit E. C. Harris St. Louis Little Rock Louisville Memphis C. M. Stewart C. A. Schacht Paul E. Schroeder 1 Also Federal Reserve Agent. MARCH 1949 2 Cashier. 3 Branch Chief Officer Minneapolis.... Helena R. E. Towle Kansas C i t y . . . . Denver Oklahoma City Omaha G. H. Pipkin R. L. Mathes L. H. Earhart Dallas C. M. Rowland W. H. Holloway W. E. Eagle El Paso Houston San Antonio San Francisco.. . Los Angeles Portland Salt Lake City Seattle Also Cashier. 4 W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw General Manager. 329 FEDERAL RESERVE PUBLICATIONS1 The material listed below may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. history of Paraguay. $1.00 per copy. July 1946. 170 pages. RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve System). September 1946. 31 pages. T H E FEDERAL RESERVE ACT, as amended to Novem- FEDERAL RESERVE BULLETIN. Issued monthly. Sub- scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Laborador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. 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. POSTWAR ECONOMIC STUDIES. (8 pamphlets) No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. No. 3. Public Finance and Full Employment. No. 4. Prices, Wages, and Employment. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $9.00 per annum, or $1.00 per copy. In quantities of 10 or more copies of a particular issue for single shipment, 75 cents each. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the Board's staff. August 1941; reprinted March 1948. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single shipment, 75 cents each. BANKING AND MONETARY STATISTICS. Statistics of No. 6. Housing, Social Security, and Public Works. No. 7. International Monetary Policies. No. 8. Federal Reserve Policy. The price for the set of eight pamphlets is $1.25; 25 cents per pamphlet, or, in quantities of 10 or more for single shipment, 15 cents per pamphlet. T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 or more copies for single shipment, 50 cents each. Paper-bound copies available without charge. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unDEBITS AND CLEARINGS STATISTICS, THEIR BACKbound). GROUND AND INTERPRETATION. PROVISIONS OF STATE LAWS RELATING TO BANK R E - SERVES as of December 31, 1944. 1945. 30 pages. MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying reports, and introduction reviewing the monetary 1 A more complete list, including periodical releases and reprints, appeared on pp. 1554-1557 of the Dec. 1948 BULLETIN. 330 October 1947. 50 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, December 31, 1947. July 1948. 122 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN FEDERAL RESERVE REPRINTS PUBLICATIONS SALES FINANCE COMPANY OPERATIONS IN 1947, by (From Federal Reserve Bulletin unless preceded by an asterisk) Milton Moss. FINANCIAL POSITION AND BUYING PLANS OF CON- # October and December 1947. 36 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the July 1948 issue of the American Bar Association Journal. 9 pages. SUMERS, July 1947. October 1947. 4 pages. BANK LOANS TO FARMERS. July 1948. 6 pages. # MEANS OF COMBATING INFLATION. Statements of 1929, by Morris A. Copelanc! and Daniel H . Brill. January 1948. 9 pages. Governor Marriner S. Eccles before House Banking and Currency Committee on August 3, 1948 and before the Senate Banking and Currency Committee on July 29 and 30 on S. J. Res. 157. 2 pamphlets. PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT STATEMENT BEFORE THE HOUSE BANKING AND CUR- CONTROLS, by Governor Marriner S. Eccles. December 1947. 8 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE AGAINST THE DEMAND AND T I M E DEPOSITS OF RENCY COMMITTEE. BANKS, by Governor Marriner S. Eccles. ary 1948. 10 pages. Thomas B. McCabe on August 2, 1948. August 1948. 8 pages. Janu- Presented T H E FEDERAL RESERVE CHART BOOK AS AN AID TO REGULATION OF CONSUMER BANK MANAGEMENT, by Charles H . Schmidt. by Chairman INSTALMENT CREDIT. * STATEMENT ON BEHALF OF THE BOARD OF GOVER- Statement by Governor R. M. Evans before the House Banking and Currency Committee on August 2, 1948. August 1948. 2 pages. NORS OF THE FEDERAL RESERVE SYSTEM BEFORE T H E PHILIPPINE CENTRAL BANK ACT and Text of THE JOINT COMMITTEE ON THE ECONOMIC REPORT. the Act, by David Grove and John Exter. In part a reprint from the August 1948 BULLETIN. 36 pages. April 1948. 9 pages. Presented by Governor Marriner S. Eccles on April 13, 1948. 7 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, by Caroline H . Cagle and Raymond C. Kolb. May 1948. 12 pages. T H E BALANCE SHEET OF AGRICULTURE, 1948. BANK CREDIT DEVELOPMENTS. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. June 1948. 2 pages. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with I. EXPENDITURES FOR DURABLE GOODS. June 1948. RESERVE SYSTEM. Address by Chairman Thomas B. McCabe on October 26, 1948 at the annual meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1948. November 1948. 5 pages. 15 pages. II. T H E DISTRIBUTION OF CONSUMER INCOME IN LATIN AMERICA'S POSTWAR INFLATION AND BALANCE OF PAYMENTS PROBLEMS, by David L. Grove and 1947. June 1948. 8 pages. Gerald M. Alter. III. CONSUMER OWNERSHIP AND U S E OF LIQUID AND NONLIQUID ASSETS. July 1948. 15 pages. IV. CONSUMER SAVING AND THE ALLOCATION OF DISPOSABLE INCOME. August 1948. 19 pages. V. HOUSING EXPENDITURES AND FINANCE. Sep- tember 1948. 8 pages. 1948 SURVEY OF CONSUMER FINANCES. June, July, August, and September 1948. 65 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BULLETIN with supplementary information for nine separate trades. 41 pages. MARCH 1949 12 T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL June 1948. 1948 SURVEY OF CONSUMER FINANCES— October 1948. pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING, by Charles H . Schmidt. 19 pages. Sep- tember 1948. 16 pages. # November 1948. 11 pages. STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Chairman Thomas B. McCabe on February 14, 1949. 7 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS, by Richard Youngdahl. 10 pages. March 1949. SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, by Charles H . Schmidt. March 1949. 9 pages. 331 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES > BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER 1.1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEU
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