Full text of Federal Reserve Bulletin : May 1948
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ERAL
R E S
BULLETIN
MAY 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
VE
EDITORIAL COMMITTEE
WOODLIEF THOMAS
ELLIOTT THURSTON
The Federal Reserve BULLETIN is issued monthly under the direction o£ the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Treasury Surplus, Bank Reserves, and the Money Supply.
487-496
Ownership of Demand Deposits.
497-500
Member Bank Earnings, 1947.
501-504
New Commercial Banking Offices, 1936-1947, by Caroline H. Cagle and Raymond C. Kolb..
505-516
Law Department:
Margin Requirements—Ninety-Day Rule in Special Cash Account
517
Foreign Funds Control—Treasury Department Release.
517
Current Events and Announcements.
518
National Summary of Business Conditions.
519-520
Financial, Industrial, Commercial Statistics, U. S. (See p. 521, for list of tables) .
521-590
International Financial Statistics (See p. 591, for list of tables) .
591-609
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
610
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Publications.
612-613
Map of Federal Reserve Districts
611
Subscription Price of BULLETIN
614
RESERVE
VOLUME 34
BULLETIN
May 1948
NUMBER 5
TREASURY SURPLUS, BANK RESERVES, AND THE
MONEY SUPPLY
Monetary expansion, which had been at
a rapid rate in the last half of 1947, was interrupted in the first quarter of 1948. This
was chiefly the result of a seasonally large
Treasury cash surplus which drew funds
from deposit accounts of individuals and
businesses and from bank reserve balances.
In addition policies of monetary authorities, together with self-restraint on the part
of banks, imposed some restriction on bank
credit expansion. Drains on bank reserves
from Treasury operations were heavy, and
during much of the period banks were
obliged to sell United States Government
securities to meet their reserve needs. Measures taken by the Federal Reserve System
to increase the cost of, or the need for, bank
reserves supplemented the restrictive effects
of Treasury transactions.
As a result of these fiscal and credit developments, total bank deposits and currency
in the hands of the public showed a decline
of 5.3 billion dollars during the first quarter
of this year. This is almost ^double the decline in the first quarter of 1947 and follows
a growth of 8.9 billion during the last nine
months of 1947.
Reduction in deposits and currency holdings of individuals and businesses and also
in reserves of commercial banks resulted
from tax and other cash receipts of the
Treasury in excess of cash expenditures.
MAY
1948
Surplus funds obtained by the Treasury were
used to a large extent to retire securities held
by Federal Reserve Banks and thus were not
returned to the commercial banks, either as
deposits or reserves. Borrowing at banks by
consumers and real estate owners continued
to expand, but business demand for credit
was seasonally slack, and bank loans to businesses declined slightly. There was a small
net increase in bank loans and the funds
created, together with those obtained from
an inflow of gold, offset in part the reduction
LOANS AND INVESTMENTS
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS
140
TOTAL LOANS
AND INVESTMENTS
-
/
120
—r
/
100
>
f
U. S. G 0 V T
SECURITIES
80
y
/
/
60
\
/
/
/
/
•
40
1
t
LOANS
20
OTHER S ECURITIES
0
1942
1946
1948
Figures are for all commercial banks in the United States.
Data are for December 1940; June and December, 1941-1946;
last Wednesday of month, 1947 and 1948. Figures subsequent
to June 1947 are preliminary. Latest figures are for March.
487
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
in deposits and currency from Treasury
operations.
The contractive effects of the fiscal and
monetary factors operative in the first quarter
of 1948 are largely transient. Treasury transactions over the remainder of the year will
probably not absorb bank deposits and reserves, as they have in recent months, and
may be a factor expanding bank reserves.
Further gold inflow appears likely, and this
will add to the reserves of commercial
banks. Any net increase in Reserve Bank
holdings of securities, resulting from purchases to maintain orderly conditions in the
Government securities market, would also
supply additional reserve funds to banks.
Banks, therefore, may have additional funds
available for increasing their loans and investments or could obtain reserves by selling
Government securities to the Reserve Banks.
Sustained demand for credit by consumers
and real estate buyers and expansion in loan
demands of businesses could thus be readily
accommodated by banks. Voluntary restraint
on the part of the banks in satisfying such
loan demands would make possible an increase in commercial bank holdings of Government securities and a decrease in Federal
Reserve holdings.
amount of these issues that is permitted in
any one year. The Treasury showed a surplus of cash funds from current fiscal and
nonmarketable security operations, before
payments for retirement of marketable debt,
of 6.7 billion dollars, as is indicated in the
following table.
TREASURY CASH SURPLUS AND ITS DISPOSITION
[In billions of dollars]
F rst quarter, 1948 1
Item
January
February
March*
Total
Treasury surplus cash funds
Cash operating surplus 2
Sales of savings bonds and notes,
net
2.0
1.8
2.5
6.3
0.4
0.2
-0.3
0.3
Total surplus cash funds
2.4
2.1
2.2
6.7
Increase or decrease (—) in
Treasury deposits at:
Commercial banks
Reserve Banks
(3)
1.5
0.5
-0.8
0.7
-0.5
1.2
0.3
Retirement of U. S. Govt. marketable securities held by:
Nonbank investors"
Commercial banks e
Federal Reserve Banks
0.1
0.1
0.7
0.1
0.1
2.0
0.2
0.4
1.2
0.4
0.6
3.9
Market purchases of U. S. Govt.
securities for U. S. Govt.
trust funds
(3)
0.2
0.1
0.3
Disposition of surplus cash funds
« Estimated.
1
Including figures for week ending Apr. 7, 1948.
2
Includes net cash receipts of U. S. Government agencies and
trust funds.
3
Less than 50 million dollars.
Various dispositions of the cash surplus
were made by the Treasury, with differenTREASURY CASH SURPLUS
tial effects on monetary and banking condiIn the first quarter of 1948, as in com- tions. A small part—about 400 million dolparable periods of other recent years, the lars—was returned to deposit accounts of
stream of Treasury cash receipts was swollen individuals a^d businesses through retireby very large corporate and individual in- ment of maturing Government securities
come tax payments. Variations in Treasury offered voluntarily for cash redemption by
cash income and outgo by quarters during nonbank investors. An estimated additional
recent years are shown on the chart. In 600 million was used to retire maturing seaddition, net sales of savings bonds by the curities that commercial bank holders chose
Treasury were substantial during the first to present for cash payment; these funds were
quarter, reflecting purchases by many in- returned to bank reserves but not to deposits.
vestors who wished to acquire early the full About 1.2 billion dollars of the surplus was
FEDERAL RESERVE BULLETIN
TREASURY SURPLUS, BANK RESERVES, AND T H E MONEY
permitted to accumulate in Treasury accounts at commercial banks, thus reducing
private deposits at banks but not total deposits or bank reserves.
TREASURY CASH INCOME AND OUTGO
HLLIONS OF DOLLARS
QUARTERLY TOTALS
BILLIONS OF DOLLARS
16
SUPPLY
in that period, as shown in the table. At the
same time reserve needs were increased by
about 500 million dollars as a result of action
by the Board of Governors of the Federal
Reserve System increasing the reserves that
New York and Chicago banks must hold
against net demand deposits. Despite this increase, the total amount of required reserves
held by member banks declined over the
period because of the substantial decline in
deposits.
FACTORS AFFECTING
BANK
RESERVE
RESERVES AND FEDERAL
CREDIT
[In billions of dollars]
First quarter, 1948
Factor
Treasury Department data.
Bulletin for September, 1947.
For description, see Treasury
The bulk of the surplus funds, about 4.2
billion dollars, were transferred to Treasury
account with the Federal Reserve Banks,
where they remained on deposit during the
quarter or were extinguished as the Treasury retired securities owned by the Reserve
Banks. Funds used in this manner were
withdrawn from the reserve balances of
commercial banks, as well as from private
deposits. These withdrawals were much
larger than in the first quarter of 1947, when
only 1.3 billion dollars were used either to
retire securities held by Reserve Banks or to
increase Treasury deposits at the Reserve
Banks.
Factors decreasing available reserves or increasing reserve
needs:
Treasury cash transactions 2 . .
Increase in required reserves . .
Other factors net
Factors making reserves available or decreasing reserve needs:
Increase in gold stock
Return of currency from
circulation
Decrease in required reserves
Reduction in excess reserves.. .
Other factors net
Federal Reserve purchases of
U. S. Government securities in the market, net 3 . .
January
February
March*
Total
2.2
1.2
0.1
0.7
4.2
0 4
0.2
0.1
0.1
0.4
0.7
0.2
0.7
0 3
0.1
0.2
0.2
1.0
0.3
0.7
0.1
1.1
0.6
1.8
1
Including figures for the week ending Apr. 7, 1948.
2
Sum of retirement of Federal Reserve held securities and change
in Treasury balance at Federal Reserve Banks, shown separately
in previous table.
3
Change in Reserve Bank total holdings after adjustment for
retirement of maturing issues held by Reserve Banks.
Banks met part of the drain of funds resulting from the Treasury cash surplus by
drawing down their excess reserves, which
at the beginning of 1948 were temporarily
at a high level of about 1.5 billion dollars—
much more than has customarily been held
EFFECT ON BANK RESERVES
in recent years. These substantial excess
The 4.2 billion dollar drain as a result of reserve balances had been accumulated by
Treasury operations in the first three months banks as a result of the rapid return flow of
of the year was the major factor that oper- currency from circulation in the week after
ated to reduce the volume of bank reserves Christmas and large net sales of GovernMAY
1948
489
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
ment securities to the Reserve Banks late
in the year, by both banks and their depositors.
Large amounts of additional reserve funds
obtained by banks from other sources in the
first quarter of the year tended to offset in
part the restrictive effect on bank reserves
of Treasury operations. A seasonal return
of over one billion dollars of currency from
circulation and a gold inflow of 400 million
dollars provided corresponding amounts of
bank reserves.
Banks as a group were able to meet, out
of excess reserves held at the beginning of
1948 and out of new reserve funds acquired
during the first quarter, more than half of
the 4.2 billion dollar reserve drain from
Treasury operations. The remainder of the
reserve needs, amounting to 1.8 billion, was
supplied through Reserve Bank purchases of
Government securities.
Bank sales of Government securities to
maintain reserves were not continuous
throughout the first quarter. In January
banks were able to increase slightly their
holdings of these issues. This was possible,
despite a 2.2 billion dollar loss of reserves
from Treasury operations, because of large
reserve gains from currency return and gold
inflow and from Reserve Bank purchases of
Government securities from nonbank owners, and because banks could utilize the unusually large excess reserves held at the beginning of the month. In February and
March, on the other hand, when reserve
losses arising from the Treasury operations
were smaller, gains in reserves from other
sources were minor and almost the full
amount of the drain of funds was met
through sales of Government securities to
the Federal Reserve System.
The impact of Treasury operations on
490
bank credit developments was restrictive
in the first quarter of 1948 because Treasury
debt retirement operations were directed
primarily toward securities held by the Reserve Banks. Such debt retirement did not
return to the commercial banking system the
reserve funds withdrawn by the cash surplus,
and banks needing reserves had to sell Government securities in the market.
The restrictive effects of debt retirements in
the first quarter of this year contrasts with
the corresponding period of 1947 when most
of the funds drained from banks by the
Treasury surplus were returned to them
through Treasury retirement of Government
securities owned by commercial banks and
their depositors. Moreover, such drain as did
occur in 1947 was nearly offset by reserve
funds from other sources. Banks as a group
were, therefore, under necessity in early 1947
to sell only moderate amounts of securities in
the market to meet reserve needs. Many
banks were in a position to make loans
with funds received from redemption operations.
CHANGES IN HOLDINGS OF GOVERNMENT
SECURITIES
The volume of Government marketable
securities outstanding was reduced 4.8 billion dollars as a result of Treasury debt
retirement in the first quarter of 1948. As
was stated above, the retirement program
was focused primarily on securities held by
the Reserve Banks, of which 3.9 billion were
redeemed for cash. Of the maturing securities held by commercial banks and nonbank
investors, only those presented voluntarily
for cash redemption—about one billion dollars—were retired. This contrasts with the
corresponding period of 1947, as is shown in
the table, when debt retirement operations
FEDERAL RESERVE BULLETIN
TREASURY
SURPLUS, BANK
RESERVES, AND THE
reduced the holdings of these investors by
4.7 billion dollars, about equally divided between commercial banks and nonbank investors.
CHANGES
IN HOLDINGS
MARKETABLE
OF U N I T E D
SECURITIES,
STATES
GOVERNMENT
BY CLASS OF INVESTOR
MONEY
SUPPLY
Treasury bonds and bought Treasury bills
and certificates. These programs of portfolio
adjustment were reflected in the security
holdings of Reserve Banks, which in turn
purchased bonds and sold short-term issues
in the market.
[in billions of dollars, partly estimated]
SLACKENED GROWTH IN BANK LOANS
First quarter,
1948 1 First quarter, 1947 2
Growth in the volume of bank credit outstanding
to businesses, individuals, and
Class of investor
Net
State
and
local
governments, which during
change
or
or
1947 had been greater than in any previous
(-)
i->
sales
sales
year in the history of American banking,
Federal Reserve
slackened in the first quarter of 1948. Total
Banks
— 2 1 —3 9 + 1 8 — 1 1 — 1 0 —0.1
- 0 . 6 -2.0 - 3 . 4 - 2 . 5 - 0 . 9
Commercial b a n k s . . -2.6
loans of all commercial banks increased in
U. S. Government
agencies a n d trust
this period by about 800 million dollars. This
funds
+0 3
+0 3 +0 1
+0 1
Other n o n b a n k in3
growth
was larger than in the corresponding
vestors
-0.4 -0.4
- 1 . 3 - 2 . 2 +0.9
()
period of 1946, a year of very large loan
All Government
marketable securities
expansion, but was somewhat smaller than
-4.8 -4.8
-5.7 -5.7
in 1947.
1
Includes figures for the week ending Apr. 7, 1948.
2
Includes
figures
for
the
week
ending
Apr.
9,
1947.
3
The pattern of bank loan expansion in
Less than 50 million dollars.
1947 and in 1946 reflected different types of
In order to maintain their reserve position, fluctuations in the various kinds of bank
however, commercial banks on balance sold
credit. Growth in bank credit to consumers
2 billion dollars of Government securities in
and real estate owners, mainly of urban
the market. Purchasers included Reserve
houses, was generally sustained throughout
Banks and to a relatively small extent Govboth years. Loans for purchasing and carryernment agencies and trust funds. While
ing securities declined gradually and irregusales and purchases by other nonbank inlarly. On the other hand, expansion in bank
vestors, as indicated below, were in large
credit to businesses, particularly to borrowers
volume, net market changes in their holdat the big city banks, showed marked seaings were very small.
sonal concentration. In the first half of each
Reduction in the volume of outstanding
Government marketable securities in the of these years only a moderate increase ocfirst quarter of 1948 was largely concentrated curred in business loans at city banks; the
in a decline in banking system portfolios— sharp expansions in these credits occurred
Reserve Banks and commercial banks. In- in the second half of each year.
Bank lending in the first quarter of 1948
vestor groups, however, made large adjustments in the composition of their Govern- seems to have been in line with a pattern of
ment security portfolios. Commercial banks this type. Slackening in total loan expansion
and nonbank investors, especially institu- reflected almost entirely a small decline in
tional holders, sold a substantial amount of the volume of loans to businesses. At all
Retired
for
cash
Market
purchases
Retired
Net
for
change cash
Market
purchases
(3)
MAY
1948
491
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
weekly reporting banks commercial and in- finance companies, and public utilities. Dedustrial loans turned down slightly in early clines in loans to manufacturers in the food
1948, as is indicated in the following chart. processing industries were probably partly
This decline, however, was largely the re- seasonal but may also have resulted from the
sult of some curtailment in business loans readjustment in agricultural commodity
at New York and Chicago banks. At prices in February. Some run-off in New
weekly reporting banks outside these cen- York bank loans to sales finance companies
ters the volume of business loans was may reflect a reduced need for funds bewell maintained and outstandings increased cause of a seasonal decline in their factoring
slightly. Available evidence indicates little business. Some sales finance companies,
or no decline in business loans at banks furthermore, have obtained additional funds
outside leading cities. The total volume of from insurance companies and other sources,
business loans by banks continues at a much which permitted less direct reliance on bank
credits. Utility companies probably used
higher level than a year ago.
part
of the proceeds from security financing
Reduction over the first quarter of the
and
from insurance company loans to reyear of about 200 million dollars in bank
loans outstanding to businesses at New York tire bank loans negotiated earlier as inCity banks appears to have reflected prima- terim financing for expansion programs.
Refinancing of bank loans with other lendrily declines in loans to food processors, sales
ers
may not be accompanied by a reduction
COMMERCIAL BANK LOANS
MEMBER BANKS
in
total
bank credit if these lenders obtain
ALL INSURED BANKS
IN LEADING CITIES
their funds by selling securities to the banking system. Late in 1947 and early in 1948
institutional lenders, particularly insurance
companies, sold Government securities on
balance to the Reserve Banks. Deposits were
created by this process and, as is pointed
out in an article elsewhere in this BULLETIN,
insurance company deposit balances were
very large at the end of January. To the
extent that bank loans in the first quarter
of this year were refinanced with insurance
companies out of deposits obtained by such
security sales, no net reduction in bank credit
and the money supply was effected, and bank
reserve positions were in fact eased.
Bank loans to others than businesses have
1944
1948
continued to grow. Although for a number
All insured commercial banks in the United States. Comof months there have been some indications
mercial loans include commercial and industrial loans, openmarket commercial paper, and acceptances. Latest figures are
of a tightening in the terms at which mortfor Dec. 31, 1947.
For member banks in leading cities figures on commercial
gage credit is being made available, no imloans include commercial, industrial, and agricultural loans,
open-market commercial paper, and acceptances. Latest figures
portant slackening appears to have develare for Apr. 21, 1948.
BILLIONS OF DOLLARS
492
BILLIONS OF DOLLARS
FEDERAL RESERVE
BULLETIN
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
oped thus far in the demand for mortgage
credit or in the expansion of mortgage loans
at banks. The volume of new mortgages
offered has remained large and, despite some
reported moderate tightness in the mortgage credit market, banks have added substantial amounts to their mortgage loan
portfolios.
Banks also extended additional credit to
consumers in the first quarter of 1948, largely
in connection with purchases of automobiles and other durable goods on instalment
basis. Growth in consumer instalment credit
at commercial banks continued at the rate
of about 100 million dollars a month shown
throughout last year.
Reflecting some uncertainty in the market
concerning the future course of interest rates
and bond prices, bank portfolios of State and
local government and corporate securities
did not increase in January and February.
Prices of such securities, particularly of taxexempt municipal securities, had declined
during the latter half of 1947. As explained
in the March BULLETIN, this decline reflected
to a large extent an increase in offerings of
new securities relative to the supply of funds
available for investment. New security issues
by corporations and State and local governments continued in large volume during the
first quarter of 1948, but prices were firm
around the levels reached toward the end
of 1947. As the outlook for stability in interest rates and bond prices improved, banks
in March resumed their purchases of these
securities.
DECLINE IN DEPOSITS AND CURRENCY
Reduction of 5.3 billion dollars in the
volume of deposits and currency held by
individuals and businesses during the first
quarter of 1948 resulted from the large
MAY
1948
Treasury cash surplus. This compares with
a decrease of 2.7 billion in the first quarter
of 1947.
About 6 billion dollars were withdrawn
by Treasury fiscal and debt management
operations from the total stock of deposits
and currency held by the public, compared
with about 4 billion in the first quarter of
1947, as shown in the table. As previously
explained, this cash surplus was used primarily to build up Treasury deposit balances
and to retire Government securities held by
the Federal Reserve Banks.
MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY
[In billions of dollars, partly estimated]
Factor
Changes in amounts
outstanding during
first quarter l
1948
1947
3.9
0.6
1.5
0.5
1.0
2.5
0.6
0.6
0.8
0.4
1.3
0.7
Contractive factors
Treasury cash surplus used to:
Retire U. S. Government securities held by:
Federal Reserve Banks
Commercial banks
Increase Treasury deposits
Other factors, net
Expansive factors
Commercial bank loans (increase)
Gold inflow
Changes in deposits and currency held by
individuals and businesses, total
Demand deposits, adjusted
Time deposits
Currency outside banks
-5.3
-4.8
+0.4
-0.9
-2.7
-2.9
+0.8
-0.6
1
Including figures for week ending Apr. 7, 1948, and Apr. 9,
1947.
Further expansion in bank loans and a
continuation of the gold inflow were factors
tending to increase the volume of deposits
and currency. The combined effect of these
factors, as the table shows, was less than in
the first quarter of 1947 and offset a smaller
part of the contraction generated by Treasury transactions.
Demand deposits, adjusted to exclude
United States Government deposits, interbank deposits, and items in process of col493
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
lection, declined from the record high of
87 billion dollars at the end of December
1947 to 82 billion at the end of March, as is
shown in the chart. The decrease in these
deposits, which are owned largely by individuals and businesses, occurred despite the
fact that nearly one billion dollars of currency
was returned to banks for deposit. A large
return of currency from circulation is usual
in January as the need for currency for
transaction purposes is seasonally low in the
post-Christmas period. Currency also declined in March, in part as a result of tax
payments in this form. Time deposits increased further at about the rate of growth
shown in the latter half of 1947.
BANK DEPOSITS AND CURRENCY
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180
TOTA
-
AND CURRENCY
I
/ / V EXCL JDING
A ^ ' U. S. GOV'TDEPOSIT s
-
-
-
\
EMAND DEPOSITS
ADJUSTED
"IME DEP 5SITS
^—
CURREN CY OUTSI DE BANKS
A
J. S. GOV T DEPOSI
rs
\l
_
I
V~—-~
Figures are partly estimated. Deposits are for all banks in the
United States. Demand deposits adjusted exclude U. S. Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings
System and in mutual savings banks. Figures are for December
1940; June and December, 1941-1942; end of month, 1943-1946;
last Wednesday of month 1947 and 1948. Figures subsequent
to June 1947 are preliminary; latest figures are for March.
Total deposits and currency, other than
United States Government deposits, at the
end of March amounted to 164 billion dollars, or 3 billion more than a year earlier.
494
Time deposits increased during the 12-month
period by more than 2 billion and demand
deposits by over one billion, while currency
showed a decline.
MEASURES RESTRICTING MONETARY EXPANSION
Pressure on reserve positions from Treasury cash drains probably had a significant
restraining effect on bank credit expansion
in the first quarter of the year. Most banks
have substantial holdings of Government
securities that they can sell in order to acquire funds with which to expand further
their loan portfolios. Nonetheless, the necessity, because of reserve drains, for very large
sales in a short period of time probably induced some hesitancy on the part of banks
to sell securities at the same time for the
purpose of expanding loans.
Drains on bank reserves arising from
Treasury fiscal and debt retirement operations, and the accompanying necessity for
banks to sell securities in the market, were
somewhat reinforced in their restrictive
effects by measures taken by the Federal Reserve System and the Treasury. These
measures, which included action to raise the
cost to banks of obtaining reserve funds and
to increase bank needs for reserve funds,
introduced an element of uncertainty with
respect to prospective credit conditions.
During the last half of 1947, the Treasury
and the Federal Reserve System acted in cooperation to permit an increase in yields on
short-term Government securities. As a consequence of this action, discussed in the
March BULLETIN, yields on Treasury bills
had increased from % of one per cent in
mid-1947 to almost one per cent in the first
quarter of 1948. During the same period,
yields on 12-month Treasury certificates
increased from % per cent to l!/8 per cent.
FEDERAL RESERVE BULLETIN
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
Accordingly, in order to obtain reserve
funds in early 1948 by selling short-term
Government securities, either to meet reserve
drains or to permit loan expansion, banks
were obliged to sacrifice higher yielding
securities than would have been the case had
short-term rates not risen. Early in January,
the Reserve Banks increased their discount
rates from 1 to 1*4 per cent, thereby raising
the cost of borrowed reserve funds above
that for funds obtained through the sale of
short-term securities in the market.
Increase in the cost of reserve funds was
reinforced by downward adjustments on
December 24 in Federal Reserve support
prices for medium-term and long-term Government securities. As a result of this action,
it was no longer possible to obtain reserve
funds by the sale of longer-term issues at
large premium prices. For many banks that
acquired such securities at the higher prices
previously prevailing, sale of these securities
would result in moderate book losses.
On January 23, 1948, the Board of Governors announced that reserve requirements
against net demand deposits at central reserve city member banks would be increased
from 20 to 22 per cent, effective on February
27. This action increased required reserves
at New York and Chicago banks by about
500 million dollars and made it necessary for
these banks to sell additional Government
securities. Like the drains from the Treasury
cash surplus, the increase in reserve requirements had the effect of reducing the supply
of assets which these banks had available
for sale to the Reserve Banks to create reserves for further loan expansion.
restraint in lending that adds strongly to
inflationary pressures has come from both
public and private sources. In its official publications and in public statements the Board
of Governors and the Federal Reserve
Banks have repeatedly pointed out the dangers to the economy, as well as to banks and
their customers, of excessive bank credit
expansion. The President of the United
States in his Economic Report to the Congress and the President's Council of Economic Advisors in their reports have also
emphasized the urgent need for restraint in
further bank lending and investing.
« In November 1947 a joint statement was
issued by Federal and State bank supervisory
authorities calling attention to existing inflationary pressures and to the danger that
further expansion in bank credit will make
for still higher prices. Bankers were urged
to exercise extreme caution in their lending
policies and were requested to curtail all
loans for speculation, to guard against overextension of consumer credit, and to confine
extension of bank credit to financing that
will help production. Early in January a
nation-wide educational program to foster
voluntary action for bank credit restraint
was undertaken by the American Bankers
Association.
Many banks were probably also moved to
reappraise critically their lending policies,
particularly with respect to term loans to
businesses, by a growing uncertainty with
respect to the future pattern and course of
interest rates. Such uncertainty was a result
of the slow rise in short-term interest rates,
the upward movement in the latter part of
VOLUNTARY RESTRAINT ON CREDIT
1947 in long-term rates, the lowering of
Federal
Reserve support prices for GovernEncouragement of voluntary restraint in
bank lending operations and particularly of ment securities near the year end, and the
MAY
1948
495
TREASURY SURPLUS, BANK RESERVES, AND THE MONEY SUPPLY
recent increase in the rediscount rate at the
Reserve Banks.
The effects of official and other pleas for
voluntary credit restraint by banks are not
easily evaluated. The slackening or suspension of the growth in business loans, while
partly seasonal, may reflect to some extent
a more selective attitude on the part of banks.
Loans to consumers and to owners of real
estate, on the other hand, have continued to
increase.
OUTLOOK FOR MONETARY EXPANSION
Seasonal developments of the type that
tend to make the demand for bank loans,*
particularly by businesses, somewhat slack
in the first quarter of a year normally continue until about midsummer. Should such
a seasonal pattern prevail this year, loan
expansion at banks may show little further
growth in the next few months. Total deposits and currency held by individuals and
businesses accordingly may remain throughout the first half of 1948 at levels below
those prevailing at the end of last year.
In the second half of 1948, however, underlying factors may bring about a resumption of rapid deposit expansion. During this
period it seems probable that no significant
restraints on monetary expansion can be
expected from further cash surplus of the
Treasury. The effect of recent changes in the
fiscal outlook may be to eliminate the Treasury surplus and possibly to bring about a
deficit, at least for the balance of this calendar year. If Government expenditures for
defense purposes should be increased, Treasury operations may tend to expand both deposits and reserves of banks. In addition, bank
reserves and bank deposits probably will be
increased by further gold inflow.
496
Future ease in bank reserve positions,
which a Treasury cash deficit and a gold
inflow would tend to promote, would be a
factor encouraging banks to expand their
lending on an aggressive basis. If demand for
financing by consumers and real estate
owners continues large and if there is a
resurgence in loan demands by businesses,
as is indicated by reports of business expansion plans, there would be a strong market
for bank credit. Expansion in the money
supply and consequent additions to inflationary pressures could result.
Under conditions of nearly full utilization
of productive resources and materials, with
demand pressing strongly on supply for a
broad group of goods, and with large expenditures for military purposes in prospect,
it would be difficult to avoid further increases in prices. Restraint on bank credit
expansion would be desirable so that monetary expansion would not add unnecessarily
to inflationary pressures. Traditional central
banking instruments for limiting such expansion are not fully usable by the Federal
Reserve because of the System's responsibilities for maintaining an orderly and
relatively stable market for United States
Government securities. In view of this situation the Board of Governors has requested
the Congress to provide the System with
new authority as a substitute, or partial substitute, for powers which, in substantial degree, have lost their effectiveness as a result
of changes in monetary conditions since prewar years. In the absence of additional
powers, the authorities would need to impose such restrictions as they can and voluntary restraint on the part of banks would
also be essential.
FEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS 1
Demand deposits of business enterprises increased
3.4 billion dollars during the 11-month period from
February 26, 1947 to January 30, 1948, according
to estimates based on the latest Federal Reserve
System survey of deposit ownership. Personal deposits also grew substantially, although the rate of
increase was substantially lower than that for business deposits. Balances of nonprofit associations
showed a further moderate increase, while deposits
of trust funds and foreigners declined somewhat.
Total demand deposits of individuals, partnerships,
and corporations increased 4.5 billion dollars over
this 11-month period, as is shown in Table 1. Expansion in deposits was general throughout the
country, but was greater in the Midwest than in
other sections.
Growth in demand deposits during this period
raised to record levels the balances of nearly all
categories of depositors. An important exception
was manufacturing and mining companies, whose
deposits were still below their peak of mid-1945, as
is indicated on the chart. During the early postwar period when incomes of manufacturing and
mining companies were reduced and reconversion
expenditures large, their deposits declined sharply
and remained at the reduced level during 1946.
Similarly, as inventory expansion gathered impetus
in late 1946, balances of companies in trade lines
were drawn down. Of the major holder groups,
only individuals, both farmers and others, continued
to build their deposit accounts throughout the first
two transition years after cessation of hostilities.
Deposit expansion in the recent period, in contrast,
was general among most holder groups.
Nearly all categories of businesses added sig-
1
This article was prepared by Charles Fox of the Board's
Division of Research and Statistics.
OWNERSHIP OF DEMAND DEPOSITS
INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS
BILLIONS OF DOLLARS
00
T()TAL
J
yy
40
7/
\
/
/
/
/MANUFACTURING
/
AND MINING
_
INDIVIDUALS
i
-
TR;\DE/
i
r "
-
J
1
16
1
-
/
f
V
/
NONFIN ANCIA L
BUSINESSES
-
12
l^
f
•**"
IND1VIDUALS,
• NONPROFIT
ASSOCIATIONS
AND OTHER *
y
f
20
PUBLIC
UTII ITIF<5
i
1944
1946
1948
/
/
S\
> * * ^ r ^_«_
^*— T~*~^
^ - ^ >^—1
_ X OTHER
-*~^ FINANCIAL
B JS1NESSES
.
INSURANCE
COMPANIES
NONPROFIT ASSOCIATIONS
AND O T H E R *
1942
FARfclERS.
X 1 ^ -
UIMtK
NONFINANCIAL
-
FlNA^JCIAL
BUSIN ESSE5
0
-
(EXCLUDIN6 FARMERS) /
/
12
20
/
/
/
_
1
_
24
OTHEF\ HOL DERS
Y40NF! NANC IAL E)US1N ESSES
16
80
60
BILLIONS OF DOLLARS
SELECTED DATES
20
BRO/ ID 6R 0UP3
1942
1944
1946
1948
1942
1944
1946
1948
* Includes deposits of trust funds and foreigners.
NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 30, 1948.
MAY
1948
497
OWNERSHIP OF DEMAND DEPOSITS
nificantly to their deposit accounts in the 11-month
period ending January 30, 1948, as is shown in
Table 1. Deposits of financial businesses, manufacturing and mining companies, trade concerns, and
other nonfinancial businesses, including service
establishments, contractors, and amusement companies, all underwent large increases. The only
business group whose deposits declined was public
utilities, and in this instance the decrease was small.
consequence of greatly increased business expenditures for wages and materials, as well as for plant,
machinery, and equipment. Growth in business
deposits has been possible, despite the large capital
expansion programs, because of large profits together with substantial equity and debt financing
through the capital markets and unusually heavy
borrowing from banks.
TABLE 1
DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED
TABLE 2
BUSINESSES
CHANGES
IN
OWNERSHIP
OF DEMAND
VIDUALS, PARTNERSHIPS,
DEPOSITS
OF
INDI-
[Estimates, dollar amounts in billions]
AND CORPORATIONS
[Estimates, dollar amounts in billions]
Type of holder
Amount
outstanding
Jan. 30,
1948P
Change from
Feb. 26, 1947
Dollar
amount^
$47.1
+$3.4
+7.7
Nonfinancial businesses
Manufacturing and mining
Public utilities
Trade
Other nonfinaficial
39.8
+6.8
Financial businesses
Insurance companies....
Other financial
7.4
2.7
4.7
+2.5
+ 1.3
-0.1
+ 1.0
+0.4
+0.8
+0.6
+0.2
+ 1.2
+0.3
+0.9
Individuals
Farmers
Others
Trust funds
Nonprofit associations
Foreigners 2
Total
30.1
7.2
22.9
1.6
2.8
0.7
82.4
0)
+0.1
-0.1
+4.5
+8.1
-2.9
+7.6
+8.9
+12.7
+28.8
+5.3
+4.1
+4.7
+3.9
-2.6
+4.4
-8.0
+5.8
p Preliminary.
Less than 50 million dollar decrease.
Excludes foreign banks and governments.
NOTE.—Detailed figures may not add to totals because of
rounding.
1
2
Corporations generally expanded their deposits
much more sharply than did unincorporated firms.
Of the 3.4 billion dollar growth in business deposits,
2.9 billion was in corporate balances, as Table 2
shows. For each business category, except for
public utilities, the percentage growth was greater
in corporate than in noncorporate deposits. In the
7-month period preceding the previous survey of
deposit ownership (February 26, 1947), both corporate and noncorporate deposits declined, but a
greater decline occurred in noncorporate than in
corporate accounts.
Expansion in the deposits of businesses probably
reflects business needs for larger cash balances in
498
Type of holder
Percentage P
Domestic businesses—total. . .
17.3
4.1
13.4
4.9
Jan 30,
1948?
Corporate
Financial
Insurance
Other financial. .
5.6
2.5
3.1
Dollar
amount
Percentage
Non- Cor- Non- Cor- Noncor- porate cor- porate corporate
porate
porate
Domestic businesses
—total
$35.0 $12.1
Nonfinancial
29.3
Manufacturing
and mining. . . 15.6
Public utilities... 3 . 9
7.3
Trade
Other nonfinancial. ;
2.6'
Change from
Feb. 26, 1947
10.4
1.7
0.2
6.1
2.3
1.7
0.1
1.6
+$2.9 +$0.5 +9.0 +4.1
+2.1 +0.4 +7.6 +4.5
+ 1.2 +0.1 +8.4 +5.1
-0.2 0)
-3.7 + 17.0
+0.8 +0.2 + 11.7 +3.1
+0.3 +0.1 + 10.9 +6.8
+0.8 (x) +16.5 +1.8
+0.6 0) +30.0 + 10.5
+0.2 0)
+7.5 + 1.1
P Preliminary.
Less than 50 million dollar increase.
NOTE.—Detailed figures may not add to totals because of
rounding.
1
Increases of nearly one-third in deposit holdings
of insurance companies resulted, in all probability,
from large sales of their holdings of United States
Government securities in late 1947 and early 1948.
During this period there was widespread uncertainty regarding prices of Government securities.
Insurance companies throughout 1947 had been
reducing steadily their portfolios of Government
securities by relatively small amounts, and investing
the proceeds in other assets. When prices of Government bonds softened late in 1947, these companies sold an increased volume of long-term Government bonds, partly in anticipation of some
further decline in the prices of these issues, and
partly in anticipation of needs for funds for other
investment purposes. From other sources of information, it is known that insurance companies
invested some of the proceeds of such sales in shortFEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS
term Government securities. The present figures,
therefore, reflect only the portion of sales accumulated as cash in deposit accounts.
Individuals, who increased their demand deposit
balances throughout the war and postwar period,
added 1.2 billion dollars to their accounts in the
11 months under review. This increase was about
one-half as large as in the previous year. Farmers' deposits increased only slightly more rapidly
than did other personal deposits. Comparatively
moderate expansion in deposits of farmers, despite
the unprecedentedly high level of farm income and
prices, probably reflected the use of cash receipts
by farmers to buy extraordinarily large amounts of
consumer durable goods and farm machinery and
equipment as well as to finance much of the large
current volume of farm construction.
In addition to increasing their demand deposits,
individuals expanded the volume of their assets
held in other liquid forms. Time deposits, which
are primarily in personal accounts, expanded about
2 billion dollars and holdings of United States
savings bonds increased 1.8 billion during this 11month period. On the other hand, currency held
outside banks, largely by individuals, declined about
300 million dollars.
TABLE
OWNERSHIP
TABLE
CHANGES
IN D E M A N D
3
D E P O S I T S OF INDIVIDUALS,
SHIPS, AND CORPORATIONS,
FEBRUARY 26,
BY FEDERAL
1947
RESERVE
TO JANUARY 30,
PARTNERDISTRICTS,
1948
Percentage changes in deposits of
Federal Reserve
district
All groups x
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
+4.4
+5.4
+4.7
+7.6
+3.6
+2.1
+8.9
+3.9
+9.7
+2.1
+4.0
+3.9
+6.0
+ 1.3
-0.8
+8.5
+0.8
+8.7
+6.6
+ 11.8
+2.6
+3.9
+ 12.9
-2.0
+4.1
+5.8
All districts
Individuals Nonfinancia]
businesses
+3.7
+6.2
+5.9
+8.3
+4.6
+3.4
+9.0
+6.5
+ 10.4
+ 10.9
+ 7.8
+6.2
+6.8
1
Includes also changes in deposits of financial businesses, nonprofit associations, trust funds, and foreigners.
Some marked regional differences in the pattern
of deposit expansion developed in 1947. In the
Southwest and the Midwest—the Federal Reserve
Districts of Dallas, Minneapolis, Chicago, and
Cleveland—the sharpest increases occurred. Deposit
4
OF D E M A N D DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED D A T E S ,
1941-48
[Estimates, in billions of dollars]
Dec. 31, July 31, Feb. 29, July 31, Jan. 31, July 31, Jan. 31, July 31, Feb. 26, Jan. 30,
1947
1945
1946
1944
1945
1946
1943
1944
1948P
1941
Type of holder
24.8
Domestic businesses—total. .
36.3
35.9
37.6
*
*
*
*
29.2
40.4
30.6
8.5
9.9
42.4
42.9
44.9
43.8
47.1
31.1
11.9
32.8
12.1
32.1
11.7
35.0
12.1
37.0
16.1
4.0
12.6
4.2
38.3
16.4
4.4
13.0
4.5
37.2
16.0
4.2
12.5
4.5
39.8
17.3
4.1
13.4
4.9
businesses—total
20.4
Manufacturing and mining
Public utilities
Trade
Other nonfinancial
10.0
3.1
4.6
2.7
31.6
16.5
3.7
8.0
3.4
31.5
16.3
3.7
8.2
3.4
33.0
17.2
3.7
8.8
3.3
35.3
17.5
3.7
10.3
3.7
31.9
10.5
37.1
18.4
4.0
10.9
3.8
4.4
4.7
4.3
4.6
5.2
5.3
5.9
6.6
6.5
7.4
1.9
2 5
1.9
2.8
15.8
1.7
2.6
17.7
1.7
3.0
18.4
1.9
3.3
21.5
1.8
3.5
23.0
1.8
4.1
26.4
2.1
4.5
27.6
2.1
4.5
28.9
2.7
4.7
30.1
»"6.9
'22.0
Corporate
Noncorporate
Nonfinancial
*
Financial businesses—total.. .
Insurance companies
Other financial
9.6
Individuals—total...
Farmers
Others
....
*
Trust funds
Nonprofit associations
Foreigners—businesses and individuals. ( • • •
Total.
37.6
3.3
4.2
4.0
4.7
5.2
6.0
6.2
12.5
1.2
1.4
0.9
13.5
1.3
1.5
0.8
14.4
1.3
1.5
0.7
16.7
1.4
1.9
0.7
55.6
57.2
59.6
65.9
17.8
1.5
2.0
0.7
69.6
20.4
1.6
2.4
0.8
74.1
21.4
1.8
2.4
0.8
77.5
7.2
1.7
2.7
0.8
22.9
1.6
2.8
0.7
77.8
82.4
r
P Preliminary.
Revised.
* Not available.
NOTE.—Detailed figures may not add to totals because of rounding.
MAY
1948
499
OWNERSHIP OF DEMAND DEPOSITS
gains in these areas reflected above average increases
in balances of both businesses and individuals. The
smallest increases in deposits were in the Southeast and Far West—the Atlanta, Richmond, and
San Francisco Federal Reserve Districts. In these
sections business deposits increased by comparatively
small amounts and, in the case of the San Francisco and Atlanta Districts, personal deposits actually
declined. Comparative data are given in Table 3.
500
In contrast with the trend during the war and
early postwar period, deposit growth was more
rapid at large banks than at small banks in nearly
all districts. In all likelihood, this development resuited from the greater recent expansion in business
than in personal deposits. Business deposits, particularly of incorporated enterprises, have a greater
relative importance in the deposit structure of large
than of small banks.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947
From a peak of 788 million dollars in 1945, net
profits after taxes of all member banks of the
Federal Reserve System declined to 758 million in
1946 and to 653 million in 1947. An increase in
total current earnings and a decrease in income tax
payments were more than offset by an increase in
current expenses combined with a switch, from a
positive to a negative amount, in profits on securities sold and recoveries on loans and securities
less losses and charge-offs. Net profits in 1947
amounted to 7.9 per cent of average total capital
accounts as compared with 9.6 per cent in 1946
and 10.9 per cent in 1945. These percentage declines were due in part to increases in average total
capital accounts.
Almost 60 per cent of net profits in 1947 was
retained by member banks in capital accounts and
the remainder, amounting to 281 million dollars,
was distributed as cash dividends. The proportion and the dollar amount of profits retained was
smaller than in any year since 1943.
Comparative earnings figures for selected years
since 1929 are given in the table below.
Earnings. Total current earnings of all member
banks amounted to 2,579 million dollars in 1947,
an increase of 176 million or 7 per cent over the
previous year. This rate of increase was only about
one-half that of recent years.
Of fundamental importance in the earnings situation in 1947 was the rapid rise in the volume of
bank loans, particularly during the second half
of the year. As is shown in the accompanying
table, total loans increased by about 6 billion dollars
or 22 per cent. Earnings on loans were 1,044
million dollars, an increase of 272 million or 35
per cent over 1946. The larger relative increase in
earnings resulted from several factors: higher-yield
categories such as consumer and real estate loans
have become relatively more important segments
of the aggregate loan portfolio; and there is evidence of a hardening of interest rates on loans
during the year. The average yield on total loans
MEMBER BANK EARNINGS, SELECTED YEARS, 1929-47
[Dollar amounts in millions]
Item
1929
1932
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947V
$2,399 $1,554 $1,274 $1,296 $1,323 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 $2,579
Earnings
..
On U. xS. Government securi1,054
921
431
445
540
448
444
960 \/ 997
458
766
ties . . . .
139
148
149
On other 2securities
649
544
595
665
563
588
560
563
772 1,044
851
On loans
1,563
Service charges on deposit ac119
59
87
54
65
68
76
86
100
counts
1
I^T.
/ 51
245 \ 232
291
238
242
346
237
230
245
328
265
Other earnings 2
. . . . > 363
1-
Expenses 2
Salaries and wages
Interest on time deposits 3 . . . .
Interest on interbank and demand deposits
Taxes other
than on net income 2
Other expenses 2
Net current earnings
2
Recoveries, profits on securities,
etc
Loss'es and charge-offs 2
890
380
171
895
388
159
921
400
147
988
426
140
1,002
461
128
1,039
487
124
1,127
525
144
1,268
580
183
1,469
699
212
1,650
797
236
67
285
82
257
85
262
100
273
129
293
81
331
84
344
83
375
83
422
82
476
529
715
410
384
401
402
429
485
611
747
835
934
929
137
295
113
778
279
398
327
380
303
356
278
318
188
223
312
251
318
232
454
230
356
247
232
251
673
115
833
184
1,058
270
557
208
649
226
788
246
1,043
285
758
267
6,738
6,814
6,884
6,900
910
257
653
281
6,923
1,684
464
445
1,143
357
302
314
132
112
348
f
\
557
387
-255
245
265
198
347
207
349
210
390
211
451
68
383
203
Number of banks at end of year. . 8,522
6,816
6,338
6,362
6,486
6,619
6,679
Profits before income taxes. ..
Taxes on net income
Net profits
Gash dividends declared *
88
1 Not available prior to 1945.
2
The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on
loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate
item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses.
3 Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits
is included
in other expenses.
4
Includes interest on capital notes and debentures.
MAY
1948
501
MEMBER BANK EARNINGS, 1947
increased to 3.56 per cent as compared with 3.18
per cent in the previous year.
A further decrease of 5 billion dollars in member bank holdings of United States Government
securities, combined with the full eflect on 1947
earnings of the 15 billion decline during 1946,
resulted in a decline in earnings of 133 million or
13 per cent from the previous year, despite a slight
rise in the average yield. Earnings on Government
securities in 1947 were 921 million dollars and
were below earnings on loans for the first time
since 1942. Reflecting shifts in the composition
of the aggregate Government security portfolio,
and the higher short-term rates that followed the
mid-year discontinuance of the pegged rate of
% per cent on bills, the average yield to member
banks from their Government holdings rose to
1.53 per cent in 1947 from 1.48 per cent in 1946.
Expenses and net current earnings. All major
items of current expense continued to expand and
aggregated 1,650 million dollars in 1947, an increase of 181 million or 12 per cent over the previous year. For the first time since 1938 there was
a decline in net current earnings before income
taxes, although the decline was only 5 million dollars from the peak of 934 million reached in 1946.
Salaries and wages, the largest single item of
current expense, amounted to 797 million dollars
or 98 million more than in the previous year.
There was an addition of about 19,000 in the average number of officers and employees and an increase in the average salary paid, as is shown in
the accompanying table. Since 1940 the number
of officers and employees of member banks has increased by about 50 per cent and the total of salaries
and wages paid has about doubled.
AVERAGE NUMBER
AND SALARIES OF EMPLOYEES OF
MEMBER
BANKS
1940
1945
1946
1947
Average n u m b e r of employees (full- and parttime)
195,731 239,168 260,159 279 ,463
34,771 38,798 41,208 43,736
Officers
160,960 200,370
218 ,951 235,727
Others
Salaries and wages (in millions of dollars)
Officers
Others
400
155
245
579
208
371
699
242
457
797
269
528
Average salary (in dollars) i1
Officers
Others
4,458
1,522
5,361
1,852
5,873
2,087
6,151
2,240
1
Rough averages derived by dividing aggregate annual salary
payments by the average of the number of full- and part-time
employees at the beginning and end of the year.
A growth of about 2 billion dollars in average
time deposits in 1947, together with a very small
increase in the average rate of interest paid on
such deposits, resulted in a 24 million dollar increase in interest paid on time deposits. Other
current expenses, including taxes other than on
net income, were 59 million dollars higher than
in 1946.
Recoveries, profits, losses, charge-offs, and income
taxes. A major development in member bank
earnings in 1947 was a substantial decline in profits
on securities sold and recoveries on loans and se-
MEMBER BANK LOANS AND INVESTMENTS, BY CLASS OF BANK, DECEMBER 31,
1947
AND
1946
[In billions of dollars]
Central reserve city banks
Total
New York
Chicago
Reserve city
banks
Country
banks
1947
1946
1947
1946
1947
1946
1947
1946
1947
1946
Total loans and investments
97.8
96.4
20.4
20.8
5.1
4.8
36.0
35.4
36.3
35.4
Loans
32.6
17.0
4.7
7.1
26.7
13.2
3.3
5.4
7.2
5.4
0.6
0.1
6.4
4.1
0.5
0.1
1 8
1.4
0.1
(i)
1 5
1.1
0.1
0 1
13.4
7.1
2.0
3.1
10.8
5.5
1.4
2 2
10 2
3.1
2.0
3 8
8 0
2.4
1.3
3.0
3.8
4.8
1.1
1.7
0.2
0.2
1.2
1.6
1.3
1.3
57.9
12.6
45.3
63.0
16.8
46.2
12.0
2.2
9.8
13.3
3.1
10.2
2.9
0.6
2.3
2.9
0.7
2.2
20.2
4.6
15.6
22.2
6.2
16.0
22.9
5.2
17.7
24.6
6.8
17.8
7.3
6.6
1.2
1.2
0.4
0.4
2.4
2.3
3.3
2.8
•
Commercial and industrial
Consumer
Real estate
All other
.
U. S. Government securities
Treasury bills, notes, and certificates.
Bonds and guaranteed obligations. .
Other securities
1
Less than 50 million.
502
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947
curities to an amount less than losses and charge-offs,
which showed little change. In recent years, the
excess of profits and recoveries over losses and
charge-oflfs has provided a substantial portion of
net profits of member banks. The maximum excess
occurred in 1945, when it amounted to 224 million
dollars or 28 per cent of net profits; in 1946, it
had dropped to 109 million dollars. In 1947,
for the first time since 1942, losses and charge-offs
on loans and securities (including transfers to reserves for such losses) exceeded recoveries and
security profits by 19 million dollars. The major
changes in 1947, as compared with 1946, were a
decrease of 93 million dollars in profits on securities
sold and an increase of 41 million in losses and
charge-ofTs on loans. It is probable that a considerable portion of this increase in losses and charge-
ofTs on loans consists of transfers to reserves for
bad debt losses on loans as authorized for banks
by the Bureau of Internal Revenue in December 1947.
Taxes paid or accrued on net income aggregated
257 million dollars in 1947, 28 million less than
in 1946, reflecting lower profits before income taxes.
Earnings, by class of bank. The accompanying
table shows earnings by class of bank for 1946
and 1947. In contrast with the experience of other
classes of banks, central reserve city banks in New
York showed a small decrease in total current earnings. Increased earnings on loans did not fully offset
the decline in earnings from Government securities,
as was the case elsewhere. Total current earnings
increased 71 million dollars at reserve city banks
and 109 million at country banks; they declined
MEMBER BANK EARNINGS, BY CLASS OF BANK, 1947 AND 1946
[Dollar amounts in millions]
Central reserve city banks
Total
Earnings
On U. S. Government securities. . .
On other securities
On loans
All other
Reserve city
banks
Chicago
New York
1947
1946
1947
1946
1947
$111
52
9
31
19
$966
319
50
424
173
631
303
Country
banks
1947
1946
$895
381
52
304
158
$1,049
380
65
437
167
$940
$2,579
921
149
1,044
465
$2,403
1,054
148
772
429
$451
177
25
144
105
$456
210
24
125
97
$113
1,650
797
236
617
1,469
699
212
558
275
160
8
107
250
141
7
102
70
33
10
27
63
30
94
234
558
266
82
210
675
302
124
249
596
8
25
Net current earnings before income taxes
929
934
176
206
43
48
335
337
374
344
Profits and recoveries
Recoveries on securities
Profits on securities
Recoveries on loans
All other
232
40
90
59
43
356
54
183
64
55
48
4
21
12
11
71
10
41
11
9
18
5
3
4
23
6
6
3
7
88
16
34
24
14
127
2C
61
24
22
78
14
29
20
15
135
17
75
25
17
251
101
103
47
247
115
44
12
22
10
44
13
12
19
15
9
5
1
21
11
4
6
104
38
46
20
101
45
29
27
88
42
30
16
82
47
17
19
910
257
653
281
1,043
285
758
267
180
47
233
75
46
9
50
13
319
93
363
99
364
107
397
98
133
80
158
75
37
14
37
14
226
104
264
99
257
83
298
79
10.4
12.2
12.0
12.7
13.1
13.0
9.5
8.1
9.9
9.0
11.2
Expenses
Salaries and wages
Interest on deposits
All other
Losses and charge-off s
On securities
On loans
All other
....
Profits before income taxes
Taxes on net income
Net profits
Gash dividends declared x
Ratios (per cent):
Net current earnings before income
taxes to average total capital accounts
Net profits to average total capital
accounts
Earnings on U. S. Government securities to average holdings
Earnings on loans to average holdings
1
62
70
46
8
39
20
6
411
63
313
153
262
114
220
11.2
11.9
7.9
9.5
7.9
9.6
6.0
7.3
1.53
1.48
1.40
1.35
1.57
1.48
1.51
1.46
1.62
1.58
3.56
3.18
2.15
1.85
2.39
2.22
3.56
3.23
4.80
4.65
Includes interest on capital notes and debentures.
MAY 1948
503
MEMBER BANK EARNINGS, 1947
3 million at central reserve city banks. All classes
of banks reported about the same relative increase
in current expenses, 12 per cent, but at country
banks the dollar increase in current expenses was
less than that in current earnings. Net current
earnings before income taxes declined 35 million
dollars at central reserve city banks and 2 million
at reserve city banks, and increased 30 million
dollars at country banks.
The excess of profits on securities sold and recoveries on loans and securities over losses and
charge-ofls resulted in a net addition to profits
of 7 million dollars at central reserve city banks,
and net decreases of 16 and 10 million dollars at
reserve city banks and country banks, respectively.
There were sizable declines in profits on securities
504
sold and increases in losses and charge-offs on loans
at all classes of banks.
Taxes paid or accrued on net income were
smaller than in 1946 at central reserve and reserve
city banks but larger at country banks. The larger
tax payments or accruals by country banks occurred
despite lower profits before taxes and possibly reflect some shifts of small banks into higher tax
brackets.
Net profits after payment of taxes were lower at
all classes of banks except central reserve city banks
in Chicago, where there was no change; the relative decreases were approximately the same, 14
per cent, at all classes.
Detailed figures of earnings and related items,
together with selected ratios, will be found on
pp. 576-587 of this BULLETIN.
FEDERAL RESERVE BULLETIN
NEW COMMERCIAL BANKING OFFICES, 1936-1947
by
CAROLINE H.
CAGLE AND RAYMOND C.
The size and composition of the commercial
banking structure of the United States has changed
considerably since 1900. During the first two
decades of the present Gentury, accompanying the
rapid agricultural and industrial development of
a vast geographic area, the number of banking
offices more than tripled. A peak of over 31,000
banks and branches was reached in 1922. During
the twenties relatively low levels of farm income
were reflected in large numbers of bank suspensions in rural communities, while expansion of industrial activity was accompanied by numerous consolidations and absorptions of banks in urban
centers. These developments, together with voluntary liquidations, were sufficient not only to offset
the large numbers of newly organized banking
offices but also to decrease substantially the total
number of commercial banks and branches.
ALL COMMERCIAL BANKING OFFICES
IN THE UNITED STATES
NUMBER. IN THOUSANDS
35
ALL BANKIN sOF F1CES
25
/
/
20
BANKS
/
\
15
— ...
W
*-
V
«*- —
/
/
f
«s
BRANC HES
__
0
m
1900
-
-
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
By 1929 the number of banking offices in the
United States had dropped by almost 4,000 from
the 1922 peak. Severe economic recession and
general deflation of prices and incomes in the early
thirties were attended by successive waves of bank
MAY
1948
KOLB
suspensions in both agricultural and industrial
areas. These suspensions involved large and small
banks alike, including banks with many branches,
and finally made necessary the banking holiday
of 1933. This action closed all banks in the country
and they were permitted to reopen only after the
situation of each had been reviewed by the supervisory authorities.
Reorganization of the country's banking structure, occasioned by the banking holiday, was virtually completed by 1935. Those banks, and their
branches, that could not meet the test of soundness
or early restoration to a sound operating condition
disappeared. About 18,000 commercial banks and
branches were restored to active operation.
Small but successive decreases in the number of
banking offices occurred in the years 1936-43. The
newly organized offices that appeared in this
period were outnumbered by suspensions, consolidations, and liquidations. The tremendous stimulus
provided to the economy by the prewar defense program and our subsequent entry into the war was
not reflected immediately in the number of banking
offices. It was not until 1944 that the total number
of commercial banking offices increased—for the
first time in nearly 25 years.1 This upward trend
has continued, as is shown in the chart, and by the
end of 1947 the number of commercial banking
offices was 18,141.
A major factor contributing to the growth in
banking offices in recent years has been that the new
banks and branches organized have, in contrast
to prior years, more than offset decreases due to
consolidations, liquidations, etc.2 The present article
examines the characteristics and the factors involved
in the establishment of new commercial banks and
branches since the adjustments following the banking holiday. Its general purpose is to provide
1
An apparent increase in 1934 was due to the fact that
statistics for that year include a large number of banks which
were classified as suspensions in 1933 but in 1934 reopened and
were
treated as additional banking offices.
2
Branches, as discussed in this article, exclude offices at
military reservations. These offices consist of "banking facilities" provided through arrangements made by the Treasury
Department with banks designated as depositaries and fiscal
agents of the Government.
505
NEW COMMERCIAL BANKING OFFICES, 1936-1947
since 1935 were organized by insured nonmember
banks and most of the remainder by member
(principally national) banks. Information as to the
amount of deposits held by the branches is not availNEW COMMERCIAL BANKS AND BRANCHES
able but their location for the most part in small
communities suggests that the average is small.
4. Many new nonmember banks found it advantageous to change their status subsequent to
organization—usually to a State member status
in the case of insured nonmember banks and to an
insured nonmember status in the case of noninsured
banks. By 1947, the net result of these changes
was a substantial increase in the number of the new
banks—those organized since 1935—operating as
State member banks, a marked decline in the number operating as noninsured banks, and little change
100 —V/ —
in the number operating as insured nonmember
banks.
5. Almost one-half of the new banking offices,,
both banks and branches, are in small towns
(population 2,500 or less) with no other banking
accommodations. Over one-half are located in the
primarily agricultural North Central and South
Atlantic areas and about 60 per cent are concenSUMMARY
1. More than 1,600 new commercial banking trated in 13 States. In these 13 States the type
offices opened for business in the 12-year period of office established was influenced to a considerable
1936-47. This number was about 9 per cent of extent by State laws regarding branch banking.
the number in operation at the end of this period. New branches rather than new banks tended to be
The new offices were about equally divided be- organized where State laws with respect to the
tween banks and branches, but the relative increase establishment of branches were liberal. On the
was much larger in branches than in banks. More other hand, where State laws prohibited the estabnew offices were organized in the past four years lishment of branches or permitted only limitedthan in the preceding eight years. This accelerated function offices many new banks were established.
6. There is little doubt that many of the new
growth reflected the high level of business and
agricultural activity during and since the war, and banking offices established after 1935 were to meet
in part the recent high rates of profits earned on needs that arose because of large numbers of bank
suspensions from 1921 to 1933. Over two-thirds
bank capital.
of
the bank failures during the period 1921-35 as
2. Most of the new banks are small institutions
a
whole
occurred in the North Central and South
of the insured nonmember class. Ninety per cent
of them currently hold deposits of 5 million dol- Atlantic areas, regions which account for a malars or less, and 40 per cent have less than 1 million; jority of the new banks and branches, and over 70
corresponding percentages for all commercial banks per cent of the failures were in towns with a
are 75 and 17. Over 80 per cent were organized population of 2,500 or less, the size of town in
as nonmember banks while a little over 50 per which a large proportion of the new banking
cent of all commercial banks are currently in this offices have been organized. Similarly, over 90
category. The remaining new banks were mem- per cent of the failures were among banks with
bers of the Federal Reserve System, and of these loans and investments of 5 million dollars or less,
a size group which includes roughly the same protwo-thirds were national banks.
3. About half of the new branches established portion of all new banks.
background information against which to evaluate
the current expansion in the number of the nation's banking offices.
506
FEDERAL RESERVE BULLETIN
NEW COMMERCIAL BANKING OFFICES, 1936-1947
7. The expansion in business and agricultural
activity during the war and immediate postwar
years appears to have accelerated the establishment
of new banks and branches. For the country as a
whole the number of new banking offices was
almost twice as large in the seven-year period
1941-47 as in the previous five years. In the seven
States where increases in income payments to individuals during the war and postwar years were
largest, two and a half times as many new banking
offices were established from 1941-47 as in the
preceding five years.
8. On the average, banks organized since 1935
operate with a somewhat smaller capital base, relative to both total assets and to total assets less Government securities and cash assets, than do other
commercial banks of similar size. At the end of
1946 these ratios were 5.4 as against 6.0 per cent
relative to total assets and 19.1 as against 26.3 per
cent relative to assets other than Government securities and cash assets. The ratios are particularly
low for new banks organized prior to 1942 since
such banks had full opportunity to share in the
tremendous expansion in bank assets that took
place during the war as a result of the Government's fiscal policy; the relative expansion of assets
outstripped that of capital accounts. As might be
expected, average annual asset expansion of the
new banks from the time of organization to the
end of 1946 was greater than for other banks of
similar size. For new banks organized prior to
the outbreak of war, asset expansion was considerably larger (and the capital base smaller) than
for banks organized after 1941.
9. The present asset structure of the new banks
differs somewhat from that of other commercial
banks of similar size. New banks hold over 6
per cent more of their assets in the form of loans
than do other banks of their size. However, their
holdings of Government and other securities are
substantially less, with the net result that the earning assets of the new banks are a slightly smaller
proportion of total assets. The new banks have
placed their loans in high-yield categories, such as
real estate, consumer, and agricultural loans, in
about the same manner as have all insured nonmember banks, a class of bank roughly similar
to the new banks with respect to their distribution
by geographic areas and deposit size. The maturity
MAY
1948
distribution of the Government security portfolios
of the new banks is also roughly similar to that of
all insured nonmember banks.
10. Despite a smaller volume of earning assets,
net profits of the new banks as a whole, after payment of income taxes but before provision for dividends, were 13 per cent of total capital accounts
in 1946 as compared with 12 per cent for other
commercial banks of similar size. This difference
is due entirely to the relatively smaller capital accounts of the new banks. The rate of earnings on
total assets was the same for the new banks as for
other banks. It is noteworthy that banks organized
in recent years earned considerably less in 1946 than
banks organized prior to 1944. New banks have
paid out less of their net profits in the form of dividends than have other banks of similar size—about
one-seventh as compared with one-fourth.
11. Most of the banks that established branches
organized only one branch each. At the top of the
scale, however, one national bank was responsible
for 59 branches. A smaller proportion of the new
branches were established in the same city as the
head office than the corresponding proportion for
all branches now in existence. Explanation for
this lies in the fact that a disproportionate number
of the new branches were established by nonmember
banks, which are located for the most part in small
towns where the need for additional banking offices
in the same town is limited but where the need may
be great in surrounding communities.
BASIC CHARACTERISTICS OF NEW BANKING OFFICES
Number of new banking offices. During the 12year period 1936-47, 1,601 new commercial banking
offices were organized, 788 banks and 813 branches.3
Thus, about 9 per cent of the 18,141 commercial
banking offices in operation at the end of 1947—
6 per cent of the banks and 20 per cent of the
branches—have been established since completion
of the readjustments following the banking holiday.
Several factors have influenced the establishment
of new banking offices. In part, they have been
organized to meet a demand for banking services
in communities left bankless or practically so by the
numerous suspensions that occurred in the twenties
and early thirties. In recent years, the continuing
high level of business and agricultural activity that
3
For 1947, the numbers of new banks and branches are preliminary and subject to minor changes.
507
NEW COMMERCIAL BANKING OFFICES, 1936-1947
TABLE
1
N U M B E R OF BANKS AND BRANCHES ORGANIZED DURING
National
Total
1936-47, BY CLASS AT ORGANIZATION
State member
Insured nonmember
Noninsured
Year
Branches
Banks
Banks
Branches
6
7
1
3
3
7
33
29
7
6
13
15
11
3
10
29
51
64
1936
1937
1938
1939
1940
1941
62
62
39
30
32
53
88
95
50
48
43
50
1942
1943
1944
1945
1946
1947
22
49
69
117
142
111
31
19
37
65
142
145
3
8
17
21
19
788
813
95
1936-47
Size of new banking offices. Most of the new
banks, as would be expected, are small institutions.
Table 2 shows that 90 per cent of them have deposits of less than 5 million dollars and 40 per cent
TABLE 2
C U R R E N T SIZE OF N E W BANKS AND OF A L L B A N K S 1
[Percentage distribution]
Commercial banks
organized
1936-41 1942-47 1936-47
Under 500 . .
500-999
1,000-1,999
2,000-4,999
5,000 and over
Total
5
23
13
29
35
18
100
All
commercial
banks
December
31, 1946
16
3
30
24
18
5
24
26
24
10
14
25
33
25
100
100
100
i "Current" indicates as of Dec. 31, 1946 except for banks organized in 1947, for which the latest data available were used.
508
Branches
Banks
Branches
Banks
Branches
27
38
22
24
24
32
41
62
34
34
28
22
29
14
16
2
5
13
5
1
3
2
i
9
3
6
6
2
7
2
4
5
8
9
14
3
3
2
11
38
31
12
31
48
82
97
65
15
13
19
21
49
47
8
11
8
10
15
13
2
6
4
4
3
144
36
3
47
271
was initiated by the defense and war effort has
accentuated this demand in some communities.
The recent increase in the rate of organization of
new banking offices shown in Table 1 is illustrated
by the fact that more were organized in the last
four than in the preceding eight years. The exceptionally large number established since the end of
World War II reflects, in part at least, the completion of organizations planned previously but postponed because of shortages of personnel, buildings,
and material during the war years. In the years
following 1942 additional stimulus to the organization of new banking offices was provided by
the high rates of bank profits.
Size group (Deposits,
in thousands of dollars)
Banks
121
502
385
6
have deposits of less than 1 million dollars. Corresponding percentages for all commercial banks in
the same size groups are 75 and 17.
Noteworthy differences in present size were observed between new banks organized prior to 1942
and those established thereafter. The size distribution of banks organized in the earlier period is
almost comparable to that of all commercial banks
whereas the distribution of those organized in later
years is notably concentrated among the smaller
size groups.4 Banks in existence before 1942 were
in a position to take full advantage of the great
expansion of deposits that resulted from the Government's war finance program; the later the date
of organization, the less opportunity there was to
share in this unusual expansion. The period of
rapid deposit creation as the result of Government
war financing has now ended, and the process of
deposit growth has come to rely on more normal
banking operations.
While information concerning the size of new
branches is not available, the similarity between
new banks and branches with respect to location
for the most part in small communities suggests
that the noted size pattern of new banks applies
in general to new branches.
Class of new banking offices. Largely reflecting
demand for additional offices in small agricultural
communities, discussed more fully below, about 67
per cent of the new offices were in the nonmember
4
Bar>ks organized in 1946 and 1947 of course had been in
operation less than a year and had had little opportunity to
grow. Exclusion of these banks, however, would not have
changed the conclusions reached.
FEDERAL RESERVE BULLETIN
NEW COMMERCIAL BANKING OFFICES, 1936-1947
category (see Table 1). About 23 per cent of the
new offices were in the national class and the remaining 10 per cent were State member offices.
In the case of the member banks most of the new
offices were branches whereas for the nonmembers
they were banks.
By the end of the 12-year period, 29 of the new
banks and 48 of the new branches had gone out of
existence or disappeared through consolidation or
absorption. In addition, many of the new banks,
but very few of the parent banks of the new
branches, changed their class subsequent to organization. These changes resulted in a marked decrease in the number of new banks classified as
noninsured and a marked increase in the number
classified as State member. The movement was
not directly from noninsured to member bank
status but consisted of transfers into the State member group from the insured nonmember and into
this latter class from the noninsured. The transfers into and out of the insured nonmember class
about balanced out. Only a few banks changed
from State member to national.
As is indicated in Table 3, since 1944 new offices
of member banks have become a considerably
larger proportion of all new banking offices (25
per cent of the total in the years prior to 1944 as
compared with 43 per cent in the later years).
The number of branches established by nonmember banks in the later years failed to keep pace
with those established by member banks and consequently they became a much smaller proportion
of all new branches. This can be explained largely
on the basis that many of the nonmember bank
branches established prior to 1944 were paying and
receiving stations or otherwise limited branch
offices, concentrated in States which prohibit fullpower branches. As will be discussed in a later
section, there has been a marked decline in recent
years in the number of such limited-power offices
established.
TABLE 3
RELATIVE IMPORTANCE OF NEW MEMBER AND NONMEMBER
BANKS AND BRANCHES, 1936-44 AND 1945-47
[Per cent]
1936-44
1945-47
Banks and branches
Member
Nonmember
Banks
Member
Nonmember
100
25
100
43
Branches
Class
Member
Nonmember
75
57
100
13
87
100
24
76
100
36
64
100
64
36
LOCATION
By size of town.5 Almost one-half of the new
offices were established in towns with a population
of less than 2,500 which had no other banking
facilities, and of this group the bulk were in towns
of less than 1,000 population. Large cities with
populations of 100,000 or more and with over 10
other banking offices accounted for only 67 new
banks—about 8 per cent of the total—but for 207
or about 25 per cent of the new branches. Details
are given in Table 4.
Explanation for the concentration of new bank5
The figures on population are based on the 1940 Census.
While important shifts in population have undoubtedly occurred
during the war period, it is unlikely that the general conclusions drawn here would be altered materially if recent population figures were available.
TABLE 4
N U M B E R AND LOCATION OF N E W BANKS AND BRANCHES, BY POPULATION AND N U M B E R OF O T H E R BANKING O F F I C E S IN TOWN
Branches
Banks
Population
0
Under 1,000 . .
1,000-2,499
2,500-4,999.
5,000-14,999
15,000-99,999
100,000 and over.. .
Total
MAY
1948
Number of other banking offices
Number of other banking offices
Total
1
269
259
10
144
105
98
80
92
115
47
25
9
23
58
62
22
788 j
455
180
3-10
2
Over
10
1
8
19
3
28
25
""2"
67
28
56
69
Total
0
1
2
3-10
Over
10
3
65
14
1
8
207
82
216
1
319
315
3
76
38
61
98
221
71
28
31
5
4
9
17
8
1
1
9
12
813
450
41
24
509
NEW COMMERCIAL BANKING OFFICES, 1936-1947
ing offices in small towns probably lies partly in
the suspension of so many banking offices in small
communities during the period 1921-35. Over 70
per cent of the 14,301 bank suspensions during this
period were in towns of less than 2,500 population,
and most of these were in towns of less than 1,000
population—communities corresponding in size to
those in which approximately half of the new offices
have been organized. Even without the war, many
small communities were in need of banking facilities, and the wartime acceleration of economic
activity and growth of individual incomes, particularly farm incomes, increased this need.
The proportion of new banks located in the
smallest towns has been larger since 1944 than in
the previous years, while the proportion of new
branches has been smaller. Partial explanation of
this fact lies in the decline in the organization of
limited-power branches in States where full-power
branches are prohibited by law. Small towns abound
in these particular States.
By geographic area and State. As is shown in
the detailed Appendix table, new banking offices
have been concentrated to a considerable extent in
certain geographic areas and States—in regions
which are predominantly agricultural and where
bank suspensions during 1921-35 were very numerous. There were both fewer suspensions and fewer
new banking offices in the New England area than
elsewhere; in contrast, as is shown by the following
tabulation, 55 per cent of the new banking offices
are located in the North Central and South Atlantic areas—areas which accounted for 70 per
cent of all bank suspensions in the period 1921-35.
Geographic area
New Kngland
Middle Atlantic
East North Central. . .
West North Central...
South Atlantic
East South Central. . .
West South Central.. .
Mountain
Pacific
Total
1921-35
1 0
1936-47
3 8
5.2
7.2
20.5
36.6
13.1
18.7
20.1
16.2
5 8
3.0
11.7
5 2
11.2
100.0
100.0
5.3
9.5
5.9
Almost 60 per cdnt of the new offices were concentrated in 10 States in the North Central and
South Atlantic regions plus California, New York,
and Texas. As is shown in the Appendix table,
these 13 States are those in which almost 50 per
cent of the suspensions occurred.6 On the other
510
hand, in the four States and the District of Columbia, with the smallest number of suspensions, only
17 new banking offices were organized.7
In addition to bank suspensions, another factor
which has had a bearing on the organization of
new banking offices and their location has been
the sustained expansion of business and agricultural
activity since the initiation of the defense program.
In the Appendix table this factor is measured by
the sum of the annual increases over 1940 in total
income payments to individuals in the six years
1941-46.8 To gauge the effect of this factor on
the establishment of new banks and branches, the
new banking offices organized in the 12 years have
been divided into two periods, 1936-40 and 1941-47.
For the country as a whole a little less than twice
as many new banking offices were organized in
the seven years 1941-47 as in the previous five years.
By comparison, two and a half times as many new
offices were organized in the seven States accounting for the largest amounts of increases in income
payments—New York, California, Pennsylvania,
Illinois, Ohio, Texas, and Michigan. Conversely,
only about 25 per cent more new banking offices
were established in these years in the 12 States
reporting the smallest increases in income payments.9
The effect of increased business activity on the
establishment of new banking offices appears to be
even more marked when further localized. In
the industrial areas listed below, the award of war
contracts and expenditures for industrial, military,
and housing facilities through May 1945 was accompanied by the organization of greatly increased
numbers of banks and branches: 10
Industrial area
Chicago
Detroit
New York City
)
Newark-Jersey City. /
War contracts, etc. New banking offices
(In millions
of dollars) 1936-40 1941-47
10,169
15,932
19,900
5
6
19
32
28
32
6
California, Florida, Georgia, Illinois, Indiana, Iowa, Michigan, Nebraska, New York, North Carolina, South Dakota,
Texas,
and Wisconsin.
7
Delaware, New Hampshire, Rhode Island, and Vermont.
8
As published by the Department of Commerce in the Survey
of 9 Current Business. See Appendix table hereof, note 1.
Nevada, Wyoming, Vermont, Delaware, New Hampshire,
New Mexico, Montana, Idaho, North Dakota, South Dakota,
Arizona,
and Utah.
10
Data on war contracts and expenditures are from War
Production Board, Program and Statistics Bureau, Military
Division, Procurement Reports Branch, Summary of War
Supply and Facility Contracts by State and Industrial Area,
July 12, 1945.
FEDERAL RESERVE BULLETIN
NEW COMMERCIAL BANKING OFFICES, 1936-1947
By State laws regarding branch banking. State laws
regarding branch banking (see the Appendix
table) have been the decisive factor in determining
whether a bank or branch would be established in
a particular community. In general, the States accounting for many of the new offices reported the
establishment of many banks if the State law prohibited branch banking and of many branches if
the law permitted them.
To a large extent, new banks have been established in predominantly agricultural areas, long the
stronghold for the small independent bank, where
many State laws either prohibit or strictly limit the
establishment of branches. As many as 439 new
banks, or 55 per cent of the total, were located in
eight States which prohibited or limited branch
banking—Illinois 97, Texas 94, Georgia 55, Iowa
44, Nebraska 41, Florida 39, Minnesota 36, and
Missouri 33. With the exception of Texas in the
West South Central area, all of these States are in
the South Atlantic and North Central regions.
Despite this concentration, one or more new banks
were accounted for by each of 43 States.
Most of the new banks were organized in the
years following the outbreak of the war, whereas
only a few more new branches were organized in
the later than in the earlier period. In more than
half of the 43 States in which new banks were
established, twice as many were organized subsequent to 1941 as in the six previous years.
New branches as well as new banks are concentrated in the South Atlantic and North Central
areas, which account for about one-half of the new
branches as compared with 55 per cent of the new
banks. The sizable percentage of new branches
established in the industrial Middle Atlantic area
is due almost entirely to the large number organized in New York State. California accounts for
the high percentage in the Pacific area.
The District of Columbia and each of 37
States have one or more new branches, and 9 States
account for 514 or over 60 per cent of all new
branches in the country—California 105, New York
79, Iowa 78, Michigan 66, North Carolina 58, Indiana 34, Wisconsin 32, Massachusetts 31, and South
Dakota 31. Iowa, the State which ranked first in
number of bank suspensions, is the only State in
which large numbers of both banks and branch
offices were established.
MAY
1948
There are marked differences by States in the
number of branches organized in the six years
prior to the outbreak of World War II as compared with the subsequent six-year period. While
the District of Columbia and 21 States reported
more new branches subsequent to the war than
before, 13 other States reported fewer; almost all
of this decline was concentrated in States which
permit only limited-power branches.11 Many of
the limited-power offices established in the past 12
years—in most cases limited to the receiving of
deposits and cashing of checks—came into existence in the years 1936-38, probably to provide
service for small towns left without banking facilities after the banking holiday. Establishment of
this type of office almost ceased in the years 1939-44
but in more recent years it has been resumed to
some extent.
As has previously been noted, the proportion of
new branches established by nonmember banks and
also the proportion located in the smallest towns
has fallen off considerably in recent years. Most of
the decline can be traced to the smaller number of
limited-power offices organized in these later years
in States which permit only limited-power branches
—States where nonmember banks and very small
towns predominate.
ASSETS, LIABILITIES, AND EARNINGS OF NEW BANKS
Growth in assets. The period 1936-46 was one
of tremendous expansion in bank assets, primarily
because of bank participation in the defense and
war financing program. Table 5 shows that the
total assets of new banks organized in the period
1936-45 expanded from the year of organization
to the end of 1946 by an average of 90 per cent per
annum, a considerably higher annual rate of expansion than was typical of other banks of similar
size.12 The rate of asset expansion declined sharply
for banks organized after 1941, largely because
these banks participated for a smaller number of
years in defense and war financing and in the
accompanying deposit growth.
11
Arkansas, Iowa, New Mexico, North Dakota, and Wisconsin permit only limited-function offices. Sizable declines
occurred
in all of these States except New Mexico.
12
For further discussion of wartime expansion in bank assets,
see Robert V. Rosa, "Impact of War on Member Banks,
1936-46," in Federal Reserve Policy (Postwar Economic Study
No. 8), published by the Board of Governors in November 1947.
Data compiled for this study show asset expansion of about 33
per cent per annum between 1939 and 1945 for an identical
group of 4,586 member banks with deposits on Dec. 31, 1943
of 5 million dollars or less.
511
NEW COMMERCIAL BANKING OFFICES,
TABLE 5
ASSET EXPANSION OF BANKS ORGANIZED DURING
1936-45
[Dollar amounts in millions]
Total assets i
Year
Year of
organization
1946
Average
annual
increase
(Per cent)
1936
1937....
1938...
1939
1940 . .
$23
$316
257
172
127
83
127
30
26
13
8
1941. ..
1942
1943
1944 . .
1945
24
14
43
159
45
100
113
55
68
121
152
201
1
84
70
125
156
44
62
66
End-of-year figures.
Capital position. As a result of more rapid asset
than capital expansion, banks organized since 1935
operate on a smaller capital base relative to total
assets and to total assets less cash assets and United
States Government securities than do other banks
of similar size. At the end of 1946 these ratios
were 5.4 per cent as compared with 6.0 per cent
relative to total assets and 19.1 per cent as against
TABLE 6
CURRENT RATIOS OF TOTAL CAPITAL ACCOUNTS TO TOTAL
ASSETS AND TO TOTAL ASSETS LESS GOVERNMENT SECURITIES
AND CASH ASSETS OF N E W BANKS AND OF ALL SMALL BANKS 1
Total capital accounts as
percentage of:
Banks organized:
1936-47
1936
1937 .
1938
1939
1940
1941
1942
1943. . .
1944
1945
1946
.
1947
All small banks 2
1
.
Total assets
Total assets less
Government securities and
cash assets
5.4
19.1
4.1
5 0
4.6
4 0
4.2
3.7
5.2
4 2
5.6
6.1
9.4
11.0
14.5
18 2
17.2
15 4
13.3
12.7
14.2
15 8
19.4
19.6
35.6
42.4
6.0
26.3
"Current" indicates as of Dec. 31, 1946 except for banks organized
in 1947, for which the latest data available were used.
2
Includes all insured commercial banks with deposits on Dec.
31, 1946 of 5 million dollars or less.
512
1956-1947
26.3 per cent relative to assets other than Government securities and cash assets. Table 6 shows
that on the whole banks organized prior to 1942
had decidedly lower capital ratios than banks organized in later years, reflecting their greater asset expansion as noted in the previous section. The
average of the capital accounts to total asset ratios
for banks organized in these earlier years was 4.3
per cent, and the ratio based on total assets less Government securities and cash assets averaged 15.2 per
cent. On the other hand, banks organized after
1941, whose asset expansion was much smaller,
had capital ratios more nearly comparable with
other banks of similar size. As is indicated in
Table 6, banks organized in 1946 and 1947, having
had less than one year of operation, had exceptionally high ratios.
The following percentage distribution of the new
banks and of member banks of similar size (deposits of 5 million dollars or less), according to
their current ratios of total capital accounts to total
assets, provides a further illustration of the relative
capital position of the new banks.
Ratio
Small
New banks member
1936-41 1942-47 banks
Under 5.0
5.0-9.9
10.0 and over
61.8
34.6
3.6
25.9
46.6
27.5
30.1
61.2
8.7
Total
100.0
100.0
100.0
A distribution of new banks by class (national,
State member, insured nonmember, and noninsured) indicates that the capital ratios of the new
banks in each group are lower on the average than
those of other banks of the same class.
Character of assets. Comparison of the assets
of new banks with those held by all small banks
shows that new banks currently have a smaller
volume of earning assets than have other small
banks. New banks have entered the loan field to
a greater extent than have other banks, but they
hold a smaller proportion of their assets in Government and other securities and have larger cash assets. Table 7 shows that loans constituted about 23
per cent of the assets of all new banks, Government
securities about 46 per cent, other securities 4 per
cent, and cash assets 26 per cent; in contrast, all
small banks as a group held only 17 per cent in
loans, about 53 per cent in Governments, 6 per cent
in other securities, and 24 per cent in cash assets.
FEDERAL RESERVE BULLETIN
NEW COMMERCIAL BANKING OFFICES, 1936-1947
TABLE 7
ASSETS
AND LIABILITIES
CURRENTLY
AND BY A L L
SMALL
HELD
BY N E W
BANKS
BANKS 1
[Percentage distribution]
New banks
Item
1936-41 1942-47
ASSETS
Cash assets
U. S. Government securities
Other securities
Loans and discounts
All other assets
Total assets
1936-47
All
small
banks 2
24.3
27.9
25.7
24.4
47 8
4.6
22.6
0.7
43.3
3.6
23.9
1.3
46.0
4.2
23.1
1.0
52.7
5.6
16.7
0.6
100.0
100.0
100.0
100.0
95.3
4.3
0.4
92.7
7.0
0.3
94.2
5.4
0.4
93.8
6.0
0.2
100.0
100.0
100.0
100.0
LIABILITIES AND CAPITAL
Total deposits
Capital accounts
All other liabilities
Total liabilities
capital
and
1
"Currently" indicates as of Dec. 31, 1946 except for banks
organized m 1947, for which the latest data available were used.
2
Includes all insured commercial banks with deposits on Dec.
31, 1946 of 5 million dollars or less.
Some differences in asset distribution were noted
between banks organized in the period 1936-41
and those organized in 1942-47. Those organized
in the earlier period had about the same proportion
of earning assets as had all banks of similar size
(75 per cent); their smaller holdings of United
States Government and other securities were compensated for by significantly larger holdings of
loans. In contrast, the new banks organized subsequent to 1941 held only about 71 per cent of their
assets in loans and investments. The proportion
of their assets held in the form of Government and
other securities is much smaller than for all banks
of similar size and these smaller holdings are only
partly counterbalanced by considerably larger loan
holdings. The smaller holdings of Government
securities of banks organized since 1941 may be
explained in part by the fact that beginning in
1942 banks were not permitted to subscribe to longterm, high-yield Government issues except on a restricted basis and premiums on such securities purchased in the open market were high and resulting
yields low, thus discouraging purchase.
The relatively large proportion of loans held by
the new banks, particularly those organized in the
later years, reflects their location, for the most part,
in small agricultural communities where the need
for lending facilities was and probably still is
MAY
1948
greater than elsewhere. It may also indicate that in
the communities in which the new banks are situated there is less competition from other lending
agencies (such as sales finance companies, building
and loan associations, etc.) than exists in other
areas; similarly, there is less competition from other
banks since most of the new banks were established
in towns without other banking facilities.
New banks have placed their loans in high-yield
categories (real estate, consumer, and agricultural
loans) in about the same manner as have all insured nonmember banks, a group roughly similar
to the new banks with respect to their distribution
by geographic areas and deposit size. As the accompanying Table 8 shows, about 67 per cent of
the loans of the new banks are of these types as
compared with 73 per cent for all insured nonmember banks; the new banks, however, hold a
larger proportion in consumer loans and less in
real estate loans. It should be noted that both the
new banks and the insured nonmember banks
differ markedly from member banks, which hold
less than 40 per cent of their loans in these three
high-yield types.
The distribution, by type, of the Government
securities held by the new banks is similar to that
of all insured nonmember banks, as is shown in
Table 8.
TABLE
LOANS
NEW
AND GOVERNMENT
BANKS
AND
BY
8
SECURITIES
ALL
INSURED
CURRENTLY
NONMEMBER
HELD
BY
BANKS 1
[Percentage distribution!
Item
LOANS
Commercial and industrial
Agricultural
Real estate
Consumer
All other
Total loans
U. S. GOVERNMENT SECURITIES
Bills, notes, and certificates
Bonds maturing within:
5 years
5-10 years
10-20 years
After 20 years
All other
Total U. S. Government securities
New banks
1936-47
All insured
nonmember
banks
28.2
9.2
34.6
23.3
4.7
21.4
11.7
43.3
17.9
5.7
100.0
100.0
32.5
33.5
18.1
17.0
31.9
7.1
6.1
4.4
100.0
100.0
^'Currently" indicates as of Dec. 31, 1946 except for banks
organized in 1947, for which the latest available data were used.
513
NEW COMMERCIAL BANKING OFFICES, 1936-1947
Earnings. New banks earned a higher rate of
profits on invested capital than did other banks of
comparable size. As is shown by Table 9, the ratio
of net profits (after payment of income taxes but
before provision for dividends) to total capital
accounts was 13 per cent for the new banks as
compared with 12 per cent for all small banks.
This difference was due entirely to the relatively
smaller capital accounts of the new banks. In relation to total assets, the new banks earned about the
same as other banks.
New banks have paid out in dividends only twothirds as much of their net profits as have other
banks of similar size—about one-seventh as compared with one-fourth.
TABLE 9
SELECTED EARNINGS AND EXPENSE RATIOS OF N E W
AND OF ALL SMALL BANKS, 1946 x
BANKS
[Per cent per annum]
Banks organized
All
Ratio
Net profits to total capital
accounts
Net profits to total assets. .
Earning assets to total assets
Expenses + income taxes
to total earnings
Capital accounts to total
assets
..
Dividends to net profits. . .
1936-41 1942-45 1936-45
16.5
0.7
9.6
0.6
13.3
0.7
small
banks 2
11.9
0.7
similar size (deposits of 5 million dollars or less).
Ratio
New banks
1936-41 1942-45
Small
member banks
Net loss
0.0-4.9
5.0-9.9
10.0-14.9
15.0-19.9
20.0 and over..
0.6
3.3
13.3
22.1
30.9
29.8
8.8
14.7
18.9
31.1
16.8
9.7
0. 7
6. 8
31. 5
35. 1
17. 4
8. 5
Total. . . .
100.0
100.0
100. 0
Whereas only 17 per cent of the banks organized
during 1936-41 earned less than 10 per cent on invested capital, twice that proportion of small member banks and 42 per cent of the banks organized
during 1942-45 were in this profits group. Net
losses were reported by almost 10 per cent of the
new banks organized in the later period as compared with less than 1 per cent for banks organized
in 1936-41 and for all small member banks. The
extremely high profitability of the new banks
organized before 1942 is indicated by the fact that
almost a third of them earned 20 per cent or more
on invested capital as compared with about 10 per
cent for the new banks established since then and
for all small member banks.
RELATION OF NEW BRANCHES TO PARENT BANKS
Banks establishing branches. Most of the new
branches were established by different banks, 540
banks accounting for the 813 branches that were
4.8
6.0
4.3
5.5
14.9
24.2
15.2
14.3
organized during the 12 years. At the top of the
scale, however, one national bank was responsible
1
Excludes banks organized in 1946 and 1947, for which earnings
for the full year 1946 were not available, and noninsured banks,
for
the establishment of 59 branches; 432 banks
for2 which no earnings reports were available.
Includes all insured commercial banks with deposits on Dec.
established only one branch each. This is in line
31, 1946 of 5 million dollars or less.
with the current situation with respect to branch
Banks organized in the period 1936-41 had sub- banking, namely that most branch-operating banks
stantially higher profits relative to total capital operate only one branch each but that in a few
accounts and to total assets than those organized cases banks operate extensive branch systems. The
after 1941; for the former group average profits in following tabulation shows the number of banks
1946 were 16.5 per cent of total capital accounts establishing one or more branches during 1936-47:
and for the latter 9.6.13 This higher profit ratio for
Banks
Branches
banks organized prior to 1942 was due to a smaller
1
432
2
64
capital base, a larger proportion of earning assets,
3
21
and smaller expenses. The following percentage
4
6
5
5
distribution of new banks by their 1946 ratios of
6
. 6
2
7
net profits to total capital accounts shows more
1
9
11
1
.
.
clearly the contrasts between new banks organized
1
12
59
1
in the designated periods and member banks of
13
Location of new branches relative to head-office city.
Some of the banks organized in the more recent years have
probably not reached their maximum size and earning capacity
State laws on branch banking also influenced the
merely because of their newness.
514
75.0
73.2
74.5
75.0
71.6
77.1
73.8
69.7
FEDERAL RESERVE BULLETIN
NEW COMMERCIAL BANKING OFFICES, 1936-1947
location of new branches with respect to the city
of the head office. Some States permit branches
only within the head-office city, others within the
head-office county, others within counties contiguous to the head-office county, and still others on a
Statewide basis. The following tabulation shows
the percentage of new branches and of all branches
(December 31, 1946) located within each of these
limits:
New
branches
Head-office city
Head-office county
Contiguous county
Noncontiguous county
Total
All
branches
31
41
16
12
43
25
13
19
100
100
The important difference between new branches
and all branches in this respect—greater concentration of new branches in head-office counties and less
in head-office cities—can be explained largely by
the fact that a disproportionate number of the new
branches were established by nonmember banks,
which are located for the most part in small towns
where the need for additional banking offices is limited in the same town but may be great in surrounding communities. Contributing to the concentration
of new branches of member banks in the city of the
head office (see Table 10) are the high capital re-
quirements for the establishment of out-of-town
branches by member banks.
TABLE
10
N U M B E R OF N E W BRANCHES, BY LOCATION OF BRANCH RELATIVE TO H E A D O F F I C E AND BY CLASS OF PARENT BANK
Location
Head-office city
Head-office county.. . .
Contiguous county... .
Noncontiguous county
Total
Total
Insured NonNaState
noninsured
tional member member
253
334
131
95
123
52
26
70
75
32
8
6
44
233
91
17
11
17
6
2
813
271
121
385
36
CONCLUSION
The increased "rate of organization of new banking offices in recent years, in marked contrast to
the prolonged contraction which began after World
War I and continued through 1943, signifies a
basic, but as yet moderate, change in the banking
situation. In view of the current level of bank
profits in relation to capital, still comparatively
high notwithstanding declines in the last two years,
and the prospects for increases in national income
in the years ahead, some further increase in the
number of banking offices may be expected.
(See following page for Appendix table.)
MAY
1948
515
NEW COMMERCIAL BANKING OFFICES, 1936-1947
APPENDIX TABLE
ORGANIZATION
OF N E W BANKING O F F I C E S 1936-47 COMPARED W I T H INCREASES IN INCOME PAYMENTS TO INDIVIDUALS
1941-46, BANK SUSPENSIONS 1921-35, AND STATUS OF STATE LAWS ON BRANCH BANKING
[Dollar amounts in billions]
Geographic division and State
New England . .
]Vf aine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
West North Central
Minnesota
Iowa
!Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina. . .
Georgia
Florida
East South Central
Kentucky
Tennessee
Alabama
..
Mississippi
West South Central
Arkansas
Louisiana
Oklahoma
Texas
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific
Washington
Oregon
California
Total, United States
Branches
5
56
8
1
1
61
8
2
1
141
37
9
20
2
1
1
31
8
7
33
9
8
46
4
25
10
1
3
6
105
79
10
16
115
80
747
181
13
132
22
434
145
154
299
2,931
7
17
97
22
34
29
51
97
386
514
952
14
10
66
32
80
42
182
36
44
33
3
15
41
139
..
.
....
....
...
...
. .
. .
30
31
113
1
22
4
14
Increase
in income
payments
1941-46 i
Number of new
banking offices
1936-40
1941-47
8
2
53
6
1
1
2
3
31
9
5
74.5
37.9
12.5
24.1
37
26
78
54
5
17
89
210
486
593
81.3
22.1
10.5
22.9
17.4
8.4
19
22
61
20
321
36
122
33
33
46
41
5,234
32.8
726
5.5
6.0
8.9
1.6
1.6
3.6
151
12
70
9
23
23
11
170
24
52
24
10
23
30
10
448
5.6
3
7
260
1,871
44.2
83
177
6
98
18
155
156
374
337
436
291
0.8
6.4
5
7.3
3.2
6.9
3.5
6.5
6.4
3
4
24
16
13
18
1
18
4
20
5
46
16
45
22
751
179
197
165
20.3
38
12
10
6
57
5
25
11
1,237
865
610
569
779
$23.4
2° 1
0.8
0.7
11.0
2.3
6.5
1
6
10
21
17
7
19
30
80
41
1
23
4
23
9
70
32
58
40
51
13
9
16
44
4
26
1
95
17
35
17
13
13
26
210
3.5
10
16
151
36
187
1,362
30.3
52
135
22
21
14
94
19
17
41
38
14
94
368
135
430
429
3.2
5.2
4.4
20
7
5
20
21
31
9
74
50
34
84
10
14
831
250
122
69
27
2
6
57
8
8
1
. .
78
10
147
...
Total
Bank
suspensions
1921-35
Banks
1
Middle Atlantic
New York
New Jersey
Pennsylvania
East North Central
Ohio
Indiana
Illinois
. .
Michigan
.
Wisconsin
Number of new banking offices
1936-47
9
9
12
22
55
39
* 10
9
17
7
58
10
3
5
17
11
197
70
16
10
6
49
51
23
32
4.7
6.4
5.7
17.5
11.6
1.2
1.4
0.6
3.1
1.1
8
2
9
9
3
4
2
13
6
4
64
5
115
29
4
3
4
16
6
3
47
18
132
16
179
34
433
170
11
105
22
123
124
139
4.8
37.0
6
53
16
70
788
813
1,601
14,301
$369.6
549
1,052
11
18
1.7
19
0.6
51.2
9.4
Status of State
laws on branch
banking 1939 2
Statewide
No legislation
Statewide
Limited areas
Statewide
Statewide
Limited areas
Limited areas
Limited areas
Limited areas
Limited areas
Prohibited
Statewide
Limited areas 3
Prohibited
Limited areas 3
Prohibited
Limited areas 3
Statewide
Prohibited
Prohibited
Limited areas
Statewide
Statewide
Statewide
Prohibited
Statewide
Statewide
Limited areas
Prohibited
No legislation
Limited areas
Limited areas
Limited areas
Limited areas 3
Statewide
No legislation
Prohibited
Limited areas
Statewide
No legislation
Prohibited
Limited areas 3
Statewide
Statewide
Statewide
Statewide
Statewide
Statewide
1
Computed from table on p. 21, Survey of Current Business, August 1947. Represents sum of annual increases over 1940 in income
payments
to individuals, 1941-46.
2
The designations opposite each State indicate the maximum area in which branches may be established. For summary of State
laws 3on branch banking, see Federal Reserve BULLETIN for October 1939, pp. 851-70.
Only "offices," "agencies," or "stations" for limited purposes, as distinguished from "branches," are permitted under certain circumstances.
4
Branch of a Morris Plan Bank, the only type permitted by law, whose activities are confined to making loans and accepting payments on loans; deposits may not be accepted.
516
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Margin Requirements
Ninety-Day Rule in Special Cash Account
Section 4(V)(8) of Regulation T places a limitation on a special cash account if a security other
than an exempted security has been purchased in
the account and "without having been previously
paid for in full by the customer . . . has been
. . . delivered out to any broker or dealer." The
limitation is that during the succeeding 90 days the
customer may not purchase a security in the account
other than an exempted security unless funds sufficient for the purpose are held in the account. In
other words, the privilege of delayed payment in
such an account is withdrawn during the 90-day
period.
The Board recently considered a question as to
whether the following situation makes an account
subject to the 90-day disqualification: A customer
purchases registered security ABC in a special cash
account. The broker executes the order in good
faith as a bona fide cash transaction, expecting
to obtain full cash payment promptly. The next
day, the customer sells registered security XYZ
in the account, promising to deposit it promptly in
the account. The proceeds of the sale are equal
to or greater than the cost of security ABC. After
both sale and purchase have been made, the customer requests the broker to deliver security ABC
to a different broker, to receive security XYZ from
that broker at about the same time, and to settle
with the other broker—such settlement to be made
either by paying the cost of security XYZ to the
other broker and receiving from him the cost of
security ABC, or by merely settling any difference
between these amounts.
The Board expressed the view that the account
becomes subject to the 90-day disqualification in
section 4(V)(8). In the instant case, unlike that
MAY
1948
described at 1940 Federal Reserve BULLETIN 772,
the security sold is not held in the account and is
not to be deposited in it unconditionally. It is
to be obtained only against the delivery to the other
broker of the security which had been purchased.
Hence payment cannot be said to have been made
prior to such delivery; the purchased security has
been delivered out to a broker without previously
having been paid for in full, and the account
becomes subject to the 90-day disqualification.
Foreign Funds Control
Treasury Department Release
The following release relating to transactions in
foreign exchange, etc., in addition to those heretofore published in the Federal Reserve BULLETIN,
has been issued by the Office of the Secretary of
the Treasury under authority of the Executive Order
of April 10, 1940, as amended, and the Regulations
issued pursuant thereto:
Treasury Department
FOREIGN FUNDS CONTROL
April 16, 1948
REVOCATION OF GENERAL LICENSE NO. 4 9
Under Executive Order No. 83 89, As Amended, Executive
Order No. 9193, As Amended, Section 5 (b) of the Trading
with the Enemy Act, As Amended by the First War
Powers Act, 1941, relating to Foreign Funds Control *
General License No. 49 (Section 131.49) is hereby revoked.
JOHN W. SNYDER
Secretary of the Treasury
* Section 131.49, issued under sec. 5(b), 40 Stat. 415, 966,
sec. 2, 48 Stat. 1, 54 Stat. 179, sec. 301, 55 Stat. 839; 12 TJ.S.C.
95a, 50 U.S.C. App. Sup., 5(b); E. O. 8389, April 10, 1940, as
amended by E. O. 8785, June 14, 1941, E. O. 8832, July 26,
1941, E. O. 8963, Dec. 9, 1941, and E. O. 8998, Dec. 26,
1941, E. O. 9193, July 6, 1942, as amended by E. O. 9567, June
8, 1945; 3 CFR, Cum. Supp., 10 F. R. 6917; Regulations, April
10, 1940, as amended June 14, 1941, February 19, 1946, June
28, 1946 and January 1, 1947; 31 CFR, Cum. Supp., 130.1-7,
11 F. R. 1769, 7184, 12 F. R. 6.
517
CURRENT EVENTS AND ANNOUNCEMENTS
Publication of the Annual Report of the
Board of Governors
The Thirty-fourth Annual Report of the Board
of Governors of the Federal Reserve System, covering operations for the calendar year 1947, is available
for distribution. Copies may be obtained upon
request from the Board's Division of Administrative Services, Washington 25, D. C.
Federal Reserve Meetings
The Federal Advisory Council held meetings in
Washington on April 25-27, 1948, and met with
the Board of Governors of the Federal Reserve
System on April 27, 1948.
Change in Staff of Federal Advisory Council
The Federal Advisory Council on April 25, 1948,
accepted the resignation tendered by Mr. Walter
Lichtenstein as Secretary of the Council, and appointed Mr. Herbert V. Prochnow to succeed him
in the position. Mr. Lichtenstein had served as Secretary of the Council since 1926. Mr. Prochnow
became Acting Secretary of the Council in September 1945 and Associate Secretary in February 1948.
Appointment of Branch Director
On April 19, 1948, the Board of Governors announced the appointment of Mr. Joseph W. Seacrest, Co-Publisher, Nebraska State Journal, Lincoln, Nebraska, as a director of the Omaha Branch
of the Federal Reserve Bank of Kansas City for
the unexpired portion of the term ending December 31, 1949. Mr. Seacrest succeeds Mr.
L. E. Hurtz, President, Fairmont Creamery Company, Omaha, Nebraska, whose term expired December 31, 1947.
Resignation of Branch Director
On April 26, 1948, the Board of Governors accepted the resignation of Mr. Rosco Stone, Manager,
T. A. Ledford Estate, Hickman, Kentucky, as a director of the Louisville Branch of the Federal Reserve Bank of St. Louis. Mr. Stone had served the
branch as a director since September 8, 1944.
518
Addition to the Board's Staff
Mr. Winfleld W. Riefler, who was a member of
the research staff of the Board of Governors from
1923 to 1933 and a Director of the Federal Reserve Bank of Philadelphia in 1941 and 1942, has
joined the Board's staff as Assistant to the Chairman of the Board. Since 1935 Mr. Riefler has
been a professor at the Institute for Advanced
Study, Princeton, New Jersey, and has served as
an officer or director of several organizations engaged in economic research. From 1942 to 1944
he was in London as United States Minister and
Special Assistant to the Ambassador.
Correction
On page 402 of the April 1948 Federal Reserve
the announcement of the appointment of
Mr. McCabe to the Board of Governors, through
typographical error, gave the expiration date of his
term as 1952. Mr. McCabe's appointment as a
member of the Board continues until February 1,
1956.
BULLETIN,
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 March 16, 1948 to April 15, 1948:
Montana
St. Ignatius—Lake County Bank
Oregon
Umatilla—Inland Empire Bank
South Carolina
Pamplico—Pamplico Bank and Trust Company
Texas
Carrizo Springs—Union State Bank
Wyoming
Afton—Star Valley State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled April 22 and released for publication April 24]
Curtailed coal output reduced industrial production in March and the early part of April. Value
of department store sales continued at a level about
6 per cent higher than in the corresponding period
a year ago. The general level of wholesale commodity prices increased somewhat.
INDUSTRIAL PRODUCTION
Industrial production declined slightly in March
owing to a sharp reduction in bituminous coal output after the middle of the month; and the Board's
seasonally adjusted index was 192 per cent of the
1935-39 average as compared with 194 in February.
Continuation of work stoppages at coal mines in
April has reduced total industrial production further this month.
Production of durable manufactures increased in
March, mainly because of larger output of steel and
automobiles. Steel production for the month was
at a new record peacetime rate. Steel mill operations were somewhat curtailed at the end of March
because of reduced supplies of coal and declined
considerably in the first three weeks of April.
Activity in the automobile industry expanded in
March to earlier postwar peak rates, after being
curtailed by fuel shortages in February. Production of machinery and most other durable goods
was maintained at about the level of the preceding
months.
Output of nondurable goods industries as a
group decreased slightly in March. Activity declined in the cotton textile, rubber products, coke,
flour, and meat packing industries, but increased
in the rayon textile, paperboard, and alcoholic
beverage industries. A substantial reduction in
meat production under Federal inspection reflected
work stoppages in plants of major packers beginning March 16. Paperboard production, following
some curtailment in February, increased 7 per cent
to a new record rate.
Output of minerals declined 10 per cent in
March, reflecting a drop in coal production due to
work stoppages at most mines beginning March 15.
Coal mine operations continued at a very low level
during the first two weeks of April, but subsequently increased sharply following settlement of
an industrial dispute.
CONSTRUCTION
Value of construction contracts awarded, according to the F. W. Dodge Corporation, showed
little change in Majch, as a decline in public
awards offset a seasonal increase in private awards
EMPLOYMENT IN NONAGR [CULTURAL ESTABLISHMENTS
MILLIONS OF PERSON
45
INDUSTRIAL PRODUCTION
.
VOLUME
SEASONALLY
ADJUSTED,
1
1935 -
r/
240
/
-Y/- —
\T0TAL
4 0
220
1
200
1
35
J 180
160
30
-
140
120
;
1941
1942
1943
Federal Reserve Index.
for March.
MAY
1948
1944
1945
1946
1947
?5
1942
1944
1946
1948
1942
1944
1946
1941
100
1948
Monthly figures, latest shown are
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic
servants are excluded. Midmonth figures, latest shown are for
March.
519
NATIONAL SUMMARY OF BUSINESS CONDITIONS
mainly for residential building. The number of
dwelling units started in March, according to estimates of the Department of Labor, was 67,000
compared with 47,000 in February and 58,400 in
March 1947.
DISTRIBUTION
Department store sales in March and the early
part of April showed little change from the average
level of 284 per cent of the 1935-39 average for
January and February, after allowance is made for
the usual seasonal fluctuation. Value of department store stocks reached a new peak at the end
of February, when the Board's seasonally adjusted
index was 303 per cent of the 1935-39 average.
Work stoppages sharply reduced railroad shipments of coal and coke from the early part of
March to the middle of April. Loadings of forest
products and general merchandise continued to
show little change.
COMMODITY PRICES
The general level of wholesale commodity prices
increased somewhat from the beginning of March
to the third week of April. Cotton prices advanced
sharply reflecting prospects of increased exports.
Meat prices were also higher, owing to reduced
supplies as a result of the strike in the packing
industry. Hog prices, on the other hand, declined
considerably further. Prices of other iarm products
and foods and industrial commodities generally
showed little change.
A further small reduction in retail food prices
from mid-February to mid-March lowered the
CONSUMERS' PRICES
consumers' price index from 167.5 per cent of the
1935-39 average to 166.9. Retail prices of apparel
and home furnishings and rental rates rose somewhat further.
BANK CREDIT
During the first three weeks of April, in contrast
to the situation in March, the Government's cash
payments exceeded receipts and the Treasury's
balance at Federal Reserve Banks declined sharply.
As a consequence, commercial bank reserves and
deposits, which had been under severe drain in
March, increased somewhat in April.
Total Government security holdings of the Reserve Banks declined further by about one-half billion dollars during the first three weeks of April,
following a small decline in March. Treasury retirement in March and early April of 1.3 billion
dollars of securities held by Reserve Banks was
offset in part by System purchases in the market.
Real estate and consumer loans at banks in leading cities continued to expand during March and
the first half of April, while commercial and industrial loans declined somewhat. Holdings of
Government -securities were reduced over the
period.
SECURITY MARKETS
Prices of common stocks rose sharply in the
last half of March and the third week of April.
Trading in the New York Stock Exchange was
more active. Prices of corporate bonds were firmer
in the first three weeks of April, and prices -of
municipal bonds continued to advance.
LOANS AT MEMBER BANKS IN LEADING CITIES
iS OF^DOLLARS
1941
1942
^ ^
BILLIO
1943
Bureau of Labor Statistics' indexes. "All items" includes
housefurnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for March.
520
Excludes loans to banks. Wednesday figures, latest shown
are for Apr. 21.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. .
Federal Reserve Bank discount rates; rates on industrial loans, guarantee
fees and rates under Regulation V; rates on time deposits; reserve
requirements; margin requirements..
..
Federal Reserve Bank statistics..
Guaranteed war production loans...
Deposits and reserves of member banks.
Money in circulation
Gold stock; bank debits and deposit turnover
.
Deposits and currency; Postal Savings System; bank suspensions
All banks in the United States, by classes
...
All insured commercial banks in the United States, by classes
Weekly reporting member banks. .
.:
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields. .
Security prices and new issues.
Corporate earnings and dividends
Treasury
finance
....
Government corporations and credit agencies .
Business indexes
Department store statistics.
Cost of living
Wholesale prices . . . .
Gross national product, national income, and income payments. .
Consumer credit statistics
Current statistics for Federal Reserve chart books .
Member bank earnings, 1947
Number of banks and branches in operation on December 31, 1947.
Number of banking offices on Federal Reserve par list and not on par list
523
524
525-528
529
529-530
531-532
532
533
534-535
536-537
538-541
542
543
544-545
546
547-549
550
551-560
561-564
564
565
566-567
568-570
571-575
576-587
588-589
590
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 arc 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.
MAY
1948
521
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
8ILLI0NS OF DOLLARS
WEDNESDAY
FIGURES
10
NONMEMBER
1940
1941
1942
1943
1944
DEPOSITS
1945
1946
1947
1948
TOTAL RESERVE BANK HOLDINGS
OF U.'S. GOVERNMENT SECURITIES -
25
I 0
1940
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for Apr. 21. See p. 523.
522
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve 3ank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date
Treasury
bills
and
certificates
All
other
All
other 1 Total
Gold
stock
TreasOther
Treasury deFedury
posits NonMoney Treaseral
curury
with memcirRerency in
cash
ber
deFederal
culaserve
outholdposits
tion
Reacstandings
serve
counts
ing
Banks
Monthly averages of
daily figures:
1947—j a n
Feb
Mar
1948—j a n
Feb . .
Mar
252
339
307
224
379
410
23,632 22,523 1,109
23,824 22,690 1,135
22,978 21,831 1,147
21,673 16,566 5,107
20,738 13,676 7,062
20,582 13,097 7,484
547
438
436
551
473
454
24,431
24,601
23,721
22,447
21,589
21,446
20,624
20,726
20,406
22,816
22,967
23,103
4,560
4,558
4,557
4,559
4,559
4,558
28,543
28,300
28,273
28,394
28,096
27,941
2,290
2,214
1,332
1,329
1,317
1,326
1,895
1,344
1,130
1,323
1,089
End-of-month figures:
1947—Jan. 31
Feb. 2 8 . . . .
Mar. 31
1948—Jan. 3 1 . . . .
Feb. 2 8 . . . .
Mar. 31
308
356
538
327
431
430
23,941 22,832 1,109
24,117 22,919 1,198
22,593 21,488 1,105
21,925 15,591 6,334
21,024 13,601 7,422
20,887 13,332 7,555
506
373
300
530
655
291
24,754
24,846
23,431
22,782
22,109
21,607
20,748
20,330
20,463
22,935
23,036
23,137
4,559
4,558
4,559
4,561
4,561
4,559
28,262
28,304
28,230
28,111
28.019
27,781
2,258
1,317
1,336
1,305
1 ,325
1 ,325
Wednesday figures:
1947—June 4 . . . .
June 11
June 18
June 25
173
175
132
132
21.76C
21,578
21,18f
21,582
20,664
20,482
20,089
20,485
1,097
1,097
1,097
1,097
301
287
479
343
22,234
22,040
21,797
22,057
20,990
21,026
21,123
21,174
4,561
4,561
4,561
4,553
28,261
28,253
28,195
28,183
1,36C
1,332
1,333
1,329
653
495
225
642
July 2 . . . .
July 9
July 16
July 23
July 3 0 . . . .
110
120
99
118
111
21,629
21,611
21,758
21,700
22,012
20,532
20,515
20,663
20,605
20,917
1,097
1,097
1,095
1,095
1,095
406
304
391
275
187
22,145
22,035
22,248
22,093
22,310
21,284
21,336
21,434
21,467
21,537
4,559
4,551
4,550
4,550
4,551
28,409
28,363
28,225
28,145
28,129
1,325
1,329
1,331
1,330
1,341
658
566
756
939
705
Aug.
Aug.
Aug.
Aug.
6
13
20
27
123
183
239
134
21,869 20,777 1,092
22,030 20,939 1,091
22,097 21,008 1,089
22,107 21,018 1,089
219
282
300
237
22,211
22,494
22,636
22,478
21,602
21,611
21,666
21,766
4,552
4,551
4,551
4,550
28,206
28,223
28,239
28,302
1,330
1,329
1,330
1,335
728
1,053
1,265
915
1,123
Sept.
Sept.
Sept.
Sept.
3
10
17
24
125
120
130
119
22,224
22,042
21,756
22,118
21,135
20,848
20,562
20,927
1,089
1,194
1,194
1,191
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,551
4,552
28,749
28,742
28,633
28,556
1,323
1,329
1,306
1,319
459
243
240
800
1,149
Oct. 1
Oct. 8 . . . .
Oct. 15
Oct. 22
Oct. 29
156
111
146
125
373
22,392
22,355
22,218
21,772
22,129
21,195
21,148
21,013
20,564
20,689
1,196
1,207
1,205
1,208
1,440
383
385
443
451
287
22,931
22,852
22,807
22,348
22,789
21,955
22,092
22,153
22,225
22,294
4,551
4,551
4,551
4,552
4,552
28,559
28,632
28,656
28,569
28,519
1,316
1,328
1,324
1,337
1,338
1,053
Nov.
Nov.
Nov.
Nov.
5
12
19
26
204
429
199
370
22,119 20,552 1,567
22,052 20,343 1,708
22,222 20,117 2,105
22,239 19,913 2,327
317
208
620
325
22,640
22,689
23,041
22,934
22,336
22,442
22,513
22,597
4,551
4,550
4,552
4,554
28,635
28,709
28,595
28,725
1,324
1,328
1,327
1,330
3....
10
17
24
31
262
250
168
283
85
22,120
21,985
21,657
21,900
22,559
19,587
19,273
18,772
18,659
18,230
2,533
2,713
2,886
3,241
4,329
448
382
913
827
536
22,830
22,617
22,738
23,011
23,181
22,680
22,708
22,723
22,743
22,754
4,553
4,556
4,557
4,556
4,562
28,817
28,874
28,923
29,111
28,868
1,342
1,331
1,332
1,318
1 ,336
1948—Jan. 7 . . . .
Jan. 14
Jan. 21
Jan. 2 8 . . .
164
165
168
281
22,320
22,568
22,227
22,658
22,762
22,790
22,829
22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
1,340
1,333
1,323
1,332
1,268
1,945
240
578
295
279
4,536
4,878
5,229
6,082
6,641
7,002
7,240
7,389
473
507
518
391
Feb. 4
Feb. 11
Feb. 1 8 . . . .
Feb. 25
413
337
543
394
21,175
21,732
21,782
21,707
22,934
22,933
22,981
23,028
4,560
4,559
4,557
4,557
28,124
28,189
28,053
28,054
1,309
1,308
1,335
1,326
1,187
1,725
1,656 '
Mar.
Mar.
Mar.
Mar.
Mar.
3....
10
17....
24
31
257
298
363
447
430
21,683 17,148
21,896 17,018
21,540 16,311
21,987 15,904
20,523 13,882
20,817 13,815
21,782 13,704
21,034 13,645
21,071 13,575
20,678 13,145
20,373 12,956
20,607 13,168
20,887 13,332
7,496
7,532
7,417
7,439
7,555
523
350
451
375
291
21,851
21,326
21,187
21,429
21,607
23,036
23,083
23,119
23,135
23,137
4,559
4,559
4,559
4,557
4,559
28,024
28,006
27,920
27,851
27,781
1,333
1,331
1,325
1,336
1,325
1,458
1,972
Apr. 7
Apr. 14
Apr. 2 1 . . . .
Apr. 2 8 . . ..
260
221
234
259
20,477
20,593
20,394
20,440
7,662
7,762
7,857
8,040
347
315
338
253
21,085 23,147
21,130123,152
20,966 23,159
20,952 23,167
4,558
4,558
4,557
4,561
27,833
27,774
27,718
27,682
1,329
1,320
1,336
1,326
1,140
1,177
1,283
1,185
Dec.
,Dec.
Dec.
Dec.
Dec.
12,816
12,832
12,537
12,400
780
989
846
Member
bank reserve
balances
Total
Excess2
1,069
614
623
633
566
559
575
850
16,399
805
16,006
16,006 c 871
17,390 l , r0 8 2
16,834
805
822
17,106
922
1,942
2,491 1,103
971
2,014
2,343 1,049
1,591 1,154
999
1,972
614
624
638
551
556
588
16,063
15,895
15,264
16,919
17,062
16,639
663
847
344
768
762
655
956
889
857
915
629
629
632
636
15,921
16,02*
16,241
16,081
626
667
977
844
952
818
631
631
631
633
633
15,988
16,190
16,336
16,244
16,354
526
670
759
630
742
621
622
624
626
16,409
16,428
16,407
16,493
741
779
721
960
930
924
632
632
642
645
16,628
841
16,932 1,015
17,128 1,055
875
16,831
832
837
817
924
917
643
646
648
650
649
17,034
985
17,142 1,069
17,229 1,154
857
17,037
721
16,859
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
952
766
883
954
986
992
951
967
961
624
618
615
609
563
17,038
854
935
17,581 1,165
17,377 1,073
17,899 1,499
1,009
569
568
565
555
17,503 1,166
17,863 1,537
993
17,334
17,305 1 ,040
562
559
558
557
17,084
17,037
16,750
16,799
999
557
559
586
589
588
17,552 1,157
977
17,366
904
17,351
684
16,870
655
16,639
994
929
911
856
590
590
590
587
16,905
17,050
16,845
17,043
909
836
608
1,355
926
1,224
1,560
1,314
1,256
934
616
929
870
562
819
616
954
751
677
1,097
1,014
987
1,236
1,071
1,000
987
959
913
888
974
944
899
901
1,027
955
1,006
1,018
17,132
750
674
775
913
1001
765
964
822
894
P72O
*>876
r
c
P Preliminary.
Revised.
Corrected
i Includes industrial loans and acceptances purchased shown separately in subsequent tables.
E n d of m o n t h and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, p p . 369-394; for description, see p p . 360-366 in the same publication.
1
MAY
1948
523
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect April 30. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations and
discounts of and advances
secured by eligible paper
(Sees. 13 and 13a)*
Federal Reserve Bank
Rate
Effective
Other secured advances
[Sec. 10(b)]
Rate
Boston
,
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..,
Dallas
San Francisco.
Effective
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Effective
14,1948
12,1948
12,1948
12,1948
12,1948
12,1948
12,1948
12,1948
12,1948
19,1948
12,1948
15,1948
Jan. 14,1948
Apr. 6, 1946
Mar. 23, 1946
Mar. 9, 1946
Mar. 16,1946
Jan. 24, 1948
Jan. 12,1948
Jan. 12,1948
Jan. 15,1948
Jan. 19,1948
Feb. 14,1948
Apr. 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
Apr. 30
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 April 30. Per cent per annum]
Previous
rate
To industrial or
commercial
businesses
ijan. 12, 1948
ijan. 12, 1948
ijan. 12, 1948
1- 90 days. .
91-120 days. .
121-180 days. .
Federal
Reserve
Bank
1
Date on which rate became effective at the Federal Reserve Bank
of New York. The same rates generally apply to any purchases made
by the other Federal Reserve Banks.
Back figures.—See Banking and Monetary Statistics, Table 117,
pp. 443-445.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Period in effect
June 21 1917-Aug. 15, 1936..
Aug. 16, 1936-Feb. 28, 1937..
Mar. 1, 1937-Apr. 30, 1937..
M a y 1, 1937-Apr. 15, 1938..
Apr. 16, 1938-Oct. 31, 1941..
Nov. 1, 1941-Aug. 19, 1942..
Aug. 20, 1942-Sept. 13, 1942..
Sept. 14, 1942-Oct. 2, 1942..
Oct. 3, 1942-Feb. 26, 1948..
Feb. 27 1948 and after
Central
reserve Reserve
city
city
banks
banks
13
193^
22M
26
22M
26
24
22
20
22
10
15
17^*2
20
173^
20
20
20
20
20
Time
deposits
(all
Country member
banks
banks)
7
3
43^
534
103^
12J^
6
5
6
6
6
6
6
14
12
14
14
14
14
14
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 perjod Apr. 13, 1943-June 30, 1947, and all
U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935).
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]
On discounts or
purchases
On
loans 1
On
commitments
I*
1
" NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the F. D. I. C , effective Feb. 1, 1936, are the
tame 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
tinder the laws of the State in which the member bank is located.
524
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . . .
Dallas
San Francisco...
1
2
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
•4 Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the
discount
rate.
6
Charge of \i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MARGIN REQUIREMENTS 1
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. 1,1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec.31,1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
To financing institutions
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
July 5, Jan. 21,
19451946Jan. 20, Jan. 31,
1946
1947
Effective
Feb. 1,
1947
75
75
100
100
75
75
75
100
75
1
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; th«
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Backfigures.—SeeBanking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1945, p. 235.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1948
Apr. 28
Assets
Gold certificates
Redemption fund
F. R. notes
for
Apr. 21
Apr. 14
1948
Apr. 7
Mar. 31
Mar. 24
Mar. 17
Apr.
1947
Mar.
Apr.
21,279,170121,259,170 21,259,170 21,249,170 21,229,170 21 234,170 21 ,224,170 21 277,170 21,229,170 18 ,815,176
630,395
633,528
633,694
636,645
648,841
633,840
632,396
636,471
648,841
721,334
Total gold certificate reserves. . . . 21,909,565 21,892,698 21,892,864 21,885,815 21,878,011 21,868,010 21,860,641 21,909,566 21,878,011 19,536,510
Other cash
323,672
Discounts and advances:
For member banks.. .
For nonmember
banks etc
110,725
85,390
148,000
148,000
258,725
233,390
2,146
4,384
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
Certificates:
Special. . . . . . . .
Other
Notes
Bonds
325,756!
333,044
359,555
353,046
364,307
68,260]
107,624
285,458
304,147
153,000
153,000
144,500
143,000
221,260
260,624
429,958
2,491
3,603
3,785
343,087
324,057
359,555
276,061
222,302
100,514
285,458
103,364
141,000
148,000
144,500
21,800
447,147
363,302
248,514
429,958
125,164
3,147
3,602
1,394
3,785
1,109
5,383,668
8,140,201 8,282,151 8,488,951 8,471,551 8,851,101 8,794,901 8,666,401 7,973,501 8,851,101 9,716,885
4,259,543 4,254,693 4,342,793 4,344,293 4,481,175 4,373,175 4,289,725 4,236,243 4,481,175 5,651,218
1,955,700 1,933,800 1,926,550 1,914,300 1,883,400 1,786,200 1,774,100 1,962,700 1,883,400
351,800
6,084,467 5,923,655 5,835,069 5,747,243 5,671,377 5,652,858 5,642,703 6,167,215 5,671,377
753,390
Total U. S. Govt.
20,439,911 20,394,299 20,593,363 20,477,387 20,887,053 20,607,134 20 ,372,929
securities
Other Reserve Bank
251,188
313,137
343,304
286,630
credit outstanding. . .
333,935
371,571
447,311
053 21,856,961
268,498!
286,630
222,117
Total Reserve Bank
credit outstanding 20,951,970 20,966,008 21,130,251 21,084,918 21,607,426 21,428,999 21,187,144 20,858,065 21,607,426 22,205,351
Liabilities
Federal Reserve notes. . 23,624,055 23,666,491 23,724,195 23,787,083 23,767,642 23,831,226 23,914,287 23,647,992 23,767,642 24,022,262
Deposits:
Member bank — reserve account
17,043,294 16,845,323 17,050,354 16,905,422 16,638,719 16,869,890 17,350,679 16,944,223 16,638,719 15,825,712
U. S. Treasurer—general account
1,185,346 1,282,982 1,177,026, 1,139,628 1,971,606 1,458,070
677,263 1,236,405 1,971,606
618,860
422,475
448,482
497,737
485,528
Foreign
386,766
510,671
392,819
552,526
525,353
485,528
488,687
480,288
495,892
513,773
507,464
Other
469,270
472,756
433,258
481,120
513,773
Total deposits
19,084,676 19,039,467 19,156,150 19,038,679 19,609,626 19,346,095 19,034,415 19,006,705 19,609,626 17,469,854
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
51.3|
51.3
51.ll
51.1
50.6
50.4
51.4|
50.9
50.4
47.1
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
,
Industrial loans:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
U. S. Government securities:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
MAY
1948
Within
15 days
16 to 30
days
429,958
260,624
221,260
233,390
258,725
305,598
130,601
103,981
114,383
119,515
52,816
46,782
14,793
16,238
15,854
3,785
3,603
2,491
4,384
2,146
3,563
3,371
2,253
4,170
1,931
23
23
23
20,887,053
20,477,387
20,593,363
20,394,299
20,439,911
2,415,688
1,887,865
1,756,515
1,579,740
1,536,593
31 to 60
days
61 to 90 91 days to 6 months
6 months to 1 year
days
23,771
13,924
33,387
24,617
43,302
45,198
69,246
59,534
77,742
80,012
2,564
60
9,554
376
19
11
11
11
34
23
21
21
21
21
21
21
21
21
21
112
131
137
137
137
34
4
4
4
4
213,,35Q,2 ,625,054
025,08f 3,151,669
082,
,271,103
241,056 3 ,413,049
479,102 3 ,113,502
3 ,097,452 3,640,129 2,343,017
5 ,664,676 2 ,259,417 860,450
5,565,271 2,263,917 938,200
5 ,083,046 ,231,917 1,040,850
4,937,144 2,232,417 1,175,700
1 year to 2 years to
5 years
2 years
470,1,378
546,
634,070
722,656
883,468
Over
5 years
5 ,081,985
,081,985
5 ,081,985
,081,985
5,081,985
525
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
New
York
Boston
Assets
Gold certificates:
21,229,170
Mar. 31
Apr. 7 .... 21,249,170
21,259,170
Apr. 14
21,259,170
Apr. 21
21,279,170
Apr. 28
Redemption fund
for F. R. notes:
648,841
Mar. 31
636,645
Apr. 7
633,694
Apr. 14
633,528
Apr. 21
630,395
Apr. 28
Total gold certificate reserves:
21,878,011
Mar. 31
21,885,815
Apr. 7
21,892,864
Apr. 14
21,892,698
Apr. 21
21,909,565
Apr. 28.
Other cash:
359,555
Mar. 31
333,044
Apr. 7
343,087
Apr. 14
325 756
Apr 21
323,672
Apr. 28
Discounts & advances:
Secured by
765,555
814,805
829,362
822,028
808,188
Philadelphia
6,861,374 1,059,976
6,811,381 1,029,866
6,757,805 1,018,863
6,648,404 1,048,694
6,718,561 1,017,656
Richmond
Cleveland
1,389,965
1,373,099
1,393,971
1,395,788
1,411,950
71,135
70,675
69,984
69,944
69,259
58,743
58,532
58,282
58,276
58,014
74,247
74,114
73,938
73,926
73,731
6,932,509
6,882,056
6,827,789
877,352 6,718,348
863,364 6,787,820
1,118,719
1,088,398
1,077,145
1,106,970
1,075,670
1,464,212
1,447,213
1,467,909
1,469,714
1,485,681
55,586
55,471
55,331
55,324
55,176
821,141
870,276
884,693
Atlanta
Chicago
1,036,814 1,115,683 3,922,571
1,040,553 1,085,387 4,023,045
1,029,111 1,055,435 4,123,217
1,020,414 1,057,100 4,210,907
1,009,743 1,063,951 4,227,417
St.
Louis
Minneapolis
Kansas
City
San
Francisco
Dallas
579,060
600,422
571,033
594,900
585,353
438,369
420,303
417,896
437,283
426,488
770,865
775,836
761,166
761,772
756,935
517,477
494,166
488,578
505,660
498,641
2,771,461
2,780,307
2,812,733
2,756,220
2,754,287
113,400
103,254
103,053
103,023
102,790
46,214
46,172
46,126
46,116
46,066
22,677
22,661
22,643
22,639
22,619
35,223
35,194
35,152
35,143
35,090
25,763
25,736
25,699
25,699
25,647
49,474
49,388
49,273
49,254
49,116
1,094,224 1,154,652 4,035,971
1,097,138 1,124,250 4,126,299
1,084,601 1,094,158 4,226,270
1,075,889 1,095,809 4,313,930
1,064,067 1,102,514 4,330,207
625,274
646,594
617,159
641,016
631,419
461,046
442,964
440,539
459,922
449,107
806,088
811,030
796,318
796,915
792,025
543,240
519,902
514,277
531,359
524,288
2,820,935
2,829,695
2,862,006
2,805,474
2,803,403
14,521
12,977
10,977
10,743
10,657
44,713
40,820
43,722
42,182
42,392
200
57,410
56,585
55,490
55,475
54,324
38,969
38,863
38,723
38,709
38,563
39,140
38,606
39,753
39,058
39,568
66,278
60,737
66,703
61,374
62,720
22,658
21,746
20,103
18,464
17,117
37,089
32,896
36,232
32,288
35,143
21,492
19,538
20,177
20,197
19,599
21,279
23,676
25,101
23,983
20,983
55,783
50,592
49,336
44,867
43,787
15,061
12,921
12,594
13,859
13,671
9,446
8,865
8,588
8,333
7,477
12,095
9,670
9,801
10,408
10,558
19,038
11,823
10,908
12,255
12,585
37,744
15,404
23,143
10,169
38,299
5,359
4,740
4,620
6,635
6,170
12,376
12,296
10,264
13,124
12,568
26,361
9,752
5,217
5,666
8,605
1,391
2,841
3,341
5,435
2,285
168,345
37,715
3,200
14,350
6,175
3,630
1,130
6,690
5,140
4,030
8,880
6,930
300
1,534
4,600
2,050
6,030
9,040
100
150
150
100
100
1,775
1,475
5,700
9,104
9,639
9,639
9,324
9,324
46,240
48,960
48,960
47,360
47,360
11,705
12,393
12,393
11,988
11,988
13,685
14,462
14,459
13,989
13,986
7,081
7,497
7,497
7,252
7,252
5,925
6,273
6,373
6,168
6,168
19,652
20,808
20,808
20,128
20,128
5,402
5,508
5,508
5,628
5,628
3,613
3,825
3,825
3,700
3,700
5,057
5,355
5,355
5,203
5,203
5,010
5,299
5,276
5,057
5,032
12,716
13,464
13,464
13,024
13,024
556
463
468
475
471
214
214
214
215
214
30
40
46
46
46
2,985
2,886
1,763
3,648
1,415
U. S. Govt.
securities:
Mar. 31. . 284,768
Apr. 7. . 107,141
67,703
Apr. 14..
84,569
Apr. 21..
109,932
Apr. 28..
Other:
145,190
Mar. 31. .
Apr. 7. . 153,483
Apr. 14. . 153,557
148,821
Apr. 21..
Apr. 28..
148,793
Industrial loans:
3,785
Mar. 31
3,603
Apr. 7
..
2,491
Apr. 14
4,384
Apr. 21
2,146
Apr. 28
U. S. Govt.
securities:
Bills:
8,851,101
Mar. 31
8,471,551
Apr. 7
Apr. 14.... 8,488,951
Apr. 21 . . 8,282,151
Apr. 28 . . 8,140,201
Certificates:
4,481,175
Mar. 31
Apr.
7.... 4,344,293
Apr. 14 ... • 4,342,793
Apr. 21.... 4,254,693
4,259,543
Apr. 28
Notes:
Mar. 31. ... 1,883,400
Apr. 7 . . 1,914,300
1,926,550
Apr. 14
Apr. 21 . . 1,933,800
Apr. 28. ... 1,955,700
Bonds:
Mar. 31. ... 5,671,377
Apr. 7
5,747,243
Apr. 14
5,835,069
5,923,655
Apr. 21
Apr. 28
6,084,467
480
1,550
150
595,005
569,492
570,661
556,759
547,217
2,122,335
2,031,325
2,035,498
1,985,911
1,951,874
632,234
605,123
606,366
591,594
581,454
848,555
812,168
813,836
794,010
780,401
574,827
550,176
551,306
537,876
528,657
443,733
424,704
425,577
415,209
408,093
1,257,635
1,203,706
1,206,178
1,176,794
1,156,625
488,696
467,740
468,700
457,283
449,445
270,923
259,306
259,838
253,508
249,163
412,559
394,867
395,678
386,039
379,423
401,123
383,922
384,711
375,339
368,906
803,476
769,022
770,602
751,829
738,943
301,242
292,040
291,940
286,017
286,344
1,074,506
1,041,683
1,041,323
1,020,199
1,021,361
320,091
310,312
310,205
303,913
304,259
429,610
416,488
416,344
407,898
408,362
291,025
282,136
282,038
276,316
276,631
224,655
217,792
217,717
213,301
213,544
636,720
617,272
617,059
604,541
605,230
247,419
239,861
239,778
234,914
235,182
137,164
132,975
132,928
130,232
130,381
208,873
202,492
202,423
198,316
198,542
203,082
196,879
196,812
192,818
193,039
406,788
394,363
394,226
386,228
386,668
126,610
128,687
129,510
129,998
131,470
451,605
459,015
461,952
463,690
468,942
134,531
136,739
137,614
138,131
139,696
180,562
183,524
184,698
185,393
187,493
122,316
124,322
125,118
125,589
127,011
94,420
95,970
96,584
96,947
98,045
267,609
271,999
273,740
274,770
277,881
103,988
105,694
106,371
106,771
107,980
57,649
58,595
58,970
59,192
59,862
87,787
89,227
89,798
90,136
91,157
85,354
86,754
87,309
87,638
88,630
170,969
173,774
174,886
175,545
177,533
381,253
386,353
392,257
398,212
409,022
1,359,894
1,378,085
1,399,145
1,420,386
1,458,946
405,106
410,526
416,799
423,127
434,613
543,715
550,988
559,408
567,901
583,318
368,322
373,249
378,953
384,706
395,150
284,323
288,127
292,529
296,970
305,032
805,835
816,614
829,093
841,680
864,530
313,134
317,323
322,172
327,063
335,942
173,595
175,917
178,606
181,317
186,239
264,348
267,885
271,978
276,107
283,603
257,021
260,459
264,439
268,454
275,742
514,831
521,717
529,690
537,732
552,330
20,887,053
20,477,387
20,593,363
20,394,299
20,439,911
1,404,110
1,376,572
1,384,368
1,370,986
1,374,053
5,008,340
4,910,108
4,937,918
4,890,186
4,901,123
1,047,131 2,967,799
1,026,593 2,909,591
1,032,407 2,926,070
1,022,427 2,897,785
1,024,714 2,904,266
1,153,237
1,130,618
1,137,021
1,126,031
1,128,549
639,331
626,793
630,342
624,249
625,645
973,567
954,471
959,877
950,598
952,725
946,580
928,014
933,271
924,249
926,317
1,896,064
1,858,876
1,869,404
1,851,334
1,855,474
21,320,796
20,741,614
20,817,114
20,632,073
20,700,782
1,432,252
1,398,034
1,404,915
1,392,565
1,395,962
4,974,472
5,010,021
4,947,715
4,986,782
2,028,717 1,389,962 1.0S7.432 3,155,796
1,990,140 1,347,172 1,038,593 2,968,114
1,999,223 1,350,17$ 1,043,884 2,950,078
1,982,530 1,337,451 1,037,678 2,932,263
1,986,342 1,343,352 1,034,582 2,930,569
1,164,269
1,137,256
1,143,009
1,137,689
1,143,217
643,044
630,768
634,317
628,049
629,445
985,314
964,966
969,262
964,681
964,858
951,790
934,863
938,847
931,081
932,824
1,910,314
1,876,940
1,884,918
1,864,508
1,874,198
95
95
95
95
94
6
6
6
6
6
3
3
3
3
3
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
8
8
8
8
8
Total U. S. Govt.
securities:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Total loans and
securities:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
D u e from foreign
banks:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
1
1,491,962 2,002,442 1,356,490
1,462,700 1,963,168 1,329,883
1,470,984 1,974,286 1,337,415
1,456,765 1,955,202 1,324,487
1,460,022 1,959,574 1,327,449
5,092,324 1,509,582
1,486,296
1,488,465
1,475,863
1,478,651
131
i 31
131
*31
130
8
8
8
8
8
9
9
9
9
9
5
5
5
5
5
4
4
4
4
4
13
13
13
13
13
After deducting $64,000 participations of other Federal Reserve Banks on Mar. 31; Apr. 7; Apr. 14; Apr. 21; and Apr. 28.
526
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of lollars]
Total
Boston
New
York
•
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Federal Reserve
notes of other
Banks:
13,630
6,488
120,339
4,837
7,693
16,196
14,912
16,422
6,439
6,877
5,302
5,238
16.305
Mar. 31. .. .
Apr.
7
112,107
4,563
17,045
7.028
6,677
15,745
4,932
4,814
10.968
14,760
7,284
5,451
12,840
4,592
16,227
4,686
Apr. 14
104,106
6,133
15,208
4,402
14,033
5,807
4,449
5,754
9,631
13,184
17,025
5,021
4,846
6,318
15,096
13,765
4,037
Apr. 21
110,883
14,298
6,976
4,296
4,690
14,515
17,057
5,287
6,078
14,782
Apr. 28... .
10,392
8,442
110,799
4,243
14,056
3,636
6,630
4,973
15,223
Uncollected
items:
2,739,595 204,601
540,711 179,404 272,969 233,185 189,588 446,592 123,840
Mar. 31
66,569 124,016 108,455 249,665
Apr.
7
2,502,989 248,866
56,549 126,368 107,542 219,768
495,103 178,404 229,409 208,687 169,727 355,092 107,474
Apr. 14
3,076,197 266,325
610,431 201,022 306,812 259,143 208,104 495,450 138,458
70,604 154,158 131,709 233,981
602,765 199,620 280,943 221,535 193,196 429,051 116,923
63,659 146,683 133,313 252,741
2,869,538 229,109
Apr. 21
2,512,184 210,810
496,765 158,470 241,553 198,625 186,518 383,700 107,979
Apr. 28
58,341 136,022 118,885 214,516
Bank premises:
32,744
1,227
8,184
3,145
4,899
2,617
1,549
3.042
1,201
2,440
Mar. 31
1,961
1,694
785
1,227
8,184
4,899
2,617
32,737
3,145
3,042
1,201
Apr.
7
1,549
2,433
1,961
1,694
785
32,734
1,227
8,184
3,145
4,896
2,617
Apr. 14.
1,549
3,042
1,201
2,433
1,961
1,694
785
1,227
2,617
1,549
32,737
8,186
3,145
4,896
3,042
Apr. 21
1,962
1,201
2,433
785
1,694
8,189
32,689
1,222
3,132
Apr. 28
4,888
2,610
1,546
3,037
1,198
2,433
1,961
1,688
785
Other assets:
9,314
9,166
6,419
137,368
9,113
32,495
13,160
19,592
6,159
6,908
7,8611
4,214
Mar. 31
12,967
9,554
33,218
13,297
9,394
139,568
9,431
7,008
19,676
4,345
6,153
Apr.
7
7,968
6,531
12,993
144,535
9,685
34,560
9,873
13,760
9,806
6,405
Apr. 14
7,226
20,398
4,486
6,801
8,223
13,312
9,867
147,935
9,978
34,630
10,307
14,402
6,647
Apr. 21
7,427
21,071
4,651
6,888
8,426
13,641
10,304
154,372
10,449
36,396
10,666
14,932
7,205
7,006
Apr. 28
7,758
21,861
8,848
4,743
14,204
Total assets:
46,588,503 2,512,317 12,686,162 2,849,318 3,828,748 2,766,847 2,446,324 7,733,211 1,944,708 1,192,399 1,941,677 1,630,191 5,056,601
Mar. 31
45,747,969 2,571,009 12,470,846 2,788,579 3,724,540 2,700,296 2,375,775 7,537,588 1,921,461 1,149,626 1,926,452 1,587,039 4,994,758
Apr.
7
46,410,732 2,611,196 12,573,946 2,804,447 3,834,974 2,741,732 2,389,657 7,758,620 1,927,214 1,164,186 1,944,530 1,607,405 5.052,825
Apt. 14
46,011,715 2,554,316 12,390,074 2,819,223 3,791,100 2,682,657 2,373,944 7,758,002 1,926,854|1,170,113 1,932,701 1,617,968 4.994,763
Apr. 21
45,744,157 2,525,624 12,395,759 2,749,001 3,774,626 2,653,344 2,364,297 7,727,230 1,915,540 1,153,949 1,919,734 1,599,421 4,965,632
Apr. 28
Liabilities
Federal Reserve
notes:
23,767,642 1,418,959 5,462,406 1,625,557 2,068,494 1,636,600 1,327,982 4,514,776 1,090,859 612,511 922,230 590,664 2,496,604
Mar. 31
Apr.
7
23,787,083 1,423,409 5,457,568 1,626,250 2,069,870 1,635,851 1,327,412 4,519,277 1,091,674 614,347 924,041 591,347 2,506,037
Apr. 14
23,724,195 1,423,806 5,437,884 1,622,612 2,064,181 1,627,662 1,320,970 4,522,000 1,088,114 611,534 918,961 589,144 2,497,327
23,666,491 1,427,878 5,426,697 1,619,256 2,059,769 1,618,198 1,313,664 4,515,403 1,084,276 610,166 917,593 589,037 2,484,554
Apr. 21
23,624,055 1,420,898 5,421,102 1,620,726 2,058,179 1,610,943 1,316,266 4,508,670 1,079,607 608,833 913,868 587,602 2,477,361
Apr. 28
Deposits:.
M e m b e r bank
—reserve
account:
Mar. 31. . 16,638,719 700,560 5,343,716 799,882 1,278,079 726,321 735,961 2,418,390 589,105 413,492 777,415 790,264 2,065,534
Apr.
7. .16,905,422 743,896 5,465,306 817,504 1,246,606 738,130 768,872 2,435,691 622,108 403,211 788,858 796,362 2,078,878
Apr. 14.. 17,050,354 726,173 5,524,032 799,672 1,282,051 721,873 758,554 2,516,845 615,818 415,363 788,856 802,752 2,098,365
Apr. 21.. 16,845,323 701,852 5,422,329 814,910 1,250,118 711,306 746,460 2,486,164 616,381 417,513 794,977 819,442 2,063,871
Apr. 28.. 17,043,294 715,444 5,574,110 803,822 1,279,413 717,299 743,196 2,525,918 615,751 408,039 782,655 799,611 2,078,036
U. S. Treasurer-general
account:
527,482 171,598 134,297 126,141 142,495 267,726
Mar. 31 . . 1,971,606 120,732
98,139
76,288
89,702 105,120 111,886
296,301
93,450
98,887
Apr.
7. . 1,139,628 113,140
71,823
67,876 110,481
59,585
51,541
57,476
56,118
62,950
263,263 111,016 117,275
Apr. 14. . 1,177,026 125,570
75,056
58,683 131,055
43,144
49,407
57,184
48,503
96,870
254,894 118,634 118,528
80,966
Apr. 21.. 1,282,982 136,588
66,960 218,635
52,715
66,616
42,291
49,006
77.149
Apr. 28.. 1,185,346 113,224
195,927
94,535 114,410
80,543
72,161 199,506
53,284
68,753
59,083
61,443
72,477
Foreign:
35,170
Mar. 31. .
485,528
27,423 1190,128
39,946
21,276
17,802
59,051
10,855
15,631
15,197
14,763
38,286
28,368 1192,136
36,385
41,327
Apr.
7. . 497,737
22,011
18,417
61,091
16,171
11,230
15,722
15,273
39,606
Apr. 14..
448,482
26,069 1167,683
33,429
20,222
37,968
16,921
56,127
10,318
14,857
14,445
14,032
36,411
422,475
32,667
37,104
19,762
Apr. 21..
25,477 U48,609
16,535
54,849
14,519
10,083
14,115
13,246
35,509
Apr. 28..
386,766
22,862 ^140,639
29,306
33,286
17,728
14,834
49,205
9,045
13,02
12,663
12,301
31,872
Other*
451,477
1,924
513,773
2,013
7,154
5,500
744
Mar. 31..
1,717
1,747
5,285
521
581
35,110
Apr.
7. . 495,892
2,307
427,203
1,717
7,963
6,956
584
2,522
5,932
2,478
577
1,110
36,543
420,686
1,307
Apr. 14..
480,288
1,693
6,318
6,997
523
1,276
1,471
5,314
468
888
33,347
Apr. 21..
488,687
1,856
417,408
1,562
6,829
5,603
2,259
2,696
1,514
5,642
378
6,203
36,737
469,270
2,642
406,573
1,964
7,962
Apr. 28..
5,256
553
2,115
5,055
1,732
195
510
34,713
Total deposits:
Mar. 31
19,609,626 850,728 6,512,803 1,008,574 1,459,476 879,238 897,002 2,746,914 708,160 502,352 882,835 910,728 2,250,816
Apr.
7
19,038,679 887,711 6,380,946 949,056 1,394,783 838,920 855,749 2,609,785 703,796 468,460 863,166 868,330 2,217,977
Apr. 14
19,156,150 879,505 6,375,664 945,424 1,443,612 824,148 834,681 2,705,303 685,396 470,296 861,373 865,755 2,264,993
Apr. 21
19,039,467 865,773 6,243,240 967,773 1,412,579 817,637 832,214 2,762,344 703.719 481,825 857,025 882,072 2,213,266
19,084,676 854,172 6,317,249 929,627 1,435,071 820,826 830,744 2,776,744 702,584 472,100 854,596 873,865 2,217,098
Apr. 28.
Deferred availability items:
478,954 154,558 230,508 212,232 188,814 368,395 116,860
2,453,060 194,211
57,312 108,180 101,172 241,864
Mar. 31
399,154 152,344 189,423 186,400 159,868 304,803
2,159,780 211,104
46,474 110,608
96,926
Apr. 7
99,696 202,980
525,916 175,126 256,341 250,512 201,036 426,892 124,365
2,763,155 258,923
Apr. 14
61,864 135,291 124,616 222,273
2,535,698 211,429
485,268 170,715 247,454 207,226 194,937 375,406 109,419
Apr. 21
57,533 129,036 118,780 228,495
421,322 136,890 209,672 181,729 183,945 336,386 103,659
Apr. 28
2,261,090 201,141
52,305 122,014 109,660 202,367
Other liab. incl.
accrued div.:
1,014
15,927
3,943
1,002
1,768
829
693
2,620
Mar. 31.
513
796
744
647
1,358
16,319
1,008
4,248
1,037
1,609
937
Apr.
7
736
521
2,686
641
659
756
1,481
Apr. 14
17,572
1,001
4,721
1,134
1,698
991
789
2,873
818
702
1,570
559
716
4,245
1,067
16,736
1,817
929
Apr. 21
761
2,795
656
985
730
541
768
1,442
4,621
1,017
1,087
1,870
944
17,453
Apr. 28.
2,866
667
788
794
775
549
1,475
Total liabilities:
45,846,255 2,464,912 12,458,106 2,789,691 3,760,246 2,728,899 2,414,491 7,632,705 1,916,623 1,172,688 1,913,892 1,603,360 4,990,642
Mar. 31
45,001,861 2,523,232 12,241,916 2,728,687 3,655,685 2,662,108 2,343,765 7,436,551 1,893,152 1,129,802 1,898,456 1,560,032 4,928,475
Apr.
7
45,661,072 2,563,235 12,344,185 2,744,296 3,765,832 2,703,313 2,357,476 7,657,068 1,898,693 1,144,253 1,916,327 1,580,231 4,986,163
Apr. 14
45,258,392 2,506,065 12,159,450 2,758,811 3,721,619 2,643,990 2,341,576 7,655,948 1,898,144 1,150,065 1,904,310 1,590,657 4,927,757
Apr. 21*.
44,987,274 2,477,228 12,164,294 2,688,330 3,704,792 2,614,442 2,331,749 7,624,666 1,886,625 1,133,787 1,891,145 1,571,915 4,898,301
Apr. 28
1
After deducting $295,256,000 participations of other Federal Reserve Banks on Mar. 31; $305,456,000 on Apr. 7; $280,636,000 on Apr. 14;
$274,244,000 on Apr. 21; and $246,024,000 on Apr. 28.
MAY
1948
527
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
•
Total
New
York
Boston
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Capital Acets.:
Capital paid in:
Mar. 31
197,767
Apr. 7
197,814
Apr. 14
197,841
Apr. 21
197,962
Apr. 28
197,990
Surplus
(section 7):
Mar. 31
448,189
Apr. 7
448,189
Apr. 14
448,189
Apr. 21
448,189
Apr. 28
448,189
Surplus
(section 13b):
Mar. 31
27,543
Apr. 7
27,543
Apr. 1 4 . . . .
27,543
Apr. 21
27,543
Apr. 28
27,543
Other cap. accts.:
Mar. 3 1 . . . .
68,749
Apr. 7 . . . .
72,562
Apr. 14
76,087
Apr. 21
79,629
Apr. 28
83,161
Total liabilities
and cap. accts.:
Mar. 31. . . . 46,588,503
45,747,969
Apr. 7
Apr. 14
46,410,732
Apr. 21
46,011,715
Apr. 2 8 . . . . 45,744,157
Contingent liability on bills
purchased for
foreign correspondents:
4,134
Mar. 31
Apr. 7
3,884
Apr. 14
3,586
Apr. 21
3,517
Apr. 2 8 . . . .
3,384
Commit, to make
indus. loans:
Mar. 3 1 . . . .
7,700
7,679
Apr.' lY.Y.
7,744
Apr. 1 4 . . . .
7,725
\pr. 2 1 . . . .
7,726
Apr. 2 8 . . . .
11,305
11,305
11,305
11,307
11,307
69,072
69,099
69,101
69,126
69,131
14,535
14,541
14,542
14,543
14,543
18,948
18,949
18,949
18,949
18,957
8.420
8,425
8,425
8,436
8,435
7,715
7,716
7,716
7,722
7,724
24,072
24,079
24,086
24,086
24,093
6,488
6,488
6,497
6,500
6,503
4,358
4,358
4,358
4,360
4,363
6,720
6,720
6,723
6,771
6,772
7,602
7,603
7,608
7,612
7,612
18,532
18,531
18,531
18,550
18,550
28,117
28,117
28,117
28,117
28,117
138,596
138,596
138,596
138,596
138,596
35,350
35,350
35,350
35,350
35,350
42,173
42,173
42,173
42,173
42,173
21,210
21,210
21,210
21,210
21,210
19,110
19,110
19,110
19,110
19,110
66,217
66,217
66,217
66,217
66,217
16,972
16,972
16,972
16,972
16,972
11,233
11,233
11,233
11,233
11,233
16,148
16,148
16,148
16,148
16,148
14,111
14,111
14,111
14,111
14,111
38,952
38,952
38,952
38,o52
38,952
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
4,972
5,344
5,528
5,816
5,961
13,069
13,916
14,745
15,583
16,419
5,253
5,512
5,770
6,030
6,289
6,375
6,727
7,014
7,353
7,698
4,969
5,204
5,435
5,672
5,908
4,246
4,422
4,593
4,774
4,952
8,788
9,312
9,820
10,322
10,825
4,104
4,328
4,531
4,717
4,919
3,047
3,160
3,269
3,382
3,493
3,780
-3,991
4,195
4,335
4,532
3,811
3,986
4,148
4,281
4,476
6,335
6,660
7,039
7,364
7,689
2,512,317
2,571,009
2,611,196
2,554,316
2,525,624
12,686,162
12,470,846
12,573,946
12,390,074
12,395,759
2,849,318
2,788,579
2,804,447
2,819,223
2,749,001
3,828,748
3,724,540
3,834,974
3,791,100
3,774,626
2,766,847
2,700,296
2,741,732
2,682,657
2,653,344
2,446,324
2,375,775
2,389,657
2,373,944
2,364,297
7,733,211
7,537,588
7,758,620
7,758,002
7,727,230
1,944,708
1,921,461
1,927,214
1,926,854
1,915,540
1,192,399
1,149,626
1,164,186
1,170,113
1,153,949
1,941,677
1,926,452
1,944,530
1,932,701
1,919,734
260
245
226
221
213
U,323
H.243
U.148
335
315
290
285
274
380
357
330
323
311
202
190
176
172
166
170
159
147
144
139
562
528
488
478
460
149
140
129
127
122
103
97
90
88
85
145
136
125
123
118
1,150
1,241
1,411
1,396
1,398
1,525
1,418
I 318
! 310
1,310
127
128
123
127
126
16
16
16
16
16
344
341
341
341
341
580
580
580
580
580
n,125
n.083
75
75
75
75
75
1,630,191 5,056,601
1,587,039 4,994,758
1,607,405 5,052,825
1,617,968 4,994,763
1,599,421 4,965,632
141
132
122
122
115
364
342
315
309
298
133
130
130
130
130
3,750
3,750
3,750
3,750
3,750
i After deducting $2,811,000 participations of other Federal Reserve Banks on Mar. 31; $2,641,000 on Apr. 7; $2,438,000 on Apr. 14; $2,392,000
on Apr. 21; and $2,301,000 on Apr. 28.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F.R. notes outstanding
(issued to Bank):
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Collateral held against
notes outstanding:
Gold certificates:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
....
Apr. 28
Eligible paper:
Mar. 31
Apr. 7
Apr. 1 4 . . . .
Apr. 21
Apr. 28
U. S. Govt. sec:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Total collateral:
Mar.
Apr.
Apr.
Apr.
Apr.
31
7
14
21
28
24,671,979
24,639,516
24,575,486
24,512,919
24,473,201
13,009,000
13,209,000
13,209,000
13,209,000
13,159,000
Cleveland
Richmond
1,484,548 5,698,464 1,678,997
1,482,781 5,690,087 1,670,011
1,481,123 5,675,888 1,669,441
1,477,337 5,662,619 1,661,570
1,477,005 5,657,023 1,662,260
2,158,855
2,154,977
2,148,664
2,148,192
2,143,677
1,692,817
1,691,205
1,687,727
1,683,345
1,675,238
460,000 4,470,000
460,000 4,470.000
460,000 4,470,000
460,000 4,470,000
460,000 4,470,000
550,000
550,000
550,000
550,000
550,000
735,000
735,000
735,000
735,000
735,000
625,000
625,000
625,000
625,000
625,000
34,744
15,329
22,543
10,119
35,764
5,359
4,740
4,620
6,635
6,170
Boston
New
York
99,556
52,564
49,898
50,035
85,094
19,038
11,823
10,908
12,950,000
12,750,000
12,750,000
12,750,000
12,750,000
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
26,058,556
26,011,564
26,008,898
26,009,035
25,994,094
1,579,038 6,004,744
1,571,823(5,985,329
1,570,908 5,992,543
1,572,255 5,980,119
1,572,585 6,005,764
528
12,255
12,585
Philadelphia
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
26,261
9,652
5,11
5,566
8.505
1,500,000 1,200,000 1,500,00011,100,000
1,500,000! 1,200,000 1,500,000 1,100.0001
1 <™ ^™
1,500,000 1,200,00011,500,000 1,100,000
1,500,000 1,2OO,OOO|l,5OO,OOO 1,100,000
1,500,000 1,200,000 1,500,000 1,100,000
1,755,359 2 ,235,000
1,754,740 ,235,000
1,754,620 2,235,000
1,756,635 2,235,000
1,756,170 2,235,000
1,751,261
1,734,652
1,730,117
1,730,566
1,733,505
Atlanta
Chicago
1,375,411 4,606,219
1,373,715 4,602,548
1,365,498 4,600,454
1,366,529 4,594,782
1,363,176 4,584,519
675,000
675,000
675,000
675,000
675,000
2,430,000
2,630,000
2,630,000
2,630,000
2,630,000
St.
Louis
Minne- Kansas
apolis
City
1,133,253 634,434
1,133,773 636,597
1,130,169
,852
1,126,878 633,091
1,125,112 632,393
315,000
315,000
315,000
315,000
315,000
200,000
200,000
200,000
200,000
200,000
5,830
1,130
4S0
6,330!
9,340
100
150
150
100
100
750,000 2,200,000 950,000 450,000
750,000 2,000,000
2,000,000 950,000 450,000
750,000 2,000,000
2,000,000 950,000 450,000
750,000 2,000,000
2,000,000 950,000 450,000
2,000,000
950,000 450,000
750,000
1,425,000 4,630,000 1,270,830
.
650,100
1,425,000 4,630,000 1 266,130 650,150
1,425,000 4,630,000 1,265,480 650,150
1,425,000 4,630,000 1,271,330 650,100
1,425,000 4,630,000 1,274,340 650,100
Dallas
San
Francisco
945,993 619,646 2,643,342
947,303 619,777 2,636,742
946,099 616,427
616,42 2,619,144
943,413 618,274 2,596,889
942,614 619,464 2,590,720
280,000
280,000
280,000
280,000
280,000
169,000 2,]
,100,000
169,000 2,100,000
;
169,000 2,1
,100,000
169,000 2,100,000
169,000 2,050,000
6,690
5,140
4,030
8,8'0
6,930
1,534
4,600
2,050
150
5,700
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
1,000,000
1,000.000
1,000,000
1,000,000
1,000,000
986,690 669,000
985,140 669,000
984,030 669,000
988,880 669,000
986,930 669,000
3,101,534
3,104,600
3,102,050
3,100,150
3,055,700
FEDERAL RESERVE
BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Date
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Dec. 31
565
2,665
310,680
2,688,397
1943
June 30
Dec. 31
4,217
5,347
4,718,818 1,428,253 1,153,756 2,216,053
6,563,048 1,914,040 1,601,518 3,146,286
1944
June 30
Dec. 30
6,433
7,434
8,046,6722,064,318 1,735,777 3,810,797
9,310,582 1,735,970 1,482,038 4,453,586
1945
June 30
Dec. 31
8,422 10,149,351 1,386,851 1,190,944 3.694,618
8,757 10,339,400 510,270 435,345
966,595
1946
June 29
Dec. 31
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
1947
31
30
30
31
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
11,746
3,589
2,977
2,412
10,965
15,392
6,726
6,739
.771 10,344,018
,771 10.344.018
,771 10,344,018
2,357
1,959
1,835
2,133
1,777
1,666
Mar.
June
Sept.
Dec.
1948
Jan. 31
Feb. 28
Mar. 31
Total
amount
81,108
803,720
6,324
6,308
6,646
6,514
4,667
4,693
4,895
4,927
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
17,248
17,310
17,277
16,946
16,699
16,909
16,960
4,652
4,664
4,613
4,551
4,505
4,563
4,537
1,088
1,085
1,086
1,047
983
971
[. 036
6,583
6,578
6,592
6,467
6,382
6,471
4,925
4,983
4,986
4,881
4,829
4,903
805
871
804
822
71
21
36
45
4
4
7
9
205
217
204
205
578
630
557
563
873
910
865
732
40
46
14
38
53
51
32
8
7
6
4
6
14
8
244
243
231
171
152
252
581
614
614
519
P490
P512
203
173
244
270
27
21
34
43
1
33
50
103
115
66
114
84
60
54
46
40
159
143
226
304
467
147
93
14
6
52
58
73
6
16
51
41
84
115
218
49
1
77
56
59
100
121
51
17
40
31
31
55
41
Excess reserves:
1947—February
March
1948—February
March
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
20,966
11.548
8,226
3,369
1,946
2,659
13,954
8,294
4,248
926
1,295
13,589
32.493
25,526
20,216
17,345
13,683
9,152
10.337
14,126
10.532
3,894
8,225
27.649
20,959
12,780
14,161
9,220
5,226
14.597
10,661
9,270
4,165
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
17,305
17.930
2,706
1945
June 3 0 . . . 3,502
Dec. 3 1 . . . 3,511
537,331
544,961
70
320
3,252
1,995
5,224
1,644
2,501
1,086
1946
June 29. . . 3,524
Dec. 3 1 . . . 3,542
552,711
565.913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
1947
Mar. 3 1 . . . 3,548
June 3 0 . . . 3,555
Sept. 3 0 . . . 3,566
Dec. 3 1 . . . 3,574
569,825
572,836
577,614
586,726
4,595
195
1,229
945
1,081
1,778
1,892
1,387
8,160
7,018
7,395
7,434
2,727
4,043
5,019
4.869
1948
Jan. 3 1 . .
Feb. 28
Mar. 31. . .
589,986
596,048
600,322
1,025
145
45
1,972
4,906
3,785
7,077
7,918
7,700
5,213
6,770
5,109
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
1
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.
1948
P701
P829
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
4
11
18
25
1
8
15
22
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
49,634
124.493
139,829
150.987
175,013
188,222
212,510
279,860
408,737
491,342
525,532
MAY
4
11
18
25
1
8
15
22
Preliminary.
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.
984
1,993
2,280
2,406
2 653
2,781
2,908
3,202
3.423
3,471
3,489
1
4
11
18
25
1
8
15
22
Participations
outstanding
(amount)
Number
3,576
3,582
3,587
Country
banks *
905
877
1,006
1,063
Borrowings a t Federal
Reserve B a n k s :
1947—February
March
1948—February
March
Approved
Loans Commitments
but not
outoutcom- standing 2 standing
pleted ' (amount) (amount)
Amount (amount)
1934
1935
1936
1937
1938
1939 . . . .
1940
1941
1942
1943
1944
Chicago
4,110
4,129
4,288
4,602
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
New
York
Reserve
city
banks
16,006
16,006
16,834
17,106
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
Date (last
Wednesday
or last day
of period)
Central reserve
city banks
Total reserves h e l d :
1947—February
March
1948—February
March
69,674
137,888
632,474 1,430,121
3,218
2,689
2,183
All
member l
banks
Month, or
week ending Thursday
1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
March 1947
February 1948
15,315
15,787
8,366
8,535
11,836
12,131
5,917
6,088
March 1948
16,055
8,787
11,979
6,071
1,846
2,910
1,078
1,313
875
2,211
747
915
328
999
893
1,044
232
1,156
899
826
Richmond
Atlanta
Chicago
St. Louis
1,093
1,580
2 2,156
641
396
491
21,586
338
874
687
1,710
2
982
473
217
962
2
276
Minneapolis
Kansas City
Dallas
San Francisco. . .
572
543
1,001
2 1,319
298
105
146
2 680
771
1,594
1,544
555
453
204
66
306
Boston
New York
Philadelphia
Cleveland
1
Includes any banks in outlying sections of reserve cities that have
been given permissi ^n to carry the same reserves as country banks
All2 reserve cities have population of more than 15,000.
Data for these districts are not entirely comparable with prior
periods due to a redesignation of reserve cities on Mar. 1, 1948.
529
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
In millions of dollars]
Gross demand deposits
Net
Class of bank and
Federal Reserve district
Total
Interbank
Other
demand
deposits 2
Time
deposits 3
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of March 1948
All member banks
88,854
10,941
77,913
78,301
28,646
Central reserve city banks:
New York
.
Chicago
22,118
5,128
3,986
1,090
18,132
4,038
20,558
4,652
Reserve city banks
32,592
1,890
4,966
27,626
1,631
28,273
1,723
536
495
Boston
New York
Philadelphia . . . .
Cleveland
Richmond
Atlanta
.
Chicago*
St Louis4
Minneapolis
. . .
Kansas Citv
Dallas
San Francisco 4
.
C o u n t r y b a n k s
....
563
....
2,288
3,929
2,086
2,025
3,828
1,992
757
513
....
2,723
2,358
7,919
29,016
2,264
4,006
1,977
....
2,378
2,095
. . . . 2,447
. . . . 3,952
1,685
1,413
2,211
2,671
1,916
899
86
87
15
24
120
174
69
50
61
....
990
.
. . .
....
Boston
New York
Philadelphia
.
Cleveland
Richmond
Atlanta i
. .
Chicago
St. Louis 4
Minneapolis
Kansas City
Dallas
San Francisco 4
.
259
27
332
472
318
447
444
618
267
510
60
121
33
1,956
3,457
1,768
1,577
3,384
1,374
722
2,026
3,480
1,823
1,715
3,281
1,695
840
5,343
17,285
16,394
891
1,533
45
4 615
1,079
8
138
4,650
1,089
35
920
10
45
11,325
1,746
6,574
6,334
195
300
253
33
24
84
164
104
132
284
97
56
365
119
427
817
406
387
816
372
181
240
9
2
7
37
15
20
40
13
2
66
2
1
2
16
13
5
5
2
2
263
222
471
416
1,701
26
33
7
4
283
496
449
1,736
356
117
420
781
391
368
776
359
179
35
7
3,414
4,972
4,367
175
287
192
280
283
344
485
219
164
374
785
381
456
343
373
722
268
246
343
698
341
390
296
328
628
239
215
605
31
87
39
66
47
45
95
29
30
39
9
13
7
2
3
1
1
1,410
439
409
1,994
335
181
1,966
1,846
7,409
2,244
1,973
6,979
364
357
5,089
28,117
2,178
3,918
1,963
2,354
1,974
2,273
3,883
1,636
1,351
2,152
2,551
1,883
24,818
1,975
3,539
1,731
2,041
1,739
2,040
3,390
1,440
1,217
1,864
2,175
1,666
14,868
1,108
3,368
1,647
1,741
871
708
2,549
615
751
309
211
989
330
456
324
376
200
325
293
280
317
44
58
159
1
1
32
Second half oi March 1948
All member banks
87,791
10,627
77,164
77,313
28,610
5,164
16,939
16,182
757
374
Central reserve city banks:
New York
Chicago
21,653
4,915
3,951
1,055
17,702
3,860
20,049
4,435
1,531
918
57
117
4,557
1,039
4,503
1,031
54
8
76
156
32,399
1,866
4,753
255
27,646
1,611
28,040
1,690
11,313
195
1,736
35
6,458
357
6,287
350
171
7
101
3
1,935
3,447
1,771
1,579
3,405
1,362
1,994
3,438
1,810
1,687
3,269
1,641
358
5,069
237
292
439
1,752
412
1,717
26
35
2
3
14,849
1,106
3,366
1,645
1,740
3,255
4,884
4,361
167
283
364
763
342
696
523
21
67
41
8
15
869
708
265
333
452
198
153
310
438
190
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
..
Atlanta
Chicago
. . . .
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis .
Kansas City
Dallas
San Francisco
553
.
.
...
953
2,676
2,357
7,985
. .
.
....
. .
. . .
...
. .
. .
. .
...
.
2,271
3,912
2,073
2,004
3,822
1 928
. . . .
. .
28,823
2 253
3,988
1,995
2 383
2,074
2,433
3 915
1,659
1,395
2,180
2 652
1,897
25
336
465
302
424
417
565
245
722
491
504
868
83
89
15
24
114
170
65
47
59
57
112
32
527
486
707
798
1,954
1,866
7,481
2,206
1,955
7,066
27,956
2,170
3,899
1,980
2,359
1,960
2,262
3,850
1,612
1,336
2,123
2,540
1,865
24,789
1,970
3,528
1,741
2,056
1,737
2,038
3,387
1,434
1,210
1,853
2,175
1,660
300
267
1,407
• 437
409
1,992
334
181
364
2,547
612
750
309
213
983
24
84
161
97
132
277
92
53
252
194
272
118
429
791
398
373
797
353
174
479
384
454
332
365
708
263
242
319
372
318
115
415
772
388
362
773
348
171
463
3
14
19
10
11
23
4
3
16
342
392
42
61
295
328
627
238
214
278
317
291
37
38
81
25
27
41
55
27
1
3
16
21
8
22
8
5
9
5
2
4
1
1
2
1
1
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.
8
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown.in the Member Bank Call Report.
4
Data for these districts are not entirely comparable with prior periods due to a redesignation of reserve cities on Mar. 1, 1948.
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 71,050 million dollars in the first half and 70,000 million in the second half of March.
530
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency 2
Total
in circulation l
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
5,519
536
882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
442
402
452
423
478
460
517
499
537
505
524
550
559
590
610
648
695
751
801
880
909
1,019
987
1,156
1,274 1,039
33
32
33
35
33
34
36
39
44
55
70
81
73
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
1946—November.
December.
28,861
28,952
20,447
20,437
1,355
1,361
1,010
1,029
1947- - January. . .
February. .
March....
April
May
June
July
August.. . .
September.
October. . .
November.
December.
28,262 19,808
28,304 19,873
28,230 19,807
28,114 19,684
28,261 19,773
28,297 19,769
28,149 19,622
28,434 19,837
28,567 19,881
28,552 19,833
28,766 20,008
28,868 20,020
1,337
1,337
1,344
1,351
1,351
1,355
1,356
1,362
1,375
1,385
1,396
1,404
1948—January. . .
February..
March....
28,111
28,019
27,781
1,382
1,385
1,394
End of year or
month
Large denomination currency 2
Unassorted
19,369
19,335
19,169
$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
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
5,705
7,224
9,201
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
125
112
122
135
139
160
191
227
261
287
407
555
454
237
216
239
265
288
327
425
523
556
586
749
990
801
65
67
2,169 6,543 9,305
2,173 6,497 9,310
8,416
8,518
2,458 4,711
2,492 4,771
435
438
972
967
969
972
985
986
980
990
1,010
1,011
1,020
1,048
63
64
63
63
63
64
63
64
64
63
64
65
2,074
2,090
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110
8,457
460 4,757
8,434
456 4,755
8,424
447 4,754
8,432
442
769
8,489
449
789
8,530
466
808
8,529
453
824
8,600 2,477
874
8,689
941
503
8,721
499
986
8,760 2,513 5,023
8,850 2,548 5,070
984
972
975
63
63
62
2,017 6,064
2,005 6,084
1,986 6,013
Coin
$2
$5
6,284
6,336
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275
9,077
9,079
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,858 8,745
8,826 8,687
8,738 8,614
2,511 5,022
2,492 4,996
2,470 4,962
$500 $1,000 $5,000 $10,000
10
7
16
18
12
32
32
60
46
25
22
24
24
10
5
8
7
5
2
4
4
3
2
3
2
782
783
21
26
2
3
434
433
432
431
430
430
428
428
428
427
426
428
774
769
771
773
804
810
806
804
800
793
782
782
23
14
14
12
11
12
12
12
12
11
11
17
3
3
1
1
2
2
2
2
2
3
3
3
424
421
416
771
762
749
12
12
11
3
3
1
5
7
7
6
17
20
30
24
9
9
10
7
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation l
Money
held by
For
Federal
Federal
Reserve
31, Feb. 29, Mar. 31,
Reserve Banks and Mar.
1948
1948
1947
Banks and
agents
agents
M o n e y leld in the Treasury
Total outstanding, As security
Mar. 31,
against
Treasury
1948
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
.
..
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
..
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Mar. 31, 1948
Feb. 29, 1948
Mar. 31, 1947
23,137
21,924
24 672
4,559
3
493
1,946
2,253
944
357
347
370
102
(4)
(4)
(4)
21,924
2
1,213
55
57
s2,253
307
1,946
(53)
()
24,177
24,071
21,495
19,063
2,815
1,025
360
46
23,592
4,143
46
23,857
4,116
48
23,999
4,183
30
3
154
154
147
15
8
3
278
31
8
35
4
1
1,974
899
341
308
365
101
1,952
892
339
307
370
101
1,996
869
328
314
421
108
4,200
4,235
3,886
27,781
1,325
1,325
1,336
19,063
18,961
16,406
28,019
'28',230' '
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. 523, and seasonally adjusted figures in table on p. 532.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves
against other types, a grand total of all types has no special
5
significance and is not shown. See note of explanation ol 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.
MAY
1948
531
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
End of year figures:
1939
1940
1941
1942
1943
1944
1945
1946
1947
Change in
seasonally
adjusted
series l
+742
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
7,598
8,732 '
11,160
15,410
20,449
25,307
28,515
28,952
28,868
Monthly averages of daily
figures:
1947—March
April
May
June
July
August
September....
October
November.
December.
28,273
28,185
28,158
28,236
28,259
28,252
28,654
28,598
28,648
28,937
1948—January
February
March
April
+58
+54
-56
+22
-62
+78
+317
-113
-36
+88
28,358
28,412
28,356
28,378
28,316
28,394
28,711
28,598
28,562
28,650
-341
-213
-71
-35
28,309
28,096
28,025
27,990
28,394
28,096
27,941
27,766
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around
the year end, adjustment factors have been revised somewhat for dates
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Gold
stock
at end
of
period
Period
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—April
May
June
July
August
September..
October
November..
December. .
1948—January
February...
March
April
Increase
in gold
stock
EarNet
marked
gold
gold:
deimport
crease
or export
or in(-)
crease (— )
2
—200 4
1,502 5 1,585 5
12,760
1,751.5 1,973 6
14,512
—333.5
17 644
3 132 0 3 574 2
—534 4
—644.7
21,995
4,351 2 4 744 5
—407 7
22 737
741 8
982 4
— 10 3
22 726
—458 4
315 7
—803 6
—788 5
21,938
68 9
20,619 — 1,319 0 —845 4
—459.8
20 065
—553 9
— 106 3 —356 7
465 4
20 529 8 464 0
311 5
2,224 9 1 866 3
22 754
210.0
20 774
311 5
272 0
44 1
20 933
159 0
129 7
13 1
333.4
119.0
21,266
200 2
270 6
26 7
21 537
219 2
228.8
21,766
111.7
42.3
21,955
189.4
109.6
153.1
22,294
339.0
450.8
-4.0
22,614
320.1
265.7
-82.8
22,754
139.5
178.2
—44.6
22,935
180.7
235.0
-14.9
23,036
101.5
159.4
-72.2
23,137
100.4
P99.9
63.4
P23.169
P32.1
6-111.5
(4)
Domestic
gold
production1
143 9
148. •
161 T
170 2
169 1
125 4
48 3
35.8
32 0
51 2
81.2
6 2
7 2
6.1
7 3
7.0
7.0
8.2
6.2
7.3
'6.0
5.5
r
6.4
(4)
r
P Preliminary.
Revised.
1
Annual figures are estimates of the United States Mint. For
explanation
of
monthly
figures
see table on p. 593.
2
Includes gold in the Inactive Account amounting to 1,228 million
on3 Dec. 31, 1937.
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
*
Not yet available.
6
Gold held under earmark at the Federal Reserve Banks for foreign
account including gold held for the account of international institutions
amounted to 3,880.4 million dollars on Apr. 30, 1948. Gold under earmark is not included in the gold stock of the United States.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York3
City
Other
leadings
cities
New
York8
City
Other
leading!
cities
308,913
369,396
403,400
412,800
449,414
522,944
598,445
18.0
20.5
22.4
24.2
25.5
25.2
24.1
18.4
17.4
17.3
16.1
16.9
16.5
18.0
Year and month
1942 *
1943
1944
1945
1946—old series6
1946—new series 5
1947
Total, all
reporting
centers
New
York
City*
641,778
792,937
891,910
974,102
} 1,050,021
1,125,074
1947—March
May
July
August
September
October
November
December
1943—January.
February
March
...
140
other
centers *
Other
reportingi
centers
New
York
City
Other
reporting
centers
226,865
296,368
345,585
404,543
417,475
405,929
347,837
419,413
462,354
479,760
527,336
599,639
67,074
77,155
83,970
89,799
105,210
119,506
16.1
16.5
17.1
18.3
19.0
21.0
13.1
11.7
10.8
12.0
200,337
258,398
298,902
351,602
374,365
407,946
400,468
93,308
87,771
87,840
94,447
93,740
84,427
91,903
105,290
92,910
118,382
33,547
31,391
30,895
35,632
34,779
28,331
31,837
37,504
31,738
46,225
49,955
46,904
47,464
49,267
49,178
46,720
49,962
56,554
51,002
60,295
9,806
9,475
9,482
9,548
9,783
9,377
10,104
11,232
10,169
11,862
11.9
11.3
11.3
12.1
11.6
11.0
12.1
12.4
13.1
13.5
34,439
29,997
31,695
35,092
33,026
29,025
31,605
35.162
33,531
44,131
50,582
46,403
48,023
48,595
48,525
47,026
49,978
55.025
51,621
59,878
24.9
21.5
22.7
25.6
22.9
20.6
23.1
23.9
26.5
29.9
18.6
17.0
17.3
17.9
17.2
16.6
18.0
18.2
19.8
20 0
105,188
90,267
107,631
37,615
32,271
39,587
56,351
48,501
56,896
11,223
9,495
11,148
20.4
19.2
19.0
22.7
21.2
17.5
20.2
21.8
21.6
27.2
22.3
22.1
23.4
12.7
12.6
12.7
38,286
32,298
38,648
55,902
47,890
56,372
26.2
25.6
26.4
18.7
18.6
19.1
9.7
10.0 {
1
2
National series for which bank debit figures are available beginning with 1919.
Number8 of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in ajiother
Weekly reporting member bank series.
Deposits and debits for first four months are partly estimated.
6
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ
•lightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation.
city. 4
532
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
End of month
Total
demand
deposits
adjusted
and
currency
outside
Time deposits
Demand
Total
deposits
adjusted
deposits
adjusted'
United
States
Government
deposits *
Currency
outside
banks
Commercial
banks * *
Mutual
savings4 6
banks
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
44,253
48,452
51,829
53,960
19,557
19,192
10,849
11,019
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
27,170
30,135
32,429
33,808
8,905
8.838
9,621
9,488
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
14,426
15,385
16,281
16,869
149
159
,186
,208
,292
,303
,303
,313
,315
,415
,576
,786
2,032
2,340
2,657
2,932
3,119
3,283
3,639
3,557
4,761
4,782
6,699
7,325
8,204
9,615
10,936
13,946
15.814
18,837
20,881
23,505
25,097
26,490
26,516
26,730
54,800
55,000
55,200
55,655
55,800
55,800
56,100
56,200
56,000
56,500
34,200
34,400
34,500
34,835
34,900
34,900
35,100
35,200
35,000
35,300
35,200
35,500
35,500
3,400
3,400
3,400
3,392
3,400
3,400
3,400
3,400
3,400
3,400
3,400
3,400
3,400
26,100
26,100
26,100
26,299
26,000
26,200
26,400
26,300
26,600
26,500
56,500
56,800
56,900
17,200
17,200
17,300
17,428
17,500
17,500
17,600
17,600
17,600
17,800
17,900
17,900
18,000
Total
Postal
Savings
System •
banks
1929—June
December
1933—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
December
1945—June
December
1946—June
December
55,171
54.713
41,680
42,548
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
162,784
175,401
171,237
167,107
26,179
26,366
19,172
19,817
38,661
42,270
45,521
48.607
52,806
62,868
71,853
79,640
80,946
90,435
94,150
102,341
105,992
110,044
51,532
51,156
36,919
37,766
60,253
63,436
65,949
68,616
71,027
85,755
94.347
103,975
115,291
127,483
137,687
148,911
144,721
140,377
22,540
22,809
14,411
15,035
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
69,053
75,851
79,476
83,314
381
158
852
1,016
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
24,381
24,608
13,416
3,103
1947—March (Mar. 26)
April (Apr. 30)..
May (May 2 8 ) . . .
June (June 3 0 ) . :
July (July 30)P. .
August (Aug. 27)P..
September(Sept.24)p
October(Oct.29)p...
November (Nov.26) v
December (Dec. 31)
1948—January (Jan. 28)P. .
February (Feb. 25)P.
March (Mar. 3 1)P
165,000
165,100
165,000
165,455
166,400
167,100
168,600
169,700
170,400
171,600
170,300
168,900
166,500
106,500
107,400
107,600
108,433
109,200
109,600
110,600
111,700
112,500
113.700
138,900
139,000
138,900
139,156
140,400
140,900
142,200
143,400
143,800
145,100
144,500
143,200
140,900
80,400
81,300
81,500
82,134
83,200
83,400
84,200
85,400
85,900
87,200
3,700
2,700
2,200
1,367
1,400
1,700
1,900
1,800
1,900
1,400
1,400
1,800
2,400
112,400
110,300
107,200
' 86,600
84,600
81,600
28,611
28,189
21,656
21,715
27,463
27,738
25,800
25,700
25,600
p 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.
«8 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.
• Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
1
1
POSTAL SAVINGS SYSTEM
BANK <SUSPENSIONS
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
Total,
all
banks
U. S. Government
securities
Total
Direct
1,192 1,046
1,224 1,078
1,274 1,128
L.345 1,220
1,716 1,716
2,252 2,252
J.837 2,837
$,182 3,182
Cash
reserve
Guar- funds,
an- etc 8
teed
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1,279
1,304
1,314
1,417
1,788
2,342
2,933
3,284
1,319
1,348
1,396
1,464
1,843
2,411
3,022
3,387
53
36
26
16
10
8
6
6
1947—May..
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...
3,387
3,393
3,398
3,396
3,407
3,412
3,413
3,417
3,508
3,523
3,548
3,553
3,542
3,524
3.527
3,525
5
6
6
6
6
6
6
6
5,277
5,302
5,351
5,360
5,325
5,314
5,314
5,308
3,277
3,302
3,351
3,360
3,325
3,314
3.314
3,308
226
216
191
188
212
205
207
212
1948—Jan... 3,432
Feb.. . 3,441
Mar... P3,445
3,541
3,551
6
6
5,332 3,332
5,336 3,336
204
209
146
146
146
126
74
88
95
102
118
152
179
200
p1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
MAY
1948
Number of banks suspended:
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—Jan -Apr
l
Nonmember
banks
Member
banks
InNational State sured
Noninsured
313
16
207
84
8
9
4
3
6
4
2
2
1
1
3
1
0
0
1
6
1
Deposits of suspended bankss
(in thousands of dollars) :
1934-40
131,934 14,872 26,548 49,689 40,825
1941
1942
1943
1944
1945
1946
1947
1948—Jan -Apr
3,726 3,144
1,702
6,223 4,982
405
0
0
167
503
1,375
1,241
405
79
327
167
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
1
Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
533
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES,, AND NUMBER OF BANKS
'Amounts in millions of dollar s]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Loans
Total
Cash
assets l
Total
Number
capital
of
accounts banks
U.S.
Government
obligations
Other
securities
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,491
10,051
10,360
10,560
10,630
10,600
10,723
10,780
10,770
11,160
23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
32,930
33,970
34,490
35,210
38,387
34,490
34,510
33,560
68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
153,349
154,100
156,210
157,970
158,730
161,850
158,230
157,130
154,160
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
11,810 89,680
12,450 90,910
12,430 92,520
12,290 93,760
13,033 95,727
'12,000 '93,020
11.470 92,130
10,920 89,620
25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
52,610
52,850
53,020
52,680
53,089
53,210
53,530
53,620
8,194 15,035
8,302 14,896
8,414 14,826
8,566 14,682
8,996 14,579
9,643 14,535
10,542 14,553
11,360 14,585
11,721 14,716
11,750 14,723
11,800 14,722
11,880 14,729
11,900 14,729
11,946 14,714
11,990 '14.718
12.040 '14,726
12,080 14,730
6,885 14,484
7,010 14,345
7,173 14,278
7,330 14,136
7,719 14,034
8,265 13,992
8,950 14,011
9,577 14,044
9,880 14,183
9,900 14,190
9,940 14,189
10,010 14,196
10,030 14,196
10,057 14,181
10,110 '14,185
10.150 '14.193
10,170 14,197
Total l
Interbank^
Demand
Time
All 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 2e
Aug. 27
Sept. 24*
Oct. 29ee
Nov. 26
Dec. 31
1948—Jan. 28•
Feb. 25 •
Mar. 31«
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
132,540
133,890
135,160
135,400
134,908
135,370
134,390
132,620
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
39,620 92,920 82,560
40,340 93,550 82,990
41,780 93,380 82,750
42,580 92,820 82,220
42,999 91,909 81,186
43,200 92,170 81,390
43,650 90,740 79,970
43,900 88,720 77,560
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 e2
Aug. 27
Sept. 24 •
Oct. 29 •
Nov. 26 •
Dec. 31
1948—Jan. 28«
Feb. 25«
Mar. 31«
40,668
43,929
50,746
67,393
85,095
105,530
124,019
113,993
112,756
113,970
115,280
116,440
116,740
116,268
116,600
115,540
113,600
17,238
18,800
21,714
19,221
19,117
21,644
26,083
31,122
33,679
34,880
35,560
36,940
37,700
38,055
38,240
38.660
38,860
23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
79,090
79,720
79,500
79,040
78,213
78,360
76,880
74,740
16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
70,539
70,330
70,800
70,540
70,120
69,207
69,350
67,930
65,470
7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
8,760
8,920
8,960
8,920
9,005
9,010
8,950
9,270
22,474
27,124
26,551
28,039
27,677
30.2C6
34,806
34,223
32,704
32,210
33,190
33,820
34,530
37,501
33,640
33,660
32,760
57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
135,907
136,550
138,580
140,300
141,120
144,087
140,350
139,180
136,130
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
11,810 89,670
12,450 90,900
12,430 92,510
12,290 93,750
13,032 95,711
'12,000 '93,010
11.470 92,120
10,920 89,610
15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,070
35,230
35,360
35,080
35,344
35,340
35,590
35,600
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 s
Aug. 27
Sept. 24*e
Oct. 29
Nov. 26*
Dec. 31
1948—Jan. 28 e
Feb. 25 •.
Mar. 31 •
33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
95,908
97,004
97,983
98,199
97,846
98,046
97,051
95,129
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
29,700
30,297
31,530
32,205
32,628
32,767
33 ,117
33,179
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
66,208
66,707
66,453
65,994
65,218
65,279
63.934
61,950
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
59,071
59,436
59,171
58,749
57,914
57,989
56,709
54,463
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
6,948
7,137
7,271
7,282
7,245
7,304
7,290
7,225
7,487
19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
28,694
28,182
29,013
29,596
30,306
32,845
29,387
29,431
28,744
49,340
56,430
61,717
78,277
92,262
110,917
129,670
118,170
115,435
115,950
117,623
119,122
119,891
122,528
119,105
118,039
115,190
9,410 28,231
10,423 33,829
10,525 38,846
11,000 54,523
10,555 66,438
11,884 79,774
13,640 91,820
12,060 78,920
11,041 76,380
11,270 76,586
11,822 77,563
11,874 78,913
11,710 80,044
12,403 81,785
'11,397 '79,383
10,894 78.603
10,364 76,270
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,094
28,238
28,335
28,137
28,340
28,325
28.542
28,556
5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,335
8,372
8,422
8,436
8,464
8,495
8.525
8,545
All mutual savings
banks:
1939—Dec 30
1940—j)ec 31
1941—Dec> 3i
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31*
1946—Dec. 31
1947—June 30 *
Aug. 27"e
Sept. 24 e
Oct. 29 e
Nov. 26
Dec. 31
1948—Jan. 28*
Feb. 25«
Mar. 31 •
10,216
10,248
10 379
10,754
11,871
13,931
'. 16,208
17,704
18,339
18,570
18,610
18,720
18,660
18,641
18,770
18,850
19,020
4,927
4,956
4,901
4.695
4,484
4,370
4,279
4,526
4,686
4,740
4,780
4,840
4,880
4,944
4,960
4,990
5,040
5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,830
13,830
13,880
13,780
13,696
13,810
13,860
13,980
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
12,140
12,230
12,190
12,210
12,100
11,978
12,040
12,040
12,090
2,188
2,078
1,774
1,487
1,297
1,232
1,246
1,400
1,513
1,600
1,640
1,670
1,680
1,718
1,770
1.820
1,890
818
966
793
663
797
584
609
818
839
720
780
670
680
886
850
850
800
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,442
17,550
17,630
17,670
17,610
17,763
17,880
17,950
18,030
3
4
6
6
8
10
14
16
14
10
10
10
10
17
10
10
10
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,540
17,620
17,660
17,600
17,745
17,870
17,940
18,020
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,784
1,842
1,850
1,860
1,870
1,870
1,889
1,880
1 ,890
1,910
i
1
1
1
1
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6.900
6,928
6,928
6,928
6,931
6,928
6,923
6,927
6.926
6,932
551
551
548
546
545
543
542
541
533
533
533
533
533
533
533
533
533
e
T
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 mutuai savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability1 data are not available.
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at all insured commercial banks.
2
June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments
of 34 million were transferred from noninsured mutual sayings to nonmember commercial banks. Deposits unclassified as to time or demand
have been included in time for mutual savings banks and in demand for commercial banks.
For other footnotes see following page.
534
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Other
Cash
assets l
Total
U. S.
Government
obligations
Other
securities
18,903
18,841
21,352
25,765
30,733
33,250
37,583
47,336
64,666
82,030
96,043
81,445
77,433
76,691
40,705
58,683
75,875
88,912
73,554
69,136
67,941
6,631
5,983
6,155
7,131
7,891
8,297
8,750
27,586
27,183
29,733
34,292
33,694
32,190
36,926
87,803
104,094
125,714
147,775
136,990
133,659
141,851
37,576
47,499
58,308
69,312
63,723
62,982
65,280
10,183
10,116
11,480
13,925
17,272
18,764
21,428
27,393
37,382
46,828
55,387
46,451
44,218
43,852
23,744
34,065
43,292
51,250
41,658
39,271
38,674
3,648
3,318
3,536
4,137
4,793
4,947
5,178
16,184
16,017
17,570
20,114
20,012
19,342
22,024
50,468
59,961
71,858
84,939
78,775
77,146
82,023
21,687
26,759
33,261
37,871
32,639
31,820
32,566
5,905
6,171
7,196
8,850
9,424
9,891
11,200
15,782
20,588
26,065
29,021
23,216
21,928
21,365
13,802
18 883
24,393
27,089
21 384
19,927
19,240
1,980
1 705
1,672
1,933
1,832
2,001
2,125
8,096
7 773
8,290
9,731
9 575
9,353
10,822
Insured n o n m e m b e r
commercial b a n k s :
1942—Dec. 31
1943—Dec 31
1944—Dec 30
1945—Dec. 31
1946—Dec 31
1947—j u n e 30
Dec. 31
6,984
9,258
11,824
14,639
15,831
15,896
16,444
2,818
2,556
2,678
2,992
4,040
4,597
4,958
4,166
6,702
9,146
11,647
11,791
11,299
11,486
3,162
5,739
8,197
10,584
10,524
9,949
10,039
1,004
962
949
1,063
1,268
1,350
1,448
Noninsured n o n m e m ber commercial
banks:
1942—Dec. 31 « ,
1943—Dec 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 3 0 ' . . ,
Dec. 31
1,154
1,588
2,148
2,211
1,815
2,074
1,993
318
276
430
472
836
1,312
1,856
1,893
1,426
1,645
1,521
674
1,160
1,682
1,693
1,226
1,403
1,266
All n o n m e m b e r c o m mercial b a n k s :
1942—Dec. 31
1943—Dec. 31 .
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 V
Dec 31
8,137
10,847
13,972
16,849
17,646
17,970
18,438
3,136
2,832
2,971
3,310
4,429
5,027
5,430
5,002
8,014
11,002
13,539
13,217
12,943
13,008
3,836
6,899
9,880
12,277
11,749
11,352
11,305
2 007
7 525
9 223
10 846
11,891
12,375
12,683
740
3 073
3,110
3,081
3,250
3,370
3,560
1 267
4 452
6 113
7 765
8,641
9,005
9,123
3 844
5 509
7 160
7,946
8,216
8,165
861
8 747
4 345
4 708
5,361
5 813
5,964
5,957
3 954
1 411
1,260
1,198
1 275
1,316
1,384
4 792
2 935
3 448
4,163
4 538
4,649
,573
3 711
2 246
2,819
3,522
3 833
3,924
3,813
Total
Loans
66,240
83,507
103,382
121,809
112,178
110,682
114,274
National m e m b e r
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec 30
1945—Dec 31
1946—Dec. 31
1947—June 30
Dec. 31
State member
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec
1947—June
Dec.
All insured commercial
banks:
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec 31
1946—Dec. 31 .
1947—j u n e 30
Dec 31
banks:
31 . . . .
31
30 . . .
31
31
30 . .
31
Insured mutual savings
banks:
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—June
Dec.
31
31
30
31
31
30
31 . .
Noninsured mutual
savings banks:
1942 DPO
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—June
Dec
31
31
30
31
31
30 *
31
292
318
389
Total l
Interbank^
Demand
Time
Total
Number
capital
of
accounts banks
11,144 60,504
10,705 74,309
12,074 89,761
13,883 104,015
12,320 91, U4
11,243 87,930
12,670 94,300
16,154
19,081
23,879
29,876
33,526
34,486
34,882
7 055
7,453
7 989
8,671
9 286
9 5S8
9,734
13 343
13,270
13 263
13,297
13 354
13 386
13,398
7,400
7,159
8,056
9,229
8,169
7,432
8,410
34,499
42,605
50,900
59,486
52,194
50,694
54,335
8,570
10,196
12,901
16,224
18,412
19,020
19,278
3 729
3,950
4,265
4 644
5 138
5,296
5,409
5 081
5,040
5,025
5 017
5 007
5,012
5,005
27,808
32,302
39,059
44,730
39,395
38,289
40,505
3,600
3,397
3,827
4,411
3,890
3,609
3,993
20,024
23,833
28,874
32,334
26,726
25,686
27,449
4,184
5 072
6,357
7,986
8,779
8,994
9,062
2 371
2 525
2,703
2,945
2 957
3 019
3,055
1 598
1 698
1 789
1,867
1 893
1 916
1 918
3,308
3,395
3 875
4,448
4,109
3,498
4,083
9,535
11,842
14,809
18,119
18,836
18,240
19,340
145
5,981
7,870
9,987
12,196
12,225
11,550
12,515
3,409
3,823
4,632
5,680
6,351
6,488
6,558
979
1,022
1,083
1,193
1,245
1,271
955
6 667
6,535
6 452
6 416
6,457
6 461
6,478
162
153
452
494
793
764
305
365
404
514
575
927
1,261
1,892
1,905
1,302
1,351
1,411
275
267
473
514
530
1,332
1,829
2,358
2,452
2,043
2,248
2,236
241
270
174
200
200
461
462
276
279
290
322
324
729
714
690
1,166
1,115
1,122
1,262
1,468
1,591
1,703
3,760
3,889
4,348
4,962
4,639
4,013
4 658
10,867
13,671
17,168
20,571
20,879
20,488
21,575
638
629
6,908
9,131
11,879
14,101
13,526
12,901
13,926
3,650
4,092
4,938
6,045
6,756
6,949
7,021
1,230
1,245
1,298
1,362
1,483
1,566
1,595
7,460
7,299
7,181
7 130
7,147
7,258
7 261
405
608
604
606
695
130
559
400
429
612
2,048
7 534
8,910
10 363
11,428
11,901
12,207
1
1
12
14
2,044
7,527
8,902
10,351
11,415
11,889
12,192
201
808
892
1
4
7
8
12
13
1 034
1,173
1,218
1,252
56
184
192
192
191
2
1
2
2
3
2
3
8,618
4,203
4,464
5,020
5,439
5,539
5,553
1,035
468
485
558
611
624
637
241
255
789
958
658
675
1 082
533
238
184
180
206
689
629
641
705
724
760
8 620
4,204
4,466
5,022
5,442
5,541
181
211 . 5,556
149
190
244
260
201
266
164
299
161
181
336
436
363
309
448
351
425
597
797
783
191
194
490
361
351
350
350
342
339
8
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year
comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947.
For other footnotes see preceding page.
MAY
1948
535
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Commer-
Class of bank
and
call date
Loans for
purchasing
U. S. Government obligations
cial,
or carrying
Total
in- Agri- secui ities Real
loans
and
cludCones- sumer Other Total
invest- Total ing cul- To
tate loans loans
open- tur- brokments
Total
al* ers To loans
marothket
and
padeal- ers
peri
ers
All insured commercial banks:
1941—Dec. 31.. 49,290
1942—Dec. 31.. 66,240
1943—Dec. 31.. 83,507
1944—Dec. 30. 103,382
1945—Dec. 31.. 121,809
1946—Dec. 31.. 112,178
1947—June 30. . 110 682
Dec. 31.. 114,274
Member banks,
total:
1941—Dec. 31.. 43,521
1942—Dec. 31.. 59,263
1943—Dec. 31.. 74,258
1944—Dec. 30.. 91,569
1945—Dec. 31.. 107,183
1946—Dec. 31.. 96,362
1947—June 30. . 94,802
Oct. 6.. 07.328
Dec. 31.. 97^846
New York City:2
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Oct. 6 . .
Dec. 3 1 . .
Chicago:*
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30.
Oct. 6.
Dec. 3 1 . .
Reserve city banks:
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31
1944—Dec. 30.
1945—Dec. 3 1 . .
1946—Dec. 31.
1947—June 30
Oct. 6 . .
Dec. 3 1 . .
Country banks:
1941—Dec. 31.
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 3 1 .
1946—Deq. 31.
1947—June 30.
Oct. 6.
Dec. 3 1 . .
Insured nonmember commercial b a n k s :
1941—Dec. 31 .
1942—Dec. 31 .
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 3 1 . .
1947—Tune 30
Dec. 3 1 . .
Inv astments
614
662 4,773
4,!
950
597 4,646 2,269
1,414 922 4,437 1.868
2.269 2,265 4.343 1.888
3,164 3,606 4,677 2,361
1.517 1.609 7,103 4.031
988
18,012 1,610
18.02*
16,08°
16,28°6
18,67
22,775
26,696
28,655
30,738
32,628
3,007
3,< 92
25,500 19,539 971
8,671 972 594 598 3,494
7,387 1,089 934 538 3,423 1,847 870 43 17S 37.546 4,363 6,'285 5,409
7,421 1.023 1,398 839 3,274 1,484 848 57,970 52,948 4.360 12.071 6,906
7,531 1,198 2,249 2.108 3,209 1,505 877 72.893 67,685 3.748 13.082 14,127
8.949 855 3,133 3,378 3,455 1,900 1,104 84,408 78.338 2.275 16,985 14,271
13,154 884 1,506 1,467 5,358 3,308 1,020 69,666 63,042 1.167 10.043 5,602
13,820 972 1,507 1.154 6,240 3,998 965 66,146 59.198 773 7,544 4,369
66 S00 50.288
16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815
1,450
1,642
1,505
1,723
1,314
1.358
14 765 t 540 1
4,072
4,116
4,428
5,760
7,334
6,368
6,548
6,881
7,179
2,807
2,546
2,515
2,610
3,044
4,078
4,171
8
412
787
21
24 1,054
30 1,742
169
193
323
859
5,361
545
2,760
3,973
4,554
5,443
5,931
4,765
4,802
5.040
5,088
954
832
1,004
1,184
1,333
1,499
1,565
1,724
1,801
732
658
763
738
760
1,094
1,178
6
6
6
17
2
3
1
1,418
3
15.347
20.915
27,521
33.603
40.108
35,351
34,611
35.792
36,040
7,105
6,102
6,201
6,822
8,514
10,825
11,441
12.405
13,449
3.456
2,957
3,058
3,034
3.661
5,548
5,726
300
290
279
348
205
201
197
7,088
225
12,518
16.419
22.188
28,520
35,002
35,412
35.057
36.027
36,324
5,890
5,038
4,654
4,910
5,596
8,004
9,102
9,638
10,199
1,676
1,226
1,084
1,149
1,484
2,433
2,744
659
772
713
802
648
681
774
20
17
25
32
42
29
26
3,096
818
* 23
5,776
6,984
9,258
11,824
14,639
15,831
3,241
2,818
2,556
2,678
2,992
4,040
543
370
356
389
512
862
04 c
478
553
482
525
459
474
20
16
16
21
31
12
576
11
16^444 4,958 1,049
563
13
4.5OT
28,031
1,042 47.336
918 64,666
944 82.030
1,181 06.043
1,098 81,445
21,046
40.705
58,683
75,875
88.912
73,554
* 1 7 1 ?7R 8 ?O1 4 803 1 .047 77 AM 60 H6
823 1,190 9,266 5,654 1,028 76,691 67,941
12,896
17,957
19,994
24,003
26,143
20,834
20,332
20,469
20,393
15,80ft
45
Direct
CertifiGuarcates
anof
inBills debt- Notes Bonds teed
edness
21,259
18,903
18,841
21,352
25,765
30,733
^^ 250
37,583
9,214
7,757
7,777
7,920
9,461
14,016
123
117
107
86
80
99
104
303
252
253
287
455
500
267
111
564
48
34
102
163
211
117
100
52
32
52
163
233
101
84
22
23
22
24
36
51
42
62
45
45
51
105
130
73
87
46
149
2,453 1,172
1,096 389
1,196 286
54
8,823
13.841
15,566
18,243
18.809
14,465
13,784
13.588
330 13,214
148
153
179
298
250
291
96
1,806
3,141
3.550
4,258
4.598
3,266
3.237
3 316
26 3.287
18
14
34
40
29
29
4,462
4,636
3,971
2,455
1.271
6J727
13.218
15.300
19,071
12.288
83 S 0.441
2,124 7,552
1,430
2,789
3,238
3.913
4,213
2,912
2,890
2 035
2,890
256
397
199
250
133
60
106
*637
877
1,045
1.467
498
368
235
114
194 1,527
8,243 6.467 295
1.1 12
97
153 1,486
808
312 14.813 13.038 1.441
217
267 1,420
658
301 21.321 19.682 1,802
311
777 1,379
660
313 26.781 25,042 1.704
427 1,503 1,459
855
404 31.594 29.552 1,034
264
704 2,237 1,436
435 24.527 22,250
441
185
540 2,713 1.675
405 23.170 20.845
334
23 207 20.884
170
484 3,147 1,969
366 22,591 20,196
373
2.253
4,601
5,730
6,982
3,799
3.03*
64
59
82
156
228
142
1,282
1,225
1,165
1,136
1,224
1,748
•12^ 1 .06^
125 2,139
903
153
119
391 1,282
83
484 1,602
74
779 1.809
31
749 1,864 . . . .
146 2,207 . . . .
132 2,284
" 2 4 8 2,274
729
593
444
468
606
557
631
6O4
638
830
701
558
596
629
601
582
588
604
193
182
166
158
160
181
167
186
155
185
204
187
213
173
176
185
175
205
4,248 1,173 956 820
6,810 811 954 821
9.943 749 913 726
11,987 440 1,000 740
5 1,126
15.878
916
4 1,272 1,004
16,013
3 1 .364 062
15,96"
1.390 1.023
3 1,342 1.053
2,358 1,901 15,560
751
1,723
2.497
5,181
5,653
1,993
1,503
861
574
538
241
9
6
5
1,222
1,252
1,214
1,230
1,342
1,551
1.81?
1,028
1,500
3,162
5.739
8.197
10.584
10.524
99
276
223
180
104
271
179
156
76
6
3
0 040
6?
11,486 10,039
136
563
560
560
566
619
752
845
931
462
435
403
383
443
516
505
517
6,628
11,380
17.534
23.610
29.407
27,408
25,05
26.38o
229 26,125
854
422
173
385
70
383
67
460
77
79
723
8?
80s,
992
76
11,729 3.832 3.090 2,871
18,948 2.540 2,965 0 664
27,265 2.345 2.729 2,294
34.927 902 2,857 2,350
16 3,254 2.815
44,792
11 3,548 3,077
46,219
10 3,982 2,966
16.502
4.224 3 079
45,286 "io 4,199 3] 105
4,377
110
481 2.926
671 1,251 1,240 5,436
9.172
15.465 1,032 3,094 2.096 8,705
21.552 882 3,466 4,422 12,540
26.999 630 5,102 4.544 16,713
24,572 279 4,020 2,470 17,7971
197 3.035 1 ,960 17.60*
12.803
23 164
22,857 480 2,583 2,108 17,681
1,823
1,1 30
1.797 674 393
528
381
1.725
1,719 547 351
707
363
1.881
2,970 1,312 306
3.381 1,69 < 240
227 3,827 1^979
States Other
and secupolit- rities
ical
subdivisions
3,159 12,797 4.102 3,651 3,333
5,799 20,999 2,718 3,533 3,098
7,672 30,656 2,501 3,287 2,696
15,778 39,848 978 3,422 2,733
22 3,873 3.258
16,045 51,321
15 4,298 3,592
6.780 53.200
S 341 S3 505
14 4.876 1.471
14 5,129 3,621
5,918 52,334
7,265 311
1.623 3,652 1,679
12.547 1.855 2,144 2.056 5.420 1.071
14,563 1,328 3.409 1,829 7.014 984
17,179 913 3.740 3,745 8,592 189
1
17,574 477 3.433 3,325 10,337
1
992 10,202
13,308 387 1,725
137 1,103
1
775 10,555
12,571
12.305
.....
640
558 9,771
11,972 1,002
132
183
161
197
310
471
273
244
Obligations
of
2,535
4,166
6,702
0.146
11.647
11.701
11 . ?Q<
17
442
152
390
766
1,147
1,319 1,652
2,087 1,774
2.247 1.170
1 .8O7
1,736
07"?
1,104
1,069
2,053
3,395
4,928
6.538
6,991
7 nn
7^058
956
855
829
1,067
1,285
1 .250
1 .034 1 .201
6 2,006 1,262
4
4
* These figures do not include data for banks in possessions ot the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial bank?."
During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered
by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning
Dec. 231, 1045 these items may not be entirely comparable with prior figures.
Central reserve city banks.
536
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
AH insured commercial banks:
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Dec. 3 1 . .
Reserves
Cash
with
Federal in
Revault
serve
Banks
DeBalances mand
dewith
posits
doadmestic
banks* justed*
Interbank
deposits
U.S.
Government
DoFormestic1 eign
12,396
13,072
12,834
14.260
15,810
16,013
16 0*0
17^796
1,358
1,305
1.445
1.622
1,829
2,012
1 .804
2,145
8,570
9,080
8,445
9.787
11,075
9,481
8.408
9,736
37,845
48.221
59.921
65,060
74,722
82.085
31
31
31
30
31
31. .
30
6..
31. .
12.396
13.072
12,835
14,261
15,811
16.015
16.040
16.046
17,797
1,087
1,010
1,132
1,271
1,438
1,576
,400
.406
L.672
6,246
6.147
5,450
6,354
7,117
5,936
5,521
5.903
6,270
33.754
42.570
52,642
57.308
64.184
70.243
60.505
70 70^
73,528
New York City:*
1941—Dec. 31
1942—De.c. 31. .
1943—Dec. 3 1 . .
1944— Dec. 3 0 . .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Oct. 6 . .
Dec. 3 1 . .
5,105
4,388
3,596
3,766
4.015
4,046
4,166
4.254
4,639
93
72
92
102
111
131
123
143
151
141
82
61
76
78
87
50
55
70
10.761
11.800
13.800
14.04?
15,065
16.429
16.494
15 041
16,653
5,595
5 200
2^867
5.170
vJ.535
5.031
2.808
2 975
3,236
1,021
*902
29S
164
15?
177
200
172
162
144
175
2,215
2^557
3 050
.027
. 105
90 ^
1,070
43
3?
35
43
36
29
36
30
30
3 > 041
3,153
3^356
3.427
V612
3,737
^292
I.' 130
.056
.111
L.196
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30
Ort. 6
Dec. 3 1 . .
4,060
4,940
5,116
5,687
6,326
6,337
6,274
6 764
7,095
425
365
391
441
494
532
470
404
562
2,590
2,202
1,758
2,005
2,174
1,923
1.864
1.835
2,125
11.117
14.840
18,654
20.267
22.372
24,221
24.166
24 580
25,714
4,30?
4,831
4.770
c5.421
6.307
5.417
4L773
5.378
5,497
Country banks:
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31. .
1947—June 30.
Oct. 6 . .
Dec. 3 1 . .
2,210
2.842
3.303
3.900
4,527
4,703
4.628
4.034
4,993
526
542
611
684
796
883
9.661
13.265
17.030
19.958
23,595
26,23/
25.50*
26.660
27,424
790
957
904
929
3,216
3.600
3.474
4,007
4,665
3.75J
3 ,444
3 050
3,900
271
287
313
352
391
437
305
473
2,325
2^934
2.996
3,434
3,950
3,547
2.070
3,466
4,09?
5^651
7.270
8,652
10.537
11.842
n 274
12,223
9.823
10.234
9.743
11.063
12.566
10.888
SO 860 0.807
85,751 11,236
673 1.761
813 8,167
893 9.950
948 19.754
1,248 23,740
1,364 2,930
1 .37? 1 .247
1,379 1,325
Time deposits
CertiIndified viduals,
States
and partnerand
Interships,
political officers1 and cor- bank
subdivisions checks poraetc.
tions
3,677 1,077
3.996 1,210
4,352 1.660
4.518 1.354
5.098 2,585
5.967 2,361
6 40^ 2 111
6,692 2,559
36.544
47,122
58.338
64.133
72.593
79.887
78 077
83,723
158
97
68
64
70
68
3,066
3,318
3,602
3,744
4,240
4,915
5.376
5.050
5,504
1.000
1.142
1,573
1.251
2,450
2,207
1.976
1.821
2,401
866
4.186
3.395
6.722
6.940
651
170
564
267
319
263
252
199
237
218
26'
225
290
127
665
713
I 400
U. S.
Government
and
Postal
Savings
States
and
political
subdivisions
IndiCapividuals Bortal
partner rowacships, ings counts
and cor
porations
54
59
61
124
109
103
119
111
111
492 15,146
397 15.697
395 18,561
423 23,347
496 29,277
664 32.742
771 ?3,604
826 33,946
33.061
42,130
51.820
56,270
62,950
69,127
67,93*
69.047
72,704
140
87
62
58
64
62
60
50
50
50
56
120
105
99
114
106
110
105
418
332
327
347
399
551
649
661
693
11.878
12,366
14,822
18.807
23,712
26,525
27,259
27.511
27,542
4 5,886
5 6,101
39 6,475
111 6,968
208 7,589
30 8,095
50 8,315
332 8.463
54 8,464
450
448
710
361
1.338
942
915
783
1,105
11,282
12.501
14,373
14.448
15,712
17,216
17,202
16.463
17,646
6
3
4
11
17
20
22
14
12
5
7
10
15
14
12
12
29
23
26
17
20
39
17
17
14
778
711
816
977
1,206
1,395
1,407
1.437
1,418
1,648
1 727
l',862
1,966
2,120
2,205
2,234
"i 2,250
268
30 2,259
'152
181
161
72
233
178
174
167
237
228
304
323
285
34
38
44
33
66
47
55
50
63
2,152
2.588
3.007
3,100
3,160
3.495
3.417
3 548
3,853
288
304
326
354
377
404
416
420
426
491
54
63 1,982
3.373
63
70 6.157
110 8,221
991
127
100
311
780
125
405
131
1,144
1.310
1,448
1,500
1,763
2,077
2,301
2.025
2,282
286
385
475
488
611
693
554
554
705
11.127
15.061
18.790
20,371
22.281
24.288
23 934
225
1,090
1.962
4.230
5.465
877
1.370
1,558
1.727
1,868
2,004
2,391
239
272
344
360
435
524
704
432
2.487
2,647
64
10
10
46
122
215
39
60
61
6,844
7,055
7,453
7,989
8,671
9,286
0.558
9,734
Member banks
total:
1941--Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Oct.
Dec.
Chicago:1
1941
Dec
X
^r^ X
*S
t»**» 31
v •*•
1942
1943 Dec
Dec. 31
31
1944 Dec 30
1945—Dec 31
1946—Dec. 31
1947—June 30
Oot. 6
Dec. 31
Reserve city banks.
821
942
928
973
780
820
671 1.700
9,714
811 7.923
10.101
891 9.444
0.60^
945 18,500
10.881
12.333 1,243 22.170
10.644 1,353 2,672
0.612
,360 1.005
10 471 .455 2.308
10,978 1,375 1,176
972
132
,140
.100
,067
88S
0O6
,049
607
733
810
851
1,105
1.195
1.228
.208
1,217
g
12
14
16
20
24
24
25
21
2
4
5
8
8
8
8
7
7
29
96
195
2
2
2
2
4
6
7
9
476
453
505
619
719
823
864
871
902
104
63
41
33
30
25
21
20
22
20
22
56
40
38
43
41
46
45
243
169
151
154
160
235
310
314
332
4,542
4,805
5.902
7,561
9,563
10,580
10,888
10.975
11,045
8.500
11.989
15 561
18.350
21,797
24,128
43 5 24.528
528 25,203
30
20
17
14
17
17
31
32
56
57
52
55
17
17
50
45
6,082
6,397l
7,59
9.650
12,224
13,727
30?" ' 4 ,10 *
324 14.220
337 14,177
38 2,869
28 2.046
23 2,934
68
3,483
4.983
76
96
6,518
103
7.863
135
9,64.*
154 10.761
1 35 !0 144
158 11.019
18
10
6
6
6
6
4
4
8
5
4
4
4
5
5
6
74
65
68
76
97
113
12?
132
6
5
6
10
7
9
10
7
24.508
26,003
2
2
ii
146
14C
140
175
210
272
•«.
...
1
2
'" 2
4
11
35
1
1,967
2,028
2,135
2,327
2,566
2,729
2,796
2.847
2,844
4 1,982
3 2,042
10 2.153
16 2.321
11 2,525
26 2,757
[nsured n o n -
member commercial banks;
1941
Dec
X
S TI L
XS
Ks\J • \J31
X
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Tune 30.
Dec. 31
....
108
133
141
18?
233
244
104
258
2
2
2
3
5
11
3
4
53
243
506
1.245
1,560
258
1 52
149
611
678
750
775
858
1,052
1.110
1,188
3,276
3,330
3,750
4.55
5,570
6,232
6361
6,420
959
955
979
1,022
1,083
1,193
1 .245
1,271
» Beginning June 30. 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
MAY
1948
537
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total— #
Leading Cities
1947—March
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
November. .
December. .
63,724 19,695 12,107
64,953 22,887 14,154
65,135 23,428 14,569
1948—January....
February. . .
March
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
Real Loans
estate to Other Total
U. S. Other U.S. Other loans banks
Govt. se- Govt.
obobliga- curi- liga- curitions ties tions ties
402
Other
Cersecutifirities
cates
Bills of in- Notes Bonds1
debtedness
To others
Total
573
496 2,687
150 2,858 44,029 39,979
457
527
451
407
494 3,356
503 3,427
3,811 2,159 30,975 4,224
3,345 42,066 37,842
199 3,409 41,707 37,474 I ,251 3,291 2 ,832 30,100 4,233
65,178 23.315 14.704
64,405 23,460 14,636
63,366 23,472 14,522
419
387
219
378
437
432
389
415
333
302
282
502 3,497
485 3,546
479 3,595
163 3,465 41
235 3,489 40
232 3,510 39.
999 5,475 3,198 30,307 4,050
2,164 3,390 2,790 29,266 4 ,253
2,262 3,250 2,666 28.576 4 ,191
1,995 3,918 2,496 27,191 4,294
2,468
2,214
2,210
2,156
3,408
3,271
3,207
3,115
2,715
2,695
2,657
2,599
28,719 4 ,212
28,611 4,195
28,560 4 ,190
28,411 4,166
Feb. 4 . . . .
Feb. 11
Feb. 18
Feb. 25. . . .
64,874
64,410
64,277
64,057
23,352
23,424
23,453
23,610
14,644
14,692
14,619
14,591
229
351
399
532
392
392
370
402
306
307
299
294
490 3,525
488 3,542
484 3,550
479 3,565
3,495 41,522
3,486 40,986
249 3,483 40,824
253 3,494 40,447
37,610
36,754
35,600
H.310
36,791
36,634
36,281
Mar.
Mar.
Mar.
Mar.
Mar.
63,494
64,128
63,756
63,232
62,220
23,439
23,654
23,392
23,421
23,452
14,540
14,592
14,578
14,484
14,417
476
436
349
431
494
355
524
411
375
411
285
281
276
279
286
479
486
479
475
475
3,569
3.583
3,598
3,610
3,615
233
265
190
254
215
3,502 40,055
3,487 40,474
3,511 40,364
3.513 39.811
3,539 38,768
35,845
36,193
36,061
35,469
34,433
2,048
2,347
2,379
1 ,930
1,272
3.972
4,028
3,938
3.907
3,745
2,559
2,579
2,572
2,467
2,305
27,
,210
27,239 4 ,281
27,172 4,303
27,165 4,342
27,111 4,335
62,870 23,334 14,337
62,855 23,269 14,333
63,454 23,480 14,205
62,940 23,160 14,159
403
379
423
387
428
407
482
422
281
272
274
280
475
4763,627
3,643
489 3,656
469 3,669
239
191
380
190
3,543 39,536
3,569 39,586
3,571 39,974
3,584 39,780
35,215
35,260
35,643
35,475
1,853
2,006
2,307
2,219
3,831
3,778
3,851
3,839
2,403
2,386
2,394
2,420
27,
,321
27,090 4 ,326
27,091 4,331
26,997 4,305
109
205
99
131
9,955 1,172
74
64
193
202
105
104
160
160
51
47
45
199
189
188
106
109
113
192
190
188
187
3....
10
17....
24
31. . . .
Apr. 7. ...
Apr. 1 4 . . . .
Apr. 21
Apr. 28. . . .
New York City
1947—March
19,998
6,164
4,407
310
November..
December. .
19,903
20,056
7,088
7,286
5,191
5,343
320
299
1948—January....
February. . .
March
20,001
19,776
19,238
7,045 5,329
7,135 5 ,245
7,108 5,164
162
309
376
314
377
308
275
304
Feb. 4
Feb. 11
Feb. 18
Feb. 25
19,996
19,723
19,698
19,685
7,038 5,267
7,100 5,290
7,140 5,215
7,261 5,208
170
290
323
451
276
276
261
288
Mar.
Mar.
Mar.
Mar.
Mar.
19,285
19,639
19,298
19,087
18,879
7,087
7,245
7,023
5,141
407
378
293
370
432
249
393
296
270
312
19,192
19,010
19,504
19,023
7,072 5,120
7,048 5,139
,059
7,219
,030
6,956
346
332
381
341
326
304
354
311
Qutside
New York City
1947—March
43,726
November.
December.
45,050
45,079
13,531 7,700
15,799 8,963
16,142 9,226
99
143
150
377
343
301
301
51 2,614 29,251 26,203
39 2,672 28,937 25,898
1948—January...
February. .
March....
45,177
44,629
44,128
16,270 9,375
16.325 9,391
16,364 9,358
124
114
111
282
255
237
303 3,391
296 3,437
3,482
34 2,704 28,907 25,863
43 2,720 28,304 25,278
82 2,742 27,764 24,682
485 3,182
2,755
,007 2,764
,113 2.635
,072 2,943
Feb. 4.
Feb. 11.
Feb. 18.
Feb. 25.
44,878
44,687
44,579
44,372
16,314
16,324
16,313
16,349
9,377
9,402
9,404
9,383
116
116
109
114
257
262
252
248
3,418
298 3,434
296 3,440
292 3,455
63
34
23
52
,154
,110
,118
,071
2,712
2,665
2,629
2,535
2,167
2,139
2,124
2,071
19,500 3 ,031
19,422 3,027
19,369 3,026
19,326 3 ,020
Mar.
Mar.
Mar.
Mar.
Mar.
3.
10.
17.
24.
31.
44,209
44,489
44,458
44,145
43,341
16,352
16,409
16,369
16,374
16,315
9,376
9,411
9,404
9,324
9,276
106
131
115
105
99
240
238
234
233
239
293 3,459
291 3,472
291 3,484
289 3,496
290 3,501
74
82
47
121
83 2,765
27,857
28,080
28,089
27.771
27,026
24,806
25,013
24,988
24,674
23,932
,077
,206
,279
,091
712
2,947
3,033
3,002
2,945
2,787
2,046
2,061
2,039
1 .985
1,845
18,,736 3 ,051
18,713 3 ,067
18,668 3 ,101
18.65^3 3.097
18,,588 3 ,094
Apr. 7.
Apr. 14.
Apr. 21.
Apr. 28.
43,678
43,845
43,950
43,917
16,262
16,221
16,261
16,204
9,217
9,194
9,146
9,129
102
103
128
111
232
223
225
231
2903,511
290 3,525
287 3,538
286 3,546
84
46
100
49
2,769
2,793
2,795
2,806
27,416
27,624
27,689
27,713
24,326 907 2,877 1,922
24,529 1,086 2,936 1,911
24,575 1,114 2,967 1,897
24,597 1,161 2,959 1,892
3
10
17
24
31
Apr.
1....
Apr. 1 4 . . . .
Apr. 21
Apr. 28. . . .
49
45
13,834 12,662
390 1,295 1,022
12,815 11,639
12,770 11,576
412
661
129
192
150
731
737
761
769
768
107
108
110
110
208
132
226
201
769
769
770
770
12,958
12,623
12,558
12,424
11,777
11,455
11,394
11,278
186
195
188
186
185
110
111
114
114
114
159
183
143
133
132
767
761
773
768
774
186
185
202
183
116
118
118
123
155
145
280
141
774
776
776
778
375 10,223 ,176
481 9,898 ,194
12,956 11,747 1,157
12.641 11,476 1.149
12,130 10,918 923
629
536
626
615
975
512
541
501
9.452
9.171
8,519
,209
,165
,212
1,314
1 ,104
1,092
1,085
696
606
578
580
548
556
533
528
9,219
9,189
9,191
9,085
,181
,168
,164
,146
12,198
12,394
12,275
12,040
11,742
11,039 971 1,025
11,180 1 ,141 995
936
11,073 1,100
962
10.795 839
958
10,501 560
513
518
533
482
460
8,530 ,159
8,526 ,214
8,504 ,202
8.512 ,245
8,523 1,241
12,120
11,962
12,285
12,067
10,889 946
10,731 920
11,068 1,193
10,878 1,058
954
842
884
880
481
475
497
528
8,508
8,494
8,494
8,412
2,238 30,195 27,317
2,588
28,564 25,533
2,717 28,363 25,336
2,713 28,266 25,240
2,724 28,023 25,003
2,726
1,231
1,231
1,217
1,189
609 4,180 2,176 20,352 2,878
1,784 20,752 3,048
2,351 20,202 3,039
2.278 19,814 3,044
2,125 19,405 3.026
1,995 18,672 3,082
18,620 3,090
18,596 3,095
18,597 3 ,114
18 ,585 3 ,116
1
Including guaranteed obligations.
Back figures.—For description of revision beginning July 3, 1946. see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
538
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages oi Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
TotalLeading Cities
1947—March
ReBalDeserves
with Cash ances mand
with
deFedin
do- posits
eral vault
mestic ad- 1
Rebanks justed
serve
Banks
Individuals, States
and
part- politnerical
ships, suband
divicor- sions
porations
Certified
and
officers'
checks,
etc.
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
Bor- Capuals, States
and Govrow- ital
U. S. part- politernacings counts
Gov- nerical ment
Time
and
ern- ships, subPostal Doment and
cor- divi- Sav- mes- Foreign
pora- sions ings
tic
tions
Bank
deb-2
its
11,432
2,357 45,255 45,242 2,961
1,362 2,187 13,934
280
9,453 1,346
186 5,665 85,018
November. 12,371
December. 12,719
816 2,418 47,583 48,343 3,090
848 2 ,462 48,708 49,363 3,148
1,509
1,700
1,071 14,144
651 14,093
327
335
9,905 1,380
9,922 1,370
338 5,836 85,152
228 5,831 104,009
815 2,445 48,843 49,073 3,251
778 2,247 47,709 47,873 3,204
758 2,297 46,724 46,737 3,318
1,465
1,430
1,523
592 14,159
872 14,184
1,141 14,236
370
457
475
9,955 1,344
9.052 1,350
1,358
138 5,830 94,188
320 5,852 80,188
320 5,871 95,020
1948—January ..
February .
March....
12,753
12,328
12,576
Feb. 4 . . . 12,435
Feb. 11... 12,429
Feb. 18... 12,154
Feb. 25... 12,296
730
795
771
815
2,227 48,223 47,806
2,175 47,644 47,798
2,298 47 ,409 47,950
2,287 47,559 47,937
3,253
3,197
3,142
3,223
1,301
1,405
1,540
1,475
801
876
885
926
14,153
14,170
14,184
14,227
443
458
463
465
9,267
9,017
9,099
8,824
1,340
1,338
1,353
1,368
242
491
291
258
5,853
5,851
5,849
5,856
21,911
19,670
20,123
18,006
Mar. 3 . . . 12,957
721
782
757
779
752
2,301 47,296 47 ,134
2,"316 47,581 47,332
2,442 47,011 47,508
2,191 46,391 46,266
2,237 45,340 45 445
3,219
3,460
3,255
3,291
3,363
1,389 1,009
1,801 1,148
1,371 1,098
1.580 1,154
1,473 1,297
14,256
14,246
14,227
14,233
14,221
471
476
468
482
478
9,026
9,040
9,238
8,563
8,375
1,361
1,353
1,367
1,366
1,341
220
288
311
422
360
5,871
5,865
5,866
5,869
5,884
22,869
18,503
23,059
21,254
20,769
753
799
767
799
2,219
2,354
2,271
2,181
1,257
1,366
1,531
1,376
14,238
14,229
14,239
14,222
490
495
487
492
8,612
8,821
8,578
8,364
1,363
1,351
1,347
1,310
199
123
325
141
5,890
5,889
5,889
5,902
20,660
19,745
21,643
20,547
Mar. 10...
Mar. 17...
Mar. 24...
Mar. 3 1 . . .
12,736
12,675
12,366
12,146
Apr. 7... 12,374
Apr. 14... 12,490
Apr. 2 1 . . .
12,350
Apr. 2 8 . . .
12,548
New York City
1947—March
45 ,978 45,608 3,311
46,210 47 ,000 3,297
46,718 46,636 3,609
46,671 46,418 3,484
1,376
1,314
1,199
1,309
15,570 16,052
187
662 1,351
2,962 1,195
2,162 34,437
November.
December.
4,244
4,424
143
148
15,849 16,476
16,336 17,055
326
264
771
931
368 1,353
209 1,341
3,003 1,229
3,072 1,220
161 2,207 33,531
102 2,202 44,131
1948—January . .
February .
March....
4,439
4,277
4,586
132
129
117
16,399 16,844
36 16.003 16,562
62 15,733 16,290
339
228
277
732
736
835
172
240
308
,350
,364
,385
3,108 1,192
2,868 1,199
2,803 1,200
29 2,207 38,286
112 2,212 32,298
93 2,208 38,648
Feb. 4 . . .
Feb. 1 1 . . .
Feb. 18...
Feb. 25...
4,259
4,355
120
141
121
134
32
34
38
40
16,175
15,990
15,871
15,974
16,548
16,531
16,554
16,616
240
245
216
209
603
709
809
822
228
244
239
247
,353
,360
,369
,374
2,962
2,812
2,880
2,820
1,190
1,191
1,202
1,211
81 2,216
225 2,213
70
,211
73
,209
9,507
8,074
7,552
7,158
Mar.
Mar.
Mar.
Mar.
Mar.
3...
10...
17...
24...
31...
4,752
4,721
4,532
4,538
4,387
114
125
115
117
116
32
33
34
36
174
15,952
16,224
15,506
15,457
15,525
16,426
16,504
16,252
16,012
16,256
211
492
190
253
239
708
1,149
630
919
768
273
322
289
308
349
,383
,385
,387
, 385
,386
2,851
2,851
2,975
2,760
2,578
1,203
1,199
1,210
1,205
1,185
63 2,212
87 2,207
133
207
155
202
26 2,210
9,519
7,184
9,860
8,739
8,105
Apr. 7...
Apr. 14...
Apr. 2 1 . . .
Apr. 28...
4,506
4,556
4,475
4,604
119
128
118
129
31 15,533
15,392
15,763
33 15,608
15,949
16,144
16,135
16,041
227
242
488
341
622
723
832
722
2,769
2,829
2,803
2,706
1,209
1,198
1,190
1,156
50
65
169
81
2,211
2,211
2,211
2,210
8,857
7,905
8,670
Outside
New York City
1947—March
3,991
376 1,398
347 1,394
1,398
1,398
7,441
626 2,318 29,685 29,190 2,774
660
12,583
November.
December.
8,127
8,295
673 2,375 31,734 31,867 2,764
700 2,420 32,372 32,308 2,884
738
769
703 12,791
1948—January ..
February .
March... .
8,314
8,051
7,990
683 2,405 32,444 32,229 2,912
649 2,211 31,706 31 ,311 2,976
641 2,235 30 ,991 30,447 3,041
733
694
688
Feb. 4...
Feb. 11...
Feb. 18...
Feb. 25...
8,176
8,074
7,944
8,014
610
654
650
681
2,195 32,048 31 ,258
2,141 31,651 31,267
2,260 31,538 31,396
2,247 31,585 31 ,321
3,013
2,952
2,926
3,014
Mar. 3...
Mar. 10...
Mar. 17...
Mar. 24...
Mar. 31...
8,205
8,015
8,143
7.828
7,759
607
657
642
662
636
2,269 31,344 30,708
2,283 31, 357 30,828
2,408 31,505 31,256
2.155 30,934 30,254
2,063 29,815 29,189
3,008
2,968
3,065
3,038
3,124
Apr. 7...
Apr. 14...
Apr. 21...
Apr. 28...
7,868
7,934
7,875
7,944
634
671
649
670
3,084
2,188 30,445 29,659
i
2,319 30,81830,,856 3,055
2,237 30,955
;
30,501 3,121
2,148 31,063 30,377 3,143
8,545
6,491
151
94 3,503 50,581
12,752
305
316
6,902
6,850
151
150
177 3,629 51,621
126 3,629 59,878
12,809
632 12,820
833 12,851
357
404
419
6,847
6,184
6,045
152
151
158
109 3,623 55,902
208
47,890
227
56,372
698
696
731
653
573
632
646
679
12,800
12,810
12,815
12,853
391
406
410
412
6,305
6,205
6,219
6,004
150
147
151
157
161
266
221
185
3,637
3,638
3,638
3,647
12,404
11,596
12,571
10,848
681
652
741
661
705
826
809
846
948
12,873
12,861
12,840
12,848
12,835
411
415
416
429
425
6,175
6,189
6,263
5,803
5,797
158
154
157
161
156
157
201
178
267
334
3,659
3,658
3,659
3,667
3,674
13,350
11,319
13,199
12.515
12,664
635 1,000 12,840
643
967 12,835
699
881 12,841
654
962 12,824
437
444
443
447
5,843
5,992
5,775
5,658
154
153
157
154
58 3,678
156 3,678
60 3,692
3,679 11,803
11,840
12,973
12,002
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
MAY
1948
539
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
fin millions of dollars]
Loans
ComTotal
merloans
cial,
and
indusnvest- Total trial
ments
and
agricultural
Federal Reserve
district and date
Boston
Mar 31
Apr. 7
Apr. 14
Apr 21
Apr. 28
New York*
Mar. 31
Apr. 7
Apr. 14
Apr 21
Apr. 28
Philadelphia
Mar. 31
Apr. 7
Apr 14
Apr. 21
Apr 28
Cleveland
Mar.
Apr
Apr.
Apr
Apr.
2,788 1,088
2,806 i 1,088
2,814 1,091
2,815 1,097
2,799 1,082
21,027 7,850
21,335 7,787
21,162 7,760
21,702 7,932
21,196 7,670
31
7
14
21
28
.
.
31
7
14
21
28.
.
.
15
15
16
15
16
120
119
120
120
120
436
350
335
385
344
56
58
58
58
58
204
205
205
222
202
288
292
295
295
300
6
c
19
4
132
155
145
280
141
505
503
2
4
13
14
5
5
4
6
6
8
8
8
72
72
72
73
72
15
12
2
2
3
13
14
14
8
8
503
499
496
6
15
2
16
16
16
12
14
12
12
14
13
20
54
53
53
54
53
15
15
15
14
14
42
35
16
45
31
22
22
22
22
22
22
180
1
6
5
5
5
5
239
240
240
242
242
178
179
6
25
22
5,486
5,464
5,480
5,399
5,368
2,533
2,531
2,533
2,521
2,524
2 292
2,280
2,297
2,291
2,285
827
823
409
408
823
406
834
828
834
520
516
516
8,162
8,433
8,529
8,593
8 574
2,664
2,652
2,626
2,659
2,625
1,823
1,805
1,800
1,813
1 802
18
18
14
14
15
2,013
2 022
2,033
2,019
2,030
933
923
920
916
563
554
548
540
2
1
2
2
1
1 125
1,130
1,129
1,121
1,114
419
420
419
423
417
2,307
2,296
2,318
2,321
2,330
807
804
807
803
800
2,161
2,163
2,174
2 175
2,188
1,011
1,009
1,011
1,006
1,018
.
11,053
11,071
11,082
11,073
11,071
4,936
5,223
5,306
5,380
5,331
914
400
397
521
521
7
6
6
6
22
24
23
23
25
22
22
35
35
35
35
36
181
182
74
74
75
75
74
182
186
186
186
186
933
933
935
936
941
i 7nn
1,718
1,723
1,718
1 .717
13,177
13,548
13,402
13,770
13,526
Total
Bills
Certificates
of indebtedness
80
94
103
101
103
136
137
146
145
146
11,735 590
12,117 975
11,972 963
12,355 1,278
12,137 1,123
1,020
1,007
895
939
931
1,589
1,606
1 610
1,604
1,602
Other
secuNotes Bonds rities
1
1,242
1,244
1,234
1,230
1,225
111
112
113
114
115
9,596
9,585
9,570
9,573
9,488
1,442
1,431
1,430
1,415
1,389
1,143
1,142
64 1,138
64 1,125
64 1,109
255
256
256
131
131
127
128
128
529
550
544
565
595
1 598
1,637
247 1,642
249 1,634
251 1,648
1,342
1,383
1,387
1,378
1,392
74
69
94
111
120
125
2,808
2,820
2,820
2,844
2,865
2,476
2,488
2,488
2,519
2,532
49
62
61
80
95
206
206
206
212
211
2
3
214
220
226
226
224
188
184
1,706
1,708
1,710
185 1,703
187 1,703
162
159
185
1,581
1 583
1,584
1,580
1 578
38
48
3
50
46
48
170
169 1,458
166 1,450
170 1,463
168 1,463
171 1,451
1 273
1,267
1,279
1,279
1,265
30
33
25
367 5,498
365 5,781
364 5,903
364 5,934
365 5,949
4,870
5,150
5,270
5,272
5,310
160
343
256
347
330
352
400
427
440
442
384
378
379
389
1,080
1,099
1,113
1,103
191 1,116
933
953
967
958
36
39
45
39
97
103
109
113
84
82
83
82
716
729
730
724
3
3
4
5
5
6
244
245
39
67
16
17
90
111
172
173
195
206
207
206
205
70
63
160
160
160
166
167
256
254
2,061
2,060
2,061
2,061
2,059
332
332
332
325
333
89 1,292
85 1,291
1,282
79 1,283
77 1,280
125
125
82
151
142
142
141
138
911
902
126
123
125
185
183
900
899
897
184
184
186
279 4,088
4,110
4,118
4,123
4,127
628
29
38
70
314
5
29
31
56
29
36
27
27
28
70
69
69
69
314
316
316
317
15
5
4
4
4
4
16
15
16
16
14
14
14
14
146
146
146
146
2
2
3
3
186
187
187
191
253
2
9
5
54
4
92
706
627
6
67
50
504
79
252
255
256
255
2
2
2
2
9
10
7
7
5
5
5
2
54
54
55
55
4
4
94
93
94
96
710
710
698
697
629
630
620
618
10
16
9
17
72
69
69
67
50
50
50
48
497
495
492
486
81
80
78
79
525
523
520
517
512
3
3
4
3
3
10
10
10
10
10
12
12
11
11
12
118
118
119
120
120
2
139
138
141
142
143
1,500
1.492
,511
,518
,530
J .303
1,294
L ,313
1,321
L ,331
101
93
109
115
118
251
249
253
255
262
143
143
142
131
122
808
809
809
820
829
197
198
198
197
199
703
6
7
16
16
40
40
79
80
,150
,154
170 .163
170 1,169
167 1,170
1,034
1,039
L.046
1 055
1,056
11
21
5
8
155
157
89
90
20
659
658
665
660
662
6,387
6,419
6,426
6,420
6,408
5,670
5,706
5,714
5,702
5,685
195
191
192
192
190
3,148
3,445
3,547
3,583
3,570
2,724
3,020
3,121
3,126
3,139
539
699
4
698
693
6
6
706
4,666 2 002
4,652 1,984
4,656 1,979
4,653 1,970
4,663 1,973
1,788
1,778
1,759
1,797
1,761
Real Loans
estate to Other
Total
loans banks loans
14
14
14
14
14
14
10
8
6
6
897
892
887
873
866
834
830
U. S. Government obligations
7
7
7
8
7
315
330
307
357
316
730
732
737
729
729
1,489
1,483
1,467
1,479
1,464
818
821
To others
U. S Other
U.S.
Govt. Other
sese- Govt.
obob- curiliga- ties liga- curities
tions
tions
4,297
4,303
4,287
4,323
. . 4,329
.
Richmond
Mar 31
Apr. 7
Apr. 14
Apr 21
Apr. 28
Atlanta
Mar 31
Apr. 7
Apr. 14
Apr. 21
.
Apr 28
Chicago*
Mar. 31
Apr. 7
Apr. 14
...
Apr. 21
Apr. 28
St. Louis
Mar. 31
Apr. 7
Apr. 14
Apr. 21
...
Apr 28
Minneapolis
Mar 31
Apr. 7 .
...
Apr. 14
Apr. 21
Apr. 28
Kansas City
Mar. 31
Apr. 7
Apr. 14
Apr. 21 .
.
Apr. 28
Dallas
Mar. 31
Apr. 7
Apr. 14
Apr 21
Apr. 28
San Francisco
Mar 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
City of Chicago*
Mar.
Apr.
Apr.
Apr.
Apr.
To brokers
and dealers
864
863
855
866
852
1
For purchasing
or carrying securities
2,462
2,500
2,497
2,500
2,500
...
Investments
1,390
1,371
1,372
1,389
1,382
16
14
146
16
16
40
40
6
18
40
81
6
4
2
2
3
8
8
8
8
10
21
21
19
21
21
35
35
35
34
34
1,933
1,939
1,945
1,952
1,960
18
17
13
14
15
25
26
28
53
25
30
28
20
20
20
62
62
60
60
60
68
68
69
69
69
3
1
81
81
2
3
3
6
15
166
167
969
41
116
82
730
631
633
662
639
147
146
146
145
147
785
784
779
780
116
115
93
90
165
91
780
114
152
184
197
186
183
1,023
1,024
1,022
1,016
996
530
523
521
519
519
3,965
3,975
3,974
3,981
3,987
717
713
712
718
723
53
165
246
238
241
172
231
258
267
266
142
249
243
245
256
2,357
2,375
2,374
2,376
2,376
424
425
426
457
431
163
164
117
114
1
Including guaranteed obligations.
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figure
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
540
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
ReBalserves
Dewith Cash ances mand
with
Feddein
doeral vault
posits
mestic ad- 1
Rebanks justed
serve
Banks
Federal Reserve
district and date
Boston
Mar. 31
Apr. 7.
Apr. 14.
Apr. 2 1 .
Apr. 28.
New York*
Mar.
Apr.
Apr.
Apr.
Apr.
.i
31. .
7....
14
21
28
Philadelphia
Mar. 31
Apr. 7
Apr. 14.
Apr. 21
Apr. 28
......
Cleveland
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Richmond
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 2 8 . . . . . .
Atlanta
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Chicago*
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
St. Louis
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Minneapolis
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Kansas City
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
Dallas
Mar. 3 1 . . . . . . . . . .
Apr.
7
A p r . 14
Apr.
21..........
Apr. 2 8 . . .
San Francisco
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
City of Chicago*
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
IndividCertiuals, States
fied
and
part- politand
neroffiical
ships, subcers'
and
divi- checks,
cor- sions
etc.
porations
Individuals,
U.S. partGov- nerern- ships,
ment and
corporations
States
and
political
subdivisions
Interbank
deposits
Demand
U. S.
Government
Doand
ForPostal meseign
Savtic
ings
480
512
497
487
488
56
56
57
59
58
107
102
112
94
99
2,302
2,330
2,335
2,318
2,322
2,329
2,342
2,360
2,328
2,303
119
133
164
161
161
45
40
45
41
42
4,661
4,785
4,825
4.736
4,884
159
163
174
163
175
272
121
135
135
16,972
16,953
16,823
17,245
17,049
17,499
17,195
17,436
17,406
17,297
531
464
474
762
593
810
666
768
883
763
386
419
389
356
389
2,235
2,230
2,236
2,235
466
485
466
474
473
41
42
43
41
42
145
112
104
118
105
2,017
2,031
1,991
2,008
2,011
2,090
2,051
2,070
2,070
2,072
115
124
117
122
103
25
28
26
37
27
64
67
61
55
60
411
407
410
421
421
796
755
777
762
800
79
79
82
79
82
146
145
168
157
149
3,001
2,945
2,975
3,002
3,042
3,084
2,979
3,112
3,112
3,103
153
161
155
157
182
59
49
55
59
54
108
115
111
103
115
1,269
1,269
1,269
1,268
1,266
436
444
456
440
431
6
6
6
6
5
477
489
479
472
477
62
64
65
65
65
146
165
165
144
152
2,011
2,022
2,017
2,015
2,033
1,940
1,941
2,002
1,947
1,945
232
229
228
228
227
55
45
40
45
46
72
70
68
61
587
587
587
587
587
332
365
369
341
329
5
4
4
5
4
431
464
451
451
442
41
42
43
41
43
171
197
207
190
187
,712
,730
,744
,741
,733
1,596
1,594
1,667
1,631
1,615
310
306
303
296
307
23
21
24
27
27
37
42
42
38
40
536
537
536
537
536
1,568
1,576
1,668
1,644
1,680
91
94
106
96
100
245
320
376
363
361
4,928
5,604
5,889
5,909
5,985
4,814
5,482
5,944
5,845
5,937
556
559
554
549
556
140
105
99
114
97
358
388
381
384
384
27
28
29
29
29
124
117
114
106
10,
1,288
1,294
1,299
1,306
1,317
1,364
1,353
1,416
1,387
1,389
107
109
107
108
105
23
17
17
17
17
209
194
211
211
205
13
12
13
13
13
82
83
88
82
76
765
775
786
780
782
707
705
740
719
720
160
164
152
153
154
471
484
481
486
474
29
29
31
28
31
272
284
288
279
273
,749
,709
,730
,739
,734
1,686
1,666
1,733
1,733
1,699
457
466
467
482
468
30
31
33
31
35
247
,810
269
,818
300
,841
306 1,866
278 1,867
1,772
1,776
1,787
1,761
1,773
124
113
123
122
126
280
304
297
297
279
1,016
1,008
1,100
1,099
1,106
34
35
42
36
36
67
141
192
174
173
253
269
273
260
257
Bank
Bor- Caprow- ital
deb-8
acings
counts i t s
Time
20
20
21
22
20
5
9
4
317
317
317
318
318
800
822
834
863
861
28
57
73
169
98
2,401
2,402
2,402
2,401
2,401
8,657
9,533
8,402
9,337
9,057
301
302
302
301
301
745
760
746
785
791
465
465
466
466
466
1,138
1,071
1,055
1,133
1,110
21
7
3
3
4
214
214
214
214
214
633
679
645
764
649
466
489
491
470
460
1
2
3
5
2
180
181
181
182
182
654
602
623
710
605
232 2,385
231 2,390
237 2,391
218 2,396
241 2,396
1,524
1,341
1,404
1,345
1,336
242
101
2
72
3
674
674
673
674
676
3,747
2,666
2,841
2,960
2,668
43
49
46
42
44
462
462
462
462
462
540
573
573
548
538
11
171
171
171
171
172
567
550
547
612
541
12
12
12
12
14
31
30
29
26
29
250
250
250
250
249
255
262
259
249
249
98
98
98
98
98
332
324
367
366
337
249
237
235
242
241
26
25
27
26
25
63
66
59
54
60
380
379
379
379
378
696
748
760
749
743
186
187
187
187
187
650
660
692
854
705
1,769
1,768
1,841
1,864
1,823
184
187
183
171
178
33
34
36
40
36
37
40
39
35
37
342
342
342
342
341
46
46
52
51
51
487
508
527
527
499
1
1
192
193
193
193
194
610
602
626
650
751
6,785
6,767
6,780
6,789
6,796
6,567
6,532
6,679
6,594
6,515
647
638
625
660
677
222
215
217
230
228
170 4,886
188 4,885
177 4,878
161 4,866
173 4,857
222
227
228
228
233
411
438
462
441
420
5
7
7
5
4
685
686
685
684
693
2,236
2,391
2,367
2,609
2,472
2,804
3,499
3,767
3,799
3,814
2,826
3,551
3,922
3,873
3,904
264
257
270
257
256
84
49
47
63
48
1,196
1,199
1,200
1,203
1,203
38
38
38
38
39
1,199
999
1,047
1,009
994
237
84
1
59
454
454
453
454
. 455
2,730
1,764
1,869
1,908
1,651
496
495
495
495
494
108
115
116
108
124
2,646 1,188
1,212
1,201
2,871 1,192
1,159
2,774
12
329
11
336
10
346
337
10
328
13
2,217
1
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
MAY
1948
541
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
Total
out- 1
outstanding standing
End of month
1947—February
M^arch
April
243
266
256
250
May
June
234
July
August
September
October
November
December
1948—January
February . . .
March. . •
230
228
215
189
183
Held by
Based on
Accepting banks
Total
Own
bills
171
170
76
75
154
130
132
244
244
242
283
287
287
187
206
219
237
245
261
148
158
168
180
188
197
290
301
262
253
311
241
Federal
Reserve
Banks Others
Bills (For own
bought account)
95
95
71
67
69
59
58
83
63
61
59
63
Imports
into
United
States
Exports
from
United
States
164
158
35
36
140
118
8
5
1
2
27
24
13
17
23
17
74
79
168
168
53
43
92
79
151
48
70
7
25
21
21
20
24
23
25
25
103
94
85
79
162
24
27
i
2
4
3
3
115
133
140
144
147
159
188
174
Foreign
countries
45
47
42
54
61
63
111
4
2
United
States
I
50
74
87
85
97
112
109
Goods sto red in or
shipped between
poin ts in
42
45
39
48
47
55
56
64
75
71
83
83
76
88
Dollar
exchange
46
20
2
7
6
7
6
11
10
9
11
1
As reported by dealers; includes some finance company paper sold in open market.
2 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
Credit balances
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
1939-*June
December...
1940—June
December...
834
906
653
677
25
16
12
12
73
78
58
99
178
207
223
204
570
637
376
427
230
266
267
281
70
69
62
54
21
23
22
22
6
7
5
5
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
616
600
496
543
761
788
887
1,041
1,223
1,138
809
537
11
8
9
7
9
11
5
7
11
12
7
5
89
86
86
154
190
188
253
260
333
413
399
311
186
211
180
160
167
181
196
209
220
313
370
453
395
368
309
378
529
557
619
726
853
795
498
217
255
289
240
270
334
354
424
472
549
654
651
693
65
63
56
54
66
65
95
96
121
112
120
118
17
17
16
15
15
14
15
18
14
29
24
30
7
5
4
4
7
5
11
8
13
13
17
10
222
213
189
182
212
198
216
227
264
299
314
289
1947—April
May
June
July...
August
September. .
October
November. .
December...
3 553
3 530
552
8 564
8 550
8 570
8 606
3 593
578
6
333
395
8 205
8 201
222
8251
8 241
162
24
9
271
8 280
8 257
8 247
240
8 665
8 652
650
8 677
8 656
8 630
8 616
8617
612
176
23
15
273
1948—January....
February. . .
March
3
3 217
3 208
3 229
3 622
8 596
3 592
568
83 537
550
7
315
393
1
Excluding balances with reporting firms (1) of memberfirmsof New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): January, 56; February, 57; March, 62.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which thefiguresare derived and reported, distinguishes the table from a "statement offinancialcondition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—SeeBanking and Monetary Statistics, Table 143, pp. 501-502, for monthlyfiguresprior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
542
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Prime
commercial
paper,
4- to 6months1
Year,
month, or
week
AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
U. S. Government
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month
to 5ances,
certifi- 3-year
3re90 1
cates taxable
mc
nth
3
new-2
days
of inbills
als
debted issues
ness
1945 average
1946 average
1947 average
.75
.81
1.03
1947—April
May
.44
.61
.87
1.00
1.16
1.38
.375
.375
.604
.81
.82
.88
1.18
1.16
1.32
.81
.81
.81
!81
.88
.94
.94
.94
.376
.376
.376
.703
.748
.804
.857
.932
.950
.83
.85
.85
.85
.85
.87
.97
.99
1.24
1.27
1.29
1 33
1.31
1.28
1.35
1.47
1.54
July
August....
September.
October. . .
November.
December..
1.00
1.00
1.00
1.00
1.00
1.06
1.06
1.06
1.19
1.03
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1.38
1948—January...
February..
March
April
1.31
1.38
1.38
1.38
1.06
1.06
1.06
1.06
1.50
1.50
1.50
1.50
.977
.996
.996
.997
1.09
1.10
.09
.10
1.63
1.63
1.60
1.58
IK
1 JHJ
\]/2
IK
IK
.997
.998
.997
.997
.998
L.09
L.10
L.10
1.10
L.10
1.59
1.58
1.57
1.58
1.58
June
•.
Week ending:
Apr. 3 . . . .
Apr. 10... .
Apr. 1 7 . . . .
Apr. 24
May 1 . . . .
1*A
\%
IK
1H
6
ll/l
11/16
11/16
11/16
11/16
1.04
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per3 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
[Per cent per annum]
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1938 average1. . . .
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
2.53
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.34
2.28
1.69
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1.82
1.81
2.75
2.87
2.56
2.55
2.58
2.80
2.68
2.51
2.43
2.33
3.26
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.85
2.76
1944—March. . . .
June
September.
December.
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March. . . .
June
September.
December.
2.53
2.50
2 45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
1946—March. . . .
June
September.
December.
2.31
2.33
.75
.84
83
.85
2.34
2.51
2.43
2.43
2.93
2.97
2 75
2.76
1947—March. . . .
June
September.
December.
2.31
2.38
2.21
2.22
.82
.83
.77
.82
2.37
2.44
2.25
2.27
2 80
2 95
1948—March....
2.46
2.09
2.52
2.83
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
Number of issues
15
years
and
over
Corporate (Moody's) 4
Municipal
(highgrade) 2
Corporate
(highgrade) l
By groups
By ratings
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
15
10
120
30
30
30
30
40
40
40
1945 average
1946 average
1947 average
.60
.45
.59
2.37
2 19
2.25
1.67
1 64
2.01
2.54
2.44
2.57
2.87
2.74
2.86
2.62
2.53
2.61
2.71
2.62
2.70
2.87
2.75
2.87
3.29
3.05
3.24
2.68
2.60
2.67
3.06
2.91
3.11
2.89
2.71
2.78
1947—April
May
June
July
August
September
October
November
December
.53
.53
.56
.57
.54
1.98
1.95
1.92
1.91
1.93
1.92
2.02
2.18
2.35
2.49
2.49
2.50
2.51
2.51
2.57
2.68
2.75
2.86
2.78
2.79
2.81
2.80
2.80
2.85
2.95
3.02
3.12
2.53
2.53
2.55
2.55
2.56
2.61
2.70
2.77
2.86
2.63
2.63
2.64
2.64
2.64
2.69
2.79
.85
2.94
2.81
2.82
2.83
2.82
2.81
2.86
2.95
3.01
3.16
3.16
3.17
3.21
3.18
3.17
3.23
3.35
3.44
3.52
2.60
2.60
2.60
2.62
2.63
2.67
2.76
2.84
2.92
3.03
3.05
3.10
3.06
3.03
3.09
3.22
3.30
3.42
2.71
2.71
2.72
2.72
1.58
1.72
1.86
2.19
2.19
2.22
2.25
2.24
2.24
2.27
2.36
2.39
1948—January
February
March
April
2.09
2.08
2.03
1.99
2.45
2.45
2.45
2.44
2.45
2.55
2.52
2.38
2.85
2.84
2.81
2.77
3.12
3.12
3.10
3.05
2.86
2.85
2.83
2.78
2.94
2.93
2.90
2.87
3.17
3.17
3.13
3.08
3.52
3.53
3.53
3.47
2.91
2.90
2.89
2.85
3.44
3.43
3.40
3.34
3.03
3.03
3.01
2.97
Week ending:
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
2.01
2.01
1.98
1.98
1.98
2.44
2.44
2.44
2.44
2.44
2.48
2.43
2.39
2.36
2.33
2.79
2.78
2.77
2.77
2.76
3.09
3.06
3.05
3.05
3.04
2.81
2.79
2.78
2.78
2.78
2.89
2.87
2.87
2.87
2.87
3.12
3.10
3.08
3.07
3.07
3.52
3.49
3.47
3.46
3.44
2.88
2.86
2.85
2.84
2.84
3.38
3.35
3.34
3.34
3.32
2.99
2.98
2 97
2.96
2.96
1-5
1.53
1-8
3.02
1
Monthly and weekly data are averages of daily
figures, except for municipal bonds, which are based on Wednesday figures.
2
3
Standard and Poor's Corporation.
U. S. Treasury Department.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been
reduced from 10 to 5 and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
MAY
1948
543
SECURITY MARKETS 1
Stock prices5
Bond prices
Corporate 4
Year, month, or week
U. S.
Government 2
Municipal
(high- Highgrade)3 grade
Medium- ancI lower-grade
Total
Industrial
Railroad
Preferred6
DePublic faulted
utility
Common (index, 1935-39 = 100) Volume
of trading7 (in
thousands of
shares)
RailPublic
IndusTotal
trial
road
utility
15
15
50
10
20
20
15
15
402
354
20
28
1946 average
1947 average
102.04 139.6
104.77 140.1
103.76 132.8
122.1
123.4
121.5
117.9
118.5
115.2
122.2
123.6
122.4
115.1
117.0
109.9
116.3
114.9
113.3
75.4
76.7
8 67.1
189.1
198.5
184.7
122
140
123
123
143
128
137
143
105
106
120
103
1947—April
May
June
July
August . . . . . . .
SeDtember
October
November . . . .
December
104 57
104.48
104.08
103 75
103.89
103.95
103 44
102.11
101.59
133.2
133.9
134.4
134.7
134.3
134.4
132 5
129 A
126.2
122.8
122.9
122.8
122.5
122.3
121.5
120 0
118 8
117.0
116.5
115.0
114.3
115.7
116.1
115.1
114 0
113.3
112.5
123.5
123.2
122.6
122.8
123.9
121.9
120.8
120.0
119.1
113.2
109.2
107.3
110.5
110.4
109.3
106.9
105.1
104.6
112.7
112.5
113.0
113.8
113.9
114.1
114.3
114.7
113.9
64.0
61.9
63.4
69.6
69.6
68.6
69.4
68.1
186.5
186.2
186.2
188.4
188.7
188.3
181 2
174.5
172.1
119
123
102
105
912
115
119
126
125
119
124
132
130
95
98
108
105
102
101
102
101
912
833
123
125
128
131
104
104
102
101
124
130
129
100
97
122
104
94
1,170
194g—January
February
M!arch
April
100.70
100.70
100.78
100.84
124.5
122.6
123.1
125.7
117.4
117.5
118.0
118.6
112.4
112.4
112.1
114.1
118.9
119.3
119.1
119.6
104.6
103.8
103.7
106.4
113.7
114.1
113.5
116.4
169.5
167.5
'•170.1
169.9
120
114
116
125
126
119
122
131
107
102
105
115
95
93
93
96
895
857
974
1,467
100.86
100.82
100.88
100.84
100.84
123.8
124.8
125.5
126.0
126.6
118 3
118.5
118.8
118.7
118.6
112.4
113.4
114.3
114.7
115.1
119.4
119.5
119.6
119.6
119.9
104.7
105.9
106.6
107.1
106.9
113.2
114.7
116.7
117.6
118.4
170.7
170.7
170.7
169.5
168.7
122
128
111
94
123
129
112
95
1,232
1,199
1,366
1,953
1.415
1-8
Number of iesues
Week ending:
Apr 3
Apr. 10
Apr 17
Aor. 24
May 1
. .
...
123
126
126
130
132
132
112
117
119
1,443
1,390
953
1,158
674
763
1,136
862
96
97
97
r
1
Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
* Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 5per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS
for May 1*945, pp. 483-490, and October 1947, pp. 1251-1253.
1
4
6
7
8
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Total
(new
and
refunding)
For refunding
Domestic
Total
(domestic
and
forTotal
eign)
5,790
4,803
5,546
. . . . 2 114
2,169
4,216
8,006
8,645
39,608
2,277
1,951
2,854
1 075
642
913
1,772
4,645
37,448
1947—March. . .
856
891
April
702
May
1,038
June
July
U,033
August...
517
785
September
813
October. .
705
November
December 1,160
636
785
348
745
•863
326
621
State
and
municipal
2,239 931
924
1,948
751
461
2,852
518 1,272
1 075 342
108
640 176
90
896 235
15
471
1,761
26
4,635
952
127
7,136 2,225
203
615 293
12
778 402
333
106
15
740 212
15
619
12
124
8
326
185
621
277
713
713
571
571
1,029 1,024
114
101
99
541
495
1948—January . .
857
802
February.
March. . . 1,374 1,222
Federal
agen-1
cies Total
495
801
1,221
114
217
630
85
16
39
31
Domestic
Corporate
383
736
Foreign2
Bonds
and Stocks
notes
287
601
97
135
1,062
889
173
624
506
118
374
282
92
646
422
224
607
1,264
657
3,556 2,084 1,472
4,708 3,493 1,215
311
376
212
514
483
132
258
267
241
80
430
311
121
175
44
136
132
83
172
11
38
2
1
2
17
12
10
68
21
7
15
5
84
599
470
925
410
336
780
189
134
144
365
546
560
323
368
531
41
178
29
Total
(domestic
and
forTotal
eign)
State
and
municipal
3,513
2,852
2,693
1 039
1,527
3,303
6,234
4,000
2,160
3 465
2,852
2,689
I 039
1,442
3 288
6,173
3,895
1,983
195
482
220
106
354
293
170
191
191
101
354
255
170
191
165
Federal
agen-1
cies Total
Foreign2
Bonds
and Stocks
notes
1 596
1,834
1,430
407
603
2 178
4 281
2,352
1,236
126
U
82
288
734
422
1 733
2,026
1,557
418
685
2 466
4 937
2,953
1,517
601
281
105
177
50
20
33
38
40
40
140
78
319
214
118
147
136
44
229
165
107
140
4
34
91
48
11
29
5
113
1 537
344
435
181
259
404
698
440
497
418
324
912
208
44
2
3
1
2
11
3
165
Corporate
101
134
130
5
2
2
42
122
5
101
134
130
20
48
45
76
84
83
1
2
46
56
152
46
56
152
2
3
1
42
39
54
3
14
97
137
193
656
48
4
86
15
61
"38
7
9
51
78
80
25
6
3
3
13
87
1
10
1
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
* Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figure
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
1
544
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES
l
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
gross
proceeds2
Year or month
Estimated
net
proceeds8
New money
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
397
. .
1947—March
May
June
July
August
September. . . .
October
November. .
December .
Plant and
equipment
capital
Bonds and
Total
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
155
145
207
187
167
405
442
1,164
1,046
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2 392
1,191
71
226
190
87
59
128
100
30
72
351
438
476
187
84
170
154
111
215
69
174
144
138
73
49
134
379
310
11
23
49
36
7
26
19
28
35
27
47
133
231
153
153
101
109
426
132
153
71
72
121
85
232
207
110
80
198
164
435
370
64
118
244
510
425
932
99
179
388
354
800
19
65
122
71
132
112
103
104
154
33
81
93
102
154
15
74
91
11
5
34
43
9
3
1
18
7
2
31
98
19
15
17
16
9
45
22
12
5
3
7
6
24
6
26
24
18
26
294
••546
560
193
»"309
343
101
••237
217
12
1
26
••22
30
14
1
6
32
208
858
991
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,221
2,266
4,431
2 239
2,110
2,115
2,615
2,623
1.043
1,147
3,142
5.902
6,757
6,111
325
569
868
474
308
657
1,080
3,279
4,270
170
424
661
287
141
252
638
2,115
3,224
450
449
446
738
601
248
441
622
561
1,078
442
441
437
727
285
254
180
498
588
245
434
612
547
1,063
346
'613
688
340
'594
679
1948—January
February
March
Working
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,378
57
384
Retirement of securities
26
111
380
574
681
96
478
417
504
177
231
231
6
6
»-26
84
••14
83
P R O P O S E D USES O F P R O C E E D S , BY M A J O R G R O U P S O F I S S U E R S
[In millions of dollars]
Public utility
Railroad
Year or month
1934 .
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
May
June
July
Real estate and financial
Total
Total
Total
Retire- All
Retire- All Total
Retire- All
net
net
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 proceeds
poses ceeds
ties
ties
ties
poses ceeds
poses ceeds
21
57
139
228
24
85
115
253
32
46
102
115
120
54
558
110
30
97
186
108
15
114
500
1,320
283
129
240
571
35
3
8
12
17
37
28
9
17
15
28
1
2
332
93
225
536
28
23
22
23
6
307
140
172
120
774
338
. . . .
54
182
319
361
47
. .
160
. . . 602
1,436
. . . . 704
1947—March
April . . .
Indu strial
August
September..
October
November
December
37
20
1948—January .
February...
March
34
80
5
35
23
4
31
18
22
2
4
130
11
1,250
30
1.987
63
751
89
180
1,208
43
1,246
1.180 245
1,340 317
464
145
469
22
1,400
40
2,291
69
2,129
785
3,121 2,122
306
303
277
493
37
20
23
34
42
31
10
77
1
37
77
1,190
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,252
42
30
27
50
86
47
13
30
27
25
17
63
34
62
25
550
774
74
439
1,280
761
616
1.079
373
469
831
226
584
353
188
167
961
738
463
244
828
527
89
293
497
199
228
504
454
1,033
1,969
811 1,010
3,601 2,201
981
2,429 1,740
364
2
150
80
90
136
43
56
121
146
71
76
148
20
122
390
71
16
102
155
94
4
21
107
206
419
325
323
279
Retire- All
New ment of other
money securi- purposes*
ties
46
152
7
7
88
9
18
4
4
3
56
164
169
64
56
95
54
8
93
76
223
30
31
353
107
61
179
181
2
2
16
2
90
328
165
141
52
204
129
96
5
24
26
26
33
99"
10
19
9
3
10
21
1
3
5
21
234
28
68
95
4
16
239
79
175
65
43
9
21
6
14
2
3
2
45
193
13
20
13
45
51
16
213
496
129
422
49
56
35
18
21
38
7
54
15
9
25
'14
13
'21
27
57
16
157
15
153
245
480
136
g
13
16
31
11
1
1
164
149
6
9
'119
320
'106
281
12
34
1
5
71
259
95
70
'425
123
'390
83
19
4
20
7
1
5
104
21
42
65
923
157
280
72
218
57
8
9
42
55
4
13
61
85
52
5
1
1
4
10
1
26
5
19
9
g
5
1
3
' Revised.
E s t i m a t e s of new issues sold for cash in t h e United S t a t e s .
Gross proceeds are derived by multiplying principal a m o u n t s or n u m b e r of u n i t s by offering price.
3
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation t o underwriters, agents, etc., and
4
expenses.
Includes r e p a y m e n t of other debt and other purposes.
Source.—Securities
and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p . 491), a
publication of the Board of Governors.
1
2
MAY
1948
545
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Dividends
Manufacturing and mining
Year or quarter
Total
Other
transportation
equipment
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods,
produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services 2
Iron
and
steel
Machinery
Automobiles
629
47
69
15
68
77
75
49
45
30
80
74
1,465
1,818
2,163
1,769
1,800
1,896
1,925
n , 545
3,692
146
278
325
226
204
194
188
283
435
115
158
193
159
165
174
163
3171
327
223
242
274
209
201
222
243
130
416
102
173
227
182
180
190
169
127
218
119
133
153
138
128
115
108
136
191
70
88
113
90
83
88
88
» 165
236
151
148
159
151
162
175
199
356
357
98
112
174
152
186
220
223
281
478
186
194
207
164
170
187
187
273
345
134
160
187
136
149
147
154
302
377
492
508
439
485
49
53
37
49
38
42
35
47
63
77
46
58
•50
•47
•36
•36
31
27
23
27
21
21
20
26
45
46
50
58
62
64
61
37
48
45
43
51
323
604
698
3
853
22
67
96
97
-19
49
32
a 61
-34
21
42
102
• -5
•51
•38
• 44
20
26
41
50
12
37
41
57
65
74
93
124 .
56
62
77
85
869
868
906
1,048
126
99
99
111
69
83
76
99
94
105
103
115
449
4 54
•58
4
57
47
46
45
53
50
57
59
70
98
64
85
111
90
111
123
155
Number of companies.
Net
profits1
Preferred
Common
152
152
152
122
132
152
161
171
184
203
321
311
847
1 028
1,137
888
902
970
989
31 .139
1,786
90
90
92
88
86
86
85
82
89
39
38
37
40
45
47
53
58
250
269
224
246
20
22
21
22
63
66
67
77
62
71
77
91
82
80
93
66
116
250
310
•415
20
21
20
21
209
89
87
81
88
96
92
93
96
63
71
84
93
426
432
432
497
20
23
22
23
192
190
278
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
Quarterly
1945—\
2
3
4
. . .
1946—1
2
3
4
1947—i
2
3
4
. . .
8
564
669
705
552
556
611
657
837
142
145
143
182
146
153
149
177
PUBLIC UTILITY CORPORATIONS
fin millions of dollars]
Railroad B
Year or quarter
Operating
revenue
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
.
..
1945—1
Quarterly
2,277
2 422
2,230
1,973
2
3
4
1946--1
2
3
4
I947—1
2
3
4
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685
....
...
Income
before
income
tax8
Net
income1
Dividends
756
273
778
93
189
500
902
873
667
450
289
480
126
159
186
202
217
246
246
235
236
430
514
237
149
199
127
31
68
28
126
249
674
1,658
2,211
1,972
Telephone 7
Electric power •
Income
before
income
tax8
Net
income1
Dividends
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,236
629
692
774
847
913
902
905
970
961
535
548
527
490
502
507
534
647
652
444
447
437
408
410
398
407
456
470
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
2,149
227
248
271
302
374
399
396
277
192
966
909
888
288
230
205
142
125
119
101
95
96
436
444
449
Operating
revenue
Operating
revenue
Income
before
Net
income
income1
tax8
191
194
Dividends
163
180
174
177
200
131
175
178
172
163
168
168
173
171
133
115
109
103
46
45
44
41
44
43
.
178
-426
-25
118
917
181
148
115
474
70
43
46
1,869
1 ,-703
2,047
2,008
39
-57
161
14
-45
128
56
52
41
967
919
931
303
225
212
107
109
109
475
497
502
84
75
56
54
53
44
43
43
43
130
191
85
998
229
196
151
143
157
130
519
62
49
42
2,039
2,111
2,177
2,357
166
189
89
121
289
247
115
115
527
478
67
29
135
160
44
21
112
157
1,075
1,028
1.024
1,109
191
166
184
239
44
52
111
129
555
589
38
58
27
39
38
103
196
228
40
32
32
30
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.
1
Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the
following
amounts
(in millions Bof dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
4
Partly estimated.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
8
Class
A
and
B
electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
7
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
After all charges and taxes except Federal income and excess profits taxes.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating
revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends);
published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For
description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities).
546
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
Fully
Nonguaraninterest- teed inbearing terestdebt
bearing
securities
Total
gross
direct
debt
Total
interestbearing
direct
debt
1941—June
Dec.
1942—June
Dec
1943—June
Dec.
1944—June
Dec
1945—June
Dec
1946—June
Dec
48,961
57,938
72,422
108,170
136,696
165,877
201,003
230,630
258,682
278,115
269,422
259,149
48,387
57,451
71,968
107,308
135,380
164,508
199,543
228,891
256,357
275,694
268,111
257,649
37,713
41,562
50,573
76,488
95,310
115,230
140,401
161,648
181,319
198,778
189,606
176,613
1,603
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17,033
3,096
10,534
16,561
22,843
28,822
30,401
34,136
38,155
34,804
29,987
5,698
5,997
6,689
9,863
9,168
11,175
17,405
23,039
23,497
22,967
18,261
10,090
30,215
33,367
38,085
49,268
57,520
67,944
79,244
91,585
106,448
120,423
119,323
119,323
4,555
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
4,314
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49.776
2,471
3,015
6,384
7,495
8,586
9,557
9,843
10,136
8,235
6,711
5,725
6,120
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
574
487
454
862
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
6,360
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
331
1947—Apr......
May....
June....
July
Aug
Sept
Oct
Nov
Dec.
257,701
258,343
258,286
259,448
260,097
259,145
259,071
258,212
256,900
254,427
254,975
255,113
256,321
257,110
256,107
256,270
255,591
254,205
170,535
169,926
168,702
168,509
168,390
167,946
167,109
166,404
165,758
16,610
16,002
15,775
15,756
15,735
15,725
15,732
15,335
15,136
26,294
26,294
25,296
25,122
25,025
24,894
24,808
24,501
21,220
8,142
8,142
8,142
8,142
8,142
7,840
7,840
7,840
11,375
119,323
119,323
119,323
119,323
119,323
119,323
118,564
118,564
117,863
58,612
58,863
59,045
59,296
59,499
58,640
59,714
59,670
59,492
51,117
51,240
51,367
51,552
51,664
51,759
51,897
52,008
52,053
5,477
5,525
5,560
5,592
5,642
5,531
5,618
5,534
5,384
25,280
26,186
27,366
28,516
29,220
29,520
29,447
29,517
28,955
3,275
3,368
3,173
3,127
2,987
3,038
2,801
2,621
2,695
171
171
83
74
73
70
78
83
76
1948—Jan
Feb
Mar
Apr
256,574 253,958
254,605 252,100
252,990 250,634
252,240 249,920
164,917
162,759
161,339
160,875
14,838
14,438
13,945
13,748
20,677
18,920
20,331
20,065
11,375
11,375
11,375
11,375
117,863
117,863
115,524
115,524
59,893
60,095
60,023
59,843
52,479
52,793
52,988
53,065
5,403
5,327
5,100
4,886
29,148
29,246
29,272
29,201
2,616
2,505
2,356
2,320
72
74
73
70
End of month
Certificates of Treasury Treasury Total 2
Total 2 Treasury
bonds
indebtnotes
bills
edness
Special
U . S . Treasury
and issues
savings tax
savings
bonds
notes
1
s
Including amounts held by Government agencies and trust funds, which aggregated 5,564 million on Mar. 31, 1948.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service,
depositary Armed Forces Leave bonds, and 2)4 per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING APRIL 30, 1948
On basis of daily statements of United States Treasury.
of dollars]
In millions
Month
Issue and coupon rate
Treasury bills *
May 6, 1948
May 13, 1948
May 20, 1948
May 27, 1948
June 3, 1948
June 10, 1948
June 17, 1948
June 24, 1948
July 1, 1948
July 8, 1948
July 15, 1948
July 22, 1948
July 29, 1948
903
1,000
001
,106
,101
,101
,107
,009
,200
,205
,007
,002
,006
Cert, of indebtedness
June 1, 1948 . . .
July 1, 1948 Ser." F " H
July 1, 1948 Ser."G" y%
July 1. 1948 Ser." H " y%
Oct. 1, 1948 Ser."j" i
Oct. 1, 1948 Ser."K" 1
Jan. 1, 1949
\y%
Feb. 1, 1949....
1H
Mar. 1, 1949... ..Ay*
Apr. 1, 1949... ...iy8
Treasury notes
Sept. 15, 1948
Oct. 1, 1948
Jan. 1, 1949
Amount
1)4
1
1%
Treasury Bonds
June 15, 1948
1%
Sept. 15, 1948 2
2V2
Dec. 15, 1948-50 2
2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
1,777
2,742
1,127
2,209
1,354
1,467
2,592
2,189
3,553
1,055
3,748
4,092
3,535
3,062
451
571
1,014
1,292
2,098
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 22..3VS
Dec. 15, 1949-53 ..23^
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2 . . 2 ^
Sept. 15, 1950-52
2
Dec. 15, 1950
1)4
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
J u n e 15, 1951-54 2..2M
Sept. 15, 1951-53
2
Sept. 15, 1951-55 2 . . . .3
Dec. 15, 1951-53 2 . . 2 K
Dec. 15, 1951-55
2
Mar. 15, 1952-54. . .23^
J u n e 15, 1952-54
2
J u n e 15, 1952-55. . .2%
Dec. 15, 1952-54
2
J u n e 15, 1953-55 2 . . . .2
J u n e 15, 1954-56 2 . . 2 K
Mar. 15, 1955-60 2 . . 2 ^
Mar. 15, 1956-58. . .2XA
Sept. 15, 1956-59 2 . . 2 %
Sept. 15, 1 9 5 6 - 5 9 . . . 2 M
J u n e 15, 1958-63 2..2 %
J u n e 15, 1959-62 3..2'K
Dec. 15, 1959-62 3 . . 2 K
Dec. 15. 1960-65 2.. 2 M
J u n e 15, 1962-67 *. .2V2
Dec. 15, 1963-68 » . . 2 H
J u n e 15, 1964-69 3 . . 2 ^
Dec. 15, 1964-69 3 . . 2 M
Mar. 15, 1965-70 «. .2)4
M a r . 15, 1966-71 3. .2)4
J u n e 15, 1967-72 s . . 2 H
Sept. 15, 1967-72. . .2)4
Dec. 15, 1967-72 K .2)4
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
bonds
2)4
Panama Canal Loan. 3
114
50
Total direct issues
Guaranteed securities
Federal Housing Admin.
Various
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
,485
,118
160,875
28
1
Sold on discount
basis. See table on Open-Market Money Rates,
2
p. 3543.
Partially tax exempt.
Restricted.
MAY
1948
Fiscal year
ending:
June—1940..
1941..
1942..
1943..
1944..
1945..
1946..
1947..
1947—Apr. . . .
May...
Amount Funds received from sales during Redemptions and
outperiod
maturities
standing
atmonth
end of
AH
All
Series Series Series
s eries
E
F
G
series
2,905 1 ,109
203
4,314 1 ,492
10,188 5 ,994 3,526
11
21,256
,789 8,271
34,606 15 ,498 11,820
45,586 14 ,891 11,553
49,035 9 ,612 6,739
51,367 7 ,208 4,287
51,117
51,240
June... 51,367
July.. .
Aug....
Sept....
Oct
Nov. . .
Dec....
1948—Tan
Feb
Mar....
Apr.. . .
51,552
51,664
51,759
51,897
52,008
52,053
52,479
52,793
52,988
53,065
572
488
482
559
460
466
488
412
487
770
607
588
468
349
305
301
339
294
304
304
263
325
479
367
383
320
67
435
758
802
679
407
360
33
25
24
27
21
21
22
17
24
44
40
30
20
395
114
148
207
848
2 032
2 759
2 876
2 658
2 465
2 ,561
2,371
4,298
6,717
5,545
191
158
157
193
144
142
162
131
137
248
201
175
128
455
421
433
457
404
431
404
357
434
454
364
462
452
Maturities and amounts outs tanding April 30, 1948
Year of
maturity
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
Unclassified. .
Total
All
series
Series
C-D
356
820
990
1,548
4,189
7,440
9,668
8,426
6,195
6,165
4,011
2 5?9
780
-53
356
820
990
433
53,065
2,599
Series
E
1,116
4,189
6,124
7,005
5,633
2,990
3,325
1,206
31,588
Series
F
Series
G
204
531
578
656
525
303
331
116
1,112
2,132
2,216
2,549
2,315
2,502
2,199
664
3,243
15,689
547
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Estimates of the Treasury Department. Par value, in millions of dollars]
Heidi by nonbank investors
Held by banks
Total
interestbearing
securities
End of month
Com- Federal
mercial Reserve
banks * Banks
Total
Total
Insurance
companies
Mutual
savings
banks
3 100
400
3 700
3 900
,600
66 ,100
6,500
7,100
8,200
9,200
11,300
13,100
15,100
17,300
19,600
22,700
24,400
25,300
25,300
25,000
Individuals
9 ,700
10 ,900
Other
corporations
and
associations
State
and
local
governments
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,800
27,600
29,800
29,100
25,200
22,100
20,100
400
600
700
900
U. S. Government agencies
and trust funds
Special
isues
Public
issues
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,300
7,100
4,775
6,120
6,982
7,885
9,032
10 871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
2,305
2,375
2,558
2,737
3,218
3,451
4,242
4,810
5,348
6,128
7,048
6,798
6,338
5,445
47,874
54,747
63,768
76,517
111,591
••
139,472
. . . . 168,732
201,059
230,361
256,766
. . . . 276,246
268,578
257 980
255,197
18,566
21,884
23,654
28,645
47,289
59,402
71,443
83,301
96,546
105,992
115,062
108,183
97,850
91,872
,400
76 ,000
41 ,100
S? ,200
S9 ,900
68 ,400
77 ,700
84 ,200
90 ,800
84 ,400
74 ,500
70 ,000
74 ,262
73 ,783
73 ,350
21 ,872
29,308
32,863
40,114
47,872
64,302
80,070
97,289
117,758
133,815
150,774
161,184
160,395
160,130
163,325
1947—September . . .
October
November
December
256,177
256,348
255,674
254,281
92,129
91,968
91,509
91,159
69 ,800
69 ,800
69 ,300
68 ,600
,329
7? ,168
,209
7,7,559
164,048
164,380
164,165
163,122
6S ,700
65 ,700
65 ,600
65 ,300
24,700
24,900
24,700
24,300
1? ,100
17 ,200
17 100
17, ,000
20,400
20,400
20,300
19,900
7,100
7,200
7,300
7,300
29,520
29,447
29,517
28,955
4,424
4,488
4,675
5,397
194g—January
February
254,030
252,174
90,825
88,324
68 ,900
67 ,300
71 ,925
21 ,024
163.2Q5
163,850
6S ,400
65 ,600
24,100
23,900
1? ,000
12 ,000
19,900
20,200
7,200
7,200
29,148
29,246
5,452
5,637
1941—Tune
December
1942—June
December
1943—Tune
December
1944—June
1945—Tune
December
1945—j u n e
December
1947—Tune
.
..
16 ,100
19 ,700
? ,466
,184
2 ,254
2 ,645
6 ,189
7 ,202
11 ,543
14 ,901
18 ,846
,792
n17 ,600
,900
23 ,700
,300
37 ,100
45 ,100
57 ,200
S8 ,500
63 ,500
67. ,900
4 500
5 300
6
7
8
9
10
11
11
100
300
300
600
700
500
800
12 ,100
1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on
Jan. 31, 1948.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES •
[Marketable public securities. In millions of dollars]
End of month
Total
outstanding
U. S.
Government
agencies
and
trust
funds
Fed- Com- Mueral
mer- tual
Recial
savserve banks ings
Banks C1)
banks
Insurance Other
companies
Type of
security:
Total:'
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Jan
Feb
Treasury bills:
1945—Dec
1946—June
Dec
1947—June
Dec
1948—Jan
Feb
Certificates:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Jan
Feb
Treasury notes:
1945—Dec,....
1946—June....
Dec
1947—June....
Dec
1948—Jan
Feb
Treasury bonds:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Tan
Feb
198,820
189,649
176,658
168,740
165.791
164,945
162,759
7,009
6,768
6,302
5,409
5,261
5,315
5,500
24,262
23,783
23,350
21,872
22,559
21,925
21,024
82,830
76,578
66.962
62,961
61,370
61,588
60,149
10,491
11,220
11,521
11,845
11,552
11.593
11,590
17,037
17,039
17,033
15,775
15,136
14,838
14,438
5
3
2
11
18
73
81
12,831
14,466
14,745
14,496
11,433
9.709
9,211
2,476
1,142
1 187
3
2,052
3,092
2,830
1
25
39
60
38,155
34,804
29,987
25,296
21,220
20.677
18,920
38
58
64
48
30
34
36
8,364
6,813
7,496
6,280
6,797
5.882
4,391
18,091
16,676
11,221
8,536
6,538
6,712
6,306
91
243
257
249
200
275
308
360
576
490
362
269
8 2,120 15,701
9 1,748 11,396
6
355 6,120
7
369 4.855
4 1,477 5,327
179
227
211
183
98
129
134
576
623
603
285
245
271
260
4,383
4,258
2,796
2,443
4,224
4,260
4,298
947 46,535 10.217
6,915
755 47,335 10,743
6,655
753 48,408 11,049
6,186
727 48,756 11,407
5,306
5,173 2,853 47,424 11,226
5,168 4,791 46,591 11,149
5,343 5,688 46,042 11,087
22,230
23.073
23,226
23,305
22,213
21,655
21,468
33,579
30,764
29,700
29,822
28,974
28,499
28,235
22,967
18,261
10,090
8.142
11,375
11.375
11,375
120,423
119,323
119,323
119,323
117,863
117.863
117,863
4
4
787
1,543 5,168
1,734 4,945
23,183
24,285
24,346
23,969
22,895
22,657
22,449
51,046
47,015
44,177
42,684
42,154
41,867
42,075
1 1,723
1 1,424
11 1,088
1
479
154 1,454
357 1,568
341 1,915
11,211
10,439
10,459
9,821
7,386
351 7,423
365 7,514
End of month
Treasury bonds
and notes,
due or
callable:
Within 1 year:
1945—Dec
1946—June
Dec
1947—June....
Dec
1948—Jan
Feb
1-5 years:
I945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Jan
Feb
5-10 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Jan
Feb.."...
10-20 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Tan
Feb
After 20 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Jan
Feb.
Total
outstanding
U. S.
Govern- Fed- Com- Mu- Insurmer- tual
ment eral
agen- Recial
sav- ance Other
cies serve banks ings comand Banks 0)
banks panies
trust
funds
15,222
10.119
7,802
11,255
14,263
17,798
17,798
185
4
29
83
69
69
69
35,376
35,055
39.570
42,522
49,948
46,413
46,413
408
443
576
469
344
344
344
33,025
32,847
27,283
18.932
10,270
10,270
10,270
787
716
529
423
370
370
370
2,017 9,956
1,431 5,655
72 4,341
251 6,936
1,693 8,244
1,759 9,465
2,028 9,102
693
797
831
698
25,165
25,285
28,470
29,917
1,377 33,415
1.825 31,454
1,999 31,155
210
135
72
40
426
494
503
63
116
181
374
266
343
326
235
495
591
420
316
423
407
701
709
1,742
1,506
2,101
2,671
3,046
2,941
2,907
1,047
L.574
1,876
1,908
L.954
2,764
2,103
2,084
964
57
57
55
29
6,673
6,319
6 550
7', 193
9,890
7,941
8,054
21,007 2,058 2,902 6,063
21,933 1,609 2,822 5,632
16,657 2.042 2,826 5,156
11.577 L.245 2,002 3,645
576
880 1,928
6,090
842 1,941
6,053
570
571
857 1,897
6,072
90 3,691 5.523
34,985 2,779
83 3,308 6,026
37,189 3,400
78 2.433 5,303
32,384 2,975
78 2,587 6,751
40,352 3,374
834 5,003 8,606
54,757 4,393
54.757 4,389 2,255 4,788 I3,457
54,757 4,564 2,893 4,658 I3,369
24,781
22,372
22,372
14,405
2,761
2,418
2,591
3,191
3,675
5,739
5,866
2,418
2,550
2,632
2,593
2,051
2.510
2,687
1,649
A
10,996
12,547
11,708
15.137
18,211
17,730
17,559
11,905
11,829
9,886
12,425
17,710
17,138
16,714
6,933
6,325
6,602
3,358
10,559
8,826
8,313
5,812
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amount! of
nonmarketable
issues; by all banks and all insurance companies for certain dates are shown in the table above.
1
Including «tock savings banks.
* Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
548
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisWar TransIncome taxes1 cellaSocial
Inand fers to Other Total
neous Secu- Other Total Net
terdetrust
exbudget
inter- rity
rerere- 3 est fense
acexpenWith-2 Other nal
taxes ceipts ceipts ceipts
on activ- counts penditures
ditures
held
reve-1
debt ities
etc.
nue
Period
Fiscal year ending:
June 1945
June 1946
June 1947
1947—April
May
June
July
August....
September.
October
November .
December..
1948—January...
February..
March
April
(+) or
deficit
(-)
10,289 24,884 6,949 1,793 3,851 17,766 46,457 3,617 90,501 1,646 4,633 100,397
9,392 21,493 7,725 1,714 3,953 14,276 43,038 4,722 48,870 1,918 8,204 63,714
10,013 19,292 8,049 2,039 5,325 14,718 43,259 4,958 17,279 1,355 18,914 42,505
584 1,012
4,001
638
75 316 2,625 2,556 141 1,641
46 2,172
1,218
400
92 1,269
3,851
595
365 628 3,205 2,865
432 2,059
778 2,492
5,540
602
125 1,485 5,481 5,473 1,396 2,169
18 1,957
625
757
981
3,669
663
80 344 2,470 2,397 245
549 1,895
1,255
413
910
3,060
643
352 203 2,866 2,536 103
273 1,773
797 2,639
2,932
699
136 616 4,885 4,872 668 1,008
9 1,246
644
702
2,445
782
71 258 2,456 2,390 157 1,154
60 1,074
1,315
350
936
2,194
695
329 363 3,054 2,743 127
20 1,112
880 1,889
996
3,224
767
145 578 4,260 4,246 972
23 1,233
6
624 62,613
656
51 366 4,310 4,275 401 1,069
66 1,343
2,879
1,563 1,597
629
423 403 4,614 4,336 142
850
2,402
11 1,399
998 4,168
739
850
3,546
180 281 6,365 6,334 608
17 2,071
684 1,174
662
3,109
83 278 2,881 2,806 154 P809
70 2,075
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1945
June 1946
June 1947
Budget
surplus
Net expenditure^
in checking acExcounts of
Invest- pendiGovernments tures
ment
agencies
Increase ( + ) or
decrease (—)
during period
Trust
accounts General
Gross
etc.*
fund
debt
balance
-53,941 + 791
-20,676 - 5 2 4
+ 754 - 5 4 8
- 1 , 4 4 5 +269
+99
-987
-67 -634
-1,272 -129
-524 +206
+ 1,940 -435
- 5 5 +283
+549 +138
+ 1,022 -547
+1,396 +482
+ 1,934 -295
+2,788 - 1 3 9
-302 +312
+4,529
-10,460
-10,930
-2,598
-245
-758
-239
+332
+552
+ 155
-172
-838
+ 1,551
-330
+ 1,035
-741
+57,679
+10,740
-11,136
-1,423
+642
-57
+1,161
+649
-953
-74
-859
-1,312
-326
-1,969
-1,615
-750
General fund of the Treasury (end of period)
Other
Assets
Receipts
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
3,266
2,978
3,235
2,757
1,261
1,785
480
1,656
1,509
1,553
95
-196
3,820
4,735
3,009
2,444
2,407
1,577
-938
2,817
2,117
25,119
14,708
3,730
1,500
1,006
1,202
22,622
12,993
962
997
708
1,565
421
470
422
24,698
14,238
3,308
July
August
September. .
October
November. .
December...
158
591
247
633
574
66
164
524
80
5
159
476
398
150
272
24
274
119
135
127
139
155
135
125
124
108
116
-60
-33
90
158
176
47
-216
128
57
197
327
477
153
400
180
168
160
153
32
456
305
46
281
24
14
17
25
-26
110
348
159
26
212
103
19
464
4,707
4,402
3,730
3,460
3,705
4,331
4,498
4,292
3,454
842
989
1,202
884
6
749
1,091
1,393
1,290
866
2,317
1,807
962
958
1,362
1,618
1,437
1,417
968
1,548
1,607
1,565
1,617
51,593
1,622
1,668
1,585
1,621
395
336
422
391
304
378
391
357
357
4,312
4,066
3,308
3,069
3,400
3,952
4,107
3,935
3,097
1948—January....
February.. .
March
April
254
433
92
173
68
230
51
-34
126
134
152
150
-283
111
54
-166
313
cj49
185
162
21
28
28
7
154
374
131
66
5,042
4,664
5,692
5,037
2,256
1,571
1,972
1,236
959
1,434
1,972
2,156
1,828
1,658
1,749
1,645
394
346
339
425
4,648
4,318
5,353
4,612
1947—April
May
June
c
P Preliminary.
Corrected.
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes,
which are appropriated directly
to the Federal old-age and survivors insurance trust fund.
6
6
Excess of receipts ( + ) or expenditures ( —).
Change in classification.
Based on telegraphic rather than the usual mailed reports
for these months; this accounts'in part for the increase in January and decrease in February from corresponding months of 1947.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
1
3
4
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.
Individual
income taxes
Corporation income
anc profit taxes
Estate
and
Period
Withheld
Fiscal year ending:
June—1941
1942
1943
1944
1945
1946
1947
1947—March
April
May
June
July
August
September. .
October
November. .
December. .
1948—January.. . .
February. . .
March
Other
Normal
and
surtax
7,823
10,264
9,858
9,842
1,418
3,263
5,944
10,438
8,770
8,847
9,501
1,852
3,069
4,521
5,284
4,880
4,640
81
1,967
1,712
1,014
1,528
648
158
228
170
1,068
1,386
1,128
1,514
686
33
1,133
1,495
26
1,188
1,491
36
645
2,250
279
MAY 1948
297
62
246
67
408
2,338
1,004
2,034
370
276
384
249
1,463
473
326
2,276
CASH OPERATING INCOME AND OUTGO
OF THE UNITED STATES TREASURY *
[In millions of dollars]
In millions of dollars]
gift
taxes
Excise and
other miscellaneous
taxes
Excess
profits
Other
profits
taxes
164
1,618
5,064
9,345
11,004
7,822
3,566
37
57
84
137
144
91
55
407
433
447
511
643
677
779
2,547
3,405
4,124
4,842
6,317
7 ,036
7 '285
80
66
63
61
49
43
35
28
22
24
3
2
3
2
2
1
1
1
2
1
103
68
62
55
66
79
64
65
54
65
541
572
539
560
618
572
625
736
627
691
17
22
20
1
4
1
72
56
125
562
586
603
Period
Fiscal year ending
June—1943
1944
1945
1946
1947
1947—March
April
May
June
July
August
September.
October
November..
December. ,
1948—January
February...
March
Cash
income
Cash
outgo
25,245
47,984
51,041
47,784
46,637
5,946
2,819
3,315
5,295
2,564
3,193
4,711
2,630
3,348
4,030
4,542
4,718
6,472
78,979
94,079
95,986
65,683
39,978
3,322
3,654
3,350
5,193
3,390
,152
3,959
2,612
2,533
3,520
2,556
2,895
3,871
Excess income (+)
or outgo ( - )
-53,735
-46,095
-44,945
-17,899
+6,659
+2,624
-835
-35
+ 102
-827
+41
+753
+ 18
+816
+510
+ 1,986
+ 1,824
+2,601
i Difference between these figures and changes
in the general fund balance represents net cash
borrowing ( + ) or net repayment of borrowing
(—). For description, see Treasury Bulletin for
September 1947.
549
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES *
[Based on compilation by United States Treasury Department.
In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items *
Corporation or agency
Loans
Total
All agencies:
Dec. 31, 1946
Mar. 31, 1947
June 30, 1947
Sept. 30, 1947
Dec. 31, 1947
Classification by agency,
Dec. 31, 1947
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks.,
Production credit corporations
Regional Agricultural Credit Corp.
Agricultural Marketing Act Revolving Fund
Federal Farm Mortgage Corp
Rural Electrification Administration.
Commodity Credit Corp
Farmers' Home Administration
Federal Crop Insurance Corp
,
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp
Home Owners' Loan Corp
Public Housing Administration and
affiliate:
Public Housing Administration....
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
Reconstruction Finance Corp. 6
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission:
Maritime Commission functions 7 . . . .
War Shipping Adm. functions 8
Allother»
30,409
32,337
429,666
31.037
30,966
Cash ceivable
,398
,588
,792
.556
,481
348
410
109
2
3
126
759
,296
395
43
613
1,505
1,999
1,031
219
788
4,192
7,003
8,659
Investments
6,649 1,265
7,294 1,003
7,662
851
9,212 1,093
822
9,714
,873
547
,985 3,426
3,565
,725 3,553
,685 3,539
16,924
15,486
12,691
12.662
12,600
261
169
83
84
82
339 ,414
380 1,176
165 ,163
283
953
247
879
1,252
1,250
506
667
689
275
336
8
1
()
8
19
413
55
25
37
2
94
733
261
278
2
448
139
473
184
12
5
5
37
5
2
17
44
172
54
14
436
278
39
25
4
19
926
8 1,970
3,588
3,142
2,045
2,144
2,037
69
358
35
189
511
504
53
206
4
U. S. PriBonds, notes,
Gov- vately
DeLand, ferred
and debenern- owned
structures
payable
and
Other
ment
Other
tures, undis- asliabil- inter- interU. S. Other and
Fully
est
sets guarities
est
Govt. secu- equip- tributed 3
secu- rities 2 ment charges
anteed Other
rities
by U.S.
Commodities,
supplies,
and
materials
100
498
509
269
138
143
263
49
109
2
16
3
122
759
675
380
35
124
127
185
490
l32
204
9
1
(*)
235
108
1,020
11
5
33
35
6
2
5
()
3,305
6,507
29
115
10
21 3,386 1,634
492
53
168
4
301 1,204
187 1,812
4 1,026
85
140
754
560
163
40 3,506
578
15
S
24,810
27,268
26,763
28,005
28,015
12
219
776
393 3,799
333 6,670
61 8,597
212
191
47
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Dec. 31. 1947
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Fed.
Rural
Fed. inter- Banks ComElecFarm medi- for co- modity trificaMort. ate
opera- Credit
tion
Corp. credit tives Corp. Adm.
banks
109
336
276
280
734
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
(5)
556
1
486
145
241
Other
To aid financial institutions:
Other
Other
Less: Reserve for losses
Total loans receivable (net)...
436
15
94
(5)
336
278
1
275
18
261
1
733
278
278
13
473
278
436
1
6
246
340
54
926
All
other
Sept. 30,
1947,
All
all
agen- agencies
cies
8 2,299
556
69
2,200
665
147
272
162
240
4
5
442
1,978 3,450 5*. 673
714
96
395
7
9
1,970 3,652 9,714
6
340
5,405
591
397
9,212
3
31
* Includes certain business type activities of the U. S. Government.
*
Assets are shown on a net basis, i.e., after reserve for losses.
Includes investment of the United States in international instutitions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and Development—318. 476. 635, 635, and 635 on Dec. 31, 1946, Mar. 31, June 30, Sept. 30, and Dec. 31, 1947, respectively;
International
Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, and Dec. 31, 1947.
3
Deferred charges included under "Other assets" prior to Mar. 31, 1947.
4
Federal
land
banks are excluded
beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26,
1947.
6
6
8
Less than $500,000.
Includes U. S. Commercial Co. and War Damage Corp.
'Figures are for Mar. 31, 1947.
Figures are for
Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947.
"Figures for three small agencies included herein
are for dates other than Dec. 31.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
1
2
550
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 and month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 3
1939 = 100
All
other
Nonagricul-
tural
Factory
DepartWholeFac- Freight ment
sale
Contory carload- store sumers'
comsales
pay 3
modity
prices
ngs*
(valrolls
prices3
u e d 1935-39 1926
1939 = 1935-39
100 1935-39 = 100
100
= 100
= 100
Ad- Unad- AdAdAdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
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
94
120
1926.
1927.
1928.
1929.
1930.
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142
125
1931.
1932.
1933.
1934.
1935.
75
58
69
75
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
13
11
12
21
1936.
1937.
1938.
1939.
1940.
103
11.'
8<
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
7:
81
1941.
1942.
1943.
1944.
1945.
162
199
239
23
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
1946.
1947.
170
187
19
220
165
172
79
90
65
88
86
103.7 103.9
104.2 124.2
79.7 80.2
120
129
101.0 109.1
Adjusted
Unadjusted
Unadjusted
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
88.2
86.0
ro
121
101.7
107.2
142
139
146
102.5
96.2
93.8
97.0
98.9
96.8
96.9
103.1
89.8
83
99
92
94
105
105
110
110.5
108.5
109.7
117.1
94.7
152
147
148
152
131
113
114
115
117
108
126.4
124.0
122.6
122.5
119.4
100.0
95.4
96.7
95.3
86.4
84
40
37
48
50
87.1
77.2
77.5
84.9
88.5
75.8
64.4
71.3
83.1
88.7
71.8
49.5
53.1
68.3
78.6
105
78
82
89
92
97
75
73
82
88
73.0
64.8
65.9
74.9
80.0
37
41
45
60
72
70
74
80
81
89
95.1
101.4
95.4
100.0
105.8
96.4
105.8
90.0
100.0
107.5
91.2
108.8
84.7
100.0
114.5
107
111
89
101
109
100
107
99
106
114
122
166
68
41
68
89
82
40
16
26
149
235
92
61
102
119.4
131.1
138.8
137.0
132.0
132.1
154.0
177.7
172.4
151.8
167
245.2
334.4
345
293 A
130
138
137
140
135
133
150
168
187
207
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
128.4
87.3
98.8
103.1
104.0
105.8
134
149
15
157
143
142
161
169
134.4
140.5
142.0
154.1
266 A
324.3
132
143
264
285
139.3
159.2
121.1
151.8
254.8
253.5
262.8
267.1
284.4
290.3
292.8
298.2
306.2
109
106
133
139
141
138
139
137
140
253
258
276
272
292
271
258
271
276
131
131
133.3
141.2
144
145
148.6
152.2
153.3
110.2
111.0
112.9
124.7
129.1
124.0
134.1
139.7
140.9
307.3
153.7 310.6
154.0 314.1
356.3
150
142
146
13
142
13
134
14
142
145
147
149
265
266
272
277
291
289
286
283
292
27'
30:
303
153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0
141.5
144.5
149.5
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.7
163.2
157.5 156.8 349.
156.3 155.6 344.9
P157.2 P156.5
145
139
130
284
283
284
168.8
167.
166.9
'165.7
'160.8
161.4
1946
April
May
June
July
August
September. .
October
November. .
December...
165
159
170
172
178
180
18:
183
18:
163
159
171
17
180
184
1818;
180
190
175
193
20:
208
21
214
214
211
164
161
162
157
164
165
168
173
174
104
11
139
146
144
146
14
136
137
170
169
174
16.
158
151
145
139
154
172
179
177
161
157
147
140
122
143
168
161
172
168
158
155
148
152
163
132.4
133.4
134.3
134.7
136.4
137.6
138.1
139.1
139.4
139.4
140.7
142.2
143.0
146.3
148.6
149.1
151.5
152.4
138.5
139.6
141.9
143.6
147.7
149.5
149.6
152.0
152.8
1947
January....
February. . .
March
April
May
June
July
August
September. .
October
November. .
December
189
189
190
187
185
184
176
182
18'
190
19:
19:
184
185
18
18
185
185
178
185
191
19
19.
189
221
22
225
22:
218
219
20
210
21
223
224
229
176
176
175
172
170
168
163
169
172
176
179
173
146
146
148
143
151
148
140
150
153
155
155
156
146
151
132
133
127
136
155
166
18^
184
193
197
144
.152
129
12,
110
116
136
150
168
170
163
161
148
149
134
14:
140
15:
170
179
195
196
21
22
139.5
139.8
140.0
138.9
138.9
139.8
139.0
140.2
141.5
142.2
142.4
143.1
153.4
154.4
154.6
153.8
151
151
149.4
152
155
156.4
156.8
157.8
152.
1948
January....
February. . .
March
193
194
P192
189
190
P188
229
226
P229
'178
180
P178
154
155
P140
191
187
i>173
152
152
P141
223 143.6
215 142.6
P198 P142.9
152.9
150.6
151.4
150.1
154.3
156.6
156.9
157.3
158.
310.
312.
319.6
314.2
323.3
336.9
341 .6
345.0
80.8
86.3
78.6
77.1
78.6
r
* Average per working day.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 552-555. For points in total index, by major groups, see p. 574.
28 Based o n F . W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 559 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. 561-564.
Backfiguresin BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment. January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department
store sales, June 1944, pp. 549-561.
1
MAY 1948
551
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average=100]
1947
1948
Industry
Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar.
Industrial Production—Total
190
187
185
184
176
182
187
190
192
192
193
194
P192
Manufactures—Total
198
194
191
191
183
188
192
197
199
198
200
201
P201
225
222
218
219
207
210
217
223
224
229
229
226
P229
Iron and Steel
196
195
197
193
181
188
195
204
202
205
203
203
207
194
213
179
457
189
213
178
461
193
215
179
469
189
174
187
188
198
196
211
176
458
198
166
429
197
205
170
454
214
177
477
224
184
509
222
182
503
226
185
516
197 196
224 '226
182 180
526 '551
234
184
593
281
276
273
275
266
267
276
280 '281
- 239
237
225
233
217
213
227
232
234
'244
244
231
P242
197
193
179
191
185
180
197
198
200
206
206
192
P206
202
197
187
179
171
170
174
179
185
189
194
198
P200
195
203
198
188
181
180
182
176
177
183
187
189
P188
205
195
183
176
167
167
171
180
188
192 '197
201 P205
147 144
Pig iron
Steel
.
.
.
.
Electric
288 r287
r
190
285 P285
Manufacturing Arsenals and Depots1
Transportation Houiptnent
»
T »-
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Nonferrous Metals and Products
.
(Copper smelting; Lead refining; Zinc smelting;
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
Furniture
Stone Clay, and Glass Products
Plate glass
Clay products
Abrasive and asbestos products1
Other stone and clay products
Wool textiles
Carpet wool consumption
Wool and worsted yarn
Woolen and worsted cloth
Leather and Products
Cattle hide leathers
Shoes
Manufactured Food Products
Wheat flour
Manufactured dairy products .
Butter
Cheese
•
142
142
133
142
140
143
150
153
156
150 P147
138
166
135
161
134
158
133
160
121
155
133
160
128
164
128
172
137
176
139
181
143
180
135 P132
178 P177
218
211
200
207
195
199
202
201
201
205
199
207
241
159
269
192
165
224
258
234
151
263
175
164
218
249
229
163
251
141
162
210
247
230
207
211
219
210
154
257
171
164
124
235
164
160
151
231
171
162
151
243
171
160
156
229
174
161
216
239
224
220
225
216
221
226
230
224
207 199 187
143 141 149
229 218 200
178 196 199
162 166 rl79
'•236 236 '248
226 '244 192
P208
202
166 160
208 216
208 196
168 P 1 7 3
246 P245
197
239
P250
175
172
170
168
163
169
172
176
179
173
'178
180
P178
172
166
164
155
142
154
160
164
172
163
rl78
179
P175
160
160
270
154
154
270
152
148
271
143
129
142
147
152
159
133
263
118
263
130
267
130
278
139
280
149
290
149 '165
153
131
287 '300
165 P 1 6 3
147
153
302
295
172
182
210
161
145
183
171
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
130
156
168
167
172
175
175
144
124
141
149
121
108
184
176
147
134
192
184
162
144
194
185
160
140
139
165
188
188
194
152
132
148
159
159
167
166 '181
'212
192
'172
'152
189 '200
164 '175
212
201
175
154
174
196
182
164
142
122
116
113
107
101
116
122
126
124
114
120
123
122
140
99
84
102
121
119
137
102
79
95
113
119
138
96
88
83
109
114
106
115
120
121
121
78
113
130
93
131
103
136
94
141
88
129
83
92
84
90
84
87
101
94
118
100
112
93
108
89
101
103
97
117
123
128
126
114
'116
'132
85
'96
'101
'122
116
130
94
122
157
158
155
154
155
157
158
156
158
158
157
159
P160
160
149
144
152
143
148
136
136
143
133
140
134
P119
P153 P154 H52
82
79
85
198 206 191
164 173 173
P155
P157
P147 P148 P147
74
76
75
P140
P138
P139
66
66
151
137
148
130
67
156
127
P139
65
P145
69
160
158
82
85
196
184
197
188
174
158
167
160
163
157
183
171
161
141
185
205
180
P120
134
80
95
101
127 P 1 2 2
150
134
r
P Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
552
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar,
Manufactured Food Produtcs—Continued
149
143
169
122
101
150
153
159
121
105
151
154
159
119
102
152
157
154
141
104
156
171
149
154
93
145
155
140
158
91
146
144
153
174
99
142
141
146
171
109
170
185
159
190
114
160
173
154
149
107
150
156
154
128
98
147
161
141
115
102
160
151
145
165
161
145
149
168
158
138
153
164
154
132
135
163
156
133
119
168
160
138
118
173
163
149
125
174
161
134
134
172
160
129
144
171
164
138
150
173
164
139
144
174
167 P 1 7 O
142 P159
149
177 P176
.
208
189
162
159
164
176
198
229
219
167
167
198
191
..
160
151
619
314
154
131
503
276
149
106
350
194
150
79
319
215
157
55
329
231
168
56
385
238
196
78
277
297
204
71
323
468
203
1
119
562
165
5
94
376
169
37
220
264
171
115
431
310
157
152
526
239
158
160
142
159
156
160
163
175
169
149
153
155
164
..
98
216
66
94
221
68
106
187
55
101
216
66
98
210
72
107
211
80
113
213
83
126
229
80
124
224
68
100
201
61
104
204
69
113
203
70
102
225
67
.
159
156
161
160
146
158
159
163
165
158
163
163 Pi 69
154
174
99
113
266
151
151
180
88
160
151
139
89
150
169
97
112
254
150
147
178
87
158
144
132
93
155
173
97
112
265
151
152
184
88
160
148
141
92
155
178
105
116
277
151
151
179
88
162
147
144
91
140
160
108
98
253
131
137
166
75
147
136
124
91
153
178
113
105
278
151
149
178
86
157
148
138
94
153
171
110
104
259
149
150
182
87
157
151
135
97
157
177
105
107
275
154
154
184
89
167
152
141
91
160
182
97
112
281
159
156
186
89
168
158
146
90
153 157
168 174
96
88
107 109
255 r276
148
150 151
177 155
187
86
86
162 162
r
158 163
139 r145
88
82
159 P 1 6 3
178
94
111
270
161
r
156 161
179 192
86
88
171 168
161 167
150 155
82
83
142
141
142
146
139
145
144
152
152
146
148
157
153
.... 124
124
125
131
131
133
131
138
137
131
134
144
139
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
.
Other manufactured foods
Processed fruits and vegetables
Confectionery
. .
....
Other food products
Alcoholic Beverages
Malt liquor
Whiskey ..
..
Other distilled spirits
Rectified liquors
131
140
131
98
91
Industrial Alcohol from Beverage Plants l
Tobacco Products ..
. .
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products .
Paper and pulp ..
..
Pulp
Groundwood pulp
Soda pulp
.
Sulphate pulp
Sulphite pulp
Paper
....
Paperboard
Fine paper
Printing paper
• ...
Tissue and absorbent paper
Wrapping paper
Newsprint
.
Paperboard containers (same as Paperboard)
Printing and Publishing
.
Newsprint consumption
.
•.
Petroleum and Coal Products
P185
Petroleum refining2
Gasoline
Fuel oil . .
...
Lubricating oil
Kerosene
Other petroleum products l
Coke
By-product coke
Beehive coke
P179 P184 P191
P195
P201
P203 P204 P205
P208
P214 P214 P211
142
174
167
176
139
163
156
170
145
171
163
175
154
173
168
182
157
178
157
186
163
180
164
177
162
183
154
169
162
187
160
177
159
186
162
178
160
193
170
187
159
201
163
199
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178 179
171 171
442 -•421
251
251
253
250
251
249
248
248
251
254
255
157
135
283
431
155
138
289
433
153
137
292
435
151
142
251
439
152
135
291
438
152
135
294
431
153
137
295
425
152
138
294
427
155 155 158
148 150 151
297 299 298
431 '438 r437
158
147
301
434
Rubber Products
239
234
220
216
207
210
217
223
225
230
223
214 P205
Minerals—Total
148
143
151
148
140
150
153
155
155
156
154
155 P140
153
144
156
153
144
155
160
162
163
162
160
161 P144
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
148 P 9 9
155 P 9 7
118 P 1 0 8
167 P166
117
136
124
122
117
117
111
107
109
117
117 P121
159
189
169
166
160
163
153
145
146
159
159 P166
58
68
60
68
64
66
63
61
60
51
56
47
55
55
53
63
55
73
'55
78
Chemical
Products
..
.
....
Paints
....
Soap
Rayon
..
Industrial chemicals
.
....
r
155 P 1 5 3
206 P 2 0 1
164
213
166
164
234
251 P250
P155
P142
P301
P437
Other chemical products 1
Fuels
.
..
"...
Coal
Bituminous coal
Anthracite
.
Crude petroleum . .
.
...
.. .
Metals
Metals other than gold and silver
(Copper; Lead; Zinc)1
Gold
Silver
.
.
.
..
59
67
59
r
1
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
MAY
1948
553
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of'Governors.
1935-39 average = 100]
1947
1948
Industry
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar
Industrial Production—Total.
187
185
185
185
178
185
191
194
193
189
189
Manufactures—Total
195
193
191
191
184
191
197
200
200
196
197
197 P198
224
222
219
220
208
212
219
224
224
227
226
224 P228
196
195
197
193
181
188
195
204
202
205
203
•203
207
194
213
179
457
189
213
178
193
215
179
469
189
211
176
458
174
198
166
429
187
205
170
454
188
214
177
477
198
184
509
197
222
182
503
196
226
185
516
197
224
182
526
196
-226
180
-551
190
234
184
593
281
276
273
275
266
267
276
280
281
288
'287
285 P285
239
237
225
233
217
213
227
232
234
'244
244
231 P242
197
193
179
191
185
180
197
198
200
206
206
192 P206
202
197
187
179
171
170
174
179
185
189
194
198 P200
196
203
198
187
180
180
182
176
178
183
187
189
205
195
183
176
167
167
171
180
188
192
'197
201 P2O5
140
143
145
149
141
151
150
150
148
140
138
137
126
166
134
161
138
158
143
160
133
155
147
160
143
164
138
172
133
176
119
181
117
180
116 P120
178 P177
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
190
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government)1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;
Zinc smelting;
Aluminum; Magnesium; Tin)1
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products;
Magnesium products; Tin
consumption)l
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products.
P188
P140
209
208
206
209
196
207
210
210
206
'200
187
193 P199
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products1..
241
159
269
157
159
215
258
234
151
263
166
160
215
249
242
163
269
148
162
213
229
154
254
183
163
221
239
200
124
225
181
160
224
220
218
151
241
193
166
226
216
223
151
248
198
166
225
226
215
156
236
202
169
236
224
209
143
231
192
169
'240
226
187
141
203
178
172
242
'244
184
149
196
161
'166
'238
192
202
193
160
166
216
'201
160
158
160 P165
235 P 2 3 6
239 P250
Nondurable Manufactures. ..
171
169
169
180
172
166
160
160
270
154
154
270
172
182
210
161
145
183
171
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1.. .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
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
P Preliminary.
1
168
164
173
178
181
155
142
154
160
164
152
148
271
143
133
263
129
118
263
142
130
267
147
130
278
152
139
280
159
170
195
149
128
178
158
161
191
186
147
126
177
156
155
175
175
144
124
174
152
130
141
149
121
108
139
132
156
184
176
147
134
165
148
168
192
184
162
144
188
159
121
115
113
106
99
116
121
140
97
83
99
121
118
137
98
82
93
113
119
138
92
86
89
109
112
125
96
92
83
103
100
114
77
89
78
97
114
126
97
84
105
117
140
144
149
154
166
157
143
138
146
141
175 P174
171
173
163
'178
179
159
149
290
149
131
287
'165
153
'300
165 P163
147
153
•295 302
167
194
185
160
140
188
159
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
'212
192
'172
'152
'200
'175
185
212
201
175
154
205
180
121
126
126
113
120
126
118
129
101
95
115
123
123
137
96
100
112
128
126
146
91
90
114
126
112
129
82
90
96
114
'117
'135
83
••96
'94
122
125
145
84
99
111
127 P122
178
182
167
161
154
146
144 P!42
147
148
144
144
132
140
136 P117
'127 P161 P 2 0 2 P229 P 2 2 9 P192 P156 P121
77
84
113
102
104
81
73
64
178
214 256
279
242
195
170
147
161
196
240 254
218
163
147
127
P91
50
113
99
P88
52
106
100
P87
55
116
103
P99
58
123
120
vl75
P119
P119
63
144
155
r Revised.
Series included in total and group indexes but not available for publication separately.
554
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
Industry
1948
Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec. Jan. Feb.
Mar
121
130
119
92
89
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
138
133
154
115
99
139
139
149
118
102
151
154
159
124
104
150
157
151
141
96
146
150
151
154
90
127
119
141
155
89
136
114
165
191
106
144
133
159
195
113
189
216
165
203
114
187
229
154
140
104
175
204
157
119
103
141
158
130
101
103
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
142
83
135
159
143
88
123
161
143
90
118
160
146
101
100
165
163
173
97
171
186
263
128
176
196
290
162
177
179
173
176
181
167
118
170
180
161
108
152
176
151
91
148
167
152
90
151
168
187
182
167
178
182
181
206
252
196
146
142
176
172
149
151
403
314
162
131
302
276
170
106
210
194
189
79
198
215
196
55
191
231
192
56
208
238
197
78
379
297
190
71
837
468
157
1
251
562
132
5
103
376
139
37
143
264
154
'115
259
310
146
152
342
239
149
151
142
165
162
165
172
181
172
139
153
147
155
98
201
66
94
205
68
106
187
55
101
227
67
98
221
72
107
222
78
113
228
89
126
238
85
124
228
70
100
185
54
104
204
67
113
190
68
102
209
67
159
156
161
160
145
158
159
163
165
157
163
163
154
175
106
113
266
151
151
180
88
160
151
139
89
150
171
106
112
254
150
147
178
87
158
146
132
95
155
174
105
112
265
151
152
184
88
160
148
141
93
155
178
106
116
277
151
152
179
88
162
150
144
92
140
159
96
98
253
131
137
166
75
147
131
124
89
152
176
100
105
278
151
149
178
86
157
148
138
93
153
170
98
104
259
149
150
182
87
157
151
135
97
157
177
97
107
275
154
154
184
89
167
154
141
91
160
182
103
112
281
159
156
186
89
168
158
146
91
152 157
168 174
97
91
107 109
255 •276
148 151
150 155
177 187
86
86
162 162
153 161
139 145
87
82
159
179
97
111
270
161
156
179
88
171
167
150
83
145
144
145
146
130
139
145
156
158
150
144
156
129
131
129
129
113
120
132
145
149
138
125
141
Alcoholic Beverages,
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
P88
i 69
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
Paperboard containers (same as Paperboard).
Printing and Publishing.
NewsDrint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products.
P!85
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
P!79
P195
P!84
P201
P203 P204
P205
P208
161
192
86
168
167
155
82
'214 P214
P211
142
174
165
180
139
163
162
174
145
171
170
176
154
173
168
171
157
178
156
173
163
180
162
170
162
183
154
168
162
187
160
177
159
186
162
183
160
193
168
159
201
158
203
155
206
163
224
P153
'201
172
165
424
166
162
324
168
161
428
165
160
340
161
156
307
171
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
234
254
253
252
247
247
245
248
251
252
•255
•253
252
>252
157
135
283
431
157
135
289
433
157
133
292
435
156
140
251
439
150
134
291
438
151
136
294
431
151
143
295
425
152
145
294
427
153
149
297
431
155
150
299
r
438
155
148
298
157 P155
146 '142
301 P301
434 P437
Rubber Products
239
234
220
216
207
210
217
223
225
230
223
Minerals—Total.
143
139
153
152
145
155
158
158
155
151
149
149
Fuels
153
144
156
153
144
155
160
162
163
162
160
161 P144
153
163
113
153
122
127
102
155
153
165
104
157
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
159
169
119
165
153
164
111
166
152
161
112
165
148 P99
155 P97
118 P108
167
83
112
140
148
151
151
145
132
106
85
81
P83
103
72
153
173
200
213
306
220
334
219
326
206
298
183
257
136
159
101
76
98
70
103
73
Chemical Products,
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition
Other chemical products l
x
Coal
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
P205
r
l
p Preliminary. ^
Revised. #
Series included in total and group indexes but not available for publication separately.
2
This series is in process of revision.
N O T E . — F o r description and back figures, see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
MAY
1948
555
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1947
Feb.
Mar.
Nov.
Factory pay rolls
1948
Dec.
Jan.
Feb.
1947
Mar.
Jan.
Feb.
Mar.
1948
Nov.
Dec.
Jan.
Feb.
Total
Durable goods
Nondurable goods
153.7 154.0 157.3 158.2 156.8 155.6 156.5 307.3 310.6 314.1 345.0 356.3 349.7 344.9
180.1 180.9 182.2 183.9 183.3 180.6 183.3 340.0 344.6 349.9 384.7 398.7 391.6 381.1
133.0 132.8 137.6 138.0 136.0 136.0 135.5 275.3 277.4 279.2 306.2 314.8 308.7 309.5
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
157.5
125
208
130
142
173
158.1
125
207
130
143
175
160.6
130
207
148
143
186
161.3
130
209
150
148
185
161.4
131
211
149
149
180
160.8 162.5
131
214
144
152
176
287.9
209
379
243
292
348
287.9
210
368
239
299
344
294.2
214
383
244
301
354
331.3
255
430
321
329
405
338.7
258
443
337
346
423
336.2
263
447
320
353
396
331.7
259
436
302
350
387
217
193
218
195
191
197
194
198
194
195
196
195
415
399
416
394
422
409
419
454
431
473
404
456
425
163
166
170
171
170
169
288
294
307
351
Electrical Machinery
Electrical equipment
Radios and phonographs
232.0 231.3 225.4
208
209
208
208
251
250
242
238
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
223.5 225.1 225.9 229.0 230.0 230.8 230.0
406.6 409.6 ^416.6 450.4 470.2 469.6
190
244
176
168
161
199
245
191
191
244
175
169
158
195
247
201
186
229
185
185
137
168
225
224
186
235
190
193
138
169
227
228
187
235
193
197
135
169
227
231
187
234
194
202
135
168
227
228
350
492
273
295
283
343
467
346
352
493
274
308
279
333
485
325
355
498
277
313
276
327
490
359
374
511
332
377
250
295
471
428
389
515
341
406
258
308
487
458
384
532
348
417
245
308
481
471
493
467.6
384
529
345
429
247
308
485
425
Transportation Equipment, except Autos,
Aircraft, except aircraft engines. .
Aircraft engines
Shipbuilding and boatbuilding
297.6
358
322
203
296.7
356
315
203
278.9
336
291
170
285.8
336
291
182
291.2
339
284
192
286.6 284.7
340
280
185
562.6
669
535
396
558.2
668
507
378
556.9
662
480
386
544.1
654
479
317
588.1
669
504
379
596.7
654
483
417
577.9
663
469
382
Automobiles
196.6 198.2 198.2 203.1 202.6 182.4 201.9
321.1 337.3 347.7 388.1 419.5 398.7 344.7
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
188.5 187.5 175.7 177.2 175.3 175.3 177.0
149
145
145
149
145
144
354.8 360.0 359.0 361.0 371.2 366.1 366.2
304
303
300
280
300
270
283
165
216
302
382
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
142.3 145.4 161.7 161.3 158.3 157.3 158.9
152
169
156
168
175
174
153
170
170
155
169
167
292.4 310.7 310.1 388.6 390.2 372.7 375.1
401
400
422
309
333
335
425
403
399
404
312
319
386
323
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
134.5 134.2 138.2 139.2 139.8 139.8 138.5
132
140
140
139
131
137
283.1 292.0 292.0 322.1 333.9 330.3 328.1
334
333
334
279
289
289
323
144.5
168
144
121
166
145.3
171
143
123
166
147.
168
151
131
169
147.6
168
151
131
170
143.7
164
149
131
166
143.9
161
150
127
167
280.0
326
234
247
295
278.4
313
238
247
304
285.7
329
240
253
315
316.3
357
294
297
350
320.4
357
291
302
354
305.0
339
285
297
336
305.6
339
286
279
336
Textile-Mill and Fiber Products
Cotton goods except small wares.
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
109.1
124
84
114
82
122
108.6
124
84
111
82
122
108.2
124
84
111
81
122
109.8
125
86
112
82
124
110.0
125
85
113
83
124
111.2 111.3
126
88
114
84
126
254.3
318
213
264
170
265
262.0
323
219
288
172
267
265.0
337
222
275
173
269
280.8
362
237
277
186
280
294.1
376
248
294
194
298
295.0
379
253
292
189
304
302.3
377
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
141.7
125
100
154
102
141.9
125
100
155
103
148.3
135
110
158
85
151.9
135
111
164
92
152.<
134
110
166
103
154.9 154.8
136
110
170
109
300.6
277
226
322
170
314.1
281
234
345
202
317.7
281
234
340
197
319.6
302
266
319
124
343.3
310
281
356
157
353.4
313
273
375
204
362-0
316
270
388
239
Leather and Leather Products
Leather
Boots and shoes
104.9 104.7 106.4 107.4 106.9 107.6 105.6
94
94
93
92
94
94
101
100
97
100
97
99
Food and Kindred Products
Slaughtering and meat packing...
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
123.9
132
140
110
112
155
92
Tobacco Manufactures
Cigarettes
Cigars
95.4 92.2 96.5 94.4 93.7 94.0
123
122
120
124
125
122
79
80
79
83
79
83
161
216
123.5
128
140
110
114
157
86
136
185
140.1
142
143
118
143
181
114
138
190
136.4
151
142
116
141
172
99
222.7 221.1 218.7
207
206
228
226
138
192
129.0
146
141
113
134
168
84
137
191
125.4 124.4
139
138
114
126
166
81
93.5
344
447
339
425.6 422.9 429.6 463.1 472.1 462.0
456.2
434
431
424
373
375
382
507
492
540
543
500
498
424
308
376
301
385
264
352
272
365
273
370
273
364
262
321
191
310
220.8 223.0 222.2 235.4 241.8 240.7 243.4
202
200
179
186
185
200
203
235
234
214
232
213
214
224
256.4
286
305
208
228
251
237
242.5
254
294
202
229
249
207
239.3
233
299
201
234
256
197
300.6
317
337
228
325
327
266
298.9
339
319
229
327
308
250
273.9
304
306
222
290
289
214
267.2
263
298
241
271
290
214
209.4 201.0 193.1 216.3 219.8 210.8 196-7
219
242
234
260
227
253
268
182
195
186
176
196
190
184
NOTE.—All indexes shown, except those for individual industries in the Machinery except Electrical and Transportation Equipment groups,
have been adjusted to final 1945 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data
for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle
of month and cover production workers only. Figures for March 1948 are preliminary.
556
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
1947
1948
1947
1948
Feb.
Mar.
Nov.
Dec.
Jan.
Feb.
Paper and Allied Products
Paper and Pulp
Paper goods, n.e.c
Paper boxes
145.9
140
154
148
145.9
140
154
148
145.7
143
156
143
146.9
145
157
144
145.7
145
154
141
144.8
145
152
139
Printing and Publishing
Newspaper periodicals
Book and job
128.1 128.2 132.8 133.0 131.3 130.8 130.2 219.6 221.8 227.7 252.3 258.0 250.2 249.6
116
117
122
123
121
121
185
191
197
230
224
225
219
139
138
144
143
142
141
249
248
254
285
279
279
283
Chemicals and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
197.1
252
127
277
284
155
128
171
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
146.0 145.9 153.5 152.9 152.4 151.3 150.9 253.9 256.8 262.1 304.5 308.2 312.8 310.2
150
150
150
244
146
150
246
253
145
293
289
297
295
141
140
138
240
128
138
248
247
130
295
293
320
316
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
198.2 196.5 184.5 186.1 184.2 182.7 178.7 386.3 385.0 374.3 383.3 396.5 376.8 358.3
206
416
212
209
413
212
397
231
408
412
233
356
388
167
355
354
169
167
166
349
170
362
380
366
173
368
Miscellaneous industries
Instruments, scientific
Photographic apparatus
180.9 182.1 185.6 182.7 176.1 177.0 176.0 356.7 360.0 367.6 393.7 394.7 377.9 383.2
245
451
245
449
452
246 i 248
499
481
250
508
487
250
221
348
220
222
343
375
421
220
417
418
424
203
201
200.1
241
131
281
298
169
161
142
197.5
254
126
278
289
156
117
177
201.0
239
131
283
301
173
160
149
199.6
239
131
283
301
144
142
161
Mar.
Jan.
Feb.
Mar.
Nov.
Dec.
Jan.
Feb.
285.1
274
298
290
288.1
280
298
289
290.9
281
302
295
319.6
320
327
315
327.5
327
336
322
321.5
325
329
309
322.3
328
327
307
199.6 199.7 362.9
238
451
132
228
281
496
303
482
149
331
127
348
172
376
372.6
464
245
501
465
334
331
415
377.5
465
246
506
477
334
301
444
407.5
490
261
541
566
398
449
363
414.9
489
266
556
565
412
448
393
417.3
491
269
561
580
334
397
433
416.2
489
270
559
588
342
336
440
For footnotes see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1947
Group
Total
Durable
Nondurable
p Preliminary.
1948
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
154 4
180 8
133.6
154 6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.5
129.8
149.4
174.0
130.0
152.7
176.2
134.2
155.7
178.8
137.4
156.4
180.4
137.5
156.8
181.9
136.9
157.8
183.9
137.3
157.5
183.9
136.7
156.3 P157.2
181.3 P183.9*
136.6 P136.1
Mar.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
1947
Industry group
Oct.
Average hourly earnings (cents per hour)
1948
Nov. Dec.
1947
1948
Jan.
Feb.
All manufacturing.
40.6
40.4
40.6
40.4
41.2
40.5
40.2
116.1 117.0 125.8 126.8 127.8 128.6 129.0
Durable goods
40.5
40.5
40.9
40.7
41.7
41.0
40.5
122.4
122.9
133.7 134.6 135.4
40.2
40.5
41.4
40.2
41.0
40.6
41.8
40.5
40.0
40.0
41.3
39.7
38.8
41.0
42.1
41.9
40.1
40.5
40.6
41.3
40.4
39.5
40.8
42.6
42.1
40.8
40.5
40.6
41.2
38.6
39.8
41.1
42.2
41.8
40.5
41.2
41.1
42.2
40.8
41.4
41.8
43.2
42.7
41.0
40.8
40.5
41.8
40.2
39.9
41.4
42.4
42.0
39.9
40.5
40.4
41.4
39.4
38.1
41.3
41.6
41.4
39.9
126.1
119.9
128.3
135.6
139.0
121.7
96.2
101.5
112.5
125.8
120.3
129.0
136.7
139.9
122.2
97.9
102.2
113.3
139.7
133.1
140.0
143.7
152.6
131.2
106.3
110.5
123.4
. . 40.7
40.4
40.2
40.1
40.8
40.0 39.8
40.5
36.9
39.3
43.6
39.2
43.2
41.0
41.5
40.2
40.6
41.1
40.4
36.9
39.5
42.7
37.8
43.2
40.1
41.4
40.1
40.6
41.0
39.7
36.9
39.0
42.8
39.7
43.0
40.0
41.4
40.5
40.1
40.6
40.1
36.4
38.3
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
40.5
36.6
39.1
41.9
38.6
43.1
39.5
41.4
40.7
39.7
40.4
Iron and steel and products . .
Electrical machinery
Machinery except electrical . .
....
Transportation equipment, except autos. . .
Automobiles
Nonferrous metals and products
Lumber and timber basic products
Furniture and finished lumber products
Stone, clay, and glass products
Nondurable goods
Textiles—mill and fiber products
Apparel and other finished products
Leather and manufactures
Food and kindred products
Tobacco manufactures
.. . .
....
Paper and allied products
Printing, publishing and allied industries.. .
Chemicals and allied products
Products of petroleum and coal
Rubber products
Miscellaneous industries
38.9
Jan.
Feb.
40.2
36.7
39.0
41.6
36.3
43.1
39.1
41.1
40.7
38.4
40.7
Jan.
Feb.
Oct.
Nov.
140.4
133.9
140.4
146.2
154.0
132.0
107.4
110.8
124.7
109.4 110.7 117.5 118.5
97.0
103.7
102.3
108.4
93.8
108.8
138.1
114.3
137.2
133.0
112.0
99.7
104.9
102.1
108.8
93.7
109.8
141.5
116.5
138.2
133.1
112.3
105.5
105.1
108.2
115.9
95.4
121.5
154.0
127.3
150.5
143.8
120.0
109.0
101.9
109.5
117.3
95.6
122.2
155.6
128.7
151.8
145.4
120.7
Dec.
141.2
134.6
141.3
146.5
156.3
132.7
105.6
111.7
124.5
Jan.
Feb.
135.6 135.7
141.3
135.2
141.6
147.9
154.0
133.8
105.0
112.2
124.9
140.8
134 9
141.8
148.2
155 1
134.1
108.1
112.6
125.1
119.6 121.0 122.0
110.0
105.2
109.2
117.5
98.3
122.6
156.8
129.3
155.1
145.4
121.9
111.5
109.3
109.3
117.8
98.4
123.6
157.8
131.1
158.6
144.4
122.8
113.8
109.7
109 8
119.2
96.7
124.6
160.5
131.7
15&.2
142.6
122.8-
NOTE.—Preliminary March 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.4 and 129.3; Durable
41.0 and 135.9; Nondurable 39.8 and 122.0, respectively. Back figures are available from the Bureau of Labor Statistics.
MAY
1948
557
EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government *
1,150
1,294
1,790
2,170
1,567
1,094
1,082
1,493
1,734
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,043
6,705
7,055
7,567
7,481
7,322
7,399
7,654
8,448
8,713
1,382
1,419
1,462
1,440
1,401
1,374
1,383
1,523
1,572
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,595
5,417
880
879
856
884
893
866
896
894
895
897
899
1,651
1,632
1,652
668
700
742
770
796
806
1,813
1,882
4,052
4,040
3,855
3,970
4,074
4,079
4,083
4,110
4,070
4,049
4,062
8,637
8,695
8,638
8,631
8,669
8,688
8,761
8,776
8,801
8,811
8,835
1,554
1,555
,546
,553
,551
,574
,594
,599
,594
,596
,599
4,630
4,588
4,552
4,567
4,641
4,640
4,573
4,588
4,685
4,693
4,712
5,421
5,442
5,453
5,447
5,454
5,334
5,315
5,371
5,442
5,450
5,436
15,933
15.830
15,925
896
889
907
1,858
1,720
1,766
4,055
4,034
4,025
8,865
8.871
8,841
,603
,613
,611
4,795
4.802
4,752
5,472
5,441
5,453
41,849
42,043
41,824
41,919
42,363
42,201
42,624
43,039
43,298
43,450
44,078
15,475
15,510
15,429
15,237
15,328
15,233
15,595
15,801
15,831
15,872
15,964
880
879
856
884
893
866
896
894
895
897
899
1,502
1,534
1,619
1,685
1,768
1,847
1,894
1,904
1,896
1,849
1,788
4,011
4,020
3,836
3,970
4,115
4,140
4,144
4,110
4,070
4,049
4,042
8,507
8,565
8,552
8,545
8,582
8,558
8,586
8,688
8,889
9,075
9,453
,546
,555
,554
,561
,567
,590
,602
,583
,586
,588
,591
4,561
4,565
4,552
4,590
4,711
4,686
4,619
4,634
4,662
4,670
4,688
5,367
5,415
5,426
5,447
5,399
5,281
5,288
5,425
5,469
5,450
5,653
43,015
42,683
43,004
15,878
15,775
15,870
896
889
907
1,691
1,565
1,660
3,994
3,994
4,005
8,821
8,738
8,797
1,595
1,605
1 ,611
4,723
4,730
4,728
5,417
5,387
5,426
Total
Manufacturing
Mining
30,287
32,031
36,164
39,697
42,042
41,480
39,977
40,712
42,541
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,365
15,554
845
916
947
983
917
883
826
836
885
1947—February..:....
March
April
May
June
July
August
September
October
November
December
42,354
42,395
42,065
42,079
42,340
42,103
42,449
42,849
43,077
43.142
43,350
15,529
15,564
15,513
15,359
15,358
15,180
15,457
15,715
15,784
15.833
15,925
1948—January
February
March
43,477
43,200
43,280
1947—February.;;
March
April
May
June
July
August
September.
October....
November..
December..
1948-—January
February
March
Year or month
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947..
Contract
construction
SEASONALLY ADJUSTED
UNADJUSTED
1
Includes Federal Force Account Construction.
NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
March 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Total noninstitutional
population
Year or month
1940 *
1941
1942
1943
1944.
1945
1946
1947
. ...
1947—March
April
May
July
August
September
October .
November
December
....
1948—January . . . .
February
March
Total
labor
force
Employed
Total
l
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027
37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266
8,120
5,560
2,660
1,070
1,040
2,270
2,142
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
107,190
107,260
107,330
107,407
107,504
107,590
107,675
107,755
107,839
107,918
59,960
60,650
61,760
64,007
64,035
63,017
62,130
62,219
61,510
60,870
58,390
59,120
60,290
62,609
62,664
61,665
60,784
60,892
60,216
59,590
56,060
56,700
58,330
60,055
60,079
59,569
58,872
59,204
58,595
57,947
48,820
48,840
49,370
49,678
50,013
50,594
50,145
50,583
50,609
50,985
7,240
7,860
8,960
10,377
10,066
8,975
8,727
8,622
7,985
6,962
2,330
2,420
1,960
2,555
2,584
2,096
1,912
1,687
1,621
1,643
47,230
46,610
45,570
43,399
43,469
44,573
45,544
45,535
46,330
47,047
107,979
108.050
108,124
60,455
61,004
61,005
59.214
59,778
59,769
57,149
57,139
57,329
50,089
50,368
50,482
7,060
6,771
6,847
2,065
2,639
2,440
47,524
47,046
47,119
670
* Includes self-employed, unpaid family, and domestic service workers.
* Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940.
* Beginning in June 1947, details do not necessarily add to group totals.
NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate
to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census.
558
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Factories
Month
1947
1948
1947
1948
571.6
442.2
596 8
602.3
674 7
605.1
660.3
823 2
650.0
793 3
715.1
625.4
615.2
682.0
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
January
February
April
. ..
May
June
July
September
October
Novem ber
December
7,759.9
Year
1947
1948
86.5
73 9
82 1
65.6
71 3
66 8
82.3
88 0
73 8
95 5
72 1
83.5
941.4
3.153.8
54.1
71.9
Commercial
Educational
1947
1947
1948
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
19.7
13.5
21 4
22.7
47 7
40 1
38.5
45 6
42 8
41 1
27 2
31.5
785.5
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
Public ownership Private ownership
1946 1947 1948
1946 1947 1948 1946 1947 1948
1948
1947
58.7
37.8
391.9
Public works
and public
utilities
Other
1948
55 9
9 4
35 8
29.6
57.7
44.7
51.2
80 0
47.4
61 3
59 8
64.1
53.3
87.2
596.9
1947
1948
113.9
90.5
122 0
161 .4
184 7
185 7
165.9
223 5
141 5
165 9
181 5
154.1
136.6
177.3
1 .890.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1948
1947
Federal Reserve district
January....
February. . .
March
April
May
June
July
August. . . .
September. .
October
November. .
December...
358
387
698
735
952
808
718
680
620
573
504
457
572
442
597
602
675
605
660
823
650
793
715
625
7.490 7,760
Year
615
682
690
47
56
146
127
197
215
202
205
187
134
130
109
167
96
143
177
234
226
203
218
193
209
224
207
197
248
181
1 .754 2,296
405
346
453
425
441
379
458
605
457
584
492
418
311
331
551
608
756
593
516
475
433
439
373
348
419
434
509
5,735 5,464
Mar.
Feb.
Mar.
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis.
Kansas City.
Dallas
43,704
86,204
49,606
58.684
88,620
73,037
130,869
47,525
23,719
31,194
56,601
19,987
87,469
47,510
70,098
68.400
70,900
109,146
43,269
22,843
61,580
80,765
36.796
89,896
40,585
66,446
73,793
51,570
104,362
23,365
14,218
36,825
58,899
Total (11 districts). .
689,763
681,967
596,755
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[I i millions of dollars]
Title I Loans
Year or month
Total
489
684
950
1 .017
1,172
1.137
935
875
666
755
1,787
81
110
107
146
163
175
183
244
192
228
224
1948—January.. . .
228
February...
272
March
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—March
April
May
June
July
August
September..
October....
November. .
December. .
1
Property
improve-1
ment
Small
home
construction
54
151
204
242
249
141
87
114
171
321
534
35
45
37
44
50
43
46
46
47
68
56
45
49
13
25
26
21
15
1
(3)
(3)
(33)
()
(33)
(3)
()
(33)
()
(33)
(3)
()
2
Mortgages on
War and
1- to 4- Rental
Vetand
family group
erans'
houses housing housing
(Title
(Title
(Title
II)
II)
VI)2
424
473
669
736
877
691
245
216
219
347
446
28
33
36
39
39
37
41
48
39
48
48
45
53
11
48
51
13
13
6
(3)
4
3
1948
[In millions of dollars]
Total
SavCom- Muings
tual
mer- savand
loan
cial
ings associbanks banks
ation;-
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—June
Dec
2,755
3,107
1,318
1,465
157
186
237
254
668
789
220
234
154
179
1942—June
Dec
3,491
3.620
1,623
1,669
219
236
272
276
940
1,032
243
245
195
163
1943—June
Dec
3,700
^ 626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1.072
73
68
150
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1.000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—Tune
Dec
2.860
2,871
1 .386
1,379
245
244
220
232
889
899
8
7
102
110
End of month
13
284
603
537
272
85
808
18
33
34
63
74
95
96
150
106
112
120
137
170
Net proceeds to borrowers.
Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22. 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947 figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3
Less than $500,000.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
MAY
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
Insur- Fedance
eral
com- agen- Other*
panies cies *
1
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
559
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
1
Merchandise imports 2
Excess of exports
Month
1944
1945
1946
January
February
March
1,124
1,107
1,197
903
887
1,030
April.
May.,
June..
1,231
1,455
1,296
July
August
September....
October
November.,
December..
Jan.-Feb
1947
1948
1944
1945
1946
1947
1948
798
670
815
1,114 Pl,091
1,146 Pi,086
Pi,327
301
314
358
334
325
365
394
318
385
531
437
P445
P546
P582
1,005
1,135
870
757
851
878
Pl.299
Pi,242
361
386
332
366
372
360
406
393
382
,197
,191
,194
893
737
* 514
826
883
643
Pi,162
Pi,152
Pi,109
294
304
282
356
360
335
,144
,185
938
455
639
736
537
986
1,097
P1,235
PI.138
Pl.113
329
323
336
2,231
1,789
1,468
2,260 P 2 , 1 7 7
615
P1,421
1944
1945
1946
1947
1948
823
793
839
569
561
665
405
352
431
583
710
P883
P545
P504
P512
P474
P463
870
1,069
965
639
763
511
351
457
496
P947
*778
431
422
377
P450
P400
P473
903
887
912
537
378
180
395
461
266
P636
344
322
297
394
478
529
P492
P455
P602
815
862
602
111
317
439
142
508
567
P684
P511
659
711
1,616
1,130
757
1,292
968 p l . 1 2 8
P787
P713
P752
P743
P1,049
p Preliminary.
1
Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian
Supply
Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 74.6 million dollars.
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
FREIGHT CARLOADINGS BY CLASSES
[Index numbers, 1935-39 average = 100]
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
ForMis- MerLive- est
cel- chanTotal Coal Coke Grain stock
prod- Ore lane- dise
I.c.l.
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
101
109
130
138
137
140
135
132
143
98
111
123
135
138
143
134
130
147
102
137
168
181
186
185
172
146
182
107
101
112
120
146
139
151
138
150
96
96
91
104
117
124
125
129
107
100
114
139
155
141
143
129
143
153
110
147
183
206
192
180
169
136
181
101
110
136
146
145
147
142
139
148
97
96
100
69
63
67
69
78
75
SEASONALLY
ADJUSTED
1946—December.
140
132
155
162
122
156
146
148
81
1947—January. . .
February..
March. . . .
April
May
June
July
August....
September.
October. . .
November.
December.
150
142
146
137
142
137
134
143
142
145
147
149
163
149
147
119
155
141
115
146
153
156
160
155
175
171
180
173
185
173
170
184
180
192
195
191
157
147
159
151
138
140
168
162
137
152
145
138
123
111
121
111
104
107
107
92
105
104
105
96
163
166
159
148
148
145
152
152
149
147
150
158
176
172
171
184
184
184
194
190
181
163
163
192
152
145
151
147
145
142
143
149
145
149
151
156
77
76
78
79
76
74
71
73
73
75
75
74
1948—January..
Fel:bruary. .
March
145
139
130
155
150
98
183
178
162
132
103
109
84
76
79
153
140
146
180
195
195
152
146
150
68
71
72
1946—December.
131
132
163
152
118
139
45
139
78
1947—January...
February. .
March
April
May
June
July
August....
September.
October. . .
November.
December.
138
133
137
134
144
142
140
148
153
156
150
139
163
149
147
119
155
141
115
146
153
156
160
155
184
182
182
169
183
170
165
177
178
188
195
201
157
144
146
133
121
143
202
175
153
152
142
130
118
«-88
'95
98
94
87
87
87
139
161
133
92
147
159
159
148
154
151
153
160
161
155
147
141
44
43
50
157
267
286
311
284
272
235
163
60
139
136
143
145
146
146
145
150
157
163
158
147
74
74
79
80
76
73
71
73
77
78
77
71
1948—January. . .
February..
March. . . .
133
129
122
155
150
98
192
188
163
132
101
100
81
61
62
137
135
146
45
49
57
139
137
142
65
69
73
UNADJUSTED
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
995
297
5,347
7,466
9,055
9,437
8,899
7,628
P8,685
Net
railway
operating
income
3,406
3,614
4,348
5,982
7,693
8,343
8,049
7,009
P7.904
1,362
589
682
998
1,485
1,093
849
620
P781
Net
income
93
189
500
902
874
668
447
289
P480
SEASONALLY
ADJUSTED
1946—December.
658
523
135
98
1947—January...
February..
March....
April
May
June
July
August::..
September.
October
November.
December.
698
696
723
685
698
731
683
719
716
739
786
806
624
631
642
637
633
649
634
655
681
696
708
722
74
65
81
48
65
82
48
64
36
43
78
83
42
33
48
15
32
49
18
31
4
9
47
50
1948—January...
February..
767
781
707
710
60
71
28
1946—December.
638
534
104
89
1947—January...
February..
March....
April
May
June
July
August....
September.
October
November.
December.
686
636
718
689
724
697
705
745
727
794
755
807
627
'592
645
631
649
637
644
664
679
718
690
727
59
r44
'32
14
43
33
46
38
37
51
20
49
43
60
1948—January...
February..
751
716
709
676
41
39
UNADJUSTED
r
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.
560
73
58
76
60
61
81
48
76
66
80
19
P18
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN-
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average=100]
Federal Reserve district
United
States
Year or month
Boston
New
York
104
108
126
140
148
162
176
221
235
101
106
119
128
135
150
169
220
239
104
111
129
143
151
167
184
236
261
San
Francisco
Richmond
Atlanta
Chicago
St.
Louis
106
114
138
153
167
182
201
257
281
109
120
144
170
194
215
236
290
303
113
123
145
162
204
244
275
345
360
107
116
135
149
161
176
193
250
275
111
119
143
158
179
200
227
292
314
106
109
123
129
148
164
185
247
274
105
110
127
149
184
205
229
287
311
112
116
138
157
212
245
275
352
374
109
119
139
171
203
223
247
308
331
Phila- Clevedelphia land
Minne- Kansas
Dallas
apolis
City
SALES1
1939
1940
1941
1942
1943
1944
1945
1946
1947
106
114
133
150
. ... 168
187
207
. ... 264
285
..
SEASONALLY ADJUSTED
1947—March
April
May
.
....
June
July
August
September
....
October
November
December
272
277
291
289
286
283
292
277
302
303
237
227
244
249
237
234
236
211
248
243
••228
235
253
249
251
246
239
225
248
241
••237
258
275
264
257
258
267
253
278
284
257
272
298
284
281
273
290
271
296
309
307
299
303
317
301
282
303
297
310
322
347
353
367
365
336
352
361
348
383
394
260
261
276
278
281
266
290
266
298
293
294
306
321
299
320
307
337
308
339
337
279
257
270
278
268
271
287
276
281
277
295
299
306
305
298
307
323
320
335
334
347
377
37V
361
378
376
368
360
415
389
318
320
325
330
327
348
336
333
339
352
1948—January
February
March
284
283
284
216
223
236
240
241
229
268
263
258
284
284
270
286
306
317
355
359
369
271
281
274
291
307
318
286
267
278
306
292
307
390
368
384
340
319
329
»-264
269
280
266
219
236
299
298
374
483
227
227
241
232
164
176
248
234
306
419
'228
223
237
231
171
179
244
253
323
408
'226
248
261
238
185
193
267
280
370
460
262
266
283
267
220
237
293
290
371
479
292
290
301
278
215
233
322
324
394
542
347
350
349
307
269
310
368
372
460
619
250
258
276
270
219
224
296
284
364
455
288
297
315
269
249
264
340
330
428
516
258
264
269
264
217
242
311
304
335
424
283
290
297
281
250
277
336
336
392
505
337
347
350
307
288
327
387
396
507
633
299
302
302
299
278
308
336
343
411
554
224
237
284
170
174
229
192
202
234
204
216
284
216
233
284
214
245
317
284
316
387
217
225
266
239
258
318
214
206
263
245
254
301
316
324
384
275
••288
320
102
108
131
179
155
162
166
213
255
99
105
124
165
142
147
153
182
202
97
102
123
181
143
150
160
195
225
96
99
119
167
141
148
150
191
220
99
106
130
182
144
151
156
205
243
107
113
139
191
175
190
198
250
289
107
115
140
178
161
185
188
258
306
103
111
134
186
160
161
159
205
246
102
108
134
176
152
159
166
225
274
103
110
138
171
151
169
165
211
266
99
105
125
159
152
157
158
210
259
106
113
130
161
159
177
190
250
321
106
114
137
190
173
178
182
236
295
273
264
252
242
231
227
231
251
273
283
211
211
198
188
188
184
189
213
221
221
242
230
221
215
204
206
210
224
234
236
'224
221
215
212
205
206
210
231
238
245
264
246
238
231
217
219
222
238
268
272
295
302
292
270
265
261
252
281
310
323
321
320
309
280
270
273
282
300
337
344
263
257
243
232
226
221
225
245
259
264
288
281
272
267
247
250
246
274
290
297
266
287
268
256
254
241
246
251
281
306
r303
282
267
248
212
214
224
239
266
300
343
326
333
308
276
282
285
306
357
397
331
307
285
282
270
248
257
287
319
342
288
303
312
219
227
238
233
250
255
243
253
260
277
286
298
332
339
334
345
378
370
274
290
304
309
331
329
310
'324
343
316
330
353
385
••424
420
352
366
380
264
262
252
237
232
245
256
283
295
243
207
202
194
180
181
195
206
239
249
201
240
233
224
206
193
215
227
253
263
211
••224
225
217
201
195
214
231
263
262
208
254
253
241
222
217
236
246
274
283
225
295
304
286
259
268
294
283
320
329
269
321
317
300
283
278
295
311
336
354
289
255
252
243
227
222
236
250
275
285
238
279
281
272
267
257
273
273
307
310
250
267
273
266
248
259
255
265
279
303
268
273
273
261
248
236
240
251
272
284
246
326
316
316
298
299
318
319
345
382
333
308
304
296
287
286
273
290
318
338
280
252
278
302
199
214
233
205
232
254
211
246
260
243
266
287
283
320
333
311
352
370
236
264
294
265
298
319
282
309
344
273
297
317
346
••377
399
310
321
353
UNADJUSTED
1947—March
April
May
June
July
. ..
August
September
October
November .
December
....
1948—Tanuary
February
March
STOCKS i
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY ADJUSTED
1947—March
April ... .
May
June . . .
July
August
October
November
1948—Tanuary
February
March
UNADJUSTED
1947—March
April
May . ...
June
July
September
October . .
November
December.,
...
1948—January
February
March
r
r
r
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
MAY
1948
561
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year £igO
(value)
Number of
stores
report-
Department
Sales during
period
ing
Feb
10AR
3
GRAND TOTAL—entire store
352
MAIN STORE—total
352
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen dress goods
Cotton wash goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads
Small wares
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery
311
291
187
158
175
306
269
234
242
340
200
233
323
318
199
247
73
240
269
132
222
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes4
Women's shoes4
Women's and misses' ready-to-wear apparel. . ..
Women's and misses' coats and
suits
Women's and misses' coats4
Women's and misses' suits4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
4
Women's and misses' inexpensive dresses
..
Women's and misses' better dresses4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
349
348
299
287
176
327
334
345
339
244
276
238
324
330
239
197
211
349
326
222
202
310
278
308
334
241
253
336
285
275
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers
325
244
309
295
184
Housef urnishings
Furniture and bedding
Mattresses, springs, and studio beds4
Upholstered and other furniture4
Domestic floor coverings
Rugs and carpets4
Linoleum4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
Gift shop4
Radios, phonographs, records,
and instruments4.
Radios and phonographs4
Records, sheet music, and instruments4
314
239
152
153
268
146
95
294
241
244
236
249
148
220
172
138
Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy4
310
279
211
129
248
182
+5
+4
-3
+9
+11
+7
+7
-14
-6
-21
-16
-2
+9
Two
mos.
1948
+6
+5
Ratio of
stocks to
sales l
Stocks
(end of
mo.)
Feb.
1948
+6
+6
-16
-2
-5
+8
+6
+9
+1
+ 1A
+1
+5
—9
+3
+8
—3
-3
-5
— 11
—1
-2
+1
-2
-7
-9
-7
+1
+7
+3
+5
+1
+18
-3
-4
-7
-3
+16
-2
-2
0
-7
-3
+16
+10
+1
+2
+7
-10
-1
-3
-1
+7
+3
+2
4-4
0
0
-4
-3
+5
0
-1
0
+ 11
+ 17
4-25
+8
+ 19
+ 16
+23
+9
+9
+12
4-22
4-2
+ 13
+11
+14
+5
XI
+20
4-1
-26
+1
-8
4-13
+22
+3
-2
+1
+6
-2
+7
+ 14
+11
+ 16
+ 19
4-21
—1
-1
+9
+70
+5
4-7
-10
— 17
+5
-4
-4
-8
-1
+4
-18
+2
+7
-3
+3
+3
+8
+13
4-13
4-14
4-5
-4
-5
-6
-5
+8
+11
+19
-13
-1
-10
+14
-2
+17
+17
+17
+13
+11
+9
+24
+24
+23
+4
+5
+9
4-2
+3
+2
+5
+10
-f i
+17
-6
+11
+13
+47
+4
-6
+21
+10
+5
4-1
+4
+ 18
+20
+27
+27
4-44
+9
+6
+2
+5
+15
+85
-5
0
-7
-1
-9
4-8 +20
+23
+7 + 19
-4
— 10
-1
+1
-7
+5
+6
-16
Sales during
period
1948
1948
-7
+1
-11
+9
+ 11
-1
Stocks at end
of month
1947
1948
1947
1947
Feb.
-2
+7
+6 . +4
+7
+6
+6 -13
+2 +13
-6
+8
+10 -15
+9 +28
+1
+1
February
Index numbers
without seasonal adjustment
1941 average monthly saes=100 2
Jan.
Feb.
Feb.
Jan.
Feb.
3.5
3.5
3.7
3.6
166
177
160
618
560
583
3 4
2.5
2.4
2.0
2.9
4.5
5.1
3.4
5.0
3.4
2.7
2.5
2.4
2.7
4.1
5.6
2.1
5.0
193
312
294
360
271
134
128
155
119
276
282
267
324
252
274
248
390
216
198
286
265
337
252
156
135
195
142
663
793
706
731
773
602
647
518
597
619
738
636
775
715
555
653
460
568
677
774
624
890
689
655
754
429
710
4.0
3.4
3.5
4.3
5.0
5.0
3.7
9 1
3.4
3.4
2.9
3.6
4.0
3.8
3.8
4.4
4.6
4.7
3.4
8.5
3.4
3.3
2.8
3.6
149
203
190
120
145
155
179
204
137
137
152
187
176
124
153
598
684
670
523
718
567
581
621
518
643
610
813
659
546
709
174
159
146
157
203
156
158
148
178
172
161
169
595
538
424
569
577
527
437
549
638
554
551
482
3.1
3.6
2.7
3.9
1.9
5.3
3.4
2.1
3.2
3.2
3.1
3.1
3.7
3.6
5.5
6.0
5 3
2.6
2.2
2.2
2 0
2.9
2.4
3.7
2.3
2 0
2.6
2.8
2.7
4.2
3.1
170
3.3
160
2.6
231
4.3
137
2.1
135
5.3
113
3.0
213
2.5
132
2.7
163
2.6
163
2.7
168
2.7
146
3.3 205
3.4
123
4.6
164
5.0
4.5
2.8
181
2.4
215
2.6
2.1
3.4 . 195
2.7
208
4.4
190
2.3
174
2.2
2.4
3.5
206
2.9
156
2.8
92
174
157
220
112
108
122
234
126
164
189
168
153
202
105
169
158
155
197
141
126
127
218
113
165
169
167
151
208
116
159
523
569
617
532
262
601
739
278
518
517
526
457
761
441
904
454
494
510
487
186
495
666
244
458
481
477
428
671
366
789
493
511
515
609
266
674
658
289
454
475
463
392
706
405
742
192
222
i<52
183
474
466
412
402
457
447
171
196
154
175
164
179
155
160
576
490
714
405
481
433
576
331
576
518
694
376
223
176
168
169
151
125
574
415
387
505
394
394
613
456
359
4.0
4.7
4.4
6.1
6.9
4.3
3.3
4.0
6.9
5.6
130
145
123
123
122
143
171
128
122
140
133
143
133
116
124
643
681
552
750
845
553
579
478
612
752
579
469
552
811
691
4.3
4.2
2.6
4.4
4.2
4.2
4.7
5.1
4.1
6.4
3.0
4.3
6.0
4.4
4.7
4.6
4.2
4.5
2.9
4.9
3.9
4.0
3.2
5.4
4.8
6.0
1.6
4.5
7.1
3.3
3.2
4.0
185
180
187
165
173
158
803
754
750
703
730
714
192
193
161
803
728
629
151
159
262
212
149
167
141
283
218
152
146
123
262
202
776
648
851
789
903
683
600
803
773
821
826
707
748
419
937
3.6
7.0
7.1
6.7
5.4
1.7
3.7
6.7
7.4
6.1
5.0
1.4
150
83
57
99
137
160
72
34
92
156
157
86
61
99
132
537
581
404
661
736
542
519
341
537
707
577
577
489
668
657
X 132
For footnotes see following page.
562
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS BY MAJOR DEPARTMENTS—Continued
Per cent change
from a year ago
(value)
Number of
stores
reporting
Department
Stocks
(end of
mo.)
Sales during
period
Feb.
1948
Two
mos.
1948
+14
+3
Ratio of
stocks lto
sales
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
February
Sales during
period
1947
1948
Feb.
1948
1948
+5
+2
+3
+7
3.0
3.2
3.3
3.0
1947
Stocks at end
of month
1948
1947
Feb.
Jan.
Feb.
Feb.
Jan.
Feb.
151
163
134
454
392
439
BASEMENT STORE—total.
200
+13
Domestics and blankets*
132
-8
Women's and misses* ready-to-wear
Intimate apparel*
.
Coats and
suits4
Dresses4
Blouses skirts and sportswear4
Girls' wear4 4
Infants' wear
196
162
180
166
151
116
111
+16
+ 16
+22
+ 13
+29
+ 18
+11
2.4
2.7
2.0
1.9
2.3
3.3
3.3
2.8
2.9
2.6
2.2
3.1
3.8
157
160
133
381
322
374
-2
-3
-1
+6
+10
Men's and boys*
wear. . . . .
Men's wear 4
Tvlen's clothing 4 4
Men's furnishings . . . .
Boys' wear 4
162
139
93
113
115
+18
+ 14
+28
+17
+34
+22
+ 10
+16
+ 18
+31
+8
+ 19
+21
+23
+36
+13
+ 18
+12
+19
+27
+15
-6
3.9
3.6
3.4
3.7
4.6
40
3.6
3.6
3.4
5.8
144
159
123
556
478
507
+4
+14
+7
+2
+7
+16
-4
3.4
3.8
148
144
142
512
456
513
+17
4.9
4.8
108
130
95
533
471
474
+6
(6)
(5)
(5)
2
(5)
(5)
(5)
. . ..
Housef u r n i s h i n g s . . .
101
Shoes
131
N O N M E R C H ANDISE—total 4
187
Barber and beauty shop 4
112
3.4
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and
858 were reversed.
* For movements of total department store sales and stocks see the indexes for the United States on p. 561.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks
at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average — 100]
SALES, STOCKS, A N D OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES 1
Without seasonal adjustment
Amount
(In millions of dollars)
1947
1946
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
1939 a v e r a g e . . :
1940 average
1941 average
1942 average
1943 average
1944 average
1945 average
1946 average
1947 average
128
136
156
179
204
227
255
318
336
344
353
419
599
508
534
563
714
823
108
194
263
530
560
729
909
553
1947—March
April
May
June
July
August
September
October
November
December
331
321
337
304
253
274
341
367
416
584
'866
849
817
768
732
789
823
912
941
770
388
351
470
603
622
676
663
605
544
271
263
i'355
789
876
1948—January
February
March
633
576
P421
r
p Preliminary.
Revised.
i These figures are not estimates for all department stores in the
United States.
Backfigures.—Divisionof Research and Statistics,.
MAY
1948
8....
15....
22....
29
July 6 . . . .
13
20....
27....
Aug. 3
10....
17
24....
31
Sept. 7 . . . .
14....
21....
28....
Oct. 5 . . . .
12....
19....
26....
Nov. 2
9....
16....
23....
30....
June
.273 June
.283
.248
.239
.192 July
.210
.201
.204
.217 Aug.
.228
.239
. 255
.281
.264 Sept.
.293
.280
.257
.277 Oct.
.281
.295
.287
.277 Nov.
.314
.342
.363
.334
7 . . . ..293
1 4 . . . ..300
2 1 . . . ..25C
2 8 . . . . .245
5 .. ..20*
1 2 . . . ..22?
1 9 . . . ..217
2 6 . . . ..213
2 . . . . .220
9 . . . ..223
1 6 . . . ..225
2 3 . . . ..243
3 0 . . . . .277
6 . . . ..265
1 3 . . . . .291
2 0 . . . ..301
2 7 . . . ..316
4 . . . ..326
1 1 . . . ..304
1 8 . . . ..299
2 5 . . . ..306
1 . . . ..313
8 . . . ..347
1 5 . . . . . 380
2 2 . . . ..395
2 9 . . . ..367
1946
Dec.
7..:
14...
21...
28...
1947
..475 Dec.
6
..519
13
. .532
20....
..281
27
1947
Jan.
Feb.
Mar.
Apr.
May
4 . . : ..188 Jan.
1 1 . . . ..232
18... ..223
2 5 . . . . .220
1 . . . ..217
8 . . . . .219 Feb.
1 5 . . . ..246
2 2 . . . . .216
1 . . . ..238
8 . . . ..254 Mar.
1 5 . . . ..267
2 2 . . . . .286
2 9 . . . ..283
5 . . . . . 3 1 9 Apr.
1 2 . . . ..265
1 9 . . . ..271
2 6 . . . ..267
3 . . . ..279 M a y
1 0 . . . ..311
1 7 . . . . .273
2 4 . . . . .277
3 1 . . . ..250
.508
.570
.576
.358
1948
3....
10....
17....
24....
31....
7
14....
21....
28
6....
13....
20....
27....
3....
10
17
24
1
.204
.251
.232
.226
.233
.240
.238
.249
.248
.266
.279
.313
.331
'280
.298
.294
,296
.301
8
15....
22
29....
r Revised.
NOTE.—Revised series. For description and back figures see p p .
874-875 of BULLETIN for September 1944.
563
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Mar. Feb. Three
1948 1948 1948
Mar. Feb. Three
1948 1948 mos.
1948
+9
+2
+4
0
+2
+3
+8
+3
+2
+6
Cleveland-co
nt.
+ 17 + 14 + 16
Erie 1
+9 + 11 +8
Pittsburghl J .
+22 +5 +13
Wheeling . .
United States. P+11
Boston
+3
New Haven...
+3
Portland
+3
Boston Area. .
+3
Downtown
Boston
+3
Springfield....
+5
Worcester.....
+3
Providence....
+5
+6
New York 1
0
Bridgeport ...
Newark x
+5
Albany
+5
Binghamton...
+21
Buffalo1
+17
Elmira
+ 17
Niagara Falls..1
+8
New York City
+4
Poughkeepsie..
+15
x
Rochester
+16
Schenectady.
.
+14
Syracuse 1
+3
Utica
+ 10
Philadelphia . +31
Trenton» l
+ 18
Lancaster ....
+10
1
Philadelphia
.
+ 14
l
Reading
+ 10
Wilkes-Barre1.
+9
York i
+ 11
+12
Cleveland
Akron l 1
+17
Canton 1
+15
Cincinnati1 . .. +14
Cleveland
+12
Columbus l .1 . .
+11
Springfield
...
+10
1
Toledo
+8
Youngstown 1.
+ 16
+7
+2
+8
-6
+1
+3
+9
+2
+2
+7
+3
+8
Richmond 1
Washington ...
Baltimore
Raleigh, N. C .
Winston-Salem.
Charleston^. C.
Greenville, S. C.
+ 1 Lynchburg..
+6 Norfolk
- 1 Richmond. . .
-7
+7 +11 Roanoke....
+14 + 14 Charleston,
W. Va
+ 13 + 12
-1
+2 Huntington. .
+6
+12
+14
+5
+ 12
+14
+ 11
+6
+9
+ 15 + 10
+22
+14
+19
+9 +15
+11
+ 10 + 11
+
10
+9
+ 13 +11
+21 + 11
+11 +//
+13 + 13
+6 +10
+8 + 11
+10 +12
+12 +12
+17
+8 +9
+7 +10
+9
+12
+10 +8
+3 +9
+3
+ 10
+8
+ 10
+25 +j
+ 16 +9
+20 +5
+ 13 + 10
+ 12 +17
±2
+29 + 19
+26 +23|
+6\
+16
Atlanta
Birmingham l . P + 2 2 +151
+6
Mobile
+24
Montgomery 1l. + 111 +3)
+8J
Jacksonville
..
1
+ 11
Miami
+31
+40|
Orlandol
+ 151 + 10
Tampa
+ 13
Atlanta l
Augusta
+28; +14
Columbus. . . .
+16;
Rome
l
Macon l
+5;
Savannah
!
Baton Rouge 11 . +24J +2\
New Orleans
. +22| +7
J
Jackson
+5
+9 - 8
Meridian
+
12
Bristol, Tenn..
.
+9
x
+7
Chattanooga
.
Knoxville l .... +11 '+15
+ 16 +5
Nashville 1
3
Mar. Feb. Three
mos.
1948 1948 1948
Chicago l
Chicago
Peoria l
Fort Wayne 1l.
Indianapolis .
+6 Terre Haute *.
+5 Des Moines...
1
+3 Detroit
,
- 3 Flint 1
+4 Grand Rapids.
+3 Lansing
+ 17 Milwaukee 1 ..
+ 11 Green Bay 1 ...
+ 13 Madison
+8
+9 St. Louis
Fort Smith 1
+ 19 Little Rock . .
+ 19 Evansville l
Louisville ...,
+9 Quincy
+ 15 East St. Louis
l
+22 St. Louis . . . .
+9 St. Louis Area.
+ 10 Springfieldl
+ 12 Memphis . . . .
+32 Minneapolis.
+ 11 Minneapolis x.
+8 St. Paul 1
0 Duluth+ 18 Superior l.. .
+6
+ 1 Kansas City . .
+9 Denver
+9 Pueblo
+13 Hutchinson. . .
+5 Topeka
9 Wichita
+ 1j Kansas City...
Joplin
+4 St. Joseph
+4 Omaha
Mar. Feb. Three
mos.
1948 1948 1948
+9 +7 +9 Kansas City—
+5 +4 +5 cont.
+ 10 +13 + 11 Oklahoma City. +13 +3 +10
+21 +16 +16
+6 +3 +4 Tulsa
+9
+27
+15
+9
+12
+15
+ 12
+ 10
+23
+ 14
+13
+19
+19
+49
+19
+ 10
+23
+9
+ 10
+ 17
+ 11
P+6
+6
+5
+ 19
+9
+4
+18|
+10
+18
+ 14
+13
+6
-3
+3
+2
+5
+5 +11 Dallas
+ 16 +18 Shreveport
+ 8 + 11 Corpus Christi..
0
+7 Dallas*
+9 +12 Fort Worth
+ 6 +9 Houston l
+15 + 15 San Antonio....
+9 +16
+18 +6 +11
+31 r+ 17 +19
+3
+15
-2
+4
-1
+6
+20 +1
+32 +17 +11
+10 +5 +23
+4 + 11
P+9
+11 +12 SanFrancisco..
P+9
Phoenix l
+6 +8
+6 +9 Tucson
+9
+ 10 P+3
-1
+6 Bakersfield 1
+7
+18 + 18 +18
-2
+6 Fresno x
+4 +6
+22 +30 Long Beach 1 ... ++5
10 +4 +8
+ 13 +14 Los Angeles 1 ... +2
r-2
+1
+8 +7 Oakland and
1
+39
+64
+10 +12
P+13
Berkeley
+8
+6 +9 Riverside and
+7 +8 San Bernardino
+7 + 2 +4
+ 1 +3 Sacramentol l. .. P+11 +20 +15
San Diego . . x.. + 16 +9 + 12
+1
.
+3 +6 San Francisco
+2 +4 +3
-5
P+3
Jose 1 l
+9 +9 San
Santa
Rosa
.
.
+9 +7 +7
+3
+2
Stockton
+3 - 6 - 2
is
+8 + 13 Vallejo and
Napa»
+1 - 1
to
+3 +8 Boise and
+7 +4
-11 " -5
-3
Nampa
+ 16 + 19 Portland
+9
-1
p+ll
+3 +6 Salt Lake City
0
P+7
+4
K
l
+10 Bellingham
-11
.
.
.
-5
+2
+8 Everettl 1
+2
0
+3
+ 10 Seattle 1
+3
-4
+5
+6 +8 Spokane1
+5 - 6 +1
-8
P+3
+7 +1 Tacoma
+2
P+9
-7
+5 +4 Yakima 1
+2
-5
t
p Preliminary.
* Revised.
1
Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100]
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
141.4
112.5
111.7
104.6
100.7
100.0
84.2
98.4
102.8
102.2
100.5
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
100.9
104.1
104.3
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
100.2
99.9
99.0
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121.2
104.3
103.3
101.3
100 5
107.3
122.2
125 6
136.4
145.8
159.2
184.4
101.0
101.5
100.7
101 1
104 0
110 9
115 8
121 3
124 1
128.8
139 9
189.5
188.0
187.6
190.5
193.1
196.5
203.5
201.6
202.7
206.9
184.3
184.9
185.0
185.7
184.7
185.9
187.6
189.0
190.2
191.2
109.0
109.0
109.2
109.2
110.0
111.2
113.6
114.9
115.2
115.4
117.6
118.4
117.7
117.7
119.5
123.8
124.6
125.2
126.9
127.8
182 3
182.5
181.9
182 6
184.3
184.2
187.5
187.8
188.9
191.4
138 2
139 2
139.0
139 1
139 5
139.8
140.8
141 8
143.0
144.4
209.7
204.7
202.3
192.1
195.1
196.3
115.9
116.0
116.3
129.5
130.0
130.3
192.3
193.0
194.9
146.4
146.4
146.2
All items
Food
Apparel
Rent
1929
122.5
132.5
115.3
1933
92.4
84.1
87.9
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
102.7
100.8
99.4
100.2
105.2
116.5
123 6
125.5
128.4
139.3
159.2
105.3
97.8
95.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
1947—March
April
May
June
July
August
September
October
November
Dece m ber
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0
194g—January
February
March.
168.8
167.5
166.9
Year or month
. .
. .
.
. .
Back figures.—Bureau of Labor Statistics, Department of Labor.
564
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
All
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—January...
February..
March... .
April
May
June
July
August....
September
October...
November
December.
1948—January..
February.
March. . . .
Week ending:1
1948—Feb. 7 . . .
Feb. 14...
Feb. 2 1 . . .
Feb. 2 8 . . .
Mar. 6 . . .
Mar. 1 3 . . .
Mar. 20...
Mar. 2 7 . . .
Apr. 3 . . .
Apr. 10...
Apr. 17...
Apr. 2 4 . . .
Fuel Metals
Hides
and
Textile and
and
leather- prod- lighting metal
products
mate- products
rials
ucts
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
151.8
141.5
144.5
149.5
147.7
147.1
147.6
150.6
153.6
157.4
158.5
159.7
163.2
'165.9
'160.8
161.4
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.3
165.0
170.4
182.6
177.0
175.7
177.9
181.4
181.7
186.4
189.7
187.9
196.7
199.2
185.3
186.0
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
156.2
162.0
167.6
162.4
159.8
161.8
167.1
172.3
179.3
177.8
178.0
178.4
179.9
172.4
173.8
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.
99.
109.
134.8
127.6
128.5
131.1
131.8
131.9
131.4
133.4
136.0
138.2
140.0
142.4
145.6
148.2
147.5
147.7
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
181.9
163.8
159.7
159.2
159.2
160.4
159.8
161.5
161.1
160.1
160.6
162.9
163.6
195.5
180.9
181.7
182.8
187.1
184.9
187.6
186.2
183.9
183.1
189.2
188.9
177.9
173.3
170.3
170.5
172.2
171.2
176.4
174.8
172.4
174.5
178.8
180.4
147.8
147.5
147.5
147.3
147.3
147.3
147.3
147.4
147.7
147.9
148.3
149.0
Total
1947
Subgroups
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
Mar.
Dec,
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
175.1
173.8
174.6
166.4
170.8
173.2
178.4
182.1
184.8
191.7
202.4
203.1
200.3
192.8
185.6
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
140.9
136.6
138.0
139.6
139.2
138.9
138.9
139.5
140.8
142.0
143.0
144.7
147.6
147.6
•148.1
149.0
97.7
97.9
100.7
103.4
103.3
103.9
108.9
112.5
114.1
115.9
118.1
124.3
130.0
130.7
130.9
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
138.0
137.9
139.9
140.3
141.4
142.6
143.8
148.9
150.7
151.1
151.7
152.3
'154.7
'155.5
156.5
198.0
196.2
193.3
188.5
187.9
187.1
185.9
186.2
186.0
186.2
187.2
187.1
147.0
146.7
146.9
146.2
145.9
145.9
145.6
145.2
145.1
145.5
145.9
148.2
131.4
131.6
131.6
131.7
131.7
131.7
131.7
131.7
131.7
131.8
131.9
132.6
154.2
154.8
155.5
155.6
155.7
155.9
156.0
156.0
156.6
157.1
157.1
157.2
Chemi- HouseBuild- cals
and furing
allied
nishmateproding
rials
ucts
goods
Miscella-
Raw
materials
Manufactured
products
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.5
169.7
174.8
177.5
178.8
177.0
174.4
175.7
179.7
183.3
185.8
187.5
191.0
193.1
192.5
193.0
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
128.1
129.3
132.2
133.2
127.1
120.2
118.8
117.5
122.3
128.6
135.8
135.0
138.8
134.6
131.6
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
102
104.3
104.5
111.6
129.1
123.3
124.6
125.8
127.8
128.8
129.2
129.8
129.7
130.6
132.3
137.7
139.7
141.4
-•141.8
142.1
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
114.3
110.3
110.9
115.3
115.7
116.1
112.7
113.0
112.7
115.9
117.1
118.8
121.5
123.5
119.9
120.8
97.5
84.3
65.6
55.1
56.5
68.6
77.1
79.9
84.8
72.0
70.2
71.9
83.5
100.6
112.1
113.2
116.8
134.7
165.6
152.1
154.9
163.2
160.1
158.6
160.2
165.3
167.0
170.8
175.1
175.5
182.0
183.9
174.9
174.7
94.5
88.0
77.0
70.3
70.5
78.2
82.2
82.0
87.2
82.2
80.4
81.6
89.1
98.6
100.1
100.8
101.8
116.1
145.4
136.7
139.7
143.3
141.9
141.7
141.7
144.0
147.6
151.6
151.1
152.3
154.7
157.6
154.4
155.7
192.1
192.0
191.9
192.1
192.1
192.5
192.6
192.5
193.2
193.4
194.9
195.3
134.3
134.0
134.9
135.3
136.6
136.5
135.8
135.1
135.5
136.8
136.8
136.5
137.7
137.7
143.6
143.7
143.6
143.7
144.3
144.3
144.3
144.7
144.7
144.4
122.6
120.2
119.1
119.0
119.4
119.5
119.9
120.8
121.0
120.7
121.5
122.2
182.3
173.4
173.6
173.9
176.5
174.9
176.5
175.9
174.8
174.1
178.0
177.8
156.7
154.5
153.5
153.5
154.3
154.3
156.3
155.9
154.9
156.0
157.8
153.7
1948
Jan.
Feb.
1947
Mar
203.3 252.7 256.3 220.0 218.0
216.0 226.3 232.9 210.0 209.4
155.8 162.5 162.4 159.9 162.2
157.6
150.4
141.5
207.3
152.8
183.5
170.6
135.
214.8
160.0
183.9
170.1
141.1
222.3
155.0
184.8
160.2
144.8
206.2
146.7
179.8
158.6
146.3
217.1
144.3
171.5
192.2
183.7
137.7
190.7
256.9
216.2
141.8
194.3
238.9
209.2
143.8
194.7
207.2
199.9
143.8
193.6
186.2
186.9
143.8
133.0
196.6
100.8
73.2
37.0
127.5
175.1
136.
213.5
103.0
73.3
40.0
139.6
177.8
'•140.4
'214.8
104.4
46.4
40.7
141.6
181.2
'141.6
'214.9
105.0
46.4
40.7
142.8
180.2
141.7
218.3
105.4
114.9
143.6
155.2
64.3
84.9
81.7
123.
174.3
183.
66.5
85.
112.0
124.2
176.8
190.6
66.4
84.5
120.7
46.4
40
145.2
174.7
124.4 124.6
177.8 177.9
190.6 190.6
121.7 121.8
Subgroups
Metals and Metal Products:
Agricultural implements..,
Farm machinery
,
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials.
Plumbing and heating
Structural steel
Other building materials..
Chemicals and Allied Products:
Chemicals
Drugs and pharmaceutical
Fertilizer materials
Mixed fertilizers
Oils and fats
House furnishing Goods:
Furnishings
Furniture 2
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
1948
Mar.
Dec.
Jan.
Feb.
Mar,
116.8
118.2
126.9
149.2
139.0
117.9
127.0
129.2
142.2
160.5
143.0
136.1
128.4
130.1
145.5
161.6
145.5
137.9
128.9
130.7
146.9
161.6
146.8
138.7
129.2
131.0
148.9
161.6
146.8
138.7
132.4
112.3
269.3
176.1
117.9
127.7
143.5
148.8
121.6
303.2
164.0
136.1
143.0
155.5
150.9
126.4
307.3
163.2
137.9
143.0
157.2
151.1
127.2
303.8
159.6
138.7
149.4
159.4
151.6
127 A
304.0
156.7
138.7
155.8
161.4
114.5
182.7
101
96.3
231.5
124.1
154.9
114.4
101.5
215.9
125.8
154.4
115.6
102.4
236.7
126.5
154.3
114.8
102.8
201.5
126.8
154.4
114.9
103.1
211.4
131.4 142.8 143.9 144.4 144.9
128.9 136.8 139. P139.4 139.4
73.0 63.4 63.4 63.4 63.4
238.4 308.2 336.0 262.0 284.2
145.1 164.7 168.1 167.1 167.0
52.9 44.5 44.7 42.7 42.3
122.2 130.0 130.4 130.4 130.2
r
Revised.
Weekly figures not directly comparable with monthly data.
Revised figures for the period April-October 1947 will be shown in future issues of the BULLETIN.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
2
MAY
1948
565
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
A n n u a l
1929
1933
1941
1939
Seasonally adjusted annual rates by quarters
totals
1944
1946
1946
1947
4
3
G r o s s n a t i o n a l p r o d u c t
1 0 3 . 8
Less: Capital c o n s u m p t i o n allowances
Indirect business tax a n d related liabilities.
Business transfer p a y m e n t s
Statistical discrepancy
.
Plus: Subsidies less current surplus of governm e n t enterprises
E q u a l s * N a t i o n a l i n c o m e
Less: C o r p o r a t e profits a n d inventory valuation
a d j u s t m e n t
Contributions for social insurance
E x c e s s of w a g e accruals o v e r d i s b u r s e m e n t s .
Plus: G o v e r n m e n t transfer p a y m e n t s
N e t interest paid b y g o v e r n m e n t
D i v i d e n d s
Business transfer p a y m e n t s
E q u a l s : P e r s o n a l i n c o m e
Less: Personal tax a n d related p a y m e n t s
Federal
State a n d local
E q u a l s : D i s p o s a l p e r s o n a l i n c o m e
Less: Personal c o n s u m p t i o n expenditures
E q u a l s * P e r s o n a l s a v i n g
55.8
8.8
7.0
.6
- . 1
— .1
8 7 . 4
10
3
.2
.0
.9
1.0
5.8
.6
8 5 . 1
2 . 6
1.3
1.4
8 2 . 5
7 8 . 8
3 7
N A T I O N A L
2
3
1 2 5 . 3
2 1 0 . 6
2 0 3 . 7
229.6 207.5 2 1 8 . 6
2 2 1 . 0
226.9 2 2 9 . 4
240
9.3
11.3
.5
.5
11.8
1 4 . 0
.5
2.6
1 1 . 0
16.9
.5
- 2 . 1
12.4
17.9
.5
-3.9
12.1
17.2
.6
- 3 . 6
12.3
17 A
.5
- 3 . 0
1 2 . 4
1 7 . 8
5
- 4 . 9
12 7
19.1
5
- 3 . 8
C1)
.5
7 2 . 5
.1
1 0 3 . 8
.7
1 8 2 . 3
.8
1 7 8 . 2
— .1 - . 2
— .1
.1
— .2
202.6 179.9 1 9 1 . 0 1 9 4 . 6 1 9 9 . 8
— .3
2 0 3 . 3
212.3
0
.3
.0
1.5
1.2
2.1
.7
6 . 6
1.5
.5
1.0
5 . 2
6 . 3
1 2
5 8
2.1
.0
2.5
1.2
3 . 8
.5
7 2 . 6
2 . 4
1.2
1.2
7 0 . 2
6 7 . 5
2 7
— 2
I N C O M E ,
14 6
2 . 8
.0
2.6
1.3
4.5
.5
9 5 . 3
3 . 3
2 . 0
1.3
9 2 . 0
8 2 . 3
9 8
B Y
23
5
—
3
2
4
1 6
1
1
14
1 1
3
5
.2
.2
.1
.8
.7
.5
4 . 9
8 . 9
7.5
1.4
6.0
0 . 4
5 6
11.1
17.4
.5
-1.5
11.5
1 7 . 7
.5
- 2 . 1
S H A R E S
Seasonally adjusted a n n u a l rates b y
i n c o m e .
C o m p e n s a t i o n of e m p l o y e e s
W a g e s a n d salaries2
Private
Military
G o v e r n m e n t civilian
S u p p l e m e n t s to w a g e s a n d salaries
P r o p r i e t o r s ' a n d r e n t a l i n c o m e 3
Business a n d professional
F a r m
R e n t a l i n c o m e of persons
C o r p o r a t e profits a n d i n v e n t o r y
t i o n a d j u s t m e n t
C o r p o r a t e profits before tax
C o r p o r a t e profits tax liability
C o r p o r a t e profits after tax
I n v e n t o r y valuation a d j u s t m e n t
N e t i n t e r e s t
8 7 . 4
39.6
7 2 . 5
5 0 . 8
5 0 . 2
29.3
4 7 . 8
4 5 . 7
3 7 . 5
.4
7.8
2.1
45.2
.3
4.6
.6
19.7
8.3
5.7
5.8
v a l u a -
2 8 . 8
2 3 . 7
.3
4 . 9
.5
7 . 2
2 . 9
2.3
2 . 0
10.3 - 2 . 0
9.8
.2
.5
1.4
- . 4
8.4
.5 - 2 . 1
5 . 0
6.5
14.7
6.8
4.5
3.5
5.8
6.5
1.5
5.0
-.7
4.2
1944
2.6
20.8
7
5
9
3
9.6
6.9
4.3
14.6
17.2
7.8
9.4
-2.6
4.1
1947
1 7 8 . 2
202.6 1 7 9 . 9
1 9 1 . 0
1 9 4 . 6
8 3 . 3
2 0 . 8
12.8
4.2
3 4 . 4
15.3
1 2 . 4
6.7
1 1 6 . 8
111.1
9 0 . 2
8.0
12.9
5.6
4 1 . 8
19.7
15.2
6.9
128.1
122.8
105.2
4.1
1 3 . 4
5 . 4
4 7 . 8
2 3 . 5
1 7 . 0
7.3
1 1 9 . 2
113.6
9 3 . 8
6.7
13.2
5.5
4 1 . 9
19.9
15.2
6.8
1 2 2 . 2
117.1
9 8 . 0
5.6
13.5
5.1
4 6 . 7
2 2 . 0
17.8
7.0
1 2 4 . 7
119.1
101.2
2 3 . 5
2 3 . 8
13.9
9.9
- . 4
3 . 2
1 6 . 5
2 1 . 1
8.6
12.5
- 4 . 7
3 . 2
23.0
15.6
2 2 . 9
9.3
13.5
- 7 . 3
3 . 2
1 8 . 8
2 7 . 1
1 1 . 0
16.1
- 8 . 3
3 . 2
103.8 182.3
64.3
121.2
6 1 .
5 1 .
1.
8.
1946
116.9
quarters
1947
1946
1933
.2
23 0 15 6 1 8 8 2 0 4 2 3 9 2 3 9
5
n a
5 . 3
6.0
5.7
5.8
5 . 4
6 . 0
5.2
6.1
0
.0
.0
.0
.0
.0
.0
.0
9 . 8
10.3
10.8 11.1 10.4
10.1
13.7
10.5
4.5
4.5
4.5
4.5
4.5
4.5
4.6
4 . 4
5 . 9
6 . 3
5.6
6.8
5.6
6.5
6 . 8
7.3
.5
.6
.5
.5
.5
.5
.5
.5
177.2 196.8 179.5 1 8 7 . 5 1 8 9 . 8 1 9 1 . 4 1 9 9 . 6 2 0 5 . 8
18.8 21.5 19.1 1 9 5 2 1 . 0
2 1 . 2
2 1 . 6
2 2 . 1
17.2 19.7 17 5 1 7 9 1 9 3 1 9 4 1 9 . 8
20 2
1.8
1.7
1.8
1.6
1.6
1.6
1.9
1.9
158.4 175.3 160.4 1 6 8 . 0 1 6 8 . 8 1 7 0 . 1 1 7 7 . 9 1 8 3 . 7
143.7 164.4 1 4 7 . 3 1 5 4 . 9 1 5 6 . 9 1 6 2 . 3 1 6 5 . 8 1 7 2 . 5
14 8 10 9 1 3 1 1 3 1 1 1 9
12 1
11 2
7 8
D I S T R I B U T I V E
1941
1929
—
9
16
Annual totals
N a t i o n a l
4
8.1
9 . 4
.5
.5
3 9 . 6
4
4
—
1
9 0 . 4
7.2
7.1
.7
1.2
4
1947
28
11.3
17.4
- 5 . 7
3 . 6
4.6
13.3
5.6
46.2
22.4
16.8
7.0
20.4
28.9
11.5
17.4
-8.6
3.3
203.3 212.3
199.8
125.6
120.0
102
4
13
5
46.7
.
.
.
.
7
1
2
6
2 2 . 9
16.6
7.2
23.9
2 7 . 8
10.9
16.9
- 3 . 8
3 . 5
1 2 8 .
1 2 3 .
106.
3 .
13.
5.
4 7 .
2 3 .
16.
7.
7
6
2
9
5
1
0
5
2
3
23.9
2 8 . 2
11.1
17.1
- 4 . 3
3 . 7
1 3 2 . 9
127.8
110.3
3 . 8
13.7
5.1
5 1 . 5
25.4
18.5
7.6
n.a.
n.a.
n.a.
n.a.
n.a.
3.8
n.a. N o t available.
1
Less t h a n 50 million dollars.
2
Includes e m p l o y e e contributions to social insurance funds.
s
Includes n o n c o r p o r a t e inventory valuation a d j u s t m e n t .
N O T E . — D e t a i l s m a y not a d d to totals because of rounding.
S o u r c e . — F i g u r e s in this table are t h e revised series.
F o r a n explanation of the revisions a n d a detailed b r e a k d o w n of the series for the
p e r i o d 1 9 2 9 - 4 6 , s e e N a t i o n a l I n c o m e S u p p l e m e n t t o t h e S u r v e y of C u r r e n t B u s i n e s s , J u l y 1 9 4 7 , D e p a r t m e n t o f C o m m e r c e .
F o r a discussion of the
revisions, for a n n u a l d a t a for the period 1929-46, a n d for quarterly d a t a for selected years, see also pp. 1105-1114 of the BULLETIN for S e p t e m b e r
1947.
566
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[E timates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters
Annual totals
1946
1929
Gross national product
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction »
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
War
Nonwar
Less: Government sales 2
State and local
1933
1939
1941
1944
1946
1947
1947
103.8
55.8
90.4 125.3 210.6 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9
78.8
9.4
37.7
31.7
15.8
7.8
6.4
46.3
3.5
22.3
20.6
1.3
1.1
1.8
-1.6
.2
67.5
6.7
35.3
25.5
9.0
4.0
4.6
.4
8.0
2.0
13.1
5.2
1.3
3.9
(3)
7.9
1.6
.8
8.5
1.3
1.3
()
7.2
2.0
()
5.9
82.3 110.4 143.7 164.4 147.3 154.9 156.9 162.3 165.8 172.5
14.9
19 8 16.2 18 2 18.2
9.8
6.8
19 3 20.2 21.3
87.1 99.3 88.9 93.6 94 7 98.4 99.9 104.2
44.0 6 7 . 2
28.5 36 5 41.7 45 3 42.1 43.1 44 0 44.6 45.7 47.0
24.6 27 8 27.0 30.4 28 2 26.1 27 0 29 9
17.2
5.7
10.4 12.4
10.7
8.9
9.3
10.3
8.5
9.6
5.7
2.3
12.4 17.9 13.2 15.7 16.4 17.9 18.4 18.8
5.3
7.7
-.7
5.4
1.6 - 1 . 4 - 1 . 7 - 1 . 3
3.7
4 9
3.9 - 2 . 0
8.2
7.8
8 7
5.2
8.3 10.4
4.8
4.5
1.1 - 2 . 1
.9
24.7
16.9
13.8
3.2
(3)
7.8
96.6
89.0
88.6
1.6
1.2
7.5
30.7
20.7
21.3
2.4
3.0
10.0
28.7
16.4
1.3
12.3
28.6
18.2
17.7
3.1
2.6
10.4
28.2
16.9
15.8
3.3
2.2
11.2
27.6
16.2
fl8.3
2.1
11.4
28.2
16.3
17.7
1.4
11.9
28.7
16.2
17.2
1.0
12.5
30.3
16.9
17.7
13.3
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts4
Total
disbursements
Commodity
producing industries
Distributive
industries
Service
industries
85.1
76.2
64.8
49 3
46.6
53.2
59.9
68.4
74.0
68.3
72.6
78.3
95.3
122.2
149.4
164.9
171.6
177.2
196.8
50.0
45.7
38.7
30.1
28.7
33.4
36.3
41.6
45.4
42.3
45.1
48.9
60.9
80.5
103.5
114.9
115.2
109.2
'120.7
50.2
45.9
38.9
30.3
28.8
33.5
36.5
41.8
45.9
42.8
45.7
49.6
61.7
81.7
105.3
117.1
117.5
111.1
122.8
21.5
18.5
14.3
15.5
14.4
12.5
7.7
6.8
9.9
9.8
9.8
8.8
12.0
13.5
15.8
18.4
15.3
17.4
19.7
27.5
39.1
48.9
50.3
45.8
45.7
'55.3
9.9
10.7
11.8
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.8
30.9
'34.9
August
September.
October.. .
November
December.
189.5
190 6
189.4
190 5
194.1
194.9
193.8
209.9
203.2
204.2
210.4
117.1
117.0
116.0
117.3
120.1
119.9
121.2
123.2
123.7
126.4
128.1
119.2
119.1
118.2
119.4
122.2
122.0
123.3
125.2
125 7
128.4
130.1
53.0
53 4
52 8
53 5
54 9
54.4
55 5
56.7
57 2
58 8
60.3
1948—January. . .
Februarys.
211.4
207.1
128.2
126.7
130.3
128.8
60.1
58.4
1929.:
1930
1931
1932
1933
1934
1935..
1936
1937
1938
1939
1940
1941
1942
.
1943
1944
1945
1946
1947
.
. .
. .
1947—February..
March....
April
May
June
July . ..
Government
Dividends
Less emProand
ployee
Other
prietors'
percontrilabor
and
sonal
butions income6 rental 8
for
income interest
income
social
insurance
5 0
5.2
5.3
5 0
5.2
6.1
6.5
1
.1
.2
2
.2
7.9
7.5
8.2
8.2
8.5
10.5
11.5
13.6
15.0
10.2
16.1
26.9
33.6
35.5
20 Q
'17.6
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
1.9
2.1
33 5
33 5
33 1
33 8
34 9
35 0
35.2
35 8
35.8
36.8
37.1
14 6
14 6
14 8
14 9
15 2
15 4
15.2
15.2
15 1
15 2
15.2
18.1
17 6
17 5
17 2
17.2
17 2
17 4
17 5
17 6
17 6
17.5
37.4
37.5
15.4
15.4
17.4
17.5
8.2
57
5.1
5.5
5.8
6.3
6.9
6.7
6.9
7.3
7.8
8.6
9.5
Transfer
payments7
1 5
1 5
2 7
2 2
2 1
2.2
2 4
3 5
Nonagricultural
income*
76
70
60
46
8
O
1
2
6
8
19 7
15 7
11 8
7 4
7 2
8.7
12 1
12 6
15 4
14.0
14.7
16.3
20.8
28 1
32.1
34.4
37 1
41 .8
47 8
10.0
10.7
11 6
13.3
14.8
11.3
11.6
49.5
53 4
62 8;
66.5
62.1
66.3
71.5
86.1
108.7
134.3149.0
154.4
157 Q
174 9
2 1
2 1
2 2
2 1
2 1
2 1
2.1
2 0
2 0
2 0
2.0
.7
7
7
8
8
8
L8
i 8
L9
I 9
L.9
45 9
46 8
46 5
46 5
47 1
47 4
45 5
48 1
50 4
49 9
54.0
14.1
14 2
14 3
14 4
14.6
14.7
14 9
15 6
15 4
15 5
15.6
10 7
10 9
10 9
10 5
10.5
11 1
10 4
21.2
11 8
10 5
10.8
168.2
168 8
168.3
169 7
172 4
173 O
173 8
188.7
180.6
182 3
184.6
2.1
2.1
1.9
1.9
54.5
51.7
15.7
15.8
11.1
11.0
184.8
183.6
.2
.2
.5
.5
.5
4
.4
.4
.4
.5
.5
.5
.5
.6
.6
.7
.9
1.3
s
13 3
12 6
11 1
9 1
8 2
8.6
8 6
10 1
10.3
8.7
9.2
9.4
9.9
9.7
2.4
2.8
3.0
3.1
3.1
3 2
3.0
3.6
43 a
r
l
v Preliminary.
Revised.
Includes construction expenditures for crude petroleum and 8natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
• Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the
period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the
revisions for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947.
2
4
MAY
1948
567
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
Total
instalment
credit
Total
Automobile
Sale credit
Loans1
Other
Singlepayment
Joans2
Charge
accounts
Service
credit
1929
7,637
3,167
2,515
1,318
1,197*
652
2 125
1,749
596
1933 . .
3,919
1,595
1,122
459
663
473
776
1,081
467
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
7,491
7,064
7,994
9,146
9,895
6,478
5 334
5,776
6,638
10 166
13,385
3,971
3,612
4,449
5,448
5,920
2,948
1,957
2,034
2,365
3,976
6,156
2,752
2,313
2,792
3,450
3,744
1,491
1,384
1L,368
1,558
2,839
,014
,688
1.219
L,299
L,657
,998
5,176
,457
,143
,199
.462
2,418
3,317
.520
2 262
2,697
1 459
1 487
1,544
1 650
1,764
1,513
1 498
1,758
1,981
3 054
3,612
557
1,267
1,729
1,942
1947—February
March
April
10,019
10,379
10,631
10,934
11,230
11,302
11,433
11,682
12,055
12,636
13,385
4,156
4,329
4,536
4,739
4,919
5,045
5,179
5,290
5,463
5,733
6,156
1,608
1,695
1,812
1,928
2,036
2,092
2,167
2,257
2,370
2,551
2,839
922
965
1,004
1,047
1,099
1,151
977
,004
,059
,112
,156
,170
,202
,253
,323
,452
,688
2,548
2,634
2,724
2,811
2,883
2,953
3,012
3,033
3,093
3,182
3,317
2,383
2,403
2,423
2 460
2,508
2,548
2 579
2,607
2,645
2,677
2,697
13,058
12,942
13,399
6,186
6,246
6,501
2,818
2,843
2,982
1,202
1,254
1,363
,616
,589
,619
3,368
3,403
3,519
2,708
2 701
2,691
May
June
July
August. . .
September
October
November
December
. .
1948—January
February P
March?
970
482
175
200
227
544
814
835
903
1,151
631
691
753
816
880
L,343
1,525
1,721
1,802
,009
639
635
676
L 442
1,468
L 488
I 601
1,369
192
255
523
533
560
610
648
687
729
772
874
920
2,602
2,768
2,782
2 835
2,887
2,786
2 755
2 864
878
879
890
900
916
923
920
921
3,029
3,309
3,612
3,240
3 067
3,275
918
917
920
924
928
932
p Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
2
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Commercial1
banks
Small
loan
companies
Industrial
banks2
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
1
banks
ization8
loans
Small
loan
companies
Industrial
banks2
Industrial
loan
com- 2
panies
Credit
unions
1929
652
43
263
219
32
95
463
413
1933
473
29
246
121
27
50
322
202
33
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1,219
1,299
1,657
1,998
2,176
1,457
1,143
1,199
1,462
2,418
3,317
258
374
221
93
129
131
132
134
89
67
68
368
460
680
1,017
1,198
792
639
749
942
1,793
2,537
662
664
827
912
975
784
800
869
956
1,251
1,454
148
1,358
380
448
498
531
417
364
384
439
608
712
148
154
213
284
301
215
128
120
179
344
558
400
312
523
692
784
426
316
357
477
956
125
117
96
99
102
91
86
88
93
110
120
1947—February. . .
March..
April
May
June
July
August
September..
October
November..
December . .
2,548
2,634
2 724
2 811
2,883
2,953
3,012
3,033
3,093
3,182
3,317
1,030
1,079
1,123
1,167
1,196
1,221
1,248
1,255
1,281
1,309
1,358
611
617
627
652
643
647
670
712
125
128
133
138
143
148
152
154
157
162
166
124
125
127
130
134
240
245
250
257
269
110
111
112
113
113
114
114
114
114
116
120
377
394
412
431
450
467
482
497
517
538
558
180
214
213
212
211
217
204
206
218
221
254
90
121
116
115
117
123
113
107
121
142
191
29
25
27
28
27
33
3,368
1948—January
February P. . 3,403
March?
3,519
1,385
1,402
1,447
717
721
754
165
167
173
137
140
143
271
275
287
121
121
125
572
577
590
235
209
271
110
107
140
27
25
32
633
638
649
76
117
166
95
99
104
107
72
59
60
70
98
134
112
147
189
217
147
123
122
128
185
269
105
108
113
190
197
204
116
119
121
213
224
233
42
238
261
255
255
182
151
155
166
231
310
176
194
198
203
146
128
139
151
210
282
179
257
320
372
247
228
230
228
339
497
21
24
24
20
23
24
33
38
39
24
26
24
24
23
42
43
44
26
25
28
44
44
56
22
24
23
25
30
42
41
45
44
53
P Preliminary.
* Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and
a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of March amounted to 110
million
dollars,
and
loans
made during March were 19 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
568
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
314
469
307
68
302
485
266
70
210
220
93
110
120
77
1937
1938
1939
1940
1941 .
1942.. .
1943
1944
1945
1946
1947
676
1,014
1,688
198
337
650
283
366
528
14
28
52
74
123
192
107
160
266
1947
February..
March....
April
May
June .
July
August....
September.
October. . .
November.
December.
977
1,004
1 059
1,112
1,156
1,170
1,202
,253
1,323
L.452
1,688
338
358
386
349
354
366
29
29
32
107
105
108
154
158
167
409
423
429
32
37
39
114
119
120
175
182
184
440
462
495
555
650
382
395
398
408
423
443
474
528
41
43
46
49
52
124
128
131
145
192
189
197
208
229
266
1948
January...
February?.
March? . . .
1,616
1,589
1,619
632
624
650
502
492
495
52
52
53
176
171
166
254
250
255
1,368
1 343
1,525
1,721
1,802
1,009
639
635
377
439
466
536
599
619
273
302
313
252
172
183
391
271
269
130
29
13
66
70
246
271
284
159
101
100
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper 2
Year and month
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization12
cash
loans
loans
Outstanding at end
of period:
1945
1946
1947
104.1
162.7
233.5
13.8
27.5
50.0
9.8
17.8
30.2
17.2
28.3
43.3
1947—February::
March....
April
May
June
July
August
September.
October. . .
November.
December.
172.6
177.4
184.2
191.4
199.2
206.7
212.6
215.5
221.0
227.9
233.5
31.3
33.5
36.4
38.6
40.6
42.8
44.9
46.3
48.1
49.6
50.0
19.6
19.4
20.5
21.8
23.1
24.3
25.3
26.0
27.0
28.5
30.2
1948—January .
February?.
March?
231.6
234.4
242.6
49.0
50.3
54.3
Volume extended
during month:
1947—February. .
March
April
May
June
,
July
August
September.
October...
November.
December.
1948—January. . .
February?..
March?. . . .
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Year or month
Total
Outstanding at end of
period:
1945.
1946
1947
1947—February
March
742
1,591
2,602
1,732
1,821
1,922
May.
2,027
2,125
June
2,200
July
2,271
August
September.... 2,332
2,409
October ..
November.... 2,493
December.. . . 2.602
2,690
1948—Januaiy
February?.. . . 2,726
March?
2,832
Volume extended during month:
289
1947—February
343
March
364
April
375
May .
392
June
384
July
363
August
387
September
412
October
November....
406
467
December.. . .
442
1948—January
382
February?.. . .
487
March? . .
64
165
348
196
215
237
254
276
288
301
314
324
339
348
360
373
403
139
306
537
348
373
397
423
439
456
470
478
492
513
537
558
572
602
Repair
and
modernization
loans12
Personal
instalment
cash
loans
124
273
486
284
296
314
334
358
315
572
718
599
620
637
652
664
100
275
513
305
317
337
364
388
405
379
672
416
429
449
475
513
560
561
586
401
430
454
471
486
490
495
506
683
681
690
695
718
722
725
735
97
118
42
54
70
81
55
59
25
31
60
84
69
36
59
59
63
58
66
68
69
70
71
66
90
83
80
84
79
80
86
94
103
98
89
115
77
92
75
70
76
87
89
112
117
88
102
42
44
42
45
54
54
42
47
36
34
43
115
114
117
120
111
111
117
112
135
120
105
137
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
and
modern
ization
loans 12
Personal
instalment
cash
loans
63.3
89.1
110.0
Outstanding at end
of period:
1945
1946
1947
76.7
108.4
148.2
11.0
15.0
27.1
4.0
7.4
17.1
1.5
2.4
4.2
60.2
83.6
99.8
29.6
30.3
31.4
33.1
35.0
36.9
38.4
39.4
41.2
42.5
43.3
92.1
94.2
95.9
97.9
100.5
102.7
104.0
103.8
104.7
107.3
110.0
1947—February..
March
April
May......
June
July
August . . .
September.
October...
November.
December.
115.5
118.7
124.6
128.5
131.3
134.0
137.8
138.4
141.1
144.8
148.2
16.5
17.1
18.7
20.6
21.7
22.4
23.6
24.3
25.3
26.3
27.1
8.4
8.9
9.9
10.8
11.8
12.8
13.4
14.1
14.7
15.9
17.1
2.5
2.6
2.7
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.2
88.1
90.1
93.3
94.1
94.6
95.4
97.2
96.2
97.1
98.4
99.8
30.9
31.4
33.0
43.3
43.7
44.3
108.4
109.0
111.0
1948—January . .
February?.
March?....
151.7
154.6
158.1
28.0
28.7
29.8
17.7
18.0
19.0
4.2
4.2
4.3
101.8
103.7
105.0
27.4
31.3
32.4
32.8
33.8
36.5
33.2
34.8
36.2
34.5
39.8
6.2
7.1
7.7
7.5
7.5
8.2
8.1
8.8
8.8
8.3
8.6
3.4
3.5
4.1
4.3
4.3
4.4
4.2
4.1
4.7
4.9
5.8
2.4
2.7
3.1
3.7
3.9
4.0
3.6
3.7
4.3
3.4
3.5
15.4
18.0
17.5
17.3
18.1
19.9
17.3
18.2
18.4
17.9
21.9
Volume extended
during month:
1947—February..
March....
April
May
June
July
August
September .
October
November.
December..
22.2
25.6
27.4
26.9
27.3
26.4
25.6
27.1
27.1
28.1
31.4
3.9
3.9
4.8
4.7
4.8
5.1
5.1
5.2
5.5
5.2
5.2
1.6
1.8
2.4
2.4
2.7
2.9
2.7
3.0
3.3
3.3
3.7
0.2
0.3
0.3
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.3
16.5
19.6
19.9
19.3
19.3
17.9
17.3
18.4
17.8
19.1
22.2
33.5
31.5
42.2
8.6
8.0
12.1
4.6
4.3
6.2
2.7
2.8
3.4
17.6
16.4
20.5
1948—January . . .
February?.
March?....
28.3
26.6
30.6
5.7
5.3
6.7
2.8
2.8
3.2
0.3
0.3
0.3
19.5
18.2
20.4
r
? Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
1
Includes both direct loans and paper purchased.
MAY
1948
569
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 3
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
1948P
Feb.
1948
Jan.
1948
+22
+16
-3
-12
-46
-46
+ •0
+ 12
0
-8
-52
-31
+1
+1
-3
-2
-1
-5
+6
+ 10
-10
-6
+3
+6
Mar.
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment .
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.
Percentage change
from corresponding
month of preceding
year
Mar.
1948P
+8
+ 11
+21
Feb.
1948
Jan.
+2
+9
-14
Year and month
1948
+ 11
-8
+22
+14
+45
+52
+46
+51
+52
+52
-3
-9
+12
+ 17
+16
+20
+16
+17
-1
+ 18
+15
+8
January
Ffbriary
March?
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
29
33
30
30
28
28
28
31
31
30
29
21
25
23
24
23
22
22
24
23
23
20
41
44
44
44
45
41
39
39
40
39
39
25
27
25
26
24
23
23
25
23
24
31
52
56
54
56
54
53
51
53
57
55
54
24
23
27
18
17
36
32
34
19
17
17
53
49
53
1947
February
March
April
May
June
July
August
September
October
November
December
Q
Preliminary.
Charge
account*
Instalment accounts
1948
P1 Preliminary.
Collections during month as percentage of accounts outstanding at
beginning of month.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
1941 average
1942 average
1944 average
1945 average
1946 average
1947 average
1947—February
March
April
May
June
July
August
Seotember
October
November
December
1948—Tanuarv
February
March?
Accounts receivable
at end of month
Sales during month
Year and month
Total
Cash
100
114
130
145
162
202
100
131
165
188
211
242
214
237
'158
179
*2?5
210
206
216
195
160
174
217
234
266
369
173
168
227
229
241
218
184
196
236
251
285
403
188
177
236
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
&ales
43
38
34
32
32
37
Instal-
ment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
82
71
66
68
101
100
102
103
111
124
176
100
78
46
38
37
100
91
79
84
94
138
100
103
80
70
69
91
100
110
107
112
127
168
48
56
61
64
64
59
55
9
6
5
4
4
4
6
39
6
6
6
6
6
6
6
6
7
7
7
38
39
39
39
37
38
40
40
40
39
7
7
8
39
40
41
199
50
88
174
133
73
154
115
195
192
202
181
142
157
207
225
253
348
75
79
81
82
83
84
87
95
111
136
160
163
167
165
146
145
167
181
204
264
129
123
127
122
124
123
138
147
152
171
185
186
198
193
190
162
167
203
215
235
56
56
55
55
55
57
56
54
53
53
54
163
161
223
127
124
129
206
181
190
174
160
178
299
217
207
54
53
51
154
M10
rl46
145
'1V3
137
139
125
114
131
157
180
224
278
140
144
197
198
38
r
* 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. 561.
570
FEDERAL RESERVE
BULLETIN?
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page1
1948
Mar.
WEEKLY FIGURES 8
Apr.
Apr.
Apr.
Apr.
28
1948
M«ar.
31
Apr.
WEEKLY FIGURES2—Cont.
In billions of dollars
RESERVES AND CURRENCY
Apr.
14
Apr.
21
Apr.
28
In unit indicated
MONEY RATES, ETC.—Cont.
Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Certificates
3
Notes
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves
2,4
Required reserves
4
Excess reserves6
4
Excess reserves (weekly avg.):
Total*
5
New York City*
5
Chicago
5
Reserve city banks
5
Country banks6
5
21.61
20.89
8.85
4.48
1.88
5.67
23.14
27.78
3.30
16.64
15.98
20.95 Stock prices (1935-39=100):
20.44 Total
8.14
Industrial
4.26
Railroad
1.96
Public utility
6.08 Volume of trading (mill, shares)
23.17
27.68
2.51
BUSINESS CONDITIONS
17.04
P16.17 Wholesale prices:
P.88
Indexes (1926 = 100):
Total
p. 78 P. 76
Farm products
.04
Other than farm and foods.
.02
Selected farm products:
.01
.22
Wheat (cents per bushel).
.22
Corn (cents per bushel). .
p.54 P. 49
Cotton (cents per pound).
Hogs (dollars per 100
pounds)
Butter (cents per pound).
Eggs (cents per dozen)...
63.45 62.94
35.64 35.48 Production:
Steel (% of capacity)
27.09 27.00
Automobile (thous. cars)..
3.85 3.84
2.42
Paperboard (thous. tons).
2.39
Crude petroleum (thous.
2.31 2.22
4.31
bbls.)
4.33
Electric power (mill. kw.
46.72 46.67
1.39
hrs.)
1.28
23.48 23.16 Basic commodity prices
(Aug. 1939 = 100)
14.21 14.16
3.66 3.67 Total freight carloadings
(thous. cars)
1.67 1.56 Department store sales
.67
(1935-39 = 100)
.70
.89
.97
3.95 3.77
.66
21.13 20.97
20.59 20.39
8.49 8.28
4.34 4.25
1.93 1.93
5.84 5.92
23.15 23.16
27.77 27.72
2.50 2.62
17.05 16.85
16.16 P16.13
.82
.89 P.72
.69
.05
.01
.15
.48
.87
.05
.01
.25
.54
.82
.03
.01
.22
.54
62.22
34.43
27.11
3.75
2.31
1.27
4.34
45.34
1.37
23.45
14.42
3.62
62.87
35.22
27.13
3.83
2.40
1.85
4.32
45.98
1.45
23.33
14.34
3.63
62.86
35.26
27.09
3.78
2.39
2.01
4.33
46.21
1.39
23.27
14.33
3.64
1.67
.78
.89
3.75
1.59
1.53
.65
.88
3.76
21.09
20.48
8.47
4.34
1.91
5.74
23.15
27.83
2.47
16.91
16.08
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
16
U. S. Govt. securities, total. 16
Bonds
18
Certificates
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted. . 16
U. S. Govt. deposits
16
Loans, total
16
Commercial
20
Real estate
. . . . 20
For purchasing securities:
Total
20
U. S. Govt. securities... 20
Other securities
20
Other
20
New York City banks:
Loans and investments
17
U. S. Govt. securities, total. . 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted.. 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts
21
On other securities... 21
To others
21
All other
21
Banks outside New York City:
Loans and investments
17
U.S. Govt. securities, total.. 17
Bonds
19
Certificates
19
Notes
19
Bills
19
Demand deposits adjusted. . 17
U. S. Govt. deposits
17
Interbank deposits
17
Time deposits
17
Loans, total
17
Commercial
21
Real estate
. . . 21
For purchasing securities. 21
All other
21
.68
.90
3.78
18.88 19.19 19.01 19.50
10.50 10.89 10.73 11.07
8.52 8.51 8.49 8.49
.96!
.95
.84
. 88
.46
.48
.48
.50
.56
.95
.92 1.19
15.53 15.53 15.39 15.76
.36
.39
.36
.33
3.76 3.98 4.03 3.99
1.45 1.46 1.45 1.45
7.14 7.07 7.05 7.22
5.14 5.12 5.14 5.06
.43
.31
.23
1.02
43.34
23.93
18.59
2.79
1.85
.71
29.82
1.01
5.95
13.28
16.32
9.28
3.50
.69
2.85
.35
.33
.33
.30
.24
.23
1.05 1.04
43.68
24.33
18.62
2.88
1.92
.91
30.45
1.06
6.00
13.30
16.26
9.22
3.51
.68
2.85
43.85
24.53
18.60
2.94
1.91
1.09
30.82
1.03
6.15
13.30
16.22
9.19
3.53
.66
2.84
.38
.35
.25
1.17
43.95
24.58
18.60
2.97
1.90
1.11
30.96
.94
5.93
13.30
16.26
9.15
3.54
.68
2.90
19.02
10.88
8.41
. 88
.53
1.06
15.61
.36
3.86
35
35
34
34
36
35
35
35
.997
1.09
1.59
2.01
2.44
1.25
1.38
1.06
.998
1.10
1.58
2.01
2.44
1.25
1.38
1.06
.997
1.10
1.57
1.98
2.44
1.25
1.38
1.06
.997
1.10
1.58
1.98
2.44
1.25
1.38
1.06
36
36
36
2.81
3.52
2.79
2.79
3.49
2.78
2.78
3.47
2.77
2.78
3.46
2.77
40
40
40
40
40
.998
1.10
1.58
1.98
2.44
122
128
111
94
1.23
123
129
112
95
1.20
123
130
112
96
1.37
126
132
117
97
1.95
126
132
119
97
1.42
73 160.1 160.6 162.9 163.6 162.6
73 183.9 183.1 189.2 188.9 186.9
73 147.7 147.9 148.3 149.0 148.7
78 240.1 242.0 243.9 240.1 235.4
78 233.0 235.4 236.2 227.7 226.7
78 35.5 36.5 37.5 38.1 37.6
78 22.10 21.88 22.10 22.03 21.28
78 84.8 81.9 80.5 80.9 77.6
78 42.4 42.9 44.0 43.7 41.2
80
80
81
88.3
105
186
84.4
103
194
71.3
105
186
80.0
"•107
190
86.6
103
193
81 5,389 5,377 5,391 5,415 5,413
82 5,037 5,033 5,087 5,027 5,042
82 317.9 320.8 322.4 322.3 317.7
83
662
684
786
852
743
83
280
298
294
296
301
1948
Feb.
Jan.
Mar.
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
1.45 Reserve Bank credit
7
6.96 Gold stock
7
5.03 Money in circulation
Treasury cash
7
Treasury deposits
7
.34 Member bank reserves:
.31
Total
4, 7, 14
.23
Central reserve city banks... 14
1.04
Reserve city banks
15
Country banks
15
43.92 Required reserves:
24.60 Total
4
18.59
Country banks
15
2.96 Excess reserves:
1.89
Total
4,5
1.16
New York City
5
31.06
Chicago
5
1.02
Reserve city banks
5
5.81
Country banks
5
13.29 Money in circulation, total. . . 9
16.02
Bills of $50 and over
9
9.13
$10 and $20 bills
9
3.55
Coins, $1, $2, and $5 bills.... 9
.67
2.86 ALL BANKS IN THE UNITED STATES
Per cent per annum
MONEY RATES, ETC.
i'U. S. Govt. securities:
Bills (new issues)
34,
Certificates
34,
3-5 years
7-9 years
15 years or more
34,
\ F. R. Bank discount rate
* Commercial paper
Bankers' acceptances
« Corporate bonds:
Aaa
Baa
High-grade (Treas. series)...
Chart
book
page1
Deposits and currency:*
Total*
Excluding U. S. Govt.
deposits*
Demand deposits adjusted**...
Time deposits adjusted6
Currency outside banks*
U. S. Govt. deposits*
22.45
22.82
28.39
1.33
1.13
21.59
22.97
28.10
1.32
1.32
21.45
23.10
27.94
1.33
1.09
17.39
5.45
6.94
5.00
16.83
5.29
6.65
4.89
17.11
5.67
6.51
4.93
16.31
4.37
16.03
4.34
16.28
4.36
1.08
.12
.01
.33
.63
28.11
8.74
14.92
4.45
.80
.04
.01
.20
.56
28.02
8.69
14.91
4.43
.82
.05
.01
.20
.56
27.78
8.61
14.75
4.42
10 Pi70.30
P168.90
P166.50
10 P168.90
10 P86.60
10 P56.50
10 P25.80
Pl.40
10
P167.10
P84.60
P56.80
P25.7O
Pl.80
P164.10
P81.60
P56.90
P25.60
P2.40
11 P33.60
11 P116.60
11 P38.20
11 P69.40
P9.00
11
P33.70
P115.60
P38.70
P67.90
P9.00
P32.80
P113.7O
P38.90
P65.50
"9.30
ALL COMMERCIAL BANKS
e
1.06 Cash assets
Loans and
investments, total*
e
2.78
Loans
3.44
U. S. Govt. securities*
2.76 Other securities*
For footnotes see p. 574.
MAY
1948
571
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page 1
MONTHLY FIGURES—Cont.
1948
Jan.
Feb.
Jan.
Feb.
Mar.4
In billions of dollars
14
14
14
14
14
14
14
14
98.05
32.77
57.99
7.29
73.17
28.38
12.04
5.90
97.05
33.12
56.71
7.23
71.42
28.59
10.97
5.28
14
14
14
14
14
14
14
25.34
8.96
14.80
1.59
20.53
2.37
5.44
25.07
9.14
14.38
1.55
20.00
2.44
5.10
15
15
15
15
15
15
15
15
36.29
13.53
20.36
2.40
25.74
11.45
5.49
1.92
35.69
13.57
19.74
2.38
24.96
11.54
4.90
1.72
15
15
15
15
15
15
15
36.41
10.28
22.84
3.30
26.90
14.56
3.77
36.29
10.41
22.59
3.30
26.46
14.62
3.37
22
22
22
22
22, 23
23
23
23
23
13.06 P12.94
2.71
P2.7O
3.24
P 3 . 07
P. 93
.92
6.19
P6.25
3.37
P3.40
2.82
P2.84
1.20
Pi. 25
1.62
Pi. 59
TREASURY FINANCE Cont.
95.13
33.18
54.46 Ownership of U. S. Govt. securities—
Cont.
7.49
By earliest callable or due date:
68.72
Within 1 year:
28.61
Total outstanding
31
10.78
Commercial bank and F. R.
5.25
Bank
31
F. R. Bank
...
31
23.63
1-5
years:
8.93
Total outstanding
31
13.04
Commercial bank and F. R.
1.66
Bank
31
18.36
F. R. Bank
31
2.45
5-10 years:
5.04
Total outstanding
31
Commercial bank and F. R.
34.89
Bank
31
13.44
F. R. Bank
31
19.06
Over 10 years:
2.40
Total outstanding
31
24.12
N o n b a n k , 6 commercial
11.31
bank, and F. R. Bank. .
31
4.86
Commercial
bank
and
1.74
F. R. Bank
31
F. R. Bank
31
36.60
10.81
22.36
3.43
MONEY RATES, ETC.
26.24
14.84
3.33
U. S. Govt. securities:
Bills (new issues)
33, 35
Certificates
35
Bonds,
15
years
or
more
36
P13.40
F.
R.
Bank
discount
rate
33,
35
P2.69
ommercial paper
35
P 3 . 28
Bankers'
acceptances
35
P.93
P6.50 Corporate bonds:
Aaa
33,36
P3.52
Baa
36
P2.98
High-grade
(Treas.
series)
36
PI.36
Pl.62
TREASURY FINANCE
U. S. Govt. securities outstanding,
total interest-bearing
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total interest-bearing:
Commercial banks e
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals 6
Corporations 8
Insurance companies e
Mutual savings banks"
State and local govts. e
Marketable public issues:
By class of security:
Bills:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Certificates:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes:
Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Bonds:
Total outstanding
N o n b a n k , 6 commercial
bank, and F. R. bank. .
Commercial
bank
and
F. R. Bank
F. R. Bank
1948
MONTHLY FIGURES—Cont.
CONSUMER CREDIT*
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
Mar.*
In billions of dollars
MEMBER BANKS
All m e m b e r banks:
Loans and investments, t o t a l . . . .
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted'
Time deposits
Balances due to banks
Balances due from banks
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due to banks
Reserve city banks: 5
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted«
Time deposits
Balances due to banks
Balances due from banks
Country banks:«
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due from banks
Chart
book
page l
53.43
51.27
36.63
17.35
33.88
15.63
33.28
1.83
33.15 «33.13
2.00
2.06
e
31.7O
15.33
10.27
6.55
.49
6.58
.50
.50
54.81
54.81
54.81
8.36
8.89
7.04
2.261
7.55
2.89
«7.64
2.99
Per cent per annum
.977
1.09
2.45
1.25
1.31
1.06
1.10
2.45
1.25
1.38
1.06
.996
1.09
2.45
1.25
1.38
1.06
2.86
3.52
2.85
2.85
3.53
2.84
2.83
3.53
2.81
.996
In unit indicated
28
28
28
28
28
29
29
29
29
29
29
29
29
30
30
30
30
30
30
30
30
30
30
30
30
30
254.03 252.17 250.71
117.86 117.86 115.52 Stock prices (1935-39=100):
Total
46.89
44.73
45.65
Industrial
59.89 60.09 60.02
Railroad
29.15
29.25
29.27
Public utility
Volume of trading (mill, shares)
Brokers'
balances (mill, dollars):
68.90 67.30
65.10
Credit extended to customers
34.60 34.88 34.97
Money
borrowed
21.92
21.02
20.89
Customers' free credit b a l a n c e s . . . .
65.40 65.60
66.20
19.90 20.20
20.30
24.10
23.90
BUSINESS CONDITIONS
23.80
12.00
12.00
12.10
7.20
7.20
7.30 Personal income (annual rate, bill,
dollars): e 7
Total
Total salaries and wages
14.84
14.44
13.95
Proprietors' income, dividends, and
interest
12.80
12.04 P10.84
All other
9.71
9.21
8.85 Labor force (mill, persons): e
Total
20.68
18.92
20.33 Civilian
Unemployment
12.59
10.70
Employment
4.39
5.88
Nonagricultural
4*48
Employment in nonagricultural estab'•11.37 •-11.37
lishments (mill, persons) :«7
11.37
Total
...
6.71
6.68
P6.44
Manufacturing and mining
1.54
1.73
1.
Trade
Government
118.03 118.03 115.69
Transportation and utilities
Construction
71.58
72.11 *>69.99 Hours and earnings at factories:
Weekly earnings (dollars)
51.40
51.74 P50.15
Hourly earnings (cents)
4.79
5.69
5.67
Hours worked (per week)
39
39
39
39
39
120
126
107
95
.90
114
119
102
93
.86
116
122
105
93
.97
41
41
41
568
217
622
537
208
596
550
229
592
52
52
211.4
128.2
207.7
127.1
208.5
127.1
52
52
70.2
13.0
67.4
13.2
67.5
13.9
53
53
53
53
53
60.5
59.2
2.1
57.1
50.1
61.0
59.8
2.6
57.1
50.4
61.0
59.8
2.4
57.3
50.5
54
54
54
54
54
54
43.5
16.8
8.9
5.5
4.1
1.9
43.2
16.7
8.9
5.4
4.0
1.7
P43.3
P16.&
P8.8
55
55
55
52.14
128.6
40.5
P5.5
P4.0
Pl.8
51.83 P52.25
129.0 P129.3
40.2
P40.4
For footnotes see p. 574.
572
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
1948
Chart
book
page 1
Jan.
MONTHLY FIGURES—Cont.
Feb.
Mar.
MONTHLY FIGURES—Cont.
In unit indicated
BUSINESS CONDITIONS—Cont.
Industrial production: 7
Total (1935-39 = 100)
57, 58
Groups (points in total index):
Durable manufactures
57
Machinery and trans, equip.. .
58
Iron and steel
58
Nonferrous metals, lumber, and
other durables
58
Nondurable manufactures
57
Textiles and leather
58
Food, liquor, and tobacco
58
Chemicals, petroleum, etc
58
Paper and printing
58
Minerals
57,58
Selected durable manufactures
(1935-39 = 100):
Nonferrous metals
59
Steel
59
Cement
59
Lumber
59
Transportation equipment. . . . . . .
59
Machinery
59
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
60
Cotton consumption
60
Manufactured food products. . . .
60
Paperboard
60
Leather
60
Industrial chemicals
60
Rayon
60
New orders, shipments, and inventories (1939 = 100):
New orders, total
61
Durable
61
Nondurable
61
Shipments, total
61
Durable
61
Nondurable
61
Inventories, total
61
Durable
61
Nondurable
61
Construction contracts (3 mo.7 moving
ayg., mill, dollars), total
63
Residential
63
Other
63
Residential contracts (mill, dollars): 7
Total
64
Public
64
Private, total
64
1- and 2-family dwellings
64
Other
64
Value of construction activity (mill.
dollars), total*
65
Nonresidential: e
Public
65
Private 6
65
Residential:
Public
65
Private
65
Freight carloadings: 7
Total (1935-39 =100)
67
Groups (points in total index):
Miscellaneous
67
Coal
67
All other
67
Department stores:
Indexes (1935-39 = 100):7
Sales
68
Stocks
68
296 stores:
Sales (mill, dollars)
69
Stocks (mill, dollars)
69
• Outstanding orders (mill, dollars)
69
Stocks-sales ratio (months' supply) 69
Consumers' prices (1935-39=100):
All items
71
Food
71
Apparel
71
Rent
71
Wholesale prices (1926 = 100), t o t a l . . .
73
Farm products
73
Foods
74
Other than farm and foods, t o t a l . . .
73
Textile products
74
Hides and leather products
74
Chemicals and allied products... * 75
Fuel and lighting materials
75
Building materials
75
Metals and metal products
75
Miscellaneous
74
Chart
book
page 1
1948
Jan.
Feb.
Mar.
In unit indicated
BUSINESS CONDITIONS—Cont.
194
193
P192
86.8
46.2
22.3
85 .8
45 .2
22 .3
P86.9
P45.8
22.8
18.3
r
83.2
'22.8
22.2
'23.6
14.7
'23.4
18.4
84.4
22 .9
23 .0
23 .3
15.2
23 .6
P18.3
P83.6
P22.4
P23.0
P23.0
P15.2
P21.3
189
226
208
135
231
285
187
224
199
143
244
••287
201
153
159
179
116
434
301
192
153
157
187
r
116
"437
298
P188
234
196
P132
P242
P285
147
P160
192
Prices paid and received by farmers
(1910-14 = 100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
77
77
251
307
79
79
79
79
2,581
1,511
1,044
26
248
279
1,866 P2.001
1,120 Pl,263
P698
717
P40
29
INTERNATIONAL TRADE AND FINANCE
Exports and imports (mill, dollars):
Exports
85 Pl,091 P 1 , 0 8 6
Excluding Lend-Lease exports...
85 P 1 , 0 9 0 Pl.086
P582
P546
Imports
85
Excess of exports or imports exP544
P504
cluding Lend-Lease exports
85
Foreign exchange rates:
See p. 607 of this BULLETIN
86-87
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
9
4.85
Total liabilities
88
9
Official
88
1.83
Invested in U. S. Treasury bills
9
.20
and certificates
88
9
39 . 0 2
Private
88
.96
Total assets
88
8
8
8
310
331
8
300
8 241
8 269
8 218
P260
P448
323
20
303
240
63
316
6
310
196
114
244
4
241
186
55
P7O8
1,166
200
448
166
437
220
466
9
500
6
400
5
475
145
139
130
83.1
32.9
28.5
Oct.Dec.
Jan.Mar.
9.66
2.90
9.81
8.46
4.14
2.29
2.02
27
27
27
10.47
10.50
-.03
7.86
3.09
9.38
7.85
3.44
2.17
2.24
8.83
2.77
14.95
13.69
8.55
3.14
2.00
15.73
9.32
+6.41
+ 1.34
10.01
8.67
Per cent per annum
33
37
37
37
2.21
1.77
2.25
2.69
2.22
1.82
2.27
2.61
2.46
2.09
2.52
2.83
27.3
In unit indicated
BUSINESS FINANCE
283
303
271
789
633
2.9
P355
263
P936
876
P421
576
P2.6
3 .3
168.8
209.7
192.1
115.9
165.7
199.2
179.9
148.2
147.6
200.3
138.8
130.0
193.1
154.7
123.5
167.5
204.7
195 .1
160.8
185.3
172 .4
147.5
148.1
192.8
134.6
130.7
192 .5
155.5
119 .9
26
26
26
26
26
26
26
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
82.1
Southern
and Western cities
20.8
284
288
116.0
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or outgo....
1948
In billions of dollars
TREASURY FINANCE
766
280
486
80 .0
32 .0
26 .6
JulySept,
QUARTERLY FIGURES
784
280
504
1,157
P475
P301
300
333
8
301
8
244
8
273
8
220
1,009
P666
P437
1947
8
247
283
284
312
166.9
202.3
196.3
116.3
161.4
186.0
173.8
147.7
149.0
185.6
131.6
130.9
193.0
156.5
120.8
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) • . .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars):*
Public
Private
42
42
1.27
.80
2.22
1.87
1.61
1.40
42
42
42
.55
.16
.09
1.45
.12
.30
1.13
.09
.18
43
43
43
43
649
414
49
186
1,543
981
87
472
844
531
97
212
43
43
43
43
148
6
325
24
99
272
555
5
3
331
42
42
.57
.41
.91
.82
.61
.72
For footnotes see p. 574.
MAY
1948
573
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *~Continued
Chart
book
page 1
QUARTERLY FIGURES—Cont.
BUSINESS
1947
JulySept.
1948
Oct.Dec.
In unit indicated
GALL DATE FIGURES
FINANCE'—Cont.
Corporate assets
and liabilities (bill.
dollars): 6
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts p a y a b l e . . . .
Federal income tax liabilities....
Net working capital
Plant and equipment expenditures
(bill, dollars) :«i°
All business
_
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): 6
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e . . . .
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars)
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
11
1946
1947
June
Dec.
Dec.
30
31
In billions of dollars
ALL MEMBER BANKS
44
44
44
44
44
44
44
44
44
110.7
22.3
12.9
39.9
33.8
50.3
31.3
9.1
60.4
45
4.1
5.0
45
45
2.8
2.1
3.3
2.5
46
28.2
46
46
17.1
10.3
47
4.3
Holdings of U. S. Govt. securities:
Bonds
Notes.
Certificates.
Bills
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
4.5
State and local govt. securities.
3.0 Other securities
1.1
1.3
440
505
47
382
450
47
47
162
112
199
157
Apr.-
June
JulySept.
Oct.Dec.
Annual rates
in billions of dollars
229.4
28.7
165.8
20.2
99.9
45.7
240.9
48
226.9
28.2
162.3
19.3
98.4
44.6
36.5
34.8
38.1
50
50
50
50
17.9
9.6
-1.4
10.4
18.4
10.4
-1.7
7.8
18.8
12.4
— 1.3
8.2
51
51
51
51
191.4
170.1
162.3
7.8
199.6
177.9
165.8
12.1
205.8
183.7
172.5
11.2
48
48
49
49
49
46.51
4.37
7.54
45.29
4.82
5.82
1.99
13
13
13
13
13.15
13.82
.88
.97
5.36
3.31
6.24
4.00
16.96
1.05
7.13
4.66
13
13
13
13
1.51
1.47
3.55
3.08
1.51
1.15
3.98
2.97
.81
1.07
4.20
3.11
.77
Individuals and business:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Corporations:
Total holdings
Deposits and currency
U. S. Govt. securities
Unincorporated businesses:
Total holdings
Deposits and currency
U. S. Govt. securities. . .
ndividuals, partnerships, and corporations, total
Nonfinancial:
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit assns. and others
1947
Dec"
Dec.p
24
24
24
24
231.5
236.8
146.7
9.5
80.6
24
24
24
24
165.2
101.5
8.1
55.6
172.0
104.7
24
24
24
38.9
23.5
15.3
38.4
23.8
14.5
24
24
24
27.4
18.3
8.9
26.4
18.2
8.0
OWNERSHIP OF DEMAND DEPOSITS6
30.3
172.5
21.3
104.2
47'0
1946
In billions of dollars
LIQUID ASSET HOLDINGS"
47
48
46.23
5.60
10.04
1.17
FIGURES FOR SELECTED DATES
47
GROSS NATIONAL PRODUCT, ETC.
12
12
12
12
2.1
1947
Gross national product 67
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business i nventories.
Net foreign investment
Persona] income,
consumption, and
saving : e7
Personal income
Disposable income
Consumption expenditures
Net personal saving
Chart
book
page 1
Jan.Mar.
143.3
8.4
79.8
9.2
58.1
1947
1948
Feb. 26
Jan. 30 P
25
77.8
82.4
25
25
25
25
25
37.2
16.0
12.5
4.2
4.5
6.5
2.1
4.5
28.9
22.0
6.9
5.2
39.8
17.3
13.4
4.1
4.9
25
25
25
25
25
25
25
7.4
2.7
4.7
30.1
22.9
7.2
5.1
r
• Estimated.
v Preliminary.
Revised.
Page references are to charts in the May issue of the Chart Book. General repagination has been necessary in view of the following changes
from earlier issues: A new section on Business Finance has been added; this includes revisions in charts on pp. 42 and 43 and new charts, on
pp. 44-47. Additional new charts are shown on pp. 35, 74, 75, and 78. Page 36 has been deleted. A curve on "cash assets" has been added
to the2 chart on p. 11 and curves on "savings and loan shares" to the chart on p. 24; and p. 72 has been redrawn on a new basis.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
3
Less than $5,000,000.
4
For charts on pp. 28, 33, 36, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series.
5
Beginning
Mar. 1, 1948, data are not strictly comparable with earlier figures due to a redesignation of reserve cities on that date.
8
Excludes holdings of restricted issues.
7
Adjusted
for
seasonal variation.
8
9
January and February indexes estimated from dollar figures published by the Department of Commerce.
As of Dec. 31, 1947.
10
Estimates for April-June 1948 quarter are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.2;
manufacturing
and
mining,
2.2.
11
Member bank holdings of State and local government securities on Oct. 6, 1947, were 4.22 billion dollars, and of other securities were 3.08
billion; data for other series are available for June and December dates only.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues, at $1.00 each.
1
574
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT*
Chart
book
page1
1948
Jan.
Feb.p
Mar.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, cumu2
lative totals:
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit
out2
standing, cumulative totals:
Automobile dealers
6
Furniture and household appliance stores
6
Department stores and mailorder houses
6
All other
6
13 ,058 12 ,942 13,399 Consumer instalment sale2 credit
granted, cumulative totals:
6 ,186 6 ,246 6,501
By automobile dealers
3 ,368 3 ,403 3,519
Ey furniture and household appli2 ,818 2 ,843 2,982
ance stores
3 ,240 3 ,067 3,275
By department stores and mail2 ,708 2 ,701 2,691
order houses
93:
924
928
By all other retailers
Consumer instalment loan credit
out13 ,058 12 ,942 13,399 standing, cumulative totals: 2
Commercial and industrial banks.
6 ,872 6 ,696 6,898
Small loan companies
3 ,632 3 ,629 3,623
Credit unions
932
924
928
Miscellaneous lenders
Insured repair and modernization
2 ,818 2 ,843 2,982
loans
1,616
1,589
1,619
1,062
430
1,045
421
1,071
421
Chart
book
page 1
1948
Jan.
Feb.?
Mar.p
In millions of dollars
415
419
556
214
227
303
154
68
159
71
212
85
3,368
1 ,818
1,101
830
3 ,403
1,834
1,113
838
3,519
1,899
1,145
858
572
577
590
P Preliminary.
* Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
2
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figure shown, the total immediately following it.
* Copies of the Chart Book may be obtained at a price of 50 cents.
MAY
1948
575
MEMBER BANK EARNINGS, 1947
ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks *
1944
1945
1946
Earnings
1,873,768 2,102,177
Interest and dividends on
securities:
996,802
U. S. Government
f 959,787
Other
139,368
Interest and discount on
loans
548,274
571,776
Service charges and fees on
loans
16,386
14,900
Service charges on deposit
87,499
accounts
85,500
Other charges, commissions,
63,833
fees, etc
53,206
112,134
Trust department
104,333
114,379
Other current earnings
107,768
2,402,532
Expenses
1,126,733 1,267,633
208,237
Salaries—officers
187,503
371,374
Salaries and wages—others..
337,440
Directors' and committee
10,757
members' fees
9,514
182,874
Interest on time deposits. . .
144,103
2,286
Interest on borrowed money
967
Taxes other than on net in83,476
come
82,844
Recurring depreciation on
banking house, furniture,
34,004
and fixtures
34,939
374,625
Other current expenses
329,423
1,468,550
242,422
457,020
All
State
member
banks
Central reserve
city member banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
Year 1947
1947
2,578,629 1,719,288
859,341
450,702
113,038
966,003
,048,886
1,053,532
147,586
920,821
149,166
617,990
104,951
302,831
44,215
177,031
25,186
45,579
8,593
318,610
50,487
379,601
64,900
760,668
1,028,863
704,508
324,355
140,642
37,690
417,135
433,396
11,717
14,855
9,933
4,922
3,557
1,011
7,099
3,188
99,634
119,25
83,013
36,241
11,143
1,513
44,218
62,380
67,827
131,195
130,373
65,803
135,934
143,933
42,805
55,052
101,036
22,998
80,882
42,897
9,586
46,837
36,720
946
11,534
6,172
23,846
51,096
53,512
31,425
26,467
47,529
1,649,980 1,076,831
177,694
269,456
331,849
527,525
573,149
91,762
195,676
274,751
39,982
119,670
69,995
9,622
23,802
630,563
86,550
215,854
674,671
133,302
168,199
12,401
211,603
2,175
13,731
235,948
2,461
9,168
162,208
1,354
4,563
73,740
1,107
1,373
7,879
831
149
9,504
74
2,618
94,174
867
9,591
124,391
689
81,819
87,946
58,942
29,004
10,217
4,494
35,785
37,450
34,034
427,076
34,841
478,072
24,043
311,573
10,798
166,499
3,688
91,111
732
21,618
12,017
182,698
18,404
182,645
Net current earnings before
income taxes
747,035
834,544
933,982
928,649
642,457
286,192
175,951
43,043
335,440
374,215
Recoveries, profits on securities, etc
Recoveries on securities....
Profits on securities
Recoveries on loans
All other
318,133
82,821
116,267
72,540
46,505
453,785
113,221
238,835
55,918
45,811
355,805
53,587
183,010
63,742
55,466
232,065
40,358
89,647
59,082
42,978
160,555
25,569
61,409
43,595
29,982
71,510
14,789
28,238
15,487
12,996
47,954
4,473
20,889
11,958
10,634
18,331
6,178
5,008
2,827
4,318
88,118
15,866
34,322
24,182
13,748
77,662
13,841
29,428
20,115
14,278
Losses and charge-offs
On securities
On loans
All other
232,183
97,146
60,283
74,754
229,856
117,785
46,541
65,530
246,962
115,455
61,492
70,015
251,205
101,342
102,653
47,210
168,505
69,748
73,234
25,523
82,700
31,594
29,419
21,687
43,686
11,812
21,693
10,181
15,188
9,335
4,574
1,279
104,214
38,233
46,479
19,502
88,117
41,962
29,907
16,248
Profits before income taxes.
832,985 1,058,473
1,042,825
909,509
634,507
275,002
180,219
46,186
319,344
363,760
Taxes on net income
Federal
State
183,715
169,136
14,579
270,062
250,281
19,781
285,026
264,512
20,514
256,518
239,481
17,037
182,409
172,266
10,143
74,109
67,215
6,894
47,270
40,146
7,124
9,651
9,651
93,024
88,224
4,800
106,573
101,460
5,113
Net profits
649,270
788,411
757,799
652,991
452,098
200,893
132,949
36,535
226,320
257,187
Cash dividends declared....
On preferred stock2
On common stock
226,002
9,687
216,315
245,934
8,262
237,672
266,647
5,873
260,774
280,942
4,304
276,638
183,123
1,369
181,754
97,819
2,935
94,884
79,899
34
79,865
14,060
103,559
1,184
102,375
83,424
3,086
80,338
14^660
Loans
17,682, 000 19,815,000 24,258,000 29,326,253 19,154,603 10,171,650 6,698,409 1,621,547 11,904,770 9,101,527
U. S. Government securities... 60,324,000 71,795,000 71,217,000 60,051,428 39,867,710 20,183,718 12,616,801 2,897,045 21,097,042 23,440,540
Other securities
5,131,000 5,566,000 6,384,000 6,958,737 4,972,624 1,986,113 1,204,315 366,441 2,332,417 3,055,563
903,000
Real estate assets
571,548
304,148
354,159
974,000
875,696
868,000
340,939
165,044
15,554
Cash assets
24,482,000 26,700,000 29,171,000 30,375,421 20,459,070 9,916,351 6,580,745 1,601,611 11,987,179 10,205,885
Total assets
108,920,000 125,132,000 132,315,000 128,032,620 85,297,787 42,734,834 27,417,701 6,524,601 47,850,100 46,240,219
Time deposits
Total deposits
Total capital accounts
17,198,000 1,487,000 25,905,000 27,905,356 18,941,115 8,964,241 1,461,504 870,985 11,199,052 14,373,814
101,484,000 116,983,000
16,983,000 123,453,000 118,710,911 79,314,689 39 ,396,223 24,693,366 6,071,661 44,731,955 43 ,213,929
6,712,000 7,243 ,,000 7,868,000 8,291,278 5,280,864 3,010,414 2,232,596 415,372 2,789,801 2,853,509
Number of officers
Number of employees
Number of banks
37,693
193,279
39,903
207,460
42,512
230,442
44,960
241,011
31,549
155,218
13,411
85,793
3,207
43,907
6,814
6,884
6,900
6,923
5,005
1,918
37
762|
9,427
14
11,803
95,975
29,188
91,702
353
6,519
1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during
the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation
during
part of the year but not at the year end.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and
end of the year except in 1945, when the spring call was included. Averages are distorted in 1945 because the call dates other than the spring call were
in or near bond drives, when deposits, loans, and investments were at their peaks for the year. The number of officers, employees, and banks are as
of the end of the year.
Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other
real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total
capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
576
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Richmond
73,974
111,470
119,929
401,476
31,847
6,759
29,105
3,113
37,479
5,944
32,903
5,584
111,215
18,245
127,798
43,922
27,005
48,815
61,164
206,804
2,769
347
281
262
362
3,711
7,344
17,414
3,875
4,222
7,365
6,248
22,369
4,054
4,987
4,784
6,861
3,552
7,331
8,137
16,015
16,804
3,373
3,041
4,238
4,786
1,885
3,577
2,965
2,485
6,155
4,003
1,895
7,770
8,712
12,939
17,481
138,955
20,109
37,794
75,789
13,830
21,680
79,013
13,278
22,193
237,271
36,793
71,788
60,226
11,911
16,833
47,456
9,548
12,658
66,357
15,121
18,629
73,015
15,992
20,053
258,626
37,981
89,156
1,226
25,708
918
11,424
650
9,736
1,656
43,583
674
537
8,231
643
4,995
725
4,033
777
54,136
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on
loans
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings....
137,390
661,755
153,714
214,262
121,342
124,377
361,538
97,402
48,812
5,512
256,931
37,430
57,810
14,439
80,937
16,910
44,084
5,219
38,572
8,536
151,126
21,475
51,954
225,388
54,053
78,956
51,330
51,674
652
4,460
354
810
340
507
7,308
22,939
4,973
8,653
6,544
2,666
10,335
10,151
13,749
54,232
46,626
2,455
13,012
6,618
4,042
11,556
12,398
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee
members' fees
Interest on time deposits..
Interest on borrowed
money
Taxes other than on net
income
Recurring depreciation on
banking house, furniture, and fixtures
Other current expenses
91,353
15,151
27,980
423,448
63,856
160,220
98,471
15,886
28,541
893
12,708
3,306
38,108
1,726
15,841
Cleveland
Atlanta
Chicago St. Louis
88
100
28
106
3,034
7,419
8,882
1,278
18,016
849
13,781
1,541
22,294
1,822
22,943
4,914
62,674
124,267
37,176
26,518
45,113
46,914
142,850
7,295
696
4,142
1,253
1,204
32,745
8,678
12,144
5,051
6,872
7,574
1,242
2,787
1,949
1,596
4,364
1,235
1,067
1,190
872
7,694
1,572
2,024
2,252
1,846
7,006
771
1,976
2,526
1,733
35,492
3,135
14,519
15,122
2,716
7,127
3,513
1,963
1,651
9,319
3,862
3,329
2,128
33,710
18,139
10,312
5,259
9,024
4,410
2,646
1,968
6,618
3,285
1,828
1,505
9,207
4,366
3,425
1,416
10,000
3,288
4,869
1,843
43,663
11,037
29,024
3,602
74,018
45,362
43,340
123,302
35,726
24,264
43,600
43,920
134,679
20,100
20,100
13,287
13,127
160
13,129
12,732
397
30,494
30,453
41
9,202
9,187
15
7,505
6,623
882
12,268
11,478
790
12,925
12,890
35
42,230
38,478
3,752
53,918
32,075
30,211
92,808
26,524
16,759
31,332
30,995
92,449
20,991
497
20,494
11,770
73
11,697
9,986
75
9,911
31,442
369
31,073
9,505
113
9,392
5,916
53
5,863
9,782
15
9,767
11,939
52
11,887
37,513
405
37,108
, 1,114
126
217
124
94
176
16,975
5,221
14,468
4,404
5,172
12,728
2,277
28,246
7,755
132,114
2,675
28,455
3,274
36,159
2,081
21,328
2,197
25,693
4,178
66,369
Net current earnings before i n c o m e taxes
46,037
238,307
55,243
75,307
45,553
45,364
Recoveries, profits on securities, etc
Recoveries on securities.. .
Profits on securities
Recoveries on loans
All other
11,769
1,926
4,895
3,323
1,625
71,516
8,360
29,864
18,180
15,112
19,731
7,700
6,229
3,355
2,447
19,943
3,916
7,445
2,895
5,687
6,936
1,127
2,555
1,986
1,268
Losses and charge-offs....
On securities
On loans
All other
15,253
4,725
5,876
4,652
65,017
21,779
29,564
13,674
21,035
12,362
3,370
5,303
21,232
10,576
6,447
4,209
Profits before i n c o m e taxes
42,553
244,806
53,939
Taxes on net i n c o m e
Federal
State
12,763
10,698
2,065
65,725
56,825
8,900
16,890
16,890
Net profits
29,790
179,081
37,049
Cash dividends declared..
On preferred stock2
On common stock
16,253
81
16,172
96,386
2,212
94,174
19,459
359
19,100
Loans
1,501,627 8,664,068 1,417,819 2,193,822 1,283,028 1,290,176
U. S. Government securities. 2,960,924 17,256,340 3,327,006 4,893,378 2 ,789,471 2,577,194
Other securities
716,103 241,773 388,991
228,471 1,757,593 582,213
49,001
Real estate assets
83,667
254,728
49,208
54,365
65,697
Cash assets
1,371,203 8,195,343 1,511,811 2,252,204 1,.,502,820 1,621,790
Time deposits
Total deposits
Total capital accounts
7,445
1,764
153
3,945
Total assets
San
Francisco
Dallas
New
York
Philadelphia
Minneapolis
Kansas
City
Boston
135
3,934
1,406,099 4,694,823
3,847,466 1,240,184 670,389 1,116,750
.
9,726,000 2 ,102,182 1,835,234 2,663,622 2,238,987 7,681,090
884,488
1,107,968 299,913 164,166 336,988 250,069
122,787
78,962
17,513
25,195
26,960
47,612
4,502,212 1,275,356 867,202 1,793,926 1,909,045 3,572,508
6, 150,474 36,306,933 6,934,495 10,160,879 5,881,536 5,946,334 19,311,686 4,955,019 3,562,577 5,946,696 5,860,980 17,015,010
1,303,990 5,075,216 1,871,572 3,055,457 1,300,009 1,108,253 5,249,391 926,631 907,487 661,435 537,383 5,908,529
,625,433 5,535,898
594,029 32,915,599
359,265 5,625,433
,535,898 16,102,749
J2.915.599 6,295,591
,295,591 9,330,503 5,502,216 5,607,793 18,183,681 4,658,154 3,359,265
5,594,029
782,732
491,994 2,848,999 598,994
779,600 350,900 310,226 1,049,955 277,978 188,821 304,633 306,445
Number of officers
Number of employees
Number of banks
2,376
13,981
7,481
64,553
3,065
14,470
3,593
18,028
2,562
11,515
2,346
11,574
5,722
33,446
2,578
9,234
2,111
6,894
3,361
10,190
3,151
10,354
6,614
36,772
337
797
647
710
475
340
1,003
495
475
759
613
272
See footnotes on p. 576.
MAY
1948
577
MEMBER BANK EARNINGS, 1947—Continued
RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
^Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on loans.
Service charges and fees on
loans
Service charges on deposit
accounts
,
Other charges, commissions,
fees, etc
Trust department
Other current earnings
,
Expenses
Salaries—officers
Salaries and wages—others..,
Directors' and committee
members' fees
Interest on time deposits.
Interest on borrowed money.
Taxes other than on net income
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
,
Net current earnings before
income taxes
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
Losses and charge-offs.
On securities
On loans
All other
Profits before income taxes..
Taxes on net income.
Federal
State
Net profits
Cash dividends declared
2
On preferred stock
On common stock
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
>t. Louis Minneapolis
Kansas
City
Dallas
San
Francisco
50,148
20,782
58,400
110,596
49,726
51,985
114,075
44,712
24,151
54,320
56,457
16,064
1,412
6,729
894
20,112
5,407
18,872
42,325
8,098
37,762
19,805
1,782
15,214
3,685
50,621
4,515
12,772
3,167
9,245
843
19,302
3,062
16,310
1,825
90,111
15,157
18,752
8,900
195
612
17,771
21,622
40,774
21,329
9,511
22,593
28,662
170,587
108
411
1,210
223
104
116
158
3,370
2,370
3,118
2,102
3,463
33,800
4,617
10,023
7,178
3,284
1,958
4,535
80,377
9,534
27,084
1,175
1,456
2,530
2,060
27,718
4,288
9,397
911
695
1,486
1,356
15,647
2.219
5,993
2,506
868
2,139
3,734
33,240
5,041
10,877
1,629
1,500
1,551
4,822
35,133
5,617
10,419
18,374
6,689
11,501
14,222
214,354
29,788
75,922
492
100
1,418
1,127
1,179
5,725
5,106
31,872
4,863
11,641
125
1,752
25
384
664
1,984
15,219
1,701
5,221
89
2,282
22
1,165
1,432
3,481
330,651
745
8,842
2,795
1,865
9,249
7,204
38,861
5,407
15,094
71,573
8,171
23,061
2,617
2,063
3,349
2,231
32,769
5,304
11,122
255
1,808
69
262
10,928
157
281
3,264
72
198
3,751
54
371
15,639
92
133
2,563
108
93
1,581
84
171
2,411
81
150
2,621
22
490
45,574
81
646
1,994
7,607
2,296
2,639
3,611
1,822
352
1,608
4,444
7,601
653
11,648
354
4,904
620
13,614
1,382
20,005
711
9,719
11,670
1,276
22,770
475
8,932
241
5,084
719
12,332
904
10,956
3,834
51,064
18,276
5,563
19,539
39,023
16,957
18,185
33,698
16,994
8,504
21,080
21,324
116,297
4,198
479
2,029
1,103
587
2,397
243
1,083
458
613
10,802
5,979
2,791
1,039
993
10,642
1,877
3,502
1,182
4,081
2,919
258
1,035
908
718
3,496
449
2,053
484
510
6,976
1,057
3,561
1,084
1,274
4,389
754
1,420
1,388
827
1,851
452
451
443
505
4,141
1,165
1,484
843
649
3,845
544
1,482
920
899
32,462
2,609
13,431
14,330
2,092
6,993
1,468
3,323
2,202
2,819
1,380
1,062
377
13,885
7,941
1,814
4,130
11,476
4,741
3,894
2,841
2,639
1,124
683
832
3,877
1,510
1,481
886
8,381
2,863
3,157
2,361
4,447
2,176
1,343
928
2,567
1,469
553
545
4,719
2,552
1,539
628
4,481
1,452
2,145
884
37,930
9,557
25,485
2,888
15,481
5,141
16,456
38,189
17,237
17,804
32,293
16,936
7,788
20,502
20,688
110,829
3,887
2,923
867
776
91
5,303
5,303
9,703
9,703
5,033
5,012
21
5,210
5,151
59
7,951
7,940
11
4,373
4,372
1
2,790
2,359
431
6,308
5,975
333
6,613
6,613
34,986
32,097
2,889
4,274
11,153
28,486
12,204
12,594
24,342
12,563
4,998
14,194
14,075
75,843
1,921
81
1,840
9,866
2
9,864
13,231
471
12,760
5,635
19
5,616
4,757
14
4,743
8,232
194
8,038
5,482
32
5,450
2,371
30
2,341
4,730
6,399
16
6,383
33,301
325
32,976
257,545 664,512 1,326,375 557,522 656,852 1,142,262
426,555 1,185,371 2,640.005 1,305,735 1,028.089 3,393,971
35,532 216,941 317,121
91,210 159,885 271,765
27,683
21,613
10,404
47,788
24,613
22,540
209,623 775,067 1,343,076 747,126 766,452 1,538,373
750,796
876,487
119,938
12,209
676,739
964
11,594
7,634
7,634
Loans
715,145
U. S. Government securities. . . 1,005,859
47,258
Other securities
Real estate assets
16,803
Cash assets
589,319
Total assets.
2,398,826
Time deposits
Total deposits
Total capital accounts.
197,844
2,158,018
202,796
Number of officers
Number of employees...
Number of banks
New
York
540
5,113
'4,730
316,789 671,864 859,594 3,985,514
557,263 1,379,357 1,005,855 6,292,495
47,397 177,087
83,836
764,447
7,253
15,213
30,905
103.914
375,139 1,046,744 938,282 2,981,238
943,656 2,888,547 5,690,071 2,735,291 2,644,428 6,393,021 2,443,664 1,307,462 3,299,078 2,925,333 14,180,724
322,877 175,529 356,916 338,293 4,996,564
. .
307,370 256,133 1,328,958 442,826 408,539 2,067,202
288,220 1,221,388 3,,115,731 2,745,526 13,406,128
065,469 2,288,220
491,494 6,065,469
877,685 2,620,147 5,180,935 2,561,213 2,491,494
76,719 170,211 166,48:
655.352
62,122 242,156 476,214 158,531 134,670 301,780 142,769
229
2,520
591
6,888
871
10,097
635
5,555
605
4,992
1,150
12,667
541
4,823
10
23
29
33
20
78
20
276
2,75
692
5,495
638
4,859
5,035
30,209
50
38
32
* Not including central reserve city banks.
See footnotes on p. 576.
578
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
Interest and dividends on
securities:
U. S. Government
Other
Interest and discount on loans.
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
Dallas
San
Francisco*
87,242
190,271
95,314
103,666
71,616
72,392
134,425
52,690
49,823
57,150
63,472
70,825
32,748
4,100
73,171
11,350
75,846
37,698
9,032
38,612
8,812
24,279
3,437
33,559
23,358
4,851
54,926
8,367
19,075
3,592
19,860
2,270
17,494
18,177
2,882
16,593
3,759
21,104
2,448
36,217
35,181
41,194
30,052
49,334
22,593
26,222
32,502
159
198
96
548
124
146
204
5,172
2,177
2,307
5,194
67,382
11,938
14,733
8,723
3,907
2,523
6,097
86,899
17,637
20,902
2,700
4,859
4,619
43,020
8,526
10,558
4,974
3,743
1,450
3,868
45,213
8,661
12,170
444
6,650
4
2,097
346
2,421
33,117
10,080
7,752
472
2,584
19
2,503
344
2,948
37,882
10,375
9,634
575
1,412
6
33,202
160
803
10,669
3,927
177
3,311
341
3,995
5,890
1,487
4,610
5,045
59,481
10,288
16,339
133,478
22,173
35,329
3,541
1,710
4,170
3,823
59,610
10,479
13,447
768
10,956
128
1,844
27,947
261
1,471
14,033
57
964
14,780
60
637
8,160
52
452
5,985
40
1,136
18,440
10
1,917
511
2,178
32,508
7,623
7,436
541
4,882
27
2,780
6,112
3,227
6,861
2,108
2,533
4,623
2,112
1,412
1,426
2,975
1,281
1,624
16,598
3,713
36,099
2,055
14,841
1,892
16,154
1,370
11,609
1,349
14,023
2,170
21,981
803
9,084
608
8,697
822
9,962
918
11,987
1,080
Net current earnings before
income taxes
27,761
56,793
35,704
36,284
28,596
27,179
47,526
20,182
18,014
24,033
25,590
26,55*
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
7,571
1,447
2.866
2,220
1,038
21,165
3,644
7,892
5,764
3,865
8,929
1,721
3,438
2,316
1,454
9,301
2,039
3,943
1,713
1,606
4,017
869
1,520
1,078
550
3,799
247
2,089
769
694
7,438
1,443
3,575
1,140
1,280
3,185
488
1,367
561
769
2,513
783
616
747
367
3,553
407
540
1,409
1,197
3,161
227
494
1,606
834
3,030
526
1,088
792
624
Losses and charge-offs
On securities
On loans
All other
8,260
3,257
2,553
2,450
18,512
8,587
6,809
3,116
7,150
4,421
1,556
1,173
9,756
5,835
2,553
1,368
4,488
2,389
1,280
819
5,442
2,352
1,848
1,242
10,141
5,941
2,581
1,619
4,577
2,234
1,303
1,040
4,051
1,816
1,275
960
4,488
1,814
1,886
788
5,519
1,836
2,724
959
5,73*
1,480
3,539
714
27,072
59,446
37,483
35,829
28,125
25,536
44,823
18,790
16,476
23,098
23,232
23,850
8,876
7,775
1,101
17,588
15,903
1,685
11,587
11,587
10,397
10,397
8,254
8,115
139
7,919
7,581
338
12,892
12,862
30
4,829
4,815
14
4,715
4,264
451
5,960
5,503
457
6,312
6,277
35
7,244
6,381
863
18,196
41,858
25,896
25,432
19,871
17,617
31,931
13,961
11,761
17,138
16,920
16,606
8,619
81
8,538
14,566
2,097
12,469
9,593
357
9,236
7,760
26
7,734
6,135
54
6,081
5,229
61
5,168
9,150
175
8,975
4,023
81
3,942
3,545
23
3,522
5,052
15
5,037
5,540
36
5,504
4,212
80
4,132
Expenses
Salaries—officers
Salaries and wages—others. ..
Directors' and committee
members' fees
Interest on time deposits
Interest on borrowed money..
Taxes other than on net income
Recurring depreciation on
banking house, furniture
and fixtures
Other current expenses
Profits before income taxes. .
Taxes on net income
Federal
State
Net profits
Cash dividends declared
On preferred stock2
On common stock
3,779
6,731
7,922
1,991
1,638
2,553
4,091
399
2,221
31,809
7,329
6,665
2,023
1.438
3,259
44,272
8,193
13,234
287
8,562
25
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
709,309
786.482 1,708,114 753,307 867,448 725,506 633,324 1,083,657 489,388 353,601 444.886 546,505
1,955,065 4,212,985 2 ,141,635 2,253,040 1 483,736 1,549,105 3,434,985 1,226,028 1,277,971 1,284,264 1,233,131 1,388,595
181.213 517,746 365,272 398,982 150,563 229,106 469,762 179,975 116,768 159,900 166.234
120,042
37,562
9,981
16,708
18,873
79,279
43,157
35,726
24,388
14,752
10,260
35,879
27,594
781,884 1,404,975 736,744 909,124 755,694 855,338 1,362,227 598,617 492,063 747,183 970,762
591,270
Total assets
3,751,648 7,945,576 4,045,949 4,470,808 3,146,245 3,301,906 6,394,064 2,511,356 2,255,115 2,647,618 2,935,648 2,834,286
Time deposits
Total deposits
Total capital accounts
911,966
1,106,146 3,306,341 1.615,439 1,726,499 857,183 699,717 2,311,203 603,754 731,957 304,519 199,090
3,436,011 7,344,548 3,675,445
,675.445 4,149,567 2,941,003 3,116,298 6,046,550 2,369,934 2, 137,876 2,509,703 2,790,372 2,696,621
289,198 554,282 356,839 303,386 192,369 175,556 332,803 135,209 112,102 134,421 139,963
127,380
Number of officers
Number of employees
Number of banks
1,836
8,868
4,045
18,126
2.474
7,582
2,722
7,931
1,927
5,960
1,741
6,582
3,810
11,352
2,037
4,411
1,835
4,137
2,669
4,695
2,513
5,495
1,579
6.563
326
750
624
681
442
320
911
475
466
709
575
240
See footnotes on page 576.
MAY
1948
579
MEMBER BANK EARNINGS, 1947—Continued
ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S Government
Other
..
Interest and discount on loans. .
Service charges and fees on loans.
Service charges on deposit accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
2,566,109
8,921
49,893
196,490
217,101
278,659
209,200
917 269
148,549
1,025,316
14,814
2 771
4,485
29
488
16 653
2,870
23,737
120
70 138
12,796
86,914
585
77,754
14,404
92,831
734
100,318
17,425
112,985
1,081
74,183
12,043
84,244
924
70,572
9,418
76,150
922
504,880
79,105
543,970
10,419
118,705
509
2,895
12,080
13,912
17,942
13,457
10,035
47,875
65,458
132,828
143,170
385
28
226
2,184
38
1,396
7,267
912
5,798
6,686
2,817
7,963
7,876
7,643
13,389
5,139
7,756
11,454
4,865
12,064
12,389
31,056
101,570
90,555
Expenses
.
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes other than on net income.
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
. .
1,640,562
267,790
524,810
5,653
2,010
690
30,953
9,590
4,528
121,820
31,142
22,976
138,325
29,024
31,789
182,996
32,430
49,299
139,441
22,306
42,240
131,229
20,562
41,696
890,145
120,726
331,592
13,673
234,814
2,457
87,444
133
780
6
309
740
5,408
30
1,664
2,677
23,595
108
6,927
2,352
27,326
139
7,576
2,279
34,202
130
9,796
1,197
22,230
153
7,299
979
17,371
240
7,233
3,316
103,902
1,651
46,640
34,646
474,928
161
1,564
913
8,080
3,376
31,019
3,669
36,450
4,825
50,035
3,372
40,644
3,533
39,615
14,797
267,521
Net current earnings before
income taxes
925,547
3,268
18,940
74,670
78,776
95,663
69,759
65,186
519,285
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
....
All other
229,968
39,423
88,892
58,980
42,673
516
59
172
2,850
477
959
213
72
923
491
12,240
2,112
4,550
3,333
2,245
15,747
3,240
5,800
3,832
2,875
21,619
3,605
8,513
5,475
4,026
16,067
3,015
5,720
4,257
3,075
14,102
2,245
6,086
2,937
2,834
146,827
24,670
57,092
38,010
27,055
Losses and charge -off s
On securities
On loans
All other
249,776
100,411
102,442
46,923
588
204
301
83
3,170
1,243
1,432
495
14,186
6,655
5,095
2,436
17,949
8,801
5,967
3,181
22,184
11,221
6,732
4,231
18,306
8,163
6,217
3,926
19,457
8,316
5,966
5,175
153,936
55,808
70,732
27,396
Profits before i n c o m e t a x e s . . . .
905,739
3,196
18,620
72,724
76,574
95,098
67,520
59,831
512,176
Taxes on net i n c o m e
255,438
238,455
16,983
562
3,531
3,295
17,213
16,398
23,664
22,676
20,680
19,860
19,892
18,990
236
815
988
30,943
29,621
1,322
820
902
138,953
127,087
11,866
Net profits
650,301
2,634
15,089
55,511
52,910
64,155
46,840
39,939
373,223
Gash dividends declared
On preferred stock2
On common stock
280,109
4,244
275,865
790
13
4,033
51
3,982
15,501
236
15,265
16,277
352
15,925
21,348
623
20,725
15,944
535
15,409
15,833
709
15,124
190,383
1,725
188,658
32,563 006
57,792,958
7,290,235
888,400
32,771,492
78 540
157,803
21,091
2,047
98,258
Federal
State
.
.
.
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
....
528
34
777
196,415 1,409,430
451 327 1,819,227 2,045,258 2,692,295 2,163,126 2,267,018 21,046,215
993,460 4,180,515 4,601,934 6,064,899 4,641,890 4,430,506 32,721,951
884,424
633,439
504,017 3,735,874
771,577
610,679
129,134
103,529
78,520
87,841
494,368
49,250
62,283
10,562
525,752 2,048,660 2,145,890 2,851,120 2,433,816 2,562,772 20,105,224
Total assets
131,783,828
358,050 2,111,587 8,715,160 9,637,703 12,617,588 9,978,355 9,882,444 78,482,941
Time deposits . . . .
Total deposits
Total capital accounts
28,314,654
122 280,263
8,436,384
572,942 2,596,306 3,199,758 4,167,386 2,778,476 2,219,215 12,698,128
82,443
326,705 1 957,541 8,141,789 9,013,288 11,799,803 9,359,034 9,259,654 72,422,449
768,476
573,395
594,292
568,759 5,195,955
30,734
149,812
554,961
Number of officers
Number of employees
44,725
240,051
928
702
3,524
3,620
8,736
14,728
6,329
17,757
5,522
25,750
3,231
20,978
2,775
20,568
13,680
135,948
6,875
435
1,302
2,511
1,279
770
274
133
171
Number of banks
1
Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits.
2
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of year.
See note on p. 576 regarding the composition of real estate assets, cash assets, and total capital accounts.
580
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947—Continued
NATIONAL BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Iten
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
Earnings
Interest and dividends on securities:
U. S. Government
Other....
Interest and discount on loans.
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
1,713,569
6,475
34,720
146,522
160,695
198,841
138,738
128,199
899,379
615,960
104,541
702,434
9,928
2,015
399
3,220
20
11,649
2,167
16,224
90
53,611
10,198
62,908
404
58,670
11,204
67,556
482
73,710
12,798
78,660
607
51,225
8,367
54,151
600
46,764
6,328
50,185
686
318,316
53,080
369,530
7,039
82,694
379
2,056
9,018
10,308
13,048
9,265
6,911
31,709
42,629
54,882
100,501
251
28
163
1,510
25
999
5,348
601
4,434
4,936
1,666
5,873
5,664
4,706
9,648
3,642
3,638
7,850
3,318
5,141
8,866
17,960
39,077
62,668
Expenses
Salaries—officers
Salaries and wages—others. .. .
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money...
Taxes other than on net income
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
1,072,534
176,967
330,753
4,074
1,457
498
21,496
6,599
3,226
90,485
22,942
17,264
100,995
21,302
23,211
128,813
23,081
34,611
91,313
14,726
27,455
84,526
13,032
26,042
550,832
73,828
198,446
9,143
161,528
1,353
58,652
98
567
6
213
527
3,698
18
1,107
2,044
17,395
80
5,107
1,748
19,568
110
5,509
1,627
23,599
72
7,086
768
13,736
97
4,813
610
11,291
155
4,766
1,721
71,674
815
30,051
23,930
310,208
122
1,113
666
5,655
2,644
23,009
2,702
26,845
3,448
35,289
2,247
27,471
2,322
26,308
9,779
164,518
Net current earnings before
income taxes
641,035
2,401
13,224
56,037
59,700
70,028
47,425
43,673
348,547
Recoveries, profits on securities, e t c . .
Recoveries on securities
Profits on securities
Recoveries on loans
\11 other
159,276
24,839
61,165
43,544
29,728
403
45
134
174
50
2,115
381
709
678
347
9,193
1,738
3,420
2,519
1,516
12,085
13,685
9,814
9,234
2,721
4,267
2,924
2,173
2,243
5,588
3,613
2,241
1,741
3,387
2,703
1,983
1,553
3,944
1,822
1,915
102,747
14,417
39,716
29,111
19,503
Losses and charge-offs
On securities
On loans
All other
167,468
68,960
73,094
25,414
435
154
227
54
2,226
948
902
376
10,556
5,366
3,334
1,856
13,859
7,391
4,120
2,348
15,236
8,202
4,074
2,960
11,903
5,882
3,423
2,598
12,139
5,912
3,269
2,958
101,114
35,105
53,745
12,264
Profits before income taxes. . .
632,843
2,369
13,113
54,674
57,926
68,477
45,336
40,768
350,180
17,747
17,007
740
22,325
21,339
986
14,084
13,610
474
13,667
13,173
494
98,270
91,680
6,590
46,152
31,252
27,101
251,910
10,219
82
10,137
10,187
306
9,881
118,994
340
118,654
Taxes on net income
Federal
State
181,918
171,776
10,142
420
392
28
2,505
2,321
184
12,900
12,254
646
Net profits
450,925
1,949
10,608
41,774
40,179
Cash dividends declared
On preferred stock2
On common stock
182,861
1,363
181,498
605
2,938
24
2,914
11,885
138
11,747
12,549
140
12,409
7
598
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
21,368,268
38,570,341
5,165,501
582,243
21,958,755
113,553
16,464
1,579
70,752
303,694 1,311,246 1,481,758
685,735 3,150,664 3,437,813
480,760
596,279
93,221
37,780
45,057
8,006
363,947 1,532,775 1,624,358
1,390,275 1,508,625 13,450,252
3,248,713 2,993,046 20,473,381
444,460
366,058 2,509,479
51,165
53,829
311,894
1,736,652 1,825,257 12,692,623
Total assets
87,937,921
257,193 1,455,578 6,518,230 7,193,106
6,888,512 6,766,503 49,664,389
Time deposits
Total deposits
Total capital accounts
19,238,341
81,794,348
5,394,609
57,951
383,311 1,909,538 2,284,338 2,908,877 1,806,102 1,454,371 8,433,853
232,927 1,343,738 6,079,416 6,730,164 8,612,201 6,488,843 6,357,620 45 ,949,439
23,711
108,854
425,896
443,302
548,857
371,068
373,401 3,099,520
Number of officers
Number of employees
Number of banks
31,428
154,688
680
505
2,394
2,571
6,515
11,080
4,715
12,997
3,995
18,102
2,132
13,807
1,773
12.912
9,224
82,714
4,977
313
886
1,865
955
567
192
89
110
54,644
See footnotes on p. 580.
MAY
1948
581
MEMBER BANK EARNINGS, 1947—Continued
STATE MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total i
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
I
10,00025,000
25,00050,000
50,000100,000
Over
100,000
852,540
2,446
15,173
49,968
56,406
79,818
70,462
68,216
510,051
301,309
44,008
322,882
4,886
756
89
1,265
9
5,004
703
7,513
30
16,527
2,598
24,006
181
19,084
3,200
25,275
252
26,608
4,627
34,325
474
22,958
3,676
30,093
324
23,808
3,090
25,965
236
186,564
26,025
174,440
3,380
36,011
130
839
3,062
3,604
4,894
4,192
3,124
16,166
22,829
77,946
42,669
134
63
674
13
397
1,919
311
1,364
1,750
1,151
2,090
2,212
2,937
3,741
1,497
4,118
3,604
1,547
6,923
3,523
13,096
62,493
27,887
568,028
90,823
194,057
1,579
553
192
9,457
2,991
1,302
31,335
8,200
5,712
37,330
7,722
8,578
54,183
9,349
14,688
48,128
7,580
14,785
46,703
7,530
15,654
339,313
46,898
133,146
4,530
73,286
1,104
28,792
35
213
' ' 96
213
1,710
12
557
633
6,200
28
1,820
604
7,758
29
2,067
652
10,603
58
2,710
429
8,494
56
2,486
369
6,080
85
2,467
1,595
32,228
836
16,589
10,716
164,720
39
451
247
2,425
732
8,010
967
9,605
1,377
14,746
1,125
13,173
1,211
13,307
5,018
103,003
Net current earnings before
income taxes
284,512
867
5,716
18,633
19,076
25,635
22,334
21,513
170,738
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
70,692
14,584
27,727
15,436
12,945
113
14
38
39
22
735
96
250
245
144
3,047
374
1,130
814
729
3,662
519
1,533
908
702
7,934
6,253
1,362
2,925
1,862
1,785
1,274
2,333
1,554
1,092
4,868
692
2,142
1,115
919
44,080
10,253
17,376
8,899
7,552
Losses and charge-off s..
On securities
On loans
All other
82,308
31,451
29,348
21,509
153
50
74
29
944
295
530
119
3,630
1,289
1,761
580
4,090
1,410
1,847
833
6,948
3,019
2,658
1,271
6,403
2,281
2,794
1,328
7,318
2,404
2,697
2,217
52,822
20,703
16,987
15,132
272,896
827
5,507
18,050
18,648
26,621
22,184
19,063
161,996
73,520
66,679
6,841
142
136
6
1,026
974
52
4,313
4,144
169
5,917
5,669
248
8,618
8,282
336
6,596
6,250
346
6,225
5,817
408
40,683
35,407
5,276
199,376
685
4,481
13,737
12,731
18,003
15,588
12,838
121,313
97,248
2,881
94,367
185
6
179
1,095
27
1,068
3,728
212
3,516
5,864
297
5,567
5,725
453
5,272
5,646
403
5,243
194,738
222,617
124,734
306,157
812,737
23,896
44,250
4,627
468
27,506
147,633
307,725
35,913
- 2,556
161,805
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans. .
Service charges and fees on loans.
Service charges on deposit accounts
• •
Other charges, commissions,
fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money.. . .
Taxes other than on net income. . i
Recurring depreciation on bank- !
ing house, furniture, arid fix- I
tures
Other current expenses
|
Profits before income taxes
Taxes on net income
Federal
State
Net profits
Gash dividends declared
On preferred stock2. .. .'
On common stock
Loans
U. S. Government securities
Other securities
Real estate assets
Cash assets
43,845,907
100,857
Time deposits
Total deposits
Total capital accounts
,076,313
,485,915
,041,775
24,492
93,778
7,023
Number of officers
Number of employees
Number of banks
13,297
85,363
248
197
1,898
122
Total a s s e t s . . . .
824,521
563,500
772,851
758,393 7,595,963
1,164,121 1,597,463 1,393,177 1,437,460 12~ 248,570
225,644
175,298
188,979
137,959 1,226,395
17,226
30,596
27,355
34,012
182,474
738,729
697,164
521,532
737,515 7,412,601
656,009 2,196,930 2,444,597 3,423,178 3,089,843 3,115,941 28,818,552
189,631
686,768
613,803 2,062,373
129,065
40,958
,258,509
,187,602
219,619
1,130
1,049
2,221
3,648
1,527
7,648
1,002
7,656
416
646
203
44
324
764,844
2,902,034 26
195,358
See footnotes on p. 580.
582
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947—Continued
RATIOS OF ALL MEMBER BANKS, BY CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
A.11 member bank 3
1944
1945
1946
All
national
member
banks
All
State
member
banks
Central reserve
city member
banks
New
York
Reserve
city
Country
member member
banks
banks
Chicago
1947
Year 1947
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
11.1
12.4
9 7
3 4
11.5
14.6
10 9
3 4
Percentage of total assets:
Total earnings
. .
Net current earnings before income taxes
Net profits
1 7
.7
6
1.7
.7
6
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities1
Other securities
Karnings on loans . . . .
Sefvice charges on deposit accounts .
Other current earnings
11.9
13.3
9.6
3.4
1.8.
.7
.6
11.2
11.0
7.9
3.4
12.2
12.0
8.6
3.5
9.5
9.1
6.7
3.2
7.9
8.1
6.0
3.6
10.4
11.1
8.8
3.4
12.0
11.4
8.1
3.7
13.1
12.7
9.0
2.9
2.0
.7
.5
2.0
.8
.5
2.0
.7
.5
1.6
.6
.5
1.7
.7
.6
2.0
.7
.5
2.3
.8
.6
\ 47.4
51.2 / 6 6
28 0
30 1
4.2
4 6
13.8
14.1
43.9
6.1
32.2
4.1
13.7
35.7
5.8
40.5
4.6
13.4
35.9
6.1
41.6
4.8
11.6
35.2
5.2
38.3
4.2
17.1
39.3
5.6
32.0
2.5
20.6
40.3
7.6
34.3
1.3
16.5
33.0
5.2
43.9
4.6
13.3
36.2
6.2
41.6
5.9
10.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
28 0
7.7
24.4
27.6
8.7
24.0
29.1
8.8
23.2
30.9
9.2
23.9
29.6
9.4
23.6
33.4
8.6
24.7
35.4
1.8
23.8
29.6
8.4
23.9
31.3
9.8
24.2
28.7
11.9
23.7
Total expenses
60.1
60.3
61.1
64.0
62.6
66.7
614)
61.9
65.3
64.3
Net current earnings before income t a x e s . . .
39.9
39.7
38.9
36.0
37.4
33.3
39.0
38.1
34.7
35.7
4.6
9 8
34.7
10.7
12.9
37.5
4.5
11.9
31.5
-.7
10.0
25.3
-.5
10.6
26.3
-1.3
8.6
23.4
1.0
10.5
29.5
2.7
8.5
32.3
-1.7
9.6
23.4
-1.0
10.2
24.5
1.5
2
1.5
.3
1.5
.2
1.6
.04
1.6
.04
1.6
.05
1.5
.1
1.7
.05
1.6
.05
1.7
.0
1.4
1.5
1.5
1.6
1.5
1.4
1.6
1.5
1.6
3.0
.05
3.2
.01
3.6
-.1
3.7
2
3.2
-.1
2.2
2.4
j
3.6
-.2
4.8
-.1
46.9
5.4
22.9
23 7
.7
46.7
5.8
22.5
24.0
.7
47.2
4.6
23.8
23.2
.7
46.0
4.4
24.4
24.0
.6
44.4
5.6
24.9
24.5
.2
44.1
4.9
24.9
25.1
.7
50.7
6.6
19.7
22.1
.8
|
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net recoveries and profits (or losses —)
Taxes on net income
Net profits
Rates of earnings on securities and loans:
Percentage of total securities:
Interest and dividends on securities
Net recoveries and profits
Percentage of U. S. Government securities:
Interest on U. S. Government securities1
Percentage of total loans:
Earnings o n loans
N e t recoveries (or losses — ) . . . . .
....
3 2
.1
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
55.4
4 7
16 2
22 5
.9
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and
cash assets
Total deposits
6 2
5 8
5 9
6.5
6.2
7.0
8.1
6.4
5.8
6.2
27 8
6.6
27 2
6.2
24.6
6.4
22.0
7.0
21.1
6.7
23.8
7.6
27.2
9.0
20.5
6.8
18.9
6.2
22.7
6.6
16 9
.8
18 4
.9
21 0
.8
23 5
.8
23.9
.9
22.8
.8
5.9
.5
14.3
1.1
25.0
.8
33.3
.9
6,814
6,884
6,900
6,923
5,005
1,918
37
14
353
6,519
Time to total deposits
Interest on time deposits to time deposits
Number of banks
57.4
4 4
15.8
21 3
.7
53.8
4.8
18.3
22 0
.7
1
Not available prior to 1945.
NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of
these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank s
figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based
on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of
the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately
equal to those of all the other member banks, numbering about 6,800.) Ratios based on aggregates show combined results for the banking system
as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of
individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks.
MAY
1948
583
MEMBER BANK EARNINGS, 1947—Continued
RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Fran-
9.4
8.6
6.1
3.3
8.4
8.6
6.3
3.4
9.2
9.0
6.2
3.2
9.7
9.5
6.9
2.7
13.0
12.9
9.1
3.4
14.6
14.0
9.7
3.2
11.8
11.7
3.0
13.4
12.9
9.5
3.4
14.0
12.8
8.9
3.1
14.8
14.3
10.3
3.2
15.3
14.3
10.1
3.9
18.2
17.2
11.8
4.8
2.2
1.8
2.2
2.1
2.1
1.9
2.0
2.1
1.9
2.0
2.4
.8
.5
.5
.5
35.5
4.0
38.3
5.3
16.9
38.8
5.7
34.7
3.5
17.3
37.6
9.4
35.4
3.2
14.4
37.8
7.9
37.2
4.0
13.1
36.3
4.3
42.6
5.4
11.4
31.0
6.9
42.0
5.9
14.2
41.8
6.0
36.1
4.8
11.3
32.7
6.9
45.5
4.0
10.9
39.3
4.2
36.9
5.7
13.9
33.6
5.4
44.0
6.6
10.4
27.4
4.7
51.3
5.2
11.4
27.7
4.5
52.4
5.6
9.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.4
9.2
25.9
33.9
5.8
24.3
28.9
10.3
24.9
27.0
12.0
25.8
29.3
9.4
23.8
28.5
27.2
30.0
12.1
23.5
29.5
7.6
24.7
30.0
11.2
23.0
30.3
4.5
24.7
30.1
3.4
27.4
31.7
13.5
19.2
Total expenses
66.5
64.0
64.1
64.8
62.5
63.5
65.6
64.2
59.5
60.9
64.4
Net current earnings before income taxes
33.5
36.0
35.9
37.5
36.5
34.4
38.2
35.8
40.5
39.1
35.6
-2.5
9.3
21.7
1.0
9.9
27.1
11.0
24.1
-.6
9.4
25.2
-.2
10.9
26.4
-1.6
10.6
24.3
-.3
8.4
25.7
-1.5
9.5
27.2
-3.0
10.1
22.7
-1.4
11.0
28.1
-2.5
10.8
25.8
-2.1
10.5
23.0
1.5
1.8
1.7
1.6
1.6
1.6
1.5
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net recoveries and profits (or
losses —)
Taxes on net income
Net profits
Rates of earnings on securities and
loans:
Percentage of total securities:
Interest and dividends on securities.
Net recoveries and profits (or
losses —)
Percentage of U. S. Government
securities:
Interest on U. S. Government
securities
Percentage of total loans;
Earnings on loans
Net recoveries (or losses — ) l
.1
.04
.01
.01
7.8
.03
.02
1.6
1.6
1.4
1.5
-.02
-.05
-.03
-.02
1.5
1.5
1.7
.1
3.5
-.2
2.7
-.1
3.8
-.0
3.6
-.2
4.0
.0
4.0
2
3.4
-.1
3.6
-.1
4.1
-.1
4.4
-.1
4.4
-.2
4.5
-.3
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
48.1
3.7
24.4
22.3
.9
47.5
4.8
23.9
22.6
.7
48.0
8.4
20.4
21.8
.9
48.2
7.0
21.6
22.2
.8
47.4
4.1
21.8
25.6
43.3
6.5
21.7
27.3
50.4
5.7
19.9
23.3
.4
42.4
6.1
25.0
25.7
.5
51.5
4.6
18.8
24.3
.5
44.8
5.7
18.8
30.2
.4
38.2
4.3
24.0
32.6
45.1
5.2
27.6
21.0
.7
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securiI* ties and cash assets
Total deposits
7.7
6.0
5.2
5.4
5.6
5.3
5.1
27.1
8.8
26.2
8.7
28.6
9.5
25.9
8.4
22.1
6.4
17.8
5.5
20.7
5.8
17.6
6.0
22.0
5.6
20.5
5.4
17.9
5.5
13.6
4.9
23.3
15.4
29.7
32.7
23.6
19.8
28.9
19.9
27.0
11.S
9.7
36.7
.8
.8
.9
.9
.9
.8
647
710
475
340
475
759
613
272
Time to total deposits
Interest on time deposits to time
deposits
Number of banks
1
8.0
1.0
337
797
1,003
495
4.6
.9
Ratios of less than .005 are shown as .0.
584
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1947—Continued
RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
S u m m a r y ratios:
Percentage of total capital accounts:
Net current earnings before income
taxes
Profits before income taxes
Net profits
Cash dividends declared...
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts.
Other current earnings
Total earnings....
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net recoveries and profits
losses —)
Taxes on net income
Net profits
(or
Philadelphia
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
11. 2
10. 7
8. 1
2. 7
11. 9
11. 9
8. 8
3. 8
11. 1
10. 2
6. 5
3. 1
12.4
12.0
8.3
2.8
12. 8
12.
8.
3.
8
i
17.7
16.9
11.6
5.1
2. 0
1. 8
1. 8
1. 8
1. 6
1. 9
2.3
7
5
5
4
7
5
7
4
6
4
7
5
3
1
4
5
7
44. 4
3. 9
36. 8
6. 3
8. 6
28. 6
7. 1
48. 2
2. 6
13 5
38. 3
3. 5
39. 8
3. 8
14. 6
35. 5
5. 7
41. 8
4. 6
12. 4
28.9
3.2
51.0
2.9
14.0
27.2
4.8
52.6
5.6
9.8
100.0
100 0
100 0
100 0
100. 0
100. 0
100. 0
100.0
33.0
6.6
26.3
28 2
7 2
29 6
32 1
13 7
24 7
30 6
5 7
25 7
34 0
6 6
24 2
29 3
4 4
27 5
28 4
4, 6
29 2
32.0
13.8
19.0
64 7
65.9
65 0
70 5
62 0
64 8
61 2
62 2
64.8
33 5
35 3
34.1
35 0
29 5
38 0
35 2
38 8
37 8
35.2
-2.0
4.2
20.6
- 5 .3
9 .1
19 .1
-.7
8.8
25.8
.5
10.1
24.5
8
10 0
24 2
-1 2
7 0
21 3
1
9 8
28 1
-3 0
11 5
20 7
-1
11 6
26 1
-1 2
11 7
24 9
-1.7
10.6
22.9
1.6
1 .8
1 7
1.5
1 .6
5
6
1 7
1 4
1 7
1.5
0
1
0
Cleveland
Richmond
1
8
6
1
8. 2
8. 0
6. 0
2. 8
10.7
10.9
7.7
3.6
13. 5
13. 2
9. 4
3. 5
2.2
2 0
1. 9
1.8
.6
.5
7
4
7
5
.6
.4
3
3
7
1
6
39.8
3.6
35.9
5.3
15.4
29
7
42
4
16
100 0
100 0
35 1
3 1
28 3
28 2
9 9
26 6
73.2
66 5
36 4
26.8
-5 6
7 7
23 1
B )ston
New
York
9. 0
7. 6
5. 7
3 8
9.0
8.3
6.9
3.1
8
6
4
4
2 1
8
5
0
8
4
8
0
32.4
4.3
43.3
5.4
14.6
34
9
32
2
21
100 0
100.0
32 9
3 5
27 2
33.3
11.0
28.9
63 6
32
2
38
2
24
4
3
6
5
2
38
7
34
3
16
Atlanta
Chicago
Rates of earnings on securities and
loans:
Percentage of total securities:
Interest and dividends on securities. .
Net recoveries
and profits (or
losses — ) l
Percentage of U. S. Government
securities:
Interest on U. S. Government securities
Percentage of total loans:
Earnings on loans
Net recoveries (or losses — ) 1 .
1 .7
.1
-.01
.05
.02
.01
.1
04
1
-
-
05
.1
1 .6
1.6
1 .7
1 .6
1.5
1 .5
1 5
1 .5
1 7
1 4
1 .6
1.4
2 .7
3.5
-.2
2 .9
2 .9
3.2
.04
3 .4
3 7
2 .9
3 .0
3 .4
3 .4
.1
4.4
-.3
45.2
41 .0
7 .5
23 .0
26 .8
.8
35 .9
4 .9
30 .7
27 .7
.5
42 .6
3 .6
24 .2
28 .7
.6
41 .8
5 .4
20 .4
31 .7
.5
34 .4
2 .9
29 .4
32 .1
1 .1
44.4
5.4
28.1
21.0
.7
.3
.1
.2
.2
.2
38.9
6.0
24.8
29.0
.8
53 .1
4 .3
17 .9
24 .1
.4
.0
.03
.1
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
41 .9
2 .0
29 .8
24 .6
.7
3.8
27.3
22.2
1.1
46 .4
5 .6
23 .3
23 .6
.8
47.7
3.3
20.4
27.3
.9
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities and cash assets
Total deposits
Time to total deposits
Interest on time deposits to time
deposits
Number of banks. .
8 .5
6.6
8 .4
8 .4
5.8
5 .1
4 .7
5 .8
5 .9
5 .2
5 .7
4.6
25 .2
9 .4
20.2
7.1
26 .1
9 .2
27 .9
9 .2
23.2
6.2
15 .8
5 .4
20 .7
5 .0
16 .0
6 .2
20 .5
6 .3
19 .5
5 .5
17.0
6.1
13.4
4.9
9.2
35.0
9 .8
25 . 7
17.3
16 . 4
34 . 1
14 . 1
14 . 4
11 .5
12 . 3
37.3
.9
.7
.7
.8
.7
.9
.8
.8
.9
.7
.8
.9
11
10
23
29
33
20
78
20
9
50
3S
32
*1 Not including central reserve city banks.
Ratios of less than .005 are shown as .0.
MAY
1948
585
MEMBER BANK EARNINGS, 1947—Continued
RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
New
York
Philadelphia
9.6
9.4
6.3
3.0
10.2
10.7
7.6
2.6
10.0
10.5
7.3
2.7
2.3
2.4
2.4
Boston
Cleve- Richland mond
Atlanta
Chicago
St..
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
12.0
11.8
8.4
2.6
14.9
14.6
10.3
3.2
15.5
14.5
10.0
3.0
14.3
13.5
9.6
2.7
14.9
13.9
10.3
3.0
16.1
14.7
10.5
3.2
17.9
17.2
12.7
3.8
18.3
16.6
12.1
4.0
20.8
18.7
13.0
3.3
2.3
2.3
2.2
2.1
2.1
2.2
2.2
2.2
2.5
Summary ratios:
Percentage of total capital accounts:
Net current earnings^before income
taxes
Profits before income taxes
Net profits
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income
taxes
Net profits
.9
.6
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on:
U. S. Government securities
Other securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
37.5
4.7
38.2
6.8
12.8
38.5
5.9
40.3
5.6
9.7
39.6
9.5
37.1
3.7
10.1
37.3
8.5
39.9
5.0
9.3
33.9
4.8
47.2
5.5
8.6
32.3
6.7
41.6
6.9
12.5
40.9
6.2
37.1
6.5
9.3
36.2
6.8
43.1
5.1
8.8
39.9
4.6
35.5
6.6
13.4
31.8
5.1
46.1
8.5
8.5
26.2
5.9
51.5
7.3
9.1
29.8
3.5
51.6
5.6
9.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.5
12.6
25.1
30.2
14.7
25.3
25.1
14.7
22.7
25.7
14.3
25.0
26.7
11.4
22.0
28.8
8.3
25.4
28.7
13.7
22.2
28.6
9.3
23.8
28.1
13.3
22.4
31.2
4.5
22.2
31.5
2.2
26.0
30.3
12.1
20.1
68.2
70.2
62.5
65.0
60.1
62.5
64.6
61.7
63.8
57.9
59.7
62.5
31.8
29.8
37.5
35.0
39.9
37.5
35.4
38.3
36.2
42.1
40.3
37.5
-.8
10.1
20.9
1.4
9.2
22.0
1.9
12.2
27.2
-.5
10.0
24.5
-.7
11.5
27.7
-2.3
10.9
24.3
-2.0
9.6
23.8
-2.6
9.2
26.5
-3.1
9.5
23.6
-1.7
10.4
30.0
-3.7
9.9
26.7
-3.8
10.2
23.5
1.7
1.8
1.9
1.8
1.7
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Net current earnings before income taxes
Net recoveries and profits
losses —)
Taxes on net income
Net profits
(or
Rates of earnings on securities and
loans:
Percentage of total securities:
Interest and dividends on securities.
Net recoveries and profits (or
losses - ) i
Percentage of U. S. Government
securities:
Interest on U. S. Government securities
.05
.1
.02
1.6
1.6
1.6
1.5
1.5
1.6
-.02
-.02
-.02
-.1
-.1
.0
1.3
1.5
1.6
1.5
1.6
1.6
1.6
4.7
.1
4.8
-.1
4.7
-.02
4.8
-.2
4.6
-.1
4.6
-.2
5.0*
5.9
-.1
6.0
2
5.2
-.4
53.0
6.5
21.5
17.7
1.0
52.9
9.0
18.6
18.2
1.1
50.4
8.9
19.4
20.3
.8
47.2
4.8
23.1
24.0
.8
46.9
6.9
19.2
25.9
53.7
7.3
16.9
21.3
.6
48.8
7.2
19.5
23.8
.6
56.7
5.2
15.7
21.8
.5
48.5
6.0
16.8
28.2
.4
42.0
5.7
18.6
33.1
.6
49.0
4.2
25.0
20.9
7.0
8.8
6.8
5.3
19.6
5.6
5.2
5.4
4.8
4.5
20.8
5.5
5.0
23.1
5.2
5.1
23.2
7.3
6.1
21.2
6.5
21.8
5.4
19.1
5.0
14.9
4.7
44.0
41.6
29.1
22.5
38.2
34.2
12.1
7.1
33.8
.9
.9
1.0
.9
624
681
442
320
1.7
4.2
-.04
4.5
-.1
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
Other ratios:
Total capital accounts to:
Total assets
Total assets less government securities and cash assets
Total deposits
52.1
4.8
21.0
20.8
1.0
7.7
28.5
8.4
23.8
7.5
30.6
9.7
Time to total deposits
Interest on time deposits to time
deposits
32.2
45.0
Earnings on loans
Net recoveries (or losses —)
1.6
-.0
1.7
1.7
Percentage of total loans:
.0
Distribution of assets:
Percentage of total assets:
Number of banks
1
1.0
326
750
19.7
5.7
25.5
.9
911
475
466
709
.7
.7
.9
575
240
Ratios of less than .005 are shown as .0.
586
FEDERAL RESERVE BULLETIN
BANK EARNINGS, 1947
INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1944-1947
[Amounts in thousands of dollars]
Banks not members of
Federal Reserve System
All insured commercial banks 1
Items
1944
1945
1946
1947
1944
1945
1946
1947
Earnings
Interest and dividends on securities:
U. S. Government
Other
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit a c c o u n t s . . . .
Other charges, commissions, fees, e t c . . . .
Trust department
Other current earnings
2,214,905
2,482,278
2,862,875
3,097,670
341,443
380,435
460,730
519,449
1,090,253
680,708
17,320
107,375
78,485
112,486
128,278
1,132,977
167,198
707,738
18,860
109,789
90,617
120,317
134,782
1,218,517
176,620
936,554
14,564
124,696
97,995
140,340
153,589
1,079,535
179,408
1,263,788
18,386
147,761
97,264
144,734
166,794
130,633
132,557
2,423
21,875
25,283
8,155
20,517
136,345
27,872
136,069
2,475
22,290
26,791
8,184
20,409
165,219
29,071
175,986
2,848
25,062
30,173
9,146
23,225
158,960
30,274
235,039
3,532
28,507
31,469
8,802
22,866
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees.
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation on banking house,
furniture, and fixtures
Other current expenses
1,356,680
240,354
386,346
12,907
186,773
1,112
97,307
1,522,778
266,018
424,881
14,610
233,321
2,448
98,683
1,762,634
309,220
521,709
16,936
268,624
2,364
96,314
1,981,787
344,845
602,266
18,954
298,274
2,656
103,516
230,189
52,886
48,933
3,395
42,798
145
14,472
255,415
57,818
53,534
3,855
50,600
162
15,216
294,378
66,836
64,721
4,537
57,185
189
14,505
332,120
75,431
74,779
5,225
62,482
195
15,582
41,845
390,036
40,329
442,488
40,850
506,617
42,276
569,000
6,910
60,650
6,329
67,901
6,821
79,584
7,440
90,986
Net c u r r e n t e a r n i n g s before
taxes
income
858,225
959,500
1,100,241
1,115,883
111,254
125,020
166,352
187,329
Recoveries, profits on securities, e t c . . . .
Recoveries on securities
Profits on securities
Recoveries on loans
,
All other
361,726
92,778
129,834
84,224
54,890
509,329
122,364
266,764
67,014
53,187
408,608
59,515
208,700
74,499
65,894
262,042
45,360
100,189
67,687
48,806
43,636
9,967
13,582
11,684
8,403
55,601
9,149
27,947
11,098
7,407
52,819
5,929
25,704
10,758
10,428
29,993
5,002
10,555
8,608
5,828
Losses a n d charge-oils
On securities
On loans
All other
265,881
110,439
70,090
85,352
264,122
132,870
55,901
75,351
283,175
132,254
71,253
79,668
294,286
118,498
120,370
55,418
33,704
13,296
9,807
10,601
34,270
15,086
9,360
9,824
36,220
16,805
9,761
9,654
43,109
17,182
17,717
8,210
Profits before i n c o m e taxes. .
954,070
1,204,707
1,225,674
1,083,639
121,186
146,351
182,951
174,213
Taxes on n e t i n c o m e
Federal
State
202,821
187,032
15,789
298,795
277,538
21,257
323,328
301,048
22,280
302,242
283,046
19,196
19,106
17,896
1,210
28,733
27,257
1,476
38,302
36,536
1,766
45,724
43,565
2,159
Net profits
751,249
905,912
902,346
781,397
102,080
117,618
144,649
128,489
Cash dividends declared.
On preferred stock2
On common stock
253,193
13,645
239,548
274,438
11,769
262,669
298,983
8,345
290,638
315,215
5,981
309,234
27,192
3,959
23,233
28,504
3,507
24,997
32,336
2,472
29,864
34,273
1,677
32,596
Loans
U. S. Government securities.
Other securities
Real estate assets
Cash assets
20,310,112 23,500,772 27,768,295 33,863,334 2,630,161 2,823,335 3,512,756 4,539,644
67,231,161 82,417,236 81,835,381 70,229,835 6,913,337 9,338,270 10,628,667 10,189,728
6,623,089
7,556,923 8,315,081
958,551
6,088,482
998,984 1,174,201 1,357.629
124.643
126,475
1,038,834
994,060 1,000,278
1,141,301
167,404
141,081
28,042,727 31,236,090 33,286,775 34,279,792 3,562,451 4,080,815 4,118,387 3,906,621
Total a s s e t s . . . .
123,168,863 145,217,438 151,896,770 148,170,261 14,260,818 17,416,713 19,598,095 20,155,129
Time deposits
Total deposits
Total capital accounts
21,415,276 26,979,470 31,939,078 34,378,653 4,228,321 5,192,631 6,049,512 6,489,350
114,682,390 135,948,387 141,829,678 137,537,907 13 ,208, 70616,306,748 18,391,872 18,843,049
7,718,193
8,334,670 9,010,013
9,527,968 1,006,413 1,058,344 1,143,475 1,238,073
Number of officers
Number of employees. .
Number of banks.
56,494
229,377
59,119
245,275
62,697
271,395
65,740
284,072
18,811
36,115
19,226
37,831
20,195
40,974
20,790
43,082
13,268
13,302
13,359
13,403
6,457
6,421
6,462
6,483
1
Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on
preceding pages.
2
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and
end of each year. The number of officers, employees, and banks are as of the end of each year.
MAY 1948
587
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1947
All banks maintaining branches orl additional offices,
by class of bank
All banks, by class of bank
Commercial banks
Geographic division
and State
Total
Middle Atlantic
New York
New Jersey
Pennsylvania
InNa- State
tional member sured
Insured
783
194
50
5
1
1
27
2
14
117
16
5
29
31
3
33
61
10
17
1
9
6
18
17
6
2,161 1,999 1,250
792
389
661
367
214
343
1,002
647
995
375
186
78
111
343
76
47
220
31
10
4
17
162
131
24
7
643 1,400
230
184
236
364
125
190
151
380
270
83
14
15
16
29
9
9
3
3
343
28
1
1
877
96
108
78
378
29
188
...
532
64
74
70
188
20
116
East North Central.. 3,050 23,039
671
668
Ohio
2
492
488
Indiana
883
883
Illinois
448
448
Michigan
556
2552
Wisconsin
.. .
916
240
125
378
78
95
283 1,932
443
28
Total
Noninsured
8
3
3
339 1,218
328
26
34
190
9
69
2
i
I
1,119
279
196
606
38
60
39
136
26
3
8
75
14
10
99
24
2
7
45
12
9
37
5
1
2
21
3
5
23
4
24
9
15
6
1
36
2
15
2
2
7
2
1
2
5
1
279
156
61
62
222
107
57
58
92
40
22
30
89
50
27
12
36
15
8
13
5
2
57
49
4
3
4
247
41
53
3
59
91
247
41
53
3
59
91
40
11
11
3
11
4
35
15
2
167
15
39
5
14
4
166
2
166
2
8
2
31
82
151
3
1
7
115
5
17
25
2
17
25
2
15
21
2
4
2
171
8
29
14
167
7
26
14
41
27
3
6
5
94
4
15
2
5
1
i
i
44
44
13
6
25
174
41
237
1,671 1,660
South Atlantic
41
39
Delaware
175
166
Maryland
19
19
Dist. of Columbia. ..
314
314
Virginia
182
West Virginia
182
226
226
North Carolina
150
150
South Carolina
379
379
Georgia
185
185
Florida
471
13
62
9
131
76
45
24
50
61
169
4
16
7
71
32
8
7
14
10
913
21
86
3
112
69
170
96
247
109
107
1
2
3
23
68
5
52
8
13
3
52
8
13
3
7
2
6
2
3
2
2
41
4
3
East South Central. . 1,113 1,113
Kentucky
388
388
297
297
Tennessee
222
222
Alabama
206
206
Mississippi
West South Central.. 1,666 1,666
Arkansas . . . .
228
228
Louisiana
160
160
Oklahoma
386
386
Texas
892
892
255
57
760
41
79
79
58
93
20
249
26
437
126
265
64
5
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
487
112
487
112
48
115
43
11
12
15
161
30
21
17
46
10
48
201
39
15
26
77
Pacific
Washington
Oregon
California
55
146
55
146
47
11
60
8
47
11
60
8
398
125
395
123
71
202
70
202
41
35
127
28
18
439
386
105
107
215
11
20
6
208
132
171
722
178
677
50
34
201
16
12
24
149
113
150
70
67
25
24
3
12
154
38
22
94
9
62
31
6
58
158
2
2
48
16
175
66
10
22
36
73
4
7
30
2
1
1
3
1
2
1
2
1
13
8
5
4
26
4
31
26
4
31
7
3
1
2
1
89
57
57
15
4
17
34
1
17
34
1
1
8
1
38
13
1
11
4
16
22
29
29
14
1
14
1
6
6
5
8
1
7
5
5
1
1
c
«5
5
c
2
3
3
1
54
12
53
11
19
7
9
1
24
35
1
8
16
1
18
8
1
26
9
2
7
120
1
5
14
22
1
120
1
1
5
732
180
67
101
NonIninsured sured
NonNa- State
Inintional member sured sured
West North Central. 3,291 3,290
680
^Minnesota
679
664
664
Iowa
597
597
Missouri
North Dakota
152
152
170
170
South Dakota
418
418
Nebraska
610
610
Kansas
..
96
79
Mutual savings banks
Nonmember
banks
Member
banks
Total
Noninsured
304
33
51
39
121
9
51
14,714 14,181 5,005 21,918 6,478
United States
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Nonmember
banks
Member
banks
Total
Commercial banks
Mutual savings banks
18
2
13
3
2
1
35
18
2
11
17
30
5
35
2
10
1
7
3
2
1
l
i
For footnotes see p. 589.
588
FEDERAL RESERVE BULLETIN
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1947—Continued
All branches and additional offices, by class of bank
Commercial banks
Geographic division
and State
Member
banks
Total
l
All branches and additional offices
except offices at militarv
reservations by location
Mutual
savings
banks
Nonmember
banks
Total
State
InNational member sured
InNoninsured sured
Offices
at
military
reservanon- tions
In head In con- In
office tiguous contiguous
county counties counties
Outside head office city
Noninsured
head
office
city
United S t a t e s
. . . 4,332
4,161
1,870
1,181
1,043
67
124
47
1,885
1,071
559
746
71
New England
358
72
305
70
111
8
109
29
52
24
33
9
9
44
2
152
7
142
35
57
29
6
1
1
H
3
8
191
50
23
154
47
22
83
9
8
57
20
3
11
8
1
3
10
10
37
3
1
120
20
5
67
18
11
3
7
7
1,102
793
144
165
1,003
717
137
149
328
196
45
87
579
465
76
38
90
54
16
20
6
2
873
667
98
108
169
84
43
42
44
32
12
3
2
637
189
637
189
158
49
224
116
243
24
12
33
56
42
5
11
1
257
53
55
321
128
206
150
206
150
72
15
88
6
36
128
10
1
41
107
241
6
28
6
204
9
154
12
25
68
11
241
6
142
18
8
6
155
7
123
39
24
47
2
24
47
2
22
27
2
20
2
12
19
12
17
495
15
117
38
88
478
14
101
38
88
130
171
4
64
36
32
100
5
120
6
85
19
22
7
26
15
7
1
2
8
170
33
31
3
170
33
31
3
64
5
7
1
44
20
7
2
1
3
2
187
187
36
27
2
22
8
3
Maine
.
New Hampshire
Vermont
IVlassachusetts
Rhode Island
Connecticut
. . . .
3
19
Middle Atlantic
New York
New Jersey
Pennsylvania
East North Central
Ohio
Indiana
Illinois
IVIichigan
Wisconsin
89
3
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic
....
162
,
.
Delaware . . .
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
. .
East South Central
Kentucky
Tennessee
Alabama
Mississippi
36
74
22
55
West South Central
Arkansas
Louisiana.
Oklahoma
Texas . .
. . .
.
Mountain
Montana
Idaho
Wyoming.,
Colorado
New Mexico
Arizona
Utah
Nevada
. . .
...
Pacific
Washington
Oregon
California
2
10
89
3
1
2
19
3
4
99
76
7
16
1
13
8
3
2
6
3
11
11
2
102
4
53
14
12
240
10
32
3
46
6
14
1
14
16
25
21
2
12
2
5
140
6
2
18
4
42
3
3
2
1
13
1
73
17
21
93
11
28
70
9
12
1
60
22
34
21
1
15
21
30
5
3
162
74
22
55
9
8
14
1
1
8
3
1
2
23
54
34
3
1
22
6
33
7
4
14
8
8
6
3
1
1
3
5
87
87
4
27
46
6
19
63
1
4
1
32
1
4
45
19
63
I
4
4
18
27
27
16
30
2
4
127
127
100
4
23
11
25
32
56
45
45
43
2
2
3
9
31
1
8
40
15
1
8
40
15
30
13
1
4
3
4
13
2
2
13
4
1
10
5
1
13
4
8
10
2
1
1
3
4
9
1
1,098
121
81
1,096
119
81
904
108
76
138
4
262
25
13
108
15
4
163
29
9
549
51
55
16
1
896
896
720
134
224
89
125
443
15
18
18
38
1
2
1
4
1
3
1
53
7
5
41
1
1
2
2
1
Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all
branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch"as "any branch bank, branch office,
branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." Figures
include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial
agents of the Government,
2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank
in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for
"Commercial banks."
Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294295; and BULLETINS for July 1943, pp. 687-688; June 1944, pp. 612-613; June 1945, pp. 616-617; June 1946, pp. 672-673; and June 1947, pp.
752-753.
MAY
1948
589
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec.
Dec.
Dec.
States total:
31, 1945
31, 1946 . . . .
31, 1947
Mar
31 1948P
On par list
Total banks, branches
and offices on which
checks are drawn
Total
Member
Not on par list
(Nonmember)
Nonmember
Banks1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,078
14,094
3,947
3,981
4,148
4,184
11,869
11,957
12.037
12,071
3,616
3,654
3,823
3,861
6,877
6,894
6,917
6,926
2,909
2,913
3,051
3,079
4,992
5,063
5,120
5,145
336
216
778
99
218
157
Branches
and offices
707
741
772
782
Banks
Branches
and officer
2,133
2,086
2,041
2,023
331
327
325
323
By districts and
bv States
Mar. 31, 1948?
District
493
292
493
292
923
840
923
840
795
844
1,145
134
253
844
1,145
134
253
647
711
Richmond
Atlanta
Chicago
St. Louis
1,013
1,172
2,488
1,468
433
163
571
132
797
553
2,432
1,123
309
127
545
72
1,000
495
202
111
221
40
Minneapolis
Kansas City
Dallas
San Francisco
1,279
1,750
1 009
510
111
616
42
475
1,740
899
506
9
30
1,208
758
616
275
26
6
19
1,143
26
Boston
. . .
New York
Philadelphia
Cleveland
. ..
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia...
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts .
9
38
1,208
321
211
628
107
16
324
32
216
619
56
345
124
36
26
60
141
16
982
283
231
663
69
3
11
10
110
4
8
1,432
65
114
22
88
22
10
40
5
66
115
92
30
5
10
5
898
1
1
856
1
37
78
50
4
42
115
39
23
14
65
17
12
4
50
22
11
10
19
117
38
2
16
71
35
2
3
31
99
27
65
3
46
26
34
1
45
48
45
26
22
2
3
93
163
43
879
487
3
93
163
502
237
3
37
377
250
37
63
385
58
22
10
40
228
193
142
19
898
1
115
39
23
14
19
179
38
2
383
48
664
608
385
160
62
35
35
103
193
142
223
881
487
476
342
76
128
197
434
63
69
166
182
102
154
210
6
55
664
606
163
214
501
392
109
4
2
63
69
38
25
32
102
154
210
6
7
78
147
37
166
182
68
142
88
35
34
12
230
206
31
180
83
161
6
212
58
9
347
29
49
1
442
264
40
527
112
62
284
2
113
46
272
12
14
56
163
37
41
25
36
125
12
5
102
22
Michigan
Minnesota
M ississippi
Missouri
Montana
442
678
206
595
112
Nebraska
Nevada
New Hampshire
New Jersey
New Mlexico
410
8
73
339
48
2
18
2
137
11
410.
8
73
339
48
2
18
2
137
11
145
6
52
291
33
2
17
1
123
2
265
2
21
48
15
1
14
9
New York
North Carolina
North Dakota
Ohio
Oklahoma
656
718
656
718
574
666
82
52
207
173
90
52
53
37
55
668
375
5
194
1
168
1
13
243
150
21
24
194
1
42
425
225
31
151
668
384
70
84
70
84
33
79
37
990
150
990
150
758
126
232
29
26
20
8
28
7
12
4
2
90
100
2
25
46
4
13
119
265
24
12
95
60
16
1
Oregon
Pennsylvania
Rhode Island
South Carolina .
South Dakota
414
6
166
68
48
117
96
121
19
1
5
26
9
5
24
19
150
170
41
32
47
19
60
70
41
30
22
11
32
63
Tennessee
Texas
Utah
Vermont
Virginia
295
891
60
74
4
15
200
831
60
58
4
15
81
566
36
69
11
69
11
40
2
29
9
315
88
308
87
202
42
106
45
7
Washington
West Virginia
Wisconsin
Wyoming
123
119
119
119
55
112
64
7
4
151
444
55
100
163
38
21
281
17
79
2
109
180
182
553
55
108
2
72
51
P Preliminary.
i Excludes mutual savings banks, on a few of which some checks are drawn.
• Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see footnote 4, p. 241 of the BULLETIN for February 1948).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports.
590
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
592
Gold production
593
Gold movements .
593
International capital transactions of the United States
International Monetary Fund and Bank .
Central banks
594-599
600
600-604
Money rates in foreign countries.
605
Commercial banks
606
Foreign exchange rates.
607
Price movements:
Wholesale prices .
608
Retail food prices and cost of living. .
609
Security prices .
609
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.
MAY
1948
591
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
Argentina 1
Belgium
17,644
1939—Dec
21,995
1940—Dec
22,737
1941—Dec
22,726
1942—Dec
21,938
1943—Dec
20,619
1944—Dec
20,065
1945—Dec
20,529
1946—Dec
20,774
1947—Apr
M a y . . . . 20,933
21,266
June
J u l y . . . . 21,537
21,766
Aug
21,955
Sept
22,294
Oct
N o v . . . . 22,614
22,754
Dec
1948—Jan
22,935
Feb
23,036
Mar.. . . 23,137
474
416
497
614
838
992
1,197
1,072
807
749
635
514
491
451
367
323
322
313
296
609
734
734
735
734
End of month
India
(Persia)
Italy
Japan
Java
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Apr
May....
June
July....
Aug
Sept
Oct
Nov
Dec
1948—Jan
Feb
Ivlar
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
274
26
26
26
34
92
128
131
127
132
132
133
144
120
124
141
118
24
24
28
28
28
28
28
28
28
28
28
28
28
28
164
164
«164
90
140
235
«216
End of month
Sweden
Switzerland s
Turkey
United
Kingdom
1939—Dec, . . .
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec. . .
1946—Dec
1947—Apr
May.
June.
July..
Aug..
Sept..
Oct
Nov..
Dec.
1948—Jan
Feb. , ,
Mar.. ..
308
160
223
335
387
463
482
381
217
190
168
144
126
93
101
101
105
104
101
97
549
502
665
824
«965
1,158
1,342
29
88
Iran
127
127
127
127
127
J
A?f\
1,427
1,416
L,355
L.37O
1,373
1,386
1,389
1,372
L,356
1,352
353
716
735
634
639
643
644
649
650
599
593
597
593
578
591
92
114
161
221
241
237
226
207
191
185
174
169
169
170
170
171
171
171
Brazil Canada
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
354
214
27
5
6
5
6
2
361
2
543
6
7
8
6
7
8
6
7
2 294
7
7
7
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Chile
Colombia
Cuba
30
30,
31
36
54
79
82
65
53
53
45
46
45
45
45
45
45
45
45
45
21
17
16
25
59
92
127
145
98
92
93
87
88
89
83
84
83
84
85
86
1
1
1
16
46
111
191
226
234
239
259
259
Czecho- Denslomark
vakia
56
58
61
61
61
61
61
61
279
279
279
279
279
New
Mexico Netherlands Zealand
53
52
44
44
44
44
38
38
32
32
32
32
32
32
32
32
32
32
32
32
Norway
Peru
81
75
58
20
20
21
25
31
32
28
24
19
20
20
20
20
Egypt
France
Germany
Greece
Hungary
55
52
52
52
52
52
52
53
53
53
53
53
53
53
53
53
53
53
53
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
696
696
696
544
544
444
444
548
548
548
29
29
29
29
29
29
28
28
28
28
28
28
24
24
24
24
24
24
24
27
27
30
30
30
33
33
33
34
34
34
34
548
Ruma- South
Poland Portugal
nia
Africa
»84
69
59
59
59
60
60
60
Spain
32
47
47
39
203
222
294
181
149
141
131
98
99
100
100
100
100
96
86
692
617
575
506
500
500
270
265
197
196
190
190
190
190
191
223
231
220
209
193
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-6
tries
Government gold reserves 1 not included im
previous figures
68
90
100
89
121
157
195
200
194
192
189
189
183
183
177
175
52
29
41
68
89
130
202
215
235
235
235
135
215
215
215
215
215
215
230
59
82
»83
7
12
12
21
45
37
39
32
27
27
27
27
26
29
28
30
30
33
35
40
178
170
166
185
229
245
247
240
240
240
240
240
240
240
240
240
240
P240
P240
P240
United
BelEnd of month United
France gium
States Kingdom
80
91
77
77
77
77
77
73
73
72
72
70
69
152
158
182
203
260
267
269
20
20
20
20
20
20
1938— Dec
1939—-Aug.
Dec
1940—-Aug
Dec...
1941— -Sept...
Dec...
1942—- D e c . . .
1943- -Dec
1944—- D e c . . .
1945—- D e c . . .
1946—-June...
Sept...
Dec...
1947- -Mar...
June...
Sept....
Dec...
80
156
48
24
25
12
43
12
18
71
113
177
163
151
129
114
249
367
366
634
706
814
914
939
798
788
757
752
775
805
804
796
762
764
448
*759
331
3 876 «460
292
<151
5
2,354
5
2,341
5
2,196
5
2,535
5
* 293
214
457
42
42
91
105
110
111
111
111
111
111
111
111
111
111
111
44
17
17
17
17
17
17
17
2,587
5 2,345
52,382
*2,341
5
2,035
P Preliminary.
1
Estimated dollar values derived by converting gold at home in amounts up to 1224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos per U. S. dollar.
* On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, December_1947 when gold holdings of Foreign Exchange Control Board are included also.
• Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
* Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa» Beginning December 1943, includes gold holdings of Swiss Government.
• For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
* Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 600. For back figures,
iee 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.
592
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.
* Figure for end of September.
« Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for first of month.
5
Gross official holdings of gold and U. S.
dollars as reported by British Government; total
British holdings (official and private) of U. S.
dollars, as reported by banks in the United
States are shown in table on p. 597.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 600, footnote 4, and p. 601,
footnote 11. For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or
month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947—Mar..
Apr.. ,
May.,
June..
July..
Aug..,
Sept..
Oct.. .
Nov..
Dec.
1948—Jan..
Feb..
Estimated
world
production
Total
reported
outside
monthly
U.S.S.R.i
South I
Africa
1,136,360 958,770 425,649
1,208,705 1,020,297 448,753
1,297,349 1,094,264 491,628
1,288,945 1,089,395 504,268
966,132 494,439
760,527 448,153
682,061 429,787
646,914 427,862
663,266 417,647
392,004
51,824 28,665
55,412 31,824
59,738 35,308
57,215 33,984
61,314 35,396
59,057 34,875
58,321 34,692
58,681 35,361
56,356 33,888
34,025
34,775
32,459
Production reported monthly
Africa
North and South America
MexRhoWest I Belgian United I CaniColom- I Chile I Nica-7
ico8
desia Africa21 Congo' States 4 1 ada 8
bia I
I ragua
6
$1 = 15 /M grains of told »/w fine; i. e., an ounce of fine gold=$35
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557
28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506
29,155 32,163 «8,862 210,109 185,890 30,878 22,117 11,999 5,429
27,765 32,414
209,175 187,081 27,969 22,961 9,259 7,525
26,641 29,225
130,963 169,446 28,019 20,882 6,409 8,623
23,009 19,740
48,808 127,796 22,055 19,789 6,081 7,715
20,746 18,445
35,778 102,302 17,779 19,374 7,131 7,865
17,734 6,282 6,985
19,888 18,865
32,511 94,385
15,301 8,068 6,357
19,061 20,475
51,182 98,994
13,406
7,403
18,296
81,219 107,432
1,855
5,500 9,235
1,574
555
,273
856
1,890
6,246 8,921
1,537
610
,464
540
1,820
7,220 9,412
1,508
502
,130
528
1,680
6,117 9,418
1,498
520
,065
553
1,855
7,319 9,149
1,554
636
,112
513
1,855
7,033 9,131
1,541
684
,079
410
1,820
6,979 8,668
1,516
658
,044
530
35
8,185
1,540
679
915
424
9,057
6,243 8,826
1,513
742
945
383
1,225
7,281 9,614
1,489
672
680
1,750
6,214 9,594
1,504
648
1,890
5,489
682
1,820
Other
Austra I n d l a
l
54,264 11,284
56,182 11,078
55,878 10,157
51,039 9,940
42,525 8,960
28,560 8,820
16,310 6,545
16,450 5,950
21,595 4,585
24,605 6,055
1,820
490
1,820
560
1,785
525
1,890
490
3,220
560
1,960
490
1,925
490
2,065
420
2,065
525
2,030
490
1,925
455
420
Cold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal
Statistics.
* Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold
Coast4 only.
• Beginning May 1940, monthly figures no longer reported.
Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint.
Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly
figure1 $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint.
Figures for Canada beginning 1946 are subject to official revision. • Beginning April 1942, monthly figures no longer reported.
T
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December
19439they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year
Total
net
imports
United
Kingdom
France
Belgium
1,955
1942 315,678
68,938
88
1943
-695,483
-845,392
1944
160
1945 -106,250
-14
458
1946 311,494
1947 1,866,348 488,433 162 ,941
1947
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
44,050
129,734
200,233
219,201
111,657
109,600
450,830
265,700
178,166
1948
234,978
Jan.
Feb.p 159,388
Mar? 99,943
Sweden
SwitzerCanada
land
13,903
14,088
9,970
31,301
61,931
Argentina
Other PhilipLatin
AusMexico Ameri- pine tralia
can Re- Republics public
208,917
321
99 40,016 39,581
66,920 -10,817 —3,287 24,306
46,210 -50,268 109,695 -58,292
53,148
-5
103
15,094 -41,743
344,130-134 ,002
3,591
-403 -156
445,353 335,505 -7,110 10,684 -3,508
27,990
-75
-108
-1,002
-449
1
2
- 5 22,515
245,712 140 ,568
142,821
101,541
182,808
104,264
20,274
Netherlands
-7
31
26,341
9,485
26,442
52,913 94,601
51,820 102,405
2,220 90,463
499 23,444
552 48,190
63,697 56,849
37,735 35,436
458
289
-19,660
12,009
122
-9,793 2,
-87
262 14,867
217 1,425
-70
282 1,489 -1,111
- 9 4 -1,543
330
242 1,286 - 2 8 6
152 1,073
-56
103 1,434 -252
208 2,126
85
201
211
271
2,418
74
1,102 -289
2,673-1,279
South
Africa
India
All
other
countries
528 4,119
129 20,008
152
307
-8,731
199 3,572
18,365
106
357
1-133,471
41118,550 -2,613 -18,083
124410,691 -4,423 » - 3 3 8
26,376 1,390
80,446 - 7 8
53,228 - 3 3 4
60,081 - 5 5 1
16,042
37,760
21
29
32,991
227j 23,674
6 40,888
-515
-1,529
4
4
4
-638
J.233
4,221
10,215
4
497
997
1,026
-5,982
-1,390
-5,161
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 imports from U. S. S. R. as follows: July, $5,626,000; August, $5,627,000; September, $11,287,000; October, $5,346,000.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
1
2
3
4
MAY
1948
593
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935,
through—
Total
Increase in foreign banking
funds in U. S.
Total
Official i
Other
Increase in
funds of international
institutions
in U. S.
Decrease
in U . S .
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
265.9
632.5
920.2
1,440.7
64.1
230.3
371.5
631.5
4.4
22.6
16.3
38.0
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,546.3
1,993.6
2,331.9
2,667.4
613.6
823.4
947.1
989.5
79.6
80.3
86.0
140.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar.
June
Sept.
Dec.
2,998.4
3,639.6
3,995.5
3,501.1
1,188.6
1,690.1
1,827.2
1,259.3
129.8
293.0
448.2
334.7
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
,075.7
,069.5
,125.1
,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,301.3
3,140.5
3,567.2
3,933.0
1,043.9
880.9
1,275.4
1,513.9
244.0
220.6
282.2
327.0
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
,150.4
,155.3
,125.4
,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3,1940)
4,279.4
4,742.0
5,118.2
5,112.8
1,829.4
2,194.6
2,562.4
2,522.4
393.2
508.1
635.0
634.1
,436.2
,686.5
,927.3
,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
,188.9
,201.4
,177.3
,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
S^pt. (Oct. 2)
Dec. (Jan. 1, 1941)
5,207.8
5,531.3
5,831.2
5,807.9
2,630.9
2,920.7
3,175.9
3,239.3
631.0
,012.9
,195.4
,281.1
,999.9
,907.8
,980.5
,958.3
631.6
684.1
773 .'6
775.1
761.6
785.6
793.1
803.8
,095.0
,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2).
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,607.4
5,660.1
5,612.6
5,354.1
3,229.7
3,278.0
3,241.8
2,979.6
,388.6
,459.8
,424.0
,177.1
,841.0
,818.2
,817.7
,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar.
June
Sept.
Dec.
(Apr. 1)
30 2
30
31
5,219.3
5,636.4
5,798.0
5,980.2
2,820.9
3,217.0
3,355.7
3,465.5
,068.9
,352.8
1,482.2
1,557.2
,752.0
,864.2
,873.5
,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
1943—Mar.
June
Sept.
Dec.
31
30
30
31
6,292.6
6,652.1
6,918.7
7,267.1
3,788.9
4,148.3
4,278.0
4,644.8
1,868.6
2,217.1
2,338.3
2,610.0
,920.3
,931.2
,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
1944—Mar.
June
Sept.
Dec.
31
30
30
31
7,611.9
7,610.4
7,576.9
7,728.4
3,005.0
2,812.2
2,644.8
2,624.9
2,029.4
2,190.3
2,162.3
2,240.3
868.0
856.6
883.5
805.8
904.1
929.8
1,026.2
1,019.4
685.8
702.4
737.8
911.8
119.6
119.1
122.2
126.3
1945—Mar.
June
Sept.
Dec.
31
30
30
31
8,002.6
8,422.8
8,858.6
8,802.8
5,034.4
5,002.5
4,807.2
4,865.2
5,219.4
5,671.1)
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.
June
Sept.
Dec.
31
30
30
31
8,730.8
8,338.2
8,250.1
8,009.5
6,098.8
5,662.7
5,681.7
5,272.3
3,384.6
2,852.0
2,834.4
2,333.6
2,714.1
2,810.7
2,847.3
2,938.7
70.6
190.8
249.1
453.8
703.6
624.5
519.8
427.2
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—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
28
31
30
31
30
31
31
30
31
30
31
8,077.3
9,959.9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6
9,516.8
9,008.6
8,683.0
8,547.9
8,316.2
5,300.6
5,047.3
4,841.3
4,815.4
4,498.0
4,591.9
4,703.2
4,870.3
4,456.0
4,324.1
4,262.4
4,120.3
2,416.0
2,006.2
1,725.4
1,718.8
1,448.7
1,447.2
1,616.8
1,726.9
1,298.5
1,232.9
1,200.0
1,121.8
2,884.6
3,041.1
3,115.9
3,096.7
3,049.3
3,144.7
3,086.4
3,143.5
3,157.5
3,091.2
3,062.4
2,998.5
449.0
2,705.6
2,707.0
2,702.5
2,819.4
2,694.3
2,861.1
2,758.0
2,645.4
2,470.9
2,376.4
2,237.0
404.8
380.9
337.1
333.6
255.3
202.5
156.3
168.2
178.3
172.1
211.6
174.6
1,308.2
1,229.8
1,282.6
1,341.6
1,380.7
1,398.0
'1,177.3
1,193.6
1,230.3
1,243.6
1,254.5
1,274.9
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
338.8
310.0
290.0
*367.0
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164.1
159.9
162.2
153.1
142.4
31
30
29
29
1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central
banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve
Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the
month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their
agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.).
2
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
• Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 4Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
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 se«
BULLETIN for September 1945, pp. 960-974.
594
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
United
King- France
dom
Netherlands
Switzerland
Italy
5,112.8 1,101.3 468.7
5,807.9 865.2 670.3
5,354.1 674.1 639.9
5,980.2 837.8 625.9
7,267.1 1,257.7 636.8
7,728.4 1,090.0 585.7
8,802.8 892.5 464.2
7,555.7 563.1 384.8
470.3
455.6
464.4
474.0
487.7
506.2
539.7
326.4
773.0
911.5
725.7
592.1
629.1
664.3
722.3
766.1
58.0
55.4
50.5
48.1
48.2
63.1
106.5
287.5
369.4
336.3
351.4
332.0
319.8
390.2
306.2
324.6
308.2
359.6
318.8
234.3
319.1
295.6
256.7
391.7
356.8
340.5
336.0
329.8
311.4
258.7
240.4
213.8
769.5
776.8
786.1
801.6
804.6
799.3
811.8
808.0
800.8
810.6
820.5
839.3
342.8
256.2
215.8
221.7
198.7
181.2
161.2
158.1
145.1
139.8
140.4
150.1
Total1
7,628.4
7,254.3
7,029.7
7,069.0
6,688.9
6,746.5
3
6,582.5
6,758.8
6,363.2
6,212.1
6,171.5
4
6,079.1
585.6
558.2
489.6
595.8
453.5
441.7
614.1
648.5
486.7
447.7
464.2
437.0
Other
Europe
Total
Europe
Canada
918.9
,098.6
,071.7
,030.3
,133.3
,172.5
,311.8
,246.3
3,790.1
4,056.6
3,626.3
3,608.1
4,192.8
4,081.8
4,037.0
3,574.2
229.4 483.4
522.6
411.7 606.8
642.6
340.5 567.5
691.1
425.1 835.8
932.9
760.3 951.0 1,161.6
976.4 1,193.7
,273.6
,395.7 1,338.4 ,784.1
979.7 1,474.0 ,258.3
,259.5
,232.8
,262.9
210.0
,161.5
,093.2
,112.2
,161.3
1,131.3
1,135.6
1,124.7
1,086.6
3,645.8
3,455.8
3,362.5
3,552.8
3,294.9
3,246.2
3,341.6
3,430.2
3,183.6
3,152.0
3,109.0
2,961.1
Latin
America
967.1
933.3
853.1
764.8
763.1
803.4
794.7
830.3
780.6
681.0
684.9
688.6
Asia2
,466.3 ,247.1
,431.2
,185.9
,384.3 ,179.8
,364.7 1,142.0
,318.6 1,072.6
,447.1 1,018.7
,477.0
972.1
,531.4
958.0
,470.0
931.6
,446.4
937.3
,406.1
981.0
,383.4
975.8
All
other2
87.4
90.2
128.6
178.3
201.4
203.0
247.5
269.6
302.0
248.1
250.0
244.6
239.6
231.1
s-2.9
8.9
-2.6
-4.6
-9.4
4
70.2
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31 .
1945—Dec. 31
1946—Dec. 31
1947—j an . 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
...
Aug. 31
Sept. 30
>.
Oct. 31
Nov. 30
Dec. 31
...
. . .
Total
2,522.4
3,239.3
2 979.6
3 465.5
4,644.8
4 865.2
6,144.5
5,272.3
5,300.6
5 047.3
4,841.3
4 815 4
4,498.0
4,591.9
4 703 2
4,870.3
4,456.0
4 324 1
4,262.4
4,120.3
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
376.1
293.3
328 6
493.3
939.4
804 4
646.4
397.6
256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8
190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2
362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0
19.7
-.9
-3.4
-6.2
-6.9
7.0
50.1
247.6
449.9
580.8
538.0
479.8
565.3
611.2
745.8
687.2
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
1,697.5 399.5
2,271.2 704.7
2,193.7 818.6
2,223.4 1,414.2
2,065.5 823.9
423.0
381 9
312.2
423 1
279.7
267.2
438 1
471.2
307.8
275.5
293.1
264.9
157.0
129.0
146.2
129 6
117.8
190.2
109.7
125.6
114.9
188.5
156.8
87.6
195.6
197.8
166.7
205 0
189.7
192.6
197.2
210.0
199.7
156.3
141.8
126.7
363.6
370.5
378.5
383.6
388.9
381.5
388.9
385.5
382.1
392.2
405.9
432.8
300.7
227.1
198.2
205.4
184.1
166.8
146.8
143.1
129.7
126.3
125.6
132.8
701.0
673.1
719.1
689.2
647.8
589.0
619.8
669.2
635.1
637.2
626.5
576.6
2.141.0
1,979.3
1,921.0
2,035.9
1,808.0
1,787.2
1,900.6
2,004.5
1,769.4
1.776.0
1,749.8
1,621.4
Total
Europe
Canada
748.0
784.7
670.2
519.6
469.6
478.8
455.8
484.2
420.5
319.2
319.3
301.6
Latin
America
Asia2
215.1
417.0
326.4
531.2
541.4
296.7
482.8
743.9
578.7
928.2
794.7
888.6
924.9 1,369.1
983.3 1,135.7
1,010.3
981.0
956.1
1,000.0
1,009.4
1,120.9
1,168.9
1,221.0
1,144.6
1,116.3
1,081.3
1,095.0
1,112.9
1,043.5
1,042.5
1,012.7
973.1
966.7
932.6
910.8
884.4
877.0
883.5
877.3
All
other2
60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9
288.5
258.7
251.5
247.2
237.9
238.2
245.3
249.7
237.1
235.6
228.5
224.9
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1939—o ec<
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec
1945—£)ec#
1946—Dec.
( j a r u 3f 1940) .
(Jan. 1, 1941)
31 . .
31
31
. .
31
3i
31
1947—j an< 3i
Feb. 28
Mar. 31
Apr 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
Dec. 31
.
.
.
Total
United
King- France
dom
Netherlands
650 4
775.1
791 3
888.8
877 6
805 8
742.7
427.2
252 2
269.2
271 2
279.4
272 1
266 1
266 6
244.3
73.8
74.6
76.9
77.8
77.9
77 7
78.0
73.4
12.9
17.7
17.6
18.1
18.3
18 3
-17.7
-132.3
404 8
380.9
337.1
333 6
255 3
202.5
156 3
168 2
178 3
172 1
211 6
174.6
241 5
252.6
256.2
249 6
252.4
252.7
255 1
257 9
262.8
258 9
260 2
262.8
69.2
66.1
63.4
57 9
60.2
59.0
57 6
58.1
57.0
61 5
64.1
55.7
— 117.9
-135.1
-137.1
—32.4
-20.6
-30.4
— 28.6
-27.3
-28.2
—30.0
—28.6
-30.5
Switzerland
2.9
6.5
5.4
6.6
5.1
6 8
5.2
-1.7
-3.5
-4.1
-3.3
-.2
-1.4
.3
—2 1
-1.7
-1.2
1.7
2.4
1.1
Italy
Other
Total
Europe Europe
Canada
15.5
25.3
25.8
26.2
26.2
26.2
26.2
10.6
206.2
241.4
250.5
253.5
256.8
231.5
235.1
226.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
421.3
56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7
11.7
226.0
225.9
217.1
203.4
196.7
182.2
170.9
170.1
171.9
174 A
174.1
178.9
426.9
414.3
402.4
482.8
490.0
466.2
455.3
460.1
465.5
468.2
475.2
473.5
44.1
49.9
53.9
56.5
56.1
56.5
58.8
60.7
63.8
63.1
66.4
65.4
8.9
6.0
4.5
2.7
2.5
2.3
3.0
3.3
1.6
3.0
5.5
Latin
America
Asia2
52.6 - 2 1 . 5
43.2 34.8
17.7 64.7
68.3 93.8
55.7 102.7
37.0 77.7
9.1
99.2
- 5 8 . 8 29.9
-92.4
-111.6
-140.6
-213.7
-270.0
-256.9
-276.9
-283.8
-279.7
-298.7
-309.5
-346.3
34.6
44.0
40.2
31.0
1.8
-44.3
-56.0
-48.6
-48.4
-35.5
1.4
2.0
All
other2
— .8
2.1
— 1.2
6.6
7.5
— 3
1.5
-5.8
-8.4
-15.7
-18.7
-23.0
-22.6
-19.1
—24.9
-20.3
-22.9
—24.9
-21.9
-20.1
1
2
Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions.
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
34 See Table 1, footnote 3.
See Table 1, footnote 4.
MAY
1948
595
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, t h r o u g h 1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31
31
31
31
31
1947—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31 .
June 30.
July 3 1 . .
Aug. 31.,
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
725.7
803.8
855.5
848.2
925.9
1,019.4
972.8
1,237.9
125.5
128.6
127.6
125.4
127.6
126.5
117.7
96.8
42.1
43.4
51.6
52.4
50.6
51.0
51.2
50.2
29.4
31.0
31.5
31.6
33.0
33.6
33.0
26.0
45.0
46.0
44.3
44.9
44.7
44.5
45.2
31.2
27.6
28.1
28.1
28.0
27.9
27.6
27.5
26.7
225.6
232.9
238.4
244.1
246.6
246.9
249.2
260.2
495.2
510.0
521.3
526.3
530.3
530.1
523.8
491.2
-7.6
25.0
35.4
-3.0
41.2
104.9
49.1
236.6
184.0
202.3
221.1
245.4
272.3
302.0
317.1
448.4
42.8
53.0
61.2
61.5
62.2
61.3
60.8
61.1
11.3
13.5
16.6
18.0
19.9
21.0
22.0
.7
,308.2
,229.8
,282.6
,341.6
,380.7
,398.0
,177
,193.6
,230.3
,243.6
,254.5
,274.9
98.1
101.3
101.4
102.9
103.6
105.7
104.2
104.3
101.5
99.1
96.9
94.9
50.0
49.9
50.1
50.0
49.6
49.5
48.3
47.9
47.9
47.5
47.2
47.1
24.7
23.6
22.8
22.5
2.2
1.7
.7
.2
-1.1
-2.6
-3.3
-3.9
31.5
31.8
30.9
31.9
31.4
31.2
31.2
30.1
26.5
22.7
18.8
16.3
27.0
26.8
26.8
26.9
26.9
26.8
26.7
26.7
26.7
26.6
26.5
26.5
261.8
264.6
265.1
257.7
258.3
265.4
266.4
267.3
267.9
267.8
267.9
273.8
493.0
497.9
497.1
491.8
472.0
480.4
477.5
476.5
469.4
461.1
453.9
454.7
290.0
218.9
253.7
309.5
358.8
374.7
389.1
397.0
417.3
421.9
427.2
441.8
453.2
457.6
464.4
468.2
474.2
478.8
481.8
488.0
507.9
523.3
534.0
537.6
61.0
61.1
61.1
61.0
61.0
61.1
61.2
61.4
61.3
61.3
61.6
61.6
10.9
-5.7
6.4
11.1
14.7
3.0
-232.2
-229.3
-225.6
-224.0
-222.3
-220.9
Latin
Can1
ada America Asia
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
United
Neth- SwitzCanLatin
1
Other
Total
King- France
From Jan. 2, 1935, through—
Total
ererItaly Europe
ada America Asia
Europe
dom
lands
land
1939—Dec. ( j a n 3 1940)
1940—Dec. (Jan. 1 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 31
1945—Dec. 3i
1946—Dec. 31
1947—j an 3i
Feb 28 .
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
.
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
464.5
328.1
157.1
—70.1
-77.6
-100.3
-125.4
-157.9
-194.9
76.6
74.4
74.9
80.5
82.7
77.3
81.7
74.9
227.7
233.2
236.7
236.9
239.9
239.0
233.5
207.0
344.7
348.1
336.4
360.5
367.3
368.5
355.4
337.9
-4.9
2.7
— .1
— .1
.6
1.9
464.4
439.7
414.3
416.7
398.5
393.4
385.9
362.6
338.8
310.0
290.0
3367.0
-196.2
-197.5
-197.9
-198.3
-200.5
-202.7
-203.5
-203.3
—204.1
-205.1
-205.7
-203.8
73.0
71.4
71.2
73.8
72.3
71.8
71.1
73.6
69.0
42.9
31.5
24.7
199.4
194 4
188.0
179.3
168.6
158 4
149.7
129.9
124 4
118.0
113.9
108.7
338.4
338.7
338.4
344.2
345.4
343.1
351.2
350.7
350 4
352.0
353.9
350.9
3.0
-7.0
-15.5
-15.6
-15.4
-15.3
-15.1
-15.1
— 15 1
-15.2
-15.2
-15.0
2.2
2.1
32.2 1,004.4
35.8
851.3
37 1
615 0
44.4
644.7
55.4
645.7
633.7
72 4
582.9
68.0
484.3
57.3
56.6
55 3
47.8
46.0
45.2
42 6
40.8
40.6
42 2
41.8
42.1
43.1
474.2
455 2
432.0
429.5
415.5
398 0
394.2
376.3
366 9
334.5
320.5
308.7
AU
other1
AU
other1
-2.6
-18.4
-44 7
-45.1
-58.2
—28.1
-126.6
-143.0
30.1
25.6
28.1
35.2
40.5
54 9
81.3
87.6
87.6
17.6
17 5
27.7
62.5
240 5
251.3
26.8
14.3
12.6
10 9
10.9
10.6
10 7
-137.1
— 141 9
-144.6
-141.9
-141.0
— 126 3
-128.1
-131.7
— 141 7
— 142.6
-147.0
-139.8
84.9
86 2
88 2
90.6
86.5
85 3
84.2
82.7
78 5
84.6
82.9
84.2
33.4
32 1
30 6
30 3
28.8
28 4
27.5
27.3
27 1
27 7
27.8
28.3
9.1
8 0
8 1
8.0
8 1
5.9
5.7
385.6
CanLatin
ada America Asiai
All
other'
9.9
8.8
8.1
8.7
8 0
8.1
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
Forei
(The Net
Effect off II ncreases iin F
Brokerage Bl
Balances iin U
U. S
S. andd off D
Decreases
N Eff
i gn Bk
in Balances Held by Brokers £nd Dea lers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
(Jan. 3, 1940)
(Jan. 1 1941)
31
31
31
31
31
31
1947—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31.:
28
31
30
31
30
31
31
30
31.
30
31
Total
United
King- France
dom
Netherlands
Switzerland
9.3
Italy
80.6
100.9
100.9
104.4
117.8
126.3
144.1
153.7
19.4
17.0
16.8
17.4
18.8
18.5
19.8
19.2
20.1
19.9
19.9
20.7
21.5
23.1
23.4
20.5
17.8
16.2
13.5
13.7
19.3
23.0
30.3
39.6
.1
13.4
17.6
17.5
19.9
22.3
26.0
17.5
150.4
156.6
154.5
161.6
156.4
160.8
159.8
164 1
159.9
162 2
153.1
U42.4
19.2
19.8
17.7
18.6
18.4
18.9
20.2
18.3
18.7
19.3
19.7
18.2
20.1
20.0
20.4
20.5
19.9
19.7
19.5
19.4
19.5
19.2
19.1
19.1
17.3
14.9
16.3
17.3
16.9
18.2
17.0
17.0
16.6
16.9
16.6
12.7
39.5
39.9
41.5
42.1
40.4
43.2
42.6
43.4
43.0
42.0
39.6
38.2
.4
.2
.2
.2
.3
.3
.4
.4
.4
.4
.5
.4
.5
.5
.4
.4
.4
.4
.3
Other
Europe
Total
Europe
8.5
9.2
10.4
13.6
14.7
71 6
74.3
75 7
78.1
89.1
97.7
113.6
112.0
8.7
10.7
14.1
15.2
17 6
16.2
19 5
21.5
1 6
9.2
3 9
4.2
3.8
5.1
5.9
13.4
—3 4
6.0
6 3
6.0
6 0
5.6
3 8
4 8
2 1
.7
8
.9
1 3
1.8
1 3
2 0
14.1
14.0
13.8
13.7
13.5
14.0
14.3
14.2
14.3
14.4
14.1
14.2
110.8
109.0
110.0
112 7
109.5
114.5
114.0
112 8
112 5
112.2
109 5
102.7
22 1
21.7
20.0
21 2
19 6
19.7
19.1
20 0
20 7
19 5
19 0
19.6
10.3
18.0
16.3
19 5
18 5
19 0
19.0
23 5
18 7
20 9
17 3
12.9
5 3
5.2
5.5
7 0
8 0
6 7
6.9
7 1
7 3
6 8
6 5
1 9
2.8
2.8
1 2
4.9
7.7
7.7
6.6
9
1.0
.8
g
g
2 8
7
.7
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
* Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction
and 1Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions.
4
Amounts outstanding Dec. 31 (in millions of dollars): foreign brokerage balances in United States, 92.1; United States brokerage balances
abroad, 26.6.
596
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
International
institutions
Total foreign
countries1
United
NethKing- France erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
473.7
2,157.8
3,221.3
3,938.2
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5
473.8
436.1 187.4 101.8
781.0
448.2 288.2 204.9
1,418.9
365.5 490.1 174.3
1,314.9
400.8 448.6 174.9
2,244.4
554.6 432.3 186.6
3,320.3 1,000.8 439.9 193.3
3,335.2
865.7 401.2 209.7
707.7 310.0 281.6
4,179.3
3,043.9
458.9 245.9 224.9
218.8
376.3
508.4
339.9
184.2
210.6
239.3
304.2
372.6
20.4
38.5
17.9
15.4
12.1
11.3
27.3
70 4
267.9
273.3
526.4
657.3
614.6
650.9
728.6
774.5
909.1
850.5
1,237.8 201.8
248.5
1,882.6 274.6
336.0
2,213.5 434.3
447.3
1,994 0 373.2
417!7
2,020.7 507.4
597.7
2,584.5 812.6
693.7
000 3
2,517.8 926.5
2,583 0 1,522.2 ,046.4
2,420i7 «93l!8 L,104^8
435.5
655.7
769.9
780.0
930.0
1,108.8
1,069.2
1,549.7
1,316.4
34.1
72.5
73.3
113 Iti
149! 6
175.3
174^0
181 8
232.8
1947—Jan. 3 1 . : : . 468.9
Feb. 2 8 . ; . . 2,725.6
Mar. 3 1 . ; . . 2,726.9
Apr. 3 0 . . . . 2,722.5
M a y 3 1 . . . . 2,839.3
June 3 0 . . . . 2,714.2
July 3 1 . . ; . 2,881.0
Aug. 3 1 . . . 2,777.9
Sept. 3 0
2,665.3
Oct. 3 1 . . . . 2,490.8
N o v . 3 0 . . . . 2,396.3
D e c . 3 1 . . . . 2,257.0
6,034.8
5,781.4
5,575.4
5,549.6
5,232.2
5,326.0
5,437.3
5,604.5
5,190.1
5,058.3
4,996.6
4,854.4
3,126.3
2,716.5
2,435.7
2,429.1
2,159.0
2,157.5
2,327.1
2,437.2
2,008.8
1,943.2
1,910.3
1,832.1
377.2
384.1
392.2
397.2
402.5
395.1
402.5
399.1
395.8
405.8
419.5
446.4
321.0
247.4
218.5
225.7
204.4
187.1
167.1
163.4
150.0
146.6
146.0
153.1
864.3
836.3
882.4
852.5
811.1
752.3
783.1
832.4
7,98.3
800.5
789.8
739.8
2,496.2
2,334.6
2,276.3
2,391.2
2,163.3
2,142.5
2,255.8
2,359.8
2,124.6
2,131.2
2,105.0
1,976.7
1,293.5
1,224.2
1,223.1
1,193.3
1,153.7
1,147.4
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1,057.9
257.3
227.5
220.3
216.0
206.7
207.0
214.1
218.5
205.9
204.4
197.3
193.7
Date
1938—Dec.'
1939—Dec*
1940—Dec *
1941—Dec. 31 "
1942—Dec. 31
1943—Dec 3 1 . . .
1944—Dec. 31
194 c Dec 31
1946—Dec. 3 1 . . .
Official
and
private
Official
484.4
443.3
373.6
484.4
341.0
328.5
499.5
532.5
369.1
336.8
354.5
326.2
237.2
209.1
226 A
209.8
197.9
270.3
189.8
205.8
195.0
268.6
236.9
167.7
212.2
214.4
183.3
221.6
206.3
209.2
213.8
226.6
216.4
172.9
158.4
143.3
Canada
855.9
892.7
778.2
627.5
577.6
586.8
563.7
592.2
528.4
427.1
427.2
409.6
Latin
America Asia'
1,131.8
L,102.6
1,077.6
1,121.6
1,130.9
1,242.5
1,290.4
1,342.5
1,266.1
1,237.9
1,202.8
1,216.6
All*
other
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Finland
Germany
7.9
7.5
6.5
6.8
7.0
7.1
39.3
43.5
48.7
70.8
49.3
5.3
5.5
6.9
9.1
43.7
43.0
39.7
39.8
37.7
32.2
32.2
36.0
41.5
48.5
45.7
34.7
Other
Europe
Belgium
Denmark
31...
31...
31...
31.. .
31. . .
650.9
728.6
774.5
909.1
850.5
121.8
122.9
124.3
185.0
159.5
17.7
13.9
14.8
25.9
66.5
22.2
1947—Jan. 3 1 . . .
Feb. 28. . .
Mar. 31. . .
Apr. 3 0 . . .
May 31. . .
June 3 0 . . .
July 3 1 . . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 31. . .
864.3
836.3
882.4
852.5
811.1
752.3
783.1
832.4
798.3
800.5
789.8
739.8
165.3
149.3
178.8
163.0
150.9
142.5
164.0
185.3
132.0
135.7
131.7
124.9
73.3
68.3
62.5
57.8
56.9
52.0
45.6
48.8
42.2
48.9
55.0
52.8
21.6
28.9
31.3
26.8
22.4
22.7
36.2
39.9
42.0
39.2
39.2
30.5
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
7.7
7.1
5.5
21.5
27.3
46.3
53.6
63.2
74.9
79.1
89.5
Greece Luxembourg
Norway
Portugal
Rumania
Spain
18.3
18.4
18.6
22.3
22.6
132 A
158.9
220.8
216.1
123.5
35.7
53.4
54.5
47.9
39.0
9.4
9.3
9.5
9.3
8.9
17.5
31.8
43.4
31.7
16.4
153.5
163.2
152.1
210.1
172.6
14.3
12.3
16.1
28.0
60.5
22.5
22.5
22.9
22.2
22.2
22.3
22.6
20.1
19.7
19.2
22.5
21.7
117.4
106.8
105.3
111.2
100.6
91.2
80.0
79.2
79.3
76.2
70.7
56.2
45.4
44.0
54.2
52.2
52.3
42.5
40.1
47.7
48.0
47.8
49.8
47.1
8.9
8.9
19.8
20.0
18.8
18.1
17.5
11.8
12.2
12.1
11.7
10.1
11.9
12.8
164.2
159.1
165.2
157.3
152.2
133.2
122.9
115.2
109.4
86.8
72.9
58.6
60.4
58.5
58.5
60.0
50.4
50.6
50.3
52.5
58.5
64.1
69.4
73.7
Cuba
French
West
Indies
and
Guiana
Netherlands
West
Indies
and
Suri-
Panama
Peru
Other
Vene- Latin
zuela America
12.2
11.3
8.3
8.2
8.2
9.4
9.5
8.7
8.3
8.7
All
Sweden USSR Yugoslavia other
17.7
9.9
5.7
5.7
12.4
12.9
13.9
14.7
15.3
12.5
11.8
13.1
12.5
9.7
9.4
10.6
12.1
57.9
76.9
52.1
43.7
89.9
103.4
107.8
111.4
108.4
105.6
104.0
109.3
120.2
131.7
130.8
122.9
116.5
Latin America
Date
Latin
America
Argentina
Bolivia
Brazil
Chile
Colombia
1942—Dec. 3 1 . . .
597.7
1943—Dec. 31. . .
693.7
1944—Dec. 3 1 . . .
909.3
1945—Dec. 3 1 . . . 1,046.4
1946—Dec. 3 1 . . . 1,104.8
67.6
69.8
93.9
77.3
112.6
10.8
12.6
17.7
14.5
14.0
67.7
98.7
140.8
195.1
174.0
34.5
54.0
55.0
66.3
50.7
43.4
67.1
83.6
79.2
57.8
1947—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 31. . .
June 3 0 . . .
July 31 . . .
166.0
180.0
181.4
223.0
252.0
265.0
309.3
307.5
229.0
245.7
240.5
236.2
12.4
13.7
12.8
11.7
10.3
16.4
14.6
15.2
17.3
22.4
20.6
17.8
183.4
157.8
127.6
115.3
96.7
85.2
98.8
110.8
106.3
103.6
97.4
104.7
46.2
45.2
51.0
53.4
45.3
50.7
41.2
44.9
38.2
38.3
41.8
46.3
51.0
55.9
51.9
56.2
57.8
42.4
32.0
34.2
32.6
39.1
42.4
46.1
1,131.8
1,102.6
1,077.6
1,121.6
1,130.9
1,242.5
1,290.4
A u g . 3 1 . . . 1,342.5
Sept. 3 0 . . . 1,266.1
Oct. 3 1 . . . 1,237.9
N o v . 3 0 . . . 1,202.8
Dec. 3 1 . . . 1,216.6
Costa
Rica
Mexico
nam
7.7
100.3
70.4
139.3
128.3
153.5
4.9
2.6
4.4
7.1
5.4
95.7
70.4
83.1
116.4
152.2
20.7
41.2
36.0
28.2
16.1
36.9
57.6
69.1
88.7
77.2
17.7
17.4
27.7
43.9
40.9
20.9
24.2
31.5
49.7
74.0
64.2
95.4
119.8
144.8
168.7
7.3
9.0
8.5
9.3
8.5
8.6
6.9
8.6
8.3
7.9
7.0
7.3
147.3
145.9
150.8
168.0
162.0
289.6
284.0
287.7
271.9
256.6
249.4
234.7
4.9
3.9
4.0
3.2
3.6
2.9
3.2
2.3
2.8
2.5
2.8
2.4
149.3
142.1
139.1
127.6
128.8
126.7
137.7
149.2
157.2
148.7
140.5
139.2
13.6
11.8
10.5
10.6
78.2
75.2
73.2
71.0
68.9
69.9
69.7
71.5
76.6
72.6
70.9
70.3
37.0
34.3
34.0
35.9
38.9
39.7
38.2
41.7
43.2
40.9
41.0
41.8
51.5
45.5
46.7
49.4
46.3
53.6
66.2
74.0
89.5
73.4
61.1
78.0
183.8
182.4
186.1
186.6
202.9
181.4
178.6
181.3
180.6
171.5
169.0
176.8
12.4
12.2
7.4
6.9
9.0
10.3
10.1
13.6
12.6
14.7
18.4
14.9
For footnotes see following page.
MAY
1948
597
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
Asia
Date
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec.
India,
Egypt
Neth- PhilChina
Bur- Britand French Union
and French
erNew AngloTur- Other All Ausof
Man- Indo- Hong ma, ish Japan lands ippine
Mo- South
traZeaIsother
EgypKong
and
Makey
Asia
chu- China
East lands
lia land tian rocco Africa
Cey- laya
ria
Indies
Sudan
lon
930.0 360 9
31. . .
31. . .
31. . .
31. . .
31...
1 ,108.8
1 ,069.2
1 ,549.6
1 ,316.4
574
427
582
431
2
3
3
9
27.4
27.4
27.4
28.0
39.9
31...
28. . .
31. . .
30...
M a y 31. . .
June 30. . .
July 31. . .
Aug. 31. . .
Sept. 30. . .
Oct. 31. . .
Nov. 3 0 .
Dec. 31. . .
1 ,293.5
1 ,224.2
1 ,223.1
1 ,193.3
1 ,153.7
1 ,147.4
1 ,113.2
1 ,091.5
1 ,065.1
1 ,057.7
1 ,064 ?
1 ,057.9
428
389
373
369
354
339
309
286
7
7
2
1
3
1
6
1
42.1
36.0
39.1
38.4
40.5
37.2
36.2
35.3
1947—Jan.
Feb.
Mar.
Apr.
269. 7
263 3
250
229 9
41.6
23.9
22.9
27.4
44.9
39.2
40.8
38.9
39.0
41.5
41.1
47.2
44.7
8 . 2 45.5
8 . 7 43.6
9 . 3 41.8"
6 . 5 39.8
13
18
22
33
43
1
2
1
4
5
1 .0
.9
1 .3
1 2
17 . 3
42 5
8 .8
7 .1
7 2
36 1
8 3
33 4
9 6
41 2
8 8
43 3 11 8
53 6 14.6
54 4 13 8
55 0 12 4
56 7 16 s
62 4 11 0
44.2
40 7
4 . 8 160 4 254.7
4 1 110 1 259.1
4 .0 110 5 365.8
4 .1 113 7 629.1
16 .6 127 1 446.6
17 .2
17 .7
18 .7
18 .9
18 . 0
16 .7
17 . 6
17 . 6
17 . 8
25 .5
28 9
31 . 3
117 4
116 6
122 9
103 7
95 4
94 9
85. 8
82 8
70. 8
59 7
65. 9
69 3
29.
35.
23.
52.
54.
9 36.2 149 . 6
4 55.5 175 . 3
7 64.2 174 . 0
5 78.0 181 . 8
7 93.8 232 . 8
448.3 6 0 . 8
430.5 5 6 . 5
447.1 5 5 . 8
438.9 6 5 . 4
432.2 5 7 . 0
448.8 5 1 . 0
452.6 4 0 . 4
440.3 4 1 . 7
464.3 4 1 . 7
470.9 3 9 . 7
476.0 39
488.6 3 7 . 6
88.5
85.1
79.4
75.6
71.8
68.5
68.7
74.9
79.1
78.9
79.7
81.5
257 . 3
227 .5
220 . 3
216 . 0
206 .7
207 . 0
214 .1
218 .5
205 . 9
204 . 4
197 3
193 .7
23 .1
25 .3
52 . 9
28 .9
45 .5
4.8
5.1
3.5
4.3
8.0
9 8.2
4 8.3
4 9.6
7 8.7
2 8.7
47.8 8 . 6
42 4 9 . 4
46 2 9 . 5
47 5 8 . 3
43 8 6 . 5
34 8 6 S
30 6 5 . 9
40
59
40
38
36
Other
18.9
20.8
12 A
10 .3
4 .3
10 . 0
14 . 9
11
4
8
6
47
0
5
3
4
2
91 . 8
124 .1
97 . 6
113 . 4
96 . 4
19.8
18.4
19.6
19.0
20.5
22.6
19.4
21.1
24.4
25.8
26.9
25.0
16 . 0
16 . 9
16 .5
16 # 1
14 .9
13 .9
13 .7
13 . 3
11 . 8
11 . 4
10 9
10 .1
82
33
43
47
50
39
49.
55
37.
43
46
46
5
9
7
3
0
5
5
5
6
3
3
4
90 .7
90 . 5
86 .2
76 .5
74 . 5
79 .7
72 .9
76 .2
73 . 6
72 .7
75 . 8
6.8
6 1
7.3
89.9
Footnotes
to table on preceding page.
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3
Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941.
4
Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign
Exchange Control Board of Canada for 1946.
NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting
practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to
exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970.
ASSETS
United
King- France
dom
Netherlands
Switzerland
Italy
Date
Total
1938—Dec#
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.
(Jan. 4, 1939)
(Jan. 3, 1940)
(Jan 1 1941)
31 . . .
.
31
31
31
31
31
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392 8
708.3
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25 4
47.7
10.3
4.9
4.2
1.8
24.2
5.7
.9
1.1
5.5
5.2
1.5
2.6
13.5
11.8
2.0
1.5
1.3
1.1
.5
.4
1.5
3.0
.4
.4
1.4
1.1
1.3
2.9
5.7
.3
36.3
151.0
1947—Jan.
Feb.
Mar.
Apr
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
31
28
31
30
31
30
31
31
30
31
30
31
730.7
754.6
798.4
801.8
880.2
933.0
979.2
967.3
957.2
963.4
923.9
960.9
50.5
39.4
35.8
42.4
39.6
39.3
36.9
34.1
29 2
33.1
31.8
29.2
9.9
13.0
15.6
21.1
18.8
20.1
21.4
20.9
22.1
17.6
14.9
23.4
136.6
153.7
155.8
51.0
39.3
49.0
47.2
45.9
46.8
48.6
47.2
49.1
.
.
.
.
9.8
11.7
12.2
11.4
8.3
9.5
7.8
10.2
9.8
9.3
6.4
5.7
7.0
Other Total
Europe Europe
Canada
Latin
America
Asiai
All
other i
15 5
9.3
6.4
9.7
.3
.3
16.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
82.8
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
312.9
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
52.2
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
226.8
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
99.2
3 9
11.7
9 9
17.2
14.9
17.7
20.6
22.0
23.8
24.1
24.3
23.6
23.2
24.9
23.6
21.1
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
307.3
319.8
331.8
251.3
244.1
268.0
278.9
274.0
268.6
266.0
258.9
260.6
48.8
43.0
39.0
36.4
36.8
36.4
34.0
32.2
29.1
29.8
26.5
27.5
260.4
279.6
308.6
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
94.5
85.0
88.9
98.1
127.3
173.3
185 0
177.7
177 5
164.6
127.7
127.0
19.8
27 1
30.1
34 3
34.0
30.5
36 3
31.7
34 3
36 3
33.3
31.5
4.8
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
598
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
Other
Europe
Bel-
31
31
31
31
31
56.3
52.9
78.3
74.6
82.8
.7
.7
.6
7.5
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
83.8
83.9
92.6
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
7.1
7.4
8.0
8.9
8.9
10.1
9.0
10.3
11.2
13.2
12.9
15.0
Denmark
Finland
Germany
Greece
C1)
5.6
7.6
34.0
33.9
33.9
33.9
30.4
1.1
.6
.6
.7
12.4
30.3
30.4
30.4
30.4
30.3
30.3
30.3
30.3
30.3
30.5
30.5
30.5
12.4
12.5
13.2
12.8
13.0
12.9
13.0
12.6
12.4
12.8
12.8
10.6
0)1
C)
0)
0)
W
.6
.4
.3
.3
.4
.6
.6
.4
.6
1.0
1.1
2.2
6.2
6.4
6.1
8.3
7.1
9.1
11.4
17.8
17.9
17.5
13.1
11.9
8.0
Luxembourg
0)
0)
0)'
0)
0)
Norway
Portugal
Rumania
.2
35.1
31.6
3.3
2.4
1.4
.8
.5
1.0
0)
0)1
3.7
4.0
4.2
5.2
5.9
6.3
7.0
8.0
9.4
10.3
8.1
9.2
.9
.9
1.0
1.0
1.2
1.5
1.3
.3
.2
.3
.1
.1
()
0)
4.2
6.9
7.0
6.9
11.9
12.0
12.0
12.0
12.0
12.0
C)
.1
Yugo- All
USSR slavia other
Spain
Sweden
3.2
3.2
1.8
1.6
7.2
.4
.2
.2
.9
4.9
0)
0)
0)
0)
C)
7.3
6.2
3.8
3.7
3.5
4.3
1.6
1.3
1.2
1.3
4
5.5
5.6
6.0
7.1
7.4
7.5
8.7
9.3
9.3
9.3
7.6
5.4
C11)
C)
0)
0)
(*)
0)
C1)
0)
.9
0)
0)1
8.4
5.0
5.1
4.7
9.4
0)
0)
(l1)
C)
9.5
10.
13.2
22.9
26.3
35.4
37.5
36.2
32.6
30.6
36.1
35.8
C1)
C1)
C)
0)1
C)
()
()
0)1
C)
0)1
0)
.1
.1
C)
Latin America
Latin
Amer- Argen- Boica
tina
livia
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31
31
31
31
31
1947—Jan. 31
Feb. 28
Mar. 31.
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Brazil Chile
Colombia
NetherFrench
lands
West
West
Indies
Indies
and
Costa Cuba
PanaMexico and
GuiSuri- j ma
Rica
ana
nam
99.7
6.9
112.2 15.3
131.0 3.1
158.9 21.0
226.8 41.8
3.0
1.8
1.8
1.3
2.3
16.7
18.9
25.3
24.7
49.8
15.3
16.6
9.0
6.6
14.6
20.7
12.2
15.5
16.8
26.4
.6
.7
1.2
1.2
2.9
260.4
279.6
308.6
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
2.6
2.6
3.0
4.8
5.3
3.6
3.3
3.2
3.4
4.2
2.9
2.0
54.4
63.1
69.6
115.4
150.2
160.9
164.1
163.6
161.4
162.3
162.0
165.8
13.1
15.3
16.0
18.6
20.3
17.4
20.5
22.7
21.7
22.8
22.3
27.8
29.9
30.2
26.8
30.4
36.4
40.3
35.7
35.2
35.9
32.0
31.2
32.6
3.4 35.5
3.7 37.9
4.0 45.2
3.4 53.8
3.6 60.1
3.9 46.0
3.9 53.3
3.8 54.5
3.6 59.7
4.0 73.8
3.6 91.5
3.5 108.6
49.1
45.5
49.9
57.8
60.7
57.6
65.8
71.8
65.5
67.4
66.4
65.2
8.3
20.1
47.4
33.3
25.7
4.8
11.2
8.6
11.0
25.5
C1)
0)
C1)
27.0
28.8
30.7
33.7
34.8
32.9
27.6
31.0
30.2
39.5
38.3
52.2
0)
C1)
0)
0)
2.1
1.1
.1
.0
.0
.0
.1
.1
1.2
1.2
Other
Latin
Vene- America
zuela
Peru
1.1
1.3
2.8
1.4
1.2
1.9
3.7
3.9
3.8
5.1
6.1
8.7
14.2
8.7
11.7
33.4
23.1
1.7
2.2
2.2
2.1
2.6
2.7
3.8
4.9
4.9
5.0
4.7
5.4
6.5
7.0
7.8
7.6
5.6
5.9
6.3
6.5
6.7
6.1
4.3
10.4
15.6
19.6
15.4
19.2
16.7
18.2
18.5
15.3
14.6
15.1
15.3
27.1
27.9
33.9
37.3
36.
36.
42.3
36.2
38.3
33.4
31.9
31.0
Asia and All Other
India,
Bur- Brit-
China
and
Date
Asia
French Hong ma,
Man- Indo- Kong a n d
churia
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Tuly 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1
35.3 11.1
1.7
26.3
51.4
1.5
1.0
29.9
99.2 53.9
31
31
31
31
31
94.5
85.0
88.9
98.1
127.3
173.3
185.0
177.7
177.5
164.6
127.7
127.0
43.8
36.8
41.2
47.0
76.1
104.8
110.7
108 2
103.7
78.6
41.3
40.8
China
C1)
(1)
0x
()
(1)
.1
0)
0)
0)1
C)
!i
.3
3.2
3.3
3.3
.3
ish
Ma-
Cey- laya
lon
Egypt
and
PhilUnion
All
ippine Tur- Other
Aus- New Anglo French of
Iskey Asia other tra- Zea- Egyp- Mo- South Other
Japan lands
lia land tian
East lands
rocco Africa
Indies
Sudan
Nether-
.5
.5
.5
.5
.2
1.6
1.7
1.5
1.4
1.0
14.4
13.9
13.8
13.8
20.2
1.8
3.2
1.8
2.0
1.4
2.0
1.8
8.8
2.7
4.4
11.7
12.0
.7
.5
.1
.1
.2
12.7
12.9
14.6
14.2
13.2
32.8
33.7
27.5
27.5
28.9
28.2
29.6
.5
.5
1.0
1.3
1.1
2.2
1.6
1.6
.8
1.0
.8
.9
.2
.2
.2
.2
.2
.2
.3
.3
.3
.3
.3
.9
1.1
.9
1.4
1.9
25.3
23.0
20.3
22.4
23.2
20.2
25.1
24.5
24.5
27.7
29.0
27.4
1.4
1.5
2.0
2.5
2.7
3.3
3.2
3.5
5.6
4.5
4.0
3.9
4.5
5.8
5.8
6.7
8.4
9.0
9.1
9.6
6.3
19.8
27.1
30.1
34.3
34.0
30.5
36.3
31.7
34.3
36.3
33.3
31.5
.9
1.0
.9
.8
5.9
22.3
5.0
5.1
4.1
4.0
3.5
3.5
3.1
3.1
2.1
2.2
1.9
2.6
2.2
2.0
7.5
1.5
!5
.5
.7
.4
.4
.5
13.1
12.9
17.7
4.8
3.9
9.9
17.2
.2
.2
.7
L.I
1
!
A
.2
.3
.4
C1)
(i)
10.1
1.2
.7
1.0
2.5
2.2
L2
L.3
:L.5
L.3
L.6
L.O
11.3 L.7
9 . 0 L.5
10.2 L.4
12.0 2.0
10.2 \2.3
9 . 0 L.5
.4
.4
.5
.4
.4
.3
.2
.2
.7
.2
.2
.1
0)1
C)
10.5
14.7
16.0
18.3
18.9
15.2
18.8
15.8
15.0
14.5
14.2
14.4
3.4
4.5
5.5
6.8
6.0
5.0
4.2
4.9
6.7
7.0
6.0
6.0
1.0
.5
.6
1.7
3.4
4.3
6.2
6.5
7.5
6.6
9.0
.7
(i)
0)
.1
!i
.4
.i
!3
.3
.6
.4
.5
1.7
2.4
9.7
4.7
Less than $50,000.
MAY
1948
599
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948
1948
International Fund
1947
International Bank
Feb.
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
Nov.
Aug.
May
1,357 1,356 1,345 1,333
1,559 1,626 1,929 2,030
3,869 3,630 3,304 3,155
1,176 1,309 1,342 1,202
0)
(x)
C1)
0)
7,961 7,922 7,922 7,722
-2
-1
1948
Currency bought 2
(Cumulative figures)
Mar.
1947
Jan.
Feb.
Dec.
33.0 33.0 22.0 11.0
8.8
8.8
8.8
6.8
3.4
3.4
3.4
125.0 125.0 125.0 125.0
28.0
22.5 22.5
22.5
22.5
68.5 68.5
52.0
52.0
2.5
5.0
5.0
5.0
5.0
300.0 240.0 240.0 240.0
Belgian francs
Chilean pesos
Danish kroner
French francs
Indian rupees
Mexican pesos
Netherlands guilders.
Norwegian kroner... .
Turkish liras
Pounds sterling
Mar.
Dec.
Sept.
Mar,
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
267
335
165
420
Other members
624
914
909
873
Investment securities (U. S. Govt. obli410
412
148
gations)
407
3
Calls on subscriptions to capital stock ..
5
411
45
5
Loans (inch undisbursed portions)
497
497
455
3
Other assets
7
3
250
Bonds outstanding
250
250
Loans—undisbursed
197
94
223
4
Other liabilities
2
2
Special reserve
2
0)
Capital 3
1,653 1,645 1,645 1,603
-1
Accumulated net income
-1
1
-2
c
Corrected.
Less than $500,000.
2 As of Mar. 31, 1948, the Fund has sold 594.1 million U. S. dollars;
in addition, 1.5 million pounds sterling was sold to the Netherlands
in 3May 1947.
Excludes uncalled portions of capital subscriptions, amounting to
6,610 million dollars as of Mar. 31, 1948, of which 2,540 million represents the subscription of the United States.
1
506.2 478.7
Total.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Other
assets 2
Gold 1
Liabilities of banking department
Assets of banking department
Coin
Notes
Discounts
and advances
Cash reserves
Securities
Note
circulation 3
Deposits
Bankers'
Public
Other
Other
liabilities and
capital
25
30
29
28
27
25
31
30
29
27
26
25
200.1
313.7
326.4
326.4
4
.2
.2
2
'.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
1,400.0
1,450.0
.6
.6
.8
.8
1.0
.9
.3
.9
.9
1.9
.4
1.3
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
22.1
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
12.1
12.1
11.4
15.9
29\7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
J947—Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
.2
.2
.2
.2
.2
.2
.2
.2
.2
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1,450.0
1.0
1.3
1.8
2.4
2.5
2.3
2.0
1.5
.3
62.6
56.1
55.2
30.9
56.8
73.7
89.4
109.8
100.5
18.0
8.7
20.6
28.6
16.6
14.6
5.9
4.5
15.2
344.8
353.9
337.0
364.6
332.0
325.9
318.9
302.1
331.3
1,387.6
1,394.1
1,395.0
1,419.3
1,393.4
1,376.5
1,360.8
1,340.5
1,349.7
303.7
301.9
290.3
301.8
282.0
289.6
288.8
292.5
315.1
6.9
5.0
8.0
11.3
14.0
16.2
13.8
14.0
18.6
98.0
95.1
98.3
95.1
93.4
92.1
95.9
93.3
95.5
17.8
18.0
18.1
18.3
18.4
18.5
17.8
18.0
18.1
1948—Jan. 28
Feb. 25
Mar. 31
.2
.2
.2
1,400.0
M,350.0
5
1,300.0
.3
2
.5
131.3
118.6
54.4
12.7
11.3
14.4
274.3
284.3
367.0
1,269.0
1,231.6
1,245.9
290.8
290.6
314.3
16.3
12.1
9.0
93.0
93.3
94.3
18.3
18.4
18.6
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
5
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
;and 2three pence.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948. For details on previous changes in the fiduciary
issue see BULLETIN for February 1948, p. 254.
NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see
pp. 560-561 in same publication.
600
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1938—Dec. 3 1 .
1939—Dec. 30.
1940—Dec. 3 1 .
1941—Dec. 3 1 .
1942—Dec. 3 1 .
1943—Dec. 3 1 .
1944—Dec. 30.
1945—Dec. 3 1 .
1946—Dec. 3 1 .
Gold
185.9
225.7
(*>
Sterling
nd United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm i
Note
irculation 2
Chartered
banks
Other
Dominion
govern-
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
1.0
1.0
4.0
.7
2.4
1.9
.7
1.4
2.0
,186.0
,123.0
,063.7
,081.9
,141.5
,088.0
,136.4
,039.9
,022.0
751.2
731.0
716.0
722.6
720.3
744.7
799.4
820.6
858.5
59.2
41.3
40.4
42.0
39.0
49.5
53.1
46.2
43.7
,153.9
,148.1
,152.6
,153.7
,158.9
,172.2
,179.4
,182.3
,211.4
542.6
477.6
474.4
468.3
515.0
481.1
548.7
536.7
536.2
931.3
974.4
985.2
863.2
825.7
806.7
48.2
47.2
62.7
,157.5
,156.3
.180.8
538.3
531.8
519.2
1947—Apr. 30.
May 3 1 .
June 30.
July 3 1 .
Aug. 30.
Sept. 30.
Oct. 3 1 .
Nov. 29.
Dec. 3 1 .
1948—Jan. 3 1 .
Feb. 28. .
Mar. 31.
Assets
Bank of France
(Figures in
millions of francs)
Gold 6
Open
Special'
market 7
Other
For occupation
Other »
costs 8
1938—Dec. 2 9 . . . 87,265
1939—Dec. 2 8 . . . "97,267
1940—Dec. 2 6 . . . "84,616
84,598
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . . 84,598
84,598
1943—Dec. 3 0 . . .
75,151
1944—Dec. 2 8 . . .
1945—Dec. 2 7 . . . "129,817
1946—Dec. 2 6 . . . "94,817
821
112
42
38
37
37
42
68
7
7,422
11,273
43,194
42,115
43,661
44,699
47,288
23,038
77,621
1,797
2,345
661
12
169
29
48
303
3,135
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
72,317
142,507
210,965
326,973
426,000
426,000
426,000
1947—Mar. 2 7 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 2 6 . . .
July 3 1 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .
Oct. 3 0 . . .
Nov. 2 7 . . .
Dec. 3 1 . . .
i«82,817
82,817
82,817
82,817
"64,817
64,817
"52,817
52,817
"65,225
65,225
5
6
6
6
6
3
7
10
13
12
83,613
85,120
82,221
82,983
99,114
97,490
107,877
108,050
111,368
137,397
694
134
125
84
8
20
130
250
285
64
85,221
80,901
88,429
87,134
85,195
98,224
101,935
132,913
150,065
117,826
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000
1948—Jan. 22i 5 ...
Mar. 2 5 . . .
65,225
65,225
9 145,814
15 157,997
64 125,687
12 147,841
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
195.7
179.4
105.6
124.1
133.6
128.2
143.4
84.2
68.8
54.4
63.
58.7
62.0
71.2
62.0
67.5
35.9
32.6
36.9
37.3
37.1
40.5
46.9
42.8
42.4
44.6
60.8
42.2
60.6
75.0
86.7
41.7
24.0
25.9
Liabilities
Advances to
Government
Domestic bills
Foreign
exchange
Other
Other
liabilities
and
capital •
20,627
34,673
63,900
69,500
68,250
64,400
15,850
Deposits
Other
assets•
67,900
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
79,500
55,000
63,700
95,000
113,600
124,900
139,300
127,800
116,000
147,400
58,083
a108,758
iU 03,846
i»119,662
«120,046
18105,639
13
1O3,O67
^t08,155
«110,303
13121,061
Note
circulation
Govern- C.A.R.io
ment
110,935 5,061
1,914
151,322
984
218,383
270,144
1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
41,400
64,580
16,857
10,724
Other
Other
liabilities
and
capital
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
2,718
2,925
3,586
3,894
4,461
4,872
7,078
4,087
7,213
746,266
770,670
775,053
807,064
831,587
838,442
852,195
867,700
879,492
920,831
767
770
745
834
792
750
779
762
846
733
63,880
62,304
66,745
76,747
71,329
70,651
71,299
81,030
87,513
82,479
5,021
4,992
4,599
9,040
5,075
7,250
6,861
6,502
11,408
10,942
426,000 120,700 iH04,474 891,546
426,000 155,000 i3108,979 773,199
771
791
82,849
271,034
12,808
16,045
I
8
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
* Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 6 1940, pp. 677-678).
Less than $50,000.
6
Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for
May7 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
• From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs by a payment from the State to the Bank.
10
Central Administration of the Reichskreditkassen.
" In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000
million, in week ending May 2, 1946, 35,000 million, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million
francs
of gold transferred from Bank of France to Stabilization Fund.
12
Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of
Treasury
bonds covering these contributions is shown under "Other assets."
II
Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
14
Beginning November 1947, includes gold received by the French Government from the Tripartite Commission for the Restitution of Monetary Gold, of which 10,052 million francs has been pledged as collateral against a loan.
16
Publication of Bank's statement suspended from Jan. 22 until Mar. 4.
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.
4
MAY
1948
601
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Mar.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt...
Rediscounts and loans to banks1.
Other assets
Currency circulation 2
Deposits—Member bank
Government
Nationalized x
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
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Loans to Government
Other loans and discounts
Claim against Bank of Issue..
Other assets
Note circulation
Demand deposits 4
Blocked accounts
Other liabilities and capital
Feb.
938
2,799
1,032
14,380
2,575
5,379
528
1,737
13,186
119
774
Jan.
Mar.
999 2,940
2,672 2,227
1,032 A 939
67
13,833 9,356
2,613
2,119
5,257 4,110
458
531
1,629
741
12,963 11,530
96
75
747
661
189,652 180,046 223,024
2,511
2,533 2,178
1948
Central Bank
(Figures as of last report
date of month)
Mar.
National Bank of Czechoslovakia
(millions of koruny):
Gold and foreign exchange 8 . . . .
Loans and discounts
Other assets
Note circulation—Old
273,110 269,610 277,534
New
26,904 23,297 21,063
Deposits—Old
164,849 159,590 122,693
New
Other liabilities and capital
25,896
13,378
544
49,791
7,166
64,597
1,932
77,442
5,241
78,565
2,056
25,348
12,515
544
51,026
7,870
64,597
2,240
79,140
4,485
78,572
1,943
1,158
130
3
1,120
805
1,374
1,239
4,277
847
301
404
1,157
161
3
1,031
805
1,087
1,205
4,012
790
255
393
Bank of the Republic of Colombia
(thousands of pesos):
150,645 149 526
Gold
17,100 43
Foreign exchange
21,867 21
Net claim on Int'l. Fund a
1
1,225
Paid-in capital—Int'l. Bank...
129,595 111
Loans and discounts
105,907
104,
Government loans and securities.
45,444 46
Other assets
270,933 274,534
Note circulation
25,980
13,307
486
50,982
7,883
64,597
2,289
79,736
5,309
78,576
1,903
27,722
9,787
2,464
50,088
3,828
64,597
2,328
74,690
5,328
79,248
1,549
(Dec.
1947)5
951
177
280
806
33
1,848
168
231
922
185
316
431
38
1,686
193
12
1,164
103
3
1,031
805
1,171
1,214
3,947
751
435
358
239
43
763
1,124
1,014
1,855
3,599
729
242
468
,494 220,250
,772 22,585
867 21,867
,225 1,225
,722 56,348
349 84,326
,234 32,714
517 235,064
1947
Feb.
Jan.
Mar.
Bank of the Republic of Colombia
—Cont.
Deposits
162,117 163,308 164,311 166,174
38,733 40,387 38,835 38,077
Other liabilities and capital
National Bank of Costa Rica—
Issue dept. (thousands of colones):
Gold
11,498 11,255
Foreign exchange
,
20,593 13,465
Contributions to Int'l. Fund and
to Int'l. Bank
30,321 30,321
Loans and discounts
69,675 62,510
Securities
3,943 4,045
Other assets
783
1,352
Note circulation
87,653 74,715
Demand deposits
42,438 42,011
Other liabilities and capital
6,723 6,223
437,539 440,237 382,956
27,804 23,323 11,813
192,643 193,643 198,680
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
National Bank of Bulgaria 6
Central Bank of Chile (millions
of pesos):
Gold 7
Foreign exchange (net) 3
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
1947
1948
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
Contributions to Int'l. Fund and
to Int'l. Bank
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 3
Net claim on Int'l. Fund
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities and capital.....
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net)
Net claim on Int'l. Fund 3
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
4,380
12,291
54,861
(9)
57,020
(9)
2,811
11,702
71
123
65
i
17
99
5,530
195
1,527
1,852
2,573
148
275,243
27,163
16,881
199,257
102,173
303,852
243,752
73,211
5,156
4,999
12,793 3,599
54,917 124,525
931
56,009 42,904
71,665
4,998 9,133
11,858 8,490
71
103
65
3
14
102
5,532
188
1,540
1,871,
2,516
149
71
100
71
98
65
-14
20
113
5,571
192
1,571
1,873
2,527
145
115
21
70
6,482
217
1,506
1,656
3,760
152
,168 275,084 273,196
,043 22, 884 25,711
,877 16 877 16,877
,063 211 871 202,767
,234 103 744 127,365
,296 313 142 331,322
,626 233 070 268,659
247 45,934
,463
,376 6,376 6,376
,089 13,480 15,089
263 6,681 3,829
873
435
982
,831
310
913
36,741
46,788
1,564
2,646
5,467
1,588
57,402
31,907
5,485
306,083 306,508
28,701 24,074
133,530 133,792
89,684 85,246
120,787 123,482
17,321 13,357
36,786
39,969
1,564
4,975
5,462
1,707
57,259
27,623
5,581
37,256
48,289
1,563
1,468
5,575
1,615
56,483
30,941
8,343
1
2
3
Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank.
By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time4as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
5
Latest month available.
6
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
7
Beginning
January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
8
Gold not reported separately beginning Dec. 31, 1946.
9
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
602
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
1947
1948
Central Bank
(Figures as of last report
date of month)
Mar.
Feb.
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
Gold
Silver
Foreign exchange
Treasury bills
Other assets
Circulation—Notes
Coin
Other liabilities and capital
Bank of Finland (millions of
markkaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
(Dec.
1947)1
1,458
5,685
27,464
2,832
28,331
37,433
27,769
567
(Nov.
1947)1
641
19
760
1,079
135
829
81
229
1,495
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
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad..
Sterling securities
Indian Govt. Securities. . . .
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Mar.
8,243
36,882
2,460
20,274
47,560
17,932
2,365
135
135
2
91
1,642
971
560 3,248
-2,898 -2,712 - 2 , 5 8 7 -7,099
33,855 32,469 31,843 30,580
406
376
378
452
1,653
507
779 1,072
26,776 24,448 23,258 20,944
1,288
1,876
1,167
1,753
6,518
6,131
6,141
5,558
Bank of Greece (billions of drachmae):
Gold and foreign exchange, (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
Jan.
Mar.
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencies
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital..,
8
670
685
77
559
77
166
1,409
Feb.
Jan.
Mar.
525
525
523
13 267
,712 8,699
608 654 608 856 484,450
16
16 21,887
150 170
,601 55,921
130 363
,364 105,630
,864 36,411
74 028
,714 441,133
715 385
372 82,830
61
6,771
,653 69,657
,745 94,948
,456 18,182
3
59
50
93
38
10
215
11
17
11
265
122
686
108
196
969
319
075
923
031
264
1,444
522 16,774
749 51,911
762 65,101
955
2,545
832
4,388
049 115,726
008 10,251
269 11,260
758
4,927
Bank of Java 2
Bank of Mexico (millions
of pesos):
Monetary reserve 3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
27,229 27,229 27,228
Other liabilities and capital
609
627
628
688
,501
660
104
,678
759
437
1,458
655
148
1,690
819
380
1,516
654
128
1,696
817
413
1,653
535
105
1,697
1,057
228
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
314
Blocked
:
98
Other
511
Other liabilities and capital
509
3
380
175
3,500
230
124
2,948
921
77
488
240
551
3
394
161
3,500
210
124
2,897
1,014
80
464
240
582
3
335
153
,500
195
125
,911
857
138
509
227
520
2
109
174
3,600
109
137
2,766
680
74
689
168
23,625 22,769 23,345
1,250
1,250
1,250
3,182
3,073
9,708 '8,277
10,048
30,704 30,236 30,471
2,777
2,899
2,901
5,371
8,233
8,138
14,013 13,112 13,776
7,705
9,659
9,470
403
43
1,687
340
252
1,973
184
176
393
1948
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
772
Other liabilities
403
60
1,601
340
200
1,942
149
130
382
403
104
1,624
340
184
1,962
122
194
376
340
413
1,173
45
65
393
Reserve Bank of New Zealand
(thousands of pounds) :
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
444
444
444
Demand deposits
11,353 11,353 11,353
Other liabilities and capital
578
828
368
12,868
578
369
12,622
125
3,848
23
3
927
4,926
294
123
3,717
34
2
1,119
4,738
256
205
12,420
160
4,772
32
942
5,620
287
Central Bank of Ireland (thousands
of pounds):
2,646
2,646
2,646
2,646
Gold
Sterling funds
I 41,113 40,312 40,813 37,568
43,759 42,958 43,459 40,214
Note circulation
1
2
3
Central Bank
(Figures as of last report
date of month)
Bank of Norway (millions of kroner):
Gold
Foreign assets (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
|
Banks
Blocked
Other
Other liabilities and capital
2,802
2,802
2,802
73,164 66,133 84,938
43,756 43,902 31,053
7,868 3,868
7,868
1,558
1,431
2,229
48,694 49,345 46,968
76,069 67,932 72,053
4,986 5,072
5,056
320
497
34
71
8,094
50
1,976
3,774
1,408
841
394
672
324
482
76
72
8,094
47
2,008
3,846
1,365
844
329
703
336
554
58
76
8,108
52
1,883
4,925
733
929
360
354
Latest month available.
For last available report (January 1942), see BULLETIN for March 1943, p. 278.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand
MAY
1948
603
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
Mar.
Feb.
Bank of Paraguay—Monetary
dept. (thousands of guaranies):
721
721
Gold
25,696 24,738
Foreign exchange (net) 1
2,709
2,709
Net claim on Int'l. Fund
-16
-16
Paid-in capital—Int'l. Bank
18,249 17,000
Loans and discounts
Government loans and securities. 8,362 8,776
1,262
1,140
Other assets
45,686 44,049
Note and coin issue
8,366 8,291
Demand deposits
2,932 2,729
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange. . .
Net claim on Int'l. Fund 1 . . . .
Contribution to Int'l. Bank. .
Loans and discounts to banks .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital...
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities and capital
National Bank of Rumania
1947
Jan.
Mar.
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 5
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
110,137
62,344
87,055
14,035
62,820
203,912
6,839
Mar.
Swiss National Bank (millions of
francs):
721 1,870
Gold
,736 33,350
Foreign exchange
,709 1,545
Loans and discounts
-121
-16
Other assets
,000 5,400
Note circulation
,968 9,821
Other sight liabilities
518
,014
Other liabilities and capital
,591 37,170
,092 13,019 Central Bank of the Republic of
,449 2,192 Turkey6 (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
107 149 78,111
Securities
20 496 20,491
Other assets
2 480 2,480
Note circulation
124 863 132,595
Deposits—Gold
708 129 610,140
Other
»-65,589
87
Other liabilities and capital
696 098 619,008
201,250
244
89,147 Bank of the Republic of Uruguay
110
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l. B a n k . . . .
5,608
618
Advances to State and govern715 12,127
ment bodies
387
397
Other loans and discounts
1,302
280
Other assets
461
491
Note circulation
454
8,359
Deposits—Government
699
3,066
Other
443
7,602
Other liabilities and capital
905
857
197,766
602,520
191,559
32,953
867 ,346
151,802
240,553
243,646
Central Bank of Venezuela (thousands of7 bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation—Central Bank.
National banks.
Deposits
Other liabilities and capital
684,054
63,973
75,653
617,532
3,713
2
South African Reserve Bank
(thousands of pounds):
Golds
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
1948
Central Bank
(Figures as of last report
date of month)
187,751
53,094
7,454
15,573
63,099
194,184
6,588
(Dec.
1947)4
1,215
500
15,568
10,398
3,666
26,014
658
3,870
805
,398
,952
,092
,041
,137
,929
,418
,214
522
,773
,952
,659
,390
,307
,954
468
213
308
223
373
229
404
585
453
,716
141
355
,730
632
103
268
,867
111
364
,736
633
297
272
,702
116
335
,734
613
163
276
,011
146
467
,640
547
118
356
5,625
67
235
104
4,185
1,148
698
Feb.
,624
101
185
82
,166
,123
703
Jan.
5,605
131
236
86
4,150
1,200
707
Mar.
,960
158
80
84
,932
,109
240
478,550 477,961 477,932 653,002
228,291 254,807 268,831
595,790 597,580 548 ,255
196,
184,704
37
27,451
873,306 860,840 976 ,765
151 ,802
802 182,604
280 ,705
981 291,405
221,940 238,309 231 ,470
(Dec.
1947)4
265,076 298 ,611
12,525 12,940
314
318
50,783
182,378
263,765
240,789
54,802
251,207
228,044
603,077
86,089
83,639
594,270
3,852
145,978 145,091
56,457 29,593
16,012
135,469
381,169
224,268
37,099
252,758
330,395
557, 408 617,912
16,624
108,
66,862
77,
006
490,340
590,
6,576
3
171,070
117,
33,412
31
National Bank 2of the Kingdom
of Yugoslavia
Bank for8 International Settlements (thousands of Swiss gold
francs):
Gold in bars
122,429 108,020 101,510 82,688
Cash on hand and on current
account with banks
9,144
42,637 20,868 23,486
Sight funds at interest
250
496
496
251
Rediscountable bills and acceptances (at cost)
23,846 25,288 27,739 27,589Time funds at interest
15,913 17,662 15,506 12,983
Sundry bills and investments.
. . 58,414 59,406 60,509 74,582
Funds invested in Germany 9 . . . 291,160 291,160 291,160 291,160s
Other assets
1,161
256
210
496
Demand deposits (gold)
17,650 17,650 17,665 18,128
Short-term deposits (various
currencies):
Central banks for own account
48,463 17,139 16,354 8,110*
Other
8,970 9,452 9,290 1,501
Long-term deposits: Special accounts
228,909 228,909 228,909 228,909*
Other liabilities and capital
251,819 249,761 248,400 242,490'
r
Revised.
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 as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
' F o r last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February8 1941), see BULLETIN for March 1942, p. 282.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
Latest month available.
1
Includes small amount of non-Government bonds.
•7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.8
See BULLETIN for December 1936, p. 1025.
• Before March 1947, included in "Sundry bills and investments."
604
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Central
bank of —
United
SwitGer- Bel- Nether- SweKing- France many
zergium lands
den land
dom
In effect Dec. 31,
1937.....
May 10, 1938..
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939..
Apr. 17
May 11
July 6
Aug. 24
Aug. 29.
Sept. 28
Oct. 26
Dec. 15
Jan. 25,1940..
Apr. 9
May 17
Mar. 17, 1941..
May 29
June 27
Jan. 16, 1945..
Jan. 20
Feb. 9
Nov. 7,1946..
Dec. 19
Jan. 10, 1947..
Aug. 27
Oct. 9
In effect Apr. 30,
1948
Rate
Apr.
30
Central
bank of—
Data
effective
Ireland.
Italy...
Japan..
Java...
Latvia.
Rate
Apr.
30
Date
effective
Albania;::?...
Argentina:?!..
Austria
Belgium
Bolivia
Mar. 21,
Mar. 1,
July 3,
Aug. 27,
Nov. 8,
Bulgaria!
Canada.:!....
Chile.
Colombia
Costa Rica::!.
Czechoslovakia
Aug. 14, 1946
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Apr. 1, 1939
Oct. 28, J945
Lithuania;::
Mexico..-...,
Netherlands
NewZealand.
Norway
Peru
July 15, 1939
June 4, 1942
June 27, 1941
July 26, 1941
Jan. 9, 1946
Nov. 13, 1947
Denmark
Ecuador
El Salvador.
Estonia.::
Finland::
Jan.
June
Oct.
Oct.
Feb.
Portugal.:::.
Rumania....
South Africa.
Spain
Sweden
Jan. 12,
M a y 8,
June 2,
Oct. 27,
Feb. 9,
France ..
Oct.
Ger:
_.. any.
Greece. ..
Hungary.:
India
Apr.
Aug.
Nov.
Nov.
15,
8,
15,
1,
6,
1940
1936
1945
1947
1940
1946
1943
1946
1935
1948
9, 1947 Switzerland..
Turkey
1940 United Kingdom
1946
1947 U . S . S . R . . . .
1935 Yugoslavia..
9,
16,
1,
28,
Nov. 23, 1943
Sept. 6, 1947
Apr. 7, 1936
3.29 Jan. 14, 1937
3
Feb. 17, 1940
5
38
k
1944
1944
1941
1947
1945
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes since Mar. 31: None.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Year and
Month
France
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers*
allowance
on deposits
4.08
.78
3.84
.73
.88
4-3
1.06
.78
.65
.68
.75
.62
.55
.51
.39
.37
.36
.40
4.63
.83
.95
.38
.55
.55
.53
.53
1.04
1.03
1.03
1.03
1.03
1.03
.53
.53
1.00
1.00
1.00
1.00
.51
.51
.75
1.00
1.00
1.04
1.10
1.13
1.00
.63
.63
1947—Mar..
Apr...
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
.40
.41
.41
.41
.41
.41
.41
.41
.41
.41
.53
.53
.53
.53
.53
.53
.53
.53
.53
.53
.51
.51
.51
.51
.51
.51
.51
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
1948—Jan..
Feb..
.41
.41
.54
.56
.51
.50
.63
.63
1932—Feb
1933—Feb
1934—Feb
1945—Feb
1936—Feb
1937—Feb
1938—Feb
1939—Feb
1940—Feb
1941—Feb
1942—Feb
1943—Feb
1944—Feb
1945—Feb
1946—Feb
1947—Feb
.86
.28
.53
.53
.50
.51
1.02
1.02
.63
.75
.75
.75
Day-today
money
3.74
2.57
1.50
1.25
2.00
1.58
1.65
1.69
1.60
.36
.39
.41
.41
.46
.45
.51
.46
.44
1.64
2.12
2.04
2.02
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
1.18
1.72
1.00
1.46
.52
.50
.50
.50
.37
.18
.00
.00
.25
.25
.25
.25
.25
.25
.25
.25
1.65
1.59
1.45
1.46
1.52
1.30
1.08
.95
.93
1.13
1.19
1.11
1.08
.86
1.09
1.00
.75
.95
.74
.53
.25
.25
.25
.25
.25
.25
.25
.38
.38
.38
1.28
1.38
.57
.78
.50
.50
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
MAY
1948
605
COMMERCIAL ]BANKS
Assets
United K i n g d o m 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
1941—December
1942—December
1943—December
1944—December . . . .
1945—December
1945—December.:
366
1947—March
April
May
. .
June
July
August
September . . .
October
November
December
Loans to
Bills dis- Treasury
deposit 2 Securities customers
counted receipts
171
141
390
422
500
142
151
199
198
133
147
536
499
252
432
369
610
466
476
460
464
475
444
435
430
451
442
750
709
659
672
699
479
465
724
758
468
466
455
472
476
480
825
476
460
800
465
442
713
488
502
1943—January
February
Money at
call and
short
notice
Liabilities
799
793
758
896
999
Other
assets
823
324
1,307
1,667
1,523
1,560
,120
,154
,165
,234
,427
794
761
772
325
349
347
827
994
374
505
1,317
1,346
1,350
1,330
1,283
1,248
1,193
1,147
1,196
1.288
,455
,461
,470
,479
,488
,492
,493
,500
,500
,483
1.034
1,064
1,099
1,131
1,139
1,154
1,155
t ,185
1,205
1,219
465
470
489
518
504
1,217
1,157
,480
,485
1,231
1,280
473
476
487
492
567
513
500
Deposits
Total
Demand
Time
3,329
3,629
4,032
4,545
4,850
5,685
2,168
2,429
2,712
3,045
3,262
3,823
1.161
1,200
1,319
1,500
1,588
1,862
5,556
5,583
5,571
5,658
5,644
5,628
5,615
5,690
5,767
5,935
3,606
3,628
3,593
3,667
3,668
3,663
3,653
3,713
3,781
3,962
5,776
5,642
3,821
3,670
1,950
1,956
1,978
1,992
,975
,965
1,962
,977
,986
1,972
1,955
,942
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
1.169
1,168
1,156
1,211
1,274
1,507
168
231
250
214
227
195
97
81
106
99
82
83
93
92
105
1,555
1,628
1,664
11,709
,761
.805
2,027
1,931
2,065
1,999
77
70
1,953
1,933
32
31
48
92
251
1941—December
1942 'December
1943—December
1944—December
1945—December
1945—December
356
387
471
550
694
753
136
1947—March
April
May
June
July
August
September
October
November
December
695
121
719
631
637
645
670
663
702
695
731
698
679
.
. .
1948—January
February
132
t ,759
2 ,293
I ,940
.1 ,611
4 ,038
4 ,232
Other
assets
Note
circulation
653
657
744
782
869
71
60
42
34
26
1.039
21
142
113
126
119
116
113
102
107
106
4 ,239
4 ,349
4 ,162
4 ,131
4 ,110
4 ,109
3 ,963
3 ,882
3 ,850
3 ,874
1,156
1,051
1,159
21
20
20
20
19
19
19
18
18
97
108
3 ,972
3 ,968
1,029
1,017
18
18
993
1,035
21
998
1,041
1,036
1,014
933
Deposits payable in Canada
excluding interbank deposits
1947—Tanuary
February
March
April
May
June
July
August
September
October
November
December
....
• .
374
376
386
386
386
396
397
387
389
396
401
400
Total
Demand
Time
3,105
3,657
4,395
5,137
5,941
6,252
1,436
1,984
2,447
2,714
3,076
2,783
1,669
1,673
1,948
2,423
2,865
3,469
1,049
1,172
1,289
1,386
1,525
6,188
6,356
6,066
6,152
6,170
6,186
6,193
6,283
6,279
6,412
2,569
2,719
2,383
2,508
2,481
2,412
2,387
2,531
2,569
2,671
3,619
3,637
3,682
3,644
3,690
3,774
3,806
3,753
3,710
3,740
11,590
6,281
6,227
2,457
2,346
3,824
3,881
L.526
.531
Assets
1941—December
1942—December
1943—December
1944—December
1945—December
1945—December
265
342
Other
liabilities
and
capital
962
1,594
1,563
1,578
,580
,591
,570
,563
,562
,544
Li.ibilities
France
(4 large banks. End
of month figures in
millions of francs)
253
236
245
250
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
Other
assets
Cash
reserves
Due from
banks
Bills dis countecI
6,589
7,810
8,548
10,365
14,602
17,943
3,476
3,458
4,095
4,948
13,804
18,919
61,897
73,917
90,897
99,782
155,025
195,177
8,265
10,625
14,191
18,653
36,166
64,933
2,040
2,622
2,935
2,190
7,360
23,392
17,267
16,992
19,471
18,578
17,516
27,316
21,428
21,585
20,950
19,696
21,597
22,551
20,241
19,127
20,677
20,877
20,684
20,419
20,388
19,464
20,451
19,018
20,691
19,410
195,750
197,377
203,451
202,425
209,977
196,762
208,792
210,551
209,323
211,760
205.314
219,374
67,084
66,114
66,744
69,670
68,656
73,569
79,789
80,220
85,712
86,269
92,010
86,344
18,367
18,756
20,724
21,081
22,377
22,866
24,928
29,200
31,391
32,338
33,482
37,291
Deposits
Own
ances
Other
liabilities
and
capital
Total
Demand
Time
7 6 , 656
9 1 , 549
112, 732
128, 758
213, 908
291, 894
7J ,744
91 ,225
111 ,191
ne ,578
211 ,871
29(1 ,004
1,541
2,180
2,037
1,890
2,898
15,694
5,199
6,422
7,506
6,623
10,151
12,777
295, 444
294, 922
305, 583
306, 356
311, 244
312, 289
324, 665
326, 393
331, 219
330, 949
333, 858
342, 166
29.1 ,484
292 ,946
30,1 ,742
30.1 ,857
308 ,256
30SM37
321 ,678
37.1 ,415
37? ,438
37/ ,997
331 .059
33£ 5,710
1,960
1,976
1,841
2,499
2,988
3,152
2,987
2,978
2,781
2,952
2,799
3,457
15,767
15,720
16,380
16,772
17,606
17,679
18,589
21,932
23,149
23,304
23,632
25,175
7,499
7,723
9,103
9,503
10,360
10,964
12,072
12,695
13,459
14,830
15,603
17,628
912
324
413
462
428
557
i From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements will give end-of-month data.
3
Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
606
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
1941
1942
1943
1944
1945
1946
1947
1947—May
June
July
August
September
October
November
December
1948—January
February
March
April
Argentina
(peso)
Special
Official Export
Australia
(pound)
Official
Free
Belgium
(franc)
23.704
23.704
24.732
25.125
25.125
25.125
25.125
322.80 321.27
322.80 321.50
322.80 2321.50
322.80
2
322.80 '321.17
321.34
321.00
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
320.91
320.90
320.90
320.92
321.12
321.19
321.15
321.21
2.2831
2.2832
2.2818
2.2821
2833
2830
2.2812
2.2789
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
321.16
321.20
321.21
321.23
Colom- Czecho- Denbia
slovakia mark
(peso) (koruna) (krone)
57.004
57.052
57.265
57.272
Official
4406
4406
5.4406
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
91.954
91.592
91.652
91.998
90.362
89.989
89.589
88.359
2.2784
2789
2793
2.2796
5.4406
5.4406
5.4406
5.4406
100.000
100.000
100.000
100.000
90.455
89.062
89.280
90.633
Finland
(markka)
France
(franc)
Hong
Kong
(dollar)
India
(rupee)
Official
Free
Netherlands
(guilder)
20.580
20.576
20.575
20.582
20.578
20.576
20.576
20.575
37.760
37.751
37.760
37.753
37.751
37.762
37.768
37.699
.8400
30.172
30.168
30.168
30.169
20.576
20.575
20.575
20.578
37.654
37.714
37.750
37.765
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.866
20.865
20.862
20.862
20.861
20.861
20.863
20.860
1948—January
February.. .
March
April
56.991
57.010
57.010
57.010
2.0060
2.0060
2.0060
2.0060
20.860
20.860
20.860
20.860
• .4671
.4671
.4671
«.3270
.3270
.3277
South
Spain
Africa
(escudo) (pound) (peseta)
Straits
Settlements
(dollar)
Sweden
2 4.0023
5.313
30.161
30.163
30.171
30.171
30.167
30.169
30.176
30.177
1947—May
June
July
August....
September.
October. . .
November.
December..
322.54
322.78
324.20
Mexico
(peso)
2
.8408
.8407
.8407
.8405
.8407
.8407
.8404
.8403
21.9711
.8409
.8407
1941
1942
1943
1944
1945
1946
1947
Italy
(lira)
4.0000
37.933
37.813
37.760
'20.876
20.864
(krone)
5.1664
Export
2
20.538
20,569
20.577
20.581
20.581
20.581
20.577
24.592
2.0060
2.0060
PortuNorway
gal
2
China
(yuan
Shanghai)
30.137 2 5.0703
30.122
30.122
30.122
30.122
30.155 2 .4434
30.164
22.0101
5
Official
Free
87.345
88.379
89.978
89.853
90.485
93.288
91.999
57.014
57.020
57.001
Year or month
Official
Chile
(peso)
90.909
90.909
90.909
90.909
90.909
95.198
100.000
0705
1427
1280
1469
1802
1941.
1942.
1943.
1944.
1945.
1946.
1947.
New
Zealand
(pound)
Canada
(dollar)
Free
6.0575
6.0584
6.0586
6.0594
22.2860 2 6.0602
2.2829 6.0602
2.2817
5.4403
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Year or month
In cents per unit of foreign currency]
Brazil
(cruzeiro1)
47.133
2 46.919
Switzerland
(franc)
(krona)
United
Kingdom
(pound)
Controlled
Noncontrolled
23.363
23.363
403.50 403.18
403.50 403.50
403.50 2 403.50
403.50
403.50 3463! 02
403.28
402.86
65.830
65.830
65.830
65.830
65.830
65.830
65.830
43.380
52.723
52.855
53.506
55.159
56.280
56.239
Official
23.829
Uruguay
(peso)
Free
29.130
324.42
323.46
322.63 2 20.176 2 4.0501
322.29 20.160 4.0273
398.00
398.00
398.00
398.00
399.05
400.50
400.74
29.132
9.132
25.859
27.824
1947—May
June
July
August
September
October
November
December
322.20
322.18
322.18
322.20
322.41
322.48
322.44
322.50
20.160
20.160
20.160
20.159
20.158
20.159
20.159
20.159
4.0208
4.0275
4.0161
4.0257
4.0203
4.0240
3.9985
4.0088
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
9.132
9.132
9.132
27.824
27.826
27.827
27.826
27.822
27.823
27.825
27.826
23.363
23.363
23.363
23.363
23.363
23.363
23.363
23.363
402.74
402.72
402.71
402.73
403.00
403.10
403.05
403.13
65.830
65.830
65.830
65.830
65.830
65.830
65 830
65.830
56.262
56.262
56.259
56.203
56.204
56.204
56.204
56.204
1948—January
February...
March
April
322.45
322.49
322.50
322.51
20.159
20.160
20.160
20.160
4.0043
3.9700
3.9856
3.9966
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
27.825
27.826
27.826
27.826
23.363
23.363
23.363
23.363
403.07
403.11
403.13
403.15
65.830
65.830
65.830
65.830
56.198
56.180
56.180
56.180
23.210
2
1
2
3
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates
in the
New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940.
4
The rate quoted after July 22, 1946. is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate
for July
1-19 is 5.1902, and for Jan. 1-July 19, 5.1860,
while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955.
1
6
Based on quotations through Jan. 23.
Based on quotations beginning Feb. 10.
NOTE.—For back figures see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947,
p. 933; February 1944, p. 209; and February 1943, p. 201.
MAY
1948
607
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbersl
Year or month
United
States
(1926 =
100)
Mexico
(1929 =
100)
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
Italy
(1938 =
100)i
France
(1938 =
100)
1926
100
100
2 124
106
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
75
80
81
86
79
77
79
87
99
103
104
106
121
152
72
72
75
85
79
75
83
90
96
100
103
104
109
129
95
95
101
119
126
127
128
136
148
182
227
247
286
302
89
94
109
101
103
137
153
159
163
166
169
175
192
58
52
63
89
100
105
139
171
201
234
265
375
648
989
1947—April
May
June
July
August
September
October
November
December
148
147
148
151
154
157
159
160
163
123
125
128
129
131
134
139
143
144
300
299
297
293
292
298
304
306
303
187
189
190
193
194
195
199
203
204
847
946
904
888
1,004
1,096
1,129
1,211
1,217
1948—January
February
March
166
161
161
147
147
147
302
304
303
212
217
217
1,463
1,537
PI.535
Netherlands
(July 1938June 1939
= 100)
Japan
(1933 =
100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
132
150
2 126
144
P5.158
99
103
110
133
140
155
173
183
197
209
233
308
1,599
5,103
90
87
91
108
102
105
131
150
157
160
164
181
251
271
2 96
100
102
114
111
115
146
172
189
196
196
194
186
199
90
90
96
111
107
111
143
184
210
218
223
221
215
224
»-4,536
5,203
5,329
5,779
5,889
6,202
'6,010
5,647
P5,516
3,121
3,323
3,456
4,871
6,503
6,960
7,833
8,599
8,863
268
268
270
272
271
272
274
277
280
197
198
199
199
199
'202
'203
204
'205
221
221
222
223
223
224
230
232
232
9,144
P279
P279
207
208
234
234
J>235
65
72
80
94
100
104
121
136
153
p1 Preliminary.
' Revised.
The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities.
The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1934-1942 are derived from
old index.
2
Approximate figure, derived from old index (1913 == 100).
Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926 = 100)
Year or month
United Kingdom
(1930= 100)
Canada
(1926 = 100)
Other
Farm
commod- products
ities
Raw and Fully an d
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
73
73
74
81
78
75
82
89
92
93
94
94
99
117
85
87
92
102
97
97
133
146
158
160
158
158
158
165
90
90
96
112
104
106
138
156
160
164
170
175
184
207
126
112
163
128
129
113
116
165
166
Farm
products
Foods
1926...
100
100
100
100
100
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
65
79
81
86
69
65
68
82
106
123
123
128
149
181
71
84
82
86
74
70
71
83
100
107
105
106
131
169
78
78
80
85
82
81
83
89
96
97
99
100
110
135
59
64
69
87
74
64
68
73
85
98
107
64
66
71
84
73
67
75
82
90
99
104
106
109
130
1947—April
May
June
July
August .
September
October
November
December
177
162
160
162
167
172
179
178
178
178
132
'123
'125
'125
'126
'126
'127
129
'133
'137
131
133
134
139
143
145
116
117
123
128
131
132
168
167
165
167
171
172
1948—January
February
!March
199
185
180
172
174
148
'148
'141
'139
138
148
147
137
137
174
181
147
137
181
. . . .
. .
176
178
181
182
186
190
188
197
186
132
131
133
136
138
140
142
146
148
••112
'118
'126
Netherlands
( J u l y 1 9 3 8 - J u n e 1939 = 1G0)
Foods
Industrial raw
products
Industrial
finished
products
103
121
140
157
157
159
172
200
214
112
163
177
175
174
179
193
282
328
104
126
148
154
159
163
184
261
276
200
203
203
207
209
213
218
221
222
215
316
274
321
323
275
277
207
204
205
213
227
236
337
338
339
339
341
342
276
276
277
277
279
279
235
237
239
*>235
P233
P340
»340
P279
P280
206
205
P Preliminary.
' Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
608
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or
month
COST OF LIVING
[Index numbers]
SwitzUnited
CanKing- France Nether- erlands
land
ada
dom
(1935-39 (1935-39 (June 17 =(1938
(June
100 (1911-13
= 100)
1947
= 100)
1914
= 100)
= 100)
United
States
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
101
105
98
95
97
106
124
138
136
139
160
194
98
103
104
101
106
116
127
131
131
133
140
160
130
139
141
141
164
168
161
166
168
170
169
S101
1947-April
May.
June
July
August
September
October. ..
November,
December.
188
188
191
193
197
204
202
203
207
152
155
158
160
161
165
171
174
179
U61
U01
99
100
101
103
103
1948-January...
February..
March
210
205
202
182
186
186
168
162
104
108
100
108
129
149
174
224
275
377
645
1,043
120
127
130
130
150
177
191
198
120
130
130
132
146
175
200
211
215
215
210
222
SwitzUnited
erKing- France NetherCanland
dom
lands
ada
(June
(1911-13
(1935-39 (1935-39 (June 17 =(1938
100
1914
1947
= 100)
= 100)
= 100)
= 100)
United
States
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945...
1946
1947
99
103
101
99
100
105
117
124
126
128
139
159
98
101
102
102
106
112
117
118
119
119
124
136
147
154
156
158
184
199
200
199
201
203
204
3 101
830
883
941
974
,089
,187
,309
,378
,393
216 1947-April
220
May
222
June
221
July
222
August
222
September
229
October.. .
230
November.
230
December.
156
156
157
158
160
164
164
165
167
131
133
135
136
137
139
142
144
146
203
203
1203
,437
,541
,518
230 1948-January...
February..
230
March
P229
169
168
167
148
150
151
104
106
100
108
129
150
175
224
285
393
645
1,030
130
137
137
138
151
174
193
203
208
209
208
217
2 132
137
139
140
154
175
187
195
837
886
935
965
,068
,157
,268
,336
,354
213
216
217
217
218
218
223
223
223
,414
,519
1,499
224
224
P223
U01
100
101
101
103
104
p Preliminary.
*The old index (July 1914=100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is
also the base period
used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August
2
1947, 3 p. 255.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 203 for retail food prices and 166 for cost of living.
Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues. . .
United
States i
(derived
price)
15
1947—April
May
June
July
August
September. . .
October
November. . .
December....
113.8
115.9
117.8
118.3
120.3
120.9
122.1
123.4
121.5
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
1948—January
February....
March
117.4
117.5
118.0
1939....
1940
1941
1942
1943
1944
1945
1946
1947
United
Canada 2 Kingdom
(1935-39 (December
= 100) 1921=100)
(2)
98.2
95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5
117.9
118.2
118.6
119.3
119.2
119.0
118.8
118.5
117.9
108.6
108.6
103.4
87
France
(1938=
100)
Netherlands 3
50
13
112.3
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
132.6
132.9
132.1
131.1
126.4
126.4
128.0
128.2
130.1
7 114.2
114.2
M43.4
146.4
146.6
150.5
152.1
144.6
132.0
138.6
136.9
135.4
131.1
128.6
125.2
122.0
121.4
122.2
130.5
130.6
130.0
118.9
119.1
P119.2
' io^o"
105.6
104.3
104.6
105.0
105.3
106.3
106.6
105.9
104.0
103.7
United
States
(1935-39
= 100)
402
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
119.3
115.2
119.1
126.0
124.5
123.1
125.1
123.6
122.4
120.1
114.2
116.4
Canada 4
(1935-39
=100)
100
77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
104.8
104.4
105.3
107.4
105.5
104.1
105.5
107.3
106.2
107.5
102.2
101.5
NetherFrance 3
lands 6
(December
(1926= 100) 1938= 100) (1938= 100)
United
Kingdom
278
S295
75.9
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
112
M40
8 308
479
540
551
694
875
1 ,149
202.7
96.6
97.9
97.5
98.2
92.2
88.7
89.3
90.2
92.6
,017
1,003
L.124
1,135
L.265
L,298
1,245
1,294
L ,211
201.9
203.0
201.4
203.4
206.5
218.7
225.1
212.9
215.3
93.9
91.1
90.2
p] 1,239
37
1,301
1,229
p Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the
United
States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and
thereafter
on the capitalized yield as calculated on the 15th of every month.
3
Beginning February 1947, this index represents the reciprocals of average yields for 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative
bond4 for each group. The average, yield in the base period (January-March 1937) was 3.39 per cent.
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
5
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
6
This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average
of daily
quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS.
7
Arerage based on figures for 5 months; no data available June-December.
8
Average based on figures for 10 months; no data available January-February.
Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p.373; June 1935, p.394; and February 1932, p. 121.
MAY
1948
609
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
ELLIOTT THURSTON, Assistant
CHESTER MORRILL, Special Adviser
to the Board
to the Board
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
WINFIELD W . RIEFLER,
Assistant
to the Chairman
DIVISION O F EXAMINATIONS
ROBERT F. LEONARD, Director
EDWIN R. MILLARD, Assistant Director
GEORGE S. SLOAN, Assistant Director
DIVISION O F BANK OPERATIONS
EDWARD L. SMEAD, Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Associate General Counsel
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant
DIVISION O F RESEARCH A N D STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
J. BURKE KNAPP, Assistant Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL
CHESTER MORRILL, Secretary
ADMINISTRATION
FRED A. NELSON, Director
DIVISION O F ADMINISTRATIVE
SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
Director
FEDERAL
ADVISORY COUNCIL
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
LAWRENCE CLAYTON
ERNEST G. DRAPER
MARRINER S. ECCLES
R. M. EVANS
R. R. GILBERT
H. G. LEEDY
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
C. S. YOUNG
Director
CHAS. E. SPENCER, JR.,
First Vice
BOSTON DISTRICT
President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . M C C O Y ,
CLEVELAND DISTRICT
ROBERT V . FLEMING,
RICHMOND DISTRICT
Second Vice
President
J. T . BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS,
Economist
KARL R. BOPP, Associate Economist
WATROUS H . IRONS, Associate Economist
JOHN K. LANGUM, Associate Economist
T. BRUCE ROBB, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Mar\et
Account
610
JAMES H . PENICK,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M . KEMPER,
KANSAS CITY
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
DISTRICT
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston
Laurence F. Whittemore
William Willett
Robert B. Harvey2
E. G. Hult
E. 0. Latham
William I. Myers
Allan Sproul
L. R. Rounds
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Warren F. Whittier
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin 3
A. H. Laning
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Albert M. Creighton
Harold D. Hodgkinson
New York
Philadelphia....
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
W. G. Wysor
Charles P. McCormick
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
L. M. Clark
Chicago
Clarence W. Avery
Paul G. Hoffman
C. S. Young
Charles B. Dunn
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Chester C. Davis
F. Guy Hitt
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
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
Vice rTcsiueuLJS
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Joel B. Fort, Jr.
Allan M. Black2
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0 . M. Attebery
Wm. E. Peterson
William B. Pollard
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
C. E. Earhart
H. N. Mangels
Albert C. Agnew
W. N. Ambrose
D. L. Davis
J. M. Leisner3
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
C. A. Mcllhenny
P. M. Poorman3
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sihler
C. A. Schacht
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
C. E. Sandy8
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom*
C. M. Rowland
Mac C. Smyth
W. L. Partner
C. R. Shaw
H. F. Slade
W. F. Volberg
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Federal Reserve
Bank of
Chief Officer
New York
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
William B. Pollard
1
MAY
Also Federal Reserve Agent.
1948
2
Cashier.
3
Branch
Chief Officer
Minneapolis.... Helena
R. E. Towle
Kansas City. . . . 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.
1
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
611
FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained from MONETARY AND BANKING
the Division of Administrative Services, Board of
Includes translation of
Governors of the Federal Reserve System, Washports, and introduction
ington 25, D. C. Remittance should be made payhistory of Paraguay.
able to the order of the Board of Governors of the
$1.00 per copy.
Federal Reserve System.
REFORM
IN PARAGUAY.
laws, accompanying rereviewing the monetary
July 1946. 170 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
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.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER
CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
RATES, AND BUSINESS. Issued monthly. $9.00 per POSTWAR ECONOMIC STUDIES. (8 pamphlets.)
annum, or $1.00 per copy. In quantities of 10 or
No. 1. Jobs, Production, and Living Standards.
more copies of a particular issue for single shipNo. 2. Agricultural Adjustment and Income.
ment, 75 cents each.
No. 3. Public Finance and Full Employment.
No. 4. Prices, Wages, and Employment.
DIGEST OF RULINGS to October 1, 1937. Digests of
No. 5. Private Capital Requirements.
Board rulings, opinions of the Attorney General
No. 6. Housing, Social Security, and Public
and court decisions construing the Federal ReWorks.
serve Act, with compilation showing textual
No. 7. International Monetary Policies.
changes in the Act. 683 pages. $1.25 per copy.
No. 8. Federal Reserve Policy.
BANKING STUDIES. Comprising 17 papers on bankThe price for the set of eight pamphlets is $1.25;
ing and monetary subjects by members of the
25 cents per pamphlet, or, in quantities of 10 or
Board's staff. August 1941; reprinted March
more for single shipment, 15 cents per pamphlet.
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single ship- T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
ment, 75 cents each.
FUNCTIONS. November 1947. 125 pages. 75
cents per cloth-bound copy; in quantities of 10
BANKING AND MONETARY STATISTICS. Statistics of
or more copies for single shipment, 50 cents each.
banking, monetary, and other financial developPaper-bound copies available without charge.
ments. November 1943. 979 pages. $1.50 per
copy. N o charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound), as listed on page 1577 of the December
GROUND AND INTERPRETATION. 25 cents per copy;
1947 BULLETIN.
in quantities of 10 or more copies for single
shipment, 15 cents each.
PROVISIONS OF STATE LAWS RELATING TO BANK RE-
SERVES as of December 31, 1944. 1945. 30 pages.
*A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN.
612
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
BUSINESS LOANS OF MEMBER BANKS.
BUSINESS LOANS OF MEMBER BANKS, by Albert R.
Koch. March 1947. 11 pages.
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen. March
1947. 9 pages.
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
DEBT BY BANKS. April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L. Grove.
April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
TERM LENDING TO BUSINESS BY COMMERCIAL BANKS
IN 1946, by Duncan McC. Holthausen.
1947. 20 pages.
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
May
BULLETIN. 80 pages.
T H E BRITISH CRISIS. September 1947. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES.
September 1947. 2 pages.
FINANCIAL POSITION OF MANUFACTURING AND TRADE
IN RELATION TO SIZE AND PROFITABILITY, 1946,
by Albert R. Koch and Charles H . Schmidt.
September 1947. 12 pages.
REVISION OF NATIONAL INCOME AND PRODUCT STA-
TISTICS. September 1947. 12 pages.
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna. September 1947. 8
pages.
COMMERCIAL BANK LOANS TO FARMERS, by Tynan
Smith and Philip T. Allen. October 1947. 13
pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-
FOR MEMBER
June-July 1947.
9
SUMERS, July 1947. October 1947. 4 pages.
THE
CURRENT INFLATION PROBLEM—CAUSES AND
CONTROLS, by Marriner S. Eccles.
pages.
SECURITY PLEDGED ON MEMBER BANK LOANS TO
BUSINESS, by Tynan Smith.
pages.
June 1947. 17
FOR DURABLE GOODS AND INVESTMENTS.
June
17 pages.
SURVEY OF CONSUMER FINANCES—II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS.
July 1947.
15 pages.
FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by
FARM PRODUCTION LOANS AT COMMERCIAL BANKS,
by Herman Koenig and Tynan Smith.
ber 1947. 8 pages.
THE
Decem-
STRUCTURE OF INTEREST RATES ON COMMER-
CIAL BANK LOANS TO FARMERS, by Richard Young-
dahl. December 1947. 10 pages.
SURVEY OF CONSUMER FINANCES—III. CONSUMER
SAVING IN 1946 AND OWNERSHIP OF SELECTED
NONLIQUID ASSETS.
August 1947. 12 pages.
SURVEY OF CONSUMER FINANCES.
From the June,
July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL CREDIT SURVEY—1946.
From July 1947
BULLETIN with supplementary information for
nine separate trades. 40 pages. (Also, RETAIL
CREDIT
December
1947. 8 pages.
Philip T. Allen. December 1947. 6 pages.
SURVEY OF CONSUMER FINANCES—I. EXPENDITURES
1947.
From March,
May, June, July, and August 1947 issues of
(From Federal Reserve Bulletin except as otherwise indicated)
REVISION
PUBLICATIONS
SURVEY—1942,
1943, 1944, and
1945.
BANK LOANS TO FARMERS.
From the October and
December 1947 issues of BULLETIN. 36 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929, by Morris A. Copeland and Daniel H . Brill.
January 1948. 9 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
AGAINST THE DEMAND AND T I M E DEPOSITS OF
BANKS, by Marriner S. Eccles. January 1948. 10
pages.
From the July 1943, June 1944, May 1945, and T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
BANK MANGEMENT, by Charles H . Schmidt. April
June 1946 BULLETIN, with supplementary infor1948. 9 pages.
mation for separate trades.)
THE
STRUCTURE OF INTEREST RATES ON BUSINESS
LOANS AT MEMBER BANKS, by Richard Youngdahl.
July 1947. 17 pages.
MEMBER
BANK
LOANS TO SMALL
Charles H . Schmidt.
MAY
1948
BUSINESS, by
August 1947. 16 pages.
STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM BEFORE THE
JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Marriner S. Eccles on April 13, 1948.
7 pages.
613
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
31
1
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
BOARO OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
c
P
3
@FedFRASER